Bunzl Plc · LSE:BNZL
Bunzl — Shareholder Meeting (2025)
12 slides from Bunzl's shareholder meeting presentation, Apr 23, 2025
Slide 1: Bunzl 2025 Annual General Meeting
BUNZL 2025 ANNUAL GENERAL MEETING Add subtitle here
Slide 2: Q1 2025 Performance
Q1 2025 PERFORMANCE Q1 profit below expectations; reduction to 2025 guidance; action plan in place Q1 25 revenue growth North America: 2.6% • Since our last update, in a more uncertain macro environment, we have seen some revenue softness 1 across our North American businesses. This has resulted in
Slide 3: Income Statement
INCOME STATEMENT Strong operating profit growth, supported by operating margin expansion FY24 adjusted operating profit1 growth vs 2023 REPORTED CONSTANT £m 2024 2023 GROWTH EXCHANGE1 7.2% 2 Revenue 11,776.4 11,797.1 (0.2)% 3.1% Adjusted operating profit1 976.1 944.2 3.4% 7.2% 56.1%2 growth vs 2019
Slide 4: Cash Flow and Leverage
CASH FLOW AND LEVERAGE Our model is highly cash generative FY24 cash conversion1 Cash conversion1 over the last 10 years Adjusted net debt to EBITDA1 93% 107% 2.3x 103% 102% 101% TARGET Strong cash conversion 2.1x 99% 2.0x-2.5x 97% 97% 96% 2.0x 2.0x 94% 93% FY24 Free cash flow1 TARGET 1.9x 1.8x £634
Slide 5: Dividend Track Record
DIVIDEND TRACK RECORD Strong growth in 2024 dividend per share 73.9 8.2% total dividend per share growth Dividend per share CAGR 9.5% 32 years of consecutive annual dividend increases 4.0 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2025 ANNUAL G
Slide 6: Successful Compounding Growth Strategy
SUCCESSFUL COMPOUNDING GROWTH STRATEGY Growth strategy which has delivered consistently, and with strong returns CONSISTENT COMPOUNDING GROWTH MODEL 10 YEAR DELIVERY: – Win new customers – Fragmented industry c.9% 2 Adjusted operating – Sell more to existing – Large end markets profit1 CAGR customer
Slide 7: Appendices
APPENDICES
Slide 8: 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 are: Organic revenue g
Slide 9: 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 10: Appendix 2: Statutory P&L
APPENDIX 2 Statutory P&L £m 2024 2023 Revenue 11,776.4 11,797.1 Adjusted operating profit1 976.1 944.2 Operating margin1 8.3% 8.0% Adjusting items (176.8) (155.1) Operating profit 799.3 789.1 Net finance expense (105.4) (90.5) Disposal of business (20.3) - Profit before income tax 673.6 698.6 Report
Slide 11: Appendix 3: Confidence in long-term growth opportunities
Appendix 3 Confidence in long-term growth opportunities Proven Revenue (£bn) Adjusted operating profit1 (£m) compounding 976 11.8 growth strategy c.9% 2.4 169 adjusted operating profit1 and adjusted 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 EPS1 CAGR since 04 05 06 07 08 09 10 1
Slide 12: Disclaimer
DISCLAIMER This document has been prepared by Bunzl plc (the ‘Company’) solely for use at the Presentation of the Company’s AGM in respect of the year ended 31 December 2024, and period ended 31 March 2025. For the purposes of this disclaimer, ‘Presentation’ shall mean this document, the oral presen