Medtronic's Q1 FY26 Earnings Call

Medtronic's Q1 FY26 Earnings Call

• 1. Earnings Q1 FY26 | August 19, 2025 Contact: investor.relations@medtronic.com

• 2. Earnings Report | Q1 FY26 2 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company’s periodic reports on file with the US Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances. Non-GAAP financial measures Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with US generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. All GAAP to non-GAAP reconciliations are provided on our website. Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions, divestitures, or other significant discrete items. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as non-GAAP adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance. Financial comparisons References to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year. References to organic revenue growth exclude the impact of foreign currency and first quarter and full year revenue in the current and prior year reported as "Other". Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. References to sequential revenue changes are in comparison to the prior fiscal quarter and are made on an “as reported” basis. Unless stated otherwise, all references to share gains or losses are as of the most recently completed calendar quarter, on a revenue basis, and in comparison, to the same period in the prior year.

• 3. Q1 FY26 Executive Summary AiBLE Ecosystem Earnings Report | Q1 FY26 Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 4. Earnings Report | Q1 FY26 4 Q1 FY26 Highlights 11th quarter of mid-single digit organic revenue growth; Poised to accelerate growth Revenue growth of 4.8% org. in-line with expectations, growth drivers continuing to accelerate through FY26 • Significant CAS acceleration on PFA rollout with nearly 50% global growth, including over 70% US growth • Continued strength in Leadless Pacing, TAVR, Spine, Pain Stimulation, and DBS • Diabetes strong International growth; entering new innovation cycle Financials: EPS ahead of consensus • Adj. gross margin of 65.1% in-line with consensus on continued pricing and cost out execution • Invested in growth drivers and key product launches, with R&D up HSD • Adj. EPS 3 cents above guidance midpoint H2 revenue growth acceleration coming into focus on significant product launches • CAS to grow even faster in Q2 and H2 on PFA supply expansion • Symplicity system for hypertension NCD proposed last month; final in October • Hugo RAS system and tibial bladder control stimulator before US FDA; entering Diabetes innovation cycle • Several businesses poised to accelerate, including Pelvic Health and Neurovascular Increased confidence on delivering durable growth and shareholder returns • Net FY26 tariff impact of ~$185M, down from previous net impact of $200-350M • Raising FY26 EPS guidance and expect high-single digit EPS growth in FY27 • Executing strategic portfolio management, including Diabetes separation within 15 months We delivered another consistent quarter of mid-single digit organic revenue growth, with broad strength from several innovative product categories, including Pulsed Field Ablation, Transcatheter Valves, Neuromodulation, Diabetes, and Leadless Pacing. We’re confident and well positioned to accelerate our revenue growth in the second half of our fiscal year, as we make meaningful progress on our major accelerators.” Geoff Martha Chairman & CEO “ Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 5. Earnings Report | Q1 FY26 5 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Revenue Full GAAP to non-GAAP reconciliation in Appendix Cardiovascular: $3,285M; +7.0% organic Neuroscience: $2,416M; +3.1% organic Medical Surgical: $2,083M; +2.4% organic Diabetes: $721M; +7.9% organic Other: $72M United States: $4,224M; +3.5% organic International: $4,354M; +6.1% organic Revenue by segment Revenue by geography 8.6B $ 2.0B $ 1.26 $ +8.4% reported +4.8% organic Adj. Operating Profit +3% Y/Y +3% CC Adj. Diluted EPS +2% Y/Y +2% CC Q1 FY26 Financial Summary

• 6. Earnings Report | Q1 FY26 6 1 Dollars in millions except for EPS. Full GAAP to non-GAAP reconciliation in Appendix ($ in millions)1 Q1 FY26 Q1 FY25 Y/Y Growth / Change Revenue Organic revenue growth 8,539 8,004 +6.7% +4.8% Gross Margin Constant currency 65.1% 65.9% (80 bps) (90 bps) SG&A 2,775 2,642 5.0% % of Sales 32.5% 33.0% (50 bps) R&D 725 673 7.7% % of Sales 8.5% 8.4% 10 bps Operating Profit 2,016 1,953 3.2% Operating Margin Constant currency 23.6% 24.4% (80 bps) (50 bps) Net Income 1,626 1,592 2.1% Diluted EPS 1.26 1.23 2.4% Q1 FY26 Income Statement Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix • Adj. gross margin in-line with consensus on continued pricing and cost out execution • R&D up HSD; SG&A leverage • Adj. EPS 3 cents above guidance midpoint Financial Highlights

