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1 ICU Medical Q4 2025 Conference Call Presentation February 19, 2026
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2 Disclosures > Any statement concerning Management’s expectation with respect to future results is a forward-looking statement based upon the best information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results. > Future results are subject to risks and uncertainties, including the risk factors described in the Company’s filings with the Securities and Exchange Commission, which include those in the most recent Form 10-K and subsequent filings. Actual results in the future may differ materially from Management’s current expectations. > These forward-looking statements, including statements about tariffs, the timing and resolution of the 2025 Warning Letter received from the FDA, the anticipated benefits and transition/stand-up costs associated with the recently closed joint venture with Otsuka Pharmaceutical Factory America, Inc., inflation levels, interest rates, global public health crises and other geopolitical events, are made based upon our current expectations and we undertake no duty to update information provided in this presentation. > In addition to the financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this presentation contains certain non-GAAP financial measures, such as Adjusted EBITDA, adjusted diluted earnings per share (“EPS”), and financial measures presented on a constant currency. Our non-GAAP revenue presented on a constant currency basis uses the average exchange rate for revenues from the prior year applied to the current year results. > These non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods.
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3 2024-2025 Adjusted Revenue In $Millions 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Consumables 244 262 265 268 1,039 266 273 285 285 1,109 YoY Growth 3% 10% 9% 6% 7% 9% 4% 8% 6% 7% YoY Organic Growth 1 3% 11% 9% 6% 7% 10% 3% 7% 5% 6% Systems 157 164 160 172 652 166 168 174 176 684 YoY Growth -3% 7% 7% 4% 4% 6% 2% 9% 3% 5% YoY Organic Growth 1 0% 11% 10% 7% 7% 8% 2% 8% 1% 5% Vital Care 151 156 155 182 644 167 103 74 75 419 YoY Growth -4% 7% 0% 16% 5% 10% -34% -52% -59% -35% YoY Organic Growth 1 -4% 8% 0% 16% 5% 11% -4% -4% -6% 1% Total ICU 553 581 580 622 2,335 599 544 533 536 2,212 YoY Growth -1% 9% 6% 8% 6% 8% -6% -8% -14% -5% YoY Organic Growth 1 1% 10% 7% 9% 7% 10% 2% 5% 2% 5% 1 Organic Growth excludes the impact of foreign currency and the IV Solutions joint venture transaction. For Q2 2025 organic growth rates, the Q2 2024 reported revenues were adjusted to exclude May & June IV Solutions revenues of $50m. For Q3 2025 organic growth rates, the Q3 2024 reported revenues were adjusted to exclude the IV Solutions revenues of $79m. For Q4 2025 organic growth rates, the Q4 2024 reported revenues were adjusted to exclude the IV Solutions revenues of $103m. Warming Anesthesia & Resp Pain Kits Critical Care IV Solutions 1 Infusion Therapy Oncology Vascular Access Consumables Infusion Systems Vital Care Ambulatory Syringe LVP Infusion Tracheostomy 1 Revenue from IV Solutions is included in ICU Medical’s consolidated revenue for all periods prior to the joint venture formation effective May 1, 2025 and excluded for all periods thereafter. Company Confidential
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4 2026 Guidance and Modeling Assumptions In $ Millions, except per share amounts