Management Presentation

Attractive market fundamentals | Leadership and scale | Multiple growth drivers Margin improvement | Attractive financial outlook | Compelling sustainability story Rigorously focused on improving core EBITDA margin to ~24-26% by 2028 Operational improvement C A Volume, price and product mix Growing share of higher margin products and portfolio simplification B Network design Internal and external network simplification Focused vertical integration Establish vertically integrated Biosimilars supply Operational excellence Continue to increase manufacturing productivity Procurement optimization Focus on long-term partnerships and scale Organizational efficiency Efficiencies through a leaner operating model ~200bps ~350bps Core EBITDA margin expansion from ~18-19% in 2023 to ~24-26% by 2028 Included in business plan Note: For additional information regarding the core results, which are non-IFRS measures, see "Appendix" starting on slide 31 ~150bps 17 Management Presentation SANDOZ

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