Envista Holdings Corporation Common stock, $0.01 par value per share Investor Day 2026

Good morning, everyone. I am Jim Gustafson, Vice President of Investor Relations for Envista, and it is my pleasure to welcome you to our 2026 Investor Day. We want to thank you for your interest in our company, and a special thanks to those of you who have made the journey to join us in person here at our Nobel Biocare facility in Mahwah, New Jersey. I would like to remind you that during the presentation that we are sharing today, it will also be available for download at the Events and Presentations section of our IR website at investors.envistaco.com. Additionally, this is being webcast live on the same Events and Presentation section of our website and will be available for replay later today after the event has concluded. In our presentation today, we will make forward-looking statements within the meaning of the federal securities laws.

These statements are subject to a number of risks and uncertainties. For more information on these risks, please refer to our SEC filings, including our recently filed Form 10-K and subsequent filings. Additionally, we will reference some non-GAAP financial measures. Reconciliation of these non-GAAP measures to the most comparable GAAP measures are included in the appendix of this presentation, which as I mentioned, is available for download on our website. Today, you will have the opportunity to hear from six members of Envista's leadership team. Paul Keel, our CEO, will lead off the agenda with a discussion of our value creation plan. This will be followed by a presentation from the leaders of our four main businesses. Stefan Nilsson will discuss our dental implant business, and Veronica Acurio will go over our plans in orthodontics.

Filippo Impieri will then review our dental consumables business, and Robert Befidi will share details on our diagnostics business. Eric Hammes, our Chief Financial Officer, will then close with details on our multi-year financial outlook. After a brief break to set up for Q&A, those of you in the room will have the opportunity to ask questions to members of our leadership team. After that, I will now turn it over to our CEO, Paul Keel.

Were the applause for Jim or for me? All right, good. We appreciate it. Good morning, everybody. Thanks for joining us. I am going to kick things off with three opening comments to set the frame for the rest of the morning. First, you will remember in March of 2025, we shared a value creation plan that consisted of three core priorities, accelerating our growth, improving our operations, and investing in our people. At that time, we believed that improvement along these dimensions would also bring up increase in Envista's financial performance, particularly around the four medium-term metrics that you see here. Looking back across the past 18 months since that event, we are encouraged by our progress. Propelled by new product and commercial execution, we have posted now six straight quarters of fairly broad-based growth.

Leveraging the Envista business system, we have amplified that top-line growth into even faster EBITDA and EPS expansion. With a deeper commitment to people and culture, we are seeing sustained increases in employee engagement, talent development, and our community impact. The resulting financial performance, as we hoped, has improved alongside this, and we are consistently delivering at or above those ranges that are shown here. Across multiple dimensions, Envista is an even stronger company today than we were just two years ago. Our new product pipeline has never been stronger. Margins are up around 300 basis points, and we have gained market share in most of the main categories where we compete. Envista is now performing at a higher level, and as such, we are raising our medium-term outlook. I will say more about this in just a moment.

Before we go through the drivers underpinning the step-up, let us take a step back and look at the broader dental market. As everyone in this room knows, dental is a structurally attractive industry. Across the full landscape, it amounts to around $400 billion in annual spend, making it one of the larger healthcare categories. This stands to reason, as it is one of the few markets where every person on the planet is a potential patient, and most of us, our dental demand grows as we get older. Supported by a number of structural factors like those you see on the right side of this chart, dental consistently outgrows the broader economy. This has been true in stronger economic times, like 2004 to 2007, or the run-up to COVID in 2016 to 2019.

It has also been true in contractionary times, like the global financial crisis of 2008 to 2009. In fact, if you look at the chart on the left, you can see that there is only a very small handful of years where dental growth materially lagged GDP. The COVID lockdown of 2020, of course, is the most extreme example, when U.S. dental expenditure compressed by 11% against a nominal GDP decline of just 1%. If you look to the right of the COVID bar, you can see that dental is once again settling back into its long-term trend, outgrowing the broader economy in two of the last three years. While dental is a good category in general, we participate in some of the very best segments within the market.

