Full Year Results - Updated Media Release

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 stre ngth. 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 majo r 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 basi s. 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 20% 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