Half Year Results
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 1
MARKET RELEASE
NZX/ASX Code: EBO
EBOS delivers solid HY26 result
Executing with discipline, confidence in H2 FY26 EBITDA uplift
25 February 2026 – EBOS Group Limited today reports its interim results to 31
December 2025 (HY26) delivering strong revenue growth of 13.0% and disciplined
execution. FY26 EBITDA guidance is reaffirmed with further improvement expected
as productivity and utilisation continue to increase and ongoing solid demand
across key healthcare and animal care markets.
Underlying EBITDA increased 3.2% to $300 million, consistent with guidance and
commissioning of strategic investments. Healthcare EBITDA grew 1.3% to $254
million, with strong revenue momentum and disciplined cost management. Animal
Care EBITDA increased 15.1% to $68 million, driven by good branded performance,
cost management and the successful acquisition of SVS.
EBOS retains confidence in H2 FY26 EBITDA delivery, underpinned by opportunities
in Healthcare from progress in the DC renewal program, additional runway from the
newly acquired MediAdvice pharmacy network banner, benefits from recent
Medical Technology acquisitions and a strong product pipeline in Animal Care.
EBOS Group CEO, Adam Hall said: “Our HY26 performance demonstrates the
resilience and diversification of our portfolio as we continue to execute with
discipline. We delivered strong revenue growth and reaffirmed our EBITDA
guidance, supported by solid customer demand and the early benefits from our
strategic investments. This sets us up well for H2 FY26, with additional opportunities
from new stores and new products, as well as nearing the end of the current capital
investment cycle.
“Importantly, our major distribution centre renewal program is progressing to plan,
with our largest site now fully operational. As these assets move into steady state,
we expect to realise meaningful efficiency gains while strengthening the quality and
reliability of our network.
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 2
“With peak investment largely behind us, we anticipate a step-up in cash flows from
FY27, supported by lower capex and a more stable operating base. This will create
headroom to deleverage and enable us to continue investing in growth.
“Overall, we remain confident in the medium-term margin outlook, underpinned by
productivity improvements and new capacity in Symbion & Healthcare Distribution,
product innovation within Animal Care, expansion of Medical Technology partners
and solutions, as well as network wide opportunities across Retail Pharmacy
Brands.”
Chair, Elizabeth Coutts said: “The Board remains confident in the strength of the
Group’s diversified earnings base and the medium to long-term outlook. The Board
has decided to maintain the interim dividend, consistent with our capital
management priorities, and our continued confidence in the Group’s outlook”
Financial highlights (all $ figures are in AUD, and comparisons are made against HY25)
Period ended 31 December HY26 HY25 Change
Underlying results
Revenue 6,768 5,991 13.0%
GOR 868 799 8.6%
EBITDA 300 291 3.2%
Net Profit After Tax 125 131 (4.3%)
Earnings per share - cps 61.4c 67.5c (9.0%)
Underlying EBITDA (%)
4.4% 4.9% (50 bps)
Leverage ratio
1
(x) 2.2x 1.9x
2
0.3x
ROCE (%) 12.9% 13.3% (40bps)
Statutory results
Revenue 6,768 5,991 13.0%
EBITDA 303 276 9.7%
Net Profit After Tax 125 110 13.0%
Earnings per share - cps 61.1c 56.9c 7.4%
1
Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts.
2
Compared against 30 June 2025
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 3
Healthcare
Period ended 31 December HY26 HY25 Change
Revenue 6,317 5,687 11.1%
GOR 744 694 7.3%
GOR margin 11.8% 12.2% (40 bps)
Underlying Opex (491) (443) (10.7%)
Opex as % of Revenue 7.8% 7.8% -
Statutory EBITDA 257 235 9.2%
Underlying EBITDA 254 250 1.3%
Underlying EBITDA margin 4.0% 4.4% (40 bps)
The Healthcare segment delivered strong revenue and GOR growth in H1 FY26,
supported by new customer wins, demand for GLP-1 and other high value
medicines, the expansion of Retail Pharmacy Brands and continued growth within
Medical Technology. Revenue increased 11.1% to $6.3 billion and GOR increased
7.3% to $744 million.
GOR margin reflects a greater mix of low-margin high-value medicines, strong
performances in Medical Technology and Retail Pharmacy Brands, and competitive
dynamics in Community Pharmacy ahead of the CSO uplift.
Operating expenditure as a percentage of revenue improved by 30bps compared to
H2 FY25, stable compared to pcp.
EBITDA increased 1.3%, with strong topline performance offset by transitional costs
from the DC renewal program. Expect positive impact of CSO increase from July
2026.
H1 FY26 represents a transition phase as the new DCs come online. With
duplication activity and ramp-up inefficiencies expected to unwind as these sites
stabilise. The business remains well positioned for growth from FY27 onwards,
supported by additional DC capacity in Symbion & Healthcare Distribution, network
growth across Retail Pharmacy Brands, regional expansion and solution
opportunities in Medical Technology, productivity gains and the expanded CSO
regime coming into effect.
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 4
Community Pharmacy
Community Pharmacy generated revenue of $3.6 billion (up 14.8%) and GOR of
$310 million (up 7.5%), supported by strong demand for both GLP-1 and high value
medicines.
Key customers were retained despite a competitive wholesale landscape, reflecting
strong service levels and customer confidence.
The largest DC site, Symbion Kemps Creek, was delivered on time and on budget,
marking a key milestone in the DC renewal program. Productivity improvements at
Kemps Creek are expected to continue in the second half.
Retail Pharmacy Brands
The Retail Pharmacy Brands business delivered strong growth in H1 FY26, with
continued expansion of the network and robust same store performance. Total
TerryWhite Chemmart (TWC) network sales reached $1.5 billion, up 9.8%, with same
store sales increasing 8.8%. TWC dispensary sales were up 11.5% and same store
sales up 10.4%.
The business further strengthened its presence in pharmacy retail management with
the majority acquisition of MediAdvice, which is focused on providing innovative
community care services across a network of approximately 80 pharmacies in NSW.
TWC maintained its leadership position in care delivery, with a 20% growth in flu
vaccinations vs pcp and expanding its network of prescribing pharmacists to 104,
representing 35% of all full-scope prescribers nationally.
TWC consumer brands continued to resonate strongly with customers, supported
by new product launches that expanded the range to more than 300 high quality
products, providing a compelling value proposition for customers.
Digital engagement also continued to scale, with the TWC Connect Retail Media
program adding 200 new digital screens to 100 TWC pharmacies. Customer digital
activity remained high, with 817,000 online transactions in the period.
Along with strong same store sales growth, network growth remained a core
contributor. The Group now has 782 stores across its retail pharmacy networks –
comprising 630 TWC stores, 81 MediAdvice stores and 71 stores under other
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 5
brands. A total of 89 net stores were added during the half, including 81 from
MediAdvice (including +1 after acquisition), four TWC stores, and five stores across
other brands.
Institutional Healthcare
Institutional Healthcare generated revenue of $2.2 billion (up 3.4%) and GOR of
$349 million (up 5.8%). GOR margin improved to 15.6% (from 15.3%), reflecting the
ongoing expansion of the Medical Technology business.
Medical Technology delivered revenue growth of 12.1% (7.7% excl. acquisitions).
The partnerships business delivered strong growth in spine and other implant
channels including urology, neurosurgery and neurovascular intervention. Capital
sales in ANZ were resilient. Medical Technology achieved ongoing organic
expansion in SEA, supplemented by recent acquisitions, and partially offset by lower
capital sales in Indonesia and Vietnam.
The biologics business recorded organic growth within Allografts enabled by new
solutions innovation. EBOS was able to deepen our partnership with the US Origin
allograft solutions business, and the subsequent consolidation has created an
opportunity for sustained growth in the US.
Medicines, consumables and other revenue grew by 2.0%, reflecting growth from
high value hospital medicines.
Contract Logistics
Contract Logistics generated GOR of $86 million (up 13.5%). The business
generated solid growth through new customer wins across Australia and New
Zealand, enabled by new warehouse capacity installed as part of the DC renewal
program.
In Australia, GOR increased by 26.3% due to five net new principal wins, reflecting
our value proposition as a dedicated healthcare logistics provider. The Australian
business added ~500 m
2
of cold chain storage, supporting growth of specialty
medicines. It continued its investment in footprint and systems, with the opening of
the new Perth facility on track for completion in FY26.
The New Zealand business had seven net new principal wins, which was aided by its
advantaged temperature-controlled unloading facility.
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 6
Animal Care
Period ended 31 December HY26 HY25 Change
Revenue 451 304 48.3%
GOR 124 106 17.0%
GOR margin 27.4% 34.7% n/a
Underlying Opex (55) (46) (19.4%)
Opex as % of Revenue (12.3%) (15.2%) n/a
Statutory EBITDA 67 59 13.7%
Underlying EBITDA 68 59 15.1%
Underlying EBITDA (%) 15.1% 19.5% n/a
The Animal Care segment delivered strong top-line performance in H1 FY26, with
revenue increasing 48.3% to $451 million and GOR up 17.0% to $124 million.
Growth was driven by continued branded portfolio strength, successful new product
launches, and the successful acquisition of SVS.
The successful acquisition and integration of vet wholesale leader SVS has changed
the GOR margin profile and Opex % of Revenue profile of the Animal care business,
limiting comparability to H1 FY25.
EBITDA increased 15.1% to $68 million, supported by the acquisition of SVS and
Next Generation Pet Foods, share gains within the branded business and ongoing
new product development enabled by inhouse manufacturing capabilities.
The integration of recent acquisitions is progressing well, supporting broader
channel reach and improving the business's ability to serve customer demand
across the specialty pet and vet sectors.
Growth investments
During H1 FY26, EBOS continued to execute against its near-term priorities:
completing major network investments and selectively deploying capital for
inorganic opportunities to support growth.
The DC renewal program is near operational completion, with six of the eight DC
renewal sites now completed. The largest and most complex site, Symbion Kemps
Creek in Sydney, was successfully completed in October 2025, on-time and on
budget. The remaining DC sites are on track for operational completion in FY26,
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 7
with post-commissioning workstreams ongoing into H1 FY27, including IT systems
and optimisation. Full network benefits expected to flow through progressively over
FY27 and FY28.
The Group completed several transactions that are expected to contribute
approximately $80 million in revenue on a full year basis, at a total upfront payment
of approximately $70 million. These transactions expand EBOS’s position into key
channels in Animal Care, Medical Technology and Retail Pharmacy, leveraging
existing operational capability. Each transaction is expected to be immediately EPS
accretive and deliver ROCE above the Group’s hurdle rate over the medium term.
The pipeline remains active.
Capital management
EBOS continued to demonstrate its disciplined and proactive approach to capital
management across managing balance sheet, cash flow, growth investments and
shareholder returns.
The Group successfully refinanced existing debt facilities, which increased liquidity
headroom, with approximately $930 million of undrawn committed bank facilities
available and a weighted average term of 3.3 years (up from 2.9 years as at June
2025). The leverage ratio was 2.2x, within our target range of 1.7 – 2.3x and is
expected to deleverage in FY27 with the end of the capital investment cycle, as
capital expenditure falls and growth continues.
H1 FY26 net working capital increased by $84 million, supporting both revenue
growth and transition activities. Underlying cash flow before capex of $66 million
was temporarily lower due to the unwind of prior period timing benefits.
Future capital expenditure is expected to moderate as the DC renewal program
concludes, with FY27 capex ~30% lower on a comparable basis.
Interim Dividend
The Directors declared an interim dividend of NZ 57.0 cents per share, in-line with
the prior year, with a dividend payout ratio of 82% on an Underlying basis. The
payout ratio reflects the Board’s continued confidence in the strength of the
Group’s operating cash flows and future growth.
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 8
The Dividend Reinvestment Plan (DRP) will operate for the interim dividend,
providing flexibility for shareholders and supporting balance sheet strength as the
final phase of the DC renewal program is completed. Shareholders can elect to take
shares in lieu of a cash dividend at a discount of 2.0% to the volume weighted
average share price (VWAP).
The record date for the dividend is 6 March 2026 and the dividend will be paid on
27 March 2026. The dividend will be imputed to 25% for New Zealand tax resident
shareholders and fully franked for Australian tax resident shareholders.
Perspectives
EBOS remains a defensive growth company, focused on care, productivity and
partnerships to drive strong shareholder returns, supported by sector dynamics
including: an ageing population, increased utilisation of pharmaceutical and medical
services, stable government funding frameworks and growing pet ownership.
Near-term perspectives for H2 FY26
• FY26 EBITDA guidance is reaffirmed, reflecting a positive outlook on H2
EBITDA, as productivity and utilisation continues to increase, and with strong
revenue growth supported by acquisitions
• Completion of the DC renewal program in FY26 provides a multi-year runway
for improving operating leverage and network efficiency
Longer-term perspectives (FY27+)
• Revenue momentum to continue, driven by network growth across retail
pharmacy brands, innovation led growth within Animal Care products, and
regional expansion and solution opportunities within Medical Technology
• Margin outlook positive, driven by productivity uplift & improved utilisation
in Healthcare, expanded CSO regime, and ongoing benefit from business mix
shift
• Interest and D&A expected to normalise, with peak capex in FY26 and a
more stable asset base from FY27 onwards
• Capex to reduce by ~30% in FY27, following completion of the DC renewal
program, supporting stronger cash flows
• Balance sheet leverage expected to reduce in FY27, reflecting lower capex,
revenue growth and improved operating efficiency
Divisional strategies driving growth
Each division is executing well‑defined strategies aligned to these trends:
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 9
• Symbion & Healthcare Distribution is focused on strengthening its position
as one of ANZ’s leading healthcare distributors by delivering high service
levels, driving scale efficiencies and monetising its end‑to‑end value chain
presence.
• Retail Pharmacy Brands is executing a strategy to grow and enhance the
pharmacy network while improving margin through owned brands, digital
engagement and additional revenue streams from network participation.
• Medical Technology is building its presence across ANZ and Southeast Asia
by expanding into new therapy areas and leveraging the distinctive strengths
of its partnerships and clinical education offering.
• Animal Care is expanding its portfolio of hero brands, enhancing its
advantaged manufacturing footprint across ANZ, and scaling its vet
wholesale business to meet rising demand with speed and efficiency.
Further insight into the Group and divisional strategies and the longer-term
perspectives will be shared at EBOS’s upcoming Investor Day on 30 April 2026.
This market release, the half-year results and related materials were
authorised for lodgement with NZX and ASX by the Board of EBOS Group
Limited.
For further information, please contact:
Investor Relations
Cameron Sinclair
Head of Investor Relations
EBOS Group
+61 412 430 393
cameron.sinclair@ebosgroup.com
Media Contacts
John Bennetts
Head of Corporate Affairs and Communications
EBOS Group
+61 498 000 897
john.bennetts@ebosgroup.com
Patrick Rasmussen
Public Relations Exchange
+61 430 159 690
Financial Results Presentation webcast link:
https://edge.media-server.com/mmc/p/63btzauw.
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 10
About EBOS Group
EBOS Group Limited NZBN 9429031998840 (NZX/ASX Code: EBO) is the largest and
most diversified Australasian marketer, wholesaler and distributor of healthcare,
medical and pharmaceutical products. It is also a leading Australasian animal care
brand owner, product marketer and distributor.
Appendix 1 – Reconciliation of Statutory to Underlying Results
H1 FY26 and H1 FY25 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.
H1 FY26 Underlying earnings also excludes the net gain on acquisition related
activities, which includes a gain (non-cash) on step acquisition of Origin Biologics
reflecting the remeasurement of the Group’s previously held equity‑accounted interest
to fair value when control was obtained in December 2025.
---
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 half year ended 31 December 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 31 December 2025 and 31 December 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.
Underlying earnings to 31 December 2025 also excludes the net gain on acquisition related activities, which includes a gain (non-cash) on step acquisition of Origin Biologics reflecting
the remeasurement of the Group’s previously held equity-accounted interest to fair value when control was obtained in December 2025
EXECUTING WITH DISCIPLINE, WITH CONFIDENCE IN H2 FY26 EBITDA UPLIFT
3
Solid growth
during FY26;
uplift in H2 FY26
Disciplined capital
allocation
continues
Well positioned for
growth in FY27
and beyond
•FY26 EBITDA guidance is reaffirmed, continued strong revenue growth expected, asproductivity and utilisation continue to increase
1
•Underlying EBITDA increased 3.2% to $300 million, consistent with guidance and reflecting commissioning of strategic investments
-Healthcare EBITDA grew 1.3% to $254 million, with strong revenue momentum and disciplinedmanagement of costs
-Animal Care EBITDA increased 15.1% to $68 million, supported by good branded performance and cost management
•Confidence in H2 FY26 EBITDA delivery, with opportunities in Healthcare from DC renewal, complemented by runway in our newly acquired
MediAdvice pharmacy network banner, benefits from recent Medical Technology acquisitions, and a strong product pipeline in Animal Care
•DC renewal program progressing to plan, with largest and most complex site (Kemps Creek) now operating well and remaining sites on
schedule to be operational in FY26
•Balance sheet remains strong and within target leverage range, withleverage expected to reduce in FY27 following EBITDA growth and a
step down in capex (excluding any additional M&A), on conclusion of the DC renewal program
•Bolt-on acquisition program ongoing, with $70 million deployed
2
to expand regional presence and therapeutic areas within Medical
Technology, increase pharmacy retail network reach with an additional 80 pharmacies under a new banner, and expand Animal Care
manufacturing capability with access to new formats
•Revenue momentum to continue, driven by network growth across retail pharmacy brands, innovation led growth within Animal Care
products, and regional expansion and solution opportunities within Medical Technology
•Margin outlook positive, driven by productivity uplift & improved utilisation in Healthcare, expanded CSO regime, and ongoing benefit from
business mix shift
•Cash leverage from FY27, with peak investment now complete and capex expected to reduce by ~30% in FY27, driving stronger free cash
flow. As D&A and interest normalise on a more stable asset base, this creates headroom to deleverage and reinvest for further growth
1.FY26 guidance was provided at FY25 results in August 2025, and reaffirmed at the Annual Meeting in October 2025
2.Consideration includes upfront payment (excludes potential deferred consideration)
$303m
Statutory
•9.7%
$300m
Underlying
•3.2%
EBITDA
$615-$635m
•FY26 remains unchanged
Refer slide 6 and 7
FY26 EBITDA guidance
GROWTH CONTINUES WITH H1 FY26 EBITDA IN LINE WITH GUIDANCE
1
4
1.Growth is H1 FY26 Underlying compared to H1 FY25 Underlying
2.Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts
3.ROCE as at 31 December 2025 and ROCE change (based on comparison to 31 December 2024)
$6,768m
•+13.0%
Revenue
$125m
Statutory
•13.0%
$125m
Underlying
•(4.3%)
NPAT
12.9%
•(40bps)
ROCE
3
NZ 57.0 cps
•Maintained
Payout ratio
82% of underlying NPAT
Interim dividend
2.2x
Remains within target range
Current weighted average debt
maturity term of 3.3 years (2.9
years June 2025)
Leverage
2
61.1cps
Statutory
•+7.4%
61.4cps
Underlying
•(9.0%)
EPS
CONSISTENT OPERATIONAL PERFORMANCE AND GOR GROWTH ACROSS THE PORTFOLIO
5
Operational highlightsKey drivers of growth
GOR
growth
1
Healthcare
segment
Community
Pharmacy
Symbion & Healthcare Distribution
•Kemps Creek went live in October 2025
Retail Pharmacy Brands
•Continued expansion of care delivery, with 20% growth in flu
vaccinations administered through TWC CareClinics
Symbion & Healthcare Distribution
•Increased GLP-1 uptake
•Focus on automation & productivity
Retail Pharmacy Brands
•Added ~89 retail banner stores, with ~80 added
through acquisition of MediAdvice
2
7.3%
Institutional
Healthcare
Medicines, consumables & others
•Added latest high value medicines across ANZ
Medical Technology
•Supported over 4,000 spinal cases across ANZ
•Launched new allograft solution
Medicines, consumables & others
•High value medicines in Hospitals
Medical Technology
•Scope expansion through strategic acquisitions of
AlphaXRT and Precision Surgical
Contract
Logistics
Contract Logistics
•Perth facility construction nearing completion, adding 6,500 m
2
capacity to support future growth and national footprint
Contract Logistics
•12 net new principal wins
•Additional premium services
Animal Care
segment
Branded &
Wholesale
Branded
•Successful launch of the new Black Hawk NPD freeze dried
treats and air-dried range
Wholesale
•Lyppard share growth
•Continued progress integrating SVS into broader business
Branded
•Black Hawk and VitaPet product innovation supported
by manufacturing capabilities
Wholesale
•Cross division productivity opportunities
•Strong SVS performance since acquisition
17.0%
1.Growth is H1 FY26 Underlying compared to H1 FY25 Underlying
2.Refer page 22 for further information
FY26 UNDERLYING EBITDA GUIDANCE REAFFIRMED
6
1.Effective tax rate is calculated on an underlying basis
Metric
Guidance provided at FY25 Results /
Annual Meeting
H1 FY26 results / progress to dateStatus
Underlying EBITDA
“Group Underlying EBITDA of $615 – 635m,
reflecting ~7% midpoint growth, slightly
weighted towards H2 FY26”
$300m
On-track, with existing guidance range reaffirmed
✓
Underlying D&A
“Total cost of approximately $140 – 150m,
reflecting ongoing investments“
$67m
On-track, with existing guidance range reaffirmed. H2 FY26
to be higher than H1 FY26
✓
Net finance costs
“Total cost of approximately $110 – 120m,
assuming no additional debt funding
requirements”
$58m
On-track. Expected to be at the top-end of range following
increase in the Australian cash rate; plus $1-2m from
additional debt funding required for H1 FY26acquisitions.
✓
Effective tax rate
1
“Approximately 28%”
27.5%
On track
✓
Capex
“Total annual spend of approximately $130 –
140m” & “In future years, annual spend should
be approximately 30% lower, on a comparable
basis”
$70m
On track. Capex plan of $130 – 140m, future annual capex
reduction of ~30%. *Additional safety uplift adds $6m.
✓
*
H2 FY26 EBITDA UPLIFT
7
1.Community Service Obligation
H2 FY26:
EBITDA growth accelerates
FY27:
Growth continues
Revenue
•Ongoing growth of GLP-1 and other high value medicines
•Continued expansion of the pharmacy network
•Principal wins in Contract Logistics
•Annualisation of completed H1 FY26 acquisitions (refer page 22)
•Additional DC capacity in Symbion & Healthcare Distribution
•Further network growth across Retail Pharmacy Brands
•Innovation led growth in Animal Care products, supported by
enhanced manufacturing capabilities
•Regional expansion and solution opportunities in Medical
Technology
Margin
•Productivity uplift as new DC’s ramp; higher utilisation at Kemps
Creek
•Mix support from high margin business e.g. Medical Technology
•Reduced impact of one-off transition activities
•Cost discipline and efficiency programs already underway
•Productivity opportunities through the year as new DCs reach
steady state, while new CSO
1
regime begins
•Ongoing benefit from businessmix, including a full-year benefit
in Medical technology and Retail Pharmacy Brands from
acquisitions
Capex, Interest
and D&A
•Capex cycle peaks with end of DC renewal program
•Consistent with guidance
•Capex falls ~30%, unlocking growth reinvestment
•D&Aand interest cost growth peaks
Underlying EBITDA of $315 - $335m in H2 FY26.
Uplift of $21 -$41m EBITDA compared to H2 FY25
Ongoing growth momentum
with improvedcash flow
HEALTHCARE SEGMENT DELIVERED STRONG TOPLINE GROWTH AND
IMPROVED PRODUCTIVITY
9
A.Revenue and GOR increased 11.1% and 7.3%
respectively, driven by new customer growth,
strong demand for GLP-1 and other high-value
medicines, expansion of Retail Pharmacy Brands,
growth in Medical Technology, and contributions
from recent acquisitions
B.Greater mix of high-value medicines, strong
performances in Medical Technology and Retail
Pharmacy Brands and competitive dynamics in
Community Pharmacy ahead of the expanded CSO
regime, all impacted GOR margin
C.Operating expenditure as a percentage of
revenue improved by 30bps compared to H2
FY25, stable compared to pcp
D.EBITDA increased 1.3%, with strong top-line
performance offset by transitional costs from the
DC renewal program. Expect positive impact of
CSO increase from July 2026
185
255
275
250
254
3.7%
4.4%4.4%4.4%
4.0%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
150
170
190
210
230
250
270
290
H1 FY22H1 FY23H1 FY24H1 FY25H1 FY26
Underlying EBITDA ($m)Underlying EBITDA margin (%)
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
H1 FY26H1 FY25Change
Revenue6,3175,68711.1%
GOR7446947.3%
GOR margin11.8%12.2%(40 bps)
Opex(491)(443)(10.7%)
Opex as % of Revenue7.8%7.8%-
EBITDA2542501.3%
EBITDA margin4.0%4.4%(40 bps)
Healthcare segment: Underlying results (A$m)
A
B
C
D
H1 FY26 reflects transition
impact as new DCs come online
•Transitional cost duplication
during DC commissioning
•Higher labour and logistics
during ramp-up
•Temporary inefficiencies until
new facilities reach full
throughput
Opportunities for EBITDA
leverage in FY27+
•Remove duplication and
ramp-up inefficiencies
•Logistics and labour
productivity gains
•Margin support from mix and
execution
•CSO uplift
COMMUNITY PHARMACY DELIVERED STRONG TOP LINE GROWTH,
SUPPORTED BY DEMAND FOR GLP-1 AND HIGH VALUE MEDICINES
10
Underlying results (A$m)H1 FY26H1 FY25Change
Revenue3,6103,14414.8%
GOR3102887.5%
Margin8.6%9.2%(60 bps)
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
Revenue and GOR increased by 14.8% and 7.5%
respectively, supported by strong demand for GLP-1 and
high value medications
Completed the largest and most complex DC site
(Symbion Kemps Creek), delivered on time and on
budget
Retained key customer contracts despite a competitive
wholesale landscape, reflecting strong service levels and
customer confidence
277
324
340
288
310
8.8%
8.7%
8.7%
9.2%
8.6%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
220
240
260
280
300
320
340
360
H1 FY22H1 FY23H1 FY24H1 FY25H1 FY26
GORGOR margin %
RETAIL PHARMACY BRANDS CONTINUED TO GROW THE STORE
NETWORK AND SAME STORE REVENUE
11
1.EBOS Group owns majority interest in MediAdvice
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
Retail Pharmacy Brands
Total TWC network sales of $1.5bn, up 9.8% and like-for-
like sales up 8.8%. Total TWC dispensary sales up 11.5%
and like-for-like sales up 10.4%
•EBOS acquired a majority interest in MediAdvice, a
retail pharmacy management company focused on
innovative community care with a network of circa 80
pharmacies across NSW, with one store added in the
period
•TWC continued its leading position in care delivery
with 20% growth in Flu vaccinations, and 104 pharmacist
prescribers providing 35% of all full scope services
•TWC consumer brands sales grew strongly with new
product launches taking the range to over 300 high
quality products providing a great value option for
customers
•TWC Connect, TerryWhite Chemmart's Retail Media
program accelerated with 200 new digital screens
added to 100 TWC pharmacies, opening a new revenue
stream
•TWC continued its digital leadership with 817,000
online transactions for the half
782 stores across the network
•630 TerryWhite Chemmart stores
•81 MediAdvice
1
, through acquisition
•71 Other brands
89 net stores added in H1 FY26
•TerryWhite Chemmart: net 4
•MediAdvice: net 80, including +1 after acquisition
•Other brands: net 5
INSTITUTIONAL HEALTHCARE DELIVERED SOLID GROWTH,
DRIVEN BY MEDTECH
12
Underlying results (A$m)H1 FY26H1 FY25Change
Revenue2,2312,1573.4%
Medical Technology33730112.1%
Medicines, consumables and
other
1,8931,8562.0%
GOR3493305.8%
Margin15.6%15.3%30 bps
Medical Technology revenue grew by 12.1% (7.7% excl. acquisitions)
Partnerships:
•Strong growth in spine and other implant channels including urology,
neurosurgery and neurovascular intervention. Resilient performance in
capital sales in ANZ
•Ongoing organic expansion in SEA, supplemented by recent acquisitions,
and offset by soft capital sales in Indonesia and Vietnam
Biologics:
•New allograft solution for breast reconstruction procedures introduced,
with good response to date
•Deepened partnership with US allograft business Origin Biologics, leading
to opportunities for US growth, and consolidation
Revenue and GOR increased by 3.4% and 5.8% respectively
GOR margin improved to 15.6%, reflecting ongoing expansion of Medical Technology business
Medicines, consumables and other revenue grew by 2.0%
•Growth from high value hospital medicines
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
158
287
304
330
349
10.7%
16.3%
15.5%
15.3%
15.6%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
100
150
200
250
300
350
400
H1 FY22H1 FY23H1 FY24H1 FY25H1 FY26
GORGOR margin %
STRONG GROWTH IN CONTRACT LOGISTICS, UNDERPINNED BY
INVESTMENT IN DC RENEWAL PROGRAM
13
1.GOR is the primary financial performance metric for Contract Logistics. Sales are predominately on a consignment basis and therefore revenue and GOR margin (%) are less relevant metrics for this division.
