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Q2 FY26 Earnings January 29, 2026
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Data Vis Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiarie s, 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, ne w 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 f orward-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. We have not included a reconciliation for forward-looking non-GAAP financial measures where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty o f forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. ResMed’s expectations, beliefs, and forecasts are expressed in good faith and are believed to have a reasonable basis, but ac tual 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 o r 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 cau tioned not to unduly rely on our forward-looking statements. Presentation of financial information & forward-looking statements 2© 2026 Resmed.
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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 2Q26 revenue $5.4B LTM 2Q26 operating margin (GAAP/Non-GAAP) 34% | 36% 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 Our areas of focus Note: Data as of December 31, 2025. Resmed’s fiscal year end is June 30th. 3 Key Statistics © 2026 Resmed. ▪ Devices ▪ Masks & Other ▪ RCS ▪ U.S., Canada, and Latin America ▪ Europe, Asia, and Other ▪ RCS (U.S. & Germany) 59%29% 12% Revenue by business LTM 2Q26 Revenue by region LTM 2Q2651% 12% 37%
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Data Vis 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 1 Study published in SLEEP in 2025 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). Key megatrends are driving patients and providers to Resmed’s ecosystem 4© 2026 Resmed.
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Data Vis 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 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 Real-world data analysis in sleep apnea population shows significant positive correlation between GLP-1s and PAP therapy 5© 2026 Resmed.
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Data Vis 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 VirtuOx home sleep test referrals up more than 25% year-over-year in Q2 FY26 NightOwl Diagnostic We are creating a more efficient, effective pathway to care 6© 2026 Resmed.
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Data Vis ✓Nearly 60,000 CME courses completed ✓By >35,000 clinicians ✓With ~77% Saying they intend to change their clinical practices with regards to OSA Note: Data as of December 31, 2025. Clinicians are highly engaged with Resmed education programs focused on sleep 7© 2026 Resmed.
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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 AirSenseTM 11 Rollout to Global Markets • Most recently Korea, Brazil, Chile, Mexico • China regulatory (NMPA) clearance December 2025 Comfort: FDA-Cleared AI-Enabled, Digital 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! Resmed is an innovation machine across hardware, software, and digital patient interfaces 8© 2026 Resmed.
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Data Vis More than 25 billion nights of respiratory medical data 35+ million patients in AirView ~33 million 100% cloud connectable devices worldwide ~4.5 million diagnostic tests processed in the cloud 174+ million accounts in Residential Care Software network v v 410+ API calls per second from integrators 11.4+ million patients have signed up for myAir vv 9© 2026 Resmed. Note: Data as of December 31, 2025. Resmed is the global leader in connected & digital health
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Data Vis DRAFT 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 Our goal is to empower 500M people worldwide to achieve their full potential in 2030 Sleep Health Breathing Health Health Tech at Home 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 © 2026 Resmed. 10 2030 Strategy
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Data Vis 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: 5-year global outlook underpinned by strong foundation and execution of 2030 strategy 11© 2026 Resmed.
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Financial Results Q2
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Data Vis 51% 37% 12% Devices Masks and other RCS Revenue by Business Revenue % by Region 59%29% 12% U.S., Canada, & Latin America Europe, Asia, & Other RCS (U.S. & Germany) $1,282.1 $1,422.8 Q2 FY25 Q2 FY26 Revenue by Segment and Region YoY Revenue Trajectory ($ in millions) Revenue % by Segment Note: Data as of December 31, 2025. Resmed’s fiscal year end is June 30th. Note: YoY = year-over-year. Note: CC = constant currency. Q2 FY26 financial results 13© 2026 Resmed.
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Data Vis 58.6% 61.8% Q2 FY25 Q2 FY26 $435.9 $517.2 Q2 FY25 Q2 FY26 $2.43 $2.81 Q2 FY25 Q2 FY26 $417.2 $491.7 Q2 FY25 Q2 FY26 $2.34 $2.68 Q2 FY25 Q2 FY26 59.2% 62.3% Q2 FY25 Q2 FY26 Operating Income Gross Margin Earnings per Share ($ in millions) ($ in actuals) GAAP Non-GAAP Note: Data as of December 31, 2025. Resmed’s fiscal year end is June 30th. Note: See reconciliation to GAAP in Appendix. 14© 2026 Resmed. Q2 FY26 financial results (cont’d)
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Data Vis As of December 31, 2025: Total debt outstanding ~$664M Less: Cash & cash equiv. ~$1,417M Net Cash ~$753M Unused borrowing capacity $1,500M $116.7 $84.6 $122.9 LTM 2Q24 LTM 2Q25 LTM 2Q26 $962.5 $1,391.7 $1,791.6 LTM 2Q24 LTM 2Q25 LTM 2Q26 Provides financial flexibility to both invest in the business and return capital to shareholders $1,079.1 $1,476.3 $1,914.5 LTM 2Q24 LTM 2Q25 LTM 2Q26 Capital Expenditures Operating Cash Flow Free Cash Flow ($ in millions) ($ in millions) ($ in millions) © 2026 Resmed. Note: Data as of December 31, 2025. Resmed’s fiscal year end is June 30th. Note: See reconciliation to GAAP in Appendix. 15 Strong free cash flow and balance sheet
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Data Vis $3,092 $5,398 LTM 2Q21 LTM 2Q26 $973 $1,920 LTM 2Q21 LTM 2Q26 $5.30 $10.28 LTM 2Q21 LTM 2Q26 $879 $1,819 LTM 2Q21 LTM 2Q26 $4.79 $10.12 LTM 2Q21 LTM 2Q26 Note: Data as of December 31, 2025. Resmed’s fiscal year end is June 30th. Note: See reconciliation to GAAP in Appendix. Revenue Operating Income Earnings per Share GAAP Non-GAAP ($ in millions) ($ in actuals)($ in millions) +12% CAGR +16% CAGR +15% CAGR +16% CAGR +14% CAGR 16© 2026 Resmed. Track record of strong financial returns for shareholders
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Data Vis 33% 9% 31% 27% $2.9B Strategic Growth Priorities Capital Returns to Shareholders ▪ Reinvest in R&D ▪ M&A ▪ Dividends ▪ Share repurchase1 Capital deployed over last 3 years (through December 31, 2025) • 6-7% of revenue invested in R&D2 • Q2 FY26 capital expenditures of ~$29M • 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 • $175M repurchased in Q2 FY26 with more than $600M planned for FY26 Reinvest for Growth Pursue M&A Support Dividends Share Repurchases Disciplined capital allocation supports both business growth and return of capital to shareholders 17© 2026 Resmed. 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 >10,600 pending and registered patents and designs.
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Data Vis 59.9% 61.4% 62.0% 62.3% 3Q25 4Q25 1Q26 2Q26 FY26 Pipeline of Margin Improvement Drivers Gross Margin, Non-GAAP1 + Platform standardization + Inventory management + Logistics efficiencies + Component cost improvements + Scale benefits + Manufacturing cycle times + Freight optimization + Vendor management 62%- 63% SG&A Expenses 19% - 20% of revenue R&D Expenses 6% - 7% of revenue Effective Tax Rate, Non-GAAP1 21% - 23% Share repurchases planned More than $600M FY26 global outlook underpinned by strong financial management 18© 2026 Resmed. 1 Non-GAAP. Refer to non-GAAP reconciliations in our respective Annual Reports on Form. Note: 10-K and Quarterly Reports on Form 10-Q filed with the US SEC. Note: Resmed provides no GAAP outlook for Gross Margin or Effective Tax Rate.
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Data Vis Resmed | A compelling investment opportunity ✓ 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 a ~29%1 year-over-year growth in free cash flow (~$1.8B for LTM Q2 FY26) ✓ Balance sheet is very strong, with a net cash position of ~$753M as of Q2 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 1 Growth rate reflects LTM year-over-year growth. 19© 2026 Resmed.
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Contact Investor Relations Phone: +1 (858) 221-3304 Email: InvestorRelations@Resmed.com Website: Investor.Resmed.com
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APPENDIX
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Data Vis 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 Large, underpenetrated total addressable market = long runway for growth 22© 2026 Resmed.
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Data Vis Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles 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 and restructuring expenses from their evaluation ofongoing 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 provides 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 GAAP. Three Months Ended December 31, 2025 December 31, 2024 Revenue $ 1,422,808 $ 1,282,089 GAAP cost of sales $ 544,084 $ 530,814 Less: Amortization of acquired intangibles (A) (7,808) (7,634) Non-GAAP cost of sales $ 536,276 $ 523,180 GAAP gross profit $ 878,724 $ 751,275 GAAP gross margin 61.8 % 58.6 % Non-GAAP gross profit $ 886,532 $ 758,909 Non-GAAP gross margin 62.3 % 59.2 % 23© 2026 Resmed.
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Data Vis Reconciliation of non-GAAP financial measures (cont’d) The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: Note regarding non-GAAP reconciliations Three Months Ended December 31, 2025 December 31, 2024 GAAP income from operations $ 491,660 $ 417,243 Amortization of acquired intangibles—cost of sales (A) 7,808 7,634 Amortization of acquired intangibles—operating expenses (A) 11,764 11,047 Restructuring (A) 5,935 — Non-GAAP income from operations $ 517,167 $ 435,924 (A) Resmed adjusts for the impact of the amortization of acquired intangibles and restructuring expenses from their evaluation ofongoing 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 provides 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 GAAP. (Unaudited; $ in thousands, except for per share amounts) 24© 2026 Resmed.
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Data Vis Note regarding non-GAAP reconciliations The measures “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) Three Months Ended December 31, 2025 December 31, 2024 GAAP net income $ 392,593 $ 344,622 Amortization of acquired intangibles—cost of sales (A) 7,808 7,634 Amortization of acquired intangibles—operating expenses (A) 11,764 11,047 Restructuring expenses (A) 5,935 — Income tax effect on non-GAAP adjustments (A) (6,627) (4,962) Non-GAAP net income (A) $ 411,473 $ 358,341 GAAP diluted shares outstanding 146,372 147,481 GAAP diluted earnings per share $ 2.68 $ 2.34 Non-GAAP diluted earnings per share (A) $ 2.81 $ 2.43 (A) Resmed adjusts for the impact of the amortization of acquired intangibles and restructuring expenses from their evaluation ofongoing 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 provides 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 GAAP. Reconciliation of non-GAAP financial measures (cont’d) 25© 2026 Resmed.