Slide 1: Henry Schein Overview Q2 2025
Henry Schein Overview Q2 2025 August 5, 2025 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information
Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could ca
Slide 3: Henry Schein
Henry Schein #1 global provider of dental merchandise, specialty products, traditional and digital equipment, parts and services and a leading provider of medical products, equipment and services to the alternate care market with $3B+ in corporate and owned brands portfolio and related services (inc
Slide 4: Key Developments Since IPO In 1995
Key Developments Since IPO In 1995 TRANSFORMED: SIGNIFICANTLY CURRENT STATE1: EXTENDED POSITION IN: From the leading U.S. • Specialty products #1 #2 #2/#3 #1 mail-order dental global provider of US provider of #3 Global in global distributor to the leading • Corporate brands and dental medsurg, manu
Slide 5: Favorable Long Term Macro Trends
Favorable Long Term Macro Trends Demographics • Aging global population Healthcare Developments • Movement of procedures from hospital to physician offices and alternate care sites Henry Schein benefits from: • Growing awareness of correlation between good oral health and overall health • Expanding
Slide 6: Henry Schein – Resiliency of the Business
Henry Schein – Resiliency of the Business Long term track record of Some recent headwinds have impacted We have a track record of delivering double-digit earnings our business that we are working through, transformation, with BOLD+1 growth, with 12% non-GAAP EPS including the cyber incident, macro-
Slide 7: 2022-2024 BOLD+1 Strategic Plan: Successful Execution
2022-2024 BOLD+1 Strategic Plan: Successful Execution • BOLD+1 has been adopted as a “brand” for our transformation to a more agile, customer centric, digital, efficient and high growth, high margin company with synergies generated by leveraging our portfolio of complementary businesses. • We have m
Slide 8: Successfully Advanced our Strategic Priorities
Successfully Advanced our Strategic Priorities We have made significant progress advancing our 2022 – 2024 BOLD+1 strategic priorities, with the following highlights: BUILD OPERATIONALIZE LEVERAGE DRIVE HIGH-GROWTH HIGH-MARGIN BUSINESSES ONE DISTRIBUTION ONE SCHEIN DIGITAL TRANSFORMATION Outstanding
Slide 9: Better Serving Our Stakeholders
Better Serving Our Stakeholders +1 Continue to Further solidify enhance practice position as a efficiencies and high-value partner patient outcomes Attract, retain, and develop talent Together, we make the world healthier. Maintain Deliver sustainable commitment to long-term growth corporate citizen
Slide 10: Global Distribution and Value-added Services
Global Distribution and Value-added Services Henry Schein’s High-Touch, Value-Added Market Approach: Full-service provider of supplies, equipment, Specialties, and Value-added services Image Image Image to come to come to come SUPPLY CHAIN SERVICE AND VALUE-ADDED SPECIALTIES RELATIONSHIPS SOLUTIONS
Slide 11: Global Distribution and Value-added Services
Global Distribution and Value-added Services -- Supply Chain Excellence • 300K Unique Stocking SKUs Globally • 22K Unique Private Brand Products • Enhanced Transportation Network • 90% of Worldwide Customers Serviced Next Day • Globally operates out of 36 distribution and 15 manufacturing facilities
Slide 12: Global Dental Distribution Market
Global Dental Distribution Market Market Share 2024 GLOBAL DENTAL DISTRIBUTION SALES BY GEOGRAPHY 35% to 40% 20% to 25% 35% to 40% $6.7B or 52% of Net Sal es United States EMEA Rest of World (includes Canada) Only global dental distributor and solutions company for general 20% practitioners, special
Slide 13: Global Dental Distribution Market Position
Global Dental Distribution Market Position Active customers (approximate) • 90% of U.S. dental practices • 80% of dental labs in North America • 65% of European dental practices • 80% of Australia/New Zealand dental practices • 60% of Brazil dental practices Multifaceted sales and marketing approach
Slide 14: Global Dental Distribution Key Acquisitions
Global Dental Distribution Key Acquisitions Key Acquisitions Description Revenue* abc dental AG (2024) Expands dental distribution in Switzerland $28MM LPS (2023) Large practice transitions brokerage $40M Unitas (2023) PPO insurance solutions NA Midway Dental Supply (2022) Expands dental distributio
Slide 15: Global Dental Distribution Long-Term Growth Strategy
Global Dental Distribution Long-Term Growth Strategy • Increasing penetration with existing customers • Grow further corporate brand products • Continued focus on large group practices • Digitalization of prosthetic solutions • Geographic expansion 15
Slide 16: Global Medical Distribution Market
Global Medical Distribution Market U.S. Market Share: Approximately 20% 2024 GLOBAL MEDICAL DISTRIBUTION SALES BY GEOGRAPHY U.S. distributor to healthcare providers in multiple $4.1B or 32% of Net Sal es segments: alternate-site practices, ambulatory surgery centers, laboratory, public safety, gover
Slide 17: Medical Distribution Key Acquisitions & Growth Strategy
Global Medical Distribution Key Acquisitions & Long-Term Growth Strategy Key Acquisitions Description Revenue* GROWTH DRIVERS Entrance into business that Acentus (2025) delivers Continuous Glucose $35M Increase active U.S. physician Monitors (CGMs). practice customers Establish scale of business tha
Slide 18: Global Specialty Products
Global Specialty Products 2024 GLOBAL SPECIALTY PRODUCTS AND OTHER SALES BY GEOGRAPHY $1.4B or 11% of Gross Sal es Healthcare Specialty Product Market Share 13% ~ 10%1 ~ 15%2 <1% <1% Rest of World (Includes Canada) Implants & Biomaterials Endodontics Orthodontics Other Categories 58% 29% United Stat
Slide 19: Global Specialty Products Market Position
Global Specialty Products Market Position Specialty Products Oral surgery solutions (#3 market share1) • Higher margin products • A leading provider of the entire assortment of oral surgery products • Historically faster growth than core dental market • Comprehensive portfolio of premium value and v
Slide 20: Specialty Products Key Acquisitions
Global Specialty Products Key Acquisitions Key Acquisitions Description Revenue* TriMed (2024) Entrance into orthopedic products $50M Expands dental implant offering to Brazil and FDA S.I.N. Implant Systems (2023) $60M approved value implant Expands dental implant, clear aligner and clinical BioTech
Slide 21: Specialty Products Long-Term Growth Strategy
Global Specialty Products Long-Term Growth Strategy Drive new product development and launch of owned brands Maximize distribution sales channel opportunities Create additional dedicated, focused specialty sales teams Geographic expansion of owned brands Additional product acquisitions Leverage exis
Slide 22: Global Technology
Global Technology Leading global provider of technology solutions and integrated clinical workflow to dental practices 2024 GLOBAL TECHNOLOGY SALES BY GEOGRAPHY Practice Management • A leader in servicing small $630M or 5% of Net Sal es Solutions and large practices in Dental 5% • Three-quarters of
Slide 23: Technology Key Acquisitions & Long-Term Growth Strategy
Global Technology Key Acquisitions & Long-Term Growth Strategy Key Acquisitions Description Revenue* GROWTH DRIVERS Continue to generate synergies Jarvis (2021) Expands Dental Analytics Solutions $2M with broader distribution business Leverage R&D, marketing, and Dentally (2020) Expands internationa
Slide 24: Technology and services across workflows
Global Technology Technology and services across workflows #1 Dental Practice 12 Countries 2,000+ team Empowers dentists to focus on Management members patient care and practice success Technology Patient Practice Revenue Patient Dental Clinical Demand Experience Management Cycle Analytics Workflow
Slide 25: Global Technology – Opportunities
Global Technology – Opportunities Platforms – Practice Revenue Cycle Management Hardware, Networking, Management Systems Protection and Office Spend Opportunity: Success Services Software Platform, $120-$700/month Support, Virtual Business Services Office Spend Office Spend Opportunity: Opportunity:
Slide 26: Sustainability Action & Reporting
Sustainability Action & Reporting Caring for Our Communities Caring for the Environment Good Governance and Team Schein •Completed the Science-based Targets •Executing strategies focused on our •Recent Board refreshment to further initiative (SBTi) validation process commitment to living our Team Sc
Slide 27: Financial Performance
Financial Performance 27
Slide 28: Growth Since Going Public
Growth Since Going Public Non-GAAP1 ($ in millions, except EBITDA and per share data) Compound Annual 1995 2024 Growth Rate Net Sales $584 $12,673 11.2% Operating Income1 $18 $949 14.6% Operating Margin1 3.14% 7.49% 15 bps* Net Income1 $9 $605 15.8% Diluted EPS1 $0.16 $4.74 12.4% ¹ Excludes certain
Slide 29: Annual Financial Performance
Annual Financial Performance Non-GAAP1 ($ in millions, except EBITDA and per share data) 2023 2024 Delta Net Sales $12,339 $12,673 2.7% Operating Income1 $890 $949 6.6% Operating Margin1 7.21% 7.49% 28bps Net Income1 $593 $605 2.0% Diluted EPS1 $4.50 $4.74 5.3% ¹ Excludes certain non-recurring items
Slide 30: Diversified Sales in Complementary Markets
Diversified Sales in Complementary Markets 2024 Worldwide Sales: $12.7 Billion BY SEGMENT BY GEOGRAPHY 5% or $630M 12% Technology Rest of World (Includes Canada) 11% or 20% $1.4B EMEA Specialty Products and Other 68% United States 84% or $10.8B Distribution and Value-added Services 30
Slide 31: Operating Income and Margin Highlights
Operating Income and Margin Highlights NON-GAAP OPERATING INCOME1 ($ IN MILLIONS) Long Term Financial Goal: $1,500 Continued operating margin expansion $1,038 $949 $1,000 $999 $890 * Result: Operating Margin Growth $837 $690 1995 2024 $500 Operating Margin 3.1%(1) 7.5%(1) $0 2019 2020 2021 2022 2023
Slide 32: Earnings Highlights
Earnings Highlights NON-GAAP EARNINGS PER DILUTED SHARE1 ($ IN MILLIONS) Long Term Financial Goal: $6.00 Continued year-over-year EPS growth $5.38 $5.05 $4.74 $4.50* $3.97 Result: Earnings Growth $3.52 $3.00 1995 2024 (CAGR of Diluted EPS1 $0.16 $4.74* 12.4%*) Split Adjusted $0 2019 2020 2021 2022 2
Slide 33: Cash Returned to Shareholders: Share Repurchases
Cash Returned to Shareholders: Share Repurchases Long Term Financial Goal: Cash flow from continuing operations to exceed net income $700M $600M $525M $485M $500M $401M $385M $400M $300M $250M** $200M * * $200M $74M** $100M $0 2018 2019 2020 2021 2022 2023 2024 * Blackout in part of 2018 due to spin
Slide 34: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Long Term Financial Goal: ROIC exceeding Weighted Average Cost of Capital. 20.0% 17.3% 18.0% 16.7% 16.0% 14.9% 14.0% 12.9%* 12.5%** 11.9% 11.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2018 2019 2020 2021 2022 2023 2024 * Impacted by COVID-19. ** Impacted by cybersecuri
Slide 35: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management $848M of annual operating cash 2.2x Debt2/Adjusted EBITDA ratio as of Dec 30, 2024 ~$1.9B Available capacity borrowing flow1 in 2024 Maintain investment grade balance sheet $300M-$400M Capital Allocation Priorities
Slide 36: Disciplined M&A Approach
Disciplined M&A Approach Active pipeline • M&A characterized by bolt-on transactions, typically of transactions with privately held companies • Opportunistic regarding structure and timing • Operational synergies • Generally, require financial consolidation Focused M&A Focus of new 2025-2027 Strateg
Slide 37: Examples of some key M&A transactions
Examples of some key M&A transactions Annual 2024 Adjusted Year 2024 Revenue at Operating Acquired Revenue Acquisition Margin % BioHorizons 2013 ~$115m ~$300M >20% Scaled high-growth, high- margin businesses Dental Cremer 2016 ~$145m ~$225M >10% across Value-added Edge Endo 2017 ~$15m ~$60M >20% Ser
Slide 38: Investment Merits
Investment Merits • Clear strategic plan for growth • Proven track record of earnings growth • Leading positions in attractive markets • Scaled platform of highly complementary products, services and technologies • Opportunities to gain additional share of customer wallet • Deep and experienced mana
Slide 39: Appendix
Appendix 39
Slide 40: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Growth Since Going Public 40
Slide 41: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Annual Financial Performance 41
Slide 42: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Net Income and Earnings per Share Full Year Earnings Highlights From Continuing Operations (in millions, except per share data) GAAP EPS GAAP Net Income 2019 2020 2021 2022 2023 2024 Q4 2024 2019 2020 2021 2022 2023 2024 Q4 2024 GAAP Earnings per share $ 4.69 $ 2.81 $
Slide 43: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Operating Income 43
Slide 44: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Note: amounts may not sum due to rounding 44