Slide 1: Fourth-Quarter and Full-Year 2025 Results
Fourth-Quarter and Full-Year 2025 Results February 24, 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 4Q25 Sales of $2.7B, up 9% y/y on a reported basis; up 7% cc1 19.0% 4Q25 Operating margin of 11.6%, down 4Q25 $2.7B 4Q25 430 basis points (bps) y/y; down 510 bps cc2 4Q25 Core operating margin of 19.0%, 4Q24 $2.5B 4Q24 20.1% down 110 bps y
Slide 5: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 5
Slide 6: FY 2025 Product mix
FY 2025 Product mix1 Vision Care $4.6B (44%) Surgical $5.8B (56%) 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%) $10.3 billion Dedicated consu
Slide 7: Q4 2025 Surgical Net Sales
Q4 2025 Surgical Net Sales (USD) (CC)1 (USD $M) $1,423 $1,545 9% 6% $474 4% 2% • Implantables reflects strong performance by PanOptix Pro in the US $456 • Consumables growth reflects cataract and vitreoretinal procedural + growth, as well as price increases • Equipment growth reflects recent equipme
Slide 8: Q4 2025 Vision Care Net Sales
Q4 2025 Vision Care Net Sales (USD $M) (USD) (CC)1 $1,054 $1,157 10% 7% • Price increases and product innovation in contact lenses + • Ocular health growth led by our portfolio of dry eye products, including Tryptyr and Systane $683 7% 4% $638 - • Declines in legacy contact lens products $416 $474 1
Slide 9: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 9
Slide 10: Q4 2025 IFRS results
Q4 2025 IFRS results Worldwide net sales Operating margin Diluted EPS $0.57 $2.7B $2.5B 15.9% $0.44 11.6% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 1 1 Y/Y change (USD): +9% -430 bps -23% 1. 4Q25 included $22 million of acquisition and integration related items. 4Q24 included a $57 million net gain related to t
Slide 11: FY 2025 IFRS results
FY 2025 IFRS results Worldwide net sales Operating margin Diluted EPS $10.3B 14.4% $2.05 $9.8B $1.98 13.2% FY24 FY25 FY24 FY25 FY24 FY25 Y/Y change (USD): +5% -120 bps -3%1 1. FY25 included $58 million of acquisition and integration related items, $44 million of product discontinuation charges and h
Slide 12: Q4 2025 IFRS operating margin bridge
Q4 2025 IFRS operating margin bridge 4Q25 vs. 4Q24, % of net sales 15.9 (0.2) (1.1) (0.8) 0.8 11.6 10.8 (3.0) 4Q24 Gross SG&A R&D Other income/ Foreign 4Q25 1 Margin expense Exchange 1. 4Q25 included $22 million of acquisition and integration related items. 4Q24 included a $57 million net gain relat
Slide 13: FY 2025 IFRS operating margin bridge
FY 2025 IFRS operating margin bridge FY25 vs. FY24, % of net sales 14.4 0.3 13.1 0.1 13.2 (0.5) (0.4) (0.7) FY24 Gross SG&A R&D Other income/ Foreign FY25 Margin1 expense2 Exchange 1. FY25 included charges of $44 million related to the discontinued commercialization of a Vision Care product. 13 2. F
Slide 14: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 14
Slide 15: Q4 2025 Core results
Q4 2025 Core results1 Worldwide net sales Core operating margin Core diluted EPS $2.7B $2.5B 20.1% 19.0% $0.78 $0.72 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Y/Y change (cc): +7% -160 bps +2% 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures.
Slide 16: FY 2025 Core results
FY 2025 Core results1 Worldwide net sales Core operating margin Core diluted EPS $10.3B 20.6% $9.8B 19.8% $3.05 $3.07 FY24 FY25 FY24 FY25 FY24 FY25 Y/Y change (cc): +4% -90 bps 0% 16 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures
Slide 17: Q4 2025 Core operating margin bridge
Q4 2025 Core operating margin1 bridge 4Q25 vs. 4Q24, % of net sales 20.1 0.5 19.0 (0.5) 0.4 18.5 (1.1) (0.4) 4Q24 Gross Margin SG&A R&D Other income/ Foreign 4Q25 Key drivers expense Exchange • Core operating margin decrease as 4Q25 included sales and marketing investments behind new product launche
Slide 18: FY 2025 Core operating margin bridge
FY 2025 Core operating margin1 bridge FY25 vs. FY24, % of net sales 20.6 (0.2) 0.2 19.7 0.1 19.8 (0.4) (0.5) FY24 Gross Margin SG&A R&D Other income/ Foreign FY25 expense Exchange Key drivers • Core operating margin decrease as FY25 included sales and marketing investments behind new product launche
Slide 19: FY 2025 Cash flow and balance sheet highlights
FY 2025 Cash flow and balance sheet highlights Cash and cash equivalents $1.5 billion FY25 cash flows from operations $2.3 billion FY25 free cash flow1 $1.7 billion Capex $543 million Debt $4.7 billion No financial covenants Returns to shareholders $848 million Includes repurchase of ~8.4 million sh
Slide 20: Agenda
Agenda 01 Select financial highlights 02 Sales 03 IFRS results 04 Core results 05 Outlook 20
Slide 21: FY 2026 Outlook
FY 2026 Outlook 2026 outlook as of February Net sales growth vs. prior year (cc)1 +5% to +7% (non-IFRS measure) Core operating margin1 change vs. prior year (cc)1 +70 to +170 bps (non-IFRS measure) Core diluted EPS1 growth vs. prior year (cc)1 +9% to +12% (non-IFRS measure) Assumptions: • Aggregated
Slide 22: Appendix
Appendix 22
Slide 23: Appendix: Non-IFRS measures as defined by the Company
Appendix: Non-IFRS measures as defined by the Company Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their
Slide 24: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended December 31, 2025 Amortization of Acquisition and Core results IFRS certain intangible integration (non-IFRS ($ millions except earnings per share) results assets(1) related items(5) Legal items(6) measure) Gross pr
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 December 31, 2024 Amortization of Core results IFRS certain intangible Divestment of (non-IFRS ($ millions except earnings per share) results assets(1) product rights(3) Other items(8) measure) Gross profit 1,385 16
Slide 26: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Twelve months ended December 31, 2025 Gains on Amortization of investments in Acquisition and Core results IFRS certain intangible associated integration Legal Product Other (non-IFRS ($ millions except earnings per share) results ass
Slide 27: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Twelve months ended December 31, 2024 Amortization of Acquisition and Core results IFRS certain intangible Divestment of integration Other (non-IFRS ($ millions except earnings per share) results assets(1) Impairments(2) product right
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 three and twelve months end
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 twelve months ended December 31, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure: ($ millions) 2025 2024 Net c
Slide 30: Alcon
Alcon SEE BRILLIANTLY