Annual Meeting Presentation

EBOS Group Limited. NZBN 9429031998840
108 Wrights Road, Addington, Christchurch, New Zealand, 8024
Level 7, 737 Bourke Street, Docklands, Victoria, Australia, 3008
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebosgroup.com





24 October 2023
NZX/ASX Code: EBO


EBOS GROUP LIMITED 2023 ANNUAL MEETING


Please see attached the Chair's speech, CEO's speech and presentation materials for the Annual
Meeting of shareholders to be held today.





Authorised for lodgement with NZX and ASX by the Board of EBOS Group Limited




For further information, please contact:
Martin Krauskopf
Executive General Manager, Strategy and M&A
EBOS Group Limited
+61 3 9918 5555

EBOS Group Limited 2023
Annual Meeting
Chair’s Speech


It gives me great pleasure to report on our results for the 2023 financial year.

In the year where we celebrated EBOS’ centenary we continued our strong momentum
delivering another record result and for the first time exceeding $12 billion in revenue.

As I have done at previous years’ presentations I will again take this opportunity to reinforce
that our continued success is underpinned by our adherence to a disciplined strategy of:

1. Continuing to protect, build or acquire leading market positions in a range of
Healthcare and Animal care sectors;

2. Focusing on generating strong operating cash flows to allow for further investment
and improved returns to shareholders; and

3. Investing for growth both organically and through complementary business
acquisitions.

The past year has again seen the tangible results from delivering our strategy as we
continue to invest for growth, which includes both acquisitions and the ongoing
development and improvement of our industry leading operational infrastructure.

From the acquisition perspective we recently acquired the Superior Pet Food Company.

Superior, which began its journey 40 years ago as a small business started by three rural
Wairarapa lads, is a leading manufacturer and supplier of premium dog rolls based in New
Zealand and is also a supplier of dog treats. Superior’s portfolio of branded products, which
may be familiar to our pet owning New Zealand based shareholders, are sold through major
grocery and rural retailers throughout New Zealand. The acquisition of Superior is
complementary to our existing Animal Care portfolio of products marketed under the
BlackHawk and VitaPet brands.

As we continue to build our leading positions in Animal Care, in October 2022 we officially
opened our new pet food manufacturing facility in Parkes New South Wales. The facility
represents a very important p art of our strategy to invest and grow our business, expand
our customer base, and provide critical employment opportunities across Australia.

I am pleased to report that since that time the facility is now operating 24 hours a day, 5
days a week and we have recently launched several new Black Hawk products manufactured
at this facility which John will expand upon in his presentation.

We also continue to invest in operational infrastucture to support our growth. We have
invested in two new contract logistics distribution centres in Auckland and Sydney, a new
pharmacuetical wholesale distribution centre in Auckland, due for completion in 2024, and
a new medical consumables distribution centre in Auckland for our Institutional Healthcare
division with completion expected in 2025.

In our strategy we refer to ‘protecting our market leading positions’ and over more recent
years we have focused on minimising the impact of any risks, foreseeable or unforeseeable,
on our business by diversification across the Group.

In early June 2023, EBOS was informed by Chemist Warehouse that it intends to pursue
alternative wholesale supply arrangements for its Australian stores and, as a result, this
contract will not be renewed beyond its expiry date of 30 June 2024.

As can be seen here in FY19, 50% of the Group’s Gross Operating Revenue was derived from
outside Community Pharmacy with this percentage increasing to 60% in FY23.

It is important to note that we always recognised that the contract renewal was a risk, and
we are confident in our alternative growth strategies that John will cover off in more detail.

We value our people by supporting them to lead healthy, balanced lives. Investment in
learning and development provides employees with opportunities for advancement while
ensuring our business attracts and develops the skills and capabilities we need to deliver for
our stakeholders. We recognise and reward performance in a fair and equitable way to
encourage all members of our team to strive for excellence in everything we do.

Also, in an effort to equip our leaders to serve as role models for the principles outlined in
our Diversity and Inclusion policy, we enhanced our online Integrity Training in FY23.

We recognised events including International Women’s Day and RU OK Mental Health
awareness, and our ‘Be Well from Anywhere’ Program offered staff a range of activities to
improve their wellbeing and keep them connected.

We welcome our employees to become shareholders in EBOS through the EBOS Employee
Share Plan. The most recent Employee Share Plan invitation in March 2023 was accepted by
almost 60% of eligible employees.

Workplace safety remains a key priority for EBOS under the guidance of our Group Safety
Committee, led by John. The committee concentrates on driving consistent safety
standards, fostering knowledge exchange across business units, and promoting stronger
safety awareness throughout the organisation. In FY23, we improved our safety metrics
with a 5% reduction in recordable injuries, underlining our dedication to the continued
safety and wellbeing for all our employees.

In FY23, we achieved net zero on Scope 1 emissions in New Zealand and Australia. We
achieved this by investing in operational improvements and procuring offsets. This included
purchasing Australian Carbon Credit Units generated from the Darling River Eco-Corridor
project, which help to offset emissions and combat climate change. The next milestone in our
journey to carbon neutrality is to become carbon neutral for Scope 1 and 2 emissions in New
Zealand and Australia during FY27.

At our pet food manufacturing facility we have completed the first phase of our solar array
project with the installation of a 500kW roof-mounted array. When fully complete, the
entire 18.8MW solar array is forecast to meet all of the Group’s Australian electricity
requirements by FY27.

