Consumer Cyclicals

“The primary factors affecting this increase were: • Higher volume • Benefits from productivity initiatives, including savings from restructuring actions, net of transition costs • Net benefit of pricing and raw material costs, including material re-engineering • Favorable foreign currency translation These items were partially offset by the following factors: • Unfavorable mix • Higher employee-related costs • Higher provision for income taxes • Higher restructuring charges, net of reversals Cost Reduction Actions 2026 Actions We recorded $34.7 million in restructuring charges during the six months ended June 30, 2026 related to our 2026 actions.”

AVY 10-Q · 2026-08-04

“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”

AVY 10-Q · 2026-08-04

“The indirect impact on demand for our products and solutions as a result of these events, which have resulted in softer consumer volumes, continues to be uncertain and elevated.”

AVY 10-Q · 2026-08-04