Alcon Ag · SIX:ALC
Alcon — Q1 2026 Earnings Presentation
24 slides from Alcon's earnings presentation, May 5, 2026
Slide 1: First-Quarter 2026 Results
First-Quarter 2026 Results May 5, 2026 1
Slide 2: Safe harbor
Safe harbor Forward-looking statements This document contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements
Slide 3: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 3
Slide 4: Select financial highlights
Select financial highlights Net sales Core operating margin1 1Q26 Sales of $2.7B, up 10% y/y on a reported basis; up 6% cc1 21.2% 1Q26 Operating margin of 10.9%, down 1Q26 $2.7B 1Q26 820 basis points (bps) y/y; down 870 bps cc2 1Q26 Core operating margin of 21.2%, up 1Q25 $2.5B 1Q25 20.8% 40 bps y/y
Slide 5: Agenda: Sales
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 5
Slide 6: 1Q26 Product mix
1Q26 Product mix1 Vision Care $1.2B (46%) Surgical $1.5B (54%) Ocular health (40%) Implantables (30%) Dry eye products Monofocal IOLs Allergy eye drops Advanced technology IOLs Steroid eye drops Glaucoma implants Glaucoma eye drops Contact lens care Consumables (53%) $2.7 billion Dedicated consumabl
Slide 7: Q1 2026 Surgical Net Sales
Q1 2026 Surgical Net Sales (USD) (CC)1 (USD $M) $1,331 $1,460 10% 6% 4% 1% • Implantables reflects strong performance by PanOptix Pro $438 + • Price increases in consumables • Equipment growth reflects recent equipment launches, $420 including the Unity platform 8% 4% $769 $712 • Soft cataract marke
Slide 8: Q1 2026 Vision Care Net Sales
Q1 2026 Vision Care Net Sales (USD $M) (USD) (CC)1 $1,120 $1,225 9% 6% • Product innovation and price increases in contact lenses + • Ocular health growth led by our portfolio of dry eye products, including Tryptyr and Systane $738 7% 4% $688 - • Declines in legacy contact lens products $432 $487 13
Slide 9: Agenda: IFRS results
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 9
Slide 10: Q1 2026 IFRS results
Q1 2026 IFRS results Worldwide net sales Operating margin Diluted EPS $2.7B $0.70 $2.5B 19.1% $0.39 10.9% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1 1 Y/Y change (USD): +10% -820 bps -44% 1. 1Q26 included $88 million of costs associated with efficiency initiatives and $38 million of impairment charges related
Slide 11: Q1 2026 IFRS operating margin bridge
Q1 2026 IFRS operating margin bridge 1Q26 vs. 1Q25, % of net sales 19.1 — 0.3 (0.2) 10.4 0.5 10.9 (8.8) 1Q25 Gross SG&A R&D Other income/ Foreign 1Q26 Margin expense1 Exchange 1. 1Q26 included $88 million of costs associated with efficiency initiatives. 1Q25 included gains of $142 million on fair va
Slide 12: Agenda: Core results
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 12
Slide 13: Q1 2026 Core results
Q1 2026 Core results1 Worldwide net sales Core operating margin Core diluted EPS $2.7B $2.5B 20.8% 21.2% $0.85 $0.73 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Y/Y change (cc): +6% 0% +10% 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures. An ex
Slide 14: Q1 2026 Core operating margin bridge
Q1 2026 Core operating margin1 bridge 1Q26 vs. 1Q25, % of net sales 0.4 21.2 20.8 0.2 0.5 20.8 (0.4) (0.3) 1Q25 Gross Margin SG&A R&D Other income/ Foreign 1Q26 Key drivers expense Exchange • Core operating margin increase as of 1Q26 included improved operating leverage from higher sales and manufac
Slide 15: 1Q26 Cash flow and balance sheet highlights
1Q26 Cash flow and balance sheet highlights Cash and cash equivalents $1.6 billion 1Q26 cash flows from operations $418 million 1Q26 free cash flow1 $279 million Capex $139 million Debt $4.7 billion No financial covenants 15 1. Free cash flow is a non-IFRS measure. An explanation of non-IFRS measure
Slide 16: Agenda: Outlook
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 16
Slide 17: FY 2026 Outlook
FY 2026 Outlook 2026 outlook as of February as of May Comments Net sales growth vs. prior year (cc)1 +5% to +7% +5% to +7% Maintained (non-IFRS measure) Core operating margin1 change vs. prior year (cc)1 +70 to +170 bps +70 to +170 bps Maintained (non-IFRS measure) Core diluted EPS1 growth vs. prior
Slide 18: Appendix
Appendix 18
Slide 19: Appendix: Non-IFRS measures as defined by the Company
Appendix: Non-IFRS measures as defined by the Company Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their
Slide 20: Reconciliation of IFRS results to core results (Q1 2026)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended March 31, 2026 Amortization of Acquisition and Core results IFRS certain intangible integration Efficiency Other (non-IFRS ($ millions except earnings per share) results assets(1) Impairments(2) related items(4) mea
Slide 21: Reconciliation of IFRS results to core results (Q1 2025)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended March 31, 2025 Gains on Amortization of investments in Acquisition and Core results IFRS certain intangible associated integration Other (non-IFRS ($ millions except earnings per share) results assets(1) companies(3
Slide 22: Explanatory footnotes to IFRS to core reconciliation tables
Reconciliation of IFRS results to core results (non-IFRS measure) Explanatory footnotes to IFRS to core reconciliation tables (1) Includes amortization for all intangible assets other than software. (2) Includes impairment charges related to intangible assets. (3) For the three months ended March 31
Slide 23: Reconciliation of free cash flow (non-IFRS measure)
Reconciliation of free cash flow (non-IFRS measure) The following is a summary of free cash flow for the three months ended March 31, 2026 and 2025, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure: ($ millions) 2026 2025 Net cash
Slide 24: Alcon
Alcon SEE BRILLIANTLY