Full 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 FY26 result
Investment cycle complete and positioned for continued value creation
19 August 2026 – EBOS Group Limited (“EBOS or the Group”) today reports its full year results to 30
June 2026 (FY26) delivering strong revenue growth of 9.9% to $13.5 billion and Underlying EBITDA
growth of 5.0% to $614 million. The result was supported by broad-based growth across Healthcare
and Animal Care, together with contributions from recent acquisitions, and was achieved despite
elevated fuel costs and foreign exchange headwinds. All FY26 financial guidance metrics were
delivered within the Group's stated ranges
1
.
The result marks an important milestone for the Group, with EBOS completing its four-year, $360
million distribution centre renewal program. All major facilities are now operational, with the Group
focused on optimisation and driving utilisation, productivity and growth, supporting stronger free
cash flow generation and improving return on capital.
Financial highlights
• Revenue increased 9.9% to $13.5 billion
• Gross operating revenue (GOR) increased 6.5% to $1.7 billion
• Underlying EBITDA increased 5.0% to $614 million
• Underlying NPAT was $250 million, down 3.1%, reflecting higher depreciation &
amortisation and financing costs associated with the Group’s investment cycle
• Statutory NPAT was $225 million, up 4.7%
• Leverage was 2.1x, remaining within the Group’s target range of 1.7x to 2.3x
• ROCE was 12.8%, down 20bps, reflecting the higher capital base
• Final dividend maintained at NZ 61.5 cents per share, with a payout ratio of 84.5% of
Underlying NPAT
EBOS Chief Executive Officer, Adam Hall, said “FY26 was an important year for EBOS. We delivered
solid EBITDA growth, completed the largest infrastructure investment program in our history and
continued to strengthen the quality of our portfolio through disciplined capital allocation and
targeted acquisitions.
“Importantly, we are now moving beyond the peak capital investment phase, and are entering FY27
with a stronger portfolio, lower capital intensity and with capacity to invest in future growth
opportunities.
1
FY26 Underlying EBITDA guidance updated on 22 April 2026 to reflect impact of elevated fuel price and broader energy cost
pressures
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
“During FY26, EBOS executed a number of strategic acquisitions, including Paringa Pet Foods
2
and K-
Talyst, further expanding our capability in higher-growth, higher-return markets. Across the portfolio,
the Group continued to deliver on the growth priorities outlined at Investor Day, delivering
meaningful growth across all our businesses.
“In FY27, we have clear execution priorities across every division and remain confident in our ability
to deliver continued EBITDA growth. Combined with stronger cash generation and improving
returns, we believe EBOS is well positioned to deliver the next phase of value creation for
shareholders.”
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 elected to maintain the final
dividend, consistent with our capital management priorities, and continued confidence in the
Group’s outlook.”
Financial highlights (all $ figures are in AUD, and comparisons are made against FY25)
Period ended 30 June FY26 FY25 Change
Underlying results
Revenue 13,487 12,267 9.9%
GOR 1,743 1,637 6.5%
EBITDA 614 585 5.0%
Net Profit After Tax 250 258 (3.1%)
Earnings per share – cps 121.7c 131.3c (7.3%)
Underlying EBITDA (%)
4.6% 4.8% (20 bps)
Leverage ratio
3
(x) 2.1x 1.9x (0.2x)
ROCE (%) 12.8% 13.0% (20bps)
Statutory results
Revenue 13,487 12,267 9.9%
EBITDA 599 556 7.8%
Net Profit After Tax 225 215 4.7%
Earnings per share - cps 109.8c 109.7c 0.1%
2
Paringa Pet Foods acquisition executed in FY26 and completed on 30 July 2026.
3
Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts.
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 30 June FY26 FY25 Change
Revenue 12,580 11,593 8.5%
GOR 1,500 1,422 5.5%
GOR margin 11.9% 12.3% (40 bps)
Underlying Opex (983) (922) 6.7%
Opex as % of Revenue 7.8% 8.0% (20 bps)
Statutory EBITDA 504 472 6.8%
Underlying EBITDA 516 500 3.2%
Underlying EBITDA margin 4.1% 4.3% (20 bps)
The Healthcare segment delivered revenue growth of 8.5% and Underlying EBITDA growth of 3.2%,
with revenue increasing to $12.6 billion and EBITDA increasing to $516 million. Growth was
supported by Community Pharmacy, Hospital Medicines, Medical Technology and Contract Logistics,
including continued demand for GLP-1 and other high-value medicines, network expansion and
contributions from acquisitions.
Gross operating revenue increased 5.5%, while operating expenditure as a percentage of revenue
improved by 20 basis points. EBITDA growth was partially offset by higher fuel costs, foreign
exchange impacts and softer capital sales in SEA/HK.
The Healthcare segment is expected to benefit from increased network utilisation, improving
productivity across the distribution network and the recent Community Service Obligation (CSO)
funding reforms.
This combination of structural demand growth, expanded network capability, productivity initiatives
and industry funding tailwinds positions the Healthcare segment to remain a key contributor to
Group earnings growth in FY27 and beyond.
Symbion & Healthcare Distribution
Community Pharmacy revenue increased 10.2% to $7.1 billion, with GOR up 4.3% to $613 million,
supported by strong demand for GLP-1 and high-value medicines. The business was able to maintain
PBS share despite competitive intensity. While GOR margins were lower than FY25, margins were
maintained between the first and second half of FY26, demonstrating resilience despite product mix
pressures and a competitive market environment. Kemps Creek DC productivity gains are on track,
targeting a 30% uplift, compared to the previous site, by end of FY27
4
. We expect future GOR
margins to be influenced by increased CSO funding, ongoing product mix and competitive dynamics.
Contract Logistics GOR increased 13.1% to $174 million, supported by customer and capacity
growth. The Australian business delivered strong GOR growth reflecting new principal wins and
growing demand for specialised healthcare logistics solutions. The new Perth facility is now online
4
Warehouse productivity index (indexed to FY25)
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
and establishes a national healthcare logistics footprint, providing additional capacity to support
future customer growth.
Hospital medicines, consumables & other revenue increased by 4.3% to $3.8 billion, reflecting a
record sales result within hospitals, and solid growth from aged-care and healthcare customers.
Medical consumables provided a positive contribution through new customer wins. The final
wholesale DC (Onelink Auckland) was delivered.
Retail Pharmacy Brands
Retail Pharmacy Brands continued its strong growth in FY26, driven by network expansion, health
services growth, increasing digital engagement and continued momentum from owned brands
TerryWhite Chemmart network sales increased to approximately $2.9 billion, up 9.2% and 7.6% like-
for like, and with total dispensary sales up 8.5% like-for-like, demonstrating continued growth across
the network despite a broadly stable TWC store base. GLP-1 therapies continued to support network
sales growth across the pharmacy network, with growth moderating as expected, reflecting the
larger base. CareClinic health services continued to expand, delivering more than 1.2 million health
service interactions, reinforcing the growing role of community pharmacy in primary healthcare
deliver.
Total network stores reached 780
5
, an increase of 86 compared to the prior year, reflecting the
addition of MediAdvice and other banner group growth.
EBOS continued to invest in the growth of its pharmacy network, digital ecosystem and owned brand
portfolio. The Group also completed its largest-ever investment in pharmacist education, supporting
expanded scope of practice and reinforcing healthcare service capability across the network.
Owned brands remained an important contributor to growth, with network sales increasing 11%
during the year. At the same time, loyalty, digital engagement and retail media initiatives continued
to strengthen customer relationships and create opportunities to further deepen partnerships with
pharmacists.
Retail Pharmacy Brands is focused on growing pharmacy earnings, expanding health service
participation, increasing owned brand penetration and further monetising its digital and retail media
capabilities. These initiatives are expected to support continued earnings growth while strengthening
the long-term quality and sustainability of the business
Medical Technology
Medical Technology delivered ongoing growth in FY26, with revenue increasing 5.5%, or 8.4% on a
constant currency basis, reflecting a combination of organic growth and contributions from
acquisitions. Growth was supported by expanding therapy participation across ANZ and SEA/HK,
increasing procedure volumes, continued innovation in biologics, and the successful execution of the
Group's disciplined acquisition strategy.
5
Store counts includes TWC, MediAdvice (majority acquisition in FY26), Cincotta branded pharmacies, and unbranded
pharmacies supported by the group
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
ANZ distribution delivered strong growth across several therapy areas, including, neurosurgery,
neurovascular intervention and urology, supported by increasing procedure volumes, professional
education and surgeon engagement.
SEA/HK distribution continued to expand, with strong growth across key therapy areas including
spine, orthopaedics, cardiology and ophthalmology, partially offset by softer capital activity cycling a
strong prior period.
Biologics continued to build momentum, supported by new product development and innovation
into adjacent procedures across gynaecology and urology. Growth was further supported by strong
adoption of the Allovance acellular dermal matrix (ADM) portfolio through LifeHealthcare's plastic
and reconstruction channel, with sales increasing by more than 15% during FY26.
The business completed four strategic acquisitions that expanded therapy coverage and geographic
reach, strengthening positions across oncology, orthopaedics and plastics and reconstruction and
aesthetics. In particular, the acquisition of K-Talyst expands our aesthetics capability across SEA/HK,
providing a platform to participate in the region's attractive long-term growth opportunities in
medical aesthetics.
Medical Technology will remain focused on expanding access to new technologies, extending into
adjacent therapy categories, growing biologics participation and increasing geographic coverage
through both organic growth initiatives and targeted acquisitions. These priorities are expected to
support continued earnings growth and further strengthen the division's market position across the
Asia-Pacific region.
Animal Care
Period ended 30 June FY26 FY25 Change
Revenue 907 673 34.6%
GOR 243 215 13.1%
GOR margin 26.8% 32.0% nm
Underlying Opex (105) (91) 15.1%
Opex as % of Revenue 11.6% 13.6% nm
Statutory EBITDA 135 123 10.1%
Underlying EBITDA 138 124 11.6%
Underlying EBITDA margin 15.3% 18.4% nm
Animal Care delivered a strong result in FY26, with revenue increasing 34.6% and EBITDA increasing
11.6%, reflecting continued growth across both the branded and wholesale portfolios. Performance
was supported by the acquisition of SVS, ongoing momentum within Lyppard, and continued market
share gains across the Black Hawk and VitaPet branded portfolios driven by product innovation and
premiumisation.
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
Gross operating revenue increased 13.1%, with margin reflecting a mix shift toward wholesale
following the inclusion of SVS, limiting comparability to the prior period.
During FY26, EBOS executed acquisitions that expanded its capability in high-growth premium pet
food categories, including fresh and chilled pet food. The acquisition of Next Generation Pet Foods
and Paringa
2
unlocked new high margin, high growth premium pet food categories.
Animal Care will focus on further expanding premium product offerings, increasing penetration
within veterinary channels, growing international sales and leveraging recently acquired capabilities
in fresh and chilled nutrition.
Capital management
EBOS maintained its disciplined approach to capital management in FY26, balancing continued
investment in the business, shareholder returns and balance sheet strength. The Group’s capital
allocation framework remains focused on supporting operational stability, maintaining an
appropriate dividend payout, protecting credit quality, and pursuing organic and inorganic growth
opportunities that are aligned with strategy and clear return thresholds.
In FY26, EBOS deployed ~$400 million capital across capital expenditure, M&A and shareholder
returns. This included completing the final year of the Group’s major investment cycle, while
maintaining dividends through the period. The Group ended FY26 with leverage of 2.1x, within its
target range and reflecting the peak of the capital investment cycle.
With the four-year, $360 million distribution centre renewal program now complete, EBOS expects
capital intensity to reduce in FY27. The Group is now focused on the optimisation and ramp-up of its
new distribution infrastructure, with the associated productivity and growth benefits expected to be
realised without further significant capital expenditure. Capital expenditure is expected to normalise
to approximately ~$100 million in FY27, supporting stronger free cash flow generation and increased
capacity for future growth investments.
Final dividend
The Directors declared a final dividend of NZ 61.5 cents per share, in-line with the prior year, with a
dividend payout ratio of 84.5% 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 final dividend, providing flexibility for
shareholders and supporting balance sheet strength. 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 28 August 2026 and the dividend will be paid on 18 September
2026. The dividend will be imputed to [x]% for New Zealand tax resident shareholders and fully
franked for Australian tax resident shareholders.
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
Outlook
EBOS expects to deliver continued growth in FY27, supported by the execution of clear divisional
priorities across the Group and favourable underlying end-market dynamics. The Group is targeting
Underlying EBITDA of between $635 million to $655 million, driven by increased network utilisation
and productivity across Symbion & Healthcare Distribution, expansion of earnings within Retail
Pharmacy Brands, continued therapy and geographic expansion in Medical Technology, and new
product and customer growth within Animal Care. In addition, the Group has opportunities for cross
divisional synergies and accretive bolt-on acquisitions.
The Group remains well positioned to navigate cost pressures and competitive dynamics in
wholesale pharmacy.
Following completion of the Group's four-year distribution centre renewal program, capital
expenditure is expected to reduce materially to approximately ~$100 million in FY27. The lower level
of investment reflects completion of the major infrastructure investment cycle and is expected to
support stronger free cash flow generation and improve returns on capital over time.
Depreciation and amortisation are expected to increase to approximately $152 million to $162
million in FY27, and net finance costs are expected to be approximately $138 million to $148 million,
reflecting the full-year impact of recent infrastructure investments, noting that the growth is H1
weighted.
EBOS expects leverage to remain within its target range in FY27. Consistent with FY26 and historical
working capital seasonality, leverage is expected to be modestly higher in the first half before
declining through the second half. This improving cash profile is expected to further strengthen
balance sheet capacity and support future growth investments.
Consistent with FY26, the Group expects earnings and cash flows to be weighted to the second half,
reflecting normal seasonal trading patterns and working capital movements. FY27 is to be
characterised by continued organic EBITDA growth, stronger free cash flow generation and
improving returns on capital. Supported by clear divisional growth initiatives and synergies and a
disciplined approach to capital allocation, EBOS is well positioned to deliver the next phase of value
creation for shareholders.
This market release, the full-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
---
FY26 results
19 August 2026
2
Disclaimer
The information in this presentation was prepared by EBOS Group Limited (“EBOS” or the “Group”) with due care and attention. However, the information is supplied in summary form and is
therefore not necessarily complete, and, to the extent permitted by law, no representation 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, and are subject to a
number of risks and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances. 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 and does not take into account the particular needs, objectives or circumstances of any investor. Any
investors are encouraged to seek independent 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, readersare cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered in conjunction with the audited consolidated financial statements for the full year ended 30 June 2026 and EBOS’ other
periodic and continuous disclosure announcements released to NZX and ASX, which are available at www.nzx.com and www.asx.com.au.
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. Thisshould not be considered an exhaustive list.
All currency amounts are in Australian dollars unless stated otherwise.
Underlying earnings for the 30 June 2026 and 30 June 2025 periods exclude M&A transaction costs, non-recurring restructuring andsite transition costs and the amortisation (non-cash) expense
attributable to purchase price accounting (PPA) of finite life intangible assets.
Underlying earnings to 30 June 2026 also excludes the net gain on acquisition related activities, which includes a gain (non-cash) on step acquisition of ABT Nevada reflecting the remeasurement
of the Group’s previously held equity-accounted interest to fair value when control was obtained in December 2025.
3
Investment cycle complete; EBOS to continue its growth momentum
•FY26 revenue increased 9.9% and Underlying EBITDA increased 5.0% to $614 million, delivered within
guidance
1
•Completed the four-year, $360 million DC renewal program, with all facilities now operational
•Underlying NPAT of $250 million, reflecting higher D&A and financing costs associated with the investment
cycle
Healthcare segment:
•Symbion & Healthcare Distribution: maximising new DC capacity & productivity, capturing the CSO funding
uplift and high value medicine growth, onboarding new principals, and growing medical consumables
•Retail Pharmacy Brands: expanding pharmacy earnings through digital sales, growing health services, monetising
digital and retail media, and expanding own brand participation
•Medical Technology: increase OEM partnerships expanding access to new technologies, extend into new therapy
areas, targeted geographic therapy infill, and developing new biologics solutions
Animal Care segment:
•Animal Care: product extension and premiumisation including developing new fresh and chilled formats, selective
international growth, and growing veterinary clinic penetration
•Strategy on track and gaining momentum, with a continued shift towards higher-growth, higher return
businesses, enhancing portfolio and earnings quality
-Executed two key acquisitions for $26 million consideration
2
in H2 FY26, with Paringa
3
providing chilled &
fresh pet food capability, and K-talyst further scaling the aesthetics portfolio across SEA/HK
•Lower capital intensity driving stronger free cash flow generation, increasing balance sheet capacity and
enabling further growth investments including accretive bolt-on M&A
Solid growth;
investment cycle
complete
Divisional
momentum
underpins
future earnings
Ongoing
opportunities to
build further
value
1. FY26 Underlying EBITDA guidance updated on 22 April 2026 to reflect impact of elevated fuel price and broader energy cost pressures 2. Consideration includes upfront payment (excludes potential deferred consideration) 3. Paringa completed July 2026
4. Based on Net Debt / EBITDA ratio of 2.30x vs June 2026 ratio of 2.1x and conservative target EBITDA multiple paid
All guidance
metrics met
Delivering
mid-single
digit organic
EBITDA growth
~$150m
capital
available for
further bolt-on
M&A
4
4
In-line with industry
Completed DC renewal
program
Delivered against all FY26 financial guidance metrics and Investor Day
growth priorities
Symbion & Healthcare
Distribution
Retail Pharmacy
Brands
Medical
Technology
Animal
Care
FY26 delivered
growth in line with
expectations
2
&
was supported by
disciplined capital
allocation across the
portfolio, focused on
achieving...
Mid-high single-digit
Expanded network and
healthcare services
High single-digit
Expanded therapy and
product portfolio
Mid-high single-digit
Expanded manufacturing
and innovation capability
1. FY26 Underlying EBITDA guidance updated on 22 April 2026 to reflect impact of elevated fuel price and broader energy cost pressures 2. Excluding the fuel impacts arising as a result of the Middle East Conflict, FX Translation impacts and FX impacts on
purchases
All FY26 guidance
metrics delivered
within range
1
EBITDA
$614m
Capex
$145m
D&A
$148m
Net finance costs
$119m
Leverage
2.1x
Delivered on every financial guidance metric
Healthcare segment
Animal Care segment
5
Underlying earnings remained resilient despite fuel and FX headwinds
1.Represents additional fuel impacts arising as a result of the Middle East Conflict
2.Represents FX Translation impacts and FX impacts on purchases
Underlying growth drivers delivered $51m EBITDA uplift, partly offset by $22m of external cost headwinds
EBOS Group Underlying EBITDA breakdown (A$m)
585
614
51
(5)
(17)
FY25Underlying GrowthFuel ImpactsFX ImpactsFY26
Healthcare:
7.7%(0.7%)(3.8%)3.2%
Animal Care:
16.0%(1.2%)(3.2%)11.6%
Group:
8.7%(0.8%)(2.9%)5.0%
✓EBITDA growth of 5.0% reflects the underlying
strength and diversification of the portfolio, with
Healthcare and Animal Care both delivering earnings
growth despite external headwinds
✓Underlying EBITDA growth of 8.7% reflected
continued demand across both Healthcare and
Animal Care, supplemented by our ongoing bolt-on
acquisition program
✓Fuel impact in final 4 months at lower end of
previous guidance, after operational and pricing
mitigations
•FX headwind reflects strengthening AUD against
several currencies which impacted translation ($9m)
and purchases ($8m) primarily in Medical Technology
✓FY27 guidance considers a likely range of both FX
& fuel impacts
21
6
DC renewal program complete;
Network now positioned to enable future growth & productivity
1. Warehouse productivity index (indexed to FY25) 2. Management forecasts 3. Capacity (Pallets) and utilisation based on current configuration (%)
...which has now positioned our assets to drive productivity
and growth without further investment
Capex peaked in FY26 following completion of major DC
renewal program....
89
98
118
146
145
FY22FY23FY24FY25FY26FY27F
Invested $360m over four years
to modernise the distribution network and systems, enhance service
capability and support future growth
FY27 capex expected to normalise to ~$100m,
focused on maintenance, productivity and growth
Materially lower capital intensity
improves free cash flow and returns
Future growth can largely be supported
within the existing network footprint
AU Contract Logistics
3
100%
Jun-23Jun-24Jun-25Jun-26
Utilisation (%)
Capacity (Pallets)
Pemulwuy (May-18)
Eastern Creek (Nov-23)
Perth (Jun-26)
Historical capex (A$m, excluding M&A)
Productivity improvement building as automation benefits are realised and
volume ramps through the network
Expanded network capacity provides a platform for future growth. New
Perth facility unlocks national contract logistics footprint from FY27
~100
100
120
130
FY25
(Greystanes)
CurrentFY27
Kemps Creek driving network productivity gains
1
~30% improvement
2
7
Premium chilled & fresh
pet food capability
Repeatable bolt-on acquisitions expanded capability and market positions
1. Capital deployed is based on enterprise value plus paid up deferred consideration. 2. Acquisition was completed July 2026
All transactions expected to deliver return on capital deployed
1
>15%, EBITDA and EPS accretion
In FY26 we deployed $121m
capital across
our M&A bolt-on program
Animal Care
2
MedTech
4
Retail Pharmacy
1
2
•Australian manufacturer of fresh, chilled
and cooked pet food products, operating a
2,500sqm facility in Sydney
•Unlocks entry into premium, higher
growth, higher margin chilled & fresh
formats, complementing existing branded
offerings of Black Hawk and VitaPet
•Fresh and chilled pet food represents a
large and growing addressable market,
supported by ongoing premiumisation trends
and increasing consumer focus on pet health,
nutrition and product quality
Scaled aesthetics and
reconstruction across SEA/HK
•Distributor of medical devices and
aesthetics across SEA/HK, including breast
implants
•Accelerated entry into regions high-
growth aesthetics sector, complementing
Transmedic’s existing portfolio
•Partners with hospitals, private clinics and
healthcare practitioners, providing solutions
for breast reconstruction and augmentation
H2 FY26
S&HD
(Consumables)
1
Healthcare results
9
Healthcare delivered resilient growth
FY26FY25Change
Revenue12,58011,5938.5%
GOR1,5001,4225.5%
Margin11.9%12.3%(40bps)
Opex(983)(922)6.7%
% of Revenue7.8%8.0%(20bps)
EBITDA5165003.2%
Margin4.1%4.3%(20bps)
Healthcare segment: Underlying results (A$m)
Underlying EBITDA (A$m)
441
468
500
516
76
80
FY23FY24FY25FY26
•Revenue increased 8.5% driven by growth in Community Pharmacy,
Hospital Medicines, Medical Technology and Contract Logistics, supported
by continued demand for GLP-1 and other high value medicines, network
expansion, and contributions from acquisitions
•GOR increased 5.5%, with margin reflecting ongoing mix shift toward
lower-margin, higher absolute GOR high-value medicines, including strong
GLP-1 demand
•Opex as a percentage of revenue improved 20 bps, with early operating
efficiencies emerging following completion of the DC network
•EBITDA increased 3.2%, reflecting broad-based growth across the
portfolio, partially offset by higher fuel costs and FX impacts, and softer
capital sales in SEA/HK
Medium to long-term industry trends have continued to shape our long-term financial performance
✓Ageing and growing populations, driving sustained long-term demand for
medicines and healthcare services
✓Rising healthcare expenditure, supported by government funding and
increasing chronic disease prevalence
✓Continued innovation and new therapies (e.g. high-value and specialty
medicines), expanding the value and volume of products distributed, including
demand for sophisticated distribution and cold-chain capability
✓Increasing role of pharmacy in primary care, expanding scope of practice and
health services
FY23-26
CAGR
(ex CWA)
+5.4%
ex CWA
CWA
10
Revenue (ex CWA)
4,724
5,293
5,574
6,4567,113
Symbion & Healthcare Distribution: strong demand and network
investment benefits emerging
1. GOR is the primary financial performance metric for Contract Logistics. Sales are predominately on a consignment basis and therefore revenue and GOR margin (%) are less relevant metrics for this division
Community Pharmacy:
Strong demand for GLP-1 and
high value medicines
Revenue (A$m), GOR (A$m) & margin (%)
•FY26 revenue and GOR increased by 10.2% and 4.3% respectively,
supported by strong demand for GLP-1 and high value medicines
•FY26 PBS share stable despite competitive intensity
•Kemps Creek DC productivity gains progressing well to date,
targeting a 30% uplift by FY27
•GOR margins lower and maintained between H1 and H2 of FY26,
demonstrating resilience despite growth of high value medicines and
competition
•Future GOR margins to be influenced by increased CSO funding,
ongoing product mix and competitive dynamics
GOR (ex CWA)
Hospital medicines,
consumables & other:
Resilient growth across all channels
•FY26 revenue increased by 4.3%,
reflecting a record sales result
within hospitals, and solid growth
from aged-care and healthcare
customers
•Solid contribution from medical
consumables, supported by new
customer wins
•Final wholesale DC site (Onelink,
Auckland) delivered
2,883
3,061
3,441
3,674
3,830
FY22FY23FY24FY25FY26
Revenue (A$m)
Contract Logistics:
Customer wins and capacity
expansion driving momentum
GOR
1
(A$m)
129
153
149
154
174
FY22FY23FY24FY25FY26
•GOR increased 13.1%, supported
by customer and capacity growth
•Strong Australian GOR growth
reflecting new principal wins and
growing demand for specialised
healthcare logistics solutions
•The new Perth facility now online,
establishing a national healthcare
logistics footprint, and providing
additional capacity to support future
customer growth
FY22-26
CAGR
(ex CWA)
+7.0%
468
530
549
588
613
100
116
128
0 .0 %
2 .0 %
4 .0 %
6 .0 %
8 .0 %
1 0.0%
1 2.0%
1 4.0%
1 6.0%
FY22FY23FY24FY25FY26
GOR %
8.8%8.8%8.7%9.1%8.6%
GOR (CWA)
11
•Total TWC network sales of $2.9bn, up 9.2% and like-
for-like sales up 7.6% and with total dispensary sales up
8.5% like-for-like, demonstrating continued growth
across the network despite a broadly stable TWC store
base
•Total network stores reached 780
1
, +86 vs LY.
Reflecting the addition of MediAdvice and other banner
group growth
•GLP-1 growth continued,although progressively
moderated as cyclinga higher base
•Maintained leadership in healthcare pharmacy
services through CareClinics and continued expansion
of scope of practice across the TWC network
•Scaled digital and loyalty ecosystem, driving
increased customer engagement and transaction
activity
•Expanded own brand and private label portfolio,
increasing the range and strengthening the value
proposition for customers
Retail Pharmacy Brands: Customer loyalty and digital investments
delivered strong earnings growth
1. Store counts includes TWC, MediAdvice (majority acquisition in FY26), Cincotta branded pharmacies, and unbranded pharmacies supported by the group. 2. Source Australian Immunisation Register – Influenza Data – 1 March to 28 June 2026
Key achievements and highlights in FY26
TWC’s flu
vaccination share
2
23%
Digital sales uplift in TWC online
channels
+33%
TWC’s CareClinic
health services delivered
1.2m
Network sales growth
of owned brand
+11%
12
•FY26 revenue of $706m, increasing 5.5% (up 8.4%
CCY
1
), reflecting solid contributions from organic led
growth and acquisitions, offset by FX headwinds and
softer capital sales
•ANZ delivered strong growth across several therapy
areas including neurosurgery, neurovascular intervention
and urology, supported by increasing procedure volumes,
professional education and surgeon engagement
•SEA/HK continued to expand, with strong growth
across key therapy areas including spine, orthopaedics,
cardiology and ophthalmology, partially offset by softer
capital activity cycling a strong prior period
•Biologics continued to build momentum, supported by
new product development & innovation into adjacent
procedures across gynaecology
•Completed four strategic acquisitions that expanded
therapy coverage and geographic reach, strengthening
positions across oncology, orthopaedics, plastics and
reconstruction and aesthetics
Medical Technology: Expanded therapies, regional presence and biologics
1. Based on a constant currency basis 2. Allovanceacellulardermalmatrix (ADM) through LifeHealthcare’s plastic and reconstruction channel 3. Including growth from entering new orthopaedic segment
Key achievements and highlights in FY26
New ADM
2
solution growth
>15%
New supplier
partnerships
18
Orthopaedics organic growth
in SEA/HK
3
>35%
Medical Technology continues to benefit from an ageing population and increasing per capita healthcare spend,
biologics innovation, and accretive bolt-on M&A
Animal Care results
13
14
Animal Care: Branded growth complemented by the addition of SVS
Animal Care segment: Underlying results (A$m)
Underlying EBITDA (A$m)
•Revenue increased 34.6% driven by wholesale expansion following the
acquisition of SVS and continued growth in the Lyppard business,
complemented by branded portfolio growth supported by new product
development led share gains
•GOR increased 13.1%, with margin reflecting a mix shift toward wholesale
following the inclusion of SVS, limiting comparability to the prior period
•Opex increased 15.1%, reflecting the expanded scale of the wholesale
business, integration of SVS, and continued investment in manufacturing
•EBITDA increased 11.6%, supported by strong revenue growth across
wholesale and branded businesses
•Completed two acquisitions, Next Generation Pet Foods and Paringa
1
,
that unlocked new high margin, high growth premium pet food categories
Animal Care has continued to outgrow the broader market, supported by structural tailwinds
✓Humanisation and premiumisation of pets, supporting demand for higher-
value products
✓Ageing pet population and rising preventative care, driving growth in vet
medicine spend
✓Growing demand for fresh, chilled and natural nutrition, supporting
premium format expansion
✓Resilient, non-discretionary spend characteristics, supporting Black Hawk
and VitaPet portfolio growth
FY22-FY26
CAGR
+14.6
%
80
99
112
124
138
-
20
40
60
80
1 00
1 20
1 40
1 60
FY22FY23FY24FY25FY26
FY26FY25Change
Revenue90767334.6%
Branded3573356.7%
Wholesale54933962.2%
GOR24321513.1%
Margin26.8%32.0%nm
Opex(105)(91)15.1%
% of Revenue11.6%13.6%nm
EBITDA13812411.6%
Margin15.3%18.4%nm
Acquired SVS
(wholesale margin
business)
1. Acquisition was completed July 2026
15
Growth momentum underpinned by new product development and
manufacturing capability
Hero Brands
Air-Dried
Meals/Topper
Freeze-Dried Dog
Dinners
Reward Format
Expansion
Grocery
Specialty
Innovative new offerings launched in last 12 months
High protein and
highly palatable
foods across base
& complementary
formats
Relaunched the core Freeze-
Dried and Air-Dried dinners
in USA, Singapore and other
markets
Expanded offerings across
reward and rawhide
alternatives
Freeze Dried
Treats
High Meat
Kibble
Wet Adult Dog
Pouches
Air-Dried Dog
Dinners
Rawhide Alternative Expansion
Limited Edition
Ranges
Paringa acquisition
to enable new
fresh range
Financial information
17
FY26 financial highlights
1
12.8%
20bps change vs prior
period, reflecting higher
capital base
ROCE
$13,487m
9.9% growth
Revenue
Guidance
delivered within range
$225m
4.7% growth
Underlying NPAT $250m
(3.1% decrease)
NPAT
2.1x
Remains within target range
of 1.7x to 2.3x
Leverage
3
109.8cps
0.1% growth
Underlying EPS 121.7cps
(7.3% decrease)
EPS
NZ 61.5 cps
4
Maintained
Payout ratio of 84.5%
Underlying NPAT
Dividend
$599m
7.8% growth
Underlying EBITDA
2
$614m
(+5.0% growth)
EBITDA
EBITDA
2
$614m
Capex$145m
D&A$148m
Net finance costs$119m
Leverage2.1x
1. Growth is FY26 Underlying compared to FY25 Underlying 2. FY26 Underlying EBITDA guidance updated on 22 April 2026 to reflect impact of elevated fuel price and broader energy cost pressures 3. Calculated in accordance with banking covenants and
excludes IFRS 16 lease impacts 4. The Final dividend will be Imputed to 20% and fully franked to 100% for New Zealand and Australian tax resident shareholders respectively
18
Key financials
1. Growth is FY26 Underlying compared to FY25 Underlying 2. Refer to page 28 for a reconciliation of Statutory to Underlying results
A$m
FY26FY25Var%
Underlying results
1
Revenue13,48712,2679.9%
GOR1,7431,6376.5%
Opex(1,129)(1,052)7.3%
Underlying EBITDA6145855.0%
Depreciation & Amortisation(148)(120)(23.5%)
EBIT4664650.2%
Net Finance Costs(119)(106)(12.1%)
Profit Before Tax346359(3.4%)
Net Profit After Tax250258(3.1%)
Earnings per share - cps121.7c131.3c(7.3%)
GOR margin (%)12.9%13.3%(40bps)
Underlying EBITDA (%)4.6%4.8%(20bps)
Statutory results
2
Revenue13,48712,2679.9%
EBITDA5995567.8%
EBIT4194092.4%
Profit Before Tax299302(1.0%)
Net Profit After Tax2252154.7%
Earnings per share - cps109.8c109.7c0.1%
A.Revenue increased 9.9%, driven by growth across Healthcare and Animal
Care, including contribution from acquisitions
B.Underlying EBITDA increased 5.0%, demonstrating resilient earnings
growth despite elevated fuel costs and FX headwinds. Margins were down
20bps reflecting product mix and competition within Community
Pharmacy
C.Underlying Depreciation & Amortisation increased by $28m,
reflecting completion of the $360m DC renewal program, underpins
future growth and productivity
D.Net Finance Costs increased by $13m,reflecting funding costs
associated with DC network investments and acquisitions
E.Underlying NPAT decreased 3.1%, reflecting the higher D&A and
financing costs associated with the investment cycle
F.Statutory NPAT increased 4.7%, reflecting lower-one off costs
compared with the prior period
A
B
C
D
E
F
19
Disciplined capital allocation supporting cash generation and returns
1. Payout is defined as % of Underlying NPAT 2. Net dividend payments 3. includes payments for deferred considerations
High-quality investments driving sustainable cash flow
improvement
Maintained dividends whilst completing the investment cycle
Productivity
driving
healthy cash
generation
Operating
cash flow
Net dividends
targeting 60-80%
payout ratio
1
Cash
returns
Debt servicing to
protect credit quality,
with 1.7-2.3x
leverage guardrails
Strong balance
sheet
Operational
stability
Maintenance
and safety
investment
Organic
investment &
acquisitions /
divestments
Growth
opportunities
Aligned with strategy,
and clearing strict
return hurdles
Allocation of capital in FY26
$145m
$121m
$128m
Shareholder
returns
2
Capex
M&A
3
FY26 payout slightly
above target range with
dividends per share
maintained through
the investment cycle
Leverage ratio of 2.1x,
reflecting peak of
investment cycle
Modest improvement in
TRIFR. Deployed capital
to support safety uplift
FY26 capex elevated in final year of
investment cycle
Reduced capital intensity in FY27 increases
available capital for growth investments
20
Strong liquidity with cash flow set to improve
1. Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts
•Leverage of 2.1x remains within the target range (1.7x to 2.3x), reflecting the peak of the
investment cycle
•Leverage expected to increase slightly in H1 FY27, due to the normal seasonal nature of cash
flows, H2 FY27 leverage expected to reduce (on a like-for-like basis)
•Significant capacity and headroom in facilities & covenants, with ~$726 million of undrawn
committed bank facilities
•Long-dated maturity profile, with a weighted average debt maturity of 3.1 years, up from
2.9 years as at June 2025
•Total Underlying interest cost on borrowings and leases of $119m (vs. $106m in FY25),
reflecting funding associated with the investment cycle and recent acquisitions
Debt maturity profile (A$m)
367
750
401
15
160
550
526
750
550
402
FY27FY28FY29FY30FY31+
DrawnUndrawn Capacity
860
767
1,019
918
1,079
1.9x
1.5x
1.9x
1.9x
2.1x
0 .0 0x
0 .5 0x
1 .0 0x
1 .5 0x
2 .0 0x
2 .5 0x
FY22FY23FY24FY25FY26
Net DebtLeverage ratio
Net debt (A$m) and Leverage ratio
1
21
Disciplined working capital management;
Capex peaked as investment cycle completed
1. Underlying Free Cash Flow excludes payments for one-off items 2. Refer glossary for net working capital definition; net working capital excludes interest-bearing receivables reclassified to other financial assets to align with their contractual
terms 3. Cash conversion days are calculated using 12-month average net working capital balances and 12-month total revenue / cost of sales 4. Excludes the $75m one-off CWA benefit
Working capital (A$m) & cash conversionFY26FY25Var$
Net working capital
2
Trade & other receivables1,6601,503(157)
Inventory1,3931,345(48)
Trade payables/other(2,712)(2,514)198
Total341334(7)
Cash conversion days
3
2020(0)
Cash flow (A$m)FY26FY25Var$
Underlying EBITDA61458529
Net interest(119)(106)(13)
Tax(77)(82)5
Net working capital & other movements(32)52(84)
Underlying cash flow before capex386448(62)
Capital expenditure(145)(146)1
Underlying Free Cash Flow (FCF)
1
241302(61)
One-off items (cash)(37)(29)(7)
Reported Free Cash Flow204273(69)
Reported Free Cash Flow (ex FY25 one-off CWA)204197
4
7
Net working capital well controlled; capex expected to moderate following
completion of the DC renewal program
Net working capital
2
•Increased just $7m, despite revenue growth of 10%, reflecting disciplined
working capital management and favourable timing of year end payments
•Cash conversion days stable at 20 days
Cash flow
•Underlying cash flow before capex of $386m, with the movement versus FY25
primarily reflecting:
-Prior period one-off working capital benefits due to the release of FY25
CWA working capital (~$75 million)
-Higher net interest costs associated with the investment cycle
Capital expenditure
•Capital expenditure of $145m broadly flat year-on-year, marking the
completion of the four-year DC renewal program
•Capex expected to reduce materially in FY27 to ~$100m, supporting stronger
free cash flow
Outlook
23
Execution of FY27 priorities supports mid single digit EBITDA growth,
stronger cash generation and improving returns
EBITDA
1
Capex
1. Based on Underlying EBITDA
D&A
Net finance
Execution of divisional priorities...
$635-655m
mid-single-digits organic EBITDA growth
~$100m
investment program complete
$152-162m
impact of prior investment,
growth H1 weighted
$138-148m
impact of prior investment,
growth H1 weighted
Symbion & Healthcare Distribution:
“Put capacity to work”
Retail Pharmacy Brands:
“Drive store dollars”
Medical Technology:
“Expand scope and reach”
Animal Care:
“New product & customer momentum”
...translates into clear FY27 outcomes
Opportunities for cross divisional synergies
24
The EBOS
value story
Investment cycle complete; divisional growth initiatives &
synergies now driving the next phase of value creation
Clear growth initiatives across all divisions supporting continued
EBITDA growth, despite cost pressures and competitive dynamics
Strong positions with structural advantages
EBOS has leading positions in essential care markets, leveraged to
favourable structural tailwinds, underpinned by scale-driven
productivity and advantaged partnerships
Care portfolio focused on higher-growth, higher-return
businesses
EBOS has redeployed ~$2B of capital in the last 5 years to high-
growth businesses, including Medical Technology and Animal Care
Disciplined value creation
Together, the EBOS Group creates value through a focus on returns,
disciplined capital allocation, and repeatable M&A
~85% of our Group
EBITDA is from
businesses in #1 or
#2 positions
~$150m capital
available
2
for
future growth
investments
Our proof points
Higher-growth
businesses, including
Animal Care,
MedTech and RPB
now >70% of Group
EBITDA
1
Guiding to mid
single digit EBITDA
growth in FY27
1. Also includes high-growth businesses, e.g. in Contract Logistics and Medical Consumables
2. Based on Net Debt / EBITDA ratio of 2.30x vs June 2026 ratio of 2.1x and conservative target EBITDA multiple paid
Appendix
26
Segment information
First HalfSecond HalfFull Year
RevenueGORRevenueGORRevenueGOR
$mFY26FY25Var%FY26FY25Var%FY26FY25Var%FY26FY25Var%FY26FY25Var%FY26FY25Var%
Healthcare
Community Pharmacy3,6103,14414.8%3102887.5%3,5033,3125.8%3032991.2%7,1136,45610.2%6135884.3%
Institutional Healthcare2,2312,1573.4%3493305.8%2,3052,1855.5%3643513.9%4,5364,3424.5%7136804.8%
Medicines, consumables and other1,8931,8562.0% 1,9371,8176.6%3,8303,6744.3%
Medical Technology33730112.1%3683680.1%7066695.5%
Contract Logistics59649221.1%867513.5%57551411.9%887812.6%1,1721,00716.4%17415413.1%
Sales eliminations(120)(107)(12.7%)(119)(105)(13.4%)(240)(212)(13.1%)
Total6,3175,68711.1%7446947.3%6,2635,9066.0%7557283.7%12,58011,5938.5%1,5001,4225.5%
Animal Care
Branded1771675.8%1801677.6%3573356.7%
Wholesale274137100.3%27620236.4%54933962.2%
Total45130448.3%12410617.0%45636923.4%1201099.4%90767334.6%24321513.1%
EBOS Group
Total6,7685,99113.0%8687998.6%6,7196,2757.1%8758384.4%13,48712,2679.9%1,7431,6376.5%
27
Healthcare segment EBITDA by region
$mFY26FY25Change
Healthcare segment
Revenue12,58011,5938.5%
Underlying EBITDA5165003.2%
Margin4.1%4.3%(20bps)
Australia
Revenue9,6798,9588.0%
Underlying EBITDA4243976.7%
Margin4.4%4.4%0bps
New Zealand & Southeast Asia
Revenue2,9012,63510.1%
Underlying EBITDA92103(10.1%)
Margin3.2%3.9%(70bps)
28
Reconciliation of statutory to Underlying results
FY26FY25
$mRevenueEBITDAEBITPBTNPATRevenueEBITDAEBITPBTNPAT
Statutory result13,48759941929922512,267556409302215
M&A transaction costs- 5554- 11111110
Restructuring & site transition costs- 36363624- 18181813
Net gain on acquisition related activities- (26)(26)(26)(26)- - - - -
PPA amortisation (non-cash)- - 323222- - 272719
Total Underlying earnings adjustments- 15474724- 29565642
Underlying result13,48761446634625012,267585465359258
•FY26 and FY25 Underlying earnings exclude one-off M&A transaction costs, non-recurring restructuring and site transition costs, net gain on acquisition
related activities and the amortisation (non-cash) expense attributable to acquisition PPA of finite life intangible assets
29
Segment EBITDA and EBIT reconciliation
EBITDAEBIT
$mFY26FY25Var %FY26FY25Var%
Healthcare
Statutory5044726.8%3443391.3%
Add M&A transaction costs510510
Add Restructuring & site transition costs33183318
Net gain on acquisition related activities(26)- (26)-
Add PPA amortisation (non-cash) - - 2927
Total Underlying earnings adjustments12284155
Underlying result5165003.2%385394(2.3%)
Animal Care
Statutory13512310.1%1171106.5%
Add M&A transaction costs1111
Add Restructuring & site transition costs3- 3-
Add PPA amortisation (non-cash) - - 2-
Total Underlying earnings adjustments3161
Underlying result13812411.6%12211110.3%
Corporate
Statutory(41)(39)(4.0%)(42)(40)(4.1%)
EBOS Group
Statutory5995567.8%4194092.4%
Add M&A transaction costs511511
Add Restructuring & site transition costs36183618
Net gain on acquisition related activities(26)- (26)-
Add PPA amortisation (non-cash) - - 3227
Total Underlying earnings adjustments15294756
Underlying result6145855.0%4664650.2%
30
Glossary of terms and measures
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 Expenditure (Opex)Operating 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 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:
---
Annual
Report 2026
EBOS Annual Report 2026 FY26 HighlightsEBOS Annual Report 2026 FY26 Highlights
23
Summary of Results 4
Our Businesses 6
Care, Productivity, Partnership 7
Chair Letter 8
CEO Report 10
Symbion & Healthcare Distribution Highlights 14
Retail Pharmacy Brands Highlights 16
Medical Technology Highlights 18
Animal Care Highlights 20
Sustainability 22
Our People 26
Our Board 28
Financial Summary 30
Financial Report 32
Auditor’s Report 34
Financial Statements 38
Corporate Governance 102
Remuneration Overview 106
Directors’ Interests and Disclosures 122
Directory 128
Contents
3
Our Purpose
Connecting people, pets and
communities to outstanding
care, anywhere
Our Vision
Provide the best healthcare
and animal care products and
solutions through a growing
portfolio of trusted businesses
Acknowledgement of Country and Traditional Owners
EBOS acknowledges First Nations people’s
connections to land, water and community
across New Zealand, Australia, Southeast Asia
and Hong Kong. We pay our respects to ancestors,
and to Elders past and present.
