Slide 1: Bunzl 2026 Half Year Results
BUNZL 2026 HALF YEAR Add RESULTS subtitle here
Slide 2: Introduction
INTRODUCTION Frank van Zanten, Chief Executive Officer
Slide 3: Driving Bunzl Forward
DRIVING BUNZL FORWARD Performance improved; 2026 foundation for future profit growth; resilience restored Encouraging volume growth in H1, led by North America Distribution 2026 expected to be the foundation for the Group’s Operational capabilities restored in future profit growth North America Dist
Slide 4: Half Year 2026 Financial Summary
HALF YEAR 2026 FINANCIAL SUMMARY 5th consecutive quarter of underlying revenue growth; 2026 outlook upgraded 3.2% underlying revenue vs. 7.0% in H1 2025; Revenue growth2,3; 5th Operating temporary net impact of growth1,2 4.1% consecutive quarter of margin2,3 7.3% inflation in Q2, and underlying grow
Slide 5: Financial Results and Outlook
FINANCIAL RESULTS Richard Howes, AND OUTLOOK Chief Financial Officer
Slide 6: Revenue
REVENUE H1 underlying revenue growth driven by volume and inflation; both accelerated in Q2 Revenue growth1,2 £m Revenue growth1,2: 6,500 4.1% 4.1% 0.9% Underlying revenue 6,000 3.2% (1.2)% growth2,3 3.2% 5,500 Driven by both volume and Underlying revenue growth2,3: inflation, with improved 5,000 Q1
Slide 7: Income Statement
INCOME STATEMENT Good profit growth, supported by revenue performance Adjusted operating profit REPORTED CONSTANT increase1,3 £m H1 2026 H1 2025 GROWTH EXCHANGE1 8.0% Revenue Gross margin2 5,933.1 29.4% 5,759.6 28.8% 3.0% 2.9% Driven by moderate revenue Adjusted operating profit1 440.6 404.5 8.9% 8.
Slide 8: Inflation Dynamics
INFLATION DYNAMICS Temporary net impact of inflation in Q2 a key driver of higher operating margin in H1 SELLING PRICE INFLATION – HIGHER PRODUCT COSTS IN CERTAIN CATEGORIES, MOSTLY PLASTIC-RELATED PRODUCTS − North America: Broad-based inflation, including in Distribution, partially offset by reduct
Slide 9: North America / Continental Europe
NORTH AMERICA / CONTINENTAL EUROPE Encouraging underlying revenue growth in North America and Europe North America1 Continental Europe1 CONSTANT CONSTANT £m H1 2026 H1 2025 REPORTED EXCHANGE2 UNDERLYING2 H1 2026 H1 2025 REPORTED EXCHANGE2 UNDERLYING2 Revenue 3,062.4 3,062.8 (0.0)% 4.8%3 4.6%3 1,269.
Slide 10: UK & Ireland / Rest of the World
UK & IRELAND / REST OF THE WORLD Strong margin and profit performance across UK & Ireland and Rest of the World UK & Ireland1 Rest of the World1 CONSTANT CONSTANT £m H1 2026 H1 2025 REPORTED EXCHANGE2 UNDERLYING2 H1 2026 H1 2025 REPORTED EXCHANGE2 UNDERLYING2 Revenue 924.1 904.2 2.2% 1.7% 1.3% 677.2
Slide 11: Sector Performance
SECTOR PERFORMANCE Foodservice and Grocery outperformance driven by North America Distribution business Safety Cleaning & Hygiene Healthcare Foodservice Grocery1 Retail Sector commentary – Modest organic revenue growth in safety, driven by higher inflation – Modest organic revenue – Good organic – S
Slide 12: Cash Flow
CASH FLOW Consistent strong cash conversion H1 cash conversion2 over the last 10 years Cash conversion1,2 £m H1 2026 H1 2025 90% Operating cash flow2,3 449.6 376.9 112% Net interest paid (excluding lease liabilities) (31.3) (49.6) 100% 100% Income tax paid (90.5) (84.1) 97% Strong cash conversion; i
Slide 13: Balance Sheet
BALANCE SHEET Leverage ratio below target range; returns slightly higher JUNE DECEMBER Adjusted net debt to EBITDA1 Adjusted net debt £m 2026 2025 to EBITDA1,2 Intangible assets 3,569.1 3,618.1 2.3x Average prior to Right-of-use assets 678.2 682.1 2.1x 2.0x 2.0x pandemic: 2.1x TARGET 1.8x Property,
Slide 14: Consistent Capital Allocation Policy
CONSISTENT CAPITAL ALLOCATION POLICY A policy that has supported the delivery of long-term returns 1 ▪ Low risk, high-return organic Invest in the business ▪ investments are our priority Low cash requirement due to asset- 38% Over the medium-term Bunzl aims, on average, to manage leverage within its
Slide 15: Continued Prioritisation of Bolt-on Acquisitions
CONTINUED PRIORITISATION OF BOLT-ON ACQUISITIONS Very attractive returns; significant opportunity with an active pipeline; lumpy deal flow 1 Bolt-on acquisitions core to strategy Significant opportunity and active pipeline – 74 out of 77 announced acquisitions (2020-2025) were bolt-ons: – c.£300m av
Slide 16: Significant Headroom for Capital Allocation
SIGNIFICANT HEADROOM FOR CAPITAL ALLOCATION Leverage level and improved performance drive distribution of excess cash Leverage bridge High level illustration over Target 12 month period leverage 0.5x to 1.0x range 2.5x £500 million buyback announced Headroom for Over the capital allocation medium-te
Slide 17: Dividend Track Record
DIVIDEND TRACK RECORD Dividend cover supports sustainable annual growth 3.0% 74.1 33 years Interim 2026 of consecutive dividend per annual dividend share growth1 increases Dividend per share 2026 expected CAGR c.9% dividend cover 2.4x In-line with 2025 Sustainable annual growth supported 4.0 by cons
Slide 18: 2026 Outlook Upgraded
2026 OUTLOOK UPGRADED Now expect modest adjusted operating profit growth year-on-year3 2026 Guidance H2 2026 considerations – Uncertainties relating to the wider economic and – Tougher comparatives geopolitical landscape are expected to continue – Some input costs have reduced from peak levels; expe
Slide 19: Business Update
BUSINESS UPDATE Frank van Zanten, Chief Executive Officer
Slide 20: North America: Strong, Diversified Business
NORTH AMERICA: STRONG, DIVERSIFIED BUSINESS Distribution business c.60% of North America revenue BUNZL NORTH AMERICA PROFILE BUNZL NORTH AMERICA SECTOR SPLIT 2% Other 2% Diverse sector mix supports resilience 4% Other Cleaning Other • Multiple end-market exposures with differing drivers of activity
Slide 21: Distribution Business – Operations Strongly Improved
DISTRIBUTION BUSINESS – OPERATIONS STRONGLY IMPROVED Actions taken have significantly improved operational execution New operational structure more effectively Strengthened customer relationships: supports both local and national accounts – Sales and operations model is working well 97-98% “Our part
Slide 22: Distribution Business – Turnaround in Progress
DISTRIBUTION BUSINESS – TURNAROUND IN PROGRESS Strong growth overall, with the foodservice segment stabilised and starting to recover H1 Distribution: Distribution near-term priorities: • Continued focus on business wins 8% – Driven by volume - new business wins (operational • Hire of new CEO of Dis
Slide 23: Continental Europe Initiatives
CONTINENTAL EUROPE INITIATIVES France warehouse consolidation fully operational; adidas safety partnership launched COST EFFICIENCY MEASURES ORGANIC GROWTH INITIATIVES Significant warehouse consolidation in large French business; 15 Continental Europe achieved total net new business wins worth wareh
Slide 24: Long-Term Growth Model
LONG-TERM Frank van Zanten, GROWTH MODEL Chief Executive Officer 2026 HALF YEAR RESULTS 24
Slide 25: Delivering Our Long-Term Growth Model
DELIVERING OUR LONG-TERM GROWTH MODEL 2026 to be the foundation to drive future profit growth Recent periods held back by North America Diversified operations Strong Distribution and post-pandemic price fundamentals Essential products normalisation Resilience a core Scale operator Fully focused on r
Slide 26: Diversified Global Business
DIVERSIFIED GLOBAL BUSINESS Resilient profile, and with strong returns across each sector Safety Healthcare Cleaning & Hygiene Foodservice Grocery Retail Trends – Growth supported by – Growth of care at – Enhanced cleaning – Eating outside of – Outsourcing of non- – Omnichannel increasing safety hom
Slide 27: Organic Growth Drivers and Operating Efficiencies
ORGANIC GROWTH DRIVERS AND OPERATING EFFICIENCIES Volume growth linked to activity levels in our markets ORGANIC REVENUE GROWTH OPERATING EFFICIENCIES ▪ Sell more to existing customers On average, Warehousing Digital Capabilities ▪ Win new customers expect Group ▪ Expand product ranges volume growth
Slide 28: Bunzl's Successful Acquisition Machine
BUNZL’S SUCCESSFUL ACQUISITION MACHINE Consistently supporting the Group’s long-term growth Market and company fundamentals Supporting Bunzl’s development Active portfolio management Highly fragmented and large end Market expansion across core Four disposals since 2022 markets; sizeable market share
Slide 29: Driving Bunzl Forward
DRIVING BUNZL FORWARD Performance improved; 2026 foundation for future profit growth; resilience restored Encouraging volume growth in H1, led by North America Distribution 2026 expected to be the foundation for the Group’s Operational capabilities restored in future profit growth North America Dist
Slide 30: Appendices
APPENDICES 2026 HALF YEAR RESULTS 30
Slide 31: Appendix 1.1: Alternative performance measures
APPENDIX 1.1 Alternative performance measures This presentation includes various performance measures defined under International Financial Reporting Standards (‘IFRS’) as well as a number of alternative performance measures. The principal alternative performance measures used in this presentation a
Slide 32: Appendix 1.2: Alternative performance measures
APPENDIX 1.2 Alternative performance measures Return on invested capital - The ratio of adjusted operating profit to the average of the month end invested capital (being equity after adding back net debt, lease liabilities, net defined benefit pension scheme assets/liabilities, cumulative amortisati
Slide 33: Appendix 2: Statutory P&L
APPENDIX 2 Statutory P&L £m H1 2026 H1 2025 Revenue 5,933.1 5,759.6 Adjusted operating profit1 440.6 404.5 Operating margin1,2 7.3% 7.0% Adjusting items (89.4) (104.0) Operating profit 351.2 300.5 Net finance expense (60.8) (60.6) Disposal of businesses – 10.2 Profit before income tax 290.4 250.1 Re
Slide 34: Appendix 3: Acquisitions announced year to date
APPENDIX 3 Acquisitions announced year to date • Completed April 2026 • Completed July 2026 • Australian distributor of critical products and services to the Life Sciences • Spanish distributor of bathroom accessories to the hospitality industry and Biotechnology sectors • Complements our existing b
Slide 35: Appendix 4: Acquisition growth
APPENDIX 4 Acquisition growth 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 241 25 26 YTD2 Number of 7 7 9 8 7 2 9 10 13 11 17 22 14 15 6 3 9 14 12 19 15 8 2 acquisitions Committed acquisition 302 129 162 197 123 6 126 185 277 295 211 327 184 616 183 124 445 508 322 468 883 132 12 spen
Slide 36: Appendix 5: Focus on higher margin sectors
APPENDIX 5 Focus on higher margin sectors in recent years; significant opportunities remain to expand Two-thirds of committed spend over the last 10 years has been in Safety, Cleaning & Hygiene and Healthcare businesses COUNTRY FOODSERVICE GROCERY C&H SAFETY RETAIL HEALTHCARE COUNTRY FOODSERVICE GRO
Slide 37: Appendix 6: Revenue by customer market in H1 2026
APPENDIX 6 Revenue by customer market in H1 2026 Safety Foodservice Personal protection and safety equipment, including 15% 31% Non-food consumables, including food packaging, gloves, boots, hard hats, ear and eye protection and disposable tableware, guest amenities, catering other workwear, as well
Slide 38: Appendix 7: 2026 the foundation for a return to compounding growth
APPENDIX 7 2026 the foundation for a return to compounding growth Proven Revenue (£bn) Adjusted operating profit1 (£m) 910 compounding 11.8 growth strategy 169 2.4 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Adju
Slide 39: Disclaimer
DISCLAIMER This document has been prepared by Bunzl plc (the ‘Company’) solely for use at the presentation of the Company’s results announcement in respect of the period ended 30 June 2026. For the purposes of this disclaimer, ‘Presentation’ shall mean this document, the oral presentation of the sli