Investor Presentation

Investor Presentation

August 2026 Investor Presentation 1

August 2026

Avery Dennison at a glance

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2025 Net Sales

• Recognized industry leader

• Global materials science and digital identification solutions company

• Provider of a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers

• Operations in more than 50 countries with ~35,000 employees

  Intelligent

  Labels

  $8.9 Billion
  
  

  Sales by Segment

  Solutions Group Materials Group
  
  

  Creating superior long-term value

  • Large, growing and diverse end markets, largely anchored in consumer staples

  • #1 player in our primary businesses, leveraging strong competitive advantages:

    • Global scale, materials science, process technology and innovation capabilities, operational excellence

  • Strong foundation in our base businesses, delivering consistent results and strong cash flow

  • Catalysts for strong growth in high-value categories and emerging markets

  • Innovative and productivity-driven culture; engaged global team

  • Strong balance sheet and disciplined capital allocation strategy

    4

  • Proven track record of consistently delivering strong results; multiple levers/paths to achieving superior long-term EVA growth and returns

Broad exposure to diverse markets, with increasing portfolio strength

Other Asia-Pac

Latin Am.

~60%

Staples

China

EEMENA(2)

~30%

Emerging Markets

U.S. &

Canada

Western Europe

Apparel

HPC

Industrial/

Durable

Food

Sales by End Market(1) Sales by Geography(1) Sales by Category(1)

High-

value High-value

up ~12 pts. vs. 2019

~45%

Base

Logistics

Healthcare

Oth. Non-

Durable

Pharma

Beverage

1. Estimated FY 2025 sales by end market

2. EEMENA = Eastern Europe, Middle East, North Africa

   Delivered solid results for the 2020-2025 cycle despite multiple cyclical challenges; leveraging strength of portfolio to deliver our 2023-2028 targets

   	2020-2025(1) Targets / Results
   Sales Growth ex. Currency	5%+	6%
   Adj. EBITDA Growth(2)	6.5%	6.3% (~7% ex. curr.)
   Adj. EBITDA margin	16%+	16.4% in 2025
   Adjusted EPS Growth	10%	6% (~7% ex. curr.)
   ROTC (non-GAAP)	18%+	15% in '25

   2023-2028(1) Targets / Results
   5%+	3%
   7.5%+	7.3%
   17%+ in 2028	16.4% in 2025
   10%	10%
   Top Ǫtle(3)	Top Decile(3)

   1. Percentages for targets reflect five-year compound annual growth rates, with the base periods set as 2020 and 2023, respectively. Percentages for results reflect five-year compound annual growth rates for 2020 targets and two-year compound growth rates for 2028 targets.

   2. Although adjusted EBITDA growth was not one of our original financial targets, it was implied by our sales growth ex. currency and adjusted EBITDA margin targets.

   3. Compared to peer group on page 69 of our 2026 Proxy Statement

Executing key strategies, with proven business resilience, to deliver GDP+ growth and top quartile returns across cycles

1 Drive outsized growth in high-value categories through market-driven innovation

2 Grow profitably in our base businesses

3 Lead at the intersection of the physical and digital

4 Effectively allocate capital and relentlessly focus on productivity

5 Lead in an environmentally and socially responsible manner

Unlocking Value: Expanding High-Value Category exposure is a key contributor to driving outsized sales growth and margin expansion over the long term

Sales by Category

High-value Base

2015

2019 2025

~28% ~33%

Starting Point (2015)

AVY Adj. EBITDA

Margin: 12.5%

August 2026 Investor Presentation

~45%

Est. HVC Organic Growth(1)(2)

2015 to 2019

Mid-single digit CAGR

AVY Adj. EBITDA

Margin

~2.5x wt. avg. GDP 14.2% in '19

2019 to 2025

Mid-single digit CAGR

~2.5x wt. avg. GDP 16.4% in '25

8

(1) Estimated organic growth and GDP calculated using the 4-YR period ending in 2019 and the 6-YR period ending in 2025

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Leveraging the strength of our portfolio to help address key industry challenges

Optimizing labor and supply chain efficiency

Advancing sustainability, circularity and transparency

Reducing waste and mitigating loss

Helping brands and consumers better connect

Together, our businesses create a unique opportunity for significant value creation

Materials

Group

Solutions Group

• Industry leader

• Stable and diverse end markets with GDP+ growth

• Balance of growth, margin and capital efficiency drives strong returns, EVA and cash flow

Intelligent Labels

• Industry leader

• Significant growth; large TAM with low penetration

• Uniquely positioned, leveraging advantages of Materials and Solutions

• Multi-decade growth opportunity with strong margins

  • Industry leader

  • Relevant data management and digital capabilities, with end-user access

  • Solid growth and margins with upside as portfolio continues to shift toward high-value categories

Targeting strong top-line growth over the long term

1.5+ pts.

~15%+ growth in Intelligent Labels

strategies)

M&A

Acquisitions (accelerate our

~2 pts.

outsized growth in high-value categories

5%+

Sales Growth Ex. Currency

~1 pt.

grow profitably in the base

Note: Growth estimates represent contributions to annualized total company sales growth ex. currency over the horizon; high-value categories exclude Intelligent Labels, which is represented separately.