From FY24, EBOS is required to make certain climate related disclosures. The standards for
these compulsory disclosures were published by the New Zealand External Reporting Board
(XRB) in December 2022. We are well underway with our preparations and are well placed
to respond to the New Zealand Government’s mandatory climate related reporting
requirements.

We are also progressing well with our Ethical Sourcing Strategy which aims to engage
suppliers that are aligned with EBOS’ corporate values. This initiative is supported by a
Supplier Code of Conduct that outlines our expectations from suppliers in complying with
laws and ethical behaviour.

Consistent with EBOS’ Board renewal process, independent directors Sarah Ottrey and
Stuart McGregor will retire as directors with effect from the end of today’s meeting. The
retirements are part of a carefully considered succession process that has included the
appointment of two new independent directors in the last 12 months. We will be
acknowledging their service later in today’s proceedings.

In September 2022 Mark Bloom was appointed to our Board bringing 35 years of
commercial and financial experience with listed companies in Australia and globally to EBOS.
In May 2023 Julie Tay joined EBOS’ Board with over 30 years’ experience in international
executive and non-executive roles across consumer healthcare, medical devices and digital
healthcare.

You will hear from Julie shortly as she seeks election from shareholders.

Following Julie’s appointment, the Board now consists of 50/50 female and male
representation, including myself as Chair. This ratio will be maintained following the
resignations of Sarah and Stuart.

Across the EBOS Executive Leadership Team, the female representation is currently 27%.
Across the wider organisation, excluding Southeast Asia, females in management make up
40%.

The Directors declared a final dividend of NZ 57.0 cents per share. In combination with the
interim dividend, this brings total dividends declared for FY23 to NZ 110.0 cents per share
which is an increase of 14.6 % on the previous year.
We live in a dynamic macroeconomic and political environment, particularly so following the
recent events in the Middle East. The defensive and diversified nature of our portfolio of
businesses has provided us stability and the demand for our products and services
continues to demonstrate resilience to economic conditions.

We will continue to follow our strategy as we strive to provide superior returns for
shareholders.

The success we have achieved as a business across the 2023 financial year is thanks to the
combined efforts of more than 5,000 employees across New Zealand, Australia and
Southeast Asia. We acknowledge their commitment to each other, our businesses and to
the communities they serve.

To John and his executive team, thank you for your continued dedication and discipline in
continuing to drive our company forward.

To all of our shareholders, thank you for your ongoing support and trust in the Board,
executive and employees of EBOS.

I will now hand over to John for a more in-depth review of the operational performance of
the business.

Thank you.

EBOS Group Limited 2023
Annual Meeting
CEO’s Speech

Kia Ora, and thank you, Liz

I am pleased to report on the performance of our company for the 2023 financial year and
as we review the outstanding results of the Group, I would like to reiterate the Chair’s
sentiments in acknowledging the exceptional contribution made by all our employees to the
business over the last 12 months.

Before commencing on a more detailed review of the year I would like to present our
highlights video that provides a visual overview of EBOS’ key activities over the last 12
months.

(A copy of the video will be made available on the Company’s website: www.ebosgroup.com)

I would also encourage all our shareholders, when you have the time, to read about EBOS’
activities in greater detail in both our FY23 Annual and Sustainability Reports.

In a year where EBOS’ focus was on consolidating our most recent strategic acquisitions we
were pleased to report another record result for the 2023 financial year, reflecting the
strength of our defensive mix of businesses.

Our excellent performance was again driven by growth in both our Healthcare and Animal
Care segments, including strong performances from our Community Pharmacy, Institutional
Healthcare, Contract Logistics and Animal Care divisions.

The key highlights included:
• Double-digit earnings growth;
• Substantial contributions from prior year acquisitions, particularly the $1.2 billion
acquisition of LifeHealthcare;
• Delivering ROCE in line with our internal target of 15%; and
• Maintaining a strong balance sheet to support growth initiatives as evidenced by our
recent acquisition of the Superior Pet Food Co.

The key financial headlines of our full year results were:
• Revenue increased by 14.0% to over $12 billion;
• Underlying EBITDA of $582.0 million, up by 33.2%;
• Underlying NPAT of $281.8 million, represented 23.0% growth;
• Healthcare’s Underlying EBITDA was up by 32.7% including the benefit of
acquisitions completed in the prior year; and
• Animal Care’s EBITDA was up 24.0% reflecting strong organic growth and the
benefits from the investment in our new pet food manufacturing facility.

FY23 continued our long term track record of delivering strong and consistent performance
for the benefit of our shareholders. We have been able to generate over 11% compound
annual growth in both underlying earnings per share and dividends per share over the last
10 years, whilst maintaining strong returns on capital and a strong balance sheet.

The performances from both our Healthcare and Animal Care segments underlines the
benefits of our diversified portfolio of leading businesses and our growth-focused
investment strategy.

The key business highlights were:
• Our Community Pharmacy division benefited from customer growth and maintaining
share leadership;
• TerryWhite Chemmart expanded its national network by another 40 stores and now
has over 550 stores nationwide;
• Our Institutional Healthcare division continued to perform strongly, driven by the
acquisitons undertaken in our medical tech and consumables businesses as well as
organic growth from our Symbion Hospitals business;
• Our Animal Care segment continued its growth with key brands, Blackhawk and
Vitapet and our vet wholesaling business, Lyppard, delivering strong performances.
In addition, our new pet food manufacturing facility delivered improved product
supply and margins.

We continue to look for value accretive acquisitions whether they be in Healthcare or
Animal Care and we look forward to a positive contribution in future years from our most
recent acquisition being the Superior Pet Food Company.

We have also continued to invest in our wholesale and logistics facilities to support our
ongoing growth and Liz outlined earlier the major projects that we have underway and near
completion.

As noted earlier our Healthcare segment growth was driven by our leading positions and
contributions from our Community Pharmacy, TerryWhite Chemmart (TWC), Institutional
Healthcare and Contract Logistics divisions.

Each of our divisions in the Healthcare segment recorded strong growth, with Institutional
Healthcare benefitting significantly from the performance of our LifeHealthcare business.

The integration of LifeHealthcare into the Group’s enlarged Medical Technology business is
now well progressed. LifeHealthcare’s financial performance for FY23, its first full year under
EBOS’ ownership, was in-line with our expectations with both the ANZ and Southeast Asia
businesses achieving solid growth.

Despite the current inflationary environment we operate in; our Healthcare segment
excluding LifeHealthcare was able to maintain its EBITDA margin and after inclusion of
LifeHealthcare and other acquisitions undertaken in the prior year our EBITDA margin
actually improved by 61 basis points.

Our wholesale businesses across both New Zealand and Australia operate in very fluid and
regulated environments. The Australian Government has recently implemented a policy
allowing pharmacists to dispense 2 months supply of PBS medicines, compared to the
previous limits of 30 days’ supply. This policy applies to approximately 300 common PBS
medicines, and is being implemented in three stages over a 12-month period, with the first
stage commencing on 1 September 2023. On its own this change in policy has a negative
impact on our Gross Margin however, to offset the impact, the Australian Government
advised that it will increase the Community Service Obligation funding pool available to
wholesalers like our Symbion business and introduce other initiatives in support of
community pharmacies. We will continue to work productively with all stakeholders as we
work through the implications of these changes.

Our TWC franchise continued its robust growth delivering more than $2 billion in network
sales and with the continued expansion of pharmacies across the network this further
strengthens TWC’s position as Australia’s largest health-advice oriented community
pharmacy network.

TWC’s performance was driven by our continued investment in media, our TWC catalogue
and promotional program, and our industry leading vaccination and pharmacist education
programs.

Our Animal Care’s key brands and businesses – Black Hawk, VitaPet and Lyppard –
performed strongly with Black Hawk and VitaPet continuing to maintain strong positions in

their respective segments. The growth in Animates, our New Zealand pet care retail joint
venture, also contributed to the segments performance.

Consistent with our Animal Care growth strategy, and a key benefit of having direct control
of the manufacturing process at our Parkes facility, several new product development
launches are planned for FY24. One initiative that has recently been launched is the Black
Hawk Healthy Benefits® range. These specially formulated diets are focused on supporting
the health of dogs with specific needs such as weight management, dental and joints and
muscles. Manufacturing of the new range commenced at Parkes, NSW in July 2023 and the
new products are now available in leading pet specialty retailers and vet clinics.

As Liz referenced earlier, the Australian Chemist Warehouse contract will not be renewed
beyond its expiry date of 30 June 2024.

EBOS generated approximately $2 billion in revenue from sales to Chemist Warehouse’s
Australian stores in FY23.

Group earnings have grown strongly across all our divisions, excluding this contract. From
FY20 to FY23, Group Underlying EBITDA excluding this contract grew at a CAGR of
approximately 20%, with around half of this being attributable to organic growth and
around half attributable to acquisitions. This is equivalent to the Group's actual Underlying
EBITDA CAGR including the contract over the same period.

All our divisions have contributed to this growth reflecting our well established and diverse
strategies which we believe positions us well for the future.

EBOS’ Community Pharmacy division remains a leading pharmacy wholesaler across
Australia and New Zealand and is the franchisor for TerryWhite Chemmart, one of
Australia’s largest community pharmacy networks.

Our Community Pharmacy division, excluding the Australian Chemist Warehouse contract:
• Services more than 4,000 pharmacy customers and has approximately 30% segment
share in Australia and greater than 50% segment share in New Zealand; and
• Generated over $5billion of revenue in FY23.
The division has a well-established organic growth strategy, which includes expanding
pharmacy wholesale services to both branded and independent pharmacy customers and
growing the TWC network.

As can be seen here we have multiple organic and inorganic growth drivers that are well
established across our divisions and we believe positions us very well for the future.

EBOS has a clear strategy to replace the Chemist Warehouse earnings through four key
areas:
• First, growth in the base business through the strategies that I outlined on the
previous page;
• Second, we see new revenue opportunities in Community Pharmacy that are now
available due to the changed market landscape;
• Thirdly, we have already commenced a review of costs across the Group and
identified a range of efficiency measures we will embark upon;
• And finally, we will continue to explore M&A opportunities across both the
Healthcare and Animal Care sectors

Further to the Chair’s comments earlier regarding EBOS’ ESG program, we continued
throughout the year with a range of activities, sponsorships and partnerships focussed on
our employees, environment, and the community.

EBOS has again built strong connections with communities in New Zealand and Australia
through partnerships with organisations aligned with our purpose of ‘Advancing
opportunities to enrich lives’.

Our company and employees though our ECHO program which stands for ‘Environment,
Community and Helping Others’ supported organisations including Ovarian Cancer Australia,
BackTrack, LandSAR, FightMND, Cerebral Palsy Alliance, and STREAT, as well as donating
sanitary, personal care and first-aid products to victims of the Turkey and Syria earthquake.

Our Match Funding programme also continued throughout the year with EBOS matching the
donations and funds raised by employees for many charity based events and activities.

We are proud to continue to commit to the EBOS Reconciliation Action Plan in Australia and
to improve cultural awareness in both Australia and New Zealand. One recent initiative has
seen our Symbion business partnering with the Pharmacy Guild of Australia to deliver a
scholarship initiative for Aboriginal and Torres Strait Islander pharmacy students.

Following the weather events in New Zealand in early 2023 our teams ensured that supply
channels for important medicines remained open to continue to serve local communities.
Our Onelink, Healthcare Logistics and ProPharma businesses here in New Zealand joined
forces with Government health organisations and the New Zealand Defence Force to supply
emergency oncology and pharmaceutical inventory to impacted regions. This is another
example of the critical importance our healthcare businesses are to the supply of medicines

and related products across New Zealand and Australia and underlines the commitment of
our people in times of crisis.

And as I mentioned at the start of my presentation further details on our ESG Program are
contained in our 2023 Sustainability Report which is available on our website.

In closing, I would like to share some brief comments on our year to date trading
performance.

In the first three months of FY24, we have recorded high single digit underlying earnings
growth compared to the prior corresponding period.

During this period the Group recorded revenue growth of 5.9%, EBITDA growth of 7.7%,
EBIT growth of 7.4% and NPAT growth of 7%.

YTD EBITDA and EBIT growth is higher at approximately 9-10% when normalised to exclude
both the earnings from the Chemist Warehouse Australia contract and wholesaling of
COVID-19 anti-viral medicines.

Whilst the macroeconomic environment continues to be uncertain, our earnings have
shown resilience, reflecting the defensive and diverse nature of our Group.

Finally, I would like to sincerely thank my executive team and all of our employees who have
shown incredible dedication, strength and resilience in managing all that has been put
before them during these challenging economic times.

I would also like to thank our Chair and Directors for their guidance and support during the
last 12 months.

Thank you for your attention and your ongoing support as shareholders.

I’ll now hand back to Liz to continue with the formal business of the meeting.

Thank you.

ANNUAL MEETING
24 October 2023

DISCLAIMER
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 ismade 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 with any purchase of EBOS securities.
This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBITDA, EBITA, EBIT, NPAT, Underlying
EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Underlying Cash from Operating Activities, Underlying Free Cash
Flow, Net Debt, Net Debt : EBITDA 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 construed as an alternative to,
other financial measures determined in accordance with GAAP. Although EBOS believes they provide useful information in measuringthe 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 full year ended 30 June
2023.
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.
Underlying results exclude the impact of one-off items, including the amortisation (non-cash) expense attributable to the LifeHealthcare
acquisition purchase price accounting of finite life intangible assets.
2

2023 Annual Meeting
3
WELCOME

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ATTENDEES

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HOW TO PARTICIPATE IN MEETING - ONLINE (VOTING)

7
2023 Annual Meeting
INTRODUCING OUR
BOARD

8
Elizabeth Coutts
Independent Chair of the Board
Joined 2003
Appointed Chair 2019
Peter Williams
Independent Director
Joined 2013
Stuart McGregor
Independent Director
Joined 2013
Stuart McLauchlan
Independent Director
Joined 2019
Dr Tracey Batten
Independent Director
Joined 2021
Sarah Ottrey
Independent Director
Joined 2006
Mark Bloom
Independent Director
Joined 2022
Julie Tay
Independent Director
Joined 2023
BOARD OF DIRECTORS

01
Presentation: Elizabeth Coutts, Chair
02
Presentation: John Cullity, CEO
03
Business of Meeting
04
Conclusion
AGENDA
9

PRESENTATION
ELIZABETH COUTTS
CHAIR
2023 Annual Meeting
10

Our continued success is underpinned by our
adherence to a disciplined strategy of:
•Continuing to protect, build or acquire leading market
positions in a range of Healthcare and Animal Care
sectors;
•Focusing on generating strong operating cash flows to
allow further investment and improved returns to
shareholders; and
•Investing for growth – both organic and acquisitions
through disciplined investments in Healthcare and Animal
Care.
The strategic direction of EBOS is both proven and sound. It
has driven significant returns for shareholders over many
years and we are confident that the business will continue to
deliver future growth.
11
OUR STRATEGY

INVESTING FOR GROWTH – ACQUISITION
12
Consistent with our strategy of investing for growth, EBOS has recently completed the acquisition of Superior Pet Food Co.
Superior Pet Food Co. acquisition
•Superior is a leading manufacturer and supplier of premium dog rolls based in New Zealand
and is also a supplier of dog treats.
•Superior’s portfolio of branded products – including the Chunky, Possyum, Ranchmans, Field
& Forest and Superior brands – are sold through major grocery and rural retailers throughout
New Zealand.
•The acquisition is consistent with EBOS Animal Care’s strategy of expanding our portfolio of
branded products in attractive categories, increasing our in-house manufacturing capabilities
and accelerating our new product development initiatives.
•The Superior product offering is complementary to EBOS Animal Care’s existing portfolio of
products marketed under the Black Hawk and Vitapet brands.

