Envista (NVST) investor relations material

Strategy and operating progress

• Growth, Operations, and People priorities remain unchanged; six consecutive quarters of broad-based growth followed stronger product launches and commercial execution.

• Over 18 months, margins rose ~300 bps and market share increased in most major categories; 2025 performance exceeded prior outlook ranges, with 2026 guidance within them.

• EBS advanced factory productivity, automation, procurement, and pricing; three sites were consolidated and G&A as a percentage of sales fell almost three points.

• R&D investment grew at a double-digit rate in each of the past two years, rising to 4.2% of sales from 3.7%; three small, accretive acquisitions were completed over 18 months.

• Over 50% of management roles were filled internally; clinician training grew 10x from 2023 to 2025.

Financial performance and outlook

• Medium-term targets rose to 2%-5% core growth, 5%-8% adjusted EBITDA growth, and 7%-11% adjusted EPS growth; free cash flow conversion remains ~100%.

• 2025 core growth was 6.5% and FCF conversion 114%; 2026 core growth guidance is 3.5%-4.5%, with adjusted EBITDA projected to improve ~40% over two years based on 2026 guidance.

• Productivity supported EBITDA growth at ~2x sales growth; tax and capital deployment add EPS growth. The tax rate fell 13 points in two years, with further optimization planned.

• Pricing contributed ~$100 million to growth over three years; procurement savings are expected to reach $10 million in 2026 against nearly $1 billion in addressable annual spend.

• Dental demand is supported by demographics, innovation, and rising standards; growth efforts include developing markets, digital transformation, and integrated solutions.

Implants

• The $12 billion global market grows at a mid-single-digit rate; after ~ $25 million in added annual investment in 2024, implants returned to growth in 2025.

• Investment targets commercial execution, clinical education, and innovation, with further improvement expected in 2026 and beyond; focus includes growing with the market and capturing challenger opportunities.

• Nobel S series reached 18% of Nobel implants sold in Europe and North America in the latest quarter; 58% of EmPro customers shifted from legacy components in its first six months.

• Full Versah acquisition completed in 2026; sales reach expanded from three representatives to 300+, with double-digit growth targeted by year-end and attractive margins.