Underlying results (A$m)H1 FY26H1 FY25Change
GOR
1
867513.5%
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
61
76
75
75
86
0
10
20
30
40
50
60
70
80
90
100
H1 FY22H1 FY23H1 FY24H1 FY25H1 FY26
Contract Logistics
GOR increased 13.5% on the prior period, driven by new customer growth in Australia and
New Zealand, enabled by added warehouse capacity installed as part of the DC renewal program
Australia
Australian GOR increased by 26.3%, due to:
•5 net new principal wins, reflecting value
proposition as dedicated healthcare logistics
provider
•Added ~500 m
2
of cold chain storage,
supporting growth of specialty medicines
•Continued investment in footprint and systems,
with opening of new Perth facility in H2 FY26
New Zealand
New Zealand growth benefitted from:
•7 net new principal wins
•Unique temperature-controlled unloading
facility has helped customer wins and retention
rates
Integration of recent acquisitions
progressing well
BRANDED PORTFOLIO MAINTAINED SOLID PERFORMANCE; SVS
ACCELERATING WHOLESALE GROWTH
15
A.Revenue and GOR increased by 48.3% and
17.0%, reflecting continued branded portfolio
strength, new product development and the
successful acquisition of SVS
B.Successful acquisition and integration of vet
wholesale leader SVS has changed the GOR
margin and Opex % of Revenue profiles of the
Animal care business, limiting comparability to H1
FY25
C.EBITDA growth of 15.1%, supported by
acquisitions, share gains within the branded
business and ongoing new product development
enabled by inhouse manufacturing capabilities
39
51
55
59
68
14.1%
17.5%
19.3%
19.5%
15.1%
0 .0 0%
2 .0 0%
4 .0 0%
6 .0 0%
8 .0 0%
1 0.00 %
1 2.00 %
1 4.00 %
1 6.00 %
1 8.00 %
2 0.00 %
H1 FY22H1 FY23H1 FY24H1 FY25H1 FY26
Underlying EBITDA ($m)Underlying EBITDA %
Healthcare
segment
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
segment
Branded & Wholesale
Animal Care segment: Underlying results (A$m)
A
B
c
H1 FY26H1 FY25Change
Revenue45130448.3%
Branded1771675.8%
Wholesale274137100.3%
GOR12410617.0%
Margin27.4%34.7%n/a
Opex(55)(46)(19.4%)
Opex as % of Revenue(12.3%)(15.2%)n/a
EBITDA685915.1%
Margin15.1%19.5%n/a
New product launches
Acquired SVS
(wholesale margin
business)
SVS
Kiwi
Kitchens
Next
Generation
Pet Foods
$m, except where statedH1 FY26H1 FY25Var%
Underlying results
Revenue6,7685,99113.0%
GOR8687998.6%
Opex(568)(508)(11.7%)
Underlying EBITDA3002913.2%
Depreciation & Amortisation6755(20.8%)
EBIT233236(0.9%)
Net Finance Costs5851(12.7%)
Profit Before Tax175184(4.7%)
Net Profit After Tax125131(4.3%)
Earnings per share - cps61.4c67.5c(9.0%)
Underlying EBITDA%4.4%4.9%(50 bps)
Statutory results
Revenue6,7685,99113.0%
EBITDA3032769.7%
EBIT2212076.5%
Profit Before Tax1631564.4%
Net Profit After Tax12511013.0%
Earnings per share - cps61.1c56.9c7.4%
STRONG GROUP REVENUE GROWTH OF 13% WITH NPAT IN LINE WITH GUIDANCE
1
17
1.Growth is H1 FY26 Underlying compared to H1 FY25 Underlying
2.Refer to page 32 for a reconciliation of Statutory to Underlying results
A.Strong revenue growth of 13.0%, across Healthcare and Animal Care,
including contribution from acquisitions
B.Underlying EBITDA increased by 3.2%, with Healthcare up 1.3% and Animal
Care up 15.1%
C.Depreciation & Amortisation increased by $12m, reflective ofthe
investment in the $360m DC renewal program, that underpinsfuture growth
and automation benefits
D.Net Finance Costs increased by $7m,due to lease interest and associated
funding costs for new distribution facilities and acquisitions
E.Excludes net one off cost of $1m, including non-recurring restructuring and
site transition costs, M&A transaction costs, a gain onacquisition related
activities (non-cash), and PPA amortisation (non-cash)
2
F.Statutory NPAT growth higher than Underlying NPAT growth due to
reduction in one off net costs compared to prior period
A
B
D
C
E
F
STRONG LIQUIDITY, DISCIPLINED CAPITAL ALLOCATION SUPPORTINGGROWTH
STRATEGY
18
Balance
sheet
Cash flow
Growth
investments
Dividend
•Successful refinancing completed providing approximately $930 million of undrawn committed bank facilities and current
weighted average term of 3.3 years (2.9 years June 2025)
•Leverage ratio of 2.2x within our target range of 1.7 – 2.3x, and expected to deleverage in FY27 as capex falls and growth continues
•Net working capital increased $84m, supporting revenue growth and transition activities
•Underlying cashflow before capex of $66 million, temporarily lower due to the unwind of prior period timing benefits
•Total capex of $70 million, supporting DC renewal program in addition to strategic growth priorities. Remaining DCs are all on
track for operational completion in FY26
•Total M&A of $85 million, aligned to growth strategy, including Medical Technology geography and therapy adjacencies
•Capital allocation remains disciplined, with focus on opportunities delivering returns above our targeted ROCE thresholds
•Interim dividend maintained at NZ 57.0 cps and representing a payout ratio of 82% of H1 FY26
•Dividend payout ratio reflects continued confidence in the strength of the Group’s operating cash flows and future growth
•The Dividend Reinvestment Plan will be operational for interim dividend at a 2.0% discount to the volume weighted average share
price
STRONG LIQUIDITY AND LONG-DATED DEBT MATURITY PROFILE
19
1.Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts
Bank debt maturity profile ($m)
•Leverage remains within target range, with theincrease related
to the long-term investment in the DC renewal program
•Significant liquidity headroom, with ~$930 million of undrawn
committed bank facilities and ample covenant headroom
•Bank debt maturity profile extended in December 2025, with
the refinancing of part of the Group’s funding facilities
•Stable funding and long-dated maturity profile, with a weighted
average of 3.3 years (up from 2.9 years at June 2025)
40
95
486
360
87
465
15
400
182
750
952
FY26FY27FY28FY29FY30+
DrawnUndrawn Capacity
Net debt ($m) and Leverage ratio
1
860
767
1019
918
1121
1.94x
1.52x
1.89x
1.92x
2.23x
0.00x
0.50x
1.00x
1.50x
2.00x
2.50x
0
500
1000
1500
FY22FY23FY24FY25H1 FY26
Net DebtLeverage ratio
Working capital ($m) & cash conversionH1 FY26H1 FY25Var$
Net working capital
2
Trade & other receivables1,7231,476(247)
Inventory1,3481,246(102)
Trade payables/other(2,564)(2,299)265
Total507423(84)
Cash conversion days
3
20.719.2(1.5)
Cash flow ($m)H1 FY26H1 FY25Var$
Underlying EBITDA3002919
Net interest(58)(51)(7)
Tax(48)(39)(8)
Net working capital & other movements(129)5(134)
Underlying cash flow before capex66205(140)
Capital expenditure(70)(64)(6)
Underlying Free Cash Flow (FCF)
1
(5)141(146)
One-off items (cash)(19)(15)(4)
Reported Free Cash Flow(24)126(149)
DISCIPLINED NET WORKING CAPITAL MANAGEMENT, CAPEX ELEVATED DURING
TRANSITION
20
1.Underlying Free Cash Flow excludes payments for one-off items
2.Refer glossary for net working capital definition; net working capital excludes deferred purchase consideration
3.Cash conversion days are calculated using 12-month average net working capital balances and 12-month total revenue / cost of sales
4.Chemist Warehouse Australia
Net working capital and capex supporting revenue growth and
DC renewal program
Net working capital
2
•Increased $84m, broadly in line with revenuewith some impact
from transition activities
•Cash flow comparisons impacted by prior period one-offs:
•H1 FY26 cashflow temporarily lower due to the unwind of prior
period timing benefits (~$50m)
•H1 FY25 cashflow benefited from the one-time release of
CWA
4
working capital(~$75m)
Capital expenditure remains elevated, aligned to the DC renewal
program
•Six of eight DC sites now complete
•Capital expenditure expected to moderate as the program
concludes, with FY27 capex ~30% lower on a comparable basis
DC RENEWAL PROGRAM NEARS OPERATIONAL COMPLETION: UNLOCKING CAPACITY,
AUTOMATION AND NETWORK EFFICIENCY
•Six of eight DC renewal sites now completed, with largest and most complex site, Symbion Kemps Creek, completed in October 2025, on-time and on
budget. Full network benefits expected to flow through progressively over FY27 and FY28
•The remaining DC sites are on track to be operational by the end of FY26, with post-commissioning workstreams ongoing into H1 FY27, including IT
systems and optimisation
21
DC sites by category2023202420252026
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
EBOS Healthcare:
Melbourne
Sydney
ProPharma:
Auckland
Onelink:
Auckland
Symbion:
Kemps Creek
Contract Logistics:
Perth
Contract Logistics:
Auckland
Contract Logistics:
Sydney
Complete
In progress
INORGANIC OPPORTUNITIES SUPPORTINGGROWTH
22
1.Previously disclosed at FY25 results in August 2025. Transaction was completed 1 July 2025
2.Consideration includes upfront payment (excludes potential deferred consideration)
BusinessNext Generation Pet
Foods
1
AlphaXRTPrecision SurgicalMediAdviceOrigin Biologics
Division
Animal CareMedical TechnologyMedical TechnologyRetail Pharmacy ManagementMedical Technology
Description
Queensland based manufacturer
and supplier of multi-format pet
treats
A leading independent supplier of
radiation oncology solutions in
Australia and New Zealand
A spinal surgery solution partner
with a focus on the NSW Central
Coast region
A retail pharmacy management
company with a network of 84
pharmacies across NSW
Develops and delivers innovative
allograft solutions
Strategic
rationale
New format and manufacturing
capability expansion
Expansion into new therapy area
Geographic expansion of existing
therapy area
Network expansion and new
franchisee access
Replicating Australian allograft
success in the USA
Geography
AustraliaAustralia and New ZealandAustraliaAustraliaUSA
Consideration
2
$43m
Ownership
100%100%100%MajorityConsolidated
•Completed transactions with total upfront payment of ~$70m, all aligned to core business segments and expected to contribute ~$80m of
annualised revenue once fully embedded
•Strengthen EBOS’s position across key channels in Animal Care, Medical Technology and Retail Pharmacy, leveraging existing operational
capability
•Each transaction expected to be immediately EPS accretive and deliver ROCE above Group’s hurdle rate over the medium term
•Pipeline remains active
~$27m upfront payment, earnouts/options
47.0
53.0
57.0 57.0 57.0
49.0
57.0
61.5 61.5
96.0
110.0
118.5 118.5
FY22FY23FY24FY25H1 FY26
H1H2
INTERIM DIVIDEND MAINTAINED, CONSISTENT WITH PRIOR YEAR
23
1.The New Zealand company tax rate is 28%. Therefore, a dividend that is partially imputed with 25% of the maximum allowable imputation credits implies an 8.86% imputation percentage in relation to the gross taxable amount of the
dividend.
2.Dividend payout ratio is based on an Underlying basis on a NZD:AUD average exchange rate of 0.8795.
Underlying Earnings per Share (cents)
Dividends per Share (NZ cents)
•Underlying EPS of 61.4 cents, reflecting EBITDA growth and theinvestment in the
DC renewal program, which provides capacity and enhanced capability to support
future growth
•Interim dividend maintained at NZ 57.0 cents per share, consistent with prior
corresponding period, reflecting the Board’s confidence in the Group’s medium-
term earnings outlook and diversified portfolio strength
-Imputed to 25%
1
and fully franked to 100% for New Zealand and Australian tax
resident shareholders respectively
-Dividend payout ratio of 82% on an underlying basis
2
•Dividend Reinvestment Plan (DRP) will operate for the interim dividend,
providing flexibility for shareholders and supporting balance sheet strength as the
final phase of the DC renewal program is completed. Shareholders can elect to take
shares in lieu of a cash dividend at a discount of 2.0% to the volume weighted
average share price (VWAP)
66.6
74.5
79.5
67.5
61.4
63.0
73.3
78.4
63.8
129.5
147.9
157.9
131.3
FY22FY23FY24FY25H1 FY26
H1H2
EBOS REMAINS A DEFENSIVE GROWTH COMPANY, FOCUSED ON CARE,
PRODUCTIVITY AND PARTNERSHIPS TO DRIVE STRONG SHAREHOLDER RETURNS
25
Near-term perspectives (H2 FY26)
•FY26 EBITDA guidance is reaffirmed, reflecting a positive outlook on H2 EBITDA, asproductivity and utilisation
continues to increase, andwith strong revenue growth supported by acquisitions
•Completion of the DC renewal program in FY26 provides a multi-year runway for improving operating leverage and
network efficiency
Longer-term perspectives (FY27+)
•Revenue growth supported by sector dynamics and aligned to divisional strategies. Larger pharmacy networks,
expansion in Medical Technology across ANZ/SEA, growth of hero pet-food brands, and enhanced capacity & automation
within healthcare distribution
•Margin outlook positive, driven by productivity uplift as new DCs reach steady-state, improved utilisation, positive mix from
innovation led growth within Animal Care, expansion of Medical Technology, network growth and service offering across
Retail Pharmacy Brands, and continued efficiency programs
•Interest and D&A expected to normalise, with peak capex in FY26 and a more stable asset base from FY27 onwards
•Capex to reduce by ~30% in FY27, following completion of the DC renewal program, supporting stronger cash flows
•Balance sheet leverage expected to reduce in FY27, reflecting lower capex, revenue growth and improved operating
efficiency
•Further detail on these FY27+ opportunities to be highlighted at upcoming Investor Day, including long-term sector
growth drivers, the step-change in network efficiency post-DC program, and the associated margin and cash-flow benefits
GROWTH ENABLED THROUGH DIVISIONAL STRATEGIES
26
1.By volume
Symbion and Healthcare
Distribution will be a highly
efficient cost-leader across all
segments, drive cash and
monetise its unique value chain
presence.
One of the leading healthcare
distributors in ANZ
Retail Pharmacy Brands will grow
and enhance the pharmacy
network while improving
margin through own-branded
products and network revenue
streams.
#1 health services pharmacy in
Australia
Medical Technology will build
out ANZ and SEA presence
across therapy areas and
strengthen the distinctive
biologics offering.
#1 surgical implantables
partner in APAC
Animal Care will grow hero
brands in ANZ and Asia while
building an advantaged
manufacturing footprint to
support future growth; vet
wholesale will lead with service
and efficiency.
ANZ’s largest dry dog food
brand
1
in pet specialty
Symbion & Healthcare
Distribution
Retail Pharmacy Brands
Medical TechnologyAnimal Care
Divisional strategies
Sector dynamics
Ageing population
Increased pharma
and medical spend
Pet ownershipPet humanisation
Stable Government
funding
Complex
healthcare needs
New medicines
Further insight on divisional strategies to be shared at upcoming Investor Day on 30 April 2026
PBS EXPENDITURE CONTINUES TO GROW, WITH GOR MARGIN REFLECTING 1PWA
1
PRICING STRUCTURE AND GROWTH OF HIGH VALUE MEDICINES
28
Note: The Australian Government FY26 PBS data is expected to be made available in September 2026
Source: PBS
1.First Pharmacy Wholesaler Agreement
2.Average prescription price is total PBS expenditure divided by total PBS prescription volume
Average PBS prescription price
2
(A$) vs EBOS Community Pharmacy GOR margin (%)
•PBS volumes have grown over time albeit
flattened more recently, while PBS expenditure
continues to increase year-on-year
•High value medicines now represent 39% of
total PBS spend ($7.6bn), despite being <1%
of prescription volumes, accelerating average
prescription price to $58.1
•Recognising the essential role of pharmacy
wholesalers, the Australian Government has
delivered additional industry funding
•EBOS GOR margin movement reflects the
current 1PWA funding structure, with a
remuneration cap on high value medicines.
Total GOR has grown strongly from $417m in
FY19 to $588m in FY25 (5.9% CAGR)
•The increased cap for high-value medicines
from 1 July 2026 is expected to support
improved GOR growth and GOR margin (%).
The increased cap for high-cost medicines
increases from $54 to $223
$39.1
$41.2
$44.1
$45.7
$50.8
$53.3
$58.1
9.4%
9.3%
8.8%
8.8%
8.7%
9.1%
8 .0 %
8 .2 %
8 .4 %
8 .6 %
8 .8 %
9 .0 %
9 .2 %
9 .4 %
9 .6 %
9 .8 %
1 0.0%
35
40
45
50
55
60
FY19FY20FY21FY22FY23FY24FY25
Ave. prescription priceGOR Margin
Structural 1PWA settings drive
industry-wide GOR margins
EBOS
Community
Pharmacy
GOR $m
588487499569646678
CWA contract in place (FY19-FY24)
First year post
CWA contract
GLP-1 ARE NOW A MATERIAL STRUCTURAL DRIVER OF PBS SPEND AND VOLUMES
29
Source: PBS
1.GLP-1 medicines defined as Semaglutides
•Semaglutide data commenced in FY22
0.9
1.3
2.4
2.8
0.3%
0.4%
0.7%
0.9%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
0
1
1
2
2
3
3
FY22*FY23FY24FY25
Millions
GLP-1 volumesGLP-1 % of total PBS volumes
GLP-1s are the fastest growing component of PBS spend:
•Now ~2% of PBS medicine spend (up from ~0.8% in FY22)
•GLP-1 volumes have grown ~230% since FY22
•Non-PBS GLP-1 spend represents another significant growth
opportunity, benefitting our Pharmacy Wholesale, Retail Pharmacy
Brands, and Contract Logistics businesses
•New oral format launched in the USA
EBOS is well positioned to benefit from rising demand for GLP-1s
through:
•Expanded refrigeration capacity and temperature-controlled logistics
(still required for oral format)
•Deep expertise in storage/handling of specialty medicines
•Efficiency and throughput gains from new DC automation
GLP-1 growth has been a driver of volume growth within Community Pharmacy
GLP-1
1
volumes (m) and proportion of total PBS volumes
GLP-1 (%) of
total PBS spend:
0.8%2.0%1.0%1.8%
SEGMENT INFORMATION
30
Versus H1 FY25
Versus H2 FY25
$m
H1 FY26
H1 FY25
Var%
H1 FY26
H1 FY25
Var%
H1 FY26
H2 FY25
Var%
H1 FY26
H2 FY25
Var%
Healthcare
Community Pharmacy
3,610
3,144
14.8%
310
288
7.5%
3,610
3,312
9.0%
310
299
3.5%
Institutional Healthcare
2,231
2,157
3.4%
349
330
5.8%
2,231
2,185
2.1%
349
351
(0.5%)
Medicines, consumables and other
1,893
1,856
2.0%
1,893
1,817
4.2%
Medical Technology
337
301
12.1%
337
368
(8.2%)
Contract Logistics
596
492
21.1%
86
75
13.5%
596
514
15.9%
86
78
9.4%
Sales eliminations
(120)
(107)
(12.7%)
(120)
(105)
(14.3%)
Total
6,317
5,687
11.1%
744
694
7.3%
6,317
5,906
6.9%
744
728
2.2%
Animal Care
Branded
177
167
5.8%
177
167
6.0%
Wholesale
274
137
100.3%
274
202
35.6%
Total
451
304
48.3%
124
106
17.0%
451
369
22.2%
124
109
12.9%
EBOS Group
Total
6,768
5,991
13.0%
868
799
8.6%
6,768
6,275
7.8%
868
838
3.6%
Revenue
GOR
Revenue
GOR
HEALTHCARE SEGMENT EBITDA BY REGION
31
H1 FY26H1 FY25Change
Healthcare segment
Revenue6,3175,68711.1%
Underlying EBITDA2542501.3%
Margin4.0%4.4%(40bps)
Australia
Revenue4,8404,40010.0%
Underlying EBITDA2062003.0%
Margin4.2%4.5%(30bps)
New Zealand & Southeast Asia
Revenue1,4761,28714.7%
Underlying EBITDA4851(5.1%)
Margin3.3%3.9%(60bps)
H1 FY26H1 FY25
$mRevenueEBITDAEBITPBTNPATRevenueEBITDAEBITPBTNPAT
Statutory result6,7683032211631255,991276207156110
M&A transaction costs- 3333- 5554
Restructuring & site transition costs- 20202013- 1010107
Net gain on acquisition related activities- (26)(26)(26)(26)- - - - -
PPA amortisation (non-cash)- - 151511- - 13139
Total underlying earnings adjustments- (2)13131- 15282821
Underlying result6,7683002331751255,991291236184131
RECONCILIATION OF STATUTORY TO UNDERLYING RESULTS
32
•H1 FY26 and H1 FY25 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
•H1 FY26 Underlying earnings also excludes the net gain on acquisition related activities, which includes a gain (non-cash) on step acquisition of Origin
Biologics reflecting the remeasurement of the Group’s previously held equity-accounted interest to fair value when control was obtained in December 2025
EBITDAEBIT
$mH1 FY26H1 FY25Var %H1 FY26H1 FY25Var%
Healthcare
Statutory2572359.2%1851736.6%
Add M&A transaction costs3535
Add Restructuring & site transition costs20102010
Net gain on acquisition related activities(26)- (26)-
Add PPA amortisation (non-cash) - - 1413
Total underlying earnings adjustments(3)151128
Underlying result2542501.3%195202(3.1%)
Animal Care
Statutory675913.7%58539.1%
Add Restructuring & site transition costs1- 1-
Add PPA amortisation (non-cash) - - 1-
Underlying result685915.1%605313.3%
Corporate
Statutory(22)(19)(15.6%)(22)(19)(15.3%)
EBOS Group
Statutory3032769.7%2212076.5%
Add M&A transaction costs3535
Add Restructuring & site transition costs20102010
Net gain on acquisition related activities(26)- (26)-
Add PPA amortisation (non-cash) - - 1513
Total underlying earnings adjustments(2)151328
Underlying result3002913.2%233236(0.9%)
SEGMENT EBITDA AND EBIT RECONCILIATION
33
GLOSSARY OF TERMS AND MEASURES
34
TermDefinition
RevenueRevenue from the sale of goods and the rendering of services
Gross Operating Revenue (GOR)Revenue less cost of sales and the write-down of inventory
Underlying Operating ExpenditureOperating expenditure excluding depreciation and amortisation and one-off items, including JV income
EBITDAEarnings before interest, tax, depreciation and amortisation
Underlying EBITDAEarnings before interest, tax, depreciation, amortisation adjusted for one-off items
EBITEarnings before interest and tax
Underlying EBITEarnings before interest and tax and adjusted for one-off items and acquisition PPA amortisation (non-cash)
PBTProfit before tax
Underlying PBTProfit before tax adjusted for one-off items and acquisition PPA amortisation (non-cash)
NPATNet Profit After Tax attributable to the owners of the company
Underlying NPATNet Profit After Tax attributable to the owners of the company adjusted for one-off items and acquisition PPA amortisation (non-cash and after tax)
One-off itemsNon-recurring impacts including M&A transaction costs, restructuring and site transition costs, integration costs and gains on acquisition related activities
Earnings per share (EPS)Net Profit after tax divided by the weighted average number of shares on issue during the period in accordance with IAS 33 ‘Earnings per share’
Underlying EPSUnderlying NPAT divided by the weighted average number of shares on issue during the period
Free Cash FlowCash from operating activities less capital expenditure net of proceeds from disposals
Underlying Cash from OperationsCash from operating activities excluding payments for one-off items
Underlying Free Cash FlowFree cash flow excluding payments for one-off items
Net Working CapitalTrade and Other Receivables, Inventory, Prepayments, Trade and Other Payables (excluding deferred purchase consideration) and Employee Benefits
Net DebtBank loans less cash and cash equivalents
Leverage Ratio / Net Debt : EBITDA
Ratio of net debt at period end to the last 12 months Underlying EBITDA, adjusting for pre acquisition earnings of acquisitions for the period. Calculation is applied as per the Group’s
banking covenants and excludes IFRS16 lease impacts.
Cash realisation(Underlying EBITDA less net working capital & other movements) / Underlying EBITDA
Cash Conversion DaysBased upon 12-month average net working capital balances and 12-month total revenue / cost of sales
Return on Capital Employed (ROCE)
Underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months divided by closing capital employed (excluding IFRS16 Leases and with a pro-rata
adjustment for strategic investments)
CAGRCompound Annual Growth Rate
IFRSInternational Financial Reporting Standards
PPAPurchase Price Accounting
Except where noted, common terms and measures used in this document are based upon the following definitions:
www.ebosgroup.com
---
EBOS GROUP LIMITED
I
NTERIM REPORT
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2025
EBOS GROUP LIMITED
INTERIM REPORT 2026
CONTENTS Page
S
ummary of Consolidated Financial Highlights 1
S
hareholder Calendar 1
A
uditor’s Independent Review Report 2
C
ondensed Consolidated Income Statement 3
Condensed Consolidated Statement of Comprehensive Income 4
C
ondensed Consolidated Balance Sheet 5
C
ondensed Consolidated Statement of Changes in Equity 7
C
ondensed Consolidated Cash Flow Statement 9
N
otes to the Condensed Consolidated Interim Financial Statements 10
D
irectory 20
1
EBOS GROUP LIMITED
INTERIM REPORT 2026
SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS
Six months
31 Dec 25
A$’000
(unaudited)
Six months
31 Dec 24
A$’000
(unaudited)
Revenue 6,767,708 5,991,410
Earnings before depreciation, amortisation, net finance costs and tax expense (EBITDA) 302,726 275,838
Earnings before net finance costs and tax expense (EBIT) 220,683 207,276
Profit before tax expense 162,744 155,846
Profit for the period 126,567 111,719
Profit for the period attributable to owners of the Company 124,816 110,489
Equity attributable to owners of the Company 2,751,417 2,481,123
Basic Earnings per share 61.1c 56.9c
Interim dividend per share (New Zealand dollars) 57.0c 57.0c
S
HAREHOLDER CALENDAR
I
nterim dividend record date 6 March 2026
Interim dividend payable 27 March 2026
Release of 2026 full year results 19 August 2026
Annual Meeting 21 October 2026
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF EBOS GROUP LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of EBOS Group Limited and its
subsidiaries (‘the Group’) on pages 3 to 19 which comprise the condensed consolidated balance sheet as at 31 December 2025, and the
condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated
statement of changes in equity and condensed consolidated statement of cash flows for the six months ended on that date, and notes to the
interim financial statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Group do not
present fairly, in all material respects, the financial position of the Group as at 31 December 2025 and its financial performance and cash
flows for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor
of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Interim
Financial Statements section of our report.
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) (‘PES 1’) as applicable to audits and reviews of public interest
entities. We also have fulfilled our other ethical responsibilities in accordance with PES 1.
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.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Audit
or’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole, are
not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A rev
iew of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain assurance
that we might identify in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
Rest
riction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the company’s
shareholders those matters we are required to state to them in a review 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 engagement, for this
report, or for the conclusions we have formed.
Bry
ce Henderson, Partner
for Deloitte Limited
Auckland, New Zealand
24 February 2026
2
3
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 December 2025
Notes
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
Revenue
2(a) 6,767,708 5,991,410
Income from associates
6,795 7,807
Other income
9 27,798 -
Earnings before depreciation, amortisation, net finance costs and tax expense
(EBITDA)
302,726 275,838
Depreciation
2(b) (56,866) (47,336)
Amortisation
2(b) (25,177) (21,226)
Earnings before net finance costs and tax expense (EBIT)
220,683 207,276
Finance income
2,403 3,552
Finance costs – borrowings
(46,891) (44,107)
Finance costs – leases
(13,451) (10,875)
Profit before tax expense
162,744 155,846
Income tax expense
(36,177) (44,127)
Profit for the period
126,567 111,719
Profit for the period attributable to:
Owners of the Company
124,816 110,489
Non-controlling interests
1,751 1,230
126,567 111,719
Earnings per share
Basic (cents per share)
61.1 56.9
Diluted (cents per share)
60.7 56.9
Notes to the financial statements are included on pages 10 to 19.
