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Classification: Avery Dennison - Confidential 1High-Value Category Investor Showcase 2026 High-Value Category (HVC) Investor Showcase Avery Dennison Corporate Headquarters Mentor, Ohio, USA September 23, 2026
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Classification: Avery Dennison - Confidential 2High-Value Category Investor Showcase 2026 Welcome William Gilchrist Vice President, Investor Relations
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Classification: Avery Dennison - Confidential 3High-Value Category Investor Showcase 2026 Building Evacuations Proceed to poles 1 and 2 in the parking lot See a safety individual in a blue vest to have your badge scanned, then proceed to pole 3
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Classification: Avery Dennison - Confidential 4High-Value Category Investor Showcase 2026 Forward-Looking Statements Certain statements contained in this document are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, and financial or other business targets, are subject to certain risks and uncertainties. We believe that the most significant risk factors that could affect our financial performance in the near term include: (i) the impact on underlying demand for our products from global economic conditions, tariffs, geopolitical uncertainty, and changes in environmental standards, regulations and preferences; (ii) competitors’ actions, including pricing, expansion in key markets, and product offerings; (iii) the cost and availability of raw materials; (iv) the degree to which higher costs can be offset with productivity measures and/or passed on to customers through price increases, without a significant loss of volume; (v) foreign currency fluctuations; and (vi) the execution and integration of acquisitions. Actual results and trends may differ materially from historical or anticipated results depending on a variety of factors, including but not limited to, risks and uncertainties related to the following: ● International Operations – worldwide economic, social, geopolitical and market conditions; changes in geopolitical conditions, including those related to trade relations and tariffs, China, recent conflicts involving the U.S., Israel and Iran and related hostilities in the Middle East, the Russia-Ukraine war, and the Israel-Hamas war; fluctuations in foreign currency exchange rates; and other risks associated with international operations, including in emerging markets ● Our Business – fluctuations in demand affecting sales to customers; fluctuations in the cost and availability of raw materials and energy; changes in our markets due to competitive conditions, technological developments, laws and regulations, and customer preferences; environmental regulations and sustainability trends; the impact of competitive products and pricing; the execution and integration of acquisitions; selling prices; customer and supplier concentrations or consolidations; the financial condition of distributors; outsourced manufacturers; product and service quality claims; restructuring and other cost reduction actions; our ability to generate sustained productivity improvement and our ability to achieve and sustain targeted cost reductions; the timely development and market acceptance of new products, including sustainable or sustainably-sourced products; our investment in development activities and new production facilities; the collection of receivables from customers; and our sustainability and governance practices ● Information Technology – disruptions in information technology systems; cybersecurity events or other security breaches; and successful installation of new or upgraded information technology systems ● Income Taxes – fluctuations in tax rates; changes in tax laws and regulations, and uncertainties associated with interpretations of such laws and regulations; outcome of tax audits; and the realization of deferred tax assets ● Human Capital – recruitment and retention of employees and collective labor arrangements ● Our Indebtedness – our ability to obtain adequate financing arrangements and maintain access to capital; credit rating risks; fluctuations in interest rates; and compliance with our debt covenants ● Ownership of Our Stock – potential significant variability of our stock price and amounts of future dividends and share repurchases ● Legal and Regulatory Matters – protection and infringement of our intellectual property and the impact of legal and regulatory proceedings, including with respect to anti-corruption, environmental, health and safety, and trade compliance ● Other Financial Matters – fluctuations in pension costs and goodwill impairment For a more detailed discussion of these factors, see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K, filed with the Securities and Exchange Commission on February 25, 2026, and subsequent quarterly reports on Form 10-Q. The forward-looking statements included in this document are made only as of the date of our most recent earnings release (July 30, 2026), and we undertake no obligation to update these statements to reflect subsequent events or circumstances, other than as may be required by law. Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures as defined by SEC rules. We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of our financial results prepared in accordance with GAAP. We use these non-GAAP financial measures internally to evaluate trends in our underlying performance, as well as to facilitate comparison to the results of competitors for quarters and year-to-date periods, as applicable. Based on feedback from investors and financial analysts, we believe that the supplemental non-GAAP financial measures we provide are also useful to their assessments of our performance and operating trends, as well as liquidity. In accordance with Regulations G and S-K, reconciliations of non-GAAP financial measures from the most directly comparable GAAP financial measures, including limitations associated with these non-GAAP financial measures, are provided in the appendix to this document.
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Classification: Avery Dennison - Confidential 5High-Value Category Investor Showcase 2026 Agenda 8:30 a.m. Registration and Breakfast — 9:30 a.m. Welcome William Gilchrist, VP, Investor Relations 9:35 a.m. Strategic Overview Deon Stander, President & CEO 9:50 a.m. HVC Spotlights Performance Materials Specialty/Durables Labels Graphics & Reflective Intelligent Labels Embelex Vestcom Danny Allouche, President, Materials Group Mariana Rodriguez, VP/GM, Materials Group EMENA Bethany Nock, General Manager, Graphics Solutions NA Francisco Melo, President, IL Technologies & Digital Solutions Michael Barton, SVP/GM, Apparel Solutions Ned Peverley, VP/GM, Vestcom 11:00 a.m. Financial Overview Greg Lovins, SVP & CFO 11:15 a.m. Panel Q&A Presenters 11:50 p.m. Lunch and Networking — 12:10 p.m. HVC Showcase and Demos Participants will divide into separate groups 2:30 p.m. Event Concludes —
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Classification: Avery Dennison - Confidential 6High-Value Category Investor Showcase 2026 Strategic Overview Deon Stander President & CEO
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Classification: Avery Dennison - Confidential 7High-Value Category Investor Showcase 2026 ● Recognized industry leader ● Global materials science and digital identification solutions company ● Provider of a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers ● Operations in more than 50 countries with ~35,000 employees Avery Dennison at a glance 2025 Net Sales $8.9 Billion Materials Group Solutions Group Intelligent Labels Sales by Segment AVY AVY HVC Net Sales (2025) $8.9 bil. ~$4 bil. Organic Sales Growth (non-GAAP) (5-year CAGR 2020-2025) 4.1% Mid-to-high single digits Adjusted EBITDA Margin (non-GAAP) (2025) 16.4% > AVY
