# EDGAR Filing Document

**Accession Number:** 0000008818
**File Stem:** 0001193125-25-245839
**Filing Date:** 2025-10
**Character Count:** 77181
**Document Hash:** d058eb8fb63ba1e57fb80801bcda5f44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-245839.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001193125-25-245839

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251022

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**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:** 251408749

**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'? 8-K

### 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

#### Date of Report (Date of earliest event reported) October 22, 2025

## AVERY DENNISON CORPORATION

#### (Exact name of registrant as specified in its charter)

---

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

---

---

| | |
|:---|:---|
| **8080 Norton Parkway**<br> **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**<br> **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 - Financial Information

#### Item 2.02 Results of Operations and Financial Condition.
Avery Dennison Corporation's (the "Company's") press release, dated October 22, 2025, announcing the Company's preliminary, unaudited financial results for third quarter 2025 and its guidance for fourth quarter 2025, is attached hereto as Exhibit 99.1 and being furnished (not filed) with this Form 8-K. The Company's supplemental presentation materials, dated October 22, 2025, regarding its preliminary, unaudited financial review and analysis for third quarter 2025 and its guidance for fourth quarter 2025, 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 October 22, 2025, 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) <u>Exhibits</u>.

---

| | |
|:---|:---|
| 99.1 | [Press release, dated October 22, 2025, announcing the Company's preliminary, unaudited financial results for third quarter 2025.](d79220dex991.htm) |
| 99.2 | [Supplemental presentation materials, dated October 22, 2025, regarding the Company's preliminary, unaudited financial review and analysis for third quarter 2025.](d79220dex992.htm) |
| 104 | Cover Page Interactive Data File (formatted as 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:

• 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

• 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

• 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

• 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

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

• 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

• 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: October 22, 2025 | By: | /s/ Gregory S. Lovins |
|  |  | Name: Gregory S. Lovins |
|  |  | Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g79220dsp5.jpg)

**For Immediate Release** 

**AVERY DENNISON ANNOUNCES** 

**THIRD QUARTER 2025 RESULTS** 

**Delivered another solid quarter in a dynamic environment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 3Q25 Reported EPS of $2.13

---

| | |
|:---|:---|
| ¡ | Adjusted EPS (non-GAAP) of $2.37, up 2%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 3Q25 Net sales of $2.2 billion, up 1.5%

¡ Sales on an organic basis (non-GAAP) comparable to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 4Q25 Reported EPS guidance of $2.15 to $2.25

---

| | |
|:---|:---|
| ¡ | 4Q25 Adjusted EPS guidance of $2.35 to $2.45  |

---

**MENTOR, Ohio, October 22, 2025** – Avery Dennison Corporation (NYSE: AVY), a leading global materials science and digital identification solutions company, today announced preliminary, unaudited results for its third quarter ended September 27, 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 a solid third quarter, with earnings above expectations in a continued dynamic environment, reflecting the strength and durability of our overall portfolio," said Deon Stander, president and CEO.

"We remain prepared for various scenarios while continuing to focus on our core strategies, including driving outsized growth in our high-value categories, leveraging cost controls and productivity, and executing on our disciplined capital allocation strategy. We made progress advancing these strategies in the third quarter, safeguarding earnings in the near term and driving initiatives to deliver strong profitable growth over the cycle."

"Once again, I extend my gratitude to our agile, engaged and talented team for their unwavering commitment to excellence, dedication to overcoming the challenges at hand and relentless focus on executing on our strategic priorities."

------

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

**Materials Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported sales increased 1.2% to $1.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sales were down 1.9% on an organic basis.

¡ Modest volume/mix growth was more than offset by deflation-related price reductions.

¡ Both high-value categories (including Intelligent Labels) and the base were down low single digits.

¡ Graphics and Reflectives were down low single digits; Performance Tapes and Medical were down mid-single digits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported operating margin of 14.3%

---

| | |
|:---|:---|
| ¡ | Adjusted operating margin (non-GAAP) of 15.2% was up 40 basis points.  |

---

---

| | |
|:---|:---|
| ¡ | Adjusted EBITDA margin (non-GAAP) of 17.5% was up 50 basis points, driven primarily by benefits from productivity.  |

---

**Solutions Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported sales increased 2.0% to $700 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sales were up 3.6% on an organic basis.

¡ High-value categories (including Intelligent Labels) were up high single digits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Intelligent Labels was up mid-single digits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Vestcom and Embelex were both up more than 10%.

¡ Overall apparel categories were up low single digits.

¡ Base categories were down low single digits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reported operating margin of 9.7%

---

| | |
|:---|:---|
| ¡ | Adjusted operating margin of 10.0% was down 130 basis points.  |

---

---

| | |
|:---|:---|
| ¡ | Adjusted EBITDA margin of 17.0% was down 90 basis points, as benefits from productivity and higher volume were more than offset by higher employee-related costs.  |

---

------

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

**Balance Sheet and Capital Deployment** 

Through the first three quarters of 2025, the company returned $670 million in cash to shareholders through a combination of share repurchases and dividends. The company repurchased 2.5 million shares at an aggregate cost of $454 million through the third quarter. Net of dilution from long-term incentive awards, the company's share count was down 3.1 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. Net debt to adjusted EBITDA (non-GAAP) was 2.2x at the end of the third quarter.

In September, the company issued €500 million of 4.00% senior notes due 2035. The company intends to use the net proceeds of the offering for general corporate purposes, including to finance acquisitions and repay existing indebtedness under the company's commercial paper program.

On October 20th, the company completed its announced acquisition of the U.S.-based flooring adhesives business of Meridian Adhesives Group for the purchase price of $390 million. Taylor Adhesives is a leader in the development, manufacture and commercialization of specialty adhesives and coatings for the U.S. flooring industry, with projected annual 2025 revenue of $110 million.

**Income Taxes** 

The company's reported effective tax rate was 29.2% for the third quarter. The adjusted tax rate (non-GAAP) for the quarter was 26.5%, slightly higher than the company's expectations.

**Cost Reduction Actions** 

Through the first three quarters of the year, the company realized approximately $48 million in pre-tax savings from restructuring, net of transition costs, and incurred approximately $23 million in pre-tax restructuring charges.

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

In its supplemental presentation materials, "Third Quarter 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 fourth quarter 2025 reported earnings per share of $2.15 to $2.25.

Excluding an estimated ~$0.20 per share impact of restructuring charges and other items, the company expects fourth quarter 2025 adjusted earnings per share of $2.35 to $2.45.

*For more details on the company's results, see the summary tables accompanying this news release, as well as the supplemental presentation materials, "Third Quarter 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.* 

*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<sup>™</sup> products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste, 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 more than 50 countries. Our reported sales in 2024 were $8.8 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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Third Quarter Financial Summary - Preliminary, unaudited** |  |  | | | |
| &nbsp;&nbsp;&nbsp; (in millions, except % and per share amounts) |  |  |  |  |  |
|  | **3Q** | **3Q** | **% Sales Change vs. PY** | **% Sales Change vs. PY** | **% Sales Change vs. PY** |
|  | **2025** | **2024** | **Reported** | **Ex. Currency** | **Organic** |
| &nbsp;&nbsp;&nbsp; Net sales, by segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials Group | $1516.0 | $1497.7 | 1.2% | (1.9%) | (1.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solutions Group | 699.5 | 685.7 | 2.0% | 3.6% | 3.6% |
| &nbsp;&nbsp;&nbsp; Total net sales | $2215.5 | $2183.4 | 1.5% | (0.2%) | (0.2%) |
|  |  |  |  | **% of Sales** | **% of Sales** |
|  | **3Q** | **3Q** | **%** | **3Q** | **3Q** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>Change</u>** | **<u>2025</u>** | **<u>2024</u>** |
| &nbsp;&nbsp;&nbsp; Segment adjusted operating income and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials Group | $230.1 | $222.2 |  | 15.2% | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solutions Group | 69.7 | 77.4 |  | 10.0% | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate expense | (18.7) | (19.9) |  |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted operating income and margins (non-GAAP) | $281.1 | $279.7 | 0.5% | 12.7% | 12.8% |
| &nbsp;&nbsp;&nbsp; Segment adjusted EBITDA and margins: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials Group | $264.9 | $255.3 |  | 17.5% | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solutions Group | 118.9 | 122.4 |  | 17.0% | 17.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate expense | (18.7) | (19.9) |  |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA and margins (non-GAAP) | $365.1 | $357.8 | 2.0% | 16.5% | 16.4% |
| &nbsp;&nbsp;&nbsp; Net income as reported | $166.3 | $181.7 | (8.5%) | 7.5% | 8.3% |
| &nbsp;&nbsp;&nbsp; Adjusted net income (non-GAAP) | $184.8 | $188.4 | (1.9%) | 8.3% | 8.6% |
| &nbsp;&nbsp;&nbsp; Net income per common share, assuming dilution as reported | $2.13 | $2.25 | (5.3%) |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted net income per common share, assuming dilution (non-GAAP) | $2.37 | $2.33 | 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted free cash flow (non-GAAP) | $268.7 | $219.4 |  |  |  |
| &nbsp;&nbsp;&nbsp; YTD Adjusted free cash flow (non-GAAP) | $404.5 | $420.0 |  |  |  |

---

See accompanying schedules A-4 to A-8 for reconciliations of non-GAAP financial measures from GAAP.