EBOS Annual Report 2026 FY26 HighlightsEBOS Annual Report 2026 FY26 Highlights
4545
Data based on gross operating revenue, which comprises revenue less cost of sales
Segment and Divisional Earnings Overview
Summary of Results
$13.5bNZ 118.5c
revenue
+ 10% increase
total dividends per share
maintained
109.8c
earnings per share
+ 0.1% increase
$225.2m
net profit after tax
+ 4.7% increase
EBOS Annual Report 2026 Summary of Results
Animal
Care 14%
Healthcare
86%
Segment
Distribution
Pharmacy
35%
Institutional
Healthcare
41%
Animal
Care
14%
Contract
Logistics
10%
Divisional
Distribution
Financial highlights
Australia
76%
NZ and
Southeast
Asia 24%
NZ and
Southeast
Asia 23%
Australia
77%
5
EBOS Annual Report 2026 Summary of Results
FY26 highlights
8,600+10 million+
98,000+
233 million+
100,000+
4.3 million+
suppliersorders delivered
product lines
units of prescription medications
supplied to pharmacies and hospitals
customers
medical devices supplied for use in
patient surgery and treatment
98,000
native trees and
shrubs planted
22,092
tonnes of carbon
sequestered with
Greenfleet
12,970
shareholders
Our people highlights
61%
Australia
17%
Southeast
Asia
<1%
United
States
21%
New
Zealand
45%
male
6,200+
employees
<1%
non-
binary
54%
female
RevenueEBITDA
RegionGender
EBOS Annual Report 2026 Our BusinessesEBOS Annual Report 2026 Care, Productivity, Partnership
67
Care, Productivity, PartnershipOur Businesses
From remote rural towns to global cities,
in times of emergency and when
experience matters, we aim to be there -
keeping essential products moving,
and backing better outcomes for millions.
Whether it’s packing medicines for a sick
child, feeding a playful pet or supplying a
life-changing surgical implant, the
common thread that guides us is simple:
to connect people, pets and communities to
outstanding care, anywhere.
Behind our commitment to care is a
determination to operate more efficiently
and purposefully, and to leverage our scale,
expertise and deep partnerships to create
value and drive meaningful change.
We don’t stand still, or shy away
from challenges.
We seek to continually adapt and invest
in the capabilities of our businesses and
people to respond to market conditions
and changes in consumer behaviour.
We embrace innovation while staying true
to the high standard of customer service
that has been a pillar of our sustained
success for more than a century.
Through our union of care, productivity
and partnership, we aim to deliver the
best healthcare and animal care products,
services, and solutions today and ensure
we are positioned for what’s next.
At EBOS Group, our portfolio of businesses is built on the trusted role our
6,200+ people play in supporting the health and wellbeing of people and
pets across Australia, New Zealand, Southeast Asia and Hong Kong.
Connecting
people, pets and
communities
to outstanding care,
anywhere.
Symbion & Healthcare Distribution
Retail Pharmacy Brands
Medical Technology
Animal Care
EBOS Annual Report 2026 Chair LetterEBOS Annual Report 2026 Chair Letter
89
Chair Letter
Dear fellow shareholders,
In this past year, EBOS took the
opportunity to refresh our strategic
direction, sharpening our focus on the
higher-growth, higher-return segments of
Healthcare and Animal Care and laying the
foundations for the Group's next phase of
long-term growth.
This evolution has been deliberate and
disciplined. Over recent years we have
deployed significant capital into the
areas where EBOS holds – or can build –
strong positions: expanding our Medical
Technology business, including through
targeted investments in Southeast Asia;
supporting the growth of our branded
and connected pharmacy networks; and
completing the four-year distribution
centre renewal program that will underpin
the productivity of our core healthcare
distribution operations for years to come.
Our strategy was tested during the
year against evolving macroeconomic
conditions and heightened competition
in a number of our markets. Despite these
pressures, EBOS again demonstrated the
resilience of its diversified model and the
durability of the markets we operate in.
At its core, EBOS is built on a clear and
repeatable model grounded in care,
productivity and partnership. These
principles define how we operate, how we
allocate capital and how we create value
– delivering critical products and services
to the customers and communities
who depend on us, while generating
sustainable returns for shareholders.
Performance Overview and
Portfolio Evolution
Over the past decade, EBOS has delivered
approximately 10% compound annual
EBITDA growth, supported by a balanced
contribution from organic expansion
and disciplined acquisitions. We have
complemented this with a strong capital
allocation framework, delivering attractive
returns from bolt-on investments while
maintaining a consistent dividend payout
ratio of 60–80% of underlying NPAT.
We have also deliberately redeployed
capital to sectors with stronger growth
characteristics, higher margins and
clearer pathways to value creation and
FY26 marked continued progress in
delivering a diversified, higher-quality,
higher-return portfolio.
Today, more than 70% of Group EBITDA
is generated from businesses positioned
in these attractive segments, including
Medical Technology, Animal Care, Retail
Pharmacy Brands and the higher-
growth components of Healthcare
such as Contract Logistics and Medical
Consumables.
While Symbion & Healthcare Distribution
remains a critical foundation for EBOS –
providing stable, cash-generative earnings
– it is complemented by increasing
exposure to growth-oriented businesses
that enhance both portfolio quality and
long-term shareholder returns. This shift
has been demonstrated in FY26:
• Symbion & Healthcare Distribution
delivered solid performance, supported
by underlying demand and continued
investment in infrastructure and
efficiency;
• Retail Pharmacy Brands strengthened its
position as Australia’s leading community
pharmacy network, expanding both scale
and capability;
• Medical Technology continued to grow,
reinforcing its role as a high-growth
division and a key driver of portfolio
evolution;
• Animal Care again delivered strong
performance, supported by premium
brands, manufacturing capability and
structural growth trends.
Our balance sheet remains robust, and
strong operating cash flows continue to
support both reinvestment and disciplined
capital returns.
Sustainability, Community and a
Safe and Inclusive Workplace
During the year, we advanced our climate-
related disclosures, with a refreshed
view of our climate-related risks and
opportunities, and potential impacts,
which we will report as part of our Climate
Statement later in the year.
We continued our targeted investments
in renewable energy and efficiency.
Additional rooftop solar installations
contributed to increased renewable
electricity generation, while work
progressed on the installations of two
large-scale ground-mounted solar arrays
at our Parkes facility. The Group continued
to monitor electricity demand, including
the impact of growth on our targets,
and explore opportunities to expand
renewable energy use at other sites.
This year we further strengthened our
long-standing relationship with Greenfleet,
increasing our financial contribution
and continuing to support large-scale
reforestation efforts across Australia
and New Zealand. Our dedicated South
Gippsland project is transforming a former
dairy property into a biodiverse native
forest, with progress achieved through
extensive planting and land restoration
activities. Early indicators show positive
ecological outcomes, including the return
of native wildlife, alongside long-term
carbon sequestration potential.
Creating an inclusive and supportive
workplace remains a key priority. During
the year, we refreshed our Diversity,
Equity & Inclusion policy to ensure strong
alignment with our broader strategy and
evolving regulatory expectations. We
also introduced new training initiatives,
including our Respect at Work module,
equipping employees with practical tools
to foster a safe, respectful and inclusive
culture across the Group.
The health, safety and wellbeing
of our people is a core value and
continues to underpin our operations.
We strengthened and continued our
investment in safeguards within our
warehouse environments through targeted
engineering improvements and continued
the rollout of the EBOS Life Savers
program, providing a consistent framework
to manage critical risks. Proactive and
regular engagement activity continued
via safety leadership walks which support
a positive and collaborative health and
safety culture. This focus is reinforced
daily through our “Safety Matters” mantra
and recognition programs that celebrate
contributions to physical, psychological,
and digital safety, supporting our
commitment that every employee works
safe to return home safe.
Beyond our operations, we remain
committed to making a positive
contribution to the communities we
serve. Across the Group, our businesses
continued to support meaningful
partnerships and initiatives, including
fundraising efforts and in-kind
contributions that improve health and
wellbeing outcomes for people and
communities.
Final Dividend
The Directors have declared a final
dividend of NZ 61.5 cents per share,
reflecting the Board’s confidence in the
Group’s earnings resilience, cash flow
generation and long-term growth outlook.
This brings the full-year dividend to
NZ 118.5 cents per share, representing a
payout ratio of 84.5% of underlying NPAT.
The Dividend Reinvestment Plan (DRP)
will be in operation for the final dividend.
Eligible shareholders will have the
opportunity to receive shares in lieu of
cash at a discount of 2.0% to the volume
weighted average share price (VWAP).
The record date for the dividend is
28 August 2026, with payment to be made
on 18 September 2026.
The dividend will be imputed to 20% for
New Zealand tax resident shareholders
and fully franked for Australian tax
resident shareholders.
We are proud of what EBOS has achieved in
FY26 and confident in our strategy setting
us up to capitalise on opportunities ahead.
On behalf of the Board, I’d like to thank
our CEO Adam Hall, the leadership team
and all of EBOS’ valued employees for
their ongoing dedication as well as our
customers and partners for their trust,
and our shareholders for their continued
support.
Together, we will continue to build a
stronger, more resilient EBOS – delivering
meaningful outcomes for the communities
we serve.
Elizabeth Coutts
Chair
Together, we will
continue to build a
stronger, more resilient
EBOS – delivering
meaningful outcomes
for the communities
we serve.
EBOS Annual Report 2026 CEO Report
CEO Report
EBOS Annual Report 2026 CEO Report
The Retail Pharmacy
Brands division
continues to strengthen
its position as a
leading community
pharmacy network,
with a growing focus
on healthcare services,
digital engagement and
customer experience.
Our business is a scaled portfolio across
four divisions, each a leader in their
field, with two reporting segments being:
Healthcare, which encompasses Symbion
& Healthcare Distribution, Retail Pharmacy
Brands and Medical Technology; and
Animal Care, which includes pet care
product manufacturing and retailing,
and veterinary wholesale distribution.
A Scaled Portfolio in Structurally
Attractive Markets
EBOS’ Healthcare and Animal Care
sectors are characterised by essential,
non-discretionary demand and supported
by long-term structural tailwinds.
In Healthcare, ageing populations,
increasing chronic disease burden and
rising healthcare expenditure continue
to drive demand for medicines, medical
technologies and community-based
health services. In Australia, for example,
pharmaceutical benefits scheme (PBS)
expenditure continues to grow, supported
by both volume and innovation in therapies.
Similarly, the role of community pharmacy
is evolving, with expanded scope of
practice enabling pharmacists to play a
more significant role in primary healthcare
delivery. This is increasing both service
demand and the strategic importance of
our Retail Pharmacy Brands division.
EBOS Medical Technology, a high-growth
division and a key driver in the evolution
of our portfolio into higher growth, higher
return sectors, delivered strong growth
through both organic expansion and
acquisitions, further strengthening its
position as a diversified, multi-geography
provider of surgical and interventional
solutions.
In Animal Care, growth continues to be
driven by long-term trends including the
humanisation of pets, rising pet and cat
ownership, and premiumisation of nutrition.
These are enduring shifts in consumer
behaviour, not cyclical dynamics.
Strategy in Action: Care, Productivity
and Partnership
The EBOS model – care, productivity
and partnership – is not academic. It is
reflected in the way each division operates
and in the outcomes we deliver.
Care is central to our purpose. Whether
supporting a pharmacist serving their
local community, enabling a surgeon
with advanced medical technologies
or providing high-quality nutrition for
pets, our products and services directly
contribute to improved outcomes for
people and animals across these growing
markets.
Productivity reflects our focus on scale,
efficiency and operational excellence.
Across EBOS, we continue to invest
in infrastructure, automation, digital
capability and manufacturing to improve
performance, leverage our competitive
advantage and create capacity for future
growth.
Partnership defines how we work.
Our long-standing relationships with
customers, suppliers, healthcare providers
and veterinary professionals are also a
critical competitive advantage. These
partnerships enable us to create value
beyond transactional relationships and
compete on reliability, integration and
service – not just price and together we
identify and seize real opportunities.
These principles underpin a model that
is both resilient and scalable, supporting
consistent delivery over time.
Symbion & Healthcare Distribution
The Symbion & Healthcare Distribution
division remains fundamental to
healthcare delivery in Australia and
New Zealand, connecting patients and
providers to essential medicines and
medical products through a highly
integrated supply chain.
FY26 marked the completion of a major
multi-year infrastructure investment
program across the division. In October,
Symbion's new pharmacy wholesale
distribution centre at Kemps Creek in
Sydney commenced operations. This site
has been designed to enhance service
efficiency, expand capacity to support
future growth and improve operational
performance through automation. Already
this facility is more than 20% more efficient
than the former site.
I am pleased to report on the
activity across EBOS in the 2026
financial year which saw the Group
deliver strong revenue growth
across our diversified portfolio of
businesses.
Another significant milestone was
the commencement of operations
at Healthcare Logistics’ (HCL) new
pharmaceutical-grade facility in Perth.
This strategically located site, the first for
HCL on the western seaboard, enhances
our national distribution network and
provides advanced temperature-
controlled capabilities to support the
growing complexity of pharmaceutical
supply chains. Purpose-built infrastructure
– including direct cold chain transfer
capability – ensures product integrity
while improving efficiency and resilience
across the network.
These investments are long-term in
nature, designed to deliver both increased
capacity and long-term productivity gains.
With useful lives of approximately 15 years,
they position the network to support future
growth while improving efficiency.
The division’s scale, infrastructure and
long-standing relationships underpin its
resilience in a competitive environment.
Our position is further supported by
higher-growth segments such as Contract
Logistics and Medical Consumables which
provide additional pathways for earnings
expansion.
Retail Pharmacy Brands
The Retail Pharmacy Brands division
continues to strengthen its position as a
leading community pharmacy network,
with a growing focus on healthcare
services, digital engagement and
customer experience.
During FY26, the network expanded to
more than 780 pharmacies across its three
banners. This growth reflects both organic
expansion and continued demand for
integrated retail and healthcare solutions.
TerryWhite Chemmart (TWC) remains the
flagship brand and continues to lead the
market in health services delivery. Network
growth, combined with strong same-
store sales performance, has been driven
by increasing demand for accessible,
community-based healthcare.
A key highlight for the year was the
expansion of TWC’s CareClinic services
and the continued growth in pharmacist-
delivered clinical services. Increasing
participation in full scope of practice
demonstrates a structural shift in
community pharmacy, with pharmacists
playing a more active role in primary care
delivery. This positions the network to
support improved healthcare access and
outcomes, particularly in underserved
communities.
1011
EBOS Annual Report 2026 CEO ReportEBOS Annual Report 2026 CEO Report
Adam Hall
Chief Executive Officer
CEO Report
Digital and data capability continued
to advance significantly. The TWC
app processed more than 1.7 million
transactions during the year, reflecting
growing consumer adoption of digital
health solutions. The Rewards Plus
program also continued to expand,
approaching 3 million members and
strengthening customer engagement
across the network.
Retail media capability emerged as
an additional growth platform, with
the rollout of digital screens and the
expansion of TWC Connect providing new
opportunities for targeted engagement
and commercialisation.
The division also strengthened its broader
platform through the majority acquisition
of MediADVICE, enhancing its capability in
community care services and creating a
pathway for further network expansion.
Investments in pharmacy management
systems, including Minfos and Intellipharm,
continue to enhance operational efficiency
and provide valuable insights to support
better decision-making at both store and
network levels.
Collectively, these initiatives reinforce
Retail Pharmacy Brands’ position as a
scaled, integrated platform capable of
delivering both healthcare outcomes and
commercial growth.
Medical Technology
Medical Technology delivered another year
of growth in FY26 reflecting a combination
of organic growth and contributions from
acquisitions. Growth was supported by
expanding therapy participation across
New Zealand, Australia and Southeast Asia
increasing procedure volumes, continued
innovation in biologics, and the successful
execution of the Group's disciplined
acquisition strategy.
Operating across New Zealand, Australia,
Southeast Asia and Hong Kong, the
division now supports more than 4,500
hospitals and clinics and maintains
relationships with over 400 supply
partners. Its diversified model provides
exposure to multiple high-growth
therapy areas including orthopaedics,
cardiovascular, oncology, and surgical
specialties.
In New Zealand and Australia,
LifeHealthcare continued to expand its
therapeutic footprint through targeted
acquisitions, including Precision Surgical
and AlphaXRT. These acquisitions extend
the division’s capabilities into spine
surgery and radiation oncology, further
strengthening its position in specialised
healthcare markets.
Transmedic, the division’s Southeast Asia
platform, maintained strong momentum
throughout FY26. The business continued
to expand its presence in established
markets while entering new therapy areas
such as neurovascular intervention.
The integration of recent acquisitions has
enhanced its offering and strengthened its
position as a leading regional distributor.
A key area of innovation remains biologics
manufacturing through Australian
Biotechnologies. The successful launch
and adoption of our Allovance Acellular
Dermal Matrix, a non-irradiated, chemical-
free biological tissue graft, highlights the
division’s capability to deliver advanced
regenerative solutions that improve
patient outcomes. Continued investment
in product development is expected to
support further growth across existing and
new therapy areas.
Medical Technology will remain focused
on expanding access to new technologies,
extending into adjacent therapy
categories, growing biologics participation
and increasing geographic coverage
through both organic growth initiatives
and targeted acquisitions. These priorities
are expected to support continued
earnings growth and further strengthen
the division's market position across the
Asia-Pacific region.
Animal Care
Our Animal Care division delivered
another strong performance in FY26,
underpinned by its leading brand portfolio,
manufacturing capability and exposure to
attractive market dynamics.
The division operates across veterinary
wholesale and premium pet nutrition,
combining a capital-efficient distribution
model with vertically integrated
manufacturing.
Key strengths include:
• Leadership in veterinary wholesale
across Australia and New Zealand
• A differentiated portfolio of premium
brands, including Black Hawk and Kiwi
Kitchens
• An integrated manufacturing network
that supports both efficiency and
innovation
Manufacturing productivity has improved
materially in recent years, enabling greater
scale, reduced unit costs and enhanced
flexibility in product development.
Innovation remains a central driver of
growth. The expansion of product formats
– including freeze-dried, high-protein and
functional nutrition – reflects evolving
consumer preferences and supports
premium positioning.
EBOS completed acquisitions that
expanded its capability in high-growth
premium pet food categories, including
fresh and chilled pet food. The acquisition
of Next Generation Pet Foods and Paringa
1
unlocked new high margin, high growth
premium pet food categories.
International expansion represents
another growth opportunity. Early success
in the United States, including strong
traction for Kiwi Kitchens, highlights the
global potential of high-quality,
New Zealand-sourced pet nutrition.
The division also continues to benefit from
long-term structural trends, including
increasing cat ownership, premiumisation
and the humanisation of pets. These
trends are expected to continue to support
growth over the medium to long term.
Outlook
EBOS expects to deliver continued
earnings growth in FY27, supported by
the execution of clear divisional priorities
across the Group and favourable
underlying market dynamics.
The Group is targeting Underlying EBITDA
of $635 to $655 million, reflecting mid-
single-digit organic EBITDA growth, driven
by increased network utilisation and
productivity across Symbion & Healthcare
Distribution, expansion of pharmacy
earnings and digital initiatives within Retail
Pharmacy Brands, continued therapy
and geographic expansion in Medical
Technology, and product range expansion
and premiumisation within Animal Care.
In addition, the Group has capital available
to continue its disciplined approach to
bolt-on acquisitions which has been a
hallmark of the Group’s growth, with a 16%
average return on capital deployed.
While there are cost pressures and
competitive dynamics in wholesale
pharmacy – the Group remains well
positioned to navigate this environment.
With the completion of the major
infrastructure investment cycle, the focus
now shifts across each of our four divisions to:
• Symbion & Healthcare Distribution:
“Put capacity to work”
• Retail Pharmacy Brands:
“Drive store dollars”
• Medical Technology:
“Expand scope and reach”
• Animal Care:
“New product & customer momentum”
These priorities, combined with our
diversified portfolio and strong market
positions, provide confidence in our ability
to deliver sustainable growth.
I thank the Board and our Enterprise
Leadership Team for their ongoing
support and acknowledge and thank
our team of more than 6,200 employees
across New Zealand, Australia, Southeast
Asia and Hong Kong – together we are
committed to safety, care, productivity
and partnerships.
These priorities,
combined with our
diversified portfolio and
strong market positions,
provide confidence in
our ability to deliver
sustainable growth.
1312
1
The acquisition of Paringa Pet Foods Pty Ltd was completed on 31 July 2026.
EBOS Annual Report 2026 FY26 HighlightsEBOS Annual Report 2026 FY26 Highlights
1415
Symbion &
Healthcare
Distribution
Highlights
The Symbion & Healthcare
Distribution division plays a critical
role across the healthcare systems
of Australia and New Zealand by
connecting communities to care.
Spanning pharmacy and hospital
wholesaling, contract logistics,
medical consumables, outsourced
pharmacy services and healthcare
partnerships, the division helps
patients access the medicines and
other healthcare related products
they need, through long standing
partnerships with community
pharmacies, hospitals, primary
care providers, government
agencies and manufacturers.
Healthcare Logistics Perth
Healthcare Logistics (HCL) is a specialised
contract logistics provider supporting
global and local pharmaceutical, medical
device and healthcare consumable
manufacturers across Australia and New
Zealand, delivering compliant, reliable and
quality-driven supply chain solutions.
In June 2026, HCL commenced operations
in a new pharmaceutical-grade warehouse
in Perth, Western Australia, further
strengthening its national infrastructure
and network capability.
Strategically located within five kilometres
of Perth Airport and in close proximity to
major pharmaceutical wholesalers, the
facility enhances HCL’s distribution reach
and supports efficient access to markets
across Australia.
The site has capacity for both ambient
temperature-controlled and refrigerated
pallets.
Purpose-built infrastructure, including
a recessed dock for direct transfer of
temperature-sensitive products from
refrigerated vehicles into controlled
environments, underpins product integrity
and operational precision.
The facility has been designed with
sustainability and resilience in mind,
incorporating water recycling, solar power
generation and on-site backup power
systems to support continuity of operations.
Business wins
The modernisation and expansion of
our distribution network, supported by
enhanced customer service and supply
chain capabilities, underpinned strong
momentum in securing new accounts and
retaining existing customers.
This progress was evident throughout FY26
across our pharmacy wholesale, contract
logistics and institutional healthcare
businesses, where our leadership positions,
increased scale, enhanced capability and
strong supplier relationships translated into
new business opportunities and sustained
growth.
Continued investment in our 3PL/4PL
and cold-chain infrastructure, alongside
targeted bolt-on acquisitions in medical
consumables, provide a strong platform to
further leverage these high-growth sectors.
Distribution excellence
For a decade, EBOS Medical Consumables
has been a proud distribution partner
of MESI Medical, delivering integrated
diagnostic solutions across Australia and
New Zealand.
In recognition of this partnership, EBOS
Medical Consumables was recognised as
MESI Medical’s Best International Partner
at its annual conference, reflecting the
strength of the collaboration. EBOS
Medical Consumables’ management
was also recognised for overseeing the
activation of more than 1000 MESI mTablet
systems in the Australian market.
EBOS Annual Report 2026 Symbion & Healthcare Distribution Highlights
14
Productivity
In October, EBOS Group opened its
new Symbion pharmacy wholesale
distribution centre at Kemps Creek in
Sydney, NSW marking the completion
of the sixth facility delivered under
the Group’s four-year, distribution
centre renewal program.
Located 40 kilometres west of the
Sydney CBD, the site has been
designed to enhance service efficiency,
expand capacity to support future
growth and improve operational
performance through automation.
With 30,000m
2
of warehouse capacity,
it is one of the most technologically
advanced and automated pharmacy
wholesale distribution centres in
Australia.
The distribution centre also supports
EBOS Group’s sustainability objectives
through investment in energy resilience
and renewable energy.
The site includes three 760kW
biodiesel generators, a 669kW battery
system and a 1.75MW rooftop solar
array – the largest rooftop installation
of its kind in the EBOS network.
15
Symbion Kemps Creek
1,400+ NSW customers
1.5 million+ orders delivered monthly
16,500 product lines
Scan the QR code to see inside our
Symbion Kemps Creek distribution centre.
EBOS Annual Report 2026 FY26 Highlights
1617
Retail Pharmacy Brands
Highlights
The Retail Pharmacy Brands (RPB) division comprises 780 pharmacies
across three banners representing over 13 per cent of Australia’s
community pharmacies.
Anchored by flagship brand TerryWhite Chemmart (TWC), the network
continued to lead and grow through ongoing investments in clinical
care, retail experience, and customer support.
TerryWhite Chemmart
TerryWhite Chemmart continued to
cement its position as Australia’s leading
health services focused pharmacy
network. In FY26, the network recorded
growth of 9.2 per cent, driven through
key health categories including pain
relief, skin care and digestive health. This
refl
ects a focus on value, convenience
and health-led differentiation.
The TWC network maintained its
leadership position in the delivery of
vaccinations at community pharmacies,
with approximatel
y 990,000 vaccinations
administered and continued expansion
of CareClinic services. Participation in
f
ull scope of practice continues to
accelerate, with TWC graduates
representing 40 per cent of pharmacist
practitioner graduates across Australia.
TWC continued to build on its
longstanding partnership with Ovarian
Cancer Australia, with the entire network
supporting awareness, fundraising and
education throughout FY26. Together,
more than $369,000 was raised to help
improve outcomes for women and
families impacted by ovarian cancer.
Supporting TWC’s clinical excellence
was continued investment in technology,
data and digital capability.
The TWC app processed 1.7 million
o
rders over the financial year, a 37 per
cent lift on the previous year. The TWC
REWARDSPlus program continued to offer
grea
t value to loyal customers with the
pro
gram approaching 3 million members
in FY26.
Growth in onsite and offsite media assets
continued to drive TWC Connect’s
momentum as a scaled, health-powered
retail media network, enabling more
targeted engagement and strengthening
value.
Our retail media capability also
continued to advance, with over
200 digital screens now live across
100+ pharmacies and a further 200
screens in the deployment pipeline.
RPB Growth
The division further strengthened its
presence in providing quality retail
pharmacy services with the majority
acquisition of MediADVICE, a pharmacy
services business supporting a network
of approximately 80 pharmacies across
Australia.
We continued with targeted investments
in our Cincotta Discount Chemist
business, which supports 71 stores,
through improved product ranging,
pricing execution and customer
experience.
As our pharmacy networks grow,
the ability to extend platform capabilities
across retail media, digital engagement
and data, will further enhance reach,
relevance and partner value across
the division.
Our pharmacy management software
Minfos, used by 930+ pharmacies, and
data and insights platform Intellipharm,
continued to support greater efficiencies
for customers, ensuring they can make
more informed decisions at a store and
network level.
With leading brands connected through
shared technology, data and digital
infrastructure, the division is well
positioned to expand its reach and
capture the opportunities emerging
across community pharmacy.
EBOS Annual Report 2026 Retail Pharmacy Brand Highlights
Care
For patients facing serious or life-
threatening illnesses, the availability
of treatment can be a barrier even
when the clinical need is urgent.
TWC is helping hundreds of Australians
to overcome this challenge as the
pharmacy partner for a leading
pharmaceutical manufacturer’s direct-
to-patient private prescription program.
Under the program, patients, who
have been prescribed an eligible
non-PBS medicine by their doctor,
can seamlessly order and pay for the
product via the TWC app.
Launched in February 2025, the private
prescription program, supports continuity
of treatment for Australian patients
while long-term funding pathways,
including PBS eligibility are resolved.
The service also aims to support many
patients, including non-residents,
tourists and international students, who
cannot access medicines via the PBS.
Using a digital workflow to centralise
patient eligibility, approvals and
reporting, the program frees up
pharmacists to focus on clinical care,
counselling and patient support.
Since the program launched, hundreds
of patients relying on medicines
have been supported.
The program reflects a shared
commitment to improving access and
outcomes, combining pharmaceutical
expertise with TWC’s national network
and integrated digital infrastructure.
17
"At the heart of this program is a
simple goal − to ensure patients
can continue accessing critical
treatment without interruption,
regardless of their circumstances."
Brenton Hart, TerryWhite Chemmart Chief Pharmacist
TWC supports access to
life-changing medicines
Scan the QR to see inside TWC's flagship
pharmacy in Tewantin, Queensland.
EBOS Annual Report 2026 Medical Technology Highlights
1819
Australia and New Zealand distribution
expands its therapeutic coverage
EBOS MedTech’s LifeHealthcare business
has continued to enhance its existing
therapy offering as well as entered new
therapy areas through the acquisitions of
Australian-based Precision Surgical which
distributes spine products and AlphaXRT,
which supplies radiation oncology solutions
in the Australian and New Zealand (ANZ)
markets.
These acquisitions were completed in late
2025 and, together with the broader ANZ
distribution operations, have expanded the
ANZ distribution business to encompass
more than 13 therapeutic areas.
LifeHealthcare also expanded its footprint
in endoscopy, entering into an agreement
with a leading supplier to distribute their
products across ANZ and undertake
scope repair and maintenance via our
LifeHealthcare MDScopes division.
Transmedic maintains momentum
Transmedic, EBOS MedTech’s Southeast
Asia and Hong Kong medical device
distribution business, strengthened its
portfolio in established clinical channels
while expanding into new therapy areas.
It entered neurovascular intervention and
expanded its plastics and reconstruction
portfolio into breast augmentation and
reconstruction with the acquisition of
K-Talyst across Singapore, Malaysia,
Indonesia and the Philippines.
Biologics manufacturing
Our allograft processing business,
Australian Biotechnologies, continued to
advance regenerative solutions in surgery
to support quality of life for patients.
Since introducing an Acellular Dermal
Matrix solution for breast reconstruction
in April 2025, in partnership with
LifeHealthcare’s plastics and
reconstruction team, the product has
been used in a number of reconstructive
surgeries. The solution supports soft tissue
regeneration in a range of procedures,
including breast reconstruction.
Australian Biotechnologies continued to
develop new solutions in both existing and
new therapy areas to support surgeons and
their patients across ANZ.
EBOS MedTech also advanced access to
allograft solutions for the USA and overseas
markets through majority ownership of a
USA based business, Origin Biologics.
EBOS Medical Technology
(MedTech) is a portfolio of
businesses across surgical
intervention, interventional
therapies, aesthetics, and
biologics, serving more than
4,500 hospitals and clinics
across Australia, New Zealand,
Southeast Asia and Hong Kong.
EBOS MedTech, through its
operating businesses, supports
surgeons and healthcare
professionals in delivering patient
care in therapy areas including
orthopaedics, spine, oncology,
ophthalmology, cardiovascular,
plastics and reconstructive
surgery, blood management and
in vitro diagnostics.
Medical Technology Highlights
Partnership
LifeHealthcare, an EBOS MedTech
business, supported not-for-profit
Orthopaedic Outreach Australasia to help
deliver specialist surgical care in some of
the most underserved communities across
Southeast Asia and the Pacific.
By coordinating the collection, storage
and transport of critical surgical
equipment, the businesses enabled
clinical teams to deliver life-changing
procedures where access to specialist
care is limited.
Orthopaedic spine surgeon Dr John
Cunningham said the partnership had
significantly improved the efficiency and
sustainability of Orthopaedic Outreach’s
nearly four decades of volunteer surgical
missions.
“Life Healthcare and EBOS MedTech have
been very generous. They’ve taken over
all the logistics behind collecting, storing
and transporting our equipment for all the
orthopaedic outreach missions,” he said.
“This was a financial burden on the
organisation, and to have the company
step forward and take that off our hands
has been a tremendous gift.”
He said the LifeHealthcare and EBOS
MedTech teams shared knowledge
with locals, strengthening healthcare
capability and leaving communities
better equipped to provide ongoing care.
LifeHealthcare and EBOS MedTech have
spent decades seeking to make life better
for others in Australia and New Zealand,
Southeast Asia and Hong Kong, and
supporting programs like Orthopaedic
Outreach Australasia allows them to
extend that care to neighbours who need
it most.
The gift of life-changing healthcare
Image supplied courtesy of Orthopaedic
Outreach Australasia 2026
Scan the QR to watch an overview video
of our Medical Technology division.
Scan the QR code to watch Melbourne spine surgeon
Dr John Cunningham share his experience with the program.
EBOS Annual Report 2026 FY26 Highlights
20
Kiwi Kitchens
Less than 12 months after its acquisition
by EBOS, premium pet food brand Kiwi
Kitchens is already gaining traction with
US pet owners.
In March, the business relaunched into a
leading pet food retailer in California and
within five weeks became the retailer’s
best-selling air-dried brand.
This has provided an important platform for
the brand’s expansion, marking a key step
in the Animal Care division’s international
growth strategy.
In April, Kiwi Kitchens also relaunched
through an Australian online retailer,
further broadening its customer reach.
New product development
Whether it’s the first meal of the day, or a
tasty treat to enhance a bonding moment
between the owner and the pet, the Animal
Care division continues its mission to
provide premium-quality, nutritious foods
for pets across all life stages.
This has been reflected in a structured
innovation agenda with the flagship
Black Hawk and VitaPet brands to meet
increasing demand from pet owners for
a wider range of options that support the
wellbeing of their pets.
Black Hawk launched its Black Hawk freeze
dried treats, which are made in Tasmania
using single-source proteins, and rolled
out a new wet food range for adult dogs,
completing its wet food range from puppy
through to mature age. Black Hawk also
launched a high meat range, manufactured
at Pet Care Kitchen to support pet owners
seeking a higher protein diet for their dogs.
Already a leading dog treats brand in
the Australian and New Zealand grocery
segment, VitaPet added to its range with
the launch of new products reinforcing the
brands 'real meat treat' promise, including
a selection of treats in formats such as BBQ
rack of ribs and BBQ chicken drumsticks,
mimicking the snacks that humans enjoy.
Pet Care Kitchen
Since launching in October 2022, the Pet
Care Kitchen in New South Wales has
been an engine room for new product
development across our premium Black
Hawk and VitaPet brands.
Not only is our in-house manufacturing
facility producing high quality, nutritious
food for discerning pet owners, it is doing
so more efficiently and at a greater scale.
Pet Care Kitchen has a strong pipeline of
new products in development to meet the
sophisticated needs of consumers which
positions the company well for further
improvements.
Furthermore, changes to market dynamics,
including increased urbanisation, smaller
households and changing lifestyles,
are contributing to higher rates of cat
ownership. The Pet Care Kitchen and wider
Animal Care business are well positioned
to capitalise on this trend, delivering
cat-specific products across existing
brands and infrastructure.
The Animal Care division
encompasses specialty and
grocery pet products, including
our hero brands Black Hawk and
VitaPet, and veterinary wholesale.
The division continued to
enhance its branded portfolio
with successful new product
launches supported by enhanced
manufacturing capability, and
the acquisition and integration
of complementary businesses
servicing new and existing
markets.
Animal Care Highlights
EBOS Annual Report 2026 Animal Care Highlights
Partnership
Black Hawk continued its partnership
with Guide Dogs Australia in FY26 by
supplying over 120 tonnes of food in
addition to the iconic orange coats
that Guide Dogs wear to support their
work with people with low vision and
blindness.
The donated Black Hawk kibble,
manufactured in-house at our Pet
Care Kitchen facility, supported the
nutritional needs of over 900 dogs
across the Guide Dogs program
including within their world leading
breeding program, puppy development
and raising, as well as during the critical
training and validation periods.
Over the past year, deeper engagement
– including a visit by the Guide Dogs
board to Pet Care Kitchen – has
reinforced the care, expertise and high
standards behind every Black Hawk
product.
Guide Dogs Australia Executive
Director Jennifer Gibb said the
partnership with Black Hawk, was
among the organisation’s most valued
relationships.
“Through Black Hawk’s generous
support, we are helping nourish Guide
Dogs across Australia so they can
support people to live with greater
independence,” she said.
“From fundraising and team involvement
to following the journey of Hawk, a Guide
Dog puppy in training, this partnership
reflects a genuine shared commitment
to improving the health and wellbeing
of people and animals alike. We’re
incredibly proud that our Guide Dogs
are raised on Black Hawk.”
In FY26, the backing of Black Hawk and
the EBOS Animal Care business helped
Guide Dogs Australia connect more
than 100 dogs with new clients.
21
Black Hawk and Guide Dogs Australia
Scan the QR code to see our Pet Care
Kitchen manufacturing facility in action.
EBOS Annual Report 2026 SustainabilityEBOS Annual Report 2026 Sustainability
22
Sustainability
Our ESG Program
EBOS’ approach to ESG is structured under five pillars, which cover 20 material ESG topics identified through stakeholder engagement and
our materiality assessment.
Australia
National Pharmaceutical Services Association
Medicines Australia
Medical Technology Association of Australia
Immunisation Coalition of Australia
Pet Food Industry of Australia
Australia Day Hospital Association
Enterprise Data Management Council
New Zealand
Medicines New Zealand
Medical Technology Association of New Zealand
Business New Zealand
Southeast Asia
Singapore Business Federation
Singapore Manufacturing Federation
Asia Pacific Medical Technology Association
Malaysia Medical Device Association
Malaysian Employers Federation
Thai Medical Device Technology Industry Association
Gabungan Perusahaan Alat-Alat Kesehatan dan Laboratorium
(GAKESLAB)
Philippines Association of Medical
Device Regulatory Affairs Professionals (PAMDRAP)
Board
The Board has responsibility for approving, overseeing,
and monitoring the Group’s response to and management of the
ESG Program.
Chief Executive Officer
The Chief Executive Officer (CEO), or a member of the Enterprise
Leadership Team, reports to the Board on the Group’s ESG Update
at each Board meeting.
Committees
Our ESG Committee has responsibility for formulating and
implementing the Group’s ESG Program. It is chaired by the General
Counsel and is composed of senior business representatives across
the Group’s major business functions. Various ESG initiatives are
integrated in our business activities and governance structures
including:
• Cyber Security & Privacy Steering Committee
• Sustainable Packaging Committee
• Group Safety Committee
ESG Governance
Memberships and associations
EBOS engages with various professional organisations in Australia,
New Zealand, and Southeast Asia to facilitate networking,
knowledge sharing, and advocacy for best support.
Stakeholder engagement and materiality review
We are committed to engaging with stakeholders on the Group’s
ESG initiatives and progress. We monitor the Group’s performance
in various ESG ratings indices to help us identify and address areas
where we can improve our sustainability efforts.
EBOS Key Stakeholder Groups
Board and Enterprise Leadership Team
Employees
Healthcare customers
Animal Care customers
Suppliers
Non-profit partners
Government and regulators
Investors
23
ESG Pillars
Delivering essential infrastructure
for human and animal health
• Community service role
• Nurturing customer and
government relationships
Implementing robust systems
• Business continuity management
• Data and technology
security/privacy
Managing the impacts of
our products
• Packaging and Waste
• Ethical Sourcing
Upholding our Quality Promise
• Quality Management
• Compliance
Environmental Stewardship
• Minimising our impact
• Carbon offsetting
Reaching out to help out
• Supporting causes close to us
• Advancing equity, fairness and
opportunity in society
Community
& Environment
Consumers
& Patients
Health & Animal
Care Partners
• Employee safety, health and wellbeing
• Culture and engagement
• Talent and capability
• Performance and reward
• Legal compliance
• Reporting with integrity
• Ethical behaviour
• Corporate governance
Responsible BusinessOur People
2425
Climate-related Disclosures
EBOS published its second New Zealand Climate Statement in
September 2025. This report, containing disclosures on the
Group’s climate risks, opportunities, and impacts, is available at
https://www.ebosgroup.com/sustainability/climate-statement.
Our 2026 Climate Statement will be published in September 2026.
In addition, two EBOS entities (EAHPL Pty Ltd and EBOS Medical
Devices Australia Pty Ltd) will submit inaugural Climate Statements
under the Australian mandatory sustainability reporting regime by
31 October 2026.
GHG emissions metrics and targets
The Group’s GHG emissions metrics and targets are described
in our Climate Statement. In FY26, we continued to focus on the
initiatives below:
Renewable electricity
We continued development planning and engagement with
regulators for two new ground-mounted solar arrays at our Parkes,
NSW site which should add approximately 11.5MW at this facility.
We continued to monitor our electricity demand, including the
impact of acquisitions and other growth on our targets, and explore
opportunities for solar installations at other sites.
EBOS purchased 100 per cent renewable electricity, GreenPower,
for our Australian Biotechnologies business in Frenches Forest, NSW.
Since FY24, the Group has acquired New Zealand Renewable
Energy Certificates (RECs) which match the amount of electricity
consumed by the Group in New Zealand, resulting in zero reported
Scope 2 market-based GHG emissions for New Zealand.
Electrification
EBOS continued work on transitioning a small number of forklift
trucks fitted with combustion engines to electric Materials
Handling Equipment (MHE). The units that remain are due to
acquisitions during FY25 and FY26. Additionally, we continued work
to progressively phase out combustion engine fleet vehicles in
Australia and New Zealand and replace them with electric or
plug-in hybrid electric vehicle alternatives where operationally
appropriate.
Electricity efficiency program
In FY26, we achieved a 18.4 per cent grid-purchased electricity
efficiency improvement per square metre against the FY21 baseline,
primarily from opening new, more efficient facilities, and closing
less energy-efficient facilities.
GHG emissions
Gross Scope 2 Emissions 19,780 tCO
2
e (Location-based)
1
Gross Scope 2 Emissions 15,303 tCO
2
e (Market-based)
2
Gross Scope 1 Emissions 6,132 tCO
2
e
1
Location-based Scope 2 emission factors for NZ are sourced from the Ministry of Environment
(2025). For Australia, factors are sourced from the Australian National Greenhouse Accounts Factors
(2025), for ASEAN and HK, factors from the International Energy Agency (2025), and for the USA,
factors from USA EPA (2025).
2
Market-based Scope 2 emissions factors for NZ are sourced from BraveTrace (https://bravetrace.
co.nz/). For Australia, factors are sourced from the Australian National Greenhouse Accounts Factors
(2025). For ASEAN and HK, the factors from the International Energy Agency (2025) were used as
market-based factors were unavailable at time of reporting. For USA, the factors from the USA EPA
were used, as market-based factors could not be determined at time of reporting.
Supporting Greenfleet
In FY26, EBOS continued its long-standing relationship with
not-for-profit environmental organisation Greenfleet, increasing
our financial contribution by 10 per cent. Since 2007, we have
contributed over $2.9 million to support Greenfleet’s work restoring
native, biodiverse forests across Australia and New Zealand,
creating important habitats. Greenfleet calculates our contribution
in FY26 as contributing to 22,092 tonnes of carbon sequestered.
Reforestation project
EBOS has also partnered with Greenfleet to restore native forest
on a property in South Gippsland, Victoria, acquired by EBOS
specifically for habitat regeneration.
Previously used for dairy farming, the 94-hectare site is being
transformed through a large-scale revegetation program. In FY26,
Greenfleet completed boundary fencing, weed management,
and the planting of approximately 98,000 native trees and shrubs
to support carbon removal and ecosystem recovery.
Early signs of success are already evident, with native wildlife
including koalas, owls and eagles returning to the area.
Initial modelling by Greenfleet indicates that the site has the
potential to sequester approximately 111,000 tonnes of carbon over
the 25 years of the project.
FY26 impact
Lifetime Impact
$441,840 donated
177,095 tonnes of carbon sequestered
$2,921,509 donated
22,092 tonnes of carbon sequestered
Sustainable Packaging
EBOS’ sustainable packaging initiatives include packaging
research and development, design, procurement and
manufacturing activities under its management control.
This includes efforts to reduce the use of single-use plastics
across our supply chains in Australia and New Zealand.
Australian Packaging Covenant Organisation (APCO)
In FY26, four EBOS businesses submitted action plans and
performance reports to APCO in respect of the 2025 calendar year.
ReportingOverall Performance Score
Masterpet
Leading
SentryAdvanced
Endeavour Consumer Health
Advanced
LifeHealthcareAdvanced
EBOS Annual Report 2026 Sustainability
Community partnerships
EBOS supports a range of charities and social enterprises who do
wonderful work across our communities.
EBOS is proud to support the following organisations:
EBOS Annual Report 2026 Sustainability
EBOS Annual Report 2026 Our PeopleEBOS Annual Report 2026 Our People
2627
In FY26, the Group’s total employee headcount was 6,240.
This growth strengthens our capacity to create positive outcomes
for our people, their families, and local communities through fair
employment practices, as well as training and career development
opportunities.
Fostering a culture of belonging
We are committed to gender equality, creating an environment
where all employees feel empowered and supported, and
celebrating and recognising the diverse backgrounds and
experiences that shape our business.
Our Diversity, Equity & Inclusion policy was reviewed in 2026.
