Slide 1: Half-Year 2026 Results presentation
Half-Year 2026 Results presentation 19 February 2026
Slide 2: Results highlights
Results highlights Graham Chipchase, CEO
Slide 3: 1H26 highlights
1H26 highlights Resilient performance with strong operating Strategic reinvestments for long-term leverage and Free Cash Flow outcomes customer and shareholder value Strengthened customer value proposition with investments in service, customer experience +2% +7% and quality supporting strong new bus
Slide 4: Operating environment
Operating environment Strong new business momentum, modest cost-to-serve increases and challenging consumer demand dynamics 1H26 key operating dynamics 1H26 impact on Brambles Inflation • Inflation in labour and third-party freight Pricing • Price realisation recovering modest increases in the • Fue
Slide 5: Brambles of the Future
Brambles of the Future EFFORTLESS CUSTOMER EXPERIENCE ILLUMINATED SUPPLY NETWORKS Seamless, digitally enabled service that Data-driven insights and innovative customer- simplifies interactions, fosters innovation centric solutions that power smarter, more and deepens customer relationships efficient
Slide 6: Brambles of the Future
Brambles of the Future OPERATIONAL EXCELLENCE REGENERATIVE SUPPLY NETWORKS A leaner and more agile circular model Supply networks that drive positive that sets new standards for efficiency, outcomes for the environment, resilience and customer value at scale communities and economies METRICS 2030 SU
Slide 7: Serialisation+
Serialisation+ Chile Effortless Service Offer (ESO) delivering insights and value, operational testing in North America and UK progressing 1H26 progress FY26 priorities • ~95% of customers converted to ESO • Continue to convert customers to ESO • >14m trips tracked to date • Test sources of value ac
Slide 8: Value insights from Serialisation+ rollout in Chile
Value insights from Serialisation+ rollout in Chile Realising value across a range of levers Serialisation+ value scorecard Progress to date FY25: Initial sources FY26: Testing additional of value identified sources of value Reduced Customer Simplified NPS Reduction in customer transactional adminis
Slide 9: FY26 outlook
FY26 outlook Revised for improved Free Cash Flow and consumer demand headwinds, Underlying Profit unchanged Outlook 3-4%1 8-11%1 US$950m- 50-70% Up to US$1,100m of Underlying Profit2 US$400m3 Previously Previously 3-5%1 Unchanged US$850m-US$950m Sales revenue Underlying Profit Free Cash Flow Dividen
Slide 10: Financial overview
Financial overview Joaquin Gil, CFO All references to growth rates, unless otherwise stated, are at constant FX rates, except for the results of hyperinflationary economies, which are translated at the period end FX rates. Due to a change in reporting structure, the European Intermediate Bulk Contai
Slide 11: 1H26 financial highlights
1H26 financial highlights Net new wins Like-for-like1 Price realisation Strong new business momentum offset by lower like-for-like volumes, pricing recovering the cost-to-serve +2% (2)% +2% vs. 1H25 vs. 1H25 vs. 1H25 Underlying Profit Underlying Profit margin Material margin expansion underpinned by
Slide 12: 1H26 results
1H26 results Overview US$m 1H26 Change vs. 1H25 • Underlying Profit +7% including ~US$15m of one-off Continuing operations Actual FX Constant FX restructuring costs. Excluding these one-off costs, Underlying Profit increased 9% driven by sales revenue Sales revenue 3,533.5 5% 2% growth and benefits
Slide 13: Group sales revenue growth
Group sales revenue growth Continued new business momentum offset impact from weak consumer demand Price/mix and volume contribution to growth Price/mix +2% • In line with modest cost-to-serve increases • Price increases to recover inflation were partly +14% offset by sharing productivity improvemen
Slide 14: Group Underlying Profit analysis (US$m)
Group Underlying Profit analysis (US$m) Revenue growth and productivity gains more than offset additional costs Savings of ~US$37m more than offset: In line with changes in - net inflation US$(13)m; Restructuring costs of ~US$(15)m, lower North America market indices - increased pallet relocation ac
Slide 15: Group Underlying Profit margin
Group Underlying Profit margin Supply chain and overhead productivity Supply chain productivity reflects: Supply • Procurement initiatives delivering 1.1pt1 margin expansion in 1H26 chain • Enhanced transport productivity, including improved fleet management • Plant network optimisation, pallet dura
Slide 16: Asset efficiency
Asset efficiency Sustainable improvement in capital intensity driven by asset efficiency Pooling capital expenditure to sales ratio1 • Pooling capital expenditure to sales ratio down 0.1pts1, as a modest increase in pooling capital expenditure due to the mix of pallets purchased during 1H26 compared
Slide 17: Free Cash Flow before dividends (US$m)
Free Cash Flow before dividends (US$m) US$53m increase in cash flow generation driven by earnings growth Primarily reflecting timing of pooling capital expenditure payments in the period and pallet purchase mix, as pallet purchase volumes remained consistent with 1H25 levels Primarily related to nor
Slide 18: CHEP Americas
CHEP Americas New business momentum in all regions, with asset efficiency and productivity initiatives driving margin improvement 1H26 Change vs. 1H25 • Price realisation +1% recovering cost-to- US$m Actual FX Constant FX Sales serve increases +2% 1,380.8 1% 1% • Net new business wins +4% with contr
Slide 19: US pallets sales revenue
US pallets sales revenue Strong new business momentum more than offset consumer demand headwinds; pricing recovered cost-to-serve Price/mix and volume contribution to growth Price/mix flat • Price increases to recover inflation, offset by +13% sharing benefits of better asset control and other cost-
Slide 20: CHEP EMEA
CHEP EMEA 1H26 margins impacted by one-offs and timing; full-year profit growth and margin improvement expected 1H26 Change vs. 1H25 • Price realisation +2% to recover modest US$m Actual FX Constant FX Sales inflation +2% • Net new business wins +1% primarily driven by Europe 1,072.6 9% 2% Europe p
Slide 21: CHEP Asia-Pacific
CHEP Asia-Pacific Productivity gains and commercial discipline supporting customer experience and returns 1H26 Change vs. 1H25 • Price realisation +4% to recover cost-to-serve Sales increases, largely due to inflation US$m Actual FX Constant FX +3% • Net new business wins +2%, driven by contract Pal
Slide 22: Corporate costs
Corporate costs Ongoing investment in strategic priorities; benefits from cost management initiatives 1H26 Change vs. 1H25 • Central transformation costs1 comprising: US$m Actual FX Constant FX – Digital transformation costs of US$37.4m, down US$11.9m primarily research and development incentives of
Slide 23: FY26 outlook considerations
FY26 outlook considerations 3-4% FY26 growth expected to be driven by both price and volume, with a larger contribution from pricing • FY26 price realisation expected to recover cost-to-serve increases – 2H26 price realisation expected to be broadly in line with 1H26 subject to inflation and other c
Slide 24: FY26 outlook considerations
FY26 outlook considerations US$950m- • FY26 expected pooling capital expenditure to sales ratio of ~13%-14% (previously ~14%-16%), including ~0.5pts benefit from the utilisation of excess pallet stock in the US in 2H26. The change US$1,100m versus the previous guidance is mainly driven by lower pall
Slide 25: Summary
Summary Customer focus and New wins momentum continued throughout 1H26 efficiency gains and expected into 2H26 supporting resilient performance Productivity initiatives delivering operating leverage Strong Free Cash Flow generation continues to support investment in quality and digital initiatives a
Slide 26: Appendix
Appendix n a fa) = g (-*)
Slide 27: Sales revenue by region and sector
Appendix 1a Sales revenue by region and sector 1H26 sales revenue by region 1H26 sales revenue by sector Africa, Middle East, Türkiye Automotive 3.8% Asia 3% 0.5% Eastern Europe Storage & 4.7% distribution 2% Latin America General retail Other 1 9.0% 2% 11% Packaging 3% USA & ANZ Canada 7.6% Fresh p
Slide 28: Balance sheet
Appendix 2a Balance sheet Dec 25 June 25 • Net debt increased by US$138m reflecting the impacts of the share buy-back programme, lease capitalisations Net debt1 US$2,712m US$2,574m and FX partly offset by strong Free Cash Flow after dividends Average term of committed 4.0 years 4.0 years • Total liq
Slide 29: Credit facilities and debt profile
Appendix 2b Credit facilities and debt profile (US$b at 31 December 2025) 1 Committed Committed Uncommitted Total Maturity Type Debt drawn facilities Headroom facilities Headroom <12 months Bank 0.2 - 0.2 0.4 0.6 Bank/ 1 to 2 years 0.6 0.6 - - - EMTN2 2 to 3 years - - - - - 3 to 4 years Bank 1.4 0.1
Slide 30: Group sales revenue growth (US$m)
Appendix 3 Group sales revenue growth (US$m) with contributions from all segments 95 19 9 43 3,534 3,439 3,368 +2% 1H251 CHEP CHEP CHEP 1H26 FX 1H26 Americas EMEA Asia-Pacific (Constant FX) (Actual FX) 1 1H25 reported sales revenue of US$3,371.7 restated to reflect the results of Brambles’ hyperinfl
Slide 31: Net plant and transport costs/sales revenue
Appendix 4 Net plant and transport costs/sales revenue Net plant cost/sales revenue Net transport cost/sales revenue (before NA lumber surcharge1) (Net of transport & fuel surcharges) 1H26 1H25 1H26 1H25 CHEP Americas2 37.5% 37.3% 18.8% 20.0% CHEP EMEA2 23.7% 23.7% 19.9% 20.2% CHEP Asia-Pacific 32.7
Slide 32: CHEP Americas: Underlying Profit analysis
Appendix 5a CHEP Americas: Underlying Profit analysis (US$m) Including: Including: - restructuring savings ~US$10m - efficiency savings ~US$22m - restructuring costs ~US$(6)m - inflation US$(6)m 5 5 3 14 (19) 13 (7) 40 Including: - efficiency savings ~US$20m 426 431 - inflation US$(24)m 377 +13% 1H2
Slide 33: CHEP EMEA: Underlying Profit analysis
Appendix 5b CHEP EMEA: Underlying Profit analysis (US$m) Including: - efficiency savings ~US$13m - inflation US$(6)m Including: (5) - restructuring savings ~US$2m (4) (3) - restructuring costs ~US$(5)m 22 (15) 21 (9) Including: - efficiency savings ~US$13m - inflation US$(13)m 350 357 336 (4)% 1H25
Slide 34: CHEP EMEA sales revenue growth
Appendix 5c CHEP EMEA sales revenue growth (constant FX) Price/mix +2% +14% Reflects contractual pricing to recover inflation, partly offset by sharing supply chain productivity improvements with customers Net new business wins +1% Primarily driven by Europe pallets (+2%), partly offset 14% +7% by a
Slide 35: CHEP Asia-Pacific: Underlying Profit analysis
Appendix 5d CHEP Asia-Pacific: Underlying Profit analysis (US$m) Including: - efficiency savings ~US$2m - inflation US$(1)m (3) (1) (1) (0) 0 10 Including: - efficiency savings ~US$3m - inflation US$(3)m 95 100 100 +5% 1H25 Volume, Plant Transport Depreciation Other 2 1H26 FX 1H26 Underlying Underly
Slide 36: Capital expenditure on Property, Plant and Equipment
Appendix 6 Capital expenditure on Property, Plant and Equipment (accruals basis US$m)1 1,567 • While pallet replacement volumes remained broadly in line with 1H25 levels, the increase in replacement capital 146 expenditure largely reflects the mix of pallet purchases 1,000 in the period • ‘Growth an
Slide 37: Regional asset efficiency: Pooling capital expenditure to sales ratio
Appendix 7 Regional asset efficiency: Pooling capital expenditure to sales ratio North America1 Latin America EMEA1 14.0% 27.6% 12.3% 12.4% 12.4% 24.0% 11.6% 10.7% 21.4% 9.6% 9.7% 15.9% FY24 FY25 1H25 1H26 FY24 FY25 1H25 1H26 FY24 FY25 1H25 1H26 • 1H26 increase reflects capital • 1H26 decrease due t
Slide 38: IPEP expense
Appendix 8 IPEP expense (Actual FX rates, US$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 39: Major currency exchange rates
Appendix 9 1 Major currency exchange rates USD EUR AUD GBP CAD MXN ZAR PLN BRL 1H26 1.0000 1.1613 0.6544 1.3324 0.7209 0.0541 0.0576 0.2733 0.1841 Average 1H25 1.0000 1.0815 0.6582 1.2912 0.7218 0.0503 0.0558 0.2517 0.1728 31 Dec 2025 1.0000 1.1750 0.6695 1.3471 0.7303 0.0556 0.0603 0.2783 0.1825 As
Slide 40: 1H26 currency mix
Appendix 10 1H26 currency mix (US$m) Total USD EUR AUD GBP CAD MXN ZAR PLN BRL Other1 Sales revenue 3,533.5 1,407.4 763.7 238.9 229.8 220.8 215.5 101.8 85.3 48.5 221.8 1H26 share 100% 40% 22% 7% 7% 6% 6% 3% 2% 1% 6% 1H25 share 100% 42% 21% 7% 7% 6% 5% 3% 2% 1% 6% Net debt2 2,712 896 1,522 141 (29) 1
Slide 41: 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 42: 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: FIFO First In, First Out Free Cash Flow Cash flow generated after net capital expenditure, finance costs and tax, but excluding the net cost of acq
Slide 43: 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 must observe such restrictions.
Slide 44: 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