4
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2025
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
Profit for the period
126,567 111,719
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Movement in cash flow hedge reserve
13,346 1,365
Related income tax
(3,740) (410)
Movement in foreign currency translation reserve
(48,847) 5,434
(39,241) 6,389
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other
comprehensive income
(3,219) (16,160)
Total comprehensive income net of tax
84,107 101,948
Total comprehensive income for the period is attributable to:
Owners of the Company
82,356 99,788
Non-controlling interests
1,751 2,160
84,107 101,948
Notes to the financial statements are included on pages 10 to 19.
5
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 December 2025
Notes
31 Dec 2025
A$’000
(unaudited)
30 Jun 2025
A$’000
(audited)
31 Dec 2024
A$’000
(unaudited)
Current assets
Cash and cash equivalents 250,301
184,251
237,928
Trade and other receivables 1,669,801 1,513,770 1,423,712
Prepayments 48,161 37,019 46,108
Inventories 1,348,312 1,345,227 1,246,436
Current tax refundable 29,766
5,590
8,245
Other financial assets – derivatives 8 11,746 201 5,924
Total current assets 3,358,087 3,086,058 2,968,353
Non-current assets
Property, plant and equipment 415,033 399,678 399,718
Capital work in progress 143,743 120,286 72,389
Prepayments 4,615 5,324 5,797
Deferred tax assets 256,141
275,876
235,117
Goodwill 9 2,277,619 2,202,861 2,126,765
Indefinite life intangibles 242,320 242,354 191,924
Finite life intangibles 374,636 380,792 358,908
Right of use assets 434,178 485,984 387,052
Investment in associates 55,905
66,415
60,511
Other financial assets 25,860 28,997 36,794
Total non-current assets 4,230,050 4,208,567 3,874,975
Total assets 7,588,137 7,294,625 6,843,328
Current liabilities
Trade and other payables 2,508,872 2,441,354 2,209,333
Bank loans 7 40,376 15,791 47,592
Lease liabilities 66,212
65,847
58,133
Current tax payable 24,972 5,807 14,242
Employee benefits 70,837 83,790 66,185
Other financial liabilities – derivatives 8 1,278 2,329 46,449
Total current liabilities 2,712,547
2,614,918
2,441,934
6
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET
(Continued)
As at 31 December 2025
Notes
31 Dec 2025
A$’000
(unaudited)
30 Jun 2025
A$’000
(audited)
31 Dec 2024
A$’000
(unaudited)
Non-current liabilities
Bank loans
7
1,330,869 1,086,714 1,255,000
Lease liabilities 407,727 453,501 350,066
Trade and other payables 30,980 40,498 51,580
Deferred tax liabilities 332,404 354,645 294,058
Employee benefits 12,407 11,722 10,917
Other financial liabilities – derivatives 8 57,933 8,800 -
Total non-current liabilities 2,172,320 1,955,880 1,961,621
Total liabilities 4,884,867 4,570,798 4,403,555
Net assets 2,703,270 2,723,827 2,439,773
Equity
Share capital 3 2,307,542 2,259,578 1,976,716
Share based payments reserve 18,293 24,373 24,284
Foreign currency translation reserve (71,508) (22,661) (33,622)
Retained earnings 514,488 502,059 526,481
Equity instruments fair valued through other comprehensive income (24,261) (21,042) (14,060)
Cash flow hedge reserve 6,863 (2,743) 1,324
Equity attributable to owners of the Company 2,751,417 2,739,564 2,481,123
Non-controlling interests (48,147) (15,737) (41,350)
Total equity 2,703,270 2,723,827 2,439,773
N
otes to the financial statements are included on pages 10 to 19.
On behalf of the Board
24 F
ebruary 2026
Elizabeth Coutts
Chair
Stuart McLauchlan
Director
7
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2025
Notes to the financial statements are included on pages 10 to 19.
Notes
Share
capital
A$’000
Share
based
payments
reserve
A$’000
Foreign
currency
translation
reserve
A$’000
Retained
earnings
A$’000
Equity
instruments
fair valued
through other
comprehensive
income reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Six months ended 31 December 2025 (unaudited):
Opening balance 2,259,578 24,373 (22,661) 502,059 (21,042) (2,743) (15,737) 2,723,827
Profit for the period - - - 124,816
-
- 1,751 126,567
Other comprehensive income for the period, net of tax - - (48,847) - (3,219) 9,606 - (42,460)
Payment of dividends 4 - - - (112,387)
-
- - (112,387)
Arising on acquisition of subsidiaries 9 - - - - - - 14,972 14,972
Option over non-controlling interests 8 - - - -
-
- (49,133) (49,133)
Share-based payments - (6,080) - - - -
-
(6,080)
Dividends reinvested
3 44,376
-
- - -
-
-
44,376
Employee share plan shares issued
3 930
-
- - -
-
-
930
Employee share issue costs 3 (106) - - -
-
- - (106)
Shares vested under the long term executive incentive
scheme 3 2,764
-
- - -
-
- 2,764
Balance at 31 December 2025
2,307,542
18,293
(71,508)
514,488
(24,261)
6,863
(48,147)
2,703,270
8
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Continued)
For the six months ended 31 December 2025
Notes
Share
capital
A$’000
Share
based
payments
reserve
A$’000
Foreign
currency
translation
reserve
A$’000
Retained
earnings
A$’000
Equity
instruments
fair valued
through other
comprehensive
income reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Six months ended 31 December 2024 (unaudited):
Opening balance 1,937,210 25,297 (38,126) 525,444 815 369 (32,510) 2,418,499
Profit for the period - - - 110,489
-
- 1,230
111,719
Other comprehensive income for the period, net of tax - - 4,504 -(16,160) 955 930 (9,771)
Payment of dividends 4 - - - (108,167) - - - (108,167)
Movement in option over non-controlling interests - - - -
-
- (11,000) (11,000)
Transfer to retained earnings - - - (1,285)
1,285
- - -
Share-based payments -(1,013) - -
-
- -(1,013)
Dividends reinvested 3 38,663 - - -
-
- - 38,663
Employee share plan shares issued 3 959 - - - - - - 959
Employee share issue costs 3 (116)-- - - - - (116)
Balance at 31 December 2024 1,976,716 24,284 (33,622) 526,481 (14,060) 1,324 (41,350) 2,439,773
Notes to the financial statements are included on pages 10 to 19.
9
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 December 2025
Notes
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
Cash flows from operating activities
Receipts from sale of goods and services
6,608,551 6,071,681
Interest received
2,403 3,552
Dividends received from associates
6,891 5,721
Payments for purchase of goods and services
(6,463,301) (5,796,883)
Taxes paid
(47,627) (39,248)
Interest paid
(60,342) (54,982)
Net cash inflow from operating activities
5 46,575 189,841
Cash flows from investing activities
Sale of property, plant and equipment
512 203
Purchase of property, plant and equipment
(26,513) (36,277)
Payments for capital work in progress
(36,182) (19,473)
Payments for intangible assets
(7,950) (8,553)
Acquisition of subsidiaries
9 (84,560) (49,820)
Investment in associates
- (602)
Investment in other financial assets
204 (20,075)
Net cash outflow from investing activities
(154,489) (134,597)
Cash flows from financing activities
Proceeds from issue of shares
3 3,588 843
Proceeds from borrowings
575,958 1,250,488
Repayment of borrowings
(304,323) (1,186,043)
Repayment of lease liabilities
(30,640) (29,571)
Dividends paid to equity holders of parent
(65,189) (70,399)
Net cash inflow/(outflow) from financing activities
179,394 (34,682)
Net increase in cash held
71,480 20,562
Effect of exchange rate fluctuations on cash held
(5,430) 483
Net cash and cash equivalents at beginning of period
184,251 216,883
Net cash and cash equivalents at end of period
250,301 237,928
Notes to the financial statements are included on pages 10 to 19.
10
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2025
1. FINANCIAL STATEMENTS
These unaudited condensed consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZGAAP”) as appropriate for condensed interim financial statements. They comply with
the New Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting
Standard IAS 34.
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.
The Company is a Tier 1 for-profit entity in terms of the New Zealand External Reporting Board Standard A1.
The Company is a FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013, and its annual financial
statements comply with this Act.
These financial statements should be read in conjunction with the financial statements and related notes included in the Group’s
Annual Report for the year ended 30 June 2025.
The Condensed Consolidated Balance Sheet as at 30 June 2025 presented within this report has been updated to reflect the fair
value adjustments attributable to the acquisition of SVS Group. There has been no adjustment to the 30 June 2025 Statement of
Comprehensive Income due to the insignificant impact. Please refer to Note 9 of this report for further details.
The accounting policies and methods of computation are consistent with those of the previous year.
The information is presented in thousands of Australian dollars unless otherwise stated.
2. PROFIT FROM OPERATIONS
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
(a)
Revenue
Community Pharmacy
3,610,022 3,144,226
Institutional Healthcare
2,230,700 2,157,241
Contract Logistics Services
79,105 71,108
Contract Logistics Sales
517,109
421,301
Interdivisional eliminations
(120,276) (106,681)
Healthcare
6,316,660 5,687,195
Animal Care
451,048 304,215
Total revenue
6,767,708 5,991,410
1
1
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
2.PROFIT FROM OPERATIONS (Continued)
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
(b)
Profit before net finance costs and tax expense
Profit before net finance costs and tax expense has been arrived at after charging the
following expenses by nature:
Cost of sales (5,894,307) (5,191,426)
Write-down of inventory(5,264) (652)
Impairment loss on trade and other receivables(139)(114)
Depreciation of property, plant and equipment(18,629) (15,293)
Depreciation on right of use assets (38,237) (32,043)
Amortisation of finite life intangibles attributable to acquisition fair value adjustments
(15,023) (13,090)
Amortisation of other finite life intangibles(10,154) (8,136)
Short-term and low value asset leases(5,472) (6,814)
Donations(366)(357)
Employee benefit expense(289,010) (257,090)
Defined contribution plan expense (23,792) (20,402)
Freight(91,049) (85,701)
Other expenses(190,176) (160,823)
Total expenses
(6,581,618) (5,791,941)
3.SHARE CAPITAL
Six months
31 Dec 2025
Year ended
30 Jun 2025
Six months
31 Dec 2024
No.
’000
A$’000
(unaudited)
No.
’000
A$’000
(audited)
No.
’000
A$’000
(unaudited)
Fully paid ordinary shares
Balance at beginning of
period
203,230 2,259,578 193,243 1,937,210 193,243 1,937,210
Dividend reinvested 1,743 44,376 2,232 72,589 1,221 38,663
Performance rights 20 -192-192-
Share placement - - 5,927200,508 - -
Retail offer - - 1,58253,826 - -
Share placement and retail
offer issue costs - - - (6,183) - -
Issue of shares to staff under
employee share plan 33 930 54 1,848 29 959
Employee share issue costs -(106)-(220)-(116)
Shares vested under the long
term executive incentive
scheme
-2,764- - - -
Closing balance 205,026 2,307,542 203,230 2,259,578 194,685 1,976,716
1
2
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
4.DIVIDENDS
AUD
Six months
31 Dec 2025 AUD
Six months
31 Dec 2024
Cents per
share
A$’000
(unaudited)
Cents per
share
A$’000
(unaudited)
Recognised amounts
Fully paid ordinary shares
Final – prior year 55.4 112,387 56.1 108,167
Unrecognised amounts
Interim dividend 49.4 101,243 51.6 100,526
D
ividends 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. The Board approved an interim
dividend of 57.0 New Zealand cents per share on 24 February 2026. The record date for the dividend is 6 March 2026 and the
dividend will be paid on 27 March 2026.
T
he following table shows dividends approved in New Zealand dollars:
Six months Six months
31 Dec 25
NZD Cents
31 Dec 24
NZD Cents
per share per share
Recognised amounts
Fully paid ordinary shares
Final – prior year 61.5 61.5
Unrecognised amounts
Interim dividend 57.0 57.0
New Zealand dollar d ividends 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.
1
3
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
5.NOTES TO THE CASH FLOW STATEMENT
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
Reconciliation of profit for the period with cash flows from operating activities
Profit for the period 126,567 111,719
Add/(less) non-cash items:
Depreciation of property, plant and equipment 18,629 15,293
Depreciation on right of use assets 38,237 32,043
Amortisation of finite life intangibles attributable to acquisition fair value adjustments 15,023 13,090
Amortisation of other finite life intangibles 10,154 8,136
Loss/(gain) on sale of property, plant and equipment 197 (275)
Share of profit from associates (6,795) (7,807)
Fair value gain on step acquisition (21,340) -
(Benefit)/Expense recognised in respect of share-based payments (3,566) 2,410
Deferred tax 803 1,393
51,342 64,283
Movements in working capital:
Trade and other receivables (156,031) 70,852
Prepayments (10,433) (1,596)
Inventories (3,085) (35,996)
Current tax refundable/payable (5,011) 4,368
Trade and other payables 58,000 11,459
Employee benefits (12,268) (15,235)
Foreign currency translation of working capital balances (5,948) 6,880
(134,776) 40,732
Balances classified as investing activities (14,542) (30,240)
Working capital items acquired (including fair value adjustments) 17,984 3,347
Net cash inflow from operating activities 46,575 189,841
1
4
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
6.SEGMENT INFORMATION
(a)Products and services from which reportable segments derive their revenues
The Group’s reportable segments and Corporate under NZ IFRS 8 Operating Segments are as follows:
H
ealthcare: Incorporates the sale of healthcare products in a range of sectors, including distribution of medical devices and
medical consumables, own brands, retail healthcare, pharmacy and logistic services and wholesale activities.
Animal Care: Incorporates the sale of animal care products in a range of sectors, own brands, retail and wholesale activities.
C
orporate: Includes net f unding costs and central administration expenses that have not been allocated to the Healthcare or
Animal Care segments.
