# EDGAR Filing Document

**Accession Number:** 0000008818
**File Stem:** 0000008818-26-000004
**Filing Date:** 2026-2
**Character Count:** 97062
**Document Hash:** 2aec466dc513d4fa2d85d2b8bcec466b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000008818-26-000004.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0000008818-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avery Dennison Corp
- **CENTRAL INDEX KEY:** 0000008818
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 951492269
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07685
- **FILM NUMBER:** 26595980

**BUSINESS ADDRESS:**
- **STREET 1:** 8080 NORTON PARKWAY
- **CITY:** MENTOR
- **STATE:** OH
- **ZIP:** 44060
- **BUSINESS PHONE:** 440-534-6000

**MAIL ADDRESS:**
- **STREET 1:** 8080 NORTON PARKWAY
- **CITY:** MENTOR
- **STATE:** OH
- **ZIP:** 44060

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVERY DENNISON CORPORATION
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVERY INTERNATIONAL CORP
- **DATE OF NAME CHANGE:** 19901030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVERY PRODUCTS CORP
- **DATE OF NAME CHANGE:** 19760518

?xml version='1.0' encoding='ASCII'? avy-20260204

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**February 4, 2026**

Date of Report (Date of earliest event reported)

**AVERY DENNISON CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-7685** | **95-1492269** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **8080 Norton Parkway** |  | |
| **Mentor, Ohio** | | **44060** |
| (Address of principal executive offices) | | (Zip Code) |

---

Registrant's telephone number, including area code **(440) 534-6000**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $1 par value | AVY | New York Stock Exchange |
| 3.750% Senior Notes due 2034 | AVY34 | Nasdaq Stock Market |
| 4.000% Senior Notes due 2035 | AVY35 | Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Section 2 — Corporate Governance and Management** 

**Item 2.02 Results of Operations and Financial Condition.** 

Avery Dennison Corporation's (the "Company's") press release, dated February 4, 2026, announcing the Company's preliminary, unaudited financial results for fourth quarter and full-year 2025 and its guidance for first quarter 2026, is attached hereto as Exhibit 99.1 and being furnished (not filed) with this Form 8-K. The Company's supplemental presentation materials, dated February 4, 2026, regarding its preliminary, unaudited financial review and analysis for fourth quarter and full-year 2025 and its guidance for first quarter 2026, is attached hereto as Exhibit 99.2 and being furnished (not filed) with this Form 8-K. The press release and presentation materials are also available on the Company's website at www.investors.averydennison.com.

The Company will discuss its preliminary, unaudited financial results during a webcast and teleconference to be held on February 4, 2026, at 11:00 a.m. ET. To access the webcast and teleconference, please go to the Company's website at www.investors.averydennison.com.

**Section 9 — Financial Statements and Exhibits**

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Title** |
| 99.1 | <u>[Press release, dated](ex9918k2-4x26.htm)[February 4, 2026](ex9918k2-4x26.htm)[, announcing the Company's preliminary, unaudited financial results for](ex9918k2-4x26.htm)[fourth](ex9918k2-4x26.htm)[quarter](ex9918k2-4x26.htm)[and full-year](ex9918k2-4x26.htm)[2025](ex9918k2-4x26.htm)[.](ex9918k2-4x26.htm)</u> |
| 99.2 | <u>[Supplemental presentation materials, dated February 4, 2026, regarding the Company's preliminary, unaudited financial review and analysis for fourth quarter and full-year 2025.](ex9928k2-4x26.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

**"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995**

Certain statements contained in this Form 8-K and the exhibits attached hereto 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.

The Company believes that the most significant risk factors that could affect its financial performance in the near term include: (i) the impact on underlying demand for the Company's 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Operations – worldwide economic, social, geopolitical and market conditions; changes in geopolitical conditions, including those related to trade relations and tariffs, China, the Russia-Ukraine war, the Israel-Hamas war and related hostilities in the Middle East; fluctuations in foreign currency exchange rates; and other risks associated with international operations, including in emerging markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Business – fluctuations in demand affecting sales to customers; fluctuations in the cost and availability of raw materials and energy; changes in the Company's 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information Technology – disruptions in information technology systems; cybersecurity events or other security breaches; and successful installation of new or upgraded information technology systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human Capital – recruitment and retention of employees and collective labor arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Indebtedness – the Company's ability to obtain adequate financing arrangements and maintain access to capital; credit rating risks; fluctuations in interest rates; and compliance with the Company's debt covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ownership of the Company's Stock – potential significant variability of the Company's stock price and amounts of future dividends and share repurchases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal and Regulatory Matters – protection and infringement of the Company's intellectual property; the impact of legal and regulatory proceedings, including with respect to compliance and anti-corruption, environmental, health and safety, and trade compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Financial Matters – fluctuations in pension costs and goodwill impairment

For a more detailed discussion of these factors, see Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 Form 10-K, filed with the Securities and Exchange Commission on February 26, 2025, and subsequent quarterly reports on Form 10-Q. The forward-looking statements included in this Form 8-K are made only as of the date of this Form 8-K, and the Company undertakes no obligation to update these statements to reflect subsequent events or circumstances, other than as may be required by law.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **AVERY DENNISON CORPORATION** |
| Date: February 4, 2026 | By: | /s/ Gregory S. Lovins |
|  |  | Name: Gregory S. Lovins |
|  |  | Title: Senior Vice President and |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**For Immediate Release** 

**AVERY DENNISON ANNOUNCES** 

**FOURTH QUARTER AND FULL YEAR 2025 RESULTS**

**Delivered a solid year in a dynamic environment, reflecting the durability of our franchise**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FY25 Reported EPS of $8.79

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted EPS (non-GAAP) of $9.53, up 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FY25 Net sales of $8.9 billion, up 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales change ex. currency (non-GAAP) comparable to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales on an organic basis (non-GAAP) comparable to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 4Q25 Reported EPS of $2.15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○4Q25 Adjusted EPS of $2.45, up 3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 4Q25 Net sales of $2.3 billion, up 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales change ex. currency up 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales on an organic basis comparable to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1Q26 Reported EPS guidance of $2.27 to $2.33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted EPS guidance of $2.40 to $2.46

**MENTOR, Ohio, February 4, 2026** – Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its fourth quarter and full year ended December 31, 2025. Non-GAAP financial measures referenced in this release are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

"We delivered solid full-year results in 2025, with adjusted EPS of $9.53, reflecting the durability of our business model in a dynamic environment. Despite tariff-related impacts and softer consumer volumes, our team successfully leveraged our proven productivity playbook to maintain an adjusted EBITDA margin of 16.4% and generate over $700 million in adjusted free cash flow," said Deon Stander, president and CEO.

------

"Throughout the year, we made consistent progress advancing our key strategies, notably driving outsized growth in high-value categories, which now represent approximately 45% of our total revenue, as well as continuing to advance our differentiation by accelerating innovation outcomes across the enterprise. We continued to demonstrate disciplined capital allocation, balancing organic investments and the strategic acquisition of Taylor Adhesives with the return of roughly $860 million to our shareholders.

"Once again, I extend my gratitude to our agile and talented team. Their unwavering commitment to excellence and focus on our strategic priorities have positioned us well to deliver GDP-plus growth and top-quartile returns through the cycle."

**<u>Fourth Quarter 2025 Results by Segment</u>**

**Materials Group**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported sales increased 5.1% to $1.5 billion. Sales were up 0.3% ex. currency and down 0.9% on an organic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Low single digit volume/mix growth was more than offset by deflation-related price reductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○High-value categories up low single digits, which includes Intelligent Labels up high single digits, and base categories down low single digits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Graphics and Reflectives up low single digits; Performance Materials comparable to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported operating margin was 12.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted operating margin (non-GAAP) of 14.2%, down 60 basis points

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted EBITDA margin (non-GAAP) was 16.6%, down 40 basis points, as higher employee-related costs were partially offset by benefits from productivity.

**Solutions Group**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported sales increased 1.5% to $724 million. Sales were up 1.3% ex. currency and on an organic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales in high-value categories were up high single digits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Intelligent labels up low single digits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Embelex up high single digits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Vestcom up more than 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Sales down mid-single digits in base solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported operating margin was 8.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted operating margin of 11.2%, down 20 basis points

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○Adjusted EBITDA margin was 17.8%, comparable to prior year as benefits from productivity were offset by higher employee-related costs and growth investments.

**<u>Other</u>**

**Balance Sheet and Capital Deployment**

During the fourth quarter, the company returned $191 million in cash to shareholders through a combination of dividends and share repurchases. The company repurchased 0.7 million shares, with payments for share repurchases totaling $119 million.

During 2025, the company returned $861 million in cash to shareholders through a combination of dividends and share repurchases. The company repurchased 3.2 million shares, with payments for share repurchases totaling $572 million. Net of dilution from long-term incentive awards, the company's share count was down 2.9 million compared to the same time last year.

The company continues to deploy capital in a disciplined manner, executing its long-term capital allocation strategy. The company's balance sheet remains strong and its net debt to adjusted EBITDA ratio (non-GAAP) was 2.4x at the end of the fourth quarter.

**Income Taxes**

The company's reported effective tax rate was 19.9% in the fourth quarter and 25.6% for the full year. The adjusted tax rate (non-GAAP) was 23.6% in the fourth quarter and 25.5% for the full year.

**Cost Reduction Actions**

During 2025, the company realized more than $60 million in pre-tax savings from restructuring actions and incurred approximately $47 million in pre-tax restructuring charges.

**<u>Guidance</u>**

In its supplemental presentation materials, "Fourth Quarter and Full Year 2025 Financial Review and Analysis," the company provides a list of factors that it believes will contribute to its financial results. Based on the factors listed and other assumptions, the company expects first quarter 2026 reported earnings per share of $2.27 to $2.33.

Excluding the estimated $0.13 per share impact of restructuring charges and other items, the company expects first quarter 2026 adjusted earnings per share of $2.40 to $2.46.

*For more details on the company's results, see the summary tables accompanying this news release, as well as the supplemental presentation materials, "Fourth Quarter and Full Year 2025 Financial Review and Analysis," posted on the company's website at www.investors.averydennison.com, and furnished to the SEC on Form 8-K.*

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*Throughout this release and the supplemental presentation materials, amounts on a per share basis reflect fully diluted shares outstanding.*

**About Avery Dennison**

Avery Dennison Corporation (NYSE: AVY) is a global materials science and digital identification solutions company. We are Making Possible™ products and solutions that help advance the industries we serve, providing 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. We design and develop labeling and functional materials, radio-frequency identification (RFID) inlays and tags, software applications that connect the physical and digital and offerings that enhance branded packaging and carry or display information that improves the customer experience. Serving industries worldwide — including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive — we employ approximately 35,000 employees in nearly 60 countries. Our reported sales in 2025 were $8.9 billion. Learn more at www.averydennison.com.

\# \# \#

**"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● International Operations – worldwide economic, social, geopolitical and market conditions; changes in geopolitical conditions, including those related to trade relations and tariffs, China, the Russia-Ukraine war, the Israel-Hamas war and related hostilities in the Middle East; fluctuations in foreign currency exchange rates; and other risks associated with international operations, including in emerging markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information Technology – disruptions in information technology systems; cybersecurity events or other security breaches; and successful installation of new or upgraded information technology systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Human Capital – recruitment and retention of employees and collective labor arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ownership of Our Stock – potential significant variability of our stock price and amounts of future dividends and share repurchases

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Legal and Regulatory Matters – protection and infringement of our intellectual property; the impact of legal and regulatory proceedings, including with respect to compliance and anti-corruption, environmental, health and safety, and trade compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 2024 Form 10-K, filed with the Securities and Exchange Commission on February 26, 2025, and subsequent quarterly reports on Form 10-Q.

**The forward-looking statements included in this document are made only as of the date of this document, and we undertake no obligation to update these statements to reflect subsequent events or circumstances, other than as may be required by law.**

**For more information and to listen to a live broadcast or an audio replay of the quarterly conference call with analysts, visit the Avery Dennison website at www.investors.averydennison.com.**

**<u>Contacts</u>:**

William Gilchrist

Vice President, Investor Relations

investorcom@averydennison.com

Kristin Robinson

Vice President, Global Communications

kristin.robinson@averydennison.com

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fourth Quarter Financial Summary - Preliminary, unaudited** | **Fourth Quarter Financial Summary - Preliminary, unaudited** | **Fourth Quarter Financial Summary - Preliminary, unaudited** | **Fourth Quarter Financial Summary - Preliminary, unaudited** | **Fourth Quarter Financial Summary - Preliminary, unaudited** | **Fourth Quarter Financial Summary - Preliminary, unaudited** |
| (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) |
|  | **4Q** | **4Q** | **% Sales Change vs. PY** | **% Sales Change vs. PY** | **% Sales Change vs. PY** |
|  | **2025**<sup>(1)</sup> | **2024** | **<u>Reported</u>** | **<u>Ex. Currency</u>** | **<u>Organic</u>** |
| Net sales, by segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $1547.0 | $1472.0 | 5.1% | 0.3% | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 724.2 | 713.7 | 1.5% | 1.3% | 1.3% |
| Total net sales | $2271.2 | $2185.7 | 3.9% | 0.6% | (0.2)% |
|  |  |  |  | **% of Sales** | **% of Sales** |
|  | **4Q** | **4Q** | **%** | **4Q** | **4Q** |
|  | **2025**<sup>(1)</sup> | **2024** |  **<u>Change</u>** | **2025**<sup>(1)</sup> | **2024** |
| Segment adjusted operating income and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $219.3 | $217.5 |  | 14.2% | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 81.4 | 81.2 |  | 11.2% | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense | (19.2) | (18.8) |  |  |  |
| Adjusted operating income and margins (non-GAAP) | $281.5 | $279.9 | 0.6% | 12.4% | 12.8% |
| Segment adjusted EBITDA and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $257.4 | $249.7 |  | 16.6% | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 128.8 | 127.2 |  | 17.8% | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense | (19.2) | (18.8) |  |  |  |
| Adjusted EBITDA and margins (non-GAAP) | $367.0 | $358.1 | 2.5% | 16.2% | 16.4% |
| Net income as reported | $166.4 | $174.0 | (4.4)% | 7.3% | 8.0% |
| Adjusted net income (non-GAAP) | $189.4 | $191.4 | (1.0)% | 8.3% | 8.8% |
| Net income per common share, assuming dilution as reported | $2.15 | $2.16 | (0.5)% |  |  |
| Adjusted net income per common share, assuming dilution (non-GAAP) | $2.45 | $2.38 | 2.9% |  |  |
| Adjusted free cash flow (non-GAAP) | $302.6 | $279.5 |  |  |  |
| See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. |
| <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the three months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Full Year Financial Summary - Preliminary, unaudited** | **Full Year Financial Summary - Preliminary, unaudited** | **Full Year Financial Summary - Preliminary, unaudited** | **Full Year Financial Summary - Preliminary, unaudited** | **Full Year Financial Summary - Preliminary, unaudited** | **Full Year Financial Summary - Preliminary, unaudited** |
| (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) | (in millions, except % and per share amounts) |
|  |  |  | **% Sales Change vs. PY** | **% Sales Change vs. PY** | **% Sales Change vs. PY** |
|  | **2025**<sup>(1)</sup> | **2024** | **<u>Reported</u>** | **<u>Ex. Currency</u>** | **<u>Organic</u>** |
| Net sales, by segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $6093.3 | $6013.0 | 1.3% | (0.4)% | (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 2762.2 | 2742.7 | 0.7% | 2.2% | 2.2% |
| Total net sales | $8855.5 | $8755.7 | 1.1% | 0.4% | 0.2% |
|  |  |  | **%** | **% of Sales** | **% of Sales** |
|  | **2025**<sup>(1)</sup> | **2024** |  **<u>Change</u>** | **2025**<sup>(1)</sup> | **2024** |
| Segment adjusted operating income and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $922.2 | $924.7 |  | 15.1% | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 286.3 | 289.3 |  | 10.4% | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense | (84.7) | (91.9) |  |  |  |
| Adjusted operating income and margins (non-GAAP) | $1123.8 | $1122.1 | 0.2% | 12.7% | 12.8% |
| Segment adjusted EBITDA and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials Group | $1059.6 | $1055.6 |  | 17.4% | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions Group | 477.1 | 470.6 |  | 17.3% | 17.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense | (84.7) | (91.9) |  |  |  |
| Adjusted EBITDA and margins (non-GAAP) | $1452.0 | $1434.3 | 1.2% | 16.4% | 16.4% |
| Net income as reported | $688.0 | $704.9 | (2.4)% | 7.8% | 8.1% |
| Adjusted net income (non-GAAP) | $746.3 | $760.9 | (1.9)% | 8.4% | 8.7% |
| Net income per common share, assuming dilution as reported | $8.79 | $8.73 | 0.7% |  |  |
| Adjusted net income per common share, assuming dilution (non-GAAP) | $9.53 | $9.43 | 1.1% |  |  |
| Adjusted free cash flow (non-GAAP) | $707.1 | $699.5 |  |  |  |
| See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. | See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP. |
| <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Includes impact of four extra days in the twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. |

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**A-1**

**AVERY DENNISON CORPORATION**

**PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(In millions, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec. 31, 2025**<sup>(1)</sup> | **Dec. 28, 2024** | **Dec. 31, 2025**<sup>(1)</sup> | **Dec. 28, 2024** |
| Net sales | $2271.2 | $2185.7 | $8855.5 | $8755.7 |
| Cost of products sold | 1620.5 | 1576.5 | 6309.2 | 6225.0 |
| Gross profit | 650.7 | 609.2 | 2546.3 | 2530.7 |
| Marketing, general and administrative expense | 369.2 | 329.3 | 1422.5 | 1415.3 |
| Other expense (income), net | 40.4 | 16.7 | 77.5 | 71.6 |
| Interest expense | 37.2 | 29.2 | 135.4 | 117.0 |
| Other non-operating expense (income), net | (3.9) | (7.4) | (14.2) | (26.7) |
| Income before taxes | 207.8 | 241.4 | 925.1 | 953.5 |
| Provision for income taxes | 41.4 | 67.4 | 237.1 | 248.6 |
| Net income | $166.4 | $174.0 | $688.0 | $704.9 |
| Per share amounts: |  |  |  |  |
| Net income per common share, assuming dilution | $2.15 | $2.16 | $8.79 | $8.73 |
| Weighted average number of common shares <br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding, assuming dilution | 77.4 | 80.4 | 78.3 | 80.7 |
| <sup>(1)</sup>Schedules A-1 to A-8 include impact of four extra days in the three and twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Schedules A-1 to A-8 include impact of four extra days in the three and twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Schedules A-1 to A-8 include impact of four extra days in the three and twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Schedules A-1 to A-8 include impact of four extra days in the three and twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. | <sup>(1)</sup>Schedules A-1 to A-8 include impact of four extra days in the three and twelve months ended December 31, 2025. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. |

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**A-2**

**AVERY DENNISON CORPORATION**

**PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In millions)**

---

| | | |
|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** |
|<br>**ASSETS** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $202.8 | $329.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net | 1503.9 | 1466.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 975.8 | 978.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 307.8 | 305.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2990.3 | 3078.7 |
| Property, plant and equipment, net | 1607.7 | 1586.7 |
| Goodwill and other intangibles resulting from business acquisitions, net | 3100.0 | 2731.5 |
| Deferred tax assets | 125.3 | 110.0 |
| Other assets | 978.4 | 897.3 |
| Total assets | $8801.7 | $8404.2 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings and current portion of long-term debt and finance leases | $522.9 | $592.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1261.7 | 1340.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 869.0 | 929.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2653.6 | 2862.6 |
| Long-term debt and finance leases | 3210.0 | 2559.9 |
| Other long-term liabilities | 696.0 | 669.4 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 124.1 | 124.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | 834.3 | 840.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 5597.5 | 5151.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost | (3904.1) | (3347.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (409.7) | (456.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2242.1 | 2312.3 |
| Total liabilities and shareholders' equity | $8801.7 | $8404.2 |

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**A-3**

**AVERY DENNISON CORPORATION**

**PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In millions)**

---

| | | |
|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec. 31, 2025** | **Dec. 28, 2024** |
| **Operating Activities** | | |
| Net income | $688.0 | $704.9 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 206.4 | 197.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 121.8 | 115.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses and sales returns | 51.2 | 47.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 27.9 | 28.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes and other non-cash taxes | (19.9) | (18.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash expense and loss (income and gain), net | 48.8 | 67.2 |
| Changes in assets and liabilities and other adjustments  | (242.8) | (203.1) |
| Net cash provided by operating activities | 881.4 | 938.8 |
| **Investing Activities** |  |  |
| Purchases of property, plant and equipment | (169.0) | (208.8) |
| Purchases of software and other deferred charges | (31.4) | (31.0) |
| Purchases of Argentine Blue Chip Swap securities | --- | (34.2) |
| Proceeds from sales of Argentine Blue Chip Swap securities | --- | 24.0 |
| Proceeds from sales of property, plant and equipment | 22.6 | 0.6 |
| Proceeds from insurance and sales (purchases) of investments, net | 3.5 | 10.1 |
| Proceeds from settlement of net investment hedges | 6.2 | --- |
| Payments for settlement of net investment hedges | (26.1) | --- |
| Payments for acquisitions, net of cash acquired, and venture investments | (401.8) | (3.8) |
| Net cash used in investing activities | (596.0) | (243.1) |
| **Financing Activities** |  |  |
| Net increase (decrease) in borrowings with maturities of three months or less | 422.5 | (269.0) |
| Additional long-term borrowings | 576.5 | 539.2 |
| Repayments of long-term debt and finance leases | (559.4) | (308.1) |
| Dividends paid | (288.4) | (277.5) |
| Share repurchases | (572.3) | (247.5) |
| Net (tax withholding) proceeds related to stock-based compensation | (12.8) | (8.4) |
| Proceeds from settlement of fair value hedges | 32.8 | --- |
| Payments for settlement of fair value hedges | (13.5) | --- |
| Other | (0.3) | (4.8) |
| Net cash used in financing activities | (414.9) | (576.1) |
| Effect of foreign currency translation on cash balances | 3.2 | (5.5) |
| Increase (decrease) in cash and cash equivalents | (126.3) | 114.1 |
| Cash and cash equivalents, beginning of year | 329.1 | 215.0 |
| Cash and cash equivalents, end of year | $202.8 | $329.1 |

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**A-4**

**Reconciliation of Non-GAAP Financial Measures from GAAP**

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. Reconciliations of our non-GAAP financial measures from the most directly comparable GAAP financial measures are provided in accordance with Regulations G and S-K.

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 the accompanying news release.

*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 will be 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.

*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 operating margin* refers to adjusted operating income as a percentage of net sales.

*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 significantly impact that rate, such as effects of certain discrete tax planning actions, impacts related to enactments of comprehensive 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.

We believe that adjusted operating margin, adjusted EBITDA margin, adjusted net income, and adjusted EPS assist investors in understanding our core operating trends and comparing our results with those of our competitors.

*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.

*Adjusted free cash flow* refers to cash flow provided by operating activities, less payments for property, plant and equipment, less payments for software and other deferred charges, plus proceeds from company-owned life insurance policies, plus proceeds from sales of property, plant and equipment, plus (minus) net proceeds from insurance and sales (purchases) of investments, less net cash used for Argentine Blue Chip Swap securities. Where applicable, adjusted free cash flow is also adjusted for certain acquisition-related transaction costs. We believe that adjusted free cash flow assists investors by showing the amount of cash we have available for debt reductions, dividends, share repurchases and acquisitions.

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**A-5**

**AVERY DENNISON CORPORATION**

**PRELIMINARY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FROM GAAP**

**(In millions, except % and per share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec. 31, 2025** | **Dec. 28, 2024** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| **Reconciliation of non-GAAP operating and EBITDA margins from GAAP:** | | | | |
| Net sales | $2271.2 | $2185.7 | $8855.5 | $8755.7 |
| Income before taxes | $207.8 | $241.4 | $925.1 | $953.5 |
| Income before taxes as a percentage of net sales | 9.1% | 11.0% | 10.4% | 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $37.2 | $29.2 | $135.4 | $117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense (income), net | (3.9) | (7.4) | (14.2) | (26.7) |
| Operating income before interest expense, other non-operating expense (income) and <br>&nbsp;&nbsp;&nbsp;&nbsp;taxes | $241.1 | $263.2 | $1046.3 | $1043.8 |
| Operating margins | 10.6% | 12.0% | 11.8% | 11.9% |
| As reported net income | $166.4 | $174.0 | $688.0 | $704.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges, net of reversals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance and related costs, net of reversals | 23.1 | 13.2 | 43.2 | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment and lease cancellation charges | 1.4 | 3.1 | 4.0 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments, net | 8.5 | (0.5) | 23.3 | 19.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outcomes of legal matters and settlements, net | 4.5 | 0.3 | 9.2 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.2 | 0.6 | 5.6 | 16.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and related costs | 3.1 | --- | 5.1 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (1.4) | --- | (12.9) | --- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 37.2 | 29.2 | 135.4 | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense (income), net<sup>(1)</sup> | (3.9) | (7.4) | (14.2) | (26.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 41.4 | 67.4 | 237.1 | 248.6 |
| Adjusted operating income (non-GAAP) | $281.5 | $279.9 | $1123.8 | $1122.1 |
| Adjusted operating margins (non-GAAP) | 12.4% | 12.8% | 12.7% | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $85.5 | $78.2 | $328.2 | $312.2 |
| Adjusted EBITDA (non-GAAP) | $367.0 | $358.1 | $1452.0 | $1434.3 |
| Adjusted EBITDA margins (non-GAAP) | 16.2% | 16.4% | 16.4% | 16.4% |
| **Reconciliation of non-GAAP net income from GAAP:** |  |  |  |  |
| As reported net income | $166.4 | $174.0 | $688.0 | $704.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges and other items | 40.4 | 16.7 | 77.5 | 78.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine interest income | (0.2) | (0.1) | (0.4) | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension plan settlement loss (gain) | --- | (0.4) | --- | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect on restructuring charges and other items, and impact of adjusted tax rate | (17.2) | 1.2 | (18.8) | (17.7) |
| Adjusted net income (non-GAAP) | $189.4 | $191.4 | $746.3 | $760.9 |
| <sup>(1)</sup>Includes Argentine interest income of $.2 and $.4 for the three and twelve months ended December 31, 2025, respectively, and $.1 and $4.5 for the three and twelve months ended December 28, 2024, respectively.  | <sup>(1)</sup>Includes Argentine interest income of $.2 and $.4 for the three and twelve months ended December 31, 2025, respectively, and $.1 and $4.5 for the three and twelve months ended December 28, 2024, respectively.  | <sup>(1)</sup>Includes Argentine interest income of $.2 and $.4 for the three and twelve months ended December 31, 2025, respectively, and $.1 and $4.5 for the three and twelve months ended December 28, 2024, respectively.  | <sup>(1)</sup>Includes Argentine interest income of $.2 and $.4 for the three and twelve months ended December 31, 2025, respectively, and $.1 and $4.5 for the three and twelve months ended December 28, 2024, respectively.  | <sup>(1)</sup>Includes Argentine interest income of $.2 and $.4 for the three and twelve months ended December 31, 2025, respectively, and $.1 and $4.5 for the three and twelve months ended December 28, 2024, respectively.  |

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**A-5**

**(continued)**

**AVERY DENNISON CORPORATION**

**PRELIMINARY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FROM GAAP**

**(In millions, except % and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec. 31, 2025** | **Dec. 28, 2024** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| **Reconciliation of non-GAAP net income per common share from GAAP:** | | | | |
| As reported net income per common share, assuming dilution | $2.15 | $2.16 | $8.79 | $8.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments per common share, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges and other items | 0.52 | 0.21 | 0.99 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine interest income | --- | --- | (0.01) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect on restructuring charges and other items, and impact of adjusted tax rate | (0.22) | 0.01 | (0.24) | (0.22) |
| Adjusted net income per common share, assuming dilution (non-GAAP) | $2.45 | $2.38 | $9.53 | $9.43 |
| Weighted average number of common shares outstanding, assuming dilution | 77.4 | 80.4 | 78.3 | 80.7 |
| Our adjusted tax rate was 23.6% and 25.5% for the three and twelve months ended December 31, 2025, respectively, and 25.7% and 25.9% for the three and twelve months ended December 28, 2024, respectively. | Our adjusted tax rate was 23.6% and 25.5% for the three and twelve months ended December 31, 2025, respectively, and 25.7% and 25.9% for the three and twelve months ended December 28, 2024, respectively. | Our adjusted tax rate was 23.6% and 25.5% for the three and twelve months ended December 31, 2025, respectively, and 25.7% and 25.9% for the three and twelve months ended December 28, 2024, respectively. | Our adjusted tax rate was 23.6% and 25.5% for the three and twelve months ended December 31, 2025, respectively, and 25.7% and 25.9% for the three and twelve months ended December 28, 2024, respectively. | Our adjusted tax rate was 23.6% and 25.5% for the three and twelve months ended December 31, 2025, respectively, and 25.7% and 25.9% for the three and twelve months ended December 28, 2024, respectively. |
|  | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec. 31, 2025** | **Dec. 28, 2024** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| **Reconciliation of non-GAAP free cash flow from GAAP:** |  |  |  |  |
| Net cash provided by operating activities<sup>(1)</sup> | $376.8 | $351.2 | $881.4 | $938.8 |
| Purchases of property, plant and equipment | (67.1) | (69.5) | (169.0) | (208.8) |
| Purchases of software and other deferred charges | (8.5) | (8.9) | (31.4) | (31.0) |
| Purchases of Argentine Blue Chip Swap securities | --- | --- | --- | (34.2) |
| Proceeds from sales of Argentine Blue Chip Swap securities | --- | --- | --- | 24.0 |
| Proceeds from sales of property, plant and equipment | 2.4 | 0.2 | 22.6 | 0.6 |
| Proceeds from insurance and sales (purchases) of investments, net | (1.0) | 6.5 | 3.5 | 10.1 |
| Adjusted free cash flow (non-GAAP) | $302.6 | $279.5 | $707.1 | $699.5 |
| <sup>(1)</sup>Net cash provided by operating activities for the twelve months ended December 28, 2024 included payment associated with the settlement of a significant legal matter, net of taxes. The full-year 2024 cash payment, net of cash tax benefit, related to this settlement was $56.6. | <sup>(1)</sup>Net cash provided by operating activities for the twelve months ended December 28, 2024 included payment associated with the settlement of a significant legal matter, net of taxes. The full-year 2024 cash payment, net of cash tax benefit, related to this settlement was $56.6. | <sup>(1)</sup>Net cash provided by operating activities for the twelve months ended December 28, 2024 included payment associated with the settlement of a significant legal matter, net of taxes. The full-year 2024 cash payment, net of cash tax benefit, related to this settlement was $56.6. | <sup>(1)</sup>Net cash provided by operating activities for the twelve months ended December 28, 2024 included payment associated with the settlement of a significant legal matter, net of taxes. The full-year 2024 cash payment, net of cash tax benefit, related to this settlement was $56.6. | <sup>(1)</sup>Net cash provided by operating activities for the twelve months ended December 28, 2024 included payment associated with the settlement of a significant legal matter, net of taxes. The full-year 2024 cash payment, net of cash tax benefit, related to this settlement was $56.6. |

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**A-6**

**AVERY DENNISON CORPORATION**

**PRELIMINARY SUPPLEMENTARY INFORMATION**

**(In millions, except %)**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NET SALES** | **NET SALES** | **NET SALES** | **NET SALES** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec. 31, 2025** | **Dec. 28, 2024** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| Materials Group | $1547.0 | $1472.0 | $6093.3 | $6013.0 |
| Solutions Group | 724.2 | 713.7 | 2762.2 | 2742.7 |
| Total net sales | $2271.2 | $2185.7 | $8855.5 | $8755.7 |
| **RECONCILIATION OF NON-GAAP SUPPLEMENTARY INFORMATION FROM GAAP** | **RECONCILIATION OF NON-GAAP SUPPLEMENTARY INFORMATION FROM GAAP** | **RECONCILIATION OF NON-GAAP SUPPLEMENTARY INFORMATION FROM GAAP** | **RECONCILIATION OF NON-GAAP SUPPLEMENTARY INFORMATION FROM GAAP** | **RECONCILIATION OF NON-GAAP SUPPLEMENTARY INFORMATION FROM GAAP** |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec. 31, 2025** | **Dec. 28, 2024** | **Dec. 31, 2025** | **Dec. 28, 2024** |
| **<u>Materials Group</u>** |  |  |  |  |
| Operating income, as reported | $198.7 | $217.0 | $890.6 | $884.3 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges, net of reversals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Severance and related costs, net of reversals | 13.4 | 0.1 | 21.1 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and lease cancellation charges | --- | --- | 1.8 | 0.1 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments, net | 4.2 | (0.5) | 7.4 | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.2 | 0.6 | 5.6 | 16.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and related costs | 3.1 | --- | 5.1 | --- |
| &nbsp;&nbsp;&nbsp;&nbsp;Outcomes of legal matters and settlements, net | --- | 0.3 | 3.0 | 1.3 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (1.3) | --- | (12.4) | --- |
| Adjusted operating income (non-GAAP) | $219.3 | $217.5 | $922.2 | $924.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 38.1 | 32.2 | 137.4 | 130.9 |
| Adjusted EBITDA (non-GAAP) | $257.4 | $249.7 | $1059.6 | $1055.6 |
| Operating margins, as reported | 12.8% | 14.7% | 14.6% | 14.7% |
| Adjusted operating margins (non-GAAP) | 14.2% | 14.8% | 15.1% | 15.4% |
| Adjusted EBITDA margins (non-GAAP) | 16.6% | 17.0% | 17.4% | 17.6% |
| **<u>Solutions Group</u>** |  |  |  |  |
| Operating income, as reported | $61.2 | $65.1 | $247.3 | $251.8 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges, net of reversals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Severance and related costs, net of reversals | 9.6 | 13.1 | 21.3 | 29.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and lease cancellation charges | 1.4 | 3.0 | 2.1 | 6.3 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments, net | 4.3 | --- | 10.9 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outcomes of legal matters and settlements, net | 5.0 | --- | 5.2 | (0.8) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (0.1) | --- | (0.5) | --- |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and related costs | --- | --- | --- | 0.3 |
| Adjusted operating income (non-GAAP) | $81.4 | $81.2 | $286.3 | $289.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 47.4 | 46.0 | 190.8 | 181.3 |
| Adjusted EBITDA (non-GAAP) | $128.8 | $127.2 | $477.1 | $470.6 |
| Operating margins, as reported | 8.5% | 9.1% | 9.0% | 9.2% |
| Adjusted operating margins (non-GAAP) | 11.2% | 11.4% | 10.4% | 10.5% |
| Adjusted EBITDA margins (non-GAAP) | 17.8% | 17.8% | 17.3% | 17.2% |

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**A-7**

**AVERY DENNISON CORPORATION**

**PRELIMINARY SUPPLEMENTARY INFORMATION**

**(In millions, except ratios)**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **QTD** | **QTD** | **QTD** | **QTD** |
| | **1Q25** | **2Q25** | **3Q25** | **4Q25** |
| **Reconciliation of non-GAAP EBITDA from GAAP:** | | | | |
| As reported net income | $166.3 | $189.0 | $166.3 | $166.4 |
| &nbsp;&nbsp;Other expense (income), net | 19.9 | 0.5 | 16.7 | 40.4 |
| &nbsp;&nbsp;Interest expense | 30.9 | 34.0 | 33.3 | 37.2 |
| &nbsp;&nbsp;Other non-operating expense (income), net | (3.3) | (3.3) | (3.7) | (3.9) |
| &nbsp;&nbsp;Provision for income taxes | 60.7 | 66.5 | 68.5 | 41.4 |
| &nbsp;&nbsp;Depreciation and amortization | 77.9 | 80.8 | 84.0 | 85.5 |
| Adjusted EBITDA (non-GAAP) | $352.4 | $367.5 | $365.1 | $367.0 |
| Total Debt |  |  |  | $3732.9 |
| Less: Cash and cash equivalents |  |  |  | 202.8 |
| Net Debt |  |  |  | $3530.1 |
| Net Debt to Adjusted EBITDA LTM\* (non-GAAP) |  |  |  | 2.4 |
| \*LTM = Last twelve months (1Q25 to 4Q25) |  |  |  |  |

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**A-8**

**AVERY DENNISON CORPORATION**

**PRELIMINARY SUPPLEMENTARY INFORMATION**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** |
| | **Total<br>Company** | **Materials Group** | **Solutions <br>Group** |
| **Reconciliation of non-GAAP organic sales change from GAAP:** | | | |
| Reported net sales change | 3.9% | 5.1% | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of sales between segments | --- | (0.7)% | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (1.7)% | (2.6)% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of extra days | (1.5)% | (1.5)% | (1.6)% |
| Sales change ex. currency (non-GAAP)<sup>(1)</sup> | 0.6% | 0.3% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (0.8)% | (1.2)% | --- |
| Organic sales change (non-GAAP)<sup>(1)</sup> | (0.2)% | (0.9)% | 1.3% |
| <sup>(1)</sup> Totals may not sum due to rounding. |  |  |  |
|  | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** |
|  | **Total<br>Company** | **Materials Group** | **Solutions <br>Group** |
| **Reconciliation of non-GAAP organic sales change from GAAP:** |  |  |  |
| Reported net sales change | 1.1% | 1.3% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of sales between segments | --- | (0.7)% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (0.3)% | (0.6)% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of extra days | (0.4)% | (0.4)% | (0.4)% |
| Sales change ex. currency (non-GAAP)<sup>(1)</sup> | 0.4% | (0.4)% | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (0.2)% | (0.3)% | --- |
| Organic sales change (non-GAAP)<sup>(1)</sup> | 0.2% | (0.7)% | 2.2% |
| <sup>(1)</sup> Totals may not sum due to rounding. |  |  |  |

---

## Exhibit 99.2

![](ex9928k2-4x26001.jpg)

1February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Fourth Quarter and Full Year 2025 Financial Review and Analysis (preliminary, unaudited) February 4, 2026 Supplemental Presentation Materials Unless otherwise indicated, comparisons are to the same period in the prior year.

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![](ex9928k2-4x26002.jpg)

2February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis 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, the Russia-Ukraine war, the Israel-Hamas war and related hostilities in the Middle East; 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; the impact of legal and regulatory proceedings, including with respect to compliance and 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 2024 Form 10-K, filed with the Securities and Exchange Commission on February 26, 2025, and subsequent quarterly reports on Form 10-Q. The forward-looking statements included in this document are made only as of the date of this document, and we undertake no obligation to update these statements to reflect subsequent events or circumstances, other than as may be required by law. Safe Harbor Statement

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![](ex9928k2-4x26003.jpg)

3February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis 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 February 4, 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 will be 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 change ex. currency refers to the change in adjusted EBITDA on a constant currency basis. 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 currency fluctuations. Adjusted operating margin refers to adjusted operating income as a percentage of net sales. • 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 significantly impact that rate, such as effects of certain discrete tax planning actions, impacts related to enactments of comprehensive 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. • Adjusted EPS change ex. currency refers to the change in adjusted net income per common share, assuming dilution, on a constant currency basis. 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 currency fluctuations. • 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. • Adjusted free cash flow (adjusted FCF) refers to cash flow provided by operating activities, less payments for property, plant and equipment, less payments for software and other deferred charges, plus proceeds from company-owned life insurance policies, plus proceeds from sales of property, plant and equipment, plus (minus) net proceeds from insurance and sales (purchases) of investments, less net cash used for Argentine Blue Chip Swap securities. Where applicable, adjusted free cash flow is also adjusted for certain acquisition-related transaction costs. We believe that adjusted free cash flow assists investors by showing the amount of cash we have available for debt reductions, dividends, share repurchases and acquisitions. • Adjusted free cash flow conversion refers to adjusted free cash flow divided by net income. • 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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![](ex9928k2-4x26004.jpg)

4February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Delivered solid 2025 earnings and strong cash flow in a dynamic environment Q4 adj. EPS (non-GAAP) of $2.45, up 3% ● Sequentially improved adj. EPS growth with strong growth in high-value categories FY 2025 adj. EPS of $9.53, up 1% ● Delivered earnings and cash flow growth; successfully mitigated tariff impacts and softer consumer volumes ● Leveraged proven productivity playbook to protect margin in the base ● Maintained overall adj. EBITDA margin (non-GAAP) of 16.4% Delivered outsized sales growth in high-value categories (HVC) and advanced differentiation ● Grew HVC sales MSD, expanded revenue mix to ~45% ● Delivered new innovation to expand differentiation and drive growth, with significant new innovations such as Intelligent Labels Fresh solutions, Vestcom's Storelink software platform, and expansion of our Cleanflake portfolio Executed capital allocation framework, balancing return of cash to shareholders and HVC M&A ● Generated strong adj. free cash flow (non-GAAP) of $707 mil.; adj. free cash flow conversion (non-GAAP) of 103% ● Expanded Materials Group HVC exposure through ~$390 mil. acquisition of Taylor Adhesives ● Returned ~$860 mil. to shareholders through ~$570 mil. of share repurchases and ~$290 mil. in dividends Expect to deliver earnings growth in Q1 2026 with adj. EPS of $2.40 to $2.46 Note: LSD/MSD/HSD = low, mid or high single digit %

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![](ex9928k2-4x26005.jpg)

5February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Reported EPS of $2.15 Adj. EPS of $2.45, up 3% versus prior year Net sales of $2.3 bil. Sales down 0.2% on an organic basis (non-GAAP) Sales change ex. currency up 0.6% (non-GAAP) Fourth quarter 2025 financial review Reported operating income of $241 mil. ● Adj. EBITDA margin of 16.2%, down 20 bps ● Adj. operating margin (non-GAAP) of 12.4%, down 40 bps Strong adj. FCF of $303 mil. Returned $191 mil. to shareholders through share repurchases and dividends Maintained strong balance sheet; continuing to deploy capital in disciplined manner ● Net debt to adj. EBITDA ratio (non-GAAP) of 2.4

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![](ex9928k2-4x26006.jpg)

6February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Reported EPS of $8.79 Adj. EPS of $9.53, up 1% versus prior year Net sales of $8.9 bil. Sales up 0.2% on an organic basis Sales change ex. currency up 0.4% Full Year 2025 financial review Reported operating income of $1.0 bil. ● Adj. EBITDA margin of 16.4%, comparable to PY ● Adj. operating margin of 12.7%, down 10 bps Strong adj. FCF of $707 mil. ● Adj. free cash flow conversion of 103% Returned $861 mil. to shareholders through share repurchases and dividends Maintained strong balance sheet; continuing to deploy capital in disciplined manner ● Net debt to adj. EBITDA ratio of 2.4

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![](ex9928k2-4x26007.jpg)

7February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Materials Group Reported sales increased 5.1% to $1.5 bil. Sales down 0.9% organically ● LSD volume/mix growth more than offset by deflation-related price reductions ● High-value categories up LSD, including Intelligent Labels up HSD, and base categories down LSD ● Graphics and Reflectives up LSD; Performance Materials comparable to PY Reported operating margin of 12.8% ● Adj. operating margin of 14.2%, down 60 bps ● Adj. EBITDA margin of 16.6%, down 40 bps ○ Higher employee-related costs were partially offset by benefits from productivity Emerging Markets 39% Es t. En d M ar ke t Pr od uc t C at eg or y Fourth Quarter 2025 Results 2025 Sales by Product Label Materials Graphics & Reflectives Performance Materials Other High-value Categories 38% 2025 Sales by Geography U.S. & Canada Western Europe E. Europe & MENA Asia Pacific Latin America Note: LSD/MSD/HSD = low, mid or high single digit % (1) Performance Materials includes: industrial and medical tapes, trade adhesives, and Taylor Adhesives (1)

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8February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Solutions Group Reported sales increased 1.5% to $724 mil. Sales up 1.3% organically ● High-value categories up HSD ○ IL up LSD; Embelex up HSD; Vestcom up more than 10% ● Base categories down MSD ● Overall apparel categories down LSD Reported operating margin of 8.5% ● Adj. operating margin of 11.2%, down 20 bps ● Adj. EBITDA margin of 17.8%, comparable to PY ○ Benefits from productivity was offset by higher employee-related costs and growth investments 2025 Sales by Product Base Solutions Intelligent Labels (IL) Vestcom Ext. Embellishments (Embelex) 2025 Sales by Geography U.S. & Canada Europe Asia Pacific Latin America High-value Categories 60% Fourth Quarter 2025 Results Es t. En d M ar ke t Pr od uc t C at eg or y

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9February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Drive outsized growth in high-value categories 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 Executing key strategies, with proven business resilience, to deliver GDP+ growth and top quartile returns across cycles 1 2 3 4 5

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10February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis High-value categories are a key driver for enterprise growth and portfolio strength HVC mix expansion continues, up to ~45% of sales in 2025, with an organic growth CAGR of MSD ● ~12 points of expansion since 2019 driven by a combination of organic growth and acquisitions ● HVC have outperformed real GDP ~2.5x and global retail volumes ~3.5x Embelex HVC Sales Mix ~45% 2019 ~$2.3 bil. 2025 ~$4.0 bil.Sales Growth CAGR ~10% HVC Sales Mix ~33%Sales by HVC Vestcom Ext. Embellishments (Embelex) Enterprise Intelligent Labels Graphics, Reflectives, Perf. Materials Specialty & Durable Labels

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11February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Enterprise-wide Intelligent Labels Overall Results: ● Q4 sales up MSD on organic basis ○ Apparel/General retail categories down LSD ○ Other categories up high-teens ● FY sales up LSD on an organic basis ○ Apparel/General retail categories comparable to PY ○ Other categories up ~10% Key End Market Insights for 2026: ● Apparel and General Retail: Tariff uncertainty still impacting business; anticipating return to growth in 2026 ● Food: Segment adoption to accelerate with largest U.S. grocery retailer rollout in bakery, meat and deli ○ Continue to anticipate this program contribution to 2026 revenue will be heavily weighted to 2H ● Logistics: Outsized growth and share in 2025; expanding pilots with additional customers in 2026 2025 Sales by category Apparel General Retail Food & Logistics All Other $0.9B Apparel/Gen. Retail Food, Logistics, Other Enterprise IL Sales vs. PY

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12February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis 2020-2025(1) Targets / Results 2023-2028(1) Targets / Results Sales Growth ex. Currency 5%+ 6% 5%+ 3% Adj. EBITDA Growth(2) 6.5% 6.3% 7.5%+ 7.3% Adj. EBITDA margin 16%+ 16.4% in 2025 17%+ in 2028 16.4% in 2025 Adjusted EPS Growth 10% 6% 10% 10% ROTC (non-GAAP) 18%+ 15% in '25 Top Qtle(3) Top Decile(3) (1) Percentages for targets reflect five-year compound annual growth rates, with the base periods set as 2020 and 2023, respectively. Percentages for results reflect five-year compound annual growth rates for 2020 targets and two-year compound growth rates for 2028 targets. (2) Although adjusted EBITDA growth was not one of our original financial targets, it was implied by our sales growth ex. currency and adjusted EBITDA margin targets. (3) Compared to peer group on page 71 of our 2025 Proxy Statement (~7% ex. curr.) (~7% ex. curr.) Delivered solid results for the 2020-2025 cycle despite multiple cyclical challenges; leveraging strength of portfolio to deliver our 2023-2028 targets

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13February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Disciplined approach to capital allocation; strong balance sheet with ample capacity Long-term Debt Summary (1) Totals may not sum due to rounding Long-term Capital Allocation Framework % of Available Capital '20-'25 Target '20-'25 Actual Capex/restructuring 25%-30% 23% Dividends ~20% 20% Buyback/M&A ~50% 57% 3.8% weighted avg. interest rate Q4 2025 Leverage Total Debt Outstanding $3.7B Cash and cash equivalents $0.2B Net Debt $3.5B Adjusted EBITDA, trailing 4 qtrs $1.5B Net Debt to adj. EBITDA 2.4 Debt / Liquidity Considerations ● 2.4x simple leverage at year-end, within our 2-3x target net leverage ratio ● Growing dividend in-line with earnings (~10% CAGR over past 10 years) ● Continuing to invest organically in our businesses ● Disciplined deployment of capital for M&A and share repurchases $0.5B $2.7B (1)

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14February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Low High Reported EPS $2.27 $2.33 Est. restructuring costs and other items ~$0.13 ~$0.13 Adjusted EPS $2.40 $2.46 Q1 2026 EPS Guidance In Q1 2026, anticipate adj. EPS $2.40-$2.46 ● Reported sales growth of 5-7% and organic sales growth of 0-2% ○ ~4% tailwind from currency translation at recent rates and ~1% impact from acquisition ● Current economic conditions expected to persist; driving key strategies to deliver growth and differentiation Additional full-year considerations ● ~$0.25 net EPS tailwind from the benefits of currency translation and lower share count partially offset by a higher adj. tax rate and interest expense ● Incremental savings of ~$50 mil. from restructuring actions ● Majority of 2025 temporary savings, including incentive compensation, expected to be a headwind ● Targeting ~100% adj. FCF conversion; fixed and IT capital spend of ~$260 mil. ● Anticipate sequential earnings growth through the year, with historical earnings seasonality

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Classification: Avery Dennison - Secret 15September 18, 2024 Avery Dennison 2024 Investor Day Appendix Summary Information & Reconciliation of Non-GAAP Financial Measures from GAAP

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16February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Source: S&P Global Market Intelligence Source: University of Michigan Source: U.S. Census Bureau 2010-2019 Avg. 2.15 U.S. Consumer Sentiment U.S. Apparel Inventory-to- Sales Ratio Global Purchase Manufacturing Indices All regional PMIs hovering around stable or contraction Source: Trading Economics Economic Conditions Dashboard 2019 2020 2021 2022 2023 2024 2025

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17February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Trade policy continues to limit visibility Indirect tariff impact on base apparel was similar to Q2; HVC apparel categories still grew ● ~70% of Solutions Group sales are in tariff-impacted apparel and general retail end markets ○ In Q4, overall apparel categories were down LSD on an organic basis, with base apparel down ~7% ○ Base apparel declined LSD for full year 2025 ● Uneven customer order patterns limiting visibility in the near term Apparel Categories Sales vs. PY Base High-value

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18February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Fourth quarter 2025 sales change Total Company Materials Group Solutions Group Reported net sales change 3.9% 5.1% 1.5% Reclass. of sales between segments - (0.7)% 1.5% Foreign currency translation (1.7)% (2.6)% 0.0% Impact of extra days (1.5)% (1.5)% (1.6)% Sales change ex. currency 0.6% 0.3% 1.3% Acquisitions (0.8)% (1.2)% - Organic sales change (0.2)% (0.9)% 1.3% (1) Totals may not sum due to rounding (1) (1)

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19February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Full year 2025 sales change Total Company Materials Group Solutions Group Reported net sales change 1.1% 1.3% 0.7% Reclass. of sales between segments - (0.7)% 1.7% Foreign currency translation (0.3)% (0.6)% 0.3% Impact of extra days (0.4)% (0.4)% (0.4)% Sales change ex. currency 0.4% (0.4)% 2.2% Acquisitions (0.2)% (0.3)% - Organic sales change 0.2% (0.7)% 2.2% (1) Totals may not sum due to rounding (1) (1)

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20February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Quarterly sales trend analysis 4Q24 1Q25 2Q25 3Q25 4Q25 Reported net sales change 3.6% (0.1)% (0.7)% 1.5% 3.9% Foreign currency translation (0.1)% 2.5% (0.3)% (1.7)% (1.7)% Impact of extra days - - - - (1.5)% Sales change ex. currency 3.5% 2.3% (1.0)% (0.2)% 0.6% Acquisitions (0.2)% - - - (0.8)% Organic sales change 3.3% 2.3% (1.0)% (0.2)% (0.2)% Materials Group organic sales change 3.7% 1.2% (1.0)% (1.9)% (0.9)% Solutions Group organic sales change 2.6% 4.9% (0.8)% 3.6% 1.3% (1) Totals may not sum due to rounding (1) (1)

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21February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Fourth quarter and full year 2025 margin comparisons Reported Operating Margin Adjusted Operating Margin Adjusted EBITDA Margin Quarter 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Materials Group 12.8% 14.7% 14.2% 14.8% 16.6% 17.0% Solutions Group 8.5% 9.1% 11.2% 11.4% 17.8% 17.8% Total Company 10.6% 12.0% 12.4% 12.8% 16.2% 16.4% Full Year 2025 2024 2025 2024 2025 2024 Materials Group 14.6% 14.7% 15.1% 15.4% 17.4% 17.6% Solutions Group 9.0% 9.2% 10.4% 10.5% 17.3% 17.2% Total Company 11.8% 11.9% 12.7% 12.8% 16.4% 16.4%

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22February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Est. 2025 Sales by End Market Industrial/ Durable Apparel Broad exposure to diverse markets across portfolio 60%+ Staples Non- durable Goods Logistics $8.9B 2025 Sales by Manufacturing Location U.S. & Canada Western Europe China Other Asia-Pac Latin Am. EE M EN A

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23February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Sales Change Ex. Currency and Organic Sales Change – Avery Dennison (1) Totals may not sum due to rounding (1) (1)

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24February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Adjusted operating margin and adjusted EBITDA – Avery Dennison

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25February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Adjusted EPS The adjusted tax rate was 25.5%, 25.9%, 25.8%, 24.7%, 25.0%, and 24.1% for 2025, 2024, 2023, 2022, 2021, and 2020, 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, and other items. (1)

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26February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Return on total capital (ROTC)

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27February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Adj. EBITDA and adj. EPS change ex. currency – Avery Dennison (1) Totals may not sum due to rounding (1) (1) (1) Totals may not sum due to rounding

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28February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis Adj. free cash flow and adj. free cash flow conversion

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29February 4, 2026 Preliminary & unaudited, Q4 & FY 2025 financial review and analysis© 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. averydennison.com #MakingPossible

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