Annual Meeting Presentation

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



29 October 2025
NZX/ASX Code: EBO


EBOS GROUP LIMITED 2025 ANNUAL MEETING
Please see attached the Chair's speech, CEO's speech and presentation materials for the Annual
Meeting of shareholders to be held today.

Authorised for lodgement with NZX and ASX by the Board of EBOS Group Limited
For further information, please contact:
Cameron Sinclair
Head of Investor Relations
EBOS Group
+61 412 430 393
cameron.sinclair@ebosgroup.com

Chair’s Address to Shareholders

I am pleased to be here today to update you on EBOS Group’s 2025 financial year
performance, which highlights our continued track record of strong revenue growth and
operational excellence.

I would like to start with a video that captures the key highlights and activities at EBOS in
the past 12 months.

(A copy of the video will be made available on the EBOS website)

As you have just seen, a great deal of activity took place throughout the year, and our FY25
result demonstrates the value of EBOS’ portfolio, with multiple growth levers, and
significant investment in capability, and capacity to achieve future growth and stronger
profitability.

We operate in attractive markets with supportive megatrends across both our healthcare
and animal care segments and EBOS’ diversified portfolio positions us well for long term
growth.

Having said that, we are operating in an environment influenced by near-term macro
pressures which we do need to work through.

In FY25, we reinforced our leading positions across the healthcare and animal care sectors
across New Zealand, Australia, and Southeast Asia. We acquired businesses in the Medical
Technology and Animal Care sectors and expanded our healthcare distribution network
across New Zealand and Australia, building capacity and driving efficiencies.

We remain a leading pharmaceutical wholesaler in Australia, and the largest in New
Zealand, and one of New Zealand and Australia’s largest healthcare-focussed contract
logistics providers.

Our TerryWhite Chemmart network is the largest health services focussed community
pharmacy network in Australia.

We are New Zealand and Australia’s largest hospital medicines wholesaler, and one of the
largest independent medical technology distributors across New Zealand, Australia, and
Southeast Asia.

In Animal Care, we operate New Zealand and Australia’s largest dry dog food brand by
volume in the pet specialty category, and leading vet wholesale businesses in both
countries.

Having delivered a solid result in FY25, the current financial year is set to be a year of
transition, as we manage the near-term macro pressures. We will focus on positioning our
business for the future by making considered and disciplined investments and achieving
operational efficiencies from our investments, enabling us to continue to meet market
growth and gain market share.

As we then look to FY27 and outer years, we will see the benefits of our distribution centre
renewal program which will be substantially completed this year.

We will also benefit from the additional funding from the Australian Government in
recognition of our essential role in the healthcare supply chain and the substantial
investments we make to undertake this key role. And as we have done in the past you can
expect that we will continue to do disciplined bolt-on acquisitions to further drive
sustainable growth, creating further value for our shareholders.

Adam will provide further detail on the distribution centre renewal program and these
developments in his presentation.

FY25 continued our long-standing track record of delivering consistent performance for the
benefit of our shareholders.

We have been able to generate double digit earnings growth over the last 10 years,
together with consistent dividend growth - noting that the FY25 dividends to shareholders
was maintained at the same level as FY24.

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 5
megawatt ground-mounted array at Parkes, New South Wales, complementing an existing
500-kilowatt installation. EBOS expanded its longstanding partnership with not-for-profit
organisation Greenfleet, increasing our year-on-year donations by 10%. We also acquired
land in South Gippsland, Victoria, for a reforestation initiative with planting having
commenced. EBOS also remains on track to transition over 95%, by number of SKUs, 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 managed,
facilitating regular positive interactions between senior managers and their teams, and
identifying opportunities for improvement. Directors also undertake site visits and observe
the key safety risks and controls, and how work is being done.

A new initiative, we have termed “Life Savers”, was also introduced which reinforces
minimum standards and appropriate controls for reducing the risk of injury or harm to
workers undertaking high-risk activities. The “Life Savers” were developed through

consultation with key stakeholders and will continue to enhance our health and safety
culture.

We 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 and LandSAR New Zealand.

I earlier acknowledged our new CEO Adam Hall.

Adam is a highly accomplished global executive with a strong track record in strategic
growth and operational excellence. In his previous roles, he successfully led significant
growth in earnings and scale - while driving innovation and efficiency, and we look forward
to him continuing that success at EBOS.

Consistent with EBOS’ Board renewal process, Coline McConville was appointed as a non-
executive director with effect from 1 February 2025 and will stand for election at this
meeting.

In making any appointment to the Board, the directors have regard to its skills matrix which
sets out the desired skills of the Board as a whole and reflects the Group’s operations and
strategic priorities. We also appoint an external consultant to support a rigorous process
and conduct background checks. Coline’s appointment followed a global search and we
were impressed by Coline’s international experience across a range of industries, both as an
executive and director.

EBOS has appointed five new directors since July 2021 and is now comprised of seven non-
executive directors, of which six are independent.

The Directors declared a final dividend of NZ 61.5 cents per share. This brings the full year
dividend to NZ 118.5 cents per share, which as I referred to earlier, maintained the dividend
at the same level as FY24.

The dividend payout ratio was 83.8% on an underlying basis. The increased payout ratio
reflects the Board’s confidence in the Group’s growth outlook and overall financial capacity.

I would again like to acknowledge the contribution of the Executive Leadership Team and all
our employees across New Zealand, Australia and Southeast Asia and thank them for their
dedication and commitment to our company.

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

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

Thank you.

CEO’s Address to Shareholders

Good afternoon everyone and thank you for joining us today.

It’s a privilege to be here with you, and I’d like to begin by acknowledging the support of our
shareholders, our Board, and the broader EBOS team.

Since stepping into the role, I’ve had the opportunity to visit most of our operations across
Australia, New Zealand, and Southeast Asia. What I’ve seen is a business with deep
capabilities, strong leadership positions, and an entrepreneurial culture that’s focused on
delivering for customers and the communities in which we operate.

As the Chair noted in her opening address, EBOS is now setting the stage for its future, with
FY26 representing a year of strategic positioning for the Group. In particular, we will
conclude our major multi-year investment into uplifting our distribution centre network to
position us for future growth.

It is also a year where we will embed recent acquisitions and navigate through evolving
market dynamics. The business will be well prepared for its next phase of sustainable
growth into FY27 and beyond.

Before I talk through each of the four businesses in more detail, I’ll quickly recap our
performance for FY25:

• we achieved revenue growth of 12% on an underlying basis, totalling $12.3 billion, and
delivered underlying EBITDA of $585 million. This was in line with guidance we had set
earlier in the year;
• our Symbion Healthcare & Distribution business added over 320 pharmacy wholesale
customers;
• TerryWhite Chemmart expanded its network by net additional 34 stores;
• our Medical Technology business delivered impressive growth, particularly in Southeast
Asia; and
• finally, our Animal Care business posted a resilient result, with our Black Hawk and
VitaPet brands growing share despite a soft consumer environment.

The Group continued to make strategic investments, with the new Kemps Creek facility
commissioned this month, and with deployment of capital for bolt-on M&A to strengthen
our segment positions and to diversify earnings.

Importantly, as the Chair mentioned, we maintained our full year dividend at NZ 118.5 cents
per share. This reflects the Board’s confidence in the Group’s future earnings capacity.

Overall, the performance reflects the strength of our diversified portfolio and our ability to
execute in challenging market conditions.

Looking ahead to FY26, today, we reaffirm our existing FY26 guidance that was provided to
the market in August. The existing guidance has us targeting underlying Group EBITDA of
between $615 to $635 million. This represents approximately 7% growth at the midpoint.

The guidance provided to the market comprised additional detail on capital expenditure,
depreciation and amortisation and net finance costs, and the guidance on these items is also
reaffirmed.

We expect a slightly higher contribution of earnings in the second half of FY26 with the
ramp-up of the benefits from the DC renewal program.

Supporting our outlook statement, we have several key milestones for EBOS. These
include:

• the commissioning and ramp-up of our new Kemps Creek distribution centre in Sydney
which I’ll cover in more detail later;
• the opening of our Perth Contract Logistics facility;
• completion of our eight-site DC renewal program;
• continued expansion of the TerryWhite Chemmart network and digital engagement;
• new product launches in Animal Care;
• strategic wins in Southeast Asia Medical Technology;
• integration of SVS and Next Generation Pet Foods; and
• we will also be hosting an investor Day in Q4 FY26, where we’ll share deeper insights
into our long-term strategy and capital management framework.

Turning to each of our four businesses and starting with Symbion & Healthcare Distribution.
This business continues to be a critical engine of growth and capability within the EBOS
portfolio.

As I’ve mentioned a few times now, FY26 marks the final year of major investment in our
distribution centre infrastructure. Most notably, the commissioning of our new Symbion
Sydney distribution centre at Kemps Creek, which went live this month.

Hospital medicines and consumables continue to grow, particularly in oncology, supported
by an evolving drug pipeline and emerging therapies.

Our Contract Logistics business is expanding nationally, with the Perth facility set to open in
2026. This completes our Australian footprint in Contract Logistics and positions EBOS to
participate in national pharmaceutical contract tendering. We’re also expanding cold
storage capacity to support growth in specialty medicines.

Our Healthcare distribution assets are clear examples of how EBOS strategically deploys
capital. We are investing in capacity for growth, building infrastructure that scales, and
positioning the business to capture long-term value.

As we move into FY27 and beyond, we expect to unlock both operational and financial
leverage across this business.

The Australian Government recognises the essential role of pharmacy in the healthcare
sector. In 2024 there were two landmark agreements signed. The first Pharmacy Wholesale
Agreement, which increases the CSO funding pool and improves the sustainability of funding
for wholesalers, and also the 8th Community Pharmacy Agreement, which supports
pharmacy services and medication access. Collectively both agreements provide security of
funding for the industry and our pharmacy customers.

Before I talk more about the DC renewal journey we have been on, here is a short video that
showcases our new Kemps Creek facility.

(A copy of the video will be made available on the EBOS website)
What a terrific video of our latest and greatest facility.

As I mentioned earlier, Kemps Creek is a powerful example of how EBOS is investing to build
the infrastructure that will modernise our network and support our long-term growth
objectives. It is the most technologically advanced wholesale site in our network, and it
reflects our commitment to operational excellence, automation, and customer service.

This slide outlines the strategic pillars of our DC renewal program. This program has been a
multi-year effort to modernise our infrastructure, expand our footprint, and streamline
operations across Australia and New Zealand.

Let me briefly walk through the three strategic pillars and the rationale for our
investments.

The first pillar, Growth.

We’ve expanded our network capacity to meet rising demand in high-value healthcare
markets. By the end of FY26, we will have completed our Australian footprint in our pre-
wholesaling network. This includes the new Perth Contract Logistics facility, enabling us to
serve more customers, more efficiently.

The second pillar, Productivity & Renewal.

We’ve modernised our infrastructure with automation, advanced our IT systems, and
embedded sustainability improvements. These upgrades are already driving better service
levels and we expect these productivity benefits to ramp up in FY27.

The Kemps Creek site is a standout example. It will deliver automation benefits and
enhanced scalability. It’s a strategic asset that positions us to win in a competitive pharmacy
wholesale market.

And the last pillar, Consolidation.

We’ve streamlined operations across sites, removed duplication, and improved scalability.
This includes consolidating our New Zealand footprint through ProPharma and Onelink and
enhancing our hospital distribution capabilities.

From FY27 onwards, we expect to see a step-down in our annual capex – approximately
30% lower on a like for like basis. We expect to improve our ROCE across the network,
targeting approximately 15% over time. And finally, we will deliver enhanced service levels
and operational leverage.

This program has been a significant investment in EBOS’ future and we’re excited to see the
benefits begin to materialise.

Following the overview of our DC renewal program, I’d like to highlight a specific example of
how EBOS deploys capital strategically to support long-term growth.

This slide showcases the evolution of our Contract Logistics footprint in Australia and how
these investments align with our broader strategic objectives.

In Sydney, our original site, which opened in 2018, is fully utilised. In response to growing
demand, we commissioned a second site in 2023, which is already operating at
approximately 70% utilisation. This rapid ramp-up reflects the strength of our customer
relationships and the increasing demand for specialised high-value pharmaceutical logistics
services.

In Perth, we are currently developing a new Contract Logistics facility, scheduled to open in
2026. This site will create a national footprint and enable EBOS to participate in national
pharmaceutical contracts, a key strategic priority for the business.

Our facilities have been designed to offer premium services, including repacking,
refrigeration, and secure storage, and will serve the high-value global pharma pre-wholesale
market.

The second Sydney site and new Perth site demonstrate our disciplined approach to capital
allocation.

Our TerryWhite Chemmart business continues to be a cornerstone of EBOS’ healthcare
strategy.

In FY25, we added 34 net new stores to the TerryWhite Chemmart network, bringing us to
over 620 locations nationwide. This expansion reflects the strength of our value proposition
and the trust we’ve built with pharmacists and customers alike. We expect this growth to
continue into the future.

TerryWhite Chemmart’s network partners administered nearly 1 million vaccinations
reinforcing its position as a provider of choice for health services. And we saw over 1.2
million prescription transactions placed online via the myTWC app, demonstrating strong
customer engagement and digital adoption.

Looking ahead to FY26, we’re focused on driving momentum through continued network
expansion, launching new TWC-branded products, and accelerating adoption of our digital
platforms.

And in FY27 and beyond, we see significant opportunity to unlock new growth horizons
particularly through our CareClinic service expansion, retail media monetisation, and digital
health solutions.

TWC is not just a pharmacy network. It is a health services platform, and we’re excited
about the journey ahead. And the myTWC app is at the heart of our digital strategy in retail
pharmacy. Our myTWC app is a fully integrated platform that connects customers,
pharmacists, and services. It drives engagement, loyalty, and sales across the entire
TerryWhite Chemmart network. It also comes with a rich dataset with over 95 million
interactions and this gives us deep insights into customer behaviours and preferences.

In FY25, we saw approximately 800,000 registered users on the platform, up 30% year-on-
year. 2.5 million scripts were processed; this translates to one every 13 seconds. And we
also saw that our myTWC members were 2.7 times more likely to add front-of-shop items,
increasing their overall basket size.

In the future, we’re focused on unlocking even more value through digitising workflows to
improve pharmacist productivity, expanding the reach through telehealth, eScripts, and
virtual bookings. And strengthening TWC’s role as the destination for both digital and in-
pharmacy services.

myTWC is more than an app. It is a strategic enabler of EBOS’ retail pharmacy vision.

Moving onto another growth driver for EBOS and one of the best performers in the
portfolio, our Medical Technology business.

In this business, we are presently focused on further strengthening our presence across
Southeast Asia, leveraging our multi-country distributor advantage to fill therapeutic “white
spaces” in markets like Indonesia, Singapore, the Philippines, Thailand, Malaysia, Vietnam
and Hong Kong.

Our portfolio spans a wide range of surgical and interventional technologies - including
spine, orthopaedics, oncology, cardiology, ophthalmology, neurosurgery, neurovascular and
plastics and reconstruction.

