Q3 2026 Cencora Earnings Presentation

Third Quarter Fiscal

2026 Earnings Call

August 5, 2026

Driving Growth: Cencora's Enterprise Strategy

We use our global reach and local community expertise to connect patients to pharmaceuticals through strategic partnerships with manufacturers and healthcare providers.

Lead with market leaders

Strengthen our position in specialty pharmaceuticals

Enhance patient access to pharmaceuticals

Third quarter highlights

Company highlights

• Good Neighbor Pharmacy announced that it has been ranked "#1 in Customer Satisfaction with Chain Drug Store Pharmacies" in the J.D. Power 2026 U.S. Pharmacy Study.

• Cencora announced the appointment of Eva Boratto to its Enterprise Leadership Team as Executive Vice President & Chief Financial Officer.

• Cencora announced the appointment of Samantha Hammock to its Enterprise Leadership Team as Executive Vice President & Chief Human Resources Officer.

  Financial highlights & fiscal 2026 guidance

• Adjusted diluted EPS(1) increased 12.0% year-over-year to $4.48.

• Cencora is updating its fiscal year 2026 financial guidance which reflects its expectations for continued strong full year performance and opportunistic share repurchases completed in the third quarter.

• Cencora's Board of Directors declared a quarterly cash dividend of $0.60 per common share.

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(1) See tables and supplemental information at end of presentation for GAAP to non-GAAP reconciliations.

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix of this presentation and posted on our website, investor.cencora.com.

Financial results

Q3 fiscal 2026 financial summary

Revenue growth y/y

Consolidated

adjusted operating income(1) growth y/y

U.S. Healthcare Solutions segment operating income growth y/y

International Healthcare Solutions segment operating income growth y/y

Net income attributable to noncontrolling interests

y/y%

$13M $14M

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(1) See tables at end of presentation for GAAP to non-GAAP reconciliations.

The financial results presented on a constant currency basis are non-GAAP financial measures. For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix of this presentation and posted on our website, investor.cencora.com.

U.S. Healthcare Solutions segment

• Revenue increased 4.9% to $74.9 billion due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, the 2025 loss of an oncology customer, and lower sales to our large mail order customer, as expected and consistent with our second quarter.

• Operating income increased 15.9% to

  $966 million due to the increase in gross profit, as a result of the February 2026 acquisition of OneOncology and increased pharmaceutical sales, offset in part by the increase in operating expenses and the 2025 loss of an

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  oncology customer.

  
  
  

  International Healthcare Solutions segment

  Q3 fiscal 2026 financial results

  Financial results	Q3 fiscal 2026	Q3 fiscal 2025 y/y%		Constant currency(1) y/y%
  Revenue	$7.7B	$7.3B	5.9%	6.1%
  Operating income	$166M	$137M	20.8%	23.1%

  Percentages of revenue	Q3 fiscal 2026	Q3 fiscal 2025
  Gross profit	10.70%	10.14%
  Operating expenses	8.54%	8.25%
  Operating income	2.16%	1.89%

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  (1) The financial results presented on a constant currency basis are non-GAAP financial measures. For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix of this presentation and posted on our website, investor.cencora.com.

  • Revenue increased 5.9% to $7.7 billion, primarily due to growth in our European distribution business and our global specialty logistics business. On a constant currency basis, revenue increased 6.1%.

  • Operating income increased 20.8% to

    $166 million primarily due to increased operating income at our European distribution business and our global specialty logistics business. On a constant currency basis, operating income increased 23.1%.

    
    
    

    Other

    Financial results	Q3 fiscal 2026	Q3 fiscal 2025	y/y%
    Revenue	$2.3B	$2.1B	6.9%
    Operating income	$109M	$87M	24.8%

    Q3 fiscal 2026 financial results

• Revenue increased 6.9% to $2.3 billion due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses due to the April 2026 divestiture of U.S. Consulting Services.

  Percentages of revenue	Q3 fiscal 2026	Q3 fiscal 2025
  Gross profit	14.58%	14.95%
  Operating expenses	9.76%	10.82%
  Operating income	4.83%	4.13%

• Operating income increased 24.8% to

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$109 million primarily due to an increase in operating income at MWI Animal Health due to business growth and, to a lesser extent, a decline in depreciation expense resulting from its classification as held for sale.

Fiscal 2026 guidance

Fiscal 2026 Guidance

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(1) The Company does not provide forward-looking guidance on a GAAP basis as certain information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Please refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix to this presentation.

Fiscal 2026 Guidance

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(1) The Company does not provide forward-looking guidance on a GAAP basis as certain information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Please refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix to this presentation.

(2) Beginning in the first quarter of fiscal 2026, in addition to the reportable segments for U.S. Healthcare Solutions and International Healthcare Solutions, the Company began reporting certain businesses that it is exploring strategic alternatives for under "Other." For further detail on fiscal 2025 recast reportable segment information, please reference Exhibit 99.2 to the Company's Form 8-K dated November 5, 2025.

Note: The financial results presented on a constant currency basis are non-GAAP financial measures. For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" in the appendix of this presentation.

Appendix

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data) (unaudited)

Three Months Ended June 30, 2026

Acquisition and divestiture-related deal and integration expenses

-

(113,069)

113,069

113,069

(2,705)

115,774

0.60

1 Includes a $102.0 million reduction of opioid liability related to the dismissal of opioid litigation.

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2 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

.

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this presentation.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data) (unaudited)

Three Months Ended June 30, 2025

Acquisition and divestiture-related deal and integration expenses

-

(52,838)

52,838

52,838

(944)

53,782

0.28

1 Represents the Company's portion of an equity method investment's gain on the sale of a business.

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2 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

3 The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this presentation

.

