DENTSPLY SIRONA : Q3 2023 Supplemental Material

Third Quarter 2023 Earnings Conference Call

November 2, 2023

Forward-Looking Statements and Associated Risks

This presentation contains statements that do not directly and exclusively relate to historical facts which constitute forward-looking statements, including, statements and projections concerning, among other things, the expected timing, benefits and costs associated with the Company's restructuring plan described in this presentation. The Company's forward-looking statements represent current expectations and beliefs and involve risks and uncertainties. Actual results may differ significantly from those projected or suggested in any forward-looking statements and no assurance can be given that the results described in such forward-looking statements will be achieved. Investors are cautioned not to place undue reliance on such forward-looking statements which speak only as of the date they are made. The forward-looking statements are subject to numerous assumptions, risks and 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. The Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Any number of factors could cause the Company's actual results to differ

materially from those contemplated by any forward-looking statements, including, but not limited to, the risks associated with the following: the Company's ability to remain

profitable in a very competitive marketplace, which depends upon the Company's ability to differentiate its products and services from those of competitors; the Company's failure to realize assumptions and projections which may result in the need to record additional impairment charges; the effect of changes to the Company's distribution channels for its products and the failure of significant distributors of the Company to effectively manage their inventories; the Company's ability to control costs and failure to realize expected benefits of cost reduction and restructuring efforts and the Company's failure to anticipate and appropriately adapt to changes or trends within the rapidly changing dental industry. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, ("Risk Factors") in the Company's most recent Form 10-K, including any amendments thereto, and any updating information which may be contained in the Company's other filings with the SEC, when reviewing any forward-looking statement. The Company notes these factors for investors as permitted under the Private Securities Litigation Reform Act of 1995. Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider either the foregoing lists, or the risks identified in the

Company's SEC filings, to be a complete discussion of all potential risks or uncertainties.

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, described below, 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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What We Will Cover Today

• Key Messages
• Third Quarter Financial Results
• Full Year 2023 Outlook
• Wrap Up

Published 2022 Sustainability Report

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Key Messages

• Macroeconomic conditions negatively impacted top-line Q3 growth and led to revised FY23 outlook
• • Headwinds in certain markets, particularly Germany and U.S.
  • Partially offset by 20% growth in China, 10% global aligners growth, and double-digit U.S. CAD/CAM growth
• Delivered adjusted EBITDA margin expansion of 70 bps driven primarily by restructuring savings
• Announced $150M share repurchases planned for

Q4 execution	Dentsply Sirona World Las Vegas 2023

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Recent Highlights

Commercial Wins

• One million patients treated with SureSmile
• DS Core subscriptions exceeded full-year 2023 goal in Q3
• Healthy funnel of DSO opportunities

Select Product Launches

• SureSmile Simulator on DS Core
• Updates in DS Core's
  Communication Canvas, Ordering and Viewer functionalities
• X-SmartPro+

DS World Events

• ~7,000 participants at Dentsply Sirona World events in 2023
• Spain, Italy, and USA occurred in Q3

Regional Business Reviews

• Executive Team business reviews in APAC and LATAM in Q3
• Reviews completed in all regions in 2023

Significant Progress and Accomplishments Across our Business

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Third Quarter 2023 Financial Summary

Revenue ($M)

Adj. EBITDA Margin

Adj. EPS

Operating Cash Flow ($M)

$947 $947

Q3 2022

Q3 2023

~Flat Reported Sales YoY, (0.3%) Organic Sales Decline

• China +20%
• Global aligners +10%
• Wellspect +7%

• F/X tailwind of +30 bps, lower than expected

• Equipment & Instruments (HSD)
• Essential Dental Solutions (LSD)

	18.2%
17.5%
Q3 2022	Q3 2023

+70 bps EBITDA Margin YoY

• Restructuring savings / cost reductions
• Price

• Volume
• Commercial / infrastructure investments
• Gross margin (80) bps to 56.1%

	$0.49
$0.41
Q3 2022	Q3 2023

+19.6% Adj. EPS YoY

• EBITDA margin expansion
• Lower tax rate
• Lower share count

	$134
$109
Q3 2022	Q3 2023

+22.9% Op. Cash Flow YoY

• Improved profitability
• Lower inventory build
• Favorable AR and AP timing
• Adj. free cash flow conversion +500 bps to 93%

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Third Quarter 2023 Segment Results

Connected

Technology

Solutions

(CTS)

Essential Dental

Solutions

(EDS)

Orthodontic and

Implant Solutions

(OIS)

Wellspect

Healthcare

Sales

$276M

Reported: (3.8%)

Organic: (4.6%)

$347M

Reported: (0.3%)

Organic: (0.9%)

$252M

Reported: +2.2%

Organic: +3.7%

$72M

Reported: +9.9%

Organic: +6.8%

Commentary

• CAD/CAM +LSD: growth led by U.S. demand
• Equipment & Instruments (HSD): softer demand for imaging equipment
• Lower volume in Europe, partially offset by Rest of World growth
• Orthodontics +DD: continued growth in both SureSmile (+13%) and Byte (+7%)
• Implants & Prosthetics +LSD: implants growth driven by China, partially offset by lower lab sales
• Strong volume in all three regions and the impact of new product launches

Note: growth commentary and trends based on organic growth vs. Q3 2022 except as noted

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

Third Quarter 2023 Regional Results

U.S.

Organic Sales

(0.9%)
$357	$356
Q3 2022	Q3 2023

Net Sales: 38% of total

• Higher CAD/CAM demand
• Aligners growth in both channels ˗ Lower implants and imaging sales

Europe

Organic Sales

(2.8%)
$358	$354
Q3 2022	Q3 2023

Net Sales: 37% of total

• Net sales (1.1%) includes F/X tailwind of 170 bps + Strong SureSmile growth
  + Wellspect volume and new product launches

Rest of World

Organic Sales

+4.5%
$232	$237
Q3 2022	Q3 2023

Net Sales: 25% of total

• Net sales +2.0% includes F/X headwind of (250) bps

+ China +20%, led by implants growth

+ Continued growth in EDS

• Soft EDS and CTS demand due to challenging macro, notably in Germany

˗ Lower CTS volume

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2023 Outlook

	Prior Outlook	Revised Outlook	Comments
Organic Sales	~3%	~1%	Adjusted for challenging macro
Reported Sales	$3.98B - $4.02B	$3.90B - $3.94B	Additional $25M F/X headwind
R&D Expenses	>4% of Sales	>4% of Sales	Maintained; vital to business growth
Adjusted EBITDA Margin	>18%	>17%	Adjusted for lower expected volumes
Interest & Other	~$90M	~$90M	No change
Adjusted ETR	~21%	~19%	Favorable geographic mix
Diluted Share Count	~214M	~213M	Includes $150M share repurchases planned in Q4
Adjusted EPS	$1.92 - $2.02	$1.80 - $1.85	Lowered midpoint by ($0.14)

Other Outlook Assumptions
Capital Expenditures	~4% of Sales	~4% of Sales	Focused capital investments
Cash Returned to Shareholders	≥50% of FCF	≥50% of FCF	Dividends and share repurchases

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Summary

• Q3 results include adj. EBITDA margin expansion, earnings growth, and strong organic growth in global aligners, China, and U.S. CAD/CAM
• Revised 2023 outlook for changes in the macro environment and F/X
• Planned Q4 share repurchases reflect our confidence in the long-term
• Investor Day on November 9, 2023, in Charlotte

Continued Progress on Strategic Objectives and Transformation Initiatives

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