Henry Schein, Inc. · NASDAQ:HSIC
Henry Schein — Investor Presentation (August 2026)
40 slides from Henry Schein's investor presentation, Aug 4, 2026
Slide 1: Henry Schein, Inc. Corporate Overview FY 2025
Henry Schein, Inc. Corporate Overview FY 2025 August 4, 2026 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information
Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could ca
Slide 3: Henry Schein
Henry Schein #1 global provider of dental merchandise, specialty products, traditional and digital equipment, parts and services and a leading provider of medical products, equipment and services to the alternate care market with $3B+ in corporate and owned brands portfolio and related services (inc
Slide 4: Key Developments Since IPO In 1995
Key Developments Since IPO In 1995 CURRENT STATE1: TRANSFORMED: SIGNIFICANTLY EXTENDED POSITION IN: From the leading U.S. • Specialty products #1 #3 #2/#3 #1 mail-order dental global provider of US provider of #3 Global in global distributor to the leading • Corporate brands and dental medsurg, manu
Slide 5: Favorable Long Term Macro Trends
Favorable Long Term Macro Trends Demographics • Aging global population Healthcare Developments • Movement of procedures from hospital to physician offices and alternate care sites Henry Schein benefits from: • Growing awareness of correlation between good oral health and overall health • Expanding
Slide 6: Henry Schein – Resiliency of the Business
Henry Schein – Resiliency of the Business Long term track record of Our business has momentum, with 2025 We have a strong track record of delivering steady earnings a reset year for long-term high-single- transformation and remain committed to growth, with 12% non-GAAP EPS digit / low-double-digit e
Slide 7: BOLD+1 Strategic Plan: Successful Execution
BOLD+1 Strategic Plan: Successful Execution • BOLD+1 has been adopted as a “brand” for our transformation to a more agile, customer centric, digital, efficient and high growth, high margin company with synergies generated by leveraging our portfolio of complementary businesses. • We have made signif
Slide 8: Successfully Advanced our Strategic Priorities
Successfully Advanced our Strategic Priorities We have made significant progress advancing our 2025 – 2027 BOLD+1 strategic priorities, with the following highlights: BUILD OPERATIONALIZE LEVERAGE DRIVE HIGH-GROWTH HIGH-MARGIN BUSINESSES ONE DISTRIBUTION ONE SCHEIN DIGITAL TRANSFORMATION Outstanding
Slide 9: Better Serving Our Stakeholders
Better Serving Our Stakeholders +1 Continue to Further solidify enhance practice position as a efficiencies and high-value partner patient outcomes Attract, retain, and develop talent Together, we make the world healthier. Maintain Deliver sustainable commitment to long-term growth corporate citizen
Slide 10: Global Distribution and Value-added Services
Global Distribution and Value-added Services Henry Schein’s High-Touch, Value-Added Market Approach: Full-service provider of merchandise, equipment and value-added services Service and Support Value-added Services • Expert equipment technical services and • Financing solutions support to keep pract
Slide 11: Global Distribution and Value-added Services
Global Distribution and Value-added Services -- Supply Chain Excellence • 300K Unique Stocking SKUs Globally • 22K Unique Private Brand Products • Enhanced Transportation Network • 90% of Worldwide Customers Serviced Next Day • Globally operates out of 38 distribution and 15 manufacturing facilities
Slide 12: Global Dental Distribution Market
Global Dental Distribution Market Market Share 2025 GLOBAL DENTAL DISTRIBUTION & VAS SALES BY GEOGRAPHY 35% to 40% 20% to 25% 35% to 40% $6.9B or 51% of Gross Sal es United States EMEA Rest of World (includes Canada) 20% Rest of World (Includes Canada) Only global dental distributor and solutions co
Slide 13: Global Dental Distribution
Global Dental Distribution Long-Term Growth Strategy • Deepen customer engagement with broader, practice-enhancing full-service solutions • Expand high-value corporate brand offerings • Deliver tailored, scalable solutions for large group practices • Accelerate adoption of digital prosthetic workflo
Slide 14: Global Medical Distribution Market
Global Medical Distribution Market U.S. Market Share: Approximately 20% 2025 GLOBAL MEDICAL A U.S. healthcare solutions partner supporting alternate-site DISTRIBUTION SALES BY practices, ambulatory surgery centers, laboratories, public safety GEOGRAPHY organizations, government and health systems, a
Slide 15: Global Medical Distribution
Global Medical Distribution Long-Term Growth Strategy • Increase active U.S. physician practice customers • Increase penetration organically and through acquisitions • Continued focus on large accounts, health systems and surgery centers • Build on the success of our Home Health Solutions business •
Slide 16: Global Specialty Products
Global Specialty Products 2025 GLOBAL SPECIALTY PRODUCTS AND OTHER SALES BY GEOGRAPHY $1.5B or 12% of Gross Sal es Healthcare Specialty Product Market Share 11% ~ 10%1 ~ 15%2 <1% <1% Rest of World (Includes Canada) Implants & Biomaterials Endodontics Orthodontics Other Categories 56% 33% United Stat
Slide 17: Global Specialty Products Market Position
Global Specialty Products Market Position Specialty Products Oral surgery solutions (#3 market share1) • Higher margin products • A leading provider of the entire assortment of oral surgery products • Historically faster growth than core dental market • Comprehensive portfolio of premium value and v
Slide 18: Global Specialty Products