While the policy’s key focus areas remain unchanged, updates were
made to clarify scope, strengthen alignment with our strategy and
refreshed purpose and vision, and reflect changes to Workplace
Gender Equality Agency (WGEA) target setting requirements.
As part of International Women’s Day (IWD), we launched a new
Respect at Work training module, which covers preventing and
effectively responding to sexual harassment, and the impact of the
behaviour on individuals and organisations.
The module, to be delivered annually to relevant employees,
encompasses interactive scenarios and practical guidance to
promote a safe, respectful and inclusive workplace.
In line with the IWD theme ‘Balance the Scales’, we heard from
carers and parents across the business, sharing how they balance
the demands of everyday life while continuing to thrive in their
careers.
A healthier and safer workplace
Employee health, safety and wellbeing is a core value for the
Group, with multiple touchpoints and initiatives reinforcing our
commitment to ensuring that our people feel safe at work and are
supported by a proactive and preventative safety culture.
We continue to focus on critical risk through the implementation of
our EBOS Life Savers program. The program provides employees
undertaking high-risk work with a consistent framework to improve
safety outcomes and reduce the risk of serious injury or fatality.
Promoted through internal communications and workplace
activities, the program reminds employees that health and
safety hazards are present each day and that everyone has a
responsibility managing risk and looking out for one another,
supporting our 'Safety Matters' mantra and our vision of:
‘work safe to get home safe’.
Consistent with this safety focus, EBOS’ flagship employee
recognition program the GEM Awards (Great Effort Matters)
introduced new awards recognising employees who went above
and beyond in driving improvements in physical and psychological
safety and whose actions enhanced digital and technology safety.
First Nations Employment Program
EBOS continued its First Nations Employment Program during
FY26, providing participants with a pathway to a Certificate III in
Supply Chain Operations and potential permanent employment
opportunities within the Group.
Following the successful NSW pilot in FY25, the program expanded
to Queensland sites in FY26 through locally engaged training and
employment partners.
Location
Gender
61% Australia
21% New Zealand
17% Southeast Asia
Board
57% female
43% male
Age
24% <30 yrs
53% 30-49 yrs
23% ≥50 yrs
54% female
45% male
< 1% non-binary
6,240 total employee headcount
Our People
<1% United States
EmployeesFY25FY26
TotalFemaleMaleUndisclosed Total
Board members headcount74 3-
7
Total employees headcount5,7703,3912,84186,240
Employees Headcount by Region
1
Australia3,5982 ,13 31,6785
3,816
New Zealand1,1907345853
1,322
Southeast Asia982505562-
1,067
United States-1916-35
Employees Headcount by Level
Senior managers1137-
10
Other managers7903984492
849
Team members4,9692,9902,3856
5,381
Employees Headcount by Contract Type
Permanent 5,1362,9992,5124
5,515
Temporary
2
6343923294
725
Employees Headcount by Working Hours
Full Time4,6692,5882,4174
5,009
Part Time7455331751
709
Casual
3
3562702493
522
Employees Headcount by Age
< 30 years 1,362 8346403
1,477
30-50 years 3,075 1,8131,4833
3,299
> 50 years 1,333 74471821,464
Undisclosed----
-
Data notes
1. Year-on-year increase of headcount was driven largely by acquisitions.
2. Temporary employees include casuals, fixed terms and secondments.
3. Casual employees do not have guaranteed working hours.
4. Lost time injuries are defined as workplace injuries resulting in loss of productive work time of one day/shift or more. Medical treatment injuries require prescribed medical
treatment from a registered medical practitioner beyond the scope of normal first aid but giving rise to less than loss of one full shift. Total recordable injuries include lost
time injuries, medical treatment injuries and restricted work injuries. Frequency rates measure the number of injuries per 1 million working hours.
5. Calculations to FY25 data have been updated due to an injury type reclassification.
6. The TRIFR reduced when compared to FY25, however, the absolute number of TRIs increased. The TRI increase is driven by acquisitions and a maturing reporting culture.
7. United States excluded from parental leave and work, health and safety data.
Collective Bargaining AgreementsFY25FY26
Employees participating in CBAs32%32%
Parental Leave
# Employees who took parental leave80101
Return to work rate82%82%
7
Health and Safety
4, 7
# Lost time injuries
57
5
76
Lost Time Injury Frequency Rate (LTIFR)
7. 7
5
8.6
# Medical treatment injuries
2622
Medical Treatment Injury Frequency Rate (MTIFR)
3.5
5
2.5
Total recordable injuries (TRIs)
83
5
98
6
Total Recordable Injury Frequency Rate (TRIFR)
11.311.1
Workplace fatalities
--
Profile of our People
EBOS Annual Report 2026 Our BoardEBOS Annual Report 2026 Our Board
2829
Our Board
Elizabeth Coutts – Independent Chair
ONZM, BMS, FCA, CF Instit. D
Elizabeth Coutts was appointed to the EBOS Group Limited Board
in July 2003. She is Chair of the Remuneration Committee and a
member of the Audit and Risk Committee. She is Chair of Oceania
Healthcare Limited and 2degrees Group Limited, and Director of
EBOS Group subsidiaries in New Zealand.
Elizabeth is a former Chair of Skellerup Holdings Limited, Ports of
Auckland Limited, Meritec Group, Industrial Research, Life Pharmacy
Limited, former director of Air New Zealand Limited, the Health
Funding Authority, Sanford Limited, the Yellow Group of Companies
and Tennis Auckland Region Incorporated, former Deputy Chairman
of Public Trust, former board member of Sport NZ, former member
of the Pharmaceutical Management Agency (Pharmac) and Marsh
New Zealand Advisory Board, former Commissioner for both the
Commerce and Earthquake Commissions, former external monetary
policy adviser to the Governor of the Reserve Bank of New
Zealand, a former president of the Institute of Directors Inc and
former Chief Executive of the Caxton Group of Companies.
Dr Tracey Batten – Independent Director
MBBS, MHA, FRACMA, MBA (Harvard), FAICD
Dr Tracey Batten was appointed to the EBOS Group Limited Board
in July 2021. She is a member of the Remuneration Committee.
Tracey is currently a non-executive director of Medibank Private
Limited and Nanosonics Limited, and from 1 July 2026 is an
independent director of IHH Healthcare Berhad. She was previously
Chair of the Accident Compensation Corporation, a non-executive
director of National Institute of Water and Atmospheric Research,
Abano Healthcare Group Limited and various other healthcare related
research institutes, charities and industry and government bodies.
During her executive career she was Group CEO of Imperial
College Healthcare NHS Trust in the United Kingdom, Group CEO
of St Vincent’s Health Australia, CEO of Eastern Health and CEO
of Dental Health Services Victoria.
Mark Bloom – Independent Director
BCom, BAcc, CA
Mark was appointed to the EBOS Group Limited Board in September
2022. Mark is a member of the Audit and Risk Committee.
He is currently a non-executive director of ASX listed Storage King
and AGL Energy Limited and a director of JewishCare NSW.
He is a former director of Pacific Smiles Group Limited and Abacus
Property Group. Mark has over 35 years’ experience as a finance
executive, including as Chief Financial Officer at ASX listed
Scentre Group Limited from its formation in July 2014 through to
his retirement in April 2019. Prior to this, he was the Deputy Group
CFO of Westfield Group for 11 years. Mark has also held a number
of senior finance roles, including being CFO and executive director
for insurance and financial services companies Liberty Life,
South Africa and Manulife Financial, Canada.
Coline McConville – Independent Director
B.Juris, LLB, MBA (Harvard)
Coline McConville was appointed to the EBOS Group Limited
Board in February 2025.
Coline brings to EBOS 20 years of governance experience advising
a wide range of organisations operating in different countries
and industries. Her expertise includes advising across acquisitive
portfolio companies, complex distribution organisations, capital
intensive businesses, consumer driven vertically integrated and
global service companies.
During her executive career, Ms McConville was Chief Executive
Officer and Chief Operating Officer for Clear Channel
Communications (now iHeartMedia Inc.) and a management
consultant with McKinsey and Co and LEK Consulting.
She is currently a director of 3i Group (private equity) and
was a member of the Supervisory Board of German based
Tui AG (tourism and travel) until February 2026. Her previous
directorships include Kings Cross Central General Partnership,
TUI Travel, UTV Media, Travis Perkins, Fevertree Drinks, Inchcape,
Wembley National Stadium, Shed Media, Halifax and HBOS.
Coline holds a Bachelor of Laws from the University of New South
Wales and an MBA from Harvard Business School.
Stuart McLauchlan – Independent Director
BCOM, FCA, CF. Inst.D
Stuart was appointed to the EBOS Group Limited Board in July
2019. He is Chairman of the Audit and Risk Committee and a
member of the Remuneration Committee.
Stuart is a Chartered Fellow of the Institute of Directors and a
Past President. He is a chartered accountant, senior partner of
GS McLauchlan & Co, and a Fellow of the New Zealand Institute
of Chartered Accountants. He is currently chairman of Scott
Technology Ltd and ADInstruments Ltd, and a non-executive
director of Southlink Health Education Trust, Argosy Property
Ltd, Dunedin Casinos Ltd and Scenic Hotels Group. He is also a
governor of the New Zealand Sports Hall of Fame. He was formerly
a member of the Marsh New Zealand Advisory Board, and director
of Ngāi Tahu Tourism Ltd.
Matt Muscio – Non-Executive Director
BBus
Matt was appointed to the EBOS Group Limited Board in January 2025.
Matt was previously a board member for the Medical Technology
Association of Australia from 2017 to 2023 and currently serves
as Chair of Pacific Health Group and as a non-executive board
member of Tetrous Inc, a regenerative medicine company.
Matt holds a post-graduate business degree from Melbourne
Business School and a Bachelor of Business in Marketing &
International Business from Queensland University of Technology.
His career spans more than 25 years in the medical device
industry with the last 15 years in medical technology distribution
under both public and private ownership models.
Julie Tay – Independent Director
BA, MBA (Curtin)
Ms Julie Tay was appointed to the EBOS Group Limited Board in
May 2023.
Julie is currently a director of Sonova, a global hearing care
solutions company, headquartered in Switzerland and listed on
the Swiss stock exchange. She has over 30 years’ experience
in international leadership roles across consumer healthcare,
medical devices and digital healthcare.
Julie was most recently Senior Vice President and Managing
Director, Asia Pacific and member of the global Executive
Management Committee for Align Technology. Prior to this time,
she was regional head of Bayer Healthcare (Diabetes Care) in Asia
Pacific and also previously held senior executive roles in Asia at
Johnson Diversey and Johnson & Johnson.
She has also completed the International Directors Program at
INSEAD, and is a member of the Young President's Organization (YPO).
From top: Elizabeth Coutts, Dr Tracey Batten, Mark Bloom, Coline McConville, Stuart McLauchlan, Matt Muscio, Julie Tay.
EBOS Annual Report 2026 Financial SummaryEBOS Annual Report 2026 Financial Summary
3031
Financial Summary
EBOS recorded Underlying EBITDA of $614 million, representing
5.0% growth and Underlying NPAT of $250 million.
1
Healthcare
The Healthcare segment reported revenue of $12.6 billion and
Underlying EBITDA of $516 million, representing 8.5% and
3.2% growth respectively.
1
In Australia, Healthcare revenue was
$9.7 billion and Underlying EBITDA was $424 million, representing
8.0% and 6.7% growth respectively.
1
In New Zealand and Southeast
Asia, Healthcare revenue increased to $2.9 billion and Underlying
EBITDA was $92 million, representing 10.1% growth and a
10.1% decline respectively.
1
Healthcare segment growth was driven by our leading positions
and solid contributions from our Community Pharmacy,
Institutional Healthcare businesses and Contract Logistics.
Animal Care
The Animal Care segment had a strong performance with revenue
of $907 million and Underlying EBITDA of $138 million, representing
34.6% and 11.6% growth respectively.
1
This growth was supported by the branded business and the full
year contribution of earnings from the SVS acquisition.
Cash flow and balance sheet
EBOS generated operating cash flow of $349 million, down
$70 million on the prior corresponding period due to prior period
one off working capital benefits and higher interest costs.
Net capital expenditure for the year was $145 million.
Return on Capital Employed
2
for June 2026 was 12.8%, 20 basis
points lower than June 2025
1
.
The Net Debt: EBITDA ratio at 30 June 2026 was 2.1x, which is an
increase on the 1.9x reported in the prior corresponding period.
Acquisitions
Consistent with our strategy of investing for growth, since July
2025 we have completed seven acquisitions
3
including entering
an agreement to obtain control over ABT Nevada LLC, six
acquisitions in Healthcare and one acquisition in Animal Care.
Dividends
The Directors are pleased to declare a final FY26 dividend held at
NZ 61.5 cents per share, which equates to a full year dividend of
NZ 118.5 cents per share. This represents a dividend payout ratio
of 84.5% of underlying NPAT.
The record date for the final dividend is 28 August 2026 and the
dividend will be paid on 18 September 2026. The final dividend will
be imputed to 20% for New Zealand tax resident shareholders and
will be fully franked for Australian tax resident shareholders.
The Group’s Dividend Reinvestment Plan (DRP) will be operational
for the upcoming final dividend. Shareholders can elect to take
shares in lieu of a cash dividend at a discount of 2.0% to the
volume weighted average share price.
FY26FY25
$mRevenueEBITDAEBITN PATRevenueEBITDAEBITN PAT
Reported results13,48759941922512,267556409215
M&A transaction costs-554-111110
Restructuring & site transition costs-363624-181813
Net gain on acquisition related activities-(26)(26)(26)----
PPA amortisation (non-cash)--3222--2719
Total one-off costs-154724-295642
Underlying results13,48761446625012,267585465258
HealthcareAnimal Care
FY26FY25FY26FY25
$mRevenueEBITDARevenueEBITDARevenueEBITDARevenueEBITDA
Reported results12,58050411,593472907135673123
M&A transaction costs-5-10-1-1
Restructuring & site transition costs-33-18-3--
Net gain on acquisition related activities-(26)------
Total one-off costs-12-28-3-1
Underlying results12,58051611,593500907138673124
Group
Healthcare and Animal Care
FY26 and FY25 Underlying earnings exclude one-off M&A transaction costs, restructuring and site transition costs,
net gain on acquisition activities (applicable to FY26 only) and the amortisation expense attributable to acquisition purchase price
accounting of finite life intangible assets.
The following tables provide reconciliations between Statutory and Underlying for the Group results and the Healthcare and Animal Care
Segments. Figures in the following tables are subject to rounding and totals may not precisely sum across all line items.
EBOS delivers solid FY26 results.
Group revenue was $13.5 billion, up 9.9%
1
on the prior year, driven by growth in both our Healthcare and Animal
Care segments, including strong performances from our Community Pharmacy, Institutional Healthcare,
Contract Logistics and Animal Care divisions.
1
Underlying results are non-GAAP financial measures to reflect our underlying financial performance. Refer to page 31 for a reconciliation to statutory results.
2
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).
3
Three additional small acquisitions were completed in FY26 and not noted above.
Outlook
EBOS expects to deliver continued growth in FY27, supported
by the execution of clear divisional priorities across the Group
and favourable underlying end-market dynamics. The Group
is targeting EBITDA of between $635 million to $655 million,
driven by increased network utilisation and productivity across
Symbion & Healthcare Distribution, expansion of earnings within
Retail Pharmacy Brands, continued therapy and geographic
expansion in Medical Technology, and new product and
customer growth within Animal Care. In addition, the Group has
opportunities for cross divisional synergies and accretive bolt-on
acquisitions.
While there are cost pressures and competitive dynamics in
wholesale pharmacy – the Group remains well positioned to
navigate this environment.
Following completion of the Group's four-year distribution centre
renewal program, capital expenditure is expected to reduce
materially to approximately ~$100 million in FY27. The lower level
of investment reflects completion of the major infrastructure
investment cycle and is expected to support stronger free cash
flow generation and improve returns on capital over time.
Depreciation and amortisation are expected to increase to
approximately $152 million to $162 million in FY27, and net finance
costs are expected to be approximately $138 million to $148
million, reflecting the full-year impact of recent infrastructure
investments, noting that the growth is H1 weighted.
EBOS expects leverage to remain within its target range in FY27.
Consistent with FY26 and historical working capital seasonality,
leverage is expected to be modestly higher in the first half before
declining through the second half. This improving cash profile
is expected to further strengthen balance sheet capacity and
support future growth investments.
Consistent with FY26, the Group expects earnings and cash flows
to be weighted to the second half, reflecting normal seasonal
trading patterns and working capital movements. FY27 is to be
characterised by continued organic EBITDA growth, stronger
free cash flow generation and improving returns on capital.
Supported by clear divisional growth initiatives and synergies
and a disciplined approach to capital allocation, EBOS is
well positioned to deliver the next phase of value creation for
shareholders.
Reconciliation of Statutory to Underlying Results
This Annual Report contains a number of non-GAAP financial
measures to reflect our underlying financial performance.
Because they are not defined by GAAP or IFRS, EBOS’ calculation
of these measures may differ from similarly titled measures
presented by other companies and they should not be considered
in isolation from, or construed as an alternative to, other financial
measures determined in accordance with GAAP. Although
EBOS believes they provide useful information in measuring the
financial performance and condition of EBOS' business, readers
are cautioned not to place undue reliance on these non-GAAP
financial measures.
3233
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Directors’ Responsibility Statement 33
Independent Auditor’s Report 34
Financial Statements 38
Consolidated Income Statement 38
Consolidated Statement of Comprehensive Income 39
Consolidated Balance Sheet 40
Consolidated Statement of Changes in Equity 42
Consolidated Cash Flow Statement 43
Notes to the Consolidated Financial Statements 44
Introducing this report 44
Section A: EBOS performance
A1. Revenue and expenses 46
A2. Segment information 49
A3. Taxation 52
A4. Earnings per share 55
Section B: Key judgements made
B1. Goodwill and intangibles 56
B2. Acquisition information 61
Section C: Operating assets and liabilities used by EBOS
C1. Trade and other receivables 67
C2. Inventories 68
C3. Trade and other payables 69
Section D: Capital assets used by EBOS to operate our business
D1. Property, plant and equipment 70
D2. Capital work in progress 71
D3. Leases 72
Section E: How we fund the business
E1. Share capital 75
E2. Dividends 76
E3. Borrowings 77
E4. Borrowing facilities maturity profile 78
E5. Operating cash flows 79
Section F: EBOS Group structure
F1. Subsidiaries 81
F2. Investment in associates and joint ventures 84
Section G: How we manage risk
G1. Financial risk management 87
G2. Financial instruments 90
Section H: Other disclosures
H1. Contingent liabilities 93
H2. Commitments for expenditure 93
H3. Subsequent events 93
H4. Related party disclosures 93
H5. Remuneration of auditors 94
H6. Other financial assets 94
H7. Share based payments 96
Directors’ Responsibility Statement
The Directors of EBOS Group Limited are pleased to present to
shareholders the financial statements for EBOS Group Limited
and its controlled entities (together the “Group”) for the year to
30 June 2026.
The Directors are responsible for presenting financial statements
in accordance with New Zealand law and generally accepted
accounting practice, which fairly present the financial position of
the Group as at 30 June 2026 and the results of their operations
and cash flows for the year ended on that date.
The Directors consider the financial statements of the Group
have been prepared using accounting policies which have been
consistently applied and supported by reasonable judgements
and estimates and that all relevant financial reporting and
accounting standards have been followed.
The Directors believe that proper accounting records have been
kept which enable with reasonable accuracy, the determination of
the financial position of the Group and facilitate compliance of the
financial statements with the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to
safeguard the assets of the Group, and to prevent and detect
fraud and other irregularities. Internal control procedures are also
considered to be sufficient to provide reasonable assurance as to
the integrity and reliability of the financial statements.
The financial statements are signed on behalf of the Board by:
Elizabeth Coutts
Chair
Stuart McLauchlan
Director
18 August 2026
Key
Key judgements and other judgements made
Subsequent event
Risks
Accounting policy
Explanatory note
Contents
3435
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of EBOS Group Limited (the ‘Company’) and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 30 June 2026, and the
consolidated income statement, statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 38 to 97, present fairly, in all
material respects, the consolidated financial position of the Group as at 30 June 2026 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand Equivalents
to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External Reporting Board and IFRS Accounting
Standards (‘IFRS’) as issued by the International Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code
of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (‘PES 1’)
issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (‘IESBA Code’) as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
Other than in our capacity as auditor and the provision of other assurance services in relation to the Group’s
Climate related Disclosures and Australian Subsidiary Climate Reporting, we have no relationship with or
interests in the Company or any of its subsidiaries, except that partners and employees of our firm deal with the
Company and its subsidiaries on normal terms within the ordinary course of trading activities of the business of
the Company and its subsidiaries.
Audit Materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during the audit would in our judgement change or
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the
scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be AUD $14.9m.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key audit matterHow our audit addressed the key audit matter
Goodwill and Indefinite Life Intangible Asset Impairment Assessment
The Group has $2,269m of goodwill and $237m of indefinite life
intangible assets, including brands of $212m, on the balance sheet
at 30 June 2026, as detailed in note B1 to the financial statements.
The carrying values of goodwill and indefinite life intangible assets
are dependent on the future cash flows expected to be generated
by the underlying businesses, and there is a risk if these cash flows
do not meet the Group’s expectations that the assets may be
impaired.
The Group tests goodwill and indefinite life intangible assets at
least annually by determining the recoverable amount (the higher
of value-in-use or fair value less costs to sell) of the individual
assets where possible, or otherwise the cash generating units to
which the assets belong and comparing the recoverable amounts
of the assets to their carrying values.
The impairment assessment models prepared by the Group
contain a number of significant assumptions. Changes in these
assumptions might lead to a change in the carrying value of
indefinite life intangible assets and goodwill.
The Group has assessed the recoverable amount of each cash
generating unit (“CGU”) or group of CGUs to which goodwill and
indefinite life intangibles have been allocated based on value-
in-use models. The key assumptions applied in the value-in-use
models are:
• annual revenue and expense growth rates for the five year
forecast period;
• pre-tax discount rates; and
• terminal growth rates.
The Group has outlined those CGU’s that are more sensitive
to changes in key assumptions involved in determining their
recoverable amounts in Note B1.
We have included the impairment assessments of goodwill and
indefinite life intangible assets as a key audit matter due to the
significance of the balances to the financial statements and the
level of judgement applied by the Group in determining the key
assumptions used to determine the recoverable amounts.
We considered whether the Group’s methodology for assessing
impairment is compliant with NZ IAS 36: Impairment of Assets.
We focused on testing and challenging the suitability of the models
and reasonableness of the assumptions used by the Group in
conducting its impairment reviews.
We also determined those CGU’s which have an increased
impairment risk based on future growth rates, levels of headroom
(value in use over carrying value) or where there have been
significant changes in operational performance in the year.
Our procedures included:
• agreeing future cash flows to Board approved forecasts;
• challenging the reliability of the Group’s revenue and expense
growth rates for selected CGU’s by comparing the forecasts
underlying the growth rates to historical forecasts and actual
results of the underlying businesses (where applicable); and
• assessing the reasonableness of key assumptions and changes to
them from previous periods.
We used our internal valuation specialists to assist with evaluating
the models and challenging the Group’s key assumptions.
The procedures of the specialists included:
• evaluating the appropriateness of the valuation methodology;
• testing the mathematical integrity of the models;
• evaluating the Group’s determination of the pre-tax discount
rates used in the models through consideration of the relevant risk
factors for each CGU, the cost of capital for the Group, and market
data on comparable businesses; and
• comparing the terminal growth rates to market data for a sample
of industry sectors.
We evaluated the sensitivity analysis to consider the extent to which
a change in one or more of the key assumptions could give rise to
impairment in goodwill and indefinite life intangible assets.
Independent Auditor’s Report to the Shareholders
3637
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
To the Shareholders of EBOS Group Limited continued
Other information
The directors are responsible on behalf of the Group for the other information. The other information comprises
the information in the Annual Report that accompanies the consolidated financial statements and the audit
report and the Climate Related Disclosures. The Climate Related Disclosures will be issued in September 2026
as outlined on page 24 in the Annual Report and is expected to be made available to us after the date of the
audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If so, we are required to report that fact.
When we read the Climate Related Disclosures, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to directors and consider further actions.
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on
the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we
might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company’s shareholders as a body, for our audit work, for this report, or for the opinions
we have formed.
Mike Hoshek,
Partner for Deloitte Limited
Christchurch, New Zealand
18 August 2026
THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK
3839
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Consolidated Income Statement
The Consolidated Income Statement presents income earned and expenditure incurred by the Group during the financial year in
determining profit.
For the financial year ended 30 June 2026Notes
2026
A$’000
2025
A$’000
Revenue
A1(a)13,486,684 12,266,898
Income from associates and joint venturesF212,484 15,021
Other income28,898-
Earnings before depreciation, amortisation, net finance costs and tax expense (EBITDA)
598,697 555,591
DepreciationA1(b)(124,567) (100,188)
AmortisationA1(b)(55,511) (46,714)
Earnings before net finance costs and tax expense (EBIT)
418,619 408,689
Finance income5,537 7,092
Finance costs – borrowings(96,816) (89,416)
Finance costs – leasesD3(28,093) (24,123)
Profit before tax expense
299,247 302,242
Tax expenseA3(a)(73,152) (86,477)
Profit for the year
226,095 215,765
Profit for the year attributable to:
Owners of the Company225,187 215,138
Non-controlling interests908 627
226,095 215,765
Earnings per share:
Basic (cents per share)A4109.8109.7
Diluted (cents per share)A4109.1109.0
Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income presents profit for the year, plus gains and losses that are not recognised in the
Consolidated Income Statement and instead are required to be taken directly to reserves within equity.
For the financial year ended 30 June 2026
2026
A$’000
2025
A$’000
Profit for the year
226,095 215,765
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Movement in cash flow hedge reserve17,458 (4,238)
Related income tax(5,100) 1,126
Movement in foreign currency translation reserve(90,667) 16,359
(78,309)13,247
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other comprehensive income(3,544) (23,140)
Total comprehensive income net of tax144,242205,872
Total comprehensive income for the year is attributable to:
Owners of the Company144,163204,351
Non-controlling interests79 1,521
144,242205,872
Notes to the financial statements are included on pages 44 to 97.Notes to the financial statements are included on pages 44 to 97.
4041
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
The Consolidated Balance Sheet presents a summary of the Group’s assets, liabilities and equity at the end of the financial year.
As at 30 June 2026Notes
2026
A$’000
2025
A$’000
Current assets
Cash and cash equivalents 239,086 184,251
Trade and other receivablesC1 1,599,565 1,460,357
Prepayments 56,607 37,019
InventoriesC2 1,393,182 1,345,227
Current tax refundable 4,130 5,590
Other financial assets – derivativesG2 14,769 201
Assets classified as held for saleD1 54,888 -
Total current assets 3,362,227 3,032,645
Non-current assets
Property, plant and equipmentD1 384,637 399,678
Capital work in progressD2 110,555 120,286
Prepayments 3,946 5,324
Deferred tax assetsA3 (b) 304,628 275,876
GoodwillB1 (a) 2,268,870 2,202,861
Indefinite life intangiblesB1 (b) 237,125 242,354
Finite life intangiblesB1 (d) 434,302 380,792
Right of use assetsD3 577,785 485,984
Investment in associates and joint venturesF2 54,407 66,415
Other financial assetsH6 84,404 82,410
Total non-current assets 4,460,659 4,261,980
Total assets 7,822,886 7,294,625
Current liabilities
Trade and other payablesC3 2,655,705 2,441,354
Bank loansE3 83,213 15,791
Lease liabilitiesD3 68,047 65,847
Current tax payable 9,309 5,807
Employee benefits 78,085 83,790
Other financial liabilities – derivativesG2 939 2,329
Total current liabilities
2,895,298 2,614,918
Consolidated Balance SheetConsolidated Balance Sheet continued
As at 30 June 2026Notes
2026
A$’000
2025
A$’000
Non-current liabilities
Bank loansE3 1,190,301 1,086,714
Lease liabilitiesD3 554,178 453,501
Trade and other payablesC3 20,133 40,498
Deferred tax liabilitiesA3 (b) 387,038 354,645
Employee benefits 13,043 11,722
Other financial liabilities – derivativesG2 56,232 8,800
Total non-current liabilities
2,220,925 1,955,880
Total liabilities 5,116,223 4,570,798
Net assets
2,706,663 2,723,827
Equity
Share capitalE1 2,342,907 2,259,578
Share-based payments reserve 16,316 24,373
Foreign currency translation reserve (112,499) (22,661)
Retained earnings 516,592 502,059
Equity instruments fair valued through other comprehensive income reserve (24,586) (21,042)
Cash flow hedge reserve 9,615 (2,743)
Equity attributable to owners of the Company 2,748,345 2,739,564
Non-controlling interests (41,682) (15,737)
Total equity
2,706,663 2,723,827
Notes to the financial statements are included on pages 44 to 97.Notes to the financial statements are included on pages 44 to 97.
4243
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Consolidated Statement of Changes in Equity
The Consolidated Statement of Changes in Equity presents the components of capital and reserves of the Group and explains the
movements in each component during the financial year.
For the financial year ended
30 June 2026Notes
Share
capital
A$’000
Share-
based
payments
reserve
A$’000
Foreign
currency
trans-
lation
reserve
A$’000
Retained
earnings
A$’000
Equity in-
struments
fair valued
through
other com-
prehensive
income
reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
con-
trolling
interests
A$’000
Total
A$’000
Balance at 1 July 2024
1,937,210 25,297 (38,126) 525,444 815 369 (32,510) 2,418,499
Profit for the year
- - - 215,138 - - 627 215,765
Other comprehensive income
for the year, net of tax
- - 15,465 - (23,140) (3,112) 894 (9,893)
Payment of dividendsE2 - - - (207,725) - - - (207,725)
Arising on acquisition of subsidiaries - - - - - - 866 866
Recognition of option over
non-controlling interests
- - - - - - (8,800)(8,800)
Movement in option over
non-controlling interests
- - - - - - (6,329)(6,329)
Transfer to retained earnings - - - 10,531 1,283 - (11,814) -
Derecognition of option over
non-controlling interests
- - - (41,329) - - 41,329 -
Share-based payments - (924) - - - - - (924)
Share placementE1 200,508 - - - - - - 200,508
Retail offerE1 53,826 - - - - - - 53,826
Share placement and retail offer costsE1 (6,183) - - - - - - (6,183)
Dividends reinvestedE1 72,589 - - - - - - 72,589
Employee share plan shares issuedE1 1,848 - - - - - - 1,848
Employee share issue costsE1 (220) - - - - - - (220)
Balance at 30 June 2025
2,259,578 24,373 (22,661) 502,059 (21,042) (2,743) (15,737) 2,723,827
Balance at 1 July 2025 2,259,578 24,373 (22,661) 502,059 (21,042) (2,743) (15,737) 2,723,827
Profit for the year - - - 225,187 - - 908 226,095
Other comprehensive income for the
year, net of tax
- - (89,838) - (3,544) 12,358 (829) (81,853)
Payment of dividendsE2 - - - (210,654) - - (1,024) (211,678)
Arising on acquisition of subsidiariesB2 - - - - - - 22,432 22,432
Recognition of options over
non-controlling interests
B2 - - - - - - (49,082)(49,082)
Movement in option over
non-controlling interests
- - - - - - 1,6501,650
Share-based payments - (8,057) - - - - - (8,057)
Dividends reinvestedE1 78,875 - - - - - - 78,875
Employee share plan shares issuedE1 1,807 - - - - - - 1,807
Employee share issue costsE1 (189) - - - - - - (189)
Shares vested under the long term
executive incentive scheme
E1 2,836 - - - - - - 2,836
Balance at 30 June 2026
2,342,907 16,316 (112,499) 516,592 (24,586) 9,615 (41,682) 2,706,663
Consolidated Cash Flow Statement
The Consolidated Cash Flow Statement presents the cash generated and used by the Group during the financial year.
For the financial year ended 30 June 2026Notes
2026
A$’000
2025
A$’000
Cash flows from operating activities
Receipts from sale of goods and services 13,338,161 12,297,831
Interest received 5,537 7,092
Dividends received from associates and joint venturesF2 12,447 8,594
Payments for purchase of goods and services (12,804,859) (11,698,998)
Taxes paid (77,459) (82,477)
Interest paid (124,909) (113,539)
Net cash inflow from operating activities
E5 348,918 418,503
Cash flows from investing activities
Sale of property, plant and equipment 1,312 228
Purchase of property, plant and equipment (57,705) (29,553)
Payments for capital work in progress (73,658) (95,594)
Payments for intangible assets (14,947) (20,832)
Investment in associates and joint venturesF2 - (602)
Acquisition of businessesB2 (120,791) (202,492)
Investment in other financial assets (6,108) (20,005)
Net cash outflow from investing activities (271,897) (368,850)
Cash flows from financing activities
Proceeds from issue of sharesE1 4,454 249,779
Proceeds from borrowingsE5 618,794 1,417,046
Repayment of borrowingsE5 (440,977) (1,558,065)
Repayment of lease liabilitiesD3 (66,456) (56,613)
Dividends paid to equity holders of parent (excluding Dividend Reinvestment Plan) (128,154) (137,043)
Net cash outflow from financing activities
(12,339) (84,896)
Net increase/(decrease) in cash held 64,682 (35,243)
Effect of exchange rate fluctuations on cash held (9,847) 2,611
Net cash and cash equivalents at the beginning of the year 184,251 216,883
Net cash and cash equivalents at the end of the year
239,086 184,251
Notes to the financial statements are included on pages 44 to 97.Notes to the financial statements are included on pages 44 to 97.
4445
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Notes to the Consolidated Financial Statements
For the financial year ended 30 June 2026.
Introducing this report
The notes to the financial statements include information that is considered relevant and material to assist the reader in the understanding
of the financial performance and financial position of EBOS Group Limited and its controlled entities (together “the Group” or “EBOS”).
Information is considered relevant and material if:
• the amount is significant because of its size and nature;
• it is important to assist the readers understanding of the results of EBOS;
• it helps to explain to the reader the changes in the business and/or operations of EBOS; or
• it relates to an aspect of operations that is important to the future performance of EBOS.
EBOS Group Limited (‘the Company’) is a profit-oriented company incorporated in New Zealand, registered under the Companies Act 1993
and dual listed on both the New Zealand Stock Exchange and the Australian Securities Exchange.
Basis of preparation
The financial statements have been prepared in
accordance with Generally Accepted Accounting Practice
(‘GAAP’). They comply with New Zealand Equivalents to IFRS
Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as
issued by the International Accounting Standards Board for
profit-oriented entities.
EBOS is a Tier 1 for-profit entity in terms of the New Zealand
External Reporting Board Standard A1.
The Company is a FMC reporting entity for the purposes of
the Financial Markets Conduct Act 2013, and its financial
statements comply with this Act.
The financial statements have been prepared on the basis
of historical cost, except for the revaluation of certain
financial instruments. Cost is based on the fair value of the
consideration given in exchange for assets.
The information is presented in thousands of Australian
dollars, unless otherwise stated.
Critical accounting estimates and judgements
In the process of applying the Group’s accounting
policies and the application of accounting standards,
EBOS has made a number of judgements and estimates.
The estimates and underlying assumptions are based
on historic experience and various other factors that are
considered to be appropriate under the circumstances.
Therefore, there is an inherent risk that actual results may
subsequently differ from the estimates made.
These estimates and underlying assumptions are reviewed
on an on-going basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised
if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both
current and future periods.
Judgements and estimates that are considered material to
understanding the performance of EBOS are found in the
relevant notes to the financial statements. Key judgements
have been made in regard to assumptions that support
the impairment assessment for goodwill and indefinite life
intangibles (note B1 Goodwill and intangibles) and business
combination accounting (note B2 Acquisition information).
Introducing this report continued
Basis of consolidation
The Group’s financial statements comprise the financial
statements of EBOS Group Limited, the parent company,
combined with all the entities that comprise the Group,
being its subsidiaries (listed in note F1 Subsidiaries) and its
share of associates and joint ventures investments (listed in
note F2 Investment in associates and joint ventures).
The financial statements of the members of the Group,
including associates and joint ventures, are prepared for
the same reporting period as the parent company, using
consistent accounting policies.
Subsidiaries are consolidated on the date on which control
is obtained to the date on which control is lost.
The results of subsidiaries acquired or disposed of
during the year are included in the Consolidated Income
Statement from the effective date of acquisition or up to
the effective date of disposal, as appropriate.
All significant inter-company transactions and balances
are eliminated on consolidation.
Adopting of new and revised standards and interpretations
The Group has adopted all new accounting standards
that have become effective during the current year.
The adoption of these new standards has had no impact
upon these financial statements.
In May 2024, the New Zealand Accounting Standards
Board (NZASB) approved NZ IFRS 18 Presentation and
Disclosure of Financial Statements (IFRS 18) for application
by Tier 1 and Tier 2 for-profit entities preparing financial
statements for periods beginning on or after 1 January
2027. IFRS 18 changes how entities present the primary
financial statements and make disclosures in the notes to
the financial statements. The transition provisions of IFRS 18
require retrospective application. The Group is continuing
to assess the full impact of adopting IFRS 18.
Foreign currency
Functional currency
The financial statements of each of the Group’s entities
are measured using the currency of the primary economic
environment in which that entity operates (“the functional
currency”).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rate on the date
of the transaction. At each balance sheet date, monetary
assets and liabilities that are denominated in foreign
currencies are translated at the rates prevailing on the
balance sheet date. Non-monetary assets and liabilities
that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of
monetary items, and on the translation of monetary
items, are included in the Consolidated Income Statement
for the period.
Foreign operations
On consolidation, the assets and liabilities of EBOS’
overseas operations are translated at the exchange rate
at the reporting date. Income and expense items are
translated at the average rates for the period. Exchange
differences arising are recognised in the foreign currency
translation reserve (in equity) and recognised in profit or
loss on disposal of the foreign operation.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at the
exchange rate at the reporting date.
Other accounting policies
Other accounting policies that are relevant to the
readers understanding of the financial statements are
included throughout the following notes to the financial
statements.
4647
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
A1. Revenue and expenses
(a) Revenue
Revenue consisted of the following items:
2026
A$’000
2025
A$’000
Community Pharmacy 7,112 , 529 6,456,259
Institutional Healthcare 4,535,635 4,342,369
Contract Logistics Services 159,322 142,790
Contract Logistics Sales 1,012,310 863,988
Interdivisional eliminations (239,680) (211,944)
Healthcare 12,580,116 11,593,462
Animal Care 906,568 673,436
13,486,684 12,266,898
Recognition and measurement
Community Pharmacy and Institutional Healthcare
Revenue is derived from the supply of human healthcare products to pharmacies, hospitals, aged care facilities, supermarkets
and other healthcare providers in Australia, New Zealand, Southeast Asia and United States. This includes the supply of agency
products and EBOS’ own branded human healthcare products distributed by the Group’s branded distribution businesses.
Following delivery of the goods, the third-party customers obtain control as it has full discretion over the manner of distribution
and price to sell the goods, has the primary responsibility when on selling the goods and bears the risks of loss in relation to
the goods.
A receivable is recognised by the Group when it passes control of the goods, which is when the goods are delivered to the customer
as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is
required before payment is made.
The transaction price may be adjusted for customers who pay their account in full, earlier than what standard credit terms
would require, or for incremental costs incurred in obtaining a sales contract which are recognised over the contractual period.
Under the Group’s standard terms with customers, product returns, refunds and provision for warranties are in accordance with
local requirements. Accumulated experience has been used to determine that such returns are not significant.
Section Overview
This section explains the financial performance of EBOS by:
a) displaying additional information about individual items in the Consolidated Income Statement;
b) presenting further analysis of EBOS’ operating segments by revenue and expenses; and
c) providing an analysis of the components of EBOS’ tax balances for the year and the current imputation credit
account balance.
Section A: EBOS performance
Notes to the Consolidated Financial Statements continued
For the financial year ended 30 June 2026.
A1. Revenue and expenses continued
(a) Revenue continued
Recognition and measurement
Contract Logistics
Sales: Sales consist of the sale of human healthcare
products to a wide range of healthcare customers
(wholesalers, pharmacies, hospitals and medical centres),
in accordance with agreed terms with the customer.
A receivable is recognised by the Group when it passes
control of the goods, as this represents the point in time at
which the right to consideration becomes unconditional,
as only the passage of time is required before payment
is made.
Under our standard terms with customers, product
returns, refunds and provision for warranties provided
are in accordance with local requirements. Accumulated
experience has been used to determine that such returns
are not significant.
Service fees: Revenue is derived from the provision of
logistics services for a fee to healthcare providers for their
operating activities in Australia and New Zealand. Service
fees are typically charged for storage of the providers’
inventory holdings and pick, pack and delivery services
provided over a period of time, typically on a monthly
basis, as specified within contractual rates agreed with
the principals.
EBOS applies the practical expedient in NZ IFRS 15 to
recognise revenue in the amount to which it has a right to
invoice, where the invoiced amount corresponds directly
with the value delivered to the customer. Revenue is
therefore recognised as services are performed and billed.
In determining the presentation of revenue, EBOS assesses
whether it acts as principal or agent in contract logistics
arrangements. EBOS acts as principal where it controls
the specified goods and assumes the associated inventory
risk before they are transferred to the customer, revenue
is recognised on a gross basis. Where EBOS facilitates
the provision of goods on behalf of a supplier and does
not control the goods before transfer to the customer,
including certain consignment arrangements where title,
ownership and inventory risk remain with the supplier until
sale, revenue is recognised on a net basis, representing
the fee or margin earned. This assessment is based on the
specific facts and contractual terms of each arrangement,
including consideration of control, inventory risk and
pricing discretion.
The performance obligation is satisfied either at a point
in time (sales) or over time (service fees), as applicable,
at which point the right to consideration becomes
unconditional, as only the passage of time is required
before payment is made.
Customer Loyalty Programs
EBOS operates customer loyalty programs that provide
customers with points or credits redeemable against future
purchases. A portion of the transaction price is allocated
to the loyalty awards and deferred as a contract liability.
Revenue associated with the awards is recognised when
the points are redeemed or expire, based on expected
redemption patterns. The associated contract liability is
not material to the Group.
Animal Care
Revenue is derived from the supply of animal care
products to pet retail, grocery and vet clinics across
Australia and New Zealand. This includes EBOS’ own
manufactured and contract manufactured animal care
products. Upon delivery of the goods, the customer
assumes full control as it has complete discretion over
the manner of distribution and pricing of goods, has the
primary responsibility when on-selling the goods and
bears the risks of loss in relation to the goods.
A receivable is recognised by the Group when it passes
control of the goods, which is when the goods are
delivered to the customer as this represents the point
in time at which the right to consideration becomes
unconditional, as only the passage of time is required
before payment is made.
Under the Group’s standard terms with customers,
product returns, refunds and provision for warranties
are in accordance with local requirements. Accumulated
experience has been used to determine that such returns
are not significant.
4849
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
A1. Revenue and expenses continued
(b) Expenses
Profit before tax expense has been arrived at after charging the following expenses by nature:
2026
A$’000
2025
A$’000
Cost of sales (11,726,237) (10,622,311)
Writedown of inventory (17,193) (7,415)
Impairment reversal on trade and other receivables 5,365 1,018
Depreciation of property, plant and equipment (43,187) (33,181)
Depreciation on right of use assets (81,380) (67,007)
Amortisation (non-cash) of finite life intangibles attributable to acquisition fair value adjustments (31,864) (26,912)
Amortisation of other finite life intangibles (23,647) (19,802)
Short-term and low value asset leases (9,708) (11,044)
Donations (802) (800)
Employee benefit expense (576,247) (534,381)
Defined contribution plan expense (47,625) (42,183)
Freight (184,259) (171,561)
Other expenses (372,663) (337,651)
Total expenses (13,109,447) (11,873,230)
Recognition and measurement
Impairment
EBOS reviews the recoverable amount of its tangible and intangible assets, including goodwill, at each balance date. If the
carrying value of an asset exceeds the recoverable amount, an impairment expense is recognised in the income statement.
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of future cash flows expected
to be generated by the asset (value in use).
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows (CGU).
Depreciation and amortisation
Depreciation is provided for on a straight line basis on all property, plant and equipment other than freehold land,
at depreciation rates calculated to allocate the assets’ cost less estimated residual value, over their estimated useful lives.
Refer to note D1 Property, Plant and Equipment for the useful lives used in the calculation of depreciation.
Amortisation is charged on a straight line basis over the estimated useful life of finite life intangibles. Refer to note B1(d)
Finite life intangibles for the useful lives used in the calculation of amortisation.
Short term and low value asset leases
EBOS leases certain land, buildings, motor vehicles, plant and equipment.
EBOS has elected not to recognise right of use assets and lease liabilities for short-term leases and low value asset leases.
