EBOS Group Annual Report 2025

Annual
Report
2025

2
EBOS Annual Report 2025
Our purpose
Advance
opportunities
to enrich
lives.
Our vision
To drive significant impact every day in
the lives of our people and those we
serve. We’re leading with a commitment
to excellence and delivering superior
performance in new and existing markets.

3
Business Highlights 4
Summary of Results 6
Our Businesses 8
Chair Report 10
CEO Perspectives 14
Healthcare Highlights 16
Animal Care Highlights 23
Environmental, Social and Governance Program 24
Our Board 32
Financial Summary 34
Financial Report 36
Auditor’s Report 38
Financial Statements 42
Additional Stock Exchange Information 94
Corporate Governance 98
Remuneration Overview 102
Directors’ Interests and Disclosures 118
Directory 124
Contents
Acknowledgement of Country and Traditional Owners
EBOS acknowledges First Nations people’s connections to land,
water and community across New Zealand, Australia and Southeast Asia.
We pay our respects to ancestors, and to Elders past and present.

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EBOS Annual Report 2025
Business Highlights
Our achievements this financial year reflect the
commitment of our 5,700+ employees to changing
lives in New Zealand, Australia and Southeast Asia.
Their dedication underpins another strong
performance across our Healthcare and Animal
Care segments, reinforcing EBOS Group’s
reputation as an essential partner in the delivery
of critical services and products.
Our locations
Indonesia
Philippines
Hong Kong
Vietnam
Thailand
Malaysia
Singapore
Southeast Asia
Healthcare
Animal Care
Australia
New Zealand
133
locations in Australia, New
Zealand and Southeast Asia

Business Overview
5
Our people highlights
FY25 highlights
62% Australia
21% New Zealand
17% Southeast Asia
55% female
45% male
<0.1% non-binary
5,770
employees
$258m
underlying NPAT
$215m
statutory NPAT
NZ 118.5c
total dividends per share
$12,267m
revenue
11,694
shareholders

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EBOS Annual Report 2025
Summary of Results
$12,267m
revenue
$585m
underlying EBITDA
$258m
underlying NPAT
NZ 118.5c
total dividends
per share
$556m
$215m
statutory EBITDA
statutory NPAT

Business Overview
7
Segment And Divisional Earnings Overview
Revenue
Gross Operating Revenue
Gross Operating Revenue
Underlying EBITDA
Data based on gross operating revenue, which comprises revenue less cost of sales.
77% Australia
23% New Zealand and Southeast Asia
77% Australia
23% New Zealand and Southeast Asia
Pharmacy 36%
Institutional Healthcare 42%
Animal Care 13%
Contract Logistics 9%
Healthcare 87%
Animal Care 13%
Segment distribution
Division distribution

8
EBOS Annual Report 2024
EBOS Annual Report 2025
8
EBOS’ success is built on a diverse range of industry-leading businesses and brands spanning community
pharmacy, institutional healthcare, contract logistics, and animal care.
Our Businesses
Healthcare
Community Pharmacy
Healthcare
Institutional Healthcare
Healthcare
Contract Logistics
Animal Care

9
Business Overview
EBOS’ Executive Leadership
Safety Walks reflect our leaders’
commitment to a strong
workplace health and safety
culture, promoting engagement
and visibility across the Group.
From left: Alison Van Wyk, Executive General Manager of ProPharma, leads EBOS Group Directors Coline McConville
and Mark Bloom on an Executive Leadership Safety Walk at ProPharma’s new Auckland distribution centre.
9

EBOS Annual Report 2025
10
Chair Report
Our FY25 result demonstrates the value of EBOS’ portfolio, with
multiple growth levers and our ability to execute on near-term
growth objectives. Our balance sheet remains well positioned and
cash flow strength supports our future growth.
We again thank our more than 5,700 employees for their ongoing
commitment to the communities we serve across New Zealand,
Australia and Southeast Asia.
Healthcare Highlights
EBOS’ Healthcare segment performance was supported by
existing customer growth and new customer wins across our
pharmacy wholesale businesses, the continued expansion into
Southeast Asia, and community pharmacy store growth.
As business volumes adjust, our wholesale businesses have
prioritised customer growth, strengthening supply chain support
to existing customers, and driving operational efficiency through
investment in innovation to support long-term revenue growth.
In FY25, Symbion strengthened relationships with key independent
pharmacy networks across Australia, while in New Zealand
ProPharma expanded its reach by onboarding new community
pharmacy customers. EBOS Healthcare secured new partnerships
with leading healthcare providers, and Healthcare Logistics
broadened its portfolio by supporting the distribution of
innovative diagnostics, specialty medicines, and consumer health
products across New Zealand and Australia.
In December 2024, the Australian Government and the National
Pharmaceutical Services Association announced a new
$4.2 billion five-year agreement supporting sustainable funding
for the pharmaceutical wholesaling sector in Australia.
EBOS acknowledges the Federal Minister for Health and Aged
Care, Hon. Mark Butler MP and his department for addressing the
previous erosion in supply chain funding and acknowledging the
role EBOS plays as part of Australia’s healthcare system.
Our TerryWhite Chemmart (TWC) network delivered solid growth
and continued to expand its national footprint to 626 pharmacies,
reinforcing its position as one of Australia’s largest and most
trusted pharmacy networks.
TWC further demonstrated its leadership in health services, and
in FY25 launched a program to support pharmacists to become
qualified prescribers. The program allows pharmacists to safely
treat some health conditions and provide clinical services that
have typically been managed by a general practitioner.
These treatments, which include vaccinations, leave of absence
certificates and UTI treatments, have generated a year-on-
year increase in patient demand and underline the value and
convenience to customers of TWC’s CareClinics. The initiative
supports TWC’s long-term commitment to professional
development of its pharmacists and delivering expanded
healthcare options for its communities. We are particularly proud
of our TWC network’s role in vaccinating over 1 million Australians
during the year.
TWC has also continued to be a leader in digital solutions for
customers by expanding its e-commerce offering and investing
in innovation and technology to improve accessibility to everyday
healthcare needs for its network’s customers.
In March 2025, TWC’s Rewards Plus program was named Best
Loyalty Program Marketing Campaign at the Asia Pacific Loyalty
Awards, recognising the program’s success in helping pharmacies
build stronger customer connection with its 2.5 million Rewards
Plus members.
During the year, the opening of new warehouse facilities, some
with advanced automation technology, have further enhanced
our capacity to meet the evolving and changing dynamics of the
healthcare industry.
In December 2024, EBOS Healthcare relocated to a new 10,000m
2

site in South Dandenong, Victoria incorporating additional
capacity and enhanced capability for the business.
In February 2025, ProPharma moved into a new 11,300m
2
purpose-
built, temperature-controlled warehouse in Māngere, Auckland,
joining Healthcare Logistics and Onelink in a co-located precinct
of EBOS’ healthcare logistics businesses.
Officially opened by New Zealand’s Minister of Health Hon.
Simeon Brown, these facilities reflect EBOS’ extensive presence
and investment across the Australasian region and represent a
long-term commitment by EBOS to the health and wellbeing of
communities across New Zealand.
As Chair of EBOS Group, I am enormously proud of what has
been achieved within this healthcare precinct which is a powerful
showcase of our strategy to invest in, and grow, our businesses.
EBOS’ Medical Technology business increased its footprint in
Southeast Asia through strategic acquisitions, broadening an
already diverse portfolio of businesses with strong positions in
their respective markets.
Investment in new partnerships and technology further
contributed to the division’s overall growth and resilience and in
January 2025, EBOS completed the acquisition of the remaining
10% of Transmedic to increase our ownership to 100%. Transmedic
is one of Southeast Asia’s largest surgical technology and medical
device distributors, with a presence in seven countries across the
region.
These milestones reflect our strategic objective of increasing
Transmedic’s footprint in Southeast Asia, strengthening the
offering and the capabilities of our Medical Technology (MedTech)
business.
EBOS’ rich history is built on the events, people and achievements
of our diverse businesses; and few companies have had such
a profound and enduring impact on the Australian healthcare
landscape as Symbion. In May 2025, the business marked its 180
th

anniversary of pharmacy excellence which began when Francis
Hardy Faulding opened a retail pharmacy in Adelaide in 1845.
I am pleased to report on the 2025 financial year which highlights EBOS’ continued track record of strong revenue
growth and operational excellence.
As business volumes adjust, our wholesale
businesses have prioritised customer growth,
strengthening supply chain support to
existing customers, and driving operational
efficiency through investment in innovation
to support long-term revenue growth.

Business Overview
EBOS Group Chair Elizabeth Coutts and CEO Adam Hall.
11

12
EBOS Annual Report 2025
EBOS Annual Report 2025
12
Chair Report continued
Today, Symbion has over 3,600 retail pharmacy customers,
1000+ hospital customers and operates nine warehouses
across Australia.
Symbion’s longevity is a testament to its commitment to its
pharmacy customers, including investing in new technologies and
solutions to support their needs and those of their patients.
Animal Care Highlights
EBOS’ Animal Care segment experienced another solid year,
reaffirming its commitment to delivering the very best care and
products to pets – at every stage of their life – through strategic
acquisitions and new partnerships in New Zealand and Australia.
The branded business delivered strong organic growth driven by
the leadership of Black Hawk and VitaPet products, including the
development of new products, and supported by enhanced
in-house manufacturing capabilities.
In March 2025, our Animal Care business acquired SVS Veterinary
Supplies Ltd (SVS), a full-service wholesaler of pet medicines and
related products to veterinary clinics and specialty retailers in
New Zealand.
The acquisition of SVS complements Lyppard, our leading
Australia-based veterinary wholesale business, creating
significant opportunity to share relationships and best practice
across both businesses - enhancing service to our customers and
their pet patients.
Further investment in Animal Care, and the opportunity to expand
its product offering, led to the more recent acquisition of Kiwi
Kitchens. Established in Christchurch, the brand is known for
creating premium food for cats and dogs, all formulated with a
focus on New Zealand-sourced proteins.
Kiwi Kitchens products are stocked in independent pet stores in
the United States, Japan, Australia and New Zealand, providing a
platform for further expansion into these regions for the Animal
Care business and our growing portfolio of industry-leading
products.
Marketing activity and strategic partnerships continued to build
the presence of our Animal Care brands in the marketplace.
A particular highlight was Black Hawk becoming the official pet
food supplier to Guide Dogs Australia, supporting its invaluable
work helping thousands of Australians with low vision and
blindness lead a more accessible and fulfilled life. Since the start
of the partnership, Black Hawk has fed 900 dogs more than
120,000 kilograms of premium pet food.
As Guide Dogs Australia’s pet food partner, Black Hawk’s
high-quality products, made in-house at our Pet Care Kitchen in
New South Wales, will ensure all guide dogs receive the necessary
nutrients to thrive and perform their life-changing work.
Sustainability and Community
EBOS remains committed to sustainable development and
community engagement across the regions it operates in.
During the year, the Group advanced the planning for a 5MW
ground-mounted array at Parkes, New South Wales, which will
complement an existing 500kW installation. EBOS expanded
its longstanding partnership with not for profit organisation
Greenfleet, increasing our donations by 10% and also acquiring
land in South Gippsland, Victoria, for a reforestation initiative
scheduled to commence planting in early FY26. EBOS also remains
on track to transition over 95% of its grocery brand packaging to
recyclable materials by early 2026.
The safety and welfare of our employees is critical to our
continued success, and integral to this is the role performed by
our leaders in shaping the safety culture of our organisation.
Our group-wide Executive Leadership Safety Walks initiative
improves leadership visibility at our sites, enabling leaders to
better understand how workplace risks are being managed,
facilitating regular positive interactions between senior managers
and their teams, and identifying opportunities for improvement.
A new ‘Life Savers’ initiative has also been introduced that
reinforces minimum standards and appropriate controls for
reducing risk of injury or harm to workers undertaking high-risk
activities. The Life Savers were developed through consultation
with key stakeholders and will enhance the culture of health and
safety within our workplaces.
EBOS also continued to support various initiatives and
organisations aligned with our purpose of advancing
opportunities to enrich lives, this included strategic partnerships
with organisations such as Ovarian Cancer Australia, BackTrack,
LandSAR, and FightMND,
CEO Succession
Adam Hall commenced as EBOS’ CEO on 1 July 2025, following the
retirement of John Cullity on 30 June 2025.
Adam Hall is a highly accomplished global executive with a strong
track record in strategic growth, mergers and acquisitions and
operational excellence. Most recently, as Orica Limited’s Group
Executive and President – Asia, he successfully led significant
growth in earnings and scale, while driving innovation and
efficiency.
Board Renewal
Consistent with EBOS’ Board renewal process, Matt Muscio and
Coline McConville were appointed as non-executive directors
with effect from 1 January 2025 and 1 February 2025 respectively.
The appointments are consistent with EBOS’ Board succession
planning. EBOS has appointed five new Directors with a diverse
mix of skills, since July 2021. The Board now comprises seven
directors, six of which are independent.

Business Overview
1313
EBOS thanks John Cullity
EBOS Group recognises the significant contribution of
outgoing Chief Executive Officer John Cullity who retired
on the 30 June 2025.
John joined Symbion as CFO in 2009 and was appointed
CEO of EBOS in 2018 helping to shape EBOS into the
company it is today – expanding our reach, strengthening
our businesses across New Zealand, Australia, and
Southeast Asia, and positioning us as a leader in
healthcare and animal care.
On behalf of the Board, I sincerely thank John for his
outstanding contribution and wish him the very best in
his well-earned retirement.
Final Dividend
The Directors declared a final dividend of NZ 61.5 cents per share,
reflecting the Board’s confidence in the future growth of the
Group. This brings the full year dividend to NZ 118.5 cents per share
and implies a dividend payout ratio of 83.8% on an underlying
basis.
The Dividend Reinvestment Plan (DRP) will be operational for
the final dividend. Shareholders can elect to take shares in lieu
of a cash dividend at a discount of 2.5% to the volume weighted
average share price (VWAP).
The record date for the dividend is 5 September 2025 and the
dividend will be paid on 24 September 2025. The dividend will be
imputed to 25% for New Zealand tax resident shareholders and
fully franked for Australian tax resident shareholders.
Outlook
The outlook for both the Healthcare and Animal Care segments
is well positioned for long-term growth, with continued positive
healthcare and animal care industry trends supporting the
resilience of our businesses. Our portfolio is uniquely placed
through its leading brands and positions to capture the benefit
arising from these supportive trends.
Near-term macro pressures include a competitive wholesale
pharmacy environment, soft hospital capital spend and subdued
consumer sentiment impacting discretionary pet categories.
We will continue to deliver against our near-term strategic
priorities, providing profitable growth with a strong focus on
maintaining our EBITDA margins. In FY26, the Group is targeting
Underlying EBITDA of $615 – 635 million.
We again acknowledge the efforts and contribution of our over
5,700 employees across the regions where we operate and thank
our shareholders for their ongoing support.
Elizabeth Coutts
Chair

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EBOS Annual Report 2025
CEO Perspectives
Dear Shareholders,
It’s an incredible honour and privilege to have been appointed
Chief Executive Officer of EBOS.
I want to sincerely thank the Board of Directors for entrusting me
to lead such an outstanding organisation and I look forward to
working closely with the Board as we shape the future of EBOS
together.
I would also like to thank my predecessor, John Cullity, who
helped build EBOS into the leading company it is today. Under his
stewardship, EBOS entered new markets, expanded its portfolio of
leading businesses, and delivered strong shareholder returns.
A culture that sets us apart
I have made it a priority in my first eight weeks at EBOS to visit
many of our operations in Australia, New Zealand and Southeast
Asia and engage with team members through meetings, site tours
and safety demonstrations.
As you can imagine, it’s been quite a whirlwind period however
throughout this short time with the Group one thing has stood out
above all – the extraordinary calibre of our people.
I have been impressed and inspired by their professionalism,
passion, knowledge, camaraderie and dedication to provide the
very best outcomes for our customers and the communities we
serve. If the success of a company is measured by the impact of its
people – it is easy to understand why EBOS has been successful.
The commitment of our people to excellence, their willingness to
embrace change, and their collaborative approach have not only
driven strong results but also defined a culture that is resilient,
inclusive, and forward-thinking.
It is this culture – and the people who live and breathe it –
that gives me enormous confidence in EBOS’ future.
In healthy shape
EBOS can look back on FY25, and forward to the next financial
year, with optimism.
Our portfolio is well positioned for long-term outperformance
through our exposure to attractive and growing industries, scale
and leading positions, and strong financial track record and
position. We have a distinct advantage in navigating change and
are well positioned to seize opportunities and execute on our
growth ambitions.
It is this that excites me about the future of EBOS.
In FY26 we expect there to be continued positive healthcare and
animal care industry trends underpinning growth. However, there
are several near-term macro pressures that the Group must
navigate through, including a competitive wholesale pharmacy
market, softer hospital environment and subdued consumer
sentiment in discretionary pet care.
Following the completion of the significant distribution centre
renewal program in FY26, the Company will have delivered
8 new sites and system enhancements over a four-year period
(FY23-FY26). At a total cost of approximately $360 million, the
renewal program will have delivered an additional ~20% net
increase in capacity, lowered its cost to serve, increased its
refrigeration footprint to enable GLP-1 customer growth, and
streamlined customer integration processes. This upcoming
financial year marks the conclusion of this renewal program.
Our bolt-on acquisition program has continued into FY26, with
the purchase of Next Generation Pet Food
1
, which expands our
Animal Care branded business into high growth premium air-dried
treats and enhances manufacturing capability. We will continue to
assess opportunities that align with our strategic objectives and
create value for shareholders.
In Q4 FY26 we will be hosting an investor day which will
provide deeper insights into strategic priorities and long-term
growth drivers. The event will also outline the Group’s capital
management framework, and future capital deployment priorities.
EBOS is a business with a long and proven track record of
delivering sustainable growth and creating long-term value for
shareholders, and I’m excited by what we can achieve in the future.
Adam Hall
Chief Executive Officer
The commitment of our people to excellence,
their willingness to embrace change, and their
collaborative approach have not only driven
strong results but also defined a culture that
is resilient, inclusive, and forward-thinking.
It is this culture – and the people who live
and breathe it – that gives me enormous
confidence in EBOS’ future.
1
Next Generation Pet Foods was completed on 1 July 2025.

EBOS Group CEO Adam Hall tours Symbion Keysborough with Andrew Deeker (IT Support & Facility Manager VIC), Angie Tiopira (Warehouse
Supervisor/Assembly), Simon Boliancu (State Operations Manager VIC), and Brett Barons (CEO, Symbion & Healthcare Distribution).
Business Overview
15

$500m
underlying EBITDA
34
TerryWhite Chemmart
pharmacies added
180
years of Symbion
16
EBOS Annual Report 2025
Healthcare
Highlights
EBOS’ Healthcare segment broke new ground in FY25 through product and technological innovation, clinical
leadership, strategic acquisitions and new partnerships to further our impact across the communities we serve.
Our Medical Technology business entered new markets in Southeast Asia, we continued the expansion of the
TerryWhite Chemmart network, and we celebrated a milestone achievement for Symbion, an indispensable
partner of Australia’s healthcare infrastructure.
8
new distribution sites and
system upgrades delivered
from FY23 to FY26
Highlights
ProPharma, New Zealand

Symbion celebrates 180 years
Few companies have had such a profound and enduring impact on
the Australian healthcare landscape as Symbion.
In May 2025, the business marked its 180
th
anniversary of pharmacy
excellence which began when Francis Hardy Faulding opened a
retail pharmacy in Adelaide in 1845.
Symbion’s longevity is a testament to its strong commitment to its
pharmacy customers, including by investing in new technologies
and solutions to support their needs and those of their patients.
Today, Symbion has over 3,600 retail pharmacy customers,
1000+ hospital customers and operates 9 warehouses Australia-
wide which coordinate deliveries of over 16,500 product lines.
We were joined by past and present employees and customers
to celebrate Symbion’s 180
th
anniversary at an event held at the
National Wine Centre of Australia in Adelaide, a short distance
from the original Faulding pharmacy in Rundle Street. The evening
featured a special performance by renowned Australian operatic
soprano Greta Bradman. Ms Bradman’s grandfather and Australia’s
greatest ever cricketer, Sir Donald Bradman, was a director of
Faulding and Co from 1959 to 1966.
Customer wins
Our strategy to diversify revenue and secure new customers
generated excellent results in FY25 thanks to the significant efforts
of our team.
Amid a realignment of business volumes, our businesses have
redoubled their efforts in customer acquisition, enhancing supply
chain support to existing customers, and driving operational
efficiency through innovation and investment to support long-term
revenue growth.
In FY25, Symbion strengthened relationships with key independent
pharmacy networks, while ProPharma expanded its reach
by onboarding new community pharmacy customers. EBOS
Healthcare secured new partnerships with leading healthcare
providers, and Healthcare Logistics broadened its portfolio by
supporting the distribution of innovative diagnostics, specialty
medicines, and consumer health products across New Zealand
and Australia.
These new partnerships reflect the reputation of our business
and was supported by the continued growth of our TerryWhite
Chemmart, Pharmacy Choice® and healthSAVE pharmacies.
Optimisation of logistics and new warehouse facilities have
further cemented our capacity to meet the evolving and changing
dynamics of the healthcare industry.
First Pharmaceutical Wholesaler Agreement and renewed
Community Service Obligation Deed
In December 2024, the Australian Government and the National
Pharmaceutical Services Association announced a new five-year
agreement, worth $4.2 billion, supporting sustainable funding
for the pharmaceutical wholesaling sector in Australia.
By addressing the previous erosion of supply chain funding,
the agreement acknowledges the important role of companies such
as EBOS in Australia’s healthcare system.
On 30 June 2025 Symbion signed an agreement to continue providing
services under the Community Service Obligation (CSO) in Australia.
This ongoing commitment ensures that all Australians can continue
to access their PBS medicines quickly and reliably through
community pharmacies nationwide.
Stronger supply chain
EBOS has invested in a significant distribution centre renewal program
from FY23 completing in FY26. Once finished, the Group will have
delivered 8 new sites and system enhancements over a four-year period.
In December 2024, EBOS Healthcare relocated to a new 10,000m
2
site in
South Dandenong, Victoria incorporating new racking, a cool room, a vault
for high-value and scheduled medicines, and supporting office space.
In February 2025, ProPharma moved into a new 11,300m
2

purpose-built, temperature-controlled warehouse in Auckland,
which sets new standards in operational efficiencies and customer
experience in New Zealand.
At a total cost of approximately $360 million, the renewal program will
have delivered an additional ~20% net increase in capacity, lowered
its cost to serve, increased its refrigeration footprint to enable GLP-1
customer growth, and streamlined customer integration processes. This
upcoming financial year marks the conclusion of this renewal program.
Business Overview
17
From left: employees Terry Hayes, Carmine Piantadosi, Alison Becker, and customer
Geoff Rieschbieth with CEO Symbion & Healthcare Distribution Brett Barons

18
EBOS Annual Report 2025
The TWC network continued its growth in CareClinic health
services, including vaccinations, leave-of-absence certificates,
UTI treatments, and oral contraceptive supply, with year-on-year
increases in patient demand. This coincided with the network
expanding its national footprint to 626 pharmacies, reinforcing its
position as one of Australia’s largest and most trusted pharmacy
networks.
Leadership in health services
TWC launched a program to support pharmacists to become
qualified prescribers, allowing them to provide the safe treatment
of some health conditions that have been typically managed by
general practitioners.
The initiative followed the successful rollout of the Queensland
Full Scope of Practice pilot program, which resulted in 80 TWC
pharmacists completing additional studies.
That number is expected to reach 150 by early 2026, supporting
TWC’s long-term commitment to professional development of its
pharmacists and delivering expanded healthcare options for its
communities.
In FY25, the TWC network continued to be the go-to provider for those
Australians who rely on their local pharmacies for flu vaccinations.
The TWC network provided over 21.5% of flu vaccinations
administered at pharmacies, driven by expanded CareClinic sites,
greater appointment availability and improved patient convenience
during the peak flu season.
Investment in education
In FY25, TWC’s Masterclass Intern Program launched nationally,
further supporting the future of Australian pharmacy and TWC’s
talent pipeline.
The program included in-person and online education for intern
pharmacists, with live interactive webinars, real-world case studies,
exam support and preceptor resources.
Developed by pharmacists for pharmacists, the program builds on
existing intern training through practical insights and leadership-
focussed content.
Enhancing customer convenience
TWC has continued to be a leader in digital solutions for customers
by expanding its e-commerce offering and investing in innovation
and technology to improve accessibility to everyday healthcare
needs for its network’s customers:
• In FY25, over 1.2 million orders were placed through the myTWC
app with new features enhancing script management, in-store
efficiency, and patient engagement.
• The network expanded its partnership with a global online
ordering and delivery service, allowing customers to order
non-scheduled products via the service’s app, extending TWC’s
reach to people who prefer the convenience of online shopping.
• Electronic shelf label technology was installed in over 50
pharmacies, with plans for 50 more sites in the first half of FY26,
supporting our network partner’s operational efficiency and
allowing pharmacists and their teams to dedicate more time to
their customers.
TWC’s refreshed Rewards Plus program was named Best Loyalty
Program Marketing Campaign at the Asia Pacific Loyalty Awards in
March. The accolade recognised the program’s success in helping
pharmacies build stronger customer connection through trust, care
and great service. The TWC Rewards Plus program now has over
2.5 million members accessing great value benefits.
TerryWhite Chemmart (TWC) delivered solid growth across front-of-store and prescriptions with like-for-like
network sales increasing by 8.5% in FY25.
Healthcare Highlights
TerryWhite Chemmart

Business Overview
19
Endeavour
Consumer Health
Pioneering a new era in toothpaste manufacturing
Red Seal has recently commissioned new toothpaste
manufacturing equipment to scale up toothpaste production
and meet a growing demand in New Zealand and overseas.
The state-of-the-art technology, with the capability to produce
over 1 million tubes of toothpaste per month, demonstrates a
continued commitment to manufacturing quality, New Zealand
made toothpaste.
Significant toothpaste growth across ANZ and internationally
Red Seal’s commitment to providing effective oral care options
of NATRUE® certified toothpaste has resonated strongly with
consumers who are increasingly seeking out products that align
with their health and wellbeing values.
While the brand’s products continued to solidify their market
presence, Red Seal Baking Soda toothpaste was a particular
standout in FY25 with very strong growth in Australia following
expanded distribution in the grocery channel.
Red Seal Baking Soda toothpaste is also making strides
internationally, particularly through its performance on online
platforms in the USA.
Community engagement
Ovarian cancer remains the deadliest female cancer, underscoring
the importance of support and funding through long-term
community partnerships.
In FY25, TWC proudly marked two decades of partnership with
Ovarian Cancer Australia (OCA) by raising over $450,000 through
coordinated campaigns across its pharmacy network, supplier
partners and support teams.
Those funds took the total of TWC’s fundraising to more than
$2.7 million since the partnership with OCA began 20 years ago.
As the Principal Partner of OCA, TWC is committed to continuing
the legacy of support while striving for even greater impact in the
fight against ovarian cancer.
TWC also reaffirmed its partnership with Sanofi and its Return of
Unwanted Medicines (RUM) program. With the goal to reduce the
environmental impact of unwanted or out-of-date medications, this
collaboration resulted in TWC doubling the number of RUM bins
collected across its network.
In FY25, TWC proudly marked two decades
of partnership with Ovarian Cancer
Australia by raising over $450,000 through
coordinated campaigns across its pharmacy
network, supplier partners and support teams.

20
EBOS Annual Report 2025
Healthcare Highlights
EBOS Medical Technology
The business increased its footprint in Southeast Asia through
strategic acquisitions, broadening an already diverse portfolio
of businesses with strong positions in their respective industries.
Investment in new partnerships and technology further contributed
to the division’s overall growth and resilience.
Transmedic ownership transition
In January 2025, EBOS completed the acquisition of 100%
of Transmedic, one of Southeast Asia’s largest surgical technology
and medical device distributors, with a presence in seven countries
across the region.
The Group acquired an initial 51% interest in Transmedic as
part of the LifeHealthcare acquisition in May 2022 and lifted its
shareholding to 90% in FY24.
This milestone supports our strategic objective of increasing
Transmedic’s footprint in Southeast Asia, strengthening the offering
and the capabilities of our MedTech business.
Founded in 1980, Transmedic has long-standing partnerships
with global medical device manufacturers and specialises
in key therapeutic areas including orthopaedics, cardiology,
ophthalmology, oncology, blood management, and invitro
diagnostics among others.
Transmedic continued to deliver double-digit growth in FY25,
with revenue and earnings growing year-on-year, reflecting
sustained demand across its core specialties and successful
execution of regional growth initiatives.
Strengthening our orthopaedic offering in Southeast Asia
Transmedic has enhanced its orthopaedic credentials in Southeast
Asia with the recent acquisitions of Malaysia-based Malex Medical
Asia, and Pacific Surgical in the Philippines. Combined, these two
distributors have decades of experience in orthopaedic medical
device distribution and sports medicine solutions.
Malex Medical and Pacific Surgical’s integration into Transmedic
will support the introduction of the orthopaedic sports medicine
offering into Indonesia, utilising it’s already strong infrastructure
and experience in orthopaedics in Indonesia from its presence in
orthopaedic trauma and spine.
Demand for orthopaedic devices is increasing in Southeast Asia
due to an ageing population, change in the economic accessibility
to healthcare, rising prevalence of chronic diseases, and increased
healthcare awareness. These acquisitions reinforce Transmedic’s
position as a leading provider of specialised surgical technologies
in Southeast Asia and Hong Kong.
Forging a new frontier in tumour treatment
EBOS MedTech secured an exclusive distribution agreement to
bring ground-breaking histotripsy technology to the Asia Pacific
region.
Histotripsy is an innovative non-invasive therapy that has the
ability to mechanically destroy liver tumours, at the sub-cellular
level without heat, radiation or incisions.
Developed by the University of Michigan, the novel therapy is a
promising alternative to traditional treatment of tumours and has
significant potential.
EBOS MedTech will introduce the technology across key markets,
with Transmedic leading distribution in Singapore, Malaysia,
Indonesia, Thailand, Vietnam, the Philippines, and Hong Kong,
and LifeHealthcare managing distribution in New Zealand and
Australia.
Advancing innovation with Acellular Dermal Matrix
Australian Biotechnologies continues to expand its impact with the
successful launch of its Acellular Dermal Matrix (ADM) graft.
This advanced allograft tissue is now being used in orthopaedics
and oral maxillofacial surgeries, since its initial adoption in plastic
and reconstructive procedures.
ADM is commonly used for soft tissue repair with typical
applications including breast reconstruction, abdominal wall repair
and other complex surgical procedures.
It offers a cleaner, more versatile graft option with key advantages
including freeze-drying for off-the-shelf storage, easier surgical
handling and the potential for improved clinical outcomes.
Reflecting its ongoing commitment to innovation, Australian
Biotechnologies is investing in research and development in
partnership with the University of New South Wales and major
Australian hospitals.
EBOS Medical Technology (EBOS MedTech) remains committed to delivering practical, high-quality solutions that
enhance patient outcomes throughout New Zealand, Australia, and Southeast Asia.

Business Overview
21
Investment in new partnerships
and technology further
contributed to the division’s
overall growth and resilience.

EBOS Annual Report 2025
22

Business Overview
Animal Care Highlights
It was another successful period for EBOS’ Animal Care segment with its dedication to delivering the very best
care and products to precious pets – at every stage of their life – being reinforced through strategic acquisitions
and new partnerships in New Zealand and Australia.
Welcome Kiwi Kitchens
EBOS Animal Care’s strategy to expand its product offering has
been strengthened with the acquisition of Kiwi Kitchens.
Established in Christchurch, the brand is known for creating
premium products for cats and dogs all formulated with a focus
on New Zealand sourced proteins.
Kiwi Kitchens products are stocked in independent pet stores in
the United States, Japan, Australia and New Zealand providing a
platform for further growth into these regions for the Animal Care
business and our growing portfolio of industry-leading products.
Expanding vet wholesale business in New Zealand
In line with our strategy of investing for growth, our Animal Care
business acquired SVS Veterinary Supplies (SVS) in March 2025.
Founded in 1987, SVS is a leading full-service wholesaler of pet
medicines and related products to over 500 veterinary clinics and
specialty retailers in New Zealand and supplies a comprehensive
suite of products for companion and large animals.
The acquisition of SVS, which has over 100 employees in Hamilton,
Palmerston North, Wellington and Christchurch, is a logical addition
to our existing Animal Care business, which includes Lyppard,
a leading veterinary wholesale business in Australia.
We see significant opportunity to share relationships and best
practice across both businesses further enhancing service to our
customers and their pet patients.
Black Hawk partners with iconic Australian charity
Black Hawk has become the official pet food supplier to Guide Dogs
Australia under a three-year partnership, supporting the invaluable
work of one of Australia’s most trusted charities.
Guide Dogs Australia, in collaboration with its state and territory-
based organisations, helps thousands of Australians with low
vision and blindness lead a more accessible and fulfilled life with
confidence and companionship.
As Guide Dogs Australia’s pet food partner, Black Hawk’s
high-quality products, made in-house at our Pet Care Kitchen in
New South Wales, will ensure all guide dogs receive the necessary
nutrients to thrive and perform their life-changing work.
As part of the collaboration, Guide Dogs Australia together
with Black Hawk’s leading nutritionists and veterinarians have
developed a dog Care Guide, providing pet owners with the
charity’s tips for canine care and training.
Guide Dogs Australia supports almost 6,000 Australians with low
vision or blindness in leading more independent and confident lives
each year.
As part of the collaboration, Guide Dogs
Australia together with Black Hawk’s
leading nutritionists and veterinarians have
developed a dog Care Guide, providing pet
owners with the charity’s trade secret tips for
canine care and training.
900
Guide Dogs and puppies
fed by Black Hawk
120,134
kgs of pet food supplied to
Guide Dogs Australia
23

EBOS’ ESG Program sets out our actions to ensure we consistently and sustainably deliver on our responsibilities as a provider of essential
network infrastructure, products, and services. It encompasses 20 material ESG topics identified through stakeholder engagement.
More information about our materiality assessment is available at www.ebosgroup.com/sustainability.
Environmental, Social and
Governance Program
The Board and Executive Leadership Team are committed to leading the sustainable development of our
businesses in the communities we serve.
EBOS Annual Report 2025
BoardChief Executive OfficerESG Steering Committee
The Board has responsibility for approving,
overseeing, and monitoring the Group’s
response to and management of the ESG
Program.
The Chief Executive Officer (CEO), or a
member of the Executive Leadership Team,
reports to the Board on the Group’s ESG
Update at each Board meeting.
Our ESG Steering Committee has responsibility for
formulating and implementing the Group’s ESG
Program. It is chaired by the Executive GM Strategic
Operations, ESG and Innovation and is composed of
senior business representatives across the Group’s
major business functions. Various ESG initiatives are
integrated in our business activities and governance
structures including:
• Cyber Security & Privacy Steering Committee
• Sustainable Packaging Committee
• Group Safety Committee
216 million+
units of prescription
medications supplied to
pharmacies and hospitals
1.2 million+7,500+89,000+
product lines
99,000+
customers
10 million+
orders
medical devices supplied

for use in patient surgery
and treatment
suppliers
FY25 highlights
ESG Governance
24

Business Overview
25
EBOS’ ESG Program sets
out our actions to ensure we
consistently and sustainably
deliver on our responsibilities
as a provider of essential
network infrastructure,
products, and services.

26
EBOS Annual Report 2025
Management approaches for ESG Topics
Our Management approach to ESG topics is outlined under the five pillars of our ESG Program, which can be viewed at
www.ebosgroup.com/sustainability.
Stakeholder engagement and materiality review
We are committed to engaging with stakeholders on the Group’s
ESG initiatives and progress. We monitor the Group’s performance
in various ESG ratings indices to help us identify and address areas
where we can improve our sustainability efforts.
EBOS Key Stakeholder Groups
Delivering essential
infrastructure for human

and animal health
• Community service role
• Nurturing customer and
government relationships
Implementing robust systems
• Business continuity
management
• Data and technology

security/privacy
Managing the impacts of
our products
• Packaging and Waste
• Ethical Sourcing
Upholding our Quality Promise
• Quality Management
• Compliance
Environmental Stewardship
• Minimising our impact

• Carbon offsetting
Reaching out to help out
• Supporting causes close

to us
• Advancing equity, fairness
and opportunity in society
Community
& Environment
Consumers
& Patients
Health & Animal
Care Partners
• Employee safety, health and wellbeing
• Culture and engagement
• Talent and capability
• Performance and reward
• Legal compliance
• Reporting with integrity
• Ethical behaviour
• Corporate governance
Responsible BusinessOur People
Memberships and associations
Australia
National Pharmaceutical Services Association
Medicines Australia
Medical Technology Association of Australia
Immunisation Coalition of Australia
Pet Food Industry of Australia
Australia Day Hospital Association
Enterprise Data Management Council
New Zealand
Medicines New Zealand
Medical Technology Association of New Zealand
Southeast Asia
Singapore Business Federation
Singapore Manufacturing Federation
Asia Pacific Medical Technology Association
Malaysia Medical Device Association
Malaysian Employers Federation
Thai Medical Device Technology Industry Association
Gabungan Perusahaan Alat-Alat Kesehatan dan
Laboratorium (GAKESLAB)
Philippines Association of Medical
Device Regulatory Affairs Professionals (PAMDRAP)
Board and
Executive
Leadership

Team
Animal Care

customers
SuppliersInvestors
Non-profit

partners
Government

and regulators
Employees
Healthcare

customers
Memberships and associations
EBOS has aligned with various professional organisations in
Australia, New Zealand, and Southeast Asia to facilitate networking,
knowledge sharing, and advocacy for best support.

Business Overview
27
Quality
EBOS is a diverse business with many external business partners.
We focus on meeting the various service expectations of customers
and suppliers, as well as regulators, consumers and other external
parties. In addition to ensuring regulatory requirements, we adopt
internationally recognised standards such as Quality Management
Standard (QMS): ISO 9001 where we seek accreditation.
Supply Chain Management
EBOS primarily provides wholesale and distribution services acting
as an intermediary between suppliers and business users, including
pharmacies, healthcare institutions, veterinarian clinics and
other professional care providers. Our supply chain incorporates
many local and international suppliers across various areas of our
business. Brands under Animal Care and Endeavour Consumer
Health also source ingredients for manufacturing selected own-
brand products.
Our core business offering is to aggregate and supply healthcare
and animal care products, thereby simplifying the lives of our
customers so they can focus on what they do best. The Group’s
gross operating revenue (GOR) is derived predominantly from
providing wholesale, distribution and contract logistics services
as well as franchisor income.
The Group’s remaining GOR is derived from EBOS own-brand
products we create, including pet food and treats, vitamins,
medicines, over-the-counter (OTC) products, medical consumables,
medication aids and software solutions. These products are
developed, processed or manufactured by the Group, or sourced
under licence or contract manufactured.
Ethical Sourcing Strategy
EBOS’ Ethical Sourcing Strategy sets out the steps for
implementation of effective and appropriate ethical sourcing
programs. This includes risk assessments using due diligence tools,
standard operating procedures, and reporting templates. Focus
areas of the strategy include managing modern slavery risks and
legal and regulatory compliance.
Data Security & Privacy
Data security and privacy is a shared responsibility across EBOS
led by the Cyber Security & Privacy Steering Committee and
overseen by the Board. The Group’s work aligns with the NIST
(National Institutes of Standards and Technologies) framework,
and seventeen business units have received certification for ISO
27001, which is the globally recognised standard for information
security management systems.
In FY25, we continued to invest in uplifting the Group’s security
posture, including data governance and security incident and
event management.
Keeping medicines moving when it matters most
Our healthcare business Symbion is proud to support local
pharmacies who are the backbone of local communities in times
of crisis. During the February 2025 flood emergency in Far North
Queensland, the Symbion team overcame a series of operational
challenges. Customer service teams coordinated with the SES,
police, freight forwarders and pharmacies to ensure critical
medicines were delivered to where they were needed most.
All warehouses remained fully operational utilising backup power.
In anticipation of Cyclone Alfred in March 2025, our businesses in
the region activated a range of measures to safeguard operations.
This meant only minor damage was sustained and businesses
could resume normal operations after a short precautionary
closure leading up to the cyclone’s landfall.
In May 2025, severe flooding hit New South Wales Mid North Coast
and Hunter Valley. Despite inaccessible areas, our teams relocated
orders to facilities in Brisbane and worked with emergency services
to deliver supplies to pharmacies with blocked road access while
our other teams swiftly re-routed services and boosted direct driver
runs to ensure critical supplies reached hospitals.
Medicines and healthcare productsMedical devicesOwn-brand products
Over-the-counter products and medical
consumables, cold chain products,
scheduled and unscheduled medicines
Medical equipment and consumables Ingredients, materials, and finished products
Local and international supply chains

28
EBOS Annual Report 2025
Climate-related Disclosures
We published the Group’s inaugural Climate Statement in October
2024. This report containing comprehensive disclosures on the
Group’s climate risks, opportunities, and impacts is available at
www.ebosgroup.com/sustainability/climate-statement. Our 2025
Climate Statement will be published in September.
The Group has established targets for certain Scope 1 and Scope 2
Greenhouse Gas (GHG) emission reductions. We continued to focus
on reducing our reliance on fossil fuels. We largely completed the
transition to electric Materials Handling Equipment (MHE), phasing
out a small number of forklift trucks fitted with combustion engines.
Some units remain due to recent acquisitions. Additionally, we are
implementing a policy progressively phasing out fleet vehicles
solely relying on combustion engines, with electric and plugin
hybrid alternatives, where practical.
Since FY24, the Group has acquired New Zealand Renewable
Energy Certificates (RECs) which match the amount of electricity
consumed by the Group in New Zealand resulting in zero reported
GHG emissions for New Zealand.
Greenfleet partnership
EBOS continues to enjoy a long standing partnership with not-
for-profit environmental organisation, Greenfleet. Since 2007,
we have offset a significant share of outbound freight emissions
from our operations by donating over $2.4 million in support of
Greenfleet’s important work to revegetate native landscapes and
restore biodiverse habitats. In FY25, we increased our donation to
Greenfleet by a further 10%.
Reforestation project
In FY25, EBOS made progress towards establishing our own
reforestation project that will be implemented and managed by
Greenfleet. We purchased a property in South Gippsland, Victoria
with a potential planting area of approximately 94 hectares.
The site is located in the vicinity of protected native forests and
South Gippsland is home to koala populations, including Strzelecki
Koalas that descend from Victoria’s original koala gene pool.
Track works commenced in March 2025 to facilitate access to
the property. We are now working on boundary fencing and weed
management with a view to starting new planting of native tree
species in early FY26.
Solar array
The Group continues to work towards generating renewable
electricity equivalent to the forecasted electricity consumption
of our Australian operations. The Group operates a 500kW roof-
mounted solar array at Parkes, New South Wales and in FY25 we
continued development planning for the next stage of the project,
an approximately 5MW ground-mounted solar array at the site with
construction expected to commence in FY26. The second stage of
the solar array project will be an additional ground-mounted solar
array with approximately 6MW capacity and we continue to engage
with regulators on these subsequent works.
At the commencement of the project, the Group anticipated that
it would require solar arrays with approximately 18.8MW capacity
delivered in three stages of approximately 6MW each to generate
sufficient renewable electricity to meet its FY27 demands. During
the year, we reviewed our electricity demand forecast for our
Australian operations, incorporating the energy efficiency of newly
commissioned facilities, initiatives to reduce consumption in existing
sites and other considerations. This latest forecast indicates that the
third and final stage of the solar array may not be required to meet
our target. While the Group continues to monitor demand forecasts,
it has paused progressing the third stage.
Greenfleet partnershipCarbon reduction targets
20,088
$401,760
tonnes of carbon offset
donated
146,263
$2,403,031

tonnes of carbon offset
donated
FY25 impactLifetime impact
FY27
Zero reported Scopes 1
and 2
1
GHG emissions
after offsets
2
1
Using market-based Scope 2 reporting and after applying green energy certificates, such as Renewable Energy Certificates (RECs in Australia and New Zealand), Small-scale Technology
Certificates (STC, Australia only) and Large-scale Generation Certificates (LGCs, Australia only)..
2
Means that EBOS invested in offsets equivalent to its gross Scope 1 emissions. The offsets acquired and retired were Australian Carbon Credit Units (ACCUs). Further details regarding our
Scope 1 boundaries and exclusions and limitations and our approach to reporting targets will be included in our 2025 Climate Statement that will be published in September 2025.
EBOS Group’s property in South Gippsland, Victoria, dedicated to a reforestation project.

Business Overview
29
A summary of our environmental data
will be published on 30 September
https://www.ebosgroup.com/
sustainability/our-esg-program/
Community investment
EBOS supports a range of charities and social enterprises who do
wonderful work across our communities.
EBOS is proud to support the following organisations:
Electricity efficiency program
In FY25 we completed a revised Energy Reduction Plan aimed at
further decreasing our grid-supplied electricity consumption. This
Plan focusses on sites with the highest energy use or intensity, such
as usage per square metre or unit output. Identified opportunities
include increasing onsite solar electricity generation, optimising
HVAC and refrigeration equipment, and enhancing the efficiency of
machinery and automation systems.
In FY25 we achieved a 12.33% grid-purchased electricity efficiency
improvement per square metre against the FY21 baseline. The
improvements are primarily from opening new, more efficient,
facilities and closing less energy-efficient facilities and we expect
the result to progressively improve as new facilities become
operational.

30
EBOS Annual Report 2025
Sustainable cold chain solutions (Symbion)
Symbion is reducing reliance on polystyrene eskys. In some
locations they have been replaced by refrigerated containers,
but this is not always possible. Consequently, Symbion has
partnered with an industry innovator to introduce a new self-
contained cold chain delivery solution consisting of an insulating
liner in a cardboard carton. Following completion of a successful
pilot project at its South Australian distribution facility, Symbion will
roll out the new packaging in Northern Territory and Tasmania.
New packaging technologies (Onelink)
Onelink has been working on several innovations to improve the
sustainability of packaging for distribution of medical consumables
to New South Wales public hospitals. New carton technology and
efficient cubic-shaped design reduces the amount of packaging
materials by fitting more in each box. Plastic liners have also
been replaced with a compostable alternative that has been
specially treated to accelerate biodegradation in microbe-rich
environments.
Sustainable Packaging
Product packaging has complex lifecycle impacts that contribute
to climate change and other social and environmental concerns.
EBOS’ Sustainable Packaging Committee coordinates the work
of participating businesses to minimise packaging waste and
optimise the value of associated materials in the circular economy.
The Group’s sustainable packaging initiative encompasses
packaging research & development, design, procurement, and
manufacturing over which the Group has management control,
including reducing use of single-use plastics throughout our supply
chains in New Zealand and Australia.
Our target is to transition our grocery brand packaging to
recyclable (and therefore more sustainable) alternatives by the
end of 2025 and other own-brand products by the end of 2027.
Over 95%
1
of our grocery brand products will be using recyclable
packaging, with products progressively entering the market in the
new packaging as we run down existing stocks.
VitaPet
We have made significant progress in converting the product
packaging of our grocery brand VitaPet to recyclable, reusable,
or compostable alternatives, in line with Australian Packaging
Covenant Organisation (APCO) guidelines. This new sustainable
packaging design is easier to recycle and produces a higher quality
recycled product after reprocessing. Introduction of single polymer
laminate packs have also been scheduled for VitaPet food and
other product lines. When completed next year, this transition
project will displace approximately 150 tonnes of currently
non-recoverable packaging.
Red Seal
All Red Seal product packaging has been reviewed and packaging
has been replaced with recyclable materials, except for some
miscellaneous items such as labels and certain moisture
management materials related to product quality, including
desiccants, seals, and envelopes. These items account for less
than 10% of the packaging for these products, and we are actively
exploring recyclable alternatives. Although Red Seal product caps
and lids are made from recyclable materials, recent changes in
New Zealand kerbside recycling regulations currently prevent their
recycling. Caps and lids in the New Zealand market represents
under 3% of Red Seal’s total product packaging.
Other brands
Packaging for our other grocery brands, Quitnits, Anti-flamme
and Gran’s Remedy, is now largely recyclable with the exception of
caps and lids due to New Zealand kerbside recycling regulations,
and where complex cap types are required for functionality, such
as spray nozzles and foam pumps. We will continue to explore
sustainable options for these items.
Australian Packaging Covenant Organisation
In FY25, four EBOS businesses submitted action plans and
performance reports to APCO covering the 2024 calendar year.
ReportingOverall Performance Score
Masterpet
Leading
SentryAdvanced
Endeavour Consumer Health
Advanced
LifeHealthcareAdvanced
1
Packaging percentages relate to number of SKUs, unless indicated otherwise.

Business Overview
31
Driving diversity and inclusion initiatives
We are committed to gender equality and creating a positive
environment where all employees feel empowered and supported.
To mark International Women’s Day, we launched our updated
Domestic and Family Violence Policy to raise awareness and
highlight the support that is offered by EBOS. Various EBOS sites
also organised a clothing drive in support of Dress for Success,
a charity committed to helping unemployed and underemployed
women achieve economic independence.
Domestic and Family Violence Policy
In FY25, we updated and enhanced our policy setting out various
forms of confidential and non-judgemental support available to
employees in New Zealand and Australia who are experiencing
domestic and family violence, as well as those supporting affected
family members. This includes special leave for legal, medical, or
relocation needs, financial assistance, flexible work arrangements,
workplace safety planning and referral, and counselling services for
those experiencing domestic and family violence.
New Zealand Parental Leave Policy
In early 2025, we launched a new Parental Leave Policy for
employees in New Zealand seeking support to take time out from
work to raise their families. Expanding on statutory entitlements,
eligible employees can benefit from enhanced benefits for both
partners and primary carers.
First Nations employment program (Symbion)
Symbion has partnered with a labour hire provider to develop and
deliver its First Nations employment program, providing stable
work, training and a pathway for career progression in Supply
Chain and Logistics. The pilot program concluded in January 2025
with graduates securing sustainable employment within Symbion.
A second cohort of trainees commenced the program in the first
half of FY26.
EBOS Life Savers
Eight “Life Savers” standards have been introduced reinforcing
minimum standards and appropriate controls for reducing risk of
injury or harm to workers undertaking high-risk activities. The Life
Savers were developed through consultation with key stakeholders
and will enhance the culture of health and safety within our
workplaces.
Executive Leadership Safety Walks
People leaders play a critical role in shaping the safety culture of
our organisation. Our Group-wide Executive Leadership Safety
Walks initiative improves leadership visibility at our sites, enabling
leaders to better understand how workplace risks are being
managed, facilitating regular positive interactions between senior
managers and their teams, and identifying opportunities for
improvement.
Profile of our People
In FY25, the Group’s total employee headcount expanded to 5,770. As our workforce continues to grow, so does the potential for positive
contributions to our people, their families and local communities through fair employment practices, training, and career development
opportunities.
Location
62% Australia
21% New Zealand
17% Southeast Asia
Age
24% <30 yrs
53% 30-49 yrs
23% ≥50 yrs
Gender
55% women
45% men
<0.1% non-binary
5,770
total employee
headcount
More data on the
composition of
our workforce is
available at
https://www.
ebosgroup.com/
sustainability/
our-esg-program/
Content Index for ESG Disclosures
can be found at https://www.
ebosgroup.com/sustainability/our-esg-
program/

32
EBOS Annual Report 2025
Our Board
Elizabeth Coutts – Independent Chair
ONZM, BMS, FCA, CF Instit. D
Elizabeth Coutts was appointed to the EBOS Group Limited Board
in July 2003. She is Chair of the Remuneration Committee and a
member of the Audit and Risk Committee. She is Chair of Oceania
Healthcare Limited and 2degrees Group Limited, and a Director of
EBOS Group subsidiaries in New Zealand.
Elizabeth is a former Chair of Skellerup Holdings Limited, Ports
of Auckland Limited, Meritec Group, Industrial Research, Life
Pharmacy Limited, former director of Air New Zealand Limited,
the Health Funding Authority, Sanford Limited, the Yellow Group
of Companies and Tennis Auckland Region Incorporated, former
Deputy Chairman of Public Trust, former board member of
Sport NZ, former member of the Pharmaceutical Management
Agency (Pharmac) and Marsh New Zealand Advisory Board,
former Commissioner for both the Commerce and Earthquake
Commissions, former external monetary policy adviser to the
Governor of the Reserve Bank of New Zealand, a former president
of the Institute of Directors Inc and former Chief Executive of the
Caxton Group of Companies.
Dr Tracey Batten – Independent Director
MBBS, MHA, FRACMA, MBA (Harvard), FAICD
Dr Tracey Batten was appointed to the EBOS Group Limited Board
in July 2021. She is a member of the Remuneration Committee.
Tracey is currently a non-executive director of Medibank Private
Limited and Nanosonics Limited. She was previously Chair of the
Accident Compensation Corporation, a non-executive director
of National Institute of Water and Atmospheric Research, Abano
Healthcare Group Limited and various other healthcare related
research institutes, charities and industry and government bodies.
During her executive career she was Group CEO of Imperial
College Healthcare NHS Trust in the United Kingdom, Group CEO
of St Vincent’s Health Australia, CEO of Eastern Health and CEO
of Dental Health Services Victoria.
Mark Bloom – Independent Director
BCom, BAcc, CA
Mark was appointed to the EBOS Group Limited Board in
September 2022. Mark is a member of the Audit and Risk
Committee. He is currently a non-executive director of ASX listed
Abacus Storage King and AGL Energy Limited and a director of
JewishCare NSW. He is a former director of Pacific Smiles Group
Limited and Abacus Property Group. Mark has over 35 years’
experience as a finance executive, including as Chief Financial
Officer at ASX listed Scentre Group Limited from its formation in
July 2014 through to his retirement in April 2019. Prior to this, he
was Deputy Group CFO of Westfield Group for 11 years.
Mark has also held a number of senior finance roles, including
being CFO and executive director for insurance and financial
services companies Liberty Life, South Africa and Manulife
Financial, Canada.
Coline McConville – Independent Director
B.Juris, LLB, MBA (Harvard)
Coline McConville was appointed to the EBOS Group Limited
Board in February 2025.
Coline brings to EBOS 20 years of governance experience advising
a wide range of organisations operating in different countries
and industries. Her expertise includes advising across acquisitive
portfolio companies, complex distribution organisations, capital
intensive businesses, consumer driven vertically integrated and
global service companies.
During her executive career, Ms McConville was Chief Executive
Officer and Chief Operating Officer for Clear Channel
Communications (now iHeartMedia Inc.) and a management
consultant with McKinsey and Co and LEK Consulting.
She is currently a director of 3i Group and a member of the
Supervisory Board of Germany-based Tui AG. Her previous
directorships include Kings Cross Central General Partnership,
TUI Travel, UTV Media, Travis Perkins, Fevertree Drinks, Inchcape,
Wembley National Stadium, Shed Media, Halifax and HBOS.
Stuart McLauchlan – Independent Director
BCOM, FCA, CF. Inst.D
Stuart was appointed to the EBOS Group Limited Board in July
2019. He is Chairman of the Audit and Risk Committee and a
member of the Remuneration Committee.
Stuart is a Chartered Fellow of the Institute of Directors and
a Past President. He is a chartered accountant, partner of GS
McLauchlan & Co, and a Fellow of the New Zealand Institute
of Chartered Accountants. He is currently chairman of Scott
Technology Ltd, ADInstruments Ltd, Cargill Hotel 2022 Ltd, Otago
Community Hospice and Woods Solutions. He is a director of
Argosy Properties Ltd and Scenic Hotels Group, as well as a
number of private companies. He is also a governor of the New
Zealand Sports Hall of Fame. He was formerly a chairman of
Pharmac and UDC Finance, member of the Marsh New Zealand
Advisory Board, and director of Ngāi Tahu Tourism Ltd.
Matt Muscio – Non-Executive Director
BBus
Matt was appointed to the EBOS Group Limited Board in January
2025. His career spans more than 25 years in the medical device
industry with the last 15 years in medical technology distribution
under both public and private ownership models.
Matt’s most recent executive role was as Chief Executive Officer
for EBOS’ Medical Technology businesses, having joined EBOS
following the acquisition of LifeHealthcare in 2022.
Matt has been a board member for the Medical Technology
Association of Australia from 2017 to 2023 and currently serves
as a non-executive board member for Tetrous Inc, a regenerative
medicine company.
Julie Tay – Independent Director
BA, MBA (Curtin)
Julie Tay was appointed to the EBOS Group Limited Board in May
2023.
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,
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.

33
Business Overview
From top: Elizabeth Coutts, Dr Tracey Batten,
Mark Bloom, Coline McConville, Stuart McLauchlan,
Matt Muscio, Julie Tay.

EBOS delivers solid FY25 result in line with guidance
Group revenue was $12.3 billion, up 12.0%
1
on the prior year, driven
by growth in both our Healthcare and Animal Care segments,
including strong performances from our Community Pharmacy,
TerryWhite Chemmart, Institutional Healthcare and Animal Care
divisions.
EBOS recorded Underlying EBITDA of $585 million, representing
7.5%

growth and Underlying NPAT of $258 million.
1
Healthcare
The Healthcare segment reported revenue of $11.6 billion and
Underlying EBITDA of $500 million, representing 11.8%

and 6.9%

growth respectively.
1
In Australia, Healthcare revenue was $9.0
billion and Underlying EBITDA was $397 million, representing 12.9%

and 5.9%growth respectively.
1
In New Zealand and Southeast
Asia, Healthcare revenue increased to $2.6 billion and Underlying
EBITDA increased to $103 million, representing 8.1% and 10.8%
growth respectively.
1
Healthcare segment growth was driven by our leading positions
and solid contributions from our Community Pharmacy, TWC and
Institutional Healthcare businesses.
Animal Care
The Animal Care segment had a strong performance with revenue
of $673 million and Underlying EBITDA of $124 million, representing
16.3% and 10.4% growth respectively.
1
This growth was supported by the branded business and the
contribution of earnings from the SVS acquisition.
Cash flow and balance sheet
EBOS generated underlying cash flow before capex of $448 million,
up $81 million on the prior corresponding period, supporting our
organic growth, M&A strategy, shareholder returns and balance
sheet management. Net capital expenditure for the year was
$146 million.
Return on Capital Employed for June 2025 was 13.0%, 20 basis
points lower than June 2024
1
.
The Net Debt: EBITDA ratio at 30 June 2025 was 1.92x, which is a slight
increase on the 1.89x reported in the prior corresponding period.
Acquisitions
Consistent with our strategy of investing for growth, since
July 2024 we have completed five acquisitions
2, 3
, including
the remaining 10% interest in Transmedic, two small bolt-on
acquisitions within our Medical Technology business, and two
acquisitions in Animal Care.
Dividends
The Directors are pleased to declare a final FY25 dividend of
NZ 61.5 cents per share, which equates to a full year dividend of
NZ 118.5 cents per share. This represents a dividend payout ratio
of 83.8%.
The record date for the final dividend is 5 September 2025 and the
dividend will be paid on 24 September 2025. The final dividend will
be imputed to 25% for New Zealand tax resident shareholders and
will be fully franked for Australian tax resident shareholders. The
Group’s Dividend Reinvestment Plan (DRP) will be operational for
the upcoming final dividend. Shareholders can elect to take shares
in lieu of a cash dividend at a discount of 2.5% to the volume
weighted average share price.
Outlook
Our portfolio is well positioned for long-term growth with
continued positive healthcare and animal care industry trends
supporting the resilience of our businesses. Near-term macro
pressures include a competitive wholesale pharmacy environment,
soft hospital capital spend and subdued consumer sentiment
impacting discretionary pet categories.
In FY26, the Group is targeting Underlying EBITDA of $615 – 635
million, reflecting ~7% midpoint growth, with positive contributions
from both the Healthcare and Animal Care segments.
In FY26, we expect capital expenditure of approximately
$130 – 140 million, marking the successful completion of our major
distribution centre renewal program. In future years, annual
capital expenditure should be approximately 30% lower, on a
comparable basis. Underlying depreciation and amortisation
is expected to be approximately $140 – 150 million, reflecting
the investments we’ve made in recent years and the increased
capacity of our expanded distribution centres.
Leverage remains within targeted range, with headroom to
fund growth initiatives from existing liquidity and balance sheet
capacity. Net finance costs are expected to be approximately $110
– 120 million, assuming no additional debt funding requirements.
The effective tax rate is expected to be approximately 28%.
In Q4 FY26, the Group will host an investor day which will
provide deeper insights into strategic priorities and long-term
growth drivers. The event will also outline the Group’s capital
management framework and future capital deployment priorities.
Financial Summary
1
Underlying results are non-GAAP financial measures to reflect our underlying financial performance. Growth for FY25 Underlying compared to FY24 Underlying is normalised
to exclude the Chemist Warehouse Australia contract. Refer to page 35 for a reconciliation to statutory results.
2
Two additional small acquisitions were completed in FY25 and not noted above.
3
Includes Next Generation Pet Foods that was completed on 1 July 2025.
34
EBOS Annual Report 2025

35
Business Overview
Reconciliation of Statutory to Underlying Results
This Annual Report contains a number of non-GAAP financial
measures to reflect our underlying financial performance.
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.
FY25 and FY24 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. To provide a like-
for-like comparison to the prior corresponding period, where
applicable, this table includes comparisons against underlying
earnings exclusive of the estimated earnings from the Chemist
Warehouse Australia (CWA) contract for the 30 June 2024 period.
The following tables provide reconciliations between Statutory
and Underlying for the Group results and the Healthcare and
Animal Care Segments. Figures in the following tables are subject
to rounding and totals may not precisely sum across all line items.
FY25FY24
$mRevenueEBITDAEBITPBTN PATRevenueEBITDAEBITPBTN PAT
Statutory result12,26755640930221513,189606477383272
M&A transaction costs-11111110-1010107
Restructuring & site transition costs-18181813-9996
PPA amortisation (non-cash)--272719--262618
Total underlying earnings adjustments-29565642-19454532
Underlying result12,26758546535925813,189624522428303
CWA estimated earnings---(2,236)(80)(80)
Underlying result excluding CWA12,26758546510,953544442
HealthcareAnimal Care
FY25FY24FY25FY24
$mRevenueEBITDARevenueEBITDARevenueEBITDARevenueEBITDA
Statutory result11,59347212,610537673123579104
M&A transaction costs-10-2-1-8
Restructuring & site transition costs-18-9----
Total underlying earnings adjustments-28-11-1-8
Underlying result11,59350012,610548673124579112
CWA estimated earnings--(2,236)(80)
Underlying result excluding CWA
11,59350010,374468
Group
Healthcare and Animal Care

3637
EBOS Annual Report 2025
Directors’ Responsibility Statement 37
Independent Auditor’s Report 38
Financial Statements 42
Consolidated Income Statement 42
Consolidated Statement of Comprehensive Income 43
Consolidated Balance Sheet 44
Consolidated Statement of Changes in Equity 46
Consolidated Cash Flow Statement 47
Notes to the Consolidated Financial Statements 48
Introducing this report 48
Section A: EBOS performance
A1. Revenue and expenses 50
A2. Segment information 53
A3. Taxation 56
A4. Earnings per share 58
Section B: Key judgements made
B1. Goodwill and intangibles 59
B2. Acquisition information 64
Section C: Operating assets and liabilities used by EBOS
C1. Trade and other receivables 68
C2. Inventories 69
C3. Trade and other payables 69
Section D: Capital assets used by EBOS to operate our business
D1. Property, plant and equipment 70
D2. Capital work in progress 71
Section E: How we fund the business
E1. Share capital 72
E2. Dividends 73
E3. Borrowings 74
E4. Borrowing facilities maturity profile 75
E5. Operating cash flows 76
Section F: EBOS Group structure
F1. Subsidiaries 78
F2. Investment in associates 81
F3. Non-controlling interests 83
Section G: How we manage risk
G1. Financial risk management 84
G2. Financial instruments 86
Section H: Other disclosures
H1. Contingent liabilities 89
H2. Commitments for expenditure 89
H3. Subsequent events 89
H4. Related party disclosures 89
H5. Remuneration of auditors 90
H6. Leases 91
Contents
Key
Key judgements and other judgements made
Subsequent event
Risks
Accounting policy
Explanatory note

3637
Financial Statements
Directors’ Responsibility Statement
The Directors of EBOS Group Limited are pleased to present to
shareholders the financial statements of EBOS Group Limited
and its controlled entities (together the “Group”) for the year
ended 30 June 2025.
The Directors are responsible for presenting financial statements
in accordance with New Zealand law and generally accepted
accounting practice, which fairly present the financial position of
the Group as at 30 June 2025 and the results of their operations
and cash flows for the year ended on that date.
The Directors consider the financial statements of the Group
have been prepared using accounting policies which have been
consistently applied and supported by reasonable judgements
and estimates and that all relevant financial reporting and
accounting standards have been followed.
The Directors believe that proper accounting records have been
kept which enable with reasonable accuracy, the determination
of the financial position of the Group and facilitate compliance
of the financial statements with the Financial Markets Conduct
Act 2013.
The Directors consider that they have taken adequate steps to
safeguard the assets of the Group, and to prevent and detect
fraud and other irregularities. Internal control procedures are
also considered to be sufficient to provide reasonable assurance
as to the integrity and reliability of the financial statements.
The financial statements are signed on behalf of the Board by:

Elizabeth Coutts
Chair

Stuart McLauchlan
Director
26 August 2025

3839
EBOS Annual Report 2025
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of EBOS Group Limited (the ‘Company’) and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 30 June 2025, and the
consolidated income statement, statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 42 to 93, present fairly, in all
material respects, the consolidated financial position of the Group as at 30 June 2025, and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand Equivalents
to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External Reporting Board and IFRS Accounting
Standards (‘IFRS’) as issued by the International Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the Company or any of its
subsidiaries, except that partners and employees of our firm deal with the Company and its subsidiaries on
normal terms within the ordinary course of trading activities of the business of the Company and its subsidiaries.
Audit Materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during the audit would in our judgement change or
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the
scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $15m.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Independent Auditor’s Report to the Shareholders

3839
Financial Statements
Key audit matterHow our audit addressed the key audit matter
Goodwill and Indefinite Life Intangible Asset Impairment Assessment
The Group has $2,245m of goodwill and $204m of indefinite life
intangible assets, including brands of $177m, on the balance sheet
at 30 June 2025, as detailed in note B1 to the financial statements.
The carrying values of goodwill and indefinite life intangible assets
are dependent on the future cash flows expected to be generated
by the underlying businesses, and there is a risk if these cash flows
do not meet the Group’s expectations that the assets may be
impaired.
The Group tests goodwill and indefinite life intangible assets at
least annually by determining the recoverable amount (the higher
of value-in-use or fair value less costs to sell) of the individual
assets where possible, or otherwise the cash generating units to
which the assets belong and comparing the recoverable amounts
of the assets to their carrying values.
The impairment assessment models prepared by the Group
contain a number of significant assumptions. Changes in these
assumptions might lead to a change in the carrying value of
indefinite life intangible assets and goodwill.
The Group has assessed the recoverable amount of each cash
generating unit (“CGU”) or group of CGUs to which goodwill and
indefinite life intangibles have been allocated based on value-
in-use models. The key assumptions applied in the value-in-use
models are:
• annual revenue and expense growth rates for the five year
forecast period;
• pre-tax discount rates; and
• terminal growth rates.
We have included the impairment assessments of goodwill and
indefinite life intangible assets as a key audit matter due to the
significance of the balances to the financial statements and the
level of judgement applied by the Group in determining the key
assumptions used to determine the recoverable amounts.
We considered whether the Group’s methodology for assessing
impairment is compliant with NZ IAS 36: Impairment of Assets.
We focused on testing and challenging the suitability of the models
and reasonableness of the assumptions used by the Group in
conducting its impairment reviews.
We also determined those CGU’s which have an increased
impairment risk based on future growth rates, levels of headroom
(value-in-use over carrying value) or where there have been
significant changes in operational performance in the year.
Our procedures included:
• agreeing future cash flows to Board approved forecasts;
• challenging the reliability of the Group’s revenue and expense
growth rates for selected CGU’s by comparing the forecasts
underlying the growth rates to historical forecasts and actual
results of the underlying businesses (where applicable); and
• assessing the reasonableness of key assumptions and changes
to them from previous years.
We used our internal valuation specialists to assist with
evaluating the models and challenging the Group’s key
assumptions. The procedures of the specialists included:
• evaluating the appropriateness of the valuation methodology;
• testing the mathematical integrity of the models;
• evaluating the Group’s determination of the pre-tax discount
rates used in the models through consideration of the relevant risk
factors for each CGU, the cost of capital for the Group, and market
data on comparable businesses; and
• comparing the terminal growth rates to market data for a sample
of industry sectors.
We evaluated the sensitivity analysis performed by management
to consider the extent to which a change in one or more of the
key assumptions could give rise to impairment in the goodwill and
indefinite life intangible assets.

40
EBOS Annual Report 2025
Key audit matterHow our audit addressed the key audit matter
Acquisitions
The Group completed three material business combinations
during the period as detailed in Note B2. These acquisitions had a
combined consideration of $203m, with the Group recognising total
goodwill of $169m which includes the acquisitions noted above.
We have included these acquisitions as a key audit matter due to
the significance of the balances involved, and the subjectivity and
complexity inherent in the application of the requirements of NZ
IFRS 3 Business Combinations.
Due to the timing of the acquisitions, detailed valuations to
determine the fair value of the underlying assets and liabilities
acquired has been completed in relation to the acquisition
of Pacific Surgical Inc. The acquisition balance sheet for the
remaining acquisitions were determined on a provisional basis as
at 30 June 2025.
The determination of acquisition accounting involves judgement in
the following areas;
• The valuation of the consideration transferred including
contingent consideration;
• The identification and valuation of the assets acquired and
liabilities assumed at acquisition date; and
• The measurement of any acquired put and call options in relation
to non-controlling interests.
Our procedures, included:
• Obtaining an understanding of the key terms and conditions of
each acquisition by reading the sale and purchase agreements and
supporting documents and through discussions with key personnel;
• Evaluating the measurement of the consideration transferred
including contingent consideration by testing the mathematical
accuracy of the underlying calculation, agreeing the financial
projections prepared to the specific financial period specified in
the agreement and analysing the key assumptions adopted by
the Group;
• Assessing the Group’s progress to identify and value intangible
assets acquired as separate to goodwill for finalised acquisitions,
and agreeing key assumptions to supporting documentation;
• Recomputing the resulting goodwill to be recognised on acquisition;
• Challenging the Group’s measurement of any put and call options
related to non-controlling interests; and
• Evaluating the adequacy of disclosures relating to the acquisition in
the consolidated financial statements.

41
Financial Statements
To the Shareholders of EBOS Group Limited continued
Other information
The directors are responsible on behalf of the Group for the other information. The other information comprises
the information in the Annual Report that accompanies the consolidated financial statements and the audit
report. The Climate Statement which will be issued in September, 2025 as outlined on page 28 in the Annual
Report and is expected to be made available to us after the date of the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If so, we are required to report that fact.
When we read the Climate Statement, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to directors and consider further actions.
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on
the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we
might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company’s shareholders as a body, for our audit work, for this report, or for the opinions
we have formed.
Bryce Henderson,
Partner for Deloitte Limited
Auckland, New Zealand
26 August 2025

4243
EBOS Annual Report 2025
Consolidated Income Statement
The Consolidated Income Statement presents income earned and expenditure incurred by the Group during the financial year in
determining profit.
For the financial year ended 30 June 2025Notes
2025
A$’000
2024
A$’000
Revenue
A1(a) 12,266,898 13,189,054
Income from associatesF2 15,02112,938
Earnings before depreciation, amortisation, net finance costs and tax expense (EBITDA)
555,591 605,595
DepreciationA1(b) (100,188) (92,459)
AmortisationA1(b) (46,714) (36,412)
Earnings before net finance costs and tax expense (EBIT)
408,689 476,724
Finance income 7,092 7,320
Finance costs – borrowings (89,416) (83,290)
Finance costs – leasesH6 (24,123) (17,651)
Profit before tax expense 302,242 383,103
Tax expenseA3(a) (86,477) (110,018)
Profit for the year
215,765 273,085
Profit for the year attributable to:
Owners of the Company 215,138 271,549
Non-controlling interests 627 1,536
215,765 273,085
Earnings per share:
Basic (cents per share)A4109.7141.3
Diluted (cents per share)A4109.0141.3
Notes to the financial statements are included on pages 48 to 93.

4243
Financial Statements
Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income presents profit for the year, plus gains and losses that are not recognised in the
Consolidated Income Statement and instead are required to be taken directly to reserves within equity.
For the financial year ended 30 June 2025
2025
A$’000
2024
A$’000
Profit for the year
215,765 273,085
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Movement in Cash flow hedge reserve (4,238) (6,726)
Related income tax 1,126 1,907
Movement in foreign currency translation reserve 16,359 (7,061)
13,247 (11,880)
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other comprehensive income (23,140) 5,801
Total comprehensive income net of tax205,872 267,006
Total comprehensive income for the year is attributable to:
Owners of the Company204,351 265,716
Non-controlling interests 1,521 1,290
205,872 267,006
Notes to the financial statements are included on pages 48 to 93.

4445
EBOS Annual Report 2025
The Consolidated Balance Sheet presents a summary of the Group’s assets, liabilities and equity at the end of the financial year.
As at 30 June 2025Notes
2025
A$’000
2024
A$’000
Current assets
Cash and cash equivalents 184,251 216,883
Trade and other receivablesC1 1,513,770 1,494,564
Prepayments 37,019 48,756
InventoriesC2 1,345,227 1,210,440
Current tax refundable 5,590 4,822
Other financial assets – derivativesG2 201 6,727
Total current assets 3,086,058 2,982,192
Non-current assets
Property, plant and equipmentD1 399,678 383,909
Capital work in progressD2 120,286 61,563
Prepayments 5,324 1,553
Deferred tax assetsA3 (b) 275,876 238,927
GoodwillB1 (a) 2,244,981 2,067,694
Indefinite life intangiblesB1 (b) 203,911 192,481
Finite life intangiblesB1 (d) 360,735 337,426
Right of use assetsH6 485,984 388,952
Investment in associatesF2 66,415 56,440
Other financial assets 28,997 32,925
Total non-current assets 4,192,187 3,761,870
Total assets 7,278,245 6,744,062
Current liabilities
Trade and other payablesC3 2,441,354 2,212,533
Bank loansE3 15,791 765,708
Lease liabilitiesH6 65,847 57,239
Current tax payable 5,807 6,451
Employee benefits 83,790 81,848
Other financial liabilities – derivativesG2 2,329 617
Total current liabilities
2,614,918 3,124,396
Consolidated Balance Sheet
Notes to the financial statements are included on pages 48 to 93.

4445
Financial Statements
Consolidated Balance Sheet continued
As at 30 June 2025Notes
2025
A$’000
2024
A$’000
Non-current liabilities
Bank loansE3 1,086,714 470,102
Lease liabilitiesH6 453,501 349,914
Trade and other payablesC3 40,498 36,921
Deferred tax liabilitiesA3 (b) 338,265 298,741
Employee benefits 11,722 10,489
Other financial liabilities – derivativesG2 8,800 35,000
Total non-current liabilities
1,939,500 1,201,167
Total liabilities 4,554,418 4,325,563
Net assets
2,723,827 2,418,499
Equity
Share capitalE1 2,259,578 1,937,210
Share-based payments reserve 24,373 25,297
Foreign currency translation reserve (22,661) (38,126)
Retained earnings 502,059 525,444
Equity instruments fair valued through other comprehensive income (21,042) 815
Cash flow hedge reserve (2,743) 369
Equity attributable to owners of the Company 2,739,564 2,451,009
Non-controlling interestsF3 (15,737) (32,510)
Total equity
2,723,827 2,418,499
Notes to the financial statements are included on pages 48 to 93.

4647
EBOS Annual Report 2025
Consolidated Statement of Changes in Equity
The Consolidated Statement of Changes in Equity presents the components of capital and reserves of the Group and explains the
movements in each component during the financial year.
Notes
Share
capital
A$’000
Share-
based
payments
reserve
A$’000
Foreign
currency
trans-
lation
reserve
A$’000
Retained
earnings
A$’000
Equity in-
struments
fair valued
through
other com-
prehensive
income
reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
con-
trolling
interests
A$’000
Total
A$’000
Balance at 1 July 2023
1,889,863 16,210 (31,311) 559,428 (4,986) 5,188 (131,032) 2,303,360
Profit for the year
- - - 271,549 - - 1,536 273,085
Other comprehensive income
for the year, net of tax
- - (6,815) - 5,801 (4,819) (246) (6,079)
Payment of dividendsE2 - - - (203,675) - - - (203,675)
Movement in option over
non-controlling interests
F3 - - - - - - (4,626) (4,626)
Transfer of non-controlling interestsF3 - - - 32,768 - - (32,768) -
Partial derecognition of option over
non-controlling interests
F3 - - - (134,626) - - 134,626 -
Share-based payments - 9,087 - - - - - 9,087
Dividends reinvestedE1 45,736 - - - - - - 45,736
Employee share plan shares issuedE1 1,808 - - - - - - 1,808
Employee share issue costsE1 (197) - - - - - - (197)
Balance at 30 June 2024
1,937,210 25,297 (38,126) 525,444 815 369 (32,510) 2,418,499
Balance at 1 July 2024 1,937,210 25,297 (38,126) 525,444 815 369 (32,510) 2,418,499
Profit for the year - - - 215,138 - - 627 215,765
Other comprehensive income for the
year, net of tax
- - 15,465 - (23,140) (3,112) 894 (9,893)
Payment of dividendsE2 - - - (207,725) - - - (207,725)
Arising on acquisition of subsidiariesB2 - - - - - - 866 866
Option over non-controlling interests - - - - - - (15,129) (15,129)
Transfer to retained earnings - - - 10,531 1,283 - (11,814) -
Derecognition of option over
non-controlling interests
F3 - - - (41,329) - - 41,329 -
Share-based payments - (924) - - - - - (924)
Share placementE1 200,508 - - - - - - 200,508
Retail offerE1 53,826 - - - - - - 53,826
Share placement and retail offer costsE1 (6,183) - - - - - - (6,183)
Dividends reinvestedE1 72,589 - - - - - - 72,589
Employee share plan shares issuedE1 1,848 - - - - - - 1,848
Employee share issue costsE1 (220) - - - - - - (220)
Balance at 30 June 2025
2,259,578 24,373 (22,661) 502,059 (21,042) (2,743) (15,737) 2,723,827
Notes to the financial statements are included on pages 48 to 93.

4647
Financial Statements
Consolidated Cash Flow Statement
The Consolidated Cash Flow Statement presents the cash generated and used by the Group during the financial year.
For the financial year ended 30 June 2025Notes
2025
A$’000
2024
A$’000
Cash flows from operating activities
Receipts from sale of goods and services 12,297,831 13,198,911
Interest received 7,092 7,320
Dividends received from associatesF2 8,594 11,929
Payments for purchase of goods and services (11,698,998)(12,665,460)
Taxes paid (82,477) (103,523)
Interest paid (113,539) (100,941)
Net cash inflow from operating activities
E5 418,503 348,236
Cash flows from investing activities
Sale of property, plant and equipment 228 418
Purchase of property, plant and equipment (29,553)(61,559)
Payments for capital work in progress (95,594)(34,340)
Payments for intangible assets (20,832)(22,939)
Investment in associatesF2 (602)(2,038)
Acquisition of businessesB2 (202,492)(246,893)
Investment in other financial assets (20,005)(10,771)
Net cash (outflow) from investing activities (368,850)(378,122)
Cash flows from financing activities
Proceeds from issue of sharesE1 249,779 1,611
Proceeds from borrowingsE5 1,417,046 484,222
Repayment of borrowingsE5 (1,558,065)(226,727)
Repayment of lease liabilitiesH6 (56,613)(68,649)
Dividends paid to equity holders of parent (excluding Dividend Reinvestment Plan) (137,043)(156,128)
Net cash (outflow)/inflow from financing activities
(84,896) 34,329
Net (decrease)/increase in cash held (35,243)4,443
Effect of exchange rate fluctuations on cash held 2,611 554
Net cash and cash equivalents at the beginning of the year 216,883 211,886
Net cash and cash equivalents at the end of the year
184,251 216,883
Notes to the financial statements are included on pages 48 to 93.

4849
EBOS Annual Report 2025
Notes to the Consolidated Financial Statements
For the financial year ended 30 June 2025.
Introducing this report
The notes to the financial statements include information that is considered relevant and material to assist the reader in the understanding
of the financial performance and financial position of EBOS Group Limited and its controlled entities (together “the Group” or “EBOS”).
Information is considered relevant and material if:
• the amount is significant because of its size and nature;
• it is important to assist the readers understanding of the results of EBOS;
• it helps to explain to the reader the changes in the business and/or operations of EBOS; or
• it relates to an aspect of operations that is important to the future performance of EBOS.
EBOS Group Limited (‘the Company’) is a profit-oriented company incorporated in New Zealand, registered under the Companies Act 1993
and dual listed on both the New Zealand Stock Exchange and the Australian Securities Exchange.
Basis of preparation
The financial statements have been prepared in
accordance with Generally Accepted Accounting Practice
(‘GAAP’). They comply with New Zealand Equivalents to IFRS
Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’)
as issued by the International Accounting Standards Board
for profit-oriented entities.
EBOS is a Tier 1 for-profit entity in terms of the New Zealand
External Reporting Board Standard A1.
The Company is an FMC reporting entity for the purposes
of the Financial Markets Conduct Act 2013, and its financial
statements comply with this Act.
The financial statements have been prepared on the basis
of historical cost, except for the revaluation of certain
financial instruments. Cost is based on the fair value of the
consideration given in exchange for assets.
The information is presented in thousands of Australian
dollars, unless otherwise stated.
Critical accounting estimates and judgements
In the process of applying the Group’s accounting policies
and the application of accounting standards, EBOS has
made a number of judgements and estimates.
The estimates and underlying assumptions are based
on historic experience and various other factors that are
considered to be appropriate under the circumstances.
Therefore, there is an inherent risk that actual results may
subsequently differ from the estimates made.
These estimates and underlying assumptions are reviewed
on an on-going basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised
if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both
current and future periods.
Judgements and estimates that are considered material to
understanding the performance of EBOS are found in the
relevant notes to the financial statements. Key judgements
have been made in regard to assumptions that support
the impairment assessment for goodwill and indefinite life
intangibles (note B1) and business combination accounting
(note B2 and note F3).

4849
Financial Statements
Introducing this report continued
Basis of consolidation
The Group’s financial statements comprise the financial
statements of EBOS Group Limited, the parent company,
combined with all the entities that comprise the Group,
being its subsidiaries (listed in note F1) and its share of
associate investments (listed in note F2). The financial
statements of the members of the Group, including
associates, are prepared for the same reporting period as
the parent company, using consistent accounting policies.
Subsidiaries are consolidated on the date on which control
is obtained to the date on which control is lost.
The results of subsidiaries acquired or disposed of
during the year are included in the Consolidated Income
Statement from the effective date of acquisition or up to
the effective date of disposal, as appropriate.
All significant inter-company transactions and balances
are eliminated on consolidation.
Adopting of new and revised standards and interpretations
The Group has adopted all new accounting standards
that have become effective during the current year. The
adoption of these new standards has had no impact upon
these financial statements.
In May 2024, the New Zealand Accounting Standards
Board (NZASB) approved NZ IFRS 18 Presentation and
Disclosure of Financial Statements (IFRS 18) for application
by Tier 1 and Tier 2 for-profit entities preparing financial
statements for periods beginning on or after 1 January
2027. IFRS 18 changes how entities present the primary
financial statements and make disclosures in the notes to
the financial statements. The transition provisions of IFRS 18
require retrospective application. The Group is continuing
to assess the full impact of adopting IFRS 18.
Foreign currency
Functional currency
The financial statements of each of the Group’s entities
are measured using the currency of the primary economic
environment in which that entity operates (“the functional
currency”).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rate on the date
of the transaction. At each balance sheet date, monetary
assets and liabilities that are denominated in foreign
currencies are translated at the rates prevailing on the
balance sheet date. Non-monetary assets and liabilities
that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of
monetary items, and on the translation of monetary items,
are included in the Consolidated Income Statement for
the period.
Foreign operations
On consolidation, the assets and liabilities of EBOS’
overseas operations are translated at the exchange rate
at the reporting date. Income and expense items are
translated at the average rates for the period. Exchange
differences arising are recognised in the foreign currency
translation reserve (in equity) and recognised in profit or
loss on disposal of the foreign operation.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at the
exchange rate at the reporting date.
Other accounting policies
Other accounting policies that are relevant to the
readers understanding of the financial statements are
included throughout the following notes to the financial
statements.

5051
EBOS Annual Report 2025
A1. Revenue and expenses
(a) Revenue
Revenue consisted of the following items:
2025
A$’000
2024
A$’000
Community Pharmacy 6,456,259 7,809,802
Institutional Healthcare 4,342,369 4,004,660
Contract Logistics Services 142,790 139,604
Contract Logistics Sales 863,988 866,126
Interdivisional eliminations (211,944) (210,182)
Healthcare 11,593,462 12,610,010
Animal Care 673,436 579,044
12,266,898 13,189,054
Recognition and measurement
Community Pharmacy and Institutional Healthcare
Revenue is derived from the supply of human healthcare products to pharmacies, hospitals, aged care facilities, supermarkets
and other healthcare providers in Australia, New Zealand and Southeast Asia markets. This includes the supply of agency
products and EBOS’ own branded human healthcare products distributed by the Group’s branded distribution businesses.
Following delivery of the goods, the customer obtains control as it has full discretion over the manner of distribution and price to
sell the goods, has the primary responsibility when on selling the goods and bears the risks of loss in relation to the goods.
A receivable is recognised by the Group when it passes control of the goods, which is when the goods are delivered to the customer
as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is
required before payment is made.
The transaction price may be adjusted for customers who pay their account in full, earlier than what standard credit terms
would require, or for incremental costs incurred in obtaining a sales contract which are recognised over the contractual period.
Under the Group’s standard terms with customers, product returns, refunds and provision for warranties are in accordance with
local requirements. Accumulated experience has been used to determine that such returns are not significant.
Section Overview
This section explains the financial performance of EBOS by:
a) displaying additional information about individual items in the Consolidated Income Statement;
b) presenting further analysis of EBOS’ operating segments by revenue and expenses; and
c) providing an analysis of the components of EBOS’ tax balances for the year and the current imputation credit
account balance.
Section A: EBOS performance
Notes to the Consolidated Financial Statements continued
For the financial year ended 30 June 2025.

5051
Financial Statements
A1. Revenue and expenses continued
(a) Revenue continued
Recognition and measurement
Contract Logistics
Sales: Sales consist of the sale of human healthcare
products to a wide range of healthcare customers
(wholesalers, pharmacies, hospitals and medical centres),
in accordance with agreed terms with the customer.
A receivable is recognised by the Group when it passes
control of the goods, as this represents the point in time at
which the right to consideration becomes unconditional,
as only the passage of time is required before payment is
made.
Under our standard terms with customers product
returns, refunds and provision for warranties provided
are in accordance with local requirements. Accumulated
experience has been used to determine that such returns
are not significant.
Service fees: Revenue is derived from the provision of
logistics services for a fee to healthcare manufacturers
for their operating activities in Australia and New
Zealand. Service fees are typically charged for storage
of manufacturer’s inventory holdings and pick, pack and
delivery services provided over a period of time, typically
on a monthly basis, as specified within contractual rates
agreed with the manufacturer.
The performance obligation is satisfied either at a point in
time (sales) or over time (service fees), at which point the
right to consideration becomes unconditional, as only the
passage of time is required before payment is made.
Animal Care
Revenue is derived from the supply of animal care products
to pet retail, grocery and vet clinics across Australia and
New Zealand. This includes EBOS’ own manufactured and
contract manufactured animal care products. Upon delivery
of the goods, the customer assumes full control as it has
complete discretion over the manner of distribution and
pricing of goods, has the primary responsibility when on-
selling the goods and bears the risks of loss in relation to the
goods.
A receivable is recognised by the Group when it passes
control of the goods, which is when the goods are delivered
to the customer as this represents the point in time at which
the right to consideration becomes unconditional, as only
the passage of time is required before payment is made.
Under the Group’s standard terms with customers
product returns, refunds and provision for warranties
are in accordance with local requirements. Accumulated
experience has been used to determine that such returns are
not significant.

5253
EBOS Annual Report 2025
A1. Revenue and expenses continued
(b) Expenses
Profit before tax expense has been arrived at after charging the following expenses by nature:
2025
A$’000
2024
A$’000
Merger and acquisition costs (11,355) (10,100)
Restructuring and site transition costs (18,075) (8,648)
Cost of sales (10,622,311) (11,546,832)
Writedown of inventory (7,415) (9,316)
Impairment reversal/(loss) on trade and other receivables 1,018 (461)
Depreciation of property, plant and equipment (33,181) (30,325)
Depreciation on right of use assets (67,007) (62,134)
Amortisation (non-cash) of finite life intangibles attributable to acquisition fair value adjustments (26,912) (26,181)
Amortisation of other finite life intangibles (19,802) (10,231)
Short-term and low value asset leases (11,044) (10,333)
Donations (800) (698)
Employee benefit expense (534,381) (521,864)
Defined contribution plan expense (42,183) (34,708)
Freight (171,561) (167,033)
Other expenses (308,221) (286,404)
Total expenses (11,873,230) (12,725,268)
Recognition and measurement
Impairment
EBOS reviews the recoverable amount of its tangible and intangible assets, including goodwill, at each balance date. If the
carrying value of an asset exceeds the recoverable amount, an impairment expense is recognised in the income statement.
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of future cash flows expected
to be generated by the asset (value in use).
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows (CGU).
Depreciation and amortisation
Depreciation is provided for on a straight line basis on all property, plant and equipment other than freehold land,
at depreciation rates calculated to allocate the assets’ cost less estimated residual value, over their estimated useful lives.
Refer to note D1 for the useful lives used in the calculation of depreciation.
Amortisation is charged on a straight line basis over the estimated useful life of finite life intangibles. Refer to note B1(d) for the
useful lives used in the calculation of amortisation.
Short term and low value asset leases
EBOS leases certain land, buildings, plant and equipment.
The Group has elected not to recognise right of use assets and lease liabilities for short-term leases and low value asset leases.
The Group recognises the lease payments associated with the leases as an expense (recognised within other expenses in the
Income Statement on a straight-line basis over the lease term).

5253
Financial Statements
A1. Revenue and expenses continued
(b) Expenses continued
Employee expenses
Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service leave and
employee incentives for services rendered. Provisions are recognised when it is probable they will be settled and can be
measured reliably. They are carried at the remuneration rate expected to apply at the time of settlement and discounted to
the present value of the expected payment to the employee at balance date.
Net finance costs
Finance costs include bank interest and amortisation of costs incurred in connection with borrowing facilities. Finance costs
are expensed immediately as incurred, using the effective interest method, unless they relate to acquisition and development
of qualifying assets, in which case they are capitalised.
Interest income is recognised on a time-proportionate basis using the effective interest method.
A2. Segment information
(a) Reportable segments and Corporate
EBOS’ major products and services are allocated consistently with the reportable segments, i.e. Healthcare and Animal Care, with no major
products and services allocated to Corporate.
(b) Segment revenues and results
The following is an analysis of EBOS’ revenue and results by reportable segment and Corporate:
Revenue from external customers (A$’000)
Corporate
Includes net funding costs and
central administration expenses
that have not been allocated to
the Healthcare or Animal Care
segments.
Animal Care Segment
Sales of animal care products in a
range of sectors, own manufactured
and contract manufactured brands,
retail, and wholesale activities.
Sales of healthcare products in a
range of sectors, own brands, retail
healthcare, pharmacy, hospital
and logistic services and wholesale
activities.
2025
Healthcare Segment
2024
Healthcare 95% $11,593,462
Animal Care 5% $673,436
Healthcare 96% $12,610,010
Animal Care 4% $579,044

5455
EBOS Annual Report 2025
A2. Segment information continued
EBITDA (A$’000)
Net profit/(loss) after tax for the year attributable to owners of the Company (A$’000)
Associate information:
2025
A$’000
2024
A$’000
Included in the segment results above is income from associates:
Animal Care8,050 10,452
Healthcare6,971 2,486
Total income from associates15,021 12,938
(b) Segment revenues and results continued
HealthcareAnimal CareCorporate
2024
2025
HealthcareAnimal CareCorporate
2024
2025
$472,155$122,532($39,096)$537,485$103,987($35,877)
$243,848$77,258($105,968)$300,631$68,776($97,858)

5455
Financial Statements
The following is an analysis of other financial information by reportable segment and Corporate:
HealthcareAnimal CareCorporate
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
Revenue from external customers 11,593,462 12,610,010 673,436 579,044--
EBITDA
472,155 537,485 122,532 103,987 (39,096) (35,877)
Depreciation of property, plant and equipment (28,806) (26,193) (4,375) (4,132) - -
Depreciation on right of use assets (58,369) (55,102) (7,7 10) (5,978) (928) (1,054)
Amortisation (non-cash) of finite life intangibles
attributable to acquisition fair value adjustments
(26,912) (26,181) - - - -
Amortisation of finite life intangibles (18,911) (9,578) (891) (653) - -
EBIT 339,157 420,431 109,556 93,224 (40,024) (36,931)
Net finance costs - - - - (106,447) (93,621)
Tax (expense)/benefit (94,682) (118,264) (32, 298) (24,448) 40,503 32,694
Profit for the year 244,475 302,167 7 7, 258 68,776 (105,968) (97, 858)
Non-controlling interests (627) (1,536) - - - -
Profit for the year attributable to owners
of the Company 243,848 300,631 7 7, 258 68,776 (105,968) (97, 858)
(c) Geographical information
EBOS operates in two principal geographical areas: (i) Australia and (ii) New Zealand (country of domicile) and Southeast Asia.
EBOS’ revenue from external customers by geographical location and information about its segment assets (non-current assets),
excluding investment in associates and deferred tax assets, are detailed below:
AustraliaNew Zealand and
Southeast Asia
Group
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
Continuing operations
Revenue from external customers 9,447,342 10,647,831 2,819,556 2,541,223 12,266,898 13,189,054
Non-current assets
3,001,745 2,843,070 848,151 623,433 3,849,896 3,466,503
A2. Segment information continued
(b) Segment revenues and results continued

5657
EBOS Annual Report 2025
A3. Taxation
(a) Tax expense recognised in Consolidated Income Statement
The tax rates used are principally the corporate tax rates of 28% (2024: 28%) payable by New Zealand and 30% (2024: 30%) payable by
Australian corporate entities on taxable profits under tax law in each jurisdiction.
2025
A$’000
2024
A$’000
Tax expense comprises:
Current tax expense:
Current year 83,964 108,948
Adjustments for prior years (4,763) (2,762)
79,201 106,186
Deferred tax expense/(credit):
Origination and reversal of temporary differences 179 5,737
Adjustments for prior years 7,097 (1,905)
7, 276 3,832
Total tax expense 86,477 110,018
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the financial
statements as follows:
Profit before tax expense 302,242 383,103
Tax expense calculated at 28% (2024: 28%) 84,628 107, 269
Non-deductible expenses 5,083 8,716
Effect of different tax rates of subsidiaries operating in overseas jurisdictions 2,029 4,272
Over provision of tax expense in prior years 2,334 (4,667)
Other adjustments (7, 597) (5,572)
Total tax expense 86,477 110,018
(d) Information about major customers
No revenues from transactions that are with a single customer amount to 10% or more of EBOS’ revenues (2024: Nil).
Recognition and measurement
The reportable segments of EBOS have been identified in accordance with NZ IFRS 8 ‘Operating Segments’.
The Group’s operating segments are identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision-maker in order to allocate resources to the segment and to assess its performance.
The accounting policies of EBOS have been consistently applied to the operating segments. Profit before depreciation,
amortisation, net finance costs and tax expense (EBITDA) is the measure reported to the chief operating decision-maker (CODM)
for the purpose of resource allocation and assessment of segment performance. Assets are not allocated to operating segments as
they are not reported to the chief operating decision-maker at a segment level.
A2. Segment information continued

5657
Financial Statements
A3. Taxation continued
(b) Deferred tax assets and liabilities
Taxable and deductible temporary differences arise from the following:
2025
A$’000
2024
A$’000
Gross deferred tax liabilities:
Property, plant and equipment 28,360 9,698
Other payables 6,999 3,670
Other financial liabilities – derivatives 32 857
Right of use assets 144,054 116,573
Intangible assets 158,820 167,943
Total gross deferred tax liabilities
338,265 298,741
Gross deferred tax assets:
Property, plant and equipment 24,844 9,301
Other payables 72,204 80,954
Other financial assets – derivatives 1,458 287
Lease liabilities 154,133 123,906
Intangible assets 23,084 24,288
Tax losses carried forward 153 191
Total gross deferred tax assets
275,876 238,927
Summary of net deferred tax assets/(liabilities) by jurisdictions
Australia(53,216)(50,536)
New Zealand (11,687) (10,488)
Southeast Asia2,5141,210
Total net deferred tax assets/(liabilities)
(62,389) (59,814)
(c) Imputation credit account balances
2025
A$’000
2024
A$’000
Imputation credit account balances
Imputation credits available directly and indirectly to
shareholders of the parent company:11,80013,158
Imputation credits allow EBOS to pass on to its shareholders the benefit of the New Zealand income tax it has paid by attaching imputation
credits to the dividends it distributes, reducing shareholders’ net tax obligations.

5859
EBOS Annual Report 2025
A3. Taxation continued
Recognition and measurement
Taxable profit differs from profit before tax reported in
the Consolidated Income Statement as it excludes items
of income and expense that are taxable or deductible in
other years (temporary differences) and also excludes
items that will never be taxable or deductible (permanent
differences).
Income tax expense components are current income tax
and deferred tax.
Deferred tax is income tax that is expected to be payable
or recoverable in the future as a result of the unwinding of
temporary differences. These arise from differences in the
recognition of assets and liabilities for financial reporting
and for the filing of income tax returns.
Deferred tax is recognised on all temporary differences,
other than those arising:
• from goodwill;
• from the initial recognition of assets and liabilities in a
transaction (other than in a business combination) that
affects neither the accounting nor taxable profit or loss; and
• investments in associates and subsidiaries where
EBOS is able to control the reversal of the temporary
differences and such differences are not expected to
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected
to apply to the year when a liability is settled or an asset
realised, based on tax rates and tax laws that have been
enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent it is
probable that future taxable profits will be available to
use the asset. This is reviewed at each balance date and
reduced to the extent that it is no longer probable that
sufficient taxable profits will be available in the future to
utilise the deferred tax asset.
Amendments to NZ IAS 12 Income Taxes (NZ IAS 12) –
International Tax Reform – Pillar Two Model Rules
The Group adopted the amendment to NZ IAS 12 in the prior year.
The amendment clarifies that the Standard applies to income
taxes arising from tax law enacted to implement the Pillar Two
model rules published by the OECD, including tax law that
implements qualified domestic minimum top-up taxes described
in those rules.
The Group is within the scope of the OECD Pillar Two Model
Rules. Pillar Two legislation has been enacted in New Zealand
and will come into effect for the Group from 1 July 2025. For some
entities within the Group, such as subsidiaries in Australia and
Vietnam, the Pillar Two rules came into effect from 1 July 2024.
Under Pillar Two legislation, the Group may be liable to pay a
top-up tax where the effective tax rate per jurisdiction is below
the 15% minimum rate. The Group has performed an assessment
of the potential exposure to Pillar Two income taxes based on
the financial information for the year ended 30 June 2025, which
showed that no top-up tax exposure should arise for the Group.
This is on the basis that the Safe Harbour rules can be relied upon
in each jurisdiction that the Group operates in where Pillar Two is
applicable.
Under the Australian Pillar Two legislation, the Undertaxed Profits
Rule does not come into effect for the Group until 1 July 2025.
As such, the Pillar Two rules will not apply for the current year to
entities within the Group that is not held directly or indirectly by
an Australian Constituent Entity, such as subsidiaries in China and
United States of America. These entities will however be subject to
the Pillar Two rules from 1 July 2025 when the Pillar Two rules come
into effect in New Zealand.
The Group is making use of the temporary exemption resulting
from the implementation of the Pillar Two regulations, which
was included in the amendment of NZ IAS 12 published in May
2023 under which it does not have to recognise deferred taxes in
relation to Pillar Two.
A4. Earnings per share
Basic earnings
per share
Diluted earnings
per share
2025 202420252024
Earnings used in the calculation of
total earnings per shareA$’000215,138 271,549 215,138 271,549
Weighted average number of ordinary shares for
the purposes of calculating earnings per share
No.
(000’s) 196,073 192,168 197,361 192,168
Earnings per shareCents109.7 141.3109.0 141.3
Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the company by the weighted
average number of ordinary shares on issue during the year excluding shares held as treasury stock. Diluted earnings per share
assumes conversion of all dilutive potential ordinary shares in determining the denominator.

5859
Financial Statements
B1. Goodwill and intangibles
(a) Goodwill
Notes2025
A$’000
2024
A$’000
Gross carrying amount
Balance at beginning of financial year2,067,694 1,976,368
Recognised from business acquisitions during the yearB2168,72693,450
Effects of foreign currency exchange and other differences8,561(2,124)
Net book value2,244,9812,067,694
Recognition and measurement
Goodwill arising on the acquisition of a subsidiary is recognised as an asset at the date that control is acquired (the acquisition
date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests
in the acquiree, and the fair value of the acquirer’s previously-held equity interest (if any) in the acquiree over the fair value of the
identifiable net assets recognised.
Goodwill is not amortised; however, it is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill
is allocated to each of EBOS’ CGUs or groups of CGUs expected to benefit from the synergies of the combination.
CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired. The recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable
amount of the CGU is less than its carrying amount, the impairment loss is first allocated to reduce the carrying amount of any
goodwill and then to the other assets of the unit on a pro-rata basis. Any impairment loss on goodwill is recognised immediately in
profit or loss and is not subsequently reversed.
Section B: Key judgements made
Section Overview
This section identifies the balances and transactions to which key judgements have been made by EBOS in the
preparation of these financial statements. Key judgements have been made in regards to the estimates for future cash
flows for goodwill and indefinite life intangibles impairment assessment purposes, and the identification of intangible
assets and recognition of goodwill for business acquisitions.

6061
EBOS Annual Report 2025
B1. Goodwill and intangibles continued
(b) Indefinite life intangibles
Terr y W hi te
Chemmart
Brands
A$’000
Other
Healthcare
Brands
A$’000
Franchise
Network
A$’000
Animal
Care
Brands
A$’000
Healthcare
Trademarks
A$’000
Total
A$’000
Gross carrying amount
Balance at 1 July 202336,538 82,818 10,954 24,968 15,830 171,108
Acquisitions - - - 21,863 - 21,863
Effects of foreign currency exchange and
other differences - (98) - (318)(74)(490)
Balance at 30 June 202436,538 82,720 10,954 46,513 15,756 192,481
Acquisitions - - - 10,396 - 10,396
Effects of foreign currency exchange
and other differences - 334 - 445 255 1,034
Balance at 30 June 202536,538 83,054 10,954 57,35416,011 203,911
Recognition and measurement
Indefinite life intangible assets represent purchased brands, trademarks and a franchise network asset that are initially
recognised at fair value. These intangible assets are tested annually for impairment on the same basis as for goodwill.
Judgement: useful lives of indefinite life intangible assets
The Directors have assessed these brands, trademarks and a franchise network asset as having an indefinite useful life. In coming
to this conclusion, the expected expansion of these assets across other products and markets, the typical product life cycle of
these assets, the stability of the industry in which the assets are operating, the level of maintenance expenditure required and the
period of legal control over these assets have been considered.

6061
Financial Statements
B1. Goodwill and intangibles continued
(c) Cash-generating units
The carrying amount of goodwill and indefinite life intangibles allocated to CGUs or groups of CGUs is as follows:
GoodwillIndefinite life intangibles
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
Healthcare Australia
1
733,145 712,631 9,059 9,059
Healthcare New Zealand
2
73,136 71,697 21,024 20,689
Healthcare: Pharmacy/Logistics NZ
3
88,256 86,852 16,009 15,755
Healthcare: TerryWhite Group
4
70,430 56,836 47,492 47,492
Healthcare: Medical Technology
5
971,797 928,837 52,973 52,973
Animal Care
6
308,217210,841 57,35446,513
2,244,9812 ,067,694 203,911192,481
1 Australian Consumer, Hospital, Pharmacy, Primary Healthcare sectors.
2 New Zealand Consumer, Hospital, Primary Healthcare, Aged Care and International Product Supplies.
3 New Zealand Pharmacy Wholesaler and Logistic Services.
4 Australia – Terry White Group.
5 Australia, New Zealand and Southeast Asia Medical Technology.
6 Australia and New Zealand Animal Care.
For the year ended 30 June 2025, the Directors have determined that there is no impairment of any of the CGUs containing goodwill, brands,
trademarks or the franchise network asset (2024: Nil).
Key judgement: impairment assessment assumption
The recoverable amounts of cash generating units are determined on the basis of value in use calculations. The recoverable
amount calculations are most sensitive to changes in the following assumptions:
Revenue
Estimated by management based on revenue achieved in the period immediately before the start of the
assessment period and adjusted each year for any anticipated growth.
Operating costs
Estimated by management based on current trends at the start of the assessment period and adjusted
for expected changes in the business or sector in which the business operates.
Discount rates
Estimated by management based on a current market assessment of the time value of money, cost of
capital and risks specific to the asset or CGU to which the cash flows generated by that asset or CGU
are being assessed.

6263
EBOS Annual Report 2025
B1. Goodwill and intangibles continued
(c) Cash-generating units continued
20252024
Goodwill
Annual revenue growth rates3.3% - 6.5%3.0% - 7.0%
Allowance for increases in expenses3.5% - 5.3%2.8% - 5.5%
Pre-tax discount rates9.2% - 12.9%10.0% - 13.6%
Terminal growth rate 2.5%2.5%
Key estimate: value in use calculation
The value in use calculation uses cash flow projections based on financial forecasts approved by the Board and management
covering a five year period, including terminal value, and management’s past experience. The following estimates were used in the
value in use calculation:
Key estimate: fair value calculation
The Group monitors the fair value of its indefinite life intangibles using the relief from royalty method. The following estimates were
used:
Management has carried out a sensitivity analysis and believe that any reasonable possible change in the key assumptions would
not cause the book value of any CGUs or groups of CGUs to exceed their recoverable amount.
20252024
Indefinite life intangibles
Annual revenue growth rates3.0% - 7.5%3.0% - 8.0%
Allowance for increases in expenses3.5% - 5.3%2.8% - 5.0%
Royalty rate1.0% - 11.8%1.0% - 11.8%
Pre-tax discount rates9.4% - 18.1%10.9% - 18.0%
Terminal growth rate 2.5%2.5%

6263
Financial Statements
B1. Goodwill and intangibles continued
(d) Finite life intangibles
Supply
contracts
A$’000
Other
A$’000
Total
A$’000
Gross carrying amount 341,711 179,641 521,352
Accumulated amortisation and impairment (55,905) (128,021) (183,926)
Balance at 30 June 2024
285,806 51,620 337,426
Gross carrying amount 344,204 231,914 576,118
Accumulated amortisation and impairment (82,515)(132,868)(215,383)
Balance at 30 June 2025
261,689 99,046360,735
Aggregate amortisation recognised as an expense during the year:
2025
A$’000
2024
A$’000
Supply contracts
1
26,912 26,181
Other19,802 10,231
46,714 36,412
Recognition and measurement
Finite life intangible assets are recorded at cost less accumulated amortisation. Amortisation is charged on a straight line basis
over their estimated useful life.
Other finite life intangible assets comprise primarily software.
Judgement: Useful lives of finite life intangible assets
In determining the estimated useful life of finite life intangible assets (of a period of between one to 20 years) the following
characteristics have been assessed: (i) expected expansion of the usage of the assets, (ii) the typical product life cycle of these
assets, (iii) the stability of the industry in which the assets are operating, and (iv) the level of maintenance expenditure required.
The estimated useful life and amortisation period is reviewed at the end of each annual reporting period.
1 Non-cash amortisation of intangibles recognised on acquisitions.

6465
EBOS Annual Report 2025
B1. Goodwill and intangibles continued
(e) Goodwill and intangibles accounting policies
Accounting policies
At each balance sheet date, EBOS reviews the carrying amounts of its non-current assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are
independent from other assets, EBOS estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (CGU) is estimated to be less than its carrying amount, the carrying amount of the asset
(CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, other than for Goodwill, the carrying amount of the asset (CGU) is increased to
the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years.
A reversal of an impairment loss is recognised as income immediately. Impairment losses cannot be reversed for goodwill.
B2. Acquisition information
The following material acquisitions of subsidiaries took place during the year:
Name of business acquired
Principal
activities
Date of
acquisition
Cost of
acquisition
A$’000
2025
100% of the business assets and liabilities of
Pacific Surgical Inc. (Pacific Surgical)
HealthcareNovember 202446,474
100% of the equity interest in SVS Veterinary
Supplies Limited and PPD Limited (SVS)
Animal CareMarch 2025134,399
75% of the equity interest in a provider of cold chain
medical freight transportation across Australia
HealthcareMay 202522,117

6465
Financial Statements
B2. Acquisition information continued
Combined details of acquisitions undertaken during the current period are as follows:
SVS acquisition (i)Other acquisitionsTotal
Carrying
value
A$’000
Fair value
adjustment
A$’000
Fair
value on
acquisition
A$’000
Carrying
value
A$’000
Fair value
adjustment
A$’000
Fair
value on
acquisition
A$’000
Fair
value on
acquisition
A$’000
Current assets
Cash and cash equivalents 25,591 - 25,591 2,611 - 2,611 28,202
Trade and other receivables 28,243 (555)
1
27,68 8 11,679 (3,858)
1
7, 82 1 35,509
Prepayments 226 (226)
2
- 315 (315)
2
- -
Inventories 28,938 (1,717)
3
27, 2 2 1 6,994 (1,688)
3
5,306 32,527
Non-current assets
Property, plant and equipment 2,666 (1,621)
4
1,045 6,433 (1,720)
4
4,713 5,758
Right of use assets - 5,519
5
5,519 - 4,190
5
4,190 9,709
Deferred tax assets 133 3,326
6
3,459 - 3,216
6
3,216 6,675
Indefinite life intangibles - - - - 5,142
7
5,142 5,142
Finite life intangibles 21 (21)
8
- - 2,702
8
2,702 2,702
Current liabilities
Trade and other payables (38,554) (563)
9
(39,117) (4,480) (532)
9
(5,012) (44,129)
Current tax payables (1,133) 13
6
(1,120) (43) (100)
6
(143) (1,263)
Lease liabilities - (1,229)
5
(1,229) - (736)
5
(736) (1,965)
Employee benefits (346) (121)
10
(467) (258) (473)
10
(731) (1,198)
Non-current liabilities
Trade and other payables - (1,527)
9
(1,527) (33) (1,162)
9
(1,195) (2,722)
Bank loans - - - (1,162) - (1,162) (1,162)
Lease liabilities - (4, 290)
5
(4, 290) - (3,254)
5
(3,254) (7,54 4)
Deferred tax liabilities - (1,545)
6
(1,545) (26) (1,717)
6
(1,743) (3,288)
Employee benefits - - - (96) (125)
10
(221) (221)
Net assets acquired
45,785 (4,557)41,22821,934(430)21,50462,732
Goodwill on acquisition 93,171 75,555 168,726
Non-Controlling Interests arising on acquisition - (866) (866)
Total consideration
134,39996,193230,592
Less cash and cash equivalents (25,591) (2,611) (28,202)
Less deferred purchase consideration (9,079) (29,035) (38,114)
Net cash outflow from acquisition99,72964,547164,276
(i) Due to the proximity of the acquisition date to reporting date and the material nature of the entities being acquired, the business combination
accounting for SVS is considered provisional at reporting date, subject to independent valuations performed on intangible assets recognised as
part of the acquisition.
(ii) Non-controlling interests on the date of acquisition are initially measured at the non-controlling interests’ proportionate share of the fair value
of the identifiable net assets assumed. The Group entered into arrangements to acquire the remaining equity interest, resulting in a financial
liability – derivative of $8.8m being recognised on the balance sheet (refer to Note G2) and a corresponding adjustment to non-controlling interests.
Subsequent changes to the carrying value of the financial liability – derivative will be recognised in equity.

6667
EBOS Annual Report 2025
B2. Acquisition information continued
Judgements made:
1. To recognise the fair value of trade and other receivables on acquisition.
2. To recognise the fair value of prepayments on acquisition.
3. To recognise the fair value of inventories on acquisition.
4. To recognise the fair value of property, plant and equipment on acquisition.
5. To recognise the fair value of right of use assets and associated lease liabilities on acquisition.
6. To recognise current and deferred tax balances on acquisition.
7. To recognise the fair value of the Kiwi Kitchens brands on acquisition.
8. To recognise the fair value of finite intangible assets on acquisition.
9. To recognise the fair value of trade and other payables on acquisition.
10. To recognise the fair value of employee benefits on acquisition.
Recognition and measurement
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method.
The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred
or assumed, and equity instruments issued by EBOS in exchange for control of the acquiree. Acquisition-related costs are
recognised in profit or loss as incurred.
Where applicable, the cost of acquisition includes any asset or liability resulting from a contingent consideration arrangement,
measured at its acquisition date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition
where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration
classified as an asset or liability are accounted for in accordance with relevant NZ IFRSs. Changes in the fair value of contingent
consideration classified as equity are not recognised.
Goodwill arising on acquisition
Goodwill arose on the acquisitions of the business operations of the acquirees because the cost of acquisition included a control premium
paid. In addition, goodwill resulted from the consideration paid for the benefit of future expected cash flows above the current fair value of
the assets acquired and the expected synergies and future market benefits expected to be obtained. These benefits are not recognised
separately from goodwill as the expected future economic benefits arising cannot be reliably measured and they do not meet the definition
of identifiable intangible assets. The accounting for the business combinations including goodwill arose is considered provisional at balance
date and will be finalised within 12 months of the acquisition date, with the exception of the Pacific Surgical acquisition which has been
finalised as at 30 June 2025.
Pacific Surgical is a specialist orthopaedic device distributor which operates across the Philippines. The business has a broad portfolio
of high value orthopaedic products focussed on implants relating to the spine, sports, joints, biologics and capital equipment segments.
Pacific Surgical is considered a strong fit for the Group from both a product and geographic perspective strengthening the Group’s existing
presence in the Philippines and in the orthopaedic and spine segments.
SVS is a leading supplier of pet medicines and other products to veterinary practices in New Zealand. SVS is considered a complementary
fit within the Animal Care segment as an extension of the Group’s existing veterinary wholesale business in Australia.
The provider of cold chain medical freight transportation across Australia acquired in May 2025 is considered a complementary fit with
the Group’s Healthcare Logistics business to provide an entry point into the attractive cold chain transportation market, expanding the
services offered in the Healthcare segment.
Deferred consideration of $38.1m was recognised as future financial performance (EBITDA) earn out targets of the businesses acquired, on
which the consideration is payable are expected to be achieved.
Impact of the acquisitions on the results of the Group for the year ended 30 June 2025
The Group consolidated revenue for the year includes $75.5m revenue generated from SVS acquisition and $25.0m from other acquisitions.
SVS acquisition and other acquisitions contributed a profit of $2.5m and $2.8m to the Group net profit for the year.
Had the acquisitions made during the year been effective at 1 July 2024, the Group revenue would have been $12.5bn and the net profit for
the year would have been $221.8m.

6667
Financial Statements
B2. Acquisition information continued
Impact on the Consolidated Cash Flow Statement of all acquisitions during the year:
2025
A$’000
2024
A$’000
Subsidiaries acquired
Consideration
Cash and cash equivalents 192,478 97, 531
Deferred purchase consideration 38,114 21,911
Total consideration 230,592 119,442
Represented by:
Net assets acquired62,732 25,992
Non-controlling interests (866)-
Goodwill on acquisition168,726 93,450
Total consideration 230,592 119,442
Net cash outflow on acquisitions
Cash and cash equivalents consideration 192,478 97, 531
Cash paid for additional shares from non-controlling interests (Note F3) 35,929 134,626
Deferred purchase consideration paid in relation to prior year acquisitions 2,287 20,070
Less cash and cash equivalents acquired (28,202) (5,334)
Total consideration 202,492 246,893

6869
EBOS Annual Report 2025
C1. Trade and other receivables
2025
A$’000
2024
A$’000
Trade receivables (i)1,365,818 1,403,190
Other receivables 174,987 121,747
Provision for expected credit losses (ii) (27,035) (30,373)
1,513,7701,494,564
Recognition and measurement
Trade receivables are measured on initial recognition at fair value and are subsequently carried at amortised cost. They are
presented as current assets unless collection is not expected for more than 12 months after the reporting date.
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is
no realistic prospect of recovery.
The Directors believe that the carrying amount of trade and other receivables approximates their fair value.
(i) Trade receivables are non-interest bearing. Interest may be charged on outstanding overdue balances in accordance with the terms and
conditions under which goods are supplied. Trade debtors generally have terms of 30 days.
(ii) Provision for expected credit losses
Section C: Operating assets and liabilities used by EBOS

Not due
A$’000
30–60
days
A$’000
60–90
days
A$’000
90+
days
A$’000
To t a l
2025
A$’000
Trade receivables – total1,264,07857, 52515,66128,5541,365,818
Provision for expected credit losses – total - (114) (461) (26,460) (27,035)

Not due
A$’000
30–60
days
A$’000
60–90
days
A$’000
90+
days
A$’000
To t a l
2024
A$’000
Trade receivables – total 1,297,738 67,019 14,741 23,692 1,403,190
Provision for expected credit losses – total (231) (2,847) (6,970) (20,325) (30,373)
Section Overview
This section provides further analysis on the significant operating assets and liabilities of EBOS. These balances comprise the
material net working capital balances used by EBOS to run its day to day operating activities.
Recognition and measurement
The Group recognises a loss allowance for expected credit losses (“ECL”) on trade receivables. The amount of ECL is updated at
each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Group measures the provision for ECL using the simplified approach to measuring ECL, which uses a lifetime expected loss
allowance for all trade receivables. The Group determines lifetime ECL for groups of trade receivables with shared credit risk
characteristics. Groupings are based on customer, trading terms and ageing.
An ECL rate is determined based on the historic credit loss rates for the Group, adjusted for other current observable data that may
materially impact the Group’s future credit risk. This other observable data includes specific factors in relation to each debtor or
general economic conditions of the industry in which the debtors operate.
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 90 days past
due unless the Group has reasonable basis that a more lagging default criterion is more appropriate.

6869
Financial Statements
C2. Inventories
2025
A$’000
2024
A$’000
Raw materials23,267 38,105
Finished goods 1,370,1231, 2 17,37 7
Provision for obsolescence(48,163)(45,042)
1,345,227 1,210,440
Recognition and measurement
Inventories consist of raw materials (for the manufacturing operations of EBOS) and finished goods. Inventories are recognised
at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and
those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.
The provision for inventory obsolescence is based on management judgment, taking into account historical inventory write-
offs, inventory turnover trends and other analysis.
C3. Trade and other payables
2025
A$’000
2024
A$’000
Current
Trade payables2 ,17 7,403 1,992,448
Other payables218,536 216,444
Deferred purchase consideration45,415 3,641
2,441,354 2,212,533
Non-current
Other payables 22,960 18,648
Deferred purchase consideration17, 538 18,273
40,498 36,921
Recognition and measurement
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
Trade and other payables, are initially measured at fair value and subsequently measured at amortised cost, using the effective
interest method.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Trade payables are unsecured and are generally settled within the month following the invoice date.

7071
EBOS Annual Report 2025
D1. Property, plant and equipment
Freehold land
A$’000
Buildings
A$’000
Leasehold
improve-
ments and
assets
A$’000
Plant and
equipment
A$’000
Office
equipment,
furniture
and fittings
A$’000
Total
A$’000
Cost 28,610 75,919 94,602 296,205 41,276 536,612
Accumulated depreciation - (14,485) (26,721) (88,516) (22,981) (152,703)
Balance at 30 June 2024
28,610 61,434 67, 8 81 207,689 18,295 383,909
Cost 29,452 80,910 115,388 301,904 51,264 578,918
Accumulated depreciation - (16,133) (27,933) (108,282) (26,892) (179,240)
Balance at 30 June 2025
29,452 64,777 87,4 55 193,622 24,372 399,678
Section D: Capital assets used by EBOS to operate our business
Section Overview
This section explains what capital assets, such as property, plant and equipment, that EBOS uses to operate its business
activities. This section also describes the material movements in capital assets during the year.
Reconciliation of the net carrying amount from the beginning to the end of the year (A$’000)
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
Opening
balance
AdditionsTransfers and
reclassifications
DisposalsAcquisitionsDepreciationForeign
currency
differences
and other
Closing
balance
$383,909$29,553$16,493$1,511
$399,678
$5,758($4,365)($33,181)

7071
Financial Statements
Recognition and measurement
Property, plant and equipment is initially recorded at cost. Cost includes the original purchase consideration and those costs
directly attributable to bringing the item of property, plant and equipment to the location and condition for its intended use. After
recognition as an asset, property, plant and equipment is carried at cost less accumulated depreciation and impairment losses.
Depreciation of property, plant and equipment assets, other than freehold land, is calculated on a straight-line basis. This allocates
the cost or fair value amount of an asset, less any residual value, over its estimated useful life.
Judgements and estimates – useful lives
EBOS estimates the remaining useful life of assets as follows:
• Buildings: 20 to 50 years
• Leasehold improvements: 2 to 20 years
• Plant and equipment: 2 to 20 years
• Office equipment, furniture and fittings: 2 to 20 years
The residual value and useful lives are reviewed and if appropriate adjusted at each reporting date.
D2. Capital work in progress
2025
A$’000
2024

A$’000
Capital work in progress
120,28661,563
D1. Property, plant and equipment continued
Capital work in progress reflects investments in new distribution centres, IT infrastructure and automation to support long term growth.

7273
EBOS Annual Report 2025
Capital management
EBOS manages its capital, meaning total shareholders’ funds, to provide appropriate returns to shareholders whilst maintaining a capital
structure that safeguards its ability to remain a going concern and optimises the cost of capital.
E1. Share capital
20252024
No.
000’s
Total
A$’000
No.
000’s
Total
A$’000
Fully paid ordinary shares
Balance at beginning of financial year 193,243 1,937, 2 10 191,604 1,889,863
Dividend reinvested 2,232 72,589 1,399 45,736
Performance rights 192 - 186 -
Share placement 5,927 200,508 - -
Retail offer 1,582 53,826 - -
Share placement and retail offer issue costs - (6,183) - -
Issue of shares to staff under employee share plan 54 1,848 54 1,808
Employee share issue costs - (220) - (197)
203,230 2,259,578 193,243 1,937, 2 10
Section E: How we fund the business
Section Overview
This section explains how EBOS funds its operations and shows the sources of other available facilities that it may call
upon if required to fund its operational or future investing activities.
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number
of shares held. Every ordinary shareholder present at a meeting of the Company in person or by proxy, is entitled to one vote per share,
and upon a poll each ordinary share is entitled to one vote per share.
Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

7273
Financial Statements
E2. Dividends
Recognition and measurement
Dividends are approved by the Board in New Zealand dollars. Dividends recognised in the Statement of Changes in Equity are
converted from New Zealand dollars to Australian dollars at the exchange rate applicable on the date the dividend was approved.
Unrecognised dividends are converted at the exchange rate applicable on the reporting date.
20252024
A$ Cents

per share
Total

A$’000
A$ Cents

per share
Total

A$’000
Recognised amounts
Fully paid ordinary shares:
Final – prior year
56.1 108,167 52.7 100,879
Interim – current year
51.2 99,558 53.7 102,796
Dividends per share
107.3 207,725 106.4 203,675
Unrecognised amounts
Final dividend
57.1116,061 56.8 109,788
2025
NZ$ Cents
per share
2024
NZ$ Cents
per share
Recognised amounts
Fully paid ordinary shares:
Final – prior year61.557.0
Interim – current year57.057.0
Dividends per share 118.5114.0
Unrecognised amounts
Final dividend61.561.5
Subsequent event
A dividend of NZ 61.5 cents per share was declared on 26 August 2025 with the dividend being payable on 24 September 2025.
The anticipated cash impact of the dividend is approximately $116.1m.
The following table shows dividends approved in New Zealand dollars:
New Zealand dollar dividends paid to equity holders of the parent are translated into Australian dollars and disclosed in the cash flow
statement at the foreign currency exchange rate applicable on the date they are paid.
The Group operates a Dividend Reinvestment Plan under which shareholders can elect to receive dividends in additional shares rather than
cash. For the June 2024 final dividend payment, new shares were issued at the prevailing market price of NZD 34.47 per share around the time
of issue. Participating investors were issued 1.2m new shares with a value of $38.7m. For the December 2024 interim dividend payment, new
shares were issued at the prevailing market price of NZD 36.98 around the time of issue. Participating investors were issued 1.0m new shares
with a value of $33.9m (December 2023 interim dividend: 1.4m shares with a value of $45.7m).

7475
EBOS Annual Report 2025
E3. Borrowings
2025
A$’000
2024
A$’000
Current
Bank loans – securitisation facility (i) 11,574 180,745
Bank loans (ii) 4,217 584,963
15,791 765,708
Non-current
Bank loans (ii) 1,086,714 470,102
1,086,714 470,102
(i) EBOS, through a subsidiary company, has a trade debtor securitisation facility of $400.0m (2024: $400.0m) of which $388.4m was
unutilised at 30 June 2025 (2024: $219.3m). In August 2024, the Group entered into an agreement to extend the maturity date of this
securitisation facility to September 2026. The securitisation facility involves providing security over the future cash flows of specific trade
receivables, which meet certain criteria, in return for cash finance on a contracted percentage of the security provided. As recourse, in the
event of default by a trade debtor, remains with EBOS, the trade receivables provided as security and the funding provided are recognised
on the EBOS Consolidated Balance Sheet.
At 30 June 2025, the value of trade receivables provided as security under this securitisation facility was $49.9m (2024: $236.7m).
The net cash flows associated with the securitisation program are disclosed in the Consolidated Cash Flow Statement as cash flows from
financing activities.
(ii) EBOS has gross bank term loan facilities of $1,810.1m (2024: $1,632.4m), of which $719.2m was unutilised at 30 June 2025 (2024: $577.4m).
In December 2024, the Group entered into agreements to refinance its term debt facilities, total of $1,600.0m and NZD 150.0m, due to
mature between two to five years. In June 2025, the Group also completed the refinance of its Southeast Asian term debt facility to extend
the maturity date to June 2028 and increase the facility limit to SGD 45.0m.
EBOS fully complies with and operates within the debt facility financial covenants under the arrangements with its bankers. The
covenants include: interest coverage ratio, leverage ratio, total assets of the guaranteeing group and EBITDAF (EBITDA excluding
fair value movements) of the guaranteeing group.
Recognition and measurement
All loans and borrowings are initially recognised at cost, being the fair value of the consideration received plus issue costs
associated with the borrowing. After initial recognition, these loans and borrowings are subsequently measured at amortised cost
using the effective interest method, which allocates the cost through the expected life of the loan or borrowing. The fair value of
non-current borrowings is approximately equal to their carrying amount.
Bank loans are classified as current liabilities unless EBOS has an unconditional right to defer settlement of the liability for at least
12 months after the balance sheet date.

7475
Financial Statements
E4. Borrowings facilities maturity profile
As at 30 June 2025, EBOS had unrestricted access to the following lines of available credit:
Facility
Total facility
A$’m
Unused
A$’mMaturity
Trade finance facilities ($USD) 15.3 11.1 < 1 year
Term debt facilities ($AUD) 300.0 - 1-2 years
Term debt facilities ($NZD) 139.3 139.3 2-3 years
Term debt facilities ($SGD) 54.0 18.4 2-3 years
Term debt facilities ($AUD) 750.0 - 3-4 years
Term debt facilities ($AUD) 550.0 550.0 4-5 years
Term debt facilities ($AUD) 1.5 0.4 > 5 years
Securitisation facility ($AUD) 400.0 388.4 1-2 years
2025
A$’000
2024
A$’000

Bank overdraft facility, reviewed annually and payable at call:
Amount unused 37, 546 7, 525
37, 546 7, 525
Bank loan facilities with various maturity dates through to April 2032
(2023: November 2026)
Amount used 1,102,505 1,235,810
Amount unused 1,107,614 796,609
2,210,119 2,032,419
Less than
1 year
A$’000
1–2 years
A$’000
2–3 years
A$’000
3–4 years
A$’000
4–5 years
A$’000
> 5 years
A$’000
Total
A$’000
Bank loans
2025 70,845 367,953 83,195 752,312 69 1,261 1,275,635
2024838,897373,6998,038127,664--1,348,298
The Group has sufficient resources, including available funding facilities, to meet its obligations as and when they fall due.
The following table shows the remaining contractual maturity for EBOS’ borrowings at balance date. The table includes both interest and
principal (undiscounted) cash flows, with total bank loans of $1,102.5m (2024: $1,235.8m). The Group weight average interest rate for the year
was 6.07% (2024: 6.43%).
Financing activities

7677
EBOS Annual Report 2025
Movement in working capital:
Trade and other receivables (19,206) 2,962
Prepayments 7,966 (7, 824)
Inventories (134,787) 23,797
Current tax refundable/payable (1,412) 1,177
Trade and other payables 232,398 (80,300)
Employee benefits 3,175 1,976
Foreign currency translation of working capital balances 9,821 (2,445)
97,955 (60,657)
Balances classified as investing activities (57, 516) 2,148
Working capital items acquired (including fair value adjustments) 19,766 1,390
Net cash inflow from operating activities 418,503 348,236
E5. Operating cash flows
Reconciliation of profit for the year with cash from operating activities:
2025
A$’000
2024
A$’000
Profit for the year
215,765 273,085
Add/(less) non-cash items:
Depreciation of property, plant and equipment 33,181 30,325
Depreciation on right of use assets 67,007 62,134
Amortisation (non-cash) of finite life intangibles attributable to acquisition fair value adjustments 26,912 26,181
Amortisation of other finite life intangible assets 19,802 10,231
Loss on sale of property, plant and equipment 289 711
Share of profit from associates (15,021) (12,938)
Expense recognised in respect of share-based payments 3,087 11,794
Deferred tax 7, 276 3,832
142,533 132,270

7677
Financial Statements
Reconciliation of debt:
1 July
2024
A$’000
Net
repayments
A$’000
Borrowings
acquired
A$’000
Foreign currency
movement
A$’000
30 June
2025
A$’000
Bank loans 1,235,810 (141,019) 1,162 6,552 1,102,505
1 July
2023
A$’000
Net
borrowings
A$’000
Borrowings
acquired
A$’000
Foreign currency
movement
A$’000
30 June
2024
A$’000
Bank loans 978,475 257,495- (160) 1,235,810
E5. Operating cash flows continued
Accounting policies
Cash and cash equivalents comprise cash on hand and deposits readily convertible to cash and which are not subject to a
significant risk of change in value.
The Consolidated Cash Flow Statement is prepared exclusive of Goods and Services Tax (GST), which is consistent with the
method used in the Consolidated Income Statement.
• Operating activities include all transactions and other events that are not investing or financing activities.
• Investing activities are those activities relating to the acquisition and disposal of current and non-current investments and any
other non-current assets.
• Financing activities are those activities relating to changes in the equity and debt capital structure of the Group and those
activities relating to the cost of servicing EBOS’ equity capital.

7879
EBOS Annual Report 2025
F1. Subsidiaries
The following entities comprise the significant trading and holding companies of the Group:
Parent and head entity: EBOS Group Limited
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20252024
Pet Care Holdings Australia Pty LtdAustralia100%100%
EBOS Group Australia Pty LtdAustralia100%100%
EBOS Health & Science Pty LtdAustralia100%100%
PRNZ LtdNew Zealand100%100%
Pharmacy Retailing NZ LtdNew Zealand100%100%
Pet Care Distributors Pty LtdAustralia100%100%
Masterpet Corporation LtdNew Zealand100%100%
Superior Food Co. LtdNew Zealand100%100%
SVS Veterinary Supplies LtdNew Zealand100%0%
PPD LtdNew Zealand100%0%
Vet2Pet LtdNew Zealand100%0%
SVS 3PL LtdNew Zealand100%0%
Masterpet Australia Pty LtdAustralia100%100%
Botany Bay Imports and Exports Pty LtdAustralia100%100%
QPharma Pty LtdAustralia100%100%
EAHPL Pty LtdAustralia100%100%
ZHHA Pty LtdAustralia100%100%
ZAP Services Pty LtdAustralia100%100%
Symbion Pty LtdAustralia100%100%
Intellipharm Pty LtdAustralia100%100%
Lyppard Australia Pty LtdAustralia100%100%
DoseAid Pty LtdAustralia100%100%
Symbion Trade Receivables Trust
1
Australia100%100%
Endeavour Consumer Health LtdNew Zealand100%100%
Nexus Australasia Pty LtdAustralia100%100%
EBOS PH Pty LtdAustralia100%100%
Terry White Group Pty LtdAustralia100%100%
Chemmart Holdings Pty LtdAustralia100%100%
Section F: EBOS Group structure
Section Overview
This section provides information to assist in understanding the EBOS Group legal structure and how it affects the
financial position and performance of the Group. Details of businesses acquired are presented in Section B.

7879
Financial Statements
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20252024
TW&CM Pty LtdAustralia100%100%
TWC IP Pty LtdAustralia100%100%
PBA Wholesale Pty LtdAustralia100%100%
VIM Health Pty LtdAustralia100%100%
PBA Finance No. 1 Pty LtdAustralia100%100%
PBA Finance No. 2 Pty LtdAustralia100%100%
PBA Technology Pty LtdAustralia100%100%
VIM Health IP Pty LtdAustralia100%100%
Tony Ferguson Weight Management Pty LtdAustralia100%100%
Lite Living Pty LtdAustralia100%100%
Collaboration Medical Clinics Pty LtdAustralia100%100%
BFCMC Pty LtdAustralia100%100%
Collaboration Medical Clinics Investments Pty LtdAustralia100%100%
Alchemy Holdings Pty LtdAustralia100%100%
Alchemy Sub-Holdings Pty LtdAustralia100%100%
HPS Holdings Group (Aust) Pty LtdAustralia100%100%
HPS Hospitals Pty LtdAustralia100%100%
HPS Corrections Pty LtdAustralia100%100%
HPS Services Pty LtdAustralia100%100%
Hospharm Pty LtdAustralia100%100%
HPS IVF Pty LtdAustralia100%100%
HPS Finance Pty LtdAustralia100%100%
HPS Brands Pty LtdAustralia100%100%
Endeavour CH Pty LtdAustralia100%100%
Ventura Health Pty LtdAustralia100%100%
You Save Management Pty LtdAustralia100%100%
Mega Save Management Pty LtdAustralia100%100%
Cincotta Holding Company Pty LtdAustralia100%100%
CC Pharmacy Investments Pty LtdAustralia100%100%
CC Pharmacy Promotions Pty LtdAustralia100%100%
CC Pharmacy Management Pty LtdAustralia100%100%
Shanghai EBOS Trading Co. Ltd China100%100%
ACN 618 208 969 Pty LtdAustralia100%100%
Warner and Webster Pty LtdAustralia100%100%
W M Bamford & Co. LtdNew Zealand100%100%
Protec Solutions LtdNew Zealand100%100%

8081
EBOS Annual Report 2025
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20252024
EBOS Medical Devices NZ LtdNew Zealand100%100%
EBOS Medical Devices Australia Pty LtdAustralia100%100%
CAB Medical Pty LtdAustralia100%100%
Healthcare Supply Partners Pty LtdAustralia100%100%
Mediport Pty LtdAustralia75%0%
Mediport Unit TrustAustralia75%0%
EBOS Aesthetics Pty LtdAustralia100%100%
Pioneer Medical LtdNew Zealand100%100%
Sentry Medical Pty LtdAustralia100%100%
MD Scopes Pty LtdAustralia100%100%
Pacific Health Supplies TopCo1 Pty Ltd Australia100%100%
Pacific Health Supplies TopCo2 LLCUSA100%100%
Pacific Health Supplies TopCo Pty Ltd Australia100%100%
Pacific Health Supplies Mezzco Pty Ltd Australia100%100%
Pacific Health Supplies Holdco Pty LtdAustralia100%100%
Pacific Health Supplies Bidco Pty LtdAustralia100%100%
LifeHealthcare Group Pty LtdAustralia100%100%
LifeHealthcare Finance Pty LtdAustralia100%100%
LifeHealthcare Pty LtdAustralia100%100%
LifeHealthcare Distribution Pty LtdAustralia100%100%
LifeHealthcare Services Pty LtdAustralia100%100%
LifeHealthcare LtdNew Zealand100%100%
LifeHealthcare Distribution (NZ) LtdNew Zealand100%100%
Culpan Distributors LtdNew Zealand100%100%
Culpan Medical Pty LtdAustralia100%100%
Australian BioTechnologies Pty LtdAustralia100%100%
ABT Medical Pty LtdAustralia100%100%
Tissuelife Pty LtdAustralia100%100%
Tissue Technologies Pty LtdAustralia50.01%50.01%
Transmedic Pte LtdSingapore100%90%
PT. Transmedic IndonesiaIndonesia100%90%
Transmedic Healthcare Sdn BhdMalaysia100%90%
Malex Medical Asia (M) SdnMalaysia100%0%
Transmedic Healthcare Co LtdVietnam100%90%
F1. Subsidiaries continued

8081
Financial Statements
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20252024
Transmedic Philippines, IncPhilippines100%90%
Transmedic Holdings Philippines IncPhilippines100%90%
T-Medic Co LtdThailand100%90%
Transmedic (Thailand) Co LtdThailand99.48%89.53%
Transmedic China LtdHong Kong100%90%
Swissmed Pte LtdSingapore100%90%
Ophthaswissmed Philippines IncPhilippines99%89.10%
Swissmed Sdn BhdMalaysia100%90%
Swiss Med (International) Pte. Ltd.Singapore100%90%
EBOS Finance Australia Pty Ltd
2
Australia100%-
EBOS Finance NZ Ltd
2
New Zealand100%-
F2. Investment in associates
The following table presents the material associates of the Group as at 30 June 2025:
Name of associate company
Principal
activities
Date of
acquisition
Proportion
of shares and
voting rights
acquired
Cost of
acquisition
A$’000
Animates NZ Holdings LimitedAnimal CareDecember 201150% 17,353
Good Price Pharmacy Franchising Pty LimitedHealthcareOctober 201444.18%7, 286
Good Price Pharmacy Management Pty LimitedHealthcareOctober 201444.18%7, 286
The reporting date for Animates NZ Holdings Limited is 30 June. Animates NZ Holdings Limited is incorporated in New Zealand. Although
the Company holds 50% of the shares and voting power in Animates NZ Holdings Limited, this entity is not deemed to be a subsidiary as the
other 50% is held by a single shareholder, therefore EBOS is unable to exercise control over this entity.
The reporting date for Good Price Pharmacy Franchising Pty Limited and Good Price Pharmacy Management Pty Limited is 30 June.
They are incorporated in Australia.
1
The balance date of all subsidiaries is 30 June aside from the Symbion Trade Receivables Trust which has a balance date of 31 December. The results
of the Symbion Trade Receivables Trust (“the Trust”) have been included in the Group results for the year to 30 June 2025. The Trust is consolidated as
EBOS has the exposure, or rights, to variable returns from its involvement with the Trust and the Group considers that it has existing rights that give it
the current ability to direct the relevant activities of the Trust.
2
Incorporated in November 2024.

8283
EBOS Annual Report 2025
F2. Investment in associates continued
The summarised financial information in respect of the Group’s material associates is set out below:
2025
A$’000
2024
A$’000
Statement of Financial Position
Current assets 50,128 42,282
Non-current assets 7 7, 575 75,129
Current liabilities (38, 288) (37, 2 29)
Non-current liabilities (38,485) (36,339)
Net assets 50,930 43,843
Group’s share of net assets 25,051 21,588
Income Statement
Revenue 2 27, 2 15 230,574
Profit for the year 23,136 26,571
Total comprehensive income 23,136 26,571
Group's share of profits of associates 11,159 12,938
Movement in the carrying amount of the Group’s investment in all associates:
Balance at the beginning of the financial year 56,440 53,650
New Investments 602 2,038
Share of profits of associates 15,021 12,938
Share of dividends (8,594) (11,929)
Net foreign currency exchange and other differences 2,946 (257)
Balance at end of financial year 66,415 56,440
Goodwill included in the carrying amount of the Group’s investment in associates 25,258 23,450
The Group’s share of capital commitments of associates 318 -
During the period, the Group made sales to Animates NZ Holdings Limited of $33.9m (2024: $18.1m) and has outstanding trade
receivables as at 30 June 2025 of $8.7m (2024: $3.4m).
Recognition and measurement
An associate is an entity over which EBOS has significant influence and that is neither a subsidiary nor an interest in a joint venture or
joint operation. EBOS has significant influence when it has the power to participate in the financial and operating policy decisions of
the investee, but is not in control or joint control over those policies.
Investments in associates are incorporated in the Group’s financial statements using the equity method of accounting. Under the
equity method, investments in associates are carried in the Consolidated Balance Sheet at cost and adjusted for post-acquisition
changes in EBOS’ share of the net assets of the associate, less any impairment in the value of individual investments and less any
dividends. Losses of an associate in excess of EBOS’ interest in that associate are recognised only to the extent that EBOS has
incurred legal or constructive obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over EBOS’ share of the net fair value of the identifiable assets, liabilities and contingent
liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying
amount of the investment and is assessed for impairment as part of that investment.

8283
Financial Statements
F3. Non-controlling interests
On 31 May 2022, the Group, through its subsidiaries EBOS Medical Devices Australia Pty Ltd and EBOS Medical Devices NZ Ltd acquired 100%
of equity interest in Pacific Health Supplies TopCo1 Pty Ltd and Pacific Health Supplies TopCo2 LLC (LifeHealthcare Group), including a 51%
interest in Transmedic Pte Ltd (Transmedic, a subsidiary of LifeHealthcare Group). The Group also entered into arrangements providing a
pathway of up to 100% ownership of Transmedic, resulting in a financial liability – derivative of $137.0m initially recognised on the balance sheet
as at 30 June 2022 and a corresponding adjustment to non-controlling interests. Subsequently, the amount expected to be paid at the time of
exercise of the option was reassessed to $165.0m, as at 30 June 2023, with the movement of $28.0m recognised directly in equity.
In the prior year, the Group purchased an additional 39% shareholding in Transmedic for a consideration of $134.6m, to increase its shareholding
in Transmedic to 90%. An option arrangement was also entered into that will facilitate the Group moving to 100% ownership. As at 30 June
2024, the carrying value of the financial liability – derivative was $35.0m. During the current year, the Group acquired the remaining 10%
shareholding in Transmedic for a partial payment of $35.9m and the final payment to be made in October 2025. As at 30 June 2025,
the financial liability was $5.4m reflecting the expected final payment.
The table below shows details of Transmedic, the non-wholly owned subsidiary of the Group that has material non-controlling interests.
The other non-controlling interests are not considered material and are therefore not disclosed in the financial statements.
Recognition and measurement
Non-controlling interests in subsidiaries are identified separately from the Group’s equity. The non-controlling interests on the date
of acquisition are initially measured at the non-controlling interests’ proportionate share of the fair value of the identifiable net
assets assumed. Subsequent to the acquisition, the carrying amount of non-controlling interests is the valuation on initial recognition
plus the non-controlling interests’ share of subsequent changes in equity. Transactions with non-controlling interests are recorded
directly in retained earnings.
Name of subsidiary
Principal place of
business
Proportion of ownership
interests held by
non-controlling interests
Profit allocated to
non-controlling interests
for the year
Non-controlling
interests
1
2025
%
2024
%
2025
A$’000
2024
A$’000
2025
A$’000
2024
A$’000
Transmedic Pte Limited (Transmedic)Southeast Asia-10.01,1071,624-(25,220)
(1) The non-controlling interests consist of both the share of net assets and the carrying value of the financial liability – derivative before the option over
non-controlling interests was exercised (refer to Note G2).
2025
A$’000
2024
A$’000
Statement of Financial Position
Total as s e t s 176,273
Total liabilities (78,473)
Net assets 97,800
Equity attributable to owners of the Company 88,020
Non-controlling interests 9,780
Non-controlling interests in %0%10%
Income Statement
Total revenu e 258,189 181,303
Total profit for the year21,71615,516
Profit attributable to owners of the Company20,609 13,892
Profit attributable to non-controlling interests 1,107 1,624
Cash Flow Statement
Net cash inflow from operating activities 12,030
Net cash (outflow) from investing activities (12,858)
Net cash inflow from financing activities 4,425
Total net cash inflow 3,597
The summarised financial information in respect of the Group’s subsidiaries that have material non-controlling interests as at 30 June 2025,
reflecting 100% of the underlying subsidiary’s relevant figures, is set out below:

8485
EBOS Annual Report 2025
Section G: How we manage risk
G1. Financial risk management
The EBOS corporate treasury function provides services to the Group’s entities, coordinates access to financial markets, and manages
the financial risks relating to the operation of the Group.
EBOS does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The use
of financial derivatives is governed by Group policies approved by the Board of Directors, which provide written principles on the use of
financial derivatives. Compliance with policies for exposure limits is reviewed by the Board of Directors on a regular basis.
Foreign currency risk
EBOS is exposed to foreign currency risk arising primarily
from the procurement of goods denominated in foreign
currencies: US dollar, Australian dollar (in non-Australian
operations), Thai baht, Swiss Franc, Euro and British
pound.
EBOS has significant foreign operations (New Zealand
and Southeast Asia), which are subject to foreign
exchange fluctuations. The method for translating
EBOS’ foreign operations’ results, assets and liabilities is
described in the “Introducing this report” note.
It is the policy of the Group to enter into foreign exchange
forward contracts to manage the foreign currency
risk associated with anticipated sales and purchase
transactions typically out to 24 months of the exposure
generated. It is the policy of the Group to enter into
foreign exchange forward contracts for up to 100% of
forecasted foreign currency transactions for the next six
months, up to 80% of six to 12 months of forecasted foreign
currency transactions and up to 40% of 12 to 24 months of
forecasted foreign currency transactions.
All forward foreign currency contracts entered into fix the
exchange rate of highly probable forecast transactions,
denominated in foreign currencies, and are designated
as cash flow hedges to reduce the Group’s cash flow
exposure resulting from variable movements in exchange
rates.
The Group performs a qualitative assessment of
effectiveness of hedges using the critical terms of
the underlying transaction and hedging instrument.
It is expected that the value of the forward contracts
and the value of the corresponding hedged items will
systematically change in opposite direction in response to
movements in the underlying exchange rates.
EBOS enters into forward foreign exchange contracts only
in accordance with the Board approved treasury policy.
No sources of ineffectiveness emerged from these
hedging relationships.
Interest rate risk
EBOS is exposed to interest rate risk as it borrows funds
in New Zealand dollars, Singapore dollars and Australian
dollars at floating interest rates.
The risk is assessed and managed by the use of interest
rate swap and interest rate collar contracts. In interest
rate swap contracts, EBOS agrees to exchange the
difference between fixed and floating rate interest
amounts calculated on agreed notional principal
amounts. In interest rate collar contracts, EBOS may
pay upfront premiums to cap the interest at strike rates
on agreed notional principal amounts. Such contracts
enable EBOS to partially mitigate the risk of changing
interest rates on debt held.
It is the policy of the Group to enter into interest rate
swap and interest rate collar contracts to manage base
interest rate risk associated with floating rate Group
borrowings of up to 100% of the exposure generated for
1-2 years, up to 90% for 2-3 years, up to 80% for 3-4 years,
up to 70% for 4–5 years and up to 50% for 5-10 years
(2024: 100% of the exposure generated for 1-3 years, up
to 80% for 3-5 years and up to 50% for 5-10 years).
All interest rate swap contracts exchanging floating rate
interest amounts for fixed rate interest amounts and
interest rate collar contracts capping the floating rates
at strike rates are designated as cash flow hedges to
reduce the Group’s cash flow exposure resulting from
variable interest rates on borrowings.
The interest rate swaps and the interest payments on the
loan occur simultaneously, and the amount accumulated
in equity is reclassified to profit or loss over the period
that the floating rate interest payments on debt affect
profit or loss.
The Group has previously entered into a number of
interest rate collar contracts. Under the interest rate
collar contracts, for each period where floating rates are
above strike rates, the interest payments are limited to
the strike rates. Changes in fair value of the collar due to
changes in intrinsic value and time value are deferred in
the cash flow hedge reserve. Any premium paid for the
collars are recorded as an expense over the life of the
instruments on a straight-line basis.
Section Overview
This section describes the financial risks that EBOS has identified and how it manages these risks, to protect its financial
position and financial performance. Management of these risks includes the use of financial instruments to hedge against
unfavourable interest rate and foreign currency movements.