CSL Ltd. — Investor Presentation 2025

May 4, 2025

For immediate release

5 May 2025

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CSL Shareholder Information Meetings

Please find attached CSL Limited’s presentation given at the Shareholder Information Meetings in Sydney and Brisbane on 5 May and 9 May 2025.

Authorised by:

Fiona Mead Company Secretary

For further information, please contact:

Investors: Bernard Ronchi Director, Investor Relations CSL Limited P: +61 431 060 964 E: bernard.ronchi@csl.com.au

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Driven by Our Promise

Shareholder Briefing May 2025

Joy Linton Chief Financial Officer

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2

Zahra K. HAE Patient

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.

Driven by Our Promise

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Our Business

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Our Businesses

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including

Biotherapies & Rare Disease

% of FY24 Reported 72% Revenue

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Vaccines 14%

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Iron Deficiency & Nephrology 14%

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5

Our Strategy

Delivering

reliable supplies of our products as efficiently as possible

Innovating

across our organization

Focusing on therapeutic areas where • Immunoglobulins • Transplant & we excel Immunology • Haematology • Cardiovascular & Renal • Vaccines

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Growing

our pipeline with sustainable, trusted R&D platforms

Transforming our digital intellect and technologies

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Our Ambition

To deliver enduring patient impact addressing areas of high unmet medical need.

Achieved through three key areas:

Patients

who have a lifelong need for treatment and where we are willing to self-disrupt across multiple products

Diseases

where we have a fundamental advantage in understanding the disease and science

Medicines

with a high degree of intellectual property, technical expertise, or manufacturing differentiation

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7

Our Growth

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Reported Revenue
US$ millions
+14%
CAGR
15,000
+12%
CAGR
10,000
5,000
-
Financial year
Source: Bloomberg
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Our Global Manufacturing Presence

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Bern, Switzerland

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Kankakee, United States

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Broadmeadows, Australia

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Marburg, Germany

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Our Global Manufacturing Presence

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Parkville, Australia

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Liverpool, United Kingdom

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Holly Springs, United States

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Tullamarine, Australia

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St Gallen, Switzerland

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Our Results

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11

Solid 1H25 Performance[1]

Revenue +5% NPATA[2,3] +5% NPAT[3] +7%

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1H25 Revenue Growth
Behring +10%
Seqirus (9%)
$8,483m
Vifor +6%
FY25 NPATA [2,3]
Guidance Reaffirmed
+10-13%
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Note: NPATA is defined as the statutory net profit after tax before impairment and amortisation of acquired intellectual property and non-recurring items resulting from business acquisitions 12 and disposals.

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Strong growth driven by Ig

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Weak seasonal markets to be partly offset by pandemic tenders

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Growth driven by iron & nephrology

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Recent share price performance

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Index
100 = 30/10/2024
110
Tariff
105
announcements
100
ASX200 -1%
95
US Healthcare -5%
90
85 CSL -13%
US Presidential
Election
80
US Biotech -16%
CSL H1FY25
Earnings
75
70
CSL Ltd. S&P ASX200 Index Biotech ETF HC ETF
Note: metrics are in local currency terms
13
Biotech ETF is SPDR S&P Biotech ETF (XBI-US); Healthcare ETF is Health Care Select Sector SPDR Fund (XLV-US)
30/10/2024 6/11/2024 13/11/2024 20/11/2024 27/11/2024 4/12/2024 11/12/2024 18/12/2024 25/12/2024 1/01/2025 8/01/2025 15/01/2025 22/01/2025 29/01/2025 5/02/2025 12/02/2025 19/02/2025 26/02/2025 5/03/2025 12/03/2025 19/03/2025 26/03/2025 2/04/2025 9/04/2025 16/04/2025 23/04/2025 30/04/2025
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Our Future

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Our Therapeutic Areas

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Disciplined Management of Capital

Growing Cash Earnings

Maintain strong Returns to Re-invest in the balance sheet shareholders Business

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Capital structure Partnering approach

