Ansell

Results for Announcement to the Market
US$m
Revenue from ordinary activities
up
23.7%
2,003.3
Operating profit after tax attributable to members
up
32.8%
101.6
Net Profit for the period attributable to members
up
32.8%
101.6
Dividends (distributions)
Amount per share 
US cents
Franked amount per share 
US cents
Dividend
28.00
Nil
Record date for determining entitlements to the dividend
1 September 2025
Dividend Reinvestment Plan election cut off date
2 September 2025
Dividend payment date
18 September 2025
For non-resident shareholders, the dividend will not attract withholding tax as it is sourced from the Company’s Conduit Foreign  
Income Account
Net Tangible Asset Backing
2025 
US$m
2024 
US$m
Shareholders’ Equity attributable to Ansell Limited Shareholders
1,963.6
1,894.9
Less Intangible Assets
1,655.5
1,054.8
Net Tangible Assets
308.1
840.1
2025
2024
Net tangible asset backing per ordinary share
$2.11
$5.76
•	 This report is based on Financial Statements which have been audited.
•	 Refer to the accompanying Annual Report (which includes the Report by the Directors), ASX announcement and Investor Presentation 
for the commentary on the figures reported above and the remainder of the information requiring disclosure to comply with Listing 
Rule 4.3A.
•	 This report is presented in United States dollars.
APPENDIX 4E
FOR THE YEAR ENDED 30 JUNE 2025
ANSELL LIMITED AND SUBSIDIARIES
ACN 004 085 330

Annual Report
2025

Contents
AGM 
Ansell’s Annual General Meeting (AGM) will be held on 29 October 2025. 
To access more information, visit https://www.ansell.com/us/en/about-us/
investor-center/agm.
Corporate Reporting Suite
This Report is part of our broader corporate reporting suite and the following 
documents are available at www.ansell.com:
Results Presentation: Ansell’s strategy, financial results and operational 
performance for the reporting period.
Corporate Governance Statement: Ansell’s application of the ASX Corporate 
Governance Council’s Corporate Governance Principles and Recommendations 
(4th Edition).
Sustainability Report: Features information about Ansell’s Environmental, 
Social and Governance (ESG) goals and performance (to be released by the  
end of August 2025). 
Labour Rights Report (Modern Slavery Statement): Ansell’s statement on  
our actions to assess and address modern slavery risks in our business and 
supply chains (to be released by the end of August 2025). 
ABOUT THIS REPORT
Report Structure
This Report is designed to be read in its entirety. The required elements of  
the Directors’ Report, including the Operating and Financial Review (OFR)  
as required by ASIC Regulatory Guide 247, are covered on pages 14 to 70. 
Commentary on Ansell’s financial performance specifically is contained on 
pages 16 to 25 and references information reported in the Financial Statements 
(pages 71 to 121). The Financial Statements include Ansell Limited (the Company 
or Parent Entity) and the entities it controlled at the end of, or during, the year 
ended 30 June 2025. Throughout the report, the consolidated entity is referred 
to as Ansell or the Group. The Directors’ Declaration forms part of the Annual 
Report under the Corporations Act 2001.
Non-IFRS Measures
Ansell’s financial results are reported under International Financial Reporting 
Standards (IFRS). This release includes certain non-IFRS measures such as 
Adjusted Earnings Per Share, Adjusted Effective Tax Rate, Adjusted Profit 
Attributable, Constant Currency, EBIT, EBITDA, GPADE, Organic Constant 
Currency, SG&A and Significant Items.which have been defined on page 16. 
These measures are presented to enable understanding of the performance  
of the Company without the impact of non-trading items and foreign currency. 
Non-IFRS measures have not been subject to audit or review.
Assurance and Verification
The Remuneration Report (pages 47 to 70) and the Financial Statements  
(pages 71 to 121) have been audited by KPMG. Full details of the assurance 
scope, process and outcome are included in the Independent Auditor’s Report 
on pages 126 to 131.
All unaudited information contained in this report has been subject to an 
internal review and approval process defined by our Corporate Reporting 
framework as explained in our 2025 Corporate Governance Statement.
Forward-looking Statements
Any forward-looking statements are based on Ansell’s current expectations, 
best estimates and assumptions as at the date of preparation, many of which 
are beyond Ansell’s control. These forward-looking statements are not 
guarantees or predictions of future performance and involve known and 
unknown risks, which may cause actual results to differ materially from  
those expressed in the report.
Acknowledgement of Country
We acknowledge and respect the traditional lands and cultures of First Nations peoples in 
Australia and globally. We pay our respects to Elders past and present and recognise First Nations 
peoples’ longstanding and ongoing spiritual connections to land, sea, community and Country. 
Appreciation and respect for the rights and cultural heritage of First Nations peoples is essential 
to the advancement of our societies and our common humanity.
About Ansell
02
Financial 
Performance
16
Our Operations
04
Industrial 
Segment
22
Customer 
Success Stories
06
Healthcare 
Segment
24
Chair’s Review
08
FY26 Outlook
26
Chief Executive 
Officer’s Review
10
Sustainability
27
Our Strategic 
Priorities
14
30
Board of Directors
32
Executive Leadership Team
34
Report by the Directors
47
Remuneration Report
71
Financial Statements
122
Consolidated Entity 
Disclosure Statement
125
Directors’ Declaration
126
Independent Auditor’s Report
132
Five Year Summary
133
Shareholders
135
Shareholder Information

ANSELL LIMITED | ANNUAL REPORT 2025
01

LEADING THE WORLD TO A SAFER FUTURE
For over 130 years, Ansell has delivered advanced protection solutions  
to people at work and at home, keeping them out of harm’s way.
As the safety industry evolves, so does Ansell. We help workers and organisations stay  
two steps ahead of the challenges they encounter, keeping workplaces safe and implementing  
sustainable work practices.
We operate across two business segments:
About Ansell
The Healthcare Segment manufactures and markets 
innovative solutions for a wide range of customers, 
including hospitals, surgical centres, dental surgeries, 
veterinary clinics, first responders, manufacturers, 
auto repair shops, chemical plants, laboratories  
and life science & pharmaceutical companies. 
The portfolio includes surgical gloves and other 
operating room consumables, single use  
and examination gloves1, and products for life science 
companies including clean and sterile gloves, 
garments, and consumables.
The Industrial Segment manufactures and markets 
high-performance hand, eye and chemical  
protective clothing solutions for a wide range  
of industrial applications. 
Ansell protects workers in industries including 
automotive, chemical, metal fabrication,  
machinery and equipment, food, construction,  
mining, oil & gas, utilities, logistics, and  
first responders.
Healthcare 
Segment
Industrial
Segment
Exam/Single Use1
Surgical
Cleanroom
Healthcare 
Total Revenue 
$1,104.7m
50%
18%
32%
1. Includes single use 
gloves used by 
industrial workers 
in manufacturing, 
auto repair, chemical, 
food processing and 
other industries.
Mechanical
Chemical
Others
Industrial 
Total Revenue 
$898.6m
58%
6%
36%
ANSELL LIMITED | ANNUAL REPORT 2025
02

No. 1 or 2
position in key segments 
globally
~10 billion
gloves sold per year
Provides protection solutions to
25+
industries
ANSELL LIMITED | ANNUAL REPORT 2025
03

Our Operations
New Jersey
Roswell
Brazil
Ansell Limited (Ansell) is a global company employing  
more than 15,000 people in over 55 countries. Ansell is  
legally domiciled in Melbourne, Australia and is listed on  
the Australian Securities Exchange (ASX: ANN). Ansell has  
four corporate headquarters: Melbourne, Australia; Brussels, 
Belgium; New Jersey, United States; and Cyberjaya, Malaysia.
We operate 14 manufacturing facilities with the largest  
located in Malaysia, Sri Lanka and Thailand and smaller  
plants located in Brazil, China, Lithuania, Portugal, Vietnam  
and India. Our India plant is currently used for surgical packing 
and sterilisation while we complete the commissioning of  
new lines that will be used for surgical glove production.  
These facilities produce an extensive range of products including 
mechanical gloves, chemical gloves, chemical protective clothing, 
single use gloves, surgical gloves and life sciences gloves.
We also work with third parties for the supply of selected 
finished goods, predominantly exam and single use gloves. 
Ansell presence
Manufacturing facilities
Corporate hubs
22
Warehouses
21
R&D centres
14
Manufacturing facilities
15,000+
Employees
Customers in
100+
countries
On 2 July 2024, Ansell announced the completion of the 
acquisition of 100% of the assets that constitute Kimberly-Clark’s 
Personal Protective Equipment business (renamed KBU).  
KBU designs and markets differentiated hand, body and eye 
protection products under well-known Kimtech™ and 
KleenGuard™ brands to customers in global Scientific  
(including Life Sciences) and Industrial markets.
ANSELL LIMITED | ANNUAL REPORT 2025
04

China
Portugal
Lithuania
Thailand
Sri Lanka
Malaysia
India
Brussels
Cyberjaya
Melbourne
Vietnam
05
ANSELL LIMITED | ANNUAL REPORT 2025
05

Customer Success Stories
The following stories highlight how Ansell delivered measurable value to customers in FY25 – through innovative products and services, 
a global support network, and a deep understanding of safety needs.
From Supplier to Safety Partner: Elevating Protection with Vestas
Vestas is a global leader in sustainable energy solutions, with more than 35,000 
employees dedicated to designing, manufacturing, installing and servicing onshore  
and offshore wind turbines worldwide. With over 190 GW of wind turbines across  
88 countries, Vestas has installed more wind power than any other company.  
Embedded in its operations is a strong commitment to safety, sustainability and  
quality across the entire value chain.
In 2019, Vestas launched an initiative to streamline its personal protective equipment 
(PPE) procurement strategy. The goal was to reduce supplier complexity, enhance 
safety compliance, and consolidate PPE sourcing with trusted, high-performance 
partners. Ansell supported this effort with a long-term approach focused on reliability, 
innovation and value creation. The partnership began with hand protection and steadily 
expanded across Vestas’ European sites. Over time, Ansell became a key PPE supplier, 
delivering solutions for mechanical, chemical, and single-use glove applications.  
More recently, the collaboration has grown to include body protection.
Looking ahead, the partnership is expected to continue to deepen through initiatives  
to upgrade the PPE Ansell supplies as the company’s safety needs evolve, enhancing 
standardisation of specific types of PPE used across plants, and introducing targeted 
worker education programs around the use of PPE. This collaboration highlights how 
Ansell has evolved from a glove supplier to a comprehensive safety and training 
partner – delivering practical, measurable improvements in worker protection and 
operational efficiency across Vestas’ operations.
Advancing Safety and Sustainability for a Swiss Hospital Group
One of Switzerland’s largest private hospital groups – comprising over 17 hospitals,  
100 specialised centers, and more than 2,000 doctors – uses more than one million  
pairs of surgical gloves annually. As part of their corporate strategy, the group has 
made sustainability a core priority, aiming to reduce their environmental footprint  
and contribute to the well-being of future generations. When the procurement team 
launched an initiative to streamline their surgical glove supplier base across the 
network, a key priority was selecting partners whose sustainability goals and core 
values aligned closely with their own.
In addition to demonstrating alignment with the customer’s sustainability goals  
by sharing our own 2040 Action Plan and corporate sustainability strategy, Ansell 
showcased how our high-quality, innovative surgical gloves could directly support  
the customer’s environmental targets. Using proprietary tools like the SMART Pack™ 
calculator, we illustrated how switching to GAMMEX™ surgical gloves – packaged in  
our space- and emissions-saving SMART Pack™ packaging – could meet the needs of its 
surgeons while significantly reducing the hospital network’s environmental footprint. 
Specifically, we showed that purchasing through Ansell could lead to a one-third 
reduction in annual storage space for surgical gloves and a 24% decrease in packaging 
waste across the hospital network. This fact-based, data-driven approach enabled us  
to translate shared sustainability values into measurable impact, playing a pivotal role 
in securing the partnership.
By clearly quantifying the sustainability and operational benefits of working with Ansell, 
we were able to differentiate ourselves from competitors and secure the business.  
This partnership underscores our ability to deliver measurable value to customers 
through innovation, global reach and a shared commitment to responsible healthcare.
ANSELL LIMITED | ANNUAL REPORT 2025
06

Leveraging Expertise to Support Colombian Vaccine Production
After more than two decades without local vaccine manufacturing, a newly launched 
Colombian biotechnology company set an ambitious goal: to produce 100 million doses 
of various vaccines annually. To make this vision a reality, they needed more than a PPE 
supplier - they needed a partner with deep life sciences expertise and proven experience 
navigating the complexities of cleanroom and pharmaceutical environments.
Ansell began advising the company in late 2023, offering guidance on the PPE and 
accessories needed to meet the strict requirements of ISO-classified cleanroom 
environments. Over two years and more than 50 touchpoints, our safety and technical 
experts built a strategic, cross-border alliance – drawing on teams across four Latin 
American countries to deliver what local suppliers could not. With a deep understanding 
of contamination control, pharmaceutical hazards, and GMP requirements, our specialists 
provided expert consultation, custom training, multilingual resources and visual 
implementation tools. We co-developed facility-specific materials, conducted detailed 
audits, and ensured reliable PPE supply – even amid logistical challenges – thanks to 
our strong regional footprint and supply chain capabilities.
This partnership stands as a powerful example of Ansell’s ability to deliver industry-
specific value at scale. Together, we helped this pioneering facility launch with safety, 
precision and confidence – safeguarding not just workers, but the health of millions  
of patients who will benefit from the company’s vaccines across Latin America.
Addressing the Needs of a Leading Global Automotive Manufacturer 
When workers at a leading global automotive manufacturer began experiencing 
recurring issues with their cut protection sleeves – ranging from premature failure to skin 
irritation – the company set out to find a better solution for hand and arm cut protection 
needs. They wanted to work with a safety partner with the expertise to understand what 
was driving the problems with the existing products so that they could feel confident  
that future products they chose would represent a reliable, long-term fix.
Ansell partnered with the customer’s EHS team and our distributor partner to conduct  
a hands-on assessment of daily operations, focusing on identifying root causes of the 
issues and identifying a solution that met worker comfort, skin health and safety needs. 
Following a comprehensive evaluation, the customer selected the HyFlex™ 11-250 sleeve 
– a high-performance solution engineered with Ansell’s proprietary INTERCEPT™ 
technology for advanced cut protection, and constructed with breathable, skin-friendly 
yarns to enhance comfort. The results were clear: the sleeve delivered twice the 
product lifespan, reduced skin irritation and significantly improved wearer comfort – 
leading to higher worker satisfaction and greater operational efficiency.
What began as a relationship to solve a specific challenge related to arm protection 
needs has grown into a broader partnership, with new projects underway to explore hand 
and arm protection needs for assembly and welding applications at the customers’ sites. 
Through deep knowledge, responsive support and unmatched product innovation, Ansell 
continues to help this leading manufacturer build a safer, smarter future for its workers.
ANSELL LIMITED | ANNUAL REPORT 2025
07

Dear Shareholder,
Fiscal 2025 (FY25) was a successful year for Ansell. For the first 
time since the onset of the COVID-19 pandemic in 2020 we traded 
free of its lingering effects in key healthcare end markets, with the 
underlying strength of our company able to reassert itself. 
It was encouraging to see a return to top and bottom line growth, 
underwritten by key investments and changes we have made to 
the business in recent years. These successes contributed to  
FY25 Adjusted Earnings Per Share (EPS) of 126.1 cents, which  
was at the upper end of the original guidance range we provided 
in August 2024 as well as the upgraded guidance provided in 
February 2025.
Recent Investments Delivering Clear Benefits
Throughout the period of pandemic volatility we remained 
focused on investing where we saw the potential for long term 
value creation, and it is heartening to see benefits emerging 
from those investments, including higher sales from innovative 
new products offering solutions to previously unmet customer 
safety needs, a leaner and fitter company organisational structure 
and a manufacturing network better able to deliver on our growth 
objectives, and a stronger presence in attractive end markets 
through the acquisition of Kimberly-Clark’s Personal Protective 
Equipment business (KBU).
FY25 was the second year of our Accelerated Productivity 
Investment Program (APIP), launched at the outset of FY24 to 
adjust our business in response to post-pandemic operating 
conditions and position us for our next phase of growth. Key 
organisational and manufacturing changes have been embedded 
and are contributing to improved growth and efficiency outcomes. 
The next phase of the program will see us take the final steps  
to embed a single ERP system across the company, and the 
Board is confident in the capability and capacity of our teams  
to deliver these system upgrades on time and without disruption.
The capital raising process for the KBU acquisition was well 
supported by investors in late FY24, and that support was 
rewarded in FY25 with the business contributing strongly to the 
group result. This performance was enabled by the successful 
completion of a complicated integration process, which now 
unlocks value opportunities in FY26 and beyond through 
accelerated growth in scientific end markets and incremental 
cost saving opportunities.
Planet and People – Winning Through 
Sustainability
Our sustainability efforts do not just improve environmental  
and labour rights outcomes in our operations and supply chain, 
they also help our customers achieve their sustainability goals.
Chair’s Review
Throughout the period of pandemic 
volatility we remained focused on 
investing where we saw the potential 
for long term value creation, and  
it is heartening to see benefits 
emerging from those investments.
Nigel D Garrard 
Chair
08
ANSELL LIMITED | ANNUAL REPORT 2025

In 2022 we set a target to achieve net-zero Scope 1 and 2 
greenhouse gas emissions by FY40, and I am pleased to report 
that the Science Based Targets initiative (SBTi) has now approved 
our commitment to reach net-zero greenhouse gas emissions 
across the value chain by FY45, which includes our newly 
announced commitment to reduce absolute Scope 3 greenhouse 
gas emissions by 90% by FY45. We’ve also committed to ensuring 
that 90% of our suppliers by spend, covering purchased goods 
and services and upstream transportation and distribution,  
have their own science-based targets in place by FY30, as we 
seek to drive improved climate outcomes right across our value 
chain. Increasingly these efforts are valued by our customers, 
where we see growing demand for low carbon solutions. 
We strive to ensure safe and respectful workplaces across  
our manufacturing and sourcing networks, and I am pleased  
that we saw reduced injury rates and improvements in supplier  
assessment ratings in FY25. This speaks to the safety first  
culture of our manufacturing teams and the effectiveness  
of our Supplier Management Framework in delivering better 
labour conditions right across our supply chain.
Further details on our sustainability priorities and efforts are 
outlined in our 2025 Sustainability Report and Labour Rights 
Report, which I encourage all shareholders to read.
Shifting Trade Policies Requires Flexibility
The global shift towards trade protectionism accelerated in  
the second half of FY25 with tariffs announced on imports into 
the United States. 
Our teams are responding through implementing price increases 
to offset the increased costs and reducing local sourcing exposure 
to China where imports are subject to higher tariffs.
In recent years we have put a premium on retaining flexibility  
in our manufacturing and supplier network, and we believe  
this equips us well to respond to any changes in the relative 
attractiveness of our production or sourcing locations that  
might be triggered by trade policy shifts.
We also believe the strength of our market positions –  
our industry leading brands, our differentiated products and 
services, and our deep customer relationships – positions us  
well to succeed in these times of change.
A Stronger Business Heading into FY26
Though we face an uncertain global trading environment, the 
Board believes that the significant work undertaken over the 
last few years – including broadening our range of differentiated 
safety solutions, enhancing our positions in growing markets 
where our differentiation resonates most with customers, and 
improving the effectiveness and productivity of our organisation 
and supply chain – positions us to deliver strong outcomes for 
shareholders in the years to come.
I would like to thank and acknowledge the efforts of the  
many Ansell employees over the past year, led well by CEO  
Neil Salmon and his executive leadership team. The strong 
progress our company has made in FY25 is a testament to their 
hard work and dedication.
I would also like to take the opportunity to welcome Randy 
Stone to the Ansell Board of Directors. Randy has extensive 
international executive experience in industries that are closely 
aligned with Ansell’s, including with Avantor and DuPont, and  
his insights and expertise will be valuable as we move into FY26. 
Randy replaces Morten Falkenberg who retired at the end of 
May, and I would like to thank him for the contributions he  
made during his time on our Board.
Thank you for your continued shareholding and support.
Yours sincerely,
Nigel D Garrard  
Chair
ANSELL LIMITED | ANNUAL REPORT 2025
09

Chief Executive Officer’s Review
Dear Shareholder,
Twelve months ago as we began FY25 it was encouraging  
to outline to our shareholders a positive outlook for Ansell.  
Top line growth was returning following a long period of 
post-pandemic end-market disruptions in our Healthcare 
segment and we were seeing benefits from changes made to  
our organisational structure and our manufacturing and supply 
chain configuration as part of our Accelerated Productivity 
Investment Program (APIP), commenced in July 2023. In addition, 
the completion of the acquisition of Kimberly-Clark’s Personal 
Protective Equipment business (KBU) on the first day of the 
financial year created a significant opportunity to accelerate 
growth in attractive scientific end markets.
It is with great pleasure that I am able to report that we 
succeeded against each of the objectives we set out for the year, 
with strong top and bottom line growth augmented by a KBU 
performance ahead of expectations, enabled by a seamless and 
accelerated integration process. These successes came in an 
external environment that became more challenging and 
uncertain as the year progressed, and yet we were able to 
deliver Adjusted Earnings Per Share (EPS) near the top of our 
original guidance range.
Overview of Financial Performance
Group sales of $2.0 billion for FY25 were up 7.7% versus the  
prior year on an Organic Constant Currency basis and up 23.7% 
on a reported basis, with strong growth achieved in both our 
Industrial and Healthcare segments.
It was very pleasing to deliver 5.6% Organic Constant Currency 
sales growth and 14.4% sales growth on a reported basis in our 
Industrial segment in what were subdued manufacturing end 
market conditions. Our Mechanical business benefited from  
a very strong contribution from new products, including our 
Ringers™ range, where we are developing a new market  
for lightweight impact protection solutions, as well our  
HyFlex™ ultra-lightweight cut protection styles. Chemical  
growth was supported by a strong increase in the use of our 
AnsellGUARDIAN™ Chemical service which simplifies the 
product selection process for our customers based on an 
assessment of the specific chemicals used in their production 
facilities, an example of how we leverage our industry-leading 
services capability to provide safety solutions tailored to the 
individual needs of our end users.
Organic Constant Currency sales growth of 9.4% and reported 
sales growth of 32.4% in our Healthcare segment reflected a 
normalisation in demand following the significant destocking 
effects experienced in FY24, most apparent in the double-digit 
growth rates in our Surgical and Cleanroom businesses. 
We delivered on our performance 
commitments while ensuring that  
our first year of ownership of the KBU 
business was a resounding success.
Neil I Salmon 
Managing Director and 
Chief Executive Officer
ANSELL LIMITED | ANNUAL REPORT 2025
10

$282.1m
EBIT
126.1¢
Adjusted Earnings Per Share
Cleanroom sales also benefited from double-digit growth  
in the Kimtech™ portfolio of cleanroom solutions within the 
acquired KBU business.
Our FY25 earnings before interest and tax (EBIT) were $282.1m 
before Significant Items, representing Organic Constant Currency 
growth of 10.4% and reported growth of 44.3% versus FY24.  
EBIT growth was driven by higher sales, improved manufacturing 
productivity including increased APIP savings, and supported  
by the strong first year contribution from KBU which I  
mentioned earlier. 
This growth in earnings translated to Adjusted EPS of 126.1 cents,  
a substantial increase on the 105.5 cents delivered in FY24. 
Adjusted EPS excludes Significant Items primarily associated 
with the KBU acquisition and integration, as well as APIP,  
which I will discuss further.
KBU Integration & Performance
On 1 July 2024 we completed the acquisition of KBU, Ansell’s 
largest ever acquisition.
The very complex nature of the carve out of KBU from  
Kimberly-Clark Corporation required us to dedicate significant 
time and effort to ensure a successful integration. I am very 
pleased to say that we were able to achieve this milestone 
ahead of schedule and delight our customers – who know very 
well how challenging such projects can be – with a seamless 
transition to Ansell systems, all while delivering results ahead  
of our original business case. This reflects extremely well on  
the detailed planning and high-quality execution of our many 
cross-functional teams engaged in the integration process,  
as well as the calibre and commitment of our new KBU employees 
who have transitioned smoothly to Ansell and are now part of  
an integrated organisational structure.
With integration complete we can now sharpen our focus on 
maximising the potential of our enhanced cleanroom, laboratory 
and industrial safety solutions. We can also realise meaningful 
synergies, and I am encouraged that following a review of 
business performance and the sources of combined value 
creation we are now able to upgrade our FY27 net pre-tax  
cost synergies target from $10m to $15m.
Accelerated Productivity Investment  
Program (APIP)
We launched APIP midway through 2023, a multi-year program 
focused on optimising the productivity of our manufacturing 
resources and supply chain, improving demand and supply 
planning, unifying our ERP systems and repositioning our 
organisation for growth.
We are now two years into the program and have made 
significant progress towards achieving its objectives. 
Organisational changes were completed in FY24 and the 
benefits of our more customer-focused organisational structure 
are evident in the strong Organic Constant Currency sales 
growth achieved in FY25. 
ANSELL LIMITED | ANNUAL REPORT 2025
11

Manufacturing and supply chain changes commenced in FY24 
have now also been completed. These have included automation- 
enabled workforce reductions, exiting production of low-margin 
chemical household gloves, relocating production of some 
chemical protective garments from China to Sri Lanka to create 
sourcing flexibility and to take advantage of lower cost 
production capacity, and upgrading key warehouses.
Savings from organisational and manufacturing and supply 
chain changes totaled $47m in FY25, and we remain on track  
to achieve the upgraded savings target of $50m in FY26.
The focus of the program has now shifted to upgrading our 
commercial ERP systems, with initial implementations 
commencing in FY26. Once completed, Ansell will be operating 
for the first time on a single, modern ERP system. This will 
deliver a significant step-up in our digital capabilities, further 
improve the experience of our customers and unlock additional 
productivity improvements.
Progress on Sustainability Commitments
At Ansell, we believe leadership in sustainability is good  
for business.
Our vision is to lead the world to a safer future and this  
starts with our own people. After recording an increase in our 
Total Recordable Injury Frequency Rate (TRIFR) in FY24 we  
were determined to see improvement in FY25, and we finished 
the year with TRIFR down 16%. TRIFR is trending below our  
FY30 target and we won’t compromise in our effort to ensure 
consistently strong safety outcomes right across our  
operating footprint.
Respect for the rights of those that work in our operations and 
supply chain is integral to the way we operate and of significant 
importance to our customers. This year we increased the 
proportion of our operational employees working a maximum 
60-hour workweek, with 9 out of 14 plants operating to this 
standard. Our Supplier Management Framework (SMF) 
operationalises our labour rights standards for our in-scope 
supply chain partners. This year, we saw improved ratings of  
our suppliers of both finished goods and raw materials, evidence 
of the progress our industry and those that supply it are making 
in addressing important labour rights issues. We did identify 
labour rights compliance issues at a few out-of-scope small 
Malaysian suppliers and we are actively engaging with these 
suppliers to ensure remediation plans are effectively 
implemented. We have also initiated a review of the SMF 
scoping criteria and thresholds to ensure the SMF remains 
responsive to emerging risks.
In FY25, our renewable energy investments enabled us to  
achieve a reduction in Scope 1 and 2 emissions and 50% 
renewables in our energy mix, despite increased energy 
consumption from a large increase in production volumes.  
9 of our 14 plants are now using 100% renewable electricity,  
up from seven in FY24, putting us well on track to achieve our 
target of sourcing 100% of electricity from renewable sources  
in our manufacturing plants by 2040. We are also continuing  
to refine our reverse osmosis water purification systems and 
remain committed to reduce water withdrawals by 35% by  
FY27 versus the FY20 baseline.
With customer demand for sustainable products increasing,  
a key focus of our innovation program is enhancing 
differentiation through reducing the environmental impact  
of our products. In FY25, 80% of the new and updated products 
we launched featured reduced environmental impacts – from 
incorporation of low-energy-consumption materials to 
minimised packaging to enhanced reusability and recyclability. 
Further initiatives are also underway to bring our RightCycle™ 
program to more customers after we successfully qualified 
top-selling products in the BioClean™ cleanroom portfolio  
and the entire safety eyewear and goggles category this year.  
In order to scale up this program economically we have set 
ambitious targets to increase the volume that our third-party 
recyclers can manage while also reducing the recycling cost  
to a fraction of the current cost. To show our commitment,  
we set a FY26 goal to achieve a 20% increase in landfill  
waste diversion through RightCycle™ as we expand capability  
and capacity.
In July 2025, our net-zero emissions reduction targets were 
officially approved by the Science Based Targets initiative (SBTi), 
covering Scope 1, 2 and relevant Scope 3 emissions to support 
our commitment to reach net-zero greenhouse gas emissions 
across the value chain by FY45. Encouragingly, for the second 
year running our sustainability efforts were recognised by 
leading sustainability rating agencies with Morningstar 
Sustainalytics including us in its ESG Top-Rated Companies list. 
This is satisfying external acknowledgement of our industry 
leadership in providing safe, respectful and inclusive workplaces 
and for protecting the rights of our employees and workers in 
our supply chain.
Chief Executive Officer’s Review continued
ANSELL LIMITED | ANNUAL REPORT 2025
12

Near Term Strategic Priorities
A feature of our sales growth in FY25 was the extent to which it 
was supported by investments in differentiated safety solutions, 
where new products and enhanced services increasingly help 
provide our end user customers with the right solutions to their 
specific safety problems. We aim to build on this success in FY26, 
both through new products including an expanded portfolio of 
multi-hazard chemical protection solutions, and our next-
generation suite of AnsellGUARDIAN™ and related services 
including the RightCycle™ recycling program. 
With the macroeconomic outlook remaining uncertain, 
particularly in mature markets, our diverse geographic and 
vertical exposure combined with our broad product portfolio 
provides us with opportunities to drive continued growth, 
including in emerging markets and verticals benefiting from 
growing public and private investment.
Operationally, we must continue to drive productivity 
improvements within our manufacturing and commercial 
operations where we are stepping up our focus on automation. 
We must retain the flexibility to deal with further changes in 
trade policies, and leverage our diverse manufacturing footprint 
and sourcing flexibility to ensure we are making and procuring 
our products at the optimal cost. We must also execute the ERP 
phase of our APIP program with excellence, beginning with 
cutovers to upgraded systems in North America.
FY26 Outlook
We enter the new financial year with good momentum,  
and despite the broader market outlook remaining uncertain,  
I am confident that the positive momentum we have established 
throughout FY25 will translate to continued growth in FY26.
We expect sales to grow on higher volumes and pricing to offset 
in full the cost burden of higher tariffs in the US. EBIT is expected 
to benefit from higher sales, improved manufacturing and supply 
chain productivity, and a step up in KBU synergies.
All of us at Ansell are proud of what we have been able to  
achieve in FY25, and my thanks go to our team of more than 
15,000 employees who have worked tirelessly and with great 
passion to ensure that we delivered on our performance 
commitments including ensuring that our first year of ownership 
of the KBU business was a resounding success. Now we look 
forward to building on these achievements in FY26 and beyond.
Neil I Salmon 
Managing Director and Chief Executive Officer
ANSELL LIMITED | ANNUAL REPORT 2025
13

Our Strategic Priorities
Enhancing Key 
Dimensions of 
Value Creation
Differentiated 
Customer Solutions 
Aligned to Industry 
Trends
Diverse Vertical and 
Geographic Presence 
Providing Growth 
Opportunities Through 
the Economic Cycle
Productivity-Enhancing 
Investments to Enable 
Growth and Mitigate 
Cost Inflation
Balanced, Disciplined 
and Effective Capital 
Allocation
FY26 Actions
Leading 
Positions  
in Growing 
Markets
Comprehensive 
Product 
Portfolio
Service  
Solutions 
Valued by 
Customers
Sustainability 
Leadership
Strong 
Cash Flows
Resilient 
Supply 
Chain
•	Pivoting focus to favoured 
verticals and geographies
•	Enabled by end-user 
focused sales approach
•	Further ‘new to industry’ 
product launches, including 
in chemical protection
•	Enabled by new innovation 
roadmaps and sharper  
R&D focus
•	Launching next-gen  
suite of AI enabled 
AnsellGUARDIAN™ services 
•	Scaling up RightCycle™ 
recycling program
•	Reducing China sourcing 
dependence
•	Further investments in 
automation capabilities
•	Commencing glove dipping in 
greenfield India Surgical facility
•	Expanding portfolio of low 
carbon solutions
•	Lower energy costs from 
renewable investments
•	Capex mix shifting from 
capacity investments  
to productivity
•	Resuming on-market 
buyback
FY26 Actions Reinforcing our Investment Proposition
ANSELL LIMITED | ANNUAL REPORT 2025
14

ANSELL LIMITED | ANNUAL REPORT 2025
15

Financial Performance
Basis of Preparation
Currency Reporting 
The US Dollar is the predominant global currency of Ansell’s business transactions and the currency in which the Group’s operations 
are managed and reported. Non-US Dollar values are included in this report where appropriate.
Non-IFRS measures
Ansell’s financial results are reported under International Financial Reporting Standards (IFRS). Certain non-IFRS measures are 
presented in this report to enable understanding of the performance of Ansell without the impact of non-trading items and foreign 
currency impacts. Non-IFRS measures have not been subject to audit or review. The non-IFRS measures are defined as follows and 
apply throughout this report:
•	 Adjusted EPS – defined as Earnings Per Share (EPS) excluding 
Significant Items and related tax impacts.
•	 Adjusted Effective Tax Rate – calculated excluding Significant 
Items. $16.6m income tax benefit for FY25 is attributable to 
Significant Items (FY24: $11.1m).
•	 Adjusted Profit Attributable – defined as Profit Attributable 
excluding Significant Items and related tax impacts.
•	 Constant Currency – the presentation of Constant Currency 
information is designed to facilitate comparability of  
reported earnings by restating the prior period’s results at  
the exchange rates applied in determining the results for the 
current period. This is achieved by analysing and estimating, 
where necessary, revenue and cost transactions by underlying 
currencies of our controlled entities. These transactions are 
converted to US dollar at the average exchange rates 
applicable to the current period on a month by month basis 
(Currency Effect). In addition, the profit and loss impact of  
net foreign exchange gains/losses is excluded from the current 
and prior year’s results (Net Exchange Loss). The principles of 
Constant Currency reporting and its implementation are 
subject to oversight by the Audit and Compliance Committee 
of the Board.
•	 EBIT – defined as Earnings Before Interest and Tax excluding 
Significant Items. 
•	 EBIT or GPADE Margin – defined as EBIT or GPADE as a 
percentage of sales.
•	 EBITDA – defined as Earnings Before Interest, Tax, 
Depreciation and Amortisation excluding Significant Items. 
•	 GPADE – defined as Gross Profit After Distribution Expenses. 
Gross Profit means sales less cost of goods sold.
•	 Organic Constant Currency – compares the current period’s 
performance to the prior period’s results on a Constant  
Currency basis (as defined previously), normalising for  
the effects of acquisitions, divestments, and business exits,  
defined on page 17. 
•	 SG&A – defined as Selling, General and Administration 
expenses excluding Significant Items.
•	 Significant Items – defined as income or expense items  
that are unusual or infrequent, also known as non-recurring. 
See Note 3(b) Significant Items of the Group’s audited FY25 
Financial Statements.
ANSELL LIMITED | ANNUAL REPORT 2025
16

Comparative Year – FY24 Organic Constant Currency Reconciliation
The purpose of this reconciliation is to illustrate the impact of foreign currency movements (Currency Effect and Net Exchange Loss), 
as defined on page 16, and the adjustments outlined below on the FY24 comparative results. This is designed to facilitate 
comparability of reported earnings with current year performance on a like-for-like basis.
•	 KBU Acquisition: Incremental business performance results from the newly acquired KBU business and the impact of capital  
changes related to funding the KBU acquisition. The KBU business performance results have been prepared in reliance on unaudited 
financial information from management accounts prior to the acquisition. To present the KBU business performance as if it was a 
discrete legal entity certain adjustments have been made, including the removal of one-off and non-recurring income and expense 
items and the inclusion of certain costs required to run the business on a standalone basis. This non-IFRS financial information is 
considered useful to assist in the comparability of the financial performance and condition of the business.
•	 Exited Retail Household Gloves: Exclusion of results from the discontinued retail household gloves business.
Healthcare
Industrial
Unallocated
Group
Prior Period Sales
 
Reported Sales
$834.2m
$785.1m
-
$1,619.3m
Plus KBU Acquisition
$176.1m
$96.7m
-
$272.8m
Less Exited Retail Household Gloves
($0.1m)
($25.7m)
-
($25.8m)
Remove Currency Effect
($0.4m)
($5.0m)
-
($5.4m)
Organic Constant Currency Sales
$1,009.8m
$851.1m
-
$1,860.9m
Prior Period EBIT
Reported EBIT
$81.1m
$129.3m
($14.9m)
$195.5m
Plus KBU Acquisition
$52.4m
$16.1m
-
$68.5m
Less Exited Retail Household Gloves
-
($7.0m)
-
($7.0m)
Remove Currency Effect
($9.5m)
($2.4m)
$0.5m
($11.4m)
Remove Net Exchange Loss
$5.0m
$5.8m
-
$10.8m
Organic Constant Currency EBIT
$129.0m
$141.8m
($14.4m)
$256.4m
Prior Period Profit Attributable
Reported Profit Attributable
$76.5m
Remove Significant Items 
$55.1m
Adjusted Profit Attributable
$131.6m
Plus KBU Acquisition1
$32.4m
Less Exited Retail Household Gloves
($5.7m)
Remove Currency Effect
($11.4m)
Remove Net Exchange Loss
$8.0m
Organic Constant Currency Profit Attributable
$154.9m
Organic Constant Currency Adjusted EPS2
106.2¢
1.	KBU Acquisition adjustment to Adjusted Profit Attributable includes interest expenses ($25m) arising from the additional USPP note issued to fund the KBU 
acquisition and the related tax impact ($6.4m).
2.	Organic Constant Currency Adjusted EPS is adjusted for the FY24 share issuance. The organic adjustment to the weighted average number of shares  
(in millions) is as follows:
Reported
128.7
Adjustment
17.1
Organic basis
145.8
ANSELL LIMITED | ANNUAL REPORT 2025
17

Financial Performance continued
Group Income Statement
 
FY25
FY24
Growth %
Organic Constant 
Currency Growth %
Sales
$2,003.3m
$1,619.3m
23.7%
7.7%
EBIT
$282.1m
$195.5m
44.3%
10.4%
EBIT Margin
14.1%
12.1%
Significant Items
($98.2m)
($66.2m)
48.3%
N/A
Net Interest
($40.0m)
($20.6m)
94.2%
(12.7%)
Taxes
($40.3m)
($31.2m)
29.2%
4.4%
Adjusted effective tax rate
23.5%
24.2%
Minority Interests
($2.0m)
($1.0m)
100.0%
N/A
Profit Attributable
$101.6m
$76.5m
32.8%
18.8%
EPS
69.9¢
59.4¢
17.7%
N/A
Adjusted EPS
126.1¢
105.5¢
19.5%
19.2%
Dividend per share
50.20¢
38.40¢
30.7%
N/A
Group Sales
Ansell FY25 sales were $2,003.3m, representing an increase  
of 23.7% on a reported basis and 7.7% on an Organic Constant 
Currency basis.
Healthcare sales increased 9.4% on an Organic Constant Currency 
basis, with Surgical and Cleanroom sales recovering from the 
effects of customer destocking in FY24 and double-digit growth  
in the acquired portfolio of Kimtech™ Cleanroom products.
Industrial sales increased 5.6% on an Organic Constant Currency 
basis, helped by success with new products.
Significant Items – Brand Restructuring
KBU has provided us with a strong portfolio of scientific and 
industrial safety products sold under market-leading Kimtech™ 
and KleenGuard™ brands. In order to simplify and enhance the 
growth potential of our combined portfolio, we have decided to 
rebrand some non-KBU products to the KBU brands, which will 
result in a number of smaller Ansell brands being retired. These 
changes require us to book a non-cash charge of $41.3m against 
the values of these retired brands which we have included in 
Significant Items.
FY25
FY24
Organic Constant Currency Growth %
  Healthcare
Industrial Unallocated
Group  Healthcare
Industrial Unallocated
Group  Healthcare
Industrial Unallocated Group
Revenue
$1,104.7m
$898.6m
-
$2,003.3m
$834.2m
$785.1m
-
$1,619.3m
9.4%
5.6%
-
7.7%
EBIT
$141.9m
$155.5m
($15.3m)
$282.1m 
$81.1m
$129.3m
($14.9m)
$195.5m 
10.4%
9.9%
6.3%
10.4%
EBIT 
Margin
12.8%
17.3%
N/A
14.1% 
9.7%
16.5%
N/A
12.1% 
Group EBIT
Ansell FY25 EBIT was $282.1m, representing an increase of  
44.3% on a reported basis and 10.4% on an Organic Constant 
Currency basis.
EBIT was higher than FY24 on an Organic Constant Currency 
basis due to higher sales, improved manufacturing utilisation, 
incremental savings from the Accelerated Productivity 
Investment Program (APIP) and successful integration of KBU, 
including an initial cost synergy benefit. Partially offsetting this 
were higher freight costs, including temporarily higher usage  
of air freight to deliver accelerated sales growth, and higher  
raw material costs, with these headwinds reducing in the second 
half from pricing and reduced usage of air freight. The higher 
growth on a reported basis reflects the incremental contribution 
from the acquired KBU business. 
EBIT Margin increased from 12.1% in FY24 to 14.1% in FY25,  
with the benefits to margin of improved manufacturing 
utilisation and higher APIP savings augmented by a mix benefit 
from the acquired KBU business, partially offset by higher SG&A 
costs primarily due to better incentive outcomes versus FY24.
Foreign Exchange
The overall impact of foreign exchange on earnings was 
moderately unfavourable versus FY24, with adverse movements 
in foreign exchange rates partially offset by reduced losses on 
hedge contracts.
Net Interest Expense
Net interest expense was $40.0m in FY25, an increase versus 
FY24 due to the incremental debt required to fund the KBU 
acquisition completed on 1 July 2024. The average interest rate 
on borrowings was 5.0% (FY24: 5.4%). Refer to the ‘Net Debt’ 
commentary on page 20 for further detail.
Tax Expense
The effective tax rate (excluding Significant Items) was 23.5%  
in FY25, a moderate decrease versus the 24.2% in FY24 due  
to greater utilisation of unbooked tax losses in Australia.
ANSELL LIMITED | ANNUAL REPORT 2025
18