•Expanding customer base
•Local employment
•Now operates 24 hours a day, 5 days a week
•New product development manufactured at Pet Care
Kitchen
•Healthy Benefits range launched Sept ‘23
•Site of solar array
13
INVESTING FOR GROWTH - PET CARE KITCHEN
Market leading positions in Animal Care

INVESTING FOR GROWTH – DISTRIBUTION NETWORK
14
EBOS continues to invest in operational infrastructure to support our growth
Healthcare distribution network investments
InvestmentLocationStatusDivision
New contract logistics distribution
centres
AucklandComplete
Contract Logistics
Sydney
Expected completion in late
2023
New pharmaceutical wholesale
distribution centre
Auckland
In progress (completion
expected in 2024)
Community Pharmacy
New medical consumables distribution
centre
Auckland
In progress (completion
expected in 2025)
Institutional Healthcare

DIVERSIFICATION OF THE GROUP
15
We have successfully diversified the Group towards higher growth, higher margin segments
> 60% of GOR from divisions
outside of Community Pharmacy
FY19 GOR
(prior to Chemist Warehouse
Australia contract)
FY23 GOR
(pro forma excluding Chemist
Warehouse Australia contract)
< 50% of GOR from divisions
outside of Community Pharmacy
Notes:
1.FY19 Community Pharmacy GOR represents the sum of Community Pharmacy and Consumer Products GOR. These divisions were previously
reported separately and combined for reporting purposes in FY21.
Community PharmacyInstitutional HealthcareContract LogisticsAnimal Care

OUR PEOPLE AND SAFETY
16
We strive to build an engaged, diverse and talented workforce at EBOS.
•Almost 60% of eligible employees now participate in our
employee share plan.
•We enhanced online Integrity Training in FY23 to support
our Diversity and Inclusion policy, continuing with Cultural
Awareness training across New Zealand and Australia.
•Safety in the workplace continues to be a major focus for
EBOS and was further strengthened by the support of the
Group Safety Committee.
•Focused on mental health awareness with recognition of
events such as R U OK? Day.
•Improved safety metrics with a 5% reduction in recordable
injuries in FY23.

17
SUSTAINABILITY AND COMMUNITY

18
•Under the Board renewal process, Sarah Ottrey and Stuart McGregor will retire as directors effective from the 2023
Annual Meeting.
•In May 2023, Julie Tay joined the EBOS Board and will seek election today from Shareholders.
BOARD RENEWAL

Board
The EBOS Board consists of 50% female representation including the
Chair.
Executive Leadership Team
The EBOS ELT also has a 27%
1
female representation whilst across the
wider organisation females make up 40% of other management roles
2
,
and 52% of total full time employees
3
.
19
DIVERSITY
1.
As at 24 October 2023.
2
Excludes Southeast Asia.
3
As at 30 June 2023.

Final Dividend
EBOS’ Directors announced a final FY23 dividend of NZ 57.0 cents per share.
The final dividend was fully franked for Australian taxation purposes and imputed to 25% for New Zealand taxation
purposes.
Full Year
Taking the full-year dividend to NZ 110.0 cents per share, an increase of 14.6% on the prior year.
20
DIVIDEND
The New Zealand company tax rate is 28%. Therefore, a dividend that is partially imputed with 25% of the maximum allowable imputation credits implies an 8.86% imputation percentage in relation to the
gross taxable amount of the dividend.

2023 Annual Meeting
21
PRESENTATION
JOHN CULLITY
CEO

•Double-digit earnings growth.
•Healthcare’s strong performance was driven by our Community Pharmacy, TerryWhite Chemmart (“TWC”), Institutional Healthcare
and Contract Logistics businesses.
•Animal Care continues to achieve strong organic growth.
•Substantial contribution from prior year acquisitions reflecting the defensive and diversified nature of Group earnings.
•ROCE in line with target following the LifeHealthcare acquisition.
•Increased dividends to shareholders
22
Revenue
$12.2b
+14.0%
FY23 financials
1
EBITDA
1
$582.0m
+33.2%
NPAT
1
$281.8m
+23.0%
Note 1: Represents underlying results.
EPS (cents)
1
147.9
+14.1%
FY23 RESULT HIGHLIGHTS
EBOS has achieved another record result driven by organic growth and prior year acquisitions, reflecting the
defensive and diversified nature of our Group earnings

UnderlyingStatutory
A$m
FY23FY22Var $Var%FY23FY22Var $Var%
Revenue12,237.410,734.11,503.314.0%12,237.410,734.11,503.314.0%
EBITDA582.0436.8145.233.2%568.8405.8163.040.2%
EBIT484.2356.4127.735.8%444.0 323.9 120.137.1%
Net Profit After Tax281.8229.252.7 23.0%253.4 202.6 50.8 25.1%
Earnings per Share (cents)147.9c129.5c18.3c14.1%132.9c114.5c18.4c16.1%
Total Dividends (NZ cents)110.0c96.0c14.0c14.6%
23
FY23 SUMMARY RESULTS

