Macquarie Australia Conference Presentation

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebosgroup.com


5 May 2021
NZX/ASX Code: EBO



Macquarie Australia Conference Presentation

Please see attached a copy of a presentation to be delivered at the Macquarie Australia Conference
today.


For further information please contact:
Martin Krauskopf
General Manager, Mergers & Acquisitions and Investor Relations
+61 3 9918 5555

Authorised for lodgement with NZX and ASX by Janelle Cain, General Counsel, EBOS Group
Limited.



About EBOS Group
EBOS Group Limited NZBN 9429031998840 (NZX/ASX Code: EBO) is the largest and most diversified
Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical
products. It is also a leading Australasian animal care brand owner, product marketer and distributor.

INVESTOR
PRESENTATION
MACQUARIE AUSTRALIA
CONFERENCE
5 May 2021

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 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. 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. 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 withany purchase
of EBOS securities.
This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA, EBITDA,
NPAT, Underlying EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, NetDebt,
Underlying Net Debt and Return 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 c onstrued 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 statementsfor the year
ended 30 June 2020 and the consolidated financial statements for the half year ended 31 December 2020.
All currency amounts are in Australian dollars unless stated otherwise.
All amounts are presented inclusive of IFRS16 Leases, except for periods FY19 and prior, unless stated otherwise.

EBOS SNAPSHOT
3
Businesses
Geographies
Sectors
Healthcare
86%
Animal Care
14%
Notes: 1. Market capitalisation as at 3 May 2021. 2. EBIT is statutory EBIT. 3. Sector split based on H1 FY21 Gross Operating Revenue. 4. Geographic split based on H1 FY21
revenue.
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
NZ$5.0bn
market capitalisation
NZX20 / ASX listed
A$8.8bn
FY20 revenue
3,800
employees
61
locations across ANZ
Australia
80%
NZ
20%
Community Pharmacy
Institutional Healthcare
Contract Logistics
Consumer Products
Pet Brands
Vet Wholesale
Pet Retail
Healthcare
Animal Care
A$260m
FY20 EBIT

-
50
100
150
200
250
300
FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY201H21
NPAT (
A$m
)
1
20 YEARS OF GROWTH AND RETURNS
EBOS has a long history of delivering profit, growth and shareholder returns
4
Notes: 1. NPAT is reported NPAT. NPAT prior to FY19 was reported in NZD and is converted to AUD at the average daily exchangera te in the financial year. 2. Total
cumulative shareholder returns calculated as at 31 December 2020. Calculated as capital gains and dividends paid over time period. Share price data as at 3 May 2021.
Source: Factsetand Nasdaq IR.
NPAT (A$m, LHS)Share price (NZ$, RHS)
TSR
2
1 year23%
5 years20%
10 years21%
20 years19%
-
5
10
15
20
25
30
35
Share price (NZ$)

EBOS has leading positions across the ANZ healthcare products supply chain
Brands and
manufacturers
Wholesalers and
distributors
Contract logistics
providers
Pharmacies
Hospitals
5
WHAT WE DO: HEALTHCARE
Aged care &
primary care
Pharmacy
support services
= EBOS’ primary presence in the supply chain
FY20 Revenue$8.3b
FY20 EBIT
1
$229m
H1 FY21 EBIT margin
1
2.9%
H1 FY21 EBIT growth (vs.pcp)
1
11.2%
Medicines; consumer health
products; medical devices
Patients
Group GOR
contribution
3
Community
Pharmacy
Leading wholesaler of pharmaceutical and healthcare products to retail pharmacies
Provider of franchisor and support services to leading pharmacy banners including TerryWhite Chemmart
47%
Institutional
Healthcare
Leading wholesaler of pharmaceuticals and medical consumables to hospitals, aged care, medical centres
and GPs, as well as a growing presence in medical devices distribution
26%
Contract
Logistics
Leading 3PL/4PL provider to pharmaceutical and healthcare products manufacturers9%
Consumer
Products
Owner and marketer of consumer health brands sold via pharmacy, grocery and health specialty stores4%
Notes: 1. EBIT shown on an underlying, post-IFRS 16 basis. 2. In the healthcare products supply chain, brands and manufacturers also supply directly to pharmacies, hospitals,
aged care and primary care providers (not illustrated above). 3. GOR = Gross Operating Revenue. Group GOR contribution shown forH1 FY21.
Healthcare products supply chain
EBOS Healthcare businesses

Group GOR
contribution
2
Pet Brands
Owner and marketer of leading premium pet food and pet treats
brands Blackhawk and Vitapet, among other pet products, to pet
specialty and grocery retailers
14%Vet Wholesale
Wholesaler of pet medicines, health and food products to
veterinarians and pet retailers
Pet Retail
50% joint venture partner in Animates, the leading New Zealand
pet retailer and owner of vet clinics
WHAT WE DO: ANIMAL CARE
EBOS also has leading and diverse positions within the Animal Care sector
6
Notes: 1. EBIT shown on an underlying, post-IFRS 16 basis. 2. GOR = Gross Operating Revenue. Group GOR contribution shown for H1FY21.
EBOS Animal Care businesses
FY20 Revenue$425m
FY20 EBIT
1
$50m
H1 FY21 EBIT margin
1
12.6%
H1 FY21 EBIT growth (vs.pcp)
1
25.6%

OUR TRANS-TASMAN HISTORY
EBOS’ history stretches back 100 years in New Zealand and 175 years in Australia
7
1845
Francis Hardy Faulding
opened his first
pharmacy in Adelaide,
South Australia
1922
Early Brothers
Trading Co. is
founded
2011
EBOS acquires pet
brand business,
Masterpet
EBOS merges with
Symbion, the leading
pharmaceutical
wholesaler in Australia
and lists on the ASX
2013
Early Bros Dental
& Surgical
Supplies is listed
on NZX
1960
2020
EBOS revenues
exceed $8bn
Australia
New Zealand
Symbion acquires
veterinary wholesaler,
Lyppard Australia
2011
2007
EBOS acquires
Pharmacy
Retailing New
Zealand
2021
EBOS market
capitalisation
exceeds NZ$5bn
for the first time

INVESTMENT HIGHLIGHTS
8
EBOS offers investors a strong track record of growth, yield and shareholder returns
Defensive growth sectors
Scale and leading positions
Diversified group
Best-in-class healthcare distribution network
Proven value creation strategy
Supportive growth drivers
Strong financial track record

-
0.5
1.0
1.5
2.0
20172018201920202021
-
80
160
240
20152016201720182019
DEFENSIVE GROWTH SECTORS
ANZ health expenditure (A$b)
1
9
The healthcare and animal care sectors provide resilient and stable growth through the cycle
Sources and notes: 1. ANZ health expenditure includes both public and private expenditure. Australian data included on a currentprices basis and sourced from Australian
Institute of Health and Welfare. New Zealand data included on a current prices basis and converted to AUD using an exchange rateof 0.93. Data sourced from OECD on a
per capita basis and multiplied by New Zealand’s population as at June of each respective year. Population data sourced from Stats NZ. 2015-2019 CAGR presented. 2. ANZ
Pet Expenditure includes Grocery Dog Treats and Pet Specialty Dog and Cat Food. Data included on a MAT basis for March of each year and based on management
estimates from industry sources, with New Zealand data converted to AUD using an exchange rate of 0.93. 2017-2021 CAGR presented.
~5% CAGR
ANZ pet food and treats expenditure (A$b)
2
~12% CAGR
Growing and ageing populationGrowing pet population and humanisation of pets

SCALE AND LEADING POSITIONS
We operate leading businesses and have superior scale and financial capacity
10
AUNZ
Pharmacy wholesale
1
Hospital medicinewholesale
2
Contract logistics
3
Premium dog food
4
Grocery dog treats
Vet Wholesale
5
n/a
7
Pet Retail
6
n/a
7
~90% of group revenue is generated by businesses with #1 segment share
Sources and notes: 1. Community Pharmacy wholesale represents Ethicals, OTC and FMCG products and does not include directs. 2. Hospitals medicines include Ethicals, OTC and Other products
and is based on industry data for 2020 and includes direct. 3. Contract Logistics is for medicines, is based on GOR and reflectsmanagement estimates. 4. Premium dog food reflects the pet
specialty channel and is based on management estimates using industry data; Grocery dog treats is based on industry data. 5. VetWholesale is based on management estimates. 6. Pet Retail is
based on external industry statistics for pet specialty and credit card scan data. 7. n/a reflects that EBOS does not operateinthe given country for this sector. 8. Market capitalisation as at 3 May
2021 and sourced from NASDAQ.
#1
#1
#3#1
#1#2
#1#1
#2
#1
#1
#1
Market capitalisation peer comparisonEBOS segment positions
A$4.6b
A$614m
A$594m
EBOSASX-listed peer #1ASX-listed peer #2

Australia
80%
NZ
20%
DIVERSIFIED GROUP
11
Geographic diversity
Business segment diversity
Sector diversity
Our earnings are highly diversified across sectors, geographies, products, customers and suppliers
HealthcareAnimal Care
Industry sizeVery largeLarge
Industry growthSingle digitDouble digit
MarginsSingle digitDouble digit
Price regulationHighLow
Notes: 1. Business segment split based on H1 FY21 Gross Operating Revenue. 2. Geographic split based on H1 FY21 revenue.
Community
Pharmacy
47%
Institutional Healthcare
26%
Contract Logistics
9%
Consumer Products
4%
Animal Care
14%
Our diversity has supported stability in our earnings growth and cash flow generation

BEST-IN-CLASS HEALTCHARE DISTRIBUTION NETWORK
12
Trans-Tasman distribution centre network
Key
features
We operate the largest and most efficient healthcare distribution network in ANZ with ~$200m
invested since 2014 to drive superior customer outcomes and productivity
600+ million
units p.a. distributed
200,000+
aggregate sqm
Major distribution centre investments have driven
substantial productivity improvements
New ZealandAustralia
2009Western Australia
2010New South Wales
2014Victoria
2018Queensland

PROVEN VALUE CREATION STRATEGY
13
Our businesses generate organic growth and significant cash flow, which funds our strategy of
re-investing for growth, as well as dividends for shareholders
SHAREHOLDER VALUE CREATION STRATEGY
DIVIDENDS
ORGANIC GROWTH
AND DISCIPLINED CASH FLOW
MANAGEMENT
INVESTING FOR GROWTH
~3% DPS YIELD
4
~10% EPS CAGR
2
~17% ROCE
3
~70% PAYOUT RATIO
1
(IMPUTED / FRANKED)
MAXIMISING OPPORTUNITIES
FROM OUR LEADING BUSINESSES
GROWTH CAPEX AND
ACQUISITIONS
Notes: 1. 70% average payout ratio over FY14 to FY20 compared to dividend policy of dividends not less than 60% of NPAT. 2. EPS CAGR is underlying and is measured over
FY14-FY20. 3. ROCE measured at H1 FY21, calculated as Earnings before Interest, Tax and Amortisation (EBITA) divided by capital employed. Capital employed defined as net
assets plus net debt. EBITA and Capital Employed exclude the impact of IFRS 16. 4. DPS yield calculated as reported DPS divided by average LTM share price; represents
broad average in recent years depending on share price fluctuations.

GROWTH DRIVERS: HEALTHCARE
EBOS aims to achieve above industry growth across its Healthcare businesses
Industry growth driversBusiness growth drivers
M&A growth
opportunities
Community
Pharmacy
•Growing and aging population
•Growing consumption of medicines
and medical consumables
•Increasing medical procedures
•Major wholesale customers growing above industry
•TerryWhite Chemmartstore rollout
•New contract wins
•Productivity gains through investment
Institutional
Healthcare
•Leverage specialty drugs growth
•Medical consumables growth in underpenetrated
channels
•New contract wins (public and private)
•Expand medical devices business
Contract
Logistics
•Segment share upside in Australia
•Investmentin specialist facilities
14
SubstantialLegend:Limited

GROWTH DRIVERS: ANIMAL CARE & CONSUMER BRANDS
Industry growth driversBusiness growth drivers
M&A growth
opportunities
Pet Brands
•Increasing pet population
•Humanisation of pets
•Product premiumisation
•Focus on pet health and wellbeing
•COVID-19 acceleration
•Brand and marketing investment
•New product development
Vet
Wholesale
•New customercontract wins
•Scale and efficiency
Pet Retail
•Store network rollout
•Co-location of vet retail and vet clinics
•Omni-channel growth
15
Consumer
Products
•Focus on health and wellness
•Asia demand for ANZ products
•Leveragingpharmacy distribution advantage
•New product development and ranging
Significant organic growth opportunities across our Animal Care segment
SubstantialLegend:Limited

INVESTING FOR GROWTH
16Notes: Figures represent aggregate capital expenditure and acquisitions & investments from FY15 to 1H FY21.
Growth
capital
expenditure
Acquisitions
Sydney Contract
Logistics DC
Brisbane DC
Keysborough DC
Onelink Australia DC
2015
2016
2017
2018
2019
2020
2021
VET
Investing in our distribution network and value accretive acquisitions are core to our strategy
15
acquisitions
since FY15
~$690m
invested
since FY15

ACQUISITION STRATEGY
17
Select areas of focus for acquisitionsStrategic focus
•Targets aligned to our strategy within healthcare, animal care
or adjacencies
•High quality, profitable and growing businesses
Size
•Typically focussed on small to medium size bolt-ons
•Consider larger opportunities where there is compelling
rationale and shareholder returns
Geographic focus
•A substantial pipeline remains in ANZ
•Open minded regarding offshore opportunities in the
medium term
Disciplined adherence to investment criteria
•EPS accretion and acceptable ROCE
•Maintain a strong balance sheet
Track record of growing inorganically to expand and diversify our earnings
Animal Care
Retail pharmacy
franchise
networks
Consumer brands
Medical devices
distribution
Medical
consumables
distribution

57
66
77
86
90
94
101
FY14FY15FY16FY17FY18FY19FY20
138
160
185
204
218
230
263
FY14FY15FY16FY17FY18FY19FY20
STRONG FINANCIAL TRACK RECORD
18
Return on capital employed
2
(ROCE, %)
Underlying EBIT
1
(A$m)
Summary
Strong earnings growth
Stable dividend growth and payout ratio
Disciplined focus on working capital
management and cash flow generation
Disciplined focus on ROCE >15% target
Strong balance sheet with growth headroom
DPS
(NZ$ cents per share)
Gearing
3
(Net Debt : EBITDA)
Underlying EPS
1
(A$ cents per share)
Notes: 1. Underling earnings exclude the impact of one-off items. 2. ROCE is calculated as Earnings before Interest, Tax and Amortisation (EBITA) divided by capital employed.
Capital employed defined as net assets plus net debt. EBITA and Capital Employed exclude the impact of IFRS 16. 3. Net Debt :EBITDA ratio excludes the impacts of IFRS16
leases in accordance with bank covenants.
EBOS has delivered consistent financial performance through the cycle
11.3% CAGR10.0% CAGR
41
47
59
63
69
72
78
FY14FY15FY16FY17FY18FY19FY20
11.2% CAGR70% avg. payout
1.9x
1.6x
1.2x
1.8x
1.7x
1.4x
1.1x
FY14FY15FY16FY17FY18FY19FY20
15% target1.7-2.3x comfort range
12.9%
14.6%
16.7%
17.1%
16.3%
15.9%
17.1%
FY14FY15FY16FY17FY18FY19FY20

CONCLUSION
19
EBOS offers investors a strong track record of growth, yield and shareholder returns
Defensive growth sectors
Scale and leading positions
Diversified group
Best-in-class healthcare distribution network
Proven value creation strategy
Supportive growth drivers
Strong financial track record

Thank you

21
APPENDIX

22
$4.7b
Revenue
Statutory EBITDA
$182.2m
ROCE
3
100% Franked (AU)
25% Imputed (NZ)
up 6.3%
Net Debt : EBITDA
4
DPS
up 9.0%
Underlying EBITDA
2
$184.1m
up 9.3%
Statutory EBIT
$145.9m
up 11.1%
Underlying EBIT
2
$147.8m
up 11.5%
Statutory NPAT
$92.9m
up 13.7%
Underlying NPAT
2
$94.3m
up 14.2%
Statutory EPS
56.9c
up 12.3%
Underlying EPS
2
57.8c
up 12.7%
17.5%
up 0.4% on
June 2020
1.00x
down 0.11x on
June 2020
42.5c
up 13.3%
NZ$
Notes: 1. Comparative comments refer to growth on H1 FY20. 2. Underlying earnings exclude the impact of one-off items. 3. ROCE is calculated as Earnings Before interest,
Tax and Amortisation (EBITA) divided by capital employed. Capital employed defined as net assets plus net debt. EBITA and Capita l Employed exclude the impact of IFRS 16.
4. Net Debt : EBITDA ratio excludes the impacts of IFRS16 leases in accordance with bank covenants.
H1 FY21 SUMMARY RESULTS
1

