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June 4, 2025 JPM Healthcare Conference Presentation Mick Farrell, CEO & Chairman January 12, 2026
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Data Vis 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 Gross Profit, non-GAAP Gross Margin, 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. © 2026 Resmed. 2
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Data Vis Resmed | The global leader in connected and digital health Headquarters San Diego, CA Founded 1989 Listed (NYSE, ASX) 1995, RMD LTM 1Q26 revenue $5.3B LTM 1Q26 operating margin (GAAP/Non-GAAP) 33% | 35% Countries served 140+ Total employees >10,000 Sleep and Breathing Health (SBH) Residential Care Software (RCS) • Devices and masks designed to treat and manage sleep apnea, COPD, and other sleep and breathing health conditions • Digital solutions improve clinical outcomes and lower healthcare costs while increasing efficiency • Market-leading patient experience and outcomes • Out-of-Hospital / Post-Acute Care software products • Designed to support professionals and caregivers helping people stay healthy in the home or care setting of their choice • Enables personalized care, measurable results, and improved outcomes ▪ Devices ▪ Masks & Other ▪ RCS ▪ U.S., Canada, and Latin America ▪ Europe, Asia, and Other ▪ RCS (U.S. & Germany) Our areas of focus 58%30% 12%12% 36% 52% Revenue by business LTM 1Q26 Revenue by region LTM 1Q26 1As of September 30, 2025. Resmed ‘s fiscal year end is June 30th. © 2026 Resmed. 3 Key Statistics1
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Data Vis Resmed: a compelling investment amid global macro uncertainty © 2026 Resmed. 4 ✓ Target markets are very large and significantly underpenetrated ✓ Key mega trends in big tech and pharma are driving patients to our sleep ecosystem ✓ Resmed is well-positioned with differentiated products, a robust innovation pipeline, and supply chain flexibility ✓ Strong revenue growth and operating leverage delivered 31% year-over-year growth in free cash flow (~$1.8B for LTM Q1 FY26) ✓ Balance sheet is very strong, with a net cash position of $715M as of Q1 FY26 ✓ Experienced management team has successfully delivered long-term growth and navigated externalities including COVID, supply chain perturbations, and 4-year exit of a peer from US device market ✓ Industry advocacy via AdvaMed volunteer chairman and other team leadership roles
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Data Vis 5 Large, underpenetrated total addressable market = long runway for growth Underpenetrated OSA Market1 Sources (Lives in TAM): Sleep apnea – 936M, Benjafield et al Lancet Respir Med 2019 Insomnia – Sleep Medicine Reviews, Benjafield et al., August 2025 COPD – 480M, Boers et al JAMA Network Open 2023 Sleep Stats from Resmed 2025 sleep survey https://sleepsurvey.resmed.com/ 1. Resmed 2025 10-K 2. Resmed and Lancet Respiratory Medicine August 2025 M A R K ET F O R D EV I C ES M A R K ET F O R M A S K S Growing in the mid-single digits globally Growing in the high-single digits globally OSA patients diagnosed or treated <20% U.S. <10% Rest of World 1B+ People Sleep Apnea COMISA 2.3 B + People 850M Insomnia People who need health tech at home 480M COPD Overlap syndrome U.S. OSA Prevalence to Increase2 DRIVERS Aging | Higher average BMIs | 65% relative increase in prevalence in women GLP-1s impact limited (4%) ~77M adults by 2050 ~35% From 2020 © 2026 Resmed.
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Data Vis Key megatrends are driving patients and providers to Resmed’s ecosystem Consumers are more focused on their health than ever before Wearables spotlight sleep apnea and sleep quality in general Consumers demand an elevated experience for healthcare products AI and digital health are changing how healthcare is delivered Massive pressure on healthcare systems; payers / providers are laser-focused on preventative care1 Widespread adoption of GLP-1 medications increases awareness of sleep apnea 6© 2026 Resmed. 1 New study published in SLEEP involving 370k+ patients (including those with co-existing chronic diseases COPD, type 2 diabetes, depression, heart failure, and atrial fibrillation) and the medXcloud academic-industry collaborative, found (a) a consistent, dose-dependent reduction in hospitalizations and ER visits across all 5 comorbidity groups; (b) benefits emerging at just 2 to <4 hours of average nightly PAP use; (c ) each additional hour of PAP use linked to a 4.1-6.2% reduction in healthcare utilization over 12-24 months (p < 0.0001).
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Data Vis World’s First Fabric Masks • AirTouch N30i – fabric-wrapped nasal mask designed to deliver exceptional comfort for a more natural sleep experience • Launched in the US in October 2024 • AirTouch F30i – fabric-based full-face mask with two variants, launched in October 2025 Korea e-Commerce Live Streaming Launch • Resmed is now selling CPAP via e-commerce live streaming, as it does in China Resmed is an innovation machineacross hardware, software, and digital patient interfaces 7 AirSenseTM 11 Rollout to Global Markets • Most recently Korea, Brazil, Chile, Mexico • China regulatory (NMPA) clearance in December 2025 Smart Comfort: FDA-Cleared AI-Enabled Medical Device • Recommends personalized comfort settings • Launching early 2026 in limited US beta version; broader US rollout later in 2026 • For new users of myAir paired with AirSense 11 • To help people with OSA start and stay on CPAP therapy… for life! © 2026 Resmed.
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Data Vis We are creating a more efficient, effective pathway to care Testing Diagnosis Prescribed PAP Start PAP therapy Compliant in 90 Days Remain after 1 Year MAKE THERAPY CHOICE LIFETIME VALUE ON THERAPY OPT -IN myAir AirView Brightree Somnoware "Dawn" Digital Concierge P R O D U C T S A N D D E V I C E S A R E A I- E N ABL E D STAGE 1 Awareness STAGE 2 STAGE 3 STAGE 4 STAGE 5 STAGE 6 STAGE 7 RESMED ACQUISITIONS & PRODUCTS ENHANCE PATHWAY 8 VirtuOx home sleep test referrals up more than 20% year-over-year in Q1 FY26 © 2026 Resmed. NightOwl Diagnostic
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Data Vis Resmed is the global leader in connected & digital health More than 24 billion nights of respiratory medical data 34+ million patients in AirView 31.5+ million 100% cloud connectable devices worldwide 4.3+ million diagnostic tests processed in the cloud 170+ million accounts in Residential Care Software network v v 405+ API calls per second from integrators 10.9+ million patients have signed up for myAir vv © 2026 Resmed. 9Stats are as of September 30, 2025. Resmed ‘s fiscal year end is June 30th.
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Data Vis 10© 2026 Resmed. Apple, Apple Health and Apple Watch are trademarks of Apple Inc., registered in the U.S. and other countries. Samsung and Galaxy Watch are trademarks of Samsung Electronics Co., Ltd. Funnel growth potential from consumer tech detection of sleep apnea FDA de novo clearance for moderate to severe sleep apnea detection (2024) Samsung® Galaxy Watch FDA clearance for sleep apnea detection (2024) Apple® Watch
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Data Vis 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 2025 1 Total patients with an OSA diagnosis claim from July 2021 – September 2025; 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 2025 (n=1,954k 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 2025 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 2025 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 GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 Large real-world data analysis: n = 1,954,000 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 more likely to initiate PAP therapy and have higher PAP resupply rates © 2026 Resmed. 11 PAP resupply rates4 1-year post-setup +310 bps GLP-1Non-GLP-1 +1080 bps GLP-1Non-GLP-1 Likely to initiate PAP therapy3 PAP resupply rates4 3-year post-setup +620 bps GLP-1Non-GLP-1
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Data Vis Clinicians are highly engaged with Resmed education programs focused on sleep 12 ✓Nearly 60,000 CME courses completed ✓By >35,000 clinicians ✓With ~77% Saying they intend to change their clinical practices with regards to OSA © 2026 Resmed.
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Data Vis Our expanding manufacturing and distribution footprint positions Resmed well to flexibly support global growth 13© 2026 Resmed. Calabasas, CA • 129k square feet • Newest manufacturing location, doubling our current US manufacturing footprint Indianapolis, IN • New distribution facility, to be operational in 2027 • Allows Resmed to ship to ~90% of our customers within two days Sydney, Australia • 437k square feet • Manufacturing, engineering, R&D, as well as sales and administration Atlanta, GA • 467k square feet • Manufacturing, warehouse, and distribution Singapore • 305k square feet • Manufacturing, engineering, R&D, as well as sales and administration Johor, Malaysia • 284k square feet • Manufacturing, engineering, R&D
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Data Vis 59.2% 59.9% 61.4% 62.0% 2Q25 3Q25 4Q25 1Q26 FY26 FY26 global outlook underpinned by strong financial management Pipeline of Margin Improvement Drivers Gross Margin, Non-GAAP1 14 + Freight optimization + Inventory management + Manufacturing cycle times + Scale benefits 1 Non-GAAP. Refer to non-GAAP reconciliations in our respective Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the US SEC. Resmed provides no GAAP outlook for Gross Margin or Effective Tax Rate. + Logistics efficiencies + Platform standardization + Component cost improvements + Vendor management SG&A Expenses 19% - 20% of revenue R&D Expenses 6% - 7% of revenue Effective Tax Rate, Non-GAAP1 21% - 23% 61%- 63% © 2026 Resmed.
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Data Vis 26% 34% 24% 16% Disciplined capital allocation supports both business growth and return of capitalto shareholders $3.7B Strategic Growth Priorities Capital Returns to Shareholders ▪ Reinvest in R&D ▪ M&A ▪ Dividends ▪ Share repurchase1 1 Resmed resumed its buyback program during the quarter ended 12/31/23; program had been paused since the quarter ended 12/31/2019. 2 >10,500 pending and registered patents and designs. Capital deployed over last 3 years (through September 30, 2025) © 2026 Resmed. 15 • 6-7% of revenue invested in R&D2 • Q1 FY26 capital expenditures of $43M • Tuck-in size acquisitions - up to ~$500M purchase price • Complemented by portfolio of minority interest investments, partnerships, alliances • Progressive dividend policy • Increased 13% to $2.40/share annually for FY26 • $300M repurchased in FY25; $150M repurchased in Q1 FY26 • More than $600M in repurchases for FY26 Reinvest for Growth Pursue M&A Support Dividends Share Repurchases
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Resmed's 2030 strategy accelerates ability to reach consumers where they are, to drive growth and unlock value 16 PRODUCT-LED CUSTOMER-CENTRIC BRAND-ENHANCED Dynamic global revenue team … increase profitable growth Unified global marketing team … increase brand ROI Focused and strategic roadmap … increase product velocity
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Data Vis Track record of strong financial returns for shareholders Revenue ($M) GAAP / Non-GAAP1 Operating Income ($M) GAAP / Non-GAAP1 EPS $3,028 $5,257 LTM 1Q21 LTM 1Q26 $937 $1,839 LTM 1Q21 LTM 1Q26 $5.10 $9.90 LTM 1Q21 LTM 1Q26 (Financial data as of September 30, 2025) $855 $1,745 LTM 1Q21 LTM 1Q26 $4.66 $9.77 LTM 1Q21 LTM 1Q26 1 Non-GAAP. Refer to non-GAAP reconciliations in our respective Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the US SEC. © 2025 Resmed. 17 12% CAGR 15% CAGR GAAP 14% CAGR Non-GAAP1 16% CAGR GAAP 14% CAGR Non-GAAP1
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Data Vis 5-Year global outlook underpinned by strong foundation and execution of 2030 Strategy 5-Year Global Outlook High single digits % Revenue Growth Earnings growth higher than revenue growth + Increasing overall market growth via accelerating demand generation + Optimizing the patient pathway to diagnosis and therapy + Delivering on our pipeline of next- generation products + Continuing to drive operating excellence Underpinned by 2030 Strategy: 18© 2026 Resmed.
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Data Vis Resmed CEO recently appointed Chair of AdvaMed’s Board 19 © 2026 Resmed. Key Agenda Focus Areas Accelerating patient-first innovation Advancing digital transformation Expanding global access to medtech 1 2 3
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Data Vis Resmed: a compelling investment amid global macro uncertainty © 2026 Resmed. 20 ✓ Target markets are very large and significantly underpenetrated ✓ Key mega trends in big tech and pharma are driving patients to our sleep ecosystem ✓ Resmed is well-positioned with differentiated products, a robust innovation pipeline, and supply chain flexibility ✓ Strong revenue growth and operating leverage delivered 31% year-over-year growth in free cash flow (~$1.8B for LTM Q1 FY26) ✓ Balance sheet is very strong, with a net cash position of $715M as of Q1 FY26 ✓ Experienced management team has successfully delivered long-term growth and navigated externalities including COVID, supply chain perturbations, and 4-year exit of a peer from US device market ✓ Industry advocacy via AdvaMed volunteer chairman and other team leadership roles