RMD Q2 2025 Earnings Presentation

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Q2 FY2025 Earnings January 30, 2025

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20252 Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiaries, and its legal entities for the periods indicated. This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States, or GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures in this presentation, which include non-GAAP Income from Operations, non-GAAP Net Income, and non-GAAP Diluted Earnings per Share, should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. For reconciliations of the non-GAAP financial measures to the most comparable GAAP measures, please refer to the earnings release associated with the relevant reporting period, which can be found on the investor relations section of our corporate website (investor.resmed.com). In addition to historical information, this presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on ResMed’s current expectations of future revenue or earnings, new product development, new product launches, new markets for its products, integration of acquisitions, leveraging of strategic investments, litigation, and tax outlook. The words “believe,” “expect,” “intend,” “anticipate,” “will continue,” “will,” “estimate,” “plan,” “future” and other similar expressions, and negative statements of such expressions, generally identify forward-looking statements, including, in particular, statements regarding expectations of future revenue or earnings, expenses, new product development, new product launches, new markets for our products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions on our business. ResMed’s expectations, beliefs, and forecasts are expressed in good faith and are believed to have a reasonable basis, but actual results could differ materially from those stated or implied by these forward-looking statements. ResMed assumes no obligation to update the forward-looking information in this presentation, whether as a result of new information, future events, or otherwise. For further discussion of the various factors that could impact actual events or results, please review the “Risk Factors” identified in ResMed’s quarterly and annual reports filed with the SEC. All forward-looking statements included in this presentation should be considered in the context of these risks. Investors and prospective investors are cautioned not to unduly rely on our forward-looking statements.

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20253 ResMed | The global leader in connected and digital health Headquarters San Diego, CA Founded 1989 LTM 2Q25 revenue $4.9B Listed (NYSE, ASX) 1995, RMD Market cap2 ~$38B Countries served 140+ Total employees ~10,000 Key Statistics1 Sleep Health Breathing Health Residential Care Software (RCS) Delivering a market-leading patient experience through innovative solutions that lower overall costs for treating Sleep Apnea patients and improve clinical outcomes by leveraging global digital health solutions Improving the lives of patients with COPD, and other key chronic respiratory diseases on their healthcare journey – lowering costs, preventing hospitalization, and creating end- to-end care solutions (was respiratory care) Providing a network of residential care software (RCS) management solutions (previously called out-of-hospital SaaS) that help home medical equipment and other providers deliver personalized care, measurable results, and improved outcomes  Devices  Masks & Other  OOH RCS  U.S., Canada, and Latin America  Europe, Asia, and Other  OOH RCS (U.S. & Germany) Our businesses Revenue by business LTM 2Q25 Revenue by region LTM 2Q25 1As of 12/31/24 | 2 As of 1/30/25 58%29% 13%13% 35% 52%

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2030 strategy We envision a world where every person can achieve their full potential through better sleep and breathing, with care delivered in their own home We create life-changing health technologies that people love We will create products people love as well as seamless, personalized pathways for access to life-changing care Empower our teams Prioritize AI Build trust We will achieve industry leading growth and profitability We will empower 500M people worldwide to achieve their full potential in 2030 Sleep Health Breathing Health Health Tech at Home 2030 STRATEGY OUR STRATEGY OUR FOCUS AREAS OUR MISSION OUR GLOBAL IMPACT OUR VISION OUR KEY CAPABILITIES OUR FINANCIAL GOAL Resolute integrity Resourceful innovation Responsible quality Respectful diversity Resounding impact OUR VALUES Drive collaboration Develop people Optimize for ResMed Lead others with purpose Own the results OUR BEHAVIORS

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20255 Improve patient experience1 Increase long-term adherence4 Lower cost of delivery2 Improve health and business outcomes 5 Solve labor and clinical staff shortages with automation 3 Improve QOL outcomes 6 We integrate intelligent products and solutions to drive better experience, lower costs, and improve outcomes Driving value for patients, providers, and ResMed AI-DRIVEN DIGITAL PLATFORM PATIENT-CENTRIC Scale in adoption and installed base drive data & insights advantage… Intelligent Consumer Engagement "Dawn" Digital Concierge myAir Intelligent Therapies, Diagnostics, Monitors Device Portfolio NightOwl Diagnostic Mask Portfolio Intelligent Provider Solutions AirView …Creating a more personalized & seamless experience Mask/accessory resupply within ecosystem Somnoware Brightree 1. Malhotra et al CHEST 2018 2. Wimms et al. Lancet Respir Med 2019 MERGE, Project Electrum 3. Munafo, et al. Sleep Breath 2016 4. Hwang, et al., AJRCCM 2017, Malhotra et al CHEST 2018, Benjafield, et al. AJRCCM 2018 (abstract) 5. Pepin JL et al. Chest 2022, Wimms et al. Lancet Respir Med 2019 MERGE, Munafo, et al. Sleep Breath 2016 6. Wimms et al. Lancet Respir Med 2019 MERGE

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20256 ResMed is the global leader in connected & digital health 30.5+ million 3.8+ million 320+ API 28+ million 155+ million 9.3+ million patients in AirView diagnostic tests processed in the cloud calls per second from integrators 100% cloud connectable devices worldwide accounts in Residential Care Software network patients have signed up for myAir Nearly 21 billion nights of respiratory medical data

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20257 ResMed’s 2030 operating model accelerates ability to reach consumers where they are, execute and unlock value PRODUCT-LED CUSTOMER-CENTRIC BRAND-ENHANCED Dynamic global revenue team … increase profitable growth Unified global marketing team … increase brand awareness and ROI Focused and strategic roadmap … increase product velocity © 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20257

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20258 During the last 12 months, we empowered over 147 million lives with our digital health products and cloud-based software solutions1 Our goal is to empower 500 million lives in 2030 We're proud to offer connected and digital heath tech solutions that help those with sleep and breathing health challenges live happier, healthier lives with care in the comfort of the home or care setting of their choice 1Lives calculated under 2030 methodology introduced September 2024© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 20258

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Financial Results

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202510 Q2 FY25 financial results NOTE: See reconciliation to GAAP in Appendix 52% 36% 12% Devices Masks and other OOH RCS Revenue by Business Q2 FY25 Revenue by Region Q2 FY25 59%29% 12% U.S., Canada, and Latin America Europe, Asia, and Other OOH RCS (U.S. & Germany) $365.5 $435.9 Q2 FY24 Q2 FY25 Non-GAAP Operating Income ($M) $1.88 $2.43 Q2 FY24 Q2 FY25 Non-GAAP EPS $1,162.8 $1,282.1 Q2 FY24 Q2 FY25 Revenue ($M) $275.1 $417.2 Q2 FY24 Q2 FY25 GAAP Operating Income ($M) $1.42 $2.34 Q2 FY24 Q2 FY25 GAAP EPS

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202511 Total debt outstanding $673M Less: Cash & cash equiv. $522M Net Debt $151M Unused borrowing capacity $1,500M Solid balance sheet $133.5 $116.7 $84.6 LTM 2Q23 LTM 2Q24 LTM 2Q25 Capital Expenditures ($M) $236.7 $962.5 $1,391.7 LTM 2Q23 LTM 2Q24 LTM 2Q25 Free Cash Flow ($M) Low leverage and strong cash flow provide financial flexibility $370.2 $1,079.1 $1,476.3 LTM 2Q23 LTM 2Q24 LTM 2Q25 Operating Cash Flow ($M)