We have been in and out of various parts of the dental landscape across our history, and you see some of those at the bottom of the chart, but we particularly like the four at the top. Implants, ortho, diagnostics, and consumables. We hold a top three position in each of these. There is a clear logic to this focus. Every dental procedure has the same three steps, scan, plan, and treat. Scan describes the upfront diagnostic step where a patient's needs are assessed. Plan is the middle step where the care is designed, and treat is the therapeutic step at the end where the care is delivered. It is difficult to serve customers across the full continuum, but for the small handful of players that can do it, there are clear economic, clinical, and operational benefits that accrue.

We aggregate our four businesses into the two reporting segments you see here. Specialty products and technologies accounts for about two-thirds of our sales, and equipment and consumables accounts for the remaining third. Specialty categories, like implants and ortho, are most often sold directly to clinicians with no distribution layer in between. This requires unique clinical education and service capabilities that take years to build. But as a consequence, the supplier set tends to be smaller. For these and other reasons, over time, specialty dental tends to grow more quickly and with higher margins than general dentistry. Unlike specialty products, equipment and consumables products are used by all clinicians. As such, suppliers like Envista, again, who support customers across that full continuum, have a distinct competitive advantage, especially with diversified customers like DSOs or universities or outside the U.S. with public hospital systems.

Consumables are typically used in primary care procedures, which in turn are most often covered by insurance. While through cycle growth for consumables tends to be lower than specialty, demand also tends to be more stable. Envista, with our full portfolio, we benefit from both of these dynamics. We have greater stability in periods of heightened uncertainty, and we also benefit from accelerated growth when sentiment is stronger. Having touched on the broader market, let's focus in on Envista. We've been a leader in the global dental market now for over 135 years, and we're home to many of the most respected brands in the industry. Brands like Nobel Biocare, Ormco, and Kerr enjoy 100% recognition amongst clinicians in those respective categories.

As you can see across the bottom of the chart, in addition to being well-balanced in terms of product, our portfolio is also nicely diversified in terms of geography and go-to-market model. Roughly half our sales come from North America, with the balance roughly equally split between Europe and developing markets. In terms of channel, about 60% of our sales, as I mentioned, are sold direct, and the remaining 40% go through distribution partners, many of whom we've worked with for decades. We hold over 1,500 patents and have played a role in many of the most important innovations in dentistry, and I'll say more about this shortly. You'll recognize this slide from last March when we first communicated our value creation plan, and the architecture of the plan remains unchanged. A clear purpose, a shared set of values, and three enterprise priorities.

Everything begins on the left with our purpose of partnering with dental professionals to improve patient lives. The purpose connects us directly to our customers, it gives true meaning to our work each day, and it keeps everyone focused on patient outcomes, which is at the center of everything in dentistry. Just as important are the values that define how we operate. Across more than 130 countries, the 12,000 employees of Envista are unified by our circle values. All non-production employees in our company, and the resulting compensation that comes from that, are measured both by what we achieve as well as how we achieve it. We do this because sustainable performance demands both.

We bring our purpose and values to life through the three core priorities you see, growth, operations, and people, and these priorities form the seabed of how we continually advance our capabilities, improve our performance, and create value for all stakeholders. You will also recognize this slide from our last capital markets event. It laid out the specific areas we said we were going to work on. Let us now turn to our assessment of how we are progressing across those priorities. The headline here is that we are moving the needle in all priority areas. On growth, we have strengthened both our customer penetration and our commercial execution. We are building on our strong position in core developing markets like China and Russia, while also expanding our smaller presence in other fast-growing countries like India and Brazil.

We are also deepening our penetration with DSOs, and we are taking share in many of the largest accounts around the world. You will see we gave ourselves a half moon rating here to recognize the progress we made, but more importantly, the very significant upside that is still available to us. In terms of commercial execution, let me catch up here. In terms of commercial execution, you will see that implants has now returned to growth, and last year we delivered our fastest performance since 2022. We also gave ourselves a half moon rating here. We are encouraged, but not yet fully satisfied with our accelerating growth. Stefan, Spark is performing wonderfully, having gained share and expanded margins every year since launch. Tremendous progress, but even more upside still ahead of us, even with Spark. With respect to innovation, we have materially increased our R&D investment, and early returns are promising.