Directors’ Report The Board of Directors of CSL Limited (CSL) presents its report on the consolidated entity for the year ended 30 June 2026. The information referred to below forms part of, and is to be read in conjunction with, this Directors’ Report: • the Operating and Financial Review (OFR) set out on pages 2 to 51; • the Auditor’s Independence Declaration (page 56); and • the Remuneration Report (from page 61); and 1. Principal activities, strategy and operating model The principal activities of the consolidated entity during the financial year were the research, development, manufacture, marketing and distribution of biopharmaceutical products and vaccines. CSL is a leader in global biotechnology, and develops and delivers innovative medicines that save lives, protect public health and help people with life-threatening medical conditions to live full lives. CSL’s strategy is delivered through its key areas of focus: Patients, Diseases and Medicines. More detail on CSL’s performance against its strategic objectives can be found from page 8). CSL’s operating model for its businesses leverages multifunctional teams that connect with each other to share best practice. CSL’s end-to-end operating model is based around four key value creation activities: early-stage research, product translation, manufacturing, and patient access. CSL’s commercial and functional areas operate globally, with the Global Leadership Team responsible for the day-to-day management of the Group and delivery of CSL’s strategic objectives. More detail can be found on CSL’s operations (from page 4) and on CSL’s performance (from page 12) in this Annual Report. 2. Operating and financial review CSL discloses its financial performance by segment. The Group’s segments (CSL Behring, CSL Vifor and CSL Seqirus) represent strategic business units that offer different products and operate in different industries and markets. They are presented to be consistent with how the CEO (the chief operating decision maker (CODM)) monitors and assesses business performance to make resource allocation decisions. The operating segments are measured based on the segment operating result, being the revenues and costs directly under the control of the business unit. Information on the operations and financial position of CSL and likely developments in the Group’s operations in future financial years is set out in the OFR. Further details on CSL’s segment reporting, together with significant non-recurring items recognised during the financial year, including restructuring and impairment expenses, are provided in Notes 1 (Segment Information) and 3 (Restructuring and Impairment Expenses) of the Financial Statements. 3. Directors The Directors who served at any time during FY2026 or up until the date of this Directors’ Report were Dr Brian McNamee AO, Dr Megan Clark AC, Professor Andrew Cuthbertson AO, Dr Brian Daniels, Ms Carolyn Hewson AO, Ms Samantha Lewis, Ms Marie McDonald, Dr Paul McKenzie, Mr Gordon Naylor, Mr Cameron Price, Mr Costa Saroukos, Ms Elaine Sorg and Ms Alison Watkins AM. Information on the current Directors, including their terms of service, qualifications, experience and special responsibilities, and directorships of other listed companies held in the last three years, is set out in the Governance section (from page 40). Mr Cameron Price was appointed as Non-executive Director of CSL with effect from 1 October 2025. Mr Gordon Naylor and Mr Costa Saroukos were appointed as Non-executive Directors of CSL with effect from 1 December 2025. Dr Megan Clark retired from the Board of Directors on 28 October 2025, having commenced as a Non-executive Director on 16 February 2016. Ms Marie McDonald retired from the Board of Directors on 28 October 2025, having commenced as a Non-executive Director on 14 August 2013. Dr Paul McKenzie retired from the Board of Directors on 10 February 2026, having commenced as a Non-independent Executive Director on 13 December 2022. On 11 February 2026, Mr Gordon Naylor was appointed as Interim Chief Executive Officer and Managing Director, following the retirement of Mr Paul McKenzie. 4. Company Secretary Ms Fiona Mead, BCom/LLB (Hons) FGIA, GAICD, was appointed and commenced in the position of Company Secretary and Head of Corporate Governance on 4 June 2018 and continues in office as at the date of this Directors’ Report. For further details on Ms Mead, please refer to page 45 of this Annual Report. 5. Directors’ attendance at meetings The Board of Directors meets as often as necessary to fulfil its role. Directors are required to allocate time to CSL to perform their responsibilities effectively, including adequate time to prepare for Board meetings. During the 2025/26 financial year, the Board of Directors met nine times, with seven of those meetings held in Australia, and two meetings held internationally. Members of the Global Leadership Team and other members of senior management attend Board meetings by invitation. Director attendance at Board and standing Board Committee meetings during FY2026 is set out in Table 1 on the next page. 52 Directors’ Report
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