(b)Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment and Corporate:
Healthcare
A$’000
Animal Care
A$’000
Corporate
A$’000
Group
A$’000
Six months ended 31 December 2025 (unaudited):
Revenue from external customers 6,316,660 451,048 -6,767,708
EBITDA
256,920 67,467 (21,661) 302,726
Depreciation of property, plant and equipment (16,070) (2,559) -(18,629)
Depreciation on right of use assets
(32,842) (4,918) (477)(38,237)
Amortisation of finite life intangibles attributable to
acquisition fair value adjustments (13,620) (1,403) -(15,023)
Amortisation of other finite life intangibles
(9,711) (443)-(10,154)
EBIT
184,677 58,144 (22,138) 220,683
Net finance costs
- - (57,939) (57,939)
Tax (expense)/benefit
(46,803) (14,432) 25,058 (36,177)
Profit for the period
137,874 43,712 (55,019) 126,567
Non-controlling interests
(1,751) - - (1,751)
Profit for the period attributable to owners of the
Company 136,123 43,712 (55,019) 124,816
Six months ended 31 December 2024 (unaudited):
Revenue from external customers 5,687,195 304,215 -5,991,410
EBITDA
235,239 59,344 (18,745) 275,838
Depreciation of property, plant and equipment (13,155) (2,138) -(15,293)
Depreciation on right of use assets
(28,116) (3,469) (458)(32,043)
Amortisation of finite life intangibles attributable to
acquisition fair value adjustments (13,090) - - (13,090)
Amortisation of other finite life intangibles
(7,689) (447)-(8,136)
EBIT
173,189 53,290 (19,203) 207,276
Net finance costs
- - (51,430) (51,430)
Tax (expense)/benefit
(47,890) (14,624) 18,387 (44,127)
Profit for the period 125,299 38,666 (52,246) 111,719
Non-controlling interests
(1,230) - - (1,230)
Profit for the period attributable to owners of the
Company 124,069 38,666 (52,246) 110,489
1
5
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
6.SEGMENT INFORMATION (Continued)
The accounting policies of the reportable segments are consistent with the Group’s accounting policies. The segment result
represents earnings before depreciation, amortisation, net finance costs and tax. This is the measure reported to the chief
operating decision maker for the purposes of resource allocation and assessment of segment performance.
(c)S
egment assets
Assets are not allocated to operating segments as they are not reported to the chief operating decision-maker at segment
level.
(d
)Revenues from major products and services
The Group’s major products and services are allocated consistently with its reportable segments i.e. Healthcare and Animal
Care, with no major products and services allocated to Corporate.
(e
)Geographical information
The Group operates in two principal geographical areas: (1) Australia and (2) New Zealand (country of domicile) and others.
The Group’s revenue from external customers by geographical location (of the reportable segment) and information about
its segment assets (non-current assets excluding investments in associates and deferred tax assets) are detailed below:
Six months
31 Dec 2025
A$’000
(unaudited)
Six months
31 Dec 2024
A$’000
(unaudited)
Year ended
30 Jun 2025
A$’000
(audited)
Revenue from external customers
Australia
5,107,338 4,649,117
New Zealand and others
1,660,370 1,342,293
6,767,708 5,991,410
Non-current assets
Australia
3,117,535 2,906,101 3,001,745
New Zealand and others
800,469 673,246 864,531
3,918,004 3,579,347 3,866,276
7.BANK FACILITY AND BORROWINGS
The Group fully complies with and operates within the financial covenants under the arrangements with its bankers. In December
2025, the Group completed the refinance of a $300.0m facility due to mature in December 2026. The facility limit was increased
to $400.0m with a maturity date of December 2032. At 31 December 2025 the Group had unutilised trade finance and term loan
facilities of $567.7m (December 2024: $505.4m, June 2025: $719.2m).
The Group also has a secured trade debtor securitisation facility of which $359.6m was unutilised at 31 December 2025
(December 2024: $390.3m, June 2025: $388.4m).
A
ll debts are linked to a corporate guarantee structure established under bank financing arrangements.
A
s at 31 December 2025, the maturity profile of the Group’s term debt and securitisation facilities was:
Facility
Amount
A$’m
Undrawn
A$’m Maturity
Trade finance facilities ($USD) 14.9 14.9 < 1 year
Term debt facilities ($NZD) 129.9 82.3 1-2 years
Term debt facilities ($SGD) 52.2 5.0 2-3 years
Term debt facilities ($AUD) 750.0 -2-3 years
Term debt facilities ($AUD) 550.0 465.0 4-5 years
Term debt facilities ($AUD) 401.5 0.5 > 5 years
Securitisation facility ($AUD) 400.0 359.6 < 1 year
16
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
8. FINANCIAL INSTRUMENTS
The Group enters into forward foreign currency exchange contracts to hedge trading transactions, including anticipated
transactions, denominated in foreign currencies; and uses interest rate swaps and interest rate collars to manage cash flow
interest rate risk.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured
to their fair value. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and
effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the
hedge relationship. The Group designates certain derivatives as cash flow hedges of highly probable forecast transactions.
Fair value of derivative financial instruments
31 Dec 2025
A$’000
(unaudited)
30 Jun 2025
A$’000
(audited)
31 Dec 2024
A$’000
(unaudited)
Other financial assets – derivatives (at fair value)
Forward foreign exchange contracts
831 201 3,815
Interest rate swaps
9,558 - -
Interest rate collars
1,357 - 2,109
11,746 201 5,924
Other financial liabilities – derivatives (at fair value)
Forward foreign exchange contracts
1,278 527 449
Interest rate swaps
- 1,386 -
Interest rate collars
- 416 -
Other financial liabilities – consideration for remaining
non-controlling interests (Note 9)
57,933
8,800
46,000
59,211 11,129 46,449
The Group has categorised these derivatives (excluding Other financial liabilities – consideration for remaining non-controlling
interests), both financial assets and financial liabilities, as Level 2 under the fair value hierarchy contained within NZ IFRS 13 Fair
Value Measurement.
The fair value of forward foreign exchange contracts is determined using a discounted cash flow valuation. Key inputs include
observable forward exchange rates, at the measurement date, with the resulting value discounted back to present values.
Interest rate swaps and interest rate collars are valued using a discounted cash flow valuation. Key inputs for the valuation of
interest rate swaps and interest rate collars are the estimated future cash flows based on observable yield curves at the end of
the reporting period, discounted at a rate that reflects the credit risk of the various counterparties.
There have been no changes in valuation techniques used for either forward foreign currency exchange contracts, interest rate
swaps, interest rate collars, or other financial liabilities during the current reporting period.
9. ACQUISITION INFORMATION
SVS Group acquisition
On 31 March 2025, the Group acquired a 100% equity interest in SVS Veterinary Supplies Ltd and PPD Ltd (SVS Group). Due to
the proximity of the acquisition date to 30 June 2025 and the material nature of the entities being acquired, the business
combination accounting was considered provisional, and presented as such, in the Group’s 30 June 2025 financial statements.
Finalisation of the purchase price accounting was completed within the 12-month measurement period, resulting in retrospective
changes to the provisional fair values presented in the Balance Sheet as previously reported at 30 June 2025. There has been no
adjustment to the 30 June 2025 Statement of Comprehensive Income due to the insignificant impact. The acquisition accounting
adjustments reflect independent valuations performed on the intangible assets recognised as part of the acquisition, resulting in
the recognition of an indefinite life intangible asset for the SVS brand ($38.4m) and a finite life intangible asset for customer
relationships ($20.1m), and an increase in deferred tax liabilities ($16.4m). Consequently, the goodwill recognised on the
acquisition has decreased by $42.1m.
17
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
9. ACQUISITION INFORMATION (Continued)
ABT Nevada LLC step acquisition
As part of the LifeHealthcare Group acquisition on 31 May 2022, the Group obtained a 51% shareholding in ABT Nevada LLC, an
entity incorporated in the United States. Despite its majority shareholding, the Group was unable to exercise control over this
entity due to terms and conditions of the entity’s existing Operating Agreement. Therefore, ABT Nevada LLC was deemed an
associate and equity accounted in the Group’s consolidated financial statements.
In December 2025, the Group entered into an agreement to obtain control over ABT Nevada LLC. From the date of signing the
agreement, the Group has accounted for ABT Nevada LLC as a controlled entity. The Group’s previously held equity interest was
remeasured to fair value at the date the controlling interest was acquired, resulting in a gain recognised in Other income of
$21.3m and goodwill arising on the acquisition of $23.0m. The determination of the fair value was performed by an independent
valuer taking into consideration discounted future cash flows, other comparable transactions and trading comparables. The
business combination accounting including the fair value gain on assuming control of ABT Nevada LLC is considered provisional
as at 31 December 2025.
Six months
31 Dec 2025
A$’000
(unaudited)
Fair value gain on step acquisition
Fair value of the Group’s 51% interest in ABT Nevada LLC 34,575
Less carrying value of ABT Nevada LLC as an associate
(13,235)
21,340
Goodwill arising on acquisition
Fair value of the Group’s 51% interest in ABT Nevada LLC 34,575
Net assets acquired (26,371)
Non-controlling interests
14,790
22,994
The Group also entered into arrangements providing a pathway to 100% ownership of ABT Nevada LLC, resulting in a financial
liability – derivative at the present value of $38.1m being recognised on the balance sheet as at 31 December 2025 and a
corresponding adjustment to non-controlling interests.
Valuation of the financial liability – derivative was performed by the independent valuer based upon the most recent assessment
of the consideration to be payable to the minority shareholders to acquire the remaining 49% shareholding. Consideration
payable is subject to future financial performance of the subsidiary and the current market assessment of the time value of
money. Subsequent changes to the carrying value of the financial liability – derivative, including the accretion of interest, will be
recognised in equity.
Other acquisitions
The following material acquisitions of subsidiaries took place during the period.
Name of business acquired
Date of
acquisition
Consideration
A$’000
Net Assets
acquired
A$’000
100% of the equity interest in NGPF Pty Ltd (NextGen) July 2025 42,316 12,266
100% of the equity interest in Precision Surgical Pty Ltd (Precision)
December 2025 23,934 2,372
100% of the equity interest in AlphaXRT Ltd (Alpha) December 2025 25,390 2,564
NextGen is a Queensland based manufacturer and supplier of multi-format pet treats. This acquisition serves to increase the
Group’s manufacturing capacity and enhance its product capability into new and attractive formats such as air-dried treats within
the Animal Care segment.
Precision is an independent distributor of spine based surgical implants focused on the east coast of Australia. Precision is
complimentary to the Group from both a product and geographic perspective, strengthening its existing footprint in the
Australian spine segment.
18
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
9. ACQUISITION INFORMATION (Continued)
Alpha is an independent supplier of radiation oncology solutions in Australia and New Zealand. The acquisition provides a base
oncology platform in a new therapeutical channel in Australia and New Zealand.
Other than the above material acquisitions, the Group also acquired a majority interest in a pharmacy management company
and entered into put and call options over its non-controlling interests, resulting in a financial liability – derivative of $11.0m.
Combined details of all acquisitions undertaken during the current period are as follows:
Carrying value
A$’000
(unaudited)
Fair value
adjustment
A$’000
(unaudited)
Fair value on
acquisition
A$’000
(unaudited)
Current assets
Cash and cash equivalents 7,149 - 7,149
Trade and other receivables 17,585 (115)
17,470
Prepayments 2,603 (24)
2,579
Current tax receivable 300 - 300
Inventories 16,302 (318)
15,984
Non-current assets
Property, plant and equipment 8,082 (284)
7,798
Right of use assets
1
2,358 3,029
5,387
Deferred tax assets
5
84 2,041
2,125
Indefinite life intangibles
2
5 6,901
6,906
Finite life intangibles 52 - 52
Investment in associates
3
4,893 930 5,823
Current liabilities
Trade and other payables
4
(16,111) (913)
(17,024)
Current tax payable (1,541) - (1,541)
Other financial liabilities - derivatives - (13) (13)
Lease liabilities
1
(229) (764) (993)
Employee benefits (269) (65) (334)
Non-current liabilities
Trade and other payables
4
- (594)
(594)
Lease liabilities
1
(2,168) (2,185)
(4,353)
Deferred tax liabilities
5
(129) (2,565) (2,694)
Employee benefits (26) (71) (97)
Net assets acquired
38,940 4,990
43,930
Goodwill on acquisition 112,099
Non-controlling interests arising on acquisitions (14,972)
Total consideration
141,057
Less cash and cash equivalents acquired
(7,149)
Less deferred purchase consideration (27,135)
Less fair value of the Group’s 51% interest in ABT Nevada LLC (34,575)
Add consideration paid in relation to prior year acquisitions 12,362
Net cash outflow from acquisition
84,560
1. Right of use assets and lease liabilities
The fair value of acquired right of use assets and lease liabilities includes a $3.0m fair value adjustment in relation to leases that
were not previously accounted for.
2. Indefinite life intangibles
The Group has recognised $6.9m of established and registered brands associated with the NextGen business. The valuation
method was an income approach based on the present value of earnings attributable to the asset or costs avoided as a result of
owning the asset.
19
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2025
9. ACQUISITION INFORMATION (Continued)
3. Investment in associates
The Group has recognised $5.8m fair value of investment in associates acquired as part of the ABT Nevada LLC step acquisition.
The fair valuation was performed by an independent valuer taking into consideration discounted future cash flows, other
comparable transactions and trading comparables.
4. Trade and other payables
The fair value of acquired trade and other payables is $17.6m, which includes fair value adjustments amounting to $1.5m based
on management’s best estimate of unrecorded liabilities at the date of acquisition.
5. Deferred tax
The tax impact of all fair value adjustments at applicable tax rates of the acquired businesses has been provided for in the fair
value of acquired deferred tax assets and liabilities.
Due to the proximity of the acquisition dates to the balance date, the purchase price allocation for acquisitions during the period
is measured on a provisional basis and is subject to change pending the finalisation of the valuation of the assets acquired and
liabilities assumed.
Goodwill arose on the acquisitions reflecting the cost of acquisition including control premiums paid. In addition, goodwill
resulted from the consideration paid for the benefit of future expected cash flows above the current fair value of the assets
acquired and the expected synergies and future market benefits expected to be obtained. These benefits are not recognised
separately from goodwill as the expected future economic benefits arising cannot be reliably measured and they do not meet
the definition of identifiable intangible assets.