• 7. Earnings Report | Q1 FY26 7 11th quarter of mid-single digit organic revenue growth; poised to accelerate growth Medical Surgical HSD Advanced Energy and Emerging Market growth in Surgical and MSD pulse oximetry growth, offsetting ongoing, stable market and competitive pressures DD growth in International markets; entering new innovation cycle; secured Diabetes CE Mark for Type 2; separation on track HSD growth driven by DD growth in Cardiac Surgery, ICDs, Leadless Pacing, and nearly 50% growth in Cardiac Ablation Solutions Cardiovascular Neuroscience HSD growth in Spine AiBLE ecosystem capital and Neuromodulation, partially offset by Specialty Therapies Q1 FY26 Portfolio Highlights Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 8. Earnings Report | Q1 FY26 8 Continued innovation; rapid cadence of portfolio milestones in Q1 Note: Relative positioning is not intended to signify relative timing 1. Includes US, EU, Japan, and China. Does not include all indication or partner approvals, though select additional approvals are displayed May FY26 Onyx Liquid Embolic IDE clinical study First patient enrolled July FY26 HugoTM RAS Expand URO study US pivotal met primary endpoints; presented at AUA EvolutTM FX+ TAVR System Received CE Mark for expanded redoTAVI indication VitalFlow ECMO System Received CE Mark VisualaseTM V2 MRIGuided Laser Ablation System Received US FDA approval AfferaTM Sphere360 single-shot PFA catheter 1-year data presented at HRS; strong safety, performance, durability, and efficiency results for paroxysmal Afib Prevail PTCA Balloon Catheter Received CE Mark for expanded indications Corsano Health Partnership Expanded EU ACM portfolio with multiparameter wearable Global SYMPLICITY DEFINE Registry First US patient treated MiniMed 780G System Strong early results for T2II and young children with T1; presented at ADA SPYRAL GEMINI pilot study First patient treated targeting renal and hepatic arteries SymplicityTM Spyral RDN System US CMS proposed National Coverage Determination LigaSure RAS for Hugo Received CE Mark Future Medical Design Co. Ltd. Partnership Expanded US PVH portfolio with new suite of guidewires MiniMed 780G System Received CE Mark for expanded indications in pediatrics, pregnancy, and T2 Q1 FY26 Operational Highlights Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 9. Earnings Report | Q1 FY26 9 Operating unit Product Milestone Timing Cardiac Ablation Solutions Pulsed Field Ablation Continued ramp FY26+ Coronary and Renal Denervation Symplicity Spyral Renal Denervation System Final NCD October 2025 Peripheral Vascular Health Neuroguard IEP Carotid stenting system Launch Q2FY26 Peripheral Vascular Health Liberant Mechanical Thrombectomy System Launch 2HFY26 Pelvic Health Tibial Bladder Control Stimulator FDA approval Fall 2025 Neurovascular Neuroguard IEP Carotid Artisse Intrasaccular Continued launch International expansion Q2-4FY26 Surgical Hugo Robotic Assisted Surgery Uro FDA approval 2HFY26 Diabetes Simplera Sync CGM US Launch Fall 2025 Diabetes Instinct Abbott based CGM US Launch Coming months H2 revenue growth acceleration coming into focus driven by strong cadence of product/clinical milestones over remainder of FY26 Cardiac Ablation Solutions Expect even faster growth in Q2 than Q1 Near-term line of sight to adding incremental $1B revenue off FY25 base Solid execution on supply expansion; rapidly hiring mappers Advancing pipeline, incl. Sphere-360 Y/Y organic growth Nearly 50% 22% Nearly 30% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Nearly 50% Nearly 30% 22% Full GAAP to non-GAAP reconciliation in Appendix Upcoming FY26 Product and Clinical Milestones Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 10. Affera Mapping System and Sphere-9 PF and RF Ablation and Mapping Catheter Q1 FY26 Portfolio Highlights Earnings Report | Q1 FY26 Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 11. Earnings Report | Q1 FY26 11 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Cardiovascular HSD growth driven by DD growth in Cardiac Surgery, ICDs, Leadless Pacing, and nearly 50% growth in Cardiac Ablation Solutions $3,285M +9.3% Y/Y Rep +7.0% Y/Y Org Coronary & Renal Denervation: LSD growth on mid-teens growth in guide catheters and HSD growth in balloons, partly offset by MSD declines in stents; CMS published draft NCD for RDN reimbursement, expected to become final on or before Oct. 8, 2025 Peripheral Vascular Health: LSD growth driven by LDD growth in endoVenous on strength of ClosureFast , VenaSeal , and Abre Coronary & Peripheral Vascular $643M +4.5% Y/Y Rep | +2.9% Y/Y Org Structural Heart & Aortic: MSD growth; continued global adoption of Evolut FX+ and share capture OUS on competitive product exit; continued strength in Japan on SMART results; LSD Aortic growth Cardiac Surgery: LDD growth on strength in Penditure LAA exclusion system, Avalus Ultra surgical valve, and VitalFlow ECMO system Structural Heart & Aortic $930M +8.7% Y/Y Rep | +6.1% Y/Y Org Cardiac Rhythm Management: LSD growth; mid-teens Micra growth driven by continued momentum of AV2 and VR2; market leader in conduction system pacing with low-20s SelectSecure 3830 lead growth; MSD Defibrillation Solutions growth driven by Aurora EV-ICD , continued Transvenous Tachy momentum, and sustained growth in TYRX Cardiac Ablation Solutions: Near-50% growth, incl. low-70s US and low-30s OUS, driven by strong commercial demand for Affera Sphere-9 and PulseSelect PFA Catheters; expect continued acceleration in Q2 and share gains throughout FY26 Cardiac Rhythm & Heart Failure $1,712M +11.5% Y/Y Rep | +9.1% Y/Y Org Sphere 9TM Pulse Field Ablation Catheter EvolutTM FX+ TAVR System Micra AV2 and VR2 Transcatheter Pacing System Aurora EV-ICDTM System

