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
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