LONG TERM TRACK RECORD
Return on capital employed (%)
Underlying EBITDA

($m)
Summary
✓Double-digit earnings growth.
✓Double-digit dividend growth and stable payout ratio.
✓Disciplined focus on working capital management and cash flow
generation.
✓ROCE in-line with target following the LifeHealthcare acquisition.
✓Strong balance sheet with gearing reduced.
DPS (NZ$ cents per share)
Net Debt : EBITDA
Underlying EPS (cents per share)
EBOS has delivered consistent financial performance over the long term
15.5% CAGR
1
11.6% CAGR
1
In-line with15% target
Strong balance sheet
Notes:
1.CAGR calculation is inclusive of FY14-FY23.
2.All amounts are presented inclusive of IFRS 16 Leases except for periods FY19 and prior.
11.2% CAGR
1
159
182
208
228
250
262
336
367
437
582
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
57
66
77
86
90
94
101
115
130
148
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
12.9%
14.6%
16.7%
17.1%
16.3%
15.9%
17.1%
18.0%
18.6%
15.1%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
1.93x
1.59x
1.18x
1.80x
1.74x
1.41x
1.11x
0.85x
1.94x
1.52x
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
41
47
59
63
69
72
78
89
96
110
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

•Community Pharmacy growth benefited from customer growth and maintaining share leadership, as well as increased sales of
ethical, over-the-counter and high-value medicines.
•Our Institutional Healthcare division continued to perform strongly, driven by the medical technology and consumables businesses
acquired in FY22 as well as organic growth from Symbion Hospitals.
•Our Animal Care segment furthered its growth with key brands, Blackhawk, Vitapet and Lyppard, delivering strong performances. In
addition, our new pet food manufacturing facility delivered improved product supply and margins.
•TerryWhite Chemmart expanded its national network by adding 40 new stores, marking a remarkable achievement of over 550
stores nationwide.
25
KEY BUSINESS HIGHLIGHTS
Strong performances from both our Healthcare and Animal Care segments.

INVESTING FOR GROWTH – ACQUISITION AND INVESTMENT
26
Consistent with our strategy of investing for growth, EBOS has recently completed the acquisition of Superior Pet Food Co. and invested to
enhance our distribution network
Superior Pet Food Co. acquisition
•Superior is a leading manufacturer and supplier of
premium dog rolls based in New Zealand and is also a
supplier of dog treats.
EBOS continues to invest in operational infrastructure
to support our growth
Enhancing the distribution network, we have continued to invest in operational
infrastructure to support our ongoing growth. These include:
•New contract logistics distribution centres;
•New pharmaceutical wholesale distribution centre; and
•New medical consumables distribution centre.

•Strong performances across our Community Pharmacy, TWC, Institutional
Healthcare and Contract Logistics businesses.
•The Healthcare segment generated positive organic growth in each
division and benefitted from the contribution of acquisitions completed in
FY22.
•Despite continued cost pressures related to labour and freight, we have
successfully maintained Underlying EBITDA margins excluding
acquisitions. The growth in margins can be attributed to the completed
acquisitions.
Underlying EBITDA ($m and %)
A$mFY23FY22Var$Var%
Revenue11,676.610,192.81,483.814.6%
Underlying EBITDA517.0389.6127.532.7%
Underlying EBITDA %4.43%3.82%61bp
27
FY23 SEGMENT PERFORMANCE
Healthcare
226.6
293.0
320.0
389.6
517.0
3.46%
3.51%
3.68%
3.82%
4.43%
FY19FY20FY21FY22FY23
Underlying EBITDAUnderlying EBITDA%

TERRYWHITE CHEMMART
28
•TerryWhite Chemmart added 40 new stores to its national network in FY23, continuing its impressive
growth to over 550 stores.
•Network sales continued to grow strongly to more than $2 billion.
•The TWC catalogue and promotional program continued to deliver exceptional value to network
partners with double digit promotional sales growth in pharmacies.
•TWC continued to grow investment in media, delivering strong brand improvements and
maintaining our position as the second largest advertiser in the Australian community pharmacy
sector
1
.
•The TerryWhite Chemmart network delivered almost 1 million vaccinations in FY23 representing
20%
2
of the total pharmacy market for Influenza vaccinations.
•Customer adoption of the myTWC App launched earlier this year continues to grow strongly.
myTWC provides customers with a convenient and safe way to order e-prescriptions online, manage
medications, book health services and earn rewards on over-the-counter products.
•The TerryWhite Chemmart Masterclass (pharmacist education event) attracted over 550 pharmacists
and pharmacy professionals demonstrating a desire for continued education and learning.
Notes:
1.Source: Landsberry & James AQX, June 2023.
2.Australian Immunisation Register for 01/07/2022 –30/06/2023.
3.TerryWhite Chemmart is reported within the Community Pharmacy division.

•Animal Care revenue increased by $19.5m (3.6%) and Underlying EBITDA
increased by $19.2m (24.0%) due to strong performances from our leading
brands and businesses (Black Hawk, Vitapet and Lyppard) and our new pet
food manufacturing facility delivering improved product supply and margins.
•Black Hawk and Vitapet brands continued to maintain share leadership in
their respective market segments, reflecting brand strength.
•Our pet food manufacturing facility, which has been operational for
approximately one year, is successfully operating with commercial
production rates meeting demand.
•Animates, our New Zealand pet retail joint venture, continued to perform
strongly and contributed to the Animal Care segment’s earnings growth.
•Underlying EBITDA margin improved reflecting relative performance of
higher margin businesses, benefits of the pet food manufacturing facility and
successful mitigation of cost inflation.
29
FY23 SEGMENT PERFORMANCE
Animal Care
$m
FY23
FY22
Var
Var%
Revenue
560.8
541.3
19.5
3.6%
- Branded Revenue
292.4
269.6
22.8
8.5%
- Wholesale Revenue
268.5
271.8
(3.3)
(1.2%)
GOR
178.0
157.4
20.6
13.1%
Underlying EBITDA
99.1
80.0
19.2
24.0%
GOR%
31.7%
29.1%
270bp
Underlying EBITDA%
17.7%
14.8%
290bp
48.3
57.7
69.4
80.0
99.1
12.6%
13.6%
13.9%
14.8%
17.7%
FY19FY20FY21FY22FY23
Underlying EBITDAUnderlying EBITDA%
Underlying EBITDA ($m and %)

•As announced on 6 June 2023, the Chemist Warehouse Australia contract will not be renewed beyond its expiry date of 30 June 2024.
•EBOS generated approximately $2 billion in revenue from sales to Chemist Warehouse Australia stores in FY23.
•We always recognised that the contract renewal was a risk and we are confident in the Group’s alternate growth strategies.
FY20FY23
35%
25%
14%
Community
Pharmacy
Institutional
Healthcare
Contract LogisticsAnimal Care
Chemist Warehouse Australia contract impact
CAGR (excluding Chemist Warehouse Australia contract)
WELL POSITIONED FOR THE FUTURE
30
Group earnings have grown strongly across all divisions excluding the Chemist Warehouse Australia contract
Group Underlying EBITDA ($m)GOR CAGR (FY20-23) by division
~20% Group Underlying
EBITDA CAGR excluding
Chemist Warehouse
Australia contract, in line
with overall Group
Underlying EBITDA CAGR
High-single digit GOR
CAGR for Community
Pharmacy excluding
Chemist Warehouse
Australia
Double-digit GOR CAGR for other divisions
Underlying Group EBITDA (excluding Chemist
Warehouse Australia contract)
Chemist Warehouse Australia contract EBITDA
CAGR (excluding Chemist Warehouse Australia contract)
Chemist Warehouse Australia contract impact
Notes:
1.FY20 Community Pharmacy GOR represents the sum of Community Pharmacy and Consumer Products GOR. These divisions were previously
reported separately and combined for reporting purposes in FY21.

Expand pharmacy wholesale services to
branded and independent pharmacy customers;
capitalising on changed industry dynamics
Continue to expand and invest in the TWC
network
Remove costs associated with the Chemist
Warehouse Australia contract and identify other
efficiencies
Optimise our distribution network and capital
expenditure requirements to reflect greater
capacity
•A leading pharmacy wholesaler with ~30% segment share
in Australian ethical wholesaling
1
and >50% share in NZ.
•Services a diverse customer base of more than 4,000
pharmacy customers across ANZ
•Substantial investment in best-in-class distribution network
across ANZ.
•TWC is one of the largest community pharmacy networks in
Australia with 550+ stores and a leading presence in the
health-advice segment of the market, with a track record of
strong growth.
A LEADING COMMUNITY PHARMACY DIVISION
Community Pharmacy excl. Chemist Warehouse Australia Contract
31
Growth strategy
Key stats - FY23 pro forma basis (excluding Chemist Warehouse Australia contract):
1
2
3
4
GOR CAGR (FY20-23)
High-single
digit
The Community Pharmacy division remains a leading pharmacy wholesaler across Australia and New Zealand
and is the franchisor for TerryWhite Chemmart, one of Australia’s largest community pharmacy networks
TWC store network
550+
Revenue
~$5.3bn
Notes:
1.Based on PBS ethical products and excludes directs.

DIVERSE AND WELL ESTABLISHED GROWTH STRATEGIES
32
EBOS has multiple organic and inorganic growth drivers across the Group that are well established
DivisionOrganicCapexM&A
Community
Pharmacy
•Refer previous page
Institutional
Healthcare
•Further growing our medical technology business
•Continue our growth as a leading wholesaler of
medicines to hospitals, including high value
specialty drugs
•Further growing our medical consumables
distribution business
•Investing in new facilities across Australia
and New Zealand to support customer
growth
•Further grow our medical
technology and medical
consumables distribution businesses
through acquisitions; capitalising on
fragmented markets
Contract Logistics•Continue to expand our contract logistics services
to over 100 pharmaceutical and other clients
•Capitalise on increasing onshoring of medicines
stock
•Investing in new facilities across Australia
and New Zealand in response to market
growth opportunities
•Limited M&A opportunities in this
division
Animal Care•Capitalise on the strength of our leading pet food
and treats brands, Black Hawk and Vitapet,
including continued growth through new product
development
•Realise the benefits of our investment in
our pet food manufacturing facility,
including capturing margins and supply
chain advantages
•Explore opportunities to grow
through additional strategic
acquisitions
Group•Review our cost base to identify efficiencies across
the Group
•Explore opportunities to expand our
activities in Southeast Asia and in
attractive adjacent segments

