Alcon: Second-Quarter 2025 Earnings Results

Alcon: Second-Quarter 2025 Earnings Results

• 1. 1 Second-Quarter 2025 Earnings Presentation August 20, 2025

• 2. 2 Forward-looking statements This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches or other disruptions of our information technology systems; our ability to effectively manage the risks associated with the ethical use of disruptive technologies; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our ability to manage social impact and sustainability matters; our reliance on outsourcing key business functions; global and regional economic, financial, monetary, legal, tax, political and social change; the increasingly challenging economic, political and legal environment in China; terrorism, war and other resulting events such as economic sanctions and trade restrictions; our ability to manage the risks associated with operating as a third party contract manufacturer; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; our success in completing and integrating strategic acquisitions, including equity investments in early-stage companies; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to comply with the US Foreign Corrupt Practices Act of 1977 and other applicable anti-corruption laws; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets; the impact of unauthorized importation of our products from countries with lower prices to countries with higher prices; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; supply constraints and increases in the cost of energy; our ability to attract and retain qualified personnel; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations. Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2025 outlook as circumstances evolve. Intellectual property This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to Alcon Inc. Product names identified by a "®" or a "™" are trademarks that are not owned by or licensed to Alcon or its subsidiaries and are the property of their respective owners. Non-IFRS measures Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures. Safe harbor

• 3. 3 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 4. 4 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 5. 5 Implantable collamer lenses (ICLs) are a natural, unique adjacency for Alcon Expands Alcon's presence in the rapidly growing myopia market with entry into the ICL category Complementary to Alcon's existing refractive portfolio, allowing us to provide solutions across the spectrum of myopia Category leadership with EVO, the ICL market leader with 3+ million lenses implanted Significant synergies, with robust plans to leverage Alcon's existing infrastructure Attractive financial profile, with EPS accretion in year two

• 6. 6 • Immediately growth accretive • Significant synergy potential leveraging Alcon's global infrastructure • Accretive to core diluted EPS in year two • Subject to customary closing conditions, including regulatory approval and approval by STAAR's shareholders • Unanimously approved by both companies' boards of directors Transaction details Purchase price Financial impact Regulatory process Sources of financing • $28 per share in cash, which represents a ~59% premium to STAAR's 90-day volume-weighted average price • Represents a total equity value of ~$1.5 billion • Expected to be funded through the issuance of short- and longterm credit facilities • Expected to maintain a strong balance sheet post-close

• 7. 7 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 8. 8 2Q25 Sales of $2.6B, up 4% y/y on a reported basis; up 3% cc1 2Q25 Operating margin of 9.6%, down 320 basis points (bps) y/y; down 350 bps cc 2Q25 Core operating margin of 19.1%, down 70 bps; down 100 bps cc 2Q25 Diluted EPS of $0.35 2Q25 Core diluted EPS of $0.76 1H25 Cash from operating activities of $889 million 1H25 Free cash flow of $681 million Net sales 1. Constant currency, core operating margin, core diluted EPS and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. Select financial highlights Core operating margin1 Core diluted EPS1 Free cash flow1 $2.6B $2.5B 2Q25 2Q24 19.1% 19.8% 2Q25 2Q24 $0.76 $0.74 2Q25 2Q24 $681M $667M 1H25 1H24

• 9. 9 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 10. 10 1H 2025 Product mix1 Surgical $2.8B (55%) $5.0 billion Alcon 1H25 sales Vision Care $2.2B (45%) 1. Numbers may be rounded for presentation purposes. Totals may not sum due to rounding. Ocular health (38%) Dry eye products Allergy eye drops Steroid eye drops Glaucoma eye drops Contact lens care Contact lenses (62%) Daily lenses Reusable lenses Cosmetic lenses Implantables (31%) Monofocal IOLs Advanced technology IOLs Glaucoma implants Consumables (53%) Dedicated consumables Custom surgical packs Procedural products Equipment/other (15%) Cataract equipment Retinal equipment Refractive equipment Glaucoma equipment Diagnotics & visualization Equipment service Procedural eye drops

• 11. 11 Q2 2025 Surgical • Consumables growth driven by vitreoretinal and cataract consumables, particularly in international markets, and price increases • Equipment sales benefited from recently launched Unity VCS and Voyager DSLT Implantables 4% (CC)1 (2%) 1% 6% (USD) (2%) 1. Constant currency growth is a non-IFRS measure. An explanation of non-IFRS measures can be found in the Appendix. (1%) Net Sales (USD $M) $223 $222 $736 $777 $464 $456 2Q24 2Q25 0% $1,423 $1,455 2% Consumables Equipment/other - • Soft market conditions in consumables • Declines in legacy equipment + - • Implantables decline reflects soft market conditions and competitive pressures

