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DISCLAIMER 2 The information in this presentation was prepared by EBOS Group Limited (“EBOS” or the “Group”) with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and, to the extent permitted by law, no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither EBOS nor any of its subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any l oss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may contain forward-looking statements and projections. These reflect EBOS’ current expectations, based on wha t it thinks are reasonable assumptions. To the extent permitted by law, EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Fur ther, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy EBOS securities and may not be relied upon in connection with any purchase of EBOS securiti es. This presentation contains a number of non-GAAP financial measures, including Gross Operating Revenue, EBITDA, EBIT, NPAT, Underlying Operating Expenditure, Underlying EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Underlying Cash from Operations, Underlying Free Cash Flow, Cash Conversion Days, Net Working Capital, Net Debt, Leverage, Net Debt : EBITDA and Return on Capital Employed (ROCE). Because they are not defined by GAAP or IFRS, EBOS’ calculation of t hese measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measu res determined in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS' business, readers are cautioned not to place undue reliance on these non-GAAP financial measures. The information contained in this presentation should be considered in conjunction with the audited consolidated financial st atements for the half year ended 31 December 2025. EBOS and its businesses are subject to known and unknown risks, some of which are beyond the control of EBOS and/or may not b e fully mitigated. A summary of key financial and non-financial risks identified by EBOS can be found under ‘Risk Management’ at https://www.ebosgroup.com/who-we-are/corporate-governance. This should not be considered an exhaustive list. All currency amounts are in Australian dollars unless stated otherwise. Underlying earnings for the 31 December 2025 and 31 December 2024 periods exclude M&A transaction costs, non-recurring restructuring and site transition costs and the amortisation (non-cash) expense attributable to purchase price accounting (PPA) of finite life intangible assets. Underlying earnings to 31 December 2025 also excludes the net gain on acquisition related activities, which includes a gain ( non-cash) on step acquisition of Origin Biologics reflecting the remeasurement of the Group’s previously held equity-accounted interest to fair value when control was obtained in December 2025
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EXECUTING WITH DISCIPLINE, WITH CONFIDENCE IN H2 FY26 EBITDA UPLIFT 3 Solid growth during FY26; uplift in H2 FY26 Disciplined capital allocation continues Well positioned for growth in FY27 and beyond • FY26 EBITDA guidance is reaffirmed, continued strong revenue growth expected, as productivity and utilisation continue to increase1 • Underlying EBITDA increased 3.2% to $300 million, consistent with guidance and reflecting commissioning of strategic investments - Healthcare EBITDA grew 1.3% to $254 million, with strong revenue momentum and disciplined management of costs - Animal Care EBITDA increased 15.1% to $68 million, supported by good branded performance and cost management • Confidence in H2 FY26 EBITDA delivery, with opportunities in Healthcare from DC renewal, complemented by runway in our newly acquired MediAdvice pharmacy network banner, benefits from recent Medical Technology acquisitions, and a strong product pipeline in Animal Care • DC renewal program progressing to plan, with largest and most complex site (Kemps Creek) now operating well and remaining sites on schedule to be operational in FY26 • Balance sheet remains strong and within target leverage range, with leverage expected to reduce in FY27 following EBITDA growth and a step down in capex (excluding any additional M&A), on conclusion of the DC renewal program • Bolt-on acquisition program ongoing, with $70 million deployed2 to expand regional presence and therapeutic areas within Medical Technology, increase pharmacy retail network reach with an additional 80 pharmacies under a new banner, and expand Animal Care manufacturing capability with access to new formats • Revenue momentum to continue, driven by network growth across retail pharmacy brands, innovation led growth within Animal Care products, and regional expansion and solution opportunities within Medical Technology • Margin outlook positive, driven by productivity uplift & improved utilisation in Healthcare, expanded CSO regime, and ongoing benefit from business mix shift • Cash leverage from FY27, with peak investment now complete and capex expected to reduce by ~30% in FY27, driving stronger free cash flow. As D&A and interest normalise on a more stable asset base, this creates headroom to deleverage and reinvest for further growth 1. FY26 guidance was provided at FY25 results in August 2025, and reaffirmed at the Annual Meeting in October 2025 2. Consideration includes upfront payment (excludes potential deferred consideration)
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$303m Statutory • 9.7% $300m Underlying • 3.2% EBITDA $615-$635m • FY26 remains unchanged Refer slide 6 and 7 FY26 EBITDA guidance GROWTH CONTINUES WITH H1 FY26 EBITDA IN LINE WITH GUIDANCE1 4 1. Growth is H1 FY26 Underlying compared to H1 FY25 Underlying 2. Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts 3. ROCE as at 31 December 2025 and ROCE change (based on comparison to 31 December 2024) $6,768m • +13.0% Revenue $125m Statutory • 13.0% $125m Underlying • (4.3%) NPAT 12.9% • (40bps) ROCE3 NZ 57.0 cps • Maintained Payout ratio 82% of underlying NPAT Interim dividend 2.2x Remains within target range Current weighted average debt maturity term of 3.3 years (2.9 years June 2025) Leverage2 61.1cps Statutory • +7.4% 61.4cps Underlying • (9.0%) EPS
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CONSISTENT OPERA TIONAL PERFORMANCE AND GOR GROWTH ACROSS THE PORTFOLIO 5 Operational highlights Key drivers of growth GOR growth1 Healthcare segment Community Pharmacy Symbion & Healthcare Distribution • Kemps Creek went live in October 2025 Retail Pharmacy Brands • Continued expansion of care delivery, with 20% growth in flu vaccinations administered through TWC CareClinics Symbion & Healthcare Distribution • Increased GLP-1 uptake • Focus on automation & productivity Retail Pharmacy Brands • Added ~89 retail banner stores, with ~80 added through acquisition of MediAdvice2 7.3% Institutional Healthcare Medicines, consumables & others • Added latest high value medicines across ANZ Medical Technology • Supported over 4,000 spinal cases across ANZ • Launched new allograft solution Medicines, consumables & others • High value medicines in Hospitals Medical Technology • Scope expansion through strategic acquisitions of AlphaXRT and Precision Surgical Contract Logistics Contract Logistics • Perth facility construction nearing completion, adding 6,500 m2 capacity to support future growth and national footprint Contract Logistics • 12 net new principal wins • Additional premium services Animal Care segment Branded & Wholesale Branded • Successful launch of the new Black Hawk NPD freeze dried treats and air-dried range Wholesale • Lyppard share growth • Continued progress integrating SVS into broader business Branded • Black Hawk and VitaPet product innovation supported by manufacturing capabilities Wholesale • Cross division productivity opportunities • Strong SVS performance since acquisition 17.0% 1. Growth is H1 FY26 Underlying compared to H1 FY25 Underlying 2. Refer page 22 for further information
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FY26 UNDERLYING EBITDA GUIDANCE REAFFIRMED 6 1. Effective tax rate is calculated on an underlying basis Metric Guidance provided at FY25 Results / Annual Meeting H1 FY26 results / progress to date Status Underlying EBITDA “Group Underlying EBITDA of $615 – 635m, reflecting ~7% midpoint growth, slightly weighted towards H2 FY26” $300m On-track, with existing guidance range reaffirmed ✓ Underlying D&A “Total cost of approximately $140 – 150m, reflecting ongoing investments“ $67m On-track, with existing guidance range reaffirmed. H2 FY26 to be higher than H1 FY26 ✓ Net finance costs “Total cost of approximately $110 – 120m, assuming no additional debt funding requirements” $58m On-track. Expected to be at the top-end of range following increase in the Australian cash rate; plus $1-2m from additional debt funding required for H1 FY26 acquisitions. ✓ Effective tax rate1 “Approximately 28%” 27.5% On track ✓ Capex “Total annual spend of approximately $130 – 140m” & “In future years, annual spend should be approximately 30% lower, on a comparable basis” $70m On track. Capex plan of $130 – 140m, future annual capex reduction of ~30%. *Additional safety uplift adds $6m. ✓*
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H2 FY26 EBITDA UPLIFT 7 1. Community Service Obligation H2 FY26: EBITDA growth accelerates FY27: Growth continues Revenue • Ongoing growth of GLP-1 and other high value medicines • Continued expansion of the pharmacy network • Principal wins in Contract Logistics • Annualisation of completed H1 FY26 acquisitions (refer page 22) • Additional DC capacity in Symbion & Healthcare Distribution • Further network growth across Retail Pharmacy Brands • Innovation led growth in Animal Care products, supported by enhanced manufacturing capabilities • Regional expansion and solution opportunities in Medical Technology Margin • Productivity uplift as new DC’s ramp; higher utilisation at Kemps Creek • Mix support from high margin business e.g. Medical Technology • Reduced impact of one-off transition activities • Cost discipline and efficiency programs already underway • Productivity opportunities through the year as new DCs reach steady state, while new CSO1 regime begins • Ongoing benefit from business mix, including a full-year benefit in Medical technology and Retail Pharmacy Brands from acquisitions Capex, Interest and D&A • Capex cycle peaks with end of DC renewal program • Consistent with guidance • Capex falls ~30%, unlocking growth reinvestment • D&A and interest cost growth peaks Underlying EBITDA of $315 - $335m in H2 FY26. Uplift of $21 - $41m EBITDA compared to H2 FY25 Ongoing growth momentum with improved cash flow
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HEALTHCARE SEGMENT DELIVERED STRONG TOPLINE GROWTH AND IMPROVED PRODUCTIVITY 9 A. Revenue and GOR increased 11.1% and 7.3% respectively, driven by new customer growth, strong demand for GLP-1 and other high-value medicines, expansion of Retail Pharmacy Brands, growth in Medical Technology, and contributions from recent acquisitions B. Greater mix of high-value medicines, strong performances in Medical Technology and Retail Pharmacy Brands and competitive dynamics in Community Pharmacy ahead of the expanded CSO regime, all impacted GOR margin C. Operating expenditure as a percentage of revenue improved by 30bps compared to H2 FY25, stable compared to pcp D. EBITDA increased 1.3%, with strong top-line performance offset by transitional costs from the DC renewal program. Expect positive impact of CSO increase from July 2026185 255 275 250 254 3.7% 4.4% 4.4% 4.4% 4.0% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 150 170 190 210 230 250 270 290 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 Underlying EBITDA ($m) Underlying EBITDA margin (%) Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale H1 FY26 H1 FY25 Change Revenue 6,317 5,687 11.1% GOR 744 694 7.3% GOR margin 11.8% 12.2% (40 bps) Opex (491) (443) (10.7%) Opex as % of Revenue 7.8% 7.8% - EBITDA 254 250 1.3% EBITDA margin 4.0% 4.4% (40 bps) Healthcare segment: Underlying results (A$m) A B C D H1 FY26 reflects transition impact as new DCs come online • Transitional cost duplication during DC commissioning • Higher labour and logistics during ramp-up • Temporary inefficiencies until new facilities reach full throughput Opportunities for EBITDA leverage in FY27+ • Remove duplication and ramp-up inefficiencies • Logistics and labour productivity gains • Margin support from mix and execution • CSO uplift
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COMMUNITY PHARMACY DELIVERED STRONG TOP LINE GROWTH, SUPPORTED BY DEMAND FOR GLP-1 AND HIGH VALUE MEDICINES 10 Underlying results (A$m) H1 FY26 H1 FY25 Change Revenue 3,610 3,144 14.8% GOR 310 288 7.5% Margin 8.6% 9.2% (60 bps) Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale Revenue and GOR increased by 14.8% and 7.5% respectively, supported by strong demand for GLP-1 and high value medications Completed the largest and most complex DC site (Symbion Kemps Creek), delivered on time and on budget Retained key customer contracts despite a competitive wholesale landscape, reflecting strong service levels and customer confidence 277 324 340 288 310 8.8% 8.7% 8.7% 9.2% 8.6% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 220 240 260 280 300 320 340 360 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 GOR GOR margin %
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RET AIL PHARMACY BRANDS CONTINUED TO GROW THE STORE NETWORK AND SAME STORE REVENUE 11 1. EBOS Group owns majority interest in MediAdvice Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale Retail Pharmacy Brands Total TWC network sales of $1.5bn, up 9.8% and like-for- like sales up 8.8%. Total TWC dispensary sales up 11.5% and like-for-like sales up 10.4% • EBOS acquired a majority interest in MediAdvice, a retail pharmacy management company focused on innovative community care with a network of circa 80 pharmacies across NSW, with one store added in the period • TWC continued its leading position in care delivery with 20% growth in Flu vaccinations, and 104 pharmacist prescribers providing 35% of all full scope services • TWC consumer brands sales grew strongly with new product launches taking the range to over 300 high quality products providing a great value option for customers • TWC Connect, TerryWhite Chemmart's Retail Media program accelerated with 200 new digital screens added to 100 TWC pharmacies, opening a new revenue stream • TWC continued its digital leadership with 817,000 online transactions for the half 782 stores across the network • 630 TerryWhite Chemmart stores • 81 MediAdvice1, through acquisition • 71 Other brands 89 net stores added in H1 FY26 • TerryWhite Chemmart: net 4 • MediAdvice: net 80, including +1 after acquisition • Other brands: net 5
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INSTITUTIONAL HEALTHCARE DELIVERED SOLID GROWTH, DRIVEN BY MEDTECH 12 Underlying results (A$m) H1 FY26 H1 FY25 Change Revenue 2,231 2,157 3.4% Medical Technology 337 301 12.1% Medicines, consumables and other 1,893 1,856 2.0% GOR 349 330 5.8% Margin 15.6% 15.3% 30 bps Medical Technology revenue grew by 12.1% (7.7% excl. acquisitions) Partnerships: • Strong growth in spine and other implant channels including urology, neurosurgery and neurovascular intervention. Resilient performance in capital sales in ANZ • Ongoing organic expansion in SEA, supplemented by recent acquisitions, and offset by soft capital sales in Indonesia and Vietnam Biologics: • New allograft solution for breast reconstruction procedures introduced, with good response to date • Deepened partnership with US allograft business Origin Biologics, leading to opportunities for US growth, and consolidation Revenue and GOR increased by 3.4% and 5.8% respectively GOR margin improved to 15.6%, reflecting ongoing expansion of Medical Technology business Medicines, consumables and other revenue grew by 2.0% • Growth from high value hospital medicines Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale 158 287 304 330 349 10.7% 16.3% 15.5% 15.3% 15.6% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 100 150 200 250 300 350 400 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 GOR GOR margin %
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STRONG GROWTH IN CONTRACT LOGISTICS, UNDERPINNED BY INVESTMENT IN DC RENEWAL PROGRAM 13 1. GOR is the primary financial performance metric for Contract Logistics. Sales are predominately on a consignment basis and th erefore revenue and GOR margin (%) are less relevant metrics for this division. Underlying results (A$m) H1 FY26 H1 FY25 Change GOR1 86 75 13.5% Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale 61 76 75 75 86 0 10 20 30 40 50 60 70 80 90 100 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 Contract Logistics GOR increased 13.5% on the prior period, driven by new customer growth in Australia and New Zealand, enabled by added warehouse capacity installed as part of the DC renewal program Australia Australian GOR increased by 26.3%, due to: • 5 net new principal wins, reflecting value proposition as dedicated healthcare logistics provider • Added ~500 m2 of cold chain storage, supporting growth of specialty medicines • Continued investment in footprint and systems, with opening of new Perth facility in H2 FY26 New Zealand New Zealand growth benefitted from: • 7 net new principal wins • Unique temperature-controlled unloading facility has helped customer wins and retention rates
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Integration of recent acquisitions progressing well BRANDED PORTFOLIO MAINT AINED SOLID PERFORMANCE; SVS ACCELERA TING WHOLESALE GROWTH 15 A. Revenue and GOR increased by 48.3% and 17.0%, reflecting continued branded portfolio strength, new product development and the successful acquisition of SVS B. Successful acquisition and integration of vet wholesale leader SVS has changed the GOR margin and Opex % of Revenue profiles of the Animal care business, limiting comparability to H1 FY25 C. EBITDA growth of 15.1%, supported by acquisitions, share gains within the branded business and ongoing new product development enabled by inhouse manufacturing capabilities 39 51 55 59 68 14.1% 17.5% 19.3% 19.5% 15.1% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 Underlying EBITDA ($m) Underlying EBITDA % Healthcare segment Community Pharmacy Institutional Healthcare Contract Logistics Animal Care segment Branded & Wholesale Animal Care segment: Underlying results (A$m) A B c H1 FY26 H1 FY25 Change Revenue 451 304 48.3% Branded 177 167 5.8% Wholesale 274 137 100.3% GOR 124 106 17.0% Margin 27.4% 34.7% n/a Opex (55) (46) (19.4%) Opex as % of Revenue (12.3%) (15.2%) n/a EBITDA 68 59 15.1% Margin 15.1% 19.5% n/a New product launches Acquired SVS (wholesale margin business) SVS Kiwi Kitchens Next Generation Pet Foods
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$m, except where stated H1 FY26 H1 FY25 Var% Underlying results Revenue 6,768 5,991 13.0% GOR 868 799 8.6% Opex (568) (508) (11.7%) Underlying EBITDA 300 291 3.2% Depreciation & Amortisation 67 55 (20.8%) EBIT 233 236 (0.9%) Net Finance Costs 58 51 (12.7%) Profit Before Tax 175 184 (4.7%) Net Profit After Tax 125 131 (4.3%) Earnings per share - cps 61.4c 67.5c (9.0%) Underlying EBITDA% 4.4% 4.9% (50 bps) Statutory results Revenue 6,768 5,991 13.0% EBITDA 303 276 9.7% EBIT 221 207 6.5% Profit Before Tax 163 156 4.4% Net Profit After Tax 125 110 13.0% Earnings per share - cps 61.1c 56.9c 7.4% STRONG GROUP REVENUE GROWTH OF 13% WITH NP A T IN LINE WITH GUIDANCE1 17 1. Growth is H1 FY26 Underlying compared to H1 FY25 Underlying 2. Refer to page 32 for a reconciliation of Statutory to Underlying results A. Strong revenue growth of 13.0%, across Healthcare and Animal Care, including contribution from acquisitions B. Underlying EBITDA increased by 3.2%, with Healthcare up 1.3% and Animal Care up 15.1% C. Depreciation & Amortisation increased by $12m, reflective of the investment in the $360m DC renewal program, that underpinsfuture growth and automation benefits D. Net Finance Costs increased by $7m, due to lease interest and associated funding costs for new distribution facilities and acquisitions E. Excludes net one off cost of $1m, including non-recurring restructuring and site transition costs, M&A transaction costs, a gain on acquisition related activities (non-cash), and PPA amortisation (non-cash)2 F. Statutory NPAT growth higher than Underlying NPAT growth due to reduction in one off net costs compared to prior period A B D C E F
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STRONG LIQUIDITY , DISCIPLINED CAPIT AL ALLOCA TION SUPPORTINGGROWTH STRA TEGY 18 Balance sheet Cash flow Growth investments Dividend • Successful refinancing completed providing approximately $930 million of undrawn committed bank facilities and current weighted average term of 3.3 years (2.9 years June 2025) • Leverage ratio of 2.2x within our target range of 1.7 – 2.3x, and expected to deleverage in FY27 as capex falls and growth continues • Net working capital increased $84m, supporting revenue growth and transition activities • Underlying cashflow before capex of $66 million, temporarily lower due to the unwind of prior period timing benefits • Total capex of $70 million, supporting DC renewal program in addition to strategic growth priorities. Remaining DCs are all on track for operational completion in FY26 • Total M&A of $85 million, aligned to growth strategy, including Medical Technology geography and therapy adjacencies • Capital allocation remains disciplined, with focus on opportunities delivering returns above our targeted ROCE thresholds • Interim dividend maintained at NZ 57.0 cps and representing a payout ratio of 82% of H1 FY26 • Dividend payout ratio reflects continued confidence in the strength of the Group’s operating cash flows and future growth • The Dividend Reinvestment Plan will be operational for interim dividend at a 2.0% discount to the volume weighted average share price
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STRONG LIQUIDITY AND LONG-DA TED DEBT MA TURITY PROFILE 19 1. Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts Bank debt maturity profile ($m) • Leverage remains within target range, with the increase related to the long-term investment in the DC renewal program • Significant liquidity headroom, with ~$930 million of undrawn committed bank facilities and ample covenant headroom • Bank debt maturity profile extended in December 2025, with the refinancing of part of the Group’s funding facilities • Stable funding and long-dated maturity profile, with a weighted average of 3.3 years (up from 2.9 years at June 2025) 40 95 486360 87 465 15 400 182 750 952 FY26 FY27 FY28 FY29 FY30+ Drawn Undrawn Capacity Net debt ($m) and Leverage ratio1 860 767 1019 918 1121 1.94x 1.52x 1.89x 1.92x 2.23x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 0 500 1000 1500 FY22 FY23 FY24 FY25 H1 FY26 Net Debt Leverage ratio
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Working capital ($m) & cash conversion H1 FY26 H1 FY25 Var$ Net working capital2 Trade & other receivables 1,723 1,476 (247) Inventory 1,348 1,246 (102) Trade payables/other (2,564) (2,299) 265 Total 507 423 (84) Cash conversion days3 20.7 19.2 (1.5) Cash flow ($m) H1 FY26 H1 FY25 Var$ Underlying EBITDA 300 291 9 Net interest (58) (51) (7) Tax (48) (39) (8) Net working capital & other movements (129) 5 (134) Underlying cash flow before capex 66 205 (140) Capital expenditure (70) (64) (6) Underlying Free Cash Flow (FCF)1 (5) 141 (146) One-off items (cash) (19) (15) (4) Reported Free Cash Flow (24) 126 (149) DISCIPLINED NET WORKING CAPIT AL MANAGEMENT, CAPEX ELEVA TED DURING TRANSITION 20 1. Underlying Free Cash Flow excludes payments for one -off items 2. Refer glossary for net working capital definition; net working capital excludes deferred purchase consideration 3. Cash conversion days are calculated using 12-month average net working capital balances and 12 -month total revenue / cost of sal es 4. Chemist Warehouse Australia Net working capital and capex supporting revenue growth and DC renewal program Net working capital2 • Increased $84m, broadly in line with revenue with some impact from transition activities • Cash flow comparisons impacted by prior period one-offs: • H1 FY26 cashflow temporarily lower due to the unwind of prior period timing benefits (~$50m) • H1 FY25 cashflow benefited from the one-time release of CWA4 working capital (~$75m) Capital expenditure remains elevated, aligned to the DC renewal program • Six of eight DC sites now complete • Capital expenditure expected to moderate as the program concludes, with FY27 capex ~30% lower on a comparable basis
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DC RENEWAL PROGRAM NEARS OPERA TIONAL COMPLETION: UNLOCKING CAP ACITY , AUTOMA TION AND NETWORK EFFICIENCY • Six of eight DC renewal sites now completed, with largest and most complex site, Symbion Kemps Creek, completed in October 2025, on-time and on budget. Full network benefits expected to flow through progressively over FY27 and FY28 • The remaining DC sites are on track to be operational by the end of FY26, with post-commissioning workstreams ongoing into H1 FY27, including IT systems and optimisation 21 DC sites by category 2023 2024 2025 2026 Growth • Expanding capacity to capture high-value markets • National footprint completed by 2026 Productivity / renewal • Modernising with automation and advanced IT systems • Sustainability improvements embedded Consolidation • Streamlining operations across sites • Removing duplication and improving scalability EBOS Healthcare: Melbourne Sydney ProPharma: Auckland Onelink: Auckland Symbion: Kemps Creek Contract Logistics: Perth Contract Logistics: Auckland Contract Logistics: Sydney Complete In progress
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INORGANIC OPPORTUNITIES SUPPORTINGGROWTH 22 1. Previously disclosed at FY25 results in August 2025. Transaction was completed 1 July 2025 2. Consideration includes upfront payment (excludes potential deferred consideration) Business Next Generation Pet Foods1 AlphaXRT Precision Surgical MediAdvice Origin Biologics Division Animal Care Medical Technology Medical Technology Retail Pharmacy Management Medical Technology Description Queensland based manufacturer and supplier of multi-format pet treats A leading independent supplier of radiation oncology solutions in Australia and New Zealand A spinal surgery solution partner with a focus on the NSW Central Coast region A retail pharmacy management company with a network of 84 pharmacies across NSW Develops and delivers innovative allograft solutions Strategic rationale New format and manufacturing capability expansion Expansion into new therapy area Geographic expansion of existing therapy area Network expansion and new franchisee access Replicating Australian allograft success in the USA Geography Australia Australia and New Zealand Australia Australia USA Consideration2 $43m Ownership 100% 100% 100% Majority Consolidated • Completed transactions with total upfront payment of ~$70m, all aligned to core business segments and expected to contribute ~$80m of annualised revenue once fully embedded • Strengthen EBOS’s position across key channels in Animal Care, Medical Technology and Retail Pharmacy, leveraging existing operational capability • Each transaction expected to be immediately EPS accretive and deliver ROCE above Group’s hurdle rate over the medium term • Pipeline remains active ~$27m upfront payment, earnouts/options
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47.0 53.0 57.0 57.0 57.0 49.0 57.0 61.5 61.5 96.0 110.0 118.5 118.5 FY22 FY23 FY24 FY25 H1 FY26 H1 H2 INTERIM DIVIDEND MAINT AINED, CONSISTENT WITH PRIOR YEAR 23 1. The New Zealand company tax rate is 28%. Therefore, a dividend that is partially imputed with 25% of the maximum allowable im putation credits implies an 8.86% imputation percentage in relation to the gross taxable amount of the dividend. 2. Dividend payout ratio is based on an Underlying basis on a NZD:AUD average exchange rate of 0.8795. Underlying Earnings per Share (cents) Dividends per Share (NZ cents) • Underlying EPS of 61.4 cents, reflecting EBITDA growth and the investment in the DC renewal program, which provides capacity and enhanced capability to support future growth • Interim dividend maintained at NZ 57.0 cents per share, consistent with prior corresponding period, reflecting the Board’s confidence in the Group’s medium- term earnings outlook and diversified portfolio strength - Imputed to 25%1 and fully franked to 100% for New Zealand and Australian tax resident shareholders respectively - Dividend payout ratio of 82% on an underlying basis2 • Dividend Reinvestment Plan (DRP) will operate for the interim dividend, providing flexibility for shareholders and supporting balance sheet strength as the final phase of the DC renewal program is completed. Shareholders can elect to take shares in lieu of a cash dividend at a discount of 2.0% to the volume weighted average share price (VWAP) 66.6 74.5 79.5 67.5 61.4 63.0 73.3 78.4 63.8 129.5 147.9 157.9 131.3 FY22 FY23 FY24 FY25 H1 FY26 H1 H2
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EBOS REMAINS A DEFENSIVE GROWTH COMP ANY , FOCUSED ON CARE, PRODUCTIVITY AND P ARTNERSHIPS TO DRIVE STRONG SHAREHOLDER RETURNS 25 Near-term perspectives (H2 FY26) • FY26 EBITDA guidance is reaffirmed, reflecting a positive outlook on H2 EBITDA, as productivity and utilisation continues to increase, and with strong revenue growth supported by acquisitions • Completion of the DC renewal program in FY26 provides a multi-year runway for improving operating leverage and network efficiency Longer-term perspectives (FY27+) • Revenue growth supported by sector dynamics and aligned to divisional strategies. Larger pharmacy networks, expansion in Medical Technology across ANZ/SEA, growth of hero pet-food brands, and enhanced capacity & automation within healthcare distribution • Margin outlook positive, driven by productivity uplift as new DCs reach steady-state, improved utilisation, positive mix from innovation led growth within Animal Care, expansion of Medical Technology, network growth and service offering across Retail Pharmacy Brands, and continued efficiency programs • Interest and D&A expected to normalise, with peak capex in FY26 and a more stable asset base from FY27 onwards • Capex to reduce by ~30% in FY27, following completion of the DC renewal program, supporting stronger cash flows • Balance sheet leverage expected to reduce in FY27, reflecting lower capex, revenue growth and improved operating efficiency • Further detail on these FY27+ opportunities to be highlighted at upcoming Investor Day, including long-term sector growth drivers, the step-change in network efficiency post-DC program, and the associated margin and cash-flow benefits
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GROWTH ENABLED THROUGH DIVISIONAL STRA TEGIES 26 1. By volume Symbion and Healthcare Distribution will be a highly efficient cost-leader across all segments, drive cash and monetise its unique value chain presence. One of the leading healthcare distributors in ANZ Retail Pharmacy Brands will grow and enhance the pharmacy network while improving margin through own-branded products and network revenue streams. #1 health services pharmacy in Australia Medical Technology will build out ANZ and SEA presence across therapy areas and strengthen the distinctive biologics offering. #1 surgical implantables partner in APAC Animal Care will grow hero brands in ANZ and Asia while building an advantaged manufacturing footprint to support future growth; vet wholesale will lead with service and efficiency. ANZ’s largest dry dog food brand1 in pet specialty Symbion & Healthcare Distribution Retail Pharmacy Brands Medical Technology Animal Care Divisional strategies Sector dynamics Ageing population Increased pharma and medical spend Pet ownership Pet humanisationStable Government funding Complex healthcare needs New medicines Further insight on divisional strategies to be shared at upcoming Investor Day on 30 April 2026
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PBS EXPENDITURE CONTINUES TO GROW, WITH GOR MARGIN REFLECTING 1PWA1 PRICING STRUCTURE AND GROWTH OF HIGH VALUE MEDICINES 28 Note: The Australian Government FY26 PBS data is expected to be made available in September 2026 Source: PBS 1. First Pharmacy Wholesaler Agreement 2. Average prescription price is total PBS expenditure divided by total PBS prescription volume Average PBS prescription price2 (A$) vs EBOS Community Pharmacy GOR margin (%) • PBS volumes have grown over time albeit flattened more recently, while PBS expenditure continues to increase year-on-year • High value medicines now represent 39% of total PBS spend ($7.6bn), despite being <1% of prescription volumes, accelerating average prescription price to $58.1 • Recognising the essential role of pharmacy wholesalers, the Australian Government has delivered additional industry funding • EBOS GOR margin movement reflects the current 1PWA funding structure, with a remuneration cap on high value medicines. Total GOR has grown strongly from $417m in FY19 to $588m in FY25 (5.9% CAGR) • The increased cap for high-value medicines from 1 July 2026 is expected to support improved GOR growth and GOR margin (%). The increased cap for high-cost medicines increases from $54 to $223 $39.1 $41.2 $44.1 $45.7 $50.8 $53.3 $58.1 9.4% 9.3% 8.8% 8.8% 8.7% 9.1% 8.0% 8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0% 35 40 45 50 55 60 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Ave. prescription price GOR Margin Structural 1PWA settings drive industry-wide GOR margins EBOS Community Pharmacy GOR $m 588487 499 569 646 678 CWA contract in place (FY19-FY24) First year post CWA contract
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GLP-1 ARE NOW A MA TERIAL STRUCTURAL DRIVER OF PBS SPEND AND VOLUMES 29 Source: PBS 1. GLP-1 medicines defined as Semaglutides • Semaglutide data commenced in FY22 0.9 1.3 2.4 2.8 0.3% 0.4% 0.7% 0.9% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 0 1 1 2 2 3 3 FY22* FY23 FY24 FY25 Millions GLP-1 volumes GLP-1 % of total PBS volumes GLP-1s are the fastest growing component of PBS spend: • Now ~2% of PBS medicine spend (up from ~0.8% in FY22) • GLP-1 volumes have grown ~230% since FY22 • Non-PBS GLP-1 spend represents another significant growth opportunity, benefitting our Pharmacy Wholesale, Retail Pharmacy Brands, and Contract Logistics businesses • New oral format launched in the USA EBOS is well positioned to benefit from rising demand for GLP-1s through: • Expanded refrigeration capacity and temperature-controlled logistics (still required for oral format) • Deep expertise in storage/handling of specialty medicines • Efficiency and throughput gains from new DC automation GLP-1 growth has been a driver of volume growth within Community Pharmacy GLP-11 volumes (m) and proportion of total PBS volumes GLP-1 (%) of total PBS spend: 0.8% 2.0%1.0% 1.8%
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SEGMENT INFORMA TION 30 Versus H1 FY25 Versus H2 FY25 $m H1 FY26 H1 FY25 Var% H1 FY26 H1 FY25 Var% H1 FY26 H2 FY25 Var% H1 FY26 H2 FY25 Var% Healthcare Community Pharmacy 3,610 3,144 14.8% 310 288 7.5% 3,610 3,312 9.0% 310 299 3.5% Institutional Healthcare 2,231 2,157 3.4% 349 330 5.8% 2,231 2,185 2.1% 349 351 (0.5%) Medicines, consumables and other 1,893 1,856 2.0% 1,893 1,817 4.2% Medical Technology 337 301 12.1% 337 368 (8.2%) Contract Logistics 596 492 21.1% 86 75 13.5% 596 514 15.9% 86 78 9.4% Sales eliminations (120) (107) (12.7%) (120) (105) (14.3%) Total 6,317 5,687 11.1% 744 694 7.3% 6,317 5,906 6.9% 744 728 2.2% Animal Care Branded 177 167 5.8% 177 167 6.0% Wholesale 274 137 100.3% 274 202 35.6% Total 451 304 48.3% 124 106 17.0% 451 369 22.2% 124 109 12.9% EBOS Group Total 6,768 5,991 13.0% 868 799 8.6% 6,768 6,275 7.8% 868 838 3.6% Revenue GOR Revenue GOR
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HEALTHCARE SEGMENT EBITDA BY REGION 31 H1 FY26 H1 FY25 Change Healthcare segment Revenue 6,317 5,687 11.1% Underlying EBITDA 254 250 1.3% Margin 4.0% 4.4% (40bps) Australia Revenue 4,840 4,400 10.0% Underlying EBITDA 206 200 3.0% Margin 4.2% 4.5% (30bps) New Zealand & Southeast Asia Revenue 1,476 1,287 14.7% Underlying EBITDA 48 51 (5.1%) Margin 3.3% 3.9% (60bps)
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H1 FY26 H1 FY25 $m Revenue EBITDA EBIT PBT NPAT Revenue EBITDA EBIT PBT NPAT Statutory result 6,768 303 221 163 125 5,991 276 207 156 110 M&A transaction costs - 3 3 3 3 - 5 5 5 4 Restructuring & site transition costs - 20 20 20 13 - 10 10 10 7 Net gain on acquisition related activities - (26) (26) (26) (26) - - - - - PPA amortisation (non-cash) - - 15 15 11 - - 13 13 9 Total underlying earnings adjustments - (2) 13 13 1 - 15 28 28 21 Underlying result 6,768 300 233 175 125 5,991 291 236 184 131 RECONCILIA TION OF ST A TUTORY TO UNDERLYING RESULTS 32 • H1 FY26 and H1 FY25 Underlying earnings exclude one-off M&A transaction costs, non-recurring restructuring and site transition costs and the amortisation (non-cash) expense attributable to acquisition PPA of finite life intangible assets • H1 FY26 Underlying earnings also excludes the net gain on acquisition related activities, which includes a gain (non-cash) on step acquisition of Origin Biologics reflecting the remeasurement of the Group’s previously held equity-accounted interest to fair value when control was obtained in December 2025
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EBITDA EBIT $m H1 FY26 H1 FY25 Var % H1 FY26 H1 FY25 Var% Healthcare Statutory 257 235 9.2% 185 173 6.6% Add M&A transaction costs 3 5 3 5 Add Restructuring & site transition costs 20 10 20 10 Net gain on acquisition related activities (26) - (26) - Add PPA amortisation (non-cash) - - 14 13 Total underlying earnings adjustments (3) 15 11 28 Underlying result 254 250 1.3% 195 202 (3.1%) Animal Care Statutory 67 59 13.7% 58 53 9.1% Add Restructuring & site transition costs 1 - 1 - Add PPA amortisation (non-cash) - - 1 - Underlying result 68 59 15.1% 60 53 13.3% Corporate Statutory (22) (19) (15.6%) (22) (19) (15.3%) EBOS Group Statutory 303 276 9.7% 221 207 6.5% Add M&A transaction costs 3 5 3 5 Add Restructuring & site transition costs 20 10 20 10 Net gain on acquisition related activities (26) - (26) - Add PPA amortisation (non-cash) - - 15 13 Total underlying earnings adjustments (2) 15 13 28 Underlying result 300 291 3.2% 233 236 (0.9%) SEGMENT EBITDA AND EBIT RECONCILIA TION 33
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GLOSSARY OF TERMS AND MEASURES 34 Term Definition Revenue Revenue from the sale of goods and the rendering of services Gross Operating Revenue (GOR) Revenue less cost of sales and the write-down of inventory Underlying Operating Expenditure Operating expenditure excluding depreciation and amortisation and one-off items, including JV income EBITDA Earnings before interest, tax, depreciation and amortisation Underlying EBITDA Earnings before interest, tax, depreciation, amortisation adjusted for one-off items EBIT Earnings before interest and tax Underlying EBIT Earnings before interest and tax and adjusted for one-off items and acquisition PPA amortisation (non-cash) PBT Profit before tax Underlying PBT Profit before tax adjusted for one-off items and acquisition PPA amortisation (non-cash) NPAT Net Profit After Tax attributable to the owners of the company Underlying NPAT Net Profit After Tax attributable to the owners of the company adjusted for one-off items and acquisition PPA amortisation (non-cash and after tax) One-off items Non-recurring impacts including M&A transaction costs, restructuring and site transition costs, integration costs and gains on acquisition related activities Earnings per share (EPS) Net Profit after tax divided by the weighted average number of shares on issue during the period in accordance with IAS 33 ‘Earnings per share’ Underlying EPS Underlying NPAT divided by the weighted average number of shares on issue during the period Free Cash Flow Cash from operating activities less capital expenditure net of proceeds from disposals Underlying Cash from Operations Cash from operating activities excluding payments for one-off items Underlying Free Cash Flow Free cash flow excluding payments for one-off items Net Working Capital Trade and Other Receivables, Inventory, Prepayments, Trade and Other Payables (excluding deferred purchase consideration) and Employee Benefits Net Debt Bank loans less cash and cash equivalents Leverage Ratio / Net Debt : EBITDA Ratio of net debt at period end to the last 12 months Underlying EBITDA, adjusting for pre acquisition earnings of acquisitions for the period. Calculation is applied as per the Group’s banking covenants and excludes IFRS16 lease impacts. Cash realisation (Underlying EBITDA less net working capital & other movements) / Underlying EBITDA Cash Conversion Days Based upon 12-month average net working capital balances and 12-month total revenue / cost of sales Return on Capital Employed (ROCE) Underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months divided by closing capital employed (excluding IFRS16 Leases and with a pro-rata adjustment for strategic investments) CAGR Compound Annual Growth Rate IFRS International Financial Reporting Standards PPA Purchase Price Accounting Except where noted, common terms and measures used in this document are based upon the following definitions:
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