Q4 2025 Earnings Call February 24, 2026 Safe Harbor Statement and Non-GAAP Financial Measures Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the "safe harbor provisions" of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include ...

tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any pr ...

Core Viewpoint - The company has a straightforward value creation plan aimed at delivering benchmark shareholder returns in the coming years [1]. Group 1: Financial Performance - The company has a strong foundation characterized by industry-leading gross margins [2]. - It consistently delivers strong EBITDA performance and generates very strong free cash flow [2].

Core Insights - Envista reported broad-based growth in Q4 2025, with core sales increasing by 10.8% and full-year sales reaching $2.7 billion, reflecting a 6.5% increase year-over-year [4][6][5] - The company emphasized its Value Creation Plan, focusing on growth, operations, and people, with medium-term financial objectives of 2%-4% core growth, 4%-7% EBITDA growth, and 7%-10% EPS growth [3][4] - Management highlighted significant cost reductions, with G&A spending down by over $35 million in 2025, and a $250 million share repurchase program initiated [1][4] Financial Performance - Full-year adjusted EBITDA margin improved to 13.7%, a 190 basis point increase from 2024, while adjusted EPS rose to $1.19, up $0.46 year-over-year [14] - Free cash flow for 2025 was reported at $231 million, with a conversion rate of 114% [14] - Q4 sales were reported at $751 million, with foreign exchange contributing nearly 400 basis points to growth [8][10] Growth Drivers - All business segments delivered positive growth, with notable contributions from new product introductions and increased clinical training, resulting in nearly $100 million in revenue from products launched in the last year [2][4] - The company trained 30% more customers in 2025, which contributed to accelerating growth [2] - New product launches included major introductions in Spark and diagnostics, with plans for further launches in 2026 [7][4] Market Outlook - For 2026, Envista guided core sales growth of 2%-4%, adjusted EBITDA growth of 7%-13%, and adjusted EPS between $1.35 and $1.45 [18] - Management expects the dental market to remain stable with potential for modest improvement, while also noting calendar effects that may impact quarterly growth [19] - The company anticipates a $30 million headwind from tariffs in 2026, with strategies in place to offset this through pricing and cost reductions [20] Segment Performance - Specialty Products & Technologies saw revenue growth of nearly 16% year-over-year, with core sales up 10.9% [16] - Equipment and Consumables reported core sales growth of 10.7%, with diagnostics achieving double-digit growth globally [17] - Adjusted operating margins in Specialty Products & Technologies improved significantly, while Equipment and Consumables faced margin declines due to investments for future growth [16][17]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported sales of $751 million, with core sales increasing by 10.8% year-over-year, benefiting from foreign exchange (FX) which added nearly 400 basis points [15][19] - Adjusted EBITDA margin for Q4 was 14.8%, a 90 basis point improvement from the previous year, driven by volume, price, and productivity [16][21] - Adjusted EPS for Q4 was $0.38, up more than 50% from Q4 2024, supported by strong operating profits and share repurchases [13][16] - For the full year 2025, sales reached $2.7 billion, with core sales increasing by 6.5% [17][18] - Adjusted EBITDA for 2025 was up 26%, resulting in a margin of around 14%, a 2-point improvement over 2024 [13][18] Business Line Data and Key Metrics Changes - Specialty Products & Technologies revenue grew nearly 16% year-on-year, with core sales up 10.9% [22] - The orthodontics business, Spark, experienced high single-digit growth, aided by a deferral change [22] - The Equipment and Consumables segment saw core sales increase by 10.7%, with diagnostic core sales up double digits globally [24] Market Data and Key Metrics Changes - The North American diagnostic market returned to growth in the second half of 2025, marking the third consecutive quarter of positive growth across all business lines [31] - The global implant market is estimated to be growing mid-single digits, with the company slightly outperforming this growth in Q4 [70] Company Strategy and Development Direction - The company is focused on a Value Creation Plan aimed at achieving 2%-4% core growth, 4%-7% EBITDA growth, and 7%-10% EPS growth, with a free cash flow conversion target of 100% or better [7][30] - The company is investing in new product development and customer training, with a significant increase in R&D investment in 2025 [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the dental market remains slow but stable, with signs of improvement beginning to emerge [31] - The company expects core revenue growth of 2%-4% for 2026, aligning with medium-term financial objectives [14][26] - Management highlighted potential upsides in diagnostics and consumables, while also acknowledging risks related to macroeconomic volatility and the Chinese market [39][40] Other Important Information - The company implemented a $250 million share repurchase program in early 2025, returning over $160 million to shareholders throughout the year [9][25] - The non-GAAP tax rate for Q4 was 30.3%, with expectations for a reduction to approximately 28% in 2026 due to improved profitability [16][29] Q&A Session Summary Question: Can you discuss guidance and potential upsides and risks? - Management indicated that the core guidance for 2026 is 2%-4%, with upsides including momentum in growth and potential improvements in diagnostics and consumables [34][35] - Risks include macroeconomic volatility and uncertainties in the Chinese market [40][41] Question: What are the expectations for the tax rate? - The expected tax rate for 2026 is around 28%, with potential for further reductions depending on U.S. profit improvements and debt management [46][48] Question: What is the status of VBP for ortho and implants? - Management expects a first-round VBP for ortho and a second-round VBP for implants in 2026, but specific timing remains uncertain [51][53] Question: How did the company achieve higher growth in Q4 compared to previous guidance? - Management attributed the growth to a strong performance in the China ortho market and better-than-expected results in implants [59][64] Question: How do new products contribute to growth? - Management noted that while new products are expected to launch in 2026, their impact was not significant in 2025, with growth driven by pricing and market conditions [70][72]

Financial Data and Key Metrics Changes - In Q4 2025, Envista reported sales of $751 million, with core sales increasing by 10.8% year-over-year, benefiting from foreign exchange (FX) which added nearly 400 basis points [16][20] - Adjusted EBITDA margin for Q4 was 14.8%, a 90 basis point improvement from the previous year, driven by volume, price, and productivity [17][19] - Adjusted EPS for Q4 was $0.38, up more than 50% from Q4 2024, supported by strong operating profits and share repurchases [13][17] - For the full year 2025, sales reached $2.7 billion, with core sales increasing by 6.5% [19] Business Line Data and Key Metrics Changes - Specialty products and technologies revenue grew nearly 16% year-over-year, with core sales up 10.9% [22] - The orthodontics business, including Spark, saw high single-digit growth, with brackets and wires up double digits year-over-year [22][25] - The implants segment grew mid-single digits globally, with strong performance in digital and regenerative segments [23] Market Data and Key Metrics Changes - The North American diagnostic market returned to growth in the second half of 2025, marking the third consecutive quarter of positive growth across all business lines [32] - The overall global implant market is estimated to be growing mid-single digits, with Envista slightly outperforming this growth [70] Company Strategy and Development Direction - Envista's value creation plan focuses on growth, operations, and people, aiming for 2%-4% core growth, 4%-7% EBITDA growth, and 7%-10% EPS growth [6][31] - The company is committed to continuous improvement and innovation, with significant investments in R&D and new product launches planned for 2026 [8][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the dental market remains slow but stable, with signs of improvement beginning to emerge [32] - The guidance for 2026 includes core revenue growth of 2%-4%, adjusted EBITDA growth of 7%-13%, and adjusted EPS growth of 13%-22% [14][27] Other Important Information - Envista implemented a $250 million share repurchase program in early 2025, returning over $160 million to shareholders throughout the year [9][27] - The company achieved a free cash flow conversion of 114% for 2025, with $231 million in free cash flow generated [26][19] Q&A Session Summary Question: Can you discuss guidance and potential upsides and risks? - Management highlighted that the core guidance for 2026 is 2%-4%, with upsides including market momentum and potential improvements in diagnostics and consumables [37][39] - Risks include macroeconomic volatility and uncertainties in the Chinese market [41][42] Question: What are the assumptions regarding VBP for ortho and implants? - Management expects first-round VBP for ortho and second-round VBP for implants in 2026, but specific timing remains uncertain [54][55] Question: How did Envista achieve higher growth in Q4 compared to previous guidance? - Management attributed the growth to a stronger than expected performance in the China ortho market and improved results in implants [64][66] Question: How does Envista's growth in implants compare to the market? - Envista outgrew the global implant market, which is growing mid-single digits, due to significant investments in the commercial front end and customer training [70]

We partner with dental professionals to improve patients' lives JPM Healthcare Conference 01/01/2025 January 12, 2026 JPM Conference 2026 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 expectations of management. Terminology such as "believe," "anticipate," "shoul ...

Core Insights - Altus Group Limited is entering a new growth phase with strategic initiatives aimed at enhancing its position as a pure-play commercial real estate intelligence provider [3] Mid-term Financial Target - The company aims to exit 2027 as a Rule of 40 company, defined by the sum of its revenue growth and Adjusted EBITDA margin [4] Portfolio Optimization - Altus Group plans to streamline its portfolio around core businesses, specifically ARGUS and Valuation Management Solutions (VMS), to focus on higher growth and margin assets [7] - The company has initiated a sale process to divest its Appraisals and Development Advisory (A&DA) segment, which is expected to unlock more value for employees and clients [7] - Other non-core Analytics products and services that dilute growth and retention rates are also under evaluation for divestment or optimization [7] Capital Return Plans - The Board of Directors has authorized up to C$500 million for shareholder returns through a combination of a Substantial Issuer Bid (SIB) and a Normal Course Issuer Bid (NCIB) [7] - The SIB will offer to purchase up to C$350 million of common shares, expected to commence on November 26, 2025, and expire on January 8, 2026 [7] - The SIB will proceed via a modified Dutch auction, allowing shareholders to select a price within a range of C$50 to C$57 per share [7] New Financial Disclosures - The company will introduce new financial disclosures on a quarterly basis starting with Q4 FY25, including revenue lines for Analytics segments and operating metrics like Annual Recurring Revenue (ARR) [13] - Adjusted EBITDA and Adjusted Earnings definitions will be updated to align better with reporting peers [13] U.S. Dual-Listing - Altus Group plans to pursue a secondary dual-listing of its common shares in the U.S. market, expected to occur in 2027, to enhance visibility and create more opportunities for investors [13]

Financial Performance - YTD Q3 2025 Revenue reached €5542 million, a 77% increase at constant currency[11] - YTD Q3 2025 Adjusted EBITDA grew to €1358 million, an 112% increase at constant currency[11] - YTD Q3 2025 Free Cash Flow (pre-M&A) was €188 million, an increase of €257 million[11] - The company's leverage ratio decreased to 42x compared to the previous year[11] - Q3 2025 Net Revenue was €18654 million, a 40% increase[75] - YTD Group Profit reached €304 million, a 2454% increase[40] Business Segment Performance - Biopharma revenue increased by 91% YTD at constant currency, and 109% in Q3[45, 17] - IG (Immunoglobulin) franchise is a key driver of Biopharma growth, with overall growth ahead of the market[17] - Alpha-1 and specialty proteins also contributed to the growth of Biopharma[45] - Diagnostic revenue increased by 14% YTD at constant currency[45] Future Outlook - The company improved its revenue guidance for FY25 to €7600+ million at guidance FX rate[63] - The company improved its FCF pre-M&A pre-dividends guidance for FY25 to €400-425 million[63]

Core Insights - Clarivate Plc reported a slight increase in total revenues for Q3 2025, reaching $623.1 million, compared to $622.2 million in Q3 2024, indicating a growth of 0.1% [2][7] - The company experienced a net loss of $28.3 million in Q3 2025, an improvement from a net loss of $65.6 million in Q3 2024 [3][7] - Adjusted net income for Q3 2025 was $119.3 million, down from $134.1 million in Q3 2024, reflecting a decrease of 11.0% [3][7] Financial Performance - Total revenues for the first nine months of 2025 were $1,838.2 million, a decrease of 2.9% from $1,893.7 million in the same period of 2024 [4][7] - Organic revenues for the first nine months of 2025 increased by 0.2%, driven by a 0.6% rise in organic recurring revenues [4][7] - The company generated $468.6 million in operating cash flow and $276.1 million in free cash flow through the first nine months of 2025 [6][11] Shareholder Returns and Debt Management - Clarivate repurchased 11.7 million ordinary shares and allocated approximately $150 million for share repurchases in 2025 [2][6] - The company repaid $100 million of debt in Q3 2025, reducing total debt outstanding to $4,470.2 million [10][12] - The updated revenue outlook for 2025 was raised to between $2.42 billion and $2.45 billion, reflecting increased transactional book sales [12][13] Revenue Breakdown - Subscription revenues decreased by $5.7 million, or 1.4%, to $405.4 million in Q3 2025, while organic subscription revenues increased by 1.2% [8][26] - Transactional revenues increased by $8.0 million, or 7.7%, to $112.4 million, primarily due to higher transactional book sales [9][26] - The mix of organic recurring revenue to total revenue improved by 800 basis points to 88% for the first nine months of 2025, compared to 80% for the prior year [2][4] Outlook and Strategic Focus - The company remains committed to increasing its core subscription and recurring revenue mix while optimizing its business model [2][12] - Clarivate's strategic priorities include investing in innovation, driving operational efficiencies, and maximizing long-term value for shareholders [12][13] - The full-year 2025 outlook assumes no further acquisitions or divestitures, indicating a focus on organic growth [12][13]