• 12. Earnings Report | Q1 FY26 12 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Neuroscience HSD growth in Spine AiBLE ecosystem capital and Neuromodulation, partially offset by Specialty Therapies $2,416M +4.3% Y/Y Rep +3.1% Y/Y Org Neuromodulation $504M +10.2% Y/Y Rep | +8.6% Y/Y Org Specialty Therapies $702M -1.5% Y/Y Rep | -2.7% Y/Y Org Cranial & Spinal Technologies $1,211M 5.5% Y/Y Rep | 4.5% Y/Y Org ModuLeX Spinal System Percept RC DBS with BrainSense Technology InceptivTM Rechargeable Closed-Loop SCS AiBLE Surgical Ecosystem Neurovascular: HSD decline (flat ex-China) on China VBP (to be annualized in January) and Pipeline Vantage recall; Pipeline Shield manufacturing capacity increased to mitigate ongoing recall impact; expect increased revenue from Contego carotid stent and ongoing European launch of Artisse intrasaccular device Ear, Nose & Throat: LSD growth driven by HSD international growth Pelvic Health: LSD decline on commercial org changes ahead of tibial bladder control stimulator launch (FDA approval expected this fall); expect accelerating growth through FY26 Cranial & Spinal Technology: MSD growth in WW and US Core Spine; HSD growth in Neurosurgery reflecting extremely strong adoption of the AiBLE ecosystem capital • INFUSE bone graft for TLIF pivotal study met criteria for early success, preparing for PMA submission to US FDA Neuromodulation: LDD Pain Stimulation growth driven by ongoing strength of Inceptiv closed-loop spinal cord stimulator; HSD Brain Modulation growth on continued momentum of Percept RC deep brain stimulator (DBS) with BrainSense technology and adaptive DBS

• 13. Earnings Report | Q1 FY26 13 Medical Surgical HSD Advanced Energy and Emerging Market growth in Surgical and MSD pulse oximetry growth, offsetting ongoing, stable market and competitive pressures $2,083M +4.4% Y/Y Rep +2.4% Y/Y Org Acute Care & Monitoring: MSD Blood Oxygen Management growth in Nellcor pulse oximetry driven by strong sensor growth; flat Airways performance driven by growth of Shiley airway portfolio • Announced multi-year strategic partnership with Philips to expand access to patient monitoring technology Acute Care & Monitoring $471M +4.3% Y/Y Rep | +2.6% Y/Y Org Surgical & Endoscopy: LSD WW growth, with MSD OUS and HSD EM growth, driven by LigaSure vessel sealing technology in Advanced Energy, ProGrip in Hernia, and GYN Health, partly offset by Advanced stapling due to shift to robotic surgery and bariatric procedure declines, both which are primarily in the US; MSD growth in Endoscopy with strength in Esophageal driven by Bravo , Nexpowder ,1 endoscopic hemostasis system, and strong market adoption of Endoflip 300 system • Hugo robotic-assisted surgery (RAS) utilization and procedure volumes continued to grow DD; received CE Mark for the LigaSure RAS vessel-sealing technology, expanding Hugo RAS system capabilities for gynecologic, general, and urologic procedures Surgical & Endoscopy $1,612M +4.4% Y/Y Rep | +2.3% Y/Y Org Hugo RAS System LigaSure XP Maryland Jaw Vessel Sealer / Divider EndoflipTM 300 Impedance Planimetry System NellcorTM Pulse oximetry Hugo is not commercially available in the US 1. Third party brands are trademarks of their respective owners Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 14. Earnings Report | Q1 FY26 14 Diabetes DD growth in International markets; entering new innovation cycle; separation on track $721M +11.5% Y/Y Rep +7.9% Y/Y Org • iAGC for integration with Abbott-based Instinct sensor and MiniMed 780G system type 2 diabetes indication under US FDA review; anticipated launch in the coming months • On-track to submit MiniMed Flex to the FDA later this fiscal year • Continue to make good progress finalizing development and manufacturing for MiniMed Fit patch pump • MiniMed Go System (InPen ) US launch on track before end of FY26 • LENNY trial (ages 2–6), published in The Lancet Diabetes & Endocrinology, showed MiniMed 780G system improved glycemic outcomes; caregivers reported improved sleep and reduced fear of hypoglycemia1 • Late-breaking type 2 data presented at ADA Scientific Sessions showed MiniMed 780G system delivered strong results across all clinical metrics, following ADA’s endorsement of AID for insulin-intensive type 2 diabetes2 Pipeline & Clinical Data • LDD growth on continued adoption of the MiniMed 780G AID system; Simplera Sync sensor driving install base growth and strong CGM attachment • Secured CE Mark for expanded indications in children as young as two, during pregnancy, and for type 2 diabetes with MiniMed 780G system International • LSD growth as market awaits new CGM sensor launches; MiniMed 780G Simplera Sync remains on track for Fall 2025 launch • Secured US FDA clearance for MiniMed 780G as an ACE pump a key step in securing clearance as interoperable pump for Instinct integration United States MiniMed 780G System with Simplera Sync Instinct Abbott partnership 15-day CGM 1. Battelino T et al. Efficacy and safety of automated insulin delivery in children aged 2-6 years (LENNY): an open-label, multicentre, randomised, crossover trial Lancet Diabetes Endocrinol. 2025 Aug;13(8):662-673 2. Carlson AL et al. Safety and Glycemic Outcomes during MiniMed 780G System Use with the Disposable, All-in-One, Simplera Sync Sensor in People with Type 2 Diabetes (PwT2D). Diabetes 2025 ; 74 : Supplement_1) :2010-LB. https://doi.org/10.2337/db25-2010-LB • Medtronic continues to expect to separate its Diabetes business into a new standalone public company, MiniMed, within 15 months through a series of capital markets transactions, including a preferred path of an initial public offering (IPO) and subsequent split-off Separation Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 15. Symplicity Spyral Renal Denervation System Q1 FY26 Guidance & Assumptions Earnings Report | Q1 FY26 Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 16. Earnings Report | Q1 FY26 16 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix FY26 EPS FY25 base FY26 FX1 Underlying EPS growth (incl. FX, ex-tariffs) Tariff Impact to COGS FY26 EPS guidance(incl. FX & tariffs) Q4 Earnings Call $5.49 ~Flat ~4% $200M to $350M $5.50 to $5.60 Q1 Earnings Call ~Flat to +1% ~4.5% ~$185M $5.60 to $5.66 FY26 revenue FY25 base Organic revenue growth guidance FX1 Other2 Implied FY26 adjusted revenue range Q4 Earnings Call FY25 Adjusted $33,627M ~5% Flat to +$100M ~$80M ~$35.2B to $35.3B Less Other2($137M) Q1 Earnings Call FY25 base $33,490M ~5% $550M to $650M ~$95M ~$35.8B to $35.9B Note: EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year 1. While FX rates are fluid, assumptions above are based on recent rates 2. Includes operations and ongoing transition agreements from businesses the Company has exited or divested Continued MSD revenue growth on growth driver acceleration Gross margin slightly up (ex-tariffs) with continued pricing and COGS efficiency execution; mix headwinds from Diabetes and CAS Increased investment in growth drivers across R&D and Sales (CAS, RDN and Hugo); leverage in G&A FY27 HSD EPS Growth • Accelerating revenue growth • FX1tailwind • Margin improvement and share retirement upon completion of separation • Leveraged earnings Operating profit growth ~7.5% (ex-tariffs) even with significant investment in growth Tariff impact to COGS of ~$185M, improvement from $200M to $350M previously; Q2: ~10% of impact, Q3: ~55%, Q4: ~35% Guidance and assumptions

• 17. Q1 FY26 Value Creation Initiatives Earnings Report | Q1 FY26 Affera Sphere-360 single-shot pulsed field ablation catheter Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 18. Earnings Report | Q1 FY26 18 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Positioning Medtronic for Its Next Chapter Medtronic is taking decisive steps to accelerate organic growth, sharpen portfolio focus and improve operational execution in partnership with large investor Elliott Investment Management Appointed two new independent Board members • Board refreshment to provide new perspectives and accelerate performance inflection • Strong MedTech operating experience with proven track records of value creation Formed two new Board Committees to enhance oversight and focus on: • Portfolio optimization and strategic M&A • Improved operational execution and margin expansion to accommodate an increased level of investment in innovation Announced a 2026 Investor Day • Will outline go-forward strategic priorities, key portfolio management decisions, and updated growth algorithm and financial targets Our decision to become one of Medtronic’s largest investors was driven by our strong conviction that the company is entering a new chapter of exceptional value creation defined by accelerating growth, operational improvement and enhanced strategic clarity. We believe Medtronic’s recent innovations in some of MedTech’s most attractive markets have positioned the company for an inflection in organic growth. Combined with its renewed focus on portfolio simplification and improved operational execution, Medtronic is set to deliver a sustainable acceleration in earnings growth as well. Today’s announcements – including the addition of new directors with deep MedTech experience and the formation of two focused Board committees – are the right steps towards realizing Medtronic’s potential. We look forward to continuing our constructive partnership with Geoff Martha and the Board and to working closely together to realize this unique value-creation opportunity.” Marc Steinberg Partner, Elliott Investment Management L.P. “

• 19. Earnings Report | Q1 FY26 19 New Board Committee Focus Areas Establishing dedicated oversight on targeted goals ahead of a comprehensive Investor Day to be held in 2026 Growth Committee Operating Committee • Operational excellence initiatives in pursuit of redefined near- and long-term margin improvement goals • Meaningful efficiencies across global manufacturing, supply chain and operations • Efficiencies to increase self-funded R&D investments while also delivering sustained margin expansion • Agility through operational and organizational simplification that translates to the bottom-line • Market leadership and commitment to innovation through bold organic and inorganic investments with high potential ROI • Growth-accretive tuck-in M&A • Further divestment opportunities to reorient portfolio for accelerated growth and strategic clarity • Long-term strategic priorities and capital allocation framework Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 20. Earnings Report | Q1 FY26 20 Harnessing Momentum for Long-Term Value Creation We are on a path to unlock the full potential of Medtronic’s Mission with a renewed commitment to urgency and accountability What investors should expect Ongoing organic growth inflection as we move through FY26, with top-line acceleration from several drivers including PFA and Symplicity Spyral Increased focus on growth and market share gains in right-to-win areas through evaluation of additional divestments and growth-accretive M&A to enhance focus on growth and market share gains in right-to-win areas Disciplined operational improvements to deliver sustained margin expansion, improved cash flow generation, and outsized earnings growth, while also increasing organic investment levels in R&D Enhanced oversight and improved communication, including regular updates on new Board Committee focus areas Comprehensive Investor Day with a deep dive into Medtronic’s go-forward strategic priorities and financial algorithm in mid-calendar 2026 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 21. Q1 FY26 Impact Hugo Robotic Assisted Surgery System with ICG and Touch Surgery Earnings Report | Q1 FY26 Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 22. Earnings Report | Q1 FY26 22 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix 2024 Hispanic Association on Corporate Responsibility 5-star awards across all 4 pillars — Employment, Philanthropy, Procurement, & Governance — 3rd consecutive year Bloomberg Gender-Equality Index Of the 559 companies submitting data, only 418 met the threshold to be considered GEI members Ethisphere One of the 2025 World's Most Ethical Companies® IR Impact Awards 2025 Winner of best use of social media and video; finalist best sell-side management Fast Company Named to list of the World’s Most Innovative Companies of 2025 Just Capital One of America’s Most JUST Companies in 2025 Dow Jones Sustainability Index DJSI World Index for 4 consecutive years DJSI North American Index for 18 consecutive years Fortune 2025 Most Admired Companies’ list Caret Right with solid fill To learn more, visit our awards page To learn more, visit our awards page Leading in engagement, citizenship, and innovation

• 23. Earnings Report | Q1 FY26 23 Robust governance structures and processes underpin our sustainability strategy FY30 Carbon neutral in Operations (scope 1 and 2) FY45 Net-zero emissions Pillar Key issue Target Baseline date End date FY24 status Patient Product innovation Flow 20% of revenue from products and therapies released in the prior 36 months (vitality index) N/A FY25 20.70% Access & affordability Serve 79M patients annually through strategies that increase healthcare access N/A FY25 78M+ Patient safety & product quality Reduce aggregate product complaint rate by 10% for identified product families FY20 FY25 33% People Inclusion, diversity & equity Sustain $1B+ spend with certified diverse-owned businesses, and increase impact with small businesses FY22 N/A $3.1B Achieve 45% representation of women in manager-and-above roles globally N/A FY26 44% Achieve 30% representation of people from ethnically diverse groups in manager-and-above roles in the US N/A FY26 28% Planet Operational emissions, energy, water, and waste Achieve net carbon neutrality across our operations (Scope 1 and 2) FY20 FY30 44% Reduce greenhouse gas emissions intensity by 50% FY20 FY25 51.7% Reduce energy intensity by 20% FY20 FY25 14% Source 50% of energy from renewable and alternative sources FY20 FY25 42% Reduce water usage intensity by 15% FY20 FY25 28% Reduce waste intensity by 15% FY20 FY25 19% Product and packaging life cycle and circularity Reduce packaging waste by 25% for four targeted high-volume product families FY21 FY25 90% Minimize impact of instructions for use (IFUs) through a 35% paper reduction FY21 FY27 15% Publish partial LCAs for 100% of products FY21 FY30 ~5% Publish full LCAs for 50% of products FY21 FY30 ~5% Convert 50% of eligible product codes to electronic IFUs (eIFUs) within applicable regions FY21 FY30 ~5% Integrate circularity and eco-design criteria into the New Product Development process FY21 FY30 ~20% Reduce packaging for 20 additional high-volume products for a total of 50% reduction FY21 FY30 ~10–15% Achieve one of the following qualities for 95% of eligible plastic packaging: is industrially recyclable, contains post-industrial recycled content, demonstrates optimized design (by volume, weight, or thickness) FY21 FY30 ~20% Achieved On target In progress Progress key: Near and long-term sustainability objectives Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 24. Evolut FX+ TAVR System Q1 FY26 Appendix Earnings Report | Q1 FY26 Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Executive Summary Appendix

