Slide 1: Half-Year 2025 Results presentation
Half-Year 2025 Results presentation 20 February 2025
Slide 2: Results highlights
Results highlights Graham Chipchase, CEO
Slide 3: 1H25 highlights
1H25 highlights Growth with operating leverage and Improved business fundamentals improvement in Free Cash Flow delivered through transformation Enhanced customer experience in all regions with continued investments in pallet quality, service and innovation +4% +10% Sales Underlying Ongoing asset ef
Slide 4: Operating environment
Operating environment Moderating inflationary pressures, a return to more normalised pallet market dynamics and cycling impacts of inventory optimisation in the prior year 1H25 key operating dynamics 1H25 impact on Brambles Inflation • Inflation across labour and transport Pricing • Price increases
Slide 5: Shaping Our Future transformation
Shaping Our Future transformation Improving business fundamentals delivered by the transformation programme • Enhancing customer experience with faster and more efficient interactions, supported by machine learning and AI • Continued investment in pallet quality and service reliability Improving cus
Slide 6: Serialisation+
Serialisation+ Incremental insights and value being explored; continuing to test and learn in Chile, US and UK Learnings 1H25 key learnings Key benefits Focus for 2H25 • Delivery of inline tag repair • Increase throughput and reduce manual labour equipment in Chile • Compatible with space constraine
Slide 7: Shaping Our Future scorecard
Shaping Our Future scorecard 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 regenerative supply insigh
Slide 8: ESG achievements
ESG achievements Progress made towards achieving FY25 sustainability targets Business Positive Planet Positive Planet Positive 3.2 100% 5%1 Brambles Injury sustainably sourced timber2 reduction in Scope 1 and 2 4th Frequency Rate maintained CO2-e emissions most sustainable company of ~8,400 analysed
Slide 9: FY25 outlook
FY25 outlook Sales revenue and Underlying Profit guidance unchanged; Free Cash Flow outlook upgraded by US$100 million Outlook 4-6% 8-11% US$850m- 50-70% US$500m US$950m of Underlying Profit1 Sales revenue Underlying Profit Free Cash Flow Dividend payout FY25 on-market growth growth Before dividends
Slide 10: Financial overview
Financial overview Joaquin Gil, CFO All references to growth rates, unless otherwise stated, are at constant FX rates.
Slide 11: 1H25 financial highlights
1H25 financial highlights Volume growth Price realisation Return to volume growth with pricing recovering cost-to-serve increases +2% +2% Including net new wins +1% IPEP reduction Pooling capex to sales ratio Ongoing improvements in asset efficiency US$68m 11.9% vs. 1H24 at constant FX Down 2.6pts1
Slide 12: 1H25 results
1H25 results Productivity improvements delivering strong profit growth and operating leverage • Sales revenue +4% including volume growth of 2% with net US$m 1H25 Change vs. 1H24 new business and like-for-like volumes both growing by 1%. Continuing operations1 Actual FX Constant FX Price realisation
Slide 13: Group sales revenue growth
Group sales revenue growth Improved net new business momentum; moderating price increases in line with lower cost-to-serve Volumes +2% • Net new business wins +1% driven by Price/mix and volume contribution to growth North America and Asia-Pacific businesses where current and prior year wins deliver
Slide 14: Group Underlying Profit analysis (US$m)
Group Underlying Profit analysis (US$m) Profit growth driven by productivity gains, including significant improvements in asset efficiency, and ongoing commercial discipline to recover cost-to-serve Net inflation ~US$40m; other increases due to incremental repair costs reflecting damage rate Net inf
Slide 15: Asset efficiency
Asset efficiency Reduced capital intensity driven by asset efficiency initiatives and improved pallet market dynamics Pooling capital expenditure to sales ratio Pooling capital expenditure to sales ratio1 decreased 2.6pts, including US$65m reduction in pooling capital expenditure (accruals basis) at
Slide 16: Free Cash Flow before dividends (US$m, actual FX)
