Slides
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Add subtitle here BUNZL 2026 HALF YEAR RESULTS
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INTRODUCTION Frank van Zanten, Chief Executive Officer
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2026 HALF YEAR RESULTS 3 DRIVING BUNZL FORWARD Performance improved; 2026 foundation for future profit growth; resilience restored Encouraging volume growth in H1, led by North America Distribution Operational capabilities restored in North America Distribution Effective management of inflation in a difficult and volatile environment Improved performance and leverage supports £500m share buyback 2026 expected to be the foundation for the Group’s future profit growth Strong confidence in the Group’s medium-term growth opportunity A return to resilience
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2026 HALF YEAR RESULTS 4 HALF YEAR 2026 FINANCIAL SUMMARY 5th consecutive quarter of underlying revenue growth; 2026 outlook upgraded Adjusted operating profit growth1,3 Free cash flow growth2,3,4 8.0% 5.6% £257m free cash flow2,3; cash conversion of 90%2,3 £441m adjusted operating profit3; 2026 outlook upgraded Interim dividend growth £500m . Maintains significant headroom for bolt-on acquisitions Notes 1. At constant exchange rates 2. Excluding US IEEPA tariff refunds 3. Alternative performance measure – see Appendix 1 4. At actual exchange rates 5. Buyback to be completed over the next 12 months Revenue growth1,2 4.1% 3.2% underlying revenue growth2,3; 5th consecutive quarter of underlying growth Acquisitions announced year-to-date Adjusted net debt/ EBITDA2,3 2 c.1.8x Below target range of 2.0-2.5x; expect to be within the range going forward on average Pipeline active; continue to expect higher annual spend year-on-year; deal momentum is building Operating margin2,3 7.3% vs. 7.0% in H1 2025; temporary net impact of inflation in Q2, and Nisbets synergies Share buyback5 3.0% Committed to progressive dividend growth
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FINANCIAL RESULTS AND OUTLOOK Richard Howes, Chief Financial Officer
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2026 HALF YEAR RESULTS 5,767 5,933 4,000 4,500 5,000 5,500 6,000 6,500 Revenue in HY 2025 Underlying revenue growth Net acquisitions and hyperinflation impact US tariff refunds Revenue in HY 2026 6 Notes 1. At constant exchange rates 2. Excluding US IEEPA tariff refunds 3. Alternative performance measure – see Appendix 1 4. Contribution from net acquisitions of 0.8% includes a 0.1% impact from the disposal of our US R3 Safety business in January 2025 5. Excess growth in hyperinflationary economies benefitted revenue by 0.1% 6. During the period, Bunzl received US IEEPA tariff refunds, which at this stage are expected to be returned to customers and which have impacted revenue growth at constant exchange rates by 1.2% in the period. The refunds have no impact on adjusted operating profit in the period Revenue growth1,2: 4.1% 0.9% 3.2% 2,3 Underlying revenue growth2,3: Q1: 2.0% Q2: 4.3% REVENUE H1 underlying revenue growth driven by volume and inflation; both accelerated in Q2 Revenue growth1,2 4.1% Underlying revenue growth2,3 3.2% Driven by both volume and inflation, with improved momentum in both through H1 Net acquisitions contribution to revenue growth4 0.8% Driven by the annualisation of acquisitions completed in 2025 and the impact of the 2026 acquisition 6 £m (1.2)% 5 1 4
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2026 HALF YEAR RESULTS 7 INCOME STATEMENT Good profit growth, supported by revenue performance Adjusted operating profit increase1,3 8.0% Driven by moderate revenue growth and operating margin expansion Operating margin1,2 7.3% vs 7.0% in H1 2025 Driven by the net impact of inflation in Q2, much of which is expected to be temporary, and supported by the annualisation of initial Nisbets synergies Adjusted EPS growth1,3 11.4% Notes 1. Alternative performance measure – see Appendix 1 2. Excluding US IEEPA tariff refunds 3. At constant exchange rates 4. Weighted average number of shares of 321.5 million in H1 2026 and 326.9 million in H1 2025 5. After excluding £0.1m of profit for the period attributable to a non-controlling interest within our Nisbets business (£0.2m in H1 2025) £m H1 2026 H1 2025 REPORTED GROWTH CONSTANT EXCHANGE1 Revenue 5,933.1 5,759.6 3.0% 2.9% Gross margin2 29.4% 28.8% Adjusted operating profit1 440.6 404.5 8.9% 8.0% Operating margin1,2 7.3% 7.0% Net adjusted finance expense1 (59.7) (58.9) Adjusted profit before income tax1 380.9 345.6 10.2% 8.9% Effective tax rate1 26.0% 26.4% Adjusted earnings per share1,4,5 87.7p 77.8p 12.7% 11.4% Interim dividend per share 20.8p 20.2p 3.0% Statutory Operating profit 351.2 300.5 16.9% Profit before income tax 290.4 250.1 16.1% Basic earnings per share 65.7p 55.6p 18.2%