• 12. 12 • Ocular health growth led by portfolio of eye drops • Product innovation drove sales of contact lenses • Price increases in contact lenses Q2 2025 Vision Care $423 $430 $636 $692 2Q24 2Q25 Net Sales (USD $M) 7% (CC)1 2% 9% (USD) 2% $1,059 $1,122 6% 5% Contact lenses 1. Constant currency growth is a non-IFRS measure. An explanation of non-IFRS measures can be found in the Appendix. Ocular health + + - • Declines in contact lens care • Unfavorable impact following the divestiture and out-licensing of rights to certain eye drops in China

• 13. 13 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 14. 14 Operating margin 12.8% 9.6% 2Q24 2Q25 Diluted EPS $0.45 $0.35 2Q24 2Q25 Worldwide net sales $2.5B $2.6B 2Q24 2Q25 Q2 2025 IFRS results Y/Y change (USD): +4% -320 bps -22%1 1 1. 2Q25 included charges of $44 million related to the discontinued commercialization of a Vision Care product.

• 15. 15 Operating margin 13.9% 14.2% 1H24 1H25 Diluted EPS $0.95 $1.06 1H24 1H25 Worldwide net sales $4.9B $5.0B 1H24 1H25 1H 2025 IFRS results +2% +30 bps +12%1 Y/Y change (USD): 1. 1H25 benefited from gains of $142 million on fair value remeasurements of investments in associated companies, partially offset by charges of $44 million related to the discontinued commercialization of a Vision Care product. 1

• 16. 16 Q2 2025 IFRS operating margin bridge 2Q25 vs. 2Q24, % of net sales 12.8 (1.7) 0.0 (0.7) (1.1) 0.3 2Q24 Gross Margin SG&A R&D Other income/ expense Foreign Exchange 2Q25 9.3 9.6 1 1. 2Q25 included charges of $44 million related to the discontinued commercialization of a Vision Care product.

• 17. 17 1H 2025 IFRS operating margin bridge 1H25 vs. 1H24, % of net sales 13.9 (0.7) (0.1) (0.7) 2.0 (0.2) 1H24 Gross Margin SG&A R&D Other income/ expense Foreign Exchange 1H25 14.4 14.2 1 1. 1H25 included charges of $44 million related to the discontinued commercialization of a Vision Care product. 2. 1H25 benefited from gains of $142 million on fair value remeasurements of investments in associated companies. 2

• 18. 18 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 19. 19 Core operating margin 19.8% 19.1% 2Q24 2Q25 Core diluted EPS $0.74 $0.76 2Q24 2Q25 Worldwide net sales $2.5B $2.6B 2Q24 2Q25 Q2 2025 Core results1 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. Y/Y change (cc): +3% -100 bps +1%

• 20. 20 Core operating margin 20.9% 19.9% 1H24 1H25 Core diluted EPS $1.52 $1.50 1H24 1H25 Worldwide net sales $4.9B $5.0B 1H24 1H25 1H 2025 Core results1 1. Core operating margin, core diluted EPS, and constant currency growth, including FX impacts, are non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. Y/Y change (cc): +3% -70 bps 0%

• 21. 21 19.8 0.0 0.0 (0.9) (0.1) 0.3 2Q24 Gross Margin SG&A R&D Other income/ expense Foreign Exchange 2Q25 1. Core operating margin is a non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. 18.8 Q2 2025 Core operating margin1 bridge 2Q25 vs. 2Q24, % of net sales 19.1 Key drivers • Core operating margin decrease primarily due to increased investment in R&D, including for recent acquisitions • Positive 30 bps impact from currency

• 22. 22 20.9 0.1 (0.1) (0.8) 0.1 (0.3) 1H24 Gross Margin SG&A R&D Other income/ expense Foreign Exchange 1H25 1. Core operating margin is a non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. 1H 2025 Core operating margin1 bridge 1H25 vs. 1H24, % of net sales 20.2 19.9 Key drivers • Core operating margin decrease primarily due to increased investment in R&D, including for recent acquisitions • Negative 30 bps impact from currency

• 23. 23 Cash and cash equivalents $1.4 billion 1H25 cash flows from operations $889 million 1H25 free cash flow1$681 million Debt $4.7 billion No financial covenants 1H 2025 Cash flow and balance sheet highlights Capex $208 million Investments in new contact lens manufacturing capacity 1. Free cash flow is a non-IFRS measure. An explanation of non-IFRS measures can be found in the Appendix. 23 Returns to shareholders $287 million Includes repurchase of ~1.4 million shares for $121 million & dividend payments of $166 million

• 24. 24 Agenda Acquisition of STAAR Surgical Sales Core results 01 02 04 05 Outlook IFRS results 03 06 Select financial highlights

• 25. 25 1. Does not reflect the impact of future share repurchases under the Company's share repurchase program. 2. Constant currency, core operating margin and core diluted EPS are non-IFRS measures. An explanation of non-IFRS measures can be found in the Appendix. 3. Non-operating income & expense includes interest expense, other financial income & expense and share of loss from associated companies. 4. Core effective tax rate, a non-IFRS measure, is the applicable annual tax rate on core taxable income. FY 2025 Outlook 2025 outlook1as of May as of August Comments Net sales (USD) $10.4 to $10.5 billion $10.3 to $10.4 billion Updated Change vs. prior year (cc)2 (non-IFRS measure) +6% to +7% +4% to +5% Updated Core operating margin2 (non-IFRS measure) 20% to 21% 19.5% to 20.5% Updated Non-operating income & expense3$185 to $205 million $185 to $205 million Maintained Core effective tax rate4 (non-IFRS measure) ~20% ~18% Updated Core diluted EPS2 (non-IFRS measure) $3.05 to $3.15 $3.05 to $3.15 Maintained Change vs. prior year (cc)2 (non-IFRS measure) +2% to +5% 0% to +2% Updated Assumptions: • Aggregated markets grow approximately low-single digits; • Tariff rates and exemptions announced as of August 11, 2025 persist through the end of the year. The Company expects a full-year gross tariff impact of approximately $100 million, which is expected to pressure cost of net sales. The Company anticipates fully offsetting this impact through operational actions and foreign exchange; • Exchange rates as of the end of July 2025 prevail through year-end; • Approximately 498.8 million weighted-averaged diluted shares.

• 26. 26 Appendix

• 27. 27 Appendix: Non-IFRS measures as defined by the Company Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currencies and free cash flow. Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental nonIFRS measures are not, and should not be viewed as, a substitute for IFRS measures. Core results Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, product discontinuation charges, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of $10 million, are not operating expenses necessary to the operation of the business and have costs that will vary over periods are also excluded from core results: integration and divestment related income and expenses, divestment gains and losses, restructuring charges/releases and related items, legal related items, gains/losses on early extinguishment of debt or debt modifications, past service costs for post-employment benefit plans, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $10 million threshold. Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions. Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance. A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings. Constant currency Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects. Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding (i) the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar and (ii) the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency. Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars. Free cash flow Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS. Reconciliation of guidance for forward-looking non-IFRS measures The forward-looking guidance included in this presentation cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.

• 28. 28 ($ millions except earnings per share) IFRS results Amortization of certain intangible assets(1) Acquisition and integration related items(4) Legal items(5) Product discontinuation(6) Other items(7) Core results (non-IFRS measure) Gross profit 1,388 172 — — 44 — 1,604 Operating income 247 173 10 17 44 — 491 Income before taxes 199 173 10 17 44 — 443 Taxes(8) (23) (32) (2) (4) (10) 8 (63) Net income 176 141 8 13 34 8 380 Net income attributable to: Shareholders of Alcon Inc. 176 141 8 13 34 8 380 Non-controlling interests — — — — — — — Basic earnings per share ($)(9) 0.36 0.77 Diluted earnings per share ($)(9) 0.35 0.76 Basic - weighted average shares outstanding (millions)(9) 495.2 495.2 Diluted - weighted average shares outstanding (millions)(9) 497.9 497.9 Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. Three months ended June 30, 2025 Reconciliation of IFRS results to core results (non-IFRS measure)

• 29. 29 ($ millions except earnings per share) IFRS results Amortization of certain intangible assets(1) Impairments(2) Other items(7) Core results (non-IFRS measure) Gross profit 1,374 165 — — 1,539 Operating income 318 165 9 (1) 491 Income before taxes 280 165 9 (1) 453 Taxes(8) (57) (30) — 1 (86) Net income 223 135 9 — 367 Net income attributable to: Shareholders of Alcon Inc. 223 135 9 — 367 Non-controlling interests — — — — — Basic earnings per share ($)(9) 0.45 0.74 Diluted earnings per share ($)(9) 0.45 0.74 Basic - weighted average shares outstanding (millions)(9) 494.5 494.5 Diluted - weighted average shares outstanding (millions)(9) 497.0 497.0 Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. Three months ended June 30, 2024 Reconciliation of IFRS results to core results (non-IFRS measure)

