DENNIS P LEE PC LLO

ted to the NEOs is reflected in “Outstanding Equity Awards at September 28, 2025” below. (2) Includes discretionary amounts paid under the annual cash incentive plan. (3) Includes matching contributions made to the Company's Retirement Account Plan and Non-Qualified Plan during the year. To the extent qualifying compensation was not received during the year, such as certain non-equity incentive plan compensation, the related matching contribution may be reported in a subsequent year. (4) The Lee Foundation, an affiliate of the Company, matches on a dollar-for-dollar basis up to $5,000 annually, charitable contributions made by NEOs to qualifying organizations. Such matching contributions are not considered compensation of the NEO. 32 Table of Contents Outstanding Equity Awards at September

s are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the 52 Table of Contents awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures. We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-l

obligation, end of year 175,524 188,528 Fair value of plan assets, beginning of year: 193,192 210,031 Actual return on plan assets 8,285 19,957 Benefits paid ( 13,655 ) ( 13,021 ) Administrative expenses paid ( 1,470 ) ( 1,155 ) Settlements — ( 22,620 ) Fair value of plan assets, end of year 186,352 193,192 Funded status 10,828 4,664 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 28 2025 September 29 2024 Net pension assets 10,828 4,664 Accumulated other comprehensive income (before income taxes) 14,683 8,804 Amounts recognized in accumulated other comprehensive (loss) income are as follows: (Thousands of Dollars) September 28 2025 September 29 2024 Unrecognized net actuarial gain 17,581 12,550 Unrecognized prior service

s contributed by an eligible employee each pay period. An additional Plan feature provides an annual “true-up” Company contribution to ensure that participants receive the maximum Company matching contribution for which they are eligible. At the end of each year, the participant’s maximum Company matching contribution is calculated using the participant’s annualized average contribution percentage. If the participant’s actual Company matching contribution received during the year is less than the participant’s maximum Company matching contribution, then the difference is deposited as a lump sum into the eligible participant’s account as soon as administratively feasible following the Plan year-end. The Company can elect to contribute to the Plan in Company stock or cash. Both cash and stoc

ligible employees are permitted to contribute eligible rollover distributions into the Plan. Vesting and Forfeitures Participant contributions and earnings thereon are immediately fully vested. Company contributions and earnings thereon are fully vested after two years of service. Company contributions also vest upon a participant’s death or 65 th birthday, or if the Plan is terminated or discontinued, provided in each case that the participant is an employee at the time. In addition, participants who die while performing qualified military service become fully vested in their Company contributions and earnings thereon. If a participant’s employment terminates prior to vesting, all Company contributions and earnings thereon are forfeited, and may be used to pay administrative expenses of t

ions are invested in accordance with participant elections on file. In 2025, all Company contributions were made in Company stock. Participant Contributions Eligible employees are automatically enrolled in the Plan with a pretax contribution rate of 7 % after 30 days of employment, unless the employee affirmatively elects not to participate. Participants direct the investment of their contributions into investment options offered under the Plan. If a participant does not make an investment election, their contributions are invested in the Plan's applicable qualified default investment alternative. Participants can contribute any whole percentage (up to 100 % less payroll deductions) of their eligible compensation as pretax and Roth contributions combined and from 1 % to 25 % of their eligi

ibutions 60.2 Employer contributions 33.4 Participant rollover contributions 5.2 Total contributions 98.8 Total additions 281.9 Deductions: Benefits paid to participants ( 147.8 ) Administrative expenses ( .9 ) Total deductions ( 148.7 ) Net increase in net assets available for benefits 133.2 Net assets available for benefits: Beginning of year 1,363.6 End of year $ 1,496.8 See Notes to Financial Statements 3 Table of Contents AVERY DENNISON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. Summary Description of the Plan The following description of the Avery Dennison Corporation Employee Savings Plan (the “Plan”) is provided for financial reporting purposes only. For information regarding the terms and conditions of the Plan for benefit purposes, participants should refe