Avery Dennison Corporation reported preliminary, unaudited results for the third quarter ended September 27, 2025. Sales decreased 1.9% on an organic basis, with modest volume/mix growth offset by deflation-related price reductions. Both high-value categories, including Intelligent Labels, and base categories declined by low single digits. Graphics and Reflectives were down low single digits, while Performance Tapes and Medical declined mid-single digits. The company reported an operating margin of 14.3%. Adjusted operating margin was 15.2%, up 40 basis points, and adjusted EBITDA margin was 17.5%, up 50 basis points, primarily due to productivity benefits. The Solutions Group reported sales of $700 million, up 2.0%. Sales increased 3.6% on an organic basis. High-value categories, including Intelligent Labels, grew by high single digits, with Intelligent Labels up mid-single digits, and Vestcom and Embelex both up more than 10%. Overall apparel categories increased low single digits, while base categories declined low single digits. The reported operating margin for the Solutions Group was 9.7%. Adjusted operating margin was 10.0%, down 130 basis points, and adjusted EBITDA margin was 17.0%, down 90 basis points, with higher employee-related costs offsetting productivity and volume gains.