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82026 HALF YEAR RESULTS OPERATING COST INFLATION IN H1 INFLATION DYNAMICS Temporary net impact of inflation in Q2 a key driver of higher operating margin in H1 Wages (c.50% of costs) - At typical levels across our businesses Fuel and freight (c.15% of costs) - Increased as a result of higher oil prices Property (c.10% of costs) - At typical levels across our businesses − North America: Broad-based inflation, including in Distribution, partially offset by reduction in US tariff rates − Continental Europe: Impact of higher inflation in Turkey, Spain and some online businesses; moderating deflation in France − UK & Ireland: Muted inflation impact from higher product costs given price increases were implemented towards the end of Q2 − Rest of World: Brazil deflation annualising; limited inflation in Asia Pacific Plastics (c.30% of purchases) - Higher commodity prices have driven higher plastic prices - Q3 starting to see these selling-prices reduce from peak in certain categories Paper (c.25% of purchases) - Limited change in prices in H1 Other (c.45% of purchases) - Within this, slight increase in chemical prices COST OF GOODS SOLD INFLATION IN H1 Input prices remain volatile and are expected to normalise In addition, increase in variable costs given improved growth Ongoing focus across the Group on cost efficiencies SELLING PRICE INFLATION – HIGHER PRODUCT COSTS IN CERTAIN CATEGORIES, MOSTLY PLASTIC-RELATED PRODUCTS c.70 days inventory across the Group Q2
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2026 HALF YEAR RESULTS 9 NORTH AMERICA / CONTINENTAL EUROPE Encouraging underlying revenue growth in North America and Europe Notes 1. All commentary at constant exchange rates 2. Alternative performance measure - see Appendix 1 3. Excludes US IEEPA tariff refunds – Strong underlying revenue growth, with positive contributions from both volume and inflation, driven by a recovery in Distribution and strong growth in safety – Operating margin stable with the benefits of higher inflation offset by business mix and higher variable costs – Margin increases in Distribution and safety, offset by margin declines in retail, Mexico and convenience stores, which continue to be impacted by challenging markets – Year-on-year decline in ROACE due to lower adjusted operating profit over the last 12 months compared to the prior 12 months, and higher working capital – Modest underlying revenue growth, with an acceleration in Q2 driven by broad-based volume improvement and higher inflation – Strong growth in Spain, driven by volume growth in packaging and safety businesses; continued improved performance across online businesses – France volume growth offset by deflation, which moderated through the period – Moderate increase in operating margin driven by inflation impact in Turkey and Spain – ROACE broadly stable with higher margin offset by higher working capital North America1 Continental Europe1 £m H1 2026 H1 2025 REPORTED CONSTANT EXCHANGE2 UNDERLYING2 H1 2026 H1 2025 REPORTED CONSTANT EXCHANGE2 UNDERLYING2 Revenue 3,062.4 3,062.8 (0.0)% 4.8%3 4.6%3 1,269.4 1,186.4 7.0% 3.5% 2.1% Adjusted operating profit2 199.4 197.0 1.2% 3.4% 106.7 94.4 13.0% 8.9% Operating margin2 6.4%3 6.4% 8.4% 8.0% Return on average operating capital2 40.1%3 43.8% 35.8% 36.0%
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2026 HALF YEAR RESULTS 10 UK & IRELAND / REST OF THE WORLD Strong margin and profit performance across UK & Ireland and Rest of the World Notes 1. All commentary at constant exchange rates 2. Alternative performance measure - see Appendix 1 – Slight underlying revenue growth, mostly driven by volume, with inflation supportive towards the end of the period – Modest foodservice growth and good growth in cleaning & hygiene, partially offset by revenue decline in safety – Strong operating margin expansion driven by the annualisation of initial Nisbets synergies – ROACE increased strongly as a result of higher adjusted operating profit – Good constant currency revenue growth, driven by acquisitions and modest underlying revenue growth – Underlying revenue growth driven by Asia Pacific; improved performance in Latin America in the second quarter supported by volume growth and moderating deflation in Brazil – Strong increase in business area adjusted operating profit and operating margin, driven by Latin America, partially offset by lower healthcare margins in Asia Pacific – Higher ROACE driven by the strong increase in adjusted operating profit UK & Ireland1 Rest of the World1 £m H1 2026 H1 2025 REPORTED CONSTANT EXCHANGE2 UNDERLYING2 H1 2026 H1 2025 REPORTED CONSTANT EXCHANGE2 UNDERLYING2 Revenue 924.1 904.2 2.2% 1.7% 1.3% 677.2 606.2 11.7% 5.4% 1.9% Adjusted operating profit2 65.6 59.9 9.6% 9.3% 85.7 70.3 22.0% 15.5% Operating margin2 7.1% 6.6% 12.7% 11.6% Return on average operating capital2 42.9% 38.1% 38.1% 36.3%
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2026 HALF YEAR RESULTS 11 SECTOR PERFORMANCE Foodservice and Grocery outperformance driven by North America Distribution business Notes 1. Also includes the ‘Other’ sector 2. Alternative performance measure – see Appendix 1 Safety Cleaning & Hygiene Healthcare Foodservice Grocery1 Retail Sector commentary – Modest organic revenue growth in safety, driven by higher inflation in North America. Mixed performance in Brazil with strong volume growth in its import businesses offset by weakness elsewhere – Modest organic revenue growth in cleaning & hygiene, driven by volumes with limited net inflation support over the period – Good organic revenue growth in healthcare, driven by continued strong performance in Asia Pacific, although margin was impacted by challenges in our New Zealand healthcare businesses – Modest organic revenue growth, driven by volume growth within Bunzl’s North America Distribution business, and supported by inflation – Moderate growth in Continental Europe and UK & Ireland – Good organic revenue growth with strong volumes in North America Distribution, driven by new customer wins in H2 2025 and good growth at some of its biggest customers – Slight organic revenue growth in challenging markets, led by volume growth in Continental Europe – Revenue in Bunzl’s North America retail supplies business increased modestly H1 2026 revenue as % of Group total 34% 31% 28% 7% Organic revenue growth2 H1 2026 vs H1 2025 2.9% 2.6% 4.9% 1.5%
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2026 HALF YEAR RESULTS 12 96% 94% 96% 112% 100% 86% 93% 100% 97% 90% H1 17 H1 18 H1 19 H1 20 H1 21 H1 22 H1 23 H1 24 H1 25 H1 26 CASH FLOW Consistent strong cash conversion Cash conversion1,2 90% Strong cash conversion; in- line with Group target; lower conversion year-on- year due to an investment in working capital Free cash flow2 change1,6 +5.6% Driven by strong growth in adjusted operating profit and lower net interest paid £m H1 2026 H1 2025 Operating cash flow2,3 449.6 376.9 Net interest paid (excluding lease liabilities) (31.3) (49.6) Income tax paid (90.5) (84.1) Free cash flow2 327.8 243.2 Dividends paid (64.8) (66.7) Net payments relating to employee share schemes 5.1 (42.2) Net cash inflow before acquisitions, disposals and buyback 268.1 134.3 Net acquisitions4,5 (26.3) (31.4) Purchase of own shares – (117.8) Net cash inflow/(outflow) 241.8 (14.9) Cash conversion1,2 90% 97% Notes 1. Excludes US IEEPA tariff refunds 2. Alternative performance measure – see Appendix 1 3. Before acquisition related items 4. Including acquisition related items 5. Net of £17.3 million disposal proceeds in H1 2025 6. At actual exchange rates H1 cash conversion2 over the last 10 years TARGET 90%
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2026 HALF YEAR RESULTS 13 BALANCE SHEET Leverage ratio below target range; returns slightly higher Adjusted net debt to EBITDA1,2 1.8x Including deferred and contingent consideration expected to be paid Return on invested capital1,2 13.3% vs. 13.0% in 2025 Return on average operating capital1,2 38.0% vs. 37.0% in 2025 £m JUNE 2026 DECEMBER 2025 Intangible assets 3,569.1 3,618.1 Right-of-use assets 678.2 682.1 Property, plant and equipment 237.9 231.1 Working capital1 1,295.8 1,288.1 Deferred acquisition consideration3 (213.3) (225.7) Other net liabilities (575.4) (411.9) Net pension assets 18.9 17.4 Net debt excluding lease liabilities1 (1,432.3) (1,663.9) Lease liabilities (740.8) (742.5) Equity 2,838.1 2,792.8 Adjusted net debt including lease liabilities to EBITDA1,2 2.0x 2.2x Adjusted net debt to EBITDA1,2 1.8x 2.0x Return on invested capital1,2 13.3% 13.0% Return on average operating capital1,2 38.0% 37.0% Notes 1. Alternative performance measure - see Appendix 1 2. Excluding US IEEPA tariff refunds 3. Total deferred and contingent consideration, inclusive of both on and off-balance sheet components, was £250.5 million at June 2026, compared to £278.9 million at December 2025 4. As at balance sheet date Adjusted net debt to EBITDA1 Key Impact on adjusted net debt to EBITDA1 from deferred and contingent consideration4 Adjusted net debt to EBITDA1 excluding deferred and contingent consideration4 2.1x2.0x 2.3x 2.0x 1.9x 1.5x 1.6x 1.2x 1.2x 1.8x 2.0x 1.8x2 15 16 17 18 19 20 21 22 23 24 25 H1 26 Average prior to pandemic: 2.1x 2.0x-2.5x TARGET
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2026 HALF YEAR RESULTS 14 CONSISTENT CAPITAL ALLOCATION POLICY A policy that has supported the delivery of long-term returns Notes 1. Alternative performance measure - see Appendix 1 2. Excluding US IEEPA tariff refunds 3. Adjusted net debt to EBITDA, which is an alternative performance measure ▪ Low risk, high-return organic investments are our priority ▪ Low cash requirement due to asset- light business model Invest in the business 1 38% ROACE1,2 ▪ 33 consecutive years of annual dividend growth ▪ Dividend cover supports sustainable annual growth Pay a progressive dividend 2 ▪ Bolt-on acquisitions at attractive multiples ▪ Strong track record of delivering high returns from bolt-ons; proven acquisition process Value- accretive acquisitions 3 ▪ Kept under regular review ▪ Considered alongside value-accretive acquisition pipeline and the level of excess cash Distribution of excess cash 4 £2.7bn Dividend payments 2004 to June 2026 £6.2bn Committed spend between 2004 and 2025 £450m Share buybacks across 2024 and 2025 Over the medium-term Bunzl aims, on average, to manage leverage within its target range – H1’26 leverage2,3: 1.8x Committed to ROIC1,2 focused capital allocation Capital allocation opportunities supported by strong annual cash generation Allocation decisions factor in expected near-term pipeline of high-return acquisition opportunities
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15 2026 HALF YEAR RESULTS CONTINUED PRIORITISATION OF BOLT-ON ACQUISITIONS Very attractive returns; significant opportunity with an active pipeline; lumpy deal flow Bolt-on acquisitions core to strategy – 74 out of 77 announced acquisitions (2020-2025) were bolt-ons: – c.£300m average annual committed spend – c.£25m average spend per deal 8.1x 8.0x 2016-2020 2021-2025 Consistent valuations over time and strong returns achieved Notes 1. Acquisitions with an EV lower than £200m 2. Simple average of the annual multiples paid for businesses, with the annual multiples calculated on a weighted average basis each year, by reference to multiples paid for initial stakes excluding performance-based payments (i.e. exclusive of consideration dependent on future earnings growth, in particular buyout of minorities); multiples based on calendar year earnings in the year of acquisition 3. ROIC on this page is calculated based on the share of ownership acquired and the enterprise value related to the share of adjusted operating profit Average of annual weighted multiples on bolt-ons1 ; (EV/EBITA; initial stakes)2 >230 Bolt-on acquisitions1 since 2004 Significant opportunity and active pipeline >1,300 Potential targets identified 13.3% Year 2 Average year 2 ROIC3 bolt-ons1 acquired over 2021-2023 1 Bolt-on acquisition spend can be lumpy; lower years not unusual – Spend over last c.18 months lower than typical, driven by macro uncertainty – Pipeline active; expect pick-up in activity in second half 1 0 100 200 300 400 500 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 £m bolt-on acquisition spend Rolling 5-year average
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16 2026 HALF YEAR RESULTS 1.8x 0.6x 0.3x H1 26 net debt/ EBITDA Annual Free Cash Flow Annual dividend and employee share purchases Capital allocation opportunites Target net debt to EBITDA 0.5x to 1.0x SIGNIFICANT HEADROOM FOR CAPITAL ALLOCATION Leverage level and improved performance drive distribution of excess cash Leverage bridge High level illustration over 12 month period Annual net 0.3x leverage reduction on current level of free cash flow and dividend/employee share purchases Target leverage range £500 million buyback announced – To be completed over the next 12 months – Leaves appropriate headroom to participate in ongoing consolidation opportunities – Board will continue to regularly consider the opportunity to allocate capital to share buybacks 2.5x 2.0x Headroom for capital allocation opportunities Bolt-on acquisitions – Every c.£100m bolt-on spend impacts leverage a little under 0.1x Distribution of excess cash – Announced £500m impacts leverage by c.0.5x Notes 1. Alternative performance measure - see Appendix 1 2. Excluding US IEEPA tariff refunds 3. Based on FY25 cash movements 4. Based on average historic bolt-on acquisition valuations 1,2 11,3 3 4 Over the medium-term Bunzl aims, on average, to manage leverage within its target range
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2026 HALF YEAR RESULTS 17 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 25 DIVIDEND TRACK RECORD Dividend cover supports sustainable annual growth Dividend per share CAGR c.9% 74.1 33 years of consecutive annual dividend increases 3.0% Interim 2026 dividend per share growth1 2026 expected dividend cover 2.4x In-line with 2025 Sustainable annual growth supported by conservative dividend cover Note 1. At actual exchange rates
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2026 HALF YEAR RESULTS 18 2026 OUTLOOK UPGRADED 2026 Guidance – Uncertainties relating to the wider economic and geopolitical landscape are expected to continue – We continue to expect revenue growth at constant exchange rates1 to be driven by: • Modest underlying revenue growth2, supported by some inflation, and • A small benefit from acquisitions – We now expect Group operating margin2 to be broadly flat year-on-year compared to the 7.6%3 operating margin2 reported in 2025 Now expect modest adjusted operating profit growth year-on-year3 H2 2026 considerations – Tougher comparatives – Some input costs have reduced from peak levels; expect an unwind of temporary net inflation benefit seen in H1 – Continued impact of variable cost growth Notes 1. Excluding US IEEPA tariff refunds 2. Alternative performance measure - see Appendix 1 3. After excluding an £8 million share-based payment credit due to the reversal of prior year charges related to awards made in 2023 and 2024 which have been impacted by the Group’s performance in 2025 4. Number of ordinary shares in issue less shares held in trust Other guidance items – Net finance expense: c.£125m – £130m – Tax rate: 26.0% – 30th June 2026 shares outstanding4: 321.5m
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BUSINESS UPDATE Frank van Zanten, Chief Executive Officer
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2026 HALF YEAR RESULTS 20 NORTH AMERICA: STRONG, DIVERSIFIED BUSINESS Distribution business c.60% of North America revenue 59% Distribution 9% Other Grocery (including operations in Canada and Mexico, as well as 2% through Convenience Stores) 4% Other Retail 12% Safety 2% Other Cleaning & Hygiene 12% Other Foodservice (of which 6% is Food Processor and Agriculture) BUNZL NORTH AMERICA SECTOR SPLIT Notes 1. In H1 2026, excluding US IEEPA tariff refunds, and an alternative performance measure – see Appendix 1 2. Includes pre-existing relationship periods for customers of acquired businesses prior to acquisition by Bunzl 31% Grocery 2% Other 15% Redistribution - Foodservice Of which 13% is Other (Retail, Food Processor and Cleaning & Hygiene) North America revenue HY26 £3.1bn Diverse sector mix supports resilience • Multiple end-market exposures with differing drivers of activity • Diversity within sectors, across regions and markets Fragmented customer base with low churn • Top 40 customers largely serviced by Distribution business and average partnership >20 years2 • Top 3 customers <25% of revenue • Customers #4 to #10 <15% of revenue North America operating margin1 of 6.4% and strong return on average operating capital1 of 40% • Differing operating margins across businesses • Structurally higher inventory turns in certain sectors: ‒ Double digit margin for safety, food processor and agriculture ‒ Mid-single digit margin for Distribution, Retail and other business, but faster turn Similar ROACE of both sector groupings BUNZL NORTH AMERICA PROFILE
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2026 HALF YEAR RESULTS 21 DISTRIBUTION BUSINESS – OPERATIONS STRONGLY IMPROVED New operational structure more effectively supports both local and national accounts – Sales and operations model is working well • Unlocks greater sales growth opportunity – A reinforced local foodservice leadership structure has brought greater focus – Local agility has been restored • Pricing and inventory decisions for local customers moved back to the local markets • Procurement largely back with local teams Availability and commercial responsiveness back at desired levels Salesforce in a stronger position – Motivated and engaged teams – Improved collaboration Strengthened third-party supplier engagement – Own brand opportunity remains – Balanced approach; own brands complementary to growth opportunity with preferred third-party suppliers 97-98% on time in full (YTD) in-line with 2019 and with >60,000 SKUs distributed annually on a just-in-time basis Distribution staff turnover significantly lower Actions taken have significantly improved operational execution 2022 2023 2024 2025 Last 12m “Our partnership with Bunzl has significantly strengthened over the past year, delivering improved connectivity, faster service levels, and more reliable supply chain support for our member distributors. This collaboration has been instrumental in helping independents optimize operations and drive profitability.” Bill Lewis, President and CEO Frosty Acres Brands (buying group) Example branded supplier promotional collaboration: Strengthened customer relationships:
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2026 HALF YEAR RESULTS 22 DISTRIBUTION BUSINESS – TURNAROUND IN PROGRESS – Improved performance and a net inflation benefit more than offset the impact of sector mix (lower margin grocery growth), new business wins (initially lower margin) and higher variable costs 8% Underlying revenue growth1 Moderate operating margin increase1 Strong growth overall, with the foodservice segment stabilised and starting to recover Distribution near-term priorities: • Continued focus on business wins • Hire of new CEO of Distribution (in-progress) • Opening of two mixing centres to hold imported product, which will improve availability across the business and enhance warehouse productivity Focused on increasing market share, through new customer wins and increased share of wallet of existing customers H1 Distribution: 2% Q2 volume growth in Redistribution, which is predominantly foodservice – Driven by volume - new business wins (operational in Q4 2025) and established grocery customer partnerships – Some inflation Note 1. Excluding US IEEPA tariff refunds
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2026 HALF YEAR RESULTS 23 CONTINENTAL EUROPE INITIATIVES France warehouse consolidation fully operational; adidas safety partnership launched Future productivity gains ➢ Inventory management ➢ Route optimisation ➢ Improved demand planning Growth potential ➢ Range expansion ➢ Category expansion ➢ Geographical expansion Enhanced operations ➢ Higher service levels ➢ Inventory days -11% ➢ Warehouse capacity +25% Global exclusive license agreement for adidas safety shoes, with an initial launch in Europe Additional benefits ➢ Capture new customers ➢ Stock optimisation ➢ Stronger supply chain Enhances our expertise and market position in safety footwear COST EFFICIENCY MEASURES ORGANIC GROWTH INITIATIVES Significant warehouse consolidation in large French business; 15 warehouses reduced to 6 Improves product availability and delivery time for customers Continental Europe achieved total net new business wins worth c.EUR 30m of annualised revenue in H1
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24 2026 HALF YEAR RESULTS LONG-TERM GROWTH MODEL Frank van Zanten, Chief Executive Officer
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25 2026 HALF YEAR RESULTS DELIVERING OUR LONG-TERM GROWTH MODEL 2026 to be the foundation to drive future profit growth c 31.7 179.3 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Recent periods held back by North America Distribution and post-pandemic price normalisation Fully focused on returning to consistent delivery of long-term compounding growth Adjusted EPS1 (p) Organic revenue growth Operating efficiencies Acquisition growth Capital return Consistent long- term growth strategy Strong earnings growth opportunity Strong fundamentals Resilience a core attribute Diversified operations Essential products Cash generative business model Cash generative business model Cash generative model Scale operator Entrepreneurial culture Note 1. Alternative performance measure - see Appendix 1
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26 2026 HALF YEAR RESULTS DIVERSIFIED GLOBAL BUSINESS Resilient profile, and with strong returns across each sector Safety Healthcare Cleaning & Hygiene Foodservice Grocery Retail Trends – Growth supported by increasing safety standards, regulation and awareness – Infrastructure spend – Growth of care at home – Increased focus on preventative healthcare – Enhanced cleaning habits – Technology to improve operational efficiency – Eating outside of home – Home delivery – Sustainable packaging – Outsourcing of non- food essentials – Sustainable packaging – Omnichannel broadens products – Omnichannel strategy – Sustainable packaging 2025 revenue (% of Group) and geographic mix1 £1.8bn (15%) £0.8bn (7%) £1.3bn (11%) £3.7bn (31%) £2.9bn (24%) £0.9bn (8%) Medium-term revenue opportunity Around half of the Group’s operating profit 40% 26% 6% 28% 2% 33% 11% 54% 30% 42% 22% 6% 52% 19% 25% 4% 60%21% 16% 3% 88% 4% 8% 0% Broadly similar strong ROACE across sectors Note 1. Our operating companies often operate across multiple customer sectors; external reporting of revenue by customer is designed to provide investors a picture of combined end market exposure Food processor North America Continental Europe UK & Ireland Rest of the World Higher margin; lower inventory turn Lower margin; higher inventory turn
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27 2026 HALF YEAR RESULTS 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 ▪ Win new customers ▪ Expand product ranges ▪ Growing sectors ▪ Market-leading customers ▪ Ongoing trend to outsourcing Volume ▪ Commodity prices ▪ Market dynamics ▪ Geopolitics ▪ Currency impact Selling price ▪ Own brand / imports ▪ Manufactured brands ▪ Geographies and sectors ▪ Sustainability Mix – Continually evaluate and upgrade facilities – 15 warehouse consolidations and relocations in H1’26 – Investment in e-commerce capabilities – 78% digital orders in H1’26 (2025: 76%) – Warehouse management systems – Vehicle routing and safety systems – Warehouse and logistics optimisation – Agentic workflows increasing productivity Digital Capabilities Warehousing System Implementations Artificial Intelligence On average, expect Group volume growth to be driven by real GDP in our markets
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28 2026 HALF YEAR RESULTS BUNZL’S SUCCESSFUL ACQUISITION MACHINE Consistently supporting the Group’s long-term growth Note 1. Combined revenue that each business generated in their final year before disposal >230 acquisitions since 2004 c.£6bn committed spend since 2004 Highly fragmented and large end markets; sizeable market share opportunity Acquisitions are an effective way to expand given stickiness of customer relationships Cash generative model; acquisitions all self-funded Strong acquisition capabilities across the organisation; reduced execution risk Bunzl an attractive acquirer Supporting Bunzl’s development Market expansion across core customer sectors (existing and new countries) Product range development Enhanced capabilities and scale Four disposals since 2022 Total combined annual revenue1 of c.£250m Low to mid-single digit combined operating margin Active portfolio managementMarket and company fundamentals 2.6% average annual Group revenue growth from bolt-on acquisitions 2021-25
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29 2026 HALF YEAR RESULTS DRIVING BUNZL FORWARD Performance improved; 2026 foundation for future profit growth; resilience restored Encouraging volume growth in H1, led by North America Distribution Operational capabilities restored in North America Distribution Effective management of inflation in a difficult and volatile environment Improved performance and leverage supports £500m share buyback 2026 expected to be the foundation for the Group’s future profit growth Strong confidence in the Group’s medium-term growth opportunity A return to resilience
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30 2026 HALF YEAR RESULTS APPENDICES
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31 2026 HALF YEAR RESULTS 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 are: Organic revenue growth - Revenue excluding the incremental impact of acquisitions and disposals compared to revenue in prior period at constant exchange, adjusted for US IEEPA tariff refunds Underlying revenue growth - Revenue excluding the incremental impact of acquisitions and disposals compared to revenue in prior period at constant exchange, adjusted for differences in trading days between periods, US IEEPA tariff refunds and adjusted to exclude growth in excess of 26% per annum in hyperinflationary economies Adjusted operating profit - Operating profit before amortisation excluding software, acquisition related items through operating profit and non-recurring pension scheme charges/credits Operating margin - Adjusted operating profit as a percentage of revenue excluding US IEEPA tariff refunds Adjusted finance expense - Finance expense before interest on unwinding of discounting on deferred consideration Adjusted profit before income tax - Profit before income tax, amortisation excluding software, acquisition related items, non-recurring pension scheme charges/credits and profit or loss on disposal of businesses Adjusted profit for the period - Profit for the period before amortisation excluding software, acquisition related items, non-recurring pension scheme charges/credits, profit or loss on disposal of businesses and the associated tax Effective tax rate - Tax on adjusted profit before income tax as a percentage of adjusted profit before income tax Adjusted earnings per share - Adjusted profit for the period attributable to the company’s equity holders divided by the weighted average number of ordinary shares in issue Adjusted diluted earnings per share - Adjusted profit for the period attributable to the company’s equity holders divided by the diluted weighted average number of ordinary shares Operating cash flow - Cash generated from operations before acquisition related items after deducting purchases of property, plant and equipment and software and adding back the proceeds from the sale of property, plant and equipment and software and deducting the payment of lease liabilities Free cash flow - Operating cash flow after deducting payments for income tax and net interest excluding interest on lease liabilities Lease adjusted operating profit - Adjusted operating profit after adding back the depreciation of right-of-use assets and deducting the payment of lease liabilities Cash conversion - Operating cash flow excluding US IEEPA tariff refunds as a percentage of lease adjusted operating profit Working capital - Inventories and trade and other receivables less trade and other payables, excluding non-trading related receivables, non-trading related payables (including those relating to acquisition payments) and dividends payable Return on average operating capital - The ratio of adjusted operating profit to the average of the month end operating capital employed (being property, plant and equipment, right-of-use assets, software, inventories and trade and other receivables less trade and other payables excluding US IEEPA tariff refunds)
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32 2026 HALF YEAR RESULTS 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 amortisation excluding software, acquisition related items and amounts written off goodwill, net of the associated tax excluding US IEEPA tariff refunds) Dividend cover – The ratio of adjusted earnings per share to the total dividend per share EBITDA - Adjusted operating profit on a historical GAAP basis, before depreciation of property, plant and equipment and software amortisation and after adjustments as permitted by the Group’s debt covenants, principally to exclude share option charges and to annualise for the effect of acquisitions and disposal of businesses Net debt excluding lease liabilities - Net debt excluding the carrying value of lease liabilities Covenant net debt to EBITDA - Net debt excluding lease liabilities calculated at average exchange rates divided by EBITDA Adjusted net debt - Net debt excluding lease liabilities and including total deferred and contingent consideration Adjusted net debt including lease liabilities - Net debt including lease liabilities and total deferred and contingent consideration Adjusted net debt to EBITDA - Adjusted net debt calculated at average exchange rates excluding US IEEPA tariff refunds divided by EBITDA adjusted for contr actually agreed earnings targets Adjusted net debt including lease liabilities to EBITDA - Adjusted net debt including lease liabilities calculated at average exchange rates excluding US IEEPA tariff refunds divided by adjusted operating profit, before depreciation of property, plant and equipment and right of use assets and software amortisation and after adjustments to exclude share option charges and to annualise for the effect of acquisitions and disposal of businesses adjusted for contractually agreed earnings targets Constant exchange rates - Growth rates at constant exchange rates are calculated by retranslating the results for the prior period at the average rates for the period ended 30 June 2026 so that they can be compared without the distorting impact of changes caused by foreign exchange translation
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33 2026 HALF YEAR RESULTS APPENDIX 2 Statutory P&L Notes 1. Alternative performance measure – see Appendix 1 2. Excluding US IEEPA tariff refunds 3. After excluding £0.1m of profit for the period attributable to a non-controlling interest within our Nisbets business £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 Reported tax rate 27.2% 27.2% Profit for the period 211.4 182.1 Basic earnings per share3 65.7p 55.6p
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34 2026 HALF YEAR RESULTS APPENDIX 3 Acquisitions announced year to date • Completed April 2026 • Australian distributor of critical products and services to the Life Sciences and Biotechnology sectors • Expands the category offering of our existing business • Annualised revenue of £9 million in the 12 months to June 2026 • Completed July 2026 • Spanish distributor of bathroom accessories to the hospitality industry • Complements our existing business in Spain • Annualised revenue of £6 million in 2025
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35 2026 HALF YEAR RESULTS APPENDIX 4 Acquisition growth c.14 Acquisitions completed per annum on average (2021 -2025) 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 acquisitions 7 7 9 8 7 2 9 10 13 11 17 22 14 15 6 3 9 14 12 19 15 8 2 Committed acquisition spend (£m) 302 129 162 197 123 6 126 185 277 295 211 327 184 616 183 124 445 508 322 468 883 132 12 Annualised acquisition revenue (£m) 430 270 386 225 151 27 154 204 518 281 223 324 201 621 148 97 602 322 299 325 744 92 14 c.£460m Average annual committed spend (2021-2025) 239 Completed acquisitions since 2004 Notes 1. Inclusive of two unannounced acquisitions made in 2024 2. August year-to-date
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36 2026 HALF YEAR RESULTS APPENDIX 5 Focus on higher margin sectors in recent years; significant opportunities remain to expand COUNTRY FOODSERVICE GROCERY C&H SAFETY RETAIL HEALTHCARE USA ● ● ● ● ● Canada ● ● ● ● ● Mexico ● ● ● Puerto Rico ● ● ● UK ● ● ● ● ● ● Ireland ● ● ● ● ● ● Germany ● ● ● France ● ● ● ● Italy ● ● Spain ● ● ● ● ● Netherlands ● ● ● ● ● ● Belgium ● ● ● ● ● Denmark ● ● ● ● Norway ● Finland ● ● ● ● Switzerland ● ● ● ● ● ● COUNTRY FOODSERVICE GROCERY C&H SAFETY RETAIL HEALTHCARE Austria ● Czech Republic ● ● Hungary ● ● ● ● Romania ● ● ● Poland ● Slovakia ● Israel ● Turkey ● ● Brazil ● ● ● ● Chile ● ● ● Colombia ● Peru ● Uruguay ● Australia ● ● ● ● ● ● New Zealand ● ● ● ● China ● ● Singapore ● ● Bunzl has an existing presence Completed at least one acquisition in sector since 2018● Two-thirds of committed spend over the last 10 years has been in Safety, Cleaning & Hygiene and Healthcare businesses
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37 2026 HALF YEAR RESULTS APPENDIX 6 Revenue by customer market in H1 2026 31% Grocery Goods-not-for-resale, including food packaging, films, labels, cleaning & hygiene supplies and personal protection equipment to grocery stores, supermarkets and convenience stores Safety Personal protection and safety equipment, including gloves, boots, hard hats, ear and eye protection and other workwear, as well as cleaning & hygiene supplies and asset protection products to industrial, construction and e-commerce sectors Cleaning & Hygiene Cleaning & hygiene materials, including chemicals and hygiene paper, to cleaning and facilities management companies and industrial and public sector customers Healthcare Healthcare consumables, including gloves, masks, swabs, gowns, bandages and other healthcare related equipment, as well as cleaning & hygiene products and healthcare devices to hospitals, care homes and other facilities serving the healthcare sector Other A variety of product ranges to other end user markets Foodservice Non-food consumables, including food packaging, disposable tableware, guest amenities, catering equipment, agricultural supplies, cleaning & hygiene products and safety items, to hotels, restaurants, contract caterers, food processors, commercial growers and the leisure sector Retail Goods-not-for-resale, including packaging and other store supplies and a full range of cleaning & hygiene products, to retail chains, boutiques, department stores, home improvement chains, office supply companies and related e-commerce sales channels 7% 7% 11% 24% 5% Group revenue H1 2026 15%
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38 2026 HALF YEAR RESULTS APPENDIX 7 2.4 11.8 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 169 910 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Adjusted EPS1 (p) Dividend per Share (p) 31.7 179.3 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 13.3 74.1 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Revenue (£bn) Adjusted operating profit1 (£m)Proven compounding growth strategy 2026 the foundation for a return to compounding growth Note 1. Alternative performance measure - see Appendix 1
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39 2026 HALF YEAR RESULTS 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 slides by the Company and related question-and-answer session and any materials distributed at, or in connection with, that Presentation. The Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on or in connection with, any contract or commitment or investment decision whatsoever. This presentation contains forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. They are subject to risks and uncertainties that might cause actual results and outcomes to differ materially from the expectations expressed in them. You are cautioned not to place undue reliance on such forward-looking statements which speak only as of the date hereof. All forward looking statements contained in this Presentation reflect the knowledge and information available to the Company at the date of its preparation, and, other than in accordance with its legal or regulatory obligations, the Company undertakes no obligation to revise or update any such forward-looking statements. Investors should, however, consult any additional disclosures that the Company may make in accordance with its legal and regulatory obligations. Nothing in this Presentation shall be construed as a profit forecast. The Company makes no representation or warranty, express or implied, as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein, and to the extent permitted by applicable law, the Company, its subsidiaries, affiliates, and its and their respective directors, officers and employees disclaim any and all liability for loss suffered by any person which arises out of or in connection with their use of this Presentation. The release, presentation, publication or distribution of this Presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements. It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction.