Envista Holdings Corporation · NYSE:NVST
Envista — Q3 2026 Earnings Presentation
25 slides from Envista's earnings presentation, November 2026
Slide 1: Q3 2026 Results
Q3 2026 Results November Paul Keel,4,CEO 2026
Slide 2: Forward looking statements/Non-GAAP financial measures
Forward looking statements/Non-GAAP financial measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expec
Slide 3: Agenda
Agenda Paul Keel Opening Thoughts Eric Hammes Q3 Financials Paul Keel Closing Thoughts Q&A 3 Third Quarter 2026 Earnings
Slide 4: Q3 2026 Summary
Q3 2026 Summary No material change in global dental market in Q3 versus H1’26 2.7% Core Growth: positive across both reporting segments and all major geographies, ex China (VBP) Margin expansion: Adjusted gross margins +20 bps and adjusted EBITDA margins +80 bps Strong profit growth: Adjusted EBITDA
Slide 5: Q3 Strategic and Operational Highlights
Q3 Strategic and Operational Highlights • Core growth of 2.7% supported by continued new product momentum Growth • Equipment & Consumables core growth 4.1%; Consumables up LSD, Diagnostics up MSD • Specialty Products and Technologies core growth 2.0%, Spark up HSD and Implants up MSD • Emerging Mark
Slide 6: Notable New Product Launches in Q3 2026
Notable New Product Launches in Q3 2026 AI-Assisted Endo Module for DTX NOMAD Pro 3 Orascoptic Ultra HDL Studio Clinic • Enhanced image quality with improved • Significantly reduced size and weight • Improved visibility of canal anatomy signal-to-noise and enhanced filtration vs. older HDL prism mod
Slide 7: Q3 2026 | Financial Metrics
Q3 2026 | Financial Metrics Q3 Q3 Summary 2026 2025 vPY Revenue $ 691M $670M +$21M • 2.7% Core Growth o Growth in all major businesses and geographies, ex B&W and China (VBP) Core Sales Growth(%) 2.7% 9.4% -670 bps o MSD growth in Developed Markets; HSD growth in Emerging Markets (ex China) Adjusted
Slide 8: Q3 2026 | Reported Revenue
Revenue +3.2% Q3 2026 | Reported Revenue Core Growth +2.7% $3M $0M $12M $691M -$7M $13M $670M Q3 Volume Price Acquisition FX China Q3 2025 2026 Core Growth is a non-GAAP measure. See appendix for reconciliation. Third Quarter 2026 Earnings 8
Slide 9: Q3 2026 | Adjusted EBITDA
Adj. EBITDA +9% Q3 2026 | Adjusted EBITDA $1M $0M $2M $12M $106M -$6M $97M Q3 Price Net Productivity Volume FX Investments Q3 2025 2026 Margin Rate 14.5% +1.5% +0.3% -0.1% -0.0% -0.9% 15.3% Adj. EBITDA is a non-GAAP measure. See appendix for reconciliation. Third Quarter 2026 Earnings 9
Slide 10: Q3 2026 | Specialty Products & Technologies
Q3 2026 | Specialty Products & Technologies Revenue ($M) Core Growth % Growth Q3 2025 $431.5 10.6% • Spark sales grew HSD, especially strong in W. Europe and Emerging Markets • Brackets & Wires down HSD, driven by China VBP Q3 2026 $443.7 2.0% • Implants up MSD, with balanced growth globally Adjuste
Slide 11: Q3 2026 | Equipment & Consumables
Q3 2026 | Equipment & Consumables Revenue ($M) Core Growth % Growth Q3 2025 $238.4 7.3% • Consumables up LSD, growth in all major geographies • Diagnostics up MSD, growth across the portfolio Q3 2026 $247.8 4.1% Adjusted Operating Profit ($M) Margin % Profit Q3 2025 $47.9 20.1% • Positive price capt
Slide 12: Q3 2026 Cash Flow
Q3 2026 Cash Flow Q3 2026 Q3 2025 Operating Cash Flow $77.9M $78.7M • ~400k shares repurchased in Q3 Capital Expenditure, net $14.4M $10.8M • Net Debt / Adj. EBITDA of ~0.6X Free Cash Flow $63.5M $67.9M Free Cash Flow and Free Cash Flow Conversion are non-GAAP measures. See appendix for reconciliati
Slide 13: Updating FY 2026 Guidance
Updating FY 2026 Guidance Prior Updated Core Sales Growth 3.5% to 4.5% 3.75% to 4.25% tightened Adj. EBITDA Growth 11% to 14% 12.5% to 14% moved to high end Adj. EPS $1.50 to $1.55 $1.54 to $1.58 raised Free Cash Conversion ~100% ~100% no change These forward-looking estimates do not reflect future
Slide 14: Closing Thoughts
Closing Thoughts • Global dental market stable; no material change in Q3 versus H1 • Continued broad-based Envista growth across businesses and geographies • Strong operating leverage converting top line growth into even faster earnings growth • Reinvesting a portion of our gains to support continue
Slide 15: Q&A
Q&A 15 15
Slide 16: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations 16
Slide 17: Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin
Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Gross Profit $ 400.6 $ 370.2 $ 1,197.7 $ 1,076.1 Restructuring costs and asset impairments A 3.9 4.9 14.3 7.1 F
Slide 18: Reconciliations | Adjusted Operating Profit
Reconciliations | Adjusted Operating Profit ($ in Millions) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Consolidated Operating Profit $515.2 $57.5 $658.0 $142.8 Amortization of acquisition-related and other intangible assets 15.0 19.1 51
Slide 19: Reconciliations | Adjusted Net Income
Reconciliations | Adjusted Net Income ($ in Millions) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net Income (Loss) $ 508.3 $ (30.3) $ 600.7 $ 14.1 Amortization of acquisition-related and other intangible assets 15.0 19.1 51.2 56.9 Restr
Slide 20: Reconciliations | Adjusted Diluted EPS and Diluted Shares Outstanding
Reconciliations | Adjusted Diluted Earnings Per Share and Adjusted Diluted Shares Outstanding Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Diluted Earnings (Loss) Per Share $ 3.11 $ (0.18) $ 3.65 $ 0.08 Amortization of acquisition-related
Slide 21: Reconciliations | Adjusted EBITDA
Reconciliations | Adjusted EBITDA ($ in Millions) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net Income (Loss) $ 508.3 $ (30.3) $ 600.7 $ 14.1 Interest expense, net 7.8 9.0 23.9 26.3 Income tax (benefit) expense (8.1) 80.2 26.1 105.5 De
Slide 22: Reconciliations | Core Sales Growth
Reconciliations | Core Sales Growth1 % Change Three Month Period Ended % Change Nine Month Period Ended Consolidated October 2, 2026 vs. Comparable 2025 October 2, 2026 vs. Comparable 2025 Period Period Total sales growth 3.2 % 8.1 % Plus the impact of: Acquisitions (0.5) % (0.5) % Currency exchange
Slide 23: Reconciliations | Free Cash Flow
Reconciliations | Free Cash Flow ($ in Millions) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net operating cash provided by operating activities $ 77.9 $ 78.7 $ 193.8 $ 167.7 Less: payments for additions to property, plant and equipment
Slide 24: Notes to Reconciliation of GAAP to Non-GAAP Financial Measures
NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) A We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. B Represents the fair value adjustment related to inventory acquired in connection
Slide 25: Statement Regarding Non-GAAP Measures
Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes t