Dentsply's lenders raise its 2026 leverage cap and tighten other limits

XRAY · Published October 10, 2026 · Filing dated October 9, 2026 · Open the filing ↗

Summary

Debt was $2.22 billion at June 30, above the $1.73 billion stock market value on October 8. By our count, that is about 3.6 times a year of adjusted EBITDA. [C57] Exhibit 99.1, balance sheet debt linesNotes payable and current portion of long-term debt 228 313 Total Current Liabilities 1,185 1,343 Long-term debt 1,996 2,015Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C42] Cover pageAt July 24, 2026, DENTSPLY SIRONA Inc. had 199,353,876 shares of common stock outstanding.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm The main risk is the undisclosed charge, capped at $100 million, near the $104 million of free cash flow from 2025. [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C76] Exhibit 99.1, Cash Flow and LiquidityFull year 2025 free cash flow was $104 million, as compared to $281 million in the prior year.Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm On the other side, fees were small and first-half adjusted EBITDA covered net interest about 6.9 times. [C23] Exhibit 4.2, Section 4 conditions, amendment feeeach Noteholder shall have received an amendment fee of 0.25% (25 bps) of the principal amount of Notes held by such NoteholderExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C24] Exhibit 4.2, Section 3 fees to lendersan upfront fee for each lender of an amount not to exceed 0.10% of the aggregate commitments of such lender in consideration of its agreement to the Revolver AmendmentExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C67] Exhibit 99.1, statement of operationsInterest expense, net 22 24 46 43Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm The higher caps apply only to the September and December 2026 tests. The add-back covers costs booked in those quarters. Because lenders measure four quarters of earnings, it keeps counting in tests into 2027. [C2] Item 1.01, list of changes (i)(i) increase the maximum permitted Total Leverage Ratio and the maximum permitted Senior Leverage Ratio, in each case for the fiscal quarters ending September 30, 2026 and December 31, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C94] Exhibit 4.1, Section 6.07(a) definitionof (i) Consolidated Debt of the Company and its Subsidiaries to (ii) Consolidated EBITDA for the immediately preceding consecutive four fiscal quarter period then endedExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Limits on liens, subsidiary debt and payouts last until its 2026 compliance certificate, likely early 2027. The cap falls to 3.75 times at March 31, 2027. Third-quarter results, likely in early November, come first. [C3] Item 1.01, list of changes (iii)(iii) until the delivery of a compliance certificate with respect to the fiscal year ending December 31, 2026, (A) generally prohibit new liens and new subsidiary debt, other than those existing before September 30, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C13] Exhibit 4.1, definition of Specified Periodending on the date on which the Company delivers to the Administrative Agent the certificate of a Financial Officer of the Company in connection with the financial statements required to be delivered pursuant to Section 5.09(b) for the fiscal year ending December 31, 2026Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [W01] Company release, October 8, 2025on Thursday, November 6, 2025, at 8:30 am ET to review its financial results for the third quarter of fiscal year 2025globenewswire.com · Read October 10, 2026Open source ↗https://www.globenewswire.com/news-release/2025/10/08/3163742/0/en/Dentsply-Sirona-to-Host-Third-Quarter-Conference-Call-on-November-6th.html

A dental leader in a sales slump, already under lender watch

Dentsply Sirona calls itself the world's largest diversified maker of dental products and technology. Dealers are its biggest buyers, and Henry Schein alone took 13% of 2025 sales. [C68] Exhibit 99.1, About Dentsply SironaDentsply Sirona is the world's largest diversified manufacturer of professional dental products and technologiesDentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C84] Item 1, customersHenry Schein, Inc. 13% Less than 10% Patterson Companies, Inc. Less than 10% 11%Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm The annual report says no single rival makes its full range. [C85] Item 1, Competitionno single competitor produces the breadth of products that are produced by Dentsply SironaDentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm

Sales fell 3.0% in 2025, to $3.68 billion. The company lost $598 million, after $650 million of write-downs on past deals. [C74] Exhibit 99.1, Q4 and FY 2025 reported summaryNet Sales $961 $905 6.2% $3,680 $3,793 (3.0%)Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C75] Exhibit 99.1, Q4 and FY 2025 reported summaryNet (Loss) Attributable to Dentsply Sirona ($146) ($430) NM ($598) ($910) NMDentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C81] Exhibit 99.2, twelve months 2025 reconciliationGoodwill and Intangible Asset Impairments - 650 30 620 3.10Dentsply Sirona updated non-GAAP reconciliations (Exhibit 99.2 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex992.htm Second-quarter 2026 sales fell 4.1%, to $898 million, or 6.3% without currency moves. Orthodontic and implant sales dropped 13.2%. [C59] Exhibit 99.1, Q2 2026 reported summary tableNet Sales $898 $936 (4.1%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C60] Exhibit 99.1, Q2 2026 non-GAAP summary tableConstant Currency Sales (6.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C61] Exhibit 99.1, net sales by segmentOrthodontic and Implant Solutions 197 226 (13.2)%Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm Second-quarter adjusted EBITDA fell to $190 million from $197 million. First-quarter adjusted EBITDA fell to $129 million from $168 million. [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm

Chief executive Dan Scavilla runs a plan the company calls Return-to-Growth. The board ended the dividend on February 23, 2026, to put the cash toward debt and buybacks. [C70] Exhibit 99.1, chief executive's statement2026 continues to be a year of decisive action as we execute our Return-to-Growth Action PlanDentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C71] Exhibit 99.1, chief executive's statementsaid Dan Scavilla, President and Chief Executive Officer of Dentsply SironaDentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C35] Liquidity and Capital Resources, dividendsOn February 23, 2026, the Company's Board of Directors eliminated the declaration of quarterly dividends on the Company's common stock starting in the quarter ending March 31, 2026.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C78] Exhibit 99.1, News SummaryInitiated new capital allocation strategy by eliminating the dividend and redeploying capital toward debt retirement and share repurchasesDentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm A cost plan approved on February 24 should cost $60 million to $65 million and save about $120 million a year. [C38] Restructuring PlansOn February 24, 2026, the Company's Board of Directors approved a new restructuring planDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C39] Restructuring Plans, expected chargesIn total, the Company expects to incur non-recurring charges in the approximate range of $60 million to $65 million related to the 2026 PlanDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C40] Restructuring Plans, expected savingsThe 2026 Plan is anticipated to result in approximately $120 million in annualized cost savings.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm

Lenders were already watching when they reset the limits on December 24, 2025. That deal set a cap of 4.25 times through June 2026, then 4.00 times for the September and December quarters. [C89] Note 14, covenantsOn December 24, 2025, these covenants were amended to permit higher leverage levelsDentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm [C28] December 2025 8-K, Item 1.01 leverage covenantnot exceed 4.25 to 1.00 for the immediately preceding consecutive four fiscal quarter period ending December 31, 2025, March 31, 2026 and June 30, 2026, 4.00 to 1.00 for the quarters ending September 30, 2026 and December 31, 2026Dentsply Sirona Form 8-K on the December 2025 covenant amendments, filed December 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/xray-20251224.htm It also limited payouts and capped add-backs for cost cuts. Dentsply said it met all its debt rules at June 30, 2026. [C29] December 2025 8-K, Item 1.01 payout covenantadd a new covenant prohibiting Restricted Payments (as defined), subject to specified exceptionsDentsply Sirona Form 8-K on the December 2025 covenant amendments, filed December 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/xray-20251224.htm [C16] Exhibit 4.1, definition of EBITDA, clause (g) efficiency add-back capfor the fiscal quarters ending December 31, 2025 through and including the December 31, 2026, $75,000,000 in the aggregate for all such fiscal quartersExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C32] Note 12, Financing ArrangementsAt June 30, 2026, the Company was in compliance with all of its covenants.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm

Its $700 million bank credit line is unsecured and runs to May 2028. At June 30 nothing was drawn on it. It did back $35 million of commercial paper, which is short-term IOUs sold to investors, leaving $665 million free. [C34] Note 12, Financing ArrangementsThe Company has a five-year senior unsecured multi-currency revolving facility, for an aggregate principal amount of $700 million, that expires on May 12, 2028.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C33] Liquidity and Capital ResourcesThe Company had $35 million in outstanding borrowings under the commercial paper facility at June 30, 2026, resulting in $665 million remaining available under the revolving credit and commercial paper facilities.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm Senior debt is the debt paid first. Below it sit $550 million of junior notes due 2055 that pay 8.375%. The senior leverage test leaves them out. [C83] Liquidity, 2025 financingthe Company issued $550 million aggregate principal amount of 8.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm [C9] Exhibit 4.1, Section 6.07(b) definitionConsolidated Debt (excluding Subordinated Indebtedness) of the Company and its SubsidiariesExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C19] Exhibit 4.1, Section 1.05 status of obligationsto enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated IndebtednessExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm About $198 million of euro and Swiss franc notes were due in August 2026, at year-end 2025 exchange rates. [C82] Note 14, long-term debt table1.0% Private placement notes 58 million Swiss franc 73 64 August 2026 2.3% Private placement notes 106 million euros 125 110 August 2026Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm

The stock has slid. In early August, shares withheld for an officer's taxes were valued at $12.12. The stock closed 28% lower, at $8.68, on October 8. [C90] Form 4, footnote F1Shares withheld to cover taxes related to the vesting of the reporting person's Restricted Stock Units and dividend equivalent units previously reported in Table I.Form 4 for officer Andrea Frohning, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000266/form4.xml [C91] Form 4, Table I price per share<value>12.12</value>Form 4 for officer Andrea Frohning, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000266/form4.xml [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ Management spoke at the Baird health-care conference on September 15, when the stock closed at $9.85. It has fallen 11.9% since then, while the health-care sector fund rose 0.3%. [W02] Company release, September 3, 2026Management is scheduled to present on Tuesday, September 15, 2026, at 11:25 a.m. ET.globenewswire.com · Read October 10, 2026Open source ↗https://www.globenewswire.com/news-release/2026/09/03/3356274/0/en/dentsply-sirona-to-participate-in-the-baird-2026-global-healthcare-conference.html [P02] IEX close, September 15, 2026XRAY closed at $9.85 on September 15, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P03] IEX close, September 15, 2026XLV closed at $167.68 on September 15, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P04] IEX close, October 8, 2026XLV closed at $168.14 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ Peers Envista, Align Technology and Henry Schein fell less. [P05] IEX close, September 15, 2026NVST closed at $24.74 on September 15, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P06] IEX close, October 8, 2026NVST closed at $22.71 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P07] IEX close, September 15, 2026ALGN closed at $147.115 on September 15, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P08] IEX close, October 8, 2026ALGN closed at $140.95 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P09] IEX close, September 15, 2026HSIC closed at $87.5 on September 15, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P10] IEX close, October 8, 2026HSIC closed at $84.58 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ Since the quarterly report, insiders filed a tax withholding, an option grant to finance chief John Fortson and phantom stock for a director. Phantom stock here is a director's deferred pay, tracked in units that follow the share price. None was a purchase or sale in the market. [C90] Form 4, footnote F1Shares withheld to cover taxes related to the vesting of the reporting person's Restricted Stock Units and dividend equivalent units previously reported in Table I.Form 4 for officer Andrea Frohning, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000266/form4.xml [C6] Signature blockJohn C. Fortson Executive Vice President and Chief Financial Officer Date: October 9, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C92] Form 4, footnote F2with an exercise price equal to 110% of the closing price of the Issuer's common stock as of the date of grantForm 4 for finance chief John Fortson, filed August 12, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000268/form4.xml [C93] Form 4, security title and footnote F1Each share of phantom stock is the economic equivalent of one share of common stock.Form 4 for director Jonathan Mazelsky, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000271/form4.xml

What the lenders gave, what they took, and why

The new grid lifts the total leverage cap to 4.25 times from 4.00. That ratio is debt divided by a year of the lenders' earnings measure. [C94] Exhibit 4.1, Section 6.07(a) definitionof (i) Consolidated Debt of the Company and its Subsidiaries to (ii) Consolidated EBITDA for the immediately preceding consecutive four fiscal quarter period then endedExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C28] December 2025 8-K, Item 1.01 leverage covenantnot exceed 4.25 to 1.00 for the immediately preceding consecutive four fiscal quarter period ending December 31, 2025, March 31, 2026 and June 30, 2026, 4.00 to 1.00 for the quarters ending September 30, 2026 and December 31, 2026Dentsply Sirona Form 8-K on the December 2025 covenant amendments, filed December 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/xray-20251224.htm The higher cap covers September 30 and December 31, 2026. It then drops to 3.75 times in March 2027 and to 3.50 times from September 2027. [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Senior debt leaves out the junior notes, and its cap rises to 3.25 times from 3.00. Earnings must still cover interest at least 3.0 times. [C8] Exhibit 4.1, Section 6.07(b) senior leverage grid (marked changes: 3.00 struck, 3.25 inserted)Fiscal Quarter Ending Senior Leverage Ratio December 31, 2025 3.25 to 1.00 March 31, 2026 3.25 to 1.00 June 30, 2026 3.25 to 1.00 September 30, 2026 3.003.25 to 1.00 December 31, 2026 3.003.25 to 1.00 March 31, 2027 2.75 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C9] Exhibit 4.1, Section 6.07(b) definitionConsolidated Debt (excluding Subordinated Indebtedness) of the Company and its SubsidiariesExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C10] Exhibit 4.1, Section 6.07(c) interest coverageto the sum of interest payable on, and amortization of debt discount in respect of, Consolidated Debt during such period by the Company and its Subsidiaries of not less than 3.00 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

The add-back may matter as much as the cap. Lenders will count up to $100 million of cash costs from the September and December quarters as if they had not happened. [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm That $100 million is about 16% of the roughly $621 million of adjusted EBITDA over the past year. It nearly equals the $104 million of free cash flow from 2025. It is also 5.8% of the $1.73 billion stock market value. [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C76] Exhibit 99.1, Cash Flow and LiquidityFull year 2025 free cash flow was $104 million, as compared to $281 million in the prior year.Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C42] Cover pageAt July 24, 2026, DENTSPLY SIRONA Inc. had 199,353,876 shares of common stock outstanding.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ The costs tie to a matter defined in a private letter to the bank agent. The public filing calls them only certain cash charges. [C15] Exhibit 4.1, definition of Specified Addback Matteras defined in that certain letter agreement, dated as of the Amendment No. 3 Effective Date, delivered by the Company to the Administrative AgentExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C95] Item 1.01, list of changes (ii)(ii) permit an additional addback to EBITDA for certain cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm This is on top of a $75 million add-back for cost cuts from December 2025 through December 2026. The filings do not say how much of that $75 million is used. [C16] Exhibit 4.1, definition of EBITDA, clause (g) efficiency add-back capfor the fiscal quarters ending December 31, 2025 through and including the December 31, 2026, $75,000,000 in the aggregate for all such fiscal quartersExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm By June 30 the 2026 cost plan alone had booked $57 million of charges. So little of the $75 million is likely left. [C102] Restructuring Plans, charges to dateAs of June 30, 2026, the Company has incurred $57 million in non-recurring restructuring chargesDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C16] Exhibit 4.1, definition of EBITDA, clause (g) efficiency add-back capfor the fiscal quarters ending December 31, 2025 through and including the December 31, 2026, $75,000,000 in the aggregate for all such fiscal quartersExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm The quarterly report lists open tax and legal cases. One is an American tax claim tied to a $451 million payout. Another is a Frankfurt prosecutor's probe of loans between company units. [C49] Note 14, tax examinationthe proposed adjustment would result in the Company owing additional federal income taxes on a distribution of $451 million related to a stock redemptionDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C50] Note 14, German investigationThe General Public Prosecutor's Office Frankfurt am Main is investigating a series of intercompany loans implemented in 2016 and 2017Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm No filing we read links either case to the add-back. [C15] Exhibit 4.1, definition of Specified Addback Matteras defined in that certain letter agreement, dated as of the Amendment No. 3 Effective Date, delivered by the Company to the Administrative AgentExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

