Brambles Limited (BXB) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to Bramble's full year results presentation for FY25. I'll begin our presentation today with an overview of our results for the financial year, including key highlights and achievements. I'll then give an overview of the operating environment before sharing an update on our transformation programme, including progress with Serialisation Plus. Finally, I'll cover our FY26 outlook before passing to Joaquin to take us through a detailed review of our financial performance. Starting with our FY25 highlights, we have again delivered a strong set of results, with our financial performance highlighting operating leverage and a step change in cash flow generation. For the full year, we achieved sales revenue growth of 3%, with a 10% increase in underlying profit and exceeded $1 billion in free cash flow before dividends for the first time. Our sales revenue comprised a mix of cost-to-serve recovery and a return-to-volume growth, where momentum in net new business wins helped offset lower like-for-like volumes as consumer demand remains subdued. Meanwhile, our underlying profit continues to benefit from asset efficiency and supply chain initiatives and ongoing discipline around overhead costs. These higher earnings as well as lower capital expenditure from the benefits of our asset productivity initiatives contributed to the significant improvement in free cash flow before dividends. The strength of our performance has allowed us to declare a total dividend of 39.83 US cents per share, representing an increase of 17% from FY24 and a payout ratio of 62% in line with our dividend policy. We're proud of what we've achieved in FY25 and attribute much of our success to our transformation programme, which has made us a more resilient business and d...