Annual Report 2025/26 Driven by Our Promise
ANNUAL GENERAL MEETING The 2026 Annual General Meeting (AGM) of CSL Limited (ABN 99 051 588 348) will be held on Tuesday, 27 October 2026 at 10 a.m. (Melbourne time) at Sofitel Melbourne on Collins, 25 Collins Street, Melbourne 3000. ABOUT THIS REPORT This Annual Report combines CSL’s financial and non-financial performance in one comprehensive report, linking CSL’s sustainability and strategic priorities to its business results. Unless otherwise stated, this report covers CSL’s controlled entities as disclosed within its consolidated entity disclosure statement included in the Financial Report. This 2026 Annual Report is a summary of CSL’s operations and activities for the year ended 30 June 2026 and financial position as at 30 June 2026. This report covers CSL’s global operations, including subsidiaries, unless otherwise noted. A reference to CSL, CSL Group, we, us and our and similar expressions refer collectively to CSL Limited and its related bodies corporate. Please refer to the inside back cover to read the disclaimers as they relate to forward-looking statements, non-IFRS financial information and trademarks. + R EAD MORE AT INVESTORS.CSL.COM Our ambition is to deliver enduring patient impact in areas of high, unmet medical need. CSL provides life-saving products to patients in more than 120 countries and employs almost 29,000 people globally. IMPORTANT INFORMATION This Annual Report is our primary report to stakeholders, providing a consolidated summary of CSL’s performance for the financial year ended 30 June 2026. It should be read together with the Company’s other announcements and reports lodged with the Australian Securities Exchange which are available at asx.com.au. References to ‘CSL, ‘Company’, ‘Group’, ‘we’, ‘us’, and ‘our’ are to CSL and/or, except where the context otherwise requires, its subsidiaries. LEGAL NOTICE This report is intended for global use. Some statements about products, registered product indications or procedures may differ in certain countries. Therefore, always consult the country-specific product information, package leaflets or instructions for use. For more information, please contact a local CSL representative. Brand names designated by a ® or a TM throughout this publication are trademarks either owned by and/or licensed to CSL or its affiliates. Not all brands mentioned are used or registered as trademarks in all countries served by CSL.
CSL Message from the Chair 4 Message from the CEO 5 Performance Year in Review 6 CSL’s Strategy 8 Value Creation 10 CSL’s Businesses and Outlook 12 Therapeutic Areas and Product Portfolio 14 Material Risks 18 Healthier World 24 Healthier Communities 26 Healthier Environment 34 IN THIS REPORT Governance 49 Directors’ Report 52 Remuneration Report 61 Financial Report 88 Sustainability Report 142 Shareholder Information 162 Key Performance Data Summary 165 Glossary 167 Corporate Directory 168 2026 18/8 Annual results and final dividend announcement 9/9 Shares trade ex‑dividend 10/9 Record date for final dividend 2/10 Final dividend paid 27/10 Annual General Meeting 31/12 Half Year ends 2027 9/2 Half Year results and interim dividend announcement 9/3 Shares trade ex‑dividend 10/3 Record date for interim dividend 8/4 Interim dividend paid 30/6 Full Year ends 17/8 Annual profit and final dividend announcement 8/9 Shares trade ex‑dividend 9/9 Record date for final dividend 1/10 Final dividend paid 26/10 Annual General Meeting 31/12 Half Year ends CSL CALENDAR PATIENT STORY (COVER) Living with a bleeding disorder has shaped every stage of Tim’s life, from his own childhood to the way he approaches parenthood today. A husband and father of four from Littleton, Colorado, Tim has learned that resilience comes from balancing caution with the freedom to grow. “Growing up with a bleeding disorder has significantly influenced being a parent and being a father. You’re always going to have to balance the risk factors on one side with letting a child be a child.” For the past several years, Tim has supported participants at CSL’s Junior National Championship, where he shares his passion for swimming with young people in the bleeding disorder community. The experience has reinforced the importance of connection, confidence, and creating opportunities for children to thrive. “It’s amazing to see the kids get so excited about the sports, be around their peers who have a bleeding disorder, and to see their parents be out there as well.” Looking back, Tim believes that continued innovation in haemophilia treatments is changing not only individual lives but also the future of families living with bleeding disorders. “Keep going. Keep innovating, keep pursuing excellence, and know you’re making a huge multi-generational impact in people’s lives.” This perspective reflects the lasting impact that biotech advances in care can have – empowering people with bleeding disorders to pursue their goals, support their families, and help the next generation reach their full potential. CSL Limited Annual Report 2025/26 1
CSL CSL is a global biopharma company working to create enduring impact for patients and public health. 120+ countries where CSL provides life-saving products to patients Almost 29,000 employees globally US$2.92 dividend per share for FY2026 US$15.8b annual revenue CSL uses its deep expertise in plasma-derived therapies, vaccines and biotechnology to deliver medicines for serious and complex diseases such as haemophilia, immune deficiencies, influenza and iron deficiency anaemia. CSL innovates at every step of the process. It pioneers therapies and vaccines, improves patients’ and donors’ experiences, broadens access to treatments, and tackles complexity at scale through specialised manufacturing processes. Helping address unmet medical needs is what sets CSL apart. CSL’s focus is on diseases where it has a fundamental advantage in understanding the disease and the science; and medicines where it has a high degree of specialist expertise or manufacturing differentiation. CSL Behring CSL Seqirus CSL Vifor 2
United States Puerto Rico United Kingdom Spain Australia China Japan Germany Italy Switzerland Netherlands Hungary OUR GLOBAL MANUFACTURING AND OFFICE PRESENCE Leading the Way in Treating Rare and Serious Diseases CSL Behring discovers, develops and delivers innovative therapies for people living with a range of rare and serious health conditions. + R EAD MORE ON PAGE 12 Securing Health for All of Us CSL Seqirus is a major contributor to the prevention of influenza globally and a transcontinental partner in pandemic preparedness. + R EAD MORE ON PAGE 12 Changing the Game in Iron Deficiency and Nephrology CSL Vifor is a global partner of choice for pharmaceuticals and innovative leading therapies in iron deficiency and nephrology. + R EAD MORE ON PAGE 13 3 CSL Limited Annual Report 2025/26
Message from the Chair Dear Shareholders, The past year has been one of significant change for CSL and the Board acknowledges that many shareholders are frustrated with the recent disappointing commercial and financial performance of the company. This includes reporting a multibilliondollar statutory loss, driven by significant restructuring activity and the recognition of substantial non-cash balance sheet impairments. We built up substantial fixed costs, we were slow to adapt to competitive pressures, our research and development efforts didn’t deliver and some investments the company made did not perform. We recognise this and the management team is acting with urgency to earn back the confidence of shareholders through disciplined execution and results. The Board is encouraged by the measures implemented by Interim Chief Executive Officer and Managing Director, Mr Gordon Naylor, and the management team since Gordon’s appointment in February 2026. We are expanding our commercial and medical capabilities. We have significantly restructured our research and development operations, boosted our organisational efficiency, sharpened our capital allocation discipline and continued our efforts to simplify the business. These efforts are showing early positive results. The core markets we operate in remain attractive and our business remains resilient, delivering strong cashflows. We need to focus on stronger execution. We must adapt more rapidly as markets evolve and ensure our investments are based on strong foundations. This will allow us to deliver our strategy of investing in our plasma, rare disease and influenza businesses to ensure we continue to deliver life-saving therapies to meet the significant unmet patient need. Board and executive renewal A key part of my role is to ensure the CSL Board is regularly renewed and this year we were pleased to welcome three new directors. In October last year, Mr Cameron Price joined the board as a Non-executive Director. He has extensive experience, most recently as the General Counsel & Chief Risk Officer of the Future Fund. In December 2025, Mr Costa Saroukos also joined the Board as a Non-executive Director. Costa comes to CSL from Takeda Pharmaceuticals, where he was Global CFO. Gordon Naylor was appointed as a Non-executive Director in December 2025. As I mentioned earlier, he was appointed Interim CEO in February, following the departure of Dr Paul McKenzie. Gordon has a long history at CSL, where he spent more than three decades in leadership roles as the company expanded globally. His appointment allows the Board to identify and appoint a successor. That search is well advanced, and Gordon will return to the Board once the appointment has been made and he has overseen a transition period with the new CEO. Finally, as this is my last term as Chair, the Board is actively engaged in Chair succession planning. I will work closely with the Board to oversee a smooth and orderly transition of both the Chair and CEO roles. Engagement Each year the Board actively engages with a broad range of stakeholders, including our investors, which provides an opportunity to hear their feedback. One topic of keen interest during the year was remuneration. In recognition of our recent disappointing performance, the Board has realigned short-term and long-term incentives with the performance of the company and the shareholders’ experience. You can find the details on remuneration on page 61 of this report. Dr Brian McNamee AO Chairman, CSL Limited Outlook CSL retains strong cash flows and a robust balance sheet. This has allowed us to invest in growth opportunities and returns to shareholders via dividends and share buy-backs, including those announced on 18 August 2026. Your Board continues to be confident in the outlook for CSL, and we have a clear path to restore sustainable, durable growth for our shareholders. On behalf of the Board, thank you for your support. “ The core markets we operate in remain attractive and our business remains resilient ... we need to focus on stronger execution. We must adapt more rapidly as markets evolve and ensure our investments are based on strong foundations.“ 4
Message from the CEO Dear Shareholders, I returned to CSL as Interim Chief Executive Officer and Managing Director in February 2026, having previously spent many years with the company. Since then, I have been meeting our people, visiting our sites, listening to stakeholders and conducting a thorough review of CSL’s performance. That review confirmed our industry is strong and demand for our therapies continues to grow. Our Company is profitable based on our underlying business with strong cash flow and a solid balance sheet. It is clear, however, that the company needs renewed focus and stronger discipline to adapt to changing competitive dynamics. A number of key initiatives detailed in the review are now underway. While our recent performance has been disappointing, CSL remains a remarkable company with world-class science and talented people who keep our patients and donors at the centre of everything we do. A year of challenge and progress Unfortunately, we downgraded our financial guidance twice during the fiscal year. This was partly due to normalising immunoglobulin inventory held by our U.S. distributors, the declining market value for albumin in China and increased generic competition in iron. We also reassessed the value of some assets, resulting in significant impairment charges, including the Vifor product portfolio and goodwill and under-utilised property, plant and equipment. These significant actions recognised the reality of past decisions and our current performance. Importantly, initiatives that we have put in place to strengthen the business are having a positive impact. We have simplified operations, improved efficiency and strengthened decision making. Accountability clearly sits with my leadership team and me. We have refocussed our research & development initiatives, strengthened our commercial and medical capabilities and embraced partnerships to drive portfolio growth. I am confident that the accountability and focus of our teams will unlock the full potential of this great company. Delivering for patients and public health CSL Behring continued to strengthen its leadership position in plasma-derived therapies. Underlying patient demand for immunoglobulin remains healthy and we built momentum in new products including ANDEMBRY® and HEMGENIX®. We also announced a US$1.5 billion expansion of our manufacturing facility in Kankakee, Illinois. This investment will help improve yield and efficiency, enabling us to produce more plasma-derived therapies and serve more patients. In May, Mr Diego Sacristan was appointed Chief Commercial Officer, following the retirement of Mr Andy Schmeltz. CSL Seqirus continued to perform in a challenging U.S. influenza market. Our differentiated vaccines, including FLUAD® and FLUCELVAX®, continued to protect vulnerable populations and grew market share. We also opened our new cell-based vaccine manufacturing facility in Tullamarine, Melbourne, strengthening our pandemic preparedness capabilities and reinforcing our commitment to public health. CSL Vifor continued to advance our nephrology portfolio, and while the business faces increased competition in iron, the long-term opportunities in kidney disease remain significant. Our priorities Our strategy going forward is built around three priorities: Drive portfolio innovation and growth. We will continue to strengthen our plasma, rare disease and influenza franchises, advance our clinical programs, expand access to existing medicines and pursue business development opportunities. We will focus on the therapeutic areas where we can make a difference for patients and public health. Lead the industry in operational excellence. We are continuing to improve plasma collection productivity, strengthen manufacturing performance, reduce complexity and drive efficiency in plasma and vaccines. Operational discipline has always been a hallmark of CSL’s success and will remain critical to future growth. Gordon Naylor Interim Chief Executive Officer and Managing Director, CSL Limited Enable and elevate our people. We want to encourage bold thinking, decisive action and stronger accountability while continuing to invest in leadership development for our people. Outlook FY27 will be an important year for CSL’s return to sustainable growth – driven by Behring and Seqirus and partially offset by challenges in the Vifor business. We will restore confidence in CSL by delivering on our commitments to strengthen commercial performance, improve operational efficiency and ensure our investments generate sustainable returns. Our people are passionate, talented and committed to our mission. And while we have considerable work ahead, I remain confident we have the foundations, strategy and determination to succeed. On behalf of the leadership team, thank you for your continued support. “ Initiatives that we have put in place to strengthen the business are having a positive impact. We have simplified operations, improved efficiency and strengthened decision making. Accountability clearly sits with my leadership team and me.” 5 CSL Limited Annual Report 2025/26
Year in Review Financial Positioned to return to sustainable growth. Research and development Delivering CSL’s portfolio. People Enable CSL’s people to deliver the Company’s future. Underlying NPATA attributable to equity holders of US$3.1 billion for the year ended 30 June 2026, down 2% on a constant currency basis when compared to the prior comparable period. US$11,387m CSL Behring revenue US$2,031m CSL Seqirus revenue US$2,379m CSL Vifor revenue Cash flow from operations was $3,512 million. Maintained our total dividend payments for FY2026 at US$2.92 per share. Returned capital to shareholders through the completion of the A$1 billion share buy-back program. Strategic collaboration with VarmX CSL entered into a strategic collaboration with privately held Dutch biotech company VarmX BV, to support the company’s development of VMX-C001. VMX-C001 is a novel treatment to help restore blood coagulation in patients requiring urgent surgery or procedures while taking Factor Xa inhibitors. Under the terms of the strategic collaboration agreement, CSL will fund VarmX’s global Phase 3 trial evaluating VMX-C001 in patients taking Factor Xa inhibitors who require urgent surgery. CSL, which has an option to acquire VarmX, will also fund and support VarmX in late-stage product development, manufacturing and pre-launch commercial and medical affairs activities. ANDEMBRY® paediatric Positive Phase 3 results for garadacimab (ANDEMBRY®) in children aged 2–11 with hereditary angioedema (HAE) showed strong safety and disease control, supporting planned regulatory filings to expand access to younger patients. + R EAD MORE ABOUT CSL’S R&D PIPELINE AT CSL.COM/RESEARCH-ANDDEVELOPMENT/PRODUCT-PIPELINE 21,891 (79%) respondents to 2026 Employee Engagement Survey. 67.2%* 2026 Engagement Index. Our Global Leadership Team is driving improvements in employee engagement through targeted objectives and action plans, while senior leaders are conducting focus groups on two priorities: faster decision-making and clearer strategic direction. 75.5% Leadership Index Introduced in FY2026, the Leadership Index averages five manager-employee relationship indicators. Our inaugural global score shows employees’ confidence in their leaders across CSL. 375 CSL’s Leadership Cohort program invests in 375 leaders in our most critical roles, building a future-ready leadership pipeline aligned to support long-term growth 81,958 global recognition moments shared in Celebrate the Promise Program** + R EAD MORE IN TALENT AND CULTURE ON PAGE 32 * Limited assurance by Deloitte. ** As at 30 June 2026. 6 Performance
Manufacturing Maximising efficiency through innovation. During the period, CSL Seqirus was recognised for its global leadership in pre-pandemic preparedness with the award of contracts for H5 avian flu. ANDEMBRY® Approved in Australia, Brazil, Canada, the European Union, Japan, Israel, New Zealand, Saudi Arabia, Switzerland, United Arab Emirates, United Kingdom and United States. The additional approvals of ANDEMBRY® expands CSL’s hereditary angioedema (HAE) franchise and underscores the Company’s legacy of delivering transformational innovations to the HAE community for over four decades. Maximising efficiency through innovation A key priority for CSL is to drive excellence and operational performance across our significant manufacturing network, so that the Company can supply quality product at the lowest possible cost. CSL’s quality and supply performance is strong. During the year, the focus has been on maximising efficiency in two ways: firstly, through a disciplined and rigorous operational excellence program that is well under way; and secondly, our Horizon 1 and 2 yield improvement programs, which have provided multiple proof points of success, providing confidence that CSL will deliver transformative results. Investing in our US footprint This year, CSL also announced plans to expand its US presence over the next five years, resulting in approximately US$1.5b in US capital investments. These investments will strengthen CSL’s US manufacturing capabilities of plasma-derived therapies (PDTs), and help secure the US medicine supply chain. This reflects CSL’s commitment to meet the growing clinical need for immunoglobulin (Ig) over the long term. HEMGENIX® The first one-time gene therapy for adults with haemophilia B, providing durable bleed protection and potentially eliminating the need for routine factor IX prophylaxis. Initially approved in the EU, UK, Canada, Switzerland and Australia, HEMGENIX® also received approvals in FY2025 in Korea, Saudi Arabia, Hong Kong, Taiwan and Singapore. Five-year follow-up data from the Phase III HOPE-B study demonstrates the long-term durability and clinical benefit of a single infusion of HEMGENIX® in adults with haemophilia B. Mean factor IX activity levels were sustained at approximately 36%, with a 63% reduction in annualised bleeding rate versus the lead-in prophylaxis period (1.52 vs 4.16). Most patients (94%) remained free from routine prophylaxis through five years, with substantially reduced factor IX use and favourable long-term safety. These results support the durable efficacy of gene therapy, providing sustained bleed protection and reducing treatment burden over extended follow-up. Commercial Optimise launch excellence to be best in class for patients. 7 CSL Limited Annual Report 2025/26
CSL’s Strategy In FY2026, CSL continued to execute against the 2030 strategy. As the global landscape evolves rapidly, CSL is constantly evaluating how to build on its historical strength, developing a treatment pipeline through a mix of research and development, business development and commercialisation. The leading positions CSL has built across the Therapeutic Areas (refer to pages 14–17 to read more on these) puts CSL in a unique position to continue to deliver for patients and public health systems while also generating financial returns that support reinvestment in long-term growth and shareholder returns. CSL’s strategy remains anchored in delivering enduring patient impact in areas of high unmet medical need. As CSL builds on its strong heritage in plasma therapies, it is focused on growth opportunities in therapeutic areas where it is best positioned to succeed, supported by a strategy of strengthening its core business, selective expansion, and disciplined capital allocation. This focused execution will enable CSL to convert its science, scale and global capabilities into sustainable growth and long-term value creation. VALUES THERAPEUTIC AREAS Strengthen core leadership in plasma, while expanding selectively into adjacencies where our science, capabilities and global scale provide a clear foundation for sustainable growth. VALUES CSL’s Values are at the core of how employees interact with each other, make decisions and solve problems. Patient Focus Make people and patients your passion Integrity Walk your talk Innovation Reach for the unreachable Superior Performance Make yourself proud Collaboration Adventure together Our Strategic Ambition To deliver enduring patient impact in areas of high unmet medical need The people and science of CSL save lives. CSL develops and delivers innovative medicines for patients who need durable, effective treatments for and protection from serious disease around the world. CSL’s Values guide the organisation in its aim of creating sustainable value for its stakeholders. PURPOSE 8 Performance
Drive growth through portfolio development and commercialisation Cross-functional portfolio leadership in how CSL sources, discovers, develops and drives demand for life-changing medicines Create value through operational excellence, productivity and scale Operational excellence across the network, end-to-end plasma leadership and accelerating enterprise initiatives to unlock value Enable our people and partners to deliver the Company’s future Agile & empowered employees living CSL’s Values, hand-in-hand with trusted partners, supported by business-focused enabling functions and transformative digital capabilities OUR AMBITIONS THERAPEUTIC AREAS Patients Who need durable, effective treatment for, and protection from serious disease Diseases Where CSL has a fundamental advantage in understanding the disease and science Medicines With a high degree of specialist expertise of manufacturing differentiation + R EAD MORE ABOUT OUR THERAPEUTIC AREAS ON PAGE 14 Immunoglobulins Vaccines Cardiovascular and Renal Immunology Haematology OUR FOCUS 9 CSL Limited Annual Report 2025/26
Value Creation CSL’s ultimate goal is to deliver value through fulfilling unmet patient needs and protecting public health. With patients and public health at the core of our focus, we also strive to deliver sustainable financial growth for our shareholders and other stakeholders who rely on our operations for economic and social prosperity. CSL’S VALUE CREATION CYCLE CSL’s people Almost 29,000 people with diverse skills that drive CSL’s Values and Purpose Solutions for unmet needs Opportunities to improve and protect the quality of life of patients and communities in CSL’s therapeutic areas Business partners Developing and sharing intellectual know-how to develop and innovate CSL products Physical assets Plasma donation centres to collect vital raw material; manufacturing facilities for CSL products; warehouses, research and development facilities; and offices for CSL’s people Natural resources Plasma donations for rare and serious diseases; influenza virus strains for vaccine manufacture; iron sources (including synthetic) for iron-based products; and environmental inputs such as water and energy to enable reliable supply of therapies and vaccines to patient communities Financial resources Cash, equity and debt for future growth KEY VALUE DRIVERS CODE OF RESPONSIBLE BUSINESS PRACTICE SALES, MARKETING, EARLY STAGE RESEARCH MANUFACTURING PRODUCT DEVELOPMENT & COLLABORATION & DISTRIBUTION & CLINICAL TRIALS POLICY ADVOCACY & PATIENT SUPPORT + READ MORE AT INVESTORS.CSL.COM 10 Performance
WHAT CSL DOES THE VALUE CSL CREATES Provide a safe, rewarding and productive workplace for promising futures Empowering CSL’s people through rewarding jobs, career development opportunities and professional training, while creating economic opportunities for CSL’s people and their communities. Powered by research and development to identify new indications for CSL’s existing products, and innovative new products for patients and public health A healthier society, with enhanced scientific knowledge and skills through strong collaborations and positive outcomes, leading partnerships and high standards of integrity in development of CSL’s products. Collaborative partnerships to expand CSL’s global impact and reach Creating economic opportunities for CSL’s business partners and the communities they operate in. CSL works with partners allowing the Company to create shared value, while extending capabilities throughout the value chain. Driven by safety, quality, reliability and innovation in CSL’s operations, while embedding environmental and social considerations into work practices and responsibly sourcing materials and inputs Producing life-saving and life-protecting products for public health. CSL’s facilities are critical for the development and manufacture of CSL’s products, while providing a safe and productive workplace. Protecting global health and the wellbeing of individuals, families, businesses and communities from the potentially life-threatening impacts and/or complications resulting from influenza. Saving and/or improving the quality of life of hundreds of thousands of people with rare and serious diseases. Healthier people are able to participate and contribute to society, both socially and economically. See the Healthier World section on page 24 for more detail. Seek to provide sustainable financial growth with a focus on revenue and margin Delivering consistent, profitable and responsible growth for CSL’s investors, which fuels innovation and economic prosperity for multiple stakeholders. 11 CSL Limited Annual Report 2025/26
CSL Behring CSL Seqirus CSL’s Businesses and Outlook FY2027 Outlook • Strong long-term demand for therapies driven by improved diagnosis, evolving treatment approaches and significant unmet need. • Transformation program driving efficiency and cost savings across the business. • Normalisation of channel inventory and variability across certain markets. • Manufacturing investment will increase capacity and resilience. • Well positioned for sustainable growth and patient impact. FY2027 Outlook • Focus on disciplined execution, differentiated innovation and long-term value creation across both seasonal and pandemic. • Continued optimisation of manufacturing network and deep technical expertise. • Supported by strong scientific capabilities, operational excellence, and commercial discipline, CSL Seqirus is well positioned to expand share, improve health outcomes and deliver sustainable growth over time. US$2,031m CSL Seqirus revenue US$11,387m CSL Behring revenue Overview CSL Behring is a global leader in therapies for people living with serious and life-threatening conditions, including acute bleeding complications and chronic rare diseases. Growing global demand, particularly for immunoglobulin (Ig) therapies, continues to support long-term growth. Backed by its integrated model spanning plasma collection, manufacturing and commercialisation, CSL Behring is improving efficiency, strengthening supply and positioning the business for sustainable future growth. Overview CSL Seqirus continued to strengthen its leadership in seasonal and pandemic influenza during FY2026, supported by differentiated vaccines, expanded global partnerships and ongoing investment in manufacturing and innovation. Despite mixed market conditions, the business delivered strategic progress, grew its portfolio and reinforced its role in pandemic preparedness. Backed by strong scientific, manufacturing and commercial capabilities, CSL Seqirus is well positioned for sustainable long-term growth. FY2026 Highlights • Improved efficiency across plasma collection process, through innovation and data-driven approaches that optimise yield. • Continued growth of PRIVIGEN® and HIZENTRA®, critical in treating immunological and neurological conditions. • Transformed Commercial and Medical operating model, integrated CSL Behring and CSL Vifor businesses and established new capabilities to help deliver our portfolio. • Executed targeted actions to simplify operations, enhance efficiency and deliver sustainable cost improvements across operations. • Expansion of the Kankakee manufacturing facility in the US, including next-generation technologies to increase yield and productivity of plasma-derived therapies from the same plasma base. • ANDEMBRY® approved for sale in multiple new jurisdictions. FY2026 Highlights • Continued growth driven by differentiated influenza vaccines including FLUAD® and FLUCELVAX® while progressing development programs such as aTIVc. • Expanded global partnerships and pandemic preparedness agreements, strengthening vaccine access and emergency response capabilities. • Opened the Tullamarine manufacturing facility in Melbourne to support global supply of differentiated vaccines and pandemic response capabilities. • Broadened the portfolio through launches in new markets (France, Germany, Belgium) and expansion into other channels and geographies – including a memorandum of understanding with Saudi Arabia and a new seasonal and pandemic partnership with the Pan American Health Organization (PAHO). • Additional agreements with governments including Canada, New Zealand and Sweden, expanded reserved supply and reinforced the ability to respond to emerging health threats. 12 Performance
FY2027 Outlook • CSL is positioned for a return to sustainable growth, supported by solid underlying market fundamentals, a simplified business and targeted investment in our commercial capabilities. • CSL Behring expects mid single digit revenue growth on a constant currency basis with Ig growth at mid to high single digits in line with the market. • CSL Seqirus expects low single digit revenue growth. Immunisation rates in the United States are anticipated to decline, but at a slower rate than recent seasons. • CSL Vifor will continue to be impacted by generic competition in iron products and the withdrawal of TAVNEOS® in EU markets. US$ millions reported CSL Behring FY26 CSL Vifor FY26 CSL Seqirus FY26 Sales 11,087 2,316 1,809 Other Revenue 300 63 222 Total Revenue 11,387 2,379 2,031 Gross Profit1 5,648 1,655 1,151 GP %1 49.6% 69.6% 56.7% Sales & Marketing (1,036) (403) (252) Operating Result1 4,612 1,252 899 Operating Segment %1 40.5% 52.6% 44.3% US$15.8b in annual revenue Overview Despite a challenging 12 months, CSL has taken decisive action to create a clear path to return to sustainable growth. The underlying market fundamentals and demand for plasma remains robust and there is strong momentum behind newer therapies such as ANDEMBRY® and HEMGENIX®. CSL Seqirus continued to gain share in a difficult influenza market and CSL Vifor was impacted by competition from generic iron products. CSL made solid progress on its transformation program and it continued to simplify the business and invest in its commercial capabilities. Strong cash flow from operations and a robust balance sheet allowed the company to announce a further A$1.15 billion share buy-back program. 1. Underlying results have been adjusted to exclude the impacts from the amortisation of acquired IP and significant non-recurring items including those related to one-off restructuring and impairments expenses, business acquisitions and disposals. Segment Financial highlights CSL Vifor FY2027 Outlook • Increased competition from generic products in iron. • Focus on expanding patient access across iron and rare nephrology portfolio to address unmet need and rising chronic disease burden in conditions like iron deficiency and anaemia. • Continue to launch and drive adoption of FILSPARI® in IgAN. • TAVNEOS® withdrawal in EU and EEA countries. Ongoing engagement with regulatory authorities (exclusive of US and Singapore) with respect to questions around data integrity of the ADVOCATE study. • Collaboration across CSL to strengthen capabilities and operational efficiency. US$2,379m CSL Vifor revenue Overview CSL Vifor continues to be a key player in the iron deficiency market with FERINJECT® and continues to expand its nephrology portfolio through the launch of FILSPARI® for rare kidney disease. With growing unmet need driven by chronic disease and ageing populations, the business continued to expand patient access and achieve key regulatory milestones. FY2026 Highlights • FERINJECT® expansion across geographies and treatment settings. • Expanded and commercialised the nephrology portfolio with FILSPARI® and KAPRUVIA® to treat kidney diseases. • Achieved a key regulatory milestone for FILSPARI® in Europe, with conversion from conditional to standard marketing authorisation for a condition called IgA nephropathy, supporting broader patient access across key markets. • Expanded diagnosis and treatment of kidney diseases and related disorders, including chronic kidney disease. • Continued geographic expansion and product label enhancements. 13 CSL Limited Annual Report 2025/26
Therapeutic Areas and Product Portfolio OUR RESEARCH IS FOCUSED ON FIVE THERAPEUTIC AREAS Immunoglobulins Vaccines Cardiovascular and Renal Immunology Haematology At CSL, we invest in science for one reason: enduring patient impact. We maintain a strong focus on rare diseases – leveraging our expertise to address complex and underserved medical needs – and harness the power of vaccines to prevent deadly viruses such as influenza. Immunoglobulins People who rely on immunoglobulins live with serious, chronic conditions. Without appropriate treatment, they are at risk of severe complications. For those with primary and secondary immunodeficiencies (PID/SID), this includes life-threatening infections. In other conditions, such as chronic inflammatory demyelinating polyneuropathy (CIDP), it can lead to worsening autoimmune symptoms and progressive disability caused by the immune system attacking the body. CSL has a long history of providing patients with immunoglobulin products – PRIVIGEN® delivered intravenously and HIZENTRA® for subcutaneous infusion. CSL continues to optimise the patient experience by developing more convenient and flexible ways to dose and administer immunoglobulin products. Strong progress has also been made on yield initiatives to optimise the immunoglobulin yield per litre of plasma, while also improving manufacturing efficiency and reliability. These yield improvements are expected to reduce long-term plasma collection requirements. Guided by the needs and experiences of patients, CSL is advancing an integrated, patient-centric approach that offers greater convenience and improved patient experience. Immunology People with immune-related diseases live with serious, lifelong conditions caused by the immune system attacking the body. These diseases can affect muscles, nerves or organs. Patients often have limited or ineffective treatment options, even with modern medicines. In Immunology, CSL is leveraging its deep scientific expertise in immunomodulatory mechanisms to unlock synergies between alloimmune and autoimmune diseases. The goal is to bring life-changing solutions to patients in immunology. CSL continues to build on its 40-year legacy in hereditary angioedema (HAE) by expanding our portfolio of therapies to provide optimal treatments for the full range of HAE patients. This includes expanding access to ANDEMBRY®, a first-in-class, home-grown, recombinant monoclonal antibody, with approvals in FY2026 in Israel, New Zealand, Saudi Arabia and the United Arab Emirates, and regulatory submissions in Argentina, Chile, China, Columbia, Hong Kong, South Korea and Taiwan. Looking ahead, CSL is focused on advancing its leadership in immunology through innovative treatments for select autoimmune diseases with high unmet need and improving patient outcomes across complex chronic conditions. Haematology Bleeding disorders often require urgent treatment, with potentially severe consequences if bleeding is not effectively managed. Many individuals with bleeding disorders continue to face limitations in accessing treatments that are both easy to administer and effective over the long term. Improving and extending the lives of patients with rare bleeding disorders is the focus of CSL’s haematology therapeutic area. Significant progress has been achieved in recent years in the treatment of haemophilia A and B through the introduction of innovative recombinant coagulation factor medicines and HEMGENIX® (etranacogene dezaparvovec), an AAV5 (adeno‑associated virus) gene therapy for the treatment of haemophilia B. CSL has been a strong advocate for the development and implementation of Patient Blood Management – an evidence-based, multidisciplinary approach that optimises patient care by preventing anaemia, minimising blood loss, and improving tolerance to anaemia. It also reduces reliance on allogeneic blood product transfusions through the use of coagulation factor concentrates, where available, with the ultimate goal of improving clinical outcomes. CSL’s research and development (R&D) studies include fibrinogen and prothrombin factor concentrates for use in surgical settings with a high risk of major bleeding. Through our partnership with VarmX BV, we are further strengthening our capability in oral anticoagulation by expanding into haemostasis restoration for patients on FXa inhibitors requiring urgent surgery or experiencing life-threatening bleeding. 14 Performance
Beyond strengthening our core portfolio, we are expanding into disease-modifying therapies in areas aligned with CSL’s capabilities and long-term strategy. In sickle cell disease, an underserved population with significant unmet need, we are advancing two Phase II programs aimed at improving patient quality of life. We are also exploring disease-modifying approaches in myeloproliferative neoplasms, alongside continued investment in vascular disorders, iron haemostasis and bone marrow conditions. Our strategy reinforces leadership in our core franchises, drives disciplined growth through lifecycle management, and accelerates innovation via focused R&D and strategic partnerships in high-unmet-need areas aligned with our capabilities. Cardiovascular and Renal While many treatments are available to treat the conditions associated with chronic kidney disease, there are few that impact the underlying cause and rate of progression, particularly in rare kidney diseases. This leads to a slow progressive march towards renal failure. Unfortunately, many patients progress to kidney failure, requiring dialysis or a kidney transplant to survive. Kidney failure also significantly increases the risk of serious cardiovascular events, including heart attack, stroke and sudden cardiac death, often at a younger age and with limited treatment options. CSL has made notable progress in expanding its presence across the kidney disease spectrum. FILSPARI® has enhanced CSL’s portfolio in this therapeutic area. CSL’s efforts reflect a comprehensive approach to chronic kidney disease (CKD), offering solutions that span from slowing kidney disease progression in rare kidney disease, to treatment of complications of CKD and dialysis. Most rare renal diseases, such as IgA nephropathy and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis (AAV), have limited treatment options and often lead to kidney failure at a younger age compared to most CKD patients. CSL is focused on developing novel therapies to preserve kidney function and delay or avoid dialysis or the need for a kidney transplant. These efforts complement CSL’s existing therapies, such as FILSPARI®, which support patients living with rare renal diseases. Cardiovascular disease (CVD) remains the leading cause of morbidity and mortality in patients with CKD, particularly those with advanced stages (4–5), where the risk of CVD is significantly elevated. To address this critical need, clazakizumab, an anti-interleukin-6 (anti-IL-6) monoclonal antibody, is currently in Phase III development for the prevention of cardiovascular morbidity and mortality in patients with end-stage kidney disease (ESKD). Additionally, we have entered into an exclusive licensing agreement with Eli Lilly, a major American multinational pharmaceutical company, to expand access to clazakizumab for other indications. CSL’s R&D efforts also target acute cardiovascular conditions. CSL301, a first-in-class monoclonal antibody for the treatment of intermediate high-risk pulmonary embolism, is currently in Phase II development. CSL301 inhibits alpha-2 antiplasmin, preserving plasmin activity and enhancing fibrinolysis to support the breakdown of blood clots. Looking ahead, CSL continues to expand its position in renal disease. Strategic partnerships have remained a cornerstone of CSL’s growth model. Internal and external innovation also continue to play a pivotal role in addressing patient needs. Vaccines Building on CSL’s foundation of leadership in developing and marketing differentiated seasonal and pandemic influenza vaccines, CSL continues to grow and raise the standard of care with expanded patient indications and markets for FLUCELVAX®, FLUAD® and pandemic vaccines. As a trusted partner to more than 30 countries throughout the world, CSL Seqirus’ leadership expands beyond our products. Working with governments and health authorities, we shape and improve pandemic vaccine programs, raise the standards for response, and foster capabilities to drive better health outcomes against emerging pandemic threats. 15 CSL Limited Annual Report 2025/26
Therapeutic Areas and Product Portfolio Bringing our life-changing medicines to people around the world In FY2026, CSL continued to expand the global reach and impact of our medicines for rare and specialty diseases. We achieved a total of 83 major regulatory approvals comprising 60 new product registrations and 23 new indications across all five of our therapeutic areas. For a complete overview of approvals, please refer to the Product Registrations and Indications 2025/26*. Clinical trials In FY2026, CSL had 41 clinical trials in operation across all therapeutic areas. Of those, nine trials had a first patient enrolled in the trial during this fiscal year. CSL conducts clinical trials ethically and adheres to high standards of integrity in the formulation, conduct and reporting of scientific research. This is based upon three primary elements: scientific integrity; patient safety; and investigator objectivity. The CSL Clinical Quality Management System allows CSL to monitor and effectively oversee the quality of clinical trials and includes both regulatory authority inspections and internal audits for good clinical practice (GCP), good manufacturing practice (GMP), good laboratory practice (GLP), good clinical laboratory practice (GCLP) and good research laboratory practice (GRLP). Over the reporting period, ten clinical trials were added, and nine clinical trial results were posted, on an International Committee of Medical Journal Editors (ICMJE)-recognised public clinical trial registry. CSL’s disclosure policy reflects international requirements and standards, including requirements from ICMJE, WHO guidance and legislative requirements. In addition, seven Good Clinical Practice (GCP) inspections were undertaken by regulatory agencies, including United States Food and Drug Administration (FDA), Health Canada, South African SHAPRA, Argentinian ANMAT, Serbian ALIMS and German HLfGP (formerly RP Darmstadt). These inspections were all Investigator Sites for CSL interventional clinical studies. All inspections confirmed adherence with GCP requirements, validated the data integrity of CSL clinical trials and had no impact on clinical trial operations. Abbreviations AFD Acquired Fibrinogen Disease AI Autoinjector cDNA Complementary Deoxyribonucleic Acid CKD-aP Chronic Kidney Disease-associated Pruritus HAE Hereditary Angioedema HK Hyperkalemia IgAN Immunoglobulin A Neuropathy IU International Unit KOR Kappa Opioid Receptor MMN Multifocal Motor Neuropathy NI New Indication NR New Registration NSD Needle Safety Device SID Secondary Immunodeficiency vWF von Willebrand Factor Immunoglobulins Focusing on improving patient convenience, increasing plasma yield improvements, expanding product labels, new formulation science and recombinant technology PRODUCT TYPE COUNTRY/REGION HIZENTRA® Immune Globulin Subcutaneous (Human), 20% Liquid NR Panama (1, 2 & 4 g) HIZENTRA® Immune Globulin Subcutaneous (Human), 20% Liquid NI Argentina, Brazil, Kazakhstan (broader SID) PRIVIGEN® Immune Globulin Intravenous (Human) 10% Liquid NI European Union (Measles), Azerbaijan, Brazil, Costa Rica, Ecuador, El Salvador, Iran, Kazakhstan, Malaysia, Moldova, Nicaragua, Paraguay (broader SID and MMN) Immunology Developing optimal therapies for HAE patients and therapies for select autoimmune indications of high unmet need PRODUCT TYPE COUNTRY/REGION ANDEMBRY® Anti-Factor XIIa monoclonal antibody (HAE) NR Brazil, Israel, New Zealand, Puerto Rico, Saudi Arabia (200mg AI), Canada (200mg AI, 200mg NSD) BERINERT® C1 Esterase Inhibitor Human Intravenous or Subcutaneous NR New Zealand (500, 1500, 2000, 3000 IU), Panama (500 IU), South Africa (500, 1500, 2000, 3000 IU) BERINERT® C1 Esterase Inhibitor Human Intravenous NI Brazil (short-term or pre-procedural prophylaxis of Type I and II HAE 16 Performance
Haematology Maximising the value and performance of CSL’s existing coagulation therapies and developing new therapies for bleeding disorders and other benign haematologic conditions PRODUCT TYPE COUNTRY/REGION ALBURX® Human Albumin NR Indonesia (20%), Pakistan (25%) AFSTYLA® Coagulation Factor VIII (Recombinant) NR Indonesia (500, 1000, 2000 IU), South Africa (250, 500, 1000, 1500, 2000, 2500 & 3500 IU) HEMGENIX® Recombinant adeno-associated viral vector with codon-optimised Padua derivative of Human Factor IX cDNA NR United Arab Emirates HAEMATE® Coagulation Factor VIII/vWF (Human) NR Egypt (250/600, 500/1200IU), South Africa (250/600, 500/1200, 1000/2400 IU) IDELVION® Coagulation Factor IX (Recombinant) Albumin Fusion Protein NR Guatemala (500 IU), South Africa (250, 500, 1000, 2000, 3000 IU) RiaSTAP® Fibrinogen Concentrate (AFD) NR European Union Vaccines Developing products for the prevention of infectious disease PRODUCT TYPE COUNTRY/REGION AUDENZ®/ INCELLIPAN® Influenza Vaccine Pandemic Monovalent (Surface antigen, Inactivated, Cell-Based, Adjuvanted) NR New Zealand, Singapore, Switzerland AUJEMFLU® Influenza Vaccine Seasonal Trivalent (Surface antigen, Inactivated, CellBased, Adjuvanted) NR United Kingdom CELLDEMIC® Influenza Vaccine Zoonotic Monovalent (Surface antigen, Inactivated, Cell-Based, Adjuvanted) NR New Zealand, Singapore, Switzerland FLUCELVAX® Influenza Vaccine Seasonal Trivalent (Surface antigen, Inactivated, Cell-Based) NR Australia, Korea, New Zealand, Saudi Arabia, Switzerland FLUAD® Influenza Vaccine Seasonal Trivalent (Surface antigen, Inactivated, Egg Based, Adjuvanted) NI Australia, New Zealand, Taiwan (extension to 50 years+) FLUAD® QUAD/TETRA Influenza Vaccine Seasonal Quadrivalent (Surface antigen, Inactivated, Egg Based, Adjuvanted) NI Australia, New Zealand, Taiwan (extension to 50 years+) FOCLIVIA® Influenza Vaccine Pandemic Monovalent (Subunit, Inactivated, Egg Based, Adjuvanted) NI Switzerland (extension to 6 months+) * First-time registrations or indications for CSL products in the listed countries/regions over the reporting period. 1. FILSPARI® licensed from Travere Therapeutics. 2. In some markets, KORSUVA® is marketed as KAPRUVIA®. KORSUVA®/KAPRUVIA® is a registered trademark of Cara Therapeutics, Inc. Cardiovascular and Renal Improving and extending the lives of patients with cardiovascular and renal diseases PRODUCT TYPE COUNTRY/REGION FERINJECT® Ferric Carboxymaltose NR Moldova (100mg/2mL, 500mg/10mL, 1000mg/20mL), Vietnam (100mg/2mL, 500mg/10mL) FILSPARI® (Sparsentan) Dual ETA & AT1 antagonist (IgAN)1 NR United Arab Emirates KORSUVA® KOR agonist (CKD-aP)2 NR China VELTASSA® Oral Potassium Binder (HK) NR Palestine 17 CSL Limited Annual Report 2025/26
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