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Investor presentation February 18, 2026 Chloe Podder since 2021 The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof.
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This presentation contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials, and the approval of products by regulatory bodies. These forward-looking statements are based on management’s current beliefs, assumptions, and estimates and are not intended to be a guarantee of future events or performance. If management’s underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by the forward-looking statements. Risks and uncertainties include, but are not limited to, international regulatory, commercial and logistics business risks, including any expansion of tariffs; our dependence on a principal product platform; the impact of competitive products, technological change and product innovation; our ability to maintain an effective sales force, and expand our distribution network; our ability to maintain and grow our customer base; our ability to scale the business to support revenue growth; our ability to secure and retain adequate coverage or reimbursement from third-party payors; the impact of healthcare reform laws; our ability to design, develop, manufacture and commercialize future products; unfavorable results of clinical studies, including issues with third parties conducting any studies, or future publication of articles or announcement of endorsements by diabetes associations or other organizations that are unfavorable; our ability to protect our intellectual property and other proprietary rights; potential conflicts with the intellectual property of third parties; our inability to maintain or enter into new license or other agreements with respect to continuous glucose monitors, data management systems or other rights necessary to sell our current product and/or commercialize future products; worldwide macroeconomic and geopolitical uncertainty, as well as risks associated with any future pandemics, supply chain disruptions; the potential violation of anti-bribery/anti-corruption laws; the concentration of manufacturing operations and storage of inventory in a limited number of locations; the regulatory requirements and overall complexity in manufacturing our product and challenges associated with starting new manufacturing lines; supply problems or price fluctuations with sole source or third- party suppliers on which we are dependent; failure to retain key suppliers; challenges to the future development of our non-insulin drug delivery product line; our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration’s quality system regulations or other manufacturing difficulties; extensive government regulation applicable to medical devices, as well as complex and evolving privacy, data protection and artificial intelligence laws; adverse regulatory or legal actions relating to current or future Omnipod products; potential adverse impacts resulting from a recall, or discovery of serious safety issues, or product liability lawsuits relating to off-label use; breaches or failures of our product or information technology systems, including by cyberattack; our ability to maintain the privacy and security of Company and third-party information; our ability to attract, motivate, and retain key personnel; risks associated with potential future acquisitions or investments in new businesses; ability to raise additional funds on acceptable terms or at all; restrictions imposed by our Credit Agreement; the volatility of the trading price of our common stock; and changes in tax laws or exposure to significant tax liabilities. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. Any forward-looking statement made in this presentation speaks only as of the date of this presentation. Insulet does not undertake to update any forward-looking statement, other than as required by law. © 2026 Insulet Corporation. Omnipod, the Omnipod logo, and Podder are trademarks or registered trademarks of Insulet Corporation. All rights reserved. All other trademarks are the property of their respective owners. The use of third-party trademarks does not constitute an endorsement or imply a relationship or other affiliation. Dexcom and G7 are registered trademarks of Dexcom, Inc. and used with permission. The sensor housing, FreeStyle, Libre, and related brand marks are marks of Abbott and used with permission. Safe Harbor Statement 2
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The Company uses the following non-GAAP financial measures: • Constant currency revenue growth, which represents the change in revenue between current and prior-year periods using the exchange rate in effect during the applicable prior year period. Insulet presents constant currency revenue growth because management believes it provides meaningful information regarding the Company’s results on a consistent and comparable basis. Management uses this non-GAAP financial measure, in addition to financial measures in accordance with generally accepted accounting principles in the United States (GAAP), to evaluate the Company’s operating results. It is also one of the performance metrics that determines management incentive compensation. • Adjusted operating margin and adjusted earnings per share exclude the impact of certain significant transactions or events, such as legal settlements and medical device corrections, that affect the period-to-period comparability of our operating performance, as applicable. • Free cash flow, defined as net cash provided by operating activities less capital expenditures. Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company’s performance, and the Company believes they are helpful to investors, and other interested parties as measures of comparative operating performance from period to period. They also are commonly used measures in determining business value and the Company uses them internally to report results. These non-GAAP financial measures should be considered supplementalto, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore,the Company’s definition of these non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Insulet strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. See appendix for a reconciliation of each non-GAAP financial measure to the most directly comparableGAAP financial measure. Non-GAAP Financial Measures 3
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Vision A world where diabetes demands less every day, everywhere. Mission Born of empathy, driven by ingenuity, proven by science, we transform the lives of people with diabetes. 4
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“ Omnipod 5: changing lives and expanding global reach 5CONFIDENTIAL Verquise Podder since 2025 I really loved the mission and the promise that was exuded from Omnipod. To add normalcy to diabetes, to show that life can still be balanced with diabetes, and that this brand…this family will always be there. And will forever evolve as medical technology does.”
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The first AID system1 FDA- cleared for both type 1 and type 2 in the U.S. #1 U.S. new customer starts4 #1 U.S. requested and prescribed AID system2,3 #1 EU new customer starts4 A global leader in diabetes management 6 $2.7B 2025 revenue 600K+ Active customers5 25 Global markets
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+15% 2020–25 CAGR 2020 2021 2022 2023 2024 2025 $0.8 $1.0 $1.2 $1.7 $2.0 $2.7 ~$2.9B ~$3.3B ~$3.5B ~$4.0B ~$4.7B ~$5.7BInsulet has driven two-thirds of market growth from 2020–25 66% 8% Other companies 26% Insulet 2020–25 CAGR Insulet has driven majority of AID market growth 7 Global AID market and Insulet Omnipod sales6, $B We are the clear leader in NCS 7 share and approaching 50% share of global revenue today 50%
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Sustained and profitable growth built on market leadership 8 ($180) ($4) $70 $305 $378 2021 2022 2023 2024 2025 $1.1 $1.3 $1.7 $2.1 $2.7 2021 2022 2023 2024 2025 11.5% 9.5% 12.3% 14.9% 17.6% 2021 2022 2023 2024 2025 $0.86 $1.30 $2.75 $3.24 $4.97 2021 2022 2023 2024 2025 Free Cash Flow +$558M Adj. Op. Margin Expansion ~610 bps Adj. EPS +55% CAGR Revenue +25% CAGR Total revenue ($B) Adj. operating margin 8 (%) Adj. EPS8 Free cash flow 8 ($M)
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9 Ample growth runway in large, underpenetrated markets Deep, durable, defensible moats across technology, science, manufacturing, access, and brand Disciplined strategy to develop markets, sustain top-tier growth, and enhance profitability Strong financial position and robust cash flow to fund growth 1 2 Our compelling investment thesis 3 Robust innovation pipeline to drive adoption and unlock new opportunities 4 5
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3 Expand into viable T1D opportunity in Asia11 2 Broaden into U.S. T2D basal-only 1 Leverage T1D OUS momentum to launch T2D OUS10 Large TAM today with clear runway to grow 10 U.S. T1D OUS T1D U.S. T2D basal-bolus $9B+ $10B+ $12B+ ~40% ~25% ~5% ~70% ~65% ~55% Total addressable market, # PWD lives Current TAM OUS T2D basal-bolus10 U.S. T2D basal-only Asia T1D11 Long-term TAM 1 2 3 ~8M ~4M ~3M ~2M ~17M • Total addressable market9 of ~8M PWDs • ~$6B AID market today with line of sight to ~$9B by 2028 Today: $30B+ Developing new markets Total addressable market 9, $B Non-AID AID CGM
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investment in R&D innovation ~$2B Unique form factor active customers, supporting brand and community engagement 600K+ Brand loyalty U.S. pay-as-you-go pharmacy access 100% Broad access & affordability invested to build capabilities and drive sustainable cost advantage $1B+ Efficient manufacturing & supply chain Decades of investments creating competitive advantage 11 Deep and wide competitive moats that capital alone cannot replicate
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2028+ Future platforms 2026 2027 2028 Omnipod 6Omnipod 5 Ecosystem Fully closed loop (T2D) Innovating to help diabetes disappear into life 12 A better way CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency.
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Strengthening Omnipod 5 ecosystem 13 2026 Customer Loyalty Deliver Improved Outcome s Strengthen Our Leadership Position Market Unlock Customer Benefits Algorithm improvements Full CGM integration • 100 mg/dL target glucose • More time in auto mode and improved algorithm responsiveness • PWDs and prescribers seeking better glycemic control • Integrated with all major CGM sensors • All CGM users • Streamline office visits • Simplify onboarding • Use smart algorithms to identify trends into actionable insights • Enables HCPs to optimize care and empower Omnipod 5 users with their diabetes management
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Improved algorithm Over-the-air configurable Pod New app and controller for a better digital experience Better connectivity for a better wear experience Omnipod 6 designed to set a new standard in wearable AID to address unmet needs 14 2027 2026 Clinical study results & 510(k) filing 2027 Launch Omnipod 6 strengthens our leadership position while streamlining user experience Improved outcomes Ease of use Seamless connectivity 1 2 3 CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency.
