DENTSPLY SIRONA : Q1 2024 Supplemental Material

First Quarter 2024 Earnings Conference Call

May 2, 2024

Forward-Looking Statements and Associated Risks

All statements in this presentation that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other factors which may be described in the Company's other filings with the Securities and Exchange Commission (the "SEC"). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and investors are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company's SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.

Non-GAAP Financial Measures

In addition to results determined in accordance with U.S. generally accepted accounting principles ("US GAAP"), the Company provides certain measures in this presentation, which are not calculated in accordance with US GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures may differ from those used by other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP. These Non-GAAP measures are used by the Company to measure its performance and may differ from those used by other companies. Management believes that these Non-GAAP measures are helpful as they provide a measure of the results of operations, and are frequently used by investors and analysts to evaluate the Company's performance exclusive of certain items that impact the comparability of results from period to period, and which may not be indicative of past or future performance of the Company.

Note: Percentages are based on actual values and may not reconcile due to rounding.

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Key Messages

Q1 sales softer than anticipated due to lower demand for imaging and a challenging environment in Germany

Q1 adjusted EPS of $0.42, up 7.9% year-over-year

Full year 2024 outlook: organic sales and adjusted EPS trending towards low-end of both ranges; lowering net sales for additional F/X headwind

Up to $150M of share repurchases planned for Q2

3

Select Highlights

DS Core		Product Launches		Sustainability

• Continued growth of unique accounts in Q1
• Expansion of DS Core Enterprise pilot with a large DSO in the U.S.

• Orthophos SL imaging line relaunch
• Axano Pure treatment center
• Midwest Energo handpieces portfolio
• X-SmartPro+ continued rollout in additional markets

• Entered a partnership with iADH to increase dental care access for people with disabilities
• Validation of science-based targets for Wellspect Healthcare

Advancing Innovation and Progressing Initiatives Across our Business

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First Quarter 2024 Financial Summary

Revenue ($M)

Adj. EBITDA Margin

Adj. EPS

Operating Cash Flow ($M)

$978	$953
Q1 2023	Q1 2024

(2.6%) Reported Sales,

(1.9%) Organic Sales

• China >50% due to implants VBP
• Global aligners +14%
• CAD/CAM +9%
• Wellspect +5%

• Essential Dental Solutions (6%)
• Equipment & Instruments (17%)

	16.8%
16.5%
Q1 2023	Q1 2024

+30 bps Adj. EBITDA Margin

• Gross margin ~flat at 56.6%

• Restructuring savings
• Benefit from net investment hedges

• Byte investments

	$0.42	$25
$0.39
	Q1 2023	Q1 2024
	($21)
Q1 2023	Q1 2024

+7.9% Adj. EPS	+$46M Op. Cash Flow
+ Lower share count and tax rate	+ Lower inventory build and improved cash
	collections

5 Note: commentary and trends are year-over-year

First Quarter 2024 Segment Results

Essential Dental

Solutions

(EDS)

Orthodontic and

Implant Solutions

(OIS)

Connected

Technology

Solutions

(CTS)

Wellspect

Healthcare

Sales

$364M

Reported: (5.9%) Organic: (5.5%)

$271M

Reported: +4.4% Organic: +5.6%

$247M

Reported: (6.9%) Organic: (5.7%)

$71M

Reported: +5.4%

Organic: +4.8%

Commentary

• Tough comparable (+11.5% YoY in 1Q23), partially offset by higher endodontics volume in Rest of World region
• Orthodontics +DD: continued growth in both Byte (+18%) and SureSmile (+9%)
• Implants & Prosthetics +LSD: strong implants growth in China and +DD growth for value implants globally, partially offset by lower lab sales
• Equipment & Instruments (DD): softer demand for imaging equipment
• CAD/CAM +HSD: growth led by U.S. demand
• Growth in all three regions and the impact of new product launches

Note: growth commentary and trends based on organic growth vs. Q1 2023

6 LSD = low-single digits, MSD = mid-single digits, HSD = high-single digits, DD = double digits

First Quarter 2024 Regional Results

U.S.

Organic Sales

+1.4%
$351M	$356M
Q1 2023	Q1 2024

Net Sales: 37% of total

• Aligners growth in both SureSmile and Byte
• Higher CAD/CAM demand

• Lower imaging equipment volume
• Lower EDS volume

Europe

Organic Sales

(5.8%)
$396M	$376M
Q1 2023	Q1 2024

Net Sales: 40% of total

• Strong SureSmile growth
• Wellspect new product demand

• Lower imaging equipment volume
• Lower EDS volume
• Continued macro challenges in Germany

Rest of World

Organic Sales

(0.1%)
$231M	$221M
Q1 2023	Q1 2024

Net Sales: 23% of total

• Significant implants growth driven by China
• EDS growth driven by endo demand

• Lower CTS volumes in Japan and Canada

7 Note: growth commentary and trends based on organic growth vs. Q1 2023

2024 Outlook

	Prior Outlook	Current Outlook	Comments
Organic Sales	Flat to +1.5%	Flat to +1.5%	Trending to low-end of range
Reported Sales	$3.96B - $4.02B	$3.91B - $3.97B	Additional ~$50M F/X headwind
R&D Expenses	>4% of Sales	>4% of Sales	No change
Adjusted EBITDA Margin	>18%	>18%	No change
Interest Expense, Net	~$75M	~$75M	No change
Other Expense (Income), Net	~($20M)	~($25M)	Higher income due to Q1 favorability
Adjusted ETR	~21%	~21%	No change
Diluted Share Count	~208M	~207M	Updated for timing of share repurchases
Adjusted EPS	$2.00 - $2.10	$2.00 - $2.10	Trending to low-end of range

Other Outlook Assumptions
Capital Expenditures	$170M - $200M	$170M - $200M	Next-gen ERP investments and Wellspect expansion
Cash Returned to Shareholders	≥75% of FCF	≥75% of FCF	Dividends and share repurchases

8

Our Strategy

Transform oral health and continence care by driving product and service innovation and delivering an exceptional customer and patient experience through an engaged and diverse workforce

1	2	3	4	5
ACHIEVE ANNUAL	ENHANCE &	ACCELERATE	WIN IN	DRIVE HIGH
GROWTH & MARGIN	SUSTAIN	ENTERPRISE	HIGH GROWTH	PERFORMANCE
COMMITMENTS	PROFITABILITY	DIGITALIZATION	CATEGORIES	CULTURE

Enabled by the DS Operating Model

ONE TEAM | INNOVATION | DISCIPLINED EXECUTION

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Summary

1	2	3
Q1 adjusted EPS growth	Proactive steps to	Strategic initiatives
of 7.9% despite lower	address macro and	continue on-track
top-line	competitive dynamics

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