External signals · impact on AVY

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FY25 · Board · C-suite

The intelligence layer for physical commerce.

$8.86B revenue · 45% HVC · 28B items on atma.io · NYSE AVY

Strategic

The bet · the proof · the prize.

Point of View · the bet in one breath

Re-rate AVY by converting a $8.9B materials franchise into the intelligence layer for physical commerce — capturing recurring digital revenue on the 28B items already on atma.io.

In plain terms
Today AVY sells smart labels once. 28B of those labels are already connected to our atma.io cloud. Turn that installed base into a recurring software business — and the market re-rates AVY from a materials company to a platform.

Proof — we're already executing High-value categories now 45% of revenue. Walmart's Intelligent-Labels rollout begins H2 2026.

Asymmetry — under-monetized asset 28B connected items live on atma.io. Fewer than 5% generate any subscription revenue today.

Tailwind — regulation favors us EU Digital Product Passport phases in 2026–2030. End-to-end stack incumbents are the natural winners.

So what · the prize

Today 13× EV/EBITDA → Move 4% of revenue → recurring digital by FY28 → Re-rate 17–18× platform multiple → Worth ~$5–7B equity value

The four board questions

Growth

Where to grow

+$1.67B to FY288 geo pockets

5 of 8 dims$475M white-space

External

What can hit us

EU DPP +Recession −

FY25 Revenue

$8.86B

▲ 1.1% vs FY24

Op Margin

13.2%

▲ 120 bps · target 14.5%

HVC Mix

45%

growing high-teens

atma.io items

28B

2× in 2 years

Strategic frame

Three horizons · 78 / 18 / 4

0–24 months

Horizon 1 · Protect & extend the core

Materials mix-shift to HVC (specialty, sustainable)
Pricing AI to close 80–120 bps of leakage

12–48 months

Horizon 2 · Build emerging platforms

Intelligent Labels Walmart ramp to $300M+ ARR
atma.io from 28B → 75–100B items; convert 15–20% to subscriptions

36+ months

Horizon 3 · Create new options

Product Intelligence Network — 'Bloomberg for physical products' data product
Sustainability intelligence services (carbon scoring, supplier risk)

Open 3-horizon view →

Operational

How the engine runs.

Business

Tactical

This week — owner, severity, next move.

This week

Board-level watchlist

Severity

Topic

Why it matters

Owner

HIGH

Walmart RFID Expansion: Recurring Revenue Acceleration

Walmart is scaling RFID mandates across apparel and general merchandise. This is a critical inflection for atma.io item volumes and recurring SaaS revenue. Early execution will reinforce category leadership and valuation expansion.

PRE President, Solutions Group

Decide · Fri

MEDIUM

adidas Connected Packaging Pilot: Customer Differentiation

adidas is piloting Dynamic Connected Packaging in EMEA. Success will set a precedent for broader adoption and competitive differentiation in sportswear. Track engagement metrics and conversion to full rollout.

SVP SVP, Intelligent Labels

Update · Fri

HIGH

3M Launches Sustainability Data Platform: Competitive Threat

3M has announced a Sustainability Intelligence Platform targeting CPG and retail. Monitor customer feedback and pipeline impact, especially for Sustainability Intelligence Partner and Automated ESG Reporting initiatives.

CHI Chief Strategy Officer

Decide · Fri

MEDIUM

EU Digital Product Passport (DPP) Guidance Update: Regulatory Readiness

The EU is expected to clarify DPP technical requirements this week. Early alignment will position Avery Dennison as the default DPP Generation Engine partner for global brands and drive recurring digital revenue.

CHI Chief Legal & Compliance Officer

Update · Fri

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