Our long-term financial framework

Ǫuartile(1)

Top

ROTC

Note: Long-term targets are annualized and represent a 5-year horizon ending in 2028

(1) Compared to peer group on page 69 of our 2026 Proxy Statement

Disciplined approach to capital allocation

Strong balance sheet with target leverage ratio that provides ample capacity for investment and lowest WACC over cycles

~$8B of capital available for deployment 2024-2028

• Investing organically and through M&A to deliver superior returns across cycles

  • Approx. half of our capital available for buyback/M&A; returns and EVA focused

  • Targeting M&A opportunities that can accelerate our strategies and further upgrade our portfolio

• Continuing to grow our dividend

• Committed to maintaining strong credit rating, targeting a net debt to adjusted EBITDA ratio (non-GAAP) of ~2-3x

August 2026 Investor Presentation 14

Segment Overview

Product Category

Materials Group

High-value Categories

38%

2025 Sales by Product

Label Materials

Graphics & Reflectives Performance Materials(1)

Other

(1) Performance Materials includes: industrial and medical tapes, trade adhesives, and Taylor Adhesives

Net Sales

Sales Change Ex. Currency 5-YR CAGR

Adj. EBITDA Margin

$6.1 bil.

3.2%

17.4%

Emerging Markets

39%

Est. End Market

2025 Sales by Geography

U.S. & Canada

Western Europe

E. Europe & MENA Asia Pacific

Latin America

Materials Group delivers growth and significant returns

Leader in growing self-adhesive label materials industry

(~2.5X next largest competitor)

Clear and sustainable competitive advantages

• Global scale with 10,000+ converting partners

• Materials science, including vertical integration in adhesives, and process technology capabilities

• Industry-leading innovations enabling sustainability and functionality

  Strong growth catalysts driving GDP+ growth

• Premiumization of packaging

• E-commerce and supply chain transparency

• Strong presence in emerging markets

• Digitization of packaging (Intelligent Labels)

  Disciplined approach to profitable growth in base business and relentless focus on productivity and capital efficiency

  
  
  

  Continuing to deliver outsized growth in high-value categories, supported by secular trends

  
  
  

  Specialty Labels

  Materials Group High-value Categories(1)

  • Premiumization in wine, spirits and craft beer

    
    
    

  • Aging populations and cold chain logistics (pharma)

  • Freshness, multi-use and convenience (reclosure)

    Intelligent Labels

    
    
    

  • Delivering growth through vast converter network

    MSD(2)

    Org. sales CAGR over last decade

    1. Based on FY 2025 sales

    2. MSD = mid single digit %

38%

to enable broad supply chain adoption

• Expansion of Intelligent Labels in categories such as general retail, food and logistics

  Graphics & Reflective Solutions

  
  
  

• Personalization and premiumization in cars (wraps)

• Infrastructure projects (road signage)

  Performance Materials

• Lightweighting, noise and vibration dampening

• Electrification, incl. functional materials for EVs

  2022 Financial Snapshot

  High-value Categories

  60%

  
  
  

  Product Category

  2025 Financial Snapshot
  Net Sales	$2.8 bil.
  Sales Change Ex. Currency 5-YR CAGR	12.7%
  Adj. EBITDA Margin	17.3%

  Solutions Group

  
  
  

  2025 Sales by Product

  Base Solutions Intelligent Labels Vestcom
  
  Embelex
  
  
  
  

  Est. End Market

  2025 Sales by Geography

  U.S. & Canada Europe
  
  Asia Pacific Latin America
  
  

  Solutions Group offers significant profitable growth opportunity as we unlock new value for customers

  Leader in global branding and identification solutions that help address key industry challenges

  Demonstrated competitive advantages

  • Global scale and footprint; vertically integrated

  • Innovation leader in high-value categories, with 1,500+ patents and pending patent applications in Intelligent Labels

  • Industry-leading capabilities helping drive adoption of digital identification technology in new categories

    High-value categories are catalysts for strong growth

  • Expanding opportunity in Intelligent Labels (new categories and use cases)

  • Leading Embelex platform helping brands and consumers better connect

  • Strong platform in Vestcom through proprietary in-store productivity and media solutions

    19

    Disciplined approach to profitable growth in the base business provides key resources for growth in high-value categories

    
    
    

    Unlocking large, expanding, untapped and attractive Intelligent Label end markets

    45 20

    10

    200

    60

    5 10

    • Total market est.

      
      
      

    • IL addressable market est. (billions of units)

    • Current IL adoption est.

Apparel General

Retail

Beauty & Personal Care

1. Significant TAM

   Food Logistics Auto Healthcare

2. Expanding TAM

3. Low Penetration

Attractive Market Growth Factors

350+ bil. unit opportunity, currently across 7 distinct markets

20 bil. units added since '21;

due to use case expansion in more established Apparel/General Retail

Apparel most penetrated at ~40%; low penetration with significant opportunity in other categories