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Fully-closed loop to make care simpler, easier, and more effective for T2D PWDs 15 2026 Start pivotal study 2027 510(k) Filing 2028 Launch Ready out-of-the-box: Designed for self-start Lower burden of managing T2D Designed for ease for HCPs to prescribe with no settings to start Fully closed loop AID with no meal announcements CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency.
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16 The clear leader in AID Investing to extend our lead – expanding beyond endocrinologists to activate prescribers and to fully unlock T1 and T2. Established as the clear market leader #1 most requested and most prescribed AID system in U.S. 2,3 #1 in new customer starts since 202312 Largest, most engaged patient community Leading brand 48K pharmacies 30K+ active prescribers in U.S., and rapidly growing >65% of all new customer starts in the AID category Most widely available access, at nearly $0.7 $0.9 $1.3 $1.5 $1.9 2021 2022 2023 2024 2025 +31% CAGR U.S. Omnipod Revenue ($B) Our U.S. business today:
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Poised for next phase of growth 17 Sustaining leadership in U.S. T1D Leveraging demand generation for AID To increase adoption and fuel market growth Strengthening commercial excellence To unlock new prescribers Creating a superior user experience By delivering best-in-class service that simplifies the customer experience Achieved through Our U.S. T1D strategy is designed to drive market penetration and grow our market share Penetration Today Penetration By 2028 ~40% 50-55% 13
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Becoming standard of care 18 Creating the U.S. T2D market Positioning Omnipod as the standard of care Develop market by increasing awareness through both HCP and DTC channels Creating differentiated T2D experience Reflecting the distinct T2D clinical context and optimizing the patient journey Improving access Demonstrating Omnipod’s clinical and economic value and removing barriers to adoption Achieved through Our tailored U.S. T2D strategy is designed to more than double market penetration Penetration Today Penetration By 2028 ~5% 10-15% 13
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19 Leading AID market expansion Our international business today: Aspiration to lead in AID for T1D and T2D Growing durably and profitably in global markets +20% CAGR International Revenue ($M) #1 AID system for ‘new -to- pump’ users in Europe 2 #1 in new customer starts, since 202312 ~30% company revenues Accounts for $360 $363 $410 $523 $754 2021 2022 2023 2024 2025 9 direct markets19 countries Omnipod 5 available in Direct footprint since 201814 24 countries International business spans
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Global market leadership in T1D and T2D 20 Our international aspiration Building on our strength in Europe With a focus on EU5, including entering Spain Accelerating growth in other large geographies Expanding access in Canada and Australia, and launching Omnipod 5 in the Middle East Powered by our proven playbook Launch Omnipod 5 with access; invest commercially; broaden guidelines and coverage; and deliver continuous innovationAchieved through Our international strategy is designed to drive T1D market penetration Penetration Today Penetration By 2028 ~25% 30-35% 13
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Integrated with: • G6 U.S.(including iOS), Germany, UK, Netherlands, France, Italy, Nordics, Australia, Belgium, Canada, Switzerland • G7 U.S.(including iOS), Canada, Australia, Belgium, UK, Netherlands, Switzerland, Germany, Nordics, Italy, SA, Kuwait, Qatar, UAE, Israel • FSL2+ UK, Netherlands, U.S., Italy, Nordics, Belgium, Switzerland, Australia, SA, Kuwait, UAE, Israel Building the power of the Omnipod 5 brand globally 21 2022 2023 2024 2025 2026 *Nordics represent Norway, Finland, Sweden, and Denmark U.S. T2D (August) Netherlands (June) France (June) UK (June) Germany (August) Australia (March) Belgium (March) Italy (January) The Nordics* (January) FMR Omnipod 5 (August) Israel (February) Saudi Arabia (February) Kuwait (February) UAE (February) Qatar (February) Canada (April) Switzerland (April)
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Strengthening our competitive moats Investing in extending our leadership and growth 22 Sustain our top-tier growth while continuing to drive margin expansion Innovation Capabilities Capacity1 2 3 Plan to invest $1B in R&D over the next 3 years Market development Expanding global manufacturing capacity • Omnipod 6 • Fully closed loop (T2D) • 2028+ Future Platforms • Unlocking TAM • Driving AID category expansion • Growing prescriber base • Ongoing automation in Acton • Additional lines in Malaysia • New facility in Costa Rica Clinical evidence generation Demand generation Advanced automation • STRIVE study • EVOLUTION study • Global evidence • Optimizing customer acquisition cost • Lowering cost to serve • Enhancing lifetime value • Increasing manufacturing cost advantage • Enhancing supply chain resilience • Safely and reliably manufacture at scale and high quality G&A leverage • Global business services
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23 Innovating to improve lives and preserve our planet Sustainability strategic pillars15 Recognition16 Resilient operations Sustainable product innovation Developed long-term packaging roadmap to create efficient packaging that reduces our environmental impact People and communities WoW Introduced Insulet's Ways of Working to empower teams and provide an exceptional employee experience 7.4M Pods Accepted through global product takeback programs 11% Of our annual global electricity needs met with renewable energy Insulet for Good Launched our new global corporate giving program to deepen commitment to communities we serve 21% Of our Malaysia facility electricity needs met by on-site solar after system launched Malaysia facility designed to achieve both GBI and LEED Silver certification Workplace accolades ESG ratings ESG rankings Expanded national U.S. Pod Recycling Program
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Winning formula for value creation 24 2025–2028 ~20% • Leading product • Under-penetrated addressable market • Commercial execution • Modest gross margin improvement • Investment in innovation • Leveraged SG&A ~100 bps Revenue CAGR in constant currency Annual adjusted operating margin8 expansion 25%+ Adjusted EPS8 CAGR Strong FCF8 generation
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Thank You 25
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Insulet common abbreviations and acronyms 26 A1C Blood test measures average blood glucose levels over the last 3 months iOS iPhone Operating System ADA American Diabetes Association KOL Key Opinion Leader AID Automated Insulin Delivery LRP Long-range plan ASP Average Selling Price MDI Multiple Daily Injections bps Basis Points NCS New Customer Starts CAGR Compound Annual Growth Rate NICE National Institute for Health and Care Excellence CE mark Conformité Européenne Mark OP5 Omnipod 5 CGM Continuous Glucose Monitoring OUS Outside U.S. CAC Customer Acquisition Cost PAYG Pay-as-you-go CLTV Customer Lifetime Value PCP Primary Care Physician CTS Cost to Serve PDM Personal Device Manager DTC Direct To Consumer Podder Insulet Customers Endo Endocrinologist PWD People with Diabetes FCL Fully Closed Loop QoQ Quarter-over-Quarter FDA Food and Drug Administration RA Receptor Agonist FSL2+ Abbott FreeStyle Libre 2 Plus Sensor RCT Randomized Controlled Trial G6 Dexcom G6 Sensor RWE Real World Evidence G7 Dexcom G7 Sensor T1D Type 1 Diabetes GAAP Generally Accepted Accounting Principles T2D Type 2 Diabetes GLP Glucagon-like peptide TAM Total Addressable Market GMI Glucose Management Indicator TIR Time in Range HCP Health Care Provider YoY Year-over-Year
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2025 2024 2023 2022 2021 Operating Income $ 473.8 $ 308.9 $ 220.1 $ 37.6 $ 126.0 Operating Margin % 17.5 % 14.9 % 13.0 % 2.9 % 11.5 % Voluntary MDCs17 — — (11.5) 57.9 — Legal costs18 — — — 25.2 — CEO and CFO transition costs19 (2.4) — — 3.4 — Loss on investment20 4.7 — — — — Adjusted Operating Income $ 476.1 $ 308.9 $ 208.5 $ 124.1 $ 126.0 Adjusted Operating Margin % 17.6% 14.9 % 12.3 % 9.5 % 11.5 % Diluted Earnings per Share $ 3.48 $ 5.78 $ 2.94 $ 0.07 $ 0.24 Voluntary MDCs17 — — (0.16) 0.83 — Legal costs18 — — — 0.36 — CEO and CFO transition costs19 (0.04) — — 0.05 — Loss (gain) on investments20 0.08 0.04 (0.04) — — Loss on extinguishment of debt21 1.71 — — — 0.62 Gain on derivative asset22 (0.17) — — — — Tax matters23 (0.09) (2.58) — — — Adjusted Diluted Earnings per Share $ 4.97 $ 3.24 $ 2.75 $ 1.30 $ 0.86 2025 2024 2023 2022 2021 Net cash provided by (used in) operating activities $ 569.3 $ 430.2 $ 145.7 $ 119.0 $ (68.1) Capital expenditures (191.6) (124.9) (75.6) (122.9) (111.9) Free Cash Flow $ 377.7 $ 305.3 $ 70.1 $ (3.9) $ (180.0) Reconciliation of historical Non-GAAP Measures $s in Millions 27Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
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Page Title Marker Footnote 6 A global leader in diabetes management 1 Omnipod 5 product specific 6, 16,19 A global leader in diabetes management; The clear leader in AID; Leading AID market expansion 2 Omnipod 5 product specific; Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=414 6, 16 A global leader in diabetes management; The clear leader in AID 3 Omnipod 5 product specific; Sources: Definitive Health and Komodo Claims data as of November 2025, and Insulet data on file as of Q4’25 earnings call on February 18, 2026 6 A global leader in diabetes management; Leading AID market expansion 4 Sources: Seagrove Partners Research, Global View December 2025, dQ&A EU H2 2025 Patient Voice p.62 H1 2025, n=398, H2 2025 n=425 and Insulet data on file as of Q4’25 earnings call on February 18, 2026 6 A global leader in diabetes management 5 Represents estimated global customer base as of December 31, 2025 7 Insulet has driven majority of AID market growth 6 Source: Market data and projections are based on company estimates, third -party sources, and historical public filing 7 Insulet has driven majority of AID market growth 7 New Customer Starts, 66% share in 2025 8, 24 Sustained and profitable growth built on market leadership; Winning formula for value creation 8 Adjusted Operating Margin, Adjusted EPS and Free Cash Flow are non -GAAP measures. See description of non -GAAP financial measures contained in this presentation. Refer to non-GAAP reconciliation in appendix for additional information 10 Large TAM today with clear runway to grow 9 Total Addressable Market based on the markets the Company serves today and reflects pricing based on internal estimates and varies by market 10 Large TAM today with clear runway to grow 10 Includes 24 existing international markets and two planned expansion markets 10 Large TAM today with clear runway to grow 11 Includes Japan, China, and South Korea 16, 19 The clear leader in AID; Leading AID market expansion 12 Seagrove Partners Research, Global View December 2024 and Insulet data on file as of Q4’25 earnings call on February 18, 2026 Endnotes (1/2) 28
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Page Title Marker Footnote 17, 18, 20 Poised for next phase of growth; Global market leadership in T1D and T2D 13 Anticipated market penetration by 2028 19 Leading AID market expansion 14 Markets where Insulet has a direct salesforce 23 Innovating to improve lives and preserve our planet 15 Source: ESG data from 2024 Insulet Sustainability Report 23 Innovating to improve lives and preserve our planet 16 Slide reflects most recent ESG ratings and Workplace Accolades, for full listing see https://www.insulet.com/workplaceawards 27 Reconciliation of historical non -GAAP measures 17 Represents estimated cost (income) associated with the voluntary medical device correction (MDC) notices, which are included in cost of revenue 27 Reconciliation of historical non -GAAP measures 18 Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a contract dispute 27 Reconciliation of historical non -GAAP measures 19 Relates to the forfeiture of equity awards by the Company's former CEO and CFO, net of severance benefits in 2025 and costs associated with the retirement and advisory services of a former CEO, including $2.3 million of accelerated stock -based compensation expense in 2022 27 Reconciliation of historical non -GAAP measures 20 Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment and impairment included in other expense related to an equity investment in 2025 and non -operating gains and losses related to strategic debt and equity investments in 2023 - 2024 27 Reconciliation of historical non -GAAP measures 21 Relates to the repurchase of a portion of the Company's convertible debt 27 Reconciliation of historical non -GAAP measures 22 Represents the change in fair value of the derivative asset associated with the redemption of our convertible debt 27 Reconciliation of historical non -GAAP measures 23 Represents consolidating effective tax rate adjustment related to non -GAAP items and excess tax benefits related to employee share -based compensation in 2025 and a tax benefit resulting from the release of the Company's income tax valuation allowance, along with a tax benefit related to a research and development tax credit recovery project for prior years Endnotes (2/2) 29