Supplemental information regarding non-GAAP financial measures

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.

The non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company's operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company's core operating performance because such items are outside the control of the Company or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. We have included the following non-GAAP earnings-related financial measures in this presentation:

• Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit is a non-GAAP financial measure that excludes gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact. Adjusted gross profit margin is the ratio of adjusted gross profit to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental measure of the Company's ongoing operating performance. Gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact are excluded because the Company cannot control the amounts recognized or timing of these items. Gains from antitrust litigation settlements relate to the settlement of lawsuits that have been filed against brand pharmaceutical manufacturers alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. LIFO expense (credit) is affected by changes in inventory quantities, product mix, and manufacturer pricing practices, which may be impacted by market and other external influences.

• Adjusted operating expenses and adjusted operating expense margin: Adjusted operating expenses is a non-GAAP financial measure that excludes acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; and impairment of assets, including goodwill. Adjusted operating expense margin is the ratio of adjusted operating expenses to total revenue. Acquisition-related intangibles amortization is excluded because it is a non-cash item and does not reflect the operating performance of the acquired companies. We exclude acquisition and divestiture-related deal and integration expenses and restructuring and other expenses, net that relate to unpredictable and/or non-recurring business activities. We exclude the amount of litigation and opioid-related (credit) expenses, net and the impairment of assets, including goodwill, that are unusual, non-operating, unpredictable, non-recurring or non-cash in nature because we believe these exclusions facilitate the analysis of our ongoing operational performance.

• Adjusted operating income and adjusted operating income margin: Adjusted operating income is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted gross profit and adjusted operating expenses. Adjusted operating income margin is the ratio of adjusted operating income to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental way to evaluate the Company's performance because these do not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

• Adjusted income before income taxes: Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, the remeasurement gain related to the OneOncology acquisition, gain on an equity method investment, and the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and non-recurring. Management believes that this non-GAAP financial measure is useful to investors because it facilitates the calculation of the Company's adjusted effective tax rate.

• Adjusted income tax expense: Adjusted income tax expense is a non-GAAP financial measure that excludes the income tax expense (benefits) associated with the same items that are described above and excluded from adjusted income before income taxes. Certain discrete tax expense (benefits) are also excluded from adjusted income tax expense. Further, the amortization of deferred tax assets relating to 2020 Swiss tax reform is excluded from adjusted income tax expense. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company's performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

• Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP financial measure that is determined by dividing adjusted income tax expense by adjusted income before income taxes. Management believes that this non-GAAP financial measure is useful to investors because it presents an effective tax rate that does not reflect unusual, non-operating, unpredictable, non-recurring, or non-cash amounts or items that are outside the control of the Company.

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• Adjusted net income attributable to Cencora: Adjusted net income attributable to the Company is a non-GAAP financial measure that excludes the same items that are described above. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company's performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

  
  
  

  Supplemental information regarding non-GAAP financial measures

  (cont.)

• Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary impact; acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; gain on equity method investment; and the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform, in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of certain discrete tax items and the per share impact of the amortization of deferred tax assets relating to 2020 Swiss tax reform are also excluded from adjusted diluted earnings per share. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature.

• Adjusted Free Cash Flow: Adjusted free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, excluding significant unpredictable or non-recurring cash payments or receipts relating to legal settlements, minus capital expenditures. Adjusted free cash flow is used internally by management for measuring operating cash flow generation and setting performance targets and has historically been used as one of the means of providing guidance on possible future cash flows. The Company does not provide forward looking guidance on a GAAP basis for free cash flow because the timing and amount of favorable and unfavorable settlements excluded from this metric, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated. Below is a reconciliation of operating cash flows to adjusted free cash flows:

• The Company also presents certain information related to current period operating results in "constant currency," which is a non-GAAP financial measure. These amounts are calculated by translating current period results at the foreign currency exchange rates used in the comparable period in the prior year. The Company presents such constant currency financial information because it has significant operations outside of the United States reporting in currencies other than the U.S. dollar and this presentation provides a framework to assess how its business performed excluding the impact of foreign currency exchange rate fluctuations. Below is a summary of revenue and adjusted operating income on an as-reported basis and on a constant currency basis for the three months ended June 30, 2026:

Reconciliation of adjusted free

cash flows

Nine Months Ended June 30, 2026

Adjusted Operating

income

Revenue

As reported

Impact of foreign currency translation Constant currency

$84.8B

$-B

$84.8B

$1,238M

$3M

$1,241M

International Healthcare Solutions segment

Operating cash flows $1,687.5M

Capital expenditures $(511.0)M

Free cash flows $1,176.5M

Gains from antitrust litigation

$(34.2)M

As reported $7.7B $166M

settlements

Adjusted free cash flows $1,142.3M

Impact of foreign currency translation $-B $3M

Constant currency $7.7B $169M

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In addition, the Company has provided non-GAAP fiscal year 2026 guidance for diluted earnings per share, operating income, effective income tax rate, and free cash flow that excludes the same or similar items as those that are excluded from the historical non-GAAP financial measures, as well as significant items that are outside the control of the Company or inherently unusual, non-operating, unpredictable, non-recurring or non-cash in nature. The Company does not provide forward looking guidance on a GAAP basis for such metrics because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, LIFO expense (credit) is largely dependent upon the future inflation or deflation of brand and generic pharmaceuticals, which is out of the Company's control, and acquisition-related intangibles amortization depends on the timing and amount of future acquisitions, which cannot be reasonably estimated. Similarly, the timing and amount of favorable and unfavorable settlements, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated.

Bennett Murphy

Senior Vice President,

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Investor Relations and Enterprise Productivity Bennett.Murphy@cencora.com