Slide 1: Results Presentation for the half-year ended 31 December 2025
11 February, 2026 Melbourne, Australia Results Presentation for the half-year ended 31 December 2025 CSL Limited (ASX:CSL; USOTC:CSLLY) Please find attached the slides for the Half Year Results Presentation to be delivered shortly by the Chief Executive Officer and Chief Financial Officer. The brief
Slide 2: 2026 Half Year Results
Elena lives with iron deficiency 2026 Half Year Results 11 February 2026
Slide 3: Important Notice and Disclaimer
Elena lives with iron deficiency IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about CSL Limited (ACN 051 588 348) and its related bodies corporate (together, CSL) and CSL's activities as at the date of this presentation. It is information given in summary form only
Slide 4: Today's speakers
Today’s speakers Gordon Naylor Ken Lim Andy Schmeltz Dave Ross Interim CEO CFO CCO GM CSL Seqirus 3 Driven by Our Promise
Slide 5: CEO Overview
CEO Overview Gordon Naylor Interim CEO & Managing Director Previous senior CSL roles • Executive VP, CSL Behring • Chief Financial Officer, CSL • President, Seqirus 4
Slide 6: Strategic framework
Strategic framework Global leader Market 1 in large and leader in Expanding DR IV E growing Ig with innovative P TH markets with attractive portfolio RO high unmet and durable beyond Ig OW FOCUS FI ON RARE medical need growth GR TA DISEASES BIL REVENUE WITH HIGH COST ITY UNMET NEED LEADERSHIP Multip
Slide 7: Transformation program progressing well
Transformation program progressing well Delivering value through organisational simplification & growth investment Portfolio Growth Operational Commercial Corporate Opportunities Efficiencies Efficiencies Functions VarmX collaboration R&D sites down Integration of Behring Streamline corporate from 1
Slide 8: 1H26 Performance
1H26 Performance1 Good progress on transformation Revenue $8.3b (4%) initiatives NPATA2,3 $1.9b (7%) 1H26 performance Adversely impacted by: excluding one-off restructuring costs & impairment • Government policy changes • One-off restructuring costs and Reported NPAT3 $401m (81%) impairments Cashflo
Slide 9: CSL Behring Revenue $5,450m
Revenue $5,450m (7%)1 Therapy Revenue ($m) Change1 Commentary Major Brands • Strong comparable period Ig 3,046 (6%) • Medicare Part D ~($100 million) impact • 3% up on trailing period (2H25) • Implementation of policy changes in China Albumin 494 (27%) • Positive early response from expanded China f
Slide 10: Immunoglobulin portfolio and Albumin in China
Immunoglobulin portfolio Albumin in China Strong Ig market fundamentals • Expansion of footprint across more hospitals and cities • Significant and growing unmet medical need • Baheal Medical exclusive strategic • Mid-to-high single-digit growth partnership with committed volumes • Robust growth acr
Slide 11: CSL Vifor Revenue $1,236m
Revenue $1,236m +12%1 Therapy Revenue ($m) Change1 Commentary Major Brands • VELPHORO® – TDAPA inclusion a Nephrology (until Dec 26) contributing to Dialysis 544 40% strong growth b • MIRCERA® – market leader in US c • TAVNEOS® – continued uptake in all launch Nephrology Non-Dialysis 191 45% markets
Slide 12: Nephrology and Iron
Nephrology Iron • Strong VELPHORO® growth following • FERINJECT® & VENOFER® growth commencement of TDAPA on 1 Jan 2025 impacted by EU & US generics (expiry 31 Dec 2026) respectively • TAVNEOS® & FILSPARI® • Growth opportunities – Differentiated product profiles – Continued high unmet need – Strong i
Slide 13: CSL Seqirus Revenue $1,646m
Revenue $1,646m (2%)1 Therapy Revenue ($m) Change1 Commentary Major Brands Adjuvanted Egg 895 6% • Breadth of RWE demonstrates the increased effectiveness of FLUCELVAX® and FLUAD® Cell Culture 466 (1%) • Successful launches in Germany and France • Growth in US IDN and paediatric segments Egg Based 7
Slide 14: Highly dynamic market CSL Seqirus
