Envista (NVST) investor relations material

Strategic priorities and progress

• Focus remains on growth, operational excellence, and people, with significant progress in commercial execution, innovation, and talent development over the past 18 months, including a Value Creation Plan first communicated in March 2025.

• Enhanced commercial execution, new product launches, and innovation have driven six consecutive quarters of broad-based growth and market share gains in key categories.

• The Envista Business System (EBS) is deeply embedded, driving productivity, automation, procurement savings, and continuous improvement across all functions.

• Employee engagement and leadership development have improved, with over half of leadership roles filled internally and a strong focus on purpose-driven culture and global charitable initiatives.

• Capital deployment expanded to include share repurchases, improved balance sheet flexibility, and three small, accretive acquisitions, with M&A remaining a lever for future growth.

Market positioning and business segment updates

• Holds top-three positions in implants, orthodontics, diagnostics, and consumables, with a balanced portfolio across geographies and channels.

• Specialty products and technologies account for two-thirds of sales, with higher growth and margins than general dentistry.

• Implant business is gaining momentum, driven by Nobel Biocare's brand strength, innovation pipeline (S-Series, EmPro, SmileGrid), and investments in commercial execution and education.

• Orthodontics segment, led by Ormco and Spark, is a market leader in both fixed appliances and clear aligners, with Spark aligners achieving high single-digit growth and margin expansion.

• Diagnostics (DEXIS) is recovering, now growing at double digits, leading in imaging and AI-powered software, with 450,000+ devices in 128 countries.

Financial outlook and guidance

• Medium-term outlook raised: core revenue growth range now 2%-5%, EBITDA growth 5%-8%, adjusted EPS growth 7%-11%, and free cash flow conversion at ~100%.

• 2025 actuals and 2026 guidance are at or above previous targets, with 2025 core sales growth at 6.5% and FCF conversion at 114%.

• Performance consistently exceeds prior guidance, with EBITDA projected to improve ~40% over two years and strong double-digit EPS growth.

• Pricing discipline and new product vitality are key contributors, with $100M in price realization and $75M in new product revenue over the past three years.

• $1.1B cash, 0.7x leverage, $282M returned to shareholders, and $300M share repurchase authorization through 2028.