Remuneration Report Dear Fellow Shareholder, On behalf of the Board of Directors, I present CSL’s Remuneration Report (Report) for the financial year ended 30 June 2026 (FY26). This Report contains detailed information regarding the remuneration of CSL’s Key Management Personnel (KMP) as well as information on CSL’s Executive Remuneration Framework. Background and Context At the 2025 Annual General Meeting (AGM), 42.32% of votes cast were against adopting our 2025 Remuneration Report, resulting in a second ‘strike’ under the Corporations Act. The Board of Directors acknowledges that the Company’s recent financial and share price performance have not met the expectations of the Board or of our shareholders. The letters from our Chair and CEO earlier in this report address these issues and outline the Company’s plans and progress with its growth strategy. Following the first 'strike' at the 2024 AGM, and again following the 2025 AGM, the Board and management engaged with a range of stakeholders to discuss the Company’s operational and financial performance and the remuneration framework and application, and we thank them for their time and valuable feedback. This input from stakeholders, and CSL’s performance more generally, have been front of mind in the Board’s deliberations around FY26 remuneration outcomes and in conducting a comprehensive review of the executive remuneration framework. Executive KMP Changes As previously announced, there have been several executive KMP changes during the year. In February 2026, Mr Gordon Naylor was appointed Interim Chief Executive Officer and Managing Director (CEO) following Dr Paul McKenzie’s retirement. Mr Naylor’s proven track record and deep knowledge of CSL are important for driving CSL's strategic transformation whilst the search for the next CEO continues. Mr Ken Lim, previously CSL’s Chief Strategy Officer, was appointed Chief Financial Officer in October 2025 following Ms Joy Linton’s retirement. Mr Andy Schmeltz, Chief Commercial Officer has also retired, after a period of handover to Mr Diego Sacristan. Mr Sacristan was appointed as Chief Commercial Officer of CSL Behring and CSL Vifor, effective 1 July, 2026. NEDs As outlined in the letter from our Chair, in October 2025 I joined the Board as a Non-Executive Director (NED), and in December 2025 we welcomed Mr Costa Saroukos and Mr Gordon Naylor as NEDs (in Mr Naylor’s case until his appointment as Interim CEO in February 2026). At the conclusion of the 2025 AGM, we farewelled Dr Megan Clark AC and Ms Marie McDonald at the conclusion of their terms. I would particularly like to thank Dr Clark for her assistance with the transition as Chair of the Human Resources and Remuneration Committee. Remuneration Outcomes for FY26 FY26 incentive outcomes for Executive KMP reflect the Company's recent performance challenges, resulting in Dr McKenzie, Ms Linton and Mr Schmeltz receiving no short-term incentive (STI) payments in relation to FY26, and no vesting for the long-term incentive (LTI) award scheduled to vest on 1 September 2026. Mr Ken Lim, who was promoted to Chief Financial Officer during the year, received an FY26 STI payment of 25% of target, with LTI also vesting at zero. The current CEO, Mr Naylor, does not participate in either the STI or LTI programs, due to the interim nature of his role and the expectation that he will return to the Board as a NED at the conclusion of his appointment. Details of Mr Naylor's remuneration arrangements are provided in section 4.3. Executive Remuneration Framework Changes for FY27 In response to the feedback received from key stakeholders, and considering our strategic and business priorities, a comprehensive review of the executive remuneration framework was conducted during FY26. The review built on the learnings from the first 'strike' in 2024, and focused on ensuring the executive remuneration framework: • Is simple and globally competitive to attract and retain key talent; • Drives performance by linking executive pay to our strategic priorities; and • Aligns incentive structures to the shareholder experience. As a result of the review, the following changes will be made to the executive STI and LTI plans for FY27. STI In response to feedback that the weighting of individual performance measures was too high, we have changed how the STI program will operate for FY27. The individual performance component will be removed from the STI scorecard, and individual performance and behaviours will be used as a modifier. As a result, 95% of the STI scorecard will be subject to three key Company financial performance measures, and the remaining 5% will be subject to achievement of Sustainability priorities. In line with our change in financial guidance approach and key stakeholder feedback, NPAT will replace NPATA as a financial performance metric in the STI scorecard for FY27. Total Group Operating Revenue has also been introduced as an additional STI scorecard financial performance measure. This will complement the focus on NPAT and Cashflow from Operations as the other financial performance measures in the scorecard, and reinforce the ongoing commitment to sustainable growth over the medium term. CSL Limited Annual Report 2025/26 Remuneration Report 1 61 CSL Limited Annual Report 2025/26
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