Slide 1: Third-Quarter 2025 Earnings Presentation
Third-Quarter 2025 Earnings Presentation November 11, 2025 1
Slide 2: Safe harbor
Safe harbor Forward-looking statements This press release 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 state
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 3Q25 Sales of $2.6B, up 6% y/y on a reported basis; up 5% cc1 20.2% 3Q25 Operating margin of 12.8%, down 3Q25 $2.6B 3Q25 80 basis points (bps) y/y; down 110 bps cc 3Q25 Core operating margin of 20.2%, 3Q24 $2.4B 3Q24 20.6% down 40 bps y/y;
Slide 5: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 5
Slide 6: 9M 2025 Product mix
9M 2025 Product mix1 Vision Care $3.4B (45%) Surgical $4.2B (55%) Ocular health (39%) Implantables (31%) Dry eye products Monofocal IOLs Allergy eye drops Advanced technology IOLs Steroid eye drops Glaucoma implants Glaucoma eye drops Contact lens care Consumables (53%) $7.6 billion Dedicated consum
Slide 7: Q3 2025 Surgical Net Sales
Q3 2025 Surgical Net Sales (USD) (CC)1 (USD $M) $1,338 $1,420 6% 5% $432 2% 2% $422 • Implantables reflects launch of PanOptix Pro • Consumables growth reflects improving market conditions + and price increases • Equipment growth reflects recent equipment launches, including Unity VCS $745 $701 6% 5
Slide 8: Q3 2025 Vision Care Net Sales
Q3 2025 Vision Care Net Sales (USD $M) (USD) (CC)1 $1,095 $1,169 7% 5% • Product innovation drove sales of contact lenses 6% 5% + • Price increases in contact lenses • Ocular health growth led by products for dry eye and glaucoma, $664 $707 including Systane, Tryptyr and Rocklatan • Declines in lega
Slide 9: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 9
Slide 10: Q3 2025 IFRS results
Q3 2025 IFRS results Worldwide net sales Operating margin Diluted EPS 13.6% $0.53 $2.6B 12.8% $2.4B $0.48 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Y/Y change (USD): +6% -80 bps -9% 10
Slide 11: 9M 2025 IFRS results
9M 2025 IFRS results Worldwide net sales Operating margin Diluted EPS $7.4B $7.6B 13.8% 13.7% $1.48 $1.53 9M24 9M25 9M24 9M25 9M24 9M25 Y/Y change (USD): +4% -10 bps +3%1 11 1. 9M25 benefited from gains of $142 million on fair value remeasurements of investments in associated companies, partially of
Slide 12: Q3 2025 IFRS operating margin bridge
Q3 2025 IFRS operating margin bridge 3Q25 vs. 3Q24, % of net sales 13.6 12.5 0.3 12.8 (0.3) (0.1) (0.5) (0.2) 3Q24 Gross SG&A R&D Other income/ Foreign 3Q25 Margin expense Exchange 12
Slide 13: 9M 2025 IFRS operating margin bridge
9M 2025 IFRS operating margin bridge 9M25 vs. 9M24, % of net sales 13.8 1.4 13.8 13.7 (0.1) (0.6) (0.1) (0.7) 9M24 Gross SG&A R&D Other income/ Foreign 9M25 Margin1 expense2 Exchange 13 1. 9M25 included charges of $44 million related to the discontinued commercialization of a Vision Care product. 2.
Slide 14: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 14
Slide 15: Q3 2025 Core results
Q3 2025 Core results1 Worldwide net sales Core operating margin Core diluted EPS $2.6B $2.4B 20.6% 20.2% $0.81 $0.79 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Y/Y change (cc): +5% -60 bps -4% 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures. A
Slide 16: 9M 2025 Core results
9M 2025 Core results1 Worldwide net sales Core operating margin Core diluted EPS $7.4B $7.6B $2.33 $2.29 20.8% 20.0% 9M24 9M25 9M24 9M25 9M24 9M25 Y/Y change (cc): +3% -70 bps -1% 16 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures
Slide 17: Q3 2025 Core operating margin bridge
Q3 2025 Core operating margin1 bridge 3Q25 vs. 3Q24, % of net sales 20.6 20.0 20.2 0.2 0.2 (0.5) (0.1) (0.2) 3Q24 Gross Margin SG&A R&D Other income/ Foreign 3Q25 Key drivers expense Exchange • Core operating margin decrease as 3Q25 included incremental tariffs, sales and marketing investments behin
Slide 18: 9M 2025 Core operating margin bridge
9M 2025 Core operating margin1 bridge 9M25 vs. 9M24, % of net sales 20.8 (0.1) (0.1) 20.1 0.2 20.0 (0.7) (0.1) 9M24 Gross Margin SG&A R&D Other income/ Foreign 9M25 expense Exchange Key drivers • Core operating margin decrease primarily due to increased investment in R&D, including from recent acqui
Slide 19: 9M 2025 Cash flow and balance sheet highlights
9M 2025 Cash flow and balance sheet highlights Cash and cash equivalents $1.5 billion 9M25 cash flows from operations $1.6 billion 9M25 free cash flow1 $1.2 billion Capex $374 million Investments in new contact lens manufacturing capacity Debt $4.7 billion No financial covenants Returns to sharehold
Slide 20: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 20
Slide 21: FY 2025 Outlook maintained
FY 2025 Outlook maintained 2025 outlook1 as of August as of November Comments Net sales (USD) $10.3 to $10.4 billion $10.3 to $10.4 billion Maintained Change vs. prior year (cc)2 +4% to +5% +4% to +5% Maintained (non-IFRS measure) Core operating margin2 19.5% to 20.5% 19.5% to 20.5% Maintained (non-
Slide 22: Appendix
Appendix 22
Slide 23: Appendix: Non-IFRS measures as defined by the Company
Appendix: Non-IFRS measures as defined by the Company Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their
Slide 24: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended September 30, 2025 Amortization of Acquisition and Core results IFRS certain intangible integration Other (non-IFRS ($ millions except earnings per share) results assets(1) Impairments(2) related items(4) items(7) m
Slide 25: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended September 30, 2024 Amortization of Core results IFRS certain intangible Other (non-IFRS ($ millions except earnings per share) results assets(1) items(7) measure) Gross profit 1,371 166 — 1,537 Operating income 332
Slide 26: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Nine months ended September 30, 2025 Gains on Amortization of investments in Acquisition and Core results certain intangible associated integration Legal Product Other (non-IFRS ($ millions except earnings per share) IFRS results asse
Slide 27: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Nine months ended September 30, 2024 Amortization of Acquisition and Core results IFRS certain intangible integration Other (non-IFRS ($ millions except earnings per share) results assets(1) Impairments(2) related items(4) items(7) me
Slide 28: Reconciliation of IFRS results to core results (non-IFRS measure)
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 nine months ended September
Slide 29: 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 nine months ended September 30, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure: ($ millions) 2025 2024 Net ca
Slide 30: Alcon
Alcon SEE BRILLIANTLY