Free Cash Flow before dividends (US$m, actual FX) Asset efficiency driving US$118m increase in Free Cash Flow before dividends Asset efficiency and lower per unit Normalised 1H25 pallet costs delivered both pooling Free Cash Flow capex savings of ~US$72m and lower before dividends Mainly due to the
Slide 17: CHEP Americas
CHEP Americas Return to net new business growth and continued delivery of asset efficiency improvements 1H25 Change vs. 1H24 • Volume growth of 3%, driven by a 2% positive US$m Actual FX Constant FX Sales contribution from net new business wins and a +6% 1% increase in like-for-like volumes US 1,373
Slide 18: US pallets revenue
US pallets revenue Return to net new business growth and ongoing commercial discipline Price/mix +4% as contractual price increases to Price/mix and volume contribution to growth recover inflation were partly offset by lower contributions from pricing mechanisms linked to +13% asset efficiency in li
Slide 19: CHEP EMEA
CHEP EMEA1 Productivity improvements, including asset efficiency, delivering operating leverage • Price realisation of 1% driven by Africa, 1H25 Change vs. 1H24 Sales Middle East and Türkiye. European pallet US$m Actual FX Constant FX +2% pricing declined 1% as modest contractual price increases wer
Slide 20: CHEP Asia-Pacific
CHEP Asia-Pacific Margin and ROCI remain strong as demand patterns normalise in Australia • Pricing contributions of 4% to recover the 1H25 Change vs. 1H24 cost-to-serve Sales US$m Actual FX Constant FX +2% • Volume declines of 2% driven by lower daily hire revenue in Australia as the number Pallets
Slide 21: Corporate segment
Corporate segment Ongoing investment to support transformation 1H25 Change vs. 1H24 • Shaping Our Future corporate costs1 US$m Actual FX Constant FX comprising: Shaping Our Future – Digital transformation costs of US$50.2m up (65.3) (4.7) (3.7) programme costs US$3.9m mainly driven by continued inve
Slide 22: FY25 outlook considerations
FY25 outlook considerations 4-6% • Balanced contribution from price and volume growth, expected to be broadly in line with investor value proposition • FY25 like-for-like volumes broadly in line with FY24 including benefit of business cycling ~1pt adverse impact from inventory optimisation in FY24 –
Slide 23: FY25 outlook considerations
FY25 outlook considerations US$850m- • FY25 pooling capital expenditure to sales ratio of ~12%−14% (previously ~13%−15%) reflecting asset efficiency improvements and including ~1pt benefit from excess pallets at the end of FY24, primarily in the US$950m US business, expected to be utilised in FY25 •
Slide 24: Summary
Summary Return to volume growth with continued commercial discipline to recover cost-to-serve increases Asset control, supply chain productivity initiatives and cost discipline delivering operating leverage and capital efficiency Improved Free Cash Flow generation and strong financial position FY25
Slide 25: Half-Year 2025 Results presentation
Half-Year 2025 Results presentation 20 February 2025
Slide 26: Appendix
Appendix n & oO = g (-*)
Slide 27: Sales revenue by region and sector
Appendix 1 Sales revenue by region and sector 1H25 sales revenue by region 1H25 sales revenue by sector Africa, Middle East, Türkiye Asia Auto 3% 3.8% 0.5% General Eastern Europe retail 2% 4.4% 1 Other Latin Storage & Dist. 11% America 2% 8.1% ANZ Packaging 3% USA & 7.8% Fresh Canada produce 47.8% F
Slide 28: Balance sheet
Appendix 2a Balance sheet Dec 241 June 24 • Net debt increased by US$78m due to share buy-backs, lease capitalisations, and cash reclassified as held for sale Net debt2 US$2,606m US$2,528m in relation to CHEP India, partly offset by strong Free Cash Flow after dividends in the period and Average ter
Slide 29: Credit facilities and debt profile
Appendix 2b Credit facilities and debt profile (US$b at 31 December 2024) Committed Committed Uncommitted Total Maturity Type1 Debt drawn facilities Headroom facilities Headroom <12 months Bank/144A2 0.5 0.5 - 0.3 0.3 1 to 2 years Bank 0.2 - 0.2 - 0.2 3 2 to 3 years EMTN 0.5 0.5 - - - 3 to 4 years -
Slide 30: Hyperinflation impacts – accounting policy change
Appendix 3 Hyperinflation P&L impact US$(10.2)m at 1H25 impacts – accounting • In 2H24, following an annual review, Brambles revised its accounting policy relating to operations in hyperinflationary policy change economies • Under the revised approach: ‒ Inflationary impacts on both the monetary net
Slide 31: Group sales revenue growth (US$m)
Appendix 4 Group sales revenue growth (US$m) 22 6 (28) 107 3,400 3,372 3,265 +4% 1H24 CHEP CHEP CHEP 1H25 FX 1H25 Sales revenue 1 Americas EMEA Asia-Pacific Sales revenue Sales Revenue (Constant FX) (Actual FX) 1 1H24 reported sales revenue of US$3,282m restated to exclude CHEP India, now presented
Slide 32: Net plant and transport costs/sales revenue
Appendix 5 Net plant and transport costs/sales revenue Net plant cost/sales revenue Net transport cost/sales revenue (before NA lumber surcharge1) (Net of transport & fuel surcharges) 1H25 1H24 1H25 1H24 CHEP Americas 37.5% 35.6% 20.1% 19.8% CHEP EMEA 23.8% 22.7% 20.1% 20.4% CHEP Asia-Pacific 32.5%
Slide 33: CHEP Americas: Underlying Profit analysis
Appendix 6a CHEP Americas: Underlying Profit analysis (US$m) (15) (19) 74 (44) (6) (8) 46 358 386 +8% 4 1H24 Volume, North America Plant Transport Depreciation IPEP Other 1H25 Underlying Profit 1 price, mix 2 surcharge costs costs Underlying Profit income 3 (Constant FX) 1 1H24 reported Underlying P
Slide 34: CHEP EMEA: Underlying Profit analysis
Appendix 6b CHEP EMEA: Underlying Profit analysis (US$m) 19 16 (15) (1) 1 22 347 305 +14% 3 1H24 Volume, Plant Transport Depreciation IPEP Other 1H25 1 2 Underlying Profit price, mix costs costs Underlying Profit (Constant FX) 1 1H24 reported Underlying Profit of US$309m restated to exclude CHEP Ind
Slide 35: EMEA sales growth
Appendix 6c EMEA sales growth CHEP EMEA revenue growth breakdown Price/mix +1% (constant FX)1 Price realisation of 1% driven by Africa, Middle East and Türkiye. European pallet pricing declined +14% 1% as modest contractual price increases were more than offset by pricing +11% linked to asset effici
Slide 36: CHEP Asia-Pacific: Underlying Profit analysis
Appendix 6d CHEP Asia-Pacific: Underlying Profit analysis (US$m) 7 (6) (1) 2 (1) 94 95 +2% 1H24 Volume, 1 Plant Transport Depreciation Other 2 1H25 Underlying Profit price, mix costs costs Underlying Profit (Constant FX) 1 Sales growth net of volume-related costs (excluding depreciation). 2 Other in
Slide 37: Capital expenditure on Property, Plant and Equipment
Appendix 7 Capital expenditure on Property, Plant and Equipment (accruals basis US$m) 1,567 • Reduction in ‘Replacement’ capex due to an overall reduction in pallet loss rates driven by 146 1,000 asset efficiency benefits and improved pallet market dynamics, as well as impact of pallet price deflati
Slide 38: Regional asset efficiency pooling capital expenditure to sales ratio
Appendix 8 Regional asset efficiency pooling capital expenditure to sales ratio North America Latin America EMEA1 28.6% 32.9% 23.8% 39.7% 23.2% 30.2% 27.6% 14.1% 14.3% 25.6% 24.0% 9.4% 9.6% 11.5% 12.7% FY22 FY23 FY24 1H24 1H25 FY22 FY23 FY24 1H24 1H25 FY22 FY23 FY24 1H24 1H25 • FY23 decrease due to
Slide 39: IPEP expense
Appendix 9 IPEP expense (Actual FX rates, US$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 40: Major currency exchange rates
Appendix 10 1 Major currency exchange rates USD EUR AUD GBP CAD MXN ZAR PLN BRL 1H25 1.0000 1.0815 0.6582 1.2912 0.7218 0.0503 0.0558 0.2517 0.1728 Average 1H24 1.0000 1.0822 0.6554 1.2524 0.7418 0.0578 0.0534 0.2435 0.2024 31 Dec 2024 1.0000 1.0403 0.6224 1.2554 0.6947 0.0485 0.0532 0.2432 0.1619 A
Slide 41: 1H25 currency mix
Appendix 11 1H25 currency mix (US$m) Total USD EUR AUD GBP CAD MXN ZAR PLN BRL Other1 Sales revenue 3,371.7 1,404.0 699.6 232.5 225.7 207.3 178.6 98.0 77.1 42.2 206.7 1H25 share 100% 42% 21% 7% 7% 6% 5% 3% 2% 1% 6% 1H24 share2 100% 41% 21% 7% 7% 6% 6% 3% 2% 1% 6% Net debt3 2,606 1,144 1,345 85 (228)
Slide 42: Glossary of terms and measures
Appendix 12 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 43: Glossary of terms and measures
Appendix 12 Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions: Irrecoverable Pooling Provision held by Brambles to account for pooling equipment that cannot be economically recovered and for Equipment Provision
Slide 44: 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 45: 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