Acquisition of Kimberly-Clark’s Personal 
Protective Equipment business (KBU)
On 8 April 2024, Ansell announced the acquisition of 100% of  
the assets that constitute KBU for final consideration of $635.1m. 
The acquisition was completed on 1 July 2024 and has been 
accounted for as a business combination in accordance with 
AASB 3 Business Combinations.
For the majority of FY25 the KBU business was operated under  
a transitional services agreement with Kimberly-Clark. Cutovers 
to Ansell systems were successfully completed in the second 
half, with integration now complete.
The acquisition resulted in the recognition of $635.1m of net 
assets, including $148.9m of brands, and $477.0m of goodwill. 
Acquisition and integration costs of $39.5m have been expensed 
and reported as Significant Items in FY25. Refer to Note 3(b) 
Significant Items and Note 20 Acquisition of KBU business  
of the Group’s audited FY25 Financial Statements.
KBU sales in FY25 were $274.2m, representing growth of 0.7%  
on an Organic Constant Currency basis which was ahead of  
our business case. Double-digit growth in Kimtech™ cleanroom 
products was offset by an expected decline in KleenGuard™ 
industrial safety products which were sold by Kimberly-Clark sales 
teams through the transitional services period. Full responsibility 
for KleenGuard™ sales and marketing has now been transitioned 
to Ansell teams.
KBU EBIT in FY25 was $75.3m, representing growth of 10.7%  
on an Organic Constant Currency basis. Growth was ahead  
of our business case, driven by better-than-expected sales  
and overall margin favourability.
Early completion of integration and better than expected 
financial performance enabled $5m in net pre-tax cost synergies 
to be realised in FY25. Having re-examined our acquisition 
business case and synergy plans, we are now upgrading our  
FY27 annualised net pre-tax cost synergies target from $10m  
to $15m. This increased target reflects a lower sales reduction 
on integration than originally expected, and an increased supply 
chain savings opportunity. Encouraged by the evident strength 
of the acquired KBU brands, we are also commencing a program 
to simplify our brand architecture and consolidate the KBU  
and Ansell product portfolios, leveraging the market-leading 
KBU brands.
Accelerated Productivity Investment Program 
(APIP) Update
In July 2023 we announced the commencement of APIP, a 
multi-year program comprising a series of productivity initiatives 
designed to adjust our business in response to post-pandemic 
operating conditions and position us for our next phase of 
growth. The core objectives of the program are to:
•	 Simplify and streamline our organisational structure.
•	 Reduce manufacturing headcount and improve manufacturing 
productivity.
•	 Accelerate our digitisation strategy, expanding our successful 
program of ERP upgrades in our manufacturing operations  
to our larger commercial entities.
Changes to our organisational structure were completed in 
FY24. The manufacturing phase of the program was completed 
in FY25, with the focus of the program now moving to the 
unification of commercial ERP systems commencing in FY26.
$15.3m of APIP costs, including $9.1m of costs associated  
with ERP upgrades, were recognised in FY25 and classified  
as Significant Items. Refer to Note 3(b) Significant Items of  
the Group’s audited FY25 Financial Statements for a summary  
of costs associated with APIP.
APIP targets FY26 annualised pre-tax cost savings of $50m, 
excluding longer-dated savings from ERP upgrades. $47m in 
savings were realised in FY25, compared to $28m in FY24. 
Expected total program one-off pre-tax cash costs remain in  
the range of $85-90m as previously guided, with $14m incurred 
in FY25 and $58m incurred since the commencement of the 
program. The remaining cash spend is associated with ERP 
system implementations.
ANSELL LIMITED | ANNUAL REPORT 2025
19

Financial Performance continued
Group Statement of Financial Position
 
FY25
FY24
$ Change
% Change
Inventories
$584.7m
$457.9m
$126.8m
27.7%
Trade receivables
$226.0m
$200.4m
$25.6m
12.8%
Trade payables
($250.9m)
($225.5m)
($25.4m)
11.3%
Net working capital
$559.8m
$432.8m
$127.0m
29.3%
Property, plant and equipment
$377.2m
$349.3m
$27.9m
8.0%
Intangible assets
$1,655.5m
$1,054.8m
$600.7m
56.9%
Other assets/liabilities
($39.6m)
$21.1m
($60.7m)
(287.7%)
Capital employed
$2,552.9m
$1,858.0m
$694.9m
37.4%
Net debt
($570.2m)
$52.2m
($622.4m)
(1,192.3%)
Total equity
$1,982.7m
$1,910.2m
$72.5m
3.8%
Capital employed increased by $694.9m in FY25, largely due  
to the consolidation of the acquired KBU business, including 
increased intangible assets of $148.9m in acquired brands and 
$477m in recognised goodwill. The year over year movement  
in other assets/liabilities is mainly driven by increased liabilities 
on derivative financial instruments, recognition of deferred  
tax liabilities in relation to the KBU acquisition and increased 
provisions for employee entitlements.
Net Debt
 
FY25
FY24
$ Change % Change
Interest bearing 
liabilities
$698.9m
$766.3m
($67.4m)
(8.8%)
Cash at bank  
and short-term 
deposits
$235.4m
$909.4m
($674.0m)
(74.1%)
Net interest 
bearing liabilities
$463.5m
($143.1m)
$606.6m
(423.9%)
Lease liabilities
$106.7m
$90.9m
$15.8m
17.4%
Net debt
$570.2m
($52.2m)
$622.4m
1,192.3%
Net debt at 30 June 2025 was $622.4m higher than at 
30 June 2024 due to the $635.1m cash consideration paid for  
the KBU acquisition. Excluding the KBU consideration, net debt 
reduced by $12.7m in FY25. Net debt to EBITDA in FY25 was 1.6x 
(FY24: 1.8x).
The Group maintains strong liquidity with $738.2m of undrawn 
debt facilities and cash at 30 June 2025. The drawn debt profile 
has an average maturity tenor of approximately 5.8 years.
As at 30 June 2025, 63% (FY24: 62%) of the Group’s interest 
bearing liabilities were fixed with an average interest rate  
of 4.4% (FY24: 4.4%).
Working Capital
Inventory increased by $126.8m in FY25, with the higher balance 
including inventory from the KBU acquisition and increased safety 
stock levels in the US ahead of tariff increases. Despite higher 
inventory levels, the Group saw a slight improvement in inventory 
turns, increasing to 2.3x from 2.0x in FY24.
Collections of trade receivables remained strong in FY25 with 
the ageing profile at year end largely consistent with FY24.  
94% of gross trade receivables were within agreed credit terms, 
compared to 93% in FY24.
The increase in trade payables was primarily attributable  
to the KBU acquisition.
Capital Investment Projects
FY25 capital expenditure was slightly higher than FY24. Ansell 
continues to make capital investments to further its long-term 
strategic objectives, including:
•	 Expanded manufacturing capacity, including continued 
construction of the greenfield manufacturing facility in India;
•	 Site improvements and productivity enhancements; and
•	 Sustainability initiatives, with key investments made in solar 
panels and wastewater management systems.
Growth and expansion
Base capex including Environment, 
Health and Safety of $3.5m
Productivity and quality enhancement
FY25 CAPEX by Category
50%
34%
16%
 
ANSELL LIMITED | ANNUAL REPORT 2025
20

Group Cash Flow
 
FY25
FY24
$ Change
% Change
Net receipts from operations
$278.1m
$310.5m
($32.4m)
(10.4%)
Net cash provided by operating activities
$239.3m
$276.3m
($37.0m)
(13.4%)
Net cash used in investing activities
($703.3m)
($63.4m)
($639.9m)
1,009.3%
Net cash (used in)/generated from financing activities
($216.0m)
$536.8m
($752.8m)
(140.2%)
Net (decrease)/increase in cash and cash equivalents
($680.0m)
$749.7m
($1,429.7m)
(190.7%)
Net cash provided by operating activities decreased versus  
FY24, a year which benefited from a significant one-off working  
capital reduction following the execution of a planned slowdown 
in production to reduce inventory. In FY25, the business adjusted 
safety stock levels to support higher sales growth and respond 
to higher tariffs in the US. Net working capital as a percentage 
of sales remained broadly in line with FY24 and significantly 
improved compared to FY23. Excluding the net working capital 
movement, receipts from customers were significantly higher 
than FY24, mainly due to the incremental receipts from the 
acquired KBU business and the growth in underlying sales  
and earnings.
Net cash used in investing activities was slightly higher than 
FY24, after adjusting FY25 for the $635.1m payment to purchase 
the KBU business on 1 July 2024.
Net cash used in financing activities was $216.0m which 
included an increase in interest on interest bearing liabilities 
due to the incremental debt required to fund the KBU 
acquisition. The FY24 cash generated related to the proceeds 
from borrowings ($377m) and new shares issuance ($305.2m)  
to fund the KBU acquisition.
ANSELL LIMITED | ANNUAL REPORT 2025
21

Industrial Segment
The Industrial Segment manufactures 
and markets high-performance hand,  
eye and chemical protective clothing 
solutions for a wide range of  
industrial applications.
Ansell protects workers in industries including 
automotive, chemical, metal fabrication, machinery 
and equipment, food, construction, mining, oil & gas, 
utilities, logistics and first responders.
New Product Development Highlights
HyFlex™ 11-581
Ultra-lightweight cut 
protection glove
Providing superior cut resistance, comfort, 
dexterity and durability for workers in the 
automotive, machinery and equipment and  
metal fabrication industries.
Ringers™ R840
Light duty impact-
resistant glove
Offering crush protection for the knuckles, 
thumb and fingers for workers in industries 
including warehousing, logistics, automotive, 
manufacturing and oil & gas.
AlphaTec™ 53-003
High-end chemical 
protective glove
Providing extremely broad chemical protection, 
comfort and durability for workers exposed  
to chemical hazards in a wide range of 
manufacturing industries.
Financial Summary
FY25
FY24
Growth %
Organic 
Constant 
Currency 
Growth %
Sales
$898.6m
$785.1m
14.5%
5.6%
EBIT
$155.5m
$129.3m
20.3%
9.9%
EBIT Margin
17.3%
16.5%
 
Sales Performance
FY25 sales were $898.6m, an increase of 5.6% on an Organic 
Constant Currency basis and an increase of 14.5% on a  
reported basis. 
Organic Constant Currency growth in Mechanical was 6.7%, 
driven by success with new products and augmented by a 
benefit to sales in the first half of ~$10m as customers built 
safety stocks of the top-selling Ringers™ R840 to target levels. 
Chemical grew 4.9% on an Organic Constant Currency basis, 
driven by higher sales of our high-end chemical hand and body 
protection ranges, and supported by increased customer usage 
of our AnsellGUARDIAN™ Chemical product selection service.
EBIT Performance
FY25 EBIT was $155.5m, an increase of 9.9% on an Organic 
Constant Currency basis and 20.3% on a reported basis. 
Organic Constant Currency EBIT growth was driven by higher 
sales, improved manufacturing utilisation and increased  
APIP savings, partially offset by higher freight costs including 
temporarily higher usage of air freight in the first half to 
deliver accelerated sales growth in Mechanical.
ANSELL LIMITED | ANNUAL REPORT 2025
22

ANSELL LIMITED | ANNUAL REPORT 2025
23

Healthcare Segment
The Healthcare Segment manufactures and 
markets innovative solutions for a wide range 
of customers, including hospitals, surgical 
centres, dental surgeries, veterinary clinics, 
first responders, manufacturers, auto repair 
shops, chemical plants, laboratories and  
life science & pharmaceutical companies.
The portfolio includes surgical gloves and other operating 
room consumables, single use and examination gloves1, 
and products for life science companies including  
clean and sterile gloves, garments, and consumables.
New Product Development Highlights
Kimtech™ 
Polaris™
Nitrile disposable 
glove
Delivering superior comfort and the highest level  
of chemical protection in the Kimtech™ portfolio. 
Designed for use in laboratories and manufacturing 
of pharmaceuticals and medical devices.
GAMMEX™ PI 
Hybrid Micro
Synthetic micro 
surgical glove
Polyisoprene and neoprene blend surgical glove 
delivering enhanced comfort and durability with 
reduced allergy risk. Now in Micro, offering exceptional 
level of tactile sensitivity and dexterity for delicate 
procedures requiring utmost precision.
BioClean™ 
73-245
Accelerator-free 
neoprene aseptic 
cleanroom glove
Providing high chemical resistance, reduced allergy 
risk and extra arm protection for workers in 
cleanroom manufacturing environments.
Financial Summary
FY25
FY24
Growth %
Organic 
Constant 
Currency 
Growth %
Sales
$1,104.7m
$834.2m
32.4%
9.4%
EBIT
$141.9m
$81.1m
75.0%
10.4%
EBIT Margin
12.8%
9.7%
 
Sales Performance
FY25 sales were $1,104.7m, an increase of 9.4% on an Organic 
Constant Currency basis and an increase of 32.4% on a  
reported basis. 
Exam/Single Use sales grew 2.0% on an Organic Constant Currency 
basis, including good growth in differentiated TouchNTuff™ and 
MICROFLEX™ product ranges. Surgical sales recovered from the 
effects of significant customer destocking in FY24 and grew 20.0%  
on an Organic Constant Currency basis, augmented by a timing 
benefit to sales in the first half of ~$17m from the fulfilment of orders 
unable to be shipped in FY24 due to Red Sea disruptions. Like Surgical, 
Cleanroom sales rebounded from the effects of destocking in FY24, 
growing 15.0% on an Organic Constant Currency basis, including 
double-digit growth in Kimtech™ cleanroom products.
EBIT Performance
FY25 EBIT was $141.9m, an increase of 10.4% on an Organic 
Constant Currency basis and 75.0% on a reported-basis.  
Organic Constant Currency EBIT growth was attributable to 
increased sales including of KBU products, better operating  
leverage in manufacturing as production increased and growing 
APIP savings, partially offset by higher freight costs including 
temporarily higher usage of air freight in the first half to accelerate  
the reduction in Surgical back orders, and higher raw material costs. 
Margins improved in the second half following mid-year pricing 
actions and reduced usage of air freight.
1.	Includes single use gloves used by industrial workers in manufacturing, auto repair, chemical, food processing and other industries.
ANSELL LIMITED | ANNUAL REPORT 2025
24

ANSELL LIMITED | ANNUAL REPORT 2025
25

FY26 Outlook
End market conditions are expected to be mixed, with solid 
healthcare demand offset by subdued demand in some 
industrial verticals. In addition, the economic effects of higher 
tariffs in the US remain unclear. Against this backdrop, we 
anticipate Constant Currency sales growth from both higher 
volumes and tariff-related pricing.
Higher tariffs in the US are expected to be offset in full by price 
increases, with initial increases implemented in late FY25 and 
subsequent increases to be implemented in the first half of FY26.
Earnings are expected to be supported by higher sales, improved 
manufacturing and supply chain productivity, and a step up in 
KBU synergies.
ANSELL LIMITED | ANNUAL REPORT 2025
26

People
We focus on enhancing the health and well-being of our employees, creating decent and inclusive work environments,  
and reducing inequalities across our operations. 
Target
FY25 progress
FY25 actions
Safe and Respectful Workplace
Reduce Total Recordable Injury 
Frequency Rate (TRIFR) by 10%  
by FY30 (from baseline 1.170)1
•	 16% decrease in TRIFR (from 0.949 in FY24  
to 0.795)
•	 32% difference vs baseline (1.170)
•	 Conducted root cause analysis and evaluation in 
areas of frequent non-compliance and used insights 
to enhance safety standards across plants. 
•	 Launched the Zero On campaign to address unsafe 
behaviours through enhanced communication, 
training and active employee participation in 
identifying and mitigating risks. We continue to seek 
reductions, with zero injuries as our ultimate goal.
Achieve an average of at least one 
safety improvement observation 
submission per plant employee 
annually to mitigate unsafe 
conditions and acts
•	 3.69 safety observations submitted per 
employee (1.45 in FY24)
•	 180% increase in observations submitted  
(from FY24 to 63,610 submissions)
•	 Enhanced employee reporting of near misses,  
unsafe conditions and unsafe acts to increase 
learning and prevent incident occurrence. 
•	 More than doubled our safety observation rate  
target to further improve Ansell’s safety culture.
Make year-on-year progress in 
implementing 60-hour workweeks 
across all Ansell plants2
•	 76% of our operational employees are 
covered by a 60-hour workweek standard 
(16% increase over FY24)
•	 Maintained compliance with local laws on working 
hours and rest days at all plants. 
•	 Increased the percentage of our operational employees 
covered by the 60-hour workweek standard.
•	 Maintained the number of compliant sites (9 out of 14).
Ensure 100% of direct suppliers 
meet Ansell’s labour, health and 
safety standards for decent work 
for their employees by FY273
•	 90% of in-scope finished goods suppliers  
are rated A or B (18% increase over FY24)4
•	 85% of in-scope raw material suppliers  
are rated A or B (16% increase over FY24)
•	 Worked with our supply chain partners to proactively 
identify and closeout issues, which helped suppliers  
to implement sound management systems to mitigate 
recurring non-conformances.
•	 Trained 32 new suppliers on Supplier Code of Conduct.
Build an inclusive workplace  
by offering trainings on equal 
opportunity principles and 
awareness campaigns, as well as 
measuring progress and reporting 
on the global percentage of 
women in leadership positions
•	 Achieved 84% engagement score in  
response to survey question: ‘I feel like  
I belong at Ansell.’
•	 Increased inclusion efforts in recruitment and 
retention of talent.
•	 Organised activities and events to celebrate  
historical cultural contributions and strengthen  
our commitment to workplace inclusion.
Supporting Communities
Respond to the needs of 
communities with financial and 
product donations, disaster relief 
and employee volunteerism
•	 5,022 pairs of upcycled flip-flops distributed  
to people in need in multiple countries 
•	 74 recipients of custom Project Joy gloves
•	 Proceeds from 381,216 pairs of special-edition 
HyFlex™ glove styles (plus a corporate grant) 
donated to Australian indigenous programs
•	 Expanded our humanitarian efforts by supporting 
disaster relief for Hurricane Helene, the California 
wildfires, and flood recovery in Poland.
•	 Furthered our commitment to the long-term  
Project Joy and HyFlex™ glove charitable projects.
1.	The TRIFR baseline was set as 1.170 in FY23. The baseline is calculated using projected increases in total working hours due to anticipated volume growth 
and the acquisition of a new plant with a historically higher incidence of injuries.
2.	The maximum 60-hour workweek for operational employees, including regular working hours and voluntary overtime, is informed by the International 
Labour Organization (ILO) standards on hours of work and weekly rest, and the Ethical Trade Initiative (ETI) Base Code Clause 6.
3.	Suppliers that are in-scope for Ansell’s Supplier Management Framework (SMF).
4.	Excludes suppliers for the KBU business, which was acquired in July 2024. Suppliers have been onboarded onto our SMF in FY25 and will be formally assessed 
in FY26.
Sustainability
2040 Sustainability Action Plan
We have always focused on the horizon, constantly innovating  
to meet the emerging needs of our customers while building  
a company that will thrive long into the future. Achieving these 
complementary goals has required us to continually balance 
sustainability and viability. To create value for our shareholders, 
we must be a resilient company; to be a resilient company,  
we must support and protect our people and our planet. 
Over the last year, we continued to pursue ambitious, multi-year 
targets in three areas:
•	 Enhancing employment conditions for workers across our 
operations and supply chain.
•	 Reducing our environmental impacts.
•	 Helping our customers achieve their own sustainability goals.
ANSELL LIMITED | ANNUAL REPORT 2025
27

Sustainability continued
Planet
We aim to achieve a zero-carbon future by reducing our fossil fuel dependency, increasing energy efficiency, sending zero 
waste to landfill, supporting customer waste reduction and building partnerships across our value chain. 
Target
FY25 progress
FY25 actions
Zero-carbon Future
Achieve net-zero1 Scope 
1 & 2 emissions by FY40 
with a near-term target 
of 42% reduction by FY30 
(from FY20 base year)
•	 19% reduction in Scope 1 & 2 
greenhouse gas (GHG) emissions 
from FY20 base year
•	 9% decrease in Scope 1 & 2 GHG 
emissions (compared to FY24) 
•	 50% renewables in our energy mix 
(41% in FY24)
•	 Submitted net-zero targets for Science Based Targets initiative 
(SBTi) validation in accordance with the Net-Zero Standard, which 
was received in early FY26 (see 22 August 2025 press release,  
which will be reported on in our FY26 Sustainability Report).
•	 Decreased absolute Scope 1 & 2 emissions from 250,784tCO2e  
in FY24 to 227,904tCO2e in FY25, despite 12% increase in energy 
consumption (due to incremental volume).
•	 Returned our renewable energy mix to 50%. After the acquisition  
of Ansell Seremban, our renewable energy mix had dropped to  
41% (FY24).
Source 100% renewable 
electricity in plants by 
FY40
•	 58% of electricity used in plants  
is renewable
•	 9 out of 14 Ansell plants now 
consume 100% renewable electricity
•	 Prioritised green energy sourcing from regional grid.
•	 Purchased International Renewable Energy Certificates (IRECs) for 
two additional plants, Ansell Seremban and Ansell Thailand, and 
continued to purchase IRECs for the remaining plants in Malaysia.
•	 Completed installation of Ansell’s largest single-site rooftop solar  
PV system, with a 7.04 MW capacity.
Certify all manufacturing 
plants to ISO 50001 
Energy Management 
Systems by FY28
•	 7 out of 14 plants certified  
ISO 50001
•	 Certified three additional plants after detailed mapping of energy 
sources, establishment of energy governance and accountabilities, 
trainings, and multiple audits.
Ensure 90% of suppliers 
by spend have science-
based emissions targets 
in place by FY30 (new 
target added for FY26)
•	 77 suppliers engaged on SBTi 
•	 104 suppliers onboarded onto  
the CDP Supply Chain program
•	 Throughout FY25, we expanded supplier engagement on emissions 
reduction target setting. 
•	 In early FY26, we received SBTi validation of new Scope 3 emissions 
reduction targets, which Ansell will report progress on in our FY26 
Sustainability Report (see 22 August 2025 press release).
Conserve Natural Resources
Reduce water 
withdrawals by 35%  
by FY27 (from FY20  
base year)2
•	 3% increase in water withdrawals 
(compared to FY24) with 16% 
increase from FY20 base year
•	 Made progress on activating reverse osmosis (RO) systems after 
addressing water quality issues, and remain committed to meeting 
our target as we make further investments in water efficiency and 
recycling systems.
Achieve Zero Waste  
to Landfill (ZWL) for all 
manufacturing plants3
•	 All 12 Ansell plants in operation when 
this goal was established have been 
certified, and our two newer plants 
are now working on certification
•	 99.81% of waste generated at  
Ansell certified plants was diverted 
from landfill3
•	 Made progress on ZWL certification efforts at two remaining sites – 
Ansell India and Ansell Seremban – by sharing knowledge from 
certified sites.
Improve environmental 
stewardship to reduce 
impacts on natural 
resources
•	 70% of biomass used to fuel hot 
water generators (HWGs) at our  
Sri Lanka and Thailand plants is 
certified under national sustainable 
biomass sourcing standards4
•	 Collaborated with local partners to identify reliable, sustainably 
sourced biomass suppliers that meet our operational needs. 
•	 Strengthened compliance with the EU Deforestation Regulation  
by investing in traceability software and engaging suppliers of 
natural rubber latex. 
1.	In line with SBTi Corporate Net-Zero Standards and Guidance
2.	At the time of acquisition, Ansell Seremban had a fully operational RO system and had already achieved the RO water usage target Ansell set for our plants. 
Therefore, our overall FY20 base year and FY25 metrics for water withdrawals excludes this site.
3.	FY25 waste metrics excludes Ansell India and Ansell Seremban.
4.	Biomass used to fuel HWGs is certified under Sustainable Produced Fuel Wood Certification standard (SLS 1551:2016) at Ansell Lanka, and certified under 
BRSC (BECIS Responsible Sourcing Criteria) at Ansell Thailand.
2040 Sustainability Action Plan continued
ANSELL LIMITED | ANNUAL REPORT 2025
28

Product
We strive to lower the impact of our products by using less fossil fuel based material, incorporating more recycled and  
bio-based content, increasing product durability, and improving end-of-life treatment by enhancing recycling, reuse,  
or composting of our products and packaging.
Target
FY25 progress
FY25 actions
Material and Process Innovation
Design 80% of new and 
updated products with 
reduced environmental 
impact by FY251
•	 80% of products launched in FY25 
featured reduced impacts
•	 Relaunched MICROFLEX™ LIFESTAR EC™ as an accelerator-free 
exam glove.
•	 Expanded work begun in FY24 to incorporate more recycled yarn 
material into the HyFlex™ mechanical glove styles.
•	 Adopted low-energy-consumption nitrile butadiene rubber  
(NBR) grades. 
•	 Made investments in increasing product durability. 
•	 Expanded RightCycle™ to more customers as we qualified 
top-selling products in the BIOCLEAN™ cleanroom portfolio  
and the entire safety eyewear and goggles category.
•	 FY26 goal to achieve a 20% increase in customer landfill  
waste diversion through RightCycle™, as we expand capability  
and capacity.
Ensure 100% of packaging 
material is recyclable, 
reusable or compostable  
by FY252
•	 99% of Industrial and 100% of 
Healthcare’s outer case and inner 
dispenser packaging is recyclable, 
reusable or compostable3
•	 Completed a transition from plastic-coated U-shaped inserts  
and polybags to strong, lightweight, and recyclable paper bands.
•	 Introduced a vacuum pack to minimise packaging materials  
in our SMART Pack™ format.
•	 Continued replacing individual polybags with bulk packaging 
where suitable. 
1.	Made using less fossil-based material and more recycled or bio-based material when compared with gloves of a similar make.
2.	Excludes packaging for some products used in food manufacturing, sterile or cleanroom environments, which require specialised packaging to prevent 
contamination of work environments.
3.	FY25 metrics excludes packaging data for recently acquired brands or country-specific products, which will be assessed and reported in the 2026 
Sustainability Report. 
29
ANSELL LIMITED | ANNUAL REPORT 2025

Board of Directors
Nigel D Garrard
Chair
BEcon (Adelaide), CA
Resident of Australia
Neil I Salmon
Managing Director and  
Chief Executive Officer
BA, ACMA
Resident of Belgium
Leslie A Desjardins
Non-Executive Director
B. Industrial Admin, Finance 
(Kettering), MS. Management (MIT)
Resident of the USA
Debra L Goodin
Non-Executive Director
BEcon (Adelaide), CA 
Resident of Australia
Appointed Non-Executive 
Director in March 2020, and 
Chair in October 2023.
Chair of the Governance 
Committee and Share Buyback 
Sub-Committee and member  
of the Human Resources 
Committee and M&A  
Sub- Committee.
Current Directorships: 
Chair of ALS Limited (2024 to 
present, Non-Executive Director 
from 2023) and Flinders Port 
Holdings Pty Ltd (2021 to 
present), Non-Executive Director 
of Treasury Wine Estates Limited 
(2025 to present) and Chair  
of McMahon Services advisory 
board (2019 to present) and 
Detmold Group advisory Board 
(2020 to present).
Previous Directorships: CSR 
Limited (2020 – 2024), Hudson 
Institute of Medical Research 
(2016 – 2022), Managing 
Director of Orora Limited (2013 
– 2019), Amcor Australasia and 
Packaging Distribution (2009 – 
2013), SPC Ardmona Limited 
(2000 – 2007), Chiquita Brands 
South Pacific Ltd (1994 – 2000).
Mr Garrard is an experienced 
executive with a successful 
track record across FMCG and 
Industrial/ Manufacturing 
sectors. Mr Garrard has 20 years’ 
experience as an ASX-listed CEO 
across three companies. In 2019, 
Mr Garrard retired as Managing 
Director and CEO of Orora 
Limited. Mr Garrard led the 
demerger of Orora from Amcor, 
and subsequent listing on the 
ASX in 2013. Mr Garrard brings 
broad international experience 
across listed, not-for-profit, 
governance, private and 
industry entities.
The Board considers Nigel 
Garrard to be an independent 
Director.
Appointed Managing Director 
and Chief Executive Officer  
in September 2021
Mr Salmon joined Ansell as 
Chief Financial Officer in 2013 
and was appointed President of 
the Industrial Segment in 2018.
Prior to joining Ansell, Mr Salmon 
had more than 20 years of 
professional experience, gained 
working across a range of  
roles in a diverse group of 
international businesses.  
He spent the first 17 years  
of his career with Imperial 
Chemical Industries (ICI) 
primarily in finance roles based 
in the UK, South Africa, the USA 
and Singapore before serving 
as Chief Financial Officer of 
Innophos in New Jersey, USA.
Having led Ansell’s 7,500 strong 
Industrial Segment workforce 
through a challenging global 
economic climate, Neil put in 
place the key strategies that 
have allowed the company  
to pursue its growth trajectory 
in recent times, notably at  
the onset of the COVID-19 
pandemic. As CEO, he oversees 
the Company’s further strategic 
development, with a focus on 
continued innovation and 
increased sustainability.
As an Executive Director,  
Neil Salmon is not an 
independent Director.
Appointed Non-Executive 
Director in November 2015.
Chair of the Audit and 
Compliance Committee, 
member of the Human 
Resources Committee, the 
Governance Committee, M&A 
Sub- Committee and Share 
Buyback Sub-Committee.
Current Directorships: 
Non-Executive Director and 
Audit and Risk Committee  
Chair and member of the People 
Committee, and Nominations 
Committee of ALS Limited  
(2019 to present).
Previous Directorships: 
Director of Aptar Group 
(2012 – 2015) and Non-Executive 
Director of Terry Fox Cancer 
Foundation (2014 – 2021).
Mrs Desjardins is a former 
international finance executive 
with experience in business 
performance and growth. 
Mrs Desjardins was formerly 
the Chief Financial Officer of 
Amcor Limited. Prior to Amcor, 
she held executive roles at 
General Motors Corporation,  
in Canada, the United States 
and Australia, including Chief 
Financial Officer GM Holden, 
Controller for GM North 
America and Finance Director 
for GM’s manufacturing 
facilities in North America. 
Mrs Desjardins has extensive 
experience in finance, M&A, 
strategy, government relations 
and global operations.
The Board considers  
Leslie Desjardins to be  
an independent Director.
Appointed Non-Executive 
Director in December 2022.
Member of the Audit and 
Compliance Committee, 
Human Resources Committee, 
Governance Committee and 
Share Buyback Sub-Committee.
Current Directorships: 
Chair of Atlas Arteria  
(2017 – present), Independent 
Chair Port of Melbourne  
(2025 – present).
Previous Directorships: 
Non-Executive Director of  
APA Group (2015 to 2025), 
Australia Pacific Airports 
Corporation (2020 – 2022),  
oOh! Media (2014 – 2020), 
Senex Energy (2014 – 2020),  
Ten Network Holdings (2016 
– 2017) Beyond Bank Australia 
(2011 – 2015) and City West 
Water (2011 – 2015). Member  
of Finance, Investment and IT 
Committee of Royal Women’s 
Hospital Foundation Limited 
(2012 – 2019).
Ms Goodin is a former  
executive who has diverse 
global experience in operations, 
finance, M&A and corporate 
services, and has worked in 
both the public and private 
sectors. In 2014 she completed 
a 22 month contract role with 
Downer Group (ASX 100) as 
Divisional CEO/ COO of 
Downer’s two consulting 
subsidiary companies in  
New Zealand and Australia. 
Prior to this Ms Goodin was  
the Global COO of Coffey 
International where she  
led a range of engineering 
consulting businesses in the 
areas of mining, geotechnics, 
environment and international 
development.
The Board considers  
Debra Goodin to be an 
independent Director.
ANSELL LIMITED | ANNUAL REPORT 2025
30

William G Reilly
Non-Executive Director
BA (Fairfield), J.D (Seton Hall) 
Resident of the USA
Christina M Stercken
Non-Executive Director
BEcon & MEcon (Univ. of Bonn), 
EMBA (Duke)
Resident of Germany
Christine Y Yan
Non-Executive Director
BS (Mech. Eng) (Shandong),  
MSc, (Mech. Eng) (Wayne State), 
MBA (Michigan)
Resident of the USA
Randy Stone
Non-Executive Director*
B.S., Economics, South Dakota 
University, MBA, Lehich University
Resident of the USA
Appointed Non-Executive 
Director in October 2017.
Member of the Sustainability 
and Risk Committee, the 
Human Resources Committee, 
the Governance Committee  
and the M&A Sub-Committee.
Mr Reilly has over 35 years’ 
experience as an in-house 
lawyer. Mr Reilly was appointed 
as General Counsel of Ansell 
Healthcare in 2000 when  
it was a division of Pacific  
Dunlop Limited, subsequently 
becoming General Counsel  
of Ansell Limited in 2002.
Mr Reilly has served with three 
Chief Executive Officers and 
has played pivotal roles leading 
many of Ansell’s corporate 
strategic and legal initiatives, 
including M&A, litigation and 
the successful intellectual 
property strategy.
He has also overseen the 
Global Compliance and Risk 
functions, acted as interim head 
of Human Resources, leader  
of the Regulatory function  
and joint Company Secretary. 
Prior to joining Ansell, Mr Reilly 
held senior legal positions at  
C. R. Bard, Inc., The Hertz 
Corporation and McKesson 
Corporation. In 2016, Mr Reilly 
was named on the Financial 
Times first ever Global GC  
30 List.
The Board considers  
William Reilly to be an 
independent Director.
Appointed Non-Executive 
Director in October 2017.
Chair of the Sustainability  
and Risk Committee and M&A 
Sub-Committee and member  
of the Audit and Compliance 
Committee and Governance 
Committee.
Current Directorships: Member 
of the Board of Landis & Gyr 
Group AG (2017 to present), 
Member of the Supervisory 
Board of TeamViewer SE (2023 to 
present) and Chair of Myanmar 
Foundation Munich (2025 to 
present, Vice Chair 2000-2025).
Previous Directorships: 
Ascom Holding AG (2014 – 2020).
Mrs Stercken was a partner  
at Euro Asia Consulting PartG 
(EAC) until the end of 2017.  
In this function, Mrs Stercken 
helped customers in machinery, 
automotive, chemical, healthcare 
and infrastructure industries in 
strategy, M&A and operational 
excellence in growth markets.
Before joining EAC, Mrs Stercken 
served as Managing Director 
Corporate Finance M&A of 
Siemens AG. Among other 
management positions within 
Siemens AG, she was responsible 
for the Siemens Task Force 
China and Head of Public Sector 
Business Unit at Siemens 
Business Services. Mrs Stercken 
started her career in Marketing 
at BMW Pty. Ltd, South Africa.
Mrs Stercken brings a broad range 
of competencies relevant to 
Ansell’s strategies, including M&A, 
broad industry background and 
business building in developing 
markets. In her function as Vice 
Chair of Myanmar Foundation, 
Munich, Mrs Stercken supports 
social projects in Myanmar.
The Board considers  
Christina Stercken to be  
an independent Director.
Appointed Non-Executive 
Director in April 2019.
Chair of the Human Resources 
Committee and member of  
the Sustainability and Risk 
Committee and the Governance 
Committee.
Current Directorships: 
Non-Executive Director and 
Chair of Human Capital and 
Compensation Committee 
ON Semiconductor Corporation 
(2018 to present), Non-Executive 
Director and Chair of Corporate 
Governance and Nominating 
Committee of Modine 
Manufacturing Company Inc. 
(2014 to present) and Non- 
Executive Director of Cabot 
Corporation (2019 to present). 
Operating Director Ammega 
(January 2023 to present).
Ms Yan is an experienced 
executive who has had a 
distinguished career at Stanley 
Black & Decker. Ms Yan has 
held senior management 
positions in both the US and 
China, including Vice President 
of Sales and Marketing for 
North America Automotive, 
President of the Global 
Automotive Division, President 
of Americas for the Engineered 
Fastening division, President of 
Stanley Storage and Workspace 
Systems and more recently, 
President of Asia and Vice 
President of Integration. Ms Yan 
brings a broad range of general 
management experience across 
different geographies, as well 
as experience in innovation, 
business development, sales, 
digital transformation and 
marketing in the business-to- 
business industry.
The Board considers  
Christine Yan to be an 
independent Director.
Appointed Non-Executive 
Director in August 2025.
Member of the Audit and 
Compliance Committee, 
Sustainability and Risk 
Committee and Governance 
Committee.
Current Directorships: Member 
of the Board of Directors of CTS 
Corporation (2023 to present).
Mr. Stone is a seasoned senior 
executive who has diverse 
global experience in leading 
large-scale, complex 
businesses. Mr. Stone had an 
extensive executive career 
including senior positions with 
Avantor (NYSE: AVTR) and 
DuPont (NYSE: DD), working in 
global environments relevant 
to Ansell and having a proven 
ability to navigate across 
cultures and geographies.  
Mr. Stone is currently a Member 
of the Board of Directors for 
CTS Corporation, a NYSE listed 
company that designs and 
manufactures smart solutions 
for various markets. 
The Board considers Mr. Stone 
to be an independent Director.
*	 Randy Stone joined the Company 
as Non-Executive Director, 
effective 1 August 2025
ANSELL LIMITED | ANNUAL REPORT 2025
31

Executive Leadership Team
Augusto Accorsi
Chief Commercial Officer, 
EMEA/APAC
MBA
Resident of Belgium
John Marsden
Chief Operations and 
Supply Chain Officer
MEng
Resident of Malaysia
Sean Sweeney
Chief Commercial  
Officer, Americas
BA, MT
Resident of the USA
Philippe Rommel
Chief Legal Officer
JD, LLM
Resident of Belgium
Charlotte Doll
Chief Human  
Resources Officer
BS
Resident of the USA
Deanna Johnston
Chief Information Officer
BBA
Resident of the USA
Neil Salmon 
Managing Director and 
Chief Executive Officer
BA, ACMA
Resident of Belgium
Rob Hughes 
Chief Product and  
Marketing Officer
BBA
Resident of the USA
Brian Montgomery
Chief Financial Officer
BS
Resident of the USA
ANSELL LIMITED | ANNUAL REPORT 2025
32

ANSELL LIMITED | ANNUAL REPORT 2025
33

Report by the Directors
This Report by the Directors of Ansell Limited (‘the Company’) is made for the year ended 30 June 2025. The information set out below 
is to be read in conjunction with:
•	 Operating Financial Review appearing on pages 16 to 26;
•	 Remuneration Report appearing on pages 47 to 70; and
•	 Note 21 Related Party Disclosures and Note 23 Ownership-based Remuneration Schemes to the audited FY25 Financial Statements 
accompanying this Report.
Directors and Secretary
The names and details of each person who has been a Director of the Company during or since the end of the financial year1 are:
•	 Nigel D Garrard (Chair)
•	 Neil I Salmon (Managing Director and Chief Executive Officer)
•	 Leslie A Desjardins
•	 Debra L Goodin
•	 William G Reilly
•	 Christina M Stercken
•	 Christine Y Yan
•	 Morten Falkenberg2
1.	As announced on 20 May 2025, Mr. Randy Stone joined the Company as independent Non-Executive Director, effective 1 August 2025. 
2.	Retired as a Non-Executive Director of Ansell effective 31 May 2025.
Particulars of the qualifications, experience and special responsibilities of each Director, as at the date of this Report, and of their 
other directorships, are set out on pages 30 to 31.
Details of meetings of the Company’s Directors (including meetings of Board Committees) and each Director’s attendance are set  
out on page 36.
The Company Secretary is Catherine Stribley, B.Com./LLB (Hons), FGIA, and she was appointed as Company Secretary in April 2017.  
Ms Stribley first joined the Company in 2010 and has held legal positions in both Australia and the US, including Senior Counsel and 
Senior Counsel, IP.
Principal Activities
The activities of Ansell Limited and its subsidiaries (‘the Group’) principally involve the development, manufacturing and sourcing, 
distribution and sale of hand and body protection solutions in the industrial and healthcare markets. Ansell operates in two main 
business segments, Industrial and Healthcare.
Board Areas of Focus
This year the Board and its Committees have undertaken key strategic, governance and oversight activities. The key areas of focus  
for the Board during FY25 were:
Company strategy 
and performance
Board and ELT 
succession
Oversight of capital 
management 
initiatives
Risk management, 
governance and 
compliance
Environment, Social 
and Governance 
(ESG)
ANSELL LIMITED | ANNUAL REPORT 2025
34

Operating and Financial Review
The Operating and Financial Review for the Group for the financial year is set out on pages 16 to 26, and forms part of this Report.
State of Affairs
During the year the Group continued to progress the strategies that have been identified to accelerate growth and create increased 
shareholder value. The Operating and Financial Review provides additional information on the Group’s growth strategies. Other than set 
out in the Operating and Financial Review, no significant changes occurred in the state of affairs of the Group during the financial year.
Likely Developments
Likely developments in the operations of the Group are referred to on page 26. In the opinion of the Directors, the disclosure of any 
further information about likely developments in the operations of the Group has not been included in the Report because disclosure 
of this information may result in unreasonable prejudice to the Group.
Significant Events Since Balance Date
The Directors are not aware of any significant matters or circumstances that have arisen since the end of the financial year that have 
affected or may affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent 
financial years.
Performance in Relation to Environmental Regulations
Group entities are subject to environmental regulation in the jurisdictions in which they operate. The Group has risk management 
programs in place to address the requirements of the various regulations. From time to time, Group entities receive notices from 
relevant authorities pursuant to local environmental legislation. Ansell works to evaluate each environmental issue within a framework 
of optimal management. On receiving such notices, the Group evaluates potential remediation or other options, associated costs 
relating to the matters raised and, where appropriate, makes provision for such costs. The Directors are not aware of any material 
breaches of Australian or international environmental regulations during the year.
The Board monitors compliance with the Group’s environmental policies and practices, and believes that any outstanding environmental 
issues are well understood and are being actively managed. At the date of this Report, any costs associated with remediation or changes 
to comply with regulations in the jurisdictions in which Group entities operate are not considered material.
Further environmental information will be provided in Ansell’s Sustainability Report, due for release by the end of August 2025.
Dividends and Share Issue
The final dividend of US21.90 cents per share (unfranked) in respect of the year ended 30 June 2024 was paid to shareholders on 
12 September 2024. An interim dividend of US22.20 cents per share (unfranked) in respect of the half-year ended 31 December 2024 
was paid to shareholders on 6 March 2025. A final dividend of US28.00 cents per share (unfranked) in respect of the year ended 
30 June 2025 is payable on 18 September 2025 to shareholders registered on 1 September 2025. The financial effect of this dividend 
has not been brought to account in the audited FY25 Financial Statements and will be recognised in subsequent financial reports. 
There are no unissued shares under option at the date of this Report.
ANSELL LIMITED | ANNUAL REPORT 2025
35
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Interests in the Shares of the Company
The relevant interests of each Director in the share capital of the Company, as at the date of this Report, as notified to ASX Limited 
pursuant to the Listing Rules and Section 205G of the Corporations Act 2001, were:
N D Garrard
18,000^
L A Desjardins
15,412
D L Goodin
6,718^
W G Reilly
51,480
N I Salmon
148,965^
C M Stercken
15,186^
C Y Yan
17,165^
M Falkenberg1
9,450
R Stone2
0
1.	Retired as Non-Executive Director of Ansell effective 31 May 2025. Relevant interests in share capital of the Company is as at retirement date. 
2.	Mr. Randy Stone joined the Company as independent Non-Executive Director, effective 1 August 2025.
^	 Includes beneficially held in own name or in the name of a trust, nominee company or private company.
Directors’ Meetings
The following table sets out the number of Directors’ meetings (including meetings of Board Committees) held during the financial 
year and the number of meetings attended by each Director.
 
