Avery Dennison : AVY Presentation for Baird Global Consumer, Technology and Services Conference

Deon Stander, President and Chief Executive Officer

Francisco Melo, President, Solutions Group

Baird 2024 Global Consumer, Technology & Services Conference

June 5, 2024

Conference | June 5, 2024

Forward-Looking Statements

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 impacts to underlying demand for our products from global economic conditions, political uncertainty, and changes in environmental standards and governmental regulations; (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, political and market conditions; changes in political conditions, including those related to 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, tariffs and customer preferences; increasing environmental standards; the impact of competitive products and pricing; execution and integration of acquisitions; selling prices; customer and supplier concentrations or consolidations; financial condition of distributors; outsourced manufacturers; product and
  service quality; restructuring and other productivity actions; timely development and market acceptance of new products, including sustainable or sustainably-sourced products; investment in development activities and new production facilities; successful implementation of new manufacturing technologies and installation of manufacturing equipment; our ability to generate sustained productivity improvement; our ability to achieve and sustain targeted cost reductions; collection of receivables from customers; our sustainability and governance practices; and epidemics, pandemics or other outbreaks of illness
• Information Technology - disruptions in information technology systems, cyber attacks 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; retention of tax incentives; outcome of tax audits; and the realization of deferred tax assets
• Human Capital - recruitment and retention of employees and collective labor arrangements
• Our Indebtedness - credit risks; our ability to obtain adequate financing arrangements and maintain access to capital; fluctuations in interest rates; volatility in financial markets; 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 intellectual property; impact of legal and regulatory proceedings, including with respect to environmental, 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 2023 Form 10-K, filed with the Securities and Exchange Commission on February 21, 2024 and subsequent quarterly reports on Form 10-Q.

The forward-looking statements included in this document are made only as of the date of our most recent earnings release (April 24, 2024), and we undertake no obligation to update these statements to reflect subsequent events or circumstances, other than as may be required by law.

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 comparison to 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.

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Avery Dennison: leader in diverse and growing markets

Sales by Segment(1)

Solutions

Group

Intelligent $8.4B

Labels

Materials

Group

Sales by End Market Category(1)	Sales by Geographic End Market(1)
Staples	Food	Industrial/		Other(2)
~60%		Durable		LATAM
HPC				S. Asia	U.S.
				China	~40%
Beverage		Apparel
			E. Europe
Pharma				& MENA
Oth. Non-			Western
Durable	Discretionary
	Logistics	Europe
	Staples ~20%
		~30%

Healthcare

Avery Dennison is a global materials science and digital identification solutions company that provides a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers.

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1. FY23 sales
2. Includes Australia, Canada, Japan, New Zealand, and South Africa

Continuing to shift our portfolio toward higher value products and solutions…

20102016

High
Value	High
HV	Value	High
HV	Value
~20%	~30%

2023

HV

~43%

Base

Base

Base

…and uniquely positioned to lead at the intersection of the physical and digital

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Intelligent Labels

18%

Organic Sales

CAGR

● Industry-leading position

~$850M

• • Global scale, proprietary technology, innovation and go-to-market team
• Helping address key industry challenges
• • Optimize labor/supply chains, reduce waste, advance sustainability and help brands/consumers better connect
• Continuing to invest to accelerate new category adoptions

Targeting ~20% growth in 2024 as new categories adopt and apparel industry normalizes

5 Baird 2024 Global Consumer, Technology & Services Conference | June 5, 2024

• 2024 Avery Dennison Corporation. All rights reserved. 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 is fictitious. Any resemblance to actual names is purely coincidental.