------

**A-1** 

**AVERY DENNISON CORPORATION** 

**PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  Net sales | $2215.5 | $2183.4 | $6584.3 | $6570.0 |
|  Cost of products sold | 1580.5 | 1556.8 | 4688.7 | 4648.5 |
|  Gross profit | 635.0 | 626.6 | 1895.6 | 1921.5 |
|  Marketing, general and administrative expense | 353.9 | 346.9 | 1053.3 | 1086.0 |
|  Other expense (income), net | 16.7 | 15.3 | 37.1 | 54.9 |
|  Interest expense | 33.3 | 30.0 | 98.2 | 87.8 |
|  Other non-operating expense (income), net | (3.7) | (4.9) | (10.3) | (19.3) |
|  Income before taxes | 234.8 | 239.3 | 717.3 | 712.1 |
|  Provision for income taxes | 68.5 | 57.6 | 195.7 | 181.2 |
|  Net income | $166.3 | $181.7 | $521.6 | $530.9 |
|  Per share amounts: |  |  |  |  |
|  Net income per common share, assuming dilution | $2.13 | $2.25 | $6.64 | $6.56 |
|  Weighted average number of common shares outstanding, assuming dilution | 78.0 | 80.8 | 78.6 | 80.9 |

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-more-

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**A-2** 

**AVERY DENNISON CORPORATION** 

**PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(In millions)** 

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| | | |
|:---|:---|:---|
| | **(UNAUDITED)** | **(UNAUDITED)** |
| <br>**ASSETS** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $536.3 | $212.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, net | 1627.8 | 1574.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 1037.4 | 1013.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 322.2 | 283.8 |
| &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;&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; Total current assets | 3523.7 | 3084.7 |
|  Property, plant and equipment, net | 1579.9 | 1612.3 |
|  Goodwill and other intangibles resulting from business acquisitions, net | 2723.9 | 2795.9 |
|  Deferred tax assets | 132.3 | 110.9 |
|  Other assets | 907.1 | 848.1 |
|  Total assets | $8866.9 | $8451.9 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings and current portion of long-term debt and finance leases | $578.8 | $1116.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 1303.2 | 1343.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 905.1 | 889.0 |
| &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;&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; Total current liabilities | 2787.1 | 3349.0 |
|  Long-term debt and finance leases | 3202.3 | 2042.1 |
|  Other long-term liabilities | 666.5 | 666.9 |
|  Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 124.1 | 124.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital in excess of par value | 829.6 | 839.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 5498.3 | 5042.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock at cost | (3784.7) | (3212.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (456.3) | (400.4) |
| &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;&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; Total shareholders' equity | 2211.0 | 2393.9 |
|  Total liabilities and shareholders' equity | $8866.9 | $8451.9 |

---

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**A-3** 

**AVERY DENNISON CORPORATION** 

**PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In millions)** 

---

| | | |
|:---|:---|:---|
|  | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Nine Months Ended** | **Nine Months Ended** |
| | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  **Operating Activities** | | |
|  Net income | $521.6 | $530.9 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 154.6 | 147.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization | 88.1 | 86.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses and sales returns | 39.2 | 38.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 22.7 | 24.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes and other non-cash taxes | (14.7) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-cash expense and loss (income and gain), net | 31.7 | 59.7 |
|  Changes in assets and liabilities and other adjustments  | (338.6) | (296.4) |
|  Net cash provided by operating activities | 504.6 | 587.6 |
|  **Investing Activities** |  |  |
|  Purchases of property, plant and equipment | (101.9) | (139.3) |
|  Purchases of software and other deferred charges | (22.9) | (22.1) |
|  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 | 20.2 | 0.4 |
|  Proceeds from insurance and sales (purchases) of investments, net | 4.5 | 3.6 |
|  Proceeds from settlement of net investment hedges | 6.2 |  |
|  Payments for acquisitions, net of cash acquired, and venture investments | (10.7) | (1.9) |
|  Net cash used in investing activities | (104.6) | (169.5) |
|  **Financing Activities** |  |  |
|  Net increase (decrease) in borrowings with maturities of three months or less | 482.0 | 208.2 |
|  Additional long-term borrowings | 576.8 |  |
|  Repayments of long-term debt and finance leases | (558.3) | (305.2) |
|  Dividends paid | (216.0) | (207.1) |
|  Share repurchases | (453.6) | (107.5) |
|  Net (tax withholding) proceeds related to stock-based compensation | (12.7) | (8.2) |
|  Payments for settlement of fair value hedges | (13.5) |  |
|  Other | (0.3) | --- |
|  Net cash used in financing activities | (195.6) | (419.8) |
|  Effect of foreign currency translation on cash balances | 2.8 | (0.6) |
|  Increase (decrease) in cash and cash equivalents | 207.2 | (2.3) |
|  Cash and cash equivalents, beginning of year | 329.1 | 215.0 |
|  Cash and cash equivalents, end of period | $536.3 | $212.7 |