Board
Audit and 
Compliance 
Committee
Sustainability and 
Risk Committee
Human Resources 
Committee
Governance 
Committee
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
N D Garrard
8
8
–
–
–
–
6
6
4
4
L A Desjardins
8
8
4
4
–
–
6
6
4
4
D L Goodin
8
8
4
4
–
–
6
6
2
2
W G Reilly
8
8
–
–
4
3
6
6
4
4
N I Salmon
8
8
–
–
–
–
–
–
–
–
C M Stercken
8
8
4
4
4
4
–
–
2
2
C Y Yan
8
8
–
–
4
4
6
6
4
4
M Falkenberg1
7
6
3
3
4
4
–
–
1
–
Held – Indicates the number of meetings held while each Director was a member of the Board or Committee.
Attended – Indicates the number of meetings attended during the period that each Director was a member of the Board or Committee.
1.	Retired as Non-Executive Director of Ansell effective 31 May 2025.
Report by the Directors continued
ANSELL LIMITED | ANNUAL REPORT 2025
36

Indemnity
Upon their appointment to the Board, each Director enters into a Deed of Access, Indemnity and Insurance with the Group. These Deeds 
provide for indemnification of the Directors to the maximum extent permitted under law. They do not indemnify for any liability involving 
a lack of good faith. No Director or officer of the Group has received the benefit of an indemnity from the Group during or since the end 
of the 2025 financial year. Rule 61 of Ansell’s Constitution also provides an indemnity in favour of officers (including the Directors, and 
Company Secretary) of the Group against liabilities incurred while acting as such officers to the extent permitted by law. In accordance 
with the powers set out in the Constitution, the Group maintains a Directors’ and Officers’ insurance policy. Due to confidentiality 
obligations and undertakings of the policy, no further details in respect of the premium or the policy can be disclosed.
Corporate Governance
Ansell is committed to effective corporate governance. By putting in place the right governance framework, the Board and management 
have set a culture of integrity, transparency and accountability that permeates throughout the Company.
Ansell’s Corporate Governance Statement
A detailed statement outlining Ansell’s principal corporate governance practices in place during the financial year ended 30 June 2025 
can be found at https://www.ansell.com/au/en/about-us/governance. This statement has been approved by the Board.
Governance Structure
The Board’s role is to represent the Company’s shareholders, taking into consideration the interests and wants of the broad range of 
Ansell’s stakeholders. The Board leads and oversees the management of the Company and is accountable to shareholders for creating 
and delivering shareholder value.
The Board is responsible for ensuring that management’s objectives and activities are aligned with the expectations and risks 
identified by the Board.
The Board has adopted a formal Board Charter that details the Board’s role, authority, responsibilities, membership and operations.
The Board also has four standing committees that assist it in discharging its responsibilities:
•	 Audit and Compliance Committee
•	 Sustainability and Risk Committee
•	 Human Resources Committee
•	 Governance Committee
Each Committee operates under a specific charter and provides advice to the Board on specific matters within the Committee’s remit. 
The Board also delegates specific functions to ad hoc committees of Directors on an ‘as needs’ basis. Ansell’s Board and Committee 
Charters can be found on the Ansell website at www.ansell.com.
Specific responsibilities for the day-to-day management and administration of the Company are delegated by the Board to the 
Managing Director and Chief Executive Officer (CEO), assisted by the Executive Leadership Team (ELT). Ansell’s Delegation of 
Authority Policy sets out the powers that are reserved to the Board and those that are delegated to the CEO.
ANSELL LIMITED | ANNUAL REPORT 2025
37
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Board Composition and Processes
Ansell is committed to ensuring an appropriate mix of skills, expertise, experience and diversity on the Board and its Committees  
so that the Board can effectively discharge its corporate governance and oversight responsibilities. Refer to the Board Skills Matrix  
in Ansell’s 2025 Corporate Governance Statement.
Over the last several years, the Board’s ongoing succession planning has seen the retirement and appointment of several Directors.  
In FY24, after almost 12 years’ service as a Non-Executive Director, John Bevan retired as Chair and Non-Executive Director of the 
Company at the conclusion of the 2023 Annual General Meeting (held on 24 October 2023). Nigel Garrard replaced John Bevan as 
Chair, effective from the same date. Further, as announced on 20 May 2025, Morten Falkenberg resigned as Non-Executive Director  
of the Company, effective 31 May 2025, and Mr. Randy Stone was appointed as an independent Non-Executive Director,  
with effect on 1 August 2025, complementing the Board’s broad range of skills and expertise with his extensive international 
experience and deep expertise in industries closely aligned with Ansell’s focus. 
The Governance Committee will continue to consider the forward skill and experience requirements of the Board with respect to 
Board succession to ensure strong corporate knowledge is coupled with new skills and thinking to support the long-term strategic 
direction of the Company.
The Board annually reviews the performance of the Board and each Committee, as well as individual Directors and the Chair, and 
requires all Directors (except the Managing Director/CEO) to submit themselves for re-election at least once every three years.
The Board will endorse a retiring Director for re-election only where their performance over the preceding years meets or exceeds  
the Board’s expectations. The Board has a general policy that Non-Executive Directors should not serve for a period exceeding 12 years, 
and that the Chair should not serve in that role for more than 10 years. The Board will continue to assess the application of this policy 
to each Director having regard to the mix of experience, skills and knowledge on the Board.
In FY25, an internal evaluation of Board and Committee performance was completed, using an external third party moderator.
An external review of the Board is also completed every three years. In FY22, the Board engaged an independent external consultant 
to conduct a review of the Board, its Committees and its individual Non-Executive Directors. This review was completed in April 2023. 
As part of Ansell’s broader commitment to fostering a culture of belonging and inclusion, the Company acknowledges the  
importance of supporting gender representation across all levels of the organisation. Ansell remains committed to identifying and 
removing barriers to inclusion, helping to ensure that all individuals have the opportunity to thrive and contribute meaningfully  
across the organisation.
Refer to the Ansell FY25 Corporate Governance Statement and Sustainability Report (be released by the end of August 2025) for 
further information on belonging and inclusion within the Company, made available on www.ansell.com.
Shareholder Engagement
Ansell is committed to positive and meaningful stakeholder engagement. Ansell knows that it builds greater trust with stakeholders 
when the Company is transparent and accountable. Ansell’s engagement occurs through a number of channels, including ASX 
disclosures, Annual General Meetings, Annual Reports, the Ansell website and social media as well as interactions with large investor 
groups, proxy analysts and regulators.
The Chair typically meets proxy advisers and Ansell’s largest shareholders once or twice per year to discuss governance aspects and 
proposed developments. The CEO and CFO meet investors post half and full year results.
Corporate Responsibility
Ansell is committed to sound corporate governance to underpin its sustainability practices. Its Core Values, Code of Conduct and 
related policies constitute the governance framework for its activities, an important part of which are its corporate social 
responsibility and sustainability activities.
Report by the Directors continued
ANSELL LIMITED | ANNUAL REPORT 2025
38

Code of Conduct
The Code of Conduct is Ansell’s core policy, serving as a guide to ethical behaviour and business conduct for all employees.  
It sets out what it means to work for Ansell and the standards expected of all employees.
Whistleblower Policy
The Whistleblower Policy promotes and supports a culture of honest and ethical behaviour. The policy encourages reporting  
of suspected unethical, illegal, fraudulent or undesirable conduct, and ensures that anyone who makes a report can do so safely, 
securely and with confidence that they will be protected and supported.
Anti-Bribery and Corruption Policy
The Anti-Bribery and Corruption Policy is designed to bring awareness to all employees, directors, officers, contractors and 
consultants that certain types of payments may constitute corruption, an illegal benefit or an act of bribery and that any such 
payments are prohibited. Ansell operates a zero-tolerance policy when it comes to bribery and corruption. Compliance with this 
policy is foundational to the Company’s values and standing in the wider community.
Human Rights Statement
As a responsible corporate citizen, Ansell is committed to operating in accordance with the International Bill of Human Rights.  
Ansell commits to implement the UN Guiding Principles on Business and Human Rights (UNGPs) and the ten UN Global Compact 
Principles, and respects human rights as set out in the International Bill of Human Rights (comprising the Universal Declaration of 
Human Rights, International Covenant on Civil and Political Rights and International Covenant on Economic, Social and Cultural Rights) 
and the International Labour Organization (ILO) Core Conventions.
Labour Rights Reports (and Modern Slavery Statement)
The Australian Modern Slavery Act was passed in December 2018 and Ansell meets the requirements of this Act. Ansell’s 2025 Labour 
Rights Report (Modern Slavery Statement) is to be released by the end of August 2025. Current and previous Modern Slavery Statements 
can be found at www.ansell.com.
Risk Management
Ansell recognises that effective risk management and internal controls are an integral part of sound management practice and good 
corporate governance. Ansell has established controls and procedures that are designed to safeguard the Group’s assets and the 
integrity of its reporting. The Group’s internal controls cover accounting, financial reporting, safety, sustainability, fraud, delegation  
of authority and other control points.
Ansell has also established practices for the oversight and management of key business risks. Ansell recognises that the identification, 
evaluation and management of risk, and the communication of a well-established risk tolerance guidance in a formal Risk 
Management Framework is central to achieving the Company’s corporate purpose of creating long-term shareholder value.
Further details of Ansell’s Risk Management Framework are contained in Ansell’s Corporate Governance Statement.
Risk is inherent to our business and the effective management of risk is vital to the growth and success of the Company. We continuously 
seek to identify, measure and monitor material risks across our organisation and review our processes to help best ensure that material 
risks are appropriately identified and escalated through to senior levels of the organisation.
ANSELL LIMITED | ANNUAL REPORT 2025
39
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Report by the Directors continued
Material Risks – Description and Mitigation Actions
Below is a summary of the key material risks that could impact the achievement of Ansell’s business objectives and how we seek  
to manage them. These risks are not listed in any order of significance, nor are they all encompassing. Rather, they reflect the most 
significant risks identified at a whole-of-entity level through our risk management process. There may be additional risks unknown  
to Ansell and other risks that are currently believed to be immaterial which could become material.
The Group’s process for managing risk is set out in the Corporate Governance Statement.
Risk
Nature of Risk
Mitigation Actions
Global 
economic, 
market and 
geo-political 
instability and 
uncertainty
The Group’s presence in over 55 
countries globally and its growing 
presence in emerging markets exposes 
it to geopolitical risks, regulatory risks 
and other factors beyond its control. 
These include political and economic 
instability and uncertainty, war and 
changes in regulation and legislation 
such as changes in tariff barriers, trade 
wars, taxation policies globally and 
policies to implement or vary sanctions 
by one country on another.
The Group is exposed to inflationary  
risks in respect to the price of materials 
and finished goods purchased from  
its third-party suppliers, and labour  
and energy costs in its own facilities.
The Group continues to monitor 
disruptions related to energy, including 
availability, cost and energy type.
•	 We continually monitor the Group’s exposure to these risks through 
local presence. In addition, the Group’s geographic diversification  
of sales, marketing and supply chain operations helps reduce reliance 
on one country or another.
•	 Careful monitoring and management of customer credit risk.  
Enhanced credit risk management in place in emerging markets.
•	 The use of in-house and external local expertise to advise on matters  
of country risk.
•	 Continued review of inventory levels and logistic programs to ensure 
the Group has flexibility to respond to uncertainties.
•	 Continued rebalancing of the proportion of product manufactured 
in-house versus outsourced to optimise cost, protect supply and 
intellectual property, and ensure optimal use of manufacturing facilities. 
•	 The Group actively monitors market conditions to ensure price 
adjustments can be made timely where appropriate.
•	 Strengthened risk identification processes in respect to changes  
in regulatory and statutory requirements to ensure management  
can act quickly in the event of significant changes.
•	 Plans to fully offset tariff increases through pricing and further 
sourcing optimisation. 
Systems and 
technology, 
including 
cyber security
As a modern business Ansell relies on 
Information Technology (IT) platforms. 
Interruption, compromise to, or failure  
of these platforms could affect Ansell’s 
ability to service its customers effectively.
The Group is exposed to the risk by 
both malicious outsiders and insiders  
of network attacks, including the risk  
of theft of confidential data, fraud 
committed through cyber means,  
and has an obligation to adequately 
protect the data it holds on employees, 
customers and all stakeholders in 
compliance with increasingly complex 
global data protection regulations.
•	 Modern Enterprise Resource Planning (ERP) systems are in place in the 
largest regions of North America and EMEA, with rollout of an upgraded 
cloud-based ERP system completed for the majority of manufacturing 
sites. A roadmap to consolidate globally to this single ERP system is in 
place. Disaster recovery plans are updated and tested regularly.
•	 The Group has an active cyber risk management program, including 
vendor risk assessment and remediation, conducting tests on the 
vulnerability of key systems, monitoring suspicious activity, providing 
ongoing training to employees on their responsibility for mitigating 
cyber fraud risk and enhancement of controls to minimise risk of data 
exfiltration by insiders. ISO 27001 certification is expected to be 
achieved by the end of 2025 to demonstrate the credibility of the 
Group’s cyber security program. 
•	 The Group has recently performed additional security assessments  
on Operational Technology (OT) risks and process improvements are 
being implemented.
•	 The Group has implemented data protection procedures and ensured 
compliance with European GDPR and other global regulations.
ANSELL LIMITED | ANNUAL REPORT 2025
40

Risk
Nature of Risk
Mitigation Actions
Product 
quality
As a manufacturer, quality is  
paramount to the Group and failures  
in this area can have a significant 
negative effect on financial results, 
customer relationships, reputation 
and brand credibility.
•	 Continued investment in quality assurance and governance practices, 
including systematic quality assurance testing during and after the 
manufacturing and procurement process.
•	 All manufacturing facilities are externally certified to ISO 9001 with 
some facilities also certified to ISO 13485 as required.
•	 Continual monitoring of quality metrics to monitor and correct 
defective processes before the product is released to the market.
•	 Management and monitoring of customer feedback.
Major incident 
at a significant 
manufacturing 
site or 
warehouse
The Group operates a diversified 
network of manufacturing sites and 
warehouses. These facilities are vital  
to the business and financial losses 
from natural disasters and pandemics,  
civil or labour unrest, terrorism,  
major fire or other supply disruptions 
are possible.
•	 The Group has Business Continuity Plans in place at all manufacturing 
sites and major warehouses.
•	 Property damage insurance including business interruption cover  
is in place for all manufacturing sites.
•	 The Group monitors its overall exposure to individual sites and seeks  
to limit its dependence on any one site through dual sourcing strategies.
•	 Regular risk engineering and safety audits are conducted at each  
of the Group’s manufacturing sites and major warehouses.
•	 Ongoing safety and fire preparedness reviews are conducted with 
continual investment in upgraded protection systems.
•	 Duplication of key production lines minimises business interruption risk.
•	 Expanding capacity at some of the smaller manufacturing sites.
•	 Investment in a new manufacturing site in India which will have the 
capacity to produce a wide range of products.
Third party 
supply 
interruptions
Ansell relies on supplies of various  
raw materials and finished goods from 
a number of third-party suppliers.
Significant interruptions or a failure  
of the supplier to perform can leave 
Ansell short of a vital raw material or 
finished product, impacting its ability  
to fulfil orders.
A supplier being placed under a 
Withhold Release Order from US 
Customs & Border Protection, or  
similar enforcement agency in other 
countries, can impact the Group’s 
ability to fulfil orders.
Significant tariffs imposed by the  
US on imports from other countries 
could render outsourced finished  
goods no longer commercially viable.
•	 Secondary and/or alternate suppliers for key supplies and/or materials.
•	 Rigorous due diligence and contract approval processes to mitigate 
risks, including continuity of supply.
•	 Continued strategy of vertical integration which reduces dependency 
on third parties.
•	 Increased audits and inspections of third-party facilities for compliance 
with Ansell’s standards. Increased focus on sustainability standards 
(including labour standards) of outsourced suppliers.
•	 Financial risks (and liquidity) of suppliers monitored frequently.
•	 Robust Supplier Management Framework and Labour Rights 
Committee to monitor and mitigation of corporate social responsibility 
related business risks.
•	 Incorporated Balance Scorecard on supplier selection and a 
performance review process to ensure the right partners are engaged 
with Ansell. 
•	 Dual sourcing strategies or shifting to alternative suppliers to minimise 
exposure to higher tariffs.
ANSELL LIMITED | ANNUAL REPORT 2025
41
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Risk
Nature of Risk
Mitigation Actions
Environment, 
social and 
governance 
(ESG) risks
Failure to comply with social and 
environmental standards, or poor 
environmental and social practices in 
the Group’s operations or supply chains, 
may give rise to reputational, legal and/
or market risks.
The physical impacts of climate change 
can compound existing environmental 
risks (including natural disasters and 
extreme weather events) to operations, 
supply chains and markets, and impact 
on the Group’s ability to obtain key 
inputs or to service customer needs.
This may include disruption to 
upstream suppliers, manufacturing 
sites, and downstream warehousing and 
distribution. The economic transition 
risks associated with climate change 
may also impact on cost inputs or 
customer demand preferences.
•	 Strong governance structure in place. ESG oversight is embedded at the 
Board level through the Sustainability and Risk Committee and the Audit 
and Compliance Committee. A cross-functional Sustainability Council, 
comprising all ELT members, oversees the sustainability strategy and 
reports regularly to the Board. The Labour Rights Committee, including 
ELT and functional leads, manages labour rights and modern slavery 
risks across operations and supply chains.
•	 Mature due diligence systems, including the Labour Standards and 
Supplier Management Frameworks, support risk management across 
operations and supply chains. Supplier assessments and audits are 
enforced through WRAP, SEDEX, and third-party forced labour 
assessments to ensure transparency and compliance with human rights 
and environmental standards.
•	 Ansell promotes ethical behaviour through its Code of Conduct and 
Ansell Values.
•	 Clear social and environmental targets and goals, covering emissions, 
water consumption, and waste, are set and tracked to guide 
performance and accountability, and to support strategic planning and 
product lifecycle decisions.
•	 Climate-related risks are integrated into the Group’s risk management 
framework, enabling proactive identification, assessment and 
monitoring of both risks and opportunities to support strategic planning 
and long-term resilience.
•	 Ansell aligns with TCFD recommendations and has completed climate 
scenario analyses for its major sites. The Group has completed a 
corporate-level assessment of climate risks and opportunities across its 
value chain under various climate scenarios, and continues to analyse 
key impacts to understand potential financial consequences.
•	 Ansell has formally committed to achieving net-zero greenhouse gas 
(GHG) emissions across its entire value chain (scope 1, 2 & 3) by FY45. 
This ambition is backed by near and long-term science-based emission 
reduction targets that have now been officially validated by the Science 
Based Targets initiative (SBTi).
Report by the Directors continued
ANSELL LIMITED | ANNUAL REPORT 2025
42

Risk
Nature of Risk
Mitigation Actions
Foreign 
exchange 
exposure
Approximately half of the Group’s 
revenues and costs are in currencies 
other than the US dollar. With volatile 
foreign exchange markets, significant 
changes can occur in foreign exchange 
rates and result in a significant impact  
on US dollar earnings.
•	 A robust foreign currency management policy is in place.
•	 Ongoing monitoring of currency volatility and forecasts, including 
commercial pricing actions where necessary.
•	 Ongoing assessment of impacts to our key financial metrics.
•	 The Group’s foreign exchange risks and management strategies  
are detailed in Note 16 Financial Risk Management of the Group’s 
audited Financial Statements.
Kimberly-  
Clark’s 
Personal 
Protective 
Equipment 
business (KBU) 
integration 
risk
The KBU business was successfully 
integrated into Ansell in FY25.
Residual integration risk primarily 
relates to revenue continuity under the 
integrated Ansell organisational model
•	 Following closure of the dedicated Ansell & KBU Integration 
Management Office, Ansell commercial units, product organisations 
and functions now have full accountability for the business and any 
post-cutover issue management in a ‘business as usual’ manner.
•	 Kimberly-Clark continues to provide minor support for final stock 
receipts and transfers, as well as miscellaneous administrative tasks 
such as trailing payments and responding to compliance and 
regulatory requests.
Climate Risks
Climate change presents both physical and transitional risks and opportunities for Ansell. To manage the risks, capture opportunities, 
and support the transition to a low-carbon future, Ansell has established an operational decarbonisation strategy. The strategy will 
enable us to remain resilient under a range of plausible future scenarios.
Two Board-level committees, the Sustainability and Risk Committee (SRC) and the Audit and Compliance Committee (ACC), support 
the Board to oversee Ansell’s approach to climate change. The SRC and ACC work collaboratively to ensure linkage and alignment 
between climate-related mitigation activities (SRC) and the Task Force on Climate-related Financial Disclosures (TCFD) and other 
finance-related disclosures (ACC). The ACC is also overseeing Ansell’s preparation for upcoming mandatory climate-related disclosures 
under the Australian Sustainability Reporting Standards and the EU Corporate Sustainability Reporting Directive. For further 
information on Ansell’s sustainability governance refer to Ansell’s Sustainability Report, to be released by the end of August 2025.
In FY26, we have planned to refresh our climate scenarios and financial impact assessment in time for the mandatory AASB S2 reporting.
Throughout FY25, Ansell’s Global Environment, Health and Safety teams and plant leadership monitored the development of 
environmental regulatory requirements and the progress of Ansell’s climate initiatives against the risk profile, and is supported by 
Ansell’s Climate Working Group. The monitoring did not identify any material changes to Ansell’s climate risk profile. No anticipated 
delays to achieving the climate targets set out in FY22’s full TCFD disclosure have been identified.
In March 2023, Ansell assumed full ownership and operational control of Ansell Seremban (formerly Careplus), prior to which  
was considered as part of Ansell’s Scope 3 emissions. This year, we added Ansell Seremban to our Scope 1 & 2 GHG inventory, and 
recalculated and restated our FY20 emissions target baseline, in accordance with GHG Protocol and ISO 14064. We have completed 
analysis of data and implementation of Ansell’s management systems at the plant, and are currently conducting critical work to 
prepare the plant for our decarbonisation programs and installations.
ANSELL LIMITED | ANNUAL REPORT 2025
43
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Table 1: Ansell’s priority climate risks and opportunities
Priority transition risks and opportunities
Ansell’s strategic response
Risks
•	 Introduction of carbon pricing.
•	 Increased demand for low-carbon products to reduce emissions  
resulting in loss of competitive advantage if Ansell fails to take action.
•	 Increased climate-related regulatory requirements set by governments.
•	 Increased stakeholder expectations in relation to climate mitigation 
efforts, resulting in reputational damage if Ansell does not meet 
stakeholder expectations.
Opportunities
•	 Increased demand for low-carbon products to reduce emissions  
resulting in increased revenue through pricing premiums/rising demand.
•	 Improvement in resource recovery and process efficiency.
•	 Demand rises for PPE under a high emissions scenario.
The quantitative analysis considered shifts in consumer preferences and 
market demand, along with impacts to Ansell’s operational and capital 
expenditure as a result of the above transition risks and opportunities.
Key strategic response options identified by Ansell include:
•	 Operational decarbonisation strategy.
•	 Development of low-carbon/carbon neutral products.
•	 Circular economy including recycling and waste  
to energy.
•	 Communication/marketing of Ansell’s climate action.
Priority physical risks and opportunities
Ansell’s strategic response
Risks
•	 Increased frequency and severity of droughts.
•	 Increased frequency and severity of storms and cyclones.
•	 Increased frequency and severity of flooding events.
The quantitative analysis considered impacts on upstream  
suppliers/raw materials, manufacturing sites, and downstream  
warehousing and distribution.
Key strategic response options identified by  
Ansell include:
•	 30-day safety stock policy to mitigate the impact  
of disruptions.
•	 Reducing water intensity, increase reuse.
•	 Increasing raw materials and on-site water inventory.
•	 Establishing regular monsoon season planning.
•	 Increasing supply chain agility.
Report by the Directors continued
ANSELL LIMITED | ANNUAL REPORT 2025
44

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under 
Professional Standards Legislation. 
Lead Auditor’s Independence Declaration under 
Section 307C of the Corporations Act 2001  
To the Directors of Ansell Limited 
I declare that, to the best of my knowledge and belief, in relation to the audit of Ansell Limited for the 
financial year ended 30 June 2025 there have been: 
i.
no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
no contraventions of any applicable code of professional conduct in relation to the audit.
KPM_INI_01 
K KPMG
Chris Sargent  
Partner  
Melbourne 
25 August 2025 
ANSELL LIMITED | ANNUAL REPORT 2025
45
Financial Statements
Report by the Directors
Remuneration Report
Shareholders and Shareholder Information

Report by the Directors continued
Non-audit Services
During the year, the Group’s auditor, KPMG, was paid the following amounts in relation to non-audit services provided by KPMG:
Other audit and assurance services	
$140,214
Taxation services	
$32,114
The Directors are satisfied that the provision of such non-audit services is compatible with the general standards of independence  
for auditors and does not compromise the auditor independence requirements of the Corporations Act 2001 in view of both the 
amount and the nature of the services provided. All non-audit services were subject to the corporate governance procedures adopted  
by the Group and have been reviewed by the Audit and Compliance Committee to ensure they do not impact the integrity and 
objectivity of the auditor.
Rounding
The Group is a company of the kind referred to in Australian Securities and Investments Commission Instrument 2016/191 and in 
accordance with that Instrument, unless otherwise shown, amounts in this Report and the accompanying audited FY25 Financial 
Statements have been rounded off to the nearest one hundred thousand dollars.
This Report is made in accordance with a resolution of the Board of Directors made pursuant to Section 298(2) of the Corporations  
Act 2001 and is signed for and on behalf of the Directors.
Nigel D Garrard  
Chair
Neil I Salmon 
Managing Director and Chief Executive Officer
Dated in Melbourne on this 25th day of August 2025.
ANSELL LIMITED | ANNUAL REPORT 2025
46

Contents of the Remuneration Report
Letter from Chair of the Human Resources Committee	
48
Section 1 – At a Glance	
50
1.1 FY25 Performance	
50
1.2 Executive Realised Pay Summary	
51
Section 2 – Introduction and KMP Composition	
52
2.1 Introduction	
52
2.2 KMPs Comprising the Board of Directors and Executives	
52
Section 3 – Remuneration Policy	
53
3.1 Philosophy and Strategy	
53
3.2 Remuneration Framework Components	
54
Section 4 – FY25 Remuneration Framework in Detail and Outcomes	
55
4.1 Fixed Annual Remuneration	
55
4.2 One-off Awards in FY25	
55
4.3 Short-Term Incentive (STI)	
56
4.4 Long-Term Incentive (LTI)	
58
4.5 Other Policy Matters	
60
Section 5 – Statutory Information	
61
5.1 Executive Service Agreements	
61
5.2 Securities Trading Policy	
62
5.3 Shareholder Alignment	
62
5.4 Current Shareholding	
63
5.5 Equity Instruments	
64
5.6 Executive Statutory Remuneration (US$)	
65
Section 6 – Non-Executive Directors	
66
6.1 Policy and Approach	
66
6.2 Non-Executive Directors’ Statutory Remuneration (US$)	
67
Section 7 – Group Performance and Remuneration Outcomes	
68
7.1 Group Performance	
68
7.2 STI/LTI Payouts as Percentage of Maximum	
68
Section 8 – Governance	
69
8.1 Role of the Human Resources Committee (HRC)	
69
8.2 External Consultants	
69
8.3 Shareholder Engagement	
69
Section 9 – Glossary	
70
ANSELL LIMITED | ANNUAL REPORT 2025
47
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Letter from Chair of the Human Resources Committee
Dear Shareholders, 
On behalf of the Board of Directors, we are pleased to present Ansell’s Remuneration Report for the year ended 30 June 2025.
Our Performance in FY25
I am proud to say that FY25 has been a year of excellent execution, marked by significant progress and achievement building  
on the transformations of FY24. We achieved strong growth momentum in both top and bottom lines, successfully integrated 
Kimberly-Clark’s Personal Protective Equipment business (KBU), and continued innovation to expand our product offerings,  
notably with new Ringers™ and HyFlex™ products in the Industrial sector. Performance against key business metrics were as follows:
•	 FY25 Sales Growth of 7.7% on an Organic Constant Currency basis, reflecting outstanding performance. Strong momentum  
in new product launches, with revenue from new products exceeding plan. 
•	 FY25 EBIT was $282.1m, representing 10.4% growth compared to FY24 on an Organic Constant Currency basis, exceeding 
expectations.
•	 FY25 Adjusted EPS was US126.1 cents, demonstrating robust earnings growth towards the upper end of both initial guidance  
issued in August 2024 and upgraded guidance issued in February 2025.
•	 KBU integration and business performance ahead of plan.
•	 Total Shareholder Return (TSR) over the 3-year period from FY23 to FY25 of 32.25%, exceeding the median market return of the  
ASX 200 Industrials comparator group.
Alongside the positive financial performance attributable to the smooth integration of KBU and strong sales growth across several 
key areas of the organisation, FY25 also saw continued delivery in some key strategic imperatives within our business. Several digital 
transformation projects rolled out successfully and progress against key sustainability, ESG and safety commitments were achieved 
across the organisation. Furthermore, the establishment of strategies related to US tariffs will help ensure our business remains  
well positioned to navigate the related uncertainty.
Remuneration Outcomes for FY25
As part of our annual cycle ahead of FY25, Executive remuneration reviews were undertaken, with consideration given to market 
benchmarking, scope and responsibilities (including reflecting the expanded scope of responsibilities of roles following the KBU 
acquisition), local market trends, individual performance and the macro-environment. The outcome of this exercise was to increase 
base salaries of the Executive team by 4-8% ahead of FY25.
Having regard to the Company performance noted above, the Board approved final incentive outcomes as follows:
FY25 STI Outcomes
In respect of the FY25 STI, the Board approved an outcome of 92% of maximum for the CEO and 88% of maximum for the CFO.  
These outcomes reflect strong EBIT Growth from the execution of Accelerated Productivity Investment Program (APIP) and cost 
synergies from the integration of KBU, with the EBIT Growth component (weighted 60%) vesting almost at maximum. The Sales 
Growth component (weighted 10%) vested at maximum following positive outcomes across Industrial segment’s new products,  
the successful execution of the sales strategy recovering from customer destocking in Surgical and Cleanroom, and solid growth  
in the acquired portfolio of Kimtech™ cleanroom products in Healthcare. 
FY23 – FY25 LTI Outcomes
The Board assessed the FY23–FY25 LTI plan and determined that the ROCE Gateway was met, opening consideration of performance 
against the Organic Sales Growth and EPS Growth performance measures. While the threshold of the Organic Sales Growth measure 
(weighted 15%) was not achieved, resulting in nil vesting against this component, the EPS Growth measure (weighted 85%) vested  
at 64.5%, resulting in a LTI vesting outcome of 54.8% of maximum.
ANSELL LIMITED | ANNUAL REPORT 2025
48

Remuneration Framework Changes During FY25
The remuneration framework remained largely consistent with prior years for FY25, with several enhancements implemented  
to align with our growth and integration activities, as communicated in last year’s report:
•	 Reinstatement of Sales Growth as an element of the FY25 STI, acknowledging its role in reflecting business performance  
throughout the first 12 months of the KBU integration. 
•	 Introduction of a Relative Total Shareholder Return measure for the FY25 LTI weighted at 30%, to enhance alignment of LTI 
outcomes with shareholder experience over the period, and the reinstatement of Organic Sales Growth, also weighted at  
30%. These changes were implemented alongside the removal of the ROCE Gateway to maintain a level of simplicity within the  
LTI design (i.e., to limit the LTI to a maximum of 3 measures), noting the Board will continue to have regard to overall business 
performance at the time of testing.
Executive KMP Changes During the Year
During FY25, Ansell has seen key changes in the Executive Key Management Personnel (KMP) as follows:
Chief Financial Officer
•	 Former CFO, Zubair Javeed, stepped down as CFO and therefore ceased to be a KMP on 14 March 2025 and subsequently  
departed Ansell on 31 March 2025. Brian Montgomery was appointed CFO of Ansell and became a KMP, effective 14 April 2025,  
and is based in the United States. Mr. Montgomery is an experienced senior finance and strategy executive, most recently serving  
as Chief Strategy Officer at GE HealthCare. Prior to that, he held the position of Acting CFO at GE HealthCare. Details of  
Mr. Montgomery’s commencement and remuneration arrangements are detailed further in the report in Section 4.2.
Chief Product & Marketing Officer
•	 Former Chief Product & Marketing Officer, Rikard Froberg, ceased to be a KMP and departed Ansell on 28 February 2025.  
Following his departure, the Board approved changes to consolidate leadership responsibilities related to Group strategy  
which now primary reside with the newly appointed CFO who has extensive experience in this area. Due to this key reduction  
in scope, going forward this role no longer meets the threshold to be considered KMP resulting in its removal for remuneration 
reporting purposes. 
For Mr. Froberg, all incentives were forfeited. For Mr. Javeed, the majority of incentives were forfeited with the exception of the  
Board approving a payment to Mr. Javeed following an assessment of Mr. Javeed’s performance delivering strong outcomes for the 
business and its shareholders for the substantial portion of the financial year alongside his critical role in leading key workstreams  
for the KBU integration and maintaining organisational stability. Further details are set out in Section 5.
Looking ahead for FY26
Building on a successful FY25, our focus remains on enhancing customer satisfaction and operational excellence, while leveraging  
our integration of KBU. We are poised to complete construction of our new India Surgical facility, positioning us advantageously  
in key growth markets and further building the resilience of our leading supply chain. Our commitment to sustainability and 
innovation continue to be cornerstones of our strategy. 
Considering the ongoing uncertainty in global trade policies and tariffs, the Board has decided that focusing on delivering  
EBIT growth is a key priority and removed the Sales Growth performance measure from the FY26 STI. Therefore, for the FY26 STI,  
EBIT Growth will be reinstated to 70% weighting and 30% will remain allocated to individual objectives. We are not planning to  
make changes to our FY26-FY28 LTI or overall remuneration framework, satisfied that the changes made for FY25 have aligned  
the framework to Ansell’s strategic priorities and shareholder interests. 
We hope you find this year’s Remuneration Report informative, and we encourage you to open a dialogue with us if you require 
further information.
Sincerely,
Christine Y Yan 
Chair of the Human Resources Committee 
Ansell Limited
ANSELL LIMITED | ANNUAL REPORT 2025
49
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report
Section 1 – At a Glance
1.1 FY25 Performance
This section is intended to provide a high-level visual summary of the remuneration outcomes for FY25 Realised Pay, which is a 
non-IFRS measure and is defined in Section 9 – Glossary. Further detail is provided on each of these in the ensuing sections of the 
Remuneration Report.
Highlights
Figure 1.1
The table below outlines Ansell’s FY25 financial outcomes  
(as defined in the Section 9 – Glossary) that were used as the base  
to calculate incentive outcomes:
Sales
$2,003.3m
EBIT
$282.1m
Statutory EPS
69.9¢
Adjusted EPS
126.1¢
Dividends per share
50.20¢
ROCE
 13.2%
•	 Ansell delivered sales of $2,003.3m, representing 
increases of 23.7% versus FY24 on a reported basis  
and 7.7% on an Organic Constant Currency basis. 
•	 Ansell’s EBIT for FY25 was $282.1m, which was an 
increase of 44.3% on a reported basis and 10.4% 
increase on an Organic Constant Currency basis.  
This EBIT Growth was mainly driven by the successful 
execution of APIP and successful integration of KBU, 
including an initial cost synergy benefit.
•	 FY25 Statutory EPS was US69.9¢ and FY25 Adjusted EPS 
was US126.1¢, with FY25 Adjusted EPS at the upper end  
of both the original and upgraded guidance ranges.
•	 TSR of 32.25% and rTSR of 52nd percentile against the 
ASX200 Industrials comparator group representing 
strong performance across the FY23-FY25 period. 
FY25 STI (Refer to Section 4.3 for further detail):
•	 EBIT Growth well exceeded the target but was below 
the maximum outcome and Sales Growth achieved 
the maximum outcome.
FY23-FY25 LTI (Refer to Section 4.4 for further detail):
•	 EPS Growth, based on the reconciliation items  
defined at grant, over the three-year period was 36.2%.  
A portion of APIP costs when amortised back in, 
reflecting benefits partially seen in FY25, results in  
EPS Growth for LTI purposes of 25.8%. The vesting 
outcome is slightly above the mid-point and below 
the maximum. 
•	 Organic Sales Growth was below the minimum threshold 
and was considered “missed”. 
•	 ROCE in FY23 and FY24 was impacted by post-COVID 
distributor destocking, but rebounded in FY25 as 
operations stabilised. With a portion of the temporary 
destocking impacts excluded, the three-year average 
ROCE was 12.8%, exceeding the gateway.
0%
20%
40%
60%
80%
100%
Sales Growth
EBIT Growth
Figure 1.2 FY25 STI Financial Measures and Performance
Percentage of maximum
Target:
67%
Target
27%
Threshold
21%
48%
96%
100%
0%
20%
40%
60%
80%
100%
Organic Sales Growth
EPS Growth
Figure 1.3 FY23-FY25 LTI Financial Measures and Performance 
Percentage of maximum
Mid-point:
50%
Midpoint
10.9%
22.8%
64%
0%
ANSELL LIMITED | ANNUAL REPORT 2025
50

1.2 Executive Realised Pay Summary
This section presents non-IFRS realised pay earned by Executive KMPs in FY25, along with prior year comparatives. Provided as a voluntary 
disclosure, it supplements the statutory remuneration details in Section 5. Realised pay reflects actual amounts received or payable for 
FY25, including base salary, retirement and other benefits, and the full value of incentives earned in relation to the FY25 performance 
period. Unlike statutory disclosures, it excludes accruals and estimates, offering a closer view of ‘take-home pay’ for the year.
The maximum opportunity reflects each Executive’s annual policy entitlement, including base salary, retirement and other benefits, 
the maximum STI opportunity for FY25, and the maximum value of the FY25–FY27 LTI award at grant date. Mr Montgomery’s cash 
component of his commencement arrangement has been excluded as it is not part of his annual policy entitlement. Mr Montgomery’s 
FY25 maximum opportunity has been presented on an annualised basis, as if he had been a KMP for the full 12-month period.
Only active Executives as at 30 June 2025 are disclosed in this section. Mr Froberg ceased to be an employee and therefore KMP on 
28 February 2025. Mr Javeed stepped down as CFO, and therefore ceased to be a KMP, on 14 March 2025. See Section 2.2 for detail.
Neil Salmon – Managing Director and Chief Executive Officer 
Term as KMP: Full Year
675
884
619
619
1,315
3,630
193
884
193
2,566
4,993
Current Shareholding
(US$000)
Shareholding Requirement
(US$000)
2 x Base Salary
3,037
1,798
FY25
Maximum
Opportunity
(US$000)
FY25
Realised
Pay
(US$000)
47%
53%
Equity
Cash
675
Minimal Shareholding 
Requirements
Brian Montgomery – Chief Financial Officer 
Term as KMP: 2.5 months from 14 April 2025
1,500
338
130
63
409
63 665
600
9
338
2,785
Current Shareholding
(US$000)
Shareholding Requirement
(US$000)
1 x Base Salary
600
0
FY25
Maximum
Opportunity
(US$000)
FY25
Realised
Pay
(US$000)
90%
10%
Equity
Cash
Minimal Shareholding 
Requirements
Legend
Base Salary1
Retirement2 and  
Other Benefits3
STI4 – Cash
Current 
Shareholding
STI4 – Restricted Shares
Vested LTI5  
(vested share price)
LTI Opportunity  
(grant share price)
Required 
Shareholding
Figure 1.4
STI4
LTI5
Executives
Year Base Salary1
Retirement 
Benefits2
Other 
Benefits3­
Cash
Restricted 
Shares
Equity
Total 
Earnings
CEO
Neil Salmon
2025
883,698
–
192,970
619,211
619,211
1,314,708
3,629,798
 
2024
813,996
59,955
116,414
414,032
414,032
–
1,818,429
CFO
Brian Montgomery6
2025
129,615
3,500
405,070
63,297
63,297
–
664,779
1.	Base salary includes the salary earned by the individual in the financial year. The increases in base salary for Executives are based on individual performance, 
scope of responsibilities, and external benchmarking of similar positions in the jurisdictions in which the Executives are based. Mr Salmon’s FY25 base salary  
was increased by 8% effective 1 October 2024. 
2.	Retirement benefits include all retirement benefits earned by the individual in the current financial year. Mr Salmon’s employment arrangement was updated  
in FY24 and as a result has changed the mix of his retirement benefits and other benefits. Refer to Section 5.1 for detail.
3.	Other benefits include the cost to the Company of cash benefits such as insurance and allowances. Mr Montgomery’s other benefits includes the cash 
component of his commencement arrangement. The equity component of the commencement arrangement remains unvested and is therefore not included 
(refer to Section 4.2 for further detail).
4.	2025 and 2024 STI represent amounts payable under the FY25 and FY24 STI Plans respectively. In both years, the STI was delivered half in immediate cash, and half 
in restricted shares, subject to a two-year sale restriction. The amounts shown above are pre-tax and the number of restricted shares issued is calculated based 
on a post-tax STI award basis. As Mr Montgomery was appointed CFO and became a KMP effective 14 April 2025, his STI award is calculated on a pro rata basis.
5.	2025 and 2024 LTI relate to the FY23 and FY22 grants respectively, outcomes of which were approved by the HRC on 19 August 2025 and 13 August 2024 
respectively:
•	 2025: The US$ value is calculated using the number of PSRs vested multiplied by the closing share price of Ansell Limited on the ASX on 19 August 2025,  
being A$31.57, with a foreign exchange rate of A$1:US$0.6453. As Mr Montgomery was appointed CFO and became a KMP effective 14 April 2025, he was not 
eligible for the FY23-FY25 LTI award.
•	 2024: The FY22-FY24 award is a ‘nil’ vesting because the ROCE Gateway condition was not met.
6.	Mr Montgomery was appointed CFO and became a KMP on 14 April 2025. Mr Montgomery’s remuneration disclosed only relates to the period he was a KMP.
Pay Mix
Pay Mix
ANSELL LIMITED | ANNUAL REPORT 2025
51
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
Section 2 – Introduction and KMP Composition
2.1 Introduction
The Directors of Ansell Limited (Ansell) and its subsidiaries (the ‘Group’) present the Remuneration Report. This Report has been 
prepared in accordance with Section 300A of the Corporations Act 2001 for FY25. This Report, which has been audited by KPMG, 
forms part of the Report of the Directors.
The Report outlines the remuneration arrangements in place for the Non-Executive Directors and Executive Key Management Personnel 
(KMP) of Ansell, being those executives who have authority and responsibility for planning, directing and controlling the activities of 
the Group. In this Report, ‘Executives’ refers to members of the Group Executive team identified as KMP.
Ansell’s reporting currency is US$ and US based Executive KMPs are paid in US$. For non-US based Executive KMPs, the reported numbers 
in the pay tables are subject to currency translation differences from year to year.
2.2 KMPs Comprising the Board of Directors and Executives
The table below details Ansell’s KMP:
Non-Executive Directors
Location 
Role
Nigel D Garrard
Australia
Chair, Independent Non-Executive Director (appointed Chair on 24 October 2023)
Leslie A Desjardins
United States
Independent Non-Executive Director
Debra L Goodin
Australia
Independent Non-Executive Director
William G Reilly
United States
Independent Non-Executive Director
Christina M Stercken
Germany
Independent Non-Executive Director
Christine Y Yan
United States
Independent Non-Executive Director
Morten Falkenberg
Denmark
Former Independent Non-Executive Director (until 31 May 2025)
John A Bevan
Australia
Former Chair, Independent Non-Executive Director (until 24 October 2023)
Executive Director
Location 
Role
Neil I Salmon
Belgium
Managing Director and Chief Executive Officer (CEO)
Other Executives
Location 
Role
Brian C Montgomery
United States
Chief Financial Officer (CFO) joined the Group and appointed on 14 April 2025
Zubair Javeed
United Kingdom
Former CFO (until 14 March 2025)
Rikard Froberg
United States
Former Chief Product & Marketing Officer (until 28 February 2025)
Darryl Nazareth
United States
Former President of the Healthcare Segment (until 31 August 2023)
The composition of Executive KMP changed during FY25 and is summarised below: 
Chief Financial Officer
•	 Former CFO, Zubair Javeed, stepped down as CFO and therefore ceased to be a KMP on 14 March 2025, and subsequently departed 
Ansell on 31 March 2025. 
•	 Brian Montgomery was appointed CFO of Ansell and became a KMP, effective 14 April 2025, and is based in the United States. 
Mr Montgomery is an experienced senior finance and strategy executive, most recently serving as Chief Strategy Officer at 
GE HealthCare. Prior to that, he held the position of Acting CFO at GE HealthCare.
Chief Product & Marketing Officer
•	 Former Chief Product & Marketing Officer, Rikard Froberg, ceased to be a KMP and departed Ansell on 28 February 2025. Following this, 
the Board approved changes to consolidate leadership responsibilities related to Group strategy which now primarily reside with 
the newly appointed CFO who has extensive experience in this area. Due to this key reduction in scope, going forward this role 
no longer meets the threshold to be considered a KMP resulting in its removal for remuneration reporting purposes.
Accordingly, the remuneration disclosures in this report reflect only the period during which each individual served as a KMP. Except 
for Mr Javeed, while he ceased to be a KMP on 14 March 2025, his remuneration disclosed in this report represents the period up until 
he departed Ansell and aligning with the pay cycle, being 31 March 2025.
During the period between Mr Javeed stepping down as CFO and Mr Montgomery’s appointment as CFO, Fred Marx, a senior member of 
the finance team, served as acting CFO. Mr Marx was not considered a KMP for the purposes of this Remuneration Report. This assessment 
reflects the temporary nature of his role (1 month) and the fact that he did not have authority or responsibility for planning, directing 
or controlling significant activities of the Group, nor did he participate in strategic decision-making during this period.
As reported in FY24, Mr Nazareth ceased to be an employee, and therefore KMP, on 31 August 2023. Mr Nazareth’s 2024 remuneration 
information is included for comparative purposes.
On 31 May 2025, Morten Falkenberg an Independent Non-Executive Director retired from the Board.
ANSELL LIMITED | ANNUAL REPORT 2025
52

Section 3 – Remuneration Policy
3.1 Philosophy and Strategy
The Board’s remuneration philosophy links the achievement of our strategic objectives and corporate plans with appropriate 
and measured rewards for the Company’s Executives.
Our governing principles are summarised below:
Performance Accountability
Transparent Governance
Think and Act like Shareholders
Stakeholder Engagement
Reflect the markets and 
locations we recruit from
Even though Ansell is listed on the Australian Stock Exchange, staff are located in approximately 55+ worldwide locations, with the KMP, 
inclusive of the Board or Directors and Executive KMP, based in Europe, USA and Australia.
Figure 3.1: 30 June 2025
North
America
Latin America
and Caribbean
Africa
Europe
Asia
Australasia
Middle
East
NA 
Revenue 46% 
KMP 4
LAC 
Revenue 10% 
KMP 0
EMEA 
Revenue 31% 
KMP 2
Asia 
Revenue 10% 
KMP 0
Australia 
Revenue 3% 
KMP 2
ANSELL LIMITED | ANNUAL REPORT 2025
53
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
3.2 Remuneration Framework Components
Our Executive remuneration framework consists of the following components: 
Figure 3.2
Component
Total Remuneration
Operation and Performance Measure
Strategic Objective/Performance Link
Fixed Annual Remuneration
Base salary plus retirement  
and other benefits.
Remuneration delivery timeline:  
1 year
STI
Half in immediate cash and half  
in restricted shares1.
Remuneration delivery timeline:  
1-3 years1
LTI
Rights to receive fully paid ordinary 
shares subject to performance.
Remuneration delivery timeline:  
3 years
Takes into account:
•	responsibilities, qualifications, 
experience; and
•	performance, location and market  
rate for a comparable role.
•	Combination of financial and 
non-financial performance measures.
•	Performance weighted more towards 
financial Key Performance Indicators 
(i.e. not less than 70% of the award).
•	Three-year performance and  
vesting period.
•	Combination of key financial and 
shareholder value measures.
•	Attract, engage and retain  
talented Executives.
•	Consider, but not be constrained by, 
relevant benchmarks.
•	Increases are linked to individual 
performance, the organisation  
he/she leads and directly/indirectly 
the overall business.
•	Aligned with the Group’s short-term 
objectives.
•	Clear line of sight for participants.
•	Deferral of 50% of the award in 
restricted shares encourages longer-
term sustainable performance.
•	Reflects key long-term priorities  
of the business at the time.
•	Relevant indicator of shareholder 
value creation.
•	Suitable line of sight for participants 
to encourage and motivate executive 
performance.
•	Attract, retain and motivate highly 
capable Executives.
•	Reinforce short and long-term 
objectives.
•	Alignment with shareholder value.
•	Deliver sustainable growth.
>
>
>
+
+
=
>
>
>
1.	The restriction on shares issued for half of the STI payable will see the shares held for a period of two years from when the shares are vested.
ANSELL LIMITED | ANNUAL REPORT 2025
54

Section 4 – FY25 Remuneration Framework in Detail and Outcomes
4.1 Fixed Annual Remuneration
Our fixed remuneration practices are reviewed regularly to ensure that they continue to reflect the scale and complexity of Ansell 
and its operations. Fixed remuneration is maintained with the global market in mind to ensure that we continue to attract, motivate and 
retain a talented and truly diverse global workforce.
There were no policy changes to any element of fixed remuneration in FY25.
Base Salary 
Base salaries are reviewed annually. In conducting this review, the HRC considers a number of factors to ensure decision making 
processes are suitably robust. Factors considered include market benchmarking analysis, individual performance, internal relativities, 
changes in scope of responsibilities, local market trends and the wider macro-economic environment. As part of this year’s remuneration 
review, particular consideration was given to the expanded scope of responsibilities arising from the KBU acquisition.
The base salaries for the Executive KMPs for FY25 were: 
Executives 
Base Salary
Increase
Neil Salmon
€827,181 (USD equivalent $898,768)
8%
Brian Montgomery
$600,000
N/A
Former Executives 
Zubair Javeed
£463,000 (USD equivalent $598,757)
4%
Rikard Froberg
$509,600
4%
Retirement Benefits 
Includes contributions to US benefit or non-qualified pension plans and UK and Belgian retirement savings plans (as applicable). 
Other Benefits
May vary between Executives, depending on their local market and their particular circumstances. May include benefits such as motor 
vehicle, Executive expatriation/repatriation and relocation allowances, Executive insurance, expatriate tax equalisation payments 
and other amounts. 
Reflects the Company’s overall policy on international mobility. 
4.2 One-off Awards in FY25
CFO Special Grant
A one-off award was granted to Mr Javeed on 1 July 2024 in recognition of his contribution to the KBU acquisition. This was issued 
in the form of Restricted Stock Units (RSUs). The RSU’s were only subject to continued employment until 30 June 2025. 16,187 RSUs 
were granted to and subsequently forfeited by Mr Javeed. This was calculated by referencing Ansell’s volume-weighted average 
closing share price over the ten trading days straddling the start of the performance period. 	
CFO Commencement Arrangement
As part of the offer to secure Mr Montgomery’s appointment as CFO, a total commencement arrangement of $1,000,000 was awarded. 
This was required to ensure Ansell could attract the right executive talent and to help address compensation forfeited upon  
Mr Montgomery’s departure from his previous employer. The commencement arrangement is structured as follows:
•	 Equity Component: $600,000 was granted in the form of 33,108 RSUs at the spot rate upon commencement of employment.  
The equity component of the commencement arrangement aligns the CFO interests with those of shareholders, as its value 
fluctuates in line with Ansell’s share price. The RSUs are subject to continued employment through the applicable vesting dates:
	– 75% will vest on 15 August 2026 (16 months from commencement date).
	– 25% will vest on 15 August 2027 (28 months from commencement date).
•	 Cash Component: $400,000 was paid upfront in cash, subject to a clawback provision. If Mr Montgomery resigns from the Company 
within 12 months of receiving the cash payment, the full amount is subject to repayment.
This commencement arrangement is reported within “Other Benefits” in this Remuneration Report.
ANSELL LIMITED | ANNUAL REPORT 2025
55
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
4.3 Short-Term Incentive (STI)
FY25 STI Details 
The STI plan focuses on rewarding annual performance against 
both Group and individual objectives, enabling differentiated 
and genuinely variable pay outcomes that are commensurate 
with Ansell’s performance. 
Our STI program focuses on our key financial drivers of success, 
while also affording the flexibility to recognise function-specific 
objectives and non-financial performance, to further differentiate 
outcomes amongst our leaders.
The STI structure was not changed for FY25 and all key elements  
are presented in detail in this section below. As described in FY24, 
the FY24 one-time additional STI opportunity has been removed. 
Eligibility to participate in the STI plan is determined at the discretion 
of the Board. For FY25, all Executives were eligible to participate 
in the STI plan. Due to Mr Montgomery’s commencement date, 
his STI award is calculated on a pro rata basis. Whilst being eligible 
participants, as Mr Javeed and Mr Froberg ceased employment 
during the year, their STI entitlements were forfeited in accordance 
with the STI plan rules.
The STI plan is an annual award, payable part in cash and part 
in restricted shares. Half of the awards received will be deferred 
into restricted shares, with the restriction period requiring the 
shares be held for a minimum period of two years from when 
the shares are granted. The number of restricted shares granted 
are calculated based on a post-tax STI award basis.
STI 
Outcome
Individual 
Objectives 
(30%)
Financial 
Measures 
(70%)
+
=
Base 
Salary
Vesting as a % of Target
Target  
Incentive  
as a % of  
Base Salary
x
x
FY25 STI Opportunity 
Figure 4.3
Executives
Target STI as 
a % of base 
salary
Financial Measures 
Vesting as a % of Target
Threshold1 
Maximum 
Neil Salmon
100%
40%
150%
Brian Montgomery
75%
40%
150%
Zubair Javeed
75%
40%
150%
Rikard Froberg
65%
40%
150%
1.	If a business performance measure does not meet its threshold hurdle, 
0% will vest for that performance measure, unless exercise of discretion by 
the Board.
FY25 STI Performance Measures 
For FY25, the Sales Growth performance measure was reinstated 
in the STI business performance measures, alongside EBIT 
Growth, which remains consistent with the FY24 framework. 
These STI performance measures emphasise top and bottom-line 
growth. Individual objectives provide for recognition of individual 
contribution and subsequent differentiation, as measured through 
a functional and individual scorecard, including non-financial 
and ESG goals per our corporate sustainability agenda. 
Ansell’s target setting process considers prior fiscal year 
performance, incremental growth returns on committed significant 
investments as well excluding any previous discretionary 
adjustments to outcomes made for the purpose of remuneration.
In reviewing the formulaic method presented in this section, 
the Board compared the proposed targets against their 
performance expectations of the business. This process ensures 
all targets set are suitably challenging and aligned to Ansell’s 
overall strategic direction.
The weighting of performance measures at target for all Executives 
in FY25 are shown below:
Performance Measures
Executives
EBIT
Sales 
Growth
Individual 
Objectives
Total
All Executives
60%
10%
30%
100%
Target
Target Setting Methodology
EBIT
The target assumed cost headwinds and the expected 
benefits from APIP. Consistent with past practice, 
an adjustment normalising incentive expenses was 
approved at the grant date. The target also included 
the incremental business performance results from 
the newly acquired KBU business driving the significant 
growth target set.
Sales 
Growth
The target was set with reference to prior financial 
year performance, relevant microeconomic factors 
and market growth rates weighted for the Industrial 
and Healthcare sectors. Internal benchmarks such 
as incremental business performance from the 
KBU acquisition were also considered.
Individual 
Objectives
The individual objectives are measured through  
a scorecard approach combining functional area 
goals within the control of the Executive with 
individual objectives. The functional area goals 
could be financial or non-financial in nature and 
include ESG metrics which are specific to the 
respective areas of responsibility. The incorporation 
of key climate-related and other ESG metrics and 
targets into remuneration for executives is currently  
under further review.
ANSELL LIMITED | ANNUAL REPORT 2025
56

FY25 STI Outcomes 
In determining the STI outcome for FY25, the formulaic outcome of the EBIT and Sales Growth measures were assessed, followed by  
a qualitative assessment of performance by the Board. 
EBIT Growth well exceeded the target but was below the maximum outcome. The 96% achievement was mainly driven by the successful 
execution of APIP and successful integration of KBU, including an initial cost synergy benefit.
Sales Growth achieved the maximum outcome. The maximum achievement was primarily attributable to the success from new products 
in Industrial, and successful execution of sales strategy to recover from Surgical and Cleanroom significant customer destocking in 
FY24 and solid growth in the acquired portfolio of Kimtech™ cleanroom products in Healthcare. 
Consistent with past practice, the impact of FX volatility on the financial results in FY25 have been adjusted via the Group’s Constant 
Currency target-setting and measuring process. The results from the discontinued retail household gloves business were excluded from 
the base of the STI financial measures.
Achievement against individual objectives have been summarised as follows:
Executives
Performance Against Individual Objectives
Neil Salmon
Mr Salmon’s fourth year as CEO was defined by exceptional leadership, delivering robust financial and operational 
achievements that built significantly on the transformations of FY24. This period saw the Group deliver strong 
sales and EBIT growth, with sales reaching maximum targets and EBIT Growth significantly exceeding targets, 
reflecting robust earnings and the successful execution of key strategic programs including APIP. He achieved 
strong growth momentum, notably through the successful integration of KBU ahead of schedule, demonstrating 
strong employee retention within the integrated base and a successful exit of the KBU Transition Services 
Agreement with no material business disruption, leading to significant financial upside. He ensured the continued 
delivery of digital transformation projects, with key launches proceeding smoothly. Innovation and New Product 
Development sales remained a key focus, with core product developments reaching excellence targets. 
Furthermore, Mr Salmon significantly advanced talent and succession planning initiatives, while also continuing 
to drive key sustainability, ESG, and safety commitments across the organisation.
Brian Montgomery
Mr Montgomery joined Ansell as Chief Financial Officer and became a KMP effective 14 April 2025. Given his 
commencement date late in the financial year, Mr Montgomery did not have a full set of individual objectives 
for FY25. His initial focus was on a seamless transition into his role, consolidating leadership responsibilities 
related to Group strategy, and contributing to the finalisation of the FY25 financial reporting cycle. He quickly 
assumed key strategic leadership responsibilities, leveraging his extensive experience in finance and strategy, 
and began setting up the company to navigate tariff-related uncertainties, laying the groundwork for a robust 
FY26 budget and strategic financial planning.
For the FY25 STI, the Board approved the following payments to the Executives (US$):
Figure 4.4
STI Outcome Attributable to
Total STI Payable
STI Payment Method1
% Forfeited2
Executives
Financial 
Measures
Individual 
Objectives
Total STI 
Payable
% Award 
Achieved2
Cash
Restricted 
Shares
Neil Salmon
914,241
324,182
1,238,423
92%
619,211
619,211
8%
Brian Montgomery3
97,718
28,875
126,593
88%
63,297
63,297
12%
1.	Any STI payable will be delivered half in immediate cash, and half as a grant of restricted shares, subject to a two-year sale restriction. The amounts shown 
in the table are pre-tax and the number of restricted shares granted is calculated based on a post-tax basis.
2.	All outcomes are expressed as a percentage of maximum.
3.	Mr Montgomery was appointed CFO and became a KMP on 14 April 2025. Mr Montgomery’s remuneration disclosed in this report only relates to the period 
he was a KMP.
ANSELL LIMITED | ANNUAL REPORT 2025
57
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
4.4 Long-Term Incentive (LTI)
The LTI plan intends to drive an appropriate focus towards our long- 
term strategic priorities and the sustainable growth of the business, 
while also ensuring Executives remain motivated to consistently 
deliver strong performance outcomes.
Annual awards granted will vest after three years subject to the 
achievement of predetermined performance conditions and continued 
service. Awards that do not vest at vesting date automatically lapse.
LTI awards discussed in this section are:
•	 FY25-FY27 LTI Plan: LTI awards granted during the year  
(unvested by FY25)
•	 FY23-FY25 LTI Plan: LTI awards vesting in FY25.
LTI awards are awarded entirely in the form of PSRs at face value. 
Eligibility is determined at the Board’s discretion. For FY25, 
all Executives were deemed eligible and invited to participate  
in the LTI Plan, except for Mr Montgomery who joined Ansell on 
14 April 2025. Whilst being eligible participants, as Mr Javeed and  
Mr Froberg ceased to be employees during the year, their LTI 
entitlements were forfeited in accordance with the LTI plan rules.
FY25-FY27 LTI Plan Opportunity
Figure 4.5
Performance Measure  
Vesting as a % of Maximum Award
Executives
Maximum LTI 
Award as a % 
of base salary
Minimum1 
Hurdle
Maximum 
Hurdle
Neil Salmon
300%2
0%
100%
Zubair Javeed
250%
0%
100%
Rikard Froberg
220%
0%
100%
1.	LTI bonus opportunity for Ansell Executives begins at 0% achievement, which 
is more challenging in comparison to most peer companies where achieving 
the minimum performance condition earns a threshold incentive outcome. 
2.	As approved by the shareholders at the 2024 Annual General Meeting in respect 
of Mr Salmon’s FY25 LTI equity grant, a 7% increase (or 20 percentage points) 
was applied to his LTI opportunity in FY25.
FY25-FY27 LTI Plan Performance Measures
The LTI performance measures reflect the business strategy of 
maximising sustainable growth organically and through acquisitions 
aligned with leadership as a safety solutions company. Growth will 
be measured against FY25 operations at Constant Currency. 
The EPS growth target for the FY25–FY27 LTI plan was set with full 
consideration of the KBU acquisition, including its expected financial 
contribution and synergy benefits.
The Board introduced a Relative Total Shareholder Return (rTSR) 
measure to the LTI plan performance measures and re-instated 
the Organic Sales Growth measure. The Board also determined 
to remove the ROCE Gateway to maintain a level of simplicity  
within the LTI (i.e., to limit the LTI to a maximum of 3 measures  
to be considered), noting the Board will continue to have regard 
to overall business performance at the time of testing.
In determining the most relevant reference point for the rTSR 
measure, a broad industry lens was adopted in the absence  
of a sufficient number of close peers to be used as a proxy.  
Therefore, the Board considered the ASX200 Industrial index  
an appropriate peer group.
The Board evaluated these performance measures against the 
strategic objectives of the Company and considered these measures 
to be appropriate. The performance measures for the FY25–FY27 
Plan awards are: 
Figure 4.6
Performance 
Measure 
Weighting
Minimum Hurdle 
(0% Vesting)
Maximum Hurdle 
(100% Vesting)
EPS Growth
40%
28.4% growth 
by year 3 
(equivalent to 
8.7% Compounded 
Annual Growth 
Rate – CAGR)
50.9% growth 
by year 3 
(equivalent to 
14.7% CAGR)
Organic 
Revenue 
Growth
30%
6.3% growth 
by year 3 
(equivalent to 
2.1% CAGR)
16.0% growth 
by year 3 
(equivalent to 
5.1% CAGR)
Relative Total 
Shareholder 
Return (rTSR)
30%
50th precentile 
of the ASX200 
Industrials Index
75th precentile 
of the ASX200 
Industrials Index
Ansell’s LTI is designed to align the remuneration of the Executives to 
the long-term business strategy and shareholder value creation model.
In reviewing the formulaic method presented above, the Board 
compared the proposed targets against their performance 
expectations of the business. This process ensures all targets set are 
suitably challenging and aligned to Ansell’s overall strategic direction.
FY23-FY25 LTI Plan Vesting Outcomes for KMP
Figure 4.7
Date Award 
Granted
Maximum 
Value of PSRs 
Granted (US$)
Number of 
PSRs Vested 
(Shares)
Number 
of PSRs 
Forfeited 
(Shares)1
CEO
Neil Salmon
17/08/2022
2,091,642
64,535
53,229
Former Executives
Zubair Javeed
17/08/2022
1,118,383
-
69,852
Rikard Froberg 17/08/2022
782,223
-
49,662
1. Mr Javeed and Mr Froberg’s FY23-FY25 LTI were forfeited from their departure.
Base 
Salary
Target Award 
Amount as 
a % of 
Base Salary
Share Price 
at Grant
Number 
of Awards 
Granted
=
x
÷
How awards are granted:
How awards will vest:
Share Price 
on Vesting
Value of 
Awards on 
Vesting
Performance 
Measure 
Vesting 
Outcome %
=
x
Number 
of Awards 
Granted
x
ANSELL LIMITED | ANNUAL REPORT 2025
58

FY23-FY25 LTI Plan Performance Outcomes
The performance conditions comprise three components with a gateway and two measures determining the vesting outcome. These, along 
with a summary of their outcomes against maximum targets are shown below: 
Figure 4.8
Performance Measure Weighting
Minimum (0% vesting)
Maximum (100% vesting)
Actual Vesting (% of Maximum)
EPS Growth
85%
12.5% growth by year 3 (4% CAGR) 33.1% growth by year 3 (10% CAGR)
25.8% (8.0% CAGR)
64.5%
Organic Sales Growth
15%
6.1% growth by year 3 (2% CAGR)
15.8% growth by year 3 (5% CAGR) -6.8% (-2.3% CAGR)
0%
Weighted Average
100%
54.8%
ROCE Gateway 
12.5% simple 3-year average
12.8%
54.8%
At the time performance targets were set for the FY23–FY25 LTI plan, the KBU acquisition was not known and therefore its financial impacts were 
not factored into the target setting process. Following a detailed assessment in respect of the impacts of the KBU acquisition on the FY23–FY25 
LTI plan, the Board resolved that no adjustments would be made to the plan or associated targets for the acquisition and that the impact on 
both ROCE and EPS flowed through to the assessment of outcomes detailed below. 
FY23-FY25 EPS Growth (85% weighting)
The Board assessed the 3-year EPS Growth relevant for incentive 
purposes as 25.8% growth, with a reconciliation from statutory EPS for 
each year shown below. This EPS Growth was driven by the successful 
execution of APIP, margin improvement supported by stronger 
manufacturing utilisation, and the successful integration of KBU ahead 
of schedule, which delivered initial cost synergies. The three year 
period was also supported by strong growth in the Industrial Segment, 
in particular continued success with launching new products.
Figure 4.9
US cents
FY22
FY23
FY24
FY25
Statutory EPS
125.2
117.5
59.4
69.9
Significant Items1
13.4
 (2.1)
42.8
56.2
Statutory EPS excluding 
reported Significant Items
138.6
115.3
102.2
126.1
FX (gain)/loss adjustment
(10.0)
 (5.5)
6.4
0.5
FY19 Transformation Program 
amortisation2
(7.7)
–
–
–
FY24 and FY25 APIP cost 
amortisation3
–
–
(10.8)
(10.8)
EPS for LTI award
120.9
109.8
97.8
115.8
Constant Currency
 (18.0)
4.2
 (8.5)
n/a
Other Board approved one-time 
adjustments4
(5.8)
–
–
–
Base for next year’s growth
97.1
114.0
89.3
115.8
Growth % each year
13.1%
-14.2%
29.6%
3-year growth
 
13.1%
-3.0%
25.8%
1.	FY25 Significant Items mainly comprise: amortisable APIP costs (3.8 cents), 
KBU acquisition costs (4.5 cents), KBU integration costs (16.6 cents), non-cash 
brand restructuring costs (23.9 cents) and ERP upgrade costs (5.9 cents).  
See Note 3(b) Significant Items of FY25 Financial Statements for detail.
2.	The amortisation adjustment impact from the FY19 Transformation  
Program was explained in the FY19 Remuneration Report and has been 
consistently applied since.
3.	In keeping with past practice, 1/3 of the amortised portion of FY24 and  
FY25 APIP costs, previously excluded from the calculation of LTI awards,  
has been included in the EPS Growth calculation.
4. Represents the EPS impact from the Russia Exit.
FY23-FY25 Organic Sales Growth (15% weighting)
Organic Sales Growth resulted in negative 6.8% growth by year 3, 
which was significantly below the minimum growth of 6.1%. This was 
mainly due to temporarily elevated Healthcare sales revenue in the 
base year FY22, driven by higher sales prices and increased orders  
as customers accumulated inventory, which was not sustained in 
subsequent years. Consistent with past practice, Organic Sales Growth 
is calculated as a 3-year compound annualised sales growth on a 
Constant Currency basis. To determine organic growth, adjustments 
were made to the base year to add a full year contribution from  
the acquired KBU business and remove the contribution from the 
discontinued retail household gloves business.
The Board reviewed the Organic Sales Growth outcome considering 
unforeseen external factors that impacted the performance period, 
including market-driven price declines and post-COVID distributor 
destocking. Although the reduction in Group sales and the associated 
loss of sales margin due to customer destocking represented the 
largest financial impact among these factors, it is difficult to quantify 
objectively. Accordingly, the Organic Sales Growth outcome was left 
unadjusted and remained below threshold.
ROCE Gateway 
In assessing the ROCE outcome, the Board considered whether  
any adjustments were appropriate in light of the circumstances  
that prevailed over the performance period.
The Board identified excess manufacturing overhead absorption  
losses arising from underutilisation, driven by the unforeseen and 
temporary customer destocking that occurred during FY23 and FY24.
The Board determined that management took timely and appropriate 
action to mitigate the effects of destocking, and that the impact  
was effectively contained. The strong FY25 performance further 
confirmed that the issue was isolated to a specific period and had 
been addressed.
Accordingly, the Board resolved to exclude this effect from the  
ROCE calculation.
Figure 4.10
FY23
FY24
FY25
3-year 
Average
ROCE for remuneration
11.1%
10.6%
13.2%
11.7%
Excess manufacturing overhead 
absorption losses
1.9%
1.7%
–
1.1%
ROCE Gateway
13.0%
12.3%
13.2%
12.8%
This approach reflects not only the unforeseeable nature of the 
disruption but also management’s proactive and effective mitigation 
actions to limit the negative impacts to a temporary period. These 
actions included optimising production, managing working capital, 
and maintaining operational and investment discipline. Together, 
they helped stabilise the business and supported the strong recovery 
seen in FY25. 
This treatment is consistent with prior year’s, such as in FY21  
when temporary windfall gains were removed to avoid  
overstating performance.
ANSELL LIMITED | ANNUAL REPORT 2025
59
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
4.5 Other Policy Matters 
Board Discretion on Adjustments 
a.	 The Board and the HRC, retains the ability to make discretionary adjustments to all elements of remuneration. This ability extends 
to the application of upward or downward discretion, as well as the use of malus and clawback on incentive outcomes. The recovery 
and withholding provisions are consistent across both the STI and LTI plans. The Board can claw back and apply malus to incentives 
to cover the following events: 
1.	 Material misstatement of the financial statements.
2.	 Misconduct.
3.	 Error in calculation of the performance condition.
4.	 Serious reputational damage to the Group.
5.	 Any other instance or practice which the Board deems to have had a detrimental impact on the Group, its performance, 
employees or shareholders.
b.	 In line with the ability to apply discretion, the Board applies a robust process for decision making which is guided by a set of 
predetermined adjustment principles in the Board-approved Discretion Policy. This policy ensures that regular consideration is 
given to the application of discretionary adjustments, and that in events where discretion is deemed necessary or unnecessary, 
there is a sound rationale for such treatment. 
c.	 The overarching objective of the Discretion Policy is to ensure that any Board discretion adjustments are fair and reasonable and 
make the performance condition not more nor less difficult to achieve than if the triggering event had not occurred, and to continue 
to drive the right outcomes and expected behaviours (i.e. sustainable profitable growth).
d.	 The robust assessment principles contained in the Discretion Policy are:
1.	 Focused on materiality. In other words, focus needs to be on adjustments where there is a significant variance from the financial 
year plan assumptions which are unforeseen and out of Management’s control or opportunity to adequately manage. 
2.	 Non-financial considerations such as customer and/or supplier perceptions, reputation impact and broader societal sensitivities 
should be part of the assessment of the need to apply a discretionary adjustment to incentive outcomes. 
3.	 In assessing each material change or effect, we consider: 
i.	
Was the triggering event factored into the original financial or non-financial targets? 
ii.	 Was the outcome in Management’s control? 
iii.	 Could the triggering event have been foreseen, planned or reasonably responded to by Management?
iv.	 Is the outcome a result of Management’s efforts or in Management’s control? 
4.	 Based on a combination of the above, whether and how much adjustment, positively or negatively, is applied to any of the 
incentive metric results is compared to the formulaic outcome of the incentive plan rules. 
5.	 Finally, the broader macro-economic conditions and/or relevant market expectations should be considered.
e.	 The Board may consider exercising discretion in a future year in response to material impacts arising from external factors, 
including significant government policy decisions such as changes to US tariffs introduced by the current or a future administration.
Change of Control 
a.	 On a change of control, the Board has discretion to end the restriction period ahead of the agreed schedule in respect of previous 
financial years STI plans. 
b.	 On a change of control, the Board has discretion to vest some or all of the LTI awards, but, unless it uses its discretion, awards will 
vest as if the applicable performance condition has met the target level of performance (and without time pro-rating). In exercising 
this discretion, the Board will consider all relevant circumstances, including performance against the various measures and conditions 
for the part period up to the change of control event and the portion of the performance period that has expired. 
Leaver Treatment 
a.	 If an Executive ceases his or her employment with Ansell at any time prior to the end of the performance period, the Executive 
shall not be entitled to any in-year STI payment. However, the Board may, in its sole discretion, pay a pro-rated award in certain 
circumstances, such as death, disablement, retirement or other situations approved by the Board. For any STI restricted shares 
that have been earned but are still under a holding restriction, there is no forfeiture in the case of cessation of employment. 
b.	 If an Executive’s employment is terminated by the Company for any reason other than for cause or resignation, their unvested 
awards will not lapse. The awards will remain subject to the original performance conditions, tested at the end of the performance 
period. Any awards that vest will be pro-rated to reflect the portion of the performance period the executive was employed. 
Vesting is conditional upon the executive providing a release of the Group from any claims and adhering to post-employment 
non-compete restrictions as determined by the Board.
ANSELL LIMITED | ANNUAL REPORT 2025
60

Section 5 – Statutory Information
5.1 Executive Service Agreements
Chief Executive Officer
Mr Salmon was recruited as a US-based Executive and his contract reflected this. Effective 1 January 2024, following his relocation  
to Belgium, his contractual arrangements were revised to align with standard senior management practices in Belgium, Australia  
and the US, where the Ansell Group corporate hubs are located. This arrangement maintains the same aggregate remuneration  
and mirrors all key non-financial terms of his original contract. These terms include:
•	 No fixed term of engagement;
•	 Termination by the Group with 12 months’ notice or payment in lieu, or immediate termination for cause;
•	 Entitlement to 12 months’ base salary in certain circumstances (e.g. material diminution of responsibility or loss of CEO status);
•	 A requirement for six months’ notice of resignation from the CEO; and
•	 A 12-month post-termination non-compete restriction.
The agreement complies with the Corporations Act 2001 in relation to the payment of benefits.
Other Executives
Mr Montgomery is a US-based Executive whose employment relationship is ‘at will’ and, as such, does not have a fixed term of 
employment and may be terminated by either party for any reason. The employment agreement with Mr Montgomery includes 
customary non-compete and non-solicit restrictive covenants for a period of 12 months following termination of his engagement 
for any reason. Subject to being employed for a minimum period of 12 consecutive months, Mr Montgomery is entitled to a severance 
fee equal to 12 months’ base salary plus applicable subsidy towards health insurance coverage assuming a termination for any reason 
other than resignation (unless for “Good Reason”) or termination for “Cause”.
Mr Javeed was a UK-based Executive whose agreement did not specify a fixed term of employment. He was entitled to a severance 
fee equal to 12 months’ base salary assuming a termination for any reason other than resignation, serious misconduct or serious fault. 
The service agreement with Mr Javeed included a non-competition clause which prohibits the CFO from, directly or indirectly, engaging in 
any activity that would compete with the Group for a period of 12 months following termination of his engagement for any reason. 
He was required to give the Group six months’ prior notice of termination of services. 
Upon Mr Javeed’s departure, the Board approved his leaver treatment in recognition of his critical role in maintaining organisational 
stability during a period of significant strategic transition related to the KBU integration. As part of this transition, Mr Javeed was 
required to work through his 6 month notice period and continued to deliver strong outcomes for the business and its shareholders 
for the substantial portion of the financial year he was with Ansell. Following an assessment of his performance, the Board approved 
a cash payment of GBP 425,000. Rights under all other incentive plans, including the CFO Special Grant, were forfeited. The Board had 
regard to and confirms that this payment is within the limits imposed by the termination benefits provisions of the Corporations Act 2001. 
This payment is disclosed under “Other Benefits” in this Remuneration Report.
Mr Froberg was previously domiciled in Belgium on assignment in his previous role as Chief Commercial Officer of EMEA and APAC 
and returned to the US from September 2021 as part of his new responsibilities as President of the Industrial Segment. In September 
2023 he was appointed to the newly created position of GPMO, Chief Product and Marketing Officer, covering both the Healthcare 
and Industrial business sectors. During his tenure, his employment relationship was ‘at will’ and, as such, the employment relationship 
did not have a fixed term of employment and may have been terminated by either party for any reason. In line with the other 
Executive KMPs, Mr Froberg was entitled to a severance fee equal to 12 months’ base salary plus certain other contractual 
entitlements assuming a termination for any reason other than resignation, performance issues or cause.
Upon Mr Froberg’s departure, all incentives were forfeited. While the Board acknowledge Mr Froberg’s performance and contributions 
during his time with Ansell, as Mr Froberg resigned and departed the business shortly thereafter, accordingly this treatment was deemed 
appropriate in the circumstances.
ANSELL LIMITED | ANNUAL REPORT 2025
61
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
5.2 Securities Trading Policy
Ansell’s Securities Trading Policy outlines the law relating to insider trading and details the Company’s requirements with regards 
to dealings in Ansell securities. The policy applies to all Directors and employees and aims to prevent the misuse (or perceived 
misuse) of sensitive information and ensure compliance with insider trading laws. The policy can be found on the Ansell website 
at www.ansell.com.
5.3 Shareholder Alignment
Mandatory Shareholding Requirements
To encourage alignment with shareholder interests, the Company adopted mandatory shareholding requirements, known as the 
Mandatory Shareholding Policy (introduced in 2013 and amended in January 2025). This policy requires Directors and Executives to hold 
a multiple of their fee/base salary in Ansell shares by a specified date and tested at 30 June each year. The current requirement is:
•	 CEO: 2 x base salary to be achieved within 5 years of being appointed.
•	 Executives: 1 x base salary to be achieved within 6 years of being appointed.
•	 Non-Executive Directors: 1 x annual Director fees to be achieved within 5 years of being appointed.
Vested but unexercised awards are included in the target assessment. Unvested equity rights held pursuant to the incentive plans 
are not included in the target assessment.
Voluntary Share Purchase Plan
Ansell has developed a mechanism to enable KMP to regularly purchase Ansell shares, known as the Voluntary Share Purchase Plan 
(VSPP). While optional, the VSPP facilitates compliance with the Share Purchasing Policy, while complying with the Securities Trading 
Policy and ASX Listing Rules.
The VSPP rules were updated in FY23. Under the VSPP, a pre-agreed amount of Ansell shares (by % of director fees or base salary, 
as applicable) is acquired during each trading window during the year on the ASX through a trustee company at the prevailing 
market price and are transferred into the name of the applicable KMP but are subject to a restriction on dealing until the KMP ceases 
to hold office.
In FY25, no shares were purchased on behalf of the Directors or KMP pursuant to the VSPP.
ANSELL LIMITED | ANNUAL REPORT 2025
62

5.4 Current Shareholding
The table below details the movement of shares held by each KMP and the progress of each KMP during FY25 in achieving their 
respective mandatory shareholding requirements. In FY25 all Directors were in compliance with the Mandatory Shareholding Policy 
as outlined in Section 5.3.
Figure 5.1
Year
Held at 1 July 
(or Date 
Appointed 
KMP)
VSPP 
Purchases1
Other 
Purchases
Awarded 
During the 
Year
Net Movement 
Due to Other 
Changes
Held at 
30 June
% of Share 
Ownership 
Goal met2
Non-Executive Directors
 
Nigel D Garrard3
2025
13,587
–
4,413
n/a
–
18,000
110%
2024
10,000
–
3,587
n/a
–
13,587
32%
Leslie A Desjardins
2025
15,412
–
–
n/a
–
15,412
188%
2024
15,412
–
–
n/a
–
15,412
73%
Debra L Goodin
2025
1,198
–
5,520
n/a
– 
6,718
92%
2024
486
–
712
n/a
– 
1,198
6%
William G Reilly
2025
51,480
–
–
n/a
–
51,480
705%
2024
51,480
–
–
n/a
–
51,480
273%
Christina M Stercken
2025
15,186
–
–
n/a
–
15,186
186%
2024
11,491
2,895
800
n/a
–
15,186
72%
Christine Y Yan
2025
17,675
–
–
n/a
–
17,675
216%
2024
9,092
283
8,300
n/a
–
17,675
94%
Former Non-Executive Directors
Morten Falkenberg
2025
4,950
–
4,500
n/a
–
n/a
n/a
2024
4,950
–
–
n/a
–
4,950
26%
John A Bevan4
2024
34,490
172
–
n/a
–
n/a
n/a
CEO
Neil Salmon
2025
127,625
–
–
21,340
–
148,965
169%
2024
117,427
–
–
10,198
–
127,625
81%
CFO
Brian Montgomery
2025
–
–
–
– 
–
–
0%
Former Executives
Zubair Javeed
2025
64,103
–
–
– 
–
n/a
n/a
2024
59,686
–
–
4,417
–
64,103
180%
Rikard Froberg
2025
93,773
–
–
 
–
n/a
n/a
2024
85,516
–
5,000
3,257
–
93,773
302%
Darryl Nazareth
2024
37,277
–
–
3,874
–
n/a
n/a
1.	Purchases made under the Voluntary Share Purchase Plan (see Section 5.3).
2.	The percentage of ownership goals met are based upon a multiple of an individual’s base pay or directors fees (as applicable). The calculation uses base pay 
and shareholding as at 30 June 2025 and 30 June 2024, and applies the 12-month average share price and FX rates for FY25 and FY24, respectively. The 2024 
percentage of ownership goal is determined in accordance with the 2021 Mandatory Shareholding Policy as outlined within the FY24 Remuneration Report.
3.	Mr Garrard was appointed as Chair at the conclusion of the 2023 Annual General Meeting (effective from 24 October 2023).
4.	Mr Bevan retired as Chair and a Non-Executive Director at the conclusion of the 2023 Annual General Meeting (effective from 24 October 2023).
ANSELL LIMITED | ANNUAL REPORT 2025
63
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
5.5 Equity Instruments
The table below details the movement in the number of PSRs and RSUs over ordinary shares of Ansell Limited held by the CEO and Other 
Executive KMPs during FY25.
Figure 5.2
Year
Held at 1 July 
or Date 
Appointed
PSRs 
Granted 
During the 
Year1
PSRs Vested 
During the 
Year2
Forfeited 
During the 
Year2
RSUs 
Granted 
During the 
Year3
RSUs 
Vested 
During the 
Year4
RSU’s 
Forfeited 
During the 
Year4
Held at 
30 June
CEO
Neil Salmon
2025
335,382
136,364
–
 (73,092)
–
–
–
398,654
2024
251,398
144,526
–
(60,542)
–
–
–
335,382
CFO
Brian Montgomery
2025
–
–
–
–
33,108
–
–
33,108
Former Executives
Zubair Javeed
2025
201,552
77,670
–
 (279,222)
16,187
–
 (16,187)
–
2024
172,124
85,574
–
(56,146)
–
–
–
201,552
Rikard Froberg
2025
138,790
57,280
–
 (196,070)
–
–
–
–
2024
107,982
63,750
–
(32,942)
–
–
–
138,790
Darryl Nazareth5
2024
120,056
–
–
(36,974)
–
–
–
83,082
1.	PSRs were granted during FY25 pursuant to the FY25-FY27 LTI Plan (FY24: FY24-FY26 LTI Plan), calculated by way of a face value methodology using a 
volume-weighted average price of Ansell Limited Shares on the ASX over a 10-day period from 13 to 27 August 2024, this being A$24.06 (FY24: 7 to 18 August 2023, 
this being A$24.06). Grants are recorded at maximum.
2.	PSRs vested and forfeited during FY25 were pursuant to the FY22-FY24 LTI Plan (FY24: FY21-FY23 LTI Plan). Due to their departure, Mr Javeed and Mr Froberg 
forfeited their entitlements pursuant to the FY23-FY25 LTI Plan, FY24-FY26 LTI Plan and FY25-FY27 LTI Plan.
3.	RSUs were granted during FY25 pursuant to Mr Montgomery’s commencement arrangement and Mr Javeed’s special grant detailed in Section 4.2.
4.	RSUs were granted during FY25 pursuant to Mr Javeed’s special LTI grant. Due to his departure, Mr Javeed forfeited these RSUs. 
5.	83,082 PSRs were held by Mr Nazareth as at 30 June 2024, of which 11,632 PSRs vested pursuant to the Good Leaver Treatment under the FY23–FY25 LTI Plan,  
and the remaining PSRs were forfeited during FY25.
ANSELL LIMITED | ANNUAL REPORT 2025
64