Highly dynamic market CSL Seqirus • US 25/26 seasonal influenza vaccine market • Differentiation strategy driving value projected to fall ~6-8%, due to lower US outperformance and market share gains immunisation rates and pricing – mostly in in US & EU egg-based category • Geographic expansion in ot
Slide 15: CSL Group Financial highlights
CSL Group Financial highlights 1H25 1H26 1H26 Change 1 1 US$ millions Rep Rep at CC % Total Revenue 8,483 8,332 8,163 (4%) R&D Gross Profit4 4,704 4,630 4,546 (3%) • Good progress on restructuring GP %4 55.5% 55.6% 55.7% initiatives Sales & Marketing4 (754) (785) (765) (1%) Operating Result4 3,950 3
Slide 16: Segment Financial highlights
Segment Financial highlights CSL Behring CSL Seqirus CSL Vifor Change Change Change 1 1 1 US$ millions reported 1H26 % at CC 1H26 % at CC 1H26 % at CC Sales 5,335 (7%) 1,534 (2%) 1,223 13% Other Revenue 115 (13%) 112 (6%) 13 (38%) Total Revenue 5,450 (7%) 1,646 (2%) 1,236 12% Gross Profit4 2,788 (7%
Slide 17: Transformation initiatives progressing well
Transformation initiatives progressing well Strong financial rationale Phased realisation of cost savings One-off pre-tax restructuring costs Annual pre-tax savings of $700-$770m in FY26 $500-$550m by FY28 ($500-$550m total cash) 60% of FY26 savings achieved Two-thirds complete Up to ~$550m Facility
Slide 18: Balance sheet
Balance sheet Impairments Strong balance sheet FY26 $1.1b (1H $1.05b, 2H $0.1b)* • Strong cash flow $1.3b Key components: • Leverage of 2.0x5 sa-mRNA • Licensing agreement for sa-mRNA • Share buyback expanded from platform vaccine technology US$500m to US$750m $430m# Declining COVID disease burden a
Slide 19: 2H26 Revenue Bridge and FY26 guidance maintained
2H26 Revenue Bridge Competitive Seqirus seasonality 2H26 growth impacts FY26 guidance & avian flu drivers maintained Ig • Expanded US field force Revenue Growth • HIZENTRA® direct-to-patient ~ 2-3% @CC1 campaign • Broadened 1H26 Revenue contracting NPATA2 Growth X2 approach (excl. restructuring cost
Slide 20: CSL Contacts
CSL Contacts Bernard Ronchi Investor Relations +61 431 060 964 bernard.ronchi@csl.com.au Jimmy Baker Investor Relations +61 450 909 211 jimmy.baker@csl.com.au
Slide 21: Appendix
Appendix 20
Slide 22: Notes
Notes (#) Constant currency removes the impact of exchange Summary NPAT attributable to members Summary Revenue rate movements to facilitate comparability of operational of parent entity Reported revenue $8,332m performance for the Group. This is done in three parts: a) Reported net profit after tax
Slide 23: CSL Behring Key Products
Appendix A CSL Behring Key Products CSL Behring Therapy Group Sales $m PCP Change1 % 1H26 Revenue By Therapy Group $m Privigen IVIG 1,963 (6%) IVIG $1,992 37% Hizentra SCIG 1,054 (6%) SCIG $1,054 19% Albumin Albumin 494 (27%) Haemophilia $746 14% Idelvion Haemophilia 426 1% CSL Albumin $494 9% Behri
Slide 24: CSL Seqirus & CSL Vifor Key Products
Appendix B CSL Seqirus & CSL Vifor Key Products Sales Change1 1H26 Revenue By Therapy Group $m CSL Seqirus Therapy Group $m % Fluad Adjuvanted 895 6% Cell Culture $466 28% Flucelvax Cell culture 466 (1%) Adjuvanted $895 54% Afluria Egg-based 73 (29%) CSL Egg Based $74 4% Seqirus In Licence $65 4% Pa
Slide 25: 1H26 Impairment Bridge
Appendix C 1H26 Impairment Bridge Net Attributable Attributable $m Impairment Tax of tax to NCI to CSL sa-mRNA platform 566 (136) 430 - 430 Venofer 630 (90) 540 184 356 PPE 222 (52) 170 - 170 Other intangibles 98 (14) 84 27 57 Other assets 48 (8) 40 - 40 Total 1,564 (300) 1,264 211 1,053 24
Slide 26: CSL R&D Portfolio (as of 31 December 2025)
CSL R&D Portfolio (as of 31 December 2025) st Phase I Phase II Phase III Registration/Post-Registration CSL040 CSL787 HIZENTRA® HIZENTRA® FILSPARI ® (Sparsentan) AUDENZ ®/CELLDEMIC® Complement Activation Nebulised Ig (SCIg) 20% Liquid (SCIg) 20% Liquid Dual ETA & AT1 antagonist Adjuvanted Cell-based