The following discussion and analysis of our financial condition and results of operations should be read in conjunction with other information, including our Condensed Consolidated Financial Statements and related notes included in Part I, Item 1, Financial Information, of this Quarterly Report on Form 10-Q, our consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 10-K”), and Part II, Item 1A, Risk Factors, of this Quarterly Report on Form 10-Q. Unless the context otherwise requires, all references herein to the “Company,” “we,” “us” or “our,” or similar terms, refer to Envista Holdings Corporation and its consolidated subsidiaries. Certain statements included or incorporated by reference in this Quarterly Report are “forward-looking statements” within the meaning of the U.S. federal securities laws. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Envista intends or believes will or may occur in the future. Terminology such as “believe,” “anticipate,” “should,” “could,” “intend,” “will,” “plan,” “expect,” “estimate,” “project,” “target,” “may,” “possible,” “potential,” “forecast” and “positioned” and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, the following: the conditions in the U.S. and global economy, the impact of inflation and increasing interest rates, slower economic growth or recession, international economic, political, legal, compliance and business factors, the markets served by us and the financial markets, the impact of our debt obligations on our operations and liquidity, developments and uncertainties in trade policies and regulations, including tariffs or other impositions on imported goods, contractions or growth rates and cyclicality of markets we serve, risks relating to product manufacturing, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole or limited sources of supply, disruptions relating to war (including supply chain disruptions), terrorism, climate change, widespread protests and civil unrest, man-made and natural disasters, public health issues and other events, security breaches or other disruptions of our information technology systems or violations of data privacy laws, security breaches or other disruptions affecting our external information technology contractors, vendors or other service providers, our growing use of artificial intelligence systems to automate processes and analyze data, fluctuations in inventory of our distributors and customers, loss of a key distributor, our relationships with and the performance of our channel partners, competition, our ability to develop and successfully market new products and services, our ability to attract, develop and retain our key personnel, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, penalties associated with any off-label marketing of our products, modifications to our products that require new marketing clearances or authorizations, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures, our ability to adequately protect our intellectual property, the impact of our restructuring activities on our ability to grow, risks relating to impairment charges for our goodwill and intangible assets, changes in accounting standards and subjective assumptions, estimates and judgments by management, currency exchange rates, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, the impact of regulation on demand for our products and services, and labor matters, and other risks and uncertainties set forth under “Item 1A. Risk Factors” in the 2025 10-K and this Quarterly Report on Form 10-Q. 25 Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements contained herein speak only as of the date of this Quarterly Report. Except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements present our historical financial position, results of operations, changes in stockholders’ equity and cash flows in accordance with GAAP. OVERVIEW General We provide products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone, as well as to improve the aesthetics of the human smile. We help our customers deliver the best possible patient care through industry-leading dental consumables, solutions, technologies, and services. With leading brand names, innovative technology and strong market positions, we are a leading worldwide provider of a wide range of solutions to support dental implants, orthodontic treatments, dental diagnostics, general dental consumable products, equipment, and services and are dedicated to driving technological innovations that help dental professionals improve clinical outcomes and enhance productivity. Our research and development, manufacturing, sales, distribution, service and administrative facilities are located in more than 30 countries across North America, Asia, Europe, the Middle East and Latin America. We operate in two business segments: Specialty Products & Technologies and Equipment & Consumables. Our Specialty Products & Technologies segment develops, manufactures and markets products primarily related to dental implant systems, including regenerative solutions, dental prosthetics and associated treatment software and technologies, as well as orthodontic bracket systems, aligners, lab products, and loupes. Our Equipment & Consumables segment develops, manufactures and markets products primarily related to dental equipment and supplies used in dental offices, including digital imaging systems, software and other visualization/magnification systems; endodontic systems and related products; and restorative materials and instruments, rotary burs, impression materials, bonding agents and cements and infection prevention products. For the three and six months ended July 3, 2026, sales derived from customers outside of the United States were 54.5% and 53.7%, respectively, compared to 53.6% and 52.6% for the three and six months ended June 27, 2025, respectively. As a global provider of dental products, equipment, and services, our operations are affected by worldwide, regional and industry-specific economic and political factors. Given the wide range of dental products, software and services provided and geographies served, we do not use any indices other than general economic trends to predict our overall outlook. Our individual businesses monitor key competitors and customers, including to the extent possible their sales, to gauge relative performance and the outlook for the future. As a result of our geographic and product line diversity, we face a variety of opportunities and challenges, including rapid technological development in most of our served markets, the expansion and evolution of opportunities in emerging markets, trends and costs associated with a global labor force, consolidation of our competitors, trade restrictions and tariffs, and increasing regulation. We operate in a highly competitive business environment in most markets, and our long-term growth and profitability will depend in particular on our ability to expand our business in emerging geographies and emerging market segments, identify, consummate and integrate appropriate acquisitions, develop innovative and differentiated new products and services, expand and improve the effectiveness of our sales force, continue to reduce costs and improve operating efficiency and quality and effectively address the demands of an increasingly regulated global environment. We are making significant investments to address the rapid pace of technological change in our served markets and to globalize our manufacturing, research and development and customer-facing resources (particularly in emerging markets and our dental implant business) in order to be responsive to our customers throughout the world and improve the efficiency of our operations. 26 Key Trends and Conditions Affecting Our Results of Operations General Economic Conditions In addition to industry-specific factors, we, like other businesses, face challenges related to global economic conditions, including sustained inflation, increases in interest rates, fluctuating foreign currency exchange rates, slower economic growth or recession, trade policies and regulations, customer channel inventory realignment and continuing supply chain disruptions. Dental costs are largely out-of-pocket for the consumer and thus utilization rates can vary significantly depending on economic growth. While many of our products are considered necessary by patients regardless of the economic environment, certain products and services that support discretionary dental procedures may be more susceptible to changes in economic conditions. Trade Policies and Regulations Increasing protectionism and economic nationalism may lead to further changes in trade policies and regulations, domestic sourcing initiatives, or other formal and informal measures that could make it more difficult to sell our products in, or restrict our access to, certain markets. During 2025 and continuing into 2026, the U.S. introduced trade policy actions that led to increased import tariffs across a wide range of countries at various rates, including imports from almost all countries and individualized higher tariffs on certain other countries, such as China. In February 2026, the U.S. Supreme Court invalidated broad-based tariffs predicated on the International Emergency Economic Powers Act (IEEPA). On April 20, 2026, Customs and Border Protection launched Phase 1 of an administrative IEEPA tariff refund process. Overall, we paid approximately $30 million in IEEPA related tariffs. We have claimed a refund of approximately $15 million in Phase 1 of the IEEPA