• Total revenue down 2% to US$8.332 billion
• NPAT down 80% to US$0.401 billion
• Underlying NPATA down 6% to US$1.946 billion

For the half-year ended 31 December 2025, total revenue for the Group was US$8.3 billion, down 2% (4% at constant currency) when compared to the prior comparable period. Reported net profit after tax attributable to CSL shareholders (NPAT) was US$0.4 billion after recording after-tax impairments and restructuring costs of $1.4 billion, down 80% (81% on a constant currency basis), when compared to the prior comparable period. The Company's strong cash flow and balance sheet enabled the expansion of the share buy-back program from US$500 million to US$750 million. The Company has already achieved approximately 60% of its targeted cost savings for the 2026 financial year, driven by a reduction in R&D fixed costs and infrastructure spend and integrating the Behring and Vifor commercial and medical teams. One-off restructuring costs are expected to be in the range of $700-$770 million in the 2026 financial year, with approximately two thirds recognised in the first half, with annual pre-tax savings of $500-$550 million expected by FY28. The Company invested in high-priority growth opportunities, including the strategic collaboration with Dutch biotechnology company, VarmX, for a potential novel treatment to help restore blood coagulation. The Company announced its intention to spend approximately $1.5 billion to expand its U.S. plasma manufacturing presence, which includes the Horizon 2 program.

The Company has an ambitious growth plan for the second half and maintains its guidance for the 2026 financial year of approximately 2-3% growth in revenue and 4-7% growth in NPATA, excluding one-off restructuring costs and impairments, at constant currency.

For CSL Behring, second-half growth is expected to be driven by Ig, Albumin and newly launched products. CSL Seqirus expects a lower second-half result due to the normal seasonality of the global influenza business and the non-recurring avian influenza outbreak revenue in Financial Year 2025. The performance of CSL Vifor will continue to be adversely impacted by generic competition in iron products. CSL will remain focused on its transformation program, positioning the Company to deliver future growth.