On this page of StockholderLetter.com we present the latest annual shareholder letter from NORDSON CORP — ticker symbol NDSN. Reading current and past NDSN letters to shareholders can bring important insights into the investment thesis.

 •  1/16/2026 Letter Continued (Full PDF)
 •  1/27/2023 NDSN Stockholder Letter
 •  1/19/2024 NDSN Stockholder Letter
 •  1/17/2025 NDSN Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  NDSN Benford's Law Stock Score = 92

NDSN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT


NORDSON CORPORATION 2025 ANNUAL REPORT
Dear Nordson shareholder,
Fiscal 2025 was another record-setting year for Nordson. We delivered record sales of $2.8 billion,
up 4% from last year, and delivered strong conversion on sales achieving adjusted earnings per
share (EPS) of $10.24, up 5% from last year. EBITDA of $900 million, representing 32% of sales,
was a record and reached the original dollar target we set for EBITDA when we launched the Ascend
strategy in 2020. We generated strong free cash flow as well, enabling continued investments in
growth and meaningful returns to shareholders through dividends and share repurchases while
also reducing our overall leverage.
In 2025, we managed effectively through dynamic macroeconomic conditions, making steady
progress toward our financial goals. The execution of our Ascend Strategy delivered results,
supported by the holistic deployment of our NBS Next growth framework, an entrepreneurial
division-led mindset, and the ongoing development of our winning teams. Since launching this
strategy, revenue and EBITDA dollars have grown annually, reinforcing Nordson   s position as a
reliable growth compounder. Our close-to-the-customer model and focus on innovation continue
to differentiate Nordson. In markets with positive momentum     such as semiconductors,
consumer non-durable, precision agriculture and medical     we grew by delivering proprietary,
high-value solutions. These wins underscore our ability to partner with customers to solve
complex challenges and create mutual success.
Organic growth is an important part of Nordson   s growth algorithm, and innovation is its engine.
In 2025, we accelerated new product introductions across our segments, leveraging deep
voice-of-customer insights. These innovations are designed to improve efficiency and deliver
superior customer outcomes. For example:
The new SpinSAM Acoustic Microimaging system sets a new benchmark in the industry with
its high throughput and superior sensitivity, enabling precise defect detection in wafer-based
assemblies. Using an innovative spin-scanning method, the system scans multiple wafers
simultaneously, enhancing both productivity and accuracy in semiconductor inspection.
Our Industrial Coatings business has launched the first of a multi-year platform roll out of
new global controls for its powder coating systems. This new control system has a
plug-and-play feature that enhances ease of use for our customers.
Finally, I   d like to highlight the new Nordson MEDICAL PharmaLok Zero clamp, which is a
great example of the continued innovation in fluid components. This proprietary clamp
ensures consistent sealing, eliminating leaks with any fittings on the market and improving
assembly time for biopharma customers.

NORDSON CORPORATION 2025 ANNUAL REPORT
Inorganic growth is also an important part of our growth strategy. Throughout the year,
we successfully integrated Atrion Medical, a leader in proprietary medical infusion therapy and
niche cardiovascular solutions, into our medical portfolio. The combination of Atrion   s growing
proprietary technologies, as well as our operational synergies, contributed nicely to sales and
EPS growth in the first year of integration.
We continue to hold our portfolio to a high standard, and we regularly assess the strategic fit
of our businesses and product lines from a market attractiveness and product differentiation
perspective, as well as their relative financial performance in our portfolio. With this focus in mind,
we completed the divestiture of select product lines within our medical contract manufacturing
business on September 2, 2025. This increases our focus on growth opportunities with our
differentiated products in the medical and fluid solutions segment.
We closed fiscal 2025 with a strong balance sheet while returning value to our shareholders due
to record free cash flow. Our strong cash conversion was primarily driven by targeted improvements
in working capital, an area we will remain focused on. Our strong cash generation enabled
approximately $300 million in share repurchases during the year, alongside continued dividend
increases   marking our 62nd consecutive year as a dividend aristocrat. These actions reflect our
confidence in Nordson   s future and commitment to delivering shareholder value.
As we enter fiscal 2026, Nordson is well positioned to deliver on its growth algorithm. Our diversified
portfolio, strong balance sheet, and disciplined growth framework provide a solid foundation for
continued success. We remain focused on:
Advancing holistic implementation of NBS Next to deliver innovation-led organic growth
with world class operational excellence;
Strengthening our portfolio with growth-based capital deployment while maintaining
discipline and flexibility; and
Returning capital to shareholders responsibly.
Thank you for your continued trust and investment in Nordson.
Sincerely,
Sundaram Nagarajan
President and Chief Executive Officer



 1/16/2026 Letter Continued (Full PDF)