#12023 Full-year results briefing presentation To be held on 25 August 2023 Wesfarmers ThePos#2Presentation outline Item Group performance overview Financial performance Outlook Q&A Appendix: Divisional summaries Appendix: Supplementary information Presenter Rob Scott – Managing Director, Wesfarmers Limited Anthony Gianotti - Chief Financial Officer, Wesfarmers Limited Rob Scott - Managing Director, Wesfarmers Limited Rob Scott - Managing Director, Wesfarmers Limited Slide Anthony Gianotti - Chief Financial Officer, Wesfarmers Limited Michael Schneider - Managing Director, Bunnings Group lan Bailey - Managing Director, Kmart Group lan Hansen - Managing Director, Wesfarmers Chemicals, Energy and Fertilisers Sarah Hunter - Managing Director, Officeworks Tim Bult - Managing Director, Wesfarmers Industrial and Safety Emily Amos Managing Director, Wesfarmers Health - - Nicole Sheffield – Managing Director, Wesfarmers OneDigital 3 10 18 22 56 2023 Full-year results | 2#3Group performance overview Rob Scott Managing Director, Wesfarmers Limited One Pass Wesfarmers#4Wesfarmers' primary objective is to deliver a satisfactory return to shareholders We believe it is only possible to achieve this over the long term by - Anticipating the needs of our customers and delivering competitive goods and services Looking after our team members and providing a safe, fulfilling work environment Engaging fairly with our suppliers, and sourcing ethically and sustainably Supporting the communities in which we operate Taking care of the environment Acting with integrity and honesty in all of our dealings 2023 Full-year results | 4#52023 Full-year highlights Group NPAT growth of 4.8% to $2.5b as businesses respond well to market conditions $43.5b Revenue +18.2% YoY (+7.4% excl. Wesfarmers Health) $3.85b Divisional EBT +12.9% YoY (+10.8% excl. Wesfarmers Health) $1.91 Full-year dividend +6.1% YoY Fully-franked Well-positioned portfolio of quality businesses provides both resilience and growth Strong value credentials and everyday products PRICE GUARANTEE Millere you at a competitor lower price (including GST and doetry charges on the same in-s WE'LL BEAT IT BY 10% Eludes trade que, sto cs, and les sol Bege Groups and other Boatings arksplas UNNINGS Warehouse Proactive approach to productivity and efficiency First lithium earnings from concentrator in FY24 Maintained focus on responsible, long-term management Executing on growth projects from new platforms Pipeline of investment opportunities in operating businesses Continued to build climate resilience and increased renewable electricity use 2023 Full-year results | 5#6Results underpinned by strong divisional performance Combined divisional earnings growth of 12.9% as the Group's operating businesses continue to respond well to trading and market conditions Strong execution from well-positioned businesses $15 feels like Continued investment to support incremental growth Realised benefits from productivity and efficiency initiatives B • • Strong value credentials and omnichannel offer continue to resonate with customers - - Good execution of range and pricing architecture Effective inventory management Supply of everyday and essential products at market-leading prices Strong operating performance in the industrial businesses • • New product ranges and categories, including continued development of Bunnings' commercial offer Store upgrades and network expansions • Continued progress on pipeline of expansion opportunities at WesCEF • Modernisation of supply chain capabilities Digitisation, new technologies and improved systems in stores - More efficient and accurate inventory management More team member time with customers Better customer experience, enabled by technology 2023 Full-year results | 6#7Divisional highlights • . . . Bunnings Group Performance highlights resilience of demand across the Bunnings offer Strong execution of strategic agenda Continued to expand range, including pets launch Strengthened customer experience across channels Advanced 'Whole of Build' commercial strategy BUNNINGS warehouse DUNNINGS • • • Kmart Group Significant sales and earnings growth reflects strong underlying trading growth and strong execution Customers responded positively to Kmart's lowest price positioning Ongoing focus on productivity and cost control • Benefits from conversion of some Target stores into Kmart stores • • • WesCEF Strong operating performance and favourable global ammonia price Earnings impacted by higher WA natural gas costs Progressed capacity expansion opportunities Completed construction of lithium concentrator, first earnings expected 1H CY24 CSBP QNP covalent LITHIUM • • . Officeworks Significant growth in B2B, and above-market growth in tech Improved back-to-school and increased demand for categories impacted by COVID Realised benefits from supply chain and store productivity investments officeworks geeks2u WIS Sales growth across all businesses Continued investment in customer service and digital capabilities AGR MODWOOD Blackwoods NZ Safety Blackwoods Kleenheat EVOL WORKWEAR coregas LNG GROUP BUNNINGS TRADE TOOL KIT TKD POT DUNNINGS Marketplace Wesfarmers Health api priceline pharmacy Clear Skincare BEAUMONT TILES Target Australian Vinyls Strong sales growth in Pharmaceutical Wholesale, solid sales in Priceline Acceleration of transformation activities to improve financial performance Acquisition of InstantScripts in July 2023, proposal to acquire SILK Laser Australia OneDigital • OnePass • . catch com.au Increasing digital engagement across the retail businesses Action taken to address performance issues in Catch Additional OnePass partners and benefits, and positive trends in key indicators of member value 2023 Full-year results | 7#8Focus on long-term value, consistent with our objective Climate and environment BUNNINGS warehouse People R SHOP Communities HELP US HELP WOMEN Priceline Sisterhor Foundation HELP US HELP WOMEN Foundation WIND direct and indirect community contributions with resumption of programs disrupted by COVID-19 2.4% reduction in Scope 1 and Scope 2 market-based emissions supported by reduced electricity use and 11.3 total recordable injury frequency rate (TRIFR) and a continued focus on safety $75m increased renewable electricity use, offset by increased ammonia 3.3% production Indigenous employment¹, maintaining employment parity 15.5% 37MW 37+ megawatts of rooftop solar capacity across 165 locations with 43 installed during the year 48% women in Board and leadership team positions 72% of operational waste diverted from landfill 1. Percentage of Wesfarmers' Australian team members that identify as Aboriginal or Torres Strait Islander. of Wesfarmers' Australian workforce has participated in online cultural awareness training 2023 Full-year results | 8#9Group performance summary Year ended 30 June ($m)1 2023 2022 Var % Revenue 43,550 36,838 18.2 Revenue (excluding Wesfarmers Health) 38,238 35,598 7.4 EBIT 3,863 3,633 6.3 EBIT (after interest on lease liabilities) 3,644 3,416 6.7 NPAT 2,465 2,352 4.8 Basic earnings per share (cps) Return on equity (R12,%) Operating cash flows 217.8 207.8 4.8 31.4 29.4 2.0 ppt 4,179 2,301 81.6 Net capital expenditure 1,183 884 33.8 Free cash flows 3,627 1,110 226.8 Cash realisation ratio (%) 100 59 41 ppt Full-year ordinary dividend (fully-franked, cps) 191 180 6.1 Net financial debt 3,984 4,296 (7.3) Debt to EBITDA (x) 1.9 2.2 (0.3x) 1. Refer to slide 64 for relevant definitions. 2023 Full-year results | 9#10Financial performance Anthony Gianotti Chief Financial Officer, Wesfarmers Limited One Pass Wesfarmers#11Divisional sales performance Year ended 30 June1 ($m) Bunnings Kmart Target Kmart Group³ Officeworks Catch (GTV) WesCEF (revenue) Industrial and Safety (revenue) Wesfarmers Health (revenue) Total sales Comp. sales 2H23 2023 2022 growth (%) growth (%) growth² (%) 18,519 17,739 4.4 1.8 2.4 8,333 6,832 22.0 14.5 13.7 2,205 2,182 1.1 (0.5) (7.2) 10,538 9,014 16.9 8.8 3,342 3,153 6.0 7.3 733 989 (25.9) (24.4) 3,306 3,041 8.7 (3.1) 1,992 1,925 3.5 3.4 5,312 1,240 n.m. n.m. • • Retail sales results reflect strong operating execution and customer response to well-established value credentials and omnichannel offer WesCEF revenue growth driven by strong operating performance, elevated global ammonia prices in the first half, and a timing benefit from the pricing lag in pass-through mechanisms in some customer contracts in the second half Wesfarmers Health revenue supported by Wholesale net new customer acquisition and elevated sales of COVID-19 anti-viral products, and solid sales at Priceline 1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions. 2. Variances for 2H23 are against 2H22 performance. 