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
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