We continue to onboard new OEM suppliers, enhancing our ability to offer comprehensive
solutions to hospitals and surgeons.

Biologics is another area of momentum and surgeon demand for allograft solutions
continues to grow, driven by clinical outcomes and procedural innovation.

We’re investing in new product development across emerging therapy areas and expanding
our allograft solutions.

In short, Medical Technology is evolving from a high-performing segment into a core growth
driver for EBOS. It combines strong market fundamentals, strategic execution, and a
disciplined approach to capital deployment. I am excited about the opportunities ahead for
this business.

Onto our last business in the portfolio, and another that has continued to deliver strong
performance, Animal Care.

Starting with our branded business. Black Hawk and VitaPet both gained share in FY25,
supported by new product development and our manufacturing capability. The acquisition
of Next Generation Pet Foods has strengthened our portfolio, providing entry into high-
margin categories like air-dried treats.

Looking ahead to FY27, we expect to build on this momentum through extending leadership
in premium yet affordable pet nutrition and unlocking further margin resilience through
scale and innovation.

Turning to vet wholesale, the acquisition of SVS has established EBOS as the leading vet
wholesaler in New Zealand. Together with Lyppard in Australia, we now have a trans-
Tasman platform that is well positioned to benefit from lifecycle economics, particularly as
the COVID-era pet cohort ages and drives higher veterinary spend.

Animal Care is a clear example of how EBOS combines strategic M&A, operational
execution, and market insight to deliver long-term value.

Innovation with new product development continues to be a core driver of growth in Animal
Care. Over the last few years, we have expanded our Black Hawk life-stage portfolio with
new offerings across puppy, mature, and healthy benefit categories. Across VitaPet we
extended our range into the grocery channel, capturing new consumer segments and
increasing brand visibility.

Our manufacturing footprint has also evolved. Since 1973, dog rolls have been produced in
New Zealand at Superior Pet Foods, with Superior joining EBOS in 2023. Air-dried treats will
be manufactured by Next Generation Pet Foods in Queensland. And of course, we built a
site in New South Wales that produces our Black Hawk kibble products.

These investments give us greater control over quality, innovation, and cost. It positions us
to respond quickly to changing consumer preferences as evidenced by the evolution of the
life-stage portfolio of products across Black Hawk.

Looking ahead, we’re excited to continue building on this momentum, with a strong pipeline
of new product development and a clear strategy to extend our position in the premium pet
nutrition market.

To conclude today’s presentation, I want to reaffirm the EBOS investment proposition and
share what energises me about leading this exceptional business.

Healthcare and animal care continue to experience sustained increases in consumer and
institutional spend, driven by demographic shifts, innovation and evolving customer
preferences, including a desire for a longer health span.

These macro opportunities are well matched by EBOS’ core capabilities. In a growing but
complex market, we are trusted to connect with care, notably in wholesale, distribution and
animal nutrition. For investors, this means we are levered to ongoing healthcare spend. It is
this exposure that has underpinned our track record of consistent growth.

As referenced earlier by the Chair, we maintain and continue to build upon our leading
positions, where we are:

• a leading pharmaceutical wholesaler in Australia and New Zealand, and one of ANZ’s
largest healthcare-focussed contract logistics providers;
• the leading health-services focussed community pharmacy network in Australia through
TerryWhite Chemmart;
• Australia and New Zealand’s leading hospital medicines wholesaler and one of ANZ and
Southeast Asia’s leading medical distributors; and
• we are also ANZ’s largest dry dog food brand in pet specialty by volume and ANZ’s
leading vet wholesaler.

These positions are underpinned by EBOS’ shared capability framework. This is represented
by a culture of entrepreneurship, operational excellence, the ability to identify and invest
ahead of growth opportunities, and disciplined portfolio management that consistently
delivers long-term shareholder value.

This culminates in a resilient, diversified business – your business - that is well positioned for
sustainable growth.

Thank you for your time this afternoon. I’ll now hand back to the Chair to go through the
formal items of the meeting.

DISCLAIMER
2
The information in this presentation was prepared by EBOS Group Limited (“EBOS” or the “Group”) with due care and attention. However, the information is supplied in summary form and is therefore
not necessarily complete, and, to the extent permitted by law, no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither EBOS nor any of its
subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect EBOS’ current expectations, based on what it thinks are reasonable assumptions. To the extent permitted by
law, EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this
presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy EBOS securities and may not be relied upon in connection with any purchase of EBOS securities.
This presentation contains a number of non-GAAP financial measures, including Gross Operating Revenue, EBITDA, EBIT, NPAT, Underlying Operating Expenditure, Underlying EBITDA, Underlying
EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Underlying Cash from Operations, Underlying Free Cash Flow, Cash Conversion Days, Net Working Capital, Net Debt, Leverage,
Net Debt : EBITDA and Return on Capital Employed (ROCE). Because they are not defined by GAAP or IFRS, EBOS’ calculation of these measures may differ from similarly titled measures presented by
other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although EBOS believes they
provide useful information in measuring the financial performance and condition of EBOS' business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the audited consolidated financial statements for the full year ended 30 June 2025.
EBOS and its businesses are subject to known and unknown risks, some of which are beyond the control of EBOS and/or may not be fully mitigated. A summary of key financial and non-financial risks
identified by EBOS can be found under ‘Risk Management’ at https://www.ebosgroup.com/who-we-are/corporate-governance. This should not be considered an exhaustive list.
All currency amounts are in Australian dollars unless stated otherwise.
Underlying earnings for the 30 June 2025 and 30 June 2024 periods exclude M&A transaction costs, non-recurring restructuring and site transition costs and the amortisation (non-cash)
expense attributable to purchase price accounting (PPA) of finite life intangible assets.
To provide a like-for-like comparison to the prior corresponding period, where applicable, this presentation includes comparisons against Underlying earnings exclusive of the estimated
earnings from the Chemist Warehouse Australia (CWA) contract for the 30 June 2024 period.

HOW TO PARTICIPATE IN VIRTUAL/ HYBRID MEETINGS AND ASK A
QUESTION
4

HOW TO PARTICIPATE IN VIRTUAL/ HYBRID MEETINGS AND VOTE
5

BOARD OF DIRECTORS
7

AGENDA
8
01
Presentation: Elizabeth Coutts, Chair
02
Presentation: Adam Hall, CEO
03
Business of meeting
04
Conclusion

VIDEO TO BE
UPDATED TO
2025
10
To be updated –
placeholder from 2024

WELL POSITIONED PORTFOLIO
11
Portfolio positioned well for long-term growth
•A leading pharmaceutical wholesaler in Australia and the largest in New Zealand
•TerryWhite Chemmart network is Australia’s largest health services focussed community pharmacy network
•One of ANZ’s largest healthcare-focussed contract logistics providers
•ANZ’s largest hospital medicines wholesaler
•One of ANZ’s and Southeast Asia’s largest independent medical technology distributors
•ANZ’s largest dry dog food brand in pet specialty
1
and ANZ’s largest vet wholesaler
1.Measured by volume

SETTING THE STAGE
12
FY25: A solid result
FY26: Positioning
for the future
FY27+: Sustainable growth
1
2
3

EBOS HAS DELIVERED CONSISTENT EARNINGS GROWTH AND SHAREHOLDER
RETURNS OVER THE LONG TERM
13
1.Underlying EBITDA are presented inclusive of IFRS 16 Leases except for periods FY19 and prior
2.CAGR calculation is inclusive of FY16-FY24
Underlying EBITDA
1
($m)
Dividends per Share (NZ cents)
208
228
250
262
336
367
437
582
624
585
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Guidance
59
63
69
72
78
89
96
110
119119
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
~12%
CAGR
10-year CAGR
2
~8%
CAGR
Guidance:
$615-635m
•Double-digit earnings
growth
•Positive macro trends
and leading positions
enable ability to replace
CWA earnings in FY26
•Consistent dividend
growth, noting FY25
payment maintained at
same level as FY24
Proven performance. Positioned for the future

ENVIRONMENTAL, SOCIAL, GOVERNANCE
141.Packaging perc entages relate to number of SKUs
ESG highlights
•Progressed toward generating renewable electricity to
match forecasted FY27 Australian operations usage
•95%
1
of grocery brand packaging to be recyclable by
early 2026
•$400,000+ donated to Greenfleet in FY25, $2.4
million+ since 2007
•Acquired South Gippsland, Victoria property for
reforestation, with ~94 hectares of planting potential
•Launched “Life Savers” to reduce high-risk work
hazards and enhance critical risk focus
•Continued investment in ‘Catalyst’ leadership
development program, achieving 50% female
participation
Our sustainability pillars
We recognise our responsibility as a provider of essential network infrastructure, products, and services to improving both
human and animal health outcomes.

15
•Adam Hall commenced as CEO
1 July 2025
CEO SUCCESSION AND BOARD RENEWAL
•Five new Directors since July 2021
•In making any appointment to the Board, the
directors have regard to its skills matrix which sets
out the desired skills of the Board as a whole and
reflects the Group’s operations and strategic
priorities.
•Coline McConville appointed
1 February 2025
CEO
Directors
Board Renewal

DIVIDEND
16
•EBOS’ Directors announced a final FY25 dividend of NZ 61.5 cents per share.
•The final dividend was fully franked for Australian taxation purposes and imputed to 25%
for New Zealand taxation purposes.
Final dividend
•Taking the full-year dividend to NZ 118.5 cents per share maintaining dividend at the same
level as FY24.
Full year

DELIVERING SUSTAINABLE SHAREHOLDER RETURNS
18
1.Growth is FY25 Underlying compared to FY24 Underlying when normalised to excl ude the CWA contract
FY25: A solid resultFY26: Positioning for the futureFY27+: Sustainable growth
Symbion & Healthcare Distribution: Business to benefit from scale, service,
CSO leverage and share capture
Retail Pharmacy: Growing a leading health services focussed retail pharmacy
network for tomorrow
Medical Technology: Sustained growth runway in Medical Technology
Animal Care: Driven by ongoing new product development
•Targeting Group Underlying EBITDA of $615
– 635m, reflecting ~7% midpoint growth
•Commissioning final DCs in renewal program
•Community Pharmacy competitive market
dynamics
•Continued softer consumer sentiment within
Animal Care
•Investor day in Q4 to outline FY27+ priorities
•7.5% EBITDA growth
1
•Solid organic base: Pharmacy
wholesale customer wins,
MedTech and TWC momentum
•Bolt-on M&A supported growth
1
2
3
3A
3B
3C
3D

FY25 RESULT CONSISTENT WITH GUIDANCE, REFLECTING SOLID UNDERLYING EBITDA
GROWTH
1
OF 7.5%
191.Growth is FY25 Underl ying compared to FY24 Un derlyin g when n ormal ised to exclude the CWA contract.
Revenue

$12,267m
+12.0% excl. CWA
1
Statutory Revenue
$12,267m
(-7.0%)
Underlying EBITDA

$585m
+7.5% excl. CWA
1
Statutory EBITDA
$556m
(-8.3%)
Underlying EPS

131.3 cps
Statutory EPS
109.7 cps
(-22.4%)
Full year dividend

NZ 118.5 cps
Consistent with FY24
•Organic growth supported by new pharmacy wholesale
customers, growth in Southeast Asia within Medical
Technology, and from TWC franchise network expansion (+34
net stores)
•Delivered on all FY25 growth objectives
•Strategic investment in future growth
-Final phase of DC renewal program with Kemps Creek
facility commissioned in October 2025
-Recent acquisition of SVS and Next Generation Pet Foods
performing in-line with expectations
•Dividends maintained at same level as FY24 despite CWA
contract loss
1

FY26 OUTLOOK: STRATEGIC GROWTH AND KEY MILESTONES AHEAD
•EBOS reaffirms its guidance for FY26, targeting Group Underlying EBITDA of between $615 - 635m, reflecting ~7% midpoint growth.
All other outlook statements are unchanged

as noted in the FY25 results presentation
1

-We expect a slightly higher contribution of earnings in the second half of FY26 with the ramp-up of benefits from the DC renewal
program
•What to watch in the next 12 months:
-Distribution capacity and productivity unlocked by:
-Kemps Creek go-live & ramp-up
-Perth Contract Logistics opening
-Conclusion of the DC renewal program
-Growth and strategy
-Investor day planned for Q4 FY26
-Bolt-on M&A
201.Refer FY25 resu lts pr esentati on dated 27 Augu st 2025
2

SYMBION HEALTHCARE & DISTRIBUTION BUSINESS TO BENEFIT FROM SCALE, CSO
LEVERAGE AND SHARE CAPTURE
21
3A
FY25: Solid replacement
of earnings
FY26: Final year of
investment
FY27+: Operational and financial leverage
Pharmacy Wholesale
•New customer growth
•Strong demand for high value
medicines
•First Pharmaceutical Wholesaler
Agreement signed
•Commissioning of new Symbion
DC in Sydney
•Continued growth of high value medicines
•CSO funding uplift leveraging recent share gains
•Automation unlock through new Sydney DC
Hospital Medicines & Consumables
•Continued strong growth, particularly
oncology products
•Demand expected to remain strong•Evolving drug pipeline & emerging new therapies
Contract Logistics:
•New customer growth in ANZ,
enabled by new warehouse
capacity
•Achieving national Australian
footprint with new Contract Logistics
facility in Perth
•Positioned for national pharmaceutical contracts
•Further cold storage expansion to support growth in
specialty medicines
•Continued share gains in Australia

RECOGNISING THE ESSENTIAL ROLE OF PHARMACY WHOLESALERS, THE AUSTRALIAN
GOVERNMENT HAS DELIVERED ADDITIONAL INDUSTRY FUNDING
22
1.CSO refers to Community Servic e Obligation
2.In dexation to the CPI index number published by the ABS
Key funding changes:
1. Eighth Community Pharmacy Agreement
•Negotiated between Australian Government & Pharmacy Guild of Australia
•Agreed to funding of $26.5 billion over five years, with a $3 billion uplift for
Australian community pharmacies
2. First Pharmacy Wholesaler Agreement (including CSO
1
funding)
•Landmark five-year agreement between Australian Government and the National
Pharmaceutical Services Association (NPSA), which is represented by some CSO
wholesalers
•Agreed to funding of $4.2bn over five years, a 15% increase
3A
Benefit to EBOS
•Community pharmacy customers well supported by stable
Australian Government funding
•Additional funding increase accessible from 1 July 2027
•FY27+ funding pool indexed to inflation
2
•Increased cap for high-cost medicines (from $54 to $223)
particularly beneficial for growth of specialty medicines
•Community pharmacy customers well supported by stable
Australian Government funding

DC RENEWAL: BUILDING CAPACITY FOR FUTURE GROWTH AND DRIVING EFFICIENCY
23
1.Acr oss EB OS health care distri but ion i nfrastruc ture
Program completes in 2026:
Benefits ramp in 2027 (productivity, service levels, cost duplication removal)
Strategic pillars2023202420252026
Growth
•Expanding capacity to
capture high-value markets
•National footprint
completed by 2026
Productivity / renewal
•Modernising with
automation and advanced
IT systems
•Sustainability
improvements embedded
Consolidation
•Streamlining operations
across sites
•Removing duplication and
improving scalability
3A
EBOS Healthcare:
Melbourne
Sydney
ProPharm a:
Auckland
Onelink:
Auckland
Symbion:
Sydney
Contract Logistics:
Perth
Co ntract Logistics:
Auckland
Contract Logistics:
Sydney
Delivering growth ahead of
expectations and generating
strong ROCE
Establishes a national footprint
to strengthen our customer
offering
Most technologically advanced
wholesale facility
1
; supporting
growth and efficiency

EXPANDING OUR CONTRACT LOGISTICS FOOTPRINT
24
Original Sydney site
•Opened 2018
•Fully utilised
Second Sydney site
•Opened 2023
•~70% utilised
New Perth site
•Opening 2026
•Facility to provide national footprint
•Strategic growth response
•Premium services: repacking, refrigeration, secure storage
•High-value market: global pharma pre-wholesale
•Strong performance: ROCE >15%
•Capacity for growth
Sydne y
Pert h
Opening 2026
Contract logistics
Symbion
Launceston
Hobart
Melbourne
Adelaide
Perth
Brisbane
Townsville
Distributi on centres by t ype:
Strategic capital deployment delivering sustainable growth and value in our pre-wholesale business
Darwin
3A

GROWING A LEADING HEALTH SERVICES FOCUSSED RETAIL PHARMACY NETWORK
FOR TOMORROW
25
3B
FY25: Building scale &
reach
FY26: Driving momentum
FY27+: Unlocking new growth horizons
Retail Pharmacy
•Added 34 net new stores to TWC
network (over 620 stores)
•Provider of choice for health
services, administering ~1 million
vaccinations
•Enhanced customer convenience,
with over 1.2 million prescription
transactions placed online through
myTWC
•Ongoing network expansion
•myTWC adoption accelerating
•Launch of new TWC branded
products
•Scope of service expansion: enabled through CareClinic
service offering
•New revenue opportunities: through retail media strategy
•Accelerating digital health: through telehealth, digitising
workflows, and connected care via myTWC app

myTWC: POWERING DIGITAL GROWTH IN PHARMACY
26
Positioning TerryWhite Chemmart at the forefront of Australia’s digital health transformation
123
3B
Strategic importance:
•A fully-integrated platform that
connects customers, pharmacists and
services
•Drives engagement, loyalty, and
sales across TerryWhite Chemmart
network
•Rich integrated dataset with ~95
million interactions across health,
loyalty, and services
Performance highlights:
•~800k registered users: growing
30% YoY
•2.5 million prescriptions processed
in FY25: one every ~13 seconds
•myTWC members are 2.7x more
likely to add front of shop items,
increasing basket size
What’s next:
•Unlock pharmacist productivity by
digitising workflows
•Expand reach through telehealth,
eScripts, virtual bookings
•Strengthen TWC’s role as the
destination for digital and in-
pharmacy services

SUSTAINED GROWTH RUNWAY IN MEDICAL TECHNOLOGY
27
3C
FY25: Best performer in
portfolio
FY26: A strategic focus
FY27+: A core growth driver for EBOS
Medical Technology Distribution:
•Strong growth: across orthopaedics,
implants and capital sales in
Southeast Asia
•Two strategic acquisitions
•Additional OEM suppliers
•Ongoing M&A pipeline
development with strategic
acquisitions a focus
•Southeast Asia expansion: multi-country distributor
advantage; pipeline to fill therapeutic “white spaces”
•Portfolio depth: surgical and interventional technologies
(e.g. spine, orthopaedics, oncology, cardiology,
ophthalmology, neurosurgery, neurovascular, plastics &
reconstruction) and onboarding additional OEM suppliers
Biologics:
•Increased surgeon demand for
allograft products
•New product development in new
therapy areas
•Biologics expansion: extending allograft range of products
within the US market

ANIMAL CARE TO BE DRIVEN BY ONGOING NEW PRODUCT DEVELOPMENT IN OUR
CHAMPION BRANDS
281.Measured by volume
3D
FY25: Volume growth
FY26: Embedding
acquisitions
FY27+: Building on the success
Branded products & manufacturing:
•Share gains for Black Hawk and
VitaPet products
•Growth from NPD, supported by in-
house manufacturing capabilities
•Product expansion through
acquisition of Next Generation Pet
Foods
•Consolidated manufacturing
benefits
•Black Hawk & Vitapet: extend leadership and broaden into
fast-growing/high margin pet products
•Additional distribution: through emerging channels
•Operational leverage: expanded manufacturing capability
underpins NPD and margin resilience
Vet wholesale:
•SVS acquisition established a
leading position in NZ vet wholesale
sector
•Recent acquisitions outperforming
expectations
•Unlocking ANZ synergies
•Lifecycle economics: ageing COVID cohort to drive higher vet
spend

NEW PRODUCTS LEADING THE CHARGE
29
Production extension
in grocery channel
High-meat
3D
FY23
Continued evolution of life-stage driven portfolio with additional food options
PuppyHealthy benefitsMature
FY24FY25
FY26
Wet puppy
Training and rewards
Meat-based treats
Treat expansion
Acquisitions /
Investments
Manufacturing
capability
Dog-rolls
manufactured
in Paeroa, NZ
Air dried treats to be
manufactured by NGPF in
QLD, Australia
New dog-roll offerings
Site built in NSW, Australia to
manufacture BlackHawk products
Air/freeze dried
treats

The leading health-services
focussed community
pharmacy network in
Australia
A DEFENSIVE GROWTH CARE BUSINESS UNDERPINNED BY LONG-TERM INDUSTRY
TRENDS, LEADING POSITIONS, GROWTH PIPELINE AND SHARED CAPABILITIES
30
1.Measured by volume
Defensive growth care business with long-term track record of strong financial performance
Ageing population
Increased pharma and
medical spend
Pet ownership
Pet
humanisation
A leading pharmaceutical
wholesaler in Australia and
New Zealand
ANZ and Southeast Asia’s
leading medical
technology distributors
ANZ’s largest dry dog food
brand
1
in pet specialty and
ANZ’s leading vet
wholesaler
Macro trends
Leading
positions
Shared EBOS
capabilities
Outcome
Stable Government
funding
Complex healthcare
needs
Foster a high-performance,
entrepreneurial culture
Proactively identify and
invest in growth
Disciplined portfolio
management to maximise
long-term shareholder
value
Relentless focus on
operational excellence and
scalability

ITEM 1
32
Annual Report and Financial Statements
To consider and receive the annual report and the financial statements for the year ended 30 June 2025
and the audit report thereon.

ITEM 2
33
Resolution 1 – Election of Director – Coline McConville
Coline McConville (BJuris, LLB, MBA (Harvard)) was appointed as a director by the Board to fill a casual vacancy effective 1 February
2025.
Ms McConville has over 20 years of governance experience across a wide range of organisations operating in different countries and
industries, primarily in the United Kingdom and Europe.
Ms McConville is currently a director of 3i Group plc and a member of the Supervisory Board of German-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.
During her executive career, Ms McConville was Chief Executive Officer and Chief Operating Officer of Clear Channel Communications
(now iHeartMedia Inc.) and a management consultant with McKinsey and LEK.
Ms McConville is an Australian citizen currently residing in the United Kingdom and intends to relocate to Australia in the near term. The
proposed election of Ms McConville is consistent with EBOS’ Board succession planning previously announced. EBOS has appointed five
new directors since July 2021 with a diverse mix of skills. The Board considers Ms McConville is an Independent Director as referred to in
the NZX Listing Rules.
Pursuant to NZX Listing Rule 2.7.1 and ASX Listing Rule 14.4, a director appointed by the Board must not hold office (without re-election)
past the next annual meeting following the Director’s appointment.
Ms McConville retires in accordance with NZX Listing Rule 2.7.1 and ASX Listing Rule 14.4, and offers herself for election.

ITEM 3
34
Resolution 2 – Re-election of Director – Stuart McLauchlan
Stuart McLauchlan (BCOM, FCA, CFInstD) was appointed to the EBOS Group Limited Board in July 2019 and was last re-elected by
shareholders on 27 October 2022. He is Chairman of the Audit and Risk Committee and a member of the Remuneration Committee.
Mr McLauchlan 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 2002 Ltd, Otago Community Hospice and Wood 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, director of Ngai Tahu Tourism Ltd and member of the Marsh New Zealand Advisory Board.
The Board considers Mr McLauchlan is an Independent Director as referred to in the NZX Listing Rules.

ITEM 4
35
Resolution 3 – Re-election of Director – Mark Bloom
Mark Bloom (BCom, BAcc, CA) was appointed to the EBOS Group Limited Board in September 2022 and was last elected by shareholders
on 27 October 2022. He is a member of the Audit and Risk Committee.
He is currently a non-executive director of AS X listed Abacus S torage 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 G roup Limited from its formation in July 2014 through to his
retirement in April 2019. Prior to this, he was the 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.
The Board considers Mr Bloom is an Independent Director as referred to in the NZX Listing Rules. Pursuant to NZX Listing Rule 2.7.1 and
ASX Listing Rule 14.4, a director must not hold office without re-election past the third annual meeting following the director’s
appointment, or 3 years, whichever is longer.
Mr Bloom retires in accordance with NZX Listing Rule 2.7.1 and ASX Listing Rule 14.4, and offers himself for re-election.

ITEM 5
36
Resolution 4 – Auditor’s remuneration
Deloitte is automatically reappointed as the auditor of the Company under section 207T of the Companies Act 1993. Pursuant to section 207S
of the Companies Act 1993, this resolution authorises the directors to fix the fees and expenses of the auditor.
It is resolved that the directors of the Company be authorised to fix the fees and expenses of Deloitte as auditor of the Company.

ITEM 6
37
To consider any other business that can be properly brought before the meeting.