CAH 43rd Annual J.P. Morgan… Presentation

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• JP Morgan Conference 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, whether as a result of Cardinal Health Brand sales, ongoing inflationary pressures or the impact of possible tariffs on products we source or manufacture; 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; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals, including as a result of possible legislative action; risks associated with litigation matters, including an 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; the possibility that our At-Home unit goodwill could become impaired due to changes to our long-term financial plan, increases in global interest rates or unfavorable changes in the U.S. statutory tax rate. 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 release reflects management’s views as of January 14, 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 2 © 2024 Cardinal Health. All Rights Reserved.

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4 © 2025 Cardinal Health. All Rights Reserved. Biopharma innovators Generic Rx manufacturers Nuclear innovators Medical-surgical product manufacturers Consumer health manufacturers • JP Morgan Conference Specialty physician offices Health systems Government Patients in the home Mail order pharmacies Retail and grocery pharmacies Healthcare’s crucial link Manufacturers & Innovators Providers & Customers

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5 © 2025 Cardinal Health. All Rights Reserved. • Radiopharmaceutical development and commercialization services • Medical manufacturing • 3PL • Patient access services • Real world evidence • Regulatory services • Advanced therapy solutions • JP Morgan Conference Healthcare’s crucial link Upstream services Downstream services • Distribution • GPO services • Clinical insights • Advanced data and technology solutions • MSO platforms • Inventory solutions • Freight management

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6 © 2025 Cardinal Health. All Rights Reserved. Patient demographics Pharmaceutical innovation Site of care shifts Technology advancements Increasing utilization of pharmaceutical and medical products and services Novel specialty therapies requiring complex forms of logistics and clinical support Care delivery shifting to more cost-effective and comfortable settings for the patient such as community practices and the home Deploying new technologies to provide clinical and economic value for customers and drive operational efficiencies Cardinal Health positioning • JP Morgan Conference Positioned at the forefront of key trends

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7 © 2025 Cardinal Health. All Rights Reserved. $220B+ in FY25 revenue • JP Morgan Conference Company snapshot 1 Approximately 48,000 employees globally ~$2.6B in FY25 operating earnings Other includes: at-Home Solutions | Nuclear and Precision Health Solutions | OptiFreight Logistics Pharma & Specialty 92% GMPD 6% Other 2% Revenue Segment profit GMPD 6% Other 17% Pharma & Specialty 77% FY25 Guidance1 1FY25 figures based on guidance provided during Q1 FY25 earnings call on November 1, 2024 99%+ of revenue generated in the U.S.

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8 © 2025 Cardinal Health. All Rights Reserved. Track record of execution and value creation Operating earnings Adj free cash flow EPS • JP Morgan Conference +49% +22% $6.8B FY23 + FY24 Results -20% 0% 20% 40% 60% 80% 100% 120% 140% 6/30/22 6/30/23 6/30/24 Cardinal Health S&P 500 S&P Healthcare Select Sector +138% +12% +62% 1Reflects share price performance plus dividends reinvested for July 1, 2023 to December 31, 2024 period Total Shareholder Return FY23 to CY241

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10 © 2025 Cardinal Health. All Rights Reserved. 1 2 3 Build upon the growth and resiliency of Pharmaceutical and Specialty Solutions by expanding in Specialty Execute GMPD Improvement Plan initiatives Accelerate growth in key areas • JP Morgan Conference Relentless focus on simplification and shareholder value creation Strategic priorities

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11 © 2025 Cardinal Health. All Rights Reserved. at-Home Solutions, NPHS and OptiFreight® Logistics Global Medical Products and DistributionPharmaceutical and Specialty Solutions • JP Morgan Conference Investing across our businesses +15% growth in shipments over last 2 fiscal years 3+ new product launches over FY25 and FY26, expanding capabilities across sites of care Nuclear and Precision Health Solutions at-Home Solutions OptiFreight® Logistics • • Announced 3 new state-of-the- art distribution facilities in U.S. Achieved record levels of productivity, quality and safety in FY25 • • U.S. manufacturing capabilities in roughly half of product categories More than doubling our Cardinal Health Brand product vitality by FY261 Announced 3 new U.S. DCs and invested in advanced planning capabilities for enhanced resiliency Investing >$100M in theranostics and PET manufacturing expansions from FY24 to FY26 Launched new Innovation Center supporting Cell & Gene Therapies • 15 cell and gene therapy manufacturers supported • 450+ sites of care • >18,000 orders processed 1New product sales (products launched within last 3 years) / total product sales Organic growth Opening our Consumer Health Logistics Center in CY25: • ~350K sq ft • >350 suppliers • >19,000 products PPS Analytics provides clinicians with actionable intelligence for >25M specialty patients and is expanding to new therapeutic areas

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12 © 2025 Cardinal Health. All Rights Reserved. at-Home Solutions • JP Morgan Conference Expands our breadth in Specialty • Advances specialty care for patients • Foundation of a multi-specialty platform for further national expansion in key therapeutic areas • Builds upon technology and specialty practice capabilities from other organic and inorganic investments Advances our at-Home Solutions Strategy • Provides new opportunities to better serve patients in their homes • Helps reduce complexities for people living with diabetes • Strengthens at-Home Solutions business with complementary capabilities Provides advanced technology for specialty providers and biopharma • Provides physician practices with clinical and business insights via PPS Analytics • Provides premium data sets for manufacturer partners via SoNaR to improve patient outcomes • Increases Specialty GPO breadth and scale Builds on our commitment to community oncologists • Delivers proven MSO solutions to enable providers to focus more on their patients • Combines with Navista’s and Specialty Networks’ data and technology solutions • Enhances our overall value proposition and increases scale Expansions across Specialty Serving 11,500 specialty providers, including 7,000+ physicians across 1,200 practices Adds more than 100 community oncology providers at 50+ sites across 10 states Platform includes over 900 physicians across 345 practice locations in 20 states Serving ~500,000 patients by providing latest diabetes innovations (CGMs) Inorganic growth Investing in high-quality assets in key strategic areas

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14 © 2025 Cardinal Health. All Rights Reserved. Accelerating at-Home Solutions’ strategy with the highly synergistic acquisition of ADSG We provide medical supplies direct to people in their homes We serve people with chronic conditions, leading to repeat orders We do this as both a direct provider & medical supplies distributor A leading direct-to-home medical supplies distributor Diabetes among fastest growing & costliest conditions, impacting ~40M Americans Access to Continuous Glucose Monitors continues to expand Leading direct providers of medical supplies to patients in their homes + Diabetes, Ostomy, Urology Extensive commercial access Focused exclusively on Diabetes Simplified Medicare experience National network of 11 dedicated distribution centers • JP Morgan Conference Core principles of at-Home Solutions strategy

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15 © 2025 Cardinal Health. All Rights Reserved. JP Morgan Conference 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 Active, disciplined and targeted M&A Additional opportunistic share repurchases Table stakes Opportunistic levers FY24 – FY26 FY25 Progress Credit ratings maintained by all 3 rating agencies post acquisition announcements $90M in Q1 capex Disciplined Capital Allocation Framework ~$500M in baseline capital returned to shareholders • $375M of $500M FY25 baseline share repurchases • $125M in dividend payments Completed annual opioid settlement payment $250M of opportunistic share repurchases included in guidance Announced three acquisitions1: • Integrated Oncology Network • GI Alliance • Advanced Diabetes Supply Group 1ION closed December 2, 2024; anticipate closing GIA and ADSG during Q3 FY25.

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16 © 2025 Cardinal Health. All Rights Reserved. Compelling investment thesis Moving healthcare forward Pharmaceutical and Specialty Solutions Resilient and growing business, supported by key trends and strong core foundation Investing to further accelerate Specialty growth Expecting 4% to 6% segment profit long-term growth CAGR Cash flow and capital deployment Continued robust adjusted free cash flow generation Responsible capital deployment includes disciplined and strategic M&A and significant return of capital to shareholders Value creation Relentlessly focused on maximizing shareholder value Continue to take actions to drive additional value creation Defensive growth: Resilient business models and double-digit non-GAAP EPS growth opportunity • JP Morgan Conference Medical Products and Distribution Executing our plan to improve performance in Global Medical Products and Distribution Seeing momentum and expecting significant year- over-year improvement at-Home, NPHS & OptiFreight Favorable long-term industry trends Margin-accretive opportunities Investing to build upon their strong growth trajectories

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17 © 2025 Cardinal Health. All Rights Reserved. Focus areas to include: • JP Morgan Conference Investor Day June 12, 2025 • Specialty strategy • Growth businesses • GMPD Improvement Plan • Long-term targets • Capital allocation framework Upcoming: Jason Hollar CEO Aaron Alt CFO Emily Gallo OptiFreight® Logistics Steve Mason GMPD Mike Pintek Nuclear & Precision Health Solutions Rob Schlissberg at-Home Solutions Debbie Weitzman Pharmaceutical & Specialty Solutions Featuring management including:

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19 © 2025 Cardinal Health. All Rights Reserved. Forward Looking Non-GAAP Measures In this presentation, the Company presents certain forward-looking non-GAAP metrics. The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP basis. The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company’s fiscal 2024 GAAP results. Over the past five fiscal years, the excluded items have impacted the Company’s EPS from $0.75 to $18.06, which includes a $17.54 charge related to the opioid litigation the Company recognized in fiscal 2020. Definitions Non-GAAP net earnings attributable to Cardinal Health, Inc.: net earnings attributable to Cardinal Health, Inc. excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) impairments and (gain)/loss on disposal of assets, net, (7) litigation (recoveries)/charges, net and (8) loss on early extinguishment of debt. Non-GAAP diluted earnings per share attributable to Cardinal Health, Inc.: non-GAAP net earnings attributable to Cardinal Health, Inc. divided by diluted weighted-average shares outstanding.

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