Slide 1: FY25 Result Analyst and Media Presentation
Hear now. And always FY25 Result Analyst and Media Presentation 15 August 2025 Dig Howitt CEO & President Sarah Thom CFO © Cochlear Limited 2025 1
Slide 2: We help people hear and be heard.
We help people hear and be heard. We people to connect with others and live a full life. We the way people understand and treat hearing loss. We vate and bring to market a range of implantable hearing solutions that deliver a lifetime of hearing outcomes.
Slide 3: Financial history
Financial history @ eachlear® Cochlear has a long track record of investing to grow, delivering growing sales revenue, profits’ and dividends. Consistent investment in R&D and market growth activities Research and development $ million WJ as am (0001 02 0506 03 0607 08 08 x0: £2 43.1415 46 17 18 29.
Slide 4: Cochlear Nucleus Nexa System
Cochlear Cochlear™ Nucleus® Nexa™ System The future of hearing. Delivered today The world’s first and only smart cochlear implant system
Slide 5: Benefits today and into the future
Benefits today and into the future Ready for the future NEXOS Upgradeable Firmware Chipset The world’s smallest sound Enhanced processors with all day battery1-3*^ RF Link Dynamic Power Management Get back on air quickly Internal MAPs on the implant & Smart Sync Memory 1. Cochlear Limited. D2127964
Slide 6: Customer needs and future possibilities
Customer needs and future possibilities Increased power Smaller externals efficiency Earlier activation Fewer Smarter clinic visits Future objective measures & diagnostics Precision diagnostics of neural health New stimulation modes and Better sound coding strategies Reassurance hearing © Cochlear L
Slide 7: Building clinical and economic evidence to support early referral and secure funding coverage
Building clinical and economic evidence to support early referral and secure funding coverage In developed markets, the greatest unmet need lies within the adult and senior population. Fewer than 5% of those who could benefit from a cochlear implant have received one.1 We are intensifying our effort
Slide 8: Growing evidence linking hearing loss and cognitive decline
Growing evidence linking hearing loss and cognitive decline Overall dementia Growing evidence continues to highlight the link between hearing loss and cognitive decline, underscoring the importance of hearing health Cumulative survival rate in ageing populations A recent observational study4 found t
Slide 9: FY25 Financial summary
FY25 Financial summary Sales revenue Sales revenue up 4% (3% in CC*) to $2,356m 2,500 $m in CC* • Cochlear implant revenue increased 9% in CC 2,000 • Acoustics revenue increased 6% in CC 1,500 3% in CC* • Services revenue declined 10% in CC 1,000 500 Underlying net profit up 1% to $392m ** 0 16 17
Slide 10: FY25 Operational review
FY25 Operational review Cochlear implants 62% of sales revenue Sales revenue up 9% in CC Cochlear implant sales revenue • Cochlear implant units increased 12% to 53,968 $m in CC* $1.5bn 1,500 Developed markets • Units grew 6%, slightly below expectations due to slower market growth. Global market sh
Slide 11: FY25 Operational review
FY25 Operational review Services 26% of sales revenue Services revenue down 10% in CC Services sales revenue $m in CC* $609m 700 • Strong uptake of the Cochlear Nucleus®8 sound processor when it was launched in FY23, with the rate of uptake tapering over the past 18 months 600 • Key impacts: 500 • G
Slide 12: FY25 Operational review
FY25 Operational review Acoustics 12% of sales revenue Acoustics revenue up 6% in CC Acoustics sales revenue $m in CC* 300 $276m • Cochlear Osia® Implant units grew 30% • Growth across existing markets and expansion into new countries including France, 250 Italy and a number of emerging market count
Slide 13: Our strategy
Our corporate strategy guides our path forward… We help people to hear, Strategic priorities Longer-term targets creating value across five pillars focus our time and aim to provide clear Our resources stakeholder benefits strategy A healthier and more productive society Delivering societal benefit
Slide 14: FY25 Key achievements
FY25 Key achievements A healthier and more productive society Strategic priority: Grow the hearing implant market Helping more people hear • We helped over 53,000 people hear with one – or two – of our cochlear or acoustic implants, providing an estimated net societal benefit of more than $9 billion
Slide 15: FY25 Key achievements
FY25 Key achievements A lifetime of hearing solutions Strategic priority: Retain market leadership Growing investment in research and development • Market-leading technology underpins >60% global market share* • Invested $292m in R&D, 12% of sales revenue, with good progress made across our key proj
Slide 16: FY25 Key achievements
FY25 Key achievements Thriving people Strategic priority: Build a stronger organisation Shaping our culture • Employee engagement maintained at 80% • Continued focus on shaping our culture through training and leadership development programs with a focus on achievement, global collaboration, and exp
Slide 17: FY25 Key achievements
FY25 Key achievements Environmental responsibility Strategic priority: Minimise environmental impact Pathway to net-zero emissions • Using 97% renewable energy at our manufacturing facilities, using 100% renewable energy in five of our six facilities • Reduced Scope 1 and 2 emissions by 71% from our
Slide 18: FY25 Key achievements
FY25 Key achievements Sustained value Strategic priority: Consistent and sustainable growth • Delivered record sales revenue with underlying net profit up 1% • Gross margin declined 1ppt to 74%, driven by the mix shift in H2 to the lower margin emerging market cochlear implants combined with lower o
Slide 19: Profit and loss
Profit and loss Change Change $m FY25 FY24 (reported) (CC) Key points: Strong growth in cochlear and acoustic implants moderated by a Sales revenue 2,355.8 2,258.2 4% 3% decline in Services revenue Gross margin % 74% 75% (1) pt (1) pt Investment in market growth, standard of care and market access
Slide 20: Capital employed
Capital employed $m Jun25 Jun24 Change Key points: Higher trade receivables reflects the relatively stronger Q4 sales in Trade receivables 514.7 425.3 89.4 the emerging markets Inventory levels increased ahead of major new product launches Inventories 499.4 391.6 107.8 and the building of higher
Slide 21: Cash flow
Cash flow $m FY25 FY24 Change Key points: EBIT (underlying)* 521.3 504.8 16.5 Depreciation and amortisation 90.4 84.9 5.5 Building of inventory ahead of new product launches and higher safety stock levels for critical components. Higher Changes in working capital and other (218.8) (79.2) (139.6) t
Slide 22: FY26 Outlook
FY26 Outlook For FY26, we expect to deliver underlying net profit of $435-460m, an 11-17% increase on FY25, up 5-11% on a comparative (cloud adjusted) basis. We expect strong revenue growth in developed markets from the launch of the new Nucleus Nexa implant, moderated by lower growth in emerging ma
Slide 23: Our company
Hear now. And always Supplementary information Our company For further details please refer to the 2025 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 23
Slide 24: About Cochlear
About Cochlear Cochlear has been the global leader in implantable hearing solutions for over 40 years, providing a range of implants and sound processor upgrades that deliver a lifetime of hearing outcomes. Our story Our company Graeme Clark, an Australian ear surgeon, saw first-hand Cochlear commen
Slide 25: Cochlear at a glance
Cochlear at a glance Business segments Global presence 62” as $2.3b* 5, y900* 48 in annual R&D investment People to hear with one or @ Cochlear*
Slide 26: Product and services portfolio
Product and services portfolio 26
Slide 27: Strategy and value creation
Hear now. And always Supplementary information Strategy and value creation For further details please refer to the 2025 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 27
Slide 28: Growth opportunity
Growth opportunity Growing awareness of the cost-effectiveness and quality of life benefits of our products has the potential to underpin long- term industry growth. Hearing loss is prevalent and under- Cochlear implants are a cost-effective Cochlear implants can deliver superior treated solution fo
Slide 29: Growth opportunity
Growth opportunity Product indications are broadening and funding is expanding Product indications and funding are expanding as payers increasingly recognise the improved outcomes and cost-effectiveness of our implantable solutions. Changes to reimbursement or indications us: lowered the age of coch
Slide 30: Key market segments
Key market segments @ eachlear® Our efforts are targeted at improving awareness, expanding access and building on the clinical evidence that demonstrates the effectiveness of our products across four key market segments. Cochlear implants: Children in developed markets Cochlear implantation has been
Slide 31: Key market segments
Key market segments @ Cochlear* Cochlear implants: Children in emerging markets Acoustic implants: Next generation bone conduction hearing solutions Our emerging markets business has been growing rapidly as awareness of cochlear implants increases The bone conduction market is under-penetrated and c
Slide 32: Our strategy
Our corporate strategy guides our path forward… We help people to hear, Strategic priorities Longer-term targets creating value across five pillars focus our time and aim to provide clear Our resources stakeholder benefits strategy A healthier and more productive society Delivering societal benefit
Slide 33: Strategic priorities
Strategic priorities Our strategic priorities determine how we focus our time and resources to create value. Over the coming years we are focusing our efforts on delivering value across the following initiatives: Grow the hearing Retain market Build a stronger Minimise Consistent and implant market
Slide 34: Creating value for stakeholders
Creating value for stakeholders Value creation describes the impact we have on all our key stakeholders – our customers, our people, our planet, our shareholders as well as society more broadly. Successful execution means achieving the following outcomes for our stakeholders: Society Customers Peopl
Slide 35: Notes
Notes Hear now. And always Forward looking statements Cochlear advises that this document contains forward-looking statements which may be subject to significant uncertainties outside of Cochlear’s control. No representation is made as to the accuracy or reliability of forward-looking statements or
Slide 36: References
References Hear now. And always Cognition (slide 7) 4. The Ear Foundation (2018). Spend2Save Report (2nd Edition). 1.Market penetration estimate based on Cochlear sourced data. 5. WHO 2021 World Report on Hearing (https://www.who.int/activities/highlighting-priorities-for-ear-and-hearing-care). 2.Li
Slide 37: www.cochlear.com
www.cochlear.com © Cochlear Limited 2025