Reconciliation of movement in goodwill
Gross carrying amount
31 Dec 2025
A$’000
(unaudited)
30 Jun 2025
A$’000
(audited)
31 Dec 2024
A$’000
(unaudited)
Opening balance
2,202,861 2,067,694 2,067,694
Recognised from business acquisitions during the period
112,099 126,606 59,428
Effects of foreign currency exchange and other differences
(37,341) 8,561 (357)
Closing balance
2,277,619 2,202,861 2,126,765
Deferred purchase consideration
Deferred consideration of $27.1m has been recognised as future EBITDA earn out targets of the businesses acquired in the period,
on which the consideration is payable, are expected to be achieved.
In the period ended 31 December 2025, the Group revised its estimate of the future earn out payments required in relation to
prior period acquisitions based on revised EBITDA forecasts, the impact has been recognised in Other income.
Impact of the acquisitions on the results of the Group for the period ended 31 December 2025
The impact of the acquisitions on the results of the Group is not considered material and are therefore not disclosed in the
Interim Report. Due to the proximity of the acquisition dates to the balance date, it is impracticable to quantify the impact of the
acquisitions on the results of the Group, in compliance with New Zealand Equivalents to IFRS Accounting Standards, as though
they were effective at 1 July 2025.
10. EVENTS AFTER BALANCE DATE
Subsequent to 31 December 2025, the Board approved an interim dividend to shareholders. For further details please refer to
Note 4.
2
0
EBOS GROUP LIMITED
DIRECTORY
CORPORATE HEAD OFFICE AUSTRALIAN HEAD OFFICE
108 Wrights Road Level 7, 737 Bourke Street
PO Box 411 Docklands 3008
Christchurch 8024 Melbourne
New Zealand Australia
Telephone +64 3 338 0999 Telephone +61 3 9918 5555
E- mail: ebos@ebos.co.nzEmail: ebos@ebosgroup.com
WEBSITE ADDRESS
www.ebosgroup.com
DIRECTORS
Elizabeth Coutts Independent Chair
Tracey Batten Independent Director
Mark Bloom Independent Director
Coline McConville Independent Director
Stuart McLauchlan Independent Director
Matt Muscio Non-executive Director
Julie Tay Independent Director
SHARE REGISTER
Computershare Investor Services Ltd Computershare Investor Services Pty Ltd
Private Bag 92119 GPO Box 3329
Auckland 1142 Melbourne, Victoria 3001
New Zealand Australia
Telephone: +64 9 488 8777 Telephone: 1800 501 366
Managing Your Shareholding Online:
To change your address, update your payment instructions and to view your investment portfolio including transactions, please visit:
www.computershare.com/investorcentre
General enquiries can be directed to:
•enquiry@computershare.co.nz
•Private Bag 92119, Auckland 1142, New Zealand or GPO Box 3329, Melbourne, Victoria 3001, Australia
•Telephone (NZ) +64 9 488 8777 or (Aust) 1800 501 366
•Facsimile (NZ) +64 9 488 8787 or (Aust) +61 3 9473 2500
Please assist our registrar by quoting your CSN or shareholder number.
---
EBOS GROUP LIMITED
APPENDIX 4D
1
Interim Report for the Six Months Ended 31 December 2025
RESULTS FOR ANNOUNCEMENT TO THE MARKET
The following information is presented in accordance with ASX listing rule 4.2A.3 and should be read in
conjunction with the attached EBOS Group Limited condensed consolidated interim unaudited financial
statements for the six months ended 31 December 2025.
1. DETAILS OF THE REPORTING PERIOD AND THE PREVIOUS CORRESPONDING PERIOD
Current period: Six months ended 31 December 2025
Previous corresponding period Six months ended 31 December 2024
This report and the attached Consolidated Financial Report are presented in Australian dollars, being the
Group’s presentation currency.
2. RESULTS FOR ANNOUNCEMENT TO THE MARKET
Group Results31 De c 202531 D
e c 2024Change
(Unaudited)AUD $000A
UD $000%
Revenue6,767,7085,991,41013.0%
Earnings before depreciation, amortisation, net finance costs
and tax expense (EBITDA)
302,726275,8389.7%
Depreciation and amortisation(82,043)(68,562)( 19.7%)
Earnings before interest and tax (EBIT)220,683207,2766.5%
Profit before tax (PBT)162,744155,8464.4%
Net profit after tax (NPAT)126,567111,71913.3%
Net profit after tax (NPAT) attributable to owners of the
Company
124,816110,48913.0%
Weighted average number of shares204,186194,
0765.2%
Basic EPS – (CPS)61.156.97.4%
Net tangible asset backing per ordinary share – ($)($4.30)($4.42)
Underlying EBITDA
(refer reconciliation below)300,436291,
0663.2%
Underlying EBIT
(refer reconciliation below)233,429235,594( 0.9%)
Underlying PBT
(refer reconciliation below)175,490184,164( 4.7%)
Underlying Net profit after tax (NPAT) attributable to the
owners of the Company
(refer reconciliation below)125,424130,994( 4.3%)
Underlying EPS – (CPS)61.467.5( 9.0%)
EBOS GROUP LIMITED
APPENDIX 4D
2
Dividends Amount Per Share
(NZ$ Cents)
Franked amount per
security to 30% tax rate
Interim dividend payable 27 March 2026 57.0c 100%
Interim dividend – previous corresponding period 57.0c 100%
Key dates for the 2026 Interim Dividend
Ex-dividend date 5 March 2026
Record date 6 March 2026
Dividend payment date 27 March 2026
Other Comments
The interim dividend will be imputed to 25% for New Zealand tax resident shareholders and a
supplementary dividend paid to eligible non-resident shareholders.
3. RECONCILIATION OF REPORTED TO UNDERLYING EARNINGS
1
Underlying earnings for the 31 December 2025 period excludes the amortisation expense attributable to acquisition purchase price
accounting (PPA) of finite life intangible assets ($15.0m pre tax, $10.7m post tax), M&A transaction costs ($3.3m pre tax, $2.8m post
tax), restructuring and site transition costs ($20.4m pre tax, $13.1m post tax) and net gain on acquisition related activities ($26.0m).
Underlying earnings for the 31 December 2024 period excludes the amortisation expense attributable to attributable to the
acquisition PPA of finite life intangible assets ($13.1m pre tax, $9.2m post tax), M&A transaction costs ($5.4m pre tax, $4.3m post
tax) and restructuring and site transition costs ($9.8m pre tax, $7.0m post tax).
For supplementary comments on the Group’s financial results refer to the Results Presentation, Shareholders
Report and Media Release issued on 25 February 2026.
Reconciliation of Reported to Underlying Earnings 31 De c 2025 31 De c 2024 Change
(Unaudited)AUD $000AUD $000%
Reported EBITDA302,726275,
8389.7%
Underlying earnings adjustments in the period
1
( 2,290)15,228
Underlying EBITDA300,436291,0663.2%
Reported EBIT220,683207,
2766.5%
Underlying earnings adjustments in the period
1
12,74628,318
Underlying EBIT233,429235,
594( 0.9%)
Reported PBT162,744155,8464.4%
Underlying earnings adjustments in the period
1
12,74628,318
Underlying PBT175,490184,164( 4.7%)
Reported Net Profit after Tax (NPAT) attributable to owners of
the Company
124,816110,48913.0%
Underlying earnings adjustments in the period
1
(net of tax and
after non-controlling interests)
60820,505
Underlying Net Profit after Tax (NPAT) attributable to owners of
the Company
125,424130,994(4.3%)
EBOS GROUP LIMITED
APPENDIX 4D
3
4. DIVIDENDS PAID AND DECLARED
Group Results
(Unaudited)
Amount
Per Share
(NZ$ Cents)
Amount
Per Share
(A$ Cents)
Total
Amount
(A$)
Date Paid / Payable
Dividends declared in respect of
the year ending 30 June 2026
2026 interim dividend 57.0 cents 49.4 cents $101,243,000 27 March 2026
Dividends paid in respect of the
year ended 30 June 2025
2025 final dividend 61.5 cents 55.4 cents $112,387,000 24 September 2025
2025 interim dividend 57.0 cents 51.2 cents $99,558,000 21 March 2025
118.5 cents 106.6 cents $211,945,000
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.
5. DIVIDEND REINVESTMENT PLAN
The Company's dividend reinvestment plan ('DRP') will be operable for this dividend. The EBOS Board has
approved a discount of 2% to the Volume Weighted Average Sales Price ('VWAP') for the shares to be issued
under the DRP for the 2026 interim dividend.
6. ENTITIES ACQUIRED
Refer to Note 9 of the condensed consolidated interim unaudited financial statements.
EBOS GROUP LIMITED
APPENDIX 4D
4
7. ASSOCIATES AND JOINT VENTURES
The Group equity accounted the following material associate entities at 31 December 2025.
Name of business Proportion of shares and voting rights
Animates NZ Holdings Limited 50.00%
Income from the individual Associates has not been separately disclosed as it is considered immaterial. Total
income from Investments in Associates for the six months ended 31 December 2025 was $ 6,795,000 (2024:
$7,807,000)
8. FOREIGN ENTITIES
The Consolidated Financial Statements are presented in Australian dollars and comply with International
Financial Reporting Standards (“IFRS”).
9. INDEPENDENT AUDIT REVIEW
The condensed consolidated interim financial statements have been reviewed by an independent auditor,
and the auditor has given an unmodified review opinion.
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer EBOS Group Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency AUD
Amount (AUD $000s) Percentage change
Revenue from continuing operations $6,767,708 13.0%
Total Revenue $6,767,708 13.0%
Underlying net profit from continuing operations
attributable to security holders
1
$125,424 -4.3%
Net profit/(loss) from continuing operations $124,816 13.0%
Total net profit/(loss) $124,816 13.0%
Final Dividend
Amount per Quoted Equity Security NZD $0.57000000
Imputed amount per Quoted Equity Security NZD $0.05541667
Record Date 6 March 2026
Dividend Payment Date 27 March 2026
Current period Prior comparable
period
Net tangible assets per Quoted Equity Security
2
AUD($4.30) AUD($4.42)
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Refer to the Interim Report, Results Presentation,
Media Release and Letter to Shareholders for
EBOS Group Limited for the six month period to
31 December 2025, issued on 25 February 2026.
Authority for this announcement
Name of person
authorised to make this
announcement
Janelle Cain
Contact person for this announcement Janelle Cain
Contact phone number +61 3 9918 5370
Contact email address Janelle.Cain@ebosgroup.com
Date of release through MAP
25 February 2026
Unaudited condensed consolidated interim financial statements accompany this announcement.
1
Underlying earnings for the 31 December 2025 period excludes the amortisation expense attributable to acquisition
purchase price accounting (PPA) of finite life intangible assets ($15.0m pre tax, $10.7m post tax), M&A transaction costs
($3.3m pre tax, $2.8m post tax), restructuring and site transition costs ($20.4m pre tax, $13.1m post tax) and net gain on
acquisition related activities ($26.0m). Underlying earnings for the 31 December 2024 period excludes the amortisation
expense attributable to attributable to the acquisition PPA of finite life intangible assets ($13.1m pre tax, $9.2m post tax),
M&A transaction costs ($5.4m pre tax, $4.3m post tax) and restructuring and site transition costs ($9.8m pre tax, $7.0m
post tax).
2
Net Tangible Assets excludes A$434.2m (December 2024: A$387.1m) of Right of Use assets, although includes
A$473.9m (December 2024: A$408.2m) of lease liabilities in relation to the adoption of NZ IFRS 16 ‘Leases’.
Appendix 1:
1
Underlying earnings for the 31 December 2025 period excludes the amortisation expense attributable to acquisition
purchase price accounting (PPA) of finite life intangible assets ($15.0m pre tax, $10.7m post tax), M&A transaction costs
($3.3m pre tax, $2.8m post tax), restructuring and site transition costs ($20.4m pre tax, $13.1m post tax) and net gain on
acquisition related activities ($26.0m). Underlying earnings for the 31 December 2024 period excludes the amortisation
expense attributable to attributable to the acquisition PPA of finite life intangible assets ($13.1m pre tax, $9.2m post tax),
M&A transaction costs ($5.4m pre tax, $4.3m post tax) and restructuring and site transition costs ($9.8m pre tax, $7.0m
post tax).
Reconciliation of Reported to Underlying
Earnings 31 De c 2025 31 De c 2024 Change
(Unaudited)
AUD $000AUD $000%
Reported EBITDA
302,726275,8389.7%
Underlying earnings adjustments in the period
1
( 2,290)15,228
Underlying EBITDA
300,436291,0663.2%
Reported EBIT
220,683207,2766.5%
Underlying earnings adjustments in the period
1
12,74628,318
Underlying EBIT
233,429235,594( 0.9%)
Reported PBT
162,744155,8464.4%
Underlying earnings adjustments in the period
1
12,74628,318
Underlying PBT
175,490184,164( 4.7%)
Reported Net Profit after Tax (NPAT) attributable to owners of
the Company
124,816
110,48913.0%
Underlying earnings adjustments in the period
1
(net of tax and
after non-controlling interests)
608
20,505
Underlying Net Profit after Tax (NPAT) attributable to owners of
the Company
125,424
130,994( 4.3%)
---
Distribution Notice
Section 1: Issuer information
Name of issuer EBOS Group Limited
Financial product name/description Ordinary Shares
NZX ticker code EBO
ISIN (If unknown, check on NZX website) NZEBOE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 6 March 2026
Ex-Date (one business day before the
Record Date)
5 March 2026
Payment date (and allotment date for
DRP)
27 March 2026
Total monies associated with the
distribution
1
NZD $116,864,607
(AUD $101,242,837)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
NZD $0.62541667
Gross taxable amount
3
NZD $0.62541667
Total cash distribution
4
NZD $0.57000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount NZD $0.02514706
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
6
8.86%
Imputation tax credits per financial
product
NZD $0.05541667
Resident Withholding Tax per financial
product
NZD $0.15097083
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form.
2
“ Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for determining
market price for DRP
09 March 2026 13 March 2026
Date strike price to be announced (if not
available at this time)
18 March 2026
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
New shares issued
DRP strike price per financial product
The EBOS Board has approved a discount of 2% to the
Volume Weighted Average Sales Price ('VWAP') for the
shares to be issued under the DRP for the 2026 interim
dividend. The VWAP shall be determined over the period of 9
March 2026 to 13 March 2026.
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
09 March 2026
Section 5: Authority for this announcement
Name of person
authorised to make this
announcement
Janelle Cain
Contact person for this announcement Janelle Cain
Contact phone number +61 3 9918 5370
Contact email address Janelle.Cain@ebosgroup.com
Date of release through MAP
25 February 2026
---
EBOS GROUP LIMITED
(“Company”)
Di
rectors’ Declaration in respect of the Group Financial Statements
for the six months ended 31 December 2025
De
claration
The D
irectors of the Company hereby declare that, in the Directors’ opinion:
•The E
BOS Group Limited Condensed Consolidated Interim Unaudited Financial Statements for
the six months ended 31 December 2025 and the notes to those financial statements comply
with the accounting standards issued by the External Reporting Board of New Zealand;
•The E
BOS Group Limited Condensed Consolidated Interim Unaudited Financial Statements for
the six months ended 31 December 2025 and the notes to those financial statements give a
true and fair view of the financial position and performance of the Company; and
•Ther
e are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
This declaration is made in accordance with a resolution of the directors dated 24 February 2026 and
is signed for and on behalf of the Directors by the Board Chairperson.
S
igned
E
Coutts
Chairperson
24 F
ebruary 2026
---
2026 Half Year Results
Dear Shareholders,
We are pleased to report EBOS’ interim results to 31 December
2025 (HY26) which has delivered strong revenue growth of 13.0%
and disciplined execution. FY26 EBITDA guidance is reaffirmed,
with further improvement expected as productivity and utilisation
continue to increase and ongoing solid demand across key
healthcare and animal care markets.
EBOS’ underlying EBITDA increased 3.2% to $300 million, consistent
with guidance and commissioning of strategic investments.
Our Healthcare segment underlying EBITDA grew 1.3% to $254 million,
with strong revenue momentum and disciplined cost management
whilst our Animal Care segment underlying EBITDA increased
15.1% to $68 million, driven by strong branded performance, cost
management and the successful acquisition of SVS.
EBOS retains confidence in our second half FY26 EBITDA delivery,
underpinned by opportunities in Healthcare from progress in the
distribution centre renewal program, additional runway from the
newly acquired MediAdvice pharmacy network banner, benefits
from recent Medical Technology acquisitions and a strong product
pipeline in Animal Care.
Our HY26 performance demonstrates the resilience and
diversification of our portfolio as we continue to execute with
discipline. We delivered strong revenue growth and reaffirmed
our EBITDA guidance, supported by solid customer demand and
the early benefits from our strategic investments. This sets us
up well for H2 FY26, with additional opportunities from new retail
pharmacy stores and new products, as well as nearing the end of
the current capital investment cycle.
Importantly, our major distribution centre renewal program is
progressing to plan, with our largest site now fully operational.
As these assets move into steady state, we expect to realise
meaningful efficiency gains while strengthening the quality and
reliability of our network.
With peak investment largely behind us, we anticipate a step-up in
cash flows from FY27, supported by lower capex and a more stable
operating base. This will create headroom to deleverage and
enable us to continue investing in growth.
Overall, we remain confident in the medium-term margin outlook,
underpinned by productivity improvements and new capacity
in Symbion & Healthcare Distribution, product innovation within
Animal Care, expansion of Medical Technology partners and
solutions, as well as network wide opportunities across Retail
Pharmacy Brands.
Interim Shareholders Report 2026
31 December 2025
All amounts are denoted in Australian dollars unless otherwise stated.
Key Highlights
1
$6.8b
revenue
$125m
underlying NPAT (-4.3%)
NZ 57.0c
interim dividend
per share
$125m
$300m
underlying EBITDA
$303m
statutory EBITDA
statutory NPAT (+13%)
1
Underlying Results
$6.77 billion revenue
$300 million EBITDA
+13%
+3.2%
Financial Highlights
1
This report contains a number of non-GAAP financial measures to reflect our underlying financial performance. 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. Underlying
earnings exclude one-off M&A transaction costs, restructuring and site transition costs, net gain on acquisition related activities, and amortisation expense attributable to
acquisition purchase price accounting of finite life intangible assets.
2
Interim Shareholders Report 2026
Segment results
Healthcare
Animal Care
$6.3b
$451m
$254m
$68m
revenue (+11.1%)
revenue (+48.3%)
underlying EBITDA (+1.3%)
underlying EBITDA (+15.1%)
2 0 7. 7
47. 0
FY22
289.2313.2291.0300
20212022202420252023
Six months to 31 December ($millions)
FY23FY25FY26FY24
53.057. 057. 057. 0
Six months to 31 December (NZ cents)
Underlying EBITDA
Interim Dividend per share
Healthcare
EBOS’ Healthcare segment delivered strong revenue increasing 11.1% to
$6.3 billion and GOR growth increased 7.3% to $744 million on the prior
corresponding period supported by new customer wins, demand for
GLP-1 (Type 2 diabetes and weight loss management) and other high value
medicines, the expansion of Retail Pharmacy Brands and continued growth
within Medical Technology.
The first half of FY26 represents a transition phase as the new DCs come
online and duplication activity and ramp-up inefficiencies expected to
unwind as these sites stabilise. The business remains well positioned for
growth from FY27 onwards, supported by additional DC capacity in Symbion
& Healthcare Distribution, network growth across Retail Pharmacy Brands,
regional expansion and solution opportunities in Medical Technology,
productivity gains and the expanded Community Services Obligation (CSO)
regime coming into effect.
Community Pharmacy
Community Pharmacy generated revenue of $3.6 billion (up 14.8%) and
GOR of $310 million (up 7.5%), supported by strong demand for both
GLP-1 and high value medicines.
Key customers were retained despite a competitive wholesale landscape,
reflecting strong service levels and customer confidence.
EBOS’ largest DC site, Symbion Kemps Creek, was delivered on time and on
budget, marking a key milestone in the DC renewal program. Productivity
improvements at Kemps Creek are expected to continue in the second half.
Retail Pharmacy Brands
The Retail Pharmacy Brands division delivered strong growth, with continued
expansion of the network and robust same store performance. Total
TerryWhite Chemmart (TWC) network sales reached $1.5 billion, up 9.8%,
with same store sales increasing 8.8%.
The business further strengthened its presence in pharmacy retail
management with the majority acquisition of MediAdvice, which is focused
on providing innovative community care services across a network of
approximately 80 pharmacies in NSW.
TWC maintained its leadership position in care delivery, with a 20% growth
in flu vaccinations on the prior corresponding period and expanding its
network of prescribing pharmacists to 104, representing 35% of all full-scope
prescribers nationally.
TWC consumer brands continued to resonate strongly with customers,
supported by new product launches that expanded the range to more than
300 high quality products, providing a compelling value proposition for
customers.
Digital engagement also continued to scale, with the TWC Connect Retail
Media program adding 200 new digital screens to 100 TWC pharmacies.
Customer digital activity remained high, with 817,000 online transactions
in the period.
Along with strong same store sales growth, network growth remained a
core contributor. The Group now has 782 stores across its retail pharmacy
networks – comprising 630 TWC stores, 81 MediAdvice stores and 71 stores
under other brands. A total of 89 net stores were added during the half,
including 81 from MediAdvice (including +1 after acquisition), four TWC stores,
and five stores across other brands.
Institutional Healthcare
Institutional Healthcare generated revenue of $2.2 billion (up 3.4%) and
GOR of $349 million (up 5.8%). GOR margin improved to 15.6% (from 15.3%),
reflecting the ongoing expansion of the Medical Technology business.
Medical Technology delivered strong revenue growth of 12.1% (7.8% excl.
acquisitions). The partnerships business delivered strong growth in spine and
other implant channels including urology, neurosurgery and neurovascular
intervention. Capital sales in ANZ were resilient. Medical Technology achieved
ongoing organic expansion in SEA, supplemented by recent acquisitions,
and offset by lower capital sales in Indonesia and Vietnam.
The biologics business recorded organic growth within allografts enabled by
new solutions innovation. EBOS was able to deepen our partnership with the
US Origin allograft solutions business, and the subsequent consolidation has
created an opportunity for sustained growth in the US.
Medicines, consumables and other revenue grew by 2.0%, reflecting growth
from high value hospital medicines.
Segment Overview
Underlying EBITDA
Six months to 31 December ($millions)
Healthcare
20222024202520232021
185.2255.0275.5250.0254.0
Animal Care
Underlying EBITDA
Six months to 31 December ($millions)
20222024202520232021
38.851.055.459.068.0
3
Interim Shareholders Report 2026
Contract Logistics
Contract Logistics generated GOR of $86 million (up 13.5%) with the
business generating strong growth through new customer wins across
Australia and New Zealand, enabled by new warehouse capacity
installed as part of the DC renewal program.
In Australia, GOR increased by 26.3% due to five net new principal
wins, reflecting our value proposition as a dedicated healthcare
logistics provider. The Australian business added ~500 m
2
of cold
chain storage, supporting growth of specialty medicines. It continued
its investment in footprint and systems, with the opening of the new
Perth facility on track for completion in FY26.
In New Zealand the business had seven net new principal wins, which
was aided by its advantaged temperature-controlled unloading
facility.
Animal Care
EBOS’ Animal Care segment delivered strong top-line performance
with revenue increasing 48.3% to $451 million and GOR up 17.0% to
$124 million. Growth was driven by continued branded portfolio
strength, successful new product launches, and the successful
acquisition of SVS.
Underlying EBITDA increased 15.1% to $68 million, supported by the
acquisition of SVS and Next Generation Pet Foods, share gains within
the branded business and ongoing new product development enabled
by inhouse manufacturing capabilities.
The integration of recent acquisitions is progressing well, supporting
broader channel reach and improving the business's ability to serve
customer demand across the specialty pet and vet sectors.
Growth investments
During the period, EBOS continued to execute against its near-term
priorities: completing major network investments and selectively
deploying capital for inorganic opportunities to support growth.
The DC renewal program is near operational completion, with six
of the eight DC renewal sites now completed. The largest and most
complex site, Symbion Kemps Creek in Sydney, was successfully
completed in October 2025, on-time and on budget. The remaining
DC sites are on track for operational completion in FY26, with
post-commissioning workstreams ongoing into H1 FY27, including
IT systems and optimisation. Full network benefits expected to flow
through progressively over FY27 and FY28.
EBOS also completed several transactions that are expected to
contribute approximately $80 million in revenue on a full year
basis, at a total upfront payment of approximately $70 million.
These transactions expand EBOS’s position into key channels in
Animal Care, Medical Technology and Retail Pharmacy, leveraging
existing operational capability. Each transaction is expected to be
immediately EPS accretive and deliver ROCE above the Group’s
hurdle rate over the medium term. The pipeline remains active.
Capital management
EBOS continued to demonstrate its disciplined and proactive
approach to capital management across managing balance sheet,
cash flow, growth investments and shareholder returns.
The Group successfully refinanced existing debt facilities, which
increased liquidity headroom, with approximately $930 million of
undrawn committed bank facilities available and a weighted average
term of 3.3 years (up from 2.9 years as at June 2025). The leverage
ratio was 2.2x, within our target range of 1.7 – 2.3x and is expected to
deleverage in FY27 with the end of the capital investment cycle,
as capital expenditure falls and growth continues.
H1 FY26 net working capital increased by $84 million, supporting both
revenue growth and transition activities. Underlying cash flow before
capex of $66 million was temporarily lower due to the unwind of prior
period timing benefits.
Future capital expenditure is expected to moderate as the DC renewal
program concludes, with FY27 capex ~30% lower on a comparable basis.
Interim Dividend
The Directors declared an interim dividend of NZ 57.0 cents per share,
in-line with the prior year, with a dividend payout ratio of 82% on an
Underlying basis. The payout ratio reflects the Board’s continued
confidence in the strength of the Group’s operating cash flows and
future growth.
The Dividend Reinvestment Plan (DRP) will operate for the interim
dividend, providing flexibility for shareholders and supporting
balance sheet strength as the final phase of the DC renewal program
is completed. Shareholders can elect to take shares in lieu of a cash
dividend at a discount of 2.0% to the volume weighted average share
price (V WAP).
The record date for the dividend is 6 March 2026 and the dividend will
be paid on 27 March 2026. The dividend will be imputed to 25% for New
Zealand tax resident shareholders and fully franked for Australian tax
resident shareholders.
4
Adam Hall
Chief Executive Officer
Liz Coutts
Chair of the Board
Interim Shareholders Report 2026
Perspectives
EBOS remains a defensive growth company, focused on care,
productivity and partnerships to drive strong shareholder returns,
supported by sector dynamics including: an ageing population,
increased utilisation of pharmaceutical and medical services,
stable government funding frameworks and growing pet ownership.
Near-term perspectives for H2 FY26
• FY26 EBITDA guidance is reaffirmed, reflecting a positive outlook
on H2 EBITDA, as productivity and utilisation continues to increase,
and with strong revenue growth supported by acquisitions.
• Completion of the DC renewal program in FY26 provides a multi-year
runway for improving operating leverage and network efficiency.
Longer-term perspectives (FY27+)
• Revenue momentum to continue, driven by network growth across
retail pharmacy brands, innovation led growth within Animal Care
products, and regional expansion and solution opportunities within
Medical Technology.
• Margin outlook positive, driven by productivity uplift & improved
utilisation in Healthcare, expanded CSO regime, and ongoing benefit
from business mix shift.
• Interest and D&A expected to normalise, with peak capex in FY26
and a more stable asset base from FY27 onwards.
• Capex to reduce by ~30% in FY27, following completion of the
DC renewal program, supporting stronger cash flows.
• Balance sheet leverage expected to reduce in FY27, reflecting lower
capex, revenue growth and improved operating efficiency.
Divisional strategies driving growth
Each division is executing well-defined strategies aligned to these
trends:
• Symbion & Healthcare Distribution is focused on strengthening its
position as one of ANZ’s leading healthcare distributors by delivering
high service levels, driving scale efficiencies and monetising its
end-to-end value chain presence.
• Retail Pharmacy Brands is executing a strategy to grow and enhance
the pharmacy network while improving margin through owned
brands, digital engagement and additional revenue streams from
network participation.
• Medical Technology is building its presence across ANZ and
Southeast Asia by expanding into new therapy areas and leveraging
the distinctive strengths of its partnerships and clinical education
offering.
• Animal Care is expanding its portfolio of hero brands, enhancing its
advantaged manufacturing footprint across ANZ, and scaling its vet
wholesale business to meet rising demand with speed and efficiency.
Across New Zealand, Australia and Southeast Asia EBOS employees
in excess of 5,800 employees and we thank them for their continued
efforts and commitment to the communities we serve.
We thank all of our shareholders for their continued support.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.