PATHWAY TO REPLACING CHEMIST WAREHOUSE EARNINGS
33
EBOS has a clear strategy to replace earnings from the Chemist Warehouse Australia contract
FY24
EBITDA
Chemist
Warehouse
Australia
contract
earnings
Base business
growth
New Community
Pharmacy revenue
opportunities
Cost initiatives
M&A

34
•Employee
Assistance
Program (EAP).
EMPLOYEES
•Employee
engagement
survey.
•Diversity,
Inclusion and
Wellbeing
Training.
•Net zero Scope
1 carbon
emissions.
•16,600 tonnes
of carbon offset
with Greenfleet.
•Next target
carbon neutral
for Scopes 1 & 2
during FY27.
•$322k raised by
TWC and
industry partners
for OCA.
•$150k of personal
care and first-aid
to Turkey/Syria
quake victims.
•LandSAR –NZ
Search +
Rescue.
•Health, safety
and wellbeing.
ENVIRONMENT
COMMUNITY
•Donation to
FightMND.
•Solar array
project’s
rooftop array
complete.
Supporting our ESG program, EBOS is committed to employee and social responsibility across New Zealand
and Australia.
ENVIRONMENT, SOCIAL, GOVERNANCE – IN ACTION

FY24 TRADING UPDATE
35
•EBOS has had a pleasing start to the FY24 financial year with high single digit earnings growth recorded.
•YTD growth for the three months ending 30 September 2023 compared to the prior corresponding period was as follows
1
:
•YTD EBITDA growth is higher, at approximately 9-10%, when normalised to exclude the Chemist Warehouse Australia contract and COVID-19 anti-viral
wholesale sales, reflecting stronger trends in the Group’s underlying business.
•The macroeconomic outlook continues to be uncertain however our earnings have shown resilience in this environment, reflecting the defensive and
diverse nature of our Group.
1. FY24 Year to Date (YTD) results are for the three months ended 30 September 2023 on an underlying basis and are unaudited. Underlying earnings exclude one-off items and amortisation (non-cash) expense attributable to the LifeHealthcare
acquisition purchase price accounting of finite life intangible assets.
Normalised YTD growth vs. pcp, excluding:
Underlying YTD growth vs. pcp
Chemist Warehouse
Australia Contract
COVID-19 anti-viral
wholesale sales
Revenue5.9%5.9%8.6%
EBITDA7.7%~9%~10%
EBIT7.4%~9%~10%
NPAT7.0%

BUSINESS OF
MEETING
2023 Annual Meeting
36

ITEM 1
Annual Report and Financial Statements
To consider and receive the annual report and the financial statements
for the year ended 30 June 2023 and the audit report thereon.
37

ITEM 2
Resolution 1 –Election of Director
It is resolved that Julie Tay be elected as a director of the Company.
BA, MBA (Curtin)
Ms Julie Tay was appointed to the EBOS Group Limited Board in May
2023.
Residing in Singapore, Julie is currently a director of Sonova, a global
hearing care solutions company, headquartered in Switzerland and listed
on the Swiss stock exchange. She has over 30 years’ experience in
international executive and non-executive roles across consumer
healthcare, medical devices and digital healthcare.
Julie was most recently Senior Vice President and Managing Director,
Asia Pacific and member of the global Executive Management
Committee for Align Technology. Prior to this time, she was regional
head of Bayer Healthcare (Diabetes Care) in Asia Pacific and also
previously held senior executive roles in Asia at Johnson Diversey and
Johnson & Johnson.
38

ITEM 3
It is resolved that, pursuant to NZX Listing Rule 2.11.1 and ASX Listing Rule 10.17, the total remuneration for non-executive
directors be increased by $78,250 from $1,565,000 per annum to $1,643,250 per annum with effect from 1 July 2023.
Resolution 2 –Non-executive director remuneration
The table below sets out the Director and Committee fees expressed on a per annum basis as at 30 June 2023, the expected fee
allocations should the increase in the fee pool be approved, and the amount of the increase proposed.
All amounts expressed in New Zealand dollars.
The amounts are inclusive of superannuation contributions (if applicable).
39
OfficerCurrentXPost Shareholder
Approval
Amount of
proposed increase
Chair$336,000$352,800$16,800
Director (other than Chair)$168,000$176,400$8,400
Chair of Audit & Risk Committee$40,000$42,000$2,000
Chair of Remuneration Committee$33,000$34,650$1,650
Member of Audit & Risk Committee $20,000$21,000$1,000
Member of Remuneration Committee$16,500$17,325$825
Special Exertion fee pool$75,000$78,750$3,750

ITEM 4
It is resolved that the directors of the Company be authorised to fix the fees and expenses of Deloitte as auditor of the
Company.
Resolution 3 –Auditor’s remuneration
After conducting the audit tender process, which invited audit proposals from the four major accounting firms, the Board determined
that Deloitte should be retained as the Group’s external auditor.
40

ITEM 5
To consider any other business that can be properly brought
before the meeting.
41

42
Stuart McGregor
Independent Director
Joined 2013
Sarah Ottrey
Independent Director
Joined 2006
FAREWELL AND THANK YOU

43
CONCLUSION
2023 Annual Meeting

THANK YOU FOR JOINING US
www.ebosgroup.com