Slide 1: HY26 Result Analyst and Media Presentation
Hear now. And always HY26 Result Analyst and Media Presentation 13 February 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
Slide 3: HY26 Financial summary
HY26 Financial summary Sales revenue H1 focus on rollout of the Cochlear Nucleus® Nexa System, the world’s 2,500 $m in CC* first and only smart cochlear implant system with upgradeable firmware 2,000 1,500 2% • Transition to the new system since June 2025 with a focus on achieving product registrat
Slide 4: HY26 Operational review: Cochlear implants
HY26 Operational review Cochlear implants 62% of sales revenue Sales revenue down 2% in CC Cochlear implant Developed markets sales revenue • Availability expanded progressively across the first half as product registration and contract renewals were $m in CC* 1,500 secured, alongside modest price i
Slide 5: HY26 Operational review: Services
HY26 Operational review Services 26% of sales revenue Services revenue down 1% in CC Services sales revenue $m in CC* 700 • HY26 result in line with expectations, with FY weighting to H2 600 • Growth in developed markets and a decline in emerging market revenue 500 • Developed markets revenue grew 4
Slide 6: HY26 Operational review: Acoustic implants
HY26 Operational review Acoustic implants 12% of sales revenue Acoustics revenue down 3% in CC Acoustics sales revenue $m in CC* 300 • Single-digit decline in volumes for the Cochlear Osia® Implant in the larger US and UK markets as a result of increased competitor activity 250 • Solid growth across
Slide 7: Our strategy
Our corporate strategy guides our path forward… We help people to hear, Strategic priorities Longer-term targets creating value across five pillars focus our time and aim to provide clear Our resources stakeholder benefits strategy A healthier and more productive society Delivering societal benefit
Slide 8: Profit and loss
Profit and loss Change Change $m HY26 HY25 (reported) (CC) Key points: Sales revenue 1,176.0 1,169.9 1% (2)% Gross margin % 73% 75% (2)pt (2)pt Increase in investment in activities to support long-term sustainable Selling, marketing and general expenses 363.7 367.2 (1)% (3)% growth, while managing
Slide 9: Capital employed
Capital employed $m Dec25 Jun25 Change Key points: Trade and other receivables 549.7 585.9 (36.2) Stock build associated with major new product launches and the Inventories 566.1 499.4 66.7 building of higher safety stock levels for critical components Less: Trade and other payables (281.3) (298.4
Slide 10: Cash flow
Cash flow $m HY26 HY25 Change Key points: EBIT (underlying)* 254.8 286.7 (31.9) Cloud expense (33.8) (11.7) (22.1) Depreciation and amortisation 51.6 43.8 7.8 Changes in working capital and other (58.6) (131.4) 72.8 Largely driven by growing inventory levels Net interest received 2.1 1.7 0.4 Incom
Slide 11: FY26 Outlook
FY26 Outlook For FY26, we aim to help over 60,000 people to hear with a cochlear or acoustic implant. We expect the business to deliver a strong second half driven by the broad availability of the Nexa System, strong growth in Services and improved momentum for Acoustics. Underlying net profit is ex
Slide 12: Supplementary information: Our company
Hear now. And always Supplementary information Our company For further details please refer to the 2025 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 12
Slide 13: About Cochlear
About Cochlear Cochlear has been the global leader in implantable hearing solutions for over 40 years, providing a range of implants and sound processor upgrades that deliver a lifetime of hearing outcomes. Our story Our company Graeme Clark, an Australian ear surgeon, saw first-hand Cochlear commen
Slide 14: Cochlear at a glance
Cochlear at a glance Business segments Global presence 62” ‘ade $2.3b* 5, y900* Services: 26° Sound procosecr upgrades, Market leader eeeatactniy in annual R&D investment people to hear with one- or $290m* 750k: — sua Ox 60
Slide 15: Financial history
Financial history Cochlear has a long track record of investing to grow, delivering growing sales revenue, profits’ and dividends. Consistent investment in R&D and market growth activities Research and development $ million me of sales reverse Operating expenses (excl R&D) $ million SJ/\__ EY. oe ae
Slide 16: Product and services portfolio
Product and services portfolio 16
Slide 17: Supplementary information: Strategy and value creation
Hear now. And always Supplementary information Strategy and value creation For further details please refer to the 2025 Annual Report https://www.cochlear.com/au/en/corporate/investors/annual-reports 17
Slide 18: 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 19: Growth opportunity
Growth opportunity Product indications are broadening and funding is expanding Good hearing is essential to healthy ageing Product indications and funding are expanding as payers increasingly recognise the improved Hearing loss is particularly prevalent in people over the age of 60, with one in four
Slide 20: 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 21: 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 ha
Slide 22: Our strategy
Our corporate strategy guides our path forward… We help people to hear, Strategic priorities Longer-term targets creating value across five pillars focus our time and aim to provide clear Our resources stakeholder benefits strategy A healthier and more productive society Delivering societal benefit
Slide 23: 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 Minimise Consistent and implant market
Slide 24: 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: Society Customers Peopl
Slide 25: 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 26: References
References Growth opportunity (slide 18-19) 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 27: www.cochlear.com
www.cochlear.com © Cochlear Limited 2026