Slide 1: Earnings Conference Call Fiscal Q3 2026
Earnings Conference Call Fiscal Q3 2026 Aug 7, 2026 1
Slide 2: Forward-looking statements
Forward-looking statements Safe Harbor Statement Regarding Forward-Looking Statements This presentation contains express or implied "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements
Slide 3: Agenda and Presenters
Agenda and Presenters Today’s topics: Dev Kurdikar Chief Executive Officer Q3 FY 2026 Results Owen Mumford Acquisition Progress on Strategic Priorities Jake Elguicze Chief Financial Officer Earnings Review Guidance Pravesh Khandelwal Capital Allocation Priorities Vice President, Investor
Slide 4: Owen Mumford broadens product portfolio to reach new patient populations
Owen Mumford broadens product portfolio to reach new patient populations Legacy portfolio Owen Mumford portfolio Pen Needles #1 brand globally in pen needle category Pharmaceutical Services Pen injectors, Autoinjectors, Safety Products High-growth B2B platform anchored by Aidaptus #1 brand globally
Slide 5: Owen Mumford strategically adds to world-class manufacturing footprint
Owen Mumford strategically adds to world-class manufacturing footprint Dún Laoghaire, Ireland Suzhou, China Holdrege, USA World’s largest manufacturer Global pen needle production World’s largest manufacturer of pen needles of insulin syringes (Leased from BD) Witney, UK Chipping Norton, UK Malaysia
Slide 6: Progress on Strategic Priorities
Progress on Strategic Priorities Strengthen Core Business Expand Product Portfolio Increase Financial Flexibility • Market-appropriate pen needles • Completed the acquisition of Owen • Borrowed ~$180 million under our $500 progressing through regulatory review Mumford; integration is progressing as
Slide 7: Q3 FY 2026 vs. Q3 FY 2025 Adjusted Revenue
Q3 FY 2026 vs. Q3 FY 2025 Adjusted Revenue Three Months Ended June 30, % Increase / Decrease Adj. Constant Reported Currency Adjustment Currency Dollars in Millions 2026 2025 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Adjustment Adjustment % Revenue Revenue Reven
Slide 8: Q3 FY 2026 Financial Highlights
Q3 FY 2026 Financial Highlights • Q3 FY26 revenue of $271.7 million, down 8.1% on a reported basis compared to the prior year period; down 8.9% on an Revenue adjusted constant currency basis compared to the prior year period • Q3 FY26 GAAP gross profit and margin of $153.3 million and 56.4%, compare
Slide 9: FY 2026 Financial Guidance (including Owen Mumford)
FY 2026 Financial Guidance (including Owen Mumford) Dollars in Millions, Current Previous(2) except per share and percentages Low High Low High Reported Revenue $1,015 $1,035 $1,015 $1,035 Reported Revenue Growth (%) (6.1)% (4.2)% (6.1)% (4.2)% Impact of F/X (%) 1.3% 1.5% Impact of Italian payback m
Slide 10: Q&A
Q&A embecta’
Slide 11: Appendix
Appendix embecta’
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures In evaluating our operating performance, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial measures including (i) Adjusted Revenues, (ii) earnings before interest, taxes, depreciation, and amortization (“EBITDA”
Slide 13: Nine Months Ended Fiscal Year 2026 vs. Nine Months Ended Fiscal Year 2025 Adjusted Revenue
Nine Months Ended Fiscal Year 2026 vs. Nine Months Ended Fiscal Year 2025 Adjusted Revenue Dollars in Millions Nine Months Ended June 30, % Increase / Decrease Adjusted Constant Reported Currency Revenue Currency Adjustment Revenue 2026 2025 Growth Impact Impact Growth Reported Adjusted Reported Adj
Slide 14: Adjusted Revenue and Adjusted Gross Profit and Margin Reconciliation
Adjusted Revenue and Adjusted Gross Profit and Margin Reconciliation Dollars in Millions Three Months Ended Nine Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reported Revenue $271.7 $295.5 $754.7 $816.4 Italian payback measure — — — — Adjusted Revenue $271.7 $295.5 $754.7 $81
Slide 15: Adjusted Revenue and Adjusted Gross Profit and Margin Reconciliation (cont.)
Adjusted Revenue and Adjusted Gross Profit and Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred are primarily attributed to brand transition. (3) Represents expenses incurred for the three and nine months e
Slide 16: Adjusted Operating Income and Margin Reconciliation
Adjusted Operating Income and Margin Reconciliation Dollars in Millions, except percentages Three Months Ended Nine Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 GAAP Operating Income $48.7 $94.0 $167.0 $185.6 GAAP Operating Income Margin 17.9% 31.8% 22.1% 22.7% Amortization o
Slide 17: Adjusted Operating Income and Margin Reconciliation (cont.)
Adjusted Operating Income and Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribution set-up cos
Slide 18: Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation
Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation Three Months Ended Nine Months Ended Dollars in Millions, except per share amounts June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 GAAP Net (Loss) Income $21.1 $45.5 $61.1 $69.0 Adjustments: GAAP Income tax provision
Slide 19: Adj. Net Income & Adj. Net Income per Diluted Share Reconciliation (cont.)
Adj. Net Income & Adj. Net Income per Diluted Share Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribu
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended Dollars in Millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reported Revenue $271.7 $295.5 $754.7 $816.4 Italian payback measure — — — — Adjusted Revenue $271.7 $295.5 $754.7 $816.4 Three Months Ended Nine Months End
Slide 21: Adjusted EBITDA Reconciliation (cont.)
Adjusted EBITDA Reconciliation (cont.) (1) Represents stock-based compensation expense incurred during the three and nine months ended June 30, 2026 and 2025, respectively. For the three months ended June 30, 2026, $3.2 million is recorded in Selling and administrative expense, $0.8 million is recor
Slide 22: Q3 FY 2026 Supplemental Reconciliation
Q3 FY 2026 Supplemental Reconciliation (Income) Costs associated Q3 FY 2026 Other Non-GAAP Q3 FY 2026 Dollars in Millions with the discontinued GAAP adjustments Adjusted patch pump program (1) Gross Profit 153.3 — 4.7 (2) 158.0 Research and development expense 5.6 — 0.2 (3) 5.4 Selling and administr
Slide 23: Q3 Year to Date Fiscal Year 2026 Supplemental Reconciliation
Q3 Year to Date Fiscal Year 2026 Supplemental Reconciliation (Income) Costs associated Q3 YTD FY 2026 Other Non-GAAP Q3 YTD FY 2026 Dollars in Millions with the discontinued GAAP adjustments Adjusted patch pump program (1) Gross Profit 442.8 0.3 10.3 (2) 453.4 Research and development expense 15.6 1
Slide 24: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Three Months Ended Nine Months Ended Dollars in Millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Cash Provided by Operating Activities $41.8 $81.2 $90.1 $107.7 Less: Capital Expenditures (1.1) (0.4) (2.2) (2.0) Non-GAAP Free Cash Flow $40.7
Slide 25: Net Leverage Reconciliation
Net Leverage Reconciliation June 30, 2026 June 30, 2025 Total Debt $1,469.3 $1.489.1 Less: Cash and Equivalents and Restricted Cash $(218.2) $(233.6) Net Debt $1,251.1 $1,255.5 Trailing 12-months Adjusted EBITDA $337.4 $398.4 Net Debt/Trailing 12-months Adjusted EBITDA 3.7x 3.2x 25 Net leverage rati
Slide 26: FY 2026 Financial Guidance Assumptions
FY 2026 Financial Guidance Assumptions Dollars in Millions, except percentages Current Previous Interest Expense, Net ~ $95 ~ $97 Adjusted Tax Rate ~ 27% ~ 28% Weighted Average Shares (in millions) 58.6 59.4 Foreign Exchange EUR/USD ~ 1.16 ~ 1.17 USD/YEN ~ 158 ~ 157 USD/CNY ~ 6.90 ~ 6.91 26