5.6 Executive Statutory Remuneration (US$)
Figure 5.3
 
 
 
 
 
STI5
 LTI6
Name
Year
Base Salary1
Retirement 
Benefits2
Other 
Benefits3
Termination 
Benefits4
Cash
Restricted 
Shares
Equity
Total 
Earnings
CEO
 
 
 
 
 
 
 
 
 
Neil Salmon7
2025
883,698
–
192,970
–
619,211
619,211
2,634,998
4,950,088
2024
813,996
59,955
116,414
–
414,032
414,032
55,086
1,873,515
CFO
Brian Montgomery
2025
129,615
3,500
174,361
–
63,297
63,297
–
434,070
Former Executives
Zubair Javeed
2025
443,313
44,331
611,521
–
–
–
 (206,410)
892,755
2024
552,758
55,276
33,831
–
217,406
217,406
32,303
1,108,980
Rikard Froberg
2025
334,833
99,133
34,346
–
–
–
 (153,769)
314,543
 
2024
480,800
91,445
26,307
–
179,313
179,313
30,076
987,254
Darryl Nazareth
2024
83,016
25,047
4,688
541,832
–
–
(23,019)
631,564
1.	Base salary includes the salary earned by the individual in the financial year. The increases in base salary for Executives are based on performance and external 
benchmarking of similar positions in the jurisdictions in which the Executives are based. Mr Salmon’s FY25 base salary was increased by 8% effective 1 October 2024 
and as he is remunerated in Euro, any US$ movement above also reflects foreign exchange conversion impacts. Mr Javeed received a pay increase of 4% and as 
he was remunerated in British Pounds, any US$ movement above also reflects foreign exchange conversion impacts. Mr Froberg received a 4% increase in salary 
in FY25.
2.	Retirement benefits include all the retirement benefits earned by the individual.
3.	Other benefits include the cost to the Company of benefits such as motor vehicle, expatriation and relocation expenses, insurance, expat tax equalisation payments, 
retrospective base salary and unused leave entitlements. Mr Montgomery’s other benefits includes both the cash and equity (using fair value of AUD$27.68) 
components of his commencement arrangement (refer to Section 4.2 for detail). Mr Javeed’s other benefits includes a cash payment made upon his departure 
(refer to Section 5.1 for detail).
4.	Termination benefits include entitlements payable pursuant to Mr Nazareth’s employment agreement in addition to unused leave entitlements.
5.	2025 and 2024 STI represent amounts payable under the FY25 and FY24 STI Plans respectively. In both years, the STI was delivered half in immediate cash, 
and half in restricted shares, subject to a two-year sale restriction. The amounts shown in the table above are pre-tax and the number of restricted shares issued 
is calculated based on a post-tax STI award basis.
6.	LTI includes amounts provided in respect of the Group’s LTI Plans in accordance with AASB 2 Share-based Payment. 2025 represents the FY23-FY25, FY24-FY26 
and FY25-FY27 LTI awards. 2024 represents the FY22-FY24, FY23-FY25 and FY24-FY26 LTI awards. Negative LTI remuneration reflects the reversal of previously 
recognised share-based payment expense in accordance with AASB 2 Share-based Payment, including due to forfeited entitlements for Mr Javeed and Mr Froberg 
from their departure.
7.	Mr Salmon’s employment arrangement was updated in FY24 and as a result has changed the mix of his retirement benefits and other benefits. Refer to Section 5.1 
for detail.
ANSELL LIMITED | ANNUAL REPORT 2025
65
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
Section 6 – Non-Executive Directors
6.1 Policy and Approach
Overview of policy
(a)	 Structured with a fixed fee component only.
(b)	 Fees are not linked to the performance of Ansell, so that independence and impartiality 
are maintained.
(c)	 Director fees are paid in US dollars; however, Directors may elect to be paid in their local 
currencies (subject to applicable currency exchange rates).
(d)	 Board and Committee fees are set by reference to several relevant considerations including:
•	 accountabilities and responsibilities attaching to the role of Director;
•	 time commitment expected of Directors;
•	 fees paid by peer companies;
•	 independent advice received from external advisers;
•	 the global nature of our businesses (to ensure that the Directors’ fee attracts and retains 
the best international Directors); and
•	 the requirement to travel internationally to familiarise oneself with international operations 
and for required meetings.
Aggregate fees approved 
by shareholders
The current aggregate fee pool for Non-Executive Directors of US$2,100,000 was approved by 
shareholders at the 2024 Annual General Meeting. The fee pool in US$ reflects the fact that business 
operations are run from outside Australia.
Base fees for FY25
Fees for Non-Executive Directors during FY25 were as follows:
Base Fees (Board)
Non-Executive Chair
US$332,800 (inclusive of Committee fees) 
Non-Executive Director
US$124,800
Committee Fees
Committee Chair
Committee Member
Audit and Compliance Committee
US$30,000
US$12,000
Human Resources Committee
US$30,000
US$12,000
Sustainability and Risk Committee
US$30,000
US$12,000
Directors are permitted to be paid additional fees for special duties, including fees paid for serving 
on ad hoc projects or transaction-focused committees.
Directors are entitled to be reimbursed for all business-related expenses, including travel expenses 
incurred performing their duties.
A travel allowance of US$30,000 per annum is paid to each Non-Executive Director, which is in addition 
to the above fees. 
Superannuation contributions are made on behalf of the Non-Executive Directors at a rate of 11.5% 
(FY24: 11%) as required by Australian law. For non-Australian-based Directors, these payments are 
pro rated for the period of time spent in Australia. The Directors’ fees above are inclusive of any 
superannuation payments payable by law.
FY26 – Base and Committee fees will increase by 5%, effective 1 July 2025.
ANSELL LIMITED | ANNUAL REPORT 2025
66

6.2 Non-Executive Directors’ Statutory Remuneration (US$)
Details of Non-Executive Directors’ remuneration are set out in the table below:
Figure 6.1
Non-Executive Directors
Year
Directors’ Fees1
Superannuation2
Total
Nigel D Garrard3 (Chair)
2025
362,800
–
362,800
 
2024
310,590
–
310,590
Leslie A Desjardins
2025
196,800
–
196,800
 
2024
196,800
–
196,800
Debra L Goodin
2025
160,359
18,441
178,800
 
2024
161,081
17,719
178,800
William G Reilly
2025
178,800
–
178,800
 
2024
178,800
–
178,800
Christina M Stercken
2025
196,800
–
196,800
 
2024
196,800
–
196,800
Christine Y Yan
2025
196,800
–
196,800
 
2024
191,139
–
191,139
Former Non-Executive Directors
Morten Falkenberg
2025
163,900
–
163,900
 
2024
178,800
–
178,800
John A Bevan (Former Chair)4 
2024
120,933
–
120,933
Total Non-Executive Directors’ Remuneration
2025
1,456,259
18,441
1,474,700
 
2024
1,534,943
17,719
1,552,662
1.	Directors’ Fees include Base and Committee Fees plus travel allowances less Superannuation (see footnote 2 below). All Fees are expressed in US$. The methodology 
of converting the fees into the base currency of the Directors has not changed.
2.	Superannuation contributions are made on behalf of the Non-Executive Directors at a rate of 11.5% (FY24: 11%) as required by Australian law. Some Australian 
directors have elected to opt-out of superannuation guarantee payments in accordance with an Australian Taxation Office ruling. As the non-Australian based 
Directors did not spend any time in Australia in FY25 and FY24, no superannuation was payable.
3.	Mr Garrard was appointed as Chair at the conclusion of the 2023 Annual General Meeting (effective from 24 October 2023) and his Directors’ fees and associated 
entitlement reflect a part year entitlement in 2024 as Chair from the date of his appointment.
4.	Mr Bevan retired as Chair and a Non-Executive Director at the conclusion of the 2023 Annual General Meeting (effective from 24 October 2023) and his Directors’ 
fees and associated entitlements reflect a part year entitlement in 2024 up to his retirement date.
The composition of the Committees is summarised in the Report by the Directors.
ANSELL LIMITED | ANNUAL REPORT 2025
67
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
Section 7 – Group Performance and Remuneration Outcomes
7.1 Group Performance
The five-year performance history of the Group is summarised below. 
Figure 7.1
 
2021
2022 
Adjusted3
2023 
Adjusted3
2024 
Adjusted3
2025 
Adjusted3
Sales (US$m)
2,026.9
1,952.1
1,655.1
1,619.3
2,003.3
EBIT (US$m)
338.0
245.1
206.3
195.5
282.1
Profit Attributable (US$m)
246.7
175.7
145.6
131.5
199.8
Earnings Per Share (US cents)
192.2
138.6
115.3
105.5
126.1
Dividends Per Share1 (US cents)
76.80
55.45
45.90
38.40
50.20
Ansell share price2 (A$)
43.51
22.24
26.73
26.55
30.29
1.	Dividends have been declared in US$ since Ansell adopted the US$ as its reporting currency in FY14.
2.	2025 Share price is at 30 June 2025.
3.	Adjusted excludes Significant Items. For 2022, refer to Note 3(b) Significant Items of the Group’s audited FY22 Financial Statements. For 2023 and 2024, refer to 
Note 3(b) Significant Items of the Group’s audited FY24 Financial Statements. 2024 Adjusted EPS is also adjusted to remove the effect of the additional shares issued 
to finance the KBU acquisition. For 2025, refer to Note 3(b) Significant Items of the Group’s audited FY25 Financial Statements
7.2 STI/LTI Payouts as Percentage of Maximum
CEO
FY21
FY22
FY23
FY24
FY25
STI (% of maximum)
81%
0%
41%
50%
92%
LTI (% of maximum)
91%
51%
0%
0%
54.8%
ANSELL LIMITED | ANNUAL REPORT 2025
68

Section 8 – Governance
8.1 Role of the Human Resources Committee (HRC)
Consultation with shareholders 
and other stakeholders
Remuneration consultants 
and other external advisers
•	 Provide independent advice, 
information and recommendations 
relevant to remuneration decisions.
•	 In performing its duties and 
making recommendations to 
the Board, the Chair of the HRC 
seeks independent advice from 
external advisers on various 
remuneration-related matters.
•	 Any advice or recommendations 
provided by external advisers are 
used to assist the Board – they do 
not substitute for the Board and 
HRC process.
Remuneration consultants 
and other external advisers
•	 Management may seek its own 
independent advice with respect to 
information and recommendations 
relevant to remuneration decisions.
Board
The Board is responsible for:
•	 defining Ansell’s remuneration strategy; and
•	 determining the structure and quantum of remuneration for the CEO and Other 
Executives that support and drive the achievement of Ansell’s strategic objectives.
The Board has an overarching discretion with respect to the awards given under 
Ansell’s incentive plans.
HRC
The HRC is delegated responsibility by the Board to review and make 
recommendations on the remuneration policy, strategy and structure for Ansell’s 
Board members, the CEO and Other Executives.
The HRC has in place a process of engaging and seeking independent advice from 
external remuneration advisers and ensures remuneration recommendations in 
relation to Other Executives are free from undue influence by management.
Management
Provides information relevant to remuneration decisions and makes 
recommendations to the HRC.
Obtains remuneration information from external advisers to assist the HRC 
(i.e. market data, legal advice, accounting advice, tax advice).
>
>
>
>
>
>
8.2 External Consultants
In FY25, the Board engaged PwC to provide independent advice on remuneration, which includes provision of an Australian market 
practice perspective on management’s international remuneration proposals, disclosure in the Remuneration Report and to provide 
regular updates on Australian regulatory and market trends. No remuneration recommendations as defined in Section 9B of the 
Corporations Act 2001 were provided by PwC.
8.3 Shareholder Engagement
The HRC maintains a regular dialogue with major shareholders, relevant institutional investor bodies and proxy advisers. The views 
and opinions expressed are considered when determining remuneration. The HRC monitors trends and developments in corporate 
governance and market practice to ensure the structure of Executive remuneration remains appropriate. The HRC would undertake 
a consultation process in advance of any material changes to the remuneration policy.
ANSELL LIMITED | ANNUAL REPORT 2025
69
Financial Statements
Shareholders and Shareholder Information
Remuneration Report
Report by the Directors

Remuneration Report (Audited) continued
Section 9 – Glossary
Adjusted EPS refers to page 16 of this Report.
APAC means Asia-Pacific.
APIP means Accelerated Productivity Investment Program.
Board means the Board of Directors of Ansell Limited.
CAGR means Compound Average Growth Rate, which as used in this document measures the average year over year growth rate 
of a financial metric over the specified time period. 
CEO means Chief Executive Officer.
CFO means Chief Financial Officer.
Constant Currency refers to page 16 of this Report.
Corporations Act means the Corporations Act 2001 (Cth).
EBIT refers to page 16 of this Report.
EBIT Growth is defined as annual EBIT growth on a Constant Currency basis after normalising for a more typical incentive expense.
EMEA means Europe, Middle East and Africa.
EPS means Earnings Per Share, which means the portion of Ansell’s profit that is allocated to each outstanding ordinary fully paid share.
EPS Growth is defined as a 3-year compound annualised EPS growth on a Constant Currency basis after excluding Significant Items  
and other Board-approved adjustments as disclosed in Figure 4.9.
ESG means Environmental, Social, and Governance.
Executive or Group Executive in this Report refers to the CEO and Other Executives.
FY21 means the 2021 financial year commencing on 1 July 2020 and ending on 30 June 2021. FY22 means the 2022 financial year 
commencing on 1 July 2021 and ending on 30 June 2022. FY23 means the 2023 financial year commencing on 1 July 2022 and ending 
on 30 June 2023. FY24 means the 2024 financial year commencing on 1 July 2023 and ending on 30 June 2024. FY25 means the 2025 
financial year commencing on 1 July 2024 and ending on 30 June 2025. FY26 means the 2026 financial year commencing on 1 July 2025 
and ending on 30 June 2026.
FX means Foreign Exchange.
HRC means Human Resources Committee.
KMP means the Key Management Personnel of Ansell, which comprises all Directors (Executive and Non-Executive) and those Executives 
who have authority and responsibility for planning, directing and controlling the activities of the Group.
LAC means Latin American and Caribbean.
Long-Term Incentive (LTI or LTIP) means the Ansell Long-Term Incentive Plan, which is subject to the rules of the Ansell Long-Term 
Incentive Plan as periodically approved by the Board.
Organic Constant Currency refers to page 16 of this Report.
Organic Sales Growth is defined as a 3-year compound annualised sales growth on a Constant Currency basis after excluding the 
impact of acquisitions, divestments and exited businesses.
Other Executives means the group of people who are KMP, but are not Non-Executive Directors or the CEO. 
Profit Attributable means those profits of the Company that are available to the shareholders for distribution. 
PSRs means Performance Share Rights.
Realised pay means the pay actually received/receivable by the Executive during the financial year, including salary, benefits, STI in 
relation to the relevant financial year and any equity incentives that vested in relation to the completion of the relevant financial 
year. Equity incentives were valued using the values of the shares determined as at the vesting date.
RSUs means Restricted Stock Units.
rTSR means the TSR performance of Ansell Limited (ASX: ANN) against the TSR performance of the ASX200 Industrials Index, 
expressed as a percentile ranking.
ROCE means Return on Capital Employed, which is the amount of EBIT returned as a percentage of the average funds that are employed 
(both equity and debt used in the business). From FY25, ROCE for remuneration excludes assets under construction, representing 
capital pending deployment. On a consistent basis, the ROCE for FY23 and FY24 would have been 11.1% and 10.6%, respectively. 
Assets under construction represent Buildings and Plant Under Construction as reported within Note 8 and Note 9 of the Group’s 
audited FY25 and FY24 Financial Statements, respectively.
ROCE Gateway means the ROCE required for the successful achievement of the relevant award.
Significant Items refers to page 16 of this Report.
Short-Term Incentive Plan (STI) means the Ansell Short-Term Incentive Plan, which is subject to the rules of the Ansell Short-Term 
Incentive Plan as periodically approved by the Board.
TSR means Total Shareholder Return and represents the percentage growth in value received by a shareholder over a period.  
Based on the change in Ansell’s closing share price and assuming USD dividends are converted to AUD and reinvested in Ansell  
shares on the day they are paid.
VSPP means Voluntary Share Purchase Plan.
ANSELL LIMITED | ANNUAL REPORT 2025
70

Note
2025 
US$m
2024 
US$m
Revenue
Sales revenue
2, 3(c)
 2,003.3 
1,619.3
Expenses
Cost of goods sold 
(1,178.3)
(994.5)
Distribution
(127.2)
(108.0)
Selling, general and administration including Significant Items
3(b)
(513.9)
(387.5)
Total expenses, excluding financing costs
(1,819.4)
(1,490.0)
Profit before net financing costs and income tax expense
 183.9 
129.3
Net financing costs
3(a)
(40.0)
(20.6)
Profit before income tax
 143.9 
108.7
Income tax expense
4(a)
(40.3)
(31.2)
Profit for the period
 103.6 
77.5
Profit for the period is attributable to:
Ansell Limited shareholders
 101.6 
76.5
Non-controlling interests
 2.0 
1.0
Profit for the period
 103.6 
77.5
Note
2025 
US cents
2024 
US cents
Earnings Per Share:
Basic Earnings Per Share
5
 69.9 
59.4
Diluted Earnings Per Share
5
 69.5 
59.1
The above Consolidated Income Statement should be read in conjunction with the accompanying notes.
Consolidated Income Statement
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
71
Shareholders and Shareholder Information
Financial Statements
Report by the Directors
Remuneration Report

Note
2025 
US$m
2024 
US$m
Profit for the period
103.6
77.5
Other comprehensive income
Items that will not be reclassified to the Income Statement:
Retained profits
Remeasurement of defined benefit superannuation/post-retirement health benefit plans
13(a)
–
0.7
Tax expense on items that will not be subsequently reclassified to the Income Statement
4(a)
–
(0.1)
Other reserve
Change in fair value of equity investment designated as fair value through  
other comprehensive income
(2.0)
(1.8)
Tax benefit on items that will not be subsequently reclassified to the  
Income Statement
4(a)
–
0.1
Total items that will not be reclassified to the Income Statement
(2.0)
(1.1)
Items that may subsequently be reclassified to the Income Statement:
Foreign currency translation reserve
Net exchange differences on translation of financial statements of foreign subsidiaries
43.2
(15.2)
Hedging reserve
Movement in effective cash flow hedges for the year
(20.1)
8.6
Movement in time value of options for the year
1.1
(1.4)
Tax benefit/(expense) on items that may subsequently be reclassified  
to the Income Statement
4(a)
5.7
(1.8)
Total items that may subsequently be reclassified to the Income Statement
29.9
(9.8)
Other comprehensive income for the period, net of tax where applicable
27.9
(10.9)
Total comprehensive income for the period
131.5
66.6
Attributable to:
Ansell Limited shareholders
127.7
65.8
Non-controlling interests
3.8
0.8
Total comprehensive income for the period
131.5
66.6
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Consolidated Statement of Comprehensive Income
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
72

Note
2025 
US$m
2024 
US$m
Current assets
Cash and cash equivalents
6(a)
 238.3 
912.3
Trade and other receivables
7(a)
 246.5 
211.9
Derivative financial instruments
16(c)
 2.4 
4.4
Inventories
7(b)
 584.7 
457.9
Other current assets
 38.9 
37.4
Total current assets
 1,110.8 
1,623.9
Non-current assets
Trade and other receivables
 1.5 
 1.5 
Derivative financial instruments
16(c)
 2.6 
 5.7 
Financial assets
 1.1 
 5.6 
Property, plant and equipment
8
 377.2 
 349.3 
Right-of-use assets
9(a)
 98.4 
 86.2 
Intangible assets
10
 1,655.5 
 1,054.8 
Deferred tax assets1
4(b)
 38.9 
 52.9 
Retirement benefit assets
13(a)
 2.6 
 2.7 
Other non-current assets
 33.8 
 32.7 
Total non-current assets1
 2,211.6 
 1,591.4 
Total assets1
 3,322.4 
 3,215.3 
Current liabilities
Trade and other payables
7(c)
 305.9 
271.4
Derivative financial instruments
16(d)
 18.1 
4.3
Interest bearing liabilities
11
 60.4 
59.7
Lease liabilities
9(b)
 20.6 
17.8
Provisions
12
 96.1 
60.8
Current tax liabilities
 20.9 
9.4
Total current liabilities
 522.0 
423.4
Non-current liabilities
Trade and other payables
 1.0 
 –
Interest bearing liabilities
11
 638.5 
 706.6 
Lease liabilities
9(b)
 86.1 
 73.1 
Provisions
12
 10.0 
 9.0 
Retirement benefit obligations
13(a)
 5.1 
 5.1 
Deferred tax liabilities1
4(c)
 50.6 
 62.6 
Other non-current liabilities
 26.4 
 25.3 
Total non-current liabilities1
 817.7 
 881.7 
Total liabilities1
 1,339.7 
1,305.1
Net assets
 1,982.7 
1,910.2
Equity
Contributed equity
14(a)
 1,027.0 
1,028.2
Reserves
(160.6)
(193.1)
Retained profits
 1,097.2 
1,059.8
Total equity attributable to Ansell Limited shareholders
 1,963.6 
1,894.9
Non-controlling interests
 19.1 
15.3
Total equity
 1,982.7 
1,910.2
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
1. Balances as at 30 June 2024 have been restated. Refer to Note 4 Income Tax.
Consolidated Statement of Financial Position
of Ansell Limited and Subsidiaries as at 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
73
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Consolidated Statement of Changes in Equity
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Attributable to Ansell Limited shareholders
2025
Note
Contributed 
Equity 
US$m
Share-
based 
Payment 
Reserve 
US$m
Hedging 
Reserve 
US$m
Other 
Reserve 
US$m
Foreign 
Currency 
Translation 
Reserve 
US$m
Retained 
Profits 
US$m
Total 
US$m
Non-
controlling 
Interests 
US$m
Total 
Equity 
US$m
Balance as at 
30 June 2024
1,028.2
26.8
4.3
4.4
 (228.6)
1,059.8
1,894.9
15.3
1,910.2
Comprehensive income
Profit for the year
–
–
–
–
–
101.6
101.6
2.0
103.6
Other comprehensive income
–
–
 (13.3)
 (2.0)
41.4
–
26.1
1.8
27.9
Total comprehensive income
–
–
 (13.3)
 (2.0)
41.4
101.6
127.7
3.8
131.5
Transactions with owners
Share-based 
payments expense
–
9.1
–
–
–
–
9.1
–
9.1
Transfer from 
retained profits
–
–
–
0.5
–
 (0.5)
–
–
–
Shares used to settle 
the Group’s Long-
Term Incentive plans
3.2
 (3.2)
–
–
–
–
–
–
–
Purchase of  
treasury shares
 (4.4)
–
–
–
–
–
 (4.4)
–
 (4.4)
Dividends paid1
15
–
–
–
–
–
 (63.7)
 (63.7)
–
 (63.7)
Total transactions 
with owners
 (1.2)
5.9
–
0.5
–
 (64.2)
 (59.0)
–
 (59.0)
Total equity  
as at 30 June 2025
1,027.0
32.7
 (9.0)
2.9
 (187.2)
1,097.2
1,963.6
19.1
1,982.7
1.	Dividends paid includes $0.2m paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares at the record date  
for the dividends. Refer to Note 22 Ansell Limited Employee Share Plan Trust. 
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
ANSELL LIMITED | ANNUAL REPORT 2025
74

Attributable to Ansell Limited shareholders
2024
Note
Contributed 
Equity 
US$m
Share-
based 
Payment 
Reserve 
US$m
Hedging 
Reserve 
US$m
Other 
Reserve 
US$m
Foreign 
Currency 
Translation 
Reserve 
US$m
Retained 
Profits 
US$m
Total 
US$m
Non-
controlling 
Interests 
US$m
Total 
Equity 
US$m
Balance as at 
30 June 2023
 750.7 
22.9 
 (1.1) 
 15.4 
(213.6)
 1,026.6 
1,600.9
 14.5 
1,615.4 
Comprehensive income
Profit for the year
 –
 –
 –
 –
 –
76.5
76.5
1.0
77.5
Other comprehensive income
 –
 –
5.4
(1.7)
(15.0)
0.6
(10.7)
(0.2)
(10.9)
Total comprehensive income
 –
 –
5.4
(1.7)
(15.0)
77.1
65.8
0.8
66.6
Transactions with owners
Issuance of ordinary 
shares
14
305.2
 –
 –
 –
 –
 –
305.2
 –
305.2
Share-based 
payments expense
 –
6.2
 –
 –
 –
 –
6.2
 –
6.2
Transfer to retained 
profits
 –
 –
 –
(9.3)
 –
9.3
 –
 –
 –
Shares used to settle 
the Group’s Long-
Term Incentive plans
2.3
(2.3)
 –
 –
 –
 –
–
 –
–
Share buybacks
(30.0)
 –
 –
 –
 –
 –
(30.0)
 –
(30.0)
Dividends paid1
15
 –
 –
 –
 –
 –
(53.2)
(53.2)
 –
(53.2)
Total transactions 
with owners
277.5
3.9
–
(9.3)
–
(43.9)
228.2
–
228.2
Total equity as at 
30 June 2024
1,028.2
26.8
4.3
4.4
(228.6)
1,059.8
1,894.9
15.3
1,910.2
1. 	Dividends paid includes $0.3m paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares at the record date for the 
dividends. Refer to Note 22 Ansell Limited Employee Share Plan Trust. 
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
ANSELL LIMITED | ANNUAL REPORT 2025
75
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Consolidated Statement of Cash Flows 
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Note
2025 
US$m
2024 
US$m
Cash flows related to operating activities
Receipts from customers 
1,983.8
1,597.2
Payments to suppliers and employees
(1,705.7)
(1,286.7)
Net receipts from operations
 278.1 
310.5
Income taxes paid
(45.4)
(38.2)
Interest received
 6.6 
4.0
Net cash provided by operating activities
6(b)
 239.3 
276.3
Cash flows related to investing activities
Payments for businesses
20
(635.1)
–
Payments for property, plant, equipment and intangible assets
(69.3)
(62.8)
Payments for financial asset investments
(0.2)
(0.9)
Proceeds from the sale of property, plant and equipment
 1.3 
0.3
Net cash used in investing activities
(703.3)
(63.4)
Cash flows related to financing activities
Proceeds from borrowings
 35.3 
 532.9
Repayments of borrowings
(117.3)
(172.2)
Repayments of lease liabilities
(20.1)
(20.1)
Proceeds from shares issued under institutional placement1
14
 –
255.6
Proceeds from shares issued under Share Purchase Plan
14
 –
49.6
Payments for share buybacks
 –
(30.0)
Payments for purchases of treasury shares
(4.4)
–
Dividends paid – Ansell Limited shareholders2
(63.7)
(53.2)
Interest on interest bearing liabilities and financing costs paid
(41.0)
(21.8)
Interest paid on lease liabilities
(4.8)
(4.0)
Net cash (used in)/provided by financing activities
(216.0)
536.8
Net (decrease)/increase in cash and cash equivalents
(680.0)
749.7
Cash and cash equivalents at the beginning of the financial year
 912.3 
159.4
Effect of movements in exchange rates on cash held
 6.0 
3.2
Cash and cash equivalents at the end of the financial year
6(a)
 238.3 
912.3
1.	2024 proceeds from shares issued under institutional placement were received net of $4.7m directly attributable equity raise costs.
2.	2025 dividends paid includes $0.2m (2024: $0.3m) paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares at the record 
date for the dividends. Refer to Note 22 Ansell Limited Employee Share Plan Trust. 
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
ANSELL LIMITED | ANNUAL REPORT 2025
76

Notes to the Financial Statements 
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
1. Summary of Material Accounting Policies
General
Ansell Limited (the ‘Company’) is a company domiciled in Australia. The Company and its subsidiaries (together referred to as the ‘Group’) 
is a global leader in protection solutions. The Group is a for-profit entity and designs, develops and manufactures a wide range of hand, 
arm and body protection solutions and clothing and is organised around two segments as detailed in Note 2 Segment Information.
•	 Healthcare Segment
•	 Industrial Segment
Statement of Compliance
The Financial Report is a general purpose financial report that has been prepared in accordance with Australian Accounting 
Standards adopted by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001. The financial report of the 
Group also complies with International Financial Reporting Standards and interpretations adopted by the International Accounting 
Standards Board (‘IFRS’ or ‘IAS’).
The consolidated financial statements were authorised for issue by the Board of Directors on 25 August 2025.
Basis of Accounting
The Financial Report is presented in United States dollars and on the historical cost basis except that assets and liabilities in respect 
of derivative financial instruments and financial assets are stated at their fair value. The Financial Report has been prepared on a 
going concern basis, which assumes the continuity of normal operations.
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and in 
accordance with the Instrument, amounts in the Financial Report and Directors’ Report have been rounded off to the nearest hundred 
thousand dollars, unless otherwise stated.
A summary of the material accounting policies of the Group is disclosed below. The accounting policies have been applied 
consistently by all entities in the Group. 
Changes in Accounting Standards
IFRS 18/AASB 18 Presentation and Disclosure in Financial Statements was issued in April 2024 and replaces IAS 1/AASB 101 
Presentation of Financial Statements. The new standard introduces new requirements for the Consolidated Statement of 
Comprehensive Income, additional disclosure requirements and new principles for aggregation and disaggregation of information. 
The new standard is effective for annual periods beginning on or after 1 January 2027 and will first apply to the Group for the 
financial year ending 30 June 2028. The Group is in the process of assessing the impact of the new standard.
Other than noted above, there are no accounting standards, amendments to accounting standards or interpretations that have  
been identified that will materially impact the Group.
Principles of Consolidation
The financial statements of the Group include the Company being the parent entity, and its subsidiaries.
The financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at balance date and the results  
of all subsidiaries for the year then ended. Subsidiaries are entities controlled by the Company. Control exists when the Company  
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through 
its power over the entity. 
Results of subsidiaries are included in the Consolidated Income Statement from the date on which control commences and continue 
to be included until the date control ceases to exist. The effects of all transactions between entities in the Group are eliminated in full. 
Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Income Statement and 
Statement of Financial Position respectively.
ANSELL LIMITED | ANNUAL REPORT 2025
77
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Foreign Currency 
Transactions
Transactions in foreign currencies are recorded at the rate of exchange ruling on the date of each transaction. At balance date, 
amounts payable and receivable in foreign currencies are converted at the rates of exchange ruling at that date, with any resultant 
gain or loss recognised in the Consolidated Income Statement except when deferred in equity as qualifying cash flow hedges.
Translation
The financial statements of overseas subsidiaries are maintained in their functional currencies and are converted to the Group’s 
presentation currency as follows:
•	 assets and liabilities are translated at the rate of exchange as at balance date;
•	 income statements are translated at average exchange rates for the reporting period which approximate the rates ruling at the 
dates of the transactions; and
•	 all resultant exchange differences are recorded within equity in the foreign currency translation reserve.
When an overseas subsidiary is sold, the cumulative amount recognised in the foreign currency translation reserve relating to the 
subsidiary is recognised in the Consolidated Income Statement as part of the gain or loss on sale.
Accounting Estimates and Judgements
Current Asset Provisions
In the course of normal trading activities, management uses its judgement in establishing the net realisable value of various elements 
of working capital – principally inventory and accounts receivable. Provisions are established for obsolete or slow moving inventories 
and bad or doubtful receivables. The actual level of obsolete or slow moving inventories and bad or doubtful receivables in future 
periods may be different from the provisions established, and any such differences would affect future earnings of the Group. The 
factors considered are detailed in Note 7 Working Capital.
Property, Plant and Equipment and Finite Life Intangible Assets	
The Group’s property, plant and equipment and intangible assets, other than indefinite life intangible assets, are depreciated/
amortised on a straight-line basis over their useful economic lives. Management reviews the appropriateness of useful economic lives 
of assets at least annually, and any changes to useful economic lives may affect prospective depreciation rates and asset carrying 
values. The useful economic lives are detailed in Note 8 Property, Plant and Equipment and Note 10 Intangible Assets.
Impairment of Goodwill and Brands
The Group tests whether goodwill and brands are impaired at least annually, or more frequently if events or changes in circumstances 
indicate that their carrying values may be impaired, in accordance with the accounting policy on intangible assets. The policy requires 
the use of assumptions in assessing the carrying values of cash generating units (CGUs). These assumptions are detailed in Note 10 
Intangible Assets. 
Income Tax
The Group operates in a number of tax jurisdictions and needs to consider their varying complexities, differing tax rules and the 
changing tax environments. The Group has processes to assess and manage these issues.
The reviews undertaken to determine whether a deferred tax asset should be recognised in jurisdictions where unbooked tax losses 
exist and in assessing the recoverability of booked tax losses involve the use of judgements and estimates in assessing the projected 
future trading performances of relevant operations. These judgements and estimates are subject to risk and uncertainty, hence there 
is a possibility that changes in circumstances will alter expectations, which may impact on the amount of the deferred tax asset in 
respect of tax losses recognised on the Consolidated Statement of Financial Position. In such circumstances the carrying amount  
of this asset may require adjustment resulting in a corresponding credit or charge to the Consolidated Income Statement.
1. Summary of Material Accounting Policies continued
ANSELL LIMITED | ANNUAL REPORT 2025
78

Contingencies and Provisions
Contingent liabilities include but are not limited to pending, potential or future legal, judicial, regulatory, and other proceedings of a 
litigious nature that cannot be predicted with certainty. Proceedings are evaluated on a case by case basis considering the available 
information, including that from legal counsel, to assess potential outcomes. Where it is considered probable that a present obligation 
will result in an outflow of resources, and a reliable estimate of the amount of the obligation can be made, a provision is recognised. 
See Note 12 Provisions and Note 17 (b) Contingent Liabilities for detail.
Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or 
non-occurrence of one or more uncertain future events not wholly within the control of the Group. Contingent assets are assessed 
continually and if they become virtually certain that an inflow of economic benefits will arise, the asset and the related income are 
recognised in the financial statements in the period that the change from probable to virtually certain occurs.
Employee Benefits
The amount recognised as an expense for the Long-Term Incentive Plan (LTIP) reflects the fair value of Performance Share Rights 
(PSRs), including the impact of market-based conditions, and Restricted Stock Units (RSUs) granted and the number of awards based 
on estimated non-market performance and service conditions at the vesting date. The estimated non-market performance conditions 
have been determined based on management’s estimate of future performance, including the budget for the 2026 financial year as 
approved by the Board. For PSRs subject to market-based conditions, the fair value reflects the probability of achieving those conditions 
and is not subsequently adjusted. The fair value of PSRs and RSUs are detailed in Note 23 Ownership-based Remuneration Schemes.
Various actuarial assumptions are utilised in the determination of the Group’s defined benefit superannuation plan obligations. These 
assumptions are detailed in Note 13 Retirement Benefit Obligations.
Other Accounting Policies
Other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial 
statements are provided throughout the notes to the financial statements.
ANSELL LIMITED | ANNUAL REPORT 2025
79
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
2. Segment Information
The Group comprises the following operating segments:
Healthcare Segment: surgical and examination gloves, healthcare safety devices and active infection prevention products  
for healthcare professionals and patients and single use industrial application gloves.
Industrial Segment: multi-use hand and body protection solutions for industrial worker environments and specialty applications.
Operating Segments
2025
Note
Healthcare 
US$m
Industrial 
US$m
Unallocated 
US$m
Total Group 
US$m
Sales revenue
1,104.7
898.6
–
2,003.3
Profit/(loss) before significant items, net financing costs 
and income tax expense
141.9
155.5
 (15.3)
282.1
Significant items
3(b)
 
 
 
 (98.2)
Profit before net financing costs and income tax expense
183.9
Net financing costs
 (40.0)
Profit before income tax expense
 
 
 
143.9
Income tax expense
 (40.3)
Profit after income tax
 
 
 
103.6
Non-controlling interests
 (2.0)
Net profit attributable to Ansell Limited shareholders
 
 
 
101.6
Segment assets
1,775.6
1,210.1
336.7
3,322.4
Segment liabilities
173.8
160.9
1,005.0
1,339.7
Segment depreciation and amortisation
40.4
31.0
3.4
74.8
Segment capital expenditure
48.0
20.6
0.7
69.3
Operating Segments
2024
Note
Healthcare 
US$m
Industrial 
US$m
Unallocated 
US$m
Total Group 
US$m
Sales revenue
834.2
785.1
–
1,619.3
Profit/(loss) before significant items, net financing costs 
and income tax expense
81.1
129.3
(14.9)
195.5
Significant items
3(b)
(66.2)
Profit before net financing costs and income tax expense
129.3
Net financing costs
(20.6)
Profit before income tax expense
108.7
Income tax expense
(31.2)
Profit after income tax
77.5
Non-controlling interests
(1.0)
Net profit attributable to Ansell Limited shareholders
76.5
Segment assets1
1,278.5
904.0
1,032.8
3,215.3
Segment liabilities1
135.8
146.6
1,022.7
1,305.1
Segment depreciation and amortisation
36.4
32.9
3.3
72.6
Segment capital expenditure
45.4
15.8
1.6
62.8
1.	Balances within Unallocated have been restated. Refer to Note 4 Income Tax.
ANSELL LIMITED | ANNUAL REPORT 2025
80

Regional Information
Sales revenue is disclosed in the four geographical regions based on where the products are sold to external customers. 
Assets (excluding cash and cash equivalents, goodwill, brands and other intangibles) are allocated to the geographical regions  
in which the assets are located, such as working capital, manufacturing facilities and warehouses. Manufacturing facilities  
are located as follows:
Asia Pacific: Malaysia, Thailand, Sri Lanka, China, India and Vietnam.
Europe, Middle East and Africa: Lithuania and Portugal.
Latin America and Caribbean: Brazil.
Sales Revenue
Regional Assets
Regions
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
Asia Pacific
277.3
219.4
579.8
576.4
Europe, Middle East and Africa
611.8
545.1
258.8
213.2
Latin America and Caribbean
197.5
181.2
133.9
103.6
North America
916.7
673.6
363.0
240.2
Total regions
2,003.3
1,619.3
1,335.5
1,133.4
Country of Domicile
The Company’s country of domicile is Australia. The sales revenue and assets for the Australian entities (reported within the Asia 
Pacific region) are as follows:
  
2025 
US$m
2024 
US$m
Sales revenue
52.8
50.7
Assets
13.2
13.9
ANSELL LIMITED | ANNUAL REPORT 2025
81
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
3. Profit Before Income Tax 
2025 
US$m
2024 
US$m
(a) Profit Before Income Tax has been Arrived at after Charging/(Crediting) the Following Items
This table summarises expenses by nature:
Interest expense on interest bearing liabilities
38.1
17.6
Interest expense on lease liabilities
4.8
4.0
Other financing costs
3.4
3.4
Interest income
 (6.3)
(4.4)
Net financing costs
40.0
20.6
Wages and salaries
309.3
249.9
Increase in provision for employee entitlements
17.2
16.1
Defined contribution superannuation plan expense
16.7
11.9
Defined benefit superannuation plan expense
0.5
2.4
Share-based payments expense
9.1
6.2
Employee benefits expense
352.8
286.5
Impairment of trade receivables
0.9
0.3
Research and development costs
20.6
16.6
Net foreign exchange loss
1.0
10.8
Loss on the sale of property, plant and equipment 
0.2
–
Expenses relating to short term leases
0.2
3.3
Expenses relating to low value leases
0.1
0.1
Income from sub-leasing of right-of-use assets
 (0.2)
(0.4)
Variable lease payments
14.8
13.9
Write-down in value of inventories
10.7
–
ANSELL LIMITED | ANNUAL REPORT 2025
82

(b) Significant Items
During the year, significant items include costs in relation to the Accelerated Productivity Investment Program (APIP) announced by 
the Group on 18 July 2023, costs directly related to the acquisition of Kimberly-Clark’s Personal Protective Equipment business (KBU 
Acquisition costs), costs related to the integration of KBU (KBU Integration costs), brand restructuring costs (non-cash impairment), 
ERP upgrade costs and legal costs associated with the shareholder class action as summarised below. As at 30 June 2025, $13.0m  
of significant items were accrued but not yet paid (2024: $14.0m).
2025  
US$m
2024  
US$m
Significant 
Item 
expense
Tax benefit
Net loss
Significant 
Item 
(expense)/
income
Tax benefit/ 
(expense)
Net (loss)/ 
profit
APIP – Organisation & Manufacturing Costs
 (6.2)
0.7
 (5.5)
(50.6)
8.9
(41.7)
APIP – ERP Upgrade Costs
 (9.1)
0.5
 (8.6)
(2.9)
0.1
(2.8)
KBU Acquisition costs
 (10.0)
3.4
 (6.6)
(14.0)
2.8
(11.2)
KBU Integration costs
 (29.5)
6.2
(23.3)
–
–
–
Brand Restructuring
 (41.3)
5.8
(35.5)
–
–
–
Class Action
 (2.1)
–
 (2.1)
(1.5)
–
(1.5)
Interest Income from equity raise proceeds
–
–
–
2.8
(0.7)
2.1
Total
 (98.2)
16.6
 (81.6)
(66.2)
11.1
(55.1)
EPS equivalent
(56.2 cents)
(42.8 cents)
During the year APIP incurred $6.2m (2024: $50.6m) of pre-tax costs, including labour productivity improvements of $2.3m  
(2024: $6.7m), manufacturing and warehousing configuration changes of $3.9m (2024: $26.1m), including $1.2m asset impairment 
(2024: $10.2m). 2024 also included $17.8m costs for the implementation of new organisational structure.
The Group acquired Kimberly-Clark’s Personal Protective Equipment business (renamed KBU) on 1 July 2024 (refer to Note 20 
Acquisition of KBU). In accordance with AASB 3 Business Combinations, the acquisition was accounted for as a business combination 
and the costs directly related to the KBU acquisition (KBU Acquisition costs) were expensed as incurred. Total KBU Acquisition costs 
were $24m, of which $10m was recognised in the 12 months ended 30 June 2025 (2024: $14m). KBU Acquisition costs include costs 
such as legal fees, M&A fees, consultant fees and non-cash asset impairment. 
Subsequent to acquisition, the Group has undertaken a number of one-time integration activities to complete the transition of KBU 
business from Kimberly-Clark. The incidental costs directly driven by these one-time integration activities are expensed as incurred 
and are recorded as significant items. These costs, referred to as KBU Integration costs, include costs such as consultant fees, 
contractor fees, costs to implement an integrated structure and non-cash asset impairment.
Brand restructuring costs reflect asset impairments resulting from the brand portfolio strategy. As part of this strategy, the Group will 
discontinue the use of certain existing brands that have overlap with those acquired through the KBU acquisition. 
(c) Recognition and Measurement
Sales Revenue
Sales revenue is recognised when control of the goods has been transferred to the customer in accordance with the trading terms 
which are generally specified in their sales agreements. Sales revenue is recorded based on the consideration received or receivable 
from the customer net of returns, trade discounts and allowances.
ANSELL LIMITED | ANNUAL REPORT 2025
83
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
4. Income Tax
2025 
US$m
2024 
US$m
(a) Income Tax Expense
Prima facie income tax calculated at 30% (2024: 30%) on profit before income tax
43.1
32.6
Adjusted by the tax effect of:
Investment and export incentive allowances
(1.7)
(2.7)
Net lower overseas tax rates
(4.3)
(5.1)
Utilisation of unbooked tax losses
(5.3)
(1.6)
Prior year over provision
(2.1)
(0.5)
Impact of significant items
12.9
8.8
Other permanent differences
(2.3)
(0.3)
Income tax expense attributable to profit before income tax
40.3
31.2
Income tax expense attributable to profit before income tax is made up of:
Current year income tax 
58.2
33.3
Deferred income tax attributable to:
Increase in deferred tax liability
6.3
0.1
Increase in deferred tax asset
(24.2)
(2.2)
 
40.3
31.2
2025 
US$m
2024 
US$m
Income tax expense/(benefit) recognised in other comprehensive income
Remeasurement of defined benefit superannuation/post-retirement health benefit plans
–
0.1
Change in fair value of equity investments at fair value through other comprehensive income
–
(0.1)
Movement in effective hedges for year
(5.7)
1.8
(5.7)
1.8
ANSELL LIMITED | ANNUAL REPORT 2025
84

2025 
US$m
2024 
US$m
(b) Deferred Tax Assets
Deferred tax assets arising from:
Deductible temporary differences
104.8
81.0
Accumulated tax losses
24.0
20.0
Total deferred tax assets
128.8
101.0
Deferred tax assets are attributable to the following:
Trading stock tax adjustments
15.6
13.1
Provisions
49.8
38.3
Accruals
3.7
2.9
Lease liabilities
25.7
21.8
Financial instruments
3.9
–
Amortisation of intangible assets
6.1
4.9
Accumulated tax losses
24.0
20.0
Total deferred tax assets
128.8 
101.0
Less: offset against deferred tax liabilities1
(89.9)
(48.1)
Net deferred tax assets
38.9
52.9
Details of the movement in the balance of deferred tax assets are as follows:
Balance at the beginning of the financial year
101.0
94.4
(Over)/under provision of prior year balance
(2.2)
4.9
Additions through KBU acquisition
2.0
–
Amount credited to the Income Statement
24.2
2.2
Amount credited/(debited) to other comprehensive income
3.9
(0.1)
Net exchange differences on translation of foreign subsidiaries
(0.1)
(0.4)
Total deferred tax assets
128.8
101.0
Less: offset against deferred tax liabilities1
(89.9)
(48.1)
Net deferred tax assets
38.9
52.9
(c) Deferred Tax Liabilities
Deferred tax liabilities are attributable to the following:
Depreciation on plant and equipment
18.6
21.3
Amortisation of intangible assets
98.4
67.8
Right-of-use assets
23.6
20.8
Financial instruments
–
1.8
Other
(0.1)
(1.0)
Total deferred tax liabilities
140.5
110.7
Less: offset against deferred tax assets1
(89.9)
(48.1)
Net deferred tax liabilities
50.6
62.6
Details of the movement in the balance of deferred tax liabilities are as follows:
Balance at the beginning of the financial year
110.7
102.8
(Over)/under provision of prior year balance
(0.6)
6.0
Amount charged to the Income Statement
6.3
0.1
Additions through KBU acquisition
24.2
–
Amount (credited)/debited to other comprehensive income
(1.8)
1.7
Net exchange differences on translation of foreign subsidiaries
1.7
0.1
Total deferred tax liabilities
140.5
110.7
Less: offset against deferred tax assets1
(89.9)
(48.1)
Net deferred tax liabilities
50.6
62.6
1.	2024 deferred tax balances were restated to be presented on a net basis.
ANSELL LIMITED | ANNUAL REPORT 2025
85
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
(d) Recognition and Measurement
Current Tax
Income tax on the profit or loss for the financial year comprises current and deferred tax and is recognised in the Consolidated 
Income Statement. Current tax is the expected tax payable or receivable on taxable income for the financial year using tax rates 
enacted or substantively enacted at reporting date, and any adjustments to tax payable or receivable in respect of previous years. 
Deferred Tax
Deferred tax balances are determined using the balance sheet method, which calculates temporary differences based on the  
carrying amounts of an entity’s assets and liabilities in the Consolidated Statement of Financial Position and their associated tax 
bases. The amount of deferred tax provided is based on the expected manner of realisation of the asset or settlement of the liability 
using tax rates enacted or substantively enacted at reporting date. 
In jurisdictions where unbooked tax losses exist, regular reviews are undertaken of the past trading history and projected future 
trading performance of the operations in these jurisdictions as part of the determination of the value of any deferred tax asset that 
should be reflected in the Finance Statements in respect of such losses. A deferred tax asset is recognised only to the extent that it is 
probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the 
extent it is no longer probable that the related tax benefit will be realised.
The Group has not recognised the tax value of deferred tax assets in respect of trading tax losses of $13.8m (2024: $24.2m) and $75.1m 
of capital losses (2024: $76.1m), which includes $5.6m and $72.5m for Australia, respectively. These tax losses do not expire under 
current tax legislation. Deferred tax assets in respect of these unbooked losses have not been recognised as it is not probable that 
future taxable profits will be available against which these losses can be utilised.
Ansell Limited and its wholly-owned Australian subsidiaries formed a tax consolidated group effective from 1 July 2002. Ansell Limited 
is the head entity and accounts for the group as a single taxpayer for Australian income tax purposes.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive 
income. In this case, the associated tax is also recognised in other comprehensive income.
Deferred tax assets and deferred tax liabilities are offset only if the Group has a legally enforceable right to set off current tax assets 
against current tax liabilities and the balances relate to income taxes levied by the same taxation authority.
The Group has adopted AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model 
Rules. This amendment to AASB 112 Income Taxes provides temporary relief arising from accounting for deferred taxes arising from 
the implementation of the Pillar Two Model Rules published by the Organisation for Economic Co-operation and Development’s (OECD). 
The Pillar Two Model Rules require a top up of tax in jurisdictions where the effective tax rate is less than 15%. All jurisdictions meet 
the requisite safe harbour criteria and therefore, no material impact to the Group’s effective tax rate is expected as a result of Pillar 
Two Model Rules.
4. Income Tax continued
ANSELL LIMITED | ANNUAL REPORT 2025
86

5. Earnings Per Share
2025 
US$m
2024 
US$m
Earnings reconciliation
Profit for the period
103.6
77.5
Less profit for the period attributable to non-controlling interests
 (2.0)
(1.0)
Basic earnings
101.6
76.5
Diluted earnings
101.6
76.5
Number of Shares (Millions)
Weighted average number of ordinary shares used as the denominator
Number of ordinary shares for basic Earnings Per Share
145.3
128.7
Effect of potential ordinary shares
0.8
0.7
Number of ordinary shares for diluted Earnings Per Share
146 .1
129.4
US Cents
US Cents
Earnings Per Share 
Basic Earnings Per Share
69.9
59.4
Diluted Earnings Per Share
69.5
59.1
Recognition and Measurement
Earnings Per Share (EPS) is the amount of profit attributable to each share. Basic EPS is calculated on the Group’s profit for the year 
attributable to equity shareholders divided by the weighted average number of shares on issue during the year. Diluted EPS reflects 
any commitments the Group has to issue shares in the future, including under the Executive Share Plan (refer to Note 14 Contributed 
Equity and Reserves) and the Long-Term Incentive Plan (refer to Note 23 Ownership-based Remuneration Schemes).
ANSELL LIMITED | ANNUAL REPORT 2025
87
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
6. Cash and Cash Equivalents
2025 
US$m
2024 
US$m
(a) Cash and Cash Equivalents
Cash at bank
88.5
185.4
Short-term deposits
146.9
724.0
235.4
909.4
Restricted cash
0.1
0.1
Restricted deposits
2.8
2.8
Total cash and cash equivalents
238.3
912.3
$651.6m of cash and cash equivalents at 30 June 2024 was designated to fund the 1 July 2024 acquisition detailed in Note 20 
Acquisition of KBU.
2025 
US$m
2024 
US$m
(b) Reconciliation of Net Profit After Tax to Net Cash Provided by Operating Activities
Profit for the period 
103.6
77.5
Add non-cash items:
Depreciation
70.4
68.4
Amortisation
4.4
4.2
Impairment of trade receivables
0.7
0.3
Share-based payments expense
9.1
6.2
Write-down of property, plant and equipment and intangible assets
44.1
7.9
Fair value loss through profit or loss on financial assets
2.7
–
Add items classified as investing/financing activities: 
Interest expense on interest bearing liabilities and financing costs
41.5
21.0
Interest expense on lease liabilities
4.8
4.0
Loss on the sale of property, plant and equipment
0.2
–
Net cash provided by operating activities before change in assets and liabilities
281.5
189.5
Change in assets and liabilities: 
Increase in trade and other receivables
(20.9)
(23.4)
(Increase)/decrease in inventories
 (93.7)
61.4
Increase in other assets 
 (0.5)
(6.7)
Increase in trade and other payables
28.4
61.2
Increase in provisions/other liabilities
28.8
7.4
Decrease in retirement benefit obligations
 (0.3)
(1.5)
(Decrease)/increase in deferred tax liabilities 
 (14.1)
8.0
Decrease/(increase) in deferred tax assets
19.5
(9.0)
Increase/(decrease) in current tax liabilities 
10.5
(6.0)
Other non-cash items (including foreign currency impact)
 0.1
(4.6)
Net cash provided by operating activities
239.3
276.3
(c) Recognition and Measurement
Cash at Bank and on Deposit
Cash and cash equivalents include cash on hand and at banks and investments in money market instruments, net of outstanding bank overdrafts. 
Restricted Cash
Restricted cash is cash held by the Ansell Limited Employee Share Plan Trust (refer to Note 22 Ansell Limited Employee Share Plan Trust).
Restricted Deposits
Restricted deposits represent cash set aside (under Court orders) to cover the provisions established to address any remaining liability 
of members of the Group for claims arising with respect to the Accufix Pacing Lead (refer to Note 12 Provisions – Other Provisions).
ANSELL LIMITED | ANNUAL REPORT 2025
88

7. Working Capital
2025 
US$m
2024 
US$m
Net trade receivables
226.0
200.4
Inventories
584.7
457.9
Trade payables
(250.9)
(225.5)
Total working capital
 559.8 
432.8
(a) Current Trade and Other Receivables
2025 
US$m
2024 
US$m
Trade receivables
 306.9 
265.0
Allowance for impairment
(3.1)
(2.8)
Provision for rebates and allowances
(77.8)
(61.8)
Net trade receivables
 226.0 
200.4
Other amounts receivable
 20.5 
11.5
Total current trade and other receivables
 246.5 
211.9
Movements in the allowance for impairment of trade receivables:
2025 
US$m
2024 
US$m
Balance at the beginning of the financial year
 2.8 
3.3
Amounts charged to the Income Statement
 0.7 
0.3
Amounts utilised
(0.5)
(0.8)
Net exchange differences on translation of foreign subsidiaries
 0.1 
–
Balance at the end of the financial year
 3.1 
2.8
Gross Trade Receivables
Allowance for Impairment
Ageing of Trade Receivables
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
Within agreed terms
 289.0 
246.4
 –
–
Past due 0-60 days
 14.5 
15.8
 –
–
Past due 61-90 days
 1.1 
0.5
 0.8 
0.5
Past due 91 days or more
 2.3 
2.3
 2.3 
2.3
Total 
 306.9 
265.0
 3.1 
2.8
(b) Inventories
2025 
US$m
2024 
US$m
Raw materials
 71.1 
71.6
Work in progress
 24.3 
26.5
Finished goods
 489.3 
359.8
Total inventories
 584.7 
457.9
2025 
US$m
2024 
US$m
Inventories recognised as an expense
1,088.7
904.2
ANSELL LIMITED | ANNUAL REPORT 2025
89
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
(c) Current Trade and Other Payables
2025 
US$m
2024 
US$m
Current
Trade payables
 250.9 
225.5
Other payables
 55.0 
45.9
Total current trade and other payables
 305.9 
271.4
(d) Recognition and Measurement
Trade Receivables
Trade receivables are carried at amounts due. Receivables that are not past due and not impaired are considered recoverable.  
Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amount considered 
recoverable. Customer trading terms are generally between 30 – 60 days from invoice date. 
Allowance for Impairment of Trade Receivables
The collectability of trade receivables is assessed continuously and at balance date specific allowances are made for any doubtful 
trade receivables based on a review of all outstanding amounts at year end. Bad debts are written off during the year in which they 
are identified.
The Group determines that the trade receivables are low credit risk financial assets and measures the impairment of trade receivable 
balances based on an expected credit loss model. The following basis have been used to assess the allowance for impairment  
of trade receivables:
•	 individual account by account assessment based on past credit history;
•	 prior knowledge of debtor insolvency;
•	 high risk customers’ assessments based on continuous analysis of customers’ payment trends and monitoring of the political  
and economic climates particularly for those customers who are located in emerging market countries; and
•	 customer accounts that have been referred to a collection agency.
Provision for Rebates and Allowances
Provision for rebates and allowances are recognised as a reduction in revenue in the same period as the related sales, based  
on historical trends, contractual terms, current sales volumes, and expected future claims.
Inventories
Inventories are valued at the lower of cost and net realisable value. The net realisable value of inventories is the estimated selling 
price in the ordinary course of business less estimated costs to sell. The cost of inventories is based on the first-in, first-out principle.  
In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads.
Provision for Obsolete or Slow-moving Inventories
Allowances are established for obsolete or slow-moving inventories taking into consideration the ageing or seasonal profile  
of inventories, the nature of inventories, discontinued lines, sell-through history and forecast sales.
Trade and Other Payables
Trade and other payables are normally settled within 30 to 90 days from invoice date or within the agreed payment terms with  
the supplier. Other payables comprise capital expenditure payables and accrued expenses.
7. Working Capital continued
ANSELL LIMITED | ANNUAL REPORT 2025
90

8. Property, Plant and Equipment
2025
Freehold 
Land 
US$m
Buildings 
US$m
Plant and 
Equipment 
US$m
Buildings and 
Plant Under 
Construction 
US$m
Total 
US$m
Cost
8.7
159.2
588.3
83.5
839.7
Accumulated depreciation and impairment losses
–
 (67.4)
 (395.1)
–
 (462.5)
 
8.7
91.8
193.2
83.5
377.2
Movement
Balance at the beginning of the financial year
7.8
89.5
185.2
66.8
349.3
Additions
–
1.6
4.0
51.8
57.4
Additions through KBU acquisition
–
–
0.9
–
0.9
Disposals/scrappings/asset impairment
–
 (2.8)
 (1.5)
 (0.2)
 (4.5)
Transfer from buildings and plant under construction
–
4.5
32.6
 (37.1)
–
Depreciation
–
 (6.8)
 (40.0)
–
 (46.8)
Net exchange differences on translation of foreign subsidiaries
0.9
5.8
12.0
2.2
20.9
Balance at the end of the financial year
8.7
91.8
193.2
83.5
377.2
2024
Freehold 
Land 
US$m
Buildings 
US$m
Plant and 
Equipment 
US$m
Buildings and 
Plant Under 
Construction 
US$m
Total 
US$m
Cost
7.8
147.8
550.3
66.8
772.7
Accumulated depreciation and impairment losses
–
(58.3)
(365.1)
–
(423.4)
 
7.8
89.5
185.2
66.8
349.3
Movement
Balance at the beginning of the financial year
 8.1 
 86.6 
 203.4 
53.6
 351.7 
Additions
–
0.1
3.6
51.8
55.5
Disposals/scrappings/asset impairment
–
(0.3)
(6.6)
(1.3)
(8.2)
Transfer from buildings and plant under construction
–
10.3
26.6
(36.9)
–
Depreciation
–
(6.4)
(39.4)
–
(45.8)
Net exchange differences on translation of foreign subsidiaries
(0.3)
(0.8)
(2.4)
(0.4)
(3.9)
Balance at the end of the financial year
7.8
89.5
185.2
66.8
349.3
Recognition and Measurement
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure 
that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset’s carrying amount or recognised 
as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the 
Group and that the cost of the item can be measured reliably.
Depreciation
Depreciation is generally calculated on a straight-line basis so as to write off the net cost of each item of property, plant and 
equipment, excluding land, over its estimated useful life.
The expected useful lives in the current and prior years are as follows:
Buildings	
The lesser of 50 years or the life of the leasehold period of the land (20 – 50 years)
Plant and equipment	
3 – 20 years
Depreciation rates and methods are reviewed annually for appropriateness.
ANSELL LIMITED | ANNUAL REPORT 2025
91
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
9. Leases
(a) Right-of-use assets
 
2025
Buildings 
US$m
Motor 
Vehicles 
US$m
Other Plant & 
Equipment 
US$m
Total 
US$m
Cost
172.7
19.2
10.3
202.2
Accumulated depreciation
 (94.9)
 (6.8)
 (2.1)
 (103.8)
77.8
12.4
8.2
98.4
Movement
Balance at the beginning of the financial year
68.3
8.7
9.2
86.2
New leases
7.3
7.4
0.6
15.3
Modifications
20.8
0.5
1.1
22.4
Terminations
 (1.4)
 (0.3)
 (1.8)
 (3.5)
Depreciation
 (17.7)
 (4.6)
 (1.3)
 (23.6)
Net exchange differences on translation of foreign subsidiaries
0.5
0.7
0.4
1.6
Balance at the end of the financial year
77.8
12.4
8.2
98.4
 
Buildings 
US$m
Motor 
Vehicle 
US$m
Other Plant & 
Equipment 
US$m
Total 
US$m
2024
Cost
150.5
16.7
12.0
179.2
Accumulated depreciation
(82.2)
(8.0)
(2.8)
(93.0)
68.3
8.7
9.2
86.2
Movement
Balance at the beginning of the financial year
 72.7 
 7.5 
 4.9 
 85.1 
New leases
3.1
6.1
5.6
14.8
Modifications
10.5
0.1
–
10.6
Terminations
(0.6)
(0.7)
–
(1.3)
Depreciation
(17.3)
(4.2)
(1.1)
(22.6)
Net exchange differences on translation of foreign subsidiaries
(0.1)
(0.1)
(0.2)
(0.4)
Balance at the end of the financial year
68.3
8.7
9.2
86.2
ANSELL LIMITED | ANNUAL REPORT 2025
92

(b) Lease Liabilities
2025 
US$m
2024 
US$m
Balance at the beginning of the financial year
90.9
87.3
New leases
15.3
14.8
Modifications
22.4
10.6
Terminations
 (3.5)
(1.3)
Repayments
 (20.1)
(20.1)
Net exchange differences on translation of foreign subsidiaries
1.7
(0.4)
Balance at the end of the financial year
106.7
90.9
Classification of Lease Liabilities
Current
20.6
17.8
Non-current
86.1
73.1
 
106.7
90.9
(c) Maturity Analysis – Lease Liabilities
The following table sets out the contractual maturities of the Group’s lease liabilities into relevant maturity groupings based on  
the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash flows comprising principal and interest repayments.
 
Carrying 
Amount 
US$m
Total 
Contractual 
Cash Flows 
US$m
Contractual Maturity (Years)
0-1 
US$m
1-2 
US$m
2-5 
US$m
> 5 
US$m
2025
Lease Liabilities
106.7
130.5
25.5
22.1
43.3
39.6
2024
Lease Liabilities
90.9
113.4
21.9
18.7
32.4
40.4
(d) Recognition and Measurement
The Group leases buildings, motor vehicles and other plant and equipment. Lease terms range from less than 12 months to 99 years 
with varying implicit discount rates and in numerous currencies. When an arrangement qualifies as a lease under AASB 16 Leases,  
the right-of-use asset and lease liability as at inception are calculated by discounting future payments under the lease contract.  
The right-of-use asset is depreciated on a straight-line basis over the term of the lease. Regular lease payments are allocated  
against the lease liability and interest.
Where lease contracts include an option(s) for renewal the impact of such options is not included in the initial calculation of the 
right-of-use asset and liability unless it is considered reasonably certain that the option(s) will be exercised. 
The Group has also entered into arrangements (predominantly for warehousing and distribution facilities) which may incorporate  
a fixed monthly charge and/or charges which are dependent on a number of factors i.e. number of pallets stored, number of deliveries 
etc. (variable charges). The fixed monthly charges of these arrangements are accounted for as a lease under AASB 16 whereas variable 
charges are expensed to the Consolidated Income Statement as incurred.
ANSELL LIMITED | ANNUAL REPORT 2025
93
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
10. Intangible Assets
2025
Goodwill 
US$m
Brands 
US$m
Software 
US$m
Other 
Intangibles 
US$m
Total 
US$m
Cost
Balance at the beginning of the financial year
982.2
248.5
68.9
23.5
1,323.1
Additions
–
–
1.3
–
1.3
Additions through KBU acquisition
477.0
148.9
–
–
625.9
Net exchange differences on translation  
of foreign subsidiaries
17.3
–
 0.9
–
18.2
Balance at the end of the financial year
1,476.5
397.4
71.1
23.5
1,968.5
Provision for amortisation and impairment
Balance at the beginning of the financial year
139.9
57.3
57.6
13.5
268.3
Amortisation
–
0.1
3.2
1.1
4.4
Asset impairment1
–
38.4
–
–
38.4
Net exchange differences on translation  
of foreign subsidiaries
1.3
 (0.1)
0.7
–
1.9
Balance at the end of the financial year
141.2
95.7
61.5
14.6
313.0
Written down value at the end of the financial year
1,335.3
301.7
9.6
8.9
1,655.5
2024
Goodwill 
US$m
Brands 
US$m
Software 
US$m
Other 
Intangibles 
US$m
Total 
US$m
Cost
Balance at the beginning of the financial year
985.5
248.9
66.0
23.6
1,324.0
Additions
–
–
3.0
–
3.0
Net exchange differences on translation  
of foreign subsidiaries
(3.3)
(0.4)
(0.1)
(0.1)
(3.9)
Balance at the end of the financial year
982.2
248.5
68.9
23.5
1,323.1
Provision for amortisation and impairment
Balance at the beginning of the financial year
 140.2 
 57.0 
 54.7 
 12.4 
 264.3 
Amortisation
–
0.1
2.9
1.2
4.2
Net exchange differences on translation  
of foreign subsidiaries
(0.3)
0.2
–
(0.1)
(0.2)
Balance at the end of the financial year
139.9
57.3
57.6
13.5
268.3
Written down value at the end of the financial year
842.3
191.2
11.3
10.0
1,054.8
1. 	Asset impairment relates to the brand restructure. Refer to Note 3(b) Significant Items.
ANSELL LIMITED | ANNUAL REPORT 2025
94

Carrying amount of goodwill and brands allocated to each of the CGUs:
Industrial
Healthcare
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
Goodwill
497.6
310.5
837.7
531.8
Brands
70.5
34.9
231.2
156.3
568.1
345.4
1,068.9
688.1
Recognition and Measurement
Goodwill and Brands
Goodwill on acquisition is measured at cost being the excess of the cost of the acquisition over the fair value of the Group’s share  
of the net identifiable assets acquired. Goodwill is not amortised. Brands are initially recorded at cost based on independent 
valuations at acquisition date, which equates to fair value. Based on the nature of the major brands acquired by the Group, which  
are international brands that benefit from competitive advantages due to technology, innovation and product development, it is not 
possible to make an arbitrary assessment that these brands have a finite useful life, quantifiable in terms of years except where such 
brands are subject to licensing agreements covering a finite period or where management intends to phase out the use of a brand. 
Brands subject to a licensing arrangement are amortised over the life of the arrangement. Brands that are intended to be phased out 
are amortised over the period management anticipates that this process will take. No amortisation is provided against the carrying 
value of those brands not subject to a licensing arrangement or phase-out process as the Group believes that the lives of such assets 
are indefinite at this point.
Software
Capitalised software costs are amortised over a 5 to 10-year period. 
Configuration or Customisation Costs in a Cloud Computing Arrangement 
Software-as-a-Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider’s 
application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access  
to the cloud provider’s application software, are recognised as operating expenses when the services are received. 
Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise 
systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets and 
amortised over the useful life of the software on a straight-line basis. Judgement is required to determine whether the additional  
code meets the definition of an intangible asset, including whether the Group has power to obtain future economic benefits flowing 
from the underlying resource and restrict the access of others to those benefits.
Where the SaaS arrangement supplier provides both the configuration and customisation services, and the SaaS access over the 
contract term, judgement is required to determine whether these services are distinct or not from each other. Distinct configuration 
and customisation costs are expensed as incurred as the software is configured or customised (i.e. upfront). Non-distinct configuration 
and customisation costs are expensed over the SaaS contract term (i.e. as a prepayment).
Non-distinct customisation activities significantly enhance or modify a SaaS cloud-based application. Judgement is required  
in determining whether the degree of customisation and modification of the SaaS cloud-based application is significant or not.
Other Intangible Assets
Other intangible assets that are acquired by the Group and have finite useful lives are initially recorded at cost based on independent 
valuations at acquisition date, which equates to fair value. These assets include patents that are amortised on a straight-line basis 
over the legal life of the patent and customer and distributor relationships that are amortised on a straight-line basis over their 
estimated useful lives being which range from 6 to 20 years.
The amortisation of brands, software costs and other intangible assets are recognised in selling, general and administration costs  
in the Consolidated Income Statement.
ANSELL LIMITED | ANNUAL REPORT 2025
95
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Recoverability Assessment
Recoverable Amount of Non-Current Assets Valued on the Cost Basis
The carrying amounts of non-current assets valued on the cost basis, excluding any retirement benefit assets, deferred tax assets  
and financial assets are reviewed to determine whether they are in excess of their recoverable amount at balance date. 
The recoverable amount of a non-current asset is the higher of an asset’s fair value less costs of disposal and value in use. In assessing 
value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current 
market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely 
independent cash flows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment 
losses are recognised in the Consolidated Income Statement as part of cost of goods sold and selling, general and administration 
expenses. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill 
allocated to CGUs and then to reduce the carrying amount of the other assets in the unit.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after 
the impairment loss was recognised. An impairment loss in respect of goodwill or other indefinite life intangible assets is not reversed. 
An impairment loss in other circumstances is reversed only to the extent that the asset’s carrying amount does not exceed the  
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Goodwill and Indefinite Life Intangible Assets
Goodwill and indefinite life intangible assets are tested for impairment as part of the year-end reporting process. These assets  
are also reviewed as part of the interim reporting process to determine whether there are any indicators of impairment.
The carrying amount of other non-current assets, excluding any retirement benefit assets, deferred tax assets and financial assets  
are reviewed at each reporting date to determine whether there are any indicators of impairment.
If such indicators exist, the asset is tested for impairment by comparing its recoverable amount to its carrying amount. The recoverable 
amount of an asset is determined as the higher of fair value less costs of disposal and value in use.
The Group’s CGUs are the same as the segments outlined within Note 2 Segment Information.
The recoverable amount of each CGU has been determined based on a value in use calculation derived from five-year cash flow projections:
•	 The first year’s cash flow projection is derived from the budget for the 2026 financial year as approved by the Board. 
•	 Specific growth and after tax discount rates have been used in developing internal forecasts for financial years ending June 2027  
to 2030 and for the terminal year. Factors such as country risk, forecasting risk and country specific growth and tax rates have been 
taken into consideration in arriving at these rates.
Cash flows used for value in use calculations are estimated for the asset in its present condition and committed capital expenditure, 
including related to environment, health and safety, and therefore do not include cash inflows or outflows that improve or enhance 
the asset’s performance or that may arise from future restructuring. Key assumptions also include the post-tax discount rate, terminal 
growth rate, annual revenue growth and margins.
The post-tax discount rate used for a value in use calculation is derived based on an internal assessment of the Group’s post-tax 
weighted average cost of capital in conjunction with risk specific factors for the countries in which the CGU operates. The growth  
in the terminal year was 2.0% and 2.1% (2024: 2.0% and 2.1%) and the post-tax discount rates applied range between 8.8% and 9.5% 
(2024: 9.1% and 9.8%).
The potential impacts of climate change have been considered in the Group’s impairment testing through downside scenario analysis 
and key assumption sensitivity assessment. No material financial risks on the carrying value were identified.
10. Intangible Assets continued
ANSELL LIMITED | ANNUAL REPORT 2025
96

11. Interest Bearing Liabilities
2025 
US$m
2024 
US$m
Current
Loans repayable in:
Malaysian ringgit
–
9.7
Chinese renminbi
10.4
–
United States dollars
50.0
50.0
Total current
60.4
59.7
Non-current
Loans repayable in: 
Euros
119.1
108.6
United States dollars 
492.0
547.4
United Kingdom pounds
27.4
50.6
Total non-current
638.5
706.6
Total interest bearing liabilities
698.9
766.3
This table summarises the movement in interest bearing liabilities for the year ended 30 June 2025:
2025 
US$m
Balance at the beginning of the financial year
766.3
Movements in cash flows related to financing activities:
Proceeds from borrowings as per Consolidated Statement of Cash Flows
35.3
Repayments of borrowings as per Consolidated Statement of Cash Flows
 (117.3)
Other movements:
Net exchange differences on translation of foreign subsidiaries
14.6
Balance at the end of the financial year
698.9
The Group has a syndicated borrowing facility of US$500m with GBP£20m (equivalent of US$27.4m) and US$15.0m drawn down at 
30 June 2025 maturing in January 2027 and a EUR€30m revolving credit facility, unutilised at 30 June 2025 maturing in January 2029. 
These facilities can be accessed by certain Australian, US, Europe, and UK subsidiaries. In addition, the Group has issued Senior Notes 
to the equivalent of US$646.1m. Senior Notes of US$527m and EUR€101.5m (equivalent of US$119.1m) mature between April 2026 
and July 2036. The Group also has a CNY¥75m (equivalent of US$10.4m) uncommitted revolving loan facility which was fully utilised 
at 30 June 2025. 
There are a number of financial covenants attaching to the bank and note facilities including restrictions on the level of borrowings  
of non-guarantor subsidiaries and ensuring certain financial ratios are maintained. If any breaches of these covenants occur, all monies 
outstanding under the facility become immediately due and payable. Covenant compliance is assessed on a semi-annual basis. The 
Group is in compliance with all covenants as at the reporting date and expects to remain in compliance for the 12 months following 
the reporting date. The interest rates for these facilities are determined based on market rates at the time amounts are drawn down.
2025 
US$m
2024 
US$m
Net interest bearing debt
 
Current interest bearing liabilities
60.4
59.7
Current lease liabilities
20.6
17.8
Non-current interest bearing liabilities
638.5
706.6
Non-current lease liabilities
86.1
73.1
Cash at bank and short-term deposits 
 (235.4)
(909.4)
Net interest bearing debt
570.2
(52.2)
ANSELL LIMITED | ANNUAL REPORT 2025
97
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Recognition and Measurement
Interest bearing liabilities are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition, 
interest bearing liabilities are stated at amortised cost. Any difference between the cost and redemption value is recognised in the 
Consolidated Income Statement over the period of the liability using the effective interest method.
Nature and Currency of Borrowing
Effective 
Interest Rate 
% p.a.
Financial Year 
of Debt 
Maturity
2025 
US$m
Bank loans
Great British pounds
2.18
2027
27.4
Chinese renminbi
3.35
2026
10.4
Other loans
Euros
2.99
2027
41.9
Euros
2.75
2028
41.9
Euros
2.47
2029
35.3
United States dollars
5.65
2027
15.0
United States dollars
4.68
2026
50.0
United States dollars
5.87
2030
87.0
United States dollars
5.42
2030
20.0
United States dollars
4.84
2031
75.0
United States dollars
6.12
2031
25.0
United States dollars
6.22
2035
80.0
United States dollars
5.60
2035
100.0
United States dollars
6.32
2037
40.0
United States dollars
5.70
2037
50.0
Total interest bearing liabilities
 
 
698.9
Nature and Currency of Borrowing
Effective 
Interest Rate 
% p.a.
Financial Year 
of Debt 
Maturity
2024 
US$m
Bank loans
Great British pounds
2.18
2027
25.3
Great British pounds
6.48
2027
25.3
Malaysian ringgit
4.38
2025
9.7
United States dollars
6.67
2027
20.4
Other loans
Euros
2.99
2027
38.3
Euros
2.75
2028
38.3
Euros
2.47
2029
32.0
United States dollars
4.05
2025
50.0
United States dollars
4.68
2026
50.0
United States dollars
6.89
2030
87.0
United States dollars
5.42
2030
20.0
United States dollars
5.42
2031
100.0
United States dollars
7.24
2035
80.0
United States dollars
5.60
2035
100.0
United States dollars
7.34
2037
40.0
United States dollars
5.70
2037
50.0
Total interest bearing liabilities
766.3
11. Interest Bearing Liabilities continued
ANSELL LIMITED | ANNUAL REPORT 2025
98

12. Provisions
2025 
US$m
2024 
US$m
Current
 
Provision for employee entitlements 
81.9
50.9
Provision for rationalisation and restructuring costs 
11.2
7.0
Other provisions
3.0
2.9
Total current
96.1
60.8
Non-current
Provision for employee entitlements
10.0
9.0
Total non-current
10.0
9.0
Total provisions
106.1
69.8
Reconciliations of the carrying amount of each class of provision, except for employee entitlements, are set out below:
2025 
US$m
2024 
US$m
Provision for rationalisation and restructuring costs
 
Balance at the beginning of the financial year
7.0
5.2
Amounts charged to the Income Statement
8.0
6.1
Payments made
 (4.0)
(4.4)
Net exchange differences on translation of foreign subsidiaries
0.2
0.1
Balance at the end of the financial year
11.2
7.0
Other provisions
Balance at the beginning of the financial year
2.9
3.2
Amounts charged to the Income Statement
 (0.1)
0.1
Payments made
0.1
(0.2)
Net exchange differences on translation of foreign subsidiaries
0.1
(0.2)
Balance at the end of the financial year
3.0
2.9
Recognition and Measurement
A provision is recognised when there is a legal, equitable or constructive obligation as a result of a past event and it is probable that  
a future sacrifice of economic benefits will be required to settle the obligation.
A non-current provision is determined by discounting the expected future cash flows required to settle the obligation at a pre-tax  
rate that reflects current market assessments of the time value of money and the risks specific to the liability. 
Employee Entitlements
Wages, Salaries and Annual Leave
Liabilities for employee entitlements to wages, salaries and annual leave represent the amount which members of the Group have  
a present obligation to pay resulting from employees’ services provided up to the balance date calculated at undiscounted amounts 
based on expected wage and salary rates that will be paid when the obligation is settled and include related on-costs.
Long Service Leave and Post-retirement Health Benefits 
The liability for employee entitlements to long service leave represents the present value of the estimated future cash outflows  
to be made by the Group resulting from employees’ services provided in the current and prior periods. Post-retirement health benefits 
are subject to annual actuarial reviews.
The liability is calculated using estimated future increases in wage and salary rates including related on-costs, expected settlement 
dates based on turnover history and medical cost trends and is discounted using corporate bond rates at balance date that most 
closely match the terms of maturity of the related liabilities. 
ANSELL LIMITED | ANNUAL REPORT 2025
99
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Provision for Rationalisation and Restructuring Costs
Provisions for rationalisation and restructuring are only recognised when a detailed plan has been approved and the restructuring  
has either commenced or been publicly announced, or firm contracts related to the restructuring have been entered into. Costs related 
to ongoing activities are not provided for.
Other Provisions
Other provisions are recognised to cover specifically identified or obligated costs relating to the Accufix Pacing Lead and insurance 
claims. The Accufix Pacing Lead-related expenses include costs for patients associated with the monitoring and (where appropriate) 
explanation of the leads and for legal costs in defence of claims made in respect of the Accufix Pacing Leads. This provision is covered 
by cash required to be set aside by the Courts (refer to Note 6 Cash and Cash Equivalents – Restricted Deposits).
13. Retirement Benefit Obligations 
Certain members of the Group contribute to defined benefit and defined contribution superannuation plans maintained to provide 
superannuation benefits for employees. They are obliged to contribute to the various superannuation plans as a consequence  
of legislation or Trust Deeds. Legal enforceability is dependent on the terms of the legislation or the Trust Deeds.
(a) Defined Benefit Superannuation Plans
Funding for post-employment benefits is carried out in accordance with the requirements of the Trust Deed for the Fund and  
the advice of the Fund’s actuarial adviser. Plan assets are held in trusts which are subject to supervision by prudential regulators. 
Responsibility for governance of the plan, including investment decisions and plan rules, rests solely with the board of trustees  
of the plan.
Retirement Benefit Asset
2025 
US$m
2024 
US$m
Fair value of defined benefit plan assets
 2.6 
2.7
Present value of accumulated defined benefit obligations
 –
–
Defined benefit asset recognised in the Statement of Financial Position
 2.6 
2.7
The movements in the defined benefit asset during the year are outlined below:
2025 
US$m
2024 
US$m
Balance at the beginning of the financial year
2.7
2.4
Actuarial (losses)/gains(i)
(0.1)
0.1
Net interest income(ii)
–
0.2
Net exchange differences on translation of foreign subsidiaries
–
–
Balance at the end of the financial year
2.6
2.7
12. Provisions continued
ANSELL LIMITED | ANNUAL REPORT 2025
100

Retirement Benefit Liability
2025 
US$m
2024 
US$m
Present value of accumulated defined benefit obligations
 30.3 
26.3
Fair value of defined benefit plan assets
(25.2)
(21.2)
Defined benefit liability recognised in the Statement of Financial Position
 5.1 
5.1
The movements in the net defined benefit liability during the year are outlined below:
2025 
US$m
2024 
US$m
Balance at the beginning of the financial year
 5.1 
7.1
Actuarial gains(i)
(0.1)
(0.6)
Current service cost(ii)
 2.1 
0.5
Net interest cost(ii)
 0.1 
0.2
Employer contributions(iii)
(2.4)
(1.9)
Benefits paid(iii)
(0.1)
(0.1)
Net exchange differences on translation of foreign subsidiaries
 0.4 
(0.1)
Balance at the end of the financial year
 5.1 
5.1
The principal actuarial assumptions used (expressed as a weighted average) were as follows:
2025
2024
Discount rate
3.6% to 5.3%
3.6% to 3.9%
Future salary increases
Nil* to 2.5%
Nil* to 3.1%
(i)	 Actuarial gains and losses are recorded in other comprehensive income.
(ii)	 Current service cost and net interest are recorded in the Consolidated Income Statement as part of selling, general and administration expenses.
(iii)	Employer contributions and benefits paid are cash payments and are recorded as part of payments to suppliers and employees in the Consolidated Statement 
of Cash Flows.
* 	 For those defined benefit plans that have no active employees, no future salary increase was assumed. 
The Group expects $1.7m in contributions to be paid to its defined benefit plans during the year ending 30 June 2026.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
2025 
US$m
2024 
US$m
Equity securities
6%
12%
Fixed interest securities
77%
76%
Property
1%
1%
Cash and cash equivalents
11%
5%
Other
5%
6%
(b) Defined Contribution Superannuation Plans
2025 
US$m
2024 
US$m
Contributions to defined contribution plans during the year
15.0
13.8
ANSELL LIMITED | ANNUAL REPORT 2025
101
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
14. Contributed Equity and Reserves
(a) Contributed Equity
Ordinary shares
Executive Share  
Plan shares
Treasury shares
Contributed equity
Number
US$m
Number
US$m
US$m
Number
US$m
At 30 June 2023
126,817,181
769.1
900
–
(798,638)
(18.4)
126,019,443
750.7
Buyback/cancellation  
of shares
(2,031,410)
(30.0)
–
–
–
–
(2,031,410)
(30.0)
Shares used to settle  
the Group’s Long-Term 
Incentive plans
–
–
–
–
113,501
2.3
113,501
2.3
Issuance of shares under 
institutional placement1
17,817,372
255.6
–
–
–
–
17,817,372
255.6
Issuance of shares under 
Share Purchase Plan2
3,340,841
49.6
–
–
–
–
3,340,841
49.6
At 30 June 2024
145,943,984
1,044.3
900
–
(685,137)
(16.1)
145,259,747
1,028.2
Cancellation of shares
–
–
 (900)
–
–
–
 (900)
–
Shares used to settle  
the Group’s Long-Term 
Incentive plans
–
–
–
–
147,501
3.2
147,501
3.2
Conversion of Executive 
Share Plan shares  
to fully paid
900
–
–
–
–
–
900
–
Purchase of treasury 
shares
–
–
–
–
 (199,681)
 (4.4)
 (199,681)
 (4.4)
At 30 June 2025
145,944,884
1,044.3
–
–
 (737,317)
 (17.3)
145,207,567
1,027.0
1.	On 9 April 2024, the Group announced the completion of its A$400m institutional placement, resulting in the issue of 17,817,372 ordinary shares with proceeds 
of $255.6m net of $4.7m directly attributable equity raise costs paid.
2.	On 13 May 2024, the Group announced the completion of its A$75m Share Purchase Plan, resulting in the issue of 3,340,841 ordinary shares.
$261.9m of the cash proceeds from the 2024 issue of ordinary shares was designated to fund the 1 July 2024 acquisition detailed  
in Note 20 Acquisition of KBU.
Issued Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity  
as a deduction, net of tax where applicable, from the proceeds. When shares are repurchased, the amount of the consideration  
paid, including directly attributable costs, is recognised as a deduction from equity.
Ordinary shares are fully paid and do not have authorised capital or par value. They carry one vote per share and the right to 
dividends as declared from time to time. In the event of winding up of the Company, ordinary shareholders rank after all other 
shareholders and creditors and are fully entitled to any proceeds of liquidation. 
Dividend Reinvestment Plan
The Company operates a Dividend Reinvestment Plan, which is open to all shareholders. Under this plan, 143,479 shares were 
purchased on market and issued to shareholders during the year (2024: 123,563).
Executive Share Plan
During the financial year, 900 Executive Share Plan shares were paid (2024: Nil). Shares allotted under the Pacific Dunlop Executive 
Share Plan (which was discontinued in 1996) have been paid to A$0.05 per share. 
Treasury Shares
When the Ansell Limited Employee Share Plan Trust purchases equity instruments in the Company that have been identified as treasury 
shares, the consideration paid, including any directly attributable costs is deducted from equity, net of any related income tax effects. 
When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and the 
related income tax effects, is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented 
in retained earnings. Refer to Note 22 Ansell Limited Employee Share Plan Trust.
ANSELL LIMITED | ANNUAL REPORT 2025
102

(b) Nature and Purpose of Reserves 
Share-based Payments Reserve
This reserve is used to record the value of equity benefits provided to employees as part of their remuneration under various  
Long-Term Incentive Plans. Refer to Note 23 Ownership-based Remuneration Schemes for further details of these plans.
Hedging Reserve
This reserve records the portion of the unrealised gains or losses on cash flow hedges, the cumulative net change in the intrinsic  
and time value of options and interest rate swaps that are deemed to be effective.
Other Reserve
The other reserve comprises:
•	 The cumulative net change in the fair value of equity investments designated at FVOCI; and
•	 In certain jurisdictions regulatory requirements result in appropriations being made to an other reserve. 
Foreign Currency Translation Reserve
The foreign currency translation reserve records the foreign currency differences arising from the translation of the financial statements 
of foreign subsidiaries where their functional currency is different to the presentation currency of the Group. Refer to Note 1 Summary 
of Significant Accounting Policies.
15. Dividends Paid or Declared
2025 
US$m
2024 
US$m
Dividends Paid
A final dividend of US21.90 cents per share unfranked for the year ended 30 June 2024  
(June 2023: US25.80 cents unfranked) was paid on 12 September 2024 (2023: 7 September 2023)
31.7
32.7
An interim dividend of US22.20 cents per share unfranked for the year ended 30 June 2025  
(June 2024: US16.50 cents unfranked) was paid on 6 March 2025 (2023: 14 March 2024)
32.0
20.5
63.7
53.2
Dividends Declared
Since the end of the financial year the Directors have declared a final dividend of US28.00 cents per share unfranked, to be paid  
on 18 September 2025. The financial effect of this dividend has not been brought to account in the financial statements for the  
year ended 30 June 2025 and will be recognised in subsequent financial reports.
Dividend Franking Account
The balance of the dividend franking account as at 30 June 2025 was nil (2024: nil).
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103
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Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
16. Financial Risk Management
Ansell has a range of financial policies designed to mitigate any potential negative impact financial risks may have on the Group’s 
results. The Group’s policy is to maintain a strong capital base to support business growth and maintain investor, creditor and  
market confidence. Capital management is monitored through measures such as return on capital employed and dividend 
distributions to shareholders. The Group seeks to maintain balance between the higher returns that might be possible with the  
higher levels of borrowing and the advantages and security afforded by a strong capital position. The Group monitors its Net  
Debt to EBITDA ratio within a target range as a key indicator. The Group’s risk management is carried out by a central treasury 
department under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks  
in close co-operation with the Group’s business units. The Board reviews and approves the Group’s policies for managing each  
of these risks which are summarised below:
•	 Note 16(a) Foreign Exchange Risk;
•	 Note 16(b) Interest Rate Risk;
•	 Note 16(c) Credit Risk;
•	 Note 16(d) Liquidity Risk; and
•	 Note 16(e) Commodity Price Risk.
These risks affect the fair value measurements applied by the Group, which are discussed in Note 16(f) Fair Value.
(a) Foreign Exchange Risk
Foreign currency financial assets and liabilities of subsidiaries are monitored and hedged on a regular basis to minimise exchange 
gains and losses through the Consolidated Income Statement. All interest bearing liabilities at 30 June 2025 are in the functional 
currency of the borrowing entity so there is no foreign exchange impact through the Consolidated Income Statement. The Group 
reviews exposures on a regular basis and undertakes hedging as deemed appropriate.
The Group is exposed to a number of foreign currencies; however, the predominant operating currency is the US dollar (US$). As such 
the Group has determined it appropriate to manage its foreign currency exposure against the US$. On this basis the Group manages 
its transactional exposures as follows:
•	 Major revenue and cost currency net cash flow exposures are predominantly hedged back to US$ on a 12 to 18-month rolling basis so 
as to reduce any significant adverse impact of exchange rate fluctuations on the EPS guidance provided by the Company to the market. 
•	 Under the policy, the Group can hedge up to 90% of its estimated foreign currency exposure in respect of forecast purchases and sales.
The Group enters into a range of derivative financial instruments, which can be defined in the following broad categories:
(i) Forward Contracts	
These transactions enable the Group to buy or sell specific amounts of foreign exchange or financial instruments at an agreed  
rate/price at a specified future date. Maturities of these contracts are predominantly up to 1 year.
(ii) Foreign Exchange Options
This is a contract between two parties, which gives the buyer of the put or call option the right, but not the obligation, to transact  
at a specified exchange rate. The Group typically uses a combination of bought and sold options, generally for zero cost, to hedge 
foreign currency revenue and cost cash flows predominantly out to 1 year. 
As at 30 June, the exposure to foreign currency risk from the Group’s primary trading currency (US$) is:
2025 
US$m
2024 
US$m
Net payable in non-US$ reporting entities
17.3
2.4
The following table demonstrates the estimated sensitivity in the valuation of outstanding forward contracts and foreign exchange 
options to a 10% increase/decrease in the US$ exchange rate, with all other variables held constant, on profit for the period and equity.
Profit for the Year
Equity
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
With all other variables held constant:
10% increase in US$ exchange rate
–
 –
22.5
13.8
10% decrease in US$ exchange rate
–
 –
(23.5)
(10.5)
ANSELL LIMITED | ANNUAL REPORT 2025
104

(b) Interest Rate Risk
The Group has a broad aim of managing interest rate risk on its debt by setting a minimum level of interest rate risk days (the weighted 
average term of all interest rates in the portfolio) and a minimum fixed interest rate ratio of 40%. The Group enters into interest rate 
swaps that enable parties to swap interest rates (from or to a fixed or floating basis) for a defined period of time. Maturities of the 
contracts are principally between 1 and 10 years.
Prior to the beginning of each year, the Group calculates its financial budget for the upcoming year using an updated set of financial 
assumptions and management’s view of the marketplace in the coming financial year. The Group forecasts interest rates for all debt 
repricing and new financing.
In this context interest rate risk is the risk that the Group will, as a result of adverse movements in interest rates, experience:
•	 unacceptable variations to the cost of debt in the review period for which the financial budget has been finalised; and
•	 unacceptable variations in interest expense from year to year.
It is recognised that movements in interest rates may be beneficial to the Group. Within the context of the Group’s operations,  
interest rate exposure occurs from the amount of interest rate repricing that occurs in any 1 year.
The exposure to interest rate risk and the effective weighted average interest rate for interest bearing financial liabilities are set out below:
Weighted 
Average 
Effective 
Interest Rate 
%
Floating 
US$m
Fixed Interest Repricing in:
1 Year 
or Less 
US$m
1 to 2 
Years 
US$m
2 to 5 
Years 
US$m
> 5 
Years 
US$m
Total 
US$m
2025
Bank and other loans
5.2
359.8
50.0
42.0
97.1
150.0
698.9
Effect of interest rate swaps*
 (0.3)
 (142.4)
 –
27.4
90.0
25.0
–
 
217.4
50.0
69.4
187.1
175.0
698.9
2024
Bank and other loans
5.7
387.7
50.0
50.0
108.6
170.0
766.3
Effect of interest rate swaps*
(0.4)
(100.3)
–
–
75.3
25.0
–
287.4
50.0
50.0
183.9
195.0
766.3
*	 Represents notional amount of interest rate swaps.
A separate analysis of debt by currency can be found at Note 11 Interest Bearing Liabilities.
The table below shows the effect on profit for the period and equity, if interest rates had been 10% higher or lower with all other 
variables held constant, taking into account all underlying exposures and related hedges. A sensitivity of 10% has been selected  
as this is considered reasonable given the current level of both short-term and long-term US$ interest rates.
Profit for the Year
Equity
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
With all other variables held constant:
If interest rates were 10% higher
–
–
 1.4 
1.4
If interest rates were 10% lower
–
–
(1.5)
(1.5)
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Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
(c) Credit Risk
The credit risk on financial assets (excluding investments) of the Group is the carrying amount, net of any provision for impairment, 
that has been recognised on the Consolidated Statement of Financial Position. The Group is exposed to credit risk from its operating 
activities, primarily from customer receivables and from its financing activities, including deposits with financial institutions, foreign 
exchange transactions and other financial instruments.
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group does not hold any collateral 
over any of the receivables. 
(i) Credit Risk – Cash and Cash Equivalents
The Group held cash and cash equivalents of US$238.3m at 30 June 2025 (2024: US$912.3m). The material cash and cash equivalent 
balances are held with bank and financial institution counterparties which are rated A3 or above by Moody’s Investor Service.
(ii) Credit Risk – Trade Receivables
Customer credit risk is managed by each region subject to established policies, procedures and controls relating to customer credit 
risk management.
The Group trades with recognised, creditworthy third parties, and also minimises concentrations of credit risk by undertaking 
transactions with a large number of customers and counterparties in various countries. Customers who wish to trade on credit terms 
are subject to credit verification procedures including an assessment of their independent credit rating, financial position, past 
experience and industry reputation. In addition, receivable balances are monitored on an ongoing basis. The Group is not materially 
exposed to any individual customer. An ageing of trade receivables past due is included in Note 7 Working Capital.
Carrying Amount
2025 
US$m
2024 
US$m
Net trade receivables
226.0
200.4
Individual trade receivables that are known to be uncollectible are written off by reducing the carrying amount directly. For these 
receivables, the estimated impairment losses are recognised as an allowance for impairment. Receivables for which an impairment 
provision was recognised are written off against the provision where there is no expectation of recovering additional cash. Allowances 
for impairment are recognised in the Consolidated Income Statement. Subsequent recoveries of amounts previously written off are 
credited to the Consolidated Income Statement. Movements in the allowance for impairment and the ageing of trade receivables  
are included in Note 7 Working Capital.
(iii) Credit Risk by Maturity
Based on the policy of not having material overnight exposures to an entity rated lower than A3 by Moody’s Investors Service, the  
risk to the Group of counter-party default loss is not considered material. The following table indicates the value of amounts owing  
by counterparties by maturity.
Foreign Exchange  
Related Contracts
Interest Rate  
Contracts
Foreign Exchange  
Options
Total
2025
US$m
2024 
US$m
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
2025 
US$m
2024 
US$m
Term:
0-6 months
1.5
0.6
–
–
0.2
2.2
1.7
2.8
6-12 months
0.4
0.1
–
–
0.3
1.5
0.7
1.6
1-2 years
–
–
1.2
–
–
–
1.2
–
2-5 years
–
–
0.6
4.2
–
–
0.6
4.2
> 5 years 
–
–
0.8
1.5
–
–
0.8
1.5
Total
1.9
0.7
2.6
5.7
0.5
3.7
5.0
10.1
16. Financial Risk Management continued
ANSELL LIMITED | ANNUAL REPORT 2025
106

(d) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that 
are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, 
that it will have sufficient liquidity to meet its obligations when they are due.
The Group manages liquidity risk by:
(a) 	maintaining adequate levels of undrawn committed facilities that can be drawn down upon at short notice (the Group’s undrawn 
facilities are explained in Note 11 Interest Bearing Liabilities);
(b) 	retaining appropriate levels of cash and cash equivalents;
(c) 	spreading the maturity dates of long-term debt facilities between financial years (to the extent practicable); and
(d) 	regular monitoring of cash balances and cash requirement forecasts.
The following table sets out the contractual maturities of the Group’s financial liabilities (excluding lease liabilities – refer Note 9(c) 
– Maturity Analysis – Lease Liabilities) into relevant maturity groupings based on the remaining period at the reporting date to the 
contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows comprising principal  
and interest repayments.
Carrying 
Amount
US$m
Total 
Contractual 
Cash Flows
US$m
Contractual Maturity (Years)
0-1
US$m
1-2
US$m
2-5
US$m
> 5
US$m
2025
Trade and other payables
 306.9 
 306.9 
 305.9 
 1.0 
 –
 –
Bank and other loans
 698.9 
 929.0 
 96.4 
 117.0 
 265.7 
 449.9 
Derivative financial instruments
 18.1 
 18.1 
 18.1 
 –
 –
 –
Total
 1,023.9 
 1,254.0 
 420.4 
 118.0 
 265.7 
 449.9 
2024
Trade and other payables
271.4
271.4
271.4
–
–
–
Bank and other loans
766.3
1,063.8
103.2
90.8
281.6
588.2
Derivative financial instruments
4.3
4.3
4.3
–
–
–
Total
1,042.0
1,339.5
378.9
90.8
281.6
588.2
The Group assessed the concentration of risk with respect to its financial liabilities and concluded it to be low. The Group has access 
to a sufficient variety of potential funding sources.
(e) Commodity Price Risk
Ansell is a significant buyer of natural rubber latex and a range of synthetic latex products. It purchases these products in a number  
of countries in Asia, predominately Malaysia, Thailand and Sri Lanka. The Group is not active in hedging its purchases on rubber 
exchanges but may, from time to time, buy from suppliers or brokers at a fixed price for up to several months into the future. To the 
extent that any increases in these costs cannot be passed through to customers in a timely manner, the Group’s profit after income  
tax and shareholder’s equity could be impacted adversely.
ANSELL LIMITED | ANNUAL REPORT 2025
107
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
(f) Fair Value 
The Group considers that the carrying amount of recognised financial assets and financial liabilities approximates their fair value. 
Derivative financial instruments are carried at their fair value.
The following table displays:
(i) Nominal/Face Value
This is the contract’s value upon which a market rate is applied to produce a gain or loss which becomes the settlement value  
of the derivative financial instrument.
(ii) Credit Risk (Derivative Financial Instruments)
This is the maximum exposure to the Group in the event that all counterparties who have amounts outstanding to the Group under 
derivative financial instruments fail to honour their side of the contracts. The Group’s exposure is almost entirely to banks. Amounts 
owed by the Group under derivative financial instruments are not included.
(iii) Net Fair Value
This is the amount at which the instrument could be realised between willing parties in a normal market conditions and not in a 
liquidation or forced sale environment. The net amount owing to/(by) financial institutions under all derivative financial instruments 
would have been $13.0m (2024: ($5.8m)) if all contracts were closed out on 30 June 2025.
2025
Average 
Exchange 
Rates
Average 
Maturity 
Days
Nominal/
Face Value 
US$m
Credit Risk 
US$m
Net Fair 
Value 
US$m
Foreign exchange contracts
Purchase/sale contracts:
– United States dollars/Euros
1.11
163
206.2
 –
(12.7)
– United States dollars/Japanese yen
143.01
129
11.0
 –
–
– Malaysian ringgits/United States dollars
4.26
143
72.9
0.9
0.9
– Thai baht/United States dollars
32.50
16
9.6
 –
–
– Sri Lankan rupees/United States dollars
301.08
34
4.5
 –
–
– United States dollars/Australian dollars
0.65
24
3.4
 –
–
– United States dollars/Canadian dollars
1.37
32
13.5
 –
–
– Other
 –
 –
134.6
1.0
(0.1)
Foreign exchange zero cost collar options
Options strike rates
– Euros/United States dollars
 1.09 – 1.14 
154
75.3
0.2
(3.5)
– Canadian dollars/United States dollars
 1.38 – 1.32 
189
11.1
0.1
–
– Great British pounds/United States dollars
 1.30 – 1.34 
162
6.6
0.1
(0.2)
– Japanese yen/United States dollars
 143.2 – 137.0 
116
5.3
0.1
0.1
– Australian dollars/United States dollars
 0.65 – 0.66 
69
2.0
 –
–
Interest rate contracts
Interest Rate Swaps:
 Interest rate % 
Years
– GBP Payable fixed
0.9
1.7
27.4
1.2
1.2
– USD Payable fixed
3.2
3.7
115.0
1.4
1.3
Total
698.4
5.0
(13.0)
16. Financial Risk Management continued
ANSELL LIMITED | ANNUAL REPORT 2025
108

2024
Average 
Exchange 
Rates
Average 
Maturity 
Days
Nominal/
Face Value 
US$m
Credit Risk 
US$m
Net Fair 
Value 
US$m
Foreign exchange contracts
Purchase/sale contracts:
– United States dollars/Euros
1.07
25
34.9
0.1
0.1
– United States dollars/Japanese yen
154.10
27
3.7
0.1
0.1
– Malaysian ringgits/United States dollars
4.63
134
60.5
0.1
(0.7)
– Thai baht/United States dollars
36.52
57
13.8
–
(0.1)
– Sri Lankan rupees/United States dollars
305.20
47
5.2
–
–
– United States dollars/Australian dollars
0.65
2
95.6
–
(1.6)
– United States dollars/Canadian dollars
1.37
25
2.3
–
–
– Other
–
–
72.0
0.4
0.1
Foreign exchange zero cost collar options
Options strike rates
– Euros/United States dollars
1.08 – 1.12
159
152.5
2.7
1.8
– Great British pounds/United States dollars
1.26 – 1.30
189
15.3
0.2
0.1
– Japanese yen/United States dollars
139.0 – 131.1
97
5.1
0.6
0.6
– United States dollars/Thai baht
34.2 – 36.6
175
27.9
0.2
(0.3)
Interest rate contracts
Interest Rate Swaps:
 Interest rate % 
Years
– GBP Payable fixed
0.90
2.7
25.3
2.2
2.2
– USD Payable fixed
3.04
4.7
75.0
3.5
3.5
Total
589.1
10.1
5.8
ANSELL LIMITED | ANNUAL REPORT 2025
109
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
The effects of hedge accounting on the financial position and performance of the Group is as follows:
2025
US$m
Carrying Amount 
of Hedging 
Instruments*
Change in Value 
of the Hedging 
Instrument for 
Calculating 
Hedge 
Ineffectiveness
Change in Value 
of the Hedged 
Item for 
Calculating 
Hedge 
Ineffectiveness
Change in Value 
of the Hedging 
Instrument 
Recognised 
in Other 
Comprehensive 
Income
Hedge 
Ineffectiveness 
Recognised 
in the Income 
Statement
Amount 
Reclassified 
from Hedging 
Reserve to the 
Income 
Statement
Cash flow hedges
Revenue (up to 1 year)
 (16.6)
 (16.6)
16.6
 (16.6)
 –
2.4
Costs (up to 1 year)
0.9
0.9
 (0.9)
0.9
 –
 (2.2)
GBP interest
1.2
1.2
 (1.2)
1.2
 –
2.2
USD interest
1.3
1.3
 (1.3)
1.3
 –
3.5
2024
US$m
Carrying Amount 
of Hedging 
Instruments*
Change in Value 
of the Hedging 
Instrument for 
Calculating 
Hedge 
Ineffectiveness
Change in Value 
of the Hedged 
Item for 
Calculating 
Hedge 
Ineffectiveness
Change in Value 
of the Hedging 
Instrument 
Recognised 
in Other 
Comprehensive 
Income
Hedge 
Ineffectiveness 
Recognised 
in the Income 
Statement
Amount 
Reclassified 
from Hedging 
Reserve to the 
Income 
Statement
Cash flow hedges
Revenue (up to 1 year)
2.4
2.4
(2.4)
2.4
 –
(3.0)
Costs (up to 1 year)
(2.2)
(2.2)
2.2
(1.7)
(0.5) 
(4.0)
GBP interest
2.2
2.2
(2.2)
2.2
 –
3.7
USD interest
3.5
3.5
(3.5)
3.5
–
2.0
* Includes the time value of foreign exchange options.
(iv) Fair Value Hierarchy
The table below analyses financial assets and financial liabilities carried at fair value, including their levels in the fair value hierarchy 
as well as the valuation method. It does not include information for financial assets and financial liabilities not measured at fair value 
if the carrying amount is a reasonable approximation of fair value.
The different valuation methods have been defined as follows:
•	 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
•	 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly  
(i.e. as prices) or indirectly (i.e. derived from prices); and
•	 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group currently holds Level 2 derivative financial instruments and Level 3 financial assets designated at FVOCI. In order to 
determine the fair value of the financial instruments, management used valuation techniques in which all significant inputs were 
based on observable market data. The fair value of financial assets designated as FVOCI is calculated based on the latest available 
valuation inputs at each reporting date, including unlisted equity investee’s financial information and recent transactions.
The fair values of forward exchange contracts, foreign exchange options and interest rate swaps are determined based on the unrealised 
gains and losses at the reporting date. This is done using the standard valuation technique based on the applicable market observable 
rates including spot rate, forward points, volatilities and interest rate data sourced from brokers and third party market data vendors.
16. Financial Risk Management continued
ANSELL LIMITED | ANNUAL REPORT 2025
110

2025
US$m
2024
US$m
Level 2
Derivative financial assets
5.0
10.1
Derivative financial liabilities
18.1
4.3
Level 3
Financial assets designated as FVOCI
1.1
2.6
Financial assets designated as FVTPL
–
3.0
(g) Recognition and Measurement
Derivatives
The Group uses derivative financial instruments, principally foreign exchange and interest rate related, to reduce the exposure  
to foreign exchange rate and interest rate movements.
The Group has adopted certain principles in relation to derivative financial instruments:
•	 Derivatives may be used to hedge underlying business exposures of the Group. Trading in derivatives is not undertaken.
•	 Derivatives acquired must be able to be recorded in the Group’s treasury management systems, which contain extensive  
internal controls.
•	 The Group predominantly does not deal with counterparties rated lower than A3 by Moody’s Investors Service.
The Group follows the same credit policies, legal processes, monitoring of market and operational risks in the area of derivative 
financial instruments as it does in relation to other financial assets and liabilities on the Statement of Financial Position.
On a continuing basis, the Group monitors its future exposures and on some occasions hedges all or part of these exposures.  
The transactions which may be covered are future net cash flows of overseas subsidiaries, future foreign exchange requirements  
and interest rate positions.
These exposures are then monitored and may be modified from time to time. The foreign exchange hedge instruments are 
predominantly up to 12 months’ duration and are used to hedge operational transactions the Group expects to occur in this time 
frame. From time to time minor mismatches occur in the forward book; however, these mismatches are managed under guidelines, 
limits and internal controls. Interest rate derivative instruments can be for periods up to 10 years as the critical terms of the 
instruments are matched to the underlying borrowings.
Derivative financial instruments are recognised initially at fair value and subsequently remeasured to their fair value at each 
reporting date. The fair value of forward exchange contracts, foreign exchange options and interest rate swap contracts is determined 
by reference to current market rates for these instruments. 
The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and 
continues to satisfy the conditions for hedge accounting, and if so, the nature of the item being hedged. The Group designates certain 
derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges) or hedges of highly probable 
forecast transactions (cash flow hedges).
The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well  
as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, 
both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will 
continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair Value Hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Consolidated Income 
Statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Derivatives That Do Not Qualify For Hedge Accounting
Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the 
Consolidated Income Statement.
ANSELL LIMITED | ANNUAL REPORT 2025
111
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Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Cash Flow Hedge
The effective portion of changes in the fair value of derivatives (including the intrinsic value of options) that are designated and 
qualify as cash flow hedges is recognised in equity in the hedging reserve. There is an economic relationship between the hedged 
items and the hedging instruments as the terms of the foreign exchange forward and option contracts match the terms of the 
expected highly probable forecast transactions (i.e. notional amount and expected payment date).
The gain or loss relating to the ineffective portion is recognised immediately in the Consolidated Income Statement. The time value  
of options is accounted for as a hedging cost with changes in fair value being recognised in the hedging reserve through Other 
Comprehensive Income.
Gains or losses that are recognised in the hedging reserve are transferred to the Consolidated Income Statement in the periods  
when the hedged item will affect profit or loss. However, when the forecast transaction that is hedged results in the recognition  
of a non-financial asset or a non-financial liability, the gains or losses previously deferred in equity are transferred from equity  
and included in the measurement of the initial cost or carrying amount of the asset or liability.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer meets the 
conditions for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity 
remains in equity until the forecasted transaction is ultimately recognised in the Consolidated Income Statement. When a hedged 
transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred  
to the Consolidated Income Statement.
Hedge Effectiveness
The Group determines its economic exposure to unexpected movements in foreign currency rates and interest rates and ensures the 
hedging instruments entered into satisfactorily mitigate these risks. The Group ensures the changes in the fair value of the hedging 
instruments are highly correlated to the change in the fair value of the underlying hedged item and are therefore effective.
Potential sources of ineffectiveness include, but are not limited to:
•	 the Group no longer having the economic exposure rendering the hedge instrument ineffective;
•	 hedging instrument expires or is sold, terminated or exercised; and
•	 changes in counterparty credit status.
The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component.
17. Commitments and Contingencies
(a) Capital Expenditure Commitments
2025
US$m
2024
US$m
Contracted but not provided for in the financial statements:
Plant and equipment
 18.8 
30.4
Payable within one year
 18.8 
30.4
(b) Contingent Liabilities
Contingent liabilities are potential future cash outflows where the likelihood of payment is more than remote but is not considered 
probable or cannot be reliably measured. Contingent liabilities are not recognised in the Consolidated Statement of Financial Position 
but are disclosed.
Class action
On 10 August 2023, the Group announced it had been served with a shareholder class action filed in the Supreme Court of Victoria 
by the law firm Slater & Gordon on behalf of the lead plaintiff, Michael Gary Warner. The claim is expressed to be made on behalf  
of shareholders who acquired an interest in fully paid ordinary shares in Ansell during the period between 24 August 2021 and 
28 January 2022 (inclusive). It is alleged that, during this period, Ansell failed to comply with its continuous disclosure obligations  
and engaged in misleading and deceptive conduct prior to the release of its FY22 Trading and Business Update on 31 January 2022. 
Ansell denies any liability and will vigorously defend the claim.
It is not possible to determine the ultimate impact of this claim, if any, on the Group. No provision has been recognised in respect  
of the year ended 30 June 2025. The associated legal costs were recorded as incurred (refer to Note 3(b) Significant Items).
Other claims
From time to time, entities within the Group are party to various legal actions as well as inquiries from regulators and government 
bodies that have arisen in the ordinary course of business. Consideration has been given to such matters and it is expected that  
the resolution of these contingencies will not have a material impact on the financial position of the Group, or are not at a stage  
to support a reasonable evaluation of the likely outcome.
16. Financial Risk Management continued
ANSELL LIMITED | ANNUAL REPORT 2025
112

18. Particulars Relating to Subsidiaries
 
Beneficial Interest 
Country of 
Incorporation 
2025
% 
 2024
%
Ansell Limited
Australia
 
 
Ansell Healthcare Japan Co., Ltd. 
Japan* 
100
100
BNG Battery Technologies Pty. Ltd. 
Australia 
100
100
Corrvas Insurance Pty. Ltd.
Australia
100
100
Dunlop Olympic Manufacturing Pty. Ltd.
Australia
100
100
FGDP Pty. Ltd.
Australia
100
100
Nucleus Ltd.
Australia
100
100
Lifetec Project Pty. Ltd. 
Australia 
100
100
Medical TPLC Pty. Ltd.
Australia
100
100
N &T Pty. Ltd.
Australia
100
100
Nucleus Trading Pte. Ltd.
Singapore* 
100
100
THLD Ltd. 
Australia
100
100
TNC Holdings Pte. Ltd.
Singapore* 
100
100
TPLC Pty. Ltd.
Australia 
100
100
Olympic General Products Pty. Ltd.
Australia
100
100
Pacific Dunlop Finance Pty. Ltd.
Australia
100
100
Ansell (Shanghai) Management Co., Ltd. 
China*
100
100
Ansell (Shanghai) Commercial and Trading Co., Ltd.
China* 
100
100
P.D. Holdings Pty. Ltd.
Australia
100
100
P.D. International Pty. Ltd.
Australia
100
100
Ansell Canada Inc.
Canada*
100
100
Ansell Commercial Mexico S.A. de C.V.
Mexico*
100
100
Ansell Colombia SAS
Colombia*
100
100
Ansell Global Services (Pvt) Limited
Sri Lanka*
100
–
Ansell Global Trading Center (Malaysia) Sdn. Bhd.
Malaysia* 
100
100
Ansell Lanka (Pvt.) Ltd.
Sri Lanka*
100
100
Ansell (Middle East) DMCC
UAE*
100
100
Ansell MEA Trading FZE
UAE*
100
100
Ansell Perry de Mexico S.A. de C.V.
Mexico* 
100
100
Ansell Peru S.A.C
Peru*
100
–
Ansell Protective Solutions Singapore Pte. Ltd.
Singapore* 
100
100
Ansell Sterile Solutions Pvt Ltd
India* 
100
100
Ansell Services (Asia) Sdn. Bhd.
Malaysia* 
100
100
Ansell (Kulim) Sdn. Bhd.
Malaysia* 
100
100
Ansell N.P. Sdn. Bhd.
Malaysia* 
75
75
Ansell Malaysia Sdn. Bhd.
Malaysia* 
75
75
Ansell Seremban Sdn. Bhd.
Malaysia*
100
100
Hercules Equipamentos de Protecao LTDA
Brazil*
100
100
Ansell Brazil LTDA
Brazil* 
100
100
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113
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
 
Beneficial Interest 
Country of 
Incorporation 
2025
% 
 2024
%
Ansell Textiles Lanka (Pvt.) Ltd.
Sri Lanka*
100
100
Ansell (Thailand) Ltd.
Thailand*
100
100
Ansell US Group Holdings Pty. Ltd.
Australia
100
100
Ansell USA LLC
USA*
100
100
Ansell USA Inc. 
USA*
100
100
Ansell Edmont Industrial de Mexico S.A. de C.V.
Mexico*
100
100
Pacific Dunlop Holdings (USA) LLC
USA*
100
100
Barriersafe Solutions International, Inc.
USA*
100
100
Ansell Healthcare Products LLC
USA*
100
100
Ansell Sandel Medical Solutions LLC
USA*
100
100
Ansell Liquid Asset Holdings LLC
USA*
100
100
Pacific Chloride Inc.
USA*
100
100
Pacific Dunlop Holdings LLC
USA*
100
100
TPLC Holdings Inc. 
USA*
100
100
Accufix Research Institute Inc.
USA*
100
100
Cotac Corporation
USA*
100
100
Pacific Dunlop Finance Company
USA*
100
100
Comercializadora Ansell Chile Limitada
Chile*
100
100
Corrvas Insurance (Singapore) Pte. Ltd. 
Singapore*
100
100
Ansell (U.K.) Limited
U.K.*
100
100
Ansell Protective Products Limited
U.K.*
100
–
Ansell Healthcare Europe N.V. 
Belgium*
100
100
Ansell GmbH
Germany*
100
100
Ansell Italy S.r.l.
Italy*
100
100
Ansell Medikal Urunler Ithalat Ihracat Uretim ve Ticaret A.S.
Turkey*
100
100
Ansell Norway AS
Norway*
100
100
Ansell Protective Solutions AB
Sweden*
100
100
Ansell Protective Solutions Lithuania UAB
Lithuania*
100
100
Ansell S.A.
France*
100
100
Ansell Services Poland Sp. Z o.o. 
Poland*
100
100
Ansell Spain SL (Sociedad de Responsabilidad Limitada)
Spain*
100
100
Comasec SAS
France*
100
100
Ansell Industrial & Specialty Gloves Malaysia Sdn. Bhd.
Malaysia*
100
100
Ansell Portugal – Industrial Gloves, Sociedade Unipessoal, Lda
Portugal*
100
100
Ansell Korea Co. Ltd.
South Korea*
100
100
Ansell Vina Co., Ltd.
Vietnam*
100
100
18. Particulars Relating to Subsidiaries continued
ANSELL LIMITED | ANNUAL REPORT 2025
114

 
Beneficial Interest 
Country of 
Incorporation 
2025
% 
 2024
%
Ansell Xiamen Limited
China*
100
100
Ansell Microgard Xiamen Limited
China*
100
100
Nitritex Limited
U.K.*
100
100
Nitritex (M) Sdn. Bhd.
Malaysia*
100
100
Pacific Dunlop Holdings (Singapore) Pte. Ltd.
Singapore*
100
100
Ansell India Protective Products Pvt. Ltd.
India*
100
100
Ansell (Hong Kong) Limited. 
Hong Kong*
100
100
PDOCB Pty. Ltd.
Australia
100
100
PD Licensing Pty. Ltd. 
Australia
100
100
Siteprints Pty. Ltd.
Australia
100
100
The Distribution Group Holdings Pty. Ltd.
Australia
100
100
The Distribution Group Pty. Ltd.
Australia
100
100
The Distribution Trust
Australia
100 (a)
100 (a)
Xelo Pty. Ltd. 
Australia
100
100
Xelo Sacof Pty. Ltd. 
Australia
100
100
 *	 Subsidiaries incorporated outside Australia carry on business in those countries. 
(a)	 The trustee of The Distribution Trust is The Distribution Group Pty. Ltd. The beneficiary of the trust is Ansell Limited.
ANSELL LIMITED | ANNUAL REPORT 2025
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Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
19. Parent Entity Disclosures
As at the end of and throughout the financial year ending 30 June 2025, the parent company of the Group was Ansell Limited.
2025
US$m
2024
US$m
Results of the parent entity
Profit for the year
 61.2 
98.9
Other comprehensive income
(12.3)
3.3
Total comprehensive income for the period net of income tax
 48.9 
102.2
Financial Position of the Parent Entity at Year End
2025
US$m
2024
US$m
Current assets
1,345.3
1,367.4
Total assets
2,723.6
2,719.2
Current liabilities
1,475.3
1,460.1
Total liabilities
1,498.6
1,464.2
Total equity of the parent entity comprising:
Issued capital
1,027.0
1,028.2
Share-based payment reserve
32.7
 26.7 
Hedging reserve
 (8.7)
 3.6 
Foreign currency translation reserve
 (472.0)
 (452.1)
Other reserve
 (1.8)
 (1.8)
Retained profits
647.8
650.4
Total equity
1,225.0
1,255.0
The Group has a net current asset position of $588.8m (2024: $1,200.5m), which the parent company controls. As at 30 June 2025,  
the parent company has a net current liability position of $130.0m (2024: $92.7m). 
Parent Entity Guarantee
The parent entity guarantees the debts of certain subsidiaries that are guarantors under the Group’s revolving credit bank facility. 
Refer to Note 11 Interest Bearing Liabilities.
Parent Entity Contingent Liabilities
Refer to Note 17(b) Contingent Liabilities for details of a class action in which the parent entity is involved.
ANSELL LIMITED | ANNUAL REPORT 2025
116

20. Acquisition of KBU
On 8 April 2024, Ansell announced the acquisition of 100% of the assets that constitute KBU for final consideration of US$635.1m.  
The Group gained control of the KBU business on 1 July 2024. In accordance with AASB 3 Business Combinations, the acquisition  
was accounted for as a business combination. Post acquisition date, as the Group controls the KBU business, it is required to present 
consolidated financial statements that incorporates the assets, liabilities, equity, income, expenses and cash flows of the KBU business.
KBU designs and markets differentiated hand, body and eye protection products under well-known Kimtech™ and KleenGuard™ 
brands to customers in global Scientific (including Life Sciences) and Industrial markets.
The KBU acquisition, including the goodwill generated, is expected to:
•	 Accelerate delivery of Ansell’s growth strategy, enhancing its global position in attractive and growing markets, including  
Scientific, where Ansell’s differentiation is highly valued.
•	 Generate economies of scale with a focus on combined supply chain and organisational efficiency.
During the reporting period, sales and procurement of KBU were managed through a Transitional Service Agreement (TSA) between 
Kimberly-Clark and Ansell. The TSA prescribed a net monthly cash settlement mechanism to transfer the financial operational results 
of KBU to Ansell, and functioned as a master netting arrangement for a single net settlement of all financial instruments covered  
by the agreement. The Group had a legally enforceable right to set off the financial instruments recognised under the agreement 
and intended to settle on a net basis. Under AASB 132 Financial Instruments: Presentation, receivables and payables generated from 
the TSA have been offset. The corresponding cash settlement was presented net within the “Receipts from customers” line in the 
Consolidated Statement of Cash Flows. The sales revenue and cost of goods sold of KBU were recognised and presented within the 
Consolidated Income Statement in accordance with Note 3(c) Recognition and Measurement – Sales Revenue reflecting the fact that 
the Group was the principal in these transactions. During the reporting period, KBU contributed sales revenue of $274.2m and profit 
before net financing costs and income tax expense (excluding significant items, which are disclosed in Note 3(b) Significant Items  
as KBU acquisition and KBU integration costs) of $75.3m to the Group’s results.
The TSA concluded by 30 June 2025. Sales and procurement outside the TSA period are presented on a gross basis in accordance  
with the Group’s accounting policies on the Consolidated Income Statement, Consolidated Statement of Financial Position and 
Consolidated Statement of Cash Flows. 
Acquisition Costs
Acquisition costs of $10.0m have been expensed in the year ended 30 June 2025 (2024: $14.0m) and are disclosed in selling,  
general and administrative expenses, as a Significant Item (refer to Note 3(b) Significant Items), in the Group’s Consolidated  
Income Statement. Acquisition costs include costs such as legal fees, M&A fees, consultant fees and non-cash inventory provision.
ANSELL LIMITED | ANNUAL REPORT 2025
117
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
Fair Value of Net Assets Acquired
During the year, the acquisition accounting of KBU was finalised and resulted in a $21.5m increase to the previously reported  
goodwill. This adjustment to the acquisition accounting was due to a $3.8m reduction in cash consideration, reflecting the customary 
inventory true up adjustment, a $1.9m provision, and the recognition of net tax liabilities of $23.4m. Total cash consideration paid  
was $635.1m. The Group also confirmed that no leases will be assumed as part of the acquisition. Consequently, the associated 
right-of-use assets and lease liabilities have been derecognised, with no net impact on goodwill.
Final 
Fair Value 
2025
US$m
Provisional 
Fair Value 
2024 
US$m
Inventories
31.7
33.6
Intangible assets
148.9
148.9
Property, plant & equipment
0.9
0.9
Tax liabilities
 (23.4)
–
Right of use assets
–
3.3
Lease liabilities
–
 (3.3)
Net identifiable assets acquired
158.1
183.4
Goodwill on acquisition
477.0
455.5
Cash consideration paid
635.1
638.9
At 30 June 2024, in total $651.6m of cash was designated to fund the consideration and related costs of the acquisition upon its 
closing on 1 July 2024.
The tax liabilities recognised primarily arise from the temporary difference between the fair value of the brand intangible asset 
recognised for accounting purposes and its tax base. This liability has been measured using the applicable income tax rate in the 
relevant jurisdiction, in accordance with AASB 112 Income Taxes. Refer to Note 4 Income Tax.
As part of the acquisition, the Group is expected to benefit from a $50m net present value tax deduction in the United States over  
15 years due to the amortisation of intangible assets for tax purposes. According to AASB 112 Income Taxes, these future deductible 
tax benefits do not meet deferred tax asset recognition criteria upon acquisition, instead this results in the gradual recognition  
of a deferred tax liability in the period when the tax benefit is realised. In FY25, a $6.9m deferred tax expense has been recognised. 
Recognition and Measurement	
Business Combinations
The Group accounts for business combinations using the acquisition method. Identifiable assets acquired and liabilities and 
contingent liabilities assumed are measured at fair value. Any excess of the cost of acquisition over the fair values of the net 
identifiable assets acquired is recognised as goodwill. Transaction costs are expensed as incurred unless related to the issue  
of debt or equity securities.
Measurement of Fair Values
The valuation techniques used for measuring the fair value of material assets acquired were as follows.
Inventory
Market comparison technique: the fair value is determined based on the estimated selling price in the ordinary course of business  
less the estimated costs of completion and sales, and a reasonable profit margin based on the effort required to complete and  
sell the inventories.
Intangible assets (brands)
Relief from royalty method: this method considers the discounted estimated royalty payments that would be paid if the brands were 
licensed from a third party. The valuation involves judgement in selecting an appropriate royalty rate, forecasting future revenues, 
and applying a suitable discount rate.
20. Acquisition of KBU continued
ANSELL LIMITED | ANNUAL REPORT 2025
118

21. Related Party Disclosures
(a) Subsidiaries
Ansell Limited is the parent entity of all entities detailed in Note 18 Particulars Relating to Subsidiaries and from time to time has 
dealings on normal commercial terms and conditions with those entities, the effects of which are eliminated in these consolidated 
financial statements.
(b) Transactions With Key Management Personnel
(i) Key Management Personnel Remuneration
2025
US$
2024
US$
Short-term benefits (paid in cash)
4,859,612
4,457,504
Short-term benefits (paid in shares)
766,320
810,751
Retirement benefits
165,405
249,442
Termination benefits
–
541,832
Long-term equity-based incentives
2,274,819
94,446
8,066,156
6,153,975
(ii) Service Agreements With Key Management Personnel
The Company has no service agreements with the Non-Executive Directors. Refer to Section 5 of the Remuneration Report for details 
of service agreements with the Managing Director and other Key Management Personnel.
22. Ansell Limited Employee Share Plan Trust
The Group holds shares in itself as a result of shares purchased by the Ansell Limited Employee Share Plan Trust (the Trust). The 
trustee of Ansell Limited Employee Share Plan Trust is CPU Share Plans Pty Ltd. The Trust was established to manage and administer 
the Company’s responsibilities under the Group’s incentive plans through the acquiring, holding and transferring of shares, or rights  
to shares, in the Company to participating employees. In respect of these transactions, at any point in time the Trust may hold ‘allocated’ 
and ‘unallocated’ shares. This Trust is also used to facilitate the acquiring, holding and sale of shares on behalf of the behalf of the 
Directors under the Voluntary Share Purchase Plan. 
As at 30 June 2025, the Trust held 737,317 treasury shares (unallocated shares) in the Company (2024: 685,137) and 259,283 allocated 
shares (2024: 265,672). 
Allocated Shares
Allocated shares represent those shares that have been purchased and awarded to employees under the Short-Term Incentive  
Plan and Special Incentive Plan. Those shares awarded under the Short-Term Incentive Plan and Special Incentive Plan contain  
a post-vesting holding lock and are held on trust in respect of vested grants. 
Vested shares that contain a post-vesting holding lock, are restricted in that the employee is unable to dispose of the shares for  
a period of two years (or as otherwise determined by the Board). The Trust holds these shares on behalf of the employee until the 
restriction period is lifted at which time, upon the employee’s choice, the Trust releases the shares to the employee or continues  
to hold the shares on their behalf. Allocated shares are not identified or accounted for as treasury shares. 
Where the Trust purchases equity instruments in the Company, as a result of managing the Company’s responsibilities for those  
vested shares with a post-vesting holding lock, the consideration paid, including any directly attributable costs is deducted from 
equity, net of any related income tax effects. 
Allocated shares also include shares purchased on behalf of the Directors under the Voluntary Share Purchase Plan. 
Unallocated Shares
Unallocated shares represent those shares that have been purchased by the Trustee to satisfy the potential future vesting of awards 
granted under the Group’s Long-Term Incentive Plan. As the shares are unallocated, they are identified and accounted for as treasury 
shares (refer to Note 14 Contributed Equity and Reserves).
Accounting Policies
For accounting purposes, the Trust is deemed to be controlled by Ansell Limited. Accordingly, transactions with the Group-sponsored 
Trust are consolidated into the Group’s financial statements. In particular, the Trust’s purchases of shares in Ansell Limited are debited 
directly to equity. The shares are held in the Trust until such time as they may be transferred to participants of the various Group 
share schemes.
In accordance with the Trust Deed, the Trustees have the power to exercise all voting rights in relation to any investment  
(including shares) held within the Trust.
ANSELL LIMITED | ANNUAL REPORT 2025
119
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Notes to the Financial Statements continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
23. Ownership-based Remuneration Schemes
Long-Term Incentive (LTI) Plans
These plans involve the granting of Performance Share Rights (PSRs) to the Managing Director, other members of the Executive 
Leadership Team and other members of senior management. In this year’s LTI Plan grant, Restricted Stock Units (RSUs) were granted 
to senior management.
The fair value of PSRs and RSUs granted is recognised as an employee benefit expense with a corresponding increase in equity over 
the vesting period.
In accordance with the disclosure requirements of Australian Accounting Standards, remuneration includes a proportion of the fair 
value of PSRs and RSUs granted or outstanding during the year. The fair value is determined as at grant date and is progressively 
allocated over the vesting period for these securities. 
The fair values and the factors and assumptions used in determining the fair values of the PSRs and RSUs applicable for the financial 
year are as follows:
Instrument
Grant
Date
Vesting
Period
Fair
Value
Share Price
on Grant Date
Risk Free
Interest
Rate
Dividend
Yield
PSRs
17/08/2022
3 years
A$23.16
A$25.80
N/A
3.6%
RSUs
17/08/2022
1 to 3 years
A$24.02
A$25.80
N/A
3.6%
PSRs
8/08/2023
2 to 3 years
A$22.36
A$24.16
N/A
2.9%
RSUs
8/08/2023
1 to 3 years
A$22.80
A$24.16
N/A
2.9%
PSRs
13/08/2024
3 years
A$26.00
A$26.65
3.6%
2.6%
PSRs
29/10/2024
3 years
A$33.64
A$31.72
3.5%
2.6%
RSUs
13/08/2024
1 to 3 years
A$25.30
A$26.65
N/A
2.6%
The PSRs are subject to service, gateway and performance conditions as outlined in the Remuneration Report. For the FY25 grant, the 
performance conditions comprise both market-based and non-market-based conditions. The fair value of PSRs subject to non-market-
based performance conditions is determined using a closed-form option pricing model and excludes the impact of those conditions. 
For PSRs subject to market-based conditions, the fair value is determined using a Monte Carlo simulation model, reflecting the 
probability of achieving those conditions and is not subsequently adjusted. 
The RSUs are only subject to service conditions and the fair value is determined using a closed-form option pricing model.
The amount recognised as an expense is adjusted over the vesting period to reflect the number of awards expected to satisfy the 
service, gateway and non-market-based performance conditions, such that the expense ultimately recognised reflects the number  
of awards that actually vest. No adjustment is made for awards subject to market-based performance conditions, as their impact  
is incorporated into the fair value.
The total number of units outstanding as at 30 June 2025 is 1,170,735 (2024: 1,162,893). During the reporting period, 623,108 units 
were granted, 464,812 units were forfeited, and 150,454 units were exercised.
ANSELL LIMITED | ANNUAL REPORT 2025
120

24. Auditors’ Remuneration
2025
US$
2024
US$
Audit and review of the financial reports:
Auditors of Ansell Limited and Australian entities – KPMG
1,639,047
1,566,866
Other member firms of KPMG(i)
1,198,276
1,065,708
Total audit and review services
2,837,323
2,632,574
Other services(ii):
Other audit and assurance services 
Auditors of Ansell Limited and Australian entities – KPMG
82,214
64,456
Other member firms of KPMG
58,000
71,666
Taxation services 
Other member firms of KPMG
32,114
34,481
Total other services
172,328
170,603
Total auditors’ remuneration
3,009,651
2,803,177
(i)	 Includes fees paid or payable for overseas subsidiaries’ local statutory lodgement purposes, Group reporting, and other regulatory compliance requirements.
(ii)	 Other services primarily include assurance-based engagements undertaken for various compliance and internal governance purposes. Other services provided 
by KPMG to the Group are subject to appropriate corporate governance procedures encompassing the selection of service providers and the setting of their 
remuneration.
25. Subsequent Events
In the interval between the end of the financial year and the date of this report, there have been no matters or circumstances that 
have significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or Group’s state of 
affairs, in the future years.
ANSELL LIMITED | ANNUAL REPORT 2025
121
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Consolidated Entity Disclosure Statement
of Ansell Limited and Subsidiaries as at 30 June 2025
Entity name
Body corporate, 
partnership  
or trust
Place 
incorporated/
formed
% of share 
capital held 
directly or 
indirectly by 
the Company
Australian 
or Foreig 
tax resident
Jurisdiction 
for Foreign 
tax resident
Ansell Limited 
Body corporate
Australia
Australia 
N/A
Ansell Healthcare Japan Co., Ltd. 
Body corporate
Japan
100
Foreign
Japan
BNG Battery Technologies Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Corrvas Insurance Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Dunlop Olympic Manufacturing Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
FGDP Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Nucleus Ltd.
Body corporate
Australia
100
Australia 
N/A
Lifetec Project Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Medical TPLC Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
N &T Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Nucleus Trading Pte. Ltd. 
Body corporate
Singapore
100
Foreign
Singapore
THLD Ltd. 
Body corporate
Australia
100
Australia 
N/A
TNC Holdings Pte. Ltd.
Body corporate
Singapore
100
Foreign
Singapore
TPLC Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Olympic General Products Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Pacific Dunlop Finance Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Ansell (Shanghai) Management Co., Ltd. 
Body corporate
China
100
Foreign
China
Ansell (Shanghai) Commercial and Trading 
Co., Ltd.
Body corporate
China
100
Foreign
China
P.D. Holdings Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
P.D. International Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Ansell Canada Inc.
Body corporate
Canada
100
Foreign
Canada
Ansell Commercial Mexico S.A. de C.V.
Body corporate
Mexico
100
Foreign
Mexico
Ansell Colombia SAS
Body corporate
Colombia
100
Foreign
Colombia
Ansell Global Services (Pvt) Limited
Body corporate
Sri Lanka
100
Foreign
Sri Lanka
Ansell Global Trading Center  
(Malaysia) Sdn. Bhd.
Body corporate
Malaysia
100
Foreign
Malaysia
Ansell Lanka (Pvt.) Ltd.
Body corporate
Sri Lanka
100
Foreign
Sri Lanka
Ansell (Middle East) DMCC
Body corporate
UAE
100
Foreign
UAE
Ansell MEA Trading FZE
Body corporate
UAE
100
Foreign
UAE
Ansell Perry de Mexico S.A. de C.V.
Body corporate
Mexico
100
Foreign
Mexico
Ansell Peru S.A.C
Body corporate
Peru
100
Foreign
Peru
Ansell Protective Solutions Singapore Pte. Ltd.
Body corporate
Singapore
100
Foreign
Singapore
Ansell Sterile Solutions Pvt Ltd
Body corporate
India
100
Foreign
India
Ansell Services (Asia) Sdn. Bhd. 
Body corporate
Malaysia
100
Foreign
Malaysia
Ansell (Kulim) Sdn. Bhd.
Body corporate
Malaysia
100
Foreign
Malaysia
Ansell N.P. Sdn. Bhd.
Body corporate
Malaysia
75
Foreign
Malaysia
Ansell Malaysia Sdn. Bhd.
Body corporate
Malaysia
75
Foreign
Malaysia
Ansell Seremban Sdn. Bhd.
Body corporate
Malaysia
100
Foreign
Malaysia
Hercules Equipamentos de Protecao LTDA
Body corporate
Brazil
100
Foreign
Brazil
Ansell Brazil LTDA
Body corporate
Brazil
100
Foreign
Brazil
Ansell Textiles Lanka (Pvt.) Ltd.
Body corporate
Sri Lanka
100
Foreign
Sri Lanka
Ansell (Thailand) Ltd.
Body corporate
Thailand
100
Foreign
Thailand
Ansell US Group Holdings Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
Ansell USA LLC
Body corporate
USA
100
Foreign
USA
Ansell (USA) Inc. 
Body corporate
USA
100
Foreign
USA
Ansell Edmont Industrial de Mexico S.A. de C.V. Body corporate
Mexico
100
Foreign
Mexico
Pacific Dunlop Holdings (USA) LLC
Body corporate
USA
100
Foreign
USA
ANSELL LIMITED | ANNUAL REPORT 2025
122

Entity name
Body corporate, 
partnership  
or trust
Place 
incorporated/
formed
% of share 
capital held 
directly or 
indirectly by 
the Company
Australian 
or Foreig 
tax resident
Jurisdiction 
for Foreign 
tax resident
Barriersafe Solutions International, Inc.
Body corporate
USA
100
Foreign
USA
Ansell Healthcare Products LLC
Body corporate
USA
100
Foreign
USA
Ansell Sandel Medical Solutions LLC
Body corporate
USA
100
Foreign
USA
Ansell Liquid Asset Holdings LLC
Body corporate
USA
100
Foreign
USA
Pacific Chloride Inc
Body corporate
USA
100
Foreign
USA
Pacific Dunlop Holdings LLC
Body corporate
USA
100
Foreign
USA
TPLC Holdings Inc. 
Body corporate
USA
100
Foreign
USA
Accufix Research Institute Inc.
Body corporate
USA
100
Foreign
USA
Cotac Corporation
Body corporate
USA
100
Foreign
USA
Pacific Dunlop Finance Company Inc.
Body corporate
USA
100
Foreign
USA
Comercializadora Ansell Chile Limitada
Body corporate
Chile
100
Foreign
Chile
Corrvas Insurance (Singapore) Pte. Ltd. 
Body corporate
Singapore
100
Foreign
Singapore
Ansell (U.K.) Limited
Body corporate
U.K.
100
Foreign
U.K.
Ansell Protective Products Limited
Body corporate
U.K.
100
Foreign
U.K.
Ansell Healthcare Europe N.V. 
Body corporate
Belgium
100
Foreign
Belgium
Ansell GmbH
Body corporate
Germany
100
Foreign
Germany
Ansell Italy S.r.l.
Body corporate
Italy
100
Foreign
Italy
Ansell Medikal Urunler Ithalat Ihracat  
Uretim ve Ticaret A.S.
Body corporate
Turkey
100
Foreign
Turkey
Ansell Norway AS
Body corporate
Norway
100
Foreign
Norway
Ansell Protective Solutions AB
Body corporate
Sweden
100
Foreign
Sweden
Ansell Protective Solutions Lithuania UAB
Body corporate
Lithuania
100
Foreign
Lithuania
Ansell S.A.
Body corporate
France
100
Foreign
France
Ansell Services Poland Sp. Z o.o. 
Body corporate
Poland
100
Foreign
Poland
Ansell Spain SL (Sociedad de  
Responsabilidad Limitada)
Body corporate
Spain
100
Foreign
Spain
Comasec SAS
Body corporate
France
100
Foreign
France
Ansell Industrial & Specialty Gloves  
Malaysia Sdn. Bhd.
Body corporate
Malaysia
100
Foreign
Malaysia
Ansell Portugal – Industrial Gloves, 
Sociedade Unipessoal, Lda
Body corporate
Portugal
100
Foreign
Portugal
Ansell Korea Co. Ltd.
Body corporate
South Korea
100
Foreign
South Korea
Ansell Vina Co., Ltd.
Body corporate
Vietnam
100
Foreign
Vietnam
Ansell Xiamen Limited
Body corporate
China
100
Foreign
China
Ansell Microgard Xiamen Limited
Body corporate
China
100
Foreign
China
Nitritex Limited
Body corporate
U.K.
100
Foreign
U.K.
Nitritex (M) Sdn. Bhd.
Body corporate
Malaysia
100
Foreign
Malaysia
Pacific Dunlop Holdings (Singapore) Pte. Ltd.
Body corporate
Singapore
100
Foreign
Singapore
Ansell India Protective Products Pvt. Ltd.
Body corporate
India
100
Foreign
India
Ansell (Hong Kong) Limited. 
Body corporate
Hong Kong
100
Foreign
Hong Kong
PDOCB Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
PD Licensing Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Siteprints Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
The Distribution Group Holdings Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
The Distribution Group Pty. Ltd.
Body corporate
Australia
100
Australia 
N/A
The Distribution Trust
Trust
Australia
100
Australia 
N/A
Xelo Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Xelo Sacof Pty. Ltd. 
Body corporate
Australia
100
Australia 
N/A
Ansell Limited Employee Share Plan Trust
Trust
Australia
100
Australia 
N/A
ANSELL LIMITED | ANNUAL REPORT 2025
123
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Key Assumptions and Judgements 
Determination of Tax Residency
The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes 
information for each entity that was part of the consolidated entity as at 30 June 2025. Section 295 (3A) of the Corporation Acts 2001 
requires that the tax residency of each entity which is included in the CEDS be disclosed. In the context of an entity which was an 
Australian resident, ‘Australian resident’ has the meaning provided in the Income Tax Assessment Act 1997. The determination of tax 
residency involves judgment as there are currently several different interpretations that could be adopted, and which could give rise 
to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
•	 Australian tax residency 
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner  
of Taxation’s public guidance in Tax Ruling TR 2018/5. 
•	 Foreign tax residency 
The consolidated entity has considered local tax laws, including having regard to, but not limited to, the activity, the operations,  
and the obligation to file tax returns in the jurisdiction to assist in its determination of tax residency to ensure applicable foreign  
tax legislation is complied with.
Partnerships and Trusts
Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these entities are taxed on  
a flow-through basis so there is no need for a general residence test. There are some provisions which treat trusts as residents  
for certain purposes, but this does not mean the trust itself is an entity that is subject to tax. 
Consolidated Entity Disclosure Statement continued
of Ansell Limited and Subsidiaries as at 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
124

1.	 In the opinion of the Directors of Ansell Limited (‘the Company’): 
(a)	 the consolidated financial statements and notes, set out on pages 71 to 121 and the Remuneration Report contained  
in the Report by the Directors, set out on pages 47 to 70, are in accordance with the Corporations Act 2001, including:
(i)	 giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance, for the year  
ended on that date; and
(ii)	 complying with Australian Accounting Standards and the Corporations Regulations 2001;
(b)	 the consolidated financial statements and notes also comply with International Financial Reporting Standards as disclosed  
in Note 1; 
(c)	 the Consolidated Entity Disclosure Statement, set out on pages 122 to 124, is true and correct; and
(d)	 there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become  
due and payable.
2.	 The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the 
Chief Executive Officer and the Chief Financial Officer for the financial year ended 30 June 2025.
Signed in accordance with a resolution of the directors:
Nigel D Garrard  
Chair
Neil I Salmon 
Managing Director and Chief Executive Officer
Dated in Melbourne on this 25th day of August 2025.
Directors’ Declaration
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
125
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

 
 
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated 
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and 
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by 
a scheme approved under Professional Standards Legislation. 
 
 
Independent Auditor’s Report 
To the shareholders of Ansell Limited 
Report on the audit of the Financial Report 
 
Opinion 
We have audited the Financial 
Report of Ansell Limited (the 
Company). 
In our opinion, the accompanying 
Financial Report of the Company 
gives a true and fair view, including 
of the Group’s financial position as 
at 30 June 2025 and of its financial 
performance for the year then ended, 
in accordance with the Corporations 
Act 2001, in compliance with 
Australian Accounting Standards and 
the Corporations Regulations 2001. 
The Financial Report comprises:  
• Consolidated Statement of Financial Position as at 30 June 2025 
• Consolidated Income Statement, Consolidated Statement of 
Comprehensive Income, Consolidated Statement of Changes in 
Equity, and Consolidated Statement of Cash Flows for the year then 
ended 
• Consolidated Entity Disclosure Statement and accompanying basis 
of preparation as at 30 June 2025 
• Notes, including material accounting policies  
• Directors’ Declaration. 
The Group consists of the Company and the entities it controlled at the 
year end or from time to time during the financial year. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we 
have obtained is sufficient and appropriate to provide a basis for our opinion. 
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the Financial Report section of our report.  
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of 
the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial Report 
in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.  
Key Audit Matters 
The Key Audit Matters we identified 
are: 
• Recoverable amount of goodwill 
and brands  
• Taxation 
• Acquisition of Kimberly-Clark’s 
Personal Protective Equipment 
business (KBU) 
Key Audit Matters are those matters that, in our professional 
judgement, were of most significance in our audit of the Financial Report 
of the current period.  
These matters were addressed in the context of our audit of the 
Financial Report as a whole, and in forming our opinion thereon, and we 
do not provide a separate opinion on these matters. 
Independent Auditor’s Report
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
126

 
 
 
Recoverable amount of goodwill and brands (US $1,637.0m) 
Refer to Note 1”Impairment of Goodwill and Brands”, Note 10 and Note 20 to the Financial Report 
The key audit matter 
How the matter was addressed in our audit 
A key audit matter was the Group’s 
testing of goodwill and brands for 
impairment given the size of the 
balances (being 49% of total assets) 
and the uncertainty around forecast 
prices, volumes and other valuation 
inputs.  
We focused on the significant forward 
looking assumptions the Group applied 
in the value in use (VIU) models, 
including: 
• 
Forecast cash flows, in particular 
revenue growth rates and margin 
percentages. We focused on both 
the forecast growth for the Group 
and the impact of the Group’s 
future business plans when 
assessing the feasibility of the 
Group’s forecast cash flows. 
• 
Terminal growth rates, noting that 
the Group’s model is highly 
sensitive to changes in terminal 
growth rates. This drives additional 
audit effort specific to the 
feasibility of the rate. 
• 
Discount rates, noting that these 
are complicated in nature and vary 
according to industry conditions 
and the countries the cash 
generating units (CGUs) are 
operating in, and the approach to 
incorporating risks into the cash 
flows or discount rates. 
The Group made a significant 
acquisition of Kimberly-Clark’s Personal 
Protective Equipment business (KBU) 
during the year, necessitating our 
consideration of the Group’s 
determination of CGUs and allocation 
of goodwill to the CGUs to which it 
belongs based on the management 
and monitoring of the business. 
We involved valuation specialists to 
supplement our senior audit team 
members in assessing this key audit 
matter.  
Our procedures included:  
• 
Considering the appropriateness of the VIU method applied by the 
Group to perform its test of goodwill and brands for impairment 
against the requirements of the accounting standards. 
• 
Assessing the integrity of the VIU models used, including the 
accuracy of the underlying calculation formulas. 
• 
Using our knowledge of the Group and industry to challenge the 
significant judgements and assumptions incorporated in the Group’s 
VIU models through: 
- comparing the relevant cash flow forecasts and underlying 
assumptions against the latest Board approved plan; 
- assessing the accuracy of previous Group cash flow forecasts for 
the respective CGUs to inform our evaluation of current forecasts 
incorporated in the models; 
- challenging the Group’s forecast cash flows, revenue growth 
rates and forecast margin percentages considering the Group’s 
current business performance, the feasibility of its plans and 
forecast industry or geographic growth rates; 
- comparing the terminal growth rates used against relevant 
economic data including Gross Domestic Product growth rates 
and long term global inflation targets for the key countries in 
which the CGUs operate; and 
- specifically for brands, assessing revenue forecasts for individual 
brands and the impact of strategic decisions on the Group’s 
brand portfolio. We also recalculated the impairment charge and 
compared it to the recorded amount disclosed. 
• 
Working with our valuation specialists, we: 
- assessed the forecast cash flows by comparing the implied 
earnings and asset multiples to corresponding multiples of 
comparable entities; and 
- independently developed discount rate ranges, using publicly 
available market data for comparable entities, adjusted by risk 
factors specific to the CGUs and the industry they operate in.  
• 
Considering the sensitivity of the models by varying key 
assumptions, such as revenue growth rates, margin percentages, 
discount rates and terminal growth rates to assess areas of 
estimation uncertainty and to focus our further procedures. 
• 
Assessing the Group’s determination of CGU carrying values against 
the requirements of the accounting standards. This included 
consideration of the Group’s determination of CGUs following the 
acquisition of Kimberly-Clark’s Personal Protective Equipment 
business (KBU) and the subsequent allocation of goodwill and other 
assets to these CGUs. 
• 
Assessing the disclosures in the Financial Report using our 
understanding obtained from our testing and against accounting 
standard requirements. 
ANSELL LIMITED | ANNUAL REPORT 2025
127
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

 
 
 
Taxation (Income Tax Expense US $40.3m, Deferred Tax Assets US $105.2m, Deferred Tax Liabilities US 
$116.9m, Current Tax Liabilities US $20.9m) 
Refer to Note 1”Income Tax” and Note 4 to the Financial Report 
The key audit matter 
How the matter was addressed in our audit 
A key audit matter was the Group’s 
accounting for taxation due to:  
• 
The Group undertaking 
transactions in a number of tax 
jurisdictions which requires the 
Group to make judgements about 
the interpretation of tax legislation 
and the application of accounting 
standards.  
• 
The nature of cross-border tax 
arrangements and our need to 
involve taxation specialists with 
cross-border transactions 
experience and expertise in 
transfer pricing for key 
jurisdictions.  
• 
The level of judgement applied by 
the Group in assessing the 
recoverability of deferred tax 
assets relating to historical tax 
losses, given they relate to 
forecasting future taxable income.  
We involved our tax specialists to 
supplement our senior audit team 
members in assessing this key audit 
matter.  
 
Working with our tax specialists, our procedures included:  
• 
Performing risk assessment procedures to understand the Group’s 
key tax risk areas impacting financial reporting to focus our further 
procedures. This included:  
- reading minutes of the meetings of the Board and other 
governance committee meetings;  
- considering the latest Board approved Group Tax Risk 
Management policy;  
- making inquiries of Group management regarding developments 
in tax related matters during the year; and  
- using our knowledge of tax developments in key jurisdictions and 
the global tax environment.  
• 
Evaluating the treatment of key judgemental tax matters in various 
key jurisdictions by analysing and challenging the Group’s 
assumptions used to determine tax provisions and compared the 
treatment against local jurisdictional tax rules, legislation and 
accounting standard requirements.  
• 
Assessing the completeness of the tax provisions recorded by 
evaluating sources such as:  
- communications from local tax authorities, including the status 
and outcomes of tax authority audits and enquiries; and  
- underlying documentation for key transactions.  
• 
Inspecting tax advice obtained by the Group from external tax 
advisors, covering key jurisdictions to check for any information that 
is contradictory to the Group’s conclusion. We assessed the skills, 
competencies and objectivity of external advisors and evaluated the 
appropriateness of the external advisors’ work.  
• 
Assessing the Group’s global transfer pricing compliance with 
applicable laws and regulations by inspecting underlying 
documentation related to cross-border transactions.  
• 
Assessing the Group’s position on recoverability of deferred tax 
assets related to tax losses through their tax loss utilisation models 
by comparing current and historical results to inform our evaluation 
of future taxable income forecasts.  
• 
Assessing the disclosures in the Financial Report using our 
understanding from our testing and against accounting standard 
requirements.  
 
 
 
 
 
 
Independent Auditor’s Report continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
128

 
 
 
Acquisition of Kimberly-Clark’s Personal Protective Equipment business (KBU) 
Refer to Note 20 to the Financial Report 
The key audit matter 
How the matter was addressed in our audit 
Effective 1 July 2024 the Group 
acquired 100% of the assets of 
Kimberly-Clark’s Personal Protective 
Equipment business (KBU) for 
consideration of $635.1m, resulting in 
the recognition of inventory, brands, 
deferred taxes and goodwill.    
This transaction is considered to be a 
key audit matter due to the:  
• 
Size of the acquisition having a 
significant impact on the Group’s 
financial statements;  
• 
Judgement and complexity 
relating to the determination of the 
fair values of assets acquired in 
the transaction and the deferred 
tax implications of the acquisition. 
The Group engaged external 
valuation experts to assess the fair 
value of certain intangible assets; 
and 
• 
For a defined period post 
acquisition, the business was 
operated by Kimberly-Clark under a 
Transitional Services Agreement. 
This necessitated additional audit 
effort to assess the incremental 
controls and processes 
established by the Group over the 
financial information provided by 
Kimberly-Clark. 
We involved our valuation and taxation 
specialists to supplement our senior 
audit team members in assessing this 
key audit matter.   
Our audit procedures included: 
• 
Evaluating the acquisition accounting applied by the Group against 
the requirements of the accounting standards. 
• 
Reading the underlying transaction agreements to understand the 
terms of the acquisition and nature of the assets acquired and the 
consideration paid. 
• 
Assessing the accuracy and measurement of consideration paid to 
acquire KBU based on the underlying transaction agreements and 
the Group’s bank statements. 
• 
Working with our valuation specialists, we assessed the Group’s 
external expert reports and:  
- considered the objectivity, competence and scope of the Group’s 
external valuation experts;  
- evaluated the valuation methodology used to determine the fair 
value of assets acquired, considering accounting standard 
requirements and observed industry practices;  
- assessed the key assumptions in the Group’s external valuation 
expert report prepared in relation to the identification and 
valuation of brands including:  
o checking forecast earnings assumptions for consistency with 
the Group’s valuation model used as part of the pre-
acquisition due diligence process;  
o assessing the royalty rates applied in the model based on our 
professional judgement and rates observed in comparable 
transactions; and 
o independently developing a discount rate range considered 
appropriate for the assets being valued. 
• 
Working with our taxation specialists, we assessed the Group’s 
calculation of the tax implications of the transaction, including the 
treatment of transaction costs and deferred tax associated with the 
acquisition accounting. 
• 
Recalculating the goodwill balance recognised as a result of the 
transaction and compared it to the goodwill amount recorded by the 
Group. 
• 
Assessing the processes and controls established by the Group in 
relation to transactions during the period covered by the Transitional 
Services Agreement, including testing a sample of individual 
transactions, the confirmation of aggregate positions with Kimberly-
Clark and the assessment of the recognition and disclosure of 
transactions in accordance with the accounting standards. 
• 
Assessing the disclosures in the Financial Report using our 
understanding from our testing and against the accounting standard 
requirements.  
 
ANSELL LIMITED | ANNUAL REPORT 2025
129
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

 
 
 
Other Information 
Other Information is financial and non-financial information in Ansell Limited’s annual report which is provided 
in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other 
Information.  
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express 
an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report 
and our related assurance opinion. 
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In 
doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or 
our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
We are required to report if we conclude that there is a material misstatement of this Other Information, and 
based on the work we have performed on the Other Information that we obtained prior to the date of this 
Auditor’s Report we have nothing to report. 
 
Responsibilities of the Directors for the Financial Report 
The Directors are responsible for: 
• preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and 
fair view of the financial position and performance of the Group, and in compliance with Australian 
Accounting Standards and the Corporations Regulations 2001 
• implementing necessary internal control to enable the preparation of a Financial Report in accordance with 
the Corporations Act 2001, including giving a true and fair view of the financial position and performance 
of the Group, and that is free from material misstatement, whether due to fraud or error 
• assessing the Group and Company’s ability to continue as a going concern and whether the use of the 
going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to 
going concern and using the going concern basis of accounting unless they either intend to liquidate the 
Group and Company or to cease operations, or have no realistic alternative but to do so.  
Auditor’s responsibilities for the audit of the Financial Report 
Our objective is: 
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material 
misstatement, whether due to fraud or error; and  
• to issue an Auditor’s Report that includes our opinion.  
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Australian Auditing Standards will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of the 
Financial Report. 
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and 
Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf.  
This description forms part of our Auditor’s Report. 
 
 
Independent Auditor’s Report continued
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
ANSELL LIMITED | ANNUAL REPORT 2025
130

 
 
 
Report on the Remuneration Report 
Opinion 
In our opinion, the Remuneration Report of 
Ansell Limited for the year ended 30 June 
2025 complies with Section 300A of the 
Corporations Act 2001. 
Directors’ responsibilities 
The Directors of the Company are responsible for the 
preparation and presentation of the Remuneration Report in 
accordance with Section 300A of the Corporations Act 2001. 
Our responsibilities 
We have audited the Remuneration Report included in pages 
52 to 70 of the Directors’ report for the year ended 30 June 
2025.  
Our responsibility is to express an opinion as to whether the 
Remuneration Report complies in all material respects with 
Section 300A of the Corporations Act 2001, based on our audit 
conducted in accordance with Australian Auditing Standards. 
 
 
 
 
KPMG 
Chris Sargent 
 
Partner 
 
Melbourne 
 
25 August 2025 
 
 
 
 
ANSELL LIMITED | ANNUAL REPORT 2025
131
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Five Year Summary
of Ansell Limited and Subsidiaries for the year ended 30 June 2025
2021 
US$m
2022 
US$m
2023 
US$m
2024 
US$m
2025 
US$m
Income Statement
Sales
2,027
1,952
1,655
1,619
 2,003 
EBIT1
338
245
206
196
 282 
Significant Items (gain)/expense2
–
17
(3)
66
 98 
Net financing costs
20
20
19
21
 40 
Income tax expense
69
49
40
31
 40 
Non-controlling interests
2
1
2
1
 2 
Profit attributable to Ansell Limited shareholders
 247 
 159 
 148 
 77 
 102 
Balance Sheet
Cash – excluding restricted deposits3
236
203
157
909
 235 
Other current assets
931
782
755
716
 875 
Property, plant and equipment
295
299
352
349
 377 
Right-of-use assets
61
57
85
86
 98 
Intangible assets
1,077
1,049
1,060
1,055
 1,656 
Other non-current assets
138
116
122
128
 81 
Total assets
2,738
2,506
2,531
 3,243 
 3,322 
Trade and other payables
403
276
220
271
 306 
Current interest bearing liabilities
–
–
100
60
 60 
Current lease liabilities
21
18
17
18
 21 
Other current liabilities
126
66
78
75
 135 
Non-current interest bearing liabilities3
452
426
307
707
 639 
Non-current lease liabilities
43
41
70
73
 86 
Other non-current liabilities
128
122
123
128
 93 
Total liabilities
1,173
950
915
 1,332 
 1,340 
Net assets
1,565
1,557
1,615
 1,910 
 1,983 
Contributed equity
769
744
751
1,028
 1,027 
Reserves
(85)
(143)
(176)
(193)
(161)
Retained profits
867
942
1,026
1,060
 1,097 
Ansell Limited shareholders’ equity
1,551
1,543
1,601
 1,895 
 1,964 
Non-controlling interests
14
14
14
15
 19 
Total shareholders’ equity
1,565
1,557
1,615
1,910
 1,983 
Total capital employed
1,845
1,840
1,953
1,858
 2,553 
Share information
Basic earnings per share (cents)
 192.2 
 125.2 
 117.5 
 59.4 
 69.9 
Diluted earnings per share (cents)
 189.6 
 123.8 
 116.7 
 59.1 
 69.5 
Dividends per share (cents)
 76.80 
 55.45 
 45.90 
 38.40 
50.20
Net assets per share ($)
 12.3 
 12.4 
 12.8 
 13.1 
 13.7 
General
Net cash from operating activities
 173 
 222 
 181 
 272 
 239 
Capital expenditure
 86 
 68 
 67 
 63 
 69 
Shareholders (no.)
 35,760 
 46,555 
 41,515 
 38,547 
34,132
Employees4 (no.)
 14,159 
 14,158 
 14,414 
 15,951 
15,724
Ratios
EBIT margin (%)
 16.7 
 12.6 
 12.5 
 12.1 
 14.1 
Return on average shareholders’ equity (%)
 16.8 
 10.2 
 9.5 
 4.4 
 5.3 
EBIT return on average capital employed (%) – ROCE
 19.8 
 12.4 
11.0
 10.3 
 12.8 
Average days working capital
 79.3 
 100.6 
 119.2 
 109.8 
97.3
Interest cover (times)
 17.0 
 11.6 
 10.8 
 9.3 
 7.1 
Net debt3 to shareholders’ equity (%) – gearing
 17.9 
 18.2 
 20.9 
(2.7)
28.8
Number of shares at 30 June (million)
 127 
 126 
 126 
 145 
 145 
1.	EBIT is defined as Earnings Before Interest and Tax excluding Significant Items. Includes share of profit and loss from Careplus joint venture for 2020 to 2023.
2.	2022 and 2023 Significant Items relates to the Russia Exit outlined within Note 3(b) Significant Items of the Group’s audited FY23 Financial Statements. For 2024 
Significant Items relates to APIP costs and KBU acquisition costs outlined within Note 3(b) Significant Items of the Group’s audited FY24 Financial Statements.  
For 2025 Significant Items, refer to Note 3(b) of the Group’s audited FY25 Financial Statements. 
3.	2024 Net debt includes $651.6m cash designated to fund the KBU acquisition and the related $377m debt issued. 
4.	Headcount inclusive of Ansell Seremban, formerly known as Careplus, for the first time in 2024.
ANSELL LIMITED | ANNUAL REPORT 2025
132

Distribution of Ordinary Shareholders and Shareholdings
Details of quoted shares held in Ansell Limited as at 25 July 2025 are detailed below.
Size of Holding
Number of Shareholders
Number of Shares
Percentage of Total
1 – 1,000*
26,887
8,968,767
6.15
1,001 – 5,000
6,434
12,475,998
8.55
5,001 – 10,000
497
3,424,517
2.35
10,001 – 100,000
179
3,610,445
2.47
100,001 and over
23
117,465,157
80.49
Total
34,020
145,944,884
100.00
* Including 782 shareholders holding a parcel of shares of less than A$500 in value (17 shares), based on a market price of A$30.93 per unit.
Percentage of the total holdings of the 20 largest shareholders = 80.27%.
Voting rights as governed by the Constitution of the Company provide that each ordinary share holder present in person or by proxy 
at a meeting shall have:
(a)	 on a show of hands, one vote only; and
(b)	 on a poll, one vote for every fully paid ordinary share held.
Shareholders
ANSELL LIMITED | ANNUAL REPORT 2025
133
Remuneration Report
Shareholders and Shareholder Information
Financial Statements
Report by the Directors

Twenty Largest Shareholders (as at 25 July 2025)
Rank
Registered Holder
Number of Fully 
Paid Shares
Percentage of 
Issued Capital
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
49,301,225
33.78
2
CITICORP NOMINEES PTY LIMITED
27,700,513
18.98
3
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
25,379,687
17.39
4
BNP PARIBAS NOMINEES PTY LTD 
4,255,244
2.92
5
BNP PARIBAS NOMS PTY LTD
2,181,828
1.49
6
NATIONAL NOMINEES LIMITED
1,674,905
1.15
7
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
1,639,115
1.12
8
BNP PARIBAS NOMINEES PTY LTD 
1,018,423
0.70
9
CPU SHARE PLANS PTY LTD
737,317
0.51
10
NETWEALTH INVESTMENTS LIMITED 
597,253
0.41
11
BNP PARIBAS NOMINEES PTY LTD 
502,700
0.34
12
CITICORP NOMINEES PTY LIMITED 
382,690
0.26
13
IOOF INVESTMENT SERVICES LIMITED 
373,230
0.26
14
CITICORP NOMINEES PTY LIMITED <143212 NMMT LTD A/C>
289,530
0.20
15
NETWEALTH INVESTMENTS LIMITED 
252,774
0.17
16
THE MANLY HOTELS PTY LIMITED
224,191
0.15
17
BNP PARIBAS NOMS (NZ) LTD
217,646
0.15
18
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
172,325
0.12
19
IOOF INVESTMENT SERVICES LIMITED 
139,338
0.10
20
DIXSON TRUST PTY LIMITED
114,561
0.08
Top 20 Holders of Ordinary Fully Paid Shares
117,154,495
80.27
Total Remaining Holders Balance
28,790,389
19.73
Register of Substantial Shareholders (as at 25 July 2025)
The names of substantial shareholders in the Company and the number of fully paid ordinary shares in which each has an interest, as 
disclosed in substantial shareholder notices to the Company on the respective dates shown, are as follows:
Substantial Date
Name of Shareholder
Number of Shares
Percentage of Issued Shares
3 April 2025
Alan Gray Australia Pty Ltd
24,658,634
16.90
10 April 2025
State Street Corporation
9,970,271
6.83
19 July 2024
Host-Plus Pty Limited
7,328,550
5.02
Shareholders continued
ANSELL LIMITED | ANNUAL REPORT 2025
134

Shareholder Information
Annual Report
Ansell’s Annual Report 2025 provides 
shareholders with a summary of the Group’s 
operations and contains the full financial 
statements for FY25. The Annual Report 
2025 provides a summary of the Group’s 
financial performance, financial position, 
and financing and investing activities.
Ansell Limited has opted to deliver its 
Annual Report by making it available  
on the Ansell website, www.ansell.com.
Shareholders are entitled to receive a 
printed copy of the Annual Report, but  
the Company will only send a printed copy 
to shareholders who elect to receive one.
Shareholders can also access other 
information pertaining to the Company 
and its activities from its website at  
www.ansell.com.
Change of Address
Shareholders should notify the Company 
in writing immediately if there is a change 
to their registered address.
For added protection, shareholders 
should quote their Securityholder 
Reference Number (SRN) or Holder 
Identification Number (HIN).
Dividend
A final dividend of US28.00 cents per 
share will be paid on 18 September 2025  
to shareholders registered on 
1 September 2025.
The dividend will be unfranked.
Australian and US shareholders must 
elect to have cash dividends paid directly 
into any bank, building society or credit 
union account in Australia and the  
US (respectively). Shareholders with 
a registered address in Canada can  
receive their dividends in US dollars.
Company Directory
The Annual Report and the Company’s 
website are the main sources of 
information for investors. Shareholders 
who wish to contact the Company on any 
matter relating to its activities are invited 
to contact the most convenient office 
listed below, or contact the Company  
via its website at www.ansell.com.
Investor Relations Contact 
Australia – Registered Company Office 
Mr Michael Evans
Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121
Telephone: +61 3 9270 7222
Facsimile: +61 3 9270 7300
Email: michael.evans@ansell.com
United States of America
Mr Brian Montgomery
Ansell 
111 Wood Avenue South, Suite 900 
Iselin, NJ 08830
Telephone: +1 732 345 5400­
Facsimile: +1 732 219 5114­
Email: brian.montgomery@ansell.com
Company Secretary
Australia – Registered Company Office
Ms Catherine Stribley
Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121
Telephone: +61 3 9270 7125
Facsimile: +61 3 9270 7300
Email: catherine.stribley@ansell.com
Listings
Ansell Limited shares (Ticker Symbol 
ANN) are listed on the Australian 
Securities Exchange.
Enquiries
Shareholders requiring information  
about their shareholdings should  
contact the Company’s registry at:
Computershare Investor 
Services Pty Ltd
Yarra Falls
452 Johnston Street
Abbotsford VIC 3067
or
GPO Box 2975
Melbourne VIC 3001 Australia
Telephone: +61 3 9415 4000
Facsimile: +61 3 9473 2500
Shareholder Enquiries: 1300 850 505 
(Australian residents only)
Email: web.queries@computershare.com.au 
or visit Computershare’s Investor Centre 
online at www.investorcentre.com where 
shareholder information can be accessed. 
You will need to have your SRN or HIN 
along with your postcode.
Registered Office 
Company Secretary
Catherine Stribley
Level 3, 678 Victoria Street
Richmond VIC 3121 Australia
Americas Commercial Hub
Commercial contact
Sean Sweeney
111 Wood Avenue South, Suite 900
Iselin, NJ 08830
United States of America
EMEA/APAC Commercial Hub
Commercial contact
Augusto Accorsi
Boulevard International 55
1070 Anderlecht, Belgium
Cyberjaya Commercial Hub
Commercial contact
John Marsden
Prima 6, Prima Avenue
Block 3512, Jalan Teknokrat 6
63000 Cyberjaya Malaysia
ANSELL LIMITED | ANNUAL REPORT 2025
135
Financial Statements
Remuneration Report
Shareholders and Shareholder Information
Report by the Directors

2026 Financial Calendar*
Half year results announcement
17 February 2026
Ex-dividend share trading commences
23 February 2026
Record date for interim dividend
24 February 2026 
Interim dividend paid
13 March 2026
Annual results announcement
25 August 2026 
Ex-dividend share trading commences
29 August 2026
Record date for final dividend
1 September 2026 
Closing date for nominations of Directors for elections
8 September 2026 
Final dividend paid
17 September 2026
Annual General Meeting
28 October 2026
* Timing of events may be subject to change. Any change will be notified to the Australian Securities Exchange (ASX). See Ansell’s website for updates (if any).
Shareholder Information continued
ANSELL LIMITED | ANNUAL REPORT 2025
136

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