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16

FY25 Outlook

CSL Behring

• Underlying patient demand for Ig in core indications remains strong

• Momentum in HEMGENIX[® ] uptake

• Preparing for launch of ANDEMBRY[®] (Garadacimab)

• Complete RIKA roll-out

• Horizon 1 delivering tangible yield benefits

• Horizon 2 yield initiatives progressing to plan

• Improving gross margin

CSL Seqirus

• Higher H5 avian influenza revenue in 2H

• Preparation for FLUAD[®] launch in Germany

• Tullamarine facility proceeding to validation

CSL Vifor

• Maintain leadership position in iron

• Continued momentum in nephrology

• Geographic expansion

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Guidance Reaffirmed

Revenue Growth

~ 5 - 7% @CC[1]

NPATA Growth

• ~ 10 – 13% @CC[1,3] to

~$3.2 – $3.3b @CC[1.3]

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FY25 FX impact estimated to be a headwind of approximately $90m

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CSL Contacts

Chris Cooper Investor Relations  +61 455 022 740 chris.cooper@csl.com.au Bernard Ronchi Investor Relations  +61 431 060 964 bernard.ronchi@csl.com.au

Jimmy Baker Investor Relations  +61 450 909 211 jimmy.baker@csl.com.au

Notes

(#) Constant currency removes the impact of exchange rate movements to facilitate comparability of operational performance for the Group. This is done in three parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than US Dollars, at the rates that were applicable to the prior comparable period (translation currency effect); b) by restating material transactions booked by the group that are impacted by exchange rate movements at the rate that would have applied to the transaction if it had occurred in the prior comparable period (transaction currency effect); and c) by adjusting for current year foreign currency gains and losses. The sum of translation currency effect, transaction currency effect and foreign currency gains and losses is the amount by which reported net profit is adjusted to calculate the operational result.

General Disclaimer Non-IFRS

There are references to IFRS (International Financial Reporting Standards) and non-IFRS financial information in this document. Non-IFRS financial measures are financial measures other than those defined or specified under any relevant accounting standard and may not be directly comparable with other companies’ information. Non-IFRS financial measures are used to enhance the comparability of information between reporting periods, and enable further insight and a different perspective into the financial performance. Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not subject to audit or review.

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Summary NPAT attributable to members of parent entity

of parent entity
Reportednetprofit after tax	$2,007m
Currency effect	$36m
Constant currency net profit after tax*	$2,043m

Average exchange rates for major currencies for half year ended 31 December 2024/31 December 2023 include: USD/EUR (0.92/0.92), USD/AUD (1.50/1.53), USD/CHF (0.87/0.89), USD/CNY (7.16/7.24) and USD/GBP (0.77/0.80).

	Summary NPATA2attributable to
	members of the parent entity	US$m
	Reported net profit after tax	2,007
	Amortisation of acquired intellectual property	125
	Other adjustments	(39)
	Income tax credit on above adjustments	(19)
	NPATA2 attributable to members of the parent entity	2,074
	Currency effect attributable to members of the parent entity	35
	Constant Currency# NPATA2 attributable to members of the parent entity	2,109

Summary Revenue

Summary Revenue
Reported revenue	$8,483m
Currency effect	($13m)
Constant currency revenue*	$8,470m

• *Constant currency net profit after tax and constant currency sales

• have not been audited or reviewed in accordance with Australian Auditing Standards.

• Percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail

• NPATA is defined as the statutory net profit after tax (NPAT) before impairment and amortisation of acquired intellectual property and non-recurring items resulting from business acquisitions and disposals (such as business acquisition and integration costs, the unwind of the inventory fair value uplift resulting from business acquisitions and net gain on business disposals).

• Attributable to the shareholders of CSL Limited

• Underlying results are adjusted to exclude impairment and amortisation of acquired intellectual property (IP) and non-recurring items resulting from business acquisitions and disposals (such as business acquisition and integration costs, the unwind of the inventory fair value uplift resulting from business acquisitions and net gain on business disposals).

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