Slide 1: Second-Quarter 2025 Earnings Presentation
Second-Quarter 2025 Earnings Presentation August 20, 2025 1
Slide 2: Safe harbor
Safe harbor Forward-looking statements This press release 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 state
Slide 3: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 3
Slide 4: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 4
Slide 5: Implantable collamer lenses (ICLs) are a natural, unique adjacency for Alcon
Implantable collamer lenses (ICLs) are a natural, unique adjacency for Alcon Expands Alcon's presence in the rapidly growing myopia market with entry into the ICL category Complementary to Alcon's existing refractive portfolio, allowing us to provide solutions across the spectrum of myopia Category
Slide 6: Transaction details
Transaction details • $28 per share in cash, which represents a ~59% premium to Purchase price STAAR's 90-day volume-weighted average price • Represents a total equity value of ~$1.5 billion • Immediately growth accretive Financial impact • Significant synergy potential leveraging Alcon's global inf
Slide 7: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 7
Slide 8: Select financial highlights
Select financial highlights Net sales Core operating margin 1 2Q25 Sales of $2.6B, up 4% y/y on a 1 reported basis; up 3% cc 19.1% 2Q25 Operating margin of 9.6%, down 2Q25 $2.6B 2Q25 320 basis points (bps) y/y; down 350 bps cc 2Q25 Core operating margin of 19.1%, 2Q24 $2.5B 2Q24 19.8% down 70 bps; d
Slide 9: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 9
Slide 10: 1H 2025 Product mix
1 1H 2025 Product mix Vision Care $2.2B (45%) Surgical $2.8B (55%) Ocular health (38%) 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%) $5.0 billion Dedicated consu
Slide 11: Q2 2025 Surgical
Q2 2025 Surgical Net Sales 1 (USD) (CC) (USD $M) $1,423 $1,455 2% 1% - • Implantables decline reflects soft market conditions and competitive pressures $456 (2%) (2%) $464 • Consumables growth driven by vitreoretinal and cataract consumables, + particularly in international markets, and price increa
Slide 12: Q2 2025 Vision Care
Q2 2025 Vision Care Net Sales (USD $M) (USD) (CC)1 $1,059 $1,122 6% 5% + • Product innovation drove sales of contact lenses • Price increases in contact lenses $692 9% 7% $636 + • Ocular health growth led by portfolio of eye drops 2% 2% • Declines in contact lens care $423 $430 - • Unfavorable impac
Slide 13: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 13
Slide 14: Q2 2025 IFRS results
Q2 2025 IFRS results Worldwide net sales Operating margin Diluted EPS $0.45 $2.6B 12.8% $2.5B $0.35 9.6% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 1 1 Y/Y change (USD): +4% -320 bps -22% 14 1. 2Q25 included charges of $44 million related to the discontinued commercialization of a Vision Care product.
Slide 15: 1H 2025 IFRS results
1H 2025 IFRS results Worldwide net sales Operating margin Diluted EPS 13.9% 14.2% $4.9B $5.0B $1.06 $0.95 1H24 1H25 1H24 1H25 1H24 1H25 1 1 Y/Y change (USD): +2% +30 bps +12% 15 1. 1H25 benefited from gains of $142 million on fair value remeasurements of investments in associated companies, partiall
Slide 16: Q2 2025 IFRS operating margin bridge
Q2 2025 IFRS operating margin bridge 2Q25 vs. 2Q24, % of net sales 12.8 0.0 (1.7) 9.3 0.3 9.6 (0.7) (1.1) 2Q24 Gross SG&A R&D Other income/ Foreign 2Q25 Margin 1 expense Exchange 16 1. 2Q25 included charges of $44 million related to the discontinued commercialization of a Vision Care product.
Slide 17: 1H 2025 IFRS operating margin bridge
1H 2025 IFRS operating margin bridge 1H25 vs. 1H24, % of net sales 2.0 14.4 14.2 13.9 (0.2) (0.7) (0.1) (0.7) 1H24 Gross SG&A R&D Other income/ Foreign 1H25 Margin1 expense2 Exchange 17 1. 1H25 included charges of $44 million related to the discontinued commercialization of a Vision Care product. 2.
Slide 18: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 18
Slide 19: Q2 2025 Core results
1 Q2 2025 Core results Worldwide net sales Core operating margin Core diluted EPS $0.74 $0.76 $2.5B $2.6B 19.8% 19.1% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Y/Y change (cc): +3% -100 bps +1% 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures.
Slide 20: 1H 2025 Core results
1 1H 2025 Core results Worldwide net sales Core operating margin Core diluted EPS $4.9B $5.0B 20.9% 19.9% $1.52 $1.50 1H24 1H25 1H24 1H25 1H24 1H25 Y/Y change (cc): +3% -70 bps 0% 20 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures
Slide 21: Q2 2025 Core operating margin bridge
1 Q2 2025 Core operating margin bridge 2Q25 vs. 2Q24, % of net sales 19.8 0.0 0.0 0.3 19.1 18.8 (0.9) (0.1) 2Q24 Gross Margin SG&A R&D Other income/ Foreign 2Q25 expense Exchange Key drivers • Core operating margin decrease primarily due to increased investment in R&D, including for recent acquisiti
Slide 22: 1H 2025 Core operating margin bridge
1 1H 2025 Core operating margin bridge 1H25 vs. 1H24, % of net sales 20.9 0.1 (0.1) 0.1 20.2 19.9 (0.8) (0.3) 1H24 Gross Margin SG&A R&D Other income/ Foreign 1H25 expense Exchange Key drivers • Core operating margin decrease primarily due to increased investment in R&D, including for recent acquisi
Slide 23: 1H 2025 Cash flow and balance sheet highlights
1H 2025 Cash flow and balance sheet highlights Cash and cash equivalents $1.4 billion 1H25 cash flows from operations $889 million 1 1H25 free cash flow $681 million Capex $208 million Investments in new contact lens manufacturing capacity Debt $4.7 billion No financial covenants Returns to sharehol
Slide 24: Agenda
Agenda 01 Acquisition of STAAR Surgical 02 Select financial highlights 03 Sales 04 IFRS results 05 Core results 06 Outlook 24
Slide 25: FY 2025 Outlook
FY 2025 Outlook 1 2025 outlook as of May as of August Comments Net sales (USD) $10.4 to $10.5 billion $10.3 to $10.4 billion Updated 2 Change vs. prior year (cc) +6% to +7% +4% to +5% Updated (non-IFRS measure) 2 Core operating margin 20% to 21% 19.5% to 20.5% Updated (non-IFRS measure) 3 Non-operat
Slide 26: Appendix
Appendix 26
Slide 27: Appendix: Non-IFRS measures as defined by the Company
Appendix: Non-IFRS measures as defined by the Company Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their
Slide 28: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended June 30, 2025 Amortization of Acquisition and Core results IFRS certain intangible integration Legal Product Other (non-IFRS (1) (4) (5) (6) (7) ($ millions except earnings per share) results assets related items it
Slide 29: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Three months ended June 30, 2024 Amortization of Core results IFRS certain intangible Other (non-IFRS (1) (2) (7) ($ millions except earnings per share) results assets Impairments items measure) Gross profit 1,374 165 — — 1,539 Operat
Slide 30: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Six months ended June 30, 2025 Gains on Amortization of investments in Acquisition and Core results certain intangible associated integration Legal Product Other (non-IFRS (1) (3) (4) (5) (6) (7) ($ millions except earnings per share)
Slide 31: Reconciliation of IFRS results to core results (non-IFRS measure)
Reconciliation of IFRS results to core results (non-IFRS measure) Six months ended June 30, 2024 Amortization of Acquisition and Core results IFRS certain intangible integration Other (non-IFRS (1) (2) (4) (7) ($ millions except earnings per share) results assets Impairments related items items meas
Slide 32: 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 six months ended June 30, 2
Slide 33: 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 six months ended June 30, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure: ($ millions) 2025 2024 Net cash flo
Slide 34: Alcon
Alcon SEE BRILLIANTLY