EBOS recognises the lease payments associated with the leases as an expense (recognised within other expenses in the income
statement on a straight-line basis over the lease term).
A1. Revenue and expenses continued
(b) Expenses continued
Employee expenses
Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service leave and
employee incentives for services rendered. Provisions are recognised when it is probable they will be settled and can be
measured reliably. They are carried at the remuneration rate expected to apply at the time of settlement and discounted to the
present value of the expected payment to the employee at balance date.
Net finance costs
Finance costs include bank interest and amortisation of costs incurred in connection with borrowing facilities. Finance costs
are expensed immediately as incurred, using the effective interest method, unless they relate to acquisition and development
of qualifying assets, in which case they are capitalised.
Interest income is recognised on a time-proportionate basis using the effective interest method.
A2. Segment information
(a) Reportable segments and Corporate
EBOS’ major products and services are allocated consistently with the reportable segments, i.e. Healthcare and Animal Care, with no major
products and services allocated to Corporate.
(b) Segment revenues and results
The following is an analysis of EBOS’ revenue and results by reportable segment and Corporate:
Revenue from external customers (A$’000)
Corporate
Includes net funding costs and
central administration expenses
that have not been allocated to
the Healthcare or Animal Care
segments.
Animal Care Segment
Sales of animal care products in a
range of sectors, own manufactured
and contract manufactured brands,
retail, and wholesale activities.
2026
Healthcare Segment
Sales of healthcare products in a
range of sectors, own brands, retail
healthcare, pharmacy, hospital
and logistic services and wholesale
activities.
2025
Healthcare 93% $12,580,116
Animal Care 7% $906,568
Healthcare 95% $11,593,462
Animal Care 5% $673,436
5051
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
A2. Segment information continued
EBITDA (A$’000)
Net profit/(loss) after tax for the year attributable to owners of the Company (A$’000)
Associate and joint venture information:
2026
A$’000
2025
A$’000
Included in the segment results above is income from associates and joint ventures:
Animal Care7,6948,050
Healthcare4,7906,971
Total income from associates and joint ventures12,48415,021
(b) Segment revenues and results continued
HealthcareAnimal CareCorporate
2025
2026
HealthcareAnimal CareCorporate
2025
2026
$504,445$134,913($40,661)$472,155$122,532($39,096)
$252,575$86,021($113,409)$243,848$77,258($105,968)
The following is an analysis of other financial information by reportable segment and Corporate:
HealthcareAnimal CareCorporateGroup
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
Revenue from external customers 12,580,116 11,593,462 906,568 673,436--
13,486,684 12,266,898
EBITDA
504,445 472,155
134,913 122,532 (40,661) (39,096)
598,697
555,591
Depreciation of property, plant and equipment
(37,964) (28,806)
(5,223) (4,375) - -
(43,187)
(33,181)
Depreciation on right of use assets (70,604) (58,369) (9,829) (7,7 10) (947) (928) (81,380)(67,007)
Amortisation (non-cash) of finite life intangibles
attributable to acquisition fair value adjustments
(29,489) (26,912) (2,305) - (70) - (31,864)(26,912)
Amortisation of finite life intangibles (22,739) (18,911) (908) (891) - - (23,647)(19,802)
EBIT
343,649339,157116,648109,556(41,678)(40,024) 418,619408,689
Net finance costs
-
-- - (119,372) (106,447) (119,372)(106,447)
Tax (expense)/benefit(90,166)(94,682)(30,627) (32,298) 47,641 40,503 (73,152)(86,477)
Profit for the year
253,483
244,47586,021 7 7, 258 (113,409) (105,968) 226,095215,765
Non-controlling interests
(908)
(627)----
(908)
(627)
Profit for the year attributable to owners
of the Company252,575243,84886,021 7 7, 258 (113,409) (105,968) 225,187215,138
(c) Geographical information
EBOS operates in two principal geographical areas: (i) Australia and (ii) New Zealand (country of domicile) and others.
EBOS’ revenue from external customers by geographical location and information about its segment assets (non-current assets
excluding investment in associates and joint ventures and deferred tax assets), are detailed below:
AustraliaNew Zealand and othersGroup
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
Continuing operations
Revenue from external customers10,218,9589,4 47,3423,267,7262,819,55613,486,68412,266,898
Non-current assets
3,254,488 3,055,158 847,136 864,531 4,101,624 3,919,689
A2. Segment information continued
(b) Segment revenues and results continued
5253
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
A3. Taxation
(a) Tax expense recognised in Consolidated Income Statement
The Group operates across multiple tax jurisdictions and is subject to the applicable corporate income tax rates in those jurisdictions.
The tax rates used are principally the corporate tax rates of 28% (2025: 28%) applicable to New Zealand corporate entities and 30%
(2025: 30%) applicable to Australian corporate entities on taxable profits under the tax laws of the respective jurisdictions.
2026
A$’000
2025
A$’000
Tax expense comprises:
Current tax expense:
Current year 85,432 83,964
Adjustments for prior years (7,054) (4,763)
78,378 79,201
Deferred tax expense/(credit):
Origination and reversal of temporary differences (9,202) 179
Adjustments for prior years 3,976 7,097
(5,226) 7, 276
Total tax expense 73,152 86,477
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the financial
statements as follows:
Profit before tax expense 299,247 302,242
Tax expense calculated at 28% (2025: 28%) 83,789 84,628
Non-deductible expenses 3,956 5,083
Effect of different tax rates of subsidiaries operating in overseas jurisdictions 1,095 2,029
(Over)/under provision of tax expense in prior years (3,078) 2,334
Impact of non-assessible fair value gain on step acquisition (4,481)-
Other adjustments (8,129) (7, 597)
Total tax expense
73,152 86,477
(d) Information about major customers
No revenues from transactions that are with a single customer amount to 10% or more of EBOS’ revenues (2025: Nil).
Recognition and measurement
The reportable segments of EBOS have been identified in accordance with NZ IFRS 8 ‘Operating Segments’.
The Group’s operating segments are identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision-maker in order to allocate resources to the segment and to assess its performance.
The accounting policies of EBOS have been consistently applied to the operating segments. Profit before depreciation,
amortisation, net finance costs and tax expense (EBITDA) is the measure reported to the chief operating decision-maker (CODM)
for the purpose of resource allocation and assessment of segment performance. Assets are not allocated to operating segments
as they are not reported to the chief operating decision-maker at a segment level.
A3. Taxation continued
(b) Deferred tax assets and liabilities
Taxable and deductible temporary differences arise from the following:
2026
A$’000
2025
A$’000
Summary of net deferred tax assets/(liabilities) by jurisdictions
Australia (54,665)(53,216)
New Zealand (28,214) (28,067)
Southeast Asia 875 2,514
United States (406)-
Total net deferred tax assets/(liabilities) (82,410) (78,769)
A2. Segment information continued
Gross deferred tax liabilities
Property,
plant and
equipment
A$’000
Provisions
A$’000
Other
financial
assets -
derivatives
A$’000
Right of
use assets
A$’000
Intangible
assets
A$’000
Total
A$’000
As at 1 July 2025 28,360 6,999 32 144,054 175,200 354,645
Prior period adjustments (3,816) 6,542 (13) - (1,385) 1,328
Charged to income statement (6,477) 28,078 30,724 (27, 849) 24,476
Charged to equity - - 3,804 - - 3,804
Acquisitions 503 593 - 1,329 11,075 13,500
Exchange differences
(1,056) 86 (247) (5,287) (4, 2 11) (10,715)
At 30 June 2026
17, 514 42,298 3,576 170,820 152,830 387,038
Gross deferred tax assets
Property,
plant and
equipment
A$’000
Provisions
A$’000
Other
financial
assets -
derivatives
A$’000
Lease
liabilities
A$’000
Intangible
assets
A$’000
Tax losses
carried
forward
A$’000
Total
A$’000
As at 1 July 2025 24,844 72,204 1,458 154,133 23,084 153 275,876
Prior period adjustments (3,781) 1,234 55 - (776) 620 (2,648)
Charged to income statement 19, 274 (4,878) - 35,823 (20,950) 4,409 33,678
Charged to equity - - (1,296) - - - (1,296)
Acquisitions 190 4,508 - 1,329 465 - 6,492
Exchange differences
(858) (1,013) - (5,601) (2) - (7,474)
At 30 June 2026
39,669 72,055 217 185,684 1,821 5,182 304,628
5455
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
A3. Taxation continued
Recognition and measurement
Taxable profit differs from profit before tax reported in
the Consolidated Income Statement as it excludes items
of income and expense that are taxable or deductible in
other years (temporary differences) and also excludes
items that will never be taxable or deductible (permanent
differences).
Income tax expense components are current income tax
and deferred tax.
Deferred tax is income tax that is expected to be payable
or recoverable in the future as a result of the unwinding of
temporary differences. These arise from differences in the
recognition of assets and liabilities for financial reporting
and for the filing of income tax returns.
Deferred tax is recognised on all temporary differences,
other than those arising:
• from goodwill;
• from the initial recognition of assets and liabilities in a
transaction (other than in a business combination) that
affects neither the accounting nor taxable profit or loss
and does not give rise to equal taxable and deductible
temporary differences; and
• investments in associates, joint ventures and
subsidiaries where EBOS is able to control the reversal of
the temporary differences and such differences are not
expected to reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected
to apply to the year when a liability is settled or an asset
realised, based on tax rates and tax laws that have been
enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent it is
probable that future taxable profits will be available to
use the asset. This is reviewed at each balance date and
reduced to the extent that it is no longer probable that
sufficient taxable profits will be available in the future to
utilise the deferred tax asset.
Amendments to NZ IAS 12 Income Taxes (NZ IAS 12) –
International Tax Reform – Pillar Two Model Rules
The Group adopted the amendment to NZ IAS 12 in the prior year.
The amendment clarifies that the Standard applies to income
taxes arising from tax law enacted to implement the Pillar Two
model rules published by the OECD, including tax law that
implements qualified domestic minimum top-up taxes described
in those rules.
The Group is within the scope of the OECD Pillar Two Model Rules.
Pillar Two legislation has been enacted in New Zealand, and came
into effect for the Group from 1 July 2025. For some entities within
the Group, such as subsidiaries in Australia and Vietnam, the
Pillar Two rules came into effect from 1 July 2024. Under Pillar Two
legislation, the Group may be liable to pay a top-up tax where
the effective tax rate per jurisdiction is below the 15% minimum
rate. The Group has performed an assessment of the potential
exposure to Pillar Two income taxes based on the financial
information for the year ended 30 June 2026, which showed that
no top-up tax exposure should arise for the Group. This is on the
basis that the Safe Harbour rules can be relied upon in all but
one jurisdiction that the Group operates in where Pillar Two is
applicable. For the jurisdiction that was unable to rely on the Safe
Harbour rules, a full Global Anti-Base Erosion (GloBE) assessment
was performed that showed that no top-up tax exposure should
arise for the Group.
Under Taxed Profits Rule (UTPR) is not applicable for the Group.
All of the Group entities fall within the scope of the Income
Inclusion Rule (IIR) under Pillar II. This is on the basis that all
the Group entities that operate in jurisdictions that have not
implemented Pillar II in their domestic legislation, are held directly
or indirectly by an Australian or New Zealand Constituent Entity.
New Zealand's Domestic Income Inclusion Rule (DIIR) will come
into effect for the Group from 1 July 2026.
The Group is making use of the mandatory temporary exemption
resulting from the implementation of the Pillar Two regulations,
which was included in the amendment of NZ IAS 12 published in
May 2023 under which it does not have to recognise deferred
taxes in relation to Pillar Two.
A4. Earnings per share
Basic earnings
per share
Diluted earnings
per share
2026 202520262025
Earnings used in the calculation of
total earnings per shareA$’000225,187215,138225,187215,138
Weighted average number of ordinary shares for
the purposes of calculating earnings per share
No.
(000’s)205,101196,073206,465197,361
Earnings per shareCents109.8109.7109.1109.0
Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company by the weighted
average number of ordinary shares on issue during the year, excluding shares held as treasury stock. Diluted earnings per share
assumes conversion of all dilutive potential ordinary shares in determining the denominator.
(c) Imputation credit account balances
2026
A$’000
2025
A$’000
Imputation credit account balances
Imputation credits available directly and indirectly to
shareholders of the parent company:7, 28911,800
Imputation credits allow EBOS to pass on to its shareholders the benefit of the New Zealand income tax it has paid by attaching imputation
credits to the dividends it distributes, reducing shareholders’ net tax obligations.
5657
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
B1. Goodwill and intangibles continued
(b) Indefinite life intangibles
Terr y W hi te
Chemmart
Brands
A$’000
Other
Healthcare
Brands
A$’000
Franchise
Network
A$’000
Animal
Care
Brands
A$’000
Healthcare
Trademarks
A$’000
Total
A$’000
Gross carrying amount
Balance at 1 July 2024 36,538 82,720 10,954 46,513 15,756 192,481
Acquisitions - - - 48,839 - 48,839
Effects of foreign currency exchange and
other differences - 334 - 445 255 1,034
Balance at 30 June 2025
36,538 83,054 10,954 95,797 16,011 242,354
Acquisitions - - - 6,906 - 6,906
Effects of foreign currency exchange
and other differences - (2,414) - (7, 8 82) (1,839) (12,135)
Balance at 30 June 2026 36,538 80,640 10,954 94,821 14,172 237,125
Recognition and measurement
Indefinite life intangible assets represent purchased brands, trademarks and a franchise network asset that are initially
recognised at fair value. These intangible assets are tested annually for impairment on the same basis as for goodwill.
Judgement: useful lives of indefinite life intangible assets
The Directors have assessed these brands, trademarks and a franchise network asset as having an indefinite useful life. In coming
to this conclusion, the expected expansion of these assets across other products and markets, the typical product life cycle of
these assets, the stability of the industry in which the assets are operating, the level of maintenance expenditure required and the
period of legal control over these assets has been considered.
B1. Goodwill and intangibles
(a) Goodwill
Notes2026
A$’000
2025
A$’000
Gross carrying amount
Balance at beginning of financial year 2,202,861 2 ,067,694
Recognised from business acquisitions during the yearB2 125,419 126,606
Effects of foreign currency exchange and other differences (59,410)8,561
Net book value 2,268,870 2,202,861
The comparative balances as at 30 June 2025 have been updated to reflect the final fair value adjustments attributable to the acquisition of SVS Group, refer to Note B2
Acquisition information for further details.
Recognition and measurement
Goodwill arising on the acquisition of a subsidiary is recognised as an asset at the date that control is acquired (the acquisition
date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests
in the acquiree, and the fair value of the acquirer’s previously-held equity interest (if any) in the acquiree over the fair value of the
identifiable net assets recognised.
Goodwill is not amortised; however, it is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill
is allocated to each of EBOS’ CGUs or groups of CGUs expected to benefit from the synergies of the combination.
CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired. The recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable
amount of the CGU is less than its carrying amount, the impairment loss is first allocated to reduce the carrying amount of any
goodwill and then to the other non-current assets of the unit on a pro-rata basis. Any impairment loss on goodwill is recognised
immediately in profit or loss and is not subsequently reversed.
Section B: Key judgements made
Section Overview
This section identifies the balances and transactions to which key judgements have been made by EBOS in the
preparation of these financial statements. Key judgements have been made in regards to the estimates of future cash
flows for impairment assessment purposes, and the identification of intangible assets and recognition of goodwill for
business acquisitions.
The comparative balances as at 30 June 2025 have been updated to reflect the final fair value adjustments attributable to the acquisition of SVS Group, refer to Note B2
Acquisition information for further details.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
B1. Goodwill and intangibles continued
(c) Cash-generating units continued
20262025
Annual revenue growth rates3.0% - 6.8%3.3% - 6.5%
Allowance for increases in expenses3.0% - 6.5%3.5% - 5.3%
Pre-tax discount rates8.0% - 12.3%9.2% - 12.9%
Terminal growth rate 2.5%2.5%
Sensitivity analysis
Management has performed sensitivity analyses in respect of the key assumptions used to determine the recoverable amount of each CGU,
or group of CGUs, to which goodwill has been allocated. The Directors believe that no reasonably possible change in the key assumptions
would cause the carrying amount of any CGU or group of CGUs, other than Healthcare Australia – Medical Consumables, to exceed its
recoverable amount.
In recent years, the recoverable amount of the Healthcare Australia – Medical Consumables CGU substantially exceeded its carrying
amount. However, the Australian medical consumables market has slowed down over the past two years following the elevated growth during
the COVID-19 pandemic, resulting in a more modest medium-term growth outlook being reflected in the year end impairment assessment.
Consequently, the excess of recoverable amount over carrying amount has reduced, with the recoverable amount exceeding the carrying
amount by $18.6 million at 30 June 2026.
A 5% reduction in the forecasted sales growth from Year 2 onwards, with all other assumptions held constant including margins, would
reduce the recoverable amount to its carrying value. Similarly, a 38 basis point increase in the discount rate, with all other assumptions held
constant, would reduce the recoverable amount to its carrying amount. Accordingly, the recoverable amount of the Healthcare Australia
– Medical Consumables CGU is sensitive to reasonably possible changes in key assumptions, particularly the discount rate and forecast
growth rates. Management considers the other key assumptions adopted in the impairment assessment to be appropriate and supportable
based on current market conditions and the expected future performance of the business.
B1. Goodwill and intangibles continued
(c) Cash-generating units
The carrying amount of goodwill and indefinite life intangibles allocated to CGUs or groups of CGUs is as follows:
GoodwillIndefinite life intangibles
2026
A$’000
2025
A$’000
2026
A$’000
2025
A$’000
Healthcare Australia
1
718,910 733,145 9,059 9,059
Healthcare New Zealand
2
73,690 73,136 18,609 21,024
Healthcare: Pharmacy/Logistics NZ
3
78,121 88,256 14,171 16,009
Healthcare: Retail Pharmacy Brands
4
98,712 70,430 47,492 47,492
Healthcare: Medical Technology
5
1,023,571 971,797 52,973 52,973
Animal Care
6
275,866 266,097 94,821 95,797
2,268,870 2,202,861 237,125 242,354
1 Australian Consumer, Hospital, Pharmacy and Primary Healthcare sectors, including goodwill of $134.6m allocated to Healthcare Australia – Medical Consumables CGU.
2 New Zealand Consumer, Hospital, Primary Healthcare, Aged Care and International Product Supplies.
3 New Zealand Pharmacy Wholesaler and Logistic Services.
4 Australian pharmacy brands (TerryWhite Chemmart, MediADVICE Pharmacy and Cincotta Discount Chemist) and pharmacy services.
5 Australia, New Zealand, Southeast Asia and United States Medical Technology.
6 Australia and New Zealand Animal Care.
Healthcare: Retail Pharmacy Brands CGU comprises the former Healthcare: TerryWhite Group CGU and pharmacy retail assets previously
held in Healthcare Australia CGU, resulting in a reallocation of $13.5m goodwill from Healthcare Australia to Healthcare: Retail Pharmacy
Brands.
For the year ended 30 June 2026, the Directors have determined that there is no impairment of any of the CGUs containing goodwill, brands,
trademarks or the franchise network asset (2025: Nil).
Key judgement: impairment assessment assumption
The recoverable amounts of cash generating units are determined on the basis of value in use calculations. The recoverable
amount calculations are most sensitive to changes in the following assumptions:
Revenue
Estimated by management based on revenue achieved in the period immediately before the start of the
assessment period and adjusted each year for any anticipated growth.
Operating costs
Estimated by management based on current trends at the start of the assessment period and adjusted
for expected changes in the business or sector in which the business operates.
Discount rates
Estimated by management based on a current market assessment of the time value of money, cost of
capital and risks specific to the asset or CGU to which the cash flows generated by that asset or CGU
are being assessed.
Key estimate: value in use calculation
The value in use calculation uses cash flow projections based on financial forecasts approved by the Board and management
covering a five year period, including terminal value, and management’s past experience. The following estimates, excluding the
impact of known business losses, were used in the value in use calculation:
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
B2. 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 allocation 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. 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 to $51.1m.
B1. Goodwill and intangibles continued
(d) Finite life intangibles
(e) Goodwill and intangible accounting policies
Supply
contracts
A$’000
Customer
relationships
A$’000
Software
A$’000
Other
A$’000
Total
A$’000
Cost
At 1 July 2025 344,204 78,414 94,108 79,449 596,175
Additions - - 5,159 10,01315,172
Transfer from capital work in progress - - 53,176 5,596 58,772
Acquisitions 19,312 23,454 2 - 42,768
Disposals - (2,055) (4,413)(2,110)(8,578)
Exchange differences (994) (2,756) (2,900) (1,189) (7, 839)
At 30 June 2026 362,522 97,057 145,132 91,759 696,470
Amortisation
At 1 July 2025 (82,515) (58,356) (29,177) (45,335) (215,383)
Charge for the year (28,565) (3, 299) (10,404) (13,243) (55,511)
Disposals - 2,055 4,413 344 6,812
Exchange differences 261 86 1,355 212 1,914
At 30 June 2026
(110,819) (59,514) (33,813) (58,022) (262,168)
Carrying amount
At 30 June 2025
261,689 20,058 64,931 34,114 380,792
At 30 June 2026
251,703 37, 543 111,319 33,737 434,302
Recognition and measurement
Finite life intangible assets are recorded at cost less accumulated amortisation. Amortisation is charged on a straight line basis
over their estimated useful life.
Judgement: Useful lives of finite life intangible assets
In determining the estimated useful life of finite life intangible assets (of a period of between one and 20 years) the following
characteristics have been assessed: (i) expected expansion of the usage of the assets, (ii) the typical product life cycle of these
assets, (iii) the stability of the industry in which the assets are operating, and (iv) the level of maintenance expenditure required.
The estimated useful life and amortisation period is reviewed at the end of each annual reporting period.
Supply contracts and customer relationships are identifiable intangible assets recognised on business acquisitions.
Accounting policies
At each balance sheet date, EBOS reviews the carrying amounts of its non-current assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are
independent from other assets, EBOS estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (CGU) is estimated to be less than its carrying amount, the carrying amount of the asset
(CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, other than for goodwill, the carrying amount of the asset (CGU) is increased to
the revised estimate of its recoverable amount. A reversal of an impairment loss is recognised as income immediately. Impairment
losses cannot be reversed for goodwill.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Fair value on
acquisition
A$’000
Cash and cash equivalents 1,547
Trade and other receivables 9,543
Prepayments 232
Inventories 8,024
Property, plant and equipment 3,092
Right of use assets 2,041
Deferred tax assets 2,461
Finite life intangibles 19,554
Investments in associates 6,255
Trade and other payables (8,105)
Lease liabilities (2,041)
Deferred tax liabilities (4,602)
Net assets acquired 38,001
Goodwill on acquisition 19,025
Non-controlling interests arising on acquisition (22,451)
Fair value of the Group's 51% interest in ABT Nevada LLC 34,575
Less carrying value of ABT Nevada LLC as an associate (13,235)
Fair value gain on step acquisition 21,340
Name of business acquired
Principal
activities
Date of
acquisition
Cost of
acquisition
A$’000
100% of the equity interest in NGPF Pty Ltd Animal Care1 July 2025 42,317
50.001% of equity interest in MediADVICE Pty Ltd Healthcare29 August 2025 8,051
100% of the equity interest in Precision Surgical Pty LtdHealthcare4 December 2025 24,772
100% of the equity interest in AlphaXRT LtdHealthcare23 December 2025 24,535
100% of the equity interest in Jackson Allison Medical & Surgical LtdHealthcare30 January 2026 13,569
100% of the equity interest in K-Talyst Pte LtdHealthcare3 March 2026 20,456
B2. 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 classified as an associate and equity
accounted in the Group’s consolidated financial statements.
On 19 December 2025, the Group entered into an agreement to obtain control over ABT Nevada LLC. From the date of signing the
agreement, ABT Nevada LLC has been consolidated as a subsidiary of the Group. 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 $19.0m.
ABT Nevada LLC is a non-trading holding entity. Its fair value presents the aggregation of the fair values of its principal operating
subsidiary, Origin Biologics LLC, and its investment in an associate. 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.
As part of the acquisition accounting, the Group recognised an identifiable customer relationship intangible asset representing the
fair value attributable to the acquired customer base and the future economic benefits expected to arise from ongoing customer
relationships. The fair value was determined using an income-based valuation methodology, which estimates the present value of future
cash flows from the existing customer base, taking into account the expected customer attrition and contributory asset charges.
The customer relationship intangible asset is amortised over its estimated useful life.
B2. Acquisition information continued
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 30 June 2026 and a corresponding adjustment to
non-controlling interests.
Valuation of the financial liability – derivative was 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.
NGPF Pty Ltd (Next Generation Pet Foods) 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.
MediADVICE Pty Ltd is a New South Wales based pharmacy management services business targeted at smaller pharmacies.
The acquisition broadens EBOS' market reach and strengthens its ability to serve a wider range of pharmacy customers across
the sector.
Precision Surgical Pty Ltd is an independent distributor of spine based surgical implants focused on the east coast of Australia.
Precision is complementary to the Group from both a product and geographic perspective, strengthening its existing footprint in the
Australian spine segment.
AlphaXRT Ltd is an independent supplier of radiation oncology solutions in Australia and New Zealand. The acquisition provides a base
oncology platform in a new therapeutic channel in Australia and New Zealand.
Jackson Allison Medical & Surgical Ltd is a supplier of medical and surgical consumables and devices in New Zealand. The business
model is primarily agency based, with Jackson Allison Medical & Surgical Ltd importing products from leading medical suppliers globally
and selling to both public and private healthcare providers. The acquisition extends EBOS’ footprint in the hospital sector in New Zealand.
K-Talyst Pte Ltd is a regional distributor of breast implants and auxiliary aesthetic products across Singapore, Malaysia, Philippines,
and Indonesia. The acquisition supports the Group’s entry into aesthetics and plastics in Southeast Asia.
The fair value of acquired inventories was determined on a provisional basis as at 30 June 2026.
Other acquisitions
The following material acquisitions of subsidiaries took place during the period.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
B2. Acquisition information continued
Combined details of acquisitions undertaken during the current period are as follows:
NGPF
Pty Ltd
A$’000
MediADVICE
Pty Ltd
A$’000
Precision
Surgical
Pty Ltd
A$’000
AlphaXRT
Ltd
A$’000
Jackson
Allison
Medical &
Surgical Ltd
A$’000
K-Talyst Pte
Ltd
A$’000
Others
A$’000
Non-current assets
Cash and cash equivalents 1,155 206 355 4,116 579 2,065 3
Trade and other receivables 2,560 473 757 2,287 1,089 422 19
Prepayments 574 -
45 3,885 130 - 2
Current tax receivable 168 - 133 - - - -
Inventories 2,555 - 1,077 1,070 4,538 548 520
Non-current assets
Property, plant and equipment 3,149
-
- 27 162 - 55
Right of use assets 1,788 495 - 174 412 300 747
Deferred tax assets 1,683 334 228 1,142 539 90 15
Indefinite life intangibles 6,906 - - - - - -
Finite life intangibles -
-
- 8,824 832 9,658 3,900
Current liabilities
Trade and other payables (1,688) (462) (635) (9,661) (1,999) (1,304) -
Current tax payables (747) (242) (341) (903) (673) (1,195) -
Lease liabilities (475) (171) - (108) (39) (164) (154)
Employee benefits (183) (28) (75) (153) (425) (23) (191)
Derivatives (13) - - - - - -
Non-current liabilities
Trade and other payables (393) (122) - (110) (244) (60) (80)
Lease liabilities (1,313) (324) - (66) (373) (136) (513)
Bank loans - - - - - - -
Deferred tax liabilities (2,696) (166) (6) (3,088) (349) (1,693) (900)
Employee benefits (138) - - (190) - - (26)
Net assets acquired
12,892(7)1,5387, 2464,1798,5083,397
Goodwill on acquisition 29,425 8,039 23,234 17, 289 9,390 11,948 7,069
Non-controlling interests arising on acquisition - 19 - - - - -
Total consideration42,3178,05124,77224,53513,56920,45610,466
Less cash and cash equivalents (1,155) (206) (355) (4,116) (579) (2,065) (3)
Less deferred purchase consideration - - (11,586) (16,748) - (3,953) (1,930)
Net cash outflow from acquisition 41,162 7,845 12,831 3,671 12,990 14,438 8,533
Following finalisation of the business combination accounting, the following significant fair value adjustments were recognised in relation
to the acquired assets and liabilities:
• Indefinite-life intangible assets comprise $6.9m of established and registered brands associated with the Next Generation Pet
Foods business. These assets were valued using an income-based approach, which estimates the present value of future earnings
attributable to the brands, or alternatively the costs avoided through ownership of the brands.
• Finite-life intangible assets include identifiable supply contracts valued at $19.3m and customer relationships of $3.9m. These assets
represent the fair value of future economic benefits expected to be derived from the acquired exclusive distribution agreements and
established customer relationships. The fair value was determined using an income-based valuation methodology, which estimates the
present value of the future cash flows attributable to the exclusive distribution agreements and existing customer base, incorporating
the expected contractual term, customer attrition and contributory asset charges. The recognised intangible assets are amortised over
their estimated useful lives.
• The tax effect of all fair value adjustments has been recognised through deferred tax assets and liabilities at the applicable tax rates of
the acquired businesses.
As part of the MediADVICE Pty Ltd acquisition, the Group also entered into put and call options over its non-controlling interests,
resulting in a financial liability – derivative of $11.0m.
Recognition and measurement
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method.
The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities
incurred or assumed, and equity instruments issued by EBOS in exchange for control of the acquiree. Acquisition-related costs
are recognised in profit or loss as incurred.
Where applicable, the cost of acquisition includes any asset or liability resulting from a contingent consideration arrangement,
measured at its acquisition date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition
where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent
consideration classified as an asset or liability are accounted for in accordance with relevant NZ IFRSs. Changes in the fair
value of contingent consideration classified as equity are not recognised.
Judgement: fair value adjustments
Determination of the fair value of assets and liabilities acquired in business combination requires judgement, particularly in
identifying and measuring separately identifiable intangible assets.
The recognition and valuation of intangible assets, including brands, customer relationships and supply contracts, require the
use of valuation techniques that incorporate significant assumptions regarding future business performance. Key assumptions
include forecast revenue growth, margins, customer retention and attrition rates, useful lives, contributory asset charges and
discount rates.
Goodwill arising on acquisition
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.
Deferred purchase consideration
Deferred consideration of $34.2m was recognised in respect of earn-out arrangements linked to the post-acquisition financial performance
(EBITDA) targets of the acquired businesses. At the end of the reporting period, $28.3m of the earn-out targets had been achieved and is
payable in FY27.
In the current period, 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 year ended 30 June 2026
The Group consolidated revenue for the year includes $57.7m revenue generated from all acquisitions. The acquisitions contributed a profit
of $3.7m to the Group net profit for the year.
Had the acquisitions made during the year been effective at 1 July 2025, the Group revenue would have been $13.6bn and the net profit for
the year would have been $239.1m.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
B2. Acquisition information continued
Impact on the Consolidated Cash Flow Statement of all acquisitions during the year:
2026
A$’000
2025
A$’000
Consideration
Cash and cash equivalents 109,949 192,478
Deferred purchase consideration 34,217 38,114
Fair value of the Group's 51% interest in ABT Nevada LLC 34,575 -
Total consideration 178,741 230,592
Represented by:
Net assets acquired 75,754 104,852
Non-controlling interests (22,432) (866)
Goodwill on acquisition 125,419 126,606
Total consideration 178,741 230,592
Net cash outflow on acquisitions
Cash and cash equivalents consideration 109,949 192,478
Cash paid for additional shares from non-controlling interests - 35,929
Deferred purchase consideration paid in relation to prior year acquisitions 20,868 2,287
Less cash and cash equivalents acquired (10,026) (28,202)
Total consideration 120,791 202,492
C1. Trade and other receivables
2026
A$’000
2025
A$’000
Trade receivables (i) 1,457,802 1,365,818
Other receivables (ii) 162,746 121,574
Provision for expected credit losses (iii) (20,983) (27,035)
1,599,565 1,460,357
Provision for expected credit losses movements:
Carrying value at the beginning of the year (27,035) (30,373)
Arising on acquisitions of subsidiaries (595) (4,126)
Receivables written off during the year 502 1,388
Provision released during the year 5,365 1,018
Effects of foreign currency exchange and other adjustments 780 5,058
Carrying value at the end of the year (20,983) (27,035)
Section C: Operating assets and liabilities used by EBOS
Section Overview
This section provides further analysis on the significant operating assets and liabilities of EBOS. These balances comprise the
material net working capital balances used by EBOS to run its day to day operating activities.
Recognition and measurement
Trade receivables are measured on initial recognition at fair value and are subsequently carried at amortised cost. They are
presented as current assets unless collection is not expected for more than 12 months after the reporting date.
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is
no realistic prospect of recovery.
The Directors believe that the carrying amount of trade and other receivables approximates their fair value.
(i) Trade receivables are non-interest bearing. Interest may be charged on outstanding overdue balances in accordance with the terms and
conditions under which goods are supplied.
(ii) The Group has reclassified the presentation of interest-bearing receivables from Current – Other receivables to Non-current Other
financial assets as at 30 June 2026 including 30 June 2025 comparative balances to align with their contractual terms.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
C3. Trade and other payables
2026
A$’000
2025
A$’000
Current
Trade payables 2,345,451 2 ,17 7,403
Other payables 257,615 218,536
Deferred purchase consideration 52,639 45,415
2,655,705 2,441,354
Non-current
Other payables 18,203 22,960
Deferred purchase consideration 1,930 17, 538
20,133 40,498
Recognition and measurement
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
Trade and other payables, are initially measured at fair value and subsequently measured at amortised cost, using the effective
interest method.
The Directors consider that the carrying amount of trade payables approximates their fair value.
Trade payables are unsecured and are generally settled within the month following the invoice date.
C1. Trade and other receivables continued
(iii) Provision for expected credit losses
Not due
A$’000
1–30 days
overdue
A$’000
31–60 days
overdue
A$’000
61–90 days
overdue
A$’000
90+ days
overdue
A$’000
To t a l
2026
A$’000
Trade receivables – total 1,330,288 63,595 14,474 8,576 40,869 1,457,802
Provision for expected credit losses – total-(228)(868)(1,280)(18,607) (20,983)
Expected loss rate-
0.4%6.0%14.9%45.5%
1.4%
Not due
A$’000
1–30 days
overdue
A$’000
31–60 days
overdue
A$’000
61–90 days
overdue
A$’000
90+ days
overdue
A$’000
To t a l
2025
A$’000
Trade receivables – total 1,264,078 57, 525 15,661 8,207 20,347 1,365,818
Provision for expected credit losses – total - (114) (461) (6,113) (20,347) (27,035)
Expected loss rate-0.2%2.9%74.5%100.0%2.0%
C2. Inventories
2026
A$’000
2025
A$’000
Raw materials 42,680 23,267
Finished goods 1,400,183 1,370,123
Provision for obsolescence (49,681)(48,163)
1,393,182 1,345,227
Recognition and measurement
Inventories consist of raw materials (for the manufacturing operations of EBOS) and finished goods. Inventories are recognised
at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and
those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.
The provision for inventory obsolescence is based on management judgement, taking into account historical inventory
writeoffs, inventory turnover trends and other analysis.
Recognition and measurement
The Group recognises a loss allowance for expected credit losses (“ECL”) on trade receivables. The amount of ECL is updated at
each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Group measures the provision for ECL using the simplified approach to measuring ECL, which uses a lifetime expected loss
allowance for all trade receivables. The Group determines lifetime ECL for groups of trade receivables with shared credit risk
characteristics.
An ECL rate is determined based on the historic credit loss rates for the Group, adjusted for other current observable data that
may materially impact the Group’s future credit risk. This other observable data includes specific factors in relation to each
debtor or general economic conditions of the industry in which the debtors operate and an assessment of both the current as
well as the forecast direction of conditions at the reporting date.
The Group considers that heightened collection risk treated as default has occurred when a financial asset is more than
90 days past due unless the Group has reasonable basis that a longer default period is more appropriate. This is particularly
relevant in certain Southeast Asian countries where longer collection cycles and local market practices are consistent with
historical payment behaviour and do not necessarily indicate default.
7071
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
D1. Property, plant and equipment
Freehold land
A$’000
Buildings
A$’000
Leasehold
improve-
ments
A$’000
Plant and
equipment
A$’000
Office
equipment,
furniture
and fittings
A$’000
Total
A$’000
Cost
At 1 July 2025 29,452 80,910 115,388 301,904 51,264 578,918
Additions - 3,356 8,094 40,841 5,414 57,705
Transfers from capital work in progress - 28 6,131 4,345 19,483 29,987
Reclassified as held for sale (25,376) (40,497) - - - (65,873)
Acquisitions - - 2,252 3,835 398 6,485
Disposals (103) (298) (2,725) (17,474) (11,320) (31,920)
Exchange differences (202) (1,149) (5,075) (8,855) (2,135) (17,416)
Balance at 30 June 2026 3,771 42,350 124,065 324,596 63,104 557, 8 86
Depreciation
At 1 July 2025 - (16,133) (27,933) (108,282) (26,892) (179,240)
Depreciation charge - (2,326) (7,039) (26,388) (7,434) (43,187)
Reclassified as held for sale - 10,985 - - - 10,985
Reclassification--3,651(3,651)--
Disposals - 297 2,664 16,704 11,244 30,909
Exchange differences - 755 949 3,804 1,776 7, 284
Balance at 30 June 2026
- (6,422)(27,708)(117, 813) (21,306) (173,249)
Net book value
At 30 June 2025
29,452 64,777 87,4 55 193,622 24,372 399,678
At 30 June 2026
3,771
35,928
96,357206,783 41,798
384,637
Section D: Capital assets used by EBOS to operate our business
Section Overview
This section explains what capital assets, such as property, plant and equipment, that EBOS uses to operate its business
activities. This section also describes the material movements in capital assets during the year.
D2. Capital work in progress
2026
A$’000
2025
A$’000
Capital work in progress
110,555120,286
D1. Property, plant and equipment continued
Recognition and measurement
Property, plant and equipment is initially recorded at cost. Cost includes the original purchase consideration and those costs
directly attributable to bringing the item of property, plant and equipment to the location and condition for its intended use.
After recognition as an asset, property, plant and equipment is carried at cost less accumulated depreciation and impairment
losses.
Depreciation of property, plant and equipment assets, other than freehold land which is not depreciated, is calculated on a
straight-line basis. This allocates the cost amount of an asset, less any residual value, over its estimated useful life.
Capital work in progress reflects ongoing investments across distribution centres and manufacturing plant, as well as IT infrastructure and
automation projects that underpin the Group's long-term growth strategy.
Judgements and estimates – useful lives
EBOS estimates the remaining useful life of assets as follows:
• Buildings: 20 to 50 years
• Leasehold improvements: 2 to 25 years
• Plant and equipment: 2 to 20 years
• Office equipment, furniture and fittings: 2 to 20 years
The residual value and useful lives are reviewed and if appropriate adjusted at each reporting date.
Assets held for sale
Assets held for sale comprise three freehold properties that were subject to executed sale and leaseback agreements at the reporting date,
with settlement expected in early FY27. Accordingly, the properties have been classified as held for sale and measured at lower of carrying
value and fair value less costs to sell in accordance with NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
D3. Leases
The Group as a lessee
The Group assesses whether a contract is or contains a
lease at inception of the contract. The Group recognises a
right of use (ROU) asset and a corresponding liability with
respect to all lease arrangements in which it is the lessee,
except for short-term leases (defined as leases with a
lease term of twelve months or less) and leases of low value
assets. For these leases, the Group applies the practical
expedient available and recognises the lease payments
as an operating expense on a straight-line basis over the
term of the lease unless another systematic basis is more
representative of the time pattern in which economic
benefits from the lease assets are consumed.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit
in the lease. If this rate cannot be readily determined,
the Group uses its incremental borrowing rate (IBR).
Lease payments included in the measurement of the lease
liability comprise:
• fixed lease payments, less incentives receivable;
• variable lease payments that depend on an index or
rate, initially measured using the index or rate at the
commencement date;
• the amount expected to be payable by the lessee under
residual value guarantees;
• the exercise price of purchase options, if the lessee is
reasonably certain to exercise the options; and
• payments of penalties for terminating the lease, if the
lease term reflects the exercise of an option to terminate
the lease.
The lease term is the non-cancellable period of a lease,
together with periods covered by an option (available to the
lessee only) to extend or terminate the lease if the lessee is
reasonably certain to exercise/not to exercise that option.
In determining the lease term, the Group considers all facts
and circumstances that create an economic incentive to
exercise/not exercise an option.
The lease liability is presented as a separate line in
the Consolidated Balance Sheet. The lease liability is
subsequently measured by increasing the carrying amount
to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to
reflect the lease payments made.
The Group remeasures the lease liability (and makes
a corresponding adjustment to the related ROU asset)
whenever:
• the lease term has changed or there is a change in the
assessment of likely exercise of a purchase option, in
which case the lease liability is remeasured by discounting
the revised lease payments using a revised discount rate.
• the lease payments change due to changes in an
index or rate or a change in expected payment under
a guaranteed residual value, in which cases the lease
liability is remeasured by discounting the revised lease
payments using the initial discount rate.
• a lease contract is modified and the lease modification is
not accounted for as a separate lease, in which case the
lease liability is remeasured by discounting the revised
lease payments using a revised discount rate.
The ROU assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or
before the commencement date and any initial direct costs.
They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to
dismantle and remove a leased asset, restore the site on
which it is located or restore the underlying asset to the
condition required by the terms and conditions of the lease,
a provision is recognised and measured under NZ IAS 37
Provisions, Contingent Liabilities and Contingent Assets.
ROU assets are depreciated over the shorter period of
either the lease term or the useful life of the underlying
asset. If a lease transfers ownership of the underlying asset
or the cost of the ROU asset reflects that the Group expects
to exercise a purchase option, the related ROU asset is
depreciated over the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The Group applies NZ IAS 36 Impairment of Assets to
determine whether a ROU asset is impaired and accounts
for any identified impairment loss under this standard.
Variable rents that do not depend on an index or rate are
not included in the measurement of the lease liability and
the ROU asset. The related payments are recognised as
an expense in the period in which the event or condition
that triggers those payments occurs and are included as
operating expenses in the Consolidated Income Statement.
As a practical expedient, NZ IFRS 16 Leases permits
a lessee not to separate non-lease components, and
instead account for any lease and associated non-lease
components as a single arrangement. The Group has
adopted this practical expedient.
Right of use assets
Land and
buildings
A$’000
Office, plant and
equipment
A$’000
Motor vehicles
A$’000
Total
A$’000
Cost
Balance as at 1 July 2025 662,618 63,762 6,249 732,629
Additions 38,076 95,732 1,932 135,740
Lease remeasurement 64,264 76 60 64,400
Lease termination/expiry (27,385) (13,128) (1,094) (41,607)
Foreign currency differences (22,140) (3,429) (158) (25,727)
Balance as at 30 June 2026
715,433 143,013 6,989 865,435
Accumulated depreciation
Balance as at 1 July 2025 (233,168) (11,248) (2,229) (246,645)
Lease termination/expiry 26,790 6,359 1,073 34,222
Depreciation expense (71,401) (8,092) (1,887) (81,380)
Foreign currency differences 5,475 610 68 6,153
Balance as at 30 June 2026
(272,304) (12,371) (2,975) (287,650)
Net book value
As at 30 June 2025
429,450 52,514 4,020 485,984
As at 30 June 2026
443,129 130,642 4,014 57 7,785
D3. Leases continued
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
D3. Leases continued
2026
A$’000
2025
A$’000
Amounts recognised in profit and loss
Depreciation on right of use assets 81,380 67,007
Finance costs – leases 28,093 24,123
Expense relating to short term leases and low value assets 9,708 11,044
Lease liabilities
Current 68,047 65,847
Non-current 554,178 453,501
Maturity analysis (undiscounted future cash flows)
Ye ar 1 101,957 90,417
Ye ar 2 91,561 94,191
Ye ar 3 79,489 80,607
Ye ar 4 89,743 66,345
Ye ar 5 112,874 51,265
Onwards 418,506 340,659
894,130 723,484
Cash outflows for leases
Interest on lease liabilities (28,093) (24,123)
Repayments of lease liabilities (66,456) (56,613)
Short term leases and low value asset leases (9,708) (11,044)
(104,257) (91,780)
Capital management
EBOS manages its capital, meaning total shareholders’ funds, to provide appropriate returns to shareholders whilst maintaining a capital
structure that safeguards its ability to remain a going concern and optimises the cost of capital.
E1. Share capital
20262025
No.
000’s
Total
A$’000
No.
000’s
Total
A$’000
Fully paid ordinary shares
Balance at beginning of financial year 203,230 2,259,578 193,243 1,937, 2 10
Dividend reinvested 3,621 78,875 2,232 72,589
Performance rights exercised 20 - 192 -
Share placement - - 5,927 200,508
Retail offer - - 1,582 53,826
Share placement and retail offer issue costs - - - (6,183)
Issue of shares to staff under employee share plan 78 1,807 54 1,848
Employee share issue costs - (189) - (220)
Shares vested under the long term executive incentive scheme - 2,836 - -
206,949 2,342,907 203,230 2,259,578
Section E: How we fund the business
Section Overview
This section explains how EBOS funds its operations and shows the sources of other available facilities that it may call
upon if required to fund its future operational or investing activities.
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the
number of shares held. Every ordinary shareholder present at a meeting of the Company in person or by proxy, is entitled to one vote per
share, and upon a poll each ordinary share is entitled to one vote per share.
Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Group are recognised as the proceeds received, net of direct issue costs.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
E2. Dividends
Recognition and measurement
Dividends are approved by the Board in New Zealand dollars. Dividends recognised in the Statement of Changes in Equity are
converted from New Zealand dollars to Australian dollars at the exchange rate applicable on the date the dividend was approved.
Unrecognised dividends are converted at the exchange rate applicable on the reporting date.
20262025
A$ Cents
per share
Total
A$’000
A$ Cents
per share
Total
A$’000
Recognised amounts
Fully paid ordinary shares:
Final – prior year
55.4 112,387 56.1 108,167
Interim – current year 48.0 98,267 51.2 99,558
Dividends per share 103.4 210,654 107.3 207,725
Unrecognised amounts
Final dividend
50.6 104,61457.1116,061
2026
NZ$ Cents
per share
2025
NZ$ Cents
per share
Recognised amounts
Fully paid ordinary shares:
Final – prior year61.561.5
Interim – current year57.057.0
Dividends per share 118.5118.5
Unrecognised amounts
Final dividend61.561.5
Subsequent event
A dividend of NZ 61.5 cents per share was declared on 19 August 2026 with the dividend being payable on 18 September 2026.
The anticipated cash impact of the dividend is approximately $104.6m.
The following table shows dividends approved in New Zealand dollars:
New Zealand dollar dividends paid to equity holders of the parent are translated into Australian dollars and disclosed in the cash flow
statement at the foreign currency exchange rate applicable on the date they are paid.
The Group operates a Dividend Reinvestment Plan under which shareholders can elect to receive dividends in additional shares rather than
cash. For the June 2025 final dividend payment, new shares were issued at the prevailing market price of NZD 28.99 per share around the
time of issue. Participating investors were issued 1.7m new shares with a value of $44.4m (June 2024 final dividend: 1.2m shares with a value of
$38.7m). For the December 2025 interim dividend payment, new shares were issued at the prevailing market price of NZD 22.09 around the time
of issue. Participating investors were issued 1.9m new shares with a value of $34.5m (December 2024 interim dividend: 1.0m shares with a value
of $33.9m).
E3. Borrowings
2026
A$’000
2025
A$’000
Current
Bank loans – securitisation facility (i) 83,213 11,574
Bank loans (ii) - 4,217
83,213 15,791
Non-current
Bank loans (ii) 1,190,301 1,086,714
1,190,301 1,086,714
(i) EBOS, through a subsidiary company, has a trade debtor securitisation facility of $400.0m (2025: $400.0m) of which $316.8m was
unutilised at 30 June 2026 (2025: $388.4m). In March 2026, the Group entered into an agreement to extend the maturity date of this
securitisation facility to March 2028. The securitisation facility involves providing security over the future cash flows of specific trade
receivables, which meet certain criteria, in return for cash finance on a contracted percentage of the security provided. As recourse,
an event of default by a trade debtor remains with EBOS. As a result, the trade receivables provided as security and the funding provided
are recognised on the EBOS Consolidated Balance Sheet.
At 30 June 2026, the value of trade receivables provided as security under this securitisation facility was $132.5m (2025: $49.9m).
The net cash flows associated with the securitisation program are disclosed in the Consolidated Cash Flow Statement as cash flows from
financing activities.
(ii) EBOS has gross bank term loan facilities of $1,890.0m (2025: $1,810.1m), of which $699.7m was unutilised at 30 June 2026 (2025: $719.2m).
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 $400.0m with a maturity date of December 2032.
EBOS fully complies with and operates within the debt facility financial covenants under the arrangements with its bankers.
The covenants include: interest coverage ratio, leverage ratio, total assets of the guaranteeing group and EBITDA excluding fair value
movements of the guaranteeing group. The guaranteeing group includes a number of the Group's wholly owned subsidiaries incorporated
in Australia, New Zealand and other nominated jurisdictions.
Recognition and measurement
All loans and borrowings are initially recognised at cost, being the fair value of the consideration received plus issue costs
associated with the borrowing. After initial recognition, these loans and borrowings are subsequently measured at amortised cost
using the effective interest method, which allocates the cost through the expected life of the loan or borrowing. The fair value of
non-current borrowings is approximately equal to their carrying amount.
Bank loans are classified as current liabilities unless EBOS has a right to defer settlement of the liability for at least 12 months after
the balance sheet date.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
E4. Borrowings facilities maturity profile
As at 30 June 2026, EBOS had unrestricted access to the following lines of available credit:
Facility
Total facility
A$’m
Unused
A$’mMaturity
Trade finance facilities ($USD) 14.6 14.6 < 1 year
Term debt facilities ($NZD) 123.3 123.3 1-2 years
Term debt facilities ($SGD) 50.6 11.2 1-2 years
Term debt facilities ($AUD) 750.0 - 2-3 years
Term debt facilities ($AUD) 550.0 550.0 3-4 years
Term debt facilities ($AUD) 401.5 0.6 > 5 years
Securitisation facility ($AUD) 400.0 316.8 1-2 years
2026
A$’000
2025
A$’000
Bank overdraft facility, reviewed annually and payable at call:
Amount unused45,406 37, 546
Bank loan facilities with various maturity dates through to December 2032
(2025: April 2032)
Amount used 1,273,514 1,102,505
Amount unused 1,016,478 1,107,614
2,289,992 2,210,119
Less than
1 year
A$’000
1–2 years
A$’000
2–3 years
A$’000
3–4 years
A$’000
4–5 years
A$’000
> 5 years
A$’000
Total
A$’000
Bank loans
2026 76,735197,673776,38624,15724,157436,0201,535,128
2025 70,845 367,953 83,195 752,312 69 1,261 1,275,635
The Group has sufficient resources, including available funding facilities, to meet its obligations as and when they fall due.
The following table shows the remaining contractual maturity for EBOS’ borrowings at balance date. The table includes both interest and
principal (undiscounted) cash flows, with total bank loans of $1,273.5m (2025: $1,102.5m). The Group weight average interest rate for the year
was 6.03% (2025: 6.07%).
Financing activities
Movement in working capital:
Trade and other receivables(139,208)34,207
Prepayments(18,210) 7,966
Inventories(47,955) (134,787)
Current tax refundable/payable4,962 (1,412)
Trade and other payables193,986 232,398
Employee benefits(4,384) 3,175
Foreign currency translation of working capital balances(13,583) 9,821
(24,392)151,368
Balances classified as investing activities(2,051) (110,929)
Working capital items acquired (including fair value adjustments)14,055 19,766
Net cash inflow from operating activities348,918 418,503
E5. Operating cash flows
Reconciliation of profit for the year with cash from operating activities:
2026
A$’000
2025
A$’000
Profit for the year
226,095 215,765
Add/(less) non-cash items:
Depreciation of property, plant and equipment43,187 33,181
Depreciation on right of use assets81,380 67,007
Amortisation (non-cash) of finite life intangibles attributable to acquisition fair value adjustments31,864 26,912
Amortisation of other finite life intangible assets23,647 19,802
(Gain)/loss on sale of property, plant and equipment(301) 289
Share of profit from associates and joint ventures(12,484) (15,021)
Fair value gain on step acquisition(21,340)-
Expense recognised in respect of share-based payments(5,516) 3,087
Deferred tax(5,226) 7, 276
135,211 142,533
8081
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Reconciliation of debt:
1 July
2025
A$’000
Net
borrowings
A$’000
Borrowings
acquired
A$’000
Foreign currency
movement
A$’000
30 June
2026
A$’000
Bank loans1,102,505177,817-(6,808)1,273,514
1 July
2024
A$’000
Net
repayments
A$’000
Borrowings
acquired
A$’000
Foreign currency
movement
A$’000
30 June
2025
A$’000
Bank loans1,235,810(141,019)1,1626,5521,102,505
E5. Operating cash flows continued
Accounting policies
Cash and cash equivalents comprise cash on hand and deposits readily convertible to cash and which are not subject to a
significant risk of change in value.
The Consolidated Cash Flow Statement is prepared exclusive of Goods and Services Tax (GST), which is consistent with the
method used in the Consolidated Income Statement.
• Operating activities include all transactions and other events that are not investing or financing activities.
• Investing activities are those activities relating to the acquisition and disposal of current and non-current investments and any
other non-current assets.
Financing activities are those activities relating to changes in the equity and debt capital structure of the Group and those
activities relating to the cost of servicing EBOS’ equity capital.
F1. Subsidiaries
The following entities comprise the significant trading and holding companies of the Group:
Parent and head entity: EBOS Group Limited
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20262025
Pet Care Holdings Australia Pty LtdAustralia100%100%
EBOS Group Australia Pty LtdAustralia100%100%
EBOS Health & Science Pty LtdAustralia100%100%
PRNZ LtdNew Zealand100%100%
Pharmacy Retailing NZ LtdNew Zealand100%100%
Pet Care Distributors Pty LtdAustralia100%100%
Masterpet Corporation LtdNew Zealand100%100%
Superior Pet Food Co. LtdNew Zealand100%100%
SVS Veterinary Supplies LtdNew Zealand100%100%
PPD LtdNew Zealand100%100%
Vet2Pet LtdNew Zealand100%100%
SVS 3PL LtdNew Zealand100%100%
Masterpet Australia Pty LtdAustralia100%100%
Botany Bay Imports and Exports Pty LtdAustralia100%100%
QPharma Pty LtdAustralia100%100%
EAHPL Pty LtdAustralia100%100%
ZHHA Pty LtdAustralia100%100%
ZAP Services Pty LtdAustralia100%100%
Symbion Pty LtdAustralia100%100%
Lyppard Australia Pty LtdAustralia100%100%
DoseAid Pty LtdAustralia100%100%
Symbion Pharmacy Services Trade Receivables Trust
1
Australia100%100%
Endeavour Consumer Health LtdNew Zealand100%100%
ACN 618 208 969 Pty LtdAustralia100%100%
Endeavour CH Pty LtdAustralia100%100%
EBOS PH Pty LtdAustralia100%100%
Ventura Health Pty LtdAustralia100%100%
Terry White Group Pty LtdAustralia100%100%
Section F: EBOS Group structure
Section Overview
This section provides information to assist in understanding the EBOS Group legal structure and how it affects the
financial position and performance of the Group. Details of businesses acquired are presented in Section B.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20262025
TW&CM Pty LtdAustralia100%100%
VIM Health Pty LtdAustralia100%100%
Tony Ferguson Weight Management Pty LtdAustralia100%100%
Collaboration Medical Clinics Pty LtdAustralia100%100%
Collaboration Medical Clinics Investments Pty LtdAustralia100%100%
Pharmacy Brands Australia Pty LtdAustralia100%100%
PBA Finance No. 1 Pty LtdAustralia100%100%
PBA Finance No. 2 Pty LtdAustralia100%100%
PBA Technology Pty LtdAustralia100%100%
Nexus Australasia Pty LtdAustralia100%100%
Intellipharm Pty LtdAustralia100%100%
Minfos Pty Ltd
2
Australia100%100%
Alchemy Holdings Pty LtdAustralia100%100%
Alchemy Sub-Holdings Pty LtdAustralia100%100%
HPS Holdings Group (Aust) Pty LtdAustralia100%100%
HPS Hospitals Pty LtdAustralia100%100%
HPS Corrections Pty LtdAustralia100%100%
HPS Services Pty LtdAustralia100%100%
Hospharm Pty LtdAustralia100%100%
HPS IVF Pty LtdAustralia100%100%
HPS Finance Pty LtdAustralia100%100%
Shanghai EBOS Trading Co. Ltd China100%100%
W M Bamford & Co. LtdNew Zealand100%100%
EBOS Medical Devices NZ LtdNew Zealand100%100%
EBOS Medical Devices Australia Pty LtdAustralia100%100%
CAB Medical Pty LtdAustralia100%100%
Healthcare Supply Partners Pty LtdAustralia100%100%
Mediport Pty LtdAustralia75%75%
Mediport Unit TrustAustralia75%75%
Mediport NZ Ltd
3
New Zealand75%-
EBOS Aesthetics Pty LtdAustralia100%100%
Sentry Medical Pty LtdAustralia100%100%
MD Solutions Australasia Pty LtdAustralia100%100%
MD Scopes Pty LtdAustralia100%100%
Pacific Health Supplies TopCo1 Pty Ltd Australia100%100%
Pacific Health Supplies TopCo2 LLCUSA100%100%
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20262025
Pacific Health Supplies TopCo Pty Ltd Australia100%100%
Pacific Health Supplies Mezzco Pty Ltd Australia100%100%
Pacific Health Supplies Holdco Pty LtdAustralia100%100%
Pacific Health Supplies Bidco Pty LtdAustralia100%100%
LifeHealthcare Group Pty LtdAustralia100%100%
LifeHealthcare Finance Pty LtdAustralia100%100%
LifeHealthcare Pty LtdAustralia100%100%
LifeHealthcare Distribution Pty LtdAustralia100%100%
LifeHealthcare Services Pty LtdAustralia100%100%
LifeHealthcare LtdNew Zealand100%100%
Australian BioTechnologies Pty LtdAustralia100%100%
Tissue Technologies Pty LtdAustralia50.01%50.01%
Transmedic Pte LtdSingapore100%100%
PT. Transmedic IndonesiaIndonesia100%100%
Transmedic Healthcare Sdn BhdMalaysia100%100%
Malex Medical Asia (M) Sdn BhdMalaysia100%100%
Transmedic Healthcare Co LtdVietnam100%100%
Transmedic Philippines, IncPhilippines100%100%
Transmedic Holdings Philippines IncPhilippines100%100%
T-Medic Co LtdThailand100%100%
Transmedic (Thailand) Co LtdThailand99.48%99.48%
Transmedic China LtdHong Kong100%100%
Swissmed Pte LtdSingapore100%100%
Ophthaswissmed Philippines IncPhilippines99%99%
Swissmed Sdn BhdMalaysia100%100%
Swiss Med (International) Pte. Ltd.Singapore100%100%
EBOS Finance Australia Pty LtdAustralia100%100%
EBOS Finance NZ LtdNew Zealand100%100%
ABT Nevada LLC
4
USA51%51%
Origin Biologics LLC
4
USA38.76%38.76%
NGPF Pty LtdAustralia100%-
Reward Petfoods Pty LtdAustralia100%-
Next Generation Petfoods Pty LtdAustralia100%-
MediADVICE Pty LtdAustralia50.001%-
Precision Surgical Pty LtdAustralia100%-
F1. Subsidiaries continued
8485
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
Ownership Interests
and Voting Rights
Subsidiaries (all balance dates 30 June unless otherwise noted)
Country of
Incorporation20262025
AlphaXRT LtdNew Zealand100%-
AlphaXRT Pty LtdAustralia100%-
Jackson Allison Medical & Surgical LtdNew Zealand100%-
K-Talyst Pte. Ltd.Singapore100%-
K-Talyst (M) Sdn. Bhd.Malaysia100%-
MO Milling Pty LtdAustralia100%-
F2. Investment in associates and joint ventures
The following table presents the more significant associates and joint ventures of the Group as at 30 June 2026:
Proportion of shares and
voting rights acquired
Name of associates and joint ventures company
Principal
activities
Date of
acquisition20262025
Animates NZ Holdings LtdAnimal CareDecember 201150.0%50.0%
Good Price Pharmacy Franchising Pty LtdHealthcareOctober 201444.0%44.2%
Good Price Pharmacy Management Pty LtdHealthcareOctober 201444.0%44.2%
The reporting date for Animates NZ Holdings Limited is 30 June. Animates NZ Holdings Limited is incorporated in New Zealand.
Although the Group holds 50% of the shares and voting power in Animates NZ Holdings Limited, this entity is not deemed to be
a subsidiary as the other 50% is held by a single shareholder, therefore EBOS is unable to exercise control over this entity.
The reporting date for Good Price Pharmacy Franchising Pty Limited and Good Price Pharmacy Management Pty Limited is 30 June.
They are incorporated in Australia.
1
Symbion Trade Receivables Trust has a balance date of 31 December. The results of the Symbion Trade Receivables Trust (“the Trust”) have been
included in the Group results for the year to 30 June 2026. The Trust is consolidated as EBOS has the exposure, or rights, to variable returns from its
involvement with the Trust and the Group considers that it has existing rights that give it the current ability to direct the relevant activities of the Trust.
2
Previously known as Developing People Pty Ltd.
3
Incorporated in December 2025.
4
ABT Nevada LLC and its subsidiary, Origin Biologics LLC, were equity accounted as associates in 2025. Refer to Note B2 Acquisition Information for
details of the step acquisition completed during the current year. Both entities have balance dates of 31 December.
F2. Investment in associates and joint ventures continued
The summarised financial information in respect of the Group’s more significant associates and joint ventures is set out below:
2026
A$’000
2025
A$’000
Statement of Financial Position
Current assets 46,744 50,128
Non-current assets 72,267 7 7, 575
Current liabilities (40,668) (38, 288)
Non-current liabilities (36,489) (38,485)
Net assets 41,854 50,930
Group’s share of net assets 20,762 25,051
Income Statement
Revenue 221,442 2 27, 2 15
Profit for the year and Total comprehensive income 22,839 23,136
Group's share of profits 10,975 11,159
Movement in the carrying amount of the Group’s investment
Balance at the beginning of the financial year 51,557 48,249
Share of profits of associates 10,975 11,159
Share of dividends (12,335) (8,460)
Net foreign currency exchange (4,562) 609
Balance at end of financial year 45,635 51,557
Goodwill included in the carrying amount of the Group’s investment 21,985 23,685
The Group’s share of capital commitments 222 318
During the period, the Group made $64.7m of sales to Animates NZ Holdings Ltd (2025: $33.9m). Outstanding trade receivables as at
30 June 2026 are $8.0m (2025: $8.7m).
F1. Subsidiaries continued
Summary of investment in associates and joint ventures
2026
A$’000
2025
A$’000
Animates NZ Holdings Ltd 34,106 38,116
Good Price Pharmacy Franchising Pty Ltd and Good Price Pharmacy Management Pty Ltd 11,529 13,441
Other associates and joint ventures 8,772 14,858
54,407 66,415
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
F2. Investment in associates and joint ventures continued
Aggregate information of associates that are not individually material
1
2026
A$’000
2025
A$’000
Balance at the beginning of the financial year
14,858 8,190
New investments - 602
Share of profits 1,509 3,862
Share of dividends (112) (134)
Derecognition on step acquisition (13,235) -
Recognition on step acquisition (associate of acquired subsidiary) 6,255
Net foreign currency exchange and other differences (503) 2,338
Balance at end of financial year 8,772 14,858
Recognition and measurement
An associate or a joint venture is an entity over which EBOS has significant influence and that is not a subsidiary. EBOS has
significant influence when it has the power to participate in the financial and operating policy decisions of the investee, but is not
in control or joint control over those policies.
Investments in associates and joint ventures are incorporated in the Group’s financial statements using the equity method of
accounting. Under the equity method, investments in associates and joint ventures are carried in the Consolidated Balance Sheet
at cost and adjusted for post-acquisition changes in EBOS’ share of the net assets of the associates and joint ventures, less any
impairment in the value of individual investments and less any dividends. Losses of an associate or joint venture in excess of
EBOS’ interest in that associate or joint venture are recognised only to the extent that EBOS has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Any excess of the cost of acquisition over EBOS’ share of the net fair value of the identifiable assets, liabilities and contingent
liabilities of the associate or joint venture recognised at the date of acquisition is recognised as goodwill. The goodwill is included
within the carrying amount of the investment and is assessed for impairment as part of that investment.
1
ABT Nevada LLC was equity accounted as an associate in 2025. Refer to Note B2 Acquisition Information for details of the step acquisition completed
during the current year.
Section G: How we manage risk
G1. Financial risk management
The EBOS corporate treasury function provides services to the Group’s entities, co-ordinates access to financial markets, and manages
the financial risks relating to the operation of the Group.
EBOS does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The use
of financial derivatives is governed by Group policies approved by the Board of Directors, which provide written principles on the use of
financial derivatives. Compliance with policies for exposure limits is reviewed by the Board of Directors on a regular basis.
Foreign currency risk
EBOS is exposed to foreign currency risk arising primarily
from the procurement of goods denominated in foreign
currencies: US dollar, Australian dollar (in non-Australian
operations), Thai baht, Swiss franc, Euro and British pound.
EBOS has significant foreign operations (New Zealand,
Southeast Asia and United States), which are subject to
foreign exchange fluctuations. The method for translation
of these foreign operations’ results, assets and liabilities is
described in the “Introducing this report” note.
It is the practice of the Group to enter into foreign
exchange forward contracts to manage the foreign
currency risk associated with anticipated sales and
purchase transactions typically out to 24 months of the
exposure generated. It is the practice of the Group to enter
into foreign exchange forward contracts for up to 100% of
forecasted foreign currency transactions for the next six
months, up to 80% of six to 12 months of forecasted foreign
currency transactions and up to 40% of 12 to 24 months of
forecasted foreign currency transactions.
All forward foreign currency contracts entered into fix the
exchange rate of highly probable forecast transactions,
denominated in foreign currencies, and are designated
as cash flow hedges to reduce the Group’s cash flow
exposure resulting from variable movements in exchange
rates.
The Group performs a qualitative assessment of
effectiveness of hedges using the critical terms of
the underlying transaction and hedging instrument.
It is expected that the value of the forward contracts
and the value of the corresponding hedged items will
systematically change in opposite direction in response to
movements in the underlying exchange rates.
EBOS enters into forward foreign exchange contracts only
in accordance with the Board approved treasury policy.
No sources of ineffectiveness emerged from these
hedging relationships.
Interest rate risk
EBOS is exposed to interest rate risk as it borrows funds
in New Zealand dollars, Singapore dollars, US dollars and
Australian dollars at floating interest rates.
The risk is assessed and managed by the use of interest
rate swap and interest rate collar contracts. In interest
rate swap contracts, EBOS agrees to exchange the
difference between fixed and floating rate interest
amounts calculated on agreed notional principal
amounts. In interest rate collar contracts, EBOS may
pay upfront premiums to cap the interest at strike rates
on agreed notional principal amounts. Such contracts
enable EBOS to partially mitigate the risk of changing
interest rates on debt held.
It is the practice of the Group to enter into interest rate
swap and interest rate collar contracts to manage base
interest rate risk associated with floating rate Group
borrowings of up to 100% of the exposure generated for
1-2 years, up to 90% for 2-3 years, up to 80% for 3-4 years,
up to 70% for 4–5 years and up to 50% for over 5 years.
All interest rate swap contracts exchanging floating rate
interest amounts for fixed rate interest amounts and
interest rate collar contracts capping the floating rates
at strike rates are designated as cash flow hedges to
reduce the Group’s cash flow exposure resulting from
variable interest rates on borrowings.
The interest rate swaps and the interest payments on the
loan occur simultaneously, and the amount accumulated
in equity is reclassified to profit or loss over the period
that the floating rate interest payments on debt affect
profit or loss.
The Group has previously entered into a number of
interest rate collar contracts. Under the interest rate
collar contracts, for each period where floating rates are
above strike rates, the interest payments are limited to
the strike rates. Changes in fair value of the collar due to
changes in intrinsic value and time value are deferred in
the cash flow hedge reserve. Any premium paid for the
collars are recorded as an expense over the life of the
instruments on a straight-line basis.
Section Overview
This section describes the financial risks that EBOS has identified and how it manages these risks, to protect its financial
position and financial performance. Management of these risks includes the use of financial instruments to hedge against
unfavourable interest rate and foreign currency movements.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
The Group performs a qualitative assessment of the
effectiveness of hedges using the critical terms of the
underlying transaction and hedging instrument. It is
expected that the value of the interest rate swaps or
interest rate collars, and the value of the corresponding
hedged items (floating rate borrowings) will
systematically change in opposite directions in response
to movements in the underlying interest rates.
Interest rate swap and interest rate collar contracts are
only entered into in accordance with the Group’s Board
approved treasury policy.
No sources of ineffectiveness emerged from these
hedging relationships.
Sensitivity analysis
The Group is exposed to foreign currency fluctuations
on its transactions denominated in foreign currencies.
The sensitivity analysis has been prepared using
exposures and derivative positions outstanding at the
reporting date. As there is no hedge ineffectiveness,
amounts recognised in other comprehensive income
reflect the qualifying hedge relationships, and the
amounts recognised in profit or loss reflect the unhedged
exposures. The sensitivity analysis includes only
outstanding foreign currency denominated monetary
items and adjusts their translation at the year end for
a 10% change in foreign currency rates.
The Group is exposed to interest rate fluctuations on its
borrowing facilities. The sensitivity analysis below has
been prepared based on the Group's exposure to interest
rate risk arising from both derivative and non-derivative
financial instruments at the reporting date. For floating-
rate liabilities, the analysis assumes that the amount
outstanding at the reporting date remained outstanding
throughout the reporting period. A 1.0% increase or
decrease in interest rates has been applied, consistent
with the measure used in reporting interest rate risk
to key management personnel and management's
assessment of a reasonably possible change in market
interest rates.
A positive number below indicates an increase in profit
and other equity whilst a decrease in profit and other
equity would be negative.
G1. Financial risk management continued
Foreign currency sensitivity analysis
20262025
Profit
before tax
A$’000
Other
comprehensive
income
A$’000
Profit
before tax
A$’000
Other
comprehensive
income
A$’000
Exchange rates (+10%)(290)18,324(134)8,436
Exchange rates (-10%)229(14,458)128(8,111)
Interest rate sensitivity analysis
20262025
Profit
before tax
A$’000
Other
comprehensive
income
A$’000
Profit
before tax
A$’000
Other
comprehensive
income
A$’000
Interest rates (+1.0%)(6,199)25,557(5,716)7, 551
Interest rates (-1.0%)9,340(624)13,607(16,971)
G1. Financial risk management continued
Liquidity risk
EBOS is exposed to liquidity risk as it must invest in significant levels of working capital such as inventory and accounts
receivable which can impact liquidity unless they are converted to cash.
EBOS manages liquidity risk by maintaining adequate banking facilities and reserve by continuously monitoring forecast
and actual cash flows and matching maturity profiles of financial assets and liabilities. Refer to Note E4 Borrowings facilities
maturity profile for more information.
The following tables detail the Group’s remaining contractual maturity for its financial liabilities with agreed repayment periods.
The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the group can be required to pay.
Less than
1 year
A$'000
1 to 3
years
A$'000
3 to 5
years
A$'000
More than
5 years
A$'000
Total
2026
A$'000
Trade payables 2,345,451 - - - 2,345,451
Other payables 257,615 7,792 4,684 8,517 278,608
Deferred purchase consideration 52,639 1,930 - - 54,569
Consideration to acquire remaining non-controlling interests - 65,187 - - 65,187
2,655,705 74,909 4,684 8,517 2,743,815
Less than
1 year
A$'000
1 to 3
years
A$'000
3 to 5
years
A$'000
More than
5 years
A$'000
Total
2025
A$'000
Trade payables 2 ,17 7,403 - - - 2 ,17 7,403
Other payables 218,536 12,639 4,111 8,793 244,079
Deferred purchase consideration 45,415 17, 538 - - 62,953
Consideration to acquire remaining non-controlling interests - 9,348 - - 9,348
2,441,354 39,525 4,111 8,793 2,493,783
Refer to Note H6 Leases for maturity analysis on future lease payments and Note G2 Financial instruments for maturity analysis on derivative
financial liabilities – forward foreign exchange contracts, interest rate collars and interest rate swaps.
Credit risk
EBOS is exposed to the risk of default in relation to receivables owing from its Healthcare and Animal Care customers, hedging
instruments and guarantees and deposits held with banks and other financial institutions.
EBOS has adopted a policy of only dealing with credit worthy counter parties as a means of mitigating the risk of financial loss from
defaults. All bank balances are assessed to have low credit risk at each reporting date as they are held with reputable international
banking institutions.
Trade receivables consist of a large number of customers, spread across diverse sectors and geographical areas. Ongoing credit
evaluation is performed on the financial condition of the trade receivables. Credit assessments are undertaken to determine the
credit quality of the customer, taking into account their financial position, past experience and other relevant factors. Individual risk
limits are granted in accordance with the internal credit policy having consideration for immediate patient needs and authorised
via appropriate personnel as defined by the Group’s delegation of authority manual.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the
maximum exposure to EBOS of any credit risk.
EBOS does not have any significant credit risk exposure to any single counter party. The credit risk on liquid funds and derivative
financial instruments is limited because the counter parties are banks with high credit ratings assigned by international credit
rating agencies.
EBOS has not changed its overall strategy regarding the management of risk from 2025.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
G2. Financial instruments
Derivatives
2026
A$’000
2025
A$’000
Other financial assets – derivatives (at fair value)
Forward foreign exchange contracts (i) 1,348 201
Interest rate swaps (i) 11,375 -
Interest rate collars (i) 2,046 -
14,769 201
Other financial liabilities – derivatives (at fair value)
Forward foreign exchange contracts (i) 939 527
Interest rate swaps (i) - 1,386
Interest rate collars (i) - 416
Other financial liabilities – consideration for remaining non-controlling interests (ii) 56,232 8,800
57,17 1 11,129
(i) Designated and effective as a cash flow hedging instrument carried at fair value.
(ii) Represents the carrying value of the financial obligation (put options) if the option for the Group to acquire the non-controlling interests,
were exercised.
Recognition and measurement
EBOS has categorised these derivatives, both financial
assets and financial liabilities (excluding Other financial
liabilities – consideration for remaining non-controlling
interests), as Level 2 under the fair value hierarchy
contained within NZ IFRS 13. There were no transfers
between fair value hierarchy levels during the current or
prior periods.
The fair value of forward foreign exchange contracts is
determined using a discounted cash flow valuation.
Key inputs are based upon 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 counter
parties.
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 fair values of financial assets and financial liabilities
are determined as follows:
• The fair value of financial assets and financial liabilities
with standard terms and conditions and traded on active
liquid markets are determined with reference to quoted
market prices.
• The fair value of other financial assets and financial
liabilities are determined in accordance with generally
accepted pricing models based on discounted cash flow
analysis.
• The fair value of derivative instruments are calculated
using quoted prices. Where such prices are not
available, use is made of discounted cash flow analysis
using the applicable yield curve for the duration of the
instruments.
The carrying amount of financial assets and financial
liabilities recorded in the financial statements
approximates their fair values.
As hedge accounting has been applied for all derivatives
except the option over non-controlling interests, and no
hedge ineffectiveness has occurred during the period,
the movement in these instruments has been recognised
in other comprehensive income. Any premium paid for
the interest rate collars are recorded as an expense over
the life of the instruments on a straight-line basis. The
recognition in profit or loss depends on the nature of the
hedge relationship. EBOS designates these derivatives as
cash flow hedges of highly probable forecast transactions.
Hedging gains or losses are recognised in the profit
or loss when the hedged items affect the profit or loss
except where they are hedging non-financial items in
which case they are recognised as an adjustment to the
initial carrying value of the non-financial items (basis
adjustment). When a forward contract is used in a cash
flow hedge relationship, the Group has designated the
change in fair value of the entire forward contract, i.e.
including the forward element, as the hedging instrument.
G2. Financial instruments continued
Cash flow hedges
At the inception of a hedge relationship, the Group
documents the relationship between the hedging
instrument and the hedged item, along with its risk
management objectives and its strategy for undertaking
various hedge transactions.
Furthermore, at the inception of the hedge and on
an ongoing basis, the Group documents whether the
hedging instrument that is used in a hedging relationship
is highly effective in offsetting changes in cash flows of
the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow
hedges is recognised in other comprehensive income
and accumulated as a separate component of equity
in the hedging reserve. Any gain or loss relating to the
ineffective portion is recognised immediately in profit or
loss.
Financial liabilities – derivatives (put options)
over non-controlling interests
Where the Group writes a put option with the
non-controlling shareholders on their equity interest
in a non-wholly owned subsidiary for settlement in
cash; a financial liability, at the present value of the
exercise price of the option, is recognised. When the
non-controlling interests still have present access to
the returns associated with the underlying ownership
interest, non-controlling interests continue to be
recognised and accordingly the liability is considered
a transaction with owners and recognised within
non-controlling interests. Subsequent to the initial
recognition, any changes in the carrying amount of the
financial liability – derivative, including the accretion
of interest, are recognised directly in equity within non-
controlling interests.
Judgement: measurement of financial liabilities –
derivatives (put options) over non-controlling interests
EBOS has categorised these derivatives as Level 3 under
the fair value hierarchy contained within NZ IFRS 13.
The fair value of the put option liabilities is determined
using a discounted cash flow valuation. Key inputs are
based upon management’s most recent assessment of
the consideration to be payable, in the event that the
option is exercised by the minority shareholders.
Consideration payable is subject to future financial
performance of the subsidiary and the current market
assessment of the time value of money. In the event that
the option is not exercised during the option period, and
therefore expires, then the financial liability – derivative
is derecognised with no impact to profit or loss.
9293
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
2026
A$’000
2025
A$’000
Less than 1 year- 420,000
1 to 3 years300,000 250,000
3 to 5 years- 50,000
300,000 720,000
Outstanding interest rate collar contracts: nominal value
2026
A$’000
2025
A$’000
Buy Australian dollars 13,155 14,637
Buy Euro 14,445 4,673
Buy British pounds 5,655 1,669
Buy Thai baht 13,804 5,549
Buy US dollars 108,751 51,951
Buy Swiss francs 3,330 -
159,140 78,479
Outstanding forward foreign currency contracts: nominal value
2026
A$’000
2025
A$’000
1 to 3 years 350,000 125,000
3 to 5 years 100,000 225,000
450,000 350,000
Less than 1 year 158,753 78,479
1 to 3 years 387 -
159,140 78,479
Outstanding interest rate swap contracts: nominal value
Maturity analysis
G2. Financial instruments continued
H4. Related party disclosures
Key management personnel compensation
2026
A$’000
2025
A$’000
Short-term employee benefits 15,331 17,497
Post-employment benefits 320 300
Long-term benefits 732 120
Termination benefits 656 -
Shared-based payments(2,385) (1,646)
14,654 16,271
Section H: Other disclosures
H1. Contingent liabilities
2026
A$’000
2025
A$’000
Contingent liabilities
Guarantees given to third parties6,6036,399
H2. Commitments for expenditure
2026
A$’000
2025
A$’000
Capital expenditure commitments:
Plant and equipment 13,108 8,211
IT Infrastructure 2,501 4,191
15,609 12,402
H3. Subsequent events
Subsequent to year end the Board has approved a final dividend to shareholders, refer to Note E2 Dividends.
On 31 July 2026, the Group completed the acquisition of Paringa Pet Foods Pty Ltd, an Australian-owned and operated producer
of fresh, frozen and cooked pet food, for a consideration of $12.2m. This acquisition enables EBOS Animal Care entry into new
categories, particularly dog rolls. Due to the proximity of the acquisition date and the date the financial statements were
authorised for issue, the initial accounting for the business combination is incomplete.
In August 2026, the Group executed the final sale agreements for three freehold properties for total proceeds of $92.0m.
Concurrent with the settlement, the Group entered into a long-term lease agreement with the purchaser and continues to operate
from the site under a sale and lease back agreement. As the transaction was completed after the reporting date, the sale and
leaseback has not been recognised in the consolidated financial statements as at 30 June 2026. The financial effects of the
transaction will be recognised in the year ending 30 June 2027. The carrying value of the property at 30 June 2026 is disclosed
within assets held for sale, refer to Note D1 Property, Plant and Equipment for details.
Other transactions with key management personnel
The Group has a share-backed loan arrangements with Key Management Personnel (KMP). The loan is limited recourse, secured by shares
and is expected to be repaid progressively through future dividend distributions. During the year, repayments from KMP of $0.1m were made
(2025: $0.3m). As at 30 June 2026, the outstanding loan balance of KMP was $1.0m (2025: $4.6m).
Section Overview
This section includes the remaining information relating to EBOS that is required to be presented so as to comply
with its financial reporting requirements.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
H5. Remuneration of auditors
All non-audit services provided by EBOS Group’s Auditor require pre-approval by the Audit and Risk Committee. Before any non-audit
services are approved, the Audit and Risk Committee must be satisfied that the provision of such services will not have any influence on the
independence of the auditors.
2026
A$’000
2025
A$’000
Auditor of the Group (Deloitte)
Audit and review services1,7871,584
Audit and review related services (special purpose audits)3333
Other assurance - Group Climate related Disclosures and
Australian Subsidiary Climate Reporting
17535
1,9951,652
Other Auditors
Audit of subsidiary financial statements 14 26
Taxation compliance 6 -
20 26
H6. Other financial assets continued
Equity instruments designated at fair value through
other comprehensive income
These investments in equity instruments are not
held for trading. Instead, they are held for medium
to long-term strategic purposes. Accordingly, the
Directors have elected to designate these investments
in equity instruments as at fair value through other
comprehensive income as they believe that recognising
short-term fluctuations in the fair value of these
investments in profit or loss would not be consistent with
the Group’s strategy of holding these investments for
long-term purposes and realising their performance in
the long run.
Fair value measurements are categorised into Level 1, 2
or 3 based on the degree to which the inputs to the fair
value measurements are observable and the significance
of the inputs to the fair value measurement in its entirety,
which are described as follows:
• Level 1 – inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity
can access at the measurement date;
• Level 2 – inputs are inputs, other than quoted prices
included within Level 1, that are observable for the asset
or liability, either directly or indirectly; and
• Level 3 – inputs are unobservable inputs for the asset
or liability.
The fair value is calculated based on the latest available
valuation inputs at each reporting date, including
unlisted equity investee’s financial information and
recent transactions.
The investments in listed entities are considered Level
1 financial instruments as the fair value is based on
a quoted price in an active market, and investments
in unlisted entities are considered Level 3 financial
instruments as the fair value is based on unobservable
inputs.
Financial assets measured at amortised cost
Interest-bearing receivables comprise loans provided to
stores within the Group's pharmacy network over 15 year
terms, secured by a second-ranking General Security
Agreement over the pharmacy assets.
The Group measures the loss allowance for interest-
bearing receivables at an amount equal to lifetime ECL.
The ECL on interest-bearing receivables are estimated
with reference to past default experience of the debtor
and an analysis of the debtor’s current financial position,
adjusted for factors that are specific to the debtors,
general economic conditions of the sector in which the
debtors operate and an assessment of both the current
as well as the forecast direction of conditions at the
reporting date. As at 30 June 2026, an expected credit
loss provision of 4% (2025: 3%) has been recognised
against the interest-bearing receivables portfolio.
The Group writes off an interest-bearing receivable when
there is information indicating that the debtor is in severe
financial difficulty and there is no realistic prospect of
recovery, e.g. when the debtor has been placed under
liquidation or has entered into bankruptcy proceedings.
H6. Other financial assets
2026
A$’000
2025
A$’000
Equity instruments designated as fair value through other comprehensive income
Investments – active market (Level 1) 702 4,373
Investments – non-traded (Level 3) 24,702 24,622
Financial assets measured at amortised cost
Interest-bearings receivables (i) 59,000 53,415
84,404 82,410
(i) The Group has reclassified the presentation of interest-bearing receivables from Current – Other receivables to Non-current Other financial assets as
at 30 June 2026 including 30 June 2025 comparative balances to align with their contractual terms.
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EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
H7. Share based payments
EBOS Group operates two Long-Term Incentive (LTI) plans, one for the Enterprise Leadership Team (ELT), and one for selected
other executives. The aim of the plans is to align a portion of the employees’ remuneration with the medium to long-term
outcomes of the Group’s financial performance and share price.
Under the LTI plans, participants are granted performance rights, which represent a right to receive ordinary shares in the
Company at no cost, subject to the satisfaction of specified vesting conditions. The LTI is classified as an equity-settled share-
based payment arrangement with a three-year performance period.
As performance rights granted under the LTI plans are vested at no cost to participants, there is no exercise price associated with
the awards.
The vesting requirements for ELT include:
• EBOS’ earnings per share (“EPS”) growth must equal or exceed the specific compound annual growth percentage target; and
• EBOS’ return on capital employed (“ROCE”) assessment in the third year of the performance period must also achieve a specified
target.
The performance conditions for selected other executives are the same, with 50% of the plan allocation in rights based on
continuous employment with the Group.
For the FY24-FY26 and FY25-FY27 plans, 100% of vesting potential is based on the earnings per share metric. For the FY26-FY28
plan, 75% of performance based LTI will be based on the earnings per share metric, and 25% of performance based LTI will be
based on the ROCE metric.
Details of the vesting schedule for the FY26-FY28 plan are outlined below:
H7. Share based payments continued
Details of the share options outstanding during the year are as follows:
The Group recognised total gain of $5.5m (2025: expense of $3.1m) related to equity-settled share-based payment transactions.
Underlying 3-year cash EPS CAGR target% of target award to vest
Less than 2%Nil
Between 2% and 3.5%Apportioned vesting between 50% and 100%
Between 3.5% and 7%Apportioned vesting between 100% and 150% (ELT only)
Above 7%150% (ELT only)
Underlying ROCE target% of target award to vest
Less than 13.4%Nil
Between 13.4% and 13.7%Apportioned vesting between 50% and 100%
Between 13.7% and 15%Apportioned vesting between 100% and 150% (ELT only)
Above 15%150% (ELT only)
Underlying 3-year cash EPS CAGR target% of target award to vest
Less than 2%Nil
Between 2% and 3.5%Apportioned vesting between 50% and 100%
Between 3.5% and 6.5%Apportioned vesting between 100% and 150% (ELT only)
Above 6.5%150% (ELT only)
Details of the vesting schedule for the FY24-FY26 and FY25-FY27 plans are outlined below:
Details of the performance rights outstanding during the year are as follows
2026 2025
Outstanding at the beginning of the period
1,224,8991,055,414
Granted during the period 597, 257 557,601
Forfeited during the period (101,009) (78,875)
Exercised during the period (19,994) (192,264)
Performance rights paid out in cash
1
(352) (116,977)
Expired during the period (296,674) -
Outstanding at the end of the period
1,404,127 1,224,899
1
Share based payments for selected other executives associated with EBOS’ Asian businesses may be settled in cash when vested due to jurisdictional
restrictions on the issue of shares. In certain other circumstances, the Board may, at its absolute discretion, elect to settle a vested performance right or
group of rights in cash due to company or individual circumstances.
9899
EBOS Annual Report 2026 Financial StatementsEBOS Annual Report 2026 Financial Statements
9899
As at 29 July 2026
Twenty largest shareholdersFully paid shares
Percentage of
paid capital
BNP Paribas Nominees (NZ) Limited − NZCSD22,368,53210.808
JP Morgan Nominees Australia Limited15,940,3507.702
Custodial Services Limited15,325,8727.405
HSBC Nominees (New Zealand) Limited − NZCSD14,447,6046.98
Accident Compensation Corporation − NZCSD11,057,9135.343
Forsyth Barr Custodians Limited10,902,3175.268
Sybos Holdings Pte Limited9,957, 8254.811
Apex Custodian Nominees (NZ) Limited − NZCSD8,994,6184.346
Citibank Nominees (New Zealand) Limited − NZCSD7, 82 2 ,4923.78
HSBC Nominees A/C NZ Superannuation Fund Nominees Limited − NZCSD7,788,7953.763
HSBC Nominees (New Zealand) Limited A/C State Street − NZCSD7, 2 27,4633.492
JPMorgan Chase Bank NA NZ Branch-Segregated Clients Acct − NZCSD7,193,4253.476
HSBC Custody Nominees (Australia) Limited4,805,5672.322
FNZ Custodians Limited4,613,9012.229
JBWere (NZ) Nominees Limited3,366,3131.626
New Zealand Depository Nominee Limited3,353,2321.62
Citicorp Nominees Pty Limited2,584,5801.249
Generate Kiwisaver Public Trust Nominees Limited <NZCSD>2,461,5611.189
Simplicity Nominees Limited − NNZCSD2 ,387, 8141.154
PT (Booster Investments) Nominees Limited1,928,2180.932
Number of ordinary sharesAs at balance dateAs at 29 July 2026
206,949,329206,971,010
Number of unquoted performance rightsAs at balance dateAs at 29 July 2026
1,404,1271,390,853
Substantial product holders and number of securities
The following information is provided in compliance with section 293 of the Financial Markets Conduct Act and the ASX Listing Rules.
Twenty largest shareholders
Substantial holder name*Ordinary shares as
at balance date
Percentage of share
capital as at
balance date
Ordinary
shares as at
29 July 2026
Percentage of share
capital as at
29 July 2026
Australian Super Pty Ltd12,854,1706.325%12,854,1706.325%
First Cape Group Limited11,100,7835.363%11,100,7835.363%
Accident Compensation Corporation (ACC)10,737, 2855.237%10,737, 2855.237%
* based on substantial holding notices received by the Company as at 29 July 2026.
Distribution of shareholders and shareholdings
(fully paid ordinary shares)Holder CountHolder Count %Holding QuantityHolding Quantity %
Holding Range
1 to 1,0008,23362.742,686,2531.3
1,001 to 5,0003,63127.678,421,8254.07
5,001 to 10,0006765.154,732,4362.28
10,001 to 100,0005264.0111,337,3195.48
100,001 to 9,999,999,999,999560.43179,793,17786.87
Total13,122100206,971,010100.00
Distribution of performance rights
(not quoted on NZX and ASX)
Number of
performance rights
participants
Number of
performance rights
Percentage of
performance rights
Size of Holding
1 to 1,0001412,2160.88%
1,001 to 5,00077204,28214.69%
5,001 to 10,0001171,1955.12%
10,001 to 100,00024649,94346.73%
100,001 and over3453,21732.58%
Total1291,390,853100%
Additional stock exchange information
101
EBOS Annual Report 2026 Financial Statements
100
EBOS Annual Report 2026 Financial Statements
100101
Unmarketable parcels
As at 29 July 2026, there were 898 shareholders (with a total of
11,352 shares) holding less than a marketable parcel of shares
based on the closing price of the Company’s shares on the ASX
of A$18.88. The ASX Listing Rules define a marketable parcel of
shares as a parcel of shares of not less than A$500.
Waivers granted from the NZX Listing Rules/ASX Admission
There were no waivers granted by the NZX during the year or waivers
of NZX Listing Rules relied upon by the Company during the year.
The terms of the Company’s admission to the ASX and on-going
listing requires the following disclosures:
1. The Company is not subject to Chapters 6, 6A, 6B and 6C of the
Australian Corporations Act dealing with the acquisition of shares
(including substantial holdings and takeovers).
2. Limitations on the acquisition of securities imposed under
New Zealand law are as follows:
(a) In general, securities in the Company are freely transferable
and the only significant restrictions or limitations in relation
to the acquisition of securities are those imposed by New
Zealand laws relating to takeovers, overseas investment and
competition.
(b) The New Zealand Takeovers Code creates a general rule under
which the acquisition of 20% or more of the voting rights in
the Company or the increase of an existing holding of 20%
or more of the voting rights of the Company can only occur
in certain permitted ways. These include a full takeover offer
in accordance with the Takeovers Code, a partial takeover
in accordance with the Takeovers Code, an acquisition
approved by an ordinary resolution, an allotment approved
by an ordinary resolution, a creeping acquisition (in certain
circumstances), or compulsory acquisition of a shareholder
holding 90% or more of the shares.
(c) The New Zealand Overseas Investment Act 2005 and Overseas
Investment Regulations 2005 (New Zealand) regulate certain
investments in New Zealand by overseas interests. In general
terms, the consent of the New Zealand Overseas Investment
Office is likely to be required where an ‘overseas person’
acquires shares in the Company that amount to 25% or more
of the shares issued by the Company, or if the overseas person
already holds 25% or more, the acquisition increases that
holding.
(d) The New Zealand Commerce Act 1986 is likely to prevent a
person from acquiring shares in the Company if the acquisition
would have, or would be likely to have, the effect
of substantially lessening competition in the market.
Voting Rights
Shareholders may vote at a meeting of shareholders either in person
or by proxy, attorney, or representative.
In a poll every shareholder present in person or by proxy, attorney or
representative has one vote for each share.
Additional stock exchange information continued
102103
EBOS Annual Report 2026 Corporate GovernanceEBOS Annual Report 2026 Corporate Governance
The Board and management of EBOS Group Limited are committed
to ensuring that the Company adheres to best practice and
governance principles and maintains high ethical standards.
Climate Statement
EBOS Group Limited is a ‘climate reporting entity’ for the purposes
of the Financial Markets Conduct Act 2013 (NZ). The Company
expects to release its third climate statement in late September
2026 and it will be made available at: https://www.ebosgroup.com/
sustainability/climate-statement.
Corporate Governance Statement
The 2026 Corporate Governance Statement relating to the
Company and its subsidiaries (the Group) can be found at:
https://www.ebosgroup.com/who-we-are/corporate-governance.
The Corporate Governance Statement refers to a number of codes,
policies and charters of the Group. These documents (or a summary
of them) can be found at https://www.ebosgroup.com/who-we-are/
corporate-governance.
Risk management
Risk management is an integral part of the Group’s business. The
Group has an enterprise risk management framework, designed
to promote a culture which ensures a proactive and consistent
approach to identifying and mitigating risk on a Group-wide basis.
Our approach to risk management provides clarity on roles and
responsibilities to minimise the impact of financial, operational
and sustainability risks on our business. Under this approach,
the Board approves the risk management framework and risk
appetite statements (which describe the level of risk the Group is
willing to take in relation to specific risk categories) for the Group.
The Board reviews the enterprise risk profile periodically.
The Audit & Risk Committee assists the Board by monitoring the
enterprise risk profile and implementation of the risk appetite
levels that were set by the Board. The monitoring of the enterprise
risk profile is part of a standing agenda item for each regular
Audit & Risk Committee meeting.
Management reports to the Board and the Audit & Risk
Committee on whether the Group’s material business risks
are being managed effectively and updates the risk rating
of enterprise risks on an ongoing basis, presenting proposed
changes to the Board or the Audit & Risk Committee as required.
As such, this process is continuous and is designed to provide
advanced warning of material risks before they eventuate and
includes:
• significant risk identification;
• risk impact quantification;
• risk mitigation strategy development;
• reporting; and
• monitoring and evaluation to ensure the ongoing integrity of the
risk management process.
A description of the Group’s key financial risks (foreign currency
risk, interest rate risk, liquidity risk and credit risk) and how these
are managed, is set out on pages 87, 88 and 89.
A description of the Group’s key non-financial risks and how these
are managed is set out in the Group’s Corporate Governance
Statement. These risks include: competition risk, reliance on key
suppliers, supply chain disruption and macroeconomic conditions,
significant changes to price, industry or pharmacy regulation,
product liability and litigation risk, cyber risk, health and safety
risk, loss of critical operations and acquisition and major capital
expenditure project risk.
With regard to the impact of climate change and, in particular,
the impact of severe weather events, these factors are considered
as part of specific non-financial risks as summarised below, in
particular supply chain disruption and loss of critical operations.
The Company has undertaken a climate risk assessment and
identified climate-related risks and opportunities. Further
information will be included in the Company’s climate statement.
Access to advice and auditors
As set out in the Group’s Corporate Governance Code, a director
may obtain independent advice at the expense of the Company on
issues related to the fulfillment of their duties as a director, subject
to obtaining the approval of the Audit & Risk Committee prior to
incurring any advisory fees.
In addition, it is open to the Audit & Risk Committee to meet
external auditors and internal auditors without management
present.
Corporate Governance Disclosures
For the purposes of compliance with the NZ Companies Act,
NZX Listing Rules and NZX Corporate Governance Code (NZX
Code), the following disclosures are included in the Annual Report.
Diversity
The Group has a Diversity, Equity & Inclusion Policy which is set out
as Appendix F of the Corporate Governance Code. Under the policy,
the Board is responsible for setting measurable objectives for
achieving diversity. The Board set the objectives for the year ended
30 June 2026 year (FY26) in June 2025. Set out below is the Board’s
assessment of those objectives for FY26:
Corporate Governance
ObjectiveProgress during FY26
Maintain gender diversity in
relation to the composition of the
Board, with not less than 30% of
directors being female and not less
than 30% of directors being male.
As at 30 June 2026, Board gender diversity remained stable at 57% female representation,
consistent with 30 June 2025.
Aim to increase the proportion of
women in executive and senior
leadership roles by identifying
internal talent through robust
succession planning, developing
female leaders and acquiring
external talent through fair and
objective recruitment practices.
As at 30 June 2026, women represented 30% of the Enterprise Leadership Team, compared with
27% at 30 June 2025.
The Talent Council met during FY26 to discuss talent and succession across the Group.
This process, supported by policies such as the Recruitment and Selection Policy and Diversity,
Equity and Inclusion Policy, enables senior leaders to focus on gender balance, succession depth
and diversity of decision makers and candidates.
The Group continued to invest in leadership development including sponsorship initiatives.
Across key leadership programs in FY26, female participation was 48% on an aggregate basis.
Assess and analyse the gender
pay gap at EBOS annually and
report to the Board and the
Workplace Gender Equity Agency
(WGEA) in accordance with
obligations.
The Group reported its Australian Gender Pay Gap (GPG) to the Board and submitted reports to
WGEA. For the 1 April 2024 to the 31 March 2025 reporting period, the Group reported an average
total remuneration gender pay gap of 21.8% and a median gender pay gap of 2.0% in Australia.
The reports to WGEA can be accessed via the Employer Data Explorer section of the WGEA
website (https://www.wgea.gov.au/Data-Explorer/Employer)
The Group also made submissions in accordance with the Australian Workplace Gender Equality
Act requirements in regard to FY26 reporting period which will be released by WGEA in March
2027. The public compliance report generated though the submission is available on the EBOS
Group website.
EBOS reviewed the Diversity, Equity & Inclusion policy in FY26 to reflect our updated purpose
and Workplace Gender Equality Agency (WGEA) target-setting requirements. The Group has a
Diversity and Inclusion Strategy which aims to support progress towards more gender-balanced
representation and contributes to reducing the pay gap over time.
Continue to promote family
friendly and flexible work place
practices including but not
limited to a commitment to
supporting those on parental
leave, supporting flexible return to
work arrangements and on-going
flexible work arrangements that
suit both the organisation and the
individual.
The Group continued to support working arrangements that assist employees with family and
caring responsibilities. Hybrid working arrangements remain in place for many knowledge-based
roles.
Parental leave return rates were monitored during FY26. 82% of those who took primary carer
parental leave returned to the business after their leave.
FY26 was the first year of the enhanced New Zealand Parental Leave Policy, which expands on
statutory entitlements.
The Group’s 2026 International Women’s Day activations focused on the role of carers, with team
members sharing lived experiences of balancing careers and caring responsibilities.
In FY26, certain EBOS businesses set in Australia set targets in accordance with WGEA
requirements, focused on the availability of flexible working arrangements and practices that
support employees with family or caring responsibilities.
Continue to commit to the EBOS
Reconciliation Action Plan in
Australia and improving cultural
awareness across both Australia
and New Zealand.
The Group continued its First Nations Employment Program, providing participants with a
pathway to a Certificate III in Supply Chain Operations and potential permanent employment
opportunities within the Group. Following the successful NSW pilot in FY25, the program
expanded to Queensland in FY26 through locally engaged training and employment partners.
EBOS continued work on broader EBOS First Nations initiatives including engagement with First
Nations advisers to seek endorsement from Reconciliation Australia of the new EBOS Innovate
Reconciliation Plan, which was submitted to Reconciliation Australia in FY26.
In FY26, EBOS continued to seek opportunities to partner with organisations to support Māori
training in New Zealand.
104105
EBOS Annual Report 2026 Corporate GovernanceEBOS Annual Report 2026 Corporate Governance
Director independence
The Board’s assessment of the independence of each person that
was a director as at 30 June 2026 is set out below.
NameStatus
1
Appointment date
Elizabeth CouttsIndependent July 2003
Tracey BattenIndependentJuly 2021
Mark BloomIndependentSeptember 2022
Coline McConvilleIndependentFebruary 2025
Stuart McLauchlanIndependentJuly 2019
Matthew MuscioNot independentJanuary 2025
Julie TayIndependentMay 2023
The Board has determined that six of the seven current directors
are Independent. In relation to Mr Muscio, he was, within the last
three years, employed in an executive role by the Group. While
the Board considers that Mr Muscio brings considerable skills
and experience as a non-executive director, it is acknowledged
that he held long standing executive roles with EBOS and, prior
to this, LifeHealthcare (which was acquired by EBOS in 2022) and
accordingly he is not currently regarded as Independent given the
nature of those positions. In relation to Elizabeth Coutts, she has
been an independent non-executive director of EBOS for more
than 13 years. The Board is unanimously of the view that she brings,
amongst other things, an independent view to decisions in relation
to EBOS and that her tenure is not, of itself, an indication that she is
no longer Independent.
The Board considers that a mix of tenure amongst directors is of
benefit to the Company and its shareholders and has in recent
years undertaken a considered and carefully timed succession
process. Since July 2021, a number of new directors have been
appointed, of which four are Independent, and a number of long-
standing directors have retired during this period.
RecommendationComment
3.4 – Nomination
Committee
The Board does not have a nomination committee. The Board has determined, having regard to the current
composition of the Board, that a nomination committee is not currently required. The Board undertakes the
functions that were previously delegated to a nominations committee.
5.2 – remuneration
policy
EBOS has a remuneration policy which is approved by the Board. The Remuneration Committee determines
the relative weightings each year. The policy itself does not include the relative weightings of remuneration
and performance criteria. This information is included in the Company’s Corporate Governance Statement
(as required under the policy) and the Annual Report to ensure it accurately reflects the remuneration
structures.
Gender representation
The Group’s gender representation as at 30 June 2026 was as follows:
BoardFemale %Female (no.)Male %Male (no.)Gender Diverse %Gender Diverse (no.)
2024/2557%443%30%0
2025/2657%443%30%0
Officer*Female %Female (no.)Male %Male (no.)Gender Diverse %Gender Diverse (no.)
2024/2527%373%80%0
2025/2630%370%70%0
GroupFemale %Male %
2024/255545
2025/26*5445
* Officer has the meaning given in the NZX Listing Rules.
* <1% non-binary
1
Independent means that the director is considered to be an Independent Director as defined under the NZX Listing Rules and independent having regard to the factors set
out in the ASX Corporate Governance Council’s Corporate Governance Principles & Recommendations.
NZX Code
Under NZX Listing Rule 3.8.1(b), EBOS is required to state in the Annual Report which recommendations in the NZX Code were not followed in
the financial year ended 30 June 2026.
ObjectiveProgress during FY26
Educate our leaders through
training to ensure they are
equipped and can role model
the principles outlined in our
workplace policies.
The Group continued to enhance our online Integrity Training, which educates our leaders and
teams diversity, respectful workplace behaviour and compliance.
Training modules include topics such as anti-bullying and anti-harassment, diversity and
inclusion and First Nations cultural awareness. In FY26, EBOS added a Respect at Work module
to support prevention of sexual harassment, build awareness of individual and organisational
impacts, and equip learners with practical intervention and response strategies.
The Group maintains a suite of policies that support the Diversity and Inclusion strategy,
including the Diversity, Equity and Inclusion Policy, Recruitment and Selection Policy, Family and
Domestic Violence Leave Policy, and Workplace Discrimination, Harassment and Bullying Policy.
EBOS also maintains memberships with relevant industry networks including, the National
Association of Women in Operations (NAWO), Australian Women in Security Network (AWSN) and
Medical Technology Association of Australia (MTAA) Women in MedTech.
106107
EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
Remuneration Overview
Dear Shareholders,
On behalf of EBOS’ Board of Directors, I am pleased to present
EBOS’ remuneration overview for the Company and its controlled
entities (the Group) for the year ended 30 June 2026 (FY26).
As the Chair of the Board and the Remuneration Committee, I work
with my fellow directors to ensure there is an appropriate level of
governance and transparency to support stakeholder confidence
in EBOS’ approach to executive and director remuneration.
The Board remains focussed on ensuring that our remuneration
structure supports the delivery of our strategy, attracts and retains
high calibre talent, and aligns executive reward outcomes with the
interests of our key stakeholders, including shareholders.
This report details remuneration arrangements for our senior
executives and directors.
FY26 Performance and Remuneration Outcomes
In FY26, EBOS delivered a full year result to 30 June 2026 that
reflected strong revenue growth of 9.9% to $13.5 billion and
underlying EBITDA growth of 5.0% to $614 million. The result was
supported by broad-based growth across Healthcare and Animal
Care, together with contributions from recent acquisitions, and
was achieved despite elevated fuel costs and foreign exchange
headwinds.
All FY26 financial guidance metrics were delivered within the
Group's stated ranges. The Group continued to deliver on its
strategic priorities including completing its four-year, $360 million
distribution centre renewal program. All major facilities are now
operational, positioning the business for future growth. A number of
strategic acquisitions were executed including Paringa Pet Foods
1
and K-Talyst, further expanding our capability in higher-growth,
higher-return markets. Across the portfolio, the Group continued to
execute on the growth priorities outlined at Investor Day, delivering
meaningful growth across all our businesses.
In determining the short-term incentive outcome, the Board
considers not only whether financial targets have been achieved,
but also how those results have been delivered. Accordingly, the
award is subject to non-financial gates, including performance
against work, health and safety metrics and the demonstration
of behaviours consistent with the EBOS Code of Ethics. This reflects
the Board's view that strong financial performance must be
achieved in a manner consistent with the Group's values,
its commitment to the safety and wellbeing of its people, and the
long-term interests of shareholders.
Having regard to both the financial outcome and these non-financial
considerations, the Board awarded Mr Hall a short-term incentive of
57% of maximum. Further details are set out in Section 4.
In respect of long-term incentives, Mr Hall commenced as CEO
on 1 July 2025 and accordingly does not hold performance rights
in respect of the three-year performance period ended
30 June 2026. However, for completeness, we are reporting on
the outcome of testing for those performance rights, together
with the performance rights granted to Mr Hall during FY26.
Performance rights held by senior executives for the three-
year performance period ended 30 June 2026 were subject to a
performance condition based on compound annual growth in
earnings per share (EPS CAGR) over the period. This condition was
not achieved and, accordingly, the relevant performance rights are
expected to lapse shortly. No portion of the award will vest
to executives.
The Board considers this outcome demonstrates the intended
operation of the current long-term incentive plan: performance
rights vest only where the required performance conditions are
met, ensuring that executive reward remains aligned with the
delivery of sustained value for shareholders.
Executive Remuneration Framework – FY27 and beyond
During FY26, the Remuneration Committee undertook a
comprehensive review of the Executive Remuneration Framework.
This review has resulted in a refreshed framework that will
apply from FY27. This is the next evolution of EBOS' executive
remuneration arrangements – designed to increase the proportion
of executive remuneration delivered in equity, strengthen alignment
with the mid and long-term performance of the Group, and ensure
packages remain market competitive.
The framework continues to reflect EBOS' pay-for-performance
philosophy. Executive remuneration comprises fixed remuneration
and 'at risk' components that are both short and long-term
in nature, ensuring the interests of executives, EBOS and its
shareholders remain aligned over the period in which business
results are realised.
The changes we’ve made include:
• deferring a portion of STI into equity,
• changing the structure of our LTI plans, retaining Performance
Rights, and adding a component of Share Options, and
• introducing a minimum shareholding requirement for senior
executives.
Each of these changes has been carefully considered by the Board
and is designed to further strengthen the alignment of executive
reward with lasting and sustainable shareholder value. Further
details are set out in Section 2.
Thank you to all EBOS shareholders for your continued support
this year.
Elizabeth Coutts
Chair of the Board and Remuneration Committee
Remuneration Overview
Contents
This remuneration overview is structured as follows:
1. Remuneration Governance
2. Remuneration Policy and Frameworks
3. Key Performance Summary
4. CEO Remuneration
5. Employee Payment Bands
6. Non-Executive Director Remuneration
1. Remuneration Governance
The Remuneration Committee is responsible for reviewing,
recommending and setting all components of the remuneration of
the directors and executives. It does this in accordance with EBOS’
Remuneration Policy. The charter for the Remuneration Committee
is available on EBOS’ website: https://www.ebosgroup.com/who-
we-are/corporate-governance.
The Remuneration Committee is responsible for:
• approving the remuneration of executives; and
• recommending non-executive director remuneration to the Board
(within a fee pool approved by shareholders).
The Board is responsible for:
• approving non-executive director remuneration (within a fee pool
approved by shareholders); and
• approval of remuneration policies.
The members of the Remuneration Committee during the year were
Independent Directors Elizabeth Coutts (Chair), Stuart McLauchlan
and Tracey Batten. It is the practice of the Committee to invite all
other directors to regular Committee meetings. The CEO attends
each meeting by a standing invitation, as well as the EGM, Human
Resources. The Committee is entitled to meet without the CEO.
Other employees and advisers are involved in these meetings on an
as-needed basis and only by invitation.
2. Remuneration Policy and Frameworks
a. Policy
Our Remuneration Policy sets out the philosophy and guiding
principles for executive remuneration. The policy is available on
our website: https://www.ebosgroup.com/who-we-are/corporate-
governance.
As part of the review of the Executive Remuneration Framework
in FY26, we revised our Remuneration Policy, including our guiding
principles shown below:
We continue to adopt an objective, robust and market-competitive
approach to determine the remuneration levels of roles at
EBOS based on the job requirements, skills and experience, and
knowledge required to perform the role.
We engage external consultants to provide benchmark data and
trend insights that support our decision-making and help keep
our remuneration levels competitive. Our benchmarking approach
considers the size, nature and complexity of our business and the
global talent markets we operate in. Executive remuneration is
benchmarked against comparably sized companies in relevant
sectors on the ASX. The benchmarking also considers the
complexity in the EBOS business with EBOS operating across
a diverse range of sectors, and a number of geographies
(New Zealand, Australia, Southeast Asia and the United States).
The Remuneration Policy is reinforced by our values and behaviours
as set out in our Code of Ethics and Leadership Standards which
recognises the Group’s overarching commitments to safety,
diversity, respect, sustainability, ethical behaviour and appropriate
risk management. Attracting, developing and retaining people of a
high calibre is critical to support sustainable business performance
and execution of strategy, and the remuneration of executives is set
and assessed with this in mind.
Guiding
Principles
Market competitive
Attract and retain key talent
through market
competitive reward
Alignment to the
Strategic Plan
Reward employees for the
achievement of the business
results, and behaviours
aligned to the Code of Ethics
Create Long Term Value for
Shareholders
Align the interests of
executives with long term
sustainable performance
and shareholder value
Incentivise and reward
performance
Motivate our people to
deliver outstanding results
rewarded through variable,
at risk pay
1
The acquisition of Paringa Pet Foods was completed on 31 July 2026.
108109
EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
Table 1: FY26 Executive Remuneration Framework Summary
ComponentPurpose & link to strategyHow it works
Fixed Remuneration
Cash & Benefits
1 year
Market competitive to attract and retain
executives.
Reflects core accountabilities and
expectations of the role.
Consists of base salary, benefits and superannuation (AU)
or Kiwisaver (NZ).
Set taking into account:
• Position, accountabilities, qualifications, and experience;
• Performance and record of achievement; and
• Market data for similar positions at broadly comparable
companies on the ASX.
Short Term Incentive
Cash Award
1 year
Motivates and rewards strong performance
over the financial year.
Aligns individual performance and
behaviours with strategic and financial
objectives.
Cash award linked to business performance over the financial
year.
Business performance is measured:
• for all executives, by Group financial performance, measured
by Group underlying EBITDA; and
• for those executives with business unit responsibilities,
a proportion is measured by business unit underlying EBITDA.
For an STI to be paid, we also consider:
• health and safety, measured by achievement of WHS metrics,
and
• behaviours, which must be consistent with the executive’s
contract of employment and the Group’s Code of Ethics.
Long Term Incentive
Performance Rights
(Equity)
3 years
Aligns an individual with the medium to long
term financial performance of the Group,
thereby closely aligning them with the
interests of shareholders.
Provides an opportunity to receive equity
and share in the future growth of EBOS.
The LTI comprises a grant of performance rights with a three
year performance period.
The LTI aligns Group performance to executive reward through
a direct link to the Group’s financial performance and share
price.
LTI rights issued prior to 30 June 2025 are tested against:
• 3-year Earnings per Share Compound Annual Growth Rate
(EPS CAGR), and
• continued employment with EBOS.
LTI rights issued after 1 July 2025 to 30 June 2026 are tested
against:
• 3-year EPS CAGR,
• achievement of a ROCE target, and
• continued employment with EBOS.
FeatureApproach
Purpose
Align individual performance and behaviours with the Board-approved strategic and financial objectives of
EBOS for a financial year, and incentivise strong performance.
Provide individuals with a competitive market position for total cash reward (i.e. variable and fixed pay
components).
Instrument
Cash.
Performance Criteria
Key performance indicators are set by reference to the executive’s responsibilities in the business or function
for which they are responsible.
Business criteria must be met before any payments are made:
• Group financial performance measures for the financial year; and
• for those with business unit responsibilities business unit EBITDA targets for the financial year.
The FY26 STI for the Enterprise Leadership Team included a maximum incentive to explicitly incentivise and
reward outperformance and the achievement of certain financial outcomes by EBOS.
In addition, non-financial criteria must be met before any payments are made:
• achievement of WH&S metrics as defined by the Group; and
• behaviour that is consistent with their employment contract and the Group’s Code of Ethics.
The Board through the Remuneration Committee determines what the targets are for a financial year and
if these targets have been achieved. Targets are set considering the Board-approved budget, with the
overarching objective being that targets are achievable but sufficiently challenging. Achievement of stretch
performance requires challenging and ambitious targets to be exceeded.
The Board also has the flexibility to consider non-financial STI performance measures and performance
relating to strategically important and/or transformative projects. More broadly, the Remuneration
Committee factors in health and safety leadership and progress in relation to the Group’s ESG program when
determining the CEO’s STI outcome for a financial year.
Board discretion and
Clawback
The Board has discretion to clawback, reduce or forfeit part or all of an STI award to ensure a participant does
not derive an unfair benefit, including where:
(a) the participant:
• acts, or has acted, fraudulently or dishonestly or made a material misstatement on behalf of any Group
company;
• is in breach of any of their duties or obligations to any Group company (including a breach of their
obligations under their employment contract);
• has engaged in negligence or gross misconduct;
• has done an act which could reasonably be regarded to have contributed to material reputation damage
to any Group company; or
• is convicted of an offence or has a judgment entered against them in connection with the affairs of any
Group company, or
(b) the participant’s award has been made as a result of:
• the fraud, dishonesty, negligence or breach of duties or obligations of any person; or
• a material misstatement or omission in the financial statements of the Group or any other circumstances
or events which, in the opinion of the Board, affect or are reasonably likely to affect the Group’s financial
soundness or require restatement
c. Short-Term Incentive (STI) Plan
Table 2: FY26 STI plan
b. Executive Remuneration Framework – FY26
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
FeatureApproach
Purpose
Align a portion of executives’ total remuneration with the medium to long term performance of the Group’s
financial performance and share price.
Provide individuals with a competitive market position for total reward (i.e. variable and fixed pay
components).
Instrument
Performance rights which are rights to acquire ordinary shares in EBOS for nil consideration.
Performance period
Three years from 1 July 2025 to 30 June 2028 (i.e. FY26-FY28)
Performance criteria
FY26 performance rights
The performance criteria (vesting conditions) for executives are:
• continuous employment with the Group;
• growth in EBOS’ earnings per share over the performance period must equal or exceed a specific compound
annual growth percentage target; and
• EBOS’ return on capital employed for FY28 must equal or exceed a specific percentage target.
The vesting conditions for the FY26 LTI includes a stretch target for certain senior executives to incentivise
and reward outperformance.
The performance criteria are assessed at the end of the 3-year performance period (with no retesting in
future periods).
The vesting conditions may be amended, reduced or waived in whole or in part by the Board, subject to
applicable law.
The Board also has the flexibility to consider broader performance criteria, including capital efficiency and/or
non-financial objectives, and award LTI payments for special, strategically important and/or transformative
projects (to drive significant outperformance and retain key executives over the relevant period).
The Board believes that key financial measures remain appropriate to assess the medium-to-long term
performance of EBOS and its executive team.
Performance Measures
and Targets
The Remuneration Committee approved a threshold underlying cash EPS CAGR target of 2% and a threshold
ROCE target of 13.4% for the FY26 LTI grant.
The allocation of Performance Rights is weighted with 75% of the award subject to EPS CAGR, and 25%
subject to ROCE.
d. Long-Term Incentive (LTI)
Table 3: FY26 LTI plan
FeatureApproach
Vesting and
Settlement
If the Board determines that performance rights have vested it may determine with respect to each vested
right whether to:
• issue or transfer shares to a participant (equity settle); and/or
• pay a cash amount to a participant equivalent to the ‘market value’ of a share as at the date of vesting of
the performance rights (cash settle). The market value of an EBOS share is calculated by reference to the
volume weighted average price of EBOS shares on the NZX for the five trading days immediately prior to the
date that the Board determines the rights have vested.
Dividends and
voting rights
Performance rights do not have voting rights or accrue dividends.
Board discretion
and Clawback
The Board has discretion to adjust downwards (including to zero) unvested or vested LTI awards where,
in the opinion of the Board:
(a) the participant:
• acts, or has acted, fraudulently or dishonestly or made a material misstatement on behalf of any Group
company;
• is in breach of any of their duties or obligations to any Group company (including a breach of their
obligations under their employment contract);
• has engaged in negligence or gross misconduct;
• has done an act which could reasonably be regarded to have contributed to material reputation damage
to any Group company; or
• is convicted of an offence or has a judgment entered against them in connection with the affairs of any
Group company, or
(b) a participant’s performance rights vest, or may vest, as a result of:
• the fraud, dishonesty, negligence or breach of duties or obligations of any person; or
• a material misstatement or omission in the financial statements of the Group or any other circumstances
or events which, in the opinion of the Board, affect or are reasonably likely to affect the Group’s
financial soundness or require restatement of the Group’s financial accounts (including as a result of
misrepresentations, errors, omissions or negligence), and, in the opinion of the Board, the performance
rights would not have otherwise vested.
Restriction on hedging
Hedging of performance rights by executives is prohibited under the plan rules and EBOS’ Securities Trading
Policy.
Change of control
Vesting of performance rights is subject to Board discretion.
Cessation of
employment
Resignation: subject to the Board determining otherwise, unvested performance rights are forfeited.
Termination for cause: if an executive’s employment is terminated for cause, subject to the Board
determining otherwise, unvested and vested performance rights are forfeited.
Termination without cause (including circumstances such as redundancy and retirement): the Board shall
determine the treatment of unvested performance rights. All vested performance rights remain on foot
unless otherwise determined by the Board.
Table 3: FY26 LTI plan continued
Underlying 3-year cash EPS CAGR target (75% of award)% of Target Award to vest
Less than 2% (threshold)Nil
Between 2% and 3.5% (threshold to target)Apportioned vesting between 50% and 100%
Between 3.5% and 7% (target to maximum)Apportioned vesting between 100% and 150%
Above 7% (maximum)150%
Underlying ROCE target (25% of award)% of Total Award to vest
Less than 13.4% (threshold)Nil
Between 13.4% and 13.7 (threshold to target)Apportioned vesting between 50% and 100%
Between 13.7% and 15% (target to maximum)Apportioned vesting between 100% and 150%
Above 15% (maximum)150%
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
e. Executive Remuneration Mix
The weightings of executive remuneration components are determined by the Remuneration Committee each year considering relevant
market practice and the responsibilities of the CEO and the Enterprise Leadership Team. The FY26 Target and Maximum remuneration mix
for the CEO and Enterprise Leadership Team is shown below.
1
f. Executive Remuneration Framework FY27
The Board regularly reviews the Executive Remuneration
Framework to ensure it remains fit for purpose and supports the
delivery of EBOS' strategic objectives. As part of this process,
the Board takes external expert advice, and considers factors
including alignment with strategy, market competitiveness, the
attraction and retention of high-calibre executives, shareholder
expectations, and the effectiveness of performance measures.
Following the Board’s review this year, the Board approved
a number of enhancements to the Executive Remuneration
Framework for FY27. These changes are intended to strengthen
alignment between executive reward and shareholder outcomes,
support the attraction and retention of key talent, and reinforce
long-term value creation.
FY27 Short-Term Incentive (STI)
From FY27, STI awards will incorporate a deferred equity
component. STI outcomes will be delivered 80% in cash and 20%
in share rights, which will be deferred for a period of 12 months.
This enhancement further aligns executive remuneration with
the interests of shareholders, encourages a longer-term focus on
sustainable performance, and supports executive retention.
FY27 Long-Term Incentive (LTI)
The FY27 LTI has been refined to further reinforce sustainable value
creation and alignment with shareholder returns.
Two-thirds of each executive's maximum LTI opportunity will
continue to be delivered in the form of Performance Rights.
Vesting will be subject to the achievement of demanding
performance measures over a three-year performance period,
with one-third tested against EPS CAGR and one-third tested
against ROCE.
The remaining one-third of the LTI opportunity will be delivered as
market-priced Options.
The introduction of market-priced Options provides a direct
alignment with shareholder returns. They require growth
in shareholder value before any gain can be realised which
strengthens alignment with shareholder interests by linking
executive value creation directly to share price growth, while also
enhancing the retention of key executives.
The number of Options granted will be determined based on the
widely accepted Black Scholes option pricing valuation method.
Minimum Shareholding Requirement (MSR)
To further strengthen the alignment of executive and shareholder interests, the Board has introduced a Minimum Shareholding
Requirement Policy for executives.
Under the policy, the Chief Executive Officer will be required to build and maintain a shareholding equivalent to 100% of TFR within five years
of the policy commencing. Other ELT members will be expected to build and maintain an MSR of 50-75% of their TFR. The policy is intended
to reinforce executive ownership, promote a long-term decision-making mindset, and support sustainable value creation for shareholders.
Collectively, we expect this suite of changes will modernise the executive remuneration framework, enable the retention of key executives to
deliver on our strategy, at the same time as strengthening the alignment to shareholders interests.
1
The remuneration mix for the CEO does not include the impact of the Sign On Awards described below.
CEO Total Remuneration Mix
Enterprise Leadership Total Remuneration Mix
Figure 1: FY26 Target Remuneration Mix
CEO Total Maximum Remuneration Mix
CEO Total Target Remuneration Mix
Total Fixed Remuneration
25.0%
Total Fixed Remuneration
33.3%
STI
33.7%
STI
30.0%
LT I
41.3%
LT I
36.7%
ELT Maximum Remuneration Mix
ELT Total Target Remuneration Mix
Total Fixed Remuneration
36.1%
Total Fixed Remuneration
45.8%
STI
33.4%
STI
28.3%
LT I
30.5%
LT I
25.9%
Black Scholes InputDescription
Share price
Market value of the share, set at the deemed market value (5-day VWAP) prior to issue for the company’s
shares.
Exercise price
Price holder must pay to exercise the option (equal to market value of shares). Set at the same level as the
share price i.e. deemed market value (5-day VWAP) of the company’s shares.
Expected life
Time period: Vesting term of 3 years and total expiry of 10 years. Expected life will be based on the
estimated period an option will be held for, prior to exercise.
Volatility
Volatility will be determined using the historical share price movement of EBOS over a period consistent
with the expected vesting term of the option.
Risk-free interest rate
Return available on risk-free investment reflecting the remaining life to exercise, as determined by an
independent expert.
Dividend yield
Historic and expected future dividends during the option term.
Figure 2: Changes to the Executive Remuneration Framework from FY27
ComponentWhat's new in FY27Purpose
Fixed Remuneration
Cash & Benefits
1 year
No change.• Rewards day-job accountabilities.
• Market-competitive, considers the markets in which we
operate and compete for talent.
Short Term Incentive
Cash award & deferred
share rights
1 year + 1 year deferral
(20%)
• 80% delivered in cash, at the end of the
performance year.
• 20% deferred into Share rights for
12 months.
• Focuses key priorities, motivates and rewards performance
over the current financial year.
• Deferral into equity supports alignment to mid-term
performance and retention.
Long Term Incentive
Performance rights
& options
3 years
Long-term Incentive structured as:
• One third Performance Rights – EPS CAGR
• One third Performance Rights – ROCE
• One third Market-priced Share Options
• Rewards long-term and sustainable business performance,
aligned to shareholder experience.
• Supports retention of executives, required to deliver the EBOS
strategy.
Minimum Shareholding Requirement
Minimum Shareholding Requirement
introduced:
• CEO – 100% of TFR
• Other executives – 50-75% of TFR
• 5-year accumulation period
• Aligns executive interests with the long-term interests of
shareholders.
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
20262025202420232022
N PAT
1
A$225.2mA$215.1mA$271.5mA$253.4mA$202.6m
Basic EPS (Annual)
A$109.8cpsA$109.7cpsA$141.3cpsA$132.9cpsA$114.5cps
Underlying EPS (Annual)
A$121.7cpsA$131.3cpsA$157.9cpsA$147.9cpsA$129.5cps
Compound growth in Basic EPS (3 year)
(6.2)%
Per annum
(2024-2026)
(1.4)%
Per annum
(2023-2025)
7.7%
Per annum
(2022-2024)
9.7%
Per annum
(2021-2023)
8.4%
Per annum
(2020-2022)
Compound growth in Underlying EPS (3 year)
(6.3)%
Per annum
(2024-2026)
0.5%
Per annum
(2023-2025)
11.2%
Per annum
(2022-2024)
13.6%
Per annum
(2021-2023)
11.2%
Per annum
(2020-2022)
Share price at end of financial year
NZ$20.83NZ$38.45NZ$32.22NZ$36.75NZ$39.01
Market capitalisation at end of financial year
NZ$4,311mNZ$7, 814mNZ$6,226mNZ$7,041mNZ$7,38 8m
Total dividends in period (NZ$ cps)
118.5118.5118.5110.096.0
Total shareholder return (annual)
2
(43.7)%23.3%(9.2)%(3. 2)%23.7%
Total shareholder return (3 year)
(35.0)%
(2024-2026)
10.5%
(2023-2025)
9.3%
(2022-2024)
82.9%
(2021-2023)
79.8%
(2020-2022)
Total shareholder return (5 year)
(18.0)%
(2022-2026)
102.0%
(2021-2025)
59.3%
(2020-2024)
128.2%
(2019-2023)
145.0%
(2018-2022)
• FY26 revenue increased 9.9% and Underlying EBITDA increased 5.0% to $614 million, delivered within guidance.
• Completed the four-year, $360 million DC renewal program, with all facilities now operational.
• Underlying NPAT of $250 million, reflecting higher D&A and financing costs associated with the investment cycle.
The table below presents the financial performance for EBOS Group Limited for the previous five financial years.
1
Net profit after tax attributable to owners of the company.
2
Total Shareholder Return is calculated as the share price at the end of the year plus dividends declared in relation to that year divided by the opening
share price for the year.
Table 4: Financial performance over five years
3. Key Performance Summary
Table 5: CEO Remuneration Structure FY26
1
TargetMaximumTargetMaximum
Fixed Remuneration
$1,350,000 33.3%25.0%
Short-Term Incentive $1,215,000 $1,822,500 30.0%33.7%
Long-Term Incentive
$1,485,000 $2,227,500 36.7%41.3%
Total ($)
$4,050,000 $5,400,000 100%100%
4. CEO Remuneration
a. CEO Appointment & Remuneration Structure
Mr Adam Hall commenced as CEO on 1 July 2025. His remuneration was set as a fixed remuneration of $1,350,000 inclusive of
superannuation. His target STI opportunity is 90% and maximum STI opportunity is 135% of fixed remuneration. His target LTI opportunity
is 110% and maximum LTI opportunity is 165% of fixed remuneration. Table 5 shows the remuneration structure and percentage of each
component at target and maximum opportunity.
Mr Hall received a sign-on award of cash and performance rights to compensate him for incentive arrangements he forfeited with his
previous employer comprising:
• Cash component of $960,000 (gross) payment shortly after his commencement date
• Equity component of performance rights valued at approximately $1,440,000 at the time of issue.
The rights will vest in three tranches on the first, second and third anniversaries of Mr Hall’s commencement date. Vesting is subject to
Mr Hall remaining employed and not having given notice of termination of his employment.
b. FY26 Total Remuneration
The table below summarises the remuneration outcomes for Mr Hall for FY26.
Table 6: Summary of total remuneration
2
(A$)
Financial
year
Base
Salary
3
Compulsory
Superannuation
TFR (including
superannuation)
STI – FY26LT I
4
Total
FY26 – full outcome
$1,248,261$30,000$1,278,261$1,032,750Nil$2,311,011
FY26 – realised
$1,248,261$30,000$1,278,261NilNil$1,278,261
Pay Mix as a % of FY26 – full outcome
55.3% 44.7% 100%
1
The remuneration mix for the CEO does not include the impact of the Sign On Awards.
2
Remuneration amounts differ to those included in Note H4 to the Financial Report which is prepared in accordance with Accounting Standards. The amounts also differ to
the table of employee remuneration which requires disclosure in New Zealand dollars under Section 211 of the Companies Act 1993.
3
Mr Hall’s base salary was adjusted for unpaid leave taken during the year.
4
The first tranche of Mr Hall’s sign on equity award vested on 1 July 2026, therefore is not shown in the FY26 remuneration table.
Figure 3: Underlying EBITDA and Underlying Earnings Per Share Performance (FY22-FY26)
Underlying EBITDA ($m)
Underlying EPS (cents)
20222023202420252026
437
582
624
585
614
129.5
1 47. 9
1 57. 9
131.3
121.7
The table above does not include:
• the impact of sign on awards. As stated in section 4 (a) above, this included a cash component ($960,000 gross) and an equity component
($1,440,000 grant value). Refer to table 7.
• the value of the performance rights granted to Mr Hall under the LTI plan as these are subject to performance measures and have not
vested. Refer to table 8 for further details.
The STI for FY26 will be paid in September 2026, following the release of audited results. The amount is shown above in 'full outcome.'
Mr Hall commenced on 1 July 2025 and therefore no STI was paid in September 2025 (relating to FY25).
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
Financial MeasureTarget DescriptionWeightingThresholdTargetMaximum
Underlying EBITDA
Growth
(on prior year)
Deliver 7% increase
on FY25 = $626m
100%
GatewaysDescriptionGateway Outcome
Behaviour
Demonstrates behaviour consistent with Group Code of EthicsAchieved
Health & Safety Leadership
Safety Leadership Walks Achieved
Health & Safety
Performance
Monthly Safety Walk & Talks
Monthly WHS Packs, including: site inspections, toolbox talks
and training
Achieved
9.4% EBITDA
growth
7% EBITDA
growth
1% EBITDA
growth
Overall Outcome
STI as a % of TFR
Max 135%
of TFR
57% of max STI
76.5% of TFR
Target 90%
of TFR
LTI Outcomes and CEO Holdings
FY26 Equity Outcomes (FY24 LTI grant)
Due to Mr Hall's recent appointment, he did not hold LTI under the FY24 LTI plan which was tested during FY26.
Other senior executives held Performance rights under the FY24 LTI plan which had a three-year performance period ending on 30 June
2026. These were subject to a performance condition based on compound annual growth in earnings per share (EPS CAGR) over the period.
This condition was not achieved and, accordingly, the relevant performance rights have been lapsed. No portion of the award will vest to
executives.
Sign On Award – Equity Component
Mr Hall was issued with 39,823 performance rights in September 2025 as part of his employment arrangements agreed at the time of his
appointment, split into three tranches, shown in table 7, above. The vesting conditions require Mr Hall to remain employed and not to have
given notice of termination of his employment prior to the vesting date.
The first tranche of the sign on award vested and was awarded to Mr Hall on 1 July 2026.
FY26 LTI (granted in FY26)
The performance conditions for the performance rights granted during FY26 (FY26 LTI) are described in Table 3. The performance period is
from 1 July 2025 to 30 June 2028. Performance will be tested following the conclusion of the FY28 financial year.
Table 7: CEO Equity Holdings
AwardGrant DateNumber of Rights GrantedVWAP
6
Total Grant Face Value
F Y 2 6 LT I9 October 202583,332NZ$29.74
AU$26.83
$2,227,500
Table 8: Summary of FY26 LTI granted on 9 October 2025
6
The VWAP used to calculate the number of performance rights issued in FY26 was the 5 trading day VWAP on NZX shortly prior to the approval of the issue of the rights.
The VWAP converted to A$ was A$26.73.
Figure 5: Group CEO Scorecard – FY27
Mr Hall’s STI scorecard for FY27 is shown below. Underlying EBITDA growth targets will be set in line with guidance communicated to
investors.
Financial MeasureTarget DescriptionWeightingThreshold
75% of award –
(or 67.5% TFR)
Target
100% of award –
(or 90% TFR)
Maximum
150% of award
(or 135% TFR)
Underlying EBITDA
growth (on prior year)
Deliver target increase on FY26
underlying EBITDA growth
100%Range between threshold and maximum set in line
with investor guidance.
GatewaysDescriptionGateway Outcome
Behaviour
Demonstrates behaviour consistent with Group Code
of Ethics
To be tested
Health & Safety Leadership
Safety Leadership Walks To be tested
Health & Safety Performance
Monthly Safety Walk & Talks
Monthly WHS Packs, including: site inspections,
toolbox talks and training
To be tested
Overall Outcome
The maximum STI payment achievable is 150% of target (135% of Total Fixed Remuneration)To be tested
c. CEO Remuneration Outcomes for FY26
STI Outcome
Mr Hall’s target STI entitlement under the FY26 STI was 90% of fixed remuneration and his maximum STI entitlement was 135% of fixed
remuneration. In respect of FY26 performance, Mr Hall will receive an STI payment of $1,032,750 which equates to 57% of his maximum STI.
The FY26 STI was set by reference to:
• underlying EBITDA growth of the Group of 7% (‘target STI entitlement’); and
• underlying EBITDA growth of the Group of 9.4% (‘maximum STI entitlement’).
The Board applied discretion and moderated the outcome to recognise that despite strong overall Group performance, there was some
varying performance across Business Units.
Health and safety leadership and progress in relation to the Group’s ESG program was also factored into the Board’s determination of
Mr Hall’s STI outcome.
A summary of Mr Hall’s Scorecard is shown below.
Figure 4: Group CEO Scorecard – FY26 Outcome
AwardPerformance PeriodInstruments GrantedVested/UnvestedPercentage of Grant Vested
Sign On Award – Equity
Component – Tranche 1
1 July 2025 to
30 June 2026
13,274 rightsVested (equity settled)
on 1 July 2026
100%
Sign On Award – Equity
Component – Tranche 2
1 July 2025 to
30 June 2027
13,274 rightsUnvestedYet to be tested
Sign On Award – Equity
Component – Tranche 3
1 July 2025 to
30 June 2028
13,275 rightsUnvestedYet to be tested
F Y 2 6 LT I1 July 2025 to
30 June 2028
83,332
performance rights
UnvestedYet to be tested
Equity Holdings
A summary of Mr Hall’s current equity holdings is below.
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
5. Employee Payment Bands
Grouped below, in accordance with section 211 of the Companies Act 1993, are the number of employees or former employees of the
Company and its subsidiaries, including those based outside of New Zealand, who received remuneration and other benefits in their
capacity as employees totalling NZ$100,000 or more during the year.
Employee Remuneration
(NZD)
30 June 2026
Number of Employees
100,000 to 110,000397
110,000 to 120,000291
120,000 to 130,000232
130,000 to 140,000181
140,000 to 150,000159
150,000 to 160,000147
160,000 to 170,000103
170,000 to 180,000116
180,000 to 190,00089
190,000 to 200,00067
200,000 to 210,00070
210,000 to 220,00068
220,000 to 230,00048
230,000 to 240,00051
240,000 to 250,00050
250,000 to 260,00036
260,000 to 270,00031
270,000 to 280,00029
280,000 to 290,00028
290,000 to 300,00012
300,000 to 310,00012
310,000 to 320,00017
320,000 to 330,00013
330,000 to 340,00018
340,000 to 350,0008
350,000 to 360,0009
360,000 to 370,00012
370,000 to 380,00014
380,000 to 390,00010
390,000 to 400,00010
400,000 to 410,0004
410,000 to 420,0006
420,000 to 430,0005
430,000 to 440,0005
440,000 to 450,0004
450,000 to 460,0006
460,000 to 470,0004
Employee Remuneration
(NZD)
30 June 2026
Number of Employees
470,000 to 480,0007
480,000 to 490,0005
490,000 to 500,0002
500,000 to 510,0001
510,000 to 520,0002
520,000 to 530,0002
530,000 to 540,0001
540,000 to 550,0004
560,000 to 570,0002
570,000 to 580,0002
580,000 to 590,0001
590,000 to 600,0002
610,000 to 620,0002
630,000 to 640,0001
650,000 to 660,0001
660,000 to 670,0001
670,000 to 680,0001
680,000 to 690,0002
690,000 to 700,0002
720,000 to 730,0002
740,000 to 750,0001
790,000 to 800,0001
800,000 to 810,0002
830,000 to 840,0001
840,000 to 850,0002
850,000 to 860,0001
860,000 to 870,0002
870,000 to 880,0001
900,000 to 910,0001
920,000 to 930,0001
1,000,000 to 1,010,0002
1,010,000 to 1,020,0001
1,070,000 to 1,080,0001
1,100,000 to 1,110,0001
1,210,000 to 1,220,0001
1,270,000 to 1,280,0001
1,400,000 to 1,410,0001
1,450,000 to 1,460,0001
1,510,000 to 1,520,0001
1,910,000 to 1,920,0001
4,800,000 to 4,810,0001
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EBOS Annual Report 2026 Remuneration OverviewEBOS Annual Report 2026 Remuneration Overview
6. Non-Executive Director Remuneration
Non-Executive Director Remuneration
To support the attraction and retention of directors of the highest calibre and requisite expertise from New Zealand, Australia and
internationally, the Group aims to set remuneration of non-executive directors considering:
• the time commitment and responsibilities of the non-executive directors (including any commitment as a member of a standing or ad hoc
Board committee and special exertion for significant project work outside of the normal workload for the Board and Committees); and
• market rates for non-executive director remuneration for comparable companies, by size, industry classification and complexity.
The Board considers this as part of its succession planning and the attraction and retention of directors from, or with experience in,
key geographic markets in which the Group operates, including Australia and Southeast Asia.
Non-executive director remuneration is in the form of fees. Non-executive directors do not receive performance-based or equity-based
remuneration.
Total remuneration for non-executive directors is subject to an aggregate fee pool limit of NZ$1,810,000 (including payments made in
respect of KiwiSaver and compulsory superannuation contributions) in any financial year. The fee pool was approved by shareholders at the
Annual Meeting held on 23 October 2024. The table below sets out the current fee allocations for non-executive director fees by position.
Table 9: Non-executive director fees by position
PositionFees (NZ$)
Chair$380,000
Director (other than Chair)$185,000
Chair of Audit & Risk Committee$43,000
Chair of Remuneration Committee$39,000
Member of Audit & Risk Committee $21,500
Member of Remuneration Committee$19,500
Special exertion fee pool$78,750
Unallocated$7 7, 250
Directors’ remuneration and other benefits required to be disclosed pursuant to section 211(1) of the Companies Act 1993 for the year ended
30 June 2026 were as follows:
Table 10: Non-executive director fees paid during FY26
DirectorBase Fee
(NZ$)
Audit and Risk
Committee (NZ$)
Remuneration
Committee (NZ$)
Special Exertion
Fee (NZ$)
Total
(NZ$)
E Coutts380,00021,50039,000 - 440,500
T Batten185,000 - 19,500 - 204,500
M Bloom 185,00021,500 - - 206,500
C McConville185,000 - - - 185,000
S McLauchlan185,00043,00019,500 - 247, 500
M Muscio185,000 - - - 185,000
J Tay185,000 - - - 185,000
THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK
122123
EBOS Annual Report 2026 Directors' Interests and DisclosuresEBOS Annual Report 2026 Directors' Interests and Disclosures
Share dealings by Directors
The directors have disclosed to the Board under section 148(2) of the Companies Act 1993 the following particulars of acquisitions or
disposals of a relevant interest in the Company’s shares during the year ended 30 June 2026.
Director
Ordinary Shares
Purchased/(Sold)
Consideration
Paid/(Received)
Date of
Transaction
Elizabeth Coutts2,000NZ$58,289.1922 September 2025
1,000NZ$29,614.5423 September 2025
Tracey Batten2,728A$67,531.6730 October 2025
Mark Bloom1,500A$37,647.5221 October 2025
Coline McConville
1,000A$24,347.205 December 2025
22A$485.9827 March 2026
Stuart McLauchlan
1,000NZ$29,200.1422 September 2025
56NZ$1,623.4424 September 2025
1,500NZ$36,054.6427 February 2026
134NZ$2,960.0627 March 2026
Matt Muscio
3,800NZ$108,563.3410 November 2025
Julie Tay
2,000A$52,0007 October 2025
1,000NZ$28,00027 November 2025
45A$825.3027 March 2026
26NZ$574.3427 March 2026
Disclosure of interests
In accordance with section 140(2) of the Companies Act 1993, the
directors named below have made general disclosure of interest,
by a general notice disclosed to the Board and entered in the
Company’s interests register during the year ended 30 June 2026,
as follows:
E.M. Coutts: Chair of Oceania Healthcare Limited and 2degrees
Group Limited, and Director of EBOS Group subsidiaries in New
Zealand. Former consultant to Fonterra.
T.L. Batten: Director of Medibank Private Limited and Nanosonics
Limited.
M.A. Bloom: Director of Abacus Storage Operations Limited, Abacus
Storage Funds Management Limited (the responsible entity for the
Abacus Storage Property Trust), AGL Energy Limited, Metropolitan
Memorial Parks, Fambloom Beneficiary Pty Ltd, Fambloom Pty Ltd,
Fambloom Super Pty Ltd and JewishCare NSW.
C. L. McConville: Director of 3i Group plc. Former member of the
Supervisory Board of Tui AG.
S.J. McLauchlan: Chairman of Scott Technology Limited, Analog
Digital Instruments Limited, Cargill Hotel 2002 Ltd, G S McLauchlan
& Co, Otago Community Hospice and Wood Solutions. Director of
Southlink Health Education Trust, Argosy Property Ltd, Dunedin
Casinos Ltd and Scenic Hotels Group, and Director of EBOS Group
subsidiaries in New Zealand. Governor, NZ Sports Hall of Fame.
M.P. Muscio: Chair of Pacific Health Group. Director of Tetrous Inc.
Consultant via Third Bridge. Former director of ABT Nevada LLC
and Origin Biologics LLC.
J. Tay: Director of Sonova Holding A.G.
Indemnity and Insurance
In accordance with section 162 of the Companies Act 1993 and the
constitution of the Company, the Company has given indemnities
to, and has effected insurance for, the directors and executives
of the Company and its related companies which, except for
some specific matters that are expressly excluded, indemnify
and insure directors and executives against monetary losses as a
result of actions undertaken by them in the course of their duties.
Specifically excluded are certain matters, such as the incurring of
penalties and fines, which may be imposed for breaches of law.
Use of information
There were no notices from directors of the Company requesting to
use Company information received in their capacity as directors,
which would not otherwise have been available to them.
Directors’ Interests and Disclosures
Directors’ shareholdings
Director30 June 202630 June 2025
Elizabeth CouttsIndirect/ beneficial interest40,11237,112
Direct, non-beneficial interest – trustee of EBOS Staff Share Plan71,59271,592
Tracey BattenDirect interest4,5001,772
Mark BloomIndirect/ beneficial interest3,5002,000
Coline McConvilleDirect interest1,0220
Stuart McLauchlanIndirect/ beneficial interest5,3202,630
Matt MuscioIndirect/ beneficial interest3,8000
J ulie TayDirect interest3,0710
Board
(scheduled)
Board
(additional)
Audit & Risk
Committee
(scheduled)
Audit & Risk
Committee
(additional)
Remuneration
Committee
(scheduled)
Remuneration
Committee
(additional)
DirectorABABABABABAB
Elizabeth Coutts662233332222
Tracey Batten6621----2222
Mark Bloom66223333----
Coline McConville 6622--------
Stuart McLauchlan662233332222
Matthew Muscio 6622--------
Julie Tay 6622--------
Directors’ attendance at meetings
The table below shows the number of Board and committee meetings held and the number of meetings attended by directors during the
year. The table below does not include the attendance of directors at committee meetings where they were not a committee member.
A. Indicates the number of meetings held during the year.
B. Indicates the number of meetings attended by the director during the year.
124125
EBOS Annual Report 2026 Directors' Interests and DisclosuresEBOS Annual Report 2026 Directors' Interests and Disclosures
SubsidiaryCurrent Directors
ABT Medical Pty LtdD Bonham
A Gray
ABT Nevada LLCS Berry
J Goldberg
L Myers
K James
A Gray
P Petherbridge
M Muscio*
A.C.N. 004 518 156 Pty LtdB Barons
A Gray
ACN 618 208 969 Pty LtdA Gray
Alchemy Holdings Pty LtdB Barons
A Gray
Alchemy Sub-Holdings Pty LtdB Barons
A Gray
AlphaXRT LimitedA Gray
E Coutts
S McLauchlan
L Hansen*
AlphaXRT Pty LtdD Bonham
A Gray
Australian Biotechnologies Pty. Limited D Bonham
A Gray
Beaphar Pty LtdA Gray
G Viney
BFCMC Pty LtdA Gray
N Munroe
Blackhawk Premium Pet Care Pty LtdA Gray
G Viney
Botany Bay Imports Exports Pty LtdA Gray
G Viney
CAB Medical Pty LtdD Bonham
A Gray
CC Pharmacy Investments Pty LtdA Gray
N Munroe
B Barons*
CC Pharmacy Management Pty LtdA Gray
N Munroe
B Barons*
CC Pharmacy Promotions Pty LtdA Gray
N Munroe
B Barons*
Chemmart Holdings Pty LtdN Munroe
A Gray
Cincotta Holding Company Pty LtdA Gray
N Munroe
B Barons*
Clinect Pty LtdB Barons
A Gray
Clinect NZ Pty LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
Collaboration Medical Clinics Pty LtdA Gray
N Munroe
Collaboration Medical Clinics
Investments Pty Ltd
A Gray
N Munroe
SubsidiaryCurrent Directors
Culpan Distributors LtdE Coutts
A Gray
S McLauchlan
L Hansen*
Culpan Medical Pty LtdD Bonham
A Gray
DoseAid Pty LtdB Barons
A Gray
EAHPL Pty LtdA Gray
EBOS Aesthetics Pty LtdA Gray
EBOS Finance Australia Pty LtdA Gray
EBOS Finance NZ LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
EBOS Group Australia Pty LtdB Barons
A Gray
EBOS Health & Science Pty LtdB Barons
A Gray
EBOS Medical Devices Australia Pty LtdD Bonham
A Gray
EBOS Medical Devices NZ LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
EBOS PH Pty LtdA Gray
Endeavour CH Pty LtdA Gray
Endeavour Consumer Health LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
Fibertech Medical Australia Pty LtdD Bonham
A Gray
Healthcare Supply Partners Pty LtdB Barons
A Gray
Hospharm Pty LtdB Barons
A Gray
HPS Brands Pty LtdB Barons
A Gray
HPS Corrections Pty LtdB Barons
A Gray
HPS Finance Pty LtdB Barons
A Gray
HPS Holdings Group (Aust) Pty LtdB Barons
A Gray
HPS Hospitals Pty LtdB Barons
A Gray
HPS IVF Pty LtdB Barons
A Gray
HPS Services Pty LtdB Barons
A Gray
Intellipharm Pty LtdA Gray
N Munroe
B Barons*
Jackson Allison Medical & Surgical LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
SubsidiaryCurrent Directors
K-Talyst Pte. Ltd.A Phua
TK Soh
K-Talyst (M) Sdn BhdA Phua
ST Lee
LifeHealthcare LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
LifeHealthcare Distribution (NZ) LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
LifeHealthcare Pty LimitedD Bonham
A Gray
LifeHealthcare Distribution Pty LimitedD Bonham
A Gray
LifeHealthcare Finance Pty LimitedD Bonham
A Gray
LifeHealthcare Group Pty LimitedD Bonham
A Gray
LifeHealthcare Services Pty LtdD Bonham
A Gray
Lite Living Pty LtdA Gray
N Munroe
LMT Surgical Pty LtdD Bonham
A Gray
Lyppard Australia Pty LtdA Gray
G Viney
Malex Medical Asia (M) Sdn BhdA Phua
ST Lee
KY Ng
Masterpet Australia Pty LimitedA Gray
G Viney
Masterpet Corporation LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
Masterpet Logistics Pty LtdA Gray
G Viney
MD Scopes Pty LtdD Bonham
A Gray
MD Solutions Australasia Pty LtdD Bonham
A Gray
MD Solutions NZ LimitedA Gray
S McLauchlan
L Hansen*
MediADVICE Pty LimitedB Luu
J Luu
D Lewis
N Munroe
Mediport Pty LtdB Barons
A Gray
M Lethlean
Mediport NZ LimitedM Lethlean
S McLauchlan
S Prentice
L Hansen*
Mega Save Management Pty LtdA Gray
N Munroe
B Barons*
SubsidiaryCurrent Directors
Minfos Pty LtdA Gray
N Munroe
MO Milling Pty LtdD Bonham
A Gray
National Surgical Pty LtdD Bonham
A Gray
Next Generation Pet Foods Pty LtdA Gray
G Viney
Nexus Australasia Pty LimitedA Gray
N Munroe
B Barons*
NGPF Pty LtdA Gray
G Viney
Ophthaswissmed Philippines IncM Dela Cruz
G Borromeo
V Fernando-
Ambagan
Origin Biologics LLCS Berry
P Petherbridge
J Goldberg
J Mahfood
C Walker
M Muscio*
Pacific Health Supplies TopCo1 Pty
Limited
D Bonham
A Gray
Pacific Health Supplies TopCo2 LLC***
Pacific Health Supplies BidCo Pty LimitedD Bonham
A Gray
Pacific Health Supplies HoldCo Pty
Limited
D Bonham
A Gray
Pacific Health Supplies MezzCo Pty
Limited
D Bonham
A Gray
Pacific Health Supplies TopCo Pty LimitedD Bonham
A Gray
PBA Finance No. 1 Pty LtdA Gray
N Munroe
PBA Finance No. 2 Pty LtdA Gray
N Munroe
PBA Technology Pty LtdA Gray
N Munroe
PBA Wholesale Pty LtdA Gray
N Munroe
Pet Care Distributors Pty LtdA Gray
G Viney
Pet Care Holdings Australia Pty LtdA Gray
G Viney
Pet Care Wholesalers Pty LtdA Gray
Pets International Pty LtdA Gray
G Viney
Pharmacy Brands Australia Pty LtdA Gray
N Munroe
Pharmacy Retailing (NZ) LimitedE Coutts
A Gray
A Van Wyk
L Hansen*
Pioneer Medical LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
Disclosures relating to subsidiaries
126
EBOS Annual Report 2026 Directors' Interests and Disclosures
127
EBOS Annual Report 2026 Directors' Interests and Disclosures
SubsidiaryCurrent Directors
PPD LimitedA Gray
S McLauchlan
L Hansen*
Precision Surgical Pty LtdD Bonham
A Gray
Protec Solutions LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
PRNZ LimitedE Coutts
A Gray
A Van Wyk
L Hansen*
PT Transmedic IndonesiaJH Marpaung
A Phua
Qpharma Pty LtdA Gray
G Viney
Reward Petfoods Pty LtdA Gray
G Viney
Richard Thomson Pty LimitedB Barons
A Gray
Sentry Medical Pty LimitedB Barons
A Gray
Shanghai EBOS Business
Management Co Ltd
A Gray
Spiran Pty. Ltd.D Bonham
A Gray
Superior Pet Food Co. LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
Swissmed Pte. Ltd.KJY Lee
SJJ Lee
Swissmed Sdn BhdSJJ Lee
EBG Leow
Swiss Med (International) Pte. Ltd.KJY Lee
SJJ Lee
Swissmed (Hong Kong) Limited**LW Tham
Symbion Pty LtdB Barons
A Gray
SVS 3PL LimitedA Gray
S McLauchlan
L Hansen*
SVS Veterinary Supplies LimitedA Gray
S McLauchlan
L Hansen*
Terry White Group Pty LtdA Gray
N Munroe
Tissue Technologies Pty LtdD Bonham
A Gray
Tissuelife Pty LimitedD Bonham
A Gray
Tony Ferguson Weight Management
Pty Ltd
A Gray
N Munroe
T-Medic Co., LtdA Phua
Y Tiamtikumporn
K Ruengsri
SubsidiaryCurrent Directors
Transmedic Pte LtdA Phua
K James
Transmedic China LtdA Phua
Transmedic Company Limited**SJJ Lee
(Chairman)
Transmedic Healthcare Co., Ltd (Vietnam)SJJ Lee (President)
TT Phan
Transmedic Healthcare Sdn BhdKY Ng
ST Lee
A Phua
Transmedic Holdings Philippines, IncA Phua
V Fernando-Ambagan
M Dela Cruz
Transmedic Philippines, IncA Phua
V Fernando-Ambagan
M Dela Cruz
Transmedic (Thailand) Co. LtdA Phua
Y Tiamtikumporn
K Ruengsri
TW&CM Pty LtdA Gray
N Munroe
TWC IP Pty LtdA Gray
N Munroe
Ventura Health Pty LtdA Gray
N Munroe
B Barons*
Vet2Pet LimitedA Gray
S McLauchlan
L Hansen*
VIM Health Pty LtdA Gray
N Munroe
VIM Health IP Pty LtdA Gray
N Munroe
Vitapet Corporation Pty LimitedA Gray
G Viney
W M Bamford & Co LimitedE Coutts
A Gray
S McLauchlan
L Hansen*
W & W Management Services Pty LtdB Barons
A Gray
You Save Management Pty LtdB Barons*
A Gray
N Munroe
ZAP Services Pty LtdA Gray
ZHHA Pty LtdA Gray
No employee of the Group appointed as a director of the Company
or its subsidiaries receives remuneration or other benefits in their
role as a director. The remuneration and other benefits of such
employees, received as employees, are included in the relevant
bandings for remuneration disclosed under employee remuneration
range on pages 118 and 119.
Auditor
The Company’s Auditor, Deloitte, will continue in office in
accordance with the Companies Act 1993.
The directors are satisfied that the provision of non-audit services,
during the year by the auditor is compatible with the general
standard of independence for auditors imposed by the Companies
Act 1993. Details of amounts paid or payable to the auditor for
non-audit services provided during the year by the auditor are
outlined in note H5 of the financial statements.
Elizabeth Coutts
Chair of Directors
Stuart McLauchlan
Director
* Ceased to be a director during the year ended 30 June 2026
** Dissolved in FY26
*** Director not required under relevant law
Directors’ Interests and Disclosures
129128
EBOS Annual Report 2026 Directory
Registered offices
108 Wrights Road
PO Box 411
Christchurch 8024
New Zealand
Telephone: +64 3 338 0999
Email: ebos@ebos.co.nz
Level 7, 737 Bourke Street
Docklands 3008
PO Box 7300
Melbourne 8004
Australia
Telephone: +61 3 9918 5555
Email: ebos@ebosgroup.com
Website address
www.ebosgroup.com
Directors
Elizabeth Coutts
Independent Chair
Tr a c ey B a t t e n
Independent Director
Mark Bloom
Independent Director
Coline McConville
Independent Director
Stuart McLauchlan
Independent Director
Matthew Muscio
Director
J ulie Tay
Independent Director
Senior executives
Adam Hall
Chief Executive Officer
Alistair Gray
Chief Financial Officer
Janelle Cain
General Counsel
Brett Barons
CEO Symbion & Healthcare Distribution
Grant Viney
CEO Animal Care
Kristine James
CEO Medical Technology
Nick Munroe
CEO Retail Pharmacy Brands
Jacinta McCarthy
Executive General Manager
Human Resources
Mithran Naiker
Chief Information Officer
Auditor
Deloitte Limited
Christchurch
Securities exchange
EBOS Group Limited shares are quoted
on the New Zealand Securities Exchange
and the Australian Securities Exchange
(NZX/ASX code: EBO).
Share register
Computershare Investor Services Ltd
Private Bag 92119
Auckland 1142
New Zealand
Telephone: +64 9 488 8777
Computershare Investor
Services Pty Ltd
GPO Box 3329
Melbourne, Victoria 3001
Australia
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.
Annual Meeting
The Annual Meeting of EBOS Group
Limited will be held on Wednesday,
21 October 2026 at 2pm, at the
Akarana Events Centre, 10 Tāmaki Drive,
Auckland, New Zealand.
This Annual Report is printed on environmentally responsible paper, produced using
FCS® certified 100% Post Consumer Recycled, Process Chlorine Free (PCF) pulp.
Directory
---
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 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency AUD
Amount (AUD $000s) Percentage change
Revenue from continuing operations $13,486,684 9.9%
Total Revenue $13,486,684 9.9%
Underlying Net Profit after Tax from continuing
operations attributable to security holders
1
$249,666 (3.1%)
Net profit/(loss) from continuing operations $225,187 4.7%
Total net profit/(loss) $225,187 4.7%
Final Dividend
Amount per Quoted Equity Security NZD $0.61500000
Imputed amount per Quoted Equity Security NZD $0.04783333
Record Date 28 August 2026
Dividend Payment Date 18 September 2026
Current period Prior comparable period
Net tangible assets per Quoted Equity Security
2
AUD($5.39) AUD($4.17)
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Refer to the audited Consolidated Financial Report,
Results Presentation and Results Media Release for
EBOS Group Limited for the financial year ended
30 June 2026, issued on 19 August 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
19 August 2026
1
Underlying earnings for the 30 June 2026 period excludes the amortisation expense attributable to acquisition
purchase price accounting (PPA) of finite life intangible assets ($31.9m pre tax, $22.1m post tax), M&A transaction costs
($5.2m pre tax, $4.4m post tax) restructuring and site transition costs ($35.6m pre tax, $23.9m post tax) and net gain on
acquisition related activities ($25.5m pre tax, $26m post tax). Underlying earnings for the 30 June 2025 period excludes
the amortisation expense attributable to acquisition PPA of finite life intangible assets ($26.9m pre tax, $18.9m post tax),
M&A transaction costs ($11.4m pre tax, $10.1m post tax) and restructuring and site transition costs ($18.1m pre tax,
$13.4m post tax).
2
Net Tangible Assets excludes A$577.8m (FY25: A$486.0m) of Right of Use assets, although includes A$622.2m (FY25:
A$519.3m) of lease liabilities in relation to the adoption of NZ IFRS 16 ‘Leases’.
Consolidated Financial Statements accompany this announcement.
Appendix 1:
1 Underlying EBITDA, Underlying EBIT, Underlying PBT and Underlying Net Profit after Tax attributable to the owners of
the Company are non-GAAP measures. Underlying earnings for the 30 June 2026 period excludes the amortisation
expense attributable to acquisition purchase price accounting (PPA) of finite life intangible assets ($31.9m pre tax,
$22.1m post tax), M&A transaction costs ($5.2m pre tax, $4.4m post tax) restructuring and site transition costs ($35.6m
pre tax, $23.9m post tax) and net gain on acquisition related activities ($25.5m pre tax, $26m post tax). Underlying
earnings for the 30 June 2025 period excludes the amortisation expense attributable to acquisition PPA of finite life
intangible assets ($26.9m pre tax, $18.9m post tax), M&A transaction costs ($11.4m pre tax, $10.1m post tax) and
restructuring and site transition costs ($18.1m pre tax, $13.4m post tax).
Reconciliation of Reported to Underlying Earnings
30 June 202630 June 2025Change
(Audited)AUD $000AUD $000%
Reported EBITDA
598,697555,5917.8%
Underlying earnings adjustments in the period
1
15,31829,430
Underlying EBITDA
614,015585,0215.0%
Reported EBIT418,619408,6892.4%
Underlying earnings adjustments in the period
1
47,18256,342
Underlying EBIT465,801465,0310.2%
Reported PBT
299,247302,242( 1.0%)
Underlying earnings adjustments in the period
1
47,18256,342
Underlying PBT
346,429358,584( 3.4%)
Reported Net Profit after Tax (NPAT) attributable to
owners of the Company
225,187215,138
4.7%
Underlying earnings adjustments in the period
1
(net of
tax and after non-controlling interests)
24,47942,387
Underlying Net Profit after Tax (NPAT) attributable to
owners of the Company
249,666257,525( 3.1%)
---
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 X Quarterly
Half Year Special
DRP applies X
Record date 28 August 2026
Ex-Date (one business day before the
Record Date)
27 August 2026
Payment date (and allotment date for
DRP)
18 September 2026
Total monies associated with the
distribution
1
NZD $ 127,287,171
(AUD $ 104,625,326)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
NZD $0.66283333
Gross taxable amount
3
NZD $0.66283333
Total cash distribution
4
NZD $0.61500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount NZD $0.02170588
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
7.22%
Imputation tax credits per financial
product
NZD $0.04783333
Resident Withholding Tax per financial
product
NZD $0.17090167
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)
2.0%
Start date and end date for determining
market price for DRP
31 August 2026 4 September 2026
Date strike price to be announced (if not
available at this time)
9 September 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 2.0% to the
Volume Weighted Average Sales Price ('VWAP') for the
shares to be issued under the DRP for the 2026 final
dividend. The VWAP shall be determined over the period of
31 August 2026 to 4 September 2026.
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
31 August 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
19 August 2026
---
EBOS GROUP LIMITED
APPENDIX 4E
1
Final Report for the Year Ended 30 June 2026
RESULTS FOR ANNOUNCEMENT TO THE MARKET
The following information is presented in accordance with ASX listing rule 4.3A and should be read in
conjunction with the attached EBOS Group Limited Financial Report for the year ended 30 June 2026.
1. DETAILS OF THE REPORTING PERIOD AND THE PREVIOUS CORRESPONDING PERIOD
Current period: The year ended 30 June 2026
Previous corresponding p eriod The year ended 30 June 2025
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 Results30 June 202630 June 2025Change
(Audited)AUD $000AUD $000%
Revenue13,486,68412,266,8989.
9%
Earnings before depreciation, amortisation, net
finance costs and tax expense (EBITDA)
598,697555,5917.8%
Depreciation and amortisation(180,078)( 146,902)(22.6%)
Earnings before interest and tax (EBIT)418,619408,6892.
4%
Profit before tax (PBT)299,247302,242(
1.0%)
Net profit after tax (NPAT)226,095215,7654.
8%
Net profit after tax (NPAT) attributable to owners of
the Company
225,187215,1384.7%
Weighted average number of shares205,101196,0734.
6%
Basic EPS – (CPS)109.8109.70.
1%
Net tangible asset backing per ordinary share – ($)($5.39)( $4.17)
Underlying EBITDA
(refer reconciliation below)614,015585,0215.0%
Underlying EBIT
(refer reconciliation below)465,801465,0310.
2%
Underlying PBT
(refer reconciliation below)346,429358,584(3.4%)
Underlying Net profit after tax (NPAT) attributable to
the owners of the Company
(refer reconciliation below)249,666257,525(
3.1%)
Underlying EPS – (CPS)121.7131.3(7.3%)
EBOS GROUP LIMITED
APPENDIX 4E
2
Dividends Amount Per Share
(NZ$ Cents)
Franked amount per
security to 30% tax rate
Final dividend payable 18 September 2026 61.5c 100%
Final dividend – previous corresponding period 61.5c 100%
Key dates for the 2026 Final Dividend
Ex-dividend date 27 August 2026
Record date 28 August 2026
(5.00pm NZST)
Dividend payment date 18 September 2026
Other Comments
The final dividend will be imputed to 20% 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 EBITDA, Underlying EBIT, Underlying PBT and Underlying Net Profit after Tax attributable to the owners of the Company
are non-GAAP measures.
Underlying earnings for the 30 June 2026 period excludes the amortisation expense attributable to
acquisition purchase price accounting (PPA) of finite life intangible assets ($31.9m pre tax, $22.1m post tax), M&A transaction costs
($5.2m pre tax, $4.4m post tax) restructuring and site transition costs ($35.6m pre tax, $23.9m post tax) and net gain on acquisition
related activities ($25.5m pre tax, $26.0m post tax). Underlying earnings for the 30 June 2025 period excludes the amortisation
expense attributable to acquisition PPA of finite life intangible assets ($26.9m pre tax, $18.9m post tax), M&A transaction costs
($11.4m pre tax, $10.1m post tax) and restructuring and site transition costs ($18.1m pre tax, $13.4m post tax).
For supplementary comments on the Group’s financial results refer to the Results Presentation and Results
Media Release issued 19 August 2026.
Reconciliation of Reported to Underlying Earnings30 June 202630 June 2025Change
(Audited)AUD $000AUD $000%
Reported EBITDA598,697555,5917.8%
Underlying earnings adjustments in the period
1
15,31829,430
Underlying EBITDA614,015585,0215.0%
Reported EBIT418,619408,6892.4%
Underlying earnings adjustments in the period
1
47,18256,342
Underlying EBIT465,801465,0310.2%
Reported PBT299,247302,242(1.0%)
Underlying earnings adjustments in the period
1
47,18256,342
Underlying PBT346,429358,584(
3.4%)
Reported Net Profit after Tax (NPAT) attributable to
owners of the Company
225,187215,1384.7%
Underlying earnings adjustments in the period
1
(net of
tax and after non-controlling interests)
24,47942,387
Underlying Net Profit after Tax (NPAT) attributable to
owners of the Company
249,666257,525( 3.1%)
EBOS GROUP LIMITED
APPENDIX 4E
3
4. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Please refer to the Consolidated Statement of Comprehensive Income in the attached Consolidated Financial
Report for the year ended 30 June 2026.
5. CONSOLIDATED BALANCE SHEET
Please refer to the Consolidated Balance Sheet in the attached Consolidated Financial Report for the year
ended 30 June 2026.
6. CONSOLIDATED CASH FLOW STATEMENT
Please refer to the Consolidated Cash Flow Statement in the attached Consolidated Financial Report for the
year ended 30 June 2026.
7. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Please refer to the Consolidated Statement of Changes in Equity in the attached Consolidated Financial
Report for the year ended 30 June 2026.
8. DIVIDENDS PAID AND DECLARED
Group Results
(Audited)
Amount
Per Share
(NZ$ Cents)
Amount
Per Share
(A$ Cents)
Total Amount
(A$)
Date Paid /
Payable
Dividends declared in
respect of the year ended
30 June 2026
2026 final dividend 61.5 c ents 50.6 c ents $104,614,000 18 September 2026
Dividends paid during the
year ended 30 June 2026
2025 final dividend 61.5 cents 55.4 cents $112,388,000 24 September 2025
2026 interim dividend 57.0 cents 48.0 cents $98,266,000 27 March 2026
118.5 cents 103.4 cents $210,654,000
Dividends paid during the
year ended 30 June 2025
2024 final dividend 61.5 cents 56.1 cents $108,167,000 18 September 2024
2025 interim dividend 57.0 cents 51.2 cents $99,558,000 21 March 2025
118.5 cents 107.3 cents $207,725,000
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.
EBOS GROUP LIMITED
APPENDIX 4E
4
9. DIVIDEND REINVESTMENT PLAN
The Company's dividend reinvestment plan ('DRP') will be operable for this dividend. The EBOS Board has
approved a discount of 2.0% to the Volume Weighted Average Sales Price ('VWAP') for the shares to be issued
under the DRP for the 2026 final dividend.
10. ENTITIES ACQUIRED
Refer to Note B2 of the attached Consolidated Financial Report for the Financial Year ended 30 June 2026.
11. ASSOCIATES AND JOINT VENTURES
The Group equity accounted the following material associate entities at 30 June 2026.
Name of business Proportion of shares and voting rights
Animates NZ Holdings Limited
50.00%
Good Price Pharmacy Franchising Pty Limited 44.04%
Good Price Pharmacy Management Pty Limited 44.04%
Income from the individual Associates has not been separately disclosed as it is considered immaterial.
Total income from Investments in Associates for the year ended 30 June 2026 was $12,484,000 ( 2025:
$15,021,000).
12. OTHER SIGNFICANT INFORMATION
Refer to the attached Consolidated Financial Report for the year ended 30 June 2026.
13. FOREIGN ENTITIES
The Consolidated Financial Statements are presented in Australian dollars and comply with International
Financial Reporting Standards (“IFRS”).
14. COMMENTARY ON THE RESULTS FOR THE PERIOD
14.1 The earnings per security and the nature of any dilution.
Please refer to Note A4 of the attached Consolidated Financial Report for the year ended
30 June 2026.
14.2 Returns to shareholders including distributions and buy backs.
Please refer to Notes E1 and E2 of the attached Consolidated Financial Report for the year
ended 30 June 2026.
EBOS GROUP LIMITED
APPENDIX 4E
5
14.3 Significant features of operating performance.
Please refer to the attached Consolidated Financial Report for the year ended 30 June 2026
and to the Results Media Release and Results Presentation issued on 19 August 2026.
14.4 The results of segments that are significant to an understanding of the business as a
whole.
Please refer to Note A2 of the attached Consolidated Financial Report for the year ended
30 June 2026.
14.5 A discussion of trends in performance.
Please refer to the attached Consolidated Financial Report for the year ended 30 June 2026
and to the Results Media Release and Results Presentation issued on 19 August 2026.
14.6 Any other factors which have affected the results in the period or which are likely to
affect results in the future, including those where the effect could not be quantified.
Please refer to the Results Media Release and Results Presentation issued on 19 August
2026.
15. INDEPENDENT AUDIT OPINION
The Consolidated Financial Statements included in the Consolidated Financial Report have been audited by
an independent auditor, and the auditor has given an unmodified opinion.
16. AUDIT COMMITTEE
The entity has a formally constituted Audit and Risk Committee.
ANNUAL MEETING
The annual meeting will be held as follows:
Place:
Date:
Time:
Approximate date the annual
report will be available:
Akarana Events Centre, 8-10 Tamaki Drive, Okahu Bay,
Auckland, New Zealand
Wednesday, 21 October 2026
2:00pm
Wednesday, 19 August 2026
(via website: www.ebosgroup.com)
---
Rules 4.7.3 and 4.10.3
ASX Listing Rules Appendix 4G (current at 17/7/2020) Page 1
Appendix 4G
Key to Disclosures
Corporate Governance Council Principles and Recommendations
Name of entity
EBOS GROUP LIMITED
ABN/ARBN Financial year ended:
166 840 973 30 June 2026
Our Corporate Governance Statement
1
for the period above can be found at:
☐
These pages of our
annual report:
☒
This URL on our
website:
https://www.ebosgroup.com/who-we-are/corporate-governance/
The Corporate Governance Statement is accurate and up to date as at 19 August 2026 and has been
approved by the board.
The annexure includes a key to where our corporate governance disclosures can be located.
Date: 19 August 2026
Name of authorised officer
authorising lodgement:
Elizabeth Coutts
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 2
ANNEXURE – KEY TO CORPORATE GOVERNANCE DISCLOSURES
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
PRINCIPLE 1 – LAY SOLID FOUNDATIONS
FOR MANAGEMENT AND OVERSIGHT
1.1
A listed entity should have and disclose a board charter setting out: (a)
the respective roles and responsibilities of its board and
management; and
(b)
those matters expressly reserved to the board and those
delegated to management.
☒
and we have disclosed a copy of our board charter at: https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
1.2
A listed entity should:
(a)
undertake appropriate checks before appointing a director or
senior executive or putting someone forward for election as a director; and
(b)
provide security holders with all material information in its
possession relevant to a decision on whether or not to elect or re-elect a director.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
1.3
A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
1.4
The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board.
☐
☒
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
2
Tick the box in this column only if you have followed the relevant recommendation in full for the whole of the period above. W
here the recommendation has a disclosure obligation attached, you must insert
the location where that disclosure has been made, where indicated by the line with “
insert location
” underneath. If the disclosure in question has been made in your corporate governance statement, you
need only insert “our corporate governance statement”. If the disclosure has been made in your annual report, you should insert
the page number(s) of your annual report (eg “pages 10-12 of our annual
report”). If the disclosure has been made on your website, you should insert the URL of the web page where the disclosure has b
een made or can be accessed (eg “www.entityname.com.au/corporate
governance/charters/”).
3
If you have followed all of the Council’s recommendations in full for the whole of the period above, you can, if you wish, del
ete this column from the form and re-format it.
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 3
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
1.5
A listed entity should:
(a)
have and disclose a diversity policy;
(b)
through its board or a committee of the board set
measurable objectives for achieving gender diversity in the composition of its board, senior executives and workforce generally; and
(c)
disclose in relation to each reporting period:
(1)
the measurable objectives set for that period to
achieve gender diversity;
(2)
the entity’s progress towards achieving those
objectives; and
(3) either:
(A) the respective proportions of men and women
on the board, in senior executive positions and across the whole workforce (including how the entity has defined “senior executive” for these purposes); or
(B) if the entity is a “relevant employer” under the
Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under that Act.
If the entity was in the S&P / ASX 300 Index at the commencement of the reporting period, the measurable objective for achieving gender diversity in the composition of its board should be to have not less than 30% of its directors of each gender within a specified period.
☒
and we have disclosed a copy of our diversity policy at: Corporate Governance Code Appendix F: Diversity, Equity & Inclusion Policy
https://www.ebosgroup.com/who-we-are/corporate-
governance/
and we have disclosed the information referred to in paragraph (c) at: pages 102 –104, 2026 Annual Report and if we were included in the S&P / ASX 300 Index at the commencement of the reporting period our measurable objective for achieving gender diversity in the composition of its board of not less than 30% of its directors of each gender within a specified period.
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 4
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
1.6
A listed entity should:
(a)
have and disclose a process for periodically evaluating the
performance of the board, its committees and individual directors; and
(b)
disclose for each reporting period whether a performance
evaluation has been undertaken in accordance with that process during or in respect of that period.
☒
and we have disclosed the evaluation process referred to in paragraph (a) at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
and whether a performance evaluation was undertaken for the reporting period in accordance with that process at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
1.7
A listed entity should:
(a)
have and disclose a process for evaluating the performance
of its senior executives at least once every reporting period; and
(b)
disclose for each reporting period whether a performance
evaluation has been undertaken in accordance with that process during or in respect of that period.
☒
and we have disclosed the evaluation process referred to in paragraph (a) at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
and whether a performance evaluation was undertaken for the reporting period in accordance with that process at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 5
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
PRINCIPLE 2 - STRUCTURE THE BOAR
D TO BE EFFECTIVE AND ADD VALUE
2.1
The board of a listed entity should:
(a)
have a nomination committee which:
(1)
has at least three members, a majority of whom are
independent directors; and
(2)
is chaired by an independent director,
and disclose: (3)
the charter of the committee;
(4)
the members of the committee; and
(5)
as at the end of each reporting period, the number
of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b)
if it does not have a nomination committee, disclose that
fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively.
☐
[
If the entity complies with paragraph (a):
]
and we have disclosed a copy of the charter of the committee at: ......................................................................................... [
insert location
]
and the information referred to in paragraphs (4) and (5) at: ......................................................................................... [
insert location
]
[
If the entity complies with paragraph (b):
]
and we have disclosed the fact that we do not have a nomination committee and the processes we employ to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively at: ......................................................................................... [
insert location
]
☒
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
2.2
A listed entity should have and disclose a board skills matrix setting out the mix of skills that the board currently has or is looking to achieve in its membership.
☒
and we have disclosed our board skills matrix at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 6
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
2.3
A listed entity should disclose:
(a)
the names of the directors considered by the board to be
independent directors;
(b)
if a director has an interest, position, affiliation or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position or relationship in question and an explanation of why the board is of that opinion; and
(c)
the length of service of each director.
☒
and we have disclosed the names of the directors considered by the board to be independent directors at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
and 2026 Annual Report
and, where applicable, the information referred to in paragraph (b) at: Page 122, 2026 Annual Report and the length of service of each director at: Page 104, 2026 Annual Report
☐
set out in our Corporate Governance Statement
2.4
A majority of the board of a listed entity should be independent directors.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
2.5
The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
2.6
A listed entity should have a program for inducting new directors and for periodically reviewing whether there is a need for existing directors to undertake professional development to maintain the skills and knowledge needed to perform their role as directors effectively.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
PRINCIPLE 3 – INSTIL A CULTURE OF ACTING LAWFULLY, ETHICALLY AND RESPONSIBLY 3.1
A listed entity should articulate and disclose its values.
☒
and we have disclosed our values at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
3.2
A listed entity should:
(a)
have and disclose a code of conduct for its directors,
senior executives and employees; and
(b)
ensure that the board or a committee of the board is
informed of any material breaches of that code.
☒
and we have disclosed our code of conduct at: Corporate Governance Code, Appendix A: Code of Ethics https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 7
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
3.3
A listed entity should:
(a)
have and disclose a whistleblower policy; and
(b)
ensure that the board or a committee of the board is
informed of any material incidents reported under that policy.
☒
and we have disclosed our whistleblower policy at: Corporate Governance Code, Appendix H: Whistleblower Policy https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
3.4
A listed entity should:
(a)
have and disclose an anti-bribery and corruption policy;
and
(b)
ensure that the board or committee of the board is
informed of any material breaches of that policy.
☒
and we have disclosed our anti-bribery and corruption policy at: Corporate Governance Code, Appendix I: Anti-Bribery and Corruption Policy https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 8
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
PRINCIPLE 4 – SAFEGUARD THE IN
TEGRITY OF CORPORATE REPORTS
4.1
The board of a listed entity should:
(a)
have an audit committee which:
(1)
has at least three members, all of whom are non-
executive directors and a majority of whom are independent directors; and
(2)
is chaired by an independent director, who is not
the chair of the board,
and disclose: (3)
the charter of the committee;
(4)
the relevant qualifications and experience of the
members of the committee; and
(5)
in relation to each reporting period, the number of
times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b)
if it does not have an audit committee, disclose that fact
and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner.
☒
[
If the entity complies with paragraph (a):
]
and we have disclosed a copy of the charter of the committee at: Corporate Governance Code, Appendix B: Audit and Risk Committee Charter https://www.ebosgroup.com/who-we
-are/corporate-governance/
and the information referred to in paragraphs (4) and (5) at: Pages 28 and 123, 2026 Annual Report [
If the entity complies with paragraph (b):
]
and we have disclosed the fact that we do not have an audit committee and the processes we employ that independently verify and safeguard the integrity of our corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner at: ......................................................................................... [
insert location
]
☐
set out in our Corporate Governance Statement
4.2
The board of a listed entity s
hould, before it approves the
entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
☒
☐
set out in our Corporate Governance Statement
4.3
A listed entity should disclose it
s process to verify the integrity
of any periodic corporate report it releases to the market that is not audited or reviewed by an external auditor.
☒
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 9
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
PRINCIPLE 5 – MAKE TIMELY AND BALANCED DISCLOSURE 5.1
A listed entity should have and disclose a written policy for complying with its continuous disclosure obligations under listing rule 3.1.
☒
and we have disclosed our continuous disclosure compliance policy at: Corporate Governance Code, Appendix E: Continuous Disclosure Policy https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
5.2
A listed entity should ensure that its board receives copies of all
material market announcements promptly after they have been made.
☒
☐
set out in our Corporate Governance Statement
5.3
A listed entity that gives a new and substantive investor or analyst presentation should release a copy of the presentation materials on the ASX Market Announcements Platform ahead of the presentation.
☒
☐
set out in our Corporate Governance Statement
PRINCIPLE 6 – RESPECT THE RI
GHTS OF SECURITY HOLDERS
6.1
A listed entity should provide information about itself and its governance to investors via its website.
☒
and we have disclosed information about us and our governance on our website at: https://www.ebosgroup.com/
https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
6.2
A listed entity should have an investor relations program that facilitates effective two-way
communication with investors.
☒
☐
set out in our Corporate Governance Statement
6.3
A listed entity should disclose how it facilitates and encourages participation at meetings of security holders.
☒
and we have disclosed how we facilitate and encourage participation at meetings of security holders at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 10
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
6.4
A listed entity should ensure that all substantive resolutions at a meeting of security holders are decided by a poll rather than by a show of hands.
☒
☐
set out in our Corporate Governance Statement
6.5
A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically.
☒
☐
set out in our Corporate Governance Statement
PRINCIPLE 7 – RECOGNISE AND MANAGE RISK 7.1
The board of a listed entity should:
(a)
have a committee or committees to oversee risk, each of
which: (1)
has at least three members, a majority of whom are
independent directors; and
(2)
is chaired by an independent director,
and disclose: (3)
the charter of the committee;
(4)
the members of the committee; and
(5)
as at the end of each reporting period, the number
of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b)
if it does not have a risk committee or committees that
satisfy (a) above, disclose that fact and the processes it employs for overseeing the entity’s risk management framework.
☒
[
If the entity complies with paragraph (a):
]
Corporate Governance Code, Appendix B: Audit and Risk Committee Charter https://www.ebosgroup.com/who-we
-are/corporate-governance/
and the information referred to in paragraphs (4) and (5) at: Pages 28 and 123, 2026 Annual Report [
If the entity complies with paragraph (b):
]
and we have disclosed the fact that we do not have a risk committee or committees that satisfy (a) and the processes we employ for overseeing our risk management framework at: ......................................................................................... [
insert location
]
☐
set out in our Corporate Governance Statement
7.2
The board or a committee of the board should:
(a)
review the entity’s risk management framework at least
annually to satisfy itself that it continues to be sound and that the entity is operating with due regard to
the risk
appetite set by the board; and
(b)
disclose, in relation to each reporting period, whether
such a review has taken place.
☒
and we have disclosed whether a review of the entity’s risk management framework was undertaken during the reporting period at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 11
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
7.3
A listed entity should disclose:
(a)
if it has an internal audi
t function, how the function is
structured and what role it performs; or
(b)
if it does not have an internal audit function, that fact and
the processes it employs for evaluating and continually improving the effectiveness of its governance, risk management and internal control processes.
☒
[
If the entity complies with paragraph (a):
]
and we have disclosed how our internal audit function is structured and what role it performs at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
[If the entity complies with paragraph (b):
]
and we have disclosed the fact that we do not have an internal audit function and the processes we empl
oy for evaluating and continually
improving the effectiveness of our risk management and internal control processes at: ......................................................................................... [
insert location
]
☐
set out in our Corporate Governance Statement
7.4
A listed entity should disclose whether it has any material exposure to environmental or social risks and, if it does, how it manages or intends to manage those risks.
☒
and we have disclosed whether we have any material exposure to environmental and social risks at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
and, if we do, how we manage or intend to manage those risks at: Corporate Governance Statement
https://www.ebosgroup.com/who-
we-are/corporate-governance/
☐
set out in our Corporate Governance Statement
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 12
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
PRINCIPLE 8 – REMUNERATE
FAIRLY AND RESPONSIBLY
8.1
The board of a listed entity should:
(a)
have a remuneration committee which:
(1)
has at least three members, a majority of whom are
independent directors; and
(2)
is chaired by an independent director,
and disclose: (3)
the charter of the committee;
(4)
the members of the committee; and
(5)
as at the end of each reporting period, the number
of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b)
if it does not have a remuneration committee, disclose
that fact and the processes it employs for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive.
☒
[
If the entity complies with paragraph (a):
]
and we have disclosed a copy of the charter of the committee at: Corporate Governance Code, Appendix C: Remuneration Committee Charter https://www.ebosgroup.com/who-we
-are/corporate-governance/
and the information referred to in paragraphs (4) and (5) at: Pages 28,107 and 123, 2026 Annual Report [
If the entity complies with paragraph (b):
]
and we have disclosed the fact that we do not have a remuneration committee and the processes we employ for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive: ......................................................................................... [
insert location
]
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
8.2
A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives.
☒
and we have disclosed separately our remuneration policies and practices regarding the remuneration of non-executive directors and the remuneration of executive dire
ctors and other senior executives
at: Corporate Governance Code, Appendix G: Remuneration Policy for Directors and Executives https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
8.3
A listed entity which has an equity-based remuneration scheme should: (a)
have a policy on whether participants are permitted to
enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and
(b)
disclose that policy or a summary of it.
☒
and we have disclosed our policy on this issue or a summary of it at: Corporate Governance Code, Appendix D: Securities Trading Policy https://www.ebosgroup.com/who-we
-are/corporate-governance/
☐
set out in our Corporate Governance Statement
OR
☐
we do not have an equity-based remuneration scheme and this recommendation is therefore not applicable
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
Appendix 4G
Key to Disclosures Corporate Governance Council Principles and Recommendations
ASX Listing Rules Appendix 4G (current at 17/7/2020)
Page 13
Corporate Governance Council recommendation
Where a box below is ticked,
2
we have followed the
recommendation in full for the whole of the period above. We
have disclosed this in our Co
rporate Governance Statement:
Where a box below is ticked, we have NOT followed the recommendation in full for the whole of the period above. Our reasons for not doing so are:
3
ADDITIONAL RECOMMENDATIONS THAT APPLY ONLY IN CERTAIN CASES
9.1
A listed entity with a director who does not speak the language in which board or security holder meetings are held or key corporate documents are written should disclose the processes it has in place to ensure the director understands and can contribute to the discussions at those meetings and understands and can discharge their obligations in relation to those documents.
☐
and we have disclosed information about the processes in place at: ................................................................................. [
insert location
]
☐
set out in our Corporate Governance Statement
OR
☒
we do not have a director in this position and this recommendation is therefore not applicable
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
9.2
A listed entity established outside Australia should ensure that meetings of security holders are held at a reasonable place and time.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are established in Australia and this recommendation is therefore not applicable
OR
☐
we are an externally managed entity and this recommendation is therefore not applicable
9.3
A listed entity established outside Australia, and an externally managed listed entity that has an AGM, should ensure that its external auditor attends its AGM and is available to answer questions from security holders relevant to the audit.
☒
☐
set out in our Corporate Governance Statement
OR
☐
we are established in Australia and not an externally managed listed entity and this recommendation is therefore not applicable
☐
we are an externally managed entity that does not hold an AGM and this recommendation is therefore not applicable
1
EBOS Corporate Governance Statement 2026
Corporate
Governance
Statement 2026
2
EBOS Corporate Governance Statement 2026
The Board regularly reviews and assesses the governance
structures that apply to EBOS Group Limited (the Company) and
its subsidiaries (together, the Group) to ensure they are consistent,
both in form and in substance, with best practice.
This Corporate Governance Statement is made by reference to:
• the NZX Corporate Governance Code dated 31 March 2026
(NZX Code); and
• the ASX Corporate Governance Council’s Corporate Governance
Principles and Recommendations dated February 2019
(ASX Principles).
The Board considers that the Company is substantially in
compliance with the NZX Code and the ASX Principles. Where the
Company does not meet the NZX Code or the ASX Principles this is
outlined below. As required under the NZX Listing Rules, where the
Company does not meet the NZX Code, this is also set out in the
2026 Annual Report.
For ease of reference a table summarising the Company’s
compliance with the NZX Code and a copy of the Company’s ASX
Appendix 4G summarising the Company’s compliance with the
ASX Principles can be found at: https://www.ebosgroup.com/who-
we-are/corporate-governance.
Further information on the corporate governance policies
and practices of the Company can be found in the Company’s
Corporate Governance Code (Corporate Governance Code),
the full content of which can be found on the Company’s
website at https://www.ebosgroup.com/who-we-are/corporate-
governance. The Corporate Governance Code includes the
charters of the Board and its committees and the policies referred
to in this Corporate Governance Statement.
This Corporate Governance Statement was approved by the
Board of EBOS Group Limited and is current as at 19 August 2026.
Principle 1 – Ethical Standards
The Company has a Code of Ethics which is a framework of
standards by which the directors, employees and contractors
of the Company and its related companies (EBOS people) are
expected to conduct their professional lives. It covers expectations
in relation to the conduct of EBOS people, particularly in relation
to acting honestly, with integrity, in the best interests of the Group,
its shareholders and stakeholders and in accordance with law.
The Code of Ethics sets out the Group’s values. EBOS people are
expected to undertake their duties in accordance with the Group’s
values, being:
• customer driven;
• brave and innovative;
• working together;
• taking care of each other;
• striving for excellence; and
• doing what is right.
The Code of Ethics is regularly reviewed by the Board, typically
every two years. The Code of Ethics was last reviewed and
updated by the Board in May 2026.
As part of the Group’s Integrity Training program, new employees
in Australia and New Zealand receive training in relation to the
Code of Ethics and current employees in Australia and New
Zealand receive refresher training every two years.
The Code also addresses anti-bribery and corruption and
whistleblower protection matters. In support of this, the Company
has an Anti-Bribery and Corruption Policy and a Whistleblower
Protection Policy. The Anti-Bribery and Corruption Policy was last
reviewed and updated by the Board in November 2025.
Each of the Code of Ethics, Anti-Bribery and Corruption Policy and
Whistleblower Protection Policy provide that material breaches/
matters are to be reported to the Audit and Risk Committee.
The Code of Ethics is set out as Appendix A to the Corporate
Governance Code. The Whistleblower Protection Policy and the
Anti-Bribery and Corruption Policy are set out as Appendices H
and I to the Corporate Governance Code.
Share Trading By Directors And Officers
The Code of Ethics also refers to securities trading by directors
and employees and the Company has a separate policy in place
that directors and employees must follow when trading the
Company’s shares. The Securities Trading Policy is set out as
Appendix D to the Corporate Governance Code. This policy was
last reviewed and updated by the Board in November 2025.
.
Corporate Governance
3
EBOS Corporate Governance Statement 2026
Principle 2 – Board Composition and Performance
The Board is responsible for the supervision of the business and
affairs of the Company and the monitoring of the performance
of the Company on behalf of shareholders. The Board also places
emphasis on regulatory compliance.
The Board is responsible for directing the Company and
enhancing its value for shareholders. It has adopted a formal
Corporate Governance Code that details the Board’s role,
responsibilities, membership and operation. This includes
the approval, oversight and monitoring of the Company’s
sustainability framework and strategy, such as the Company’s
environmental, social and governance (ESG) program and the
Company’s response to, and management of, climate related risks
and opportunities.
Responsibility for the day-to-day management of the Company
has been delegated to the Chief Executive Officer (CEO).
A key responsibility of the Board is its oversight of senior
management and, in this regard, all Company executives are
subject to annual performance reviews. In addition, the Board
monitors the performance of the CEO against the Board’s
requirements and expectations. In the financial year ended
30 June 2026 (FY26), a review of each member of the Company’s
senior management was completed and this was discussed with
the executive concerned as part of the annual review process for
that executive.
Structure Of The Board
The Board is structured to bring to its deliberations a range of
experience relevant to the Company’s operations. The Board
has a skills matrix which was revised in October 2023 and an
assessment of each current director having regard to the skills
matrix is set out below:
Core skillsElizabeth
Coutts
Tr a c ey
Batten
Mark
Bloom
Coline
McConville
Stuart
McLauchlan
Matt
Muscio
Julie
Tay
Governance
• Board experience (NZX50
or equivalent other than
EBOS) or experience as an
adviser to Boards for at
least 5 years
• experience in setting and
implementing corporate
governance standards
and commitment to the
highest standards of
governance
Finance and accounting
• senior executive or Board
experience in financial
accounting, taxation,
external and/or internal
audit and reporting
Risk management
• developing and overseeing
an appropriate risk
framework and culture
• experience evaluating and
managing financial and
non-financial risks
Table 1: Board Skills Matrix
4
EBOS Corporate Governance Statement 2026
Core skillsElizabeth
Coutts
Tr a c ey
Batten
Mark
Bloom
Coline
McConville
Stuart
McLauchlan
Matt
Muscio
Julie
Tay
Capital markets and M&A
• experience with equity
and debt markets and
mergers & acquisitions
Health and safety
• experience in, and strong
understanding of, health,
safety and wellbeing
obligations and practices
Regulatory knowledge
and experience
• experience in, or
understanding of, the
regulatory environment in
which the Group operates
Human resources
• an ability to assess senior
management
• experience in, or
familiarity with, best
practice in relation to
human resources
Growth
• a track record of
developing and
implementing a
successful strategy
Strategy
• ability to think
strategically and assess
strategic options and
business plans/ budgets
• understanding of potential
disruptive models that
could impact the Group
or its customers
Operations and supply
chain excellence
• experience in leading or
advising on organisational
change/ operational and
supply chain businesses
5
EBOS Corporate Governance Statement 2026
Core skillsElizabeth
Coutts
Tr a c ey
Batten
Mark
Bloom
Coline
McConville
Stuart
McLauchlan
Matt
Muscio
Julie
Tay
Healthcare
• experience in the
Healthcare sector
Customer insight/
retail and brand
• experience, or
understanding of, retail
brands and marketing
International experience
• experience in international
markets
Government relationships
• experience in developing
relationships with key
Government stakeholders
and regulators
Investor relationships
• experience in developing
and maintaining
constructive relationships
with shareholders/
investors
Sustainability/ Climate
• experience in developing
or overseeing
environmental and social
responsibility agendas
and programs
• experience in developing
or overseeing programs in
relation to climate risk
6
EBOS Corporate Governance Statement 2026
The Board is elected by the shareholders of the Company. Under
the Company’s constitution, directors are required to retire and
seek re-election in accordance with the NZX Listing Rules.
The Board currently comprises seven directors. All of the directors
are non-executive directors and six of the directors as at 30 June
2026, including the Chair, were determined to be Independent.
1
A statement as to which of the Company’s directors were
considered to be Independent as at 30 June 2026 and the factors
relevant to that determination is set out in the 2026 Annual Report.
As set out in the Corporate Governance Code, the Chair and CEO
are and should be different people.
As a New Zealand incorporated company, the Company is not
required to have a company secretary. The General Counsel
provides company secretarial services. The General Counsel is
accountable to the Board through the Chair.
The Company’s Corporate Governance Code provides for
directors of the Company to obtain independent professional
advice at the expense of the Company subject to obtaining the
prior approval of the Audit and Risk Committee.
Procedure For Nomination And Appointment To The Board
The Company’s policy in relation to the nomination and
appointment of directors is set out in its Corporate Governance
Code. The Company’s policy is to undertake appropriate checks
before putting forward a person to shareholders for election
or appointing a person to fulfil a casual vacancy. Where the
Company determines that a person is an appropriate candidate,
shareholders are notified of that and are provided with all material
information in the Company’s possession that is relevant to their
decision on whether or not to elect or re-elect a director through
a number of channels, including through the Notice of Meeting
and other information contained in the Annual Report and on the
Company’s website.
Agreements With Directors And Senior Management
Upon appointment, each director (and senior executive) receives
a letter of appointment that sets out the formal terms of their
appointment, along with the Group’s deed of indemnity.
Information About The Directors
Further information about the directors (including qualifications,
expertise, experience and length of service on the Board), their
independence and ownership interests in the Company can be
found in the 2026 Annual Report at pages 28, 104, 122 and 123.
A table at page 123 of the 2026 Annual Report shows each
director’s attendance at the Board and relevant committee
meetings during FY26.
Diversity
The Group has a Diversity, Equity & Inclusion Policy which was
reviewed and updated by the Board in April 2026 and is set out as
Appendix F of the Corporate Governance Code. Under the policy,
the Board is responsible for setting measurable objectives for
achieving diversity.
The objectives that applied in FY26 were approved by the Board in
June 2025 as set out below.
• Maintain gender diversity in relation to the composition of the
Board, with not less than 30% of directors being female and not
less than 30% of directors being male.
• Aim to increase the proportion of women in executive and senior
leadership roles by identifying internal talent through robust
succession planning, developing female leaders and acquiring
external talent through fair and objective recruitment practices.
• Assess and analyse the gender pay gap of the Group annually
and report it to the Board and Australian Workplace Gender
Equity Agency (WGEA) in accordance with obligations.
• Continue to promote family friendly and flexible work place
practices including but not limited to a commitment to
supporting flexible return to work arrangements and on-going
flexible work arrangements that suit both the organisation and
the individual.
• Continue to commit to the EBOS Reconciliation Action Plan
in Australia and improving cultural awareness across both
Australia and New Zealand.
• Educate our leaders through training to ensure they are
equipped, and can role model, the principles outlined in our
workplace policies.
The Board’s evaluation of the Company’s performance with
respect to the Diversity, Equity & Inclusion Policy is set out in the
2026 Annual Report.
In FY26, certain EBOS businesses in Australia set targets in
accordance with the Australian Workplace Gender Equality Act
(WGEA) requirements, focused on the availability of flexible work
arrangements and practices that support employees with family
or caring responsibilities and the Board will monitor those targets
from FY27 onwards as part of the overall monitoring of diversity
objectives. A quantitative breakdown of the Group’s gender
representation is also provided in the 2026 Annual Report.
Training
Directors attend formal induction sessions where they are
briefed on the Company’s values, strategy, businesses, financial
performance, and governance and risk management frameworks.
Directors are provided with presentations, briefings and, where
necessary, training, on matters which may materially affect the
business or prospects of the Company and to assist the directors
in fulfilling their role and discharging their duties.
Directors are encouraged to undertake further, continuing
education and training relevant to the discharge of their
obligations as directors of the Company. Subject to approval
of the Chair, the reasonable cost of continuing education and
training is met by the Company.
Evaluating The Board’s Performance
The Corporate Governance Code sets out a process for evaluating
the performance of the Board, its committees and individual
directors. This process occurred during the year and was led by
the Chair.
1
Independent means that the director is considered to be an Independent Director as defined under the NZX Listing Rules and independent having regard to the factors
set out in the ASX Corporate Governance Council’s Corporate Governance Principles & Recommendations.
7
EBOS Corporate Governance Statement 2026
Principle 3 – Board Committees
The Board currently has two standing committees: the Audit and
Risk Committee and the Remuneration Committee.
The Board considers that the current arrangement regarding Board
committees is appropriate. Specific responsibilities have been
delegated to the Audit and Risk Committee and the Remuneration
Committee and each committee has a charter setting out the
committee’s objectives, procedures, composition and responsibilities.
Copies of these charters are available on the Company’s website and
form part of the Corporate Governance Code.
Under the Corporate Governance Code, the Board may constitute
an ad hoc committee to deal with a particular issue facing it which
requires specialist knowledge and experience.
The Board has determined, having regard to the current
composition of the Board, that a nomination committee is not
currently required. The Board undertakes the functions that were
previously delegated to a nomination committee.
Further information about the relevant qualifications and
experience of the members of the committees is set out on page
28 of the 2026 Annual Report.
Audit and Risk Committee
The Audit and Risk Committee provides the Board with assistance
in fulfilling its responsibilities to shareholders, the investment
community and others for overseeing the Company’s financial
statements, financial reporting processes, internal accounting
systems, financial controls, annual external financial audit and the
Company’s relationship with its external auditor. In addition,
the Audit and Risk Committee is responsible for the establishment
of policies and procedures relating to risk oversight, identification,
management and control and the Company’s internal audit
program.
The current members of the Audit and Risk Committee are
Stuart McLauchlan (Chair), Elizabeth Coutts and Mark Bloom.
Accordingly, all of the members of the committee (including
the Chair of the committee) are non-executive directors and
Independent. In the view of the Board, each of the members
of the Committee have an adequate accounting or financial
background.
The Audit and Risk Committee Charter outlines the Committee’s
authority, duties, responsibilities and relationship with the Board
and is set out as Appendix B to the Corporate Governance Code.
Information on the procedures for the selection and appointment
of the external auditor, and for the rotation of external audit
engagement partners, is set out in section 10 of the Corporate
Governance Code.
There were six Audit and Risk Committee meetings held during
FY26 which were attended by all of the members of the committee.
Employees only attend meetings of the Committee at the
invitation of the Committee.
Remuneration Committee
The Remuneration Committee provides the Board with assistance
in establishing relevant remuneration policies and practices
for directors, executives and employees including ensuring
appropriate background checks are undertaken.
The members of the Remuneration Committee are Elizabeth
Coutts (Chair), Stuart McLauchlan and Tracey Batten.
Accordingly, all of the members of the committee (including the
Chair of the committee) are Independent.
The Remuneration Committee’s Charter which outlines the
Committee’s authority, duties, responsibility and relationship with
the Board is set out as Appendix C to the Corporate Governance
Code.
There were four Remuneration Committee meetings held during
FY26 which were attended by all members of the committee.
The CEO has a standing invitation to attend the Remuneration
Committee as well as the EGM, Human Resources. It is open to the
Committee to meet without the CEO or any other management
being present.
Control Transaction Protocol
The Board has established a Control Transaction Protocol to
be followed in the event that there is a control transaction.
The protocol provides for consideration of establishing an
independent committee, the procedure for communication
with a bidder and that the Board should disclose the scope of
independent advisory reports to shareholders. The protocol was
last reviewed and updated by the Board in November 2025.
8
EBOS Corporate Governance Statement 2026
Principle 4 – Reporting and Disclosure
Continuous Disclosure Policy
The Company has a Continuous Disclosure Policy that is designed
to ensure compliance with the NZX Listing Rule and ASX Listing
Rule disclosure requirements and to ensure accountability at
a senior executive level for that compliance. Amongst other
things, the policy provides that a new and substantive investor
or analyst presentation should be released on the NZX and ASX
platforms ahead of the presentation being given. In addition, it is
the practice of management to circulate material announcements
to the Board prior to their release. The General Counsel is
responsible for the Company’s compliance with statutory and
NZX and ASX continuous disclosure requirements and the Board is
advised of, and considers, continuous disclosure matters at each
Board meeting.
The Company’s Continuous Disclosure Policy is set out as
Appendix E to the Corporate Governance Code.
Financial Reporting
The Board is ultimately responsible for the annual and half-year
accounts and is supported by the Audit & Risk Committee in
this regard. The Board is committed to ensuring that financial
reporting is balanced, clear and objective. In addition to
presenting the accounts for a financial year in accordance with
relevant accounting standards and legislative requirements,
the annual report provides commentary on strategic progress,
performance during the year and progress towards our strategic
objectives.
In respect of the Company’s annual and half-year accounts
released publicly, the Board has received assurances from the
Chief Executive Officer and the Chief Financial Officer that,
in their opinion, the financial records of the Company and the
consolidated group have been properly maintained; the financial
statements and notes required by accounting standards for
external reporting give a true and fair view of the financial
position and performance of the Company and the consolidated
group and comply with the accounting standards and any further
legislative requirements. The Chief Executive Officer and the
Chief Financial Officer have also assured the Company that these
representations are based on a sound system of risk management
and internal control and that the system is operating effectively in
all material respects in relation to financial reporting risks.
Non-Financial Reporting
EBOS provides non-financial disclosure at least annually, including
in relation to environmental, social sustainability and governance
factors and practices in the following ways:
• this Corporate Governance Statement;
• the annual report, which includes a summary of the Group’s
environmental, social and governance (ESG) program; and
• the Company’s climate related disclosures.
As set out in the Group’s Corporate Governance Code, the Board
approves, oversees and monitors the Company’s sustainability
framework and strategy, including the Company’s ESG program,
approves the Company’s sustainability reporting and approves
the Company’s response to, and management of, climate related
risks and opportunities (including the Company’s annual climate
related disclosures). The Board receives updates on the Group’s
ESG Program and broader ESG developments at each regular
Board meeting. The Board also considers health and safety
matters at each regular Board meeting, as more fully described in
‘Health and Safety Risk Management’ below.
For periodic corporate reports released to the market which are
not audited or reviewed by the Company’s external auditor, such
as the Company’s climate-related disclosures, it is the practice of
management for the relevant executives to prepare the content
of that report with the assistance of external consultants where
required. The disclosures are reviewed by senior members of
management that are not involved in the preparation of the
disclosures.
9
EBOS Corporate Governance Statement 2026
Principle 5 – Remuneration
Director And CEO Remuneration
The remuneration of directors and the CEO for FY26 is set out in
the ‘Remuneration’ section of the 2026 Annual Report.
Should shareholder approval of director remuneration be
required, the Company is committed to recommending the
director remuneration in a transparent manner.
Remuneration Policy
It is recognised that in order to drive sustainable business
performance and to execute the Group’s strategic plan, the Group
must attract and retain people of a high calibre. The Company has
a Remuneration Policy in respect of directors, the CEO and certain
senior management. The policy is set out as Appendix G to the
Corporate Governance Code and was last reviewed and updated
by the Board in November 2025.
In relation to the Group’s senior executives, they are appointed
by the CEO and their key performance indicators contain specific
objectives. These KPIs are reviewed annually by the CEO and
noted by the Remuneration Committee. The performance of the
Group’s senior executives against these objectives is evaluated
annually.
The Remuneration Policy does not outline the relative weightings
of remuneration components and relevant performance criteria
however it is the policy of the Group to disclose the remuneration
mix of the CEO and Enterprise Leadership Team each year.
The weightings of executive remuneration components is as
determined by the Committee each year having regard to market
practice, the responsibilities of the CEO and the Enterprise
Leadership Team, the performance of EBOS Group and any
strategic projects of EBOS Group from time to time. Set out below
is a table showing the target and stretch remuneration mix of the
CEO and Enterprise Leadership Team in FY26.
The relevant performance criteria for fixed remuneration,
short term incentives and long term incentives is set out in the
‘Remuneration’ section of the 2026 Annual Report.
LTI plans
The Company operates long term incentive plans for senior
executives. Under the rules for the plans and the Securities
Trading Policy, a participating executive must not enter into
hedging arrangements or other arrangements affecting
the participant’s economic exposure in respect of unvested
entitlements.
Table 2: Remuneration Components
CEO Total Remuneration Mix
Enterprise Leadership Total Remuneration Mix
CEO Total Maximum Remuneration Mix
CEO Total Target Remuneration Mix
Total Fixed Remuneration
25.0%
Total Fixed Remuneration
33.3%
STI
33.7%
STI
30.0%
LT I
41.3%
LT I
36.7%
ELT Maximum Remuneration Mix
ELT Total Target Remuneration Mix
Total Fixed Remuneration
36.1%
Total Fixed Remuneration
45.8%
STI
33.4%
STI
28.3%
LT I
30.5%
LT I
25.9%
10
EBOS Corporate Governance Statement 2026
Principle 6 – Risk Management
Risk management is an integral part of the Group’s business.
The Group has an enterprise risk management framework,
designed to promote a culture which ensures a proactive and
consistent approach to identifying and mitigating risk on a
Group-wide basis.
The Group defines risk management as the identification,
assessment and treatment of risks that have the potential to
materially impact the Group’s operations, people, and reputation,
the environment and communities in which the Group works,
and the financial prospects of the Group.
Our approach to risk management provides clarity on roles and
responsibilities to minimise the impact of material risks on our
business and is tailored to the Group’s business and aligned to the
Group’s short-term and long-term objectives.
Under this approach, the Board approves the strategic risk profile
and risk appetite statements (which describe the level of risk the
Group is willing to take in relation to specific risk categories) for
the Group. The Board reviews the strategic risk profile typically
annually.
The Audit and Risk Committee assists the Board in discharging its
responsibility to exercise due care, diligence and skill in relation to
identifying and monitoring material business risks by monitoring
the strategic risk profile and implementation of the risk appetite
levels that were set by the Board. The monitoring of the strategic
risk profile is part of a standing agenda item for each regular
Audit and Risk Committee meeting.
Management reports to the Board and the Audit and Risk
Committee on whether the Group’s material business risks are
being managed effectively and updates the risk rating of strategic
risks on an ongoing basis, presenting proposed changes to the
Board or the Audit and Risk Committee as required. As such,
this process is continuous and is designed to provide advanced
warning of material risks before they eventuate and includes:
• significant risk identification;
• risk impact quantification;
• risk mitigation strategy development;
• reporting; and
• monitoring and evaluation to ensure the ongoing integrity of the
risk management process.
The strategic risk profile of the Group was last reviewed in May
2026 as part of the Audit and Risk Committee’s usual process.
As part of the regular review of the risk management framework
and implementation of the Group’s ESG Program, the Group will
continue to review whether it has a material exposure (as referred
to in the ASX Principles) to environmental and social risks.
With regard to the impact of climate change and, in particular,
the impact of severe weather events, these factors are considered
as part of specific non-financial risks as summarised below, in
particular extended supply chain disruption and macroeconomic
conditions and loss of critical operations for a substantial
period. The Company has identified climate related risks and
opportunities with materiality assessments of the risks and
opportunities ongoing. Further information is included in the
Company’s climate statement which can be found at
www.ebosgroup.com.
Set out overleaf is a summary of key non-financial risks identified
by the Group and how these are managed.
In respect of financial risks (foreign currency risk, interest rate risk,
liquidity risk and credit risk) and how these are managed, this is
described on pages 87, 88 and 89 of the 2026 Annual Report.
Health and Safety Risk Management
The Company aims to provide workplaces that are safe and
healthy and workplace health and safety remains a key focus
of the Board and senior management. The Group’s Work Health
& Safety management system ensures strong leadership and
accountability for the Group’s safety policies (such as the Group’s
Work Health & Safety Policy), procedures and work practices
across all facilities. This is supported by a risk management
framework that is focused on injury prevention. Key parts of the
Work Health & Safety management system include:
• Identifying and managing workplace health and safety risks
The Group has implemented a systematic approach to
the identification, assessment and control of hazards in
the workplace. This approach typically includes workplace
inspection, risk assessment and training. Programs have been
implemented focussing on our critical risks.
• Incident notification and investigation procedures
All work-related incidents resulting in (or with potential to result
in) injury or ill-health to employees, contractors visitors and
members of the public must be logged and investigated.
• Provision of information, instruction and training
Appropriate training on health and safety requirements is
provided to the Board, senior management and site personnel.
The Board receives a report and considers health and safety
matters at each regular Board meeting which includes details
regarding total recordable injury frequency rates (TRIFR),
incidents, training and key activities coordinated by the health
and safety team.
In addition, there is an in-depth review, at least annually, of health
and safety matters by the Board which considers broader trends
in the businesses and the health and safety priorities for the next
12 months.
At a management level there are executive and business unit
safety committees in place and the Group CEO receives regular
reports from the safety team regarding health and safety
incidents and initiatives.
11
EBOS Corporate Governance Statement 2026
RiskRisk management
Competition risk
The Group operates in highly competitive markets.
This competitive environment can be significantly affected by
local market forces, general competitive dynamics, new market
entrants, changes in economic conditions and product demand.
Any increased competition from new and existing competitors
can impact on the Group’s ability to generate sales, lead to a
loss of market share, and cause a decline in profitability.
The risk of increased competition in the markets that the Group
operates in is ever present and to a large extent outside the
control of the Group. The Group has a continued focus on its
operating performance to ensure that it continues to service
the needs of its customers whilst at the same time delivering
acceptable returns to shareholders.
Reliance on key suppliers
A material proportion of the Group’s inbound supplies is derived
from key suppliers (or ‘original equipment manufacturers’)
in several of its markets. If a key supplier ceased supplying
to the Group or materially reduced the level of its supply, this
could result in a material negative impact on the financial
performance of the Group.
There is the possibility that some key suppliers may choose a
direct model, rather than a wholesale or distribution model.
Where there is increased demand for particular products in
multiple international markets, overseas suppliers may elect
to service certain markets over others, resulting in supply
shortages for those products in the markets in which the Group
operates.
The Group is focused on maintaining its critical supplier
relationships by active engagement programs.
Extended supply chain disruption and impact of
macroeconomic conditions
The impact of geopolitical issues and current macroeconomic
conditions can result in challenges in the supply chain; for
example accessing suitably qualified labour, accessing freight
services at commercially acceptable rates, increase in fuel
prices, restricted supply of products and increased shipping
and delivery times.
The Group is reliant on suppliers providing goods in full and on
time and in many circumstances is not able to fully mitigate the
risk of disruptions to supply, however the Group continues to
monitor stock levels to manage the risk of stock shortages where
practicable. Each business unit has in place various strategies to
mitigate the impact of cost increases however these strategies
may not fully offset the impact of cost increases.
Significant changes to price regulation
The commercial success of the Group is partly dependent on the
achievement of acceptable pricing and margins for the goods
and services it provides. The Group operates in a number of
highly regulated industry segments, relating to the distribution
and supply of pharmaceuticals, medical consumables, medical
devices and other health related products. As such, the Group
is continually exposed to the risk of new government policies,
regulations and legislation that may impact on both the pricing
of products and its resulting profitability.
The Australian government’s reforms to the Pharmaceutical
Benefits Scheme (PBS) over many years has had and continues
to have the effect of lowering the prices paid for medicines,
thereby lowering the distribution margin earned by Symbion
Pty Ltd (Symbion), a wholly owned subsidiary of the Company.
The Group has no control over these price adjustments and to
date has offset the impact of lower distribution margin with
productivity improvements. As the regulated adjustment to
medicine prices continues, the Group is focused on adjusting its
business model that best meets its objectives, however there is
no guarantee that it will always be in a position to offset the lost
margin from ongoing reforms.
In Australia, the benefit paid to medical device manufacturers
and distributors (such as LifeHealthcare) by private health
insurers is determined by the Australian Government’s
Prescribed List. Reforms to the Prescribed List in the past have
reduced the benefit payable to medical device manufacturers
and distributors. There is no guarantee that EBOS will be able to
mitigate the impact of currently known or future reforms in part
or in full.
Table 3: Key Non-Financial Risks
12
EBOS Corporate Governance Statement 2026
RiskRisk management
Significant changes to industry regulation
The financial performance of the Group may be materially
affected by changes in government regulations with respect to
the pharmacy industry in Australia and New Zealand, including
the Community Service Obligation (CSO) funding in Australia.
Any material adverse change in the CSO arrangements could
have a material negative impact on the financial performance
of the Group. These changes could include: changes to the
basis of the CSO funding (including a reduction in the overall
CSO funding pool or the way in which payments to eligible
wholesalers are calculated), changes to the performance
criteria, or the termination or expiry of Symbion’s CSO deed.
In addition, Symbion could fail to achieve the performance
criteria resulting in restricted or no access to the CSO funding
pool.
Symbion is a signatory to the CSO deed which governs the
arrangements under which it distributes medicines around
Australia in return for access to a pool of funding that subsidises
the distribution of pharmaceuticals to rural and remote parts
of Australia. Failure to meet the obligations under this deed
or other state-based legislation, may result in restricted or no
access to the CSO pool of funding, fines or loss of licence to
distribute pharmaceuticals. Symbion reports and reviews its
compliance with regulations to ensure all obligations are met.
Symbion’s operations are also subject to separate external audit
by the CSO Agency.
If at any point in the future the Australian government decided
to reduce the amount of funding provided under the CSO deed
then the Group may need to reconsider its business model and
determine whether being a signatory to the CSO deed continues
to be commercially viable.
Significant changes to pharmacy regulation
Future potential changes to the structure of the pharmacy
industry in Australia or New Zealand may have a material
impact on the Group’s margins and financial performance.
Pharmacy in Australia and New Zealand is subject to significant
government regulation. This regulation governs the rules on
both pharmacy ownership and location. If a government was
to change either the ownership or location rules then this
could have a significant impact on the Group’s operations
and financial position. The Group has no control over each
government’s approach to regulation of these matters but does
actively engage with each government on the benefits of the
current model.
Product liability and litigation risk
The Group may, from time to time, supply products that are,
or are claimed to be, defective or be subject to other claims
relating to products and services the Group provides.
Defects in products and services could be difficult or costly
to correct and could expose the Group to the risk of litigation
which may affect the Group’s financial position. Other
consequences of claims related to defective products and
services could include regulatory liability, loss of business and
reputational damage.
The Group has in place insurance in relation to its products
and services. The Group also seeks contractual protection from
suppliers where commercially practicable in relation to defective
products and services. If proceeds were received from third
parties (including insurers), this may not fully cover loss suffered
by the Group. The Group has in place quality management
systems for products it supplies that are tailored to the relevant
business.
Cyber security risk
The Group operates a number of information technology
systems. These systems may be subject to internal or external
security breaches. A security breach could result in significant
business disruption and cost, misappropriation of funds, loss
of intellectual property and disclosure of sensitive business
information or personal data.
Other consequences as a result of a security breach could
include legal or regulatory liability, loss of business and
reputational damage.
The Group has in place a number of measures to manage cyber
security risk including:
• workplans to uplift cyber security based on identified areas of
improvement;
• policies, procedures and practices regarding the use of
Company information and IT security, including regular
employee training; and
• data breach response plans to respond to, and mitigate the
effects of, any instances of sensitive data breaches should they
occur.
Notwithstanding the Group’s efforts to manage this risk as
outlined above, there is no guarantee that the Group will not
suffer loss or damage if a security breach occurs.
13
EBOS Corporate Governance Statement 2026
RiskRisk management
Health and safety risk
Due to the nature of the Group’s operations, there is a risk of
workplace accidents or unsafe operations.
A health and safety incident could lead to harm or injury to
the Group’s personnel or third parties. Other consequences
could include legal or regulatory liability for the Group and its
personnel, loss of business and reputational damage.
The Group has in place a Work Health & Safety management
system which is more fully described above and work health and
safety remains a key focus of the Group.
Loss of critical operations for a sustained period
The loss, or underperformance, of a critical site permanently
or for a sustained period could be as a result of a number of
factors for example a climate-related event, fire, or system-
related issues. It would result in significant disruption for
customers and suppliers and could materially affect the
Group’s financial results.
Critical sites have in place building and engineering controls
such as fire protection and security systems. In considering sites
for new facilities, the Group will select sites that are suitable
(for example, avoiding flood prone areas).
Critical sites also have business continuity plans in place,
including utilising other sites within the Group if an event occurs.
The Group has business continuity insurance which may cover
some losses incurred depending on the circumstances.
Acquisitions and major capital expenditure projects
A part of the Group’s strategy is investing for growth,
which includes through acquisitions and capital investment.
Depending on the type of transaction and jurisdiction, the
completion of acquisitions can be conditional on the approval
of, or clearance being obtained from, regulators (for example,
merger clearance or foreign investment regulators). The
requirement for regulatory approvals or clearances could lead
to uncertainty regarding the timing and feasibility of finalising
acquisitions, as well as increased costs, which may in turn
impact our strategic objectives.
There is a risk that the results of an acquired business
are weaker than those indicated by the Group’s analysis
undertaken prior to acquiring the business. There is a risk that
latent, future or otherwise unknown claims or liabilities are not
identified, notwithstanding the Group’s processes.
Supply of project materials, the availability of suitably qualified
labour and consultants, along with potentially rising funding
costs can impact major capital expenditure projects.
There is a risk that major capital expenditure projects do not
meet scheduled ‘go live’ dates, cost more than estimated or do
not deliver the benefits expected.
The Group seeks advice regarding the necessary approvals or
clearances required for acquisitions and engages constructively
with regulators.
The Group has a robust due diligence process which is
supported by external advisors as required. Regular updates
are provided to the Board and the Board approves all material
acquisitions.
Transition and integration plans are put in place with key
actions, responsibilities and timelines identified.
The Group has robust procedures in place for oversight of
capital expenditure projects, including delegated authorities.
Major capital projects require Board approval, and the Board
is provided with updates as required on the progress of such
projects. Management typically has a steering committee in
place to oversee major capital projects. Where appropriate,
external project management expertise is engaged.
14
EBOS Corporate Governance Statement 2026
Principle 7 – Auditors
Deloitte, the Company’s external auditor, is invited to attend
all Audit and Risk Committee meetings and all Audit and Risk
Committee papers are made available to Deloitte. The Audit
and Risk Committee Charter sets out the framework for the
Company’s relationship with its external auditor.
Deloitte attends the Company’s Annual Meeting and a
representative is available to answer questions from shareholders
relevant to that audit at, or ahead of, the Annual Meeting.
The Company has appointed KPMG to act as the Company’s
internal auditor by reviewing specific areas of the business each
year under a program approved by the Audit and Risk Committee
to provide the Company with an independent and objective
evaluation of the Company’s management of risk.
It is open to the Audit and Risk Committee to meet external
auditors and internal auditors without management present.
Principle 8 – Shareholder Rights and Relations
Respecting the rights of shareholders is of fundamental
importance to the Company and a key element of this is how
the Company communicates to its shareholders. To this end,
the Company recognises that shareholders must receive relevant
information in a timely manner in order to properly and effectively
exercise their rights as shareholders.
Information is communicated to shareholders in the Annual
Report and the half year financial statements and related
documents. Investors are provided with information on the
Company from its website. The website contains recent NZX
and ASX announcements and reports. Shareholders are also
given the option to receive communications from, and send
communications to, the Company and its security registry
electronically.
The Company has an investor relations program, which aims to
provide information that will allow existing shareholders, potential
shareholders and financial analysts to make informed decisions
about the Company. This program is governed by a set of
shareholder participation principles that are designed to promote
effective communication with shareholders and encourage
shareholder participation at general meetings. These principles
are set out in section 12 of the Corporate Governance Code.
The Board encourages full participation of shareholders at the
Company’s meetings to ensure a high level of accountability and
identification with the Company’s strategies and goals, including
holding ‘hybrid’ meetings which allows shareholders to attend
and vote in person or online, encouraging shareholders to attend
meetings, giving advanced notice of the dates of all scheduled
meetings, ensuring that meetings are held at a reasonable place
and time, inviting shareholders to submit questions in advance
or via an online platform during the meeting and allowing time
at meetings for shareholders to speak on any resolutions and
ask questions of the Board. The notice of meeting for any annual
meeting is despatched at least 20 working days prior to the
meeting. As required by the NZX Listing Rules, all resolutions are
decided by a poll.
The Company remains committed to shareholders having a right
to vote on major decisions which may change the nature of the
Company.
The Company did not undertake a capital raising during FY26.
The Board acknowledges NZX Code Recommendation 8.4
regarding the offer of further securities on a pro rata basis. In
considering options regarding capital raisings, the Board will take
into account a number of factors including the Recommendation
and its decision will be based on the best outcome for the Company.
15
EBOS Corporate Governance Statement 2026
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