Slide 1: Q2 FY26 Earnings
Q2 FY26 Earnings January 29, 2026
Slide 2: Presentation of financial information & forward-looking statements
Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiaries, and its legal entities for the periods indicated. This presentation includes financial information prepar
Slide 3: Resmed | The global leader in connected and digital health
Resmed | The global leader in connected and digital health Key Statistics Headquarters San Diego, CA 12% 12% Founded 1989 Revenue Revenue Listed (NYSE, ASX) 1995, RMD by business by region 37% 29% LTM 2Q26 51% LTM 2Q26 59% LTM 2Q26 revenue $5.4B LTM 2Q26 operating margin 34% | 36% (GAAP/Non-GAAP) Co
Slide 4: Key megatrends are driving patients and providers to Resmed's ecosystem
Key megatrends are driving patients and providers to Resmed’s ecosystem Consumers are Widespread Wearables Consumers AI and digital Massive pressure more focused adoption of spotlight sleep demand an health are on healthcare on their health GLP-1 apnea and elevated changing how systems; payers / th
Slide 5: Real-world data analysis in sleep apnea population shows significant positive correlation between GLP-1s and PAP therapy
Real-world data analysis in sleep apnea population shows significant positive correlation between GLP-1s and PAP therapy GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 Patients with an OSA diagnosis and Likely to initiate PAP therapy3 PAP resupply rates4 1-year post-setup PAP resupply rate
Slide 6: We are creating a more efficient, effective pathway to care
We are creating a more efficient, effective pathway to care OPT -IN MAKE THERAPY CHOICE ON THERAPY LIFETIME VALUE STAGE STAGE STAGE STAGE STAGE STAGE STAGE 1 2 3 4 5 6 7 Awareness Testing Diagnosis Prescribed PAP Start PAP therapy Compliant in 90 Days Remain after 1 Year Somnoware myAir Brightree RE
Slide 7: Clinicians are highly engaged with Resmed education programs focused on sleep
Clinicians are highly engaged with Resmed education programs focused on sleep ✓Nearly 60,000 CME courses completed ✓By >35,000 clinicians ✓With ~77% clinical practices with regards to OSA Saying they intend to change their Note: Data as of December 31, 2025. © 2026 Resmed. 7
Slide 8: Resmed is an innovation machine across hardware, software, and digital patient interfaces
Resmed is an innovation machine across hardware, software, and digital patient interfaces AirSenseTM 11 Rollout to Global Markets World’s First Fabric Masks • Most recently Korea, Brazil, Chile, Mexico • AirTouch N30i – fabric-wrapped nasal mask designed to deliver exceptional comfort for a more • C
Slide 9: Resmed is the global leader in connected & digital health
Resmed is the global leader in connected & digital health More than 25 billion nights of respiratory medical data 35+ million ~33 million patients in AirView 100% cloud connectable devices worldwide v ~4.5 million v 174+ million diagnostic tests processed in the cloud accounts in Residential Care So
Slide 10: Strategy
2030 OUR STRATEGY OUR OUR KEY Strategy FOCUS AREAS CAPABILITIES We will create products people love as well as Sleep Health seamless, personalized Empower our teams pathways for access to Breathing Health life-changing care Prioritize AI OUR OUR Health Tech at Home Build trust FINANCIAL MISSION GOAL
Slide 11: 5-year global outlook underpinned by strong foundation and execution of 2030 strategy
5-year global outlook underpinned by strong foundation and execution of 2030 strategy 5-Year Global Outlook Underpinned by 2030 Strategy: High single digits + Increasing overall market growth via accelerating demand generation % Revenue Growth + Optimizing the patient pathway to diagnosis and therap
Slide 12: Q2 Financial Results
Q2 Financial Results
Slide 13: Q2 FY26 financial results
Q2 FY26 financial results YoY Revenue Trajectory Revenue by Segment Revenue by and Region Business ($ in millions) Revenue % by Segment 12% $1,422.8 Devices Masks and other $1,282.1 51% 37% RCS Revenue % by Region U.S., Canada, & 12% Latin America Europe, Asia, & 29% Other 59% RCS (U.S. & Q2 FY25 Q2
Slide 14: Q2 FY26 financial results (cont'd)
Q2 FY26 financial results (cont’d) Gross Margin Operating Income Earnings per Share ($ in millions) ($ in actuals) GAAP 61.8% $491.7 58.6% $2.68 $417.2 $2.34 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Non-GAAP $517.2 $2.81 59.2% 62.3% $435.9 $2.43 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26
Slide 15: Strong free cash flow and balance sheet
Strong free cash flow and balance sheet Operating Cash Flow Capital Expenditures Free Cash Flow As of December 31, 2025: ($ in millions) ($ in millions) ($ in millions) $1,914.5 Total debt outstanding ~$664M $1,791.6 $1,476.3 $1,391.7 Less: Cash & cash equiv. ~$1,417M $1,079.1 $962.5 $116.7 $122.9 N
Slide 16: Track record of strong financial returns for shareholders
Track record of strong financial returns for shareholders Revenue Operating Income Earnings per Share ($ in millions) ($ in millions) ($ in actuals) GAAP $1,819 $10.12 +16% CAGR +16% CAGR $5,398 $879 $4.79 +12% CAGR LTM 2Q21 LTM 2Q26 LTM 2Q21 LTM 2Q26 $3,092 Non-GAAP $10.28 $1,920 +14% CAGR +15% CAG
Slide 17: Disciplined capital allocation supports both business growth and return of capital to shareholders
Disciplined capital allocation supports both business growth and return of capital to shareholders Strategic • 6-7% of revenue invested in R&D2 Capital deployed over last 3 years Growth Reinvest Priorities for Growth • Q2 FY26 capital expenditures of ~$29M (through December 31, 2025) • Tuck-in size
Slide 18: FY26 global outlook underpinned by strong financial management
FY26 global outlook underpinned by strong financial management Gross Margin, Non-GAAP1 SG&A Expenses 19% - 20% of revenue 62%- R&D Expenses 61.4% 62.0% 62.3% 63% 6% - 7% of revenue 59.9% Effective Tax Rate, Non-GAAP1 3Q25 4Q25 1Q26 2Q26 FY26 21% - 23% Pipeline of Margin Improvement Drivers Platform
Slide 19: Resmed | A compelling investment opportunity
Resmed | A compelling investment opportunity ✓ Target markets are very large and significantly underpenetrated ✓ Key mega trends in big tech and pharma are driving patients to our sleep ecosystem ✓ Resmed is well-positioned with differentiated products, a robust innovation pipeline, and supply chain
Slide 20: Contact Investor Relations
Contact Investor Relations Phone: +1 (858) 221-3304 Email: InvestorRelations@Resmed.com Website: Investor.Resmed.com
Slide 21: Appendix
APPENDIX
Slide 22: Large, underpenetrated total addressable market = long runway for growth
Large, underpenetrated total addressable market = long runway for growth MARKET FOR DEVICES MARKET FOR MASKS Growing in the Growing in the mid-single digits high-single digits globally globally 480M COPD Underpenetrated OSA Market1 Overlap syndrome <20% <10% U.S. Rest of World 850M COMISA 1B People
Slide 23: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended December 31, 2025 December 31,
Slide 24: Reconciliation of non-GAAP financial measures (cont'd)
Reconciliation of non-GAAP financial measures (cont’d) The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended December 31, 2025 December 31, 2024 GAAP income from operations $ 49
Slide 25: Reconciliation of non-GAAP financial measures (cont'd)
Reconciliation of non-GAAP financial measures (cont’d) The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended