CAH Investor Day 2025 Presentation

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3 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Pharma and Specialty Solutions: growth and resiliency Debbie Weitzman, Pharma & Specialty Solutions Craig Cowman, Biopharma Solutions James Weber, MD, The Specialty Alliance Overview of the day 9:00am *All times are Eastern Time (ET) 9:05am 9:55am Welcome and overview Matt Sims, Investor Relations & Enterprise FP&A Evolving to reach our full potential Jason Hollar, Chief Executive Officer 9:25am GMPD turnaround Steve Mason, Global Medical Product & Distribution 10:25am 10:40am 11:58am Break Accelerating growth businesses Rob Schlissberg, at-Home Solutions Emily Gallo, OptiFreight Logistics Mike Pintek, Nuclear & Precision Health Solutions 10:55am Value creation Aaron Alt, Chief Financial Officer 11:18am Q&A Closing Jason Hollar, Chief Executive Officer CARDINAL HEALTH 2025 INVESTOR DAY

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4 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Cautions Concerning Forward-Looking Statements This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," “will," "should," "could," "would," "project," "continue,” "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include the risk that we may fail to achieve our strategic objectives, including the continued execution of the GMPD Improvement Plan initiatives, whether as a result of tariffs on products we source or manufacture, an uncertain global economic environment, Cardinal Health Brand Product sales or ongoing inflationary pressures; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts, whether due to price increases or otherwise; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals, including as a result of legislative or executive actions; risks associated with litigation matters, including a Department of Justice investigation focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, may impact demand for our products or may cause supply shortages that impact our cost and ability to fulfill customer demand; the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs; risks associated with recently completed and pending acquisitions, including risks arising as a result from our entry into new lines of businesses. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This presentation reflects management’s views as of June 12, 2025. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com CARDINAL HEALTH 2025 INVESTOR DAY

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6 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Strategic Pillars 1 2 3 Clear and consistent strategy T alented and experienced team Continued momentum and evolution T oday’s focus CARDINAL HEALTH 2025 INVESTOR DAY

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7 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Relentless focus on simplification Consistent strategy CARDINAL HEALTH 2025 INVESTOR DAY | STRATEGIC PRIORITIES Build upon the growth and resiliency of Pharmaceutical and Specialty Solutions by expanding in Specialty Accelerate other growth businesses Execute GMPD Improvement Plan initiatives and shareholder value creation

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8 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Strategic progress LOOKING BACK: 2023 INVESTOR DAY Executed simplification actions, including streamlined organizational structure Improved core execution with improvements across key operational metrics Invested $1B back into the business over last two years to drive organic growth Completed five acquisitions 1 of high-quality assets in strategic areas of focus Expanded in Specialty and accelerated our growth businesses Returned $3B to shareholders through share repurchases and dividends 1Acquisitions include Specialty Networks, Integrated Oncology Network (ION), GI Alliance (GIA), Advanced Diabetes Supply (ADS) and Urology America

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9 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Operating earnings CAGR Adjusted free cash flow EPS CAGR FY24 – FY25 1,2 1FY22 to FY23 2-yr CAGR, as of FY21 baseline, and FY24 to FY25 Outlook 2-yr CAGR, as of FY23 baseline; +16% +18% ~$6B Acceleration in performance LOOKING BACK: 2023 INVESTOR DAY Operating earnings CAGR Adjusted free cash flow EPS CAGR (4)% +2% ~$5B Pre-FY24 period 1,2 2Non-GAAP EPS and Non-GAAP operating earnings

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10 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Financial progress Long-term targets (FY24-FY26) Current outlook (FY24-FY26) Pharma segment profit growth of 4% to 6% 8% CAGR 1 GMPD segment profit of $300M in FY26 2 Nearly $300M improvement since FY23; taking actions to mitigate externalities and drive profit growth Other segment profit growth of 8% to 10% 2 10% CAGR 3 Generate at least $6B in adj. free cash flow ~$9B in total adj. FCF At least $2B in share repurchases 4 Now expecting at least $2.75B Non-GAAP EPS CAGR of 12% to 14% 16% CAGR 18% excluding contributions from GIA and ION; additionally, does not include NPHS business which was originally included in the Pharma segment prior to January 2024 re-segmentation 2Target from January 2024 re-segmentation announcement 310% excluding contributions from Advanced Diabetes Supply 4Target and outlook includes $500M of opportunistic share repurchases initiated in Q4 FY23 LOOKING BACK: 2023 INVESTOR DAY

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11 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 1 5 3 2 4 Providing FY26 guidance for ~13% EPS growth 1 Targeting 12% to 14% EPS CAGR for FY26-28 Raising expectations for adjusted free cash flow CARDINAL HEALTH 2025 INVESTOR DAY | LOOKING AHEAD Strong financial outlook Raising FY25 EPS guidance Raising long-term targets for Pharma & Specialty Solutions and Other profit growth Continuation of momentum 1At the mid-points

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12 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Debbie Weitzman Pharmaceutical & Specialty Solutions Jason Hollar Chief Executive Officer Rob Schlissberg at-Home Solutions Aaron Alt Chief Financial Officer Emily Gallo OptiFreight Logistics Steve Mason Global Medical Products & Distribution Mike Pintek Nuclear & Precision Health Solutions Our business leadership team

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13 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Biopharma innovators Generic Rx manufacturers Nuclear innovators Medical-surgical product manufacturers Consumer health manufacturers Specialty physician offices Health systems Government Patients in the home Mail order pharmacies Retail and grocery pharmacies Manufacturers and innovators Providers and customers CARDINAL HEALTH 2025 INVESTOR DAY | CRITICAL ROLE HEALTHCARE’S CRUCIAL LINK

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14 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Patient demographics Increasing utilization of pharmaceutical and medical products and services Positioned at the forefront of key trends Pharmaceutical innovation Novel specialty therapies and radiopharmaceuticals requiring complex forms of logistics and clinical support Site of care shifts Care delivery shifting to more cost-effective and comfortable settings for the patient such as community practices and the home T echnology advancements Deploying new technologies to provide clinical and economic value for customers and drive operational efficiencies Cardinal Health positioning CARDINAL HEALTH 2025 INVESTOR DAY | ON TREND

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15 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Stable industry trends Leading value proposition Proven adaptability CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Confidence in our resilient business model Fee for service model History of managing through regulatory and industry changes Strong balance sheet and financial flexibility Defensive industry characteristics Demographic tailwinds drive consistent and increasing demand for our services Consistent cash flow generation Strong and diverse customer base and leading partnerships Highly efficient model with ~1% operating margins Expanding suite of services with diverse revenue streams

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16 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Administration action on drug pricing T ariffs Engagement CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Confidence in our resilient business model ~95% of segment profit largely unimpacted by current tariffs Minimal net impact anticipated to enterprise in FY26 (<3% of EPS) Well-positioned to manage through pharmaceutical tariffs Continuing to work with policymakers to advocate for our customers and business Supporting healthcare policies that promote increased access, affordability and innovation Confident in essential role of safely, securely and efficiently providing critical products and services for customers and patients Expect to continue to be appropriately compensated for significant value provided

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17 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 2000 2005 2010 2015 2020 2000 2005 2010 2015 2020 CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Operating Cash Flow Confidence in our resilient business model Revenue 8% CAGR 9% CAGR

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18 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Building on our core Investing in pharmaceutical distribution 1 2 3 The Consumer Health Logistics Center will be fully operational in July 2025 Announcing plans for a new state of the art forward distribution center New customer ordering platform, Vantus HQ, has reached critical mass

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19 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Expanding Biopharma Solutions Launching The Specialty Alliance Launching The Specialty Alliance multi-specialty MSO platform Specialty Networks' data and insights platforms, PPS Analytics and SoNaR, are launching into oncology and further expanding in gastroenterology and rheumatology Sonexus more than doubling its products supported by FY28 1 2 3 CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Continuing to prioritize growth in Specialty

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20 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING 1Positron emission tomography Accelerating our growth Investing over $150M in NPHS over the next three years • Expanding our cyclotron network for PET 1 products in 11 markets • Expanding our Center for Theranostics Advancement capabilities Announcing the opening of AHS’ automated Fort Worth facility and plans for 3 additional automation expansions Beginning synergy realization with ADS distribution integration Expanding OptiFreight’s offerings within the hospital pharmacy 1 2 3 Investing across Nuclear & Precision Health Solutions (NPHS), at-Home Solutions (AHS) and OptiFreight

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21 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING T urning around GMPD Continuing to execute the GMPD Improvement Plan 1 2 Growing Cardinal Health Brand revenue 3% to 5% • Seeing ongoing commercial progress with our five-point plan • Executing mitigation actions to minimize tariff costs for our customers and business Driving continued simplification and cost optimization across the business by executing our manufacturing transformation and improving distribution cost-to-serve

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22 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY at-Home Solutions CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Portfolio overview Growth and Resiliency Accelerating Growth Turnaround Strategic investment prioritization Pharmaceutical & Specialty Solutions Nuclear and Precision Health Solutions OptiFreight Logistics Global Medical Products and Distribution 1 large core business | 3 growth businesses | 1 turnaround business

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23 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Longer-term opportunities at-Home Solutions Nuclear and Precision Health Solutions OptiFreight Logistics Pharmaceutical & Specialty Solutions Manufacturer MSO Platforms Biopharma Solutions Pharmacy expertise Examples of potential value creation from CAH’s unique assets and capabilities

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24 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Other includes: Nuclear and Precision Health Solutions | at-Home Solutions | OptiFreight Logistics FY24 + FY25 Outlook CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Pharma & Specialty 60% GMPD 11% Other 29% FY26 to FY28 Outlook 1 Pharma & Specialty expanding, Other contribution doubling and GMPD less meaningful contributor to future growth Pharma & Specialty 50% GMPD 36% Other 14% 1GMPD assumes $50M of profit growth per year from $140M in FY26 Our ongoing evolution Total operating earnings growth by segment

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25 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | BRINGING IT ALL TOGETHER Consistent track record Unique breadth of capabilities Resilient model Strong core Pharma Specialty key opportunity Higher-margin growth businesses Progress with GMPD turnaround Increasing cash flow generation Disciplined capital allocation 12% to 14% non-GAAP EPS CAGR Key takeaways

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27 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Pharmaceutical & Specialty Distribution Biopharma Solutions MSO Platforms MSO: Managed Services Organization Platforms Key areas Who we are today PHARMACEUTICAL & SPECIALTY SOLUTIONS | WHO WE ARE AND WHAT WE DO

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28 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 34% 56% 66% 44% 2014 2016 2018 2020 2022 2024 2026 2028 Traditional & Specialty Mix (Invoice prices at $ in billions) Specialty % of Total Traditional % of Total 521 545 589 645 711 769 2019 2020 2021 2022 2023 2024 Industry Growth (Invoice prices at $ in billions) Specialty Traditional US Pharmaceutical Industry 5-yr CAGR Specialty 10% Traditional 6% Total 8% Source: IQVIA Institute Specialty represents the fastest growing segment of the industry PHARMACEUTICAL & SPECIALTY SOLUTIONS | INDUSTRY CONTEXT

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29 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Expand in Specialty2 MSO Platforms Biopharma Solutions Segment strategy Pharmaceutical Distribution Strengthen our core1 Pharmaceutical & Specialty Solutions Continuing to execute our plan

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30 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Physician office Long-term care Retail independents Retail chain / grocery Health systems Customer-oriented service + Momentum across classes of trade Disciplined onboarding and ongoing execution = PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Commercial momentum

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31 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Leading scale in U.S. generic purchasing 2-3% projected generic unit market growth between 2024-20291 Partnerships with CVS Health enabling sourcing scale and expertise across: • Generic Rx: Red Oak Sourcing • Private label OTC: IQ Purchasing • Biosimilars: Averon Strategic sourcing 1 Information licensed from IQVIA: IQVIA DDD® and IQVIA Market Prognosis for the period 2019 - 2029 reflecting estimates of real-world activity. All rights reserved. Includes Cardinal Health analysis 2Brand sales loss of exclusivity shown at ex-manufacturer price PHARMACEUTICAL & SPECIALTY SOLUTIONS STRONG CORE FOUNDATION 2021 2022 2023 2024 2025 2026 2027 2028 2029 Brand sales loss of exclusivity (Small molecule only)1,2

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32 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Enables growth: • Frees network capacity • Improves service levels • Opens new revenue channels Opens July 2025 Customer experience and operational efficiency investment Deploys automation for operational efficiency PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Consumer Health Logistics Center

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33 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Distribution network Inventory optimization T echnology architecture Customer solutions Warehouse and transportation focused initiatives to improve cost, capacity and productivity Inventory management and forecasting for better service and working capital utilization Modern technology infrastructure to align people, process and technology Innovative, customer-facing solutions that complement go-to-market PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Continuing to invest for growth in the core

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34 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Expand in Specialty2 MSO Platforms Biopharma Solutions Segment strategy Pharmaceutical Distribution Strengthen our core1 Pharmaceutical & Specialty Solutions Continuing to execute our plan

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35 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Specialty is now over $40B in revenue, growing at a 14% CAGR over the last 3 years 1 Accelerate growth in autoimmune 2 , urology and oncology Scale and expand offerings to pharmaceutical manufacturers $27 $32 $36 $40+ FY22 Actual FY23 Actual FY24 Actual FY25 Outlook Specialty Revenue1 ($ in billions) 14% 3-yr CAGR 1Specialty Distribution + Biopharma Solutions + MSO platforms; 2Includes gastroenterology, neurology and rheumatology 1 2 PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Accelerating growth in Specialty

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36 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Managed Service Organizations Other specialties Contributing ~$3B of higher-margin revenue and positioned for future growth Multi-Specialty Oncology PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY

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37 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY • Significant use of infusible therapies for treatment with meaningful drug overlap across therapeutic areas • Diverse revenue streams beyond infusion AUTOIMMUNE 1 ONCOLOGYUROLOGY • Partner in treatment of certain cancers with oncology • Share similar practice economic profiles with Autoimmune Treatment of certain cancers Similar practice economic profiles • Single largest therapeutic area • Robust growth driven by drug pipeline • Opportunity to offer comprehensive care (medical, radiation, surgical) 1 Includes gastroenterology, neurology and rheumatology Focus on autoimmune, urology and oncology PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY

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38 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Autoimmune Urology Oncology Total Source: Market sizing and market growth rates sourced from Evaluate Pharma 1 Includes gastroenterology, neurology and rheumatology 8% 7% 10% 9% Industry sales growth rate (2024-2029 CAGR) Oncologics 1 Pharmaceutical industry sales (Net manufacturer prices) Oncologics and autoimmune represent large and growing opportunities PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY

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39 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Community practices have diverse revenue streams 1 with similar mix across Autoimmune and Urology Source: Bain & Co.; Ancillaries includes infusion, surgery center, laboratory, and other revenue streams 1Includes revenue that is typically addressable to a community physician practice 2Includes gastroenterology, neurology and rheumatology 28% 31% 41% Autoimmune2 25% 35% 40% Urology 6% 94% Medical Oncology Infusion and ancillary services Office visits Procedures PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY

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40 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Broad Distribution and Scaled Contracting MSO Platforms Advanced Data and Technology Solutions Specialty Community Physicians Oncology Approx 40% of market Multi-Specialty Approx 60% of market PPS Analytics and SoNaR Real World Evidence/Data Pharmaceutical and Specialty Distribution GPO offerings Other specialties Building a platform to provide best-in-class support to community-based physicians PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY

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42 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Community physicians are a large population of providers committed to providing high quality, convenient and cost-effective care PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Source: Internal analysis and Bain & Co Community Physicians Other ~11K Gastroenterology ~6K ~17K 0 6 12 18 Autoimmune ~5K Urology ~5K OncologyPercentage of physicians not yet engaged with an MSO ~90% ~80% ~50%

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43 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY How a managed service organization helps PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Infusion therapy Clinical research Specialized centers of excellence Anesthesia services Pathology services Specialty and retail pharmacy Surgical procedures Radiology Chronic care management Doctor / patient relationship

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44 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 1 2 3 4 Continued physician ownership and governance Physicians maintain clinical autonomy Access to capital to fund growth Complementary expertise + Other specialties Multi-Specialty Partnering with Cardinal Health PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS

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45 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY ~1,900 0 ~2,200 FY22 FY25 Outlook FY28 Outlook Total MSO providers1 As of Transaction Close Incremental Adds 1Includes physicians and advanced practice providers supported by The Specialty Alliance and Navista PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Our MSO platforms are positioned for growth

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47 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Manufacturer needs for commercialization Specialty group purchasing Real world data / evidence Supply chain management Patient access and adherence Cell and gene expertise Specialty Networks Solutions Cardinal Health capabilities Advanced Therapy Solutions Sonexus Access and Patient Support 3rd Party Logistics (3PL) Biopharma Solutions overview PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS

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48 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Real world data/evidence Customer value Group purchasing organizations (GPO) Patient insights ManufacturersEconomic Clinical Specialty Networks Solutions creates holistic value for physicians and manufacturers PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS

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49 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY First-time 3PL launches 2024 CAH 3PL All Others 79% All 3PL new drug launches 2024 CAH 3PL All Others 63% Source: 2024 Novel Drug Approvals per FDA.gov, FiercePharma 3PL growth driven by investments in technology and infrastructure PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS

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50 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Sonexus Access & Patient Support, combines pharmacy operations with smart digital tools to streamline patient onboarding and increase adherence to prescribed care Number of therapies supported at Sonexus FY22 FY25 Outlook FY28 Outlook Sonexus to more than double its number of supported therapies by FY28 PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS

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51 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Sources: Evaluate Pharma; Cardinal Health Analysis Evidence generation, regulatory consulting and submissions and real-world evidence collection Evidence planning and regulatory support 3rd Party Logistics and distribution Patient support services and market access Current offerings Supply chain and 3rd party logistics, unified ordering and reporting (Advanced Therapy Connect) and financial risk management Patient support services powered by Sonexus, clinical programs and market access consulting 43 57 70 88 116 147 183 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Advanced Therapies (cumulative number of approved therapies for each year) Advanced Therapy Solutions’ suite of go-to-market offerings are uniquely designed to meet evolving market needs PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS

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52 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Biopharma Solutions will continue to deliver strong double-digit growth $320M ~$550M ~$1B FY22 FY25 outlook FY28 outlook PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Biopharma Solutions revenue

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53 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY FY26-28 Growth and resiliency Bringing it all together – delivering results Strong core foundation 1 Expanding in Specialty 2 1 CAGR over FY26 to FY28 period, as of FY25 baseline Profit CAGR includes approximately 2 percentage points of growth attributable to the acquisitions of GIA and ION Segment to deliver 8% to 10% revenue and 7% to 9% segment profit CAGR1 PHARMACEUTICAL & SPECIALTY SOLUTIONS BRINGING IT ALL TOGETHER

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54 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Leading network and differentiated end-to-end capabilities Nuclear & Precision Health Solutions at-Home Solutions Care shifting to more cost-effective and comfortable settings Increasing pressures on providers to reduce costs and leverage technology Leading positioning Key trends Acceleration of biopharma innovation and precision medicine Leading scale, breadth and distribution reach Leading value proposition and technology-driven solutions Other includes: Nuclear and Precision Health Solutions | at-Home Solutions | OptiFreight Logistics; Financials represent mid-point of Other’s FY25 outlook Positioned for continued double-digit growth $5.3B revenue >$500M profit 9.5% operating margin Higher-margin growth businesses GROWTH BUSINESSES | ACCELERATING GROWTH OptiFreight Logistics

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56 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Currently serve more than 6M patients with over 22M shipments to homes annually Leading direct-to- home medical supplies distributor – B2B Leading direct providers of medical supplies to people in their homes – B2C • 3,000+ customers that care for people in their homes • Offer broad product portfolio of medical supplies • National network of 11 dedicated distribution centers • Provides scale and efficiencies across at-Home Solutions • Access to nearly 90% of covered lives in the U.S. • Provide medical supplies needed to manage chronic conditions • Attractive reoccurring revenue model – diabetes, ostomy, urology • Asset-light model with attractive product mix Complementary businesses focused on the home AT-HOME SOLUTIONS l WHO WE ARE AND WHAT WE DO

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57 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY at-Home Solutions competes in a segment of the HME industry 8% projected CAGR $45B TAM With a scaled platform to capture growth in an expanding diabetes industry 10% projected CAGR $17B TAM Aging population Americans 65+ expected to grow 15% the next 5 years Rise in chronic conditions >50% American adults have multiple chronic conditions Expanding access ~65% of people with diabetes who qualify for CGM under insurance are not yet using it Sources: HME Databank, CMS National Health Expenditures, American Diabetes Association: Economic Costs of Diabetes in the US in 2022, National Diabetes Statistics Report, Centers for Disease Control and Prevention, May 15, 2024 , February 2025 Wolfe Research, and public earnings reports AT-HOME SOLUTIONS l INDUSTRY CONTEXT Compelling opportunities

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58 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Consistent above-market growth FY22 FY23 FY24 FY25 Outlook FY25 Pro-forma at-Home Solutions revenue by business unit ($B) at-Home Edgepark ADS $2.4 $2.6 $2.9 $3.5 $4.3 13% CAGR 1ADS acquisition closed 4/1/25; Pro-forma includes ADS annualized $1.1B in revenue ~20% CAGR 1 AT-HOME SOLUTIONS l ACCELERATING GROWTH

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59 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Strategic Pillars 1 2 3 Building on our strengths as a scaled supply chain and logistics leader through our dedicated direct-to-home network Accelerating core growth across chronic conditions as both a direct-to-home distributor and direct provider Leveraging our infrastructure and large populations we serve to create a platform for future growth opportunities AT-HOME SOLUTIONS l ACCELERATING GROWTH Clear and connected strategy

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60 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 1.6M 2.0M 1.0M 0.0 1.0 2.0 3.0 4.0 FY22 FY28 Outlook Capacity to support growth Physical square feet Additional effective square feet (due to automation) Revenue per physical square foot More than doubling revenue per physical square foot Customer experience (FY22 vs. FY25) Productivity (Legacy vs. New Site) $1.5K $3.1K +6 pp 90% prime fill 96% prime fill 12 lines/hr 18 lines/hr +50% AT-HOME SOLUTIONS l ACCELERATING GROWTH Strong foundation to build on

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61 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Sources: HME Databank, CMS National Health Expenditures, American Diabetes Association: Economic Costs of Diabetes in the US in 2022, National Diabetes Statistics Report, Centers for Disease Control and Prevention, May 15, 2024 , February 2025 Wolfe Research, and public earnings reports 0 5 10 15 20 25 30 35 40 45 U.S. Population (M) CGM-eligible population U.S. diabetes population 2022 2025 Outlook 2028 Outlook ~35% ~45% Growing patient population, expanding access and increasing CGM penetration Significant opportunity in diabetes AT-HOME SOLUTIONS l ACCELERATING GROWTH 1Percentages represent CGM penetration of insurance-eligible population CGM users through insurance 1

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62 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Navigate all payment and benefit models at scale – medical benefit (DME), pharmacy benefit, and cash pay Large and growing patient base provides opportunities to expand our portfolio and develop programs in and around diabetes Potential to more comprehensively support customers and patients by leveraging enterprise capabilities within the at-Home Solutions platform Omnichannel customer experience Category expansion AT-HOME SOLUTIONS l ACCELERATING GROWTH Enabling a platform for future growth

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63 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Our intent is to reach 10M+ patients annually in the next five years Consistent track record of double-digit revenue growth Dual strategy to win in attractive growth industry Operating at peak levels with a strong foundation to build on Clear strategy with ADS serving as an accelerator AT-HOME SOLUTIONS l BRINGING IT ALL TOGETHER Differentiated approach to growth

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65 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY z Manufacturers Carriers OptiFreight® Logistics Pharmacies Laboratories Surgery centers Hospital / IDN Gartner Top Supply Chain Health Systems use OptiFreight® Logistics 1 Stats based on 2024 customer data; 2Gartner Supply Chain Top 25; 2024 Intersection of value and performance Breadth, scale, satisfaction1 23M+ shipments managed for our customers annually $1B+ annual spend savings for our customers Delivering cost savings and efficiencies for healthcare customers’ direct shipments 7 of top 10 2 OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO Our OptiFreight Logistics business is driving strong growth

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66 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Realized value Parcel and freight shipment management Competitive shipping rates Management of 7,000+ participating suppliers Robust audits and consolidated invoicing Action-driving, intuitive technology and insights platforms OptiFreight® Logistics provides: Operational efficiency Extension of customer’s team+ + OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO Combination of technology and expertise provides differentiated value

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67 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY TotalVue Insights Tracking Reporting Analytics Using AI and machine learning benchmarking to inform actions, drive performance and create value OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO T otalVue Insights Platform

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68 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Inbound (supplier-direct) Outbound (customer-initiated) Low single-digit volume growth Double-digit volume growth Exceeding market OptiFreight® LogisticsMarket Growth Volume CAGR At least rate of market OptiFreight Logistics 15% 3-year revenue CAGR1 1 FY23 to FY25 Outlook, as of FY22 baseline OPTIFREIGHT LOGISTICS l INDUSTRY CONTEXT Consistent above-market growth

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69 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY PRIORITY 1: GROW Expand and win in current market PRIORITY 2: INNOVATE Introduce new and enhanced products to meet growing pharmacy needs Delivering a predictive, integrated and frictionless customer experience OPTIFREIGHT LOGISTICS l ACCELERATING GROWTH Positioned for tomorrow’s growth

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70 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Proven track record Delivering double-digit growth Significant investment Robust growth roadmap Unmatched expertise Core business growth + Customer expansion + Technology transformation Strong CAGR and forward momentum OPTIFREIGHT LOGISTICS BRINGING IT ALL TOGETHER

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72 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Federally regulated by FDA, DEA Typically, patient self-administers, as prescribed Typically, longer expiration dates Oral tablet Decays constantly, expires within hours or days Complex regulatory landscape, often varying by state Requires specialized physician and staff training (Authorized User, Radioactive Materials License) REGULATIONS ADMINISTRATION SHELF-LIFE NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO Oral tablet vs. radiopharmaceutical Radiopharmaceutical

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73 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY SPECT1 (low-energy radiodiagnostics) • Prepare, dispense and distribute SPECT diagnostics • Exclusive North American rights to manufacture and distribute Lymphoseek® • Manufacture, prepare, dispense and distribute PET diagnostics • Exclusive U.S. distribution rights to IRE’s Gallium-68 generator 1 PET2 (high-energy radiodiagnostics) 2 Theranostics 3 • Leading Contract Development & Manufacturing Organization, supporting clinical assets and commercialized products − Novel isotopes (e.g., Actinium-225) − Radioligand therapies (e.g., Xofigo®) • Prepare, dispense and distribute final drug products (e.g., Pluvicto®) 1 Single Photon Emission Computed Tomography; 2 Positron Emission Tomography Partner of choice with comprehensive portfolio Consistent above-market growth NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO

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74 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 1,700+ professional healthcare couriers Serve 6,600+ customers Dispense and distribute 12M+ time-critical, patient-specific doses2 Supported ~75% of FDA approved radiopharmaceuticals1 130 nuclear pharmacies 30 PET sites accuracy rate for dispensing and labeling on-time delivery rate of hospitals reached within three hours >99.9% 99.8% 95.0% 75 Best-in-Class Net Promoter Score (NPS) 1Includes products approved from 2013 to 2023; 2Annually National scale and service excellence shaping the future of precision health NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO

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75 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 1Deal value includes M&A transactions based on publicly available data; M&A encompasses acquisitions of companies, product, facility and business units. Time period is past 18 months (Oct. 2024 - April 2025) $10B $5B in licensing deals1 in radiopharma M&A1 Superior imaging and therapeutics profiles New emerging isotopes Increasing use cases Combination therapy Movement in line of treatment Social momentum >100 Radiopharmaceuticals in development Market outlook Growth drivers Aging population Drug performance with novel isotopes Potential accelerants Nuclear medicine industry in early innings of growth with a strong trajectory NUCLEAR & PRECISION HEALTH SOLUTIONS | INDUSTRY CONTEXT

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76 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 60% 15% 20% 5% Pre-clinical Phase II Phase III Phase I 66% 15% 8% 4% 7% Neurology Cardiology Urology Oncology All Other Radiopharmaceutical R&D pipeline by clinical stage Radiopharmaceutical R&D pipeline by disease state Robust industry pipeline with 100+ projects under development Industry growth will rapidly evolve with the commercialization of novel theranostics NUCLEAR & PRECISION HEALTH SOLUTIONS | INDUSTRY CONTEXT

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77 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Early investments in Theranostics & PET are paving the way for 70+ projects in the NPHS pipeline Innovation center Support preclinical through phase II studies Pre-commercial manufacturing Manufacture phase III and small-scale commercial products Commercial manufacturing Long-term home for commercial or phase III products Pharmacy operations Nationwide preparation, dispensing and delivery services Commercial services Comprehensive marketing and sales capabilities NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Center for Theranostics Advancement Enabling pharmaceutical innovators to bring new radiopharmaceuticals to market

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78 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Top growth drivers 1 1Non-exhaustive list of products in CAH portfolio. Reflective of top growth products in the period FY25-FY28; 2Patient ready dose Radiodiagnostic Radioligand therapyOncology Urology CardiologyNeurology / Alzheimer’s Isotope Next wave GE Vizamyl Telix Illuccix® Novartis Pluvicto® PRD2 Product 2 TerraPower Ac-225 GE Flyrcado Product 3 Product 12 Product 10 Product 13 Product 9 Product 11 Product 8 Product 5 Product 6 Product 7 Product 1 Product 4 2025 2026 2027 2028 2029 2030 2031 NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Recent product launches will serve as growth engine until next wave of entrants

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79 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY SPECT Theranostics + PET Revenue by business mix FY22 actuals ~35% ~65% ~75% ~25% Revenue by business mix FY28 outlook ~50% ~50% Revenue by business mix FY25 outlook NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Theranostics and PET underpinning long-term growth

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80 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Investing $150M+ over the next 3 years Expanding capabilities to support manufacturer needs Large, growing industry with favorable tailwinds On track to outpace industry with double-digit growthStrengthening the PET network in 11 high-growth markets Highly differentiated with customized and scalable services Robust operational infrastructure enabling best-in-class service levels Capabilities Investments Outlook NUCLEAR & PRECISION HEALTH SOLUTIONS | BRINGING IT TOGETHER Strong profile for sustainable growth

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82 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Cardinal HealthTM Brand Products are sold in 46 countries, and we offer distribution in the U.S. and Canada 1FY24 Revenue ~$0.6B Rest of the world ~$1.1B Canada ~$10.7B United States Cardinal Health Brand Products and Distribution Cardinal Health Brand Products Products and distribution Cardinal Health Brand Products $4.2BNational Brand Products $8.2B Revenue by region1 GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | WHO WE ARE AND WHAT WE DO Provide the right product at the right place and time

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83 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Surgical procedures in U.S. utilize Cardinal Health products30M+ U.S. hospitals rely on our integrated platform30%+ Canadian hospitals rely on our integrated platform60%+ Incontinence Presource® Procedure Packs Drapes and gowns Kangaroo Enteral Feeding Kendall SCD Compression Kendall Electrocardiography Protexis Surgical Gloves Infection control apparel Laboratory Broad portfolio Scaled distribution Supplychainexpertise Broad portfolio of innovative and essential productsScaled platform Delivering value across healthcare systems worldwide GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | WHO WE ARE AND WHAT WE DO Our strengthened and integrated model delivers value

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84 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY to successfully return the GMPD segment to profitable growth and positive cash flow Segment profit After two years of losses, GMPD delivered $92M of segment profit in FY24, a ~$240M increase over FY23 Mitigated elevated inflation FY22 FY23 FY24 FY25 Outlook ~$130 $92 ($147) ($64) Stabilization Results of GMPD Improvement Plan Returned to profitability and growth Segment profit ($M) GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | SIGNIFICANT TURNAROUND Our Improvement Plan priorities set the path

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85 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Key priorities (FY26 to FY28) 1 Strategic pillars Grow Cardinal Health Brand • 3%-5% revenue growth CAGR o 2-3% industry growth o Modestly increase penetration of existing customers o Continue to deliver on the 5-point plan for product growth • Execute mitigation actions to offset tariff impacts 2 Drive simplification and continued cost optimization • Continue to achieve net cost savings o Execute manufacturing transformation o Reduce distribution cost to serve GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH We are consistent in our strategic focus

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86 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Customer experience 4 Portfolio and supply chain health 1 New product development and commercialization 2 Commercial structure and incentives 3 Conversion and pipeline close rate 5 FIVE POINT PLAN GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continue to deliver our Five Point Plan for product growth

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87 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY BREADTH Next generation flagship product launches Kangaroo OMNI Enteral Feeding System Kendall SCD* SmartFlow Compression Platform Customer loyalty index increase CUSTOMER EXPERIENCE FY22 2 FY25 2 +18 pt 2Semi-annual survey results from Q1 FY22 and H1 FY25 GROWTH RESULTS Grew Cardinal Health Brand (CHB) Revenue in FY24: +3% Grew US CHB Revenue in FY25 Q3: over 5% Anticipate CHB Revenue growth in FY25: ~3% FY22 FY25 1 Service level improvement +11 pt SERVICE 1Trailing 12 months through March 2025 GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continue to deliver our Five Point Plan for product growth *SCD – Sequential Compression Device

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88 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY to ensure we continue to deliver value to our customers and stakeholders INCREASED DOMESTIC FOCUS Global Cardinal Health Brand cost of goods by country of origin United States Mexico / Canada LATAM APAC China ~35% ~20% ~10% ~20%~10% EU / Other ~5% The U.S. is now our largest region Increased domestic manufacturing capacity in key categories such as incontinence, syringes and fluid management GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Significant progress in mitigating tariff exposure

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89 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY ~$450M Assumptions U.S. tariff rates effective today1: • China 30% plus Section 301 tariffs • Mexico and Canada at 25%; USMCA exemptions remain • Rest of world at 10% Mitigation actions • Increasing U.S. manufacturing capacity and diversifying our supplier network • Optimizing our tariff compliance processes • Advocating with government agencies • Continued operational mitigation, along with pricing for tariff impacts Gross tariff costs Operational mitigation Remaining FY26 gross tariff costs Expected FY26 tariff mitigation FY26 net impact $250M - $300M $150M - $200M $100M - $125M $50M - $75M 1 2 1Assumes not on hold due to legal intervention Financial impact • $50M-$75M net impact anticipated in FY26 • Continued focus on minimizing impacts for our customers and business 3 to ensure we continue to deliver value to our customers and stakeholders Setting a clear approach to mitigate tariff exposure GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH

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90 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 128 46 FY18 FY25 1 COMMERCIAL Reduced countries with commercial operations MANUFACTURING Simplified global manufacturing footprint FY18 FY25 1 DISTRIBUTION Continued reduction of distribution cost-to-serve Optimize labor cost with automation Optimize transportation spend Improve warehouse efficiency Increase space in our distribution network 34 29 64% reduction 15% reduction 1As of May 2025 and simplification while driving resiliency GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continuing our strong track record of cost optimization

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91 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY We continue to optimize our commercial engine to win with our integrated value proposition We are taking the actions across the business to mitigate the impact of tariffs We are driving increasing returns by continuing to streamline and simplify the business We are confident that GMPD will deliver at least $50M of profit growth per year after FY26 We are mission critical to healthcare GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | BRINGING IT ALL TOGETHER GMPD is well positioned for sustainable growth

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93 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Operating earnings CAGR Adjusted free cash flow EPS CAGR 2-Year CAGR 1,2 +214% +66% +10% +16% +18% ~$6B Financial performance since FY23 LOOKING BACK: 2023 INVESTOR DAY | VALUE CREATION Total shareholder return FY23 to present 3 -20% 30% 80% 130% 180% 230% 6/30/2022 6/30/2023 6/30/2024 Cardinal Health S&P 500 S&P Healthcare Index 1FY24 to FY25 Outlook 2-yr CAGR, as of FY23 baseline; 2Non-GAAP EPS and Non-GAAP operating earnings 3Reflects share price performance plus dividends reinvested for June 30, 2022 to June 6, 2025

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94 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY New FY25 outlook Non-GAAP EPS $8.15 - $8.20 Previously $8.05 - $8.15 Interest and Other ~$200M Previously $200M - $215M Non-GAAP ETR ~23.0% Previously 23.0% - 23.5% Diluted weighted average shares outstanding ~242M Share repurchases $750M Capital expenditures $500M to $550M Non-GAAP adjusted free cash flow ~$2.0B Previously ~$1.5B Bold indicates a change to the FY25 outlook provided in the Q3 FY25 earnings release on May 1, 2025. The company does not provide forward-looking expectations on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See “use of non-GAAP measures” in the financial appendix at the end of this presentation for additional explanation. VALUE CREATION | FY25 GUIDANCE Raising FY25 guidance

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95 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Revenue and segment profit Bold indicates a change to the FY25 outlook provided in the Q3 FY25 earnings release on May 1, 2025. Other includes the following three operating segments: Nuclear and Precision Health Solutions (NPHS), at-Home Solutions, and OptiFreight Logistics, which are not significant enough individually to require reportable segment disclosure. Revenue decline of 1% to 3% Segment profit growth of 12% to 13% Previously growth of 11.5% to 12.5% Revenue growth of 2% to 4% Segment profit of ~$130M Previously $130M - $140M Revenue growth of 18% to 20% Previously growth of 17% to 19% Segment profit growth of 19% to 21% Previously growth of 16% to 18% Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other: NPHS, at-Home Solutions & OptiFreight VALUE CREATION | FY25 GUIDANCE Updating FY25 segment outlooks

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96 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Disciplined capital allocation Robust cash flow generation Working capital focus Operating efficiency / leverage Sustainable profitable growth Growth from strategic portfolio and customer positioning + = + += Value creation framework CONTINUED SHAREHOLDER VALUE CREATION VALUE CREATION | FRAMEWORK

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97 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY VALUE CREATION | LT TARGETS Segment profit Pharma and Specialty Solutions 5% to 7% Growth CAGR normalized2 Segment profit Other ~10% Growth CAGR normalized2 Non-GAAP diluted EPS growth 12% to 14% Growth CAGR GMPD Segment profit Capital Deployment $2.25B At least Profit growth per year after FY26 2Normalized range excludes contribution from GIA, ION and ADS acquisitions1As of FY25 baseline (mid-point of FY25 Outlook) $50M+ Share repurchases Our updated long-term targets FY26 – FY28 1

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98 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY non-GAAP diluted EPS: $9.10 to $9.30 FY25: $8.15 to $8.20 +13% Growth at the mid-points Interest and other: ~$275M non-GAAP ETR: 22% to 24% Adjusted free cash flow $2.75B to $3.25B Diluted weighted average shares outstanding: 238M to 240M Cash flow and deployment Other assumptions EPS growth Capital expenditures ~$600M Share repurchases ~$750M VALUE CREATION | FY26 GUIDANCE Preliminary enterprise FY26 guidance

