Slide 1: Full-Year 2025 Results presentation
Full-Year 2025 Results presentation 21 August 2025
Slide 2: Results highlights
Results highlights Graham Chipchase, CEO
Slide 3: FY25 highlights
FY25 highlights WW Done Strong financial results with Transformation programme delivering operating leverage and structural improvements to performance Free Cash Flow outperformance Enhanced customer value proposition including expanded capabilities through digital initiatives +3% +10% and continued
Slide 4: Operating environment
Operating environment Pallet market dynamics normalised; challenging macroeconomic environment FY25 key operating dynamics FY25 impact on Brambles Inflation • Inflation in labour and third-party freight Pricing • Pricing moderated in line with cost-to-serve • Deflation in fuel and lumber at a Group
Slide 5: Shaping Our Future transformation
Shaping Our Future transformation CUSTOMER VALUE ASSET EFFICIENCY Progress with enhancing Step change in asset efficiency experience & value proposition and cash flow generation BUSINESS IMPROVEMENTS INITIATIVES IMPLEMENTED Improving Investing in Streamlining Asset recovery Advanced data Pallet trac
Slide 6: Shaping Our Future transformation
Shaping Our Future transformation NETWORK PRODUCTIVITY DIGITAL TRANSFORMATION Increasing efficiency Demonstrating value and shaping and sustainability the ‘Brambles of the Future’ BUSINESS IMPROVEMENTS ENABLED BY DIGITAL Operational Network Procurement Enabling new Asset efficiency Productivity exce
Slide 7: ESG achievements
ESG achievements 2025 sustainability targets enabled positive impacts for the business, planet and communities Business Positive Planet Positive Communities Positive 2.0 100% US$10.3m megatonnes of CO2-e saved sustainably sourced timber total value of community in our customers’ supply chains mainta
Slide 8: Shaping Our Future scorecard completed in FY25
Shaping Our Future scorecard completed in FY25 Digital Transformation Customer Business Excellence Asset Efficiency & Sustainability & ESG Network Productivity Outcomes Transform information and digital Deliver unrivalled value and Reinvent the organisation, Improve productivity and Pioneer regenera
Slide 9: Serialisation+
Serialisation+ Progressing with Chile rollout, operational testing in North America and UK FY24 progress FY25 progress • Full market serialised, 60,000 smart • Automated inline tag repair PILOT MARKET pallets • Confirmed functionality ESO, triggering full Chile • Effortless Service Offering (ESO) ma
Slide 10: Value insights from Serialisation+ rollout in Chile
Value insights from Serialisation+ rollout in Chile Systematically exploring value across a range of levers Serialisation+ value scorecard FY26 focus • Ability to move from FY25: Initial sources of FY26: Potential sources value identified of value to be tested insight to action across the value scor
Slide 11: Serialisation+ operational testing in North America and UK
Serialisation+ operational testing in North America and UK Refined approach to operational testing, continue to advance Serialisation+ in North America FY25 learnings Focus for FY26 Read infrastructure critical to customer Commence building the base infrastructure collaboration • Expand the read inf
Slide 12: FY26 outlook
FY26 outlook Continued operating leverage and strong Free Cash Flow despite macroeconomic challenges Outlook 3-5% 8-11% US$850m- 50-70% Up to US$950m of Underlying Profit1 US$400m3 Sales revenue Underlying Profit Free Cash Flow Dividend payout On-market share growth growth before dividends ratio buy
Slide 13: Financial overview
Financial overview Joaquin Gil, CFO All references to growth rates, unless otherwise stated, are at constant FX rates. CHEP India (formerly part of CHEP EMEA) has been recognised in discontinued operations following the sale of the business in January 2025. FY24 comparatives have been restated accor
Slide 14: FY25 financial highlights
FY25 financial highlights Volume growth Price realisation Transformation benefits supporting volume growth, pricing recovering cost-to-serve +1% +2% Net new wins 2% vs. FY24 Underlying Profit Underlying Profit margin Productivity improvements delivering operating leverage +10% +1.3pts 1 vs. FY24 vs.
Slide 15: FY25 results
FY25 results Overview US$m FY25 Change vs. FY24 • Underlying Profit +10% driven by sales revenue Continuing operations Actual FX Constant FX growth, asset efficiency gains and benefits from Sales revenue 6,669.7 2% 3% supply chain and overhead productivity initiatives Other income / revenue 240.1 (8
Slide 16: Group sales revenue growth
Group sales revenue growth New business momentum and cost-to-serve recovery offset lower like-for-like volumes Price/mix and volume contribution to growth Price/mix +2% • In line with cost-to-serve increases, driven +14% by inflation • Asset efficiency improvements reduced level of price increases r
Slide 17: Group Underlying Profit analysis
Group Underlying Profit analysis Revenue growth and efficiency gains more than offset additional costs and strategic investments Benefits from overhead productivity and cost management initiatives In line with changes in North America market indices Savings of ~US$78m more than offset: for lumber, f
Slide 18: Group Underlying Profit margin
Group Underlying Profit margin Asset efficiency and overhead initiatives delivering 1.3pt1 margin expansion in FY25 IPEP to sales improvement driven by: Asset • Go-to market initiatives including enhanced commercial frameworks and retailer Contribution to change 1H25 2H25 FY25 efficiency collaborati
Slide 19: Underlying Profit margin expansion initiatives
Underlying Profit margin expansion FY25 progress and ongoing initiatives informing uplift to FY28 margin expansion1 expectation Supply chain productivity Asset efficiency Overhead productivity2 • Continuation of FY25 initiatives • Continuation of FY25 initiatives • Continuation of FY25 initiatives •
Slide 20: Asset efficiency
Asset efficiency Structural improvement in capital intensity driven by asset efficiency initiatives Pooling capital expenditure to sales ratio1 Pooling capital expenditure to sales ratio down 0.7pts, reflecting: • ~0.4pt improvement due to higher sales revenue • ~0.3pt improvement due to lower capit
Slide 21: Free Cash Flow before dividends
Free Cash Flow before dividends US$212m increase in cash flow generation driven by asset efficiency Normalised FY25 Free Cash Flow Asset efficiency initiatives, lower capital cost of a Higher outflows relating to employee benefit before dividends new pallet and timing of pallet purchases resulted pr
Slide 22: CHEP Americas
CHEP Americas Efficiencies more than offset cost headwinds and strategic investments in customer and digital initiatives FY25 Change vs. FY24 • Price realisation +2% recovering cost-to- US$m Actual FX Constant FX Sales serve increases +4% 2,672.8 3% 3% • Net new business wins +2% with contract US wi
Slide 23: US pallets sales revenue
US pallets sales revenue Recovery of cost-to-serve increase and net new business wins momentum Price/mix and volume contribution to growth Price/mix +2% • Contractual pricing to recover inflation, partly +13% offset by lower contributions from asset efficiency linked pricing mechanisms in line with
Slide 24: CHEP EMEA
CHEP EMEA Operating leverage through asset efficiency and productivity improvements FY25 Change vs. FY24 • Price realisation +1% in line with cost-to-serve US$m Actual FX Constant FX Sales increases, driven by inflation, including lower +2% contributions from pricing linked to asset Europe 1,968.7
Slide 25: CHEP Asia-Pacific
CHEP Asia-Pacific Demand patterns normalised in Australia; Margin and ROCI remain strong FY25 Change vs. FY24 • Price realisation +4% in line with cost-to- Sales serve increases and some customer mix US$m Actual FX Constant FX impacts +3% Pallets 409.5 2% 3% • Net new business wins +2%, driven by co
Slide 26: FY26 outlook considerations
FY26 outlook considerations 3-5% Sales revenue expected to comprise a balanced contribution from volume and price • Price realisation in line with cost-to-serve increases (expected to be broadly in line with FY25 growth) • Volume growth driven by net new business wins across key markets Sales revenu
Slide 27: FY26 outlook considerations
FY26 outlook considerations US$850m- • Pooling capital expenditure to sales ratio of ~14%-16%, including ~0.5pts benefit from capex holiday in the US due to excess pallet stock at the end of FY25. The increase on FY25 is driven by increased US$950m pallet purchases to support growth and higher palle
Slide 28: Summary: Investor value proposition
Summary Investor value proposition Mid Transformation benefits supporting single-digit growth volume growth with new customers Sales revenue Asset control, supply chain and overhead High productivity initiatives delivering operating single-digit leverage and capital efficiency growth Underlying Prof
Slide 29: Appendix
Appendix n a fa) = g (-*)
Slide 30: Sales revenue by region and sector
Appendix 1 Sales revenue by region and sector FY25 sales revenue by region FY25 sales revenue by sector Africa, Middle East, Türkiye 3.8% Asia Auto 3% 0.5% Storage & Dist. Eastern Europe 1% 4.5% General retail 1 Latin America 2% Other 8.5% 10% Packaging 3% ANZ USA & 7.8% Canada Fresh produce Fast-mo
Slide 31: Balance sheet
Appendix 2a Balance sheet June 25 June 24 • Net debt increased by US$46m reflecting the impacts of the share buy-back programme, lease capitalisations and Net debt1 US$2,574m US$2,528m FX partly offset by strong Free Cash Flow after dividends and proceeds from divestment of CHEP India Average term o
Slide 32: Credit facilities and debt profile
Appendix 2b Credit facilities and debt profile (US$b at 30 June 2025) 1 Committed Committed Uncommitted Total Maturity Type Debt drawn facilities Headroom facilities Headroom <12 months 144A2 0.5 0.5 - 0.4 0.4 1 to 2 years Bank3 0.2 - 0.2 - 0.2 2 to 3 years EMTN4 0.6 0.6 - - - 3 to 4 years - - - - -
Slide 33: Group sales revenue growth
Appendix 3 Group sales revenue growth Growth across all segments driven by price realisation and net new business wins 16 39 (48) (US$m) 142 6,718 6,670 6,521 +3% FY24 CHEP CHEP CHEP FY25 FX FY25 Americas EMEA Asia-Pacific (Constant FX) (Actual FX) FULL-YEAR 2025 RESULTS PRESENTATION 33
Slide 34: Net plant and transport costs/sales revenue
Appendix 4 Net plant and transport costs/sales revenue Net plant cost/sales revenue Net transport cost/sales revenue (before NA lumber surcharge1) (Net of transport & fuel surcharges) FY25 FY24 FY25 FY24 CHEP Americas 38.8% 36.4% 20.1% 20.3% CHEP EMEA 24.0% 23.9% 20.4% 21.5% CHEP Asia-Pacific 32.4%
Slide 35: CHEP Americas: Underlying Profit analysis
Appendix 5a CHEP Americas: Underlying Profit analysis Including: - efficiency savings ~US$50m - inflation US$(5)m (net of fuel deflation) (23) 18 (US$m) 99 (103) 10 55 (10) Including: - efficiency savings ~US$105m - inflation US$(52)m 754 708 +6% 3 FY24 Volume, North America Plant Transport Deprecia
Slide 36: CHEP EMEA: Underlying Profit analysis
Appendix 5b CHEP EMEA: Underlying Profit analysis Including: - efficiency savings ~US$25m - inflation US$(3)m (net of fuel deflation) 15 (9) 12 1 31 (US$m) 32 Including: - efficiency savings ~US$10m - inflation US$(19)m 673 591 +14% FY24 Volume, Plant Transport Depreciation IPEP Other 2 FY25 1 Under
Slide 37: CHEP EMEA sales revenue growth
Appendix 5c CHEP EMEA sales revenue growth CHEP EMEA sales revenue growth breakdown (constant FX) Price/mix +1% Pricing actions and contractual indexation partly +14% offset by lower contributions from pricing mechanisms linked to asset efficiency Net new business wins +1% Driven by current year con
Slide 38: CHEP Asia-Pacific: Underlying Profit analysis
Appendix 5d CHEP Asia-Pacific: Underlying Profit analysis Including: - efficiency savings ~US$3m - inflation US$(2)m (6) (3) (1) 1 (US$m) 17 Including: - efficiency savings ~US$14m - inflation US$(6)m 184 192 +4% FY24 Volume, Plant Transport Depreciation Other2 FY25 1 Underlying Profit price, mix co
Slide 39: Corporate Costs
Appendix 5e Corporate Costs FY25 Change vs. FY24 • Shaping Our Future transformation costs1 comprising: US$m Actual FX Constant FX – Digital transformation costs of US$111.7m, up US$11.4m reflecting continued investment in asset digitisation and Shaping Our Future (146.3) (13.7) (11.4) enhanced data
Slide 40: Capital expenditure on Property, Plant and Equipment
Appendix 6 Capital expenditure on Property, Plant and Equipment (accruals basis US$m)1 1,811 1,567 142 • Reduction in ‘Replacement’ capital expenditure due to lower pallet loss rates driven by asset 146 1,219 efficiency initiatives and improved pallet market 1,000 dynamics, as well as the impact of
Slide 41: Regional asset efficiency: Pooling capital expenditure to sales ratio
Appendix 7 Regional asset efficiency: Pooling capital expenditure to sales ratio North America Latin America EMEA 28.6% 32.9% 23.8% 39.7% 23.2% 14.1% 25.6% 24.0% 11.5% 21.4% 12.5% 9.6% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 • FY25 decrease reflects lower pallet loss rates • FY25
Slide 42: IPEP expense
Appendix 8 IPEP expense (Actual FX rates, US$m) Methodology • IPEP expense accounts for uncompensated pallet losses at locations for which there is no customer loss liability • The charge is determined based on annual audits at customer locations which are performed to confirm the existence of pooli
Slide 43: Major currency exchange rates
Appendix 9 1 Major currency exchange rates USD EUR AUD GBP CAD MXN ZAR PLN BRL FY25 1.0000 1.0909 0.6469 1.3001 0.7152 0.0504 0.0553 0.2563 0.1741 Average FY24 1.0000 1.0806 0.6562 1.2587 0.7388 0.0580 0.0534 0.2470 0.1990 30 June 2025 1.0000 1.1728 0.6536 1.3717 0.7307 0.0532 0.0562 0.2768 0.1826 A
Slide 44: FY25 currency mix
Appendix 10 FY25 currency mix (US$m) Total USD EUR AUD GBP CAD MXN ZAR PLN BRL Other1 Sales revenue 6,669.7 2,739.9 1,397.5 458.4 445.5 402.5 373.9 194.3 154.1 82.9 420.6 FY25 share 100% 41% 21% 7% 7% 6% 6% 3% 2% 1% 6% FY24 share 100% 41% 21% 7% 7% 6% 6% 3% 2% 1% 6% Net debt2 2,574 1,007 1,508 150 (
Slide 45: Glossary of terms and measures
Appendix 11 Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions: Actual currency/Actual FX Current period results (excluding hyperinflationary economies) translated into US dollars at the applicable actual monthl
Slide 46: Glossary of terms and measures
Appendix 11 Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions: Free Cash Flow Cash flow generated after net capital expenditure, finance costs and tax, but excluding the net cost of acquisitions and proceeds fr
Slide 47: Disclaimer
Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This
Slide 48: Investor and media contacts
Investor and media contacts Investors Media Raluca Chiriacescu Sandra Tang Vice President, Investor Relations Group External Communications Lead +44 7810 658044 +61 404 066 107 raluca.chiriacescu@brambles.com sandra.tang@brambles.com Suk Hee Lee Director, Investor Relations +61 433 343 888 sukhee.le