3. 2022 restated to exclude Catch. 4. 2022 includes API's results from 31 March 2022 to 30 June 2022. 2023 Full-year results | 11#12Divisional earnings performance Bunnings Group Kmart Group³ EBT1,2 Performance and earnings results reflect: • • Strong commercial growth and continued consumer growth Reflects resilience of model and ability to adjust operating costs to manage inflation . Strong execution of strategic agenda Earnings increased 1.9% excluding the net contribution from property Continued strong response by customers to Kmart's lowest price positioning • Strong execution of pricing strategies and operational plans Realisation of further benefits from network change program across Kmart and Target FY23 $2,230m 2H23 $952m ↑ 1.2% ↑ 0.7% $769m ↑ 52.3% $294m 1 3.9% WesCEF • Continued strong plant performances across Kwinana facilities Favourable global commodity prices for ammonia-related products • Earnings impacted by higher WA domestic natural gas costs . Officeworks Earnings growth supported by improved back-to-school performance and higher sales across B2B, technology and key categories impacted by COVID-19 • Realisation of benefits from recent investments to drive productivity and efficiency • Earnings supported by sales growth across the division Blackwoods impacted by cost inflation and timing lag in changes to contract pricing $669m ↑ 23.9% $200m ↑ 10.5% $100m ↑ 8.7% $345m ↑ 7.1% $115m ↑ 16.2% $53m 1 3.9% Industrial and Safety • • Earnings increased in Workwear Group and Coregas Wesfarmers Health . Acceleration of, and investment in, transformation activities $45m $18m • Earnings impacted by additional costs associated with transition to new Sydney Fulfilment Centre, and impact of higher operating costs in Clear Skincare Catch • • Some progress from restructuring activities, with 2H23 losses reducing relative to 1H23 $40m of restructuring costs (including $7m in 2H23) due to inventory provisions, redundancies and write-offs ($163m) ($55m) 1. Variance figures for FY23 EBT are against FY22 EBT. Variance figures for 2H23 EBT are against 2H22 EBT. 2. Earnings are inclusive of acquisition-related expenses. See divisional summaries from slide 22 for more information. 3. Variance figures exclude earnings from Catch during FY22. 2023 Full-year results | 12#13Other business performance summary Year ended 30 June ($m) Holding % 2023 2022 Var % Share of (loss)/profit of associates and joint ventures BWP Trust 24.8 9 121 (92.6) Other associates and joint ventures¹ Various (13) 36 (136.1) Sub-total share of net (loss)/profit of associates and joint ventures (4) 157 (102.5) OneDigital² (82) (80) (2.5) Group overheads (144) (134) (7.5) Other³,4 25 65 (61.5) Total Other EBIT4 (205) 8 n.m. Interest on lease liabilities (1) (1) Total Other EBT4 (206) 7 n.m. Other EBT reflects: • Significant year-on-year impact of negative property revaluations in BWP Trust and BPI No 1, accounting for $164m reduction in earnings relative to the positive revaluations in the prior year • Decrease in third-party dividends mainly from a lower shareholding in Coles prior to the sale of the Group's remaining interest in April 2023 • . Lower Group insurance result, the benefit of the Homebase equity distribution in the prior period, and higher corporate overheads Continued development of the OnePass membership program and the Group's customer and data insights capabilities through OneDigital 1. Includes investments in Gresham, Flybuys, Wespine and BPI. 2. Excludes Catch. 3. 2023 includes $25m in dividends received from the Group's interest in Coles. 2022 includes $45m in dividends received from the Group's interest in Coles and 19.3% ownership of API prior to the completion of the acquisition on 31 March 2022. 4. 2022 has been restated for the elimination of intercompany transactions between Catch and Kmart Group. 2023 Full-year results | 13#14Working capital and cash flow · · Divisional operating cash flows increased 45.6%, with divisional cash generation of 101%1 - Excluding Wesfarmers Health, divisional cash flow increased 40.7%, with cash generation of 102%¹ Strong divisional earnings growth - Decrease in inventories due to reduction in buffer stock at Kmart and lower commodity pricing in WesCEF Group operating cash flows increased 81.6% to $4,179m - Increase in divisional operating cash flow Total Bunnings Kmart Group2 WesCEF • Net working capital cash movement Year end 30 June ($m) 2023 2022 Receivables and prepayments 41 (272) Inventory 57 (1,183) Payables (48) 322 50 (1,133) (103) (471) 218 (339) 30 (177) Officeworks (14) (31) WIS (54) (35) Wesfarmers Health (79) (117) Other² 52 37 50 (1,133) - Lower tax paid due to timing of payments Free cash flows of $3,627m, an increase of $2,517m Higher operating cash flow - - Proceeds from the sale of 2.8% interest in Coles - Impact of cash consideration for acquisitions FY22 Partially offset by higher capital expenditure and lower proceeds on sale of property Total Inventory as % sales³ Bunnings . Group cash realisation ratio of 100% Kmart Group4 2H19 2H20 2H21 2H22 2H23 Impacted by COVID-19 2H19 2H20 2H21 2H22 2H23 Impacted by COVID-19 Note: Refer to slide 64 for relevant definitions. 1. Includes Catch but excludes OnePass and supporting capabilities. 2. Kmart Group 2022 results have been restated to exclude Catch, which is included in Other net working capital cash movements. 3. Inventory balances as at 30 June relative to 2H sales. 4. Excludes Catch. 2023 Full-year results | 14#15Capital expenditure • • • • Gross capital expenditure of $1.3b, up 12.6% - - - WesCEF includes development capex of $394m and capitalised interest of $42m relating to the Mt Holland mine and concentrator and Kwinana refinery Continued investment in data and digital Addition of the Wesfarmers Health division Net capital expenditure of $1.2b, up 33.8% Lower proceeds from the sale of PP&E largely reflect reduced Bunnings property activity Expected FY24 net capital expenditure of $1,100m to $1,400m, subject to net property investment and timing of major expansion projects in WesCEF - Inclusive of approximately $350m of development capex and $20m of capitalised interest relating to the Covalent lithium project WesCEF's share of total capex for the Covalent lithium project remains in line with prior guidance of $1,200m to $1,300m in nominal terms, excluding capitalised interest Kmart Group² Capital expenditure Year ended 30 June1 ($m) Bunnings 2023 2022 Var % 405 349 16.0 127 105 21.0 WesCEF3 518 455 13.8 Officeworks 71 68 4.4 Industrial and Safety 73 64 14.1 Wesfarmers Health 41 3 n.m. Catch 10 10 45 (77.8) Other4 43 55 (21.8) Gross capital expenditure 1,288 1,144 12.6 Sale of PP&E (105) (260) (59.6) Net capital expenditure 1,183 884 33.8 1. Capital expenditure provided on a cash basis. 2. 2022 results have been restated to exclude Catch. 3. 2022 includes capex associated with the Covalent lithium project of $304m and capitalised interest of $34m in 2022. 4. 2023 and 2022 includes capital expenditure for One Digital excluding Catch.. 2023 Full-year results | 15#16Balance sheet and debt management • • • · - Weighted average debt term to maturity of Continue to focus on balance sheet and cost of funds Debt maturity profile² - - Weighted average cost of debt for the year increased to 3.32% (FY22: 3.11%)1 $m 2,250 1,750 1,250 750 250 (250) (750) - 4.4 years (FY22: 5.0 years) Actively monitor the Group's debt mix and manage exposure to variable rates Maintained significant flexibility and debt capacity - Committed unused bank facilities available of c.$2.6b Significant headroom against key credit metrics Net financial debt position of $4.0b as at 30 June 2023, compared to net financial debt position of $4.3b as at 30 June 2022 Other finance costs increased 40.6% to $135m, reflecting higher average borrowings during the year On a combined basis, other finance costs including capitalised interest increased 36.2% to $177m • Maintained strong credit ratings Moody's A3 (stable outlook) - S&P A- (stable outlook) FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 ■Drawn bank facilities Undrawn bank facilities ■Capital markets Cash and cash equivalents Finance costs and weighted average cost of debt $m 200 150 100 50 50 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% FY19 FY20 FY21 FY22 FY23 wwwww.Capitalised Interest [LHS] Other finance costs [LHS] Note: Refer to slide 64 for relevant definitions. 1. The average cost of debt for the month of June 2023 was 3.73%. 2. As at 30 June 2023. Capital markets debt is net of cross-currency interest rate swaps. Weighted average cost of debt [RHS] 2023 Full-year results | 16#17Shareholder distributions • Fully-franked final ordinary dividend of $1.03 per share - Reflects strong operating performance Shareholder distributions¹ $/share 5.00 - Takes full-year ordinary dividend to 3.78 $1.91 per share 4.00 • Final dividend will also carry a New Zealand 3.00 2.78 2.00 franking credit of 10 cents (NZD) per share 1.70 1.00 1.80 1.91 2.00 0.18 · Dividend record date 31 August 2023; dividend payable 5 October 2023 0.78 0.90 1.00 1.03 1.00 0.77 1.00 0.75 0.88 0.80 0.88 • Dividend investment plan: not underwritten; last day for application 1 September 2023 FY19 FY20 FY21 FY22 FY23 Capital return • - Dividend investment plan shares expected to be purchased on market Dividend distributions determined based on franking credit availability, current earnings, cash flows, future cash flow requirements and targeted credit metrics - Maintained focus on maximising value of franking credits for shareholders ■Special dividend / Coles distribution ■Final dividend ■Interim dividend 1. Represents distributions determined to be paid for each period. Wesfarmers demerged Coles in November 2018. 2023 Full-year results | 17#18Outlook Rob Scott Managing Director, Wesfarmers Limited One Pass Wesfarmers#19Well-placed portfolio Strong, value-based retail offers focused on everyday products Strategic manufacturing capabilities supporting critical industries Exposure to growing demand in health and wellbeing Businesses supporting global decarbonisation $9 each FACE M Underpinned by a strong balance sheet to support disciplined, long-term investment, and data and digital capabilities that enable further productivity and efficiency gains 2023 Full-year results | 19#20Group outlook Wesfarmers remains focused on long-term value creation and continues to invest to strengthen its existing businesses and develop platforms for growth • First earnings from Lithium are expected in 2H FY24 as production of spodumene concentrate ramps up • WesCEF's earnings from its existing operating businesses are expected to decline significantly in FY24 primarily due to lower ammonia prices and higher input gas costs • Retail divisions are well positioned with strong value credentials, everyday products and low-cost models - Many customers are becoming more value conscious and trading down to lower-priced retailers and products - Low unemployment and the recent acceleration in Australian population growth both support demand, and contribute to the ongoing need for construction of additional housing stock - For FY24 YTD, sales growth for Kmart Group has continued to benefit from strong trading results in Kmart, but growth has moderated from 2H FY23. Sales growth in Bunnings remained in line with 2H FY23, with growth in both consumer and commercial in FY24 YTD. Officeworks sales were in line with the prior year Cost pressures are expected to remain elevated in Australia and New Zealand - Wesfarmers' larger businesses are benefitting from their capacity to leverage their unique scale and sourcing capabilities - Together with benefits from proactive productivity and efficiency investment over recent years, this provides confidence in the Group's capacity to adjust costs in line with trading conditions Wesfarmers' strong balance sheet and portfolio of cash generative businesses with market-leading positions provide flexibility to respond to potential risks and opportunities under a range of economic scenarios - Expect net capital expenditure of between $1,100m and $1,400m for FY24 2023 Full-year results | 20#21Questions#22Appendix: Divisional summaries One Pass Wesfarmers#23Bunnings Group Michael Schneider Managing Director, Bunnings Group BUNNING warehous BUNNINGS 10 NNN rehous DUNNINGS warehouse BUNNINGS BUNNINGS BUNNINGS TRADE Marketplace TKDDIT TOOL BEAUMONT TILES#24Bunnings Group performance summary Year ended 30 June1 ($m) Revenue 2023 2022 Variance % 18,539 17,754 4.4 EBITDA 3,127 3,057 2.3 Depreciation and amortisation (782) (740) (5.7) EBIT Interest on lease liabilities 2,345 2,317 1.2 (115) (113) (1.8) EBT 2,230 2,204 1.2 Net property contribution 38 52 (26.9) EBT (excluding net property contribution) 2,192 2,152 1.9 EBT margin excluding property (%) 11.8 12.1 ROC (R12, %) 65.4 77.2 Total store sales growth (%) 3.7 4.2 Store-on-store sales growth² (%) Online penetration (%) Safety³ (R12, TRIFR) Scope 1 and 2 market-based emissions (ktCO₂e) 1.8 4.8 1.7 3.0 16.5 11.3 59.9 104.9 1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions. 2. Store-on-store sales growth excludes stores in months that were impacted by extended periods of temporary closure in New South Wales, Australian Capital Territory, Victoria and New Zealand. 3. TRIFR result for 2023 includes the impact of a change in methodology from 1 July 2022 to align the classification of recordable injuries with the Group's other businesses. 2023 Full-year results | 24#25Bunnings Group performance overview • FY23 continues a four-year period of significant growth: • • • - Sales have increased more than $5.3b or 40.7% Earnings (excl property) have increased more than $650m or 42.2% Revenue growth of 4.4% to $18.5b - Total store sales growth of 3.7% and store-on-store sales growth of 1.8% Growth in both consumer and commercial and across all trading regions, despite prolonged wet weather in 1H23 - 2H23 reflected strong activity from commercial customers partially offset by lower consumer sales - - Robust consumer demand continued for repairs and maintenance and smaller DIY projects, but with consumers more cautious in making big-ticket purchases and commencing larger projects Earnings growth (excl property) of 1.9% to $2.2b Reflects resilience of Bunnings' business model, supported by cost discipline and productivity initiatives to manage the impact of higher cost inflation during the year Return on capital (R12) of 65.4% - Higher average capital employed due to normalisation of inventory and improved stock availability post-COVID BUNNINGS warehouse NON STRUCTURAL PLYWOOD 2400x1200×12mm $1 46 (3 MISTRALIAN MADE PSC NON STRU 2400 A Washing NON STR AUSTRALI 24R1 MADE AUSTRALIAR MAIN FSC ON STRU 2400x 2023 Full-year results | 25#26Bunnings Group progress on strategy - - CARE Safety remains a key priority New EBA for Australian warehouse and trade centre teams to be effective from November 2023 Network now powered by 64% renewable energy Direct and indirect community contributions of $47m in FY23 W N GROW Delivering the best customer offer: Lowest prices, Widest range and Best experience Introducing new product ranges including the successful Pet launch, new safety private label range and expansion of Marketplace Building commercial capabilities with expansion of Frame & Truss, rollout of Tool Kit Depot and leveraging Beaumont Tiles SIMPLIFY Driving tech-enabled productivity initiatives to reinvest in price and service Global supply chain stabilisation supporting improved shipping and handling costs EVOLVE Improving Click & Collect and Click & Deliver offers, including trial expansion of 'Reds in Utes' own delivery service - Developing strong data analytics and insights from OnePass, PowerPass and Flybuys to strengthen the customer offer - Launch of new transactional Retail App 2023 Full-year results | 26#27Bunnings Group outlook • · Bunnings continues to be well positioned, benefitting from: - The breadth and diversity of its business - Focus on necessity products - - Strength of offer across consumer and commercial customers Sharpened focus on operational execution and business productivity to combat inflationary pressures and enable best customer value • Continued investment in strategic priorities: - Enhancing the commercial offer - Data and digital capabilities to enable a seamless experience across channels Logical next steps in supply chain evolution - Network expansion and optimising retail space BUNNINGS BUNNINGS 159 2023 Full-year results | 27#28Kmart Group lan Bailey Managing Director, Kmart Group K mart Ο Τατ anko Target anko#29Kmart Group performance summary Year ended 30 June 1,2 ($m) Revenue 2023 2022 Variance % 10,635 9,129 16.5 EBITDA Depreciation and amortisation