CSL Ltd. — Investor Presentation 2026

Feb 10, 2026

11 February, 2026 Melbourne, Australia

Results Presentation for the half-year ended 31 December 2025

CSL Limited (ASX:CSL; USOTC:CSLLY)

Please find attached the slides for the Half Year Results Presentation to be delivered shortly by the Chief Executive Officer and Chief Financial Officer.

The briefing will be webcast at 10:00am today and can be viewed at: - https://edge.media server.com/mmc/p/wfx9iagq

Please note that this link will expire after the webcast concludes.

A recording will be available later in the day on the company website: https://investors.csl.com/investors/financial-results-and-information

Authorised for lodgement by:

Fiona Mead

Company Secretary

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Investor Relations

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Media Relations

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Investor Centre

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

Computershare Investor Services Pty Limited

P: (within Australia) 1800 646 882

P: (outside Australia) +61 3 9415 4178 E: web.queries@computershare.com.au

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

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2026 Half Year Results 11 February 2026

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Elena lives with
iron deficiency
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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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Driven by Our Promise
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Today’s speakers

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Gordon Naylor Interim CEO

Ken Lim Andy Schmeltz CFO CCO

Dave Ross GM CSL Seqirus

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Driven by Our Promise

3

CEO Overview

Gordon Naylor Interim CEO & Managing Director

Previous senior CSL roles

• Executive VP, CSL Behring

• • Chief Financial Officer, CSL

• • President, Seqirus

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Strategic framework

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1
FOCUS
ON RARE
DISEASES
WITH HIGH COST
UNMET NEED LEADERSHIP
REINVEST INTO 2
OPERATIONS AND
INNOVATION
3
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Global leader Market in large and leader in Expanding growing Ig with innovative markets with attractive portfolio high unmet and durable beyond Ig medical need growth Multiple drivers of Cost savings from gross margin transformation expansion program Strong Disciplined Investment balance capital in future sheet & allocation growth cash flows

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Transformation program progressing well

Delivering value through organisational simplification & growth investment

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Portfolio Growth Operational Commercial Corporate Opportunities Efficiencies Efficiencies Functions VarmX collaboration R&D sites down Integration of Behring Streamline corporate from 11 to 6 and Vifor commercial and functions Horizon 2 yield medical functions (e.g. shared services) Reallocation of plasma improvement program collections to more Reinvestment into US & executing to plan efficient centres China commercialisation Ig LCM improvement Rollout of & indications Rika and iNomi Maximising procurement savings Complete Cost reductions in manufacturing operations Underway Modernisation of systems

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1H26 Performance[1]

Revenue $8.3b (4%) NPATA[2,3] $1.9b (7%)

excluding one-off restructuring costs & impairment Reported NPAT[3 ] $401m (81%) Cashflow $1.3b +3%

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Revenue [1]
$8,332m CSL Behring (7%)
CSL Seqirus (2%)
CSL Vifor 12%
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Good progress on transformation initiatives

1H26 performance

Adversely impacted by:

• Government policy changes

• One-off restructuring costs and impairments

Share buyback expanded to US$750m

• Strong balance sheet and cash flows

FY26 guidance maintained

• Strong 2H ambition, driven by growth in Ig, albumin and newly launched products

Industry fundamentals remain attractive

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Revenue $5,450m (7%)[1]

	Therapy Revenue ($m) Change1 Ig 3,046 (6%) Albumin 494 (27%) Haemophilia 746 - Hereditary Angioedema 424 12% Perioperative Bleeding 405 (12%) 8	Commentary Major Brands • Strong comparable period • Medicare Part D ~($100 million) impact • 3% up on trailing period (2H25) • Implementation of policy changes in China • Positive early response from expanded China footprint and Baheal partnership • Continued international launches & uptake of HEMGENIX® • Positive 5-year data for HEMGENIX® published in NEJMa • Strong launch of ANDEMBRY® • KCENTRA®navigating a competitive environment • Life cycle management programs progressing well aNew England Journal of Medicine

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Immunoglobulin portfolio

Strong Ig market fundamentals

• Significant and growing unmet medical need

• Mid-to-high single-digit growth

• Robust growth across core indications

• Balanced demand and supply

Second half growth driven by

• US field force expansion

Albumin in China

• Expansion of footprint across more hospitals and cities

• Baheal Medical exclusive strategic partnership with committed volumes

• Retail channel – volume shifting from the reimbursed hospital channel to the private retail channel

• On-label demand generation and realworld evidence initiatives

• HIZENTRA[®] direct-to-patient campaign

• Broadened contracting approach

Note: Medicare Part D now in base

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Revenue $1,236m +12%[1]

Revenue $1,236m +12%1
Therapy Revenue ($m) Change1 Nephrology Dialysis 544 40% Nephrology Non-Dialysis 191 45% Iron 470 (15%)	Commentary Major Brands
	• VELPHORO®–TDAPA inclusion (until Dec 26) contributing to strong growth • MIRCERA® –market leader in US b a
	• TAVNEOS® –continued uptake in all launch markets • FILSPARI® –successful launches in EU c d
	• Generic competition in EU & US

• a. Licensed from F. Hoffmann-La Roche AG;

• b. Licensed from Pfizer Inc.;

• c. Rights to EU, UK, Japan and certain other countries licensed from ChemoCentryx, Inc., a wholly owned subsidiary of Amgen, Inc. d. Rights to EU, AUS&NZ and certain other countries licensed from Travere Therapeutics, Inc.

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TDAPA: Transitional Drug Add-on Payment Adjustment.

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Nephrology

• Strong VELPHORO[®] growth following commencement of TDAPA on 1 Jan 2025 (expiry 31 Dec 2026)

• TAVNEOS[®] & FILSPARI[®]

• Differentiated product profiles

• Strong international launch performance

Iron

• FERINJECT[®] & VENOFER[®] growth impacted by EU & US generics respectively

• Growth opportunities

• Continued high unmet need

• Geographic expansion

– Women’s health, Cardio/CKD, PBM – Supply reliability

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Revenue $1,646m (2%)[1]

	Therapy Revenue ($m) Change1	Commentary Major Brands • Breadth of RWE demonstrates the increased effectiveness of FLUCELVAX®and FLUAD® • Successful launches in Germany and France • Growth in US IDN and paediatric segments despite challenging US market • Last season of standard egg-based AFLURIA® • Non-recurring revenue relating to the avian influenza threat in FY25
	Adjuvanted Egg 895 6% Cell Culture 466 (1%) Egg Based 74 (29%) Total Seasonal Influenza 1,435 1%
	In-license / Other 99 (30%) Pandemic Reservation Fees 94 3% 12 RWE: Real World Evidence IDN: Integrated Delivery Network

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Highly dynamic market

• US 25/26 seasonal influenza vaccine market value projected to fall ~6-8%, due to lower US immunisation rates and pricing – mostly in egg-based category

• EU immunisation rates have largely returned to pre-pandemic levels, particularly in the older cohort (over 60 years)

• Significant global disease prevalence

• Strong and widespread KOL recognition of need for vaccines

CSL Seqirus

• Differentiation strategy driving outperformance and market share gains in US & EU

• Geographic expansion in other markets

• Successful first season in Germany and market entry in France with enhanced recommendations for FLUAD[®]

• MoU with Saudi Arabia for seasonal and pandemic influenza

• Tullamarine facility opening allows for full conversion to differentiated vaccines and expands our pandemic capabilities

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MoU: Memorandum of Understanding

13

CSL Group Financial highlights

US$ millions	1H25 Rep	1H26 Rep	1H26 at CC 1	Change % 1
Total Revenue	8,483	8,332	8,163	(4%)
Gross Profit4	4,704	4,630	4,546	(3%)
GP %4	55.5%	55.6%	55.7%
Sales & Marketing4	(754)	(785)	(765)	(1%)
Operating Result4	3,950	3,845	3,781	(4%)
R&D4 G&A4	(646) (426)	(600) (440)	(592) (419)	8% 2%
Net Interest Expense	(222)	(197)	(197)	11%
NPATA2,3 Restructuring & impairments	2,074 -	1,946 (1,814)	1,923 (1,807)	(7%)
Amortisation of Ipz	(125)	(134)	(134)
Net gain on business disposals	39	-	-
Tax on above adjustments	19	403	402
NPAT3 Underlying ETR %	2,007 19.1%	401 20.6%	384 20.5%	(81%)
Cashflow from Ops NPATA2EPS3($)	1,259 4.29	1,302 4.03		3%y (6%)y
NPAT EPS3($)	4.15	0.83		(80%)y
DPS ($)	1.30	1.30		-

Y. At reported currency Z: Post tax amortization of acquired IP for FY26 - $260m +/- 10%

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R&D

• Good progress on restructuring initiatives

G&A

• Costs held flat on a constant currency basis

Finance

• Leverage of 2.0 times[5]

Tax

• FY26 guidance: 18-20%

Cashflow

• Strong cashflow

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Segment Financial highlights

CSL Behring

CSL Seqirus

CSL Vifor

US$ millions reported 1H26 Change % at CC 1 Sales 5,335 (7%) Other Revenue 115 (13%) Total Revenue 5,450 (7%) Gross Profit4 2,788 (7%) GP %4 51.2% +10bps Sales & Marketing (455) (3%) Operating Result4 2,333 (9%) Operating Segment %4 42.8% (80bps)	1H26 Change % at CC 1 1,534 (2%) 112 (6%) 1,646 (2%) 993 (5%) 60.3% (210bps) (117) (8%) 876 (7%) 53.2% (270bps)	1H26 Change % at CC 1
		1,223 13%
		13 (38%)
		1,236 12%
		849 14%
		68.7% +150bps
		(213) 5%
		636 22%
		51.5% +450bps

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Transformation initiatives progressing well Strong financial rationale

Phased realisation of cost savings Annual pre-tax savings of $500-$550m by FY28

One-off pre-tax restructuring costs $700-$770m in FY26 ($500-$550m total cash)

60% of FY26 savings achieved

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Up to ~$550m
1H26
FY26 FY27 FY28
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Two-thirds complete

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Facility & asset
write-offs
Employee
expenses Miscellaneous
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Balance sheet

Impairments

FY26 $1.1b (1H $1.05b, 2H $0.1b)[*]

Key components:

sa-mRNA platform	•	Licensing agreement for sa-mRNA vaccine technology
$430m#	•	Declining COVID disease burden and
		more onerous U.S. regulatory requirements
VENOFER®	•	Entry of generics into US iron
$356m		sucrose
PPE $170m	•	Redundant assets arising from acceleration of Horizon 2 investment in the US

Strong balance sheet

• Strong cash flow $1.3b

• Leverage of 2.0x[5]

• Share buyback expanded from US$500m to US$750m

• Credit ratings stable at investment grade

• post tax and NCI

• # includes cash costs of $40m Refer to Appendix C for further details

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2H26 Revenue Bridge

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Competitive
Seqirus impacts
seasonality
2H26 growth
& avian flu
drivers
Ig
•
Expanded US
field force
• HIZENTRA [®]
direct-to-patient
campaign
1H26 • Broadened
Revenue contracting
X 2 approach
Albumin
•
China expansion
Launch
momentum
• HEMGENIX [®]
• ANDEMBRY [®]
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1H26 Annualised FY26 Revenue FY26 Revenue Revenue Guidance

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FY26 guidance maintained

Revenue Growth ~ 2-3% @CC[1]

NPATA[2] Growth

(excl. restructuring costs & impairments) ~ 4-7% @CC[1,3]

Strong 2H ambition

FX impact estimated to be a tailwind of ~$70m if current rates remain unchanged for the remainder of the Financial Year

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CSL Contacts

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

Appendix

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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 year (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 year (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 transparency and comparability of a financial report. NonIFRS 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

Summary NPAT attributable to members of parent entity
Reportednetprofit after tax	$401m
Currency effect	($17m)
Constant currency net profit after tax*	$384m

Average exchange rates for major currencies for full year ended 31 Dec 2025/ 31 Dec 2024 include: USD/EUR (0.86/0.92), USD/AUD (1.53/1.50), USD/CHF (0.80/0.87), USD/CNY (7.13 /7.16) and USD/GBP (0.75/0.77).

Summary NPATA2 attributable to
members of the parent entity	US$m
Reported net profit after tax	401
Amortisation of acquired intellectual property	134
Restructuring and impairment expenses	1,814
Income tax credit on above adjustments	(403)
NPATA2 attributable to members of the parent entity	1,946
Currency effect attributable to members of the parent entity	(23)
Constant Currency# NPATA2 attributable to members of the parent entity	1,923

Summary Revenue

Summary Revenue
Reported revenue	$8,332m
Currency effect	($169m)
Constant currency revenue*	$8,163m

• *Constant currency net profit after tax and constant currency sales have not

• been audited or reviewed in accordance with Australian Auditing Standards.

Footnotes

1. Percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance.

2. Underlying NPATA represents the statutory net profit after tax before amortisation of acquired IP and significant non-recurring items including those related to one-off restructuring and impairments costs, business acquisitions and disposals.

3. Attributable to the shareholders of CSL Limited

4. Underlying results have been adjusted to exclude the impacts from the amortisation of acquired IP and significant non-recurring items including those related to one-off restructuring and impairments costs, business acquisitions and disposals.

5. Net Debt to EBITDA (based on rolling twelve months to 31 December 2025), excluding impacts from restructuring and impairments costs.