In return, Dentsply accepts new limits until it sends lenders its 2026 compliance certificate. That is the yearly report showing it met its limits. [C3] Item 1.01, list of changes (iii)(iii) until the delivery of a compliance certificate with respect to the fiscal year ending December 31, 2026, (A) generally prohibit new liens and new subsidiary debt, other than those existing before September 30, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C13] Exhibit 4.1, definition of Specified Periodending on the date on which the Company delivers to the Administrative Agent the certificate of a Financial Officer of the Company in connection with the financial statements required to be delivered pursuant to Section 5.09(b) for the fiscal year ending December 31, 2026Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Until then, it generally may not grant new liens, which are pledges of assets to a lender. Its subsidiaries may not add new debt beyond what they had before September 30. Local working-capital lines up to $15 million are the exception. [C3] Item 1.01, list of changes (iii)(iii) until the delivery of a compliance certificate with respect to the fiscal year ending December 31, 2026, (A) generally prohibit new liens and new subsidiary debt, other than those existing before September 30, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C18] Exhibit 4.1, Section 6.04(d) subsidiary debtno Debt shall be permitted pursuant to this clause (d) during the Specified Period, other than Debt existing immediately prior to the commencement of the Specified Period or incurred pursuant to the local working capital facilities, in an aggregate outstanding principal amount not to exceed $15,000,000 at any timeExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Dividends and buybacks are capped at $25 million a quarter during that time. More is allowed only if leverage is 3.25 times or less after the payment. Under the December 2025 terms, payouts needed only the absence of a default. [C11] Exhibit 4.1, Section 6.08(c) payout basketduring the Specified Period, the Company may declare and make Restricted Payments (whether in the form of cash dividends or other cash distributions with respect to its equity interests, purchases, redemptions or other acquisitions of any equity interests of the Company, or any combination thereof) in an aggregate amount for all such Restricted Payments made pursuant to this clause (c) not to exceed $25,000,000 in any fiscal quarterExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C12] Exhibit 4.1, Section 6.08(d) leverage test for other payoutsthe Company may declare and make any other Restricted Payment, so long as (i) during the Specified Period, immediately before and after giving pro forma effect to such Restricted Payment, the Total Leverage Ratio does not exceed 3.25 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C30] December 2025 Exhibit 4.1, restricted payments clause (c)the Company may declare and make any other Restricted Payment, so long as no Event of Default shall have occurred and be continuing at the time of such declaration or payment thereof or would result therefromExhibit 4.1 to the December 31, 2025 Form 8-K: Second Amendment to Credit AgreementOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/exhibit41amendment.htm The cap costs holders little today. The dividend is gone, and second-quarter buybacks cost about $12 million. [C35] Liquidity and Capital Resources, dividendsOn February 23, 2026, the Company's Board of Directors eliminated the declaration of quarterly dividends on the Company's common stock starting in the quarter ending March 31, 2026.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C36] Liquidity and Capital Resources, buybacksFor the three and six months ended June 30, 2026, the Company repurchased approximately 1.3 million outstanding shares of common stock through open market purchases at a cost of approximately $12 million.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm Until the 2026 year-end certificate, buybacks beyond $25 million a quarter need leverage of 3.25 times or less. So most of the remaining $1.177 billion buyback approval should stay idle until early 2027. [C100] Part II, Item 2, buyback table (dollars in millions)May 1, 2026 to May 31, 2026 1.3 $9.94 1.3 $1,177 June 1, 2026 to June 30, 2026 - - - $1,177Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C11] Exhibit 4.1, Section 6.08(c) payout basketduring the Specified Period, the Company may declare and make Restricted Payments (whether in the form of cash dividends or other cash distributions with respect to its equity interests, purchases, redemptions or other acquisitions of any equity interests of the Company, or any combination thereof) in an aggregate amount for all such Restricted Payments made pursuant to this clause (c) not to exceed $25,000,000 in any fiscal quarterExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C12] Exhibit 4.1, Section 6.08(d) leverage test for other payoutsthe Company may declare and make any other Restricted Payment, so long as (i) during the Specified Period, immediately before and after giving pro forma effect to such Restricted Payment, the Total Leverage Ratio does not exceed 3.25 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C13] Exhibit 4.1, definition of Specified Periodending on the date on which the Company delivers to the Administrative Agent the certificate of a Financial Officer of the Company in connection with the financial statements required to be delivered pursuant to Section 5.09(b) for the fiscal year ending December 31, 2026Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

The note deals raise the extra interest owed when leverage is high. Each tier now costs a quarter point more. [C20] Exhibit 4.2, Section 1.3 leverage step-up (marked changes)(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.500.75% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.250.50% per annumExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C21] Exhibit 4.3, Section 1.4 leverage step-up (marked changes)(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.500.75% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.250.50% per annumExhibit 4.3 to the October 9, 2026 Form 8-K: Note Purchase and Guarantee Agreement Amendment No. 5 (2016 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex43-fifthamendmenttonot.htm [C22] Exhibit 4.4, Section 1.3 leverage step-up (marked changes)(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.500.75% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.250.50% per annumExhibit 4.4 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2019 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex44-fifthamendmenttonot.htm [C96] December 2025 Exhibit 4.2, Section 1.3 leverage step-up before this amendment(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.50% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.25% per annumExhibit 4.2 to the December 31, 2025 Form 8-K: Note Purchase Agreement Amendment No. 4Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/exhibit42amendment.htm At 4.00 times or more, notes pay 0.75 point more a year, up from 0.50. Between 3.75 and 4.00 times, they pay 0.50 point more, up from 0.25. [C96] December 2025 Exhibit 4.2, Section 1.3 leverage step-up before this amendment(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.50% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.25% per annumExhibit 4.2 to the December 31, 2025 Form 8-K: Note Purchase Agreement Amendment No. 4Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/exhibit42amendment.htm [C20] Exhibit 4.2, Section 1.3 leverage step-up (marked changes)(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.500.75% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.250.50% per annumExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm Notes pay another 1.25 points if credit ratings fall below investment grade, which the notes set at BBB- or Baa3. Investment grade is the safer end of the rating scale. [C26] Exhibit 4.2, Section 1.2 below-investment-grade step-upeach Note shall bear interest at a rate per annum equal to the Note Rate plus 1.25%Exhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C27] Exhibit 4.2, Schedule B, Investment Grade Ratingmeans a Debt Rating from an Acceptable Rating Agency equal to or higher than (a) BBB- (or the equivalent) by S&P, Fitch, DBRS, Kroll (or any other Acceptable Rating Agency other than Moody's), or (b) Baa3 by Moody'sExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm Noteholders got a one-time fee of 0.25% of principal. Banks got up to 0.10% of their commitments, or at most $0.7 million. [C23] Exhibit 4.2, Section 4 conditions, amendment feeeach Noteholder shall have received an amendment fee of 0.25% (25 bps) of the principal amount of Notes held by such NoteholderExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C24] Exhibit 4.2, Section 3 fees to lendersan upfront fee for each lender of an amount not to exceed 0.10% of the aggregate commitments of such lender in consideration of its agreement to the Revolver AmendmentExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C34] Note 12, Financing ArrangementsThe Company has a five-year senior unsecured multi-currency revolving facility, for an aggregate principal amount of $700 million, that expires on May 12, 2028.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm The credit line adds a new top price tier for ratings of Ba2 or BB and lower. A missing rating also falls in that tier. [C17] Exhibit 4.1, Applicable Rate pricing gridCategory 6: Ba1/BB+ or lower 1.425% 1.425% 0.425% 0.20% Category 7: Ba2/BB or lower 1.625% 1.625% 0.625% 0.25%Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C98] Exhibit 4.1, Applicable Rate, missing-rating rule (marked change: Category 6 struck, 7 inserted)if either Moody's or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 67Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Loans then cost 1.625 points over the Term SOFR benchmark, up from 1.425. The yearly facility fee rises to 0.25% from 0.20%. [C17] Exhibit 4.1, Applicable Rate pricing gridCategory 6: Ba1/BB+ or lower 1.425% 1.425% 0.425% 0.20% Category 7: Ba2/BB or lower 1.625% 1.625% 0.625% 0.25%Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C99] Exhibit 4.1, Section 2.13(b) interestThe Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Rate.Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Noteholders now also get monthly figures on revenue, cash and working capital, the cash tied up in daily operations. That adds to the quarterly calls they won in December 2025. [C25] Exhibit 4.2, Section 7.6 additional reportingmonthly unaudited financial information, in reasonable detail, regarding revenue, liquidity and working capital of the Company and its Subsidiaries for such monthExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C31] December 2025 Exhibit 4.2, noteholder callsthe Company shall offer to host a conference call between holders of Notes and senior management to discuss operating performance and leverageExhibit 4.2 to the December 31, 2025 Form 8-K: Note Purchase Agreement Amendment No. 4Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847925000300/exhibit42amendment.htm

Dentsply does not publish its leverage ratio, so we built a rough gauge. A year of adjusted EBITDA through June was about $621 million. [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm Adjusted EBITDA leaves out interest, taxes, depreciation, amortization and some one-time costs. Debt of $2.22 billion was about 3.6 times that. [C69] Exhibit 99.1, non-GAAP definitionsadjusted EBITDA is computed by further excluding any remaining interest expense, net, income tax expense, depreciation and amortizationDentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C57] Exhibit 99.1, balance sheet debt linesNotes payable and current portion of long-term debt 228 313 Total Current Liabilities 1,185 1,343 Long-term debt 1,996 2,015Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm After subtracting $239 million of cash, the gauge was 3.20 times. [C56] Exhibit 99.1, balance sheetCash and cash equivalents $239 $326Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm The reading is flattered by a one-time gain. Second-quarter results included $44 million of tariff refunds, and the company's adjusted results kept them in. Without them our gauge is about 3.9 times. [C43] Liquidity and Capital Resources, operating cashdriven by higher net income, which included $44 million related to tariff refunds received from the U.S. governmentDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C45] Segment results, Essential Dental SolutionsThe increase in segment adjusted operating income for the three months ended June 30, 2026 is due to tariff refunds, favorable pricing, and favorable headcount costs.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm The September test also swaps out the third quarter of 2025, which we put at $167 million. So leverage rises if the new quarter earns less. [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm The lenders use their own earnings measure with capped add-backs, so the true ratio may differ. On the same rough basis, senior debt was 2.70 times, under its 3.25 cap. [C16] Exhibit 4.1, definition of EBITDA, clause (g) efficiency add-back capfor the fiscal quarters ending December 31, 2025 through and including the December 31, 2026, $75,000,000 in the aggregate for all such fiscal quartersExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C94] Exhibit 4.1, Section 6.07(a) definitionof (i) Consolidated Debt of the Company and its Subsidiaries to (ii) Consolidated EBITDA for the immediately preceding consecutive four fiscal quarter period then endedExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C83] Liquidity, 2025 financingthe Company issued $550 million aggregate principal amount of 8.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm [C8] Exhibit 4.1, Section 6.07(b) senior leverage grid (marked changes: 3.00 struck, 3.25 inserted)Fiscal Quarter Ending Senior Leverage Ratio December 31, 2025 3.25 to 1.00 March 31, 2026 3.25 to 1.00 June 30, 2026 3.25 to 1.00 September 30, 2026 3.003.25 to 1.00 December 31, 2026 3.003.25 to 1.00 March 31, 2027 2.75 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

Reported profit trails adjusted profit. Second-quarter operating income was $82 million by standard accounting and $142 million adjusted. Most of that $60 million gap was $49 million of amortization on past deals. [C63] Exhibit 99.1, Q2 2026 GAAP to non-GAAP reconciliation, reported rowReported $493 $82 $36 $37 $0.18Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C64] Exhibit 99.1, Q2 2026 GAAP to non-GAAP reconciliation, adjusted rowAdjusted $506 $142 $30 $103 $0.52Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C65] Exhibit 99.1, Q2 2026 reconciliation, amortization rowAmortization of Purchased Intangible Assets 12 49 12 37 0.18Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm Net income was $37 million at a 50% tax rate. The tariff refunds lifted gross margin. The company leaves refunds out of its adjusted earnings goal. [C62] Exhibit 99.1, Q2 2026 reported summary tableNet Income (Loss) Attributable to Dentsply Sirona $37 ($45) NMDentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C46] Note 11, Income TaxesThe effective tax rates for the three months ended June 30, 2026 and 2025 were 50.0% and 71.2%, respectively.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C44] Results of Operations, gross profitThe increase in gross profit as a percentage of net sales for the three months ended June 30, 2026 was driven by tariff refunds and favorable foreign currency impacts.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C58] Exhibit 99.1, 2026 OutlookThe Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50. The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm

Cash was $239 million at June 30, but $57 million of it sat in Russia. Currency controls there limit moving it out. [C56] Exhibit 99.1, balance sheetCash and cash equivalents $239 $326Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C101] MD&A, geopolitical conflicts, Russia cashThese net assets include $57 million of cash and cash equivalents held within Russia as of June 30, 2026, as well as inventory and trade accounts receivable. Due to currency control measures imposed by the Russian government, which include restrictions on the ability of companies to repatriate or otherwise remit cash from their Russian-based operations to locations outside of Russia, we continue to be limited in our ability to transfer this cash balance out of Russia without incurring substantial costs.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm Another $665 million was free under the credit line and commercial paper program. [C33] Liquidity and Capital ResourcesThe Company had $35 million in outstanding borrowings under the commercial paper facility at June 30, 2026, resulting in $665 million remaining available under the revolving credit and commercial paper facilities.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm The August notes, about $198 million, fell due in the third quarter. That report will show how they were paid. [C82] Note 14, long-term debt table1.0% Private placement notes 58 million Swiss franc 73 64 August 2026 2.3% Private placement notes 106 million euros 125 110 August 2026Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm Free cash flow is operating cash minus capital spending. It was $104 million in 2025, below $128 million of dividends, which helps explain the dividend cut. [C76] Exhibit 99.1, Cash Flow and LiquidityFull year 2025 free cash flow was $104 million, as compared to $281 million in the prior year.Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C77] Exhibit 99.1, Cash Flow and Liquidityresulting in a total of $128 million returned to shareholders through dividends in 2025Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm In the first half of 2026 it was $43 million, refunds included. Capital spending should be $140 million to $160 million this year. [C80] Exhibit 99.1, Cash Flow and LiquidityFree cash flow, a Non-GAAP measure, in the first quarter of 2026 was ($12) millionDentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C66] Exhibit 99.1, Cash Flow and LiquidityFree cash flow, a Non-GAAP measure, in the second quarter of 2026 was $55 million compared to $16 million in the second quarter of 2025.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C47] Liquidity and Capital Resources, capital spendingThe Company estimates capital expenditures to be in the range of approximately $140 million to $160 million for the full year 2026Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm Interest is well covered. First-half adjusted EBITDA was about 6.9 times net interest cost, against a 3.0 times floor. [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C67] Exhibit 99.1, statement of operationsInterest expense, net 22 24 46 43Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C10] Exhibit 4.1, Section 6.07(c) interest coverageto the sum of interest payable on, and amortization of debt discount in respect of, Consolidated Debt during such period by the Company and its Subsidiaries of not less than 3.00 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

There were 199.4 million shares at July 24 and no preferred stock. At the end of 2025 there were 6.2 million options with an average strike of $19.88, far above the share price. There were also 5.4 million unvested stock units. [C42] Cover pageAt July 24, 2026, DENTSPLY SIRONA Inc. had 199,353,876 shares of common stock outstanding.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C48] Balance sheet, equityPreferred stock, $1.00 par value; 0.25 million shares authorized; no shares issuedDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C87] Stock options tableDecember 31, 2025 6.2 $19.88 $1 1.1 $48.74Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm [C88] Restricted stock units tableUnvested at December 31, 2025 5.4 $19.95Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm The credit line is unsecured, and the lien ban keeps new secured lenders from moving ahead of it. The junior notes rank behind the senior debt. [C34] Note 12, Financing ArrangementsThe Company has a five-year senior unsecured multi-currency revolving facility, for an aggregate principal amount of $700 million, that expires on May 12, 2028.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C3] Item 1.01, list of changes (iii)(iii) until the delivery of a compliance certificate with respect to the fiscal year ending December 31, 2026, (A) generally prohibit new liens and new subsidiary debt, other than those existing before September 30, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [C19] Exhibit 4.1, Section 1.05 status of obligationsto enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated IndebtednessExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

Dentsply's own forward case is a set of goals. In August it kept its 2026 outlook of $3.5 billion to $3.6 billion of sales. It also kept its goal of $1.40 to $1.50 of adjusted earnings per share. [C58] Exhibit 99.1, 2026 OutlookThe Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50. The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm It expects about $120 million of yearly savings from the cost plan but will reinvest part of them. In February it said the plan would redirect about $120 million a year into its growth plan. It says the new terms are meant to keep it within its debt rules. [C40] Restructuring Plans, expected savingsThe 2026 Plan is anticipated to result in approximately $120 million in annualized cost savings.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C41] Restructuring Plans, reinvestmentThe Company intends to reinvest a portion of the anticipated savings in targeted return-to-growth initiativesDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C97] Exhibit 99.1, News Summary, restructuringAnnounced a restructuring initiative to redirect approximately $120 million annually into the Return-to-Growth Action PlanDentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C5] Item 1.01, purposeThe revised terms contained in the amendments described herein are intended to allow the Company to maintain compliance with its debt covenants in all material respects.Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm

The bull case: lenders removed the nearest breach risk through year-end for small fees and rate step-ups. The payout cap barely binds today. [C23] Exhibit 4.2, Section 4 conditions, amendment feeeach Noteholder shall have received an amendment fee of 0.25% (25 bps) of the principal amount of Notes held by such NoteholderExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C24] Exhibit 4.2, Section 3 fees to lendersan upfront fee for each lender of an amount not to exceed 0.10% of the aggregate commitments of such lender in consideration of its agreement to the Revolver AmendmentExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C20] Exhibit 4.2, Section 1.3 leverage step-up (marked changes)(i) if the Total Leverage Ratio is greater than or equal to 4.00 to 1.00, 0.500.75% per annum; (ii) if the Total Leverage Ratio is greater than or equal to 3.75 to 1.00 but less than 4.00 to 1.00, 0.250.50% per annumExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C36] Liquidity and Capital Resources, buybacksFor the three and six months ended June 30, 2026, the Company repurchased approximately 1.3 million outstanding shares of common stock through open market purchases at a cost of approximately $12 million.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C11] Exhibit 4.1, Section 6.08(c) payout basketduring the Specified Period, the Company may declare and make Restricted Payments (whether in the form of cash dividends or other cash distributions with respect to its equity interests, purchases, redemptions or other acquisitions of any equity interests of the Company, or any combination thereof) in an aggregate amount for all such Restricted Payments made pursuant to this clause (c) not to exceed $25,000,000 in any fiscal quarterExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm At $8.68, the stock sold for 5.8 to 6.2 times the adjusted earnings goal. Debt minus cash plus market value was 5.98 times a year of adjusted EBITDA. [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [C58] Exhibit 99.1, 2026 OutlookThe Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50. The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C42] Cover pageAt July 24, 2026, DENTSPLY SIRONA Inc. had 199,353,876 shares of common stock outstanding.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C57] Exhibit 99.1, balance sheet debt linesNotes payable and current portion of long-term debt 228 313 Total Current Liabilities 1,185 1,343 Long-term debt 1,996 2,015Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C56] Exhibit 99.1, balance sheetCash and cash equivalents $239 $326Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C73] Exhibit 99.1, Q4 and FY 2025 non-GAAP summaryAdjusted EBITDA $135 $128 5.3% $667 $631 5.6%Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000072/dentsplysirona8kq42025ex991.htm [C79] Exhibit 99.1, Q1 2026 non-GAAP summaryAdjusted EBITDA $129 $168 (22.8%)Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000147/dentsply8kq12026ex991.htm [C55] Exhibit 99.1, Q2 2026 non-GAAP summary tableAdjusted EBITDA $190 $197 (3.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm If the savings that are not reinvested reach profit, leverage can fall without new shares. The company plans to reinvest part of the roughly $120 million. [C40] Restructuring Plans, expected savingsThe 2026 Plan is anticipated to result in approximately $120 million in annualized cost savings.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C41] Restructuring Plans, reinvestmentThe Company intends to reinvest a portion of the anticipated savings in targeted return-to-growth initiativesDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm

The bear case, strongest point first: the undisclosed charge described above. Earnings are also under strain. Sales fell 6.3% without currency moves, and a refund-aided quarter now sits inside the four quarters lenders measure. [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C15] Exhibit 4.1, definition of Specified Addback Matteras defined in that certain letter agreement, dated as of the Amendment No. 3 Effective Date, delivered by the Company to the Administrative AgentExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C60] Exhibit 99.1, Q2 2026 non-GAAP summary tableConstant Currency Sales (6.3%)Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C43] Liquidity and Capital Resources, operating cashdriven by higher net income, which included $44 million related to tariff refunds received from the U.S. governmentDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C94] Exhibit 4.1, Section 6.07(a) definitionof (i) Consolidated Debt of the Company and its Subsidiaries to (ii) Consolidated EBITDA for the immediately preceding consecutive four fiscal quarter period then endedExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm The higher caps are short. The cap drops to 3.75 times in March 2027, and the add-back for cost cuts ends after December 2026. [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C16] Exhibit 4.1, definition of EBITDA, clause (g) efficiency add-back capfor the fiscal quarters ending December 31, 2025 through and including the December 31, 2026, $75,000,000 in the aggregate for all such fiscal quartersExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm Monthly reports and the lien ban show lenders tightening their grip. [C25] Exhibit 4.2, Section 7.6 additional reportingmonthly unaudited financial information, in reasonable detail, regarding revenue, liquidity and working capital of the Company and its Subsidiaries for such monthExhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C3] Item 1.01, list of changes (iii)(iii) until the delivery of a compliance certificate with respect to the fiscal year ending December 31, 2026, (A) generally prohibit new liens and new subsidiary debt, other than those existing before September 30, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm

The filing came on October 9, and the filings do not show the time of day. The stock traded at $8.835 at 3:59 PM that day, up 1.8% from $8.68 the day before. So we cannot yet tell whether the market has priced in the new terms. [C6] Signature blockJohn C. Fortson Executive Vice President and Chief Financial Officer Date: October 9, 2026Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/xray-20261008.htm [P11] Tiingo IEX trade, 3:59 PM ET, October 9, 2026XRAY traded at $8.835 at 3:59 PM ET on October 9, 2026 (Tiingo IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/ [P01] IEX close, October 8, 2026XRAY closed at $8.68 on October 8, 2026 (IEX)IEX closing prices for XRAYOpen source ↗https://iextrading.com/trading/market-data/

Dentsply has not set its third-quarter results date. Last year it reported on November 6. [W01] Company release, October 8, 2025on Thursday, November 6, 2025, at 8:30 am ET to review its financial results for the third quarter of fiscal year 2025globenewswire.com · Read October 10, 2026Open source ↗https://www.globenewswire.com/news-release/2025/10/08/3163742/0/en/Dentsply-Sirona-to-Host-Third-Quarter-Conference-Call-on-November-6th.html An Italian claimant has until October 27, 2026 to appeal a €28 million claim to Italy's top court. A tribunal and an appeals court already rejected it. [C54] Note 14, Gobbetti appeal deadlinewho will have until October 27, 2026 to appeal to the Supreme Court of CassationDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C51] Note 14, Gobbetti claimseeking a total of €28 millionDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C52] Note 14, Gobbetti arbitrationOn July 22, 2024, the arbitral tribunal rejected all of Mr. Gobbetti's claimsDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm [C53] Note 14, Gobbetti appealon May 26, 2026, the Court of Appeals announced its decision in which it rejected Mr. Gobbetti's appealDentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm The new limits end with the 2026 compliance certificate. The 3.75 times test applies at March 31, 2027. [C13] Exhibit 4.1, definition of Specified Periodending on the date on which the Company delivers to the Administrative Agent the certificate of a Financial Officer of the Company in connection with the financial statements required to be delivered pursuant to Section 5.09(b) for the fiscal year ending December 31, 2026Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm The worry is wrong if third-quarter results show compliance, small add-back costs and an intact outlook. The bull case is wrong if guidance is cut or the add-back nears its $100 million limit. It is also wrong if lenders must reset terms again before the 3.75 times test in March 2027. [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C7] Exhibit 4.1, Section 6.07(a) leverage grid (marked changes: 4.00 struck, 4.25 inserted)Fiscal Quarter Ending Total Leverage Ratio December 31, 2025 4.25 to 1.00 March 31, 2026 4.25 to 1.00 June 30, 2026 4.25 to 1.00 September 30, 2026 4.004.25 to 1.00 December 31, 2026 4.004.25 to 1.00 March 31, 2027 3.75 to 1.00 June 30, 2027 3.75 to 1.00 September 30, 2027 and each fiscal quarter ending thereafter 3.50 to 1.00Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C58] Exhibit 99.1, 2026 OutlookThe Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50. The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm

What is still unknown

No filing says what the add-back matter is, how big the costs will be, or when cash goes out. The only public limit is $100 million. [C15] Exhibit 4.1, definition of Specified Addback Matteras defined in that certain letter agreement, dated as of the Amendment No. 3 Effective Date, delivered by the Company to the Administrative AgentExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm [C14] Exhibit 4.1, definition of EBITDA, clause (h)cash charges or expenses incurred during the fiscal quarters ending September 30, 2026 and December 31, 2026 in connection with the Specified Addback Matter and deducted (not added back) in determining net income (or net loss), in an amount not to exceed $100,000,000 in the aggregateExhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

Dentsply says it complies but gives no ratio or headroom. Our 3.6 times gauge is not the lenders' figure. [C32] Note 12, Financing ArrangementsAt June 30, 2026, the Company was in compliance with all of its covenants.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm

No filing we read gives Dentsply's current ratings. So it is unclear whether the 1.25-point note step-up or the new top bank price tier applies today. [C26] Exhibit 4.2, Section 1.2 below-investment-grade step-upeach Note shall bear interest at a rate per annum equal to the Note Rate plus 1.25%Exhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes)Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex42-fifthamendmenttonot.htm [C17] Exhibit 4.1, Applicable Rate pricing gridCategory 6: Ba1/BB+ or lower 1.425% 1.425% 0.425% 0.20% Category 7: Ba2/BB or lower 1.625% 1.625% 0.625% 0.25%Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changesOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000278/ex41-thirdamendmentto202.htm

The filings do not yet show how the roughly $198 million of August notes were paid. [C82] Note 14, long-term debt table1.0% Private placement notes 58 million Swiss franc 73 64 August 2026 2.3% Private placement notes 106 million euros 125 110 August 2026Dentsply Sirona Form 10-K for 2025, filed February 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm

Of the $239 million of cash, $57 million sat in Russia at June 30, where currency controls limit moving it out. The company does not give the total held outside the United States. [C56] Exhibit 99.1, balance sheetCash and cash equivalents $239 $326Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm [C101] MD&A, geopolitical conflicts, Russia cashThese net assets include $57 million of cash and cash equivalents held within Russia as of June 30, 2026, as well as inventory and trade accounts receivable. Due to currency control measures imposed by the Russian government, which include restrictions on the ability of companies to repatriate or otherwise remit cash from their Russian-based operations to locations outside of Russia, we continue to be limited in our ability to transfer this cash balance out of Russia without incurring substantial costs.Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000255/xray-20260630.htm

The new filing does not update the August goal of $1.40 to $1.50 of adjusted earnings per share. [C58] Exhibit 99.1, 2026 OutlookThe Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50. The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS.Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/818479/000081847926000263/dentsply8kq22026ex991.htm

The question that remains

Will XRAY stock close above $10 at the end of December 2026?

Our call: We say NO

We find out by December 31, 2026.

Sources

Dentsply Sirona Form 8-K on amendments to its credit line and note agreements, filed October 9, 2026 ↗

Exhibit 4.1 to the October 9, 2026 Form 8-K: Third Amendment to Credit Agreement, marked to show changes ↗

Exhibit 4.2 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2015 notes) ↗

Exhibit 4.3 to the October 9, 2026 Form 8-K: Note Purchase and Guarantee Agreement Amendment No. 5 (2016 notes) ↗

Exhibit 4.4 to the October 9, 2026 Form 8-K: Note Purchase Agreement Amendment No. 5 (2019 notes) ↗

Exhibit 4.2 to the December 31, 2025 Form 8-K: Note Purchase Agreement Amendment No. 4 ↗

Dentsply Sirona Form 8-K on the December 2025 covenant amendments, filed December 31, 2025 ↗

Exhibit 4.1 to the December 31, 2025 Form 8-K: Second Amendment to Credit Agreement ↗

Dentsply Sirona Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026 ↗

Dentsply Sirona second-quarter 2026 results release (Exhibit 99.1 to Form 8-K/A), filed August 7, 2026 ↗

Dentsply Sirona fourth-quarter and full-year 2025 results release (Exhibit 99.1 to Form 8-K), filed February 26, 2026 ↗

Dentsply Sirona first-quarter 2026 results release (Exhibit 99.1 to Form 8-K), filed May 5, 2026 ↗

Dentsply Sirona updated non-GAAP reconciliations (Exhibit 99.2 to Form 8-K), filed May 5, 2026 ↗

Dentsply Sirona Form 10-K for 2025, filed February 26, 2026 ↗

Form 4 for officer Andrea Frohning, filed August 11, 2026 ↗

Form 4 for finance chief John Fortson, filed August 12, 2026 ↗

Form 4 for director Jonathan Mazelsky, filed October 2, 2026 ↗

Dentsply Sirona release: third-quarter 2025 conference call set for November 6, 2025 ↗

Dentsply Sirona release: management to present at the Baird 2026 Global Healthcare Conference on September 15, 2026 ↗

IEX closing prices for XRAY ↗

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