Q3 FY23 Earnings Presentation

Q3 FY23 GAAP to non-GAAP financial information Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Q3 FY23 GAAP Amortization Restructuring Acquisition-Related Minority Investment (Gain) / Loss on Medical Device RCS Impairment / Regulations Costs Certain Tax Adjustments Q3 FY23 Non-GAAP Q3 FY22 Non-GAAP (2) Y/Y Growth/Change Net Sales 7,727 7,727 7,763 Cost of Products Sold 2,689 (26) (7) (23) (2) 2,630 2,415 9% Gross Margin 65.2% 0.3% 0.1% 0.3% 66.0% 68.9% -290 bps SG&A 2,615 (40) (8) (1) (8) 2,558 2,521 1% % of Sales 33.8% (0.5)% (0.1)% (0.1)% 33.1% 32.5% 60 bps R&D 688 (14) 673 657 2% % of Sales 8.9% (0.2)% 8.7% 8.5% 20 bps Other Operating Expense (125) (8) (133) (Income), Net % of Sales (1.6)% (0.1)% (1.7)% 170 bps Amortization of Intangible Assets 431 (431) Restructuring Charges, Net 38 (38) Operating Profit 1,392 431 104 24 24 37 10 1,998 2,170 (8)% Operating Margin 18.0% 5.6% 1.3% 0.3% 0.5% 0.1% 25.9% 28.0% -210 bps Other Non-Operating Income, (149) 8 (142) (69) 106% Net Net Income Attributable to MDT ($M) 1,222 367 83 20 (8) 31 9 3 1,727 1,838 (6)% Diluted EPS ($) (1) 0.92 0.28 0.06 0.02 (0.01) 0.02 0.01 0.00 1.30 1.36 (4)% 1) Data has been intentionally rounded to the nearest million or $0.01 for EPS figures and, therefore, may not sum 2) Starting with Q4 FY22, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators. Historical non-GAAP financial measures have been recast for comparability. The impact of this change is a decrease in non-GAAP net income and diluted EPS of $8 million and $0.01, respectively, for Q3 FY22. 26 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic

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