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202512 Track record of strong financial returns for shareholders Revenue ($B) GAAP / Non-GAAP Operating Income ($M) GAAP / Non-GAAP EPS $2.8 $4.9 LTM 2Q20 LTM 2Q25 $788 $1,636 LTM 2Q20 LTM 2Q25 $3.98 $8.84 LTM 2Q20 LTM 2Q25 12% CAGR 16% CAGR Non-GAAP 17% CAGR Non-GAAP NOTE: See reconciliation to GAAP in Appendix (Financial data as of December 31, 2024) $647 $1,560 LTM 2Q20 LTM 2Q25 19% CAGR GAAP $3.14 $8.47 LTM 2Q20 LTM 2Q25 22% CAGR GAAP

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202513 Strategic capital allocation framework prioritizes innovation Disciplined focus on ROIC and delivering total return Capital deployed over last 3 years (through December 31, 2024) 28% 37% 26% 9% $3.1B Reinvest for growth Pursue M&A Support dividends Share repurchases • Reinvest in product development for high-return organic growth • 6-7% of revenue invested in R&D • Actively evaluate potential acquisitions • Pursue targets aligned with long-term strategic goals and financial objectives • Regular return of cash to shareholders through dividend at a level that is meaningful and sustained • Opportunistic repurchase of shares • Continued share buyback program in 2Q25 at $75M per quarter Strategic Growth Priorities Capital Returns to Shareholders  Reinvest in R&D  M&A  Dividends  Share repurchase (A) (A): ResMed resumed its buyback program during the quarter ended 12/31/23; program had been paused since the quarter ended 12/31/2019

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202514 Driving long-term shareholder value ResMed is the global leader in connected & digital health Growth & Innovation Market Dynamics Financial Results • Global leader in digital health for sleep and breathing health • Long-term growth opportunities • ~9,900 patents and designs • 6-7% of revenue invested in R&D • Underpenetrated markets in sleep and COPD • Healthcare costs continue to increase • Focus on improving patient outcomes • Value-based technology solutions • Historical revenue and profit growth • Recurring revenue • Operating excellence program • Strong track record of disciplined capital deployment

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APPENDIX

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202517 ResMed has a very large, under-penetrated opportunity to reach and serve OSA patients globally, including a broad range of pharma impact scenarios 2015 2020 2025 2030 2035 2040 2045 2050 0 0.1 B 0.2 B 0.3 B 0.4 B 0.5 B 0.6 B 0.7 B 0.8 B 0.9 B 1.0 B 1.1 B 1.2 B 1.3 B 1.4 B Global OSA prevalence Global OSA patient prevalence from latest epidemiology data [1] Benjafield AV, Ayas NT, Eastwood PR, et al. Estimation of the global prevalence and burden of obstructive sleep apnoea: aliterature-based analysis. Lancet Respir Med. Aug 2019;7(8):687-698. [2] Internal ResMed analysis based on World Bank forecasted population growth for those aged 30-69 across 193 countries [3] Mid-to-high impacts ranging from ~7.5% to 15% OSA prevalence reduction due to weight-loss pharma, with impact starting in 2024 and ramping by 2029 [4] Historical growth in ResMed connected device volumes ranges from 5-6% YOY; Growth here shown as 6%; Note revenue growth historically exceeds device volume growth with recurring revenue from masks, accessories & software. 2050: ~120M[4] 2024: 26.0M ~1.4B[2] patients ~1.3B[3] patients ~1.2B[3] patients 2015 prevalence estimate: 936M[1] global OSA patients TAM without pharma impact TAM mid-pharma impact TAM high-pharma impact ResMed Connected Devices in market Market growth opportunity

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202518 Real-world data analysis in Sleep Apnea population shows significant positive correlation between GLP-1s and PAP therapy Source: IQVIA LRX data and Diagnostic claims, July 2021 – September 2024 1. Total patients with an OSA diagnosis claim from July 2021 – September 2024; those who were diagnosed with OSA prior to July 2021 are not included in this analysis. 2. GLP-1 initiation is defined by presence of GLP-1 claim at any point from July 2021 – September 2024 (n=1,184k patients); initiation does not demonstrate GLP-1 treatment adherence, so patients may not be actively taking GLP-1s today. 3. Values show absolute percentage difference in presence of any PAP-related claim from July 2021 – September 2024 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 4. Values show absolute percentage difference in presence of any PAP-related claim at each timepoint post PAP setup from July 2021 – September 2024 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 5. Majority of patients in the analysis population were prescribed newer GLP-1 drugs: semaglutide or tirzepatide PAP resupply rates4 1-year post-setup PAP resupply rates4 2-year post-setup +310 bps GLP-1Non-GLP-1 +520 bps GLP-1Non-GLP-1 GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 +1070 bps GLP-1Non-GLP-1 Likely to initiate PAP therapy3 Large real-world data analysis: n = 1,184,000 patients with GLP-1 initiation, sleep apnea diagnosis, and Rx for PAP therapy5 Patients with an OSA diagnosis and prescribed a GLP-1 drug are 10.7% more likely to initiate PAP therapy and have higher PAP resupply rates 1-year and 2-years-post setup

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202519 Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles related to cost of sales and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations (A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition related expenses and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non -GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provide s investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non -GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under G AAP. Three Months Ended Six Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue $ 1,282,089 $ 1,162,801 $ 2,506,598 $ 2,265,122 GAAP cost of sales $ 530,814 $ 515,867 $ 1,038,104 $ 1,018,128 Less: Amortization of acquired intangibles (A) (7,634) (8,257) (15,304) (17,164) Less: Masks with magnets field safety notification expenses (A) — (6,351) — (6,351) Less: Astral field safety notification expenses (A) — — — (7,911) Non-GAAP cost of sales $ 523,180 $ 501,259 $ 1,022,800 $ 986,702 GAAP gross profit $ 751,275 $ 646,934 $ 1,468,494 $ 1,246,994 GAAP gross margin 58.6 % 55.6 % 58.6 % 55.1 % Non-GAAP gross profit $ 758,909 $ 661,542 $ 1,483,798 $ 1,278,420 Non-GAAP gross margin 59.2 % 56.9 % 59.2 % 56.4 %

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202520 Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations Three Months Ended Six Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP income from operations $ 417,243 $ 275,094 $ 804,554 $ 564,091 Amortization of acquired intangibles—cost of sales (A) 7,634 8,257 15,304 17,164 Amortization of acquired intangibles—operating expenses (A) 11,047 11,577 22,451 24,056 Restructuring (A) — 64,228 — 64,228 Masks with magnets field safety notification expenses (A) — 6,351 — 6,351 Astral field safety notification expenses (A) — — — 7,911 Acquisition-related expenses (A) — — — 483 Non-GAAP income from operations $ 435,924 $ 365,507 $ 842,309 $ 684,284 (A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition related expenses and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non -GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provide s investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non -GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under G AAP .

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© 2025 ResMed | Q2 2025 Earnings Presentation – Jan. 30, 202521 Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations (A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition related expenses and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provide s investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non -GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under G AAP. Three Months Ended Six Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP net income $ 344,622 $ 208,800 $ 655,977 $ 428,222 Amortization of acquired intangibles—cost of sales (A) 7,634 8,257 15,304 17,164 Amortization of acquired intangibles—operating expenses (A) 11,047 11,577 22,451 24,056 Restructuring expenses (A) — 64,228 — 64,228 Masks with magnets field safety notification expenses (A) — 6,351 — 6,351 Astral field safety notification expenses (A) — — — 7,911 Acquisition-related expenses (A) — — — 483 Income tax effect on non-GAAP adjustments (A) (4,962) (21,868) (10,033) (29,886) Non-GAAP net income (A) $ 358,341 $ 277,345 $ 683,699 $ 518,529 GAAP diluted shares outstanding 147,481 147,545 147,520 147,572 GAAP diluted earnings per share $ 2.34 $ 1.42 $ 4.45 $ 2.90 Non-GAAP diluted earnings per share (A) $ 2.43 $ 1.88 $ 4.63 $ 3.51

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