• 25. Earnings Report | Q1 FY26 25 Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix FY26 GAAP Amortization Restructuring Certain Litigation Charges Acquisition and DivestitureRelated Items (Gain) / Loss on Minority Investments Other Certain Tax Adjustments FY26 Non-GAAP FY25 Non-GAAP Y/Y Growth / Change Net Sales 8,578 - - - - - (39) - 8,539 8,004 7% Cost of Products Sold 3,001 - (16) - (7) - - - 2,979 2,730 9% Gross Margin 65.0% - 0.1% - - - (0.2)% - 65.1% 65.9% -80 bps SG&A 2,806 - (5) - (26) - - - 2,775 2,642 5% % of Sales 32.7% - - - (0.2)% - - - 32.5% 33.0% -50 bps R&D 726 - - - - - - - 725 673 8% % of Sales 8.5% - - - - - - - 8.5% 8.4% 10 bps Other Operating (Income) Expense, Net 70 - - - (25) - - - 44 7 529% % of Sales 0.8% - - - (0.3)% - - - 0.5% 0.1% 40 bps Amortization of Intangible Assets 459 (459) - - - - - - - - - Restructuring Charges, Net 45 - (45) - - - - - - - - Certain Litigation Charges, Net 27 - - (27) - - - - - - - Operating Profit 1,445 459 67 27 58 - (39) - 2,016 1,953 3% Operating Margin 16.8% 5.5% 0.8% 0.3% 0.7% – (0.5)% – 23.6% 24.4% -80 bps Other Non-Operating Income, Net (33) – – – – (113) – – (146) (140) 4% Interest Expense 176 – – – – – – – 176 167 5% Net Income Attributable to MDT ($M) 1,040 374 51 21 48 107 (30) 16 1,626 1,592 2% Diluted EPS ($) 0.81 0.29 0.04 0.02 0.04 0.08 (0.02) 0.01 1.26 1.23 2% 1. Data has been intentionally rounded to the nearest million or $0.01 for EPS figures and, therefore, may not sum Q1 FY26 GAAP to non-GAAP reconciliations

• 26. Earnings Report | Q1 FY26 26 Cranial & Spinal Technologies Specialty Therapies • Neurovascular • Ears, Nose & Throat (ENT) • Pelvic Health Neuromodulation Cardiovascular Neuroscience Medical Surgical Diabetes Other Cardiac Rhythm & Heart Failure • Cardiac Rhythm Management • Cardiac Ablation Solutions Structural Heart & Aortic • Structural Heart & Aortic • Cardiac Surgery Coronary & Peripheral Vascular • Coronary & Renal Denervation • Peripheral Vascular Health Surgical & Endoscopy • Surgical • Endoscopy Acute Care & Monitoring Therapies and services for insulin-dependent people who have Type 1 and Type 2 Includes operations and ongoing transition agreements from businesses the Company has exited or divested Learn more Learn more Caret Right with solid fill Learn more Learn more Caret Right with solid fill Learn more Learn more Caret Right with solid fill Learn more Learn more Caret Right with solid fill Medtronic business structure Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix

• 27. Earnings Report | Q1 FY26 27 Growth Business specific Business specific Other CC Constant Currency AAA Abdominal Aortic Aneurysm GYN Gynecology ACA American Diabetes Association WAMGR Weighted Average Market Growth Rate ACE Alternate Controller Enabled HIS His-Purkinje System ACC American College of Cardiology LSD Low-single digit ACM Acute Care Monitor iAGC Interoperable Automated Glycemic Controllers AUA American Urological Association MSD Mid-single digit aDBS Adaptive Deep Brain Stimulation ICD Implantable Cardioverter Defibrillator CMS Centers for Medicare & Medicaid Services HSD High-single digit AID Automated Insulin Delivery ICG Indocyanine Green EM Emerging Markets LDD Low-double digit BIS The Bispectral Index LAA Left Atrial Appendage FIH First-In-Human DD Double digit BP Blood Pressure LBBA Left Bundle Branch Area HCP Health Care Provider CAS Cardiac Ablation Solutions MDI Multiple Daily Injections IDE Investigational Device Exemption CGM Continuous Glucose Monitoring PFA Pulse Field Ablation ID&E Inclusion, Diversity and Equity COGS Cost of Goods Sold PVH Peripheral Vascular Health LMR Limited Market Release CRM Cardiac Rhythm Management RAS Robot-Assisted Surgery NCD National Coverage Determination CST Cranial & Spinal Technologies RDN Renal Denervation NEJM New England Journal of Medicine DBS Deep Brain Stimulation SCS Spinal Cord Stimulation NMPA National Medical Products Admin. DCB Drug Coated Balloon T1 Type 1 Diabetes OU Operating Unit DES Drug Eluting Stent T2II Insulin-Intensive Type 2 Diabetes PMA Pre-Market Approval DTM Differential Target Multiplexed Waveform TAA Thoracic Aortic Aneurysm VBP Volume-Based Procurement ECLS Extracorporeal life support TAR Time Above Range WE Western Europe ENT Ear, Nose, & Throat TAVR Transcatheter Aortic Valve Replacement EV-ICD Extravascular Implantable Cardioverter Defibrillator TIR Time In Range GI Gastrointestinal TV Tachy Transvenous tachycardia G&A General and Administration URO Urology Abbreviations & acronyms Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix