Macquarie Australia Conference Presentation

MACQUARIE AUSTRALIA CONFERENCE
John Cullity –Chief Executive Officer
5 May 2020

2
DISCLAIMER
The information in this presentation was prepared by EBOS Group Ltd (EBOS) with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete, and 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 loss (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 what it
thinks are reasonable assumptions. 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. Further, 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
securities.
This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA,
EBITDA, Underlying EBITDA, NPAT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, Net Debt andReturn
on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’ calculation of these 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 measures 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 consolidated financial statements for the
period ended 31 December 2019.
All currency amounts are in Australian dollars unless stated otherwise.

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All currency amounts are in Australian dollars unless stated otherwise. Underlying results exclude the impact of IFRS 16 Leases and net one-off costs
Note 1: as at 1 May 2020
Note 2: Calculated as total shareholder return for the 5 years to 1 May 2020, assuming dividends are reinvested
Underlying EPS
52.2c up 9.1%
22.6% annualised
Shareholder return
2
84% Healthcare
16% Animal Care
last 5 calendar years
H1 FY20EBITDA Split
COMPANY SNAPSHOT
EBOS Group is the largest and most diversified Australasian marketer, wholesaler and
distributor of healthcare, medical and pharmaceutical products. It is also a leading
marketer and distributor of recognised consumer products and animal care brands
3,700+
Revenue
$4.4 billion up 25.2%
UnderlyingNPAT
$84.2 million up 15.8%
market capitalisation
1
(NZX and ASX dual listed)
NZ$3.6 billion
Underlying EBITDA
$149.0 million up 13.4%
employees
First Half FY20 Highlights

4
SHARE PRICE PERFORMANCE
Source: Nasdaq (rebased to EBO.NZX for comparative purposes)
Date range: 5 years to 1 May 2020
EBOS share price appreciation of 134% over five years
EBO.NZX +134%
S&P/ASX100 –11%
$0
$5
$10
$15
$20
$25
$30
2015
2016
2017
2018
2019
2020

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DescriptionBrands
•Pharmaceutical wholesaler to ~3500+ pharmacies in Australia & New Zealand
•~1300+ Australian pharmacies in our TerryWhiteChemmartand other retail banner
networks
•Wholesaler to ~7000+ hospitals, aged care facilities and GPs in Australia & New
Zealand
•Entry position in medical devices distribution
•3PL/4PL contract logistics provider to ethical, consumer health (OTC) and medical
device manufacturers in Australia & New Zealand, along with clinical trial work
•Marketer and distributor of specialist brands with 2000+ SKUs distributed through
pharmacy, grocery and other channels
•Marketer of pet food and pet treats brands sold through specialty, grocery and
online channels in Australia & New Zealand
•Veterinary products wholesaler to ~2000+ vets in Australia
•Pet retail stores and vet clinics in New Zealand with over 50 locations
EBOS is a diversified health care and animal care products group with leading brands
GROUP OVERVIEW
Healthcare
Animal Care
Community
Pharmacy –
Wholesale
Institutional
Healthcare
Contract
Logistics
Consumer
Products
Community
Pharmacy –
Retail
Products &
Brands
Vet
Wholesale
Retail

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EBOS generates >A$7bn
1
of revenue and has leading market positions across Australia and
New Zealand
SCALE & LEADING MARKET POSITIONS
•#1 wholesaler to pharmacies•#1 wholesaler to pharmacies
•One of the largest aggregated retail
banner networks
•#1 wholesaler to hospitals•#1 wholesaler to hospitals
•Growing market position
•#1 distributor for ethical, consumer
health and medical device manufacturers
•#1 pet food and pet treats brands
3
•#1 pet treats and #2 pet food brands
3
•#2 veterinary wholesaler
•#1 pet retail store
Healthcare
Animal Care
~90% of group revenue is generated by businesses with the #1 market position
2
Note 1: Based on FY19 revenue
Note 2:Based on 1H20 financials
Note 3: Pet food market share is for the pet specialty store channel; pet treats market share is for the grocery channel
Community
Pharmacy –
Wholesale
Institutional
Healthcare
Contract
Logistics
Community
Pharmacy -
Retail
Products &
Brands
Vet
Wholesale
Retail

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AustraliaNZ
EBOS is a diverse group across sectors and geographies and operates across the value chain
GROUP DIVERSITY
Our diversity has supported stability in our earnings growth and cash flow generation
Sector and segment mix
1
Note 1: Based on 1H20 Gross Operating Revenue
Note 2: Based on Healthcare 1H20 revenue
Healthcare geographic mix
2
13%
87%
49%
24%
9%
5%
13%
Health Care
Animal Care
Pharmacy
(Wholesale and retail)
Institutional Healthcare
Contract Logistics
Consumer Products
Australia
New Zealand
80%
20%

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H1 FY20 HIGHLIGHTS
The Australian wholesale business
demonstrated its leading competitive
position with a significant increase in
revenues and profit.
We have reignited the growth of
TerryWhiteChemmart (TWC), one of
Australia's leading community
pharmacy networks. The TWC
network delivered 5.7% sales growth
on the prior period and added 16
new stores to the network.
Successful commencement of the
Chemist Warehouse Group contract
from 1 July 2019.
The acquisition of LMT/NS for $34m
signals EBOS’ entry into the A$8b
Australian and New Zealand medical
device sector creating a new
platform of growth for the Group.
Strong performances from our
Institutional Healthcare business,
Contract Logistics business and
Animal Care segment.
Strong balance sheet and liquidity
with a Net Debt : EBITDA ratio of
1.41x
1
.
FY20 guidance is for a significant
increase in earnings in the current
financial year.
Group revenue increased by 25.2% in H1 FY20 evidencing the strength of our portfolio of
businesses with a substantial uplift in Pharmacy Wholesale and strong performances from
TerryWhite Chemmart, Institutional Healthcare and Healthcare Logistics
Note 1: as at 31 December 2019

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FINANCIAL PERFORMANCE
EBOS has delivered significant shareholder value with a strong ROCE and consistent growth
Earnings Per Share
1
(A$ cents)
Dividends Per Share
1
(NZ$ cents)
EBITDA
1
(A$m)
Return on Capital Employed (ROCE)
104.4
116.3
126.3
131.4
149.0
103.3
111.8
123.8
130.2
207.7
228.2
250.1
261.6
FY16FY17FY18FY19FY20
H2H1
26.0
30.0
33.0
34.5
37.5
32.5
33.0
35.5
37.0
58.5
63.0
68.5
71.5
FY16FY17FY18FY19FY20
H1H2
39.0
44.7
46.0
47.8
52.2
38.4
41.6
44.4
46.4
77.4
86.3
90.4
94.2
FY16FY17FY18FY19FY20
H1H2
14.6%
16.7%
17.1%
16.3%
15.9%
15.9%
FY15FY16FY17FY18FY19H1 FY20
Note 1: Underlying data presented for EBITDA, DPS and EPS

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STRATEGIC APPROACH
Investing for Growth
Leading Market Positions
Disciplined Capital
Management
Capex:Maintain and
extend our market
leadership through
continued investment in
our lowest-cost-per-unit
distribution network,
allowing us to deliver
optimal customer
outcomes.
Acquisitions:Successful
track record of
acquisitions in core and
adjacent markets to
provide incremental
growth (completed 21
acquisitions since 2000).
Cash generation to drive
further investment and
pay dividends of not less
than 60% of Net Profit
After Tax.
Strategic focus on
Return on Capital
Employed (ROCE) of at
least 15%.
Industry leading cash
conversion of 16 days
1
.
Establish and further
strengthen our leading
market positions and
maximise opportunities
across our diverse range
of businesses.
Note 1: as at 31 December 2019
We focus on delivering profitable growth and superior returns
Our Healthcare and Animal Care strategic focus is centred on:

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Investment strategy
Acquire businesses aligned to our strategy
Invest in automated distribution network solutions to extend
our market leadership
Disciplined adherence to investment criteria
EBOS has a proven track record of value accretive investments
INVESTING FOR GROWTH AND RETURNS
Shareholder outcomes
EPS growth
DPS growth
Strong return on
capital
Capital
expenditure
Acquisitions
~A$640m
invested
since FY15
Sydney Contract
Logistics DC
Brisbane DC
KeysboroughDC
OnelinkAustralia DC
2015
2016
2017
2018
2019
2020

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STRATEGIC FOCUS AREAS FOR GROWTH
With the right mix of businesses that deliver consistency in our performance and with a
strong balance sheet, we aim to:
Continue to execute on both organic initiatives and strategic value accretive acquisitions.
Leverage our position as the lowest cost pharmaceutical wholesaler.
Continue to invest in the expansion of the TWC store network.
Expand on our initial investments into the Medical Devices sector.
Build and acquire trusted brands that consumers value in Animal Care and Consumer
Health.
Expand our brands into Asian markets.

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COVID-19 MARKET UPDATE
Trading Conditions
Our wholesale, distribution and retail Healthcare businesses are essential services and critical in
ensuring continued and stable supply of healthcare, medical and pharmaceutical products to the
community.
Since our H1 FY20 results we have seen positive momentum across our businesses through to the
end of the 3
rd
quarter ended 31 March 2020. Both our Healthcare and Animal Care segments
generated solid revenue growth as a result of an increase in demand.
During the 3
rd
quarter, the Healthcare segment experienced unprecedented levels of
demand.
Significant investment over recent years in our Healthcare distribution network positioned
us well to meet the increased demand from customers.
COVID-19 may affect different areas of our diversified Healthcare and Animal Care business in
different ways during the next period of uncertain consumer demand.
Liquidity
Approximately A$200m of bank debt and working capital facilities was refinanced in March 2020
and, due to strong bank demand, the facility was upsized to A$250m.
We have a strong balance sheet and liquidity position to meet ongoing business needs and our
growth strategy.
On 21 April, EBOS advised of strong trading conditions to 31 March 2020 and confirmed its
balance sheet strength

QUESTIONS

APPENDIX

16
H1 FY20 FINANCIAL PERFORMANCE
Note 1: Underlying results exclude the impact of IFRS 16 Leases and net one-off costs.
Significant revenue increase of
25.2% primarily due to growth in
Pharmacy Wholesale, TerryWhite
Chemmart, Institutional Healthcare
and Contract Logistics.
Underlying EBITDA increase of
$17.6m or 13.4%:
Healthcare up 16.3%.
Animal Care up 5.7%.
Underlying NPAT and Underlying EPS
increases of 15.8% and 9.1%,
respectively.
A$m
H1 FY20H1 FY19Var$Var%
Underlying Results ¹
Revenue4,376.1 3,496.5 879.6 25.2%
Gross Operating Revenue449.4 404.8 44.6 11.0%
EBITDA149.0 131.4 17.6 13.4%
Net Profit after Tax84.2 72.7 11.5 15.8%
Earnings per share - cps52.2c47.8c4.4c9.1%
Net Debt : EBITDA1.41x2.16x
Statutory Results
Revenue4,376.1 3,496.5 879.6 25.2%
EBITDA167.2 122.6 44.6 36.4%
EBIT131.4 107.3 24.0 22.4%
Net Profit After Tax81.7 67.0 14.6 21.8%
Earnings per share - cps50.6c44.1c6.5c14.8%

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CASH FLOW
Statutory Operating Cash Flow of $74.2m is above last year by $34.0m due to the significant
increase in earnings and continued working capital management.
A$mH1 FY20H1 FY19Var$Var%
Statutory Cash Flow including IFRS 16 Leases
EBITDA167.2 122.6 44.6 36.4%
Net interest paid(15.4) (12.4) (3.1)
Tax paid(32.6) (25.7) (6.9)
Net working capital and other movements(45.0) (44.3) (0.7)
Cash from Operating activities74.2 40.3 34.0 84.4%
Capital expenditure (net)(13.7) (16.9) 3.2
Free Cash Flow60.5 23.3 37.2 159.5%

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NET DEBT AND MATURITY PROFILE
Net Debt and Net Debt : EBITDA ratio
1
Net Debt
1
of $392m at December 2019,
with a Net Debt : EBITDA
1
ratio of 1.41x
(1.41x at June 2019).
Current gearing continues to provide
approximately $300m –$350m headroom
for future acquisitions.
Bank covenants have been amended to
adopt a frozen gap approach with respect
to IFRS 16 Leases.
At 31 December 2019, gross drawn debt
1
was
$666m or 64% of total facility limits.
At 31 December 2019, the weighted average
maturity of our combined term debt and
securitisation facilities is 1.9 years with actions
underway to extend the term of our debt
facilities by 30 June 2020.
Debt Maturity Profile –facility limits
1
Note 1: Debt and the Net Debt : EBITDA ratio excludes the impacts of IFRS 16 Leases.

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HEALTHCARE SEGMENT
Significant growth in Australia from a strong underlying trading performance
Healthcare growth in revenue of 26.1% and
Underlying EBITDA of 16.3% was driven by
the performances of our Community
Pharmacy, TWC, Institutional Healthcare and
Contract Logistics businesses.
Productivity improvements in wholesale
operations due to higher volumes across our
sites and the new Brisbane facility.
Strong performance of our retail brands,
particularly TWC. We welcomed 16 new
stores to our TWC network.
The new 25,000m² facility in Sydney and
further expansion in Auckland has created
further growth in both countries.
Consumer Products performance was
affected by softer overseas demand,
reflective of the changes which have
impacted the daigou export channel.
Underlying EBITDA and Underlying EBITDA %
Note 1: Underlying results exclude the impact of IFRS 16 Leases and net one-off costs.
A$mH1 FY20H1 FY19Var$Var%
Revenue4,165.53,304.2861.326.1%
Underlying EBITDA
1
131.1112.718.416.3%
Underlying EBITDA%3.2%3.4%

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ANIMAL CARE SEGMENT
Strong Revenue and Underlying EBITDA performance reflecting continued growth in our key brands
Revenue growth of $18.3m, or 9.5%, due to
the continued excellent performance of our
branded products portfolio and higher vet
wholesale volumes.
Our key brands Black Hawk and Vitapet
recorded strong uplifts in revenue both
growing their market share.
Black Hawk sales grew 9.7% due to
strong consumer support, continued
investment in marketing and maintaining
its price value proposition.
Vitapet’s strong sales growth of 14.7% is
due to a strong new product pipeline,
marketing support and improved ranging
in the Australian grocery channel.
Underlying EBITDA and Underlying EBITDA %
A$m
H1 FY20H1 FY19Var$Var%
Revenue210.6192.318.39.5%
Underlying EBITDA25.724.31.45.7%
Underlying EBITDA%12.2%12.6%

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