Slides
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WELCOME TO CSL’S 2026 ANNUAL GENERAL MEETING Please ensure your mobile is on silent mode
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To edit data right click on the chart and choose Edit Data, this will open a table to edit the chart values. Change the chart colors by double left clicking until one of the sections of the chart is highlighted. Then right click and select Fill and then a color from the Custom Colors palette. 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. Readers are cautioned against reliance on forward-looking statements. Factors that could cause actual results to differ materially include: fluctuations in interest and currency exchange rates; legislative or regulatory changes affecting the pricing or reimbursement of CSL's products, including tariffs and most-favoured nation (MFN) pricing requirements; 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 or distribution of CSL’s products, market access for CSL’s products, environmental protection matters, or tax; litigation or government investigations; acquisitions or divestitures; and CSL’s ability to protects its patents and other intellectual property. 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. LEGAL NOTICE Important notice and disclaimer
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BRIAN MCNAMEE AO Chair and Independent Non-executive Director Address
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Andrew Cuthbertson AO Non-executive Director Brian Daniels Non-executive Director Samantha Lewis Non-executive Director Cameron Price Non-executive Director Elaine Sorg Non-executive Director Alison Watkins AM Non-executive Director Fiona Mead Company Secretary Gordon Naylor Standing for election Carolyn Hewson AO Non-executive Director Standing for re-election Costa Saroukos Standing for election BOARD OF DIRECTORS AND COMPANY SECRETARY Brian McNamee AO Chair & Non-executive Director
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GORDON NAYLOR Interim CEO and Managing Director Address
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FY26 - A SUCCESSFUL RESET • Accelerated CSL’s strategic transformation • Strengthened financial discipline • Invested in our commercial capability • Enhanced focus on operational excellence in plasma collection • Operational separation of CSL Seqirus completed • Positioned to return to sustainable growth
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FY26 PERFORMANCE1 Revenue 1 CSL Behring (1%) CSL Seqirus (8%) CSL Vifor 3% $15,797m Revenue $15.8b 1% Underlying NPATA2,3 $3.1b 2% Underlying NPAT4 $2.8b 3% excluding one-off restructuring costs & impairments Reported NPAT (Loss)3 ($2.6b) Cashflow from Ops $3.5b 1% • Consistent with May 2026 update • Reported results include one-off pre-tax restructuring costs of $0.8b and impairment and related costs of $7.1b • Robust Ig demand • Strong uptake of ANDEMBRY® and HEMGENIX® • Growth in seasonal influenza vaccines Strong progress on transformation initiatives • Cost savings of $176m realised • Partial reinvestment in commercial and pipeline initiatives Strong balance sheet and cash flows • ~A$1b buyback completed Dividend maintained Note: All figures are expressed in US dollars unless otherwise stated.
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STRONG PROGRESS ON TRANSFORMATION INITIATIVES • FY26 one-off pre-tax restructuring costs $799m* • FY26 cost savings delivered above target • Majority of savings across R&D, Commercial & Medical and Operations • Disciplined approach to reinvestment: – ~$30m reinvested in commercial initiatives – ~$50m on VMX-C001 FY26 FY27 FY28 Up to ~$550m $176m $400m $224m Annual pre-tax cost savings * Cash phasing - $339m in FY26 and ~$300m in FY27
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OPERATIONAL EXCELLENCE
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Steve Marlow Executive Vice President & General Manager, CSL Plasma Diego Sacristan Chief Commercial Officer Amy Van Buren Chief People Officer OPERATIONAL EXCELLENCE Steve Marlow Diego Sacristan Amy Van Buren
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CAPITAL ALLOCATION • Strong cash flow has significantly de-levered the Balance Sheet • Sufficient capacity to support investment in growth opportunities • Leverage within target range of 1.5x – 2.0x • $1.5b of debt refinanced • Dividend maintained • Progression of buy-back program: – A$1b in FY26 – A$1.1b in FY270.0 0.5 1.0 1.5 2.0 2.5 3.0 8.0 9.0 10.0 11.0 FY23 FY24 FY25 FY26 Net Debt Net Debt/EBITDA US$b Net Debt/EBITDA 2.7 x 2.2 x 1.8 x 1.8 x
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INVESTING FOR FUTURE GROWTH
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FY27 OUTLOOK AT FY26 FX RATES FY27 Guidance Reaffirmed Revenue In-line with FY26 @CC1 Underlying NPAT4 Growth ~5% @CC1,3 FX impact estimated to be a headwind of ~$50m if current rates remain unchanged for the remainder of the Financial Year Anticipated FY27 impairments ~$200m
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PRIORITIES FOR FY27 FOCUSED ON EXECUTION Drive portfolio innovation and growth Improve commercial performance and returns from R&D and business development Lead in operational excellence Deliver transformation benefits and increase productivity Enable and elevate our people Build the capability and accountability required to execute DISCIPLINED CAPITAL ALLOCATION AND STRONG, RELIABLE SHAREHOLDER RETURNS
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To edit data right click on the chart and choose Edit Data, this will open a table to edit the chart values. Change the chart colors by double left clicking until one of the sections of the chart is highlighted. Then right click and select Fill and then a color from the Custom Colors palette. APPENDIX 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 (loss) / 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 NPAT represents the statutory net (loss)/profit after tax before one-off restructuring and impairments expenses.
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THANK YOU 2026 ANNUAL GENERAL MEETING