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Appendix A CSL Behring Key Products

CSL Behring	Therapy Group	Sales $m	PCP Change1%
Privigen	IVIG	1,963	(6%)
Hizentra	SCIG	1,054	(6%)
Albumin	Albumin	494	(27%)
Idelvion Kcentra	Haemophilia Perioperative bleeding	426 241	1% (18%)
Haegarda Humate / Haemate	HAE Haemophilia	239 162	(4%) (4%)
Haemocomplettan	Perioperative bleeding	120	(4%)
Berinert	HAE	109	(16%)
Zemaira/Respreeza	Other	82	27%
Andembry	HAE	76	-
Hemgenix	Haemophilia	57	16%

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1H26 Revenue By Therapy Group $m

CSL Behring	IVIG $1,992 37% SCIG $1,054 19% Haemophilia $746 14% Albumin $494 9% Perioperative Bleeding $405 7% HAE $424 8% Other $335 6%

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Appendix B CSL Seqirus & CSL Vifor Key Products

		Sales	Change1
CSL Seqirus	Therapy Group	$m	%
Fluad	Adjuvanted	895	6%
Flucelvax	Cell culture	466	(1%)
Afluria	Egg-based	73	(29%)
		Sales	Change1
CSL Vifor	Therapy Group	$m	%
Ferinject/Injectafer	Iron	330	(20%)
Mircera Velphoro Veltassa Venofer	Nephrology: Dialysis Nephrology: Dialysis Nephrology: Non-Dialysis Iron	305 205 86 85	6% 162% 10% 1%
Tavneos	Nephrology: Non-Dialysis	80	55%
Maltofer	Iron	53	9%

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1H26 Revenue By Therapy Group $m

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Cell Culture $466 28%
Adjuvanted $895 54%
CSL Egg Based $74 4%
Seqirus In Licence $65 4%
Pandemic $94 6%
Other $52 3%
Iron $470 38%
Nephrology:
CSL $544 44%
Dialysis
Vifor
Nephrology:
$191 15%
Non-Dialysis
Other $31 3%
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Appendix C

1H26 Impairment Bridge

			Net	Attributable	Attributable
$m	Impairment	Tax	of tax	to NCI	to CSL
sa-mRNA platform	566	(136)	430	-	430
Venofer	630	(90)	540	184	356
PPE	222	(52)	170	-	170
Other intangibles	98	(14)	84	27	57
Other assets	48	(8)	40	-	40
Total	1,564	(300)	1,264	211	1,053

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CSL R&D Portfolio (as of 31[st] December 2025)

Registration/Post-Registration

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Phase I Phase II Phase III Registration/Post-Registration
CSL040 CSL787 HIZENTRA [®] HIZENTRA [®] FILSPARI [ ®] ( Sparsentan) AUDENZ [ ®] /CELLDEMIC [®]
Complement Activation NebulisedIg (SCIg) 20% Liquid (SCIg) 20% Liquid Dual ETA & AT1 antagonist Adjuvanted Cell-based
Inhibitor (SID) (IgAN) Monovalent Influenza A
Anumigilimab PRIVIGEN [®] (H5N1) Vaccine
KORSUVA [ ® ] /KAPRUVIA [®]
Anti-G-CSFR mAb (SCD prophylaxis) (SCIg) 20% Liquid HIZENTRA [®] (IVIg) 10% Liquid KOR.. agonist FLUAD [®] Trivalent
(PID Naïve) ZEMAIRA [®] /RESPREEZA [®] (CKD-aP) Adjuvanted Egg-based Influenza Vaccine
Hemopexin Alpha 1 Antitrypsin RAYALDEE [®]
(VOC in SCD) Horizon 2 (AAT Deficiency)
Oral ext. release calcifediol FLUCELVAX [®] Trivalent
Ig Yield (SHPT) Cell-based
Vamifeport AFSTYLA [®] Influenza Vaccine
Ferroportin inhibitor KCENTRA [®] rFVIII (HaemA)
TAVNEOS [®]
(HH) PCC FOCLIVIA [®] /AFLUNOV [®]
(Surgical Bleeding ) HEMGENIX [ ®] * Oral C5a receptor inhibitor Adjuvanted Egg-based
(AAV)
CSL301 (Haem B) Influenza A (H5N1) Vaccine
Anti-α2AP mAb (sPE) VMX-C001
rFX IDELVION [®] VELPHORO [®] KOSTAIVE [® ]
Immunoglobulins Cell-based Pandemic CSL404 (DOAC Bypass) rFIX-FP (HaemB) Sucroferric oxyhydroxide(Serum P control in CKD) sa-mRNA Vaccine (COVID)
Transplant & Immunology Influenza (H5N8) Vaccine Anti-IL-6 mAb Clazakizumab Fibrinogen Concentrate RiaSTAP [®] Oral potassium binder VELTASSA [®] Adjuvanted Cell-based CSL403 (aTIVc)
Haematology (MACE in ESKD) (AFD) (HK) Trivalent Influenza Vaccine
Vaccines
CSL964 ANDEMBRY [ ®]
Cardiovascular & Renal Alpha 1Antitrypsin Anti-FXIIa mAb(HAE)
(Treatment of aGvHD)
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Haematology Vaccines Cardiovascular & Renal Partnered Project

• Ongoing Post-Marketing Studies

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