• 30. 30 Six months ended June 30, 2025 ($ millions except earnings per share) IFRS results Amortization of certain intangible assets(1) Gains on investments in associated companies(3) Acquisition and integration related items(4) Legal items(5) Product discontinuation(6) Other items(7) Core results (non-IFRS measure) Gross profit 2,771 339 — — — 44 — 3,154 Operating income 715 345 (142) 23 17 44 — 1,002 Income before taxes 613 345 (142) 23 17 44 5 905 Taxes(8) (87) (62) — (5) (4) (10) 8 (160) Net income 526 283 (142) 18 13 34 13 745 Net income attributable to: Shareholders of Alcon Inc. 526 283 (142) 18 13 34 13 745 Non-controlling interests — — — — — — — — Basic earnings per share ($)(9) 1.06 1.50 Diluted earnings per share ($)(9) 1.06 1.50 Basic - weighted average shares outstanding (millions)(9) 495.2 495.2 Diluted - weighted average shares outstanding (millions)(9) 497.9 497.9 Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. Reconciliation of IFRS results to core results (non-IFRS measure)

• 31. 31 Six months ended June 30, 2024 ($ millions except earnings per share) IFRS results Amortization of certain intangible assets(1) Impairments(2) Acquisition and integration related items(4) Other items(7) Core results (non-IFRS measure) Gross profit 2,756 329 — 3 — 3,088 Operating income 686 331 9 3 (1) 1,028 Income before taxes 615 331 9 3 (1) 957 Taxes(8) (144) (59) — (1) 1 (203) Net income 471 272 9 2 — 754 Net income attributable to: Shareholders of Alcon Inc. 471 272 9 2 — 754 Non-controlling interests — — — — — — Basic earnings per share ($)(9) 0.95 1.53 Diluted earnings per share ($)(9) 0.95 1.52 Basic - weighted average shares outstanding (millions)(9) 494.1 494.1 Diluted - weighted average shares outstanding (millions)(9) 496.7 496.7 Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. Reconciliation of IFRS results to core results (non-IFRS measure)

• 32. 32 Reconciliation of IFRS results to core results (non-IFRS measure) Explanatory footnotes to IFRS to core reconciliation tables (1) Includes amortization for all intangible assets other than software. (2) Includes impairment charges related to intangible assets. (3) For the six months ended June 30, 2025, includes gains on fair value remeasurements of investments in associated companies. (4) For the three months ended June  30, 2025, Operating income includes $9 million of direct acquisition costs and $1 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal and due diligence fees. Integration related costs include third party professional services and accelerated equity-based compensation expense. For the six months ended June 30, 2025, Operating income includes $16 million of direct acquisition costs and $7 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal, banker, due diligence and accounting fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $3 million and third party professional services of $1 million. For the six months ended June 30, 2024, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition. (5) For the three and six months ended June 30, 2025, includes provisions for legal matters. (6) For the three and six months ended June 30, 2025, includes charges related to the discontinued commercialization of a product in the Vision Care reportable segment, including $43 million for the full impairment of the intangible asset and $1 million in related costs, primarily related to inventory provisions. (7) For the three months ended June 30, 2024, Operating income includes fair value adjustments of financial assets, partially offset by the amortization of option rights. For the six months ended June 30, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million. For the six months ended June 30, 2024, Operating income includes the amortization of option rights, offset by fair value adjustments of financial assets. (8) For the three months ended June 30, 2025, total tax adjustments of $40 million include tax associated with operating income core adjustments, partially offset by discrete tax items. Tax associated with operating income core adjustments of $244 million totaled $48 million with an average tax rate of 19.7%. Core tax adjustments for discrete tax items totaled $8 million. For the three months ended June 30, 2024, tax associated with operating income core adjustments of $173 million totaled $29 million with an average tax rate of 16.8%. For the six months ended June 30, 2025, total tax adjustments of $73 million include tax associated with operating income core adjustments, partially offset by discrete tax items. Operating income core adjustments totaled $287 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, core adjustments to operating income totaled $423 million. The associated tax effect amounted to $81 million with an average tax rate of 19.1%. Core tax adjustments for discrete tax items totaled $8 million. For the six months ended June 30, 2024, tax associated with operating income core adjustments of $342 million totaled $59 million with an average tax rate of 17.3%. (9) Core basic earnings per share is calculated using core net income attributable to shareholders of Alcon Inc. and the weighted-average shares of common stock outstanding during the period. Core diluted earnings per share also contemplate dilutive shares associated with unvested equity-based awards as described in Note 4 to the Condensed Consolidated Interim Financial Statements.

• 33. 33 Reconciliation of free cash flow (non-IFRS measure) ($ millions) 2025 2024 Net cash flows from operating activities 889 871 Purchase of property, plant & equipment (208) (204) Free cash flow 681 667 The following is a summary of free cash flow for the six months ended June 30, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure: