KMP changes in 2025 In September 2024, we welcomed Ms Elaine Sorg to the Board as a Non‑Executive Director (NED) and in December 2024 welcomed Dr Brian Daniels as a NED. Both directors bring a wealth of valuable growth-oriented experience from the pharmaceutical industry that complements our Board’s existing skillset. In October 2024 following the Annual General Meeting, we farewelled Professor Duncan Maskell. During 2025, Mr Andy Schmeltz, Executive Vice President, CSL Behring, took a temporary period of Caregiver’s Leave but remained available to the Executive Leadership team and continued to support important strategic matters. During this period, Ms Joy Linton, Chief Financial Officer, moved into the role of Interim Executive Vice President, CSL Behring. The Board sincerely thanks Ms Linton for her leadership during this period. Executive Remuneration Framework Changes in 2025 As communicated in 2024, for awards granted from 1 September 2024, a one year holding lock period will be applied following vesting of Performance Share Unit (PSU) awards for all Global Leadership Group (GLG) members. The holding lock ensures the executive’s reward continues to be exposed to the CSL share price and aligned with CSL’s shareholders’ experience. Remuneration Outcomes in 2025 The remuneration outcomes for 2025 are as follows: 2025 CEO Remuneration Outcomes On 1 September 2024, Dr Paul McKenzie, CSL’s Chief Executive Officer and Managing Director (CEO), received a 3.5% increase to his salary, consistent with the increase applied to the wider workforce. There was no change to his short-term incentive (STI) target opportunity of 120% and maximum opportunity of 240% of Fixed Reward, nor any change to his long-term incentive (LTI) target opportunity of 425% of Fixed Reward. The CEO’s Fixed Reward inclusive of salary, superannuation and non‑monetary benefits was US$2,012,575. An STI outcome of US$2,789,471 (62% of maximum opportunity) was awarded. His FY23 LTI Award was tested at 30 June 2025 and will vest in September 2025 at 37.92%. This delivers shares to the value of US$1,254,609 based on the 30 June 2025 CSL share price. The 2025 “realised” or “take home pay” for Dr McKenzie was US$6,056,655. Additional detail is available in section 2.2 of the Report. In considering the CEO’s remuneration outcomes, in particular his STI, the Board noted his leadership in building the quality and effectiveness of the management team, his focus on margin improvement and performance of the plasma business; advancing CSL’s product pipeline by transforming the approach to research and development; launching ANDEMBRY for patients with hereditary angioedema; growing the iron and renal business; expanding Seqirus into France and Germany; and strategic initiatives to help reduce cost and complexity. Board Adjustments Applied to Remuneration Outcomes in 2025 The Board determined that no adjustments to STI or LTI outcomes were to be applied to Executive KMP in 2025. Remuneration in 2026 Executive KMP For 2026, the Board has determined to make increases to Fixed Reward only for Executive KMP, specifically 3% for Dr McKenzie, 3% for Mr Andy Schmeltz, and 3.26% for Ms Joy Linton (inclusive of the superannuation guarantee increase she received on 1 July 2025). Percentage opportunities for STI and LTI will remain unchanged. As outlined in the table in section 2.3 we have reduced LTI vesting for achievement of threshold ROIC performance from 50% to 33%. Total target direct compensation (TDC) for each Executive KMP will remain below the median of the global pharmaceutical/ biotechnology peer group for their respective roles (Dr McKenzie’s TDC will be around 70% of the median). NEDs For 2026, the Board has determined that there will be no increase to any Board or Committee fees. Remuneration Report 62 Directors’ Report
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