tariff refund process. The remaining tariff amounts are covered by, or are expected to be covered by, subsequent phases of the IEEPA tariff refund process. To date, we have identified additional refund amounts eligible under Phase 2 of the IEEPA tariff refund process and will pursue those refunds consistent with any articulated procedures or otherwise by legal process. Given the nature of these refunds and the uncertainty with respect to the timing and availability, we record such benefits upon receiving the funds. In the second quarter of 2026, we received and recorded $12.6 million in tariff refunds as a component of cost of sales in the accompanying Condensed Consolidated Statements of Operations related to our Phase 1 submission. As to recoverability associated with any remaining refunds, they continue to be subject to uncertainty and further legal, regulatory, and administrative developments. While the IEEPA tariffs were invalidated by the Supreme Court, the U.S. Administration initiated new tariffs on all imports, subject to certain exceptions, and may impose additional tariffs. As a result, it remains difficult to predict what further trade-related actions governments may take, which may include trade restrictions and additional or increased tariffs and export controls imposed on short notice. While we expect to largely offset the impact of the existing tariffs with mitigating actions including supply chain adjustments, pricing strategies, and cost management, we have already experienced an increase in cost of sales due to higher tariffs. To the extent that we are unable to offset the tariffs or if the tariffs or our countermeasures negatively impact demand, our business, financial condition, results of operations or cash flows will continue to be adversely affected. Any future tariffs and trade restrictions may also adversely affect our business, financial condition, results of operations or cash flows. Foreign Currency Exchange Rates On a period-over-period basis, currency exchange rates positively impacted reported sales by 1.6% and 2.8% for the three and six months ended July 3, 2026 compared to the comparable periods of 2025, primarily due to the weakening U.S. dollar against most major currencies. Any future weakening of the U.S. dollar against major currencies would positively impact our sales and results of operations for the remainder of the year, and any strengthening of the U.S. dollar against major currencies would adversely impact our sales and results of operations for the remainder of the year. We also hold certain receivables and payables denominated in a currency other than the U.S dollar. Movement in the related foreign currency rates in relation to the U.S. dollar may also impact our results of operations. 27 Pricing Controls Certain countries, as well as some private payors, also control the price of health care products, directly or indirectly, through reimbursement, payment, pricing or coverage limitations, linking reimbursement to outcomes or (in the case of governmental entities) compulsory licensing. For example, China has implemented volume-based procurement policies (“VBP”), a series of centralized reforms instituted in China on both a national and regional basis that has resulted in significant price reductions for medical and dental consumables. Geopolitical Conflict Geopolitical conflict and tensions, such as Russia’s invasion of Ukraine, the ongoing events in the Middle East, including the conflict involving Iran, and the global response to these conflicts, including sanctions imposed by the U.S. and other countries, could have an adverse impact on our business, including our ability to market and sell products in the affected regions, potentially heightening our risk of cyber security attacks, impacting our ability to enforce our intellectual property rights, creating disruptions in the global supply chain, and adversely impacting the global economy, financial markets, energy markets, commodity prices, currency rates and interest rates. Escalation of hostilities in the Middle East, including involving Iran, could further disrupt global energy markets, fuel prices, transportation networks, and supply chains, which may indirectly impact operating costs and consumer demand. We continue to monitor the evolving political and economic environment in these regions for any impact to our operations and have implemented mitigating actions. While we are experiencing volatility in these regions, to date these conflicts have not had a material impact on our business. We are, however, unable to predict the extent or nature of future impacts of continuing or new geopolitical conflicts. Seasonal Nature of Business General economic conditions impact our business and financial results, and certain of our businesses experience seasonal and other trends related to the end markets and regions that they serve. For example, sales of capital equipment have historically been stronger in the fourth calendar quarter. However, as a whole, we are not subject to material seasonality. Acquisitions Our growth strategy contemplates future acquisitions, and we continually evaluate potential acquisitions that either strategically fit with our existing portfolio or expand our portfolio into new and attractive business areas. Our operations and results can be affected by the rate and extent to which appropriate acquisition opportunities are available, acquired businesses are effectively integrated and anticipated synergies or cost savings are achieved. Non-GAAP Measures In order to establish period-to-period comparability, we include the non-GAAP measure of core sales in this report. References to the non-GAAP measure of core sales (also referred to as core revenues or sales/revenues from existing businesses) refer to sales calculated according to GAAP, but excluding: •sales from acquired businesses for one year from the acquisition date; •sales from discontinued products; and •the impact of currency translation. We exclude sales from acquired businesses in order to provide accurate year over year comparisons. Sales from discontinued products includes major brands or major products that we have made the decision to discontinue as part of a portfolio restructuring. Discontinued brands or products consist of those which we (1) are no longer manufacturing, (2) are no longer investing in the research or development of, and (3) expect to discontinue all significant sales of within one year from the decision date to discontinue. The portion of sales attributable to discontinued brands or products is calculated as the net decline of the applicable discontinued brand or product from period-to-period. We exclude sales from discontinued products because discontinued products do not have a continuing contribution to operations and management believes that excluding such items provides investors with a means of evaluating our on-going operations and facilitates comparisons to our peers. The portion of sales attributable to currency translation is calculated as the difference between: •the period-to-period change in sales; and •the period-to-period change in sales after applying current period foreign exchange rates to the prior year period. 28 We exclude the effect of currency translation from core sales because currency translation is not under our control, is subject to volatility and can obscure underlying business trends. Core sales growth should be considered in addition to, and not as a replacement for or superior to, sales, and may not be comparable to similarly titled measures reported by other companies. We believe that reporting the non-GAAP financial measure of core sales growth provides useful information to investors by helping identify underlying growth trends in our on-going business and facilitating comparisons of our sales performance with our performance in prior and future periods and to our peers. We also use core sales growth to measure our operating and financial performance. During the first quarter of 2026, we updated our methodology for how we calculate changes in the sales price from period-to-period. Changes in sales prices are now calculated by comparing the current quarter sales prices to the full year sales price average from the prior year as it better reflects pricing trends over time. RESULTS OF OPERATIONS All comparisons, variances, increases or decreases discussed below are for the three and six months ended July 3, 2026, compared to the three and six months ended June 27, 2025. Three Months Ended ($ in millions) July 3, 2026 June 27, 2025 % Change Sales $ 730.5 100.0% $ 682.1 100.0% 7.1 % Cost of sales 323.5 44.3% 312.2 45.8% 3.6 % Gross profit 407.0 55.7% 369.9 54.2% 10.0 % Operating costs: Selling, general and administrative (“SG&A”) expenses 296.3 40.6% 295.3 43.3% 0.3 % Research and development (“R&D”) expenses 30.4 4.2% 28.3 4.1% 7.4 % Operating profit 80.3 11.0% 46.3 6.8% 73.4 % Nonoperating income (expense): Other income, net 2.8 0.4% 2.4 0.4% 16.7 % Interest expense, net (8.7) (1.2)% (8.0) (1.2)% 8.8 % Income before income taxes 74.4 10.2% 40.7 6.0% 82.8 % Income tax expense 20.7 2.8% 14.3 2.1% 44.8 % Net income $ 53.7 7.4% $ 26.4 3.9% 103.4 % Effective tax rate 27.8 % 35.1 % 29 Six Months Ended ($ in millions) July 3, 2026 June 27, 2025 % Change Sales $ 1,436.0 100.0% $ 1,299.0 100.0% 10.5 % Cost of sales 638.9 44.5% 593.1 45.7% 7.7 % Gross profit 797.1 55.5% 705.9 54.3% 12.9 % Operating costs: Selling, general and administrative (“SG&A”) expenses 593.9 41.4% 567.0 43.6% 4.7 % Research and development (“R&D”) expenses 60.4 4.2% 53.6 4.1% 12.7 % Operating profit (loss) 142.8 9.9% 85.3 6.6% 67.4 % Nonoperating (expense) income: Other (expense) income, net (0.1) —% 1.7 0.1% (105.9) % Interest expense, net (16.1) (1.1)% (17.3) (1.3)% (6.9) % Income before income taxes 126.6 8.8% 69.7 5.4% 81.6 % Income tax expense 34.2 2.4% 25.3 1.9% 35.2 % Net income $ 92.4 6.4% $ 44.4 3.4% 108.1 % Effective tax rate 27.0 % 36.3 % GAAP Reconciliation Sales and Core Sales Growth % Change Three Month Period Ended July 3, 2026 vs. Comparable 2025 Period % Change Six Month Period Ended July 3, 2026 vs. Comparable 2025 Period Total sales growth (GAAP) 7.1 % 10.5 % Plus the impact of: Acquisition (0.5) % (0.6) % Currency exchange rates (1.6) % (2.8) % Core sales growth (non-GAAP) 5.0 % 7.1 % Sales for the three months ended July 3, 2026 increased 7.1% while core sales growth increased by 5.0% as compared to the comparable period in 2025. An increase in sales volume of 3.2% positively impacted sales on a period-over-period basis, coupled with an increase in sales price of 1.8%. Geographically, core sales in developed markets increased by 4.9% due primarily to strong growth in Western Europe and North America, while core sales in emerging markets increased by 4.7%. Sales for the six months ended July 3, 2026 increased 10.5% while core sales growth increased by 7.1% as compared to the comparable period in 2025. An increase in sales volume of 5.3% positively impacted sales on a period-over-period basis, coupled with an increase in sales price of 1.8%. Geographically, core sales in developed markets increased by 8.5% due to strong growth in Western Europe and North America, while core sales in emerging markets increased 0.8%. COST OF SALES AND GROSS PROFIT MARGIN Three Months Ended Six Months Ended ($ in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Cost of sales $ 323.5 $ 312.2 $ 638.9 $ 593.1 30 Cost of sales for the three months ended July 3, 2026, increased by $11.3 million as compared to the comparable period in 2025, and was driven primarily by higher sales resulting in an additional $13.5 million in costs of products sold. Cost of sales for the six months ended July 3, 2026, increased $45.8 million as compared to the comparable period in 2025, and was driven primarily by higher sales resulting in an additional $35.5 million in costs of products sold, and an $8.2 million increase in restructuring costs. OPERATING EXPENSES Three Months Ended Six Months Ended ($ in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 SG&A expenses $ 296.3 $ 295.3 $ 593.9 $ 567.0 R&D expenses $ 30.4 $ 28.3 $ 60.4 $ 53.6 SG&A expenses for the three months ended July 3, 2026 increased by $1.0 million as compared to the comparable period in 2025. The increase was primarily due to a $7.2 million increase in investments related to our commercial growth initiatives, partially offset by a $3.2 million gain from the sale of a property and $1.6 million in lower intangible assets amortization. SG&A expenses for the six months ended July 3, 2026, increased $26.9 million as compared to the comparable period in 2025. The increase was primarily due to a $20.3 million increase in investments related to our commercial growth initiatives, $14.8 million increase in costs due to unfavorable foreign exchange rates, partially offset by $8.0 million in lower costs related to restructuring activities and by a $3.2 million gain from sale of a property. R&D expenses for the three and six months ended July 3, 2026 increased by $2.1 million and $6.8 million, respectively, as compared to the comparable periods in 2025. The increase was primarily due to higher investment in new product innovation to support future growth. OTHER INCOME (EXPENSE), NET Other income (expense), net for the three months ended July 3, 2026 and June 27, 2025, and for the six months ended June 27, 2025 primarily consists of net gains on investments held in a rabbi trust. Other expense, net for the six months ended July 3, 2026 consists of losses on equity investments, partially offset by gains on investments held in a rabbi trust. INTEREST COSTS AND FINANCING The increase in interest expense for the three months ended July 3, 2026 when compared to the comparable period in 2025 was primarily the result of a higher interest rate on the revolving credit facility borrowings used to pay the outstanding balance of the convertible senior notes due in 2025. The decrease in interest expense for the six months ended July 3, 2026 when compared to the comparable period in 2025 was primarily due to lower interest rates. INCOME TAXES Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Effective tax rate 27.8 % 35.1 % 27.0 % 36.3 % Our effective tax rate for the three and six months ended July 3, 2026 of 27.8% and 27.0%, respectively, differed from the comparable periods in 2025 primarily due to our geographical mix of earnings and the impact of a valuation allowance against certain U.S. interest carryforwards. RESULTS OF OPERATIONS - BUSINESS SEGMENTS Specialty Products & Technologies 31 Our Specialty Products & Technologies segment primarily develops, manufactures and markets dental implant systems, including regenerative solutions, dental prosthetics and associated treatment software and technologies, as well as orthodontic bracket systems, aligners, lab products, and loupes. Specialty Products & Technologies Selected Financial Data Three Months Ended Six Months Ended ($ in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Sales $ 471.0 $ 445.1 $ 928.8 $ 845.4 Operating profit $ 60.1 $ 45.3 $ 106.6 $ 82.9 Operating profit as a % of sales 12.8 % 10.2 % 11.5 % 9.8 % Sales and Core Sales Growth % Change Three Month Period Ended July 3, 2026 vs. Comparable 2025 Period % Change Six Month Period Ended July 3, 2026 vs. Comparable 2025 Period Total sales growth (GAAP) 5.8 % 9.9 % Plus the impact of: Acquisitions (0.8) % (0.9) % Currency exchange rates (1.9) % (3.4) % Core sales growth (non-GAAP) 3.1 % 5.6 % Sales Sales and core sales growth for the three months ended July 3, 2026 increased 5.8% and 3.1%, respectively, compared to the comparable period in 2025, driven primarily by an increase in sales volume of 2.0% on a period-over-period basis, coupled with an increase in sales price of 1.1%. Geographically, core sales in developed markets increased by 2.4% due to strong growth in Western Europe and North America, while core sales in emerging markets increased 4.5%. Sales and core sales growth for the six months ended July 3, 2026 increased 9.9% and 5.6%, respectively, compared to the comparable period in 2025, driven primarily by a 4.4% increase in sales volume, while sales price increased by 1.2%. Geographically, core sales in developed markets increased by 7.2% due to strong growth in Western Europe and North America, while core sales in emerging markets decreased by (0.5)%. Operating Profit Operating profit margin was 12.8% for the three months ended July 3, 2026, as compared to an operating profit margin of 10.2% for the comparable period of 2025. The 260 basis point increase in operating profit margin was primarily due to an approximately 260 basis point improvement related to lower tariff costs due to receipt of tariff refunds, a 100 basis point improvement due to higher sales as discussed above, partially offset by a 100 basis point reduction due to investments related to our commercial growth initiatives. Operating profit margin was 11.5% for the six months ended July 3, 2026, as compared to an operating profit margin of 9.8% for the comparable period of 2025. The 170 basis point increase in operating profit margin was primarily due to an approximately 260 basis point improvement resulting from higher sales as discussed above, 60 basis point improvement related to lower tariff costs due to receipt of tariff refunds, partially offset by 190 basis point reduction related to investments in our commercial growth initiatives. EQUIPMENT & CONSUMABLES Our Equipment & Consumables segment primarily develops, manufactures and markets dental equipment and supplies used in dental offices, including digital imaging systems, software, and services; endodontic systems and related products; restorative materials and instruments, rotary burs, impression materials, bonding agents and cements and infection prevention products. 32 Equipment & Consumables Selected Financial Data Three Months Ended Six Months Ended ($ in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Sales $ 259.5 $ 237.0 $ 507.2 $ 453.6 Operating profit $ 45.9 $ 36.1 $ 92.7 $ 68.0 Operating profit as a % of sales 17.7 % 15.2 % 18.3 % 15.0 % Sales and Core Sales Growth % Change Three Month Period Ended July 3, 2026 vs. Comparable 2025 Period % Change Six Month Period Ended July 3, 2026 vs. Comparable 2025 Period Total sales growth (GAAP) 9.5 % 11.8 % Plus the impact of: Currency exchange rates (1.0) % (1.9) % Core sales growth (non-GAAP) 8.5 % 9.9 % Sales Sales and core sales growth for the three months ended July 3, 2026 increased 9.5%, and 8.5%, respectively, compared to the comparable period in 2025, driven primarily by an increase in sales volume of 5.5% on a period-over-period basis, coupled with an increase in sales price of 3.0%. Geographically, core sales in developed markets increased by 8.9% due to strong growth in Western Europe and North America, while core sales in emerging markets increased 5.6%. Sales and core sales growth for the six months ended July 3, 2026 increased 11.8%, and 9.9%, respectively, compared to the comparable period in 2025, driven primarily by an increase in sales volume of 7.2% on a period-over-period basis, coupled with an increase in sales price of 2.7%. Geographically, core sales in developed markets increased by 10.6% due to strong growth in Western Europe and North America, while core sales in emerging markets increased 5.1%. Operating Profit Operating profit margin was 17.7% for the three months ended July 3, 2026, as compared to an operating profit margin of 15.2% for the comparable period of 2025. The 250 basis point increase in operating profit margin was primarily due to an approximately 530 basis point improvement resulting from higher sales as discussed above, partially offset by 180 basis point reduction related to investments in commercial growth initiatives and 120 basis point reduction due to higher restructuring costs. Operating profit margin was 18.3% for the six months ended July 3, 2026, as compared to an operating profit margin of 15.0% for the comparable period of 2025.The 330 basis point increase in operating profit margin was primarily due to an approximately 540 basis point improvement resulting from higher sales as discussed above, partially offset by 200 basis point reduction related to investments in commercial growth initiatives. LIQUIDITY AND CAPITAL RESOURCES We assess our liquidity in terms of our ability to generate cash to fund our operating and investing activities. We continue to generate substantial cash from operating activities and believe that our operating cash flow and other sources of liquidity are sufficient to allow us to manage our capital structure on a short-term and long-term basis and continue investing in existing businesses and consummating strategic acquisitions. 33 Following is an overview of our cash flows and liquidity: Overview of Cash Flows and Liquidity Six Months Ended July 3, 2026 June 27, 2025 Net cash provided by operating activities $ 115.9 $ 89.0 Payments for additions to property, plant and equipment $ (27.4) $ (18.2) Purchase of investments held in rabbi trust (3.7) (1.0) Proceeds from sale of investments held in rabbi trust 1.5 0.9 Proceeds from sales of property, plant and equipment 0.9 0.5 Acquisitions, net of cash acquired (54.4) — All other investing activities, net (0.1) (8.1) Net cash used in investing activities $ (83.2) $ (25.9) Proceeds from stock option exercises $ 4.0 $ 1.5 Cash paid for treasury stock under the stock repurchase program (103.0) (100.3) Treasury stock purchases related to tax withholding on equity awards (6.9) (4.3) Principal paid related to exchange of convertible notes due 2025 — (116.3) Proceeds from revolving line of credit — 115.4 All other financing activities (0.4) — Net cash used in financing activities $ (106.3) $ (104.0) Operating Activities Cash flows from operating activities can fluctuate significantly from period-to-period due to working capital needs and the timing of payments for income taxes, restructuring activities, pension funding and other items impacting reported cash flows. Net cash provided by operating activities was $115.9 million during the six months ended July 3, 2026, as compared to net cash provided by operating activities of $89.0 million for the comparable period of 2025. The increase was primarily due to higher net income and timing of cash collections and vendor payments, partially offset by higher incentive compensation payments. Investing Activities Cash flows relating to investing activities consist primarily of cash used for capital expenditures, acquisitions and other investing activities. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development and improving information technology systems. Net cash used in investing activities was $83.2 million for the six months ended July 3, 2026, as compared to net cash used in investing activities of $25.9 million for the comparable period in 2025. The increase in net cash used was primarily due to the acquisition of Versah combined with higher net payments for purchases of property, plant and equipment. Financing Activities Cash flows relating to financing activities consist primarily of cash flows associated with debt borrowings and the issuance or repurchase of common stock. Net cash used in financing activities was $106.3 million for the six months ended July 3, 2026 compared to net cash used in financing activities of $104.0 million for the comparable period of 2025. The slight year-over-year increase was primarily driven by stock repurchases. For a description of our outstanding debt as of July 3, 2026, refer to Note 12 to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. 34 We intend to satisfy any short-term liquidity needs that are not met through operating cash flow and available cash primarily through our revolving credit facility. Cash and Cash Requirements As of July 3, 2026, we held $1,125.6 million of cash and cash equivalents that were held on deposit with financial institutions. Of this amount, $271.3 million was held within the United States and $854.3 million was held outside of the United States. We will continue to have cash requirements to support working capital needs, capital expenditures and acquisitions, pay interest and service debt, pay taxes and any related interest or penalties, fund our restructuring activities as required and support other business needs. We generally intend to use available cash, internally generated funds and our revolving credit facility to meet these cash requirements, but in the event that additional liquidity is required, particularly in connection with acquisitions, we may need to enter into new credit facilities or access the capital markets. We may also access the capital markets from time to time to take advantage of favorable interest rate environments or other market conditions. However, there is no guarantee that we will be able to obtain alternative sources of financing on commercially reasonable terms or at all. See “Item 1A. Risk Factors—Risks Related to Our Business” in our 2025 10-K. Generally, cash and cash equivalents held in these financial institutions may be withdrawn or redeemed at face value, and therefore minimal credit risk exists with respect to them. Nonetheless, deposits with these financial institutions exceed the Federal Deposit Insurance Corporation (FDIC) insurance limits or similar limits in foreign jurisdictions, to the extent such deposits are even insured in such foreign jurisdictions. While we monitor on a systematic basis the cash and cash equivalent balances in the operating accounts and adjust the balances as appropriate, these balances could be impacted if one or more of the financial institutions with which we deposit our funds fails or is subject to other adverse conditions in the financial or credit markets. To date, we have experienced no loss of principal or lack of access to our invested cash or cash equivalents; however, we can provide no assurance that access to our cash and cash equivalents will not be affected if the financial institutions where we hold our cash and cash equivalents fail. While repatriation of some cash held outside the United States may be restricted by local laws, most of our foreign cash could be repatriated to the United States. Under the Tax Cut and Jobs Act of 2017 (“TCJA”) and the associated transition tax, in general, repatriation of cash to the United States can be completed with no incremental U.S. tax; however, repatriation of cash could subject us to non-U.S. jurisdictional taxes on distributions. We continue to indefinitely reinvest all other outside basis differences to the extent reversal would incur a significant tax liability. On February 5, 2025, our Board of Directors authorized a stock repurchase program pursuant to which we may repurchase up to $250.0 million of our outstanding common stock through December 31, 2026. On May 5, 2026, our Board of Directors authorized a new stock repurchase program pursuant to which we may repurchase up to an additional $300.0 million of our outstanding common stock through December 31, 2029 (together with the February 5, 2025 stock repurchase program, the “Repurchase Programs”). Stock repurchases made in connection with the Repurchase Programs totaled approximately $267.1 million or 13.2 million shares to date, with approximately $58.6 million or 2.4 million shares and $101.2 million or 4.0 million shares repurchased during the three and six months ended July 3, 2026, respectively. Refer to Part II, Item 2 “Unregistered Sales of Equity Securities and Use of Proceeds” in this Quarterly Report on Form 10-Q for more details. The cash outflows associated with the Company’s stock repurchases are classified in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. As of July 3, 2026, we believe we have sufficient sources of liquidity to satisfy our cash needs over the next 12 months and beyond, including our cash needs in the United States. Contractual Obligations There were no material changes to our contractual obligations during the three months ended July 3, 2026. Off-Balance Sheet Arrangements There were no material changes to the Company’s off-balance sheet arrangements described in the 2025 10-K that would have a material impact on the Company’s Condensed Consolidated Financial Statements. 35 Debt Financing Transactions For a description of our outstanding debt as of July 3, 2026, refer to Note 12 to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. Critical Accounting Estimates There were no material changes to our critical accounting estimates described in the 2025 10-K that have had a material impact on our Condensed Consolidated Financial Statements.