Global Specialty Products Accelerate innovation across Long-Term Growth Strategy differentiated brands Expand channels to drive share and access Build specialty sales teams for deeper engagement Scale owned brands in priority markets Add complementary products to enhance value Leverage infrastructur
Slide 19: Global Technology
Global Technology Leading global provider of technology solutions and integrated clinical workflow to dental practices 2025 GLOBAL TECHNOLOGY SALES BY GEOGRAPHY Practice Management • A leader in servicing small $675M or 5% of Gross Sal es Solutions and large practices in Dental 3% • Three-quarters o
Slide 20: Global Technology
Global Technology Technology and services across workflows #1 Dental Practice 12 Countries 2,000+ team Empowers dentists to focus on Management members patient care and practice success Technology Patient Practice Revenue Patient Dental Clinical Demand Experience Management Cycle Analytics Workflow
Slide 21: Global Technology – Opportunities
Global Technology – Opportunities Platforms – Practice Revenue Cycle Management Hardware, Networking, Management Systems Protection and Office Spend Opportunity: Success Services Software Platform, $100-$700/month Support, Virtual Business Services Office Spend Office Spend Opportunity: Opportunity:
Slide 22: Global Technology
Global Technology Long-Term Growth Strategy • Continue to generate synergies with broader distribution business • Leverage research & development, marketing and technology across business solutions • Further development of new solutions • With ~100,000 technology customers worldwide, opportunity to
Slide 23: Sustainability Action & Reporting
Sustainability Action & Reporting Caring for Our Communities Caring for the Environment Good Governance and Team Schein •Finalized a net-zero roadmap to meet our •Executing strategies focused on our •Performed a data mapping and 2030 and 2050 science-based targets commitment to living our Team Schei
Slide 24: Financial Performance
Financial Performance 25
Slide 25: 2025 Highlights
2025 Highlights Market Conditions Business Highlights Value Creation Initiatives Sales growth accelerated in each of our Goal to deliver over $200 million of improvements Stable Dental market conditions reportable segments to operating income over the next few years in two key areas of focus: Medica
Slide 26: Growth Since Going Public
Growth Since Going Public Non-GAAP1 ($ in millions, except EBITDA and per share data) Compound Annual 1995 2025 Growth Rate Net Sales $584 $13,184 11.0% Operating Income1 $18 $972 14.2% Operating Margin1 3.14% 7.37% 14 bps* Net Income1 $9 $605 15.2% Diluted EPS1 $0.16 $4.97 12.1% ¹ Excludes certain
Slide 27: Annual Financial Performance
Annual Financial Performance Non-GAAP1 ($ in millions, except EBITDA and per share data) 2024 2025 Delta Net Sales $12,673 $13,184 4.0% Operating Income1 $949 $972 2.4% Operating Margin1 7.49% 7.37% (12)Bps Net Income1 $605 $605 (0.1)% Diluted EPS1 $4.74 $4.97 4.9% ¹ Excludes certain non-recurring i
Slide 28: Diversified Sales in Complementary Markets
Diversified Sales in Complementary Markets 2025 Worldwide Sales: $13.2 Billion BY SEGMENT BY GEOGRAPHY 5% or $675M 12% Technology Rest of World (Includes Canada) 11% or 20% $1.5B EMEA Specialty Products and Other 68% United States 84% or $11.1B Distribution and Value-added Services 29
Slide 29: Henry Schein Financial Overview
Henry Schein Financial Overview NON-GAAP OPERATING INCOME1 NON-GAAP EARNINGS PER DILUTED SHARE1 ($ IN MILLIONS) ($ ) $1,500 $6.00 $5.38 $1,038 $5.05 $972 $1,000 $4.97 $5.00 $999 $949 $4.74 $890 [2] $4.50 [2] $837 500 $769 $3.97 $4.00 $690 $3.50 $3.52 $500 $3.00 $0 2018 2019 2020 2021 2022 2023 2024
Slide 30: Cash Returned to Shareholders: Share Repurchases
Cash Returned to Shareholders: Share Repurchases Long Term Financial Goal: Cash flow from continuing operations to exceed net income $900 $850 Pct of Free Cash Returned to Shareholders $800 250% $744 $700 $700 $631 200% $600 $573 $545 $525 $506 $485 $500 In $Mils 150% $401 $385 148% $400 $380 $353 1
Slide 31: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management $712M of annual operating cash 2.5x Debt2/Adjusted EBITDA ratio as of Dec 30, 2024 ~$1.5B Available capacity borrowing flow1 in 2025 Maintain investment grade balance sheet $300M-$400M Capital Allocation Priorities
Slide 32: Disciplined M&A Approach
Disciplined M&A Approach Active pipeline • M&A characterized by bolt-on transactions, typically of transactions with privately held companies • Opportunistic regarding structure and timing • Operational synergies • Generally, require financial consolidation Focused M&A Focus of new 2025-2027 Strateg
Slide 33: Current Market Trends
Current Market Trends Stable Dental market conditions Medical market is experiencing steady patient traffic growth Growth in Specialty Products and Technology driven by new products and solutions Well-Positioned for Growth Cross-selling, new products, technology and innovation remain key growth driv
Slide 34: Investment Merits
Investment Merits • Clear strategic plan for growth • Proven track record of earnings growth • Leading positions in attractive markets • Scaled platform of highly complementary products, services and technologies • Opportunities to gain additional share of customer wallet • Deep and experienced mana
Slide 35: Appendix
Appendix 36
Slide 36: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Growth Since Going Public 37
Slide 37: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Annual Financial Performance 38
Slide 38: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Net Income and Earnings per Share 39
Slide 39: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Operating Income 40
Slide 40: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Note: amounts may not sum due to rounding 41