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Classification: Avery Dennison - Confidential 8High-Value Category Investor Showcase 2026 Sales by End Market(1) Sales by Geography(1) (1) Estimated FY 2025 sales by end market (2) Eastern Europe, Middle East, and North Africa Industrial/ Durable Apparel Healthcare Food HPC Logistics Beverage Pharma Broad exposure to diverse markets, with increasing portfolio strength Oth. Non- Durable Base Sales by Category(1) ~45% High-value up ~10 pts. vs. ‘20 ~60% Staples U.S. & Canada Western Europe EEMENA(2) China Other Asia-Pac Latin Am. ~30%Emerging Markets Specialty & Durable Labels Graphics & Reflective Performance Materials Intelligent Labels Embelex Vestcom
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Classification: Avery Dennison - Confidential 9High-Value Category Investor Showcase 2026 Drive outsized growth in high-value categories through market-driven innovation Grow profitably in our base businesses Lead at the intersection of the physical and digital Effectively allocate capital and relentlessly focus on productivity Lead in an environmentally and socially responsible manner 1 2 3 4 5 Executing key strategies, with proven business resilience, to deliver GDP+ growth and top quartile returns across cycles
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Classification: Avery Dennison - Confidential 10High-Value Category Investor Showcase 2026 Materials Group at a glance Leader in growing self-adhesive label materials industry (~2.5X next largest competitor) 2025 Net Sales of $6.1 Billion HVC ~38% of sales Base Labels Graphics & Reflective Perform. Materials Other HVC Labels(1) MG MG HVC Organic Sales Growth (5-year CAGR 2020-2025) 3.0% mid-single digits Adjusted EBITDA Margin (2025) 17.4% > MG Clear and lasting competitive advantages ● Global scale with 10,000+ converting partners ● Materials science, including vertical integration in adhesives, and process technology capabilities ● Industry-leading innovations enabling sustainability and functionality ● Highly productive, capital efficient assets and high free cash flow conversion Base and HVC growth driving sustainable GDP+ growth (1) HVC Labels includes Specialty, Durables, and Intelligent Labels
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Classification: Avery Dennison - Confidential 11High-Value Category Investor Showcase 2026 2025 Net Sales of $2.8 Billion Intelligent Labels Vestcom Embelex Base HVC ~60% of sales Solutions Group at a glance Leader in global branding and identification solutions that help address key industry challenges Demonstrated competitive advantages ● Global scale and footprint; vertically integrated ● Innovation leader in high-value categories, with 1,500+ patents and pending patent applications in Intelligent Labels ● Industry-leading capabilities helping drive adoption of digital identification technology in new categories ● Extensive commercial and application experience, helping customers enhance brand identity and connect with their customers High-value categories are key to GDP+ growth SG SG HVC Organic Sales Growth (5-year CAGR 2020-2025) 7.2% low-double digits Adjusted EBITDA Margin (2025) 17.3% > SG
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Classification: Avery Dennison - Confidential 12High-Value Category Investor Showcase 2026 Delivering outsized growth in high-value categories, supported by secular trends Materials Group High-value Categories(1) (1) Based on FY 2025 sales; (2) based on the five year period 2020-2025 Mid-single digits 5-yr organic sales CAGR(2) Specialty & Durable Labels Graphics & Reflective Performance Materials Intel Labels Solutions Group High-value Categories(1) Intelligent Labels Vestcom Embelex Low-double digits 5-yr organic sales CAGR(2) High-value categories across both segments have: Strong secular tailwinds ● Labor & supply chain efficiency ● Waste reduction & loss mitigation ● Advance sustainability solutions ● Helping brands & consumers connect Solutions to solve industry challenges Strong secular tailwinds Digitization PersonalizationSustainability
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Classification: Avery Dennison - Confidential 13High-Value Category Investor Showcase 2026 Expanding high-value category exposure is a key contributor to driving outsized sales growth and margin expansion over the long term (1) Sales growth is the estimated high-value category organic sales growth CAGR during the 10-year period (2015-2025); (2) Real GDP weighted based on Avery Dennison end market exposure Sales growth(1) MSD ~2.5x GDP Sales growth(1) mid-teens ~6x GDP Sales growth(1) MSD ~1.5x GDP(2) ~32% ~34% ~38% ~15% ~38% ~60% ~28% ~35% ~45% Adj. EBITDA Margin (‘15 →’25) 14.6% → 17.4% Materials Group Solutions Group Total Company 2015 2020 2025 2015 2020 2025 2015 2020 2025 Adj. EBITDA Margin (‘15 →’25) 11.9% → 17.3% Adj. EBITDA Margin (‘15 →’25) 12.5%→ 16.4% High-value Category percentage of sales
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Classification: Avery Dennison - Confidential 14High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Performance Materials Danny Allouche President, Materials Group
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Classification: Avery Dennison - Confidential 15High-Value Category Investor Showcase 2026 Category Overview Performance Materials are highly engineered products and solutions that deliver critical functionality, including bonding, sealing, protection, thermal management, damping and conductivity in a wide variety of high value applications and end markets. Key Applications Sales by Key End MarketsFinancial Profile (1) MSD = mid-single digits (on an organic basis) (2) pro forma 2025 sales of ~$500m includes a full year of Taylor Adhesives sales Performance Materials leverages materials science differentiation to drive profitable growth ~$0.5 bil. ‘25 Sales est. by end market Beverage Pharma HPC Food Auto Automotive Medical Industrials & Electronics Building & Construction ~$0.5B 2025 sales(1) by region U.S. & CanadaEMENA APAC Medical tapes Insulation/HVAC Automotive electronics Flooring adhesives Wearables Semiconductor (CMP) Window flashing tapes ● Premium margins made possible by providing: ○ Critical functionality with small overall cost impact ○ Deep application expertise ○ Custom engineered products ○ Vertical adhesive integration Sales CAGR of MSD in the 5 years ending 2025(1)(2)
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Classification: Avery Dennison - Confidential 16High-Value Category Investor Showcase 2026 Expanding market opportunity driven by solving critical industry challenges TAM of ~$20 bil., growing MSD, driven by: ● Rising performance demand ● Electrification & thermal management ● More sustainable formulations, building efficiency and lightweighting ● Workforce productivity and safety requirements ● Market size balanced between developed & emerging ● Sizeable niche markets requiring deep application expertise driving significant differentiation ● ~50% of market is in industrial applications and ~30% in automotive applications ● Bonding more complex components and materials ● Meeting increasingly challenging performance requirements ● Labor scarcity & wage inflation ● Enabling process & application automation ● Workforce safety requirements Market structure: Highly fragmented overall Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Wide array of manufacturers, converters, and distributors Tech support ReliabilityProduct quality Product performance Price Lead time Tech support ReliabilityProduct quality Product performance
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Classification: Avery Dennison - Confidential 17High-Value Category Investor Showcase 2026 Strong competitive position and clear strategy to drive profitable growth Competitive Position Technology specialists offering a wide range of custom and semi-custom application based solutions Competitive Advantages Product Performance ● Materials science and engineered adhesives expertise drives proprietary solutions to customer challenges ● Vertically integrated in acrylic adhesive manufacturing Product Quality & Reliability ● Global scale and network of assets ● Strong quality and operational excellence ● Depth of laminating experience Customer service: ● Exceptional technical support due to depth of process technology and formulation experience Strategy Drive profitable growth and margin expansion; leverage our competitive advantages to deliver innovative, differentiated products and solutions in targeted growth applications Key Initiatives New Product & Market Solutions: ● Expand presence in faster content growth end markets ● Scale application expertise across regions ● Penetrate new markets with innovative adhesive platforms Win share ● Commercialize proprietary Advanced Acrylics & UV Warm Melt ● Expand focus on alternative channels and regions
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Classification: Avery Dennison - Confidential 18High-Value Category Investor Showcase 2026 Capturing new growth opportunities using materials science innovation Taylor Adhesives Strategic Market Expansion: Terrain™ Turf Adhesive Differentiated solution penetrating a strong secular growth and premium margin market Replaces labor-intensive two-part adhesives Eliminates on-site mixing Accelerates installation timelines Minimizes contractor errors Low VOC Terrain™ Turf Adhesive Advantages
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Classification: Avery Dennison - Confidential 19High-Value Category Investor Showcase 2026 (1) HVC Labels includes Specialty, Durables, and Intelligent Labels Exposure To Attractive Growth Markets ● Premium growth end markets with higher margin opportunities Leveraging Key Competitive Advantages ● Continuous Innovation ● Vertical Integration ● Global Footprint Delivering Dual Growth Strategy ● Outsized organic growth ● Disciplined M&A optionality Compelling Investment Case ● High-performing portfolio positioned for superior value creation Materials group well positioned to leverage competitive differentiation to drive strong growth and superior returns
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Classification: Avery Dennison - Confidential 20High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Specialty & Durable Labels Mariana Rodriguez Vice President & General Manager, Materials Group EMENA
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Classification: Avery Dennison - Confidential 21High-Value Category Investor Showcase 2026 Category Overview Specialty labels address specific customer needs or cross-industry functional and compliance requirements, while durable labels are high-end, frequently certified, labels built to last a product's full lifetime, often under demanding conditions. Key Applications Sales by Key End MarketsFinancial Profile (1) MSD = mid-single digits, on an organic basis Specialty & durable labels meet complex specifications and withstand demanding environments Sales CAGR of MSD(1) in the 5 years ending 2025 ● Premium margins made possible by: ○ Demanding technical and application requirements ○ Specified durable products ○ Functional performance ○ Vertical integration LA ~$1.2B 2025 sales by region U.S. & Canada EMENA APAC ~$1.2 bil. ‘25 Sales est. by end market Beverage Pharma HPC Food Auto Electronics, appliance, outdoor Chemicals Premium wine & spirits Cold chain logistics Reclosure for freshness Printed circuit boards Chemical drums Auto parts Solar panels Consumer appliance
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Classification: Avery Dennison - Confidential 22High-Value Category Investor Showcase 2026 Sizeable and growing addressable markets with numerous secular tailwinds TAM of ~$3 bil., growing low-to-mid single digits, driven by key secular trends: ● Aging populations & specialty therapeutics adoption ● Freshness, multi-use & convenience ● Premiumization in wine, spirits & craft beer ● Electrification (e.g., EVs) & regulatory compliance ● Increasing finished product durability requirements ● Market size is similar across major regions ● Higher growth expected in APAC on lower PSL penetration ● ~75% exposure to macro-resilient end markets ● Quality, compliance, & performance reliability ● Access to functional and/or sustainable label materials ● Providing global solutions with local execution Market structure: Fairly concentrated Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Highly fragmented across thousands of converter customers Tech support ReliabilityProduct quality Product performance
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Classification: Avery Dennison - Confidential 23High-Value Category Investor Showcase 2026 Differentiated competitive advantages positioning us to drive profitable growth Competitive Position Industry leader with advanced materials science capability Competitive Advantages Commercial & Innovation Capabilities ● Engineered solutions for market-driven innovation ● Strong access to converters and end users Product Performance ● Vertical integration in high-performance adhesives and films ● Robust innovation capability ● Application-specific functional expertise Product Quality & Reliability ● Leading process technology capabilities ● Strong technical support ● Dedicated regional compliance Strategy Drive profitable growth and margin expansion; leverage our competitive advantages and deep customer access to deliver innovative, market-leading solutions Key Initiatives Advance Innovative Solutions ● Enable premiumization and sustainability ● Expand high performance solutions ● Combine physical labels with RFID for traceability and compliance Capture New Growth Opportunities ● Address electrification, cold chain and functional packaging Leverage strategic partner networks & engineered solutions ● Deep engagement with brands and converters
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Classification: Avery Dennison - Confidential 24High-Value Category Investor Showcase 2026 Strategic partner network, services and innovation deliver engineered solutions Brands' and OEM network Customer collaboration creates pull through and performance validation Bus. Develop. & Tech Sales Business development and technical sales support teams enable optimum performance on end-users' production lines. Engineered Solutions Investing in application specific technical expertise and compliance. Market Expansion Opportunities Customer End-user InnovationTech Services All strategic partner activities and solutions directly empower and support the end-user Electronics Durable Goods Electrification Cable & Wire Pharmaceutical 24 Customer Innovation Technical services
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Classification: Avery Dennison - Confidential 25High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Graphics & Reflective Bethany Nock General Manager, Graphics Solutions North America
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Classification: Avery Dennison - Confidential 26High-Value Category Investor Showcase 2026 Category Overview Graphics Solutions delivers decorative and functional films that enable personalization & customization in the automotive and architecture segments. Reflective Solutions provides highly engineered, advanced retroreflective materials that improve visibility and safety on roadways. Key Applications Sales by Key End MarketsFinancial Profile (1) MSD = mid-single digits, on an organic basis; (2) High-value categories sales of $0.7B represent ~80% of the overall Graphics and Reflective sales Graphics & Reflective solutions transform aesthetics and elevate roadway safety Sales CAGR of MSD(1) in the 5 years ending 2025 ● Premium margins made possible by: ○ Market-leading innovations ○ Superior quality & application expertise ○ Unique expertise in cast films & microreplication Vehicle wraps Paint protection films Window films License plates Roadway signage U.S. & Canada EMENA APAC LA ~$0.7B(2) 2025 sales by region Auto Aftermarket Corporate Branding Infrastructure ~$0.7 bil. ‘25 Sales est. by end market Architecture Auto OEM Vehicle safety & license plates Blue shades represent Graphics Orange shades represent Reflective
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Classification: Avery Dennison - Confidential 27High-Value Category Investor Showcase 2026 Secular trends, infrastructure expansion, and solutions to industry challenges is powering a large and growing addressable market TAM of ~$4.5 bil., growing MSD, driven by key secular trends: ● Consumer customization and personalization ● Vehicle appearance and protection ● EV adoption and OEM profit pool expansion ● Highway builds/maintenance and infrastructure urbanization ● Addressable market weighted to developed regions ● Market includes paint protection and window film, spaces with larger share opportunities ● Graphics concentrated in corporate branding, auto aftermarket and architectural markets ● Reflective is concentrated in Traffic & Highway signs and work zone safety solutions ● Stringent quality, durability & reliability at end user and converter ● Cost effective refurbishment or protection of assets ● Sustained low OEM profit pools ● Road sign visibility limitations, including graffiti and weather ● Labor scarcity and rising costs Market structure: Graphics fragmented; Reflective concentrated Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Graphics sells to concentrated distributors who sell to fragmented installers; Reflective sells to fragmented converter base Product quality Product performance Lead time Price Tech support Reliability Product quality Product performance Lead time Value
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Classification: Avery Dennison - Confidential 28High-Value Category Investor Showcase 2026 Driving profitable growth leveraging materials science, scale, and service Competitive Position #2 position in both Graphics & Reflective markets Competitive Advantages Product Performance ● Materials science, functionalized coatings, overlays, and engineered adhesives expertise ● In-house color cast PVC films for greater customization ● Unique ‘Full-Cube’ reflective technology Product Quality & Reliability ● Global scale and network of assets ● Vertically integrated in adhesive and film manufacturing ● Reflectives in-house ink formulation and manufacturing Strategy Drive profitable growth and margin expansion; leverage our competitive advantages to deliver innovative, differentiated products in key growth areas Key Initiatives New Product & Market Solutions ● Advancing Color Paint Protection Films and Supreme Wrap ● Built-in road sign Anti-graffiti and Anti-Dew performance Capture New Growth Opportunities ● Expanding with OEMs and dealerships ● Infrastructure upgrades in developing markets Win share ● Developing and deploying value-added services ● Expanding installer network
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Classification: Avery Dennison - Confidential 29High-Value Category Investor Showcase 2026 Graphics opportunity in automotive market driven by secular themes Core Growth Verticals Market Trends & Drivers Automotive OEM & Aftermarket Color Paint Protection Film Color Change Aftermarket OEM Partnerships Next-generation vehicle surface Customization & Personalization Investment Protection Labor Productivity OEM Profit Pool Expansion
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Classification: Avery Dennison - Confidential 30High-Value Category Investor Showcase 2026 Leading the reflective industry shift to digital printing driving profitable growth + End-user challenges Our Solutions = New Opportunities Road sign life & quality Rising compliance Sign shop efficiency Affordable digital printing End-to-end ecosystem Unmatched Reliability Industry-leading Protection Expand DOT spec with TrafficJet Provide sustainability & workflow automation Deliver value to customers
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Classification: Avery Dennison - Confidential 31High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Intelligent Labels Francisco Melo President, IL Technologies & Digital Solutions
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Classification: Avery Dennison - Confidential 32High-Value Category Investor Showcase 2026 Category Overview Intelligent labels digitize physical products to enhance operations and feed AI; enabling full-lifecycle traceability, authentication, and engagement from factory to product end of life Key Applications Sales by Key End MarketsFinancial Profile Intelligent labels remains the greatest growth opportunity Sales CAGR of low-teens in the 5 years ending 2025(1) ~$0.9 bil. ‘25 Sales est. by end market ApparelOther Food & Logistics General merch. ● Premium margins made possible by providing: ○ Technology solutions generating strong customer ROIs ○ Patented & proprietary products and processes ○ Manufacturing efficiency U.S. & Canada Europe APAC LA ~$0.9B 2025 sales by region Optica supply chain solutions Near Field Communication (NFC) atma.io connected product cloud Item-level data management & serialization UHF/RAIN RFID Bluetooth® Low Energy (1) sales growth on an organic basis
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Classification: Avery Dennison - Confidential 33High-Value Category Investor Showcase 2026 Unlocking large, expanding, untapped and attractive end markets TAM of ~350 bil. units, currently low-teens penetrated with mid teens unit growth: ● Ecommerce/Omnichannel/Digital retail ● Labor scarcity and rising costs ● Rising consumer expectations ● AI growth; the need for “ground truth” data ● Apparel remains the majority of market demand, representing ~60% of the industry volume ● Logistics, general merchandise and food earlier in adoption ● Inventory management and accuracy; traceability, trackability, perishability of goods ● Labor efficiency and error reduction ● Theft and waste in retail ● Efficient item-level identification; self check out, AI models Market structure: Leading position in key segments Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Diverse set of end users serviced directly and through converter channel Significant and expanding addressable markets Current IL adoption est. IL addressable market est. (billions of units) Industrials Healthcare General merchandise Apparel Logistics Food 200 60 45 30 10 5 Product performance Product quality Reliability Lead time Value
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Classification: Avery Dennison - Confidential 34High-Value Category Investor Showcase 2026 Leveraging innovative leadership to position Intelligent Labels for strong growth Competitive Position Innovative leader in large and growing market Competitive Advantages Go-To Market Strength ● Customer and end market commercial expertise; direct and channel go-to-market capabilities Innovation Leadership ● Broadest patent portfolio ● Integration of materials science and RF R&D capabilities Global Scale ● Global manufacturing footprint ● Vertical integration and proprietary process technology Strategy Expanding in apparel and general merchandise while scaling food and logistics. Driving innovation to broaden use cases, sharpen differentiation, and maximize customer ROI. Key Initiatives New Market & Category Expansion ● Drive integrated go-to-market strategy to win across channels ● Leading the market in capturing food and logistics opportunities ● Continued sensor innovation ● Leverage Wiliot partnership to accelerate Bluetooth® sensor adoption Key Innovations ● Data-driven AI models; improve inlay design and enhance ROIs ● Embedded sensors and packaging integration
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Classification: Avery Dennison - Confidential 35High-Value Category Investor Showcase 2026 Capturing the growth opportunity in food Growing Industry Demand Growth Opportunity: Rising demand for item/case-level freshness and condition monitoring Intelligent Labels Role: AD IdentiFresh™ RFID and Wiliot portfolios enable full supply chain visibility Competitive Advantage: First mover, innovation expertise, commercial excellence, and scale Advancing Innovation Industry requirements: ● First-to-market with protein RFID tag ● Incoming PPWR and EPR regulations Broad sensor offering: ● Portfolio enables item and case-level monitoring and consumer engagement ● AD CleanFlake™ RFID certified for PET recycling Early in commercial activation of the Food TAM: Currently working with customers on ~10% of addressable market Accelerating Pilots and Customer Programs: Total food pipeline $ up ~40% in the past year
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Classification: Avery Dennison - Confidential 36High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Vestcom Ned Peverley Vice President & General Manager, Vestcom
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Classification: Avery Dennison - Confidential 37High-Value Category Investor Showcase 2026 Category Overview Vestcom provides market-leading productivity and media solutions for the retail shelf-edge, enabled by strong data composition capabilities. Key Applications Sales by Key End MarketsFinancial Profile (1) MSD = mid-single digits, on an organic basis Vestcom: Market-leading shelf-edge productivity, data, and media solutions provider ● Sales of ~$500 million in 2025, growing at a MSD(1) CAGR since 2021 acquisition, driven by: ○ Expanding solutions with existing clients ○ Winning new clients ○ Introducing new digital solutions ● Premium margins made possible by providing: ○ Data management capabilities ○ Strong solution value proposition for clients ~$500 mil. ‘25 Sales est. by end marketDrug Dollar Grocery Other In-store digital media ESL software Shelf-edge pricing In-store analog media
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Classification: Avery Dennison - Confidential 38High-Value Category Investor Showcase 2026 Shelf edge & in-store media solutions solving rising retailer challenges TAM of over $2 bil., growing LSD, driven by key secular trends: ● U.S. ESL adoption to expand data management and software offerings ● Scaling in-store media to capture shopper intent at point-of- purchase and boost ROI on upper-funnel ad spend ● U.S. retailers digitization to close gap with rest of world ● Increased legislative activity to limit dynamic pricing (and in some cases ESLs) ● Labor scarcity and rising costs ● Growing shopper engagement in store ● Simplifying in-store operations in an increasingly digital environment Market structure: ESL hardware/software is highly concentrated while in-store digital media is highly fragmented Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Selling to concentrated grocery, drug, dollar and specialty retail customers Product quality Product performance Tech support Reliability
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Classification: Avery Dennison - Confidential 39High-Value Category Investor Showcase 2026 Leveraging U.S. market leadership to scale digital shelf solutions Competitive Position Market leader in U.S. for shelf-edge solutions Competitive Advantages Breadth of Solutions ● Seamlessly execute both digital and analog solutions Product Innovation ● Expertise in complex data management and inhouse-developed StoreLinkTM software ● Digital media integrated with price/promo messaging Scale ● National network of highly efficient service bureaus ● National CPG media sales team engaging 500+ CPGs Strategy Vestcom is an "omnichannel provider"; the only player delivering the data management capabilities to offer physical and digital shelf-edge solutions. Key Initiatives Grow Analog Media ● Maximize potential at existing customers ● Expand blades solution to targeted clients Win Share of ESL Deployments ● Make StoreLinkTM the software of choice ● Win portion of ESL HW business through strong partnerships Scale In-Store Digital Media ● Expand in-store digital media footprint Accelerate IL Adoption with Food Retailers ● Expand IL adoption with Vestcom customers
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Classification: Avery Dennison - Confidential 40High-Value Category Investor Showcase 2026 Retailers adopting digitization technology to drive revenue, productivity and profits Electronic Shelf Labels (ESLs) Market: Adoption of ESLs rising at U.S. large-format retailers Vestcom Role: StoreLinkTM is the “one source of truth” software platform to deliver price/promo messaging via both ESLs and analog tags Competitive Advantage: ● Data integrated with retailers ● Enable both digital and analog ● Hardware agnostic In-store Digital Media Market: Forecasted to grow at a low teens CAGR Vestcom Role: Partner for integrated analog and digital media solutions Competitive Advantage: ● Established CPG media sales team ● Enable both digital and analog ● Integrate price/promo messaging with media
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Classification: Avery Dennison - Confidential 41High-Value Category Investor Showcase 2026 High-Value Category Spotlight - Embelex Michael Barton Senior Vice President & General Manager, Apparel Solutions
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Classification: Avery Dennison - Confidential 42High-Value Category Investor Showcase 2026 Category Overview Embelex unites creativity, materials science and digital experiences to create embellishment solutions which elevate apparel and help brands showcase their identity, fans show their belonging, and professionals express their purpose. Key Applications Sales by Key End MarketsFinancial Profile (1) sales growth on an organic basis Embelex: helping brands, consumers, and work forces better connect Sales CAGR of ~10% in the 5 years ending 2025(1) Heat transfers Embroidered patches Woven labels Custom StudioTM Consumer engagement Creative & application services ● Premium margins made possible by providing: ○ High touch global and local customer service, enabling quick market response speeds ○ Differentiated product portfolio and experiential digital/software platforms ○ Customer design, solutions and support U.S. & Canada Europe APAC LA ~$330M 2025 sales by region Drug ~$330 mil. ‘25 Sales est. by end market Brand Identity Professional Identity Fan Identity
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Classification: Avery Dennison - Confidential 43High-Value Category Investor Showcase 2026 Sizeable embellishment market with strong growth tailwinds and ready for innovation TAM of >$3 bil., growing MSD driven by: ● Consumer customization and premiumization ● Active lifestyle trends, digital fan engagement, cultural shift towards experiences ● Three key sub-markets: Balanced Regional Footprint ● High concentration of sales in mature markets ● Significant growth runway in APAC; expanding apparel production hubs and lower market penetration ● Inconsistent global brand expressions ● Connecting fans with icons (artists, athletes, teams) ● Efficient fan personalization and customization ● Workforce safety and traceability Market structure: Highly fragmented Customer key criteria: Addressable Market Competitive Landscape Regional & Industry Key Customer & Industry Challenges Customer structure: Major brands, sports teams, licencing networks, sports venues (Custom Studio), and thousands of garment manufacturers Brand ID Fan ID Pro ID Product performance Product quality Reliability Lead time
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Classification: Avery Dennison - Confidential 44High-Value Category Investor Showcase 2026 Aligning competitive advantages with strategy to drive profitable growth Competitive Position Leader in a large, fragmented market, leveraging innovation, broad product range, and deep customer service Competitive Advantages Global Brand Support with Localized Production ● Integrated solutions architecture ● Global Brand consistency and rapid local execution ● Embed directly into brands’ design centers Materials Science Capabilities ● Engineered for extreme performance ● Driving factory-level cost efficiency Customization through Innovation ● Digital consumer engagement triggers ● Custom StudioTM in-venue customization Strategy Drive growth by scaling innovation-driven solutions across Brand, Fan, and Professional ID markets Key Initiatives Scale Experiences ● Expand Custom Studio in-venue customization ● Scale consumer engagement platform Pioneer Product & Materials Innovation ● Deliver industry-first advanced materials breakthroughs Expand High-Value Partnerships ● Deepen strategic relationships and licensing portfolios
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Classification: Avery Dennison - Confidential 45High-Value Category Investor Showcase 2026
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Classification: Avery Dennison - Confidential 46High-Value Category Investor Showcase 2026 Turnkey Solution Custom StudioTM unlocks market leadership and growth in the Fan Identity market Maximize and de-risk Inventory High Quality Materials Speed and Efficiency gains Real-time Customization b o l t u e A significant majority of fans expressed interest in purchasing customized merchandise A majority of fans say they are willing to pay a premium Roughly two-thirds abandon purchase due to long queues or stock shortages Custom StudioTM Makes it possible
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Classification: Avery Dennison - Confidential 47High-Value Category Investor Showcase 2026 Financial Review Greg Lovins SVP & CFO
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Classification: Avery Dennison - Confidential 48High-Value Category Investor Showcase 2026 Our balanced strategy is creating value for shareholders Sales Growth Adjusted EPS (non-GAAP) 2020 Adjusted EBITDA Margin (non-GAAP) EVA(2) (1) S&P Global Intelligence; (2) Economic Value Add (EVA) is calculated by deducting the economic cost associated with the use of capital from after-tax operating profit; (3) includes Taylor adhesives annualized NOPAT 12.5% 15.3% 16.4% 5.1% Sales growth ex. currency (non-GAAP) Organic sales growth (non-GAAP) Global GDP(1) Global retail volumes(1) ‘15-’20 5-yr CAGR ‘20-’25 5-yr CAGR 2015 2020 2025 2015 2020 2025 $3.44 $7.10 $9.53 20252015 3.9% 2.4% 1.9% 1.6% 5.7% 4.1% 3.7% 2.5% (3)
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Classification: Avery Dennison - Confidential 49High-Value Category Investor Showcase 2026 5%+ Sales Growth Ex. Currency 17%+ Adj. EBITDA Margin in 2028 10% Adj. EPS Growth TopQuartile(1) ROTC Our long-term financial framework — continuing to deliver superior value creation Long-term financial framework Note: Long-term targets are annualized and represent a 5-year horizon through 2028. (1) Compared to peer group on page 69 of our 2026 Proxy Statement
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Classification: Avery Dennison - Confidential 50High-Value Category Investor Showcase 2026 Progress against our algorithm to deliver outsized growth Base High-value Categories Intelligent Labels M&A 5%+ Sales Growth ex. Currency ~1 pt. grow profitably in the base ~2 pts. outsized growth in high-value categories 1.5+ pts. ~15%+ growth in Intelligent Labels Acquisitions (accelerate our strategies) Note: Growth estimates represent contributions to annualized total company sales growth ex. currency over the current 5 year horizon; high-value categories exclude Intelligent Labels, which is represented separately. L T Growth Algorithm Progress 2023-2026 midpoint Mid-single digits ~0.5pt Mid-single digits ~0.5pt ~3.5pts ~5pts vol/mix Mid-single digits ~2pts Low-single digits ~1pt
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Classification: Avery Dennison - Confidential 51High-Value Category Investor Showcase 2026 Outsized HVC growth will deliver positive sales mix and margin expansion 20252020 ~35% HVC ~45% HVC Base HVC Base HVC Base HVC ~50% HVC High-value categories % of sales 2030 (est.)
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Classification: Avery Dennison - Confidential 52High-Value Category Investor Showcase 2026 Balance sheet strength provides ability to accelerate strategic HVC shift (1) Based on June 30, 2026 Balance Sheet & Capacity Available Investment Capacity ~$8 bil. over next 5 years Strong balance sheet with target leverage ratio of ~2.3x(1) that provides ample capacity for investment and lowest WACC over cycles ● Investing organically and through M&A to deliver superior returns ● Targeting M&A to accelerate strategies and upgrade portfolio ● Committed to net debt to adjusted EBITDA ratio of ~2-3x Disciplined M&A & Partnership Strategic HVC Shift Acceleration ● Targeting high-value categories and near adjacencies ● Leveraging our global scale and core competencies ● Disciplined investment with clear financial criteria Long-term capital uses (% of total capital available) Capex/Restructuring 25-30% Approx. 50% capex on HVC Dividends ~20% Target to grow with earnings Share buyback/M&A 50-55% Opportunistic/HVC-focused Intelligent labels Vestcom Embelex Performance Materials
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Classification: Avery Dennison - Confidential 53High-Value Category Investor Showcase 2026 Deon Stander President & CEO Francisco Melo President, IL Technologies and Digital Solutions Danny Allouche President Materials Group Greg Lovins SVP & CFO William Gilchrist VP, Investor Relations FACILITATOR Q&A Panel Mariana Rodriguez Vice President & General Manager, Materials Group EMENA Ned Peverley Vice President & General Manager, Vestcom Bethany Nock General Manager, Graphics North America Michael Barton Sr. Vice President & General Manager, Apparel Solutions
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Classification: Avery Dennison - Confidential 54High-Value Category Investor Showcase 2026 Thank You
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Classification: Avery Dennison - Confidential 55High-Value Category Investor Showcase 2026 Appendix Reconciliation of Non-GAAP Financial Measures from GAAP
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Classification: Avery Dennison - Confidential 56High-Value Category Investor Showcase 2026 This presentation contains certain non-GAAP financial measures as defined by SEC rules. We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of our financial results prepared in accordance with GAAP. We use these non-GAAP financial measures internally to evaluate trends in our underlying performance, as well as to facilitate comparisons with the results of competitors for quarters and year-to-date periods, as applicable. Based on feedback from investors and financial analysts, we believe that the supplemental non-GAAP financial measures we provide are also useful to their assessments of our performance and operating trends, as well as liquidity. In accordance with Regulations G and S-K, reconciliations of non-GAAP financial measures from the most directly comparable GAAP financial measures, including limitations associated with these non-GAAP financial measures, are provided in the appendix to this document and/or the financial schedules accompanying the earnings news release for the quarter (see Attachments A-4 through A-8 to news release dated July 30, 2026). Our non-GAAP financial measures exclude the impact of certain events, activities or strategic decisions. The accounting effects of these events, activities or decisions, which are included in the GAAP financial measures, may make it more difficult to assess our underlying performance in a single period. By excluding the accounting effects, positive or negative, of certain items (e.g., restructuring charges, outcomes of certain legal matters and settlements, certain effects of strategic transactions and related costs, losses from debt extinguishments, gains or losses from curtailment or settlement of pension obligations, gains or losses on sales of certain assets, gains or losses on venture and other investments, currency adjustments due to highly inflationary economies, and other items), we believe that we are providing meaningful supplemental information that facilitates an understanding of our core operating results and liquidity measures. While some of the items we exclude from GAAP financial measures recur, they tend to be disparate in amount, frequency or timing. We use the non-GAAP financial measures described below in this presentation. ● Sales change ex. currency refers to the increase or decrease in net sales, excluding the estimated impact of foreign currency translation, and, where applicable, currency adjustments for transitional reporting of highly inflationary economies and the reclassification of sales between segments. Additionally, where applicable, sales change ex. currency is also adjusted for the estimated impact of extra days in our fiscal year and the calendar shift resulting from extra days in the prior fiscal year. The estimated impact of foreign currency translation is calculated on a constant currency basis, with prior-period results translated at current-period average exchange rates to exclude the effect of foreign currency fluctuations. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond are coincident with the calendar year, beginning on January 1 and ending on December 31. ● Organic sales change refers to sales change ex. currency, excluding the estimated impact of acquisitions and product line divestitures. We believe that sales change ex. currency and organic sales change assist investors in evaluating the sales change from the ongoing activities of our businesses and enhance their ability to evaluate our results from period to period. We believe that the following measures assist investors in understanding our core operating trends and comparing our results with those of our competitors. ● Adjusted operating income refers to net income adjusted for taxes; other expense (income), net; interest expense; other non-operating expense (income), net; and other items. ● Adjusted EBITDA refers to adjusted operating income before depreciation and amortization. ● Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net sales. ● Adjusted tax rate refers to the full-year GAAP tax rate, adjusted to exclude certain unusual or infrequent events that are expected to significantly impact that rate, such as effects of certain discrete tax planning actions, impacts related to enactments of tax law changes, and other items. ● Adjusted net income refers to income before taxes, tax-effected at the adjusted tax rate, and adjusted for tax-effected restructuring charges, and other items. ● Adjusted net income per common share, assuming dilution (adjusted EPS) refers to adjusted net income divided by the weighted average number of common shares outstanding, assuming dilution. ● Net debt to adjusted EBITDA ratio refers to total debt (including finance leases) less cash and cash equivalents, divided by adjusted EBITDA for the last twelve months. We believe that the net debt to adjusted EBITDA ratio assists investors in assessing our leverage position. ● Return on total capital (ROTC) refers to net income excluding interest expense and amortization of intangible assets from acquisitions, net of tax benefit, divided by the average of beginning and ending invested capital. We believe that ROTC assists investors in understanding our ability to generate returns from our capital. This document has been furnished (not filed) on Form 8-K with the SEC and may be found on our website at www.investors.averydennison.com. Use of Non-GAAP Financial Measures
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Classification: Avery Dennison - Confidential 57High-Value Category Investor Showcase 2026 Sales Change Ex. Currency and Organic Sales Change – Avery Dennison ($ in millions, except %) Total Company 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015-2020 5-Yr CAGR 2020-2025 5-Yr CAGR Net sales $ 5,966.9 $ 6,086.5 $ 6,613.8 $ 7,159.0 $ 7,070.1 $ 6,971.5 $ 8,408.3 $ 9,039.3 $ 8,364.3 $ 8,755.7 $ 8,855.5 Net sales change (5.7)% 2.0% 8.7% 8.2% (1.2)% (1.4)% 20.6% 7.5% (7.5)% 4.7% 1.1% Foreign currency translation 8.6% 2.6% (0.5)% (1.4)% 3.3% 0.9% (3.4)% 5.6% 0.6% 0.4% (0.3)% Impact of extra days ~ 1.2% (1.3)% 1.4% (0.4)% Sales change ex. currency (non-GAAP)(1) 4.0% 4.6% 8.2% 6.9% 2.0% (1.7)% 18.6% 13.1% (6.9)% 5.1% 0.4% 3.9% 5.7% Acquisitions/Divestitures 0.6% (0.7)% (3.9)% (1.4)% (1.7)% (3.1)% (3.6)% (0.8)% (0.6)% (0.2)% (1.5)% (1.7)% Organic sales change (non-GAAP)(1) 4.6% 3.9% 4.2% 5.5% 2.0% (3.4)% 15.6% 9.5% (7.7)% 4.5% 0.2% 2.4% 4.1% (1) Totals may not sum due to rounding
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Classification: Avery Dennison - Confidential 58High-Value Category Investor Showcase 2026 Sales Change Ex. Currency and Organic Sales Change – Materials Group ($ in millions, except %) Materials Group 2019 2020 2021 2022 2023 2024 2025 2020-2025 5-Yr CAGR Net sales $ 5,419.8 $ 5,340.6 $ 6,206.5 $ 6,495.1 $ 5,811.3 $ 6,013.0 $ 6,093.3 Net sales change (2.3)% (1.5)% 16.2% 4.6% (10.5)% 3.5% 1.3% Reclassification of sales between segments (0.2)% 0.3% 0.1% (0.7)% Foreign currency translation 3.8% 1.0% (3.6)% 6.0% 0.1% 0.2% (0.6)% Impact of extra days (1.1)% 1.3% (0.4)% Sales change ex. currency (non-GAAP)(1) 1.4% (1.6)% 13.9% 11.0% (10.4)% 3.7% (0.4)% 3.2% Acquisitions/Divestitures (1.1)% 0.2% (0.3)% (0.2)% Organic sales change (non-GAAP)(1) 1.4% (1.6)% 12.8% 11.2% (10.4)% 3.7% (0.7)% 3.0% (1) Totals may not sum due to rounding
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Classification: Avery Dennison - Confidential 59High-Value Category Investor Showcase 2026 Sales Change Ex. Currency and Organic Sales Change – Solutions Group ($ in millions, except %) Solutions Group 2019 2020 2021 2022 2023 2024 2025 2020-2025 5-Yr CAGR Net sales $ 1,650.3 $ 1,630.9 $ 2,201.8 $ 2,544.2 $ 2,553.0 $ 2,742.7 $ 2,762.2 Net sales change 2.3% (1.2)% 35.0% 15.6% 0.3% 7.4% 0.7% Reclassification of sales between segments 0.6% (0.7)% (0.2)% 1.7% Foreign currency translation 2.2% 0.6% (2.2)% 4.2% 2.1% 0.8% 0.3% Impact of extra days (1.7)% 2.1% (0.4)% Sales change ex. currency (non-GAAP)(1) 5.1% (2.3)% 34.9% 19.1% 2.2% 8.2% 2.2% 12.7% Acquisitions/Divestitures (7.2)% (9.7)% (14.1)% (3.0)% (2.1)% (5.5)% Organic sales change (non-GAAP)(1) 5.1% (9.5)% 25.2% 5.0% (0.8)% 6.1% 2.2% 7.2% (1) Totals may not sum due to rounding
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Classification: Avery Dennison - Confidential 60High-Value Category Investor Showcase 2026 Adjusted Operating Margin and EBITDA — Avery Dennison ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 5,966.9 $ 6,971.5 $ 8,408.3 $ 9,039.3 $ 8,364.3 $ 8,755.7 $ 8,855.5 Reconciliation of adjusted EBITDA from GAAP: Net income $ 274.3 $ 555.9 $ 740.1 $ 757.1 $ 503.0 $ 704.9 $ 688.0 Interest expense 60.5 70.0 70.2 84.1 119.0 117.0 135.4 Other non-operating expense (income), net 24.1 1.9 (4.1) (9.4) (30.8) (26.7) (14.2) Provision for income taxes 134.5 177.7 248.6 242.2 191.7 248.6 237.1 Loss from discontinued operations, net of tax 0.1 - - - - - - Equity method investment losses - 3.7 3.9 - - - - Operating income from continuing operations before interest expense, other non- operating expense (income), taxes, and equity method investment losses, as reported $ 493.5 $ 809.2 $ 1,058.7 $ 1,074.0 $ 782.9 $ 1,043.8 $ 1,046.3 Adjustments(1) (1.0) - - - - - - Operating income from continuing operations before interest expense, other non-operating expense (income), and taxes, previously reported $ 492.5 $ 809.2 $ 1,058.7 $ 1,074.0 $ 782.9 $ 1,043.8 $ 1,046.3 Operating margins 8.3% 11.6% 12.6% 11.9% 9.4% 11.9% 11.8% Non-GAAP adjustments: Restructuring charges, net of reversals: Severance and related costs, net of reversals 52.5 49.1 10.5 7.6 70.8 35.4 43.2 Asset impairment and lease cancellation charges 7.0 6.2 3.1 0.1 8.6 6.5 4.0 Other items 5.0 (1.7) (8.0) (8.3) 101.5 36.4 30.3 Adjusted operating income (non-GAAP) $ 557.0 $ 862.8 $ 1,064.3 $ 1,073.4 $ 963.8 $ 1,122.1 $ 1,123.8 Adjusted operating margins (non-GAAP) 9.3% 12.4% 12.7% 11.9% 11.5% 12.8% 12.7% Depreciation and amortization $ 188.3 $ 205.3 $ 244.1 $ 290.7 $ 298.4 $ 312.2 $ 328.2 Adjusted EBITDA (non-GAAP) $ 745.3 $ 1,068.1 $ 1,308.4 $ 1,364.1 $ 1,262.2 $ 1,434.3 $ 1,452.0 Adjusted EBITDA margins (non-GAAP) 12.5% 15.3% 15.6% 15.1% 15.1% 16.4% 16.4% (1) GAAP adjustments for 2015 reflect the previously disclosed impact of the third quarter of 2015 revision to certain benefit plan balances, which had an immaterial impact on the non-GAAP amounts.
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Classification: Avery Dennison - Confidential 61High-Value Category Investor Showcase 2026 Adjusted Operating Margin and EBITDA — Materials Group ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 4,523.5 $ 5,340.6 $ 6,206.5 $ 6,495.1 $ 5,811.3 $ 6,013.0 $ 6,093.3 Operating income before interest expense, other non-operating expense (income) and taxes $ 524.2 $ 747.0 $ 883.3 $ 859.3 $ 700.9 $ 884.3 $ 890.6 Operating margins 11.6% 14.0% 14.2% 13.2% 12.1% 14.7% 14.6% Non-GAAP adjustments: Restructuring charges, net of reversals: Severance and related costs, net of reversals 16.2 31.7 2.8 (1.0) 49.9 5.6 21.1 Asset impairment and lease cancellation charges 5.4 4.6 2.2 0.0 2.5 0.1 1.8 Other items (1.7) (5.7) (30.7) (12.4) 35.9 34.7 8.7 Adjusted operating income (non-GAAP) $ 544.1 $ 777.6 $ 857.6 $ 845.9 $ 789.2 $ 924.7 $ 922.2 Adjusted operating margins (non-GAAP) 12.0% 14.6% 13.8% 13.0% 13.6% 15.4% 15.1% Depreciation and amortization $ 117.7 $ 133.7 $ 141.9 $ 135.8 $ 127.8 $ 130.9 $ 137.4 Adjusted EBITDA (non-GAAP) $ 661.8 $ 911.3 $ 999.5 $ 981.7 $ 917.0 $ 1,055.6 $ 1,059.6 Adjusted EBITDA margins (non-GAAP) 14.6% 17.1% 16.1% 15.1% 15.8% 17.6% 17.4%
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Classification: Avery Dennison - Confidential 62High-Value Category Investor Showcase 2026 Adjusted Operating Margin and EBITDA — Solutions Group ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 1,443.4 $ 1,630.9 $ 2,201.8 $ 2,544.2 $ 2,553.0 $ 2,742.7 $ 2,762.2 Operating income before interest expense, other non-operating expense (income) and taxes $ 59.2 $ 144.7 $ 257.2 $ 302.3 $ 165.7 $ 251.8 $ 247.3 Operating margins 4.1% 8.9% 11.7% 11.9% 6.5% 9.2% 9.0% Non-GAAP adjustments: Restructuring charges, net of reversals: Severance and related costs, net of reversals 34.1 17.1 6.7 7.8 19.9 29.5 21.3 Asset impairment and lease cancellation charges 1.6 1.6 0.9 0.1 3.3 6.3 2.1 Other items 6.5 4.0 29.0 (0.1) 63.1 1.7 15.6 Adjusted operating income (non-GAAP) $ 101.4 $ 167.4 $ 293.8 $ 310.1 $ 252.0 $ 289.3 $ 286.3 Adjusted operating margins (non-GAAP) 7.0% 10.3% 13.3% 12.2% 9.9% 10.5% 10.4% Depreciation and amortization $ 70.6 $ 71.6 $ 102.2 $ 154.9 $ 170.6 $ 181.3 $ 190.8 Adjusted EBITDA (non-GAAP) $ 172.0 $ 239.0 $ 396.0 $ 465.0 $ 422.6 $ 470.6 $ 477.1 Adjusted EBITDA margins (non-GAAP) 11.9% 14.7% 18.0% 18.3% 16.6% 17.2% 17.3%
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Classification: Avery Dennison - Confidential 63High-Value Category Investor Showcase 2026 2015 2020 2021 2022 2023 2024 2025 Net income per common share, assuming dilution $ 2.95 $ 6.61 $ 8.83 $ 9.21 $ 6.20 $ 8.73 $ 8.79 Non-GAAP adjustments per common share: Restructuring charges and other items(1) $ 0.49 $ 0.48 $ 0.05 $ (0.06) $ 1.85 $ 0.75 $ 0.75 Argentine interest income $ (0.15) $ (0.05) $ (0.01) Pension plan settlements, curtailment losses, and related charges $ 0.01 $ 0.03 Adjusted net income per common share, assuming dilution (non-GAAP) $ 3.44 $ 7.10 $ 8.91 $ 9.15 $ 7.90 $ 9.43 $ 9.53 The adjusted tax rate was 25.5%, 25.9%, 25.8%, 24.7%, 25.0%, 24.1%, and 32.9% 2025, 2024, 2023, 2022, 2021, 2020, and 2015, respectively. 1) Includes restructuring and related charges, transaction and related costs, (gain)/loss on venture and other investments, net, (gain)/loss on sales of assets, gain on sale of product line, outcomes of legal matters and settlements, net, losses from Argentine peso remeasurement and Blue Chip Swap transactions, indefinite-lived intangible asset impairment charge, and other items. Adjusted EPS – Avery Dennison
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Classification: Avery Dennison - Confidential 64High-Value Category Investor Showcase 2026 © 2026 Avery Dennison Corporation. All rights reserved. The “Making Possible” tagline, Avery Dennison and all other Avery Dennison brands, product names and codes are trademarks of Avery Dennison Corporation. All other brands or product names are trademarks of their respective owners. Fortune 500® is a trademark of Time, Inc. Branding and other information on any samples depicted are fictitious. Any resemblance to actual names is purely coincidental. #MakingPossible averydennison.com