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99 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Pharmaceutical and Specialty Solutions 5% to 7% normalized 2 profit growth Revenue growth 11% to 13% Profit growth Reported basis Preliminary FY26 guidance Long-term target (FY26 to FY28 CAGR 1 ) 10% to 12% 8% to 10% 7% to 9% 1FY26 to FY28 CAGR, as of FY25 Outlook baseline 2Normalized range excludes contributions from GIA and ION acquisitions VALUE CREATION | PHARMA & SPECIALTY

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100 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY ~10% normalized 2 profit growth 2Normalized range excludes contributions from ADS acquisition1FY26 to FY28 CAGR, as of FY25 Outlook baseline Revenue growth 26% to 28% Profit growth Reported basis 25% to 27% 16% to 18% 15% to 17% Preliminary FY26 guidance Long-term target (FY26 to FY28 CAGR 1 ) Other: NPHS, at-Home Solutions and OptiFreight VALUE CREATION | GROWTH BUSINESSES

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101 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Revenue growth 3% to 5% Profit $140M+ 2% to 4% $50M+ of profit growth per year after FY26 Preliminary FY26 guidance Long-term target (FY26 to FY28) CAGR Global Medical Products and Distribution VALUE CREATION | GMPD

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102 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY FY25 Outlook Operating Earnings GIA & ION ADS Pharma & Specialty Other FY26 Outlook Operating Earnings ~14% growth $2.8B $3.2B 1Excluding ION, GIA & ADS acquisitions 1 1 at the mid-points Key drivers Other includes: Nuclear and Precision Health Solutions | at-Home Solutions | OptiFreight Logistics Enterprise operating earnings FY26 bridge VALUE CREATION | FY26 GROWTH

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103 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Anticipate generating: $10B+ in total adjusted free cash flow over the next 3 years FY25 Outlook FY26 Outlook FY27 - FY28 Avg. Outlook ~$2B >125% Adj. FCF conversion1 $3.5B+ $2.75B to $3.25B 1Adjusted FCF / Non-GAAP Net Earnings, 3-year average Robust cash flow generation VALUE CREATION | CASH FLOW Adjusted free cash flow

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104 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Maintain investment grade balance sheet Investing back into the business to drive organic growth Baseline return of capital to shareholders Continue to grow the dividend Baseline share repurchases Disciplined and strategic M&A Additional opportunistic share repurchases Table stakes Opportunistic levers 1 2 3 4b 4a Our disciplined capital allocation framework remains unchanged: FY26 – FY28 VALUE CREATION | CAPITAL ALLOCATION

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105 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Organic investment in business 11 nuclear PET expansions 3 new DCs Pharma & Specialty and at-Home Solutions Automation technology New customer solutions MSO platform capabilities Supply chain technology $496 ~$525 $600+ FY23 - FY24 Avg FY25 Outlook FY26 - FY28 Avg. Outlook Capital expenditures | ($ in millions) VALUE CREATION | CAPITAL ALLOCATION

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106 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY 3.8x 3.3x 2.9x 3.5x 1.5X 2.0X 2.5X 3.0X 3.5X 4.0X FY22 FY23 FY24 LTM Sept-24 12-18 Month Forward View 2.75x – 3.25x Adjusted Debt/EBITDA1 Moody’s View 1 Source: Moody’s credit opinion report for Cardinal Health, Inc. published November 2024. Dotted lines represent Moody's published leverage range for Cardinal Health, Inc., updated as of November 2024 to 2.75-3.25x for its current Baa2 credit rating. Pro forma for the GI Alliance and ADS acquisitions and inclusive of its opioid liability, Moody’s estimated Cardinal’s adjusted debt/EBITDA was 3.5x for the twelve months ended September 30, 2024. Moody’s expects the company to deleverage through earnings growth and debt repayment such that adjusted debt/EBITDA approaches 3.0x (including opioid related liabilities) over the next 12-18 months. Quickly returning to our updated 2.75x – 3.25x Debt/EBITDA target 1 with $500M+ of FY26 debt paydown Near term maturities and deleveraging plans support current rating VALUE CREATION | CAPITAL ALLOCATION

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107 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY At least $750M each of the next 3 years previously $500M per year + Increasing our baseline return of capital to shareholders Consistently growing our dividend: Nearly $500M in dividend payments expected in FY26 Baseline share repurchases: $1.25B Returning at least to shareholders each year We are a Dividend Aristocrat VALUE CREATION | CAPITAL ALLOCATION

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108 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY Opportunistic deployment Strategic M&A Additional share repurchases Opportunistic levers FY26-FY28 $11B+ $10B+ FY26-28 total adj FCF + $1B+ of projected ending FY25 strategic cash1 ~$1B Litigation payments Baseline share repurchases $5B+ ~$2.25B Baseline return of capital ~$3.75B Dividend $1B+ Debt repayments ~$1.5B 1Projected cash at FY25 year-end in excess of general ~$2B cash on hand target Robust cash flow generation + disciplined capital deployment ~$1B Assumed tuck-in M&A in plan VALUE CREATION | CAPITAL ALLOCATION

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109 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY CARDINAL HEALTH 2025 INVESTOR DAY | BRINGING IT ALL TOGETHER Consistent track record Unique breadth of capabilities Resilient model Strong core Pharma Specialty key opportunity Higher-margin growth businesses Progress with GMPD turnaround Increasing cash flow generation Disciplined capital allocation 12% to 14% non-GAAP EPS CAGR Compelling Investment Thesis

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