On this page of StockholderLetter.com we present the latest annual shareholder letter from Avery Dennison Corp — ticker symbol AVY. Reading current and past AVY letters to shareholders can bring important insights into the investment thesis.
2 0 24 2 0 2 5 Sustainability and Annual Reports Notice and Proxy Statement Making Possible

LETTER FROM OUR PRESIDENT & CEO Deon Stander Fellow Stakeholders, Our team at Avery Dennison again delivered strong results across our businesses last year, achieving top- and bottomline growth at the upper end of our guidance and making excellent progress toward our long-term strategic and durability of our portfolio, the resilience of our industryleading market positions, the agility and talent of our global These factors have and will continue to provide us with multiple levers to deliver strong results and compound The strength of our portfolio Our Materials and Solutions Groups both delivered strong top- and bottom-line results, once again demonstrating recovered from downstream inventory destocking, as expected, our relentless focus on productivity drove margin expansion, and our continued investment in innovative materials and digitally enabled packaging solutions delivered strong growth across high-value of delivering GDP-plus growth, margin expansion and top Our base business foundation delivers consistent results and strong cash ow Our leadership position in our base businesses remains productivity initiatives to drive margin improvement and materials innovation initiatives to expand our market share T q business, our focus on material reengineering, lean operating In the Solutions business, with apparel industry volumes having normalized, our apparel growth was strong across all products and solutions that serve our customers evolving needs and create potential new avenues of growth and of our overall portfolio, provides the platform for us to Our ability to continually expand the value proposition of our foundational products is a key to our consistent Catalysts for strong growth and margin expansion in high-value categories into high-value categories that can deliver faster, more further innovation and above-average growth well into specialty and durable labels, industrial tapes, graphics, Embelex, Vestcom and our Intelligent Labels platform, where we are uniquely positioned to enable digital T build on our well-established position in these categories, creating a more differentiated and, ultimately, more valuable O half of our portfolio and have accounted for roughly three percentage points of our organic sales growth annually categories continues to expand, we will continue to invest Solving industry challenges Much of our forward momentum and growth is now driven by strategies focused on solving the new and increasingly Avery Dennison Corporation | 2024 Integrated Report i
accelerating technological change and evolving consumer expectations, our customers are increasingly turning to Avery Dennison for solutions that can optimize their supply chains, reduce waste, advance the sustainability, circularity and transparency of their products, and increase Our efforts in 2024 resulted in new innovations and portfolio extensions that help our customers expand supply chain visibility and reduce waste, extend product performance and lifespan, foster packaging circularity and enable deeper solutions and advanced materials innovations are making ideas and the value we create that we have embedded them q of successful innovation and our path to sustainable long Advancing sustainability Sustainability remains a driver of innovation and operational material circularity, the environmental impact of our to develop differentiated products and solutions that create value for our customers by addressing some of their most environmental impact by eliminating waste and using our ABOUT THIS REPORT ii year advancing our sustainability goals and are largely on Our commitment to making a positive impact on our employees and the communities in which we operate is disaster relief efforts, the Avery Dennison Foundation supports critical community needs worldwide, including Creating long-term stakeholder value exceptional value to all our stakeholders, execute our clear competitive advantages in both our Materials and global team, we are uniquely positioned to unlock substantial growth opportunities in 2025, marking 90 Thank you to our entire Avery Dennison team for their passion and dedication and to you for your interest in ' T report and our 2025 notice and proxy statement and highlights our water are publicly available on our website esg.averydennison.com 2024 Integrated Report | Avery Dennison Corporation
Contents SECTION I i Letter from Our President & CEO ii About This Report 2 Our Company 4 Our Stakeholders 4 Our Values 5 Our Business Strategies 6 G O 7 O Our Strategies in Action 11 Drive outsized growth in high-value categories 13 H 14 Lead at the intersection of the physical and digital 16 Effectively allocate capital and relentlessly focus on productivity 18 Lead in an environmentally and socially responsible manner SECTION II 2024 Annual Report SECTION III 2025 Notice and Proxy Statement Avery Dennison Corporation | 2024 Integrated Report 1
 • shareholder letter icon 3/7/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/14/2023 AVY Stockholder Letter
 • stockholder letter icon 3/11/2024 AVY Stockholder Letter
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 • Benford's Law Stocks icon AVY Benford's Law Stock Score = 92


AVY Shareholder/Stockholder Letter Transcript:

2 0 24
2 0 2 5
Sustainability and
Annual Reports
Notice and
Proxy Statement
Making
Possible



LETTER FROM OUR PRESIDENT & CEO
Deon Stander
Fellow Stakeholders,
Our team at Avery Dennison again delivered strong results
across our businesses last year, achieving top- and bottomline growth at the upper end of our guidance and making
excellent progress toward our long-term strategic and
durability of our portfolio, the resilience of our industryleading market positions, the agility and talent of our global
These factors have and will continue to provide us with
multiple levers to deliver strong results and compound
The strength of our portfolio
Our Materials and Solutions Groups both delivered strong
top- and bottom-line results, once again demonstrating
recovered from downstream inventory destocking, as
expected, our relentless focus on productivity drove
margin expansion, and our continued investment in
innovative materials and digitally enabled packaging
solutions delivered strong growth across high-value

of delivering GDP-plus growth, margin expansion and top

Our base business foundation delivers consistent
results and strong cash    ow
Our leadership position in our base businesses remains
productivity initiatives to drive margin improvement and
materials innovation initiatives to expand our market share
                                                                             T          q                
business, our focus on material reengineering, lean operating

In the Solutions business, with apparel industry volumes
having normalized, our apparel growth was strong across all

products and solutions that serve our customers    evolving
needs and create potential new avenues of growth and
of our overall portfolio, provides the platform for us to
Our ability to continually expand the value proposition
of our foundational products is a key to our consistent
Catalysts for strong growth and margin expansion
in high-value categories
into high-value categories that can deliver faster, more
further innovation and above-average growth well into
specialty and durable labels, industrial tapes, graphics,
Embelex, Vestcom and our Intelligent Labels platform,
where we are uniquely positioned to enable digital
                                                          T                                          
build on our well-established position in these categories,
creating a more differentiated and, ultimately, more valuable
                     O                                                                               
half of our portfolio and have accounted for roughly three
percentage points of our organic sales growth annually
categories continues to expand, we will continue to invest
Solving industry challenges
Much of our forward momentum and growth is now driven
by strategies focused on solving the new and increasingly

Avery Dennison Corporation | 2024 Integrated Report i

accelerating technological change and evolving consumer
expectations, our customers are increasingly turning
to Avery Dennison for solutions that can optimize their
supply chains, reduce waste, advance the sustainability,
circularity and transparency of their products, and increase
Our efforts in 2024 resulted in new innovations and portfolio
extensions that help our customers expand supply chain
visibility and reduce waste, extend product performance
and lifespan, foster packaging circularity and enable deeper
solutions and advanced materials innovations are making
ideas and the value we create that we have embedded them
                               q                                                                                
of successful innovation and our path to sustainable long                                                                                 
Advancing sustainability
Sustainability remains a driver of innovation and operational
material circularity, the environmental impact of our
to develop differentiated products and solutions that create
value for our customers by addressing some of their most

environmental impact by eliminating waste and using our

ABOUT
THIS
REPORT
ii
year advancing our sustainability goals and are largely on

Our commitment to making a positive impact on our
employees and the communities in which we operate is
disaster relief efforts, the Avery Dennison Foundation
supports critical community needs worldwide, including
Creating long-term stakeholder value
exceptional value to all our stakeholders, execute our

clear competitive advantages in both our Materials and

global team, we are uniquely positioned to unlock
substantial growth opportunities in 2025, marking 90
Thank you to our entire Avery Dennison team for their
passion and dedication and to you for your interest in

                                               '                                 T                                                 
report and our 2025 notice and proxy statement and highlights our

water are publicly available on our website esg.averydennison.com  
2024 Integrated Report | Avery Dennison Corporation

Contents
SECTION I
i
Letter from Our President & CEO
ii
About This Report
2
Our Company
4
Our Stakeholders
4
Our Values
5
Our Business Strategies
6
G                 O                  
7
                             O                  
Our Strategies in Action
11
Drive outsized growth in high-value categories
13
H                                                                   
14
Lead at the intersection of the physical and digital
16
Effectively allocate capital and relentlessly
focus on productivity
18
Lead in an environmentally and
socially responsible manner
SECTION II
2024 Annual Report
SECTION III
2025 Notice and Proxy Statement
Avery Dennison Corporation | 2024 Integrated Report 1



shareholder letter icon 3/7/2025 Letter Continued (Full PDF)
 

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