Medline (MDLN) investor relations material

Company overview and business model

• Operates as the largest provider of medical-surgical products and supply chain solutions, serving all points of care with a portfolio of 335,000 products across two segments: Medline Brand and Supply Chain Solutions.

• Maintains a vertically integrated model with manufacturing, distribution, and logistics, supported by 70 global distribution centers and a fleet of over 2,100 trucks, enabling next-day delivery to 95% of U.S. customers.

• Prime Vendor model underpins recurring revenue, with over 1,600 long-term agreements and a >98% retention rate over five years.

• Focuses on innovation, launching over 250 new products in three years, and leverages a customer-centric culture recognized by major workplace awards.

• International sales represent 6.9% of total net sales, with significant runway for global expansion.

Financial performance and metrics

• For the year ended December 31, 2025: net sales of $28.4 billion, net income of $1.2 billion, and Adjusted EBITDA of $3.5 billion (net income margin 4.1%, Adjusted EBITDA margin 12.2%).

• For Q1 2026: net sales of $7.4 billion, net income of $0.2 billion, and Adjusted EBITDA of $0.8 billion (net income margin 3.3%, Adjusted EBITDA margin 10.6%).

• Medline Brand segment contributed 48.3% of 2025 net sales and 80.6% of Segment Adjusted EBITDA; Supply Chain Solutions contributed 51.7% of net sales and 19.4% of Segment Adjusted EBITDA.

• Net sales have grown at an 18% CAGR since inception and 13% over the past decade, with nearly 90% of growth in the last 10 years being organic.

• Maintains $4.8 billion in global inventory and invested $1.4 billion in distribution network capex over five years.

Use of proceeds and capital allocation

• No proceeds will be received by the company from this offering; all proceeds go to selling stockholders.

• IPO proceeds previously used to repay debt and for general corporate purposes.

• Dividend policy: no current plans to pay dividends; future payments at board discretion and subject to financial and legal considerations.