CSL Ltd. — Investor Presentation 2025

Nov 4, 2025

5 November, 2025 Melbourne, Australia

CSL Capital Markets Day

CSL Limited (ASX:CSL; USOTC:CSLLY)

CSL Limited will hold its Capital Markets Day in Chicago, Illinois USA.

Please find attached the first set of presentation materials.

The briefing for investors and analysts will commence at 10:00 am Australian Eastern Daylight Time.

The briefing will be webcast on the Company website at website https://investors.csl.com.

An archived copy of the webcast will be uploaded to the site later in the day.

Authorised for lodgement by: Fiona Mead Company Secretary

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Investor Relations

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Media Relations

Bernard Ronchi

Investor Relations CSL Limited P: +61 431 060 964 E: bernard.ronchi@csl.com.au

Brett Foley

Communications CSL Limited P: +61 461 464 708 E: media@csl.com.au

CSL Limited | ABN 99 051 588 348 | 655 Elizabeth Street, Melbourne VIC 3000

Page | 1

ASX Announcement

BUSINESS USE

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CSL Capital Markets Event November 2025

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Legal Notice

IMPORTANT NOTICE AND DISCLAIMER

This presentation contains summary information about CSL Limited (ACN 051 588 348) and its related bodies corporate (together, CSL ) and CSL's activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with CSL's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange ( ASX ), available at www.asx.com.au. This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire CSL shares or other securities.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of CSL or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of CSL or its directors, employees, contractors or agents.

This presentation contains forward-looking statements in relation to CSL, including statements regarding CSL's intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to CSL's business and operations, market conditions, results of operations and financial conditions, products in research, risk management practices, climate change and other environmental and energy transition scenarios. Forward-looking statements can generally be identified by the use of words such as "forecast", "estimate", "plan", "will", "anticipate", "may", "believe", "should", "expect", “project,” "intend", "outlook", "target", "assume" and "guidance" and other similar expressions.

The forward-looking statements are based on CSL's good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect CSL's business and operations in the future. CSL does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of CSL, that could cause the actual results, performances or achievements of CSL to be materially different to future results, performances or achievements expressed or implied by the statements . Factors that could cause actual results to differ materially include: the success or otherwise of CSL’s research and development activities; factors affecting CSL’s ability to successfully market and sell new and existing products, including decisions by regulatory authorities regarding approval of CSL’s products and regarding label claims, competitive developments affecting CSL’s products, and trade buying patterns; factors affecting CSL’s ability to collect plasma, and difficulties or delays in manufacturing; legislation or regulations affecting the manufacturing, distribution, pricing, or reimbursement of CSL’s products, market access for CSL’s products, environmental protection matters, or tax; litigation or government investigations; fluctuations in interest and currency exchange rates; acquisitions or divestitures; and CSL’s ability to protects its patents and other intellectual property.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. Except as required by applicable laws or regulations, CSL does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based.

TRADEMARKS

Except where otherwise noted, brand names designated by a or ® throughout this presentation are trademarks either owned by and/or licensed to CSL.

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CSL Seqirus

Dave Ross Senior Vice President & General Manager CSL Seqirus

4 November 2025

Key messages

Influenza is a complex virus with opportunity for strategic 1 differentiation

2 3

Recovery in the US market is expected in the medium-term CSL Seqirus uniquely positioned to grow share and create value

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CSL Seqirus: A global leader in seasonal and pandemic influenza

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Who we Are
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Proven in the numbers

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Global Revenue Value Share – 3 Players
•
Right Technology
60%
•
Differentiation Shaping markets
strategy • Creating value 49%
50%
•
Improving public health
42%
40%
•
Unique & Complex virus 30%
•
specialized go-to Just-in-time supply chain
market • Mass imz. campaigns 20%
10%
9%
Heritage of Revenue Growth 0%
consistent 2017 2018 2019 2020 2021 2022 2023 2024 2025
outperformance FY16 $751 FY25 $2 Projected
MILLION BILLION
CSL SQS Mkt Share Competitor A Mkt Share Competitor B Mkt Share
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| Confidential – Internal Use Only

*Global Net Revenue: Relative share for 3 global competitors reflects all markets each company operates in. 2025 performance projected based on currently available data. Other local competitors not considered.

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Influenza: a significant health and socio-economic burden

“Common Cold”

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Sources: WHO, CDC, NFID, Influenza Vaccines for the Future / Rappuoli

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Annual Global Disease Burden

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Annual Us Disease Burden

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Disease burden

• 400 million-800 million adults infected

• 3 million–5 million cases of severe illness reported

• Up to 650,000 deaths

• >$1 trillion health economic burden

• 9 million–41 million cases

• 120,000–710,000 hospitalizations

• 6,000–52,000 deaths

• $11.2 billion health economic burden

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Immunization rates stabilizing in biggest markets ex-US

Immunization rates in older adults

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90.00%
Covid
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
England Italy Fance Spain Germany
20.00%
2018 2019 2020 2021 2022 2023 2024
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*60 years of age and older; all other markets 65+

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Clear correlation between reduced US immunization rates and higher disease burden

Number of US symptomatic illnesses, medical visits and hospitalizations vs. immunized people

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180 90
Covid
170 80
160 70
150 60
140 50
130 40
120 30
110 20
100 10
90 0
millions 2015-16 2016-17 2017-18 2018-19 2019-20 2021-22 2022-23 2023-24 2024-25 millions
immunized Illnesses, visits,
people hospitalizations
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Source (burden): CDC Source (Immunized people): US Claims Data

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Vaccine hesitancy can be overcome

Past challenges complex and multi-dimensional

Recovery led by differentiated products

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• Significant misinformation led

• Behavioral to major anti-vaccine Challenges movement

• Loss of confidence in vaccines

• Limited access points

• Structural • Limited ACIP Challenges recommendations

• Insufficient reimbursement

• Industrial Fragile, unpredictable delivery •

• Capacity Limited pre-filled syringe Challenges capacity

• Fragile, unpredictable delivery

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CDC estimated doses distributed (m)

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200
Covid-19
pandemic
180
H1N1
160 pandemic
140
120
100
~$680m ~$3.1bn
2008 US market 2024 US market
Introduction of differentiated products boosted revenue growth
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Source (doses): CDC Source (value): Morgan Stanley / Evaluate Pharma

Key stakeholder momentum is building to combat vaccine hesitancy

Behavioural Challenges

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Behavioural Challenges
RWE
Compelling
evidence &
quality
Policy and
Payors
products
Advocacy
New confirmed
building
groups are
Structures support for confidence with
educating
forming to continued
Medical greater
the public
societies support coverage of effectiveness
Burden of evidence- vaccines
maintaining
based
Disease
evidence-
decisions
Rising based
with ACIP
standards
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Momentum building

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Influenza Virus: A complex pathogen that creates opportunity for strategic differentiation

Rapidly mutating virus complicating all stages of influenza vaccine development and delivery

“Just in time, new product launch" every year requires specialized manufacturing capabilities

CSL SEQIRUS UNIQUELY QUALIFIED Right Operational Technology Excellence UniUniquely Complex quely Complex ~~Market~~ Market CustomerManufacturing Focused Excellence Leadership

Large, high-risk trials due to variability and seasonality

Compressed seasonal window for HCPs to implement their immunization campaigns

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CSL Seqirus enterprise differentiation strategy

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• THE RIGHT

• THE RIGHT THE RIGHT TIME-TO-MARKET

• TECHNOLOGIES & CUSTOMER & STRATEGIC

• PORTFOLIO EXPERIENCE CAPABILITIES

• • • • Cell-based Real-world evidence Operational excellence technology • • Market shaping The right product , for

• • MF59 adjuvant • the right patient , at the Go-to market strategy

• • right time sa-mRNA • Robust industrial network • Customer and patient

• • Pandemic expertise first mindset

THE RIGHT CULTURE | Solution-based / collaboration mindset

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Right technology for better standard of care

MF59 Adjuvant is designed to  increase the magnitude, breadth, & length of the immune response

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
increase the magnitude, breadth, &
Circulating strains length of the immune response
Cell Based Egg Based
Cell platform allows

for exact selected strain match
Selected strain
Stronger health

economic value
Pipeline
aTIVc
Enhanced

competitive value
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Innovative leaders in driving demand

Randomized Rigorous Shaped enhanced NITAG Clinical Real-World recommendations for use of Fluad Trials Evidence Faster –  Cost-Effective –  Annually –  Updated Adopting 65+ New 60/65+: Mature 65+ Growth via Significant – De-Risked  Potential Age Improved Growth Expansion Routine Use Potential

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Market leadership in influenza pandemic preparedness

Business revenue drivers CSL Seqirus leadership Advance Purchase RECURRING > Agreements (APAS) Reservation fees Declared influenza $3.5 BILLION+ REVENUE IN FIRST WAVE pandemic revenue > of influenza pandemic 90% SHARE Influenza outbreak > H5 supply FY25

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State-of-the-art manufacturing capability

Manufacturing excellence

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3
Best-in-class
manufacturing
facilities + CMO
network
110m+
Seasonal doses
Half a
Billion
Pandemic dose
capacity first
wave of 16 weeks
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CLINICALLY ENHANCED SOLUTIONS for improved health outcomes

Significant future growth opportunities

SHARE GROWTH

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US customer segments Geographic expansion
SEQ SEQ SEQ SEQ SEQ
~$300m ~$100m ~$120m
~$500m ~$600m
Germany Nordics France
Pediatrics Integrated delivery networks
…and more
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US MARKET RECOVERY WILL ACT AS GROWTH ACCELERATOR ~~- -~~ aTIVc LAUNCH BEST IN CLASS NEW STANDARDS OF CARE

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Key Messages

Influenza is a complex virus with opportunity for strategic 1 differentiation

2 3

Recovery in the US market is expected in the medium-term CSL Seqirus uniquely positioned to grow share and create value

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CSL Capital Markets Event

November 2025

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