Cochlear Limited · ASX:COH
Cochlear — Cochlear Plc Ord — FY2026 Earnings Presentation
36 slides from Cochlear's earnings presentation, Aug 18, 2026
Slide 1: FY26 Result Analyst and Media Presentation
Hear now. And always FY26 Result Analyst and Media Presentation 18 August 2026 Dig Howitt CEO & President Sarah Thom CFO © Cochlear Limited 2026 1
Slide 2: Our mission
Our mission We help people hear and be heard. We empower people to connect with others and live a full life. We transform the way people understand and treat hearing loss. We innovate and bring to market a range of implantable hearing solutions that deliver a lifetime of hearing outcomes. 2 2
Slide 3: Overview
Hear now. And always Overview Dig Howitt – CEO & President 3
Slide 4: FY26 result met revised guidance with continued strategic progress to support growth
FY26 result met revised guidance with continued strategic progress to support growth 2,500 Sales revenue $m in CC* $2,343m 2,000 1,500 1,000 2% vs FY25 500 Sales revenue increased 2% in constant currency to $2.3 billion, up 6% in 0 the second half, and delivered underlying net profit of $322 mill
Slide 5: Cochlear implants operational review
FY26 Operational review Cochlear implants 61% of sales revenue Sales revenue flat in constant currency, + 5% lift in implants sold Cochlear implant Strong uptake of the Nucleus Nexa platform with >95% of developed market sales revenue $m in CC* $1,435m implant mix by June, with an average 3% price i
Slide 6: Strengthening referral pathways helps more patients access implants
Strengthening referral pathways helps more patients access implants Patient funnel 1 Total addressable market Total addressable market: Ageing populations and indication expansion have increased the market size, with a subset of people seeking hearing care for severe to 1 profound hearing loss (SPHL
Slide 7: Medicalisation of adult hearing loss: standardising hearing care will drive more referrals
Medicalisation of adult hearing loss: standardising hearing care will drive more referrals for surgery, with more consistent conversion What it means: Recognising severe hearing loss as chronic disease, rather than an optional lifestyle issue, with standardised screening, severity staging, referral
Slide 8: Nexa System benefits patients now and extends our competitive advantage
Nexa System benefits patients now and extends our competitive advantage into the future Better New stimulation modes & sound hearing coding strategies: Neural health measures provide 4x improvement in outcome prediction 2/3 preferred music using focused stimulation Access to Smaller future exter
Slide 9: Nexa System strengthens the innovation pipeline
Nexa System strengthens the innovation pipeline A smart implant platform that improves patient and clinician experience today, and lays the foundation for future implant innovation Nexa DEE TICI Smart Implants: Drug Eluting Electrodes: Totally Implantable CI: active intelligence advance long-term ex
Slide 10: Services operational review
FY26 Operational review Services 27% of sales revenue Services revenue up 6% in constant currency Services sales revenue Developed markets: revenue up 13% in constant currency 700 $m in CC* $635m • Growth in the eligible recipient base from strong post-COVID CI system sales 600 • Strong demand in th
Slide 11: Acoustics operational review
FY26 Operational review Acoustics 12% of sales revenue Acoustics revenue up 1% in constant currency Acoustics sales revenue • Decline in H1 in the US and UK as a result of increased competitor activity 300 $m in CC* $273m • Solid growth across Western Europe and Asia Pacific 250 • Cochlear Osia® Imp
Slide 12: Financial results
Hear now. And always Financial results Sarah Thom – CFO 12
Slide 13: Profit and loss
Profit and loss Change Change $m FY26 FY25 (reported) (CC) Key points: Sales revenue 2,343.4 2,355.8 (1)% 2% GM impacts: 1.5 ppts from lower-than-expected developed market revenue and increased low-tier sales in China, 1.2ppts manu var from Gross margin % 71% 74% (3) pts (3) pts reduction in produ
Slide 14: Effective operating discipline to respond to changed conditions
Effective operating discipline to respond to changed conditions Reducing fixed costs to invest in growth & margin Working capital discipline improved free cash flow +$25m -2ppt -13% >2x Reallocated to growth Fixed cost / revenue H2 inventory reduction Increase in FCF Costs reduced through operating
Slide 15: Operating Expenses bridge – FY25 to FY26
Operating Expenses bridge* – FY25 to FY26 Comparable opex -1% Reported opex +5% 1,251 +8 -32 +42 1,188 +13 -37 1,182 FY25 Reported Selling, R&D Administration FY26 Reported Cost base STI provision FY26 Comparable Operating marketing and expenses Operating reshaping rebuild Operating Expenses* genera
Slide 16: Capital employed
Capital employed $m Jun26 Jun25 Change Key points: Trade and other receivables 568.4 593.7 (25.3) Inventories 491.3 499.4 (8.1) Less: Trade and other payables (270.6) (298.4) 27.8 Working capital 789.1 794.7 (5.6) Working capital down slightly, with moderating receivables and lower inventory level
Slide 17: Cash flow
Cash flow $m FY26 FY25 Change Key points: EBIT (underlying)* 432.6 554.0 (121.4) Cloud expense (94.3) (32.7) (61.6) Depreciation and amortisation 106.0 90.4 15.6 Changes in working capital and other 58.6 (218.8) 277.4 Improved working capital levels following an increase in FY25 Net interest recei
Slide 18: Impact of FX on net profit
Impact of FX on net profit Reconciliation of constant currency net profit $m FY26 FY25 Change Key points: Underlying net profit* 322.4 414.5 (22)% In FY26, foreign exchange contract gains provided an after-tax benefit of $9m, compared with a $12m after-tax loss in FY25. FX contract movement – after
Slide 19: FY27 Outlook
Hear now. And always FY27 Outlook Dig Howitt – CEO & President 19
Slide 20: FY27 Outlook
FY27 Outlook For FY27, Cochlear expects low single-digit constant currency sales revenue growth and underlying net profit of $330-350 million. • Developed market CI: modest revenue growth, supported by benefits from referral pathway initiatives, direct-to-consumer activity and increased medical chan
Slide 21: Our company
Hear now. And always Supplementary information Our company For further details please refer to the 2026 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 21
Slide 22: About Cochlear
About Cochlear Cochlear has been the global leader in implantable hearing solutions for over 40 years, providing a range of implants and replacement sound processors that deliver a lifetime of hearing outcomes. Our story Our company Graeme Clark, an Australian ear surgeon, saw first-hand Cochlear co
Slide 23: Cochlear at a glance
Cochlear at a glance Business segments Global presence 6T sco $2.3b* 5,400: € 49-- in sales revenue’ across ©S "180: 50: countries @ Sweden tari 6 oom oT ae Market leader a Repecturig ‘re $ : _ 4&@ $320m* 800k: C : —— 6 12 ee AAA 99.76 in annual R&D investment People to hear with one or lobal market
Slide 24: Financial history
Financial history Research and development $ million $323m sof sales revenue Operating expenses (excl R&D) $ million 928m x of ates revenue * Excludin significant item to report cloud expense Underlying net profit’ Cochlear implants $ million units 56,692 aul es oF ssies revenue Sales revenue $ mill
Slide 25: Product and services portfolio
Product and services portfolio 25
Slide 26: Strategy and value creation
Hear now. And always Supplementary information Strategy and value creation For further details please refer to the 2026 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 26
Slide 27: 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 28: 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 29: Key market segments
Key market segments 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 established
Slide 30: Key market segments
Key market segments 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 currently has
Slide 31: Our strategy
The core pillars of the corporate strategy have remained unchanged for many years, with growth plans strongly linked to the mission We help people to hear, Strategic priorities Longer-term targets creating value across four pillars focus our time and aim to provide clear Our resources stakeholder be
Slide 32: 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 Consistent and implant market leadershi
Slide 33: 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: Grow the hearing Retain
Slide 34: Notes
Notes 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 the assumptions on wh
Slide 35: References
References Growth opportunity (slide 30-31) 1. World report on hearing. Geneva: World Health Organization; 2021. Licence: CC BY-NC-SA 3.0 10. a. Mick P, Kawachi I, Lin F. The Association between Hearing Loss and Social Isolation in Older IGO. (https://www.who.int/activities/highlighting-priorities-f
Slide 36: www.cochlear.com
www.cochlear.com © Cochlear Limited 2026