EBOS’ strong performance has continued with another record result and double-digit
earnings growth
23
Healthcare
EBIT up 11.2%
1
•Healthcare’s strongperformance was driven by our Community Pharmacy, TerryWhiteChemmart(“TWC”),
Institutional Healthcare and Contract Logistics businesses. Key highlights included:
‒Above market growth from major Community Pharmacy wholesale customers
‒The 7th Community Pharmacy Agreement commenced from July 2020 and provides the wholesale
business with additional certainty and increased CSO funding
‒TWC network sales growth of 5.8% and 22 new stores added to the network
‒Institutional Healthcare customer demand for specialty medicines and medical consumables
‒Expansion of our medical device distribution business through the acquisition of Cryomed
Animal Care
EBIT up 25.6%
1
•Animal Care’s outstanding performance was driven by our Vitapet, Black Hawk, AccessoryProducts and Lyppard
businesses all achievingdouble-digit sales growth. Key highlights included:
‒Continued strength in the positions of our key brands, combined with the strong tailwinds of the pet care
market due to established demographic trends and the effects of COVID-19 restrictions
‒Growth from our Australian vet wholesaling business Lyppardthrough customer growth in the online and
retail channels and sales growth with major customers in the vet channel
‒Acquisition of CH2’s vet distribution business
Group
NPAT up 14.2%
1
•Excellent operating cash flow of $98.7m (up 33.0%)
•ROCE of 17.5%, which is a record for the Group
•Further strengthened the balance sheet, with Net Debt : EBITDA reducing to 1.00x. Following further refinancing
initiatives, EBOS has no debt maturities until H2 FY23
Notes: 1. Growth rates are referenced to H1 FY20 and are calculated based on underlying EBIT and underlying NPAT (as applicable) . Underlying results exclude the impact of
one-off items.
H1 FY21 KEY HIGHLIGHTS

$m
H1 FY21H1 FY20
VarVar%
Underlying Results
1
Revenue4,653.3 4,376.1 277.2
6.3%
GOR488.6 449.4 39.2 8.7%
EBITDA184.1 168.4 15.7 9.3%
Depreciation & Amortisation36.3 35.9 (0.5) (1.3%)
EBIT147.8 132.6 15.2 11.5%
Net Finance Costs14.1 15.4 1.4 8.9%
Profit Before Tax133.8 117.2 16.6 14.2%
Net Profit After Tax94.3 82.6 11.7 14.2%
Earnings per share - cps57.8c51.3c6.5c12.7%
EBIT margin3.18%3.03%0.15%
Net Debt
2
308.9 392.2
Net Debt : EBITDA
2
1.00x1.41x
Statutory Results
Revenue4,653.3 4,376.1 277.2 6.3%
EBITDA182.2 167.2 15.0 9.0%
EBIT145.9 131.4 14.6 11.1%
Profit Before Tax131.9 115.9 15.9 13.7%
Net Profit After Tax92.9 81.7 11.2 13.7%
Earnings per share - cps56.9c50.6c6.2c12.3%
GROUP PERFORMANCE
•Revenue of $4,653.3m, an increase of $277.2m or 6.3%:
‒Healthcare up 5.9%;
‒Animal Care up 15.7%.
•Underlying EBIT of $147.8m, an increase of $15.2m or 11.5%:
‒Healthcare up 11.2%;
‒Animal Care up 25.6%.
•EBIT margin expanded to 3.18% (from 3.03%).
•Underlying NPAT and EPS increases of 14.2% and 12.7%,
respectively.
•Net Debt : EBITDA ratio of 1.00x attributable to strong earnings
growth and disciplined capital management.
Notes: 1. Underlying results exclude the impact of one-off items. 2. Net Debt : EBITDA excludes the impact of IFRS16 Leases.
Commentary:
24

132.6
147.8
+13.0
+6.3
(4.0)
H1 FY20
GOR
Comm.
Pharmacy
Inst.
Healthcare
Contract
Logistics
Cons.
Products
Animal
Care
H1 FY21
GOR
H1 FY20
Underlying
EBIT
1
HealthcareAnimal
Care
Corporate H1 FY21
Underlying
EBIT
1
GOR bridge ($m) Underlying EBIT
1
bridge ($m)
4.7%
H1 FY21
growth
vs. pcp
15.5%12.0%(6.0%)13.8%8.7%11.2%25.6%(52.2%)11.5%
The majority of EBOS’ businesses contributed positively to H1 FY21’s strong GOR and EBIT growth
449.4
488.6
+10.5
+16.9
+4.7
(1.2)
+8.2
Notes: 1. Underlying earnings exclude the impact of one-off items.25
BUSINESS AND SEGMENT PERFORMANCE