Investor Presentation

Attractive market fundamentals | Leadership and scale | Multiple growth drivers | Margin improvement Attractive financial outlook Compelling sustainability story 2023 and mid-term guidance Sales growth1 % 2023 guidance Mid-term guidance (2028E) Mid-single digit Mid-single digit Core EBITDA % margin -18-19% Dividend policy % of core net income 20-30% Full year dividend based on FY 2023 core net income ~24-26% 30-40% Note: Unless the context requires otherwise, the expression "mid-term" used in this section refers to a forecast until 2028. As with any projection or forecast, these five-year outlook measures are inherently susceptible to uncertainty and are based on various assumptions that may turn out to be incorrect. For additional information regarding core results and constant currencies, which are non-IFRS measures, see "Appendix" starting on slide 31; 1. Net sales to third parties, in constant currencies Management Presentation 26 SANDOZ

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