---

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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, the 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 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 that began on December 29, 2024 will end 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 projected full-year GAAP tax rate, adjusted to exclude certain unusual or infrequent events that are expected to significantly impact that rate, such as effects of certain discrete tax planning actions, impacts related to enactments of 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)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  **Reconciliation of non-GAAP operating and EBITDA margins from GAAP:** |  |  |  |  |
|  Net sales | $2215.5 | $2183.4 | $6584.3 | $6570.0 |
|  Income before taxes | $234.8 | $239.3 | $717.3 | $712.1 |
|  Income before taxes as a percentage of net sales | 10.6% | 11.0% | 10.9% | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | $33.3 | $30.0 | $98.2 | $87.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expense (income), net | (3.7) | (4.9) | (10.3) | (19.3) |
|  Operating income before interest expense, other non-operating expense (income) and taxes | $264.4 | $264.4 | $805.2 | $780.6 |
|  Operating margins | 11.9% | 12.1% | 12.2% | 11.9% |
|  As reported net income | $166.3 | $181.7 | $521.6 | $530.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |
| &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; Severance and related costs, net of reversals | 7.5 | 11.0 | 20.1 | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and lease cancellation charges | 2.3 | 1.4 | 2.6 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outcomes of legal matters and settlements, net | 4.7 |  | 4.7 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and related costs | 2.0 |  | 2.0 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.9 | 0.4 | 4.4 | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments | (1.3) | 2.5 | 14.8 | 19.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (0.4) |  | (11.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 33.3 | 30.0 | 98.2 | 87.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expense (income), net<sup>(1)</sup> | (3.7) | (4.9) | (10.3) | (19.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 68.5 | 57.6 | 195.7 | 181.2 |
|  Adjusted operating income (non-GAAP) | $281.1 | $279.7 | $842.3 | $842.2 |
|  Adjusted operating margins (non-GAAP) | 12.7% | 12.8% | 12.8% | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | $84.0 | $78.1 | $242.7 | $234.0 |
|  Adjusted EBITDA (non-GAAP) | $365.1 | $357.8 | $1085.0 | $1076.2 |
|  Adjusted EBITDA margins (non-GAAP) | 16.5% | 16.4% | 16.5% | 16.4% |
|  **Reconciliation of non-GAAP net income from GAAP:** |  |  |  |  |
|  As reported net income | $166.3 | $181.7 | $521.6 | $530.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges and other items | 16.7 | 15.3 | 37.1 | 61.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentine interest income | (0.1) | (0.3) | (0.2) | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension plan settlement loss (gain) |  | 0.3 |  | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect on restructuring charges and other items, and impact of adjusted tax rate | 1.9 | (8.6) | (1.6) | (18.9) |
|  Adjusted net income (non-GAAP) | $184.8 | $188.4 | $556.9 | $569.5 |

---

<sup>(1)</sup> Includes Argentine interest income of $.1 and $.2 for the three and nine months ended September 27, 2025, respectively, and $.3 and $4.4 for the three and nine months ended September 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** | **Nine Months Ended** | **Nine Months Ended** |
| | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  **Reconciliation of non-GAAP net income per common share from GAAP:** |  |  |  |  |
|  As reported net income per common share, assuming dilution | $2.13 | $2.25 | $6.64 | $6.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments per common share, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges and other items | 0.21 | 0.19 | 0.47 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentine interest income |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect on restructuring charges and other items, and impact of adjusted tax rate | 0.03 | (0.11) | (0.02) | (0.23) |
|  Adjusted net income per common share, assuming dilution (non-GAAP) | $2.37 | $2.33 | $7.09 | $7.04 |
|  Weighted average number of common shares outstanding, assuming dilution | 78.0 | 80.8 | 78.6 | 80.9 |

---

Our adjusted tax rate was 26.5% and 26.2% for the three and nine months ended September 27, 2025, respectively, and 26% for both the three and nine months ended September 28, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  **Reconciliation of non-GAAP free cash flow from GAAP:** |  |  |  |  |
|  Net cash provided by operating activities<sup>(1)</sup> | $312.1 | $270.1 | $504.6 | $587.6 |
|  Purchases of property, plant and equipment | (35.9) | (43.0) | (101.9) | (139.3) |
|  Purchases of software and other deferred charges | (7.7) | (9.2) | (22.9) | (22.1) |
|  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 | 4.5 | 0.1 | 20.2 | 0.4 |
|  Proceeds from insurance and sales (purchases) of investments, net | (4.3) | 1.4 | 4.5 | 3.6 |
|  Adjusted free cash flow (non-GAAP) | $268.7 | $219.4 | $404.5 | $420.0 |

---

<sup>(1)</sup> Net cash provided by operating activities for the nine months ended September 28, 2024 included payments 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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  Materials Group | $1516 | $1497.7 | $4546.3 | $4541 |
|  Solutions Group | 699.5 | 685.7 | 2038 | 2029 |
|  Total net sales | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 |
| **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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sep. 27, 2025** | **Sep. 28, 2024** | **Sep. 27, 2025** | **Sep. 28, 2024** |
|  **<u>Materials Group</u>** |  |  |  |  |
|  Operating income, as reported | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691.9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667.3 |
|  Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges, net of reversals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance and related costs, net of reversals | 2.7 | 1.5 | 7.7 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and lease cancellation charges | 1.8 |  | 1.8 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outcomes of legal matters and settlements, net | 3 |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments | 2.2 | 2.5 | 3.2 | 17.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction and related costs | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.9 | 0.4 | 4.4 | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | --- | --- | (11.1) | --- |
|  Adjusted operating income (non-GAAP) | $230.1 | $222.2 | $702.9 | $707.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 34.8 | 33.1 | 99.3 | 98.7 |
|  Adjusted EBITDA (non-GAAP) | $264.9 | $255.3 | $802.2 | $805.9 |
|  Operating margins, as reported | 14.3% | 14.5% | 15.2% | 14.7% |
|  Adjusted operating margins (non-GAAP) | 15.2% | 14.8% | 15.5% | 15.6% |
|  Adjusted EBITDA margins (non-GAAP) | 17.5% | 17.0% | 17.6% | 17.7% |
|  **<u>Solutions Group</u>** |  |  |  |  |
|  Operating income, as reported | $68.2 | $66.5 | $186.1 | $186.7 |
|  Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges, net of reversals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance and related costs, net of reversals | 4.8 | 9.5 | 11.7 | 16.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and lease cancellation charges | 0.4 | 1.4 | 0.7 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outcomes of legal matters and settlements, net | 0.2 |  | 0.2 | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on venture and other investments | (3.5) |  | 6.6 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (0.4) |  | (0.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction and related costs | --- | --- | --- | 0.3 |
|  Adjusted operating income (non-GAAP) | $69.7 | $77.4 | $204.9 | $208.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 49.2 | 45 | 143.4 | 135.3 |
|  Adjusted EBITDA (non-GAAP) | $118.9 | $122.4 | $348.3 | $343.4 |
|  Operating margins, as reported | 9.7% | 9.7% | 9.1% | 9.2% |
|  Adjusted operating margins (non-GAAP) | 10.0% | 11.3% | 10.1% | 10.3% |
|  Adjusted EBITDA margins (non-GAAP) | 17.0% | 17.9% | 17.1% | 16.9% |

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**A-7** 

**AVERY DENNISON CORPORATION** 

**PRELIMINARY SUPPLEMENTARY INFORMATION** 

**(In millions, except ratios)** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QTD** | **QTD** | **QTD** | **QTD** |
| | **4Q24** | **1Q25** | **2Q25** | **3Q25** |
|  **Reconciliation of non-GAAP EBITDA from GAAP:** |  |  |  |  |
|  As reported net income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expense (income), net | 16.7 | 19.9 | 0.5 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 29.2 | 30.9 | 34.0 | 33.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expense (income), net | (7.4) | (3.3) | (3.3) | (3.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 67.4 | 60.7 | 66.5 | 68.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 78.2 | 77.9 | 80.8 | 84.0 |
|  Adjusted EBITDA (non-GAAP) | $358.1 | $352.4 | $367.5 | $365.1 |
|  Total Debt |  |  |  | $3781.1 |
|  Less: Cash and cash equivalents |  |  |  | 536.3 |
|  Net Debt |  |  |  | $3244.8 |
|  Net Debt to Adjusted EBITDA LTM\* (non-GAAP) |  |  |  | 2.2 |

---

\*LTM = Last twelve months (4Q24 to 3Q25)

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**A-8** 

**AVERY DENNISON CORPORATION** 

**PRELIMINARY SUPPLEMENTARY INFORMATION** 

**(UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **Sep. 27, 2025** | **Three Months Ended**<br> **Sep. 27, 2025** | **Three Months Ended**<br> **Sep. 27, 2025** |
| | **Total<br>Company** | **Materials<br>Group** | **Solutions<br>Group** |
|  **Reconciliation of non-GAAP organic sales change from GAAP:** |  |  |  |
|  Reported net sales change | 1.5% | 1.2% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification of sales between segments |  | (0.8%) | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1.7%) | (2.3%) | (0.3%) |
|  Sales change ex. currency (non-GAAP)<sup>(1)</sup> | (0.2%) | (1.9%) | 3.6% |
|  Organic sales change (non-GAAP)<sup>(1)</sup> | (0.2%) | (1.9%) | 3.6% |

---

<sup>(1)</sup> Totals may not sum due to rounding. 

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **Sep. 27, 2025** | **Nine Months Ended**<br> **Sep. 27, 2025** | **Nine Months Ended**<br> **Sep. 27, 2025** |
| | **Total<br>Company** | **Materials<br>Group** | **Solutions<br>Group** |
|  **Reconciliation of non-GAAP organic sales change from GAAP:** |  |  |  |
|  Reported net sales change | 0.2% | 0.1% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification of sales between segments |  | (0.7%) | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 0.1% | --- | 0.4% |
|  Sales change ex. currency (non-GAAP)<sup>(1)</sup> | 0.3% | (0.6%) | 2.6% |
|  Organic sales change (non-GAAP)<sup>(1)</sup> | 0.3% | (0.6%) | 2.6% |

---

<sup>(1)</sup> Totals may not sum due to rounding.

## Exhibit 99.2

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Exhibit 99.2 Third Quarter 2025 Financial Review and Analysis (preliminary, unaudited) October 22, 2025 Supplemental Presentation Materials Unless otherwise indicated, comparisons are to the same period in the prior year. October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 1

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Safe Harbor Statement 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. October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 2

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Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP ﬁnancial measures as deﬁned by SEC rules. We report our ﬁnancial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP ﬁnancial measures. These non-GAAP ﬁnancial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP ﬁnancial measures. These non-GAAP ﬁnancial measures are intended to supplement the presentation of our ﬁnancial results prepared in accordance with GAAP. We use these non-GAAP ﬁnancial measures internally to evaluate trends in our underlying performance, as well as to facilitate 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 October 22, 2025). 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, the 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 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 that began on December 29, 2024 will end 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 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 projected full-year GAAP tax rate, adjusted to exclude certain unusual or infrequent events that are expected to signiﬁcantly impact that rate, such as effects of certain discrete tax planning actions, impacts related to enactments of 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. • 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. 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. October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 3

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Delivered another solid quarter in a dynamic environment Q3 adj. EPS (non-GAAP) of $2.37, up 2% and above midpoint Performance reﬂects strength and durability of franchise; expanded adj. EBITDA margin (non-GAAP) as we execute our strategies ● High-value categories (HVC) up LSD with strong growth in Embelex and Vestcom ● Delivering productivity to protect and expand margins in the base Executing our balanced capital allocation strategy: HVC M&A and returning cash to shareholders ● Strong FCF generation of ~$269 mil. in Q3 ● Completed Taylor Adhesives acquisition for $390 mil., adding to Materials Group HVC portfolio ● Share repurchases of ~$450 mil. and ~$215 mil. dividends YTD In Q4, expect earnings growth at the midpoint, with adj. EPS of $2.35 to $2.45 October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 4 Note: LSD/MSD/HSD = low, mid or high single digit %

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Third quarter 2025 ﬁnancial review Reported operating income of $264 mil. ● Adj. EBITDA margin of 16.5%, up 10 bps Net sales of $2.2 bil. ● Adj. operating margin (non-GAAP) of 12.7%, down 10 bps Sales on an organic basis (non-GAAP) comparable to prior year Strong adj. FCF (non-GAAP) of $269 mil. Returned $167 mil. to shareholders through share repurchases and dividends Reported EPS of $2.13 Maintained strong balance sheet; continuing Adj. EPS of $2.37, up 2% versus prior year to deploy capital in disciplined manner ● Net debt to adj. EBITDA ratio (non-GAAP) of 2.2 October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 5

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Third quarter 2025 segment review Materials Group continues to deliver strong margins driven largely by productivity ● Organic sales down ~2% ○ Volume/mix up modestly, which was more than offset by deﬂation-related price reductions ● Strong adj. EBITDA margin of 17.5%, up 50 bps vs. PY Solutions Group delivered solid top-and bottom-line results despite continued uncertainty ● Organic sales up ~4%, driven by HSD growth in high-value categories ● Solid adj. EBITDA margin of 17.0%, down 90 bps vs. PY High-value categories delivered sales of ~$1.0 bil., up LSD organically ● Enterprise-wide Intelligent Labels up LSD, improving from ﬂat growth in Q2 ● Embelex and Vestcom both up more than 10% ● Materials high-value categories down LSD, expecting to return to growth in Q4 Base categories delivered sales of ~$1.2 bil., down LSD organically October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 6 Note: LSD/MSD/HSD = low, mid or high single digit %

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Trade policy continues to limit visibility Successfully offsetting direct tariff impacts ● Vast majority (~90%) of global material cost not subject to tariffs Apparel Categories Sales vs. PY Base High-value ● Pricing actions and procurement initiatives offsetting tariff cost increases (largely in North America) Indirect tariff impact improved sequentially, but overall uncertainty remains ● ~70% of Solutions Group sales are in tariff-impacted apparel and general retail end markets ○ In Q3, overall apparel categories were up ~3%, improving from down ~6% in Q2; base apparel remains muted (down LSD) ○ Embelex up more than 10%, apparel IL up MSD ● Uneven customer order patterns limiting visibility in near term October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 7

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Quarterly sales trend analysis 3Q24 4Q24 1Q25 2Q25 3Q25 Reported Sales Change 4.1% 3.6% (0.1%) (0.7%) 1.5% Organic Sales Change 4.3% 3.3% 2.3% (1.0%) (0.2%) Acquisitions/Divestitures 0.3% 0.2% - - - (1) Sales Change ex. Currency (Non-GAAP) 4.7% 3.5% 2.3% (1.0%) (0.2%) Currency Translation (0.6%) 0.1% (2.5%) 0.3% 1.7% (1) Reported Sales Change 4.1% 3.6% (0.1%) (0.7%) 1.5% (1) Totals may not sum due to rounding October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 8

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Quarterly sales trend analysis (cont.) Organic Sales Change 3Q24 4Q24 1Q25 2Q25 3Q25 Materials Group 3.6% 3.7% 1.2% (1.0%) (1.9%) Solutions Group 6.0% 2.6% 4.9% (0.8%) 3.6% Total Company 4.3% 3.3% 2.3% (1.0%) (0.2%) Total Company 4.7% 3.5% 2.3% (1.0%) (0.2%) Sales Change Ex. Currency October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 9

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Third quarter 2025 sales and margin comparisons Sales Change Reported Ex. Currency Organic 1.2% (1.9%) (1.9%) Materials Group 2.0% 3.6% 3.6% Solutions Group 1.5% (0.2%) (0.2%) Total Company Reported Adjusted Adjusted Operating Margin Operating Margin EBITDA Margin 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 Materials Group 14.3% 14.5% 15.2% 14.8% 17.5% 17.0% Solutions Group 9.7% 9.7% 10.0% 11.3% 17.0% 17.9% Total Company 11.9% 12.1% 12.7% 12.8% 16.5% 16.4% October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 10

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Third Quarter 2025 Results Materials Group 2024 Sales by Product Reported sales increased 1.2% to $1.5 bil. Label Materials Sales down 1.9% organically High-value Graphics & Reﬂectives ● Modest volume/mix growth more than offset by Categories Performance Tapes & Medical deﬂation-related price reductions 36% Other ● Both high-value categories (incl. Intelligent Labels) and base down LSD ● Graphics and Reﬂectives down LSD; Performance Tapes and Medical down MSD Reported operating margin of 14.3% 2024 Sales by Geography ● Adj. operating margin of 15.2%, up 40 bps ● Adj. EBITDA margin of 17.5%, up 50 bps U.S. & Canada Emerging Markets ○ Margin expansion driven primarily by Western Europe beneﬁts from productivity 38% E. Europe & MENA Asia Paciﬁc Latin America October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 11 Est. End Market Product Category

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Third Quarter 2025 Results Solutions Group 2024 Sales by Product Reported sales increased 2.0% to $700 mil. Base Solutions Sales up 3.6% organically High-value Intelligent Labels (IL) Categories ● High-value categories (incl. Intelligent Labels) up HSD Vestcom 59% ○ IL up MSD; Vestcom and Embelex both up more Ext. Embellishments (Embelex) than 10% ● Base categories down LSD ● Overall apparel categories up LSD Reported operating margin of 9.7% ● Adj. operating margin of 10.0%, down 130 bps 2024 Sales by Geography ● Adj. EBITDA margin of 17.0%, down 90 bps U.S. & Canada ○ Beneﬁts from productivity and higher volume Europe more than offset by higher employee-related Asia Paciﬁc costs Latin America October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 12 Est. End Market Product Category

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Enterprise-wide Intelligent Labels 2024 Sales by category Overall Results Apparel ● Q3 sales up LSD General Retail ○ Apparel/General retail categories up LSD vs. PY ○ Other categories up MSD vs. PY Food & Logistics $0.9B Key End Market Insights All Other Apparel and General Retail: ● Tariff uncertainty still impacting business, particularly in general retail Food & Logistics: Sales vs. PY ● Food: Signiﬁcant growth continues; ﬁrst bakery rollout progressing well, with strong pipeline momentum ○ Another large U.S. grocer moving forward with rollout in bakery, meat, and deli ● Logistics: Modest decline, strong market share, continue to see strong pipeline opportunities Forward View ● Tariff uncertainty will continue; planned rollouts remain largely Apparel/Gen. Retail Food, Logistics, Other Enterprise IL on track; targeting to maintain/expand share October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 13

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Q4 2025 EPS Guidance Low High Reported EPS $2.15 $2.25 Est. restructuring costs and other items ~$0.20 ~$0.20 Adjusted EPS $2.35 $2.45 In Q4, anticipate adj. EPS to be up slightly sequentially and compared to prior year ● Reported sales growth of 5-7%, including ~2% tailwind from currency translation at recent rates, and ~2% impact from the extra days ■ Sales growth ex. currency of 1-3%, organic sales change of 0-2% ● Macro uncertainty remains elevated; continuing to drive key initiatives to accelerate proﬁtable growth Additional full-year considerations ● Currency translation tailwind to operating income of ~$5 mil. (previously ~$7 mil. tailwind) ● Incremental savings from net restructuring actions of ~$60 mil. (previously ~$50 mil.) ● Targeting ~100% adj. FCF conversion; ﬁxed and IT capital spend of ~$220 mil. (previously ~$240 mil.) ● Interest expense of ~$135 mil.; non-op. int. income of ~$13 mil.; adj. tax rate (non-GAAP) of ~26% October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 14

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Appendix September 18, 2024 Avery Dennison 2024 Investor Day 15 Classiﬁcation: Avery Dennison - Secret

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Apparel Broad exposure to diverse end markets across portfolio General industrial, Est. 2024 Sales by End Market building and construction, electronics, automotive, appliances/whitegoods, Food, home and Industrial/ architecture, corporate personal care, beer Durable branding and signage and beverage, wine and spirits, pharmaceuticals, Non- 60%+ medical/healthcare durable Broad retail apparel globally, Goods Staples across all categories (e.g., performance, contemporary, value, premium, and fast fashion) Logistics Variable information/ identiﬁcation for ecommerce, general industrial and parcels October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 16

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Rest of LATAM Mexico Diversiﬁed geographic exposure, a competitive strength ~16% China 2024 Sales by Manufacturing Location Rest of Asia Paciﬁc ~16%● Vast majority of U.S.-produced sales is U.S. for domestic consumption ~30% ● Nearly all U.S./Canada/Mexico import/exports are USMCA compliant $8.8B (including RFID inlays) ● ~$1.4B of AVY sales are produced in China; ~$450M estimated for export to Canada U.S. market (largely apparel) U.S. Western Europe ~25% October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and analysis 17 EEMEA

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averydennison.com #MakingPossible© 2025 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 October 22, 2025 Preliminary & unaudited, Q3 2025 ﬁnancial review and anal samply es depict sis ed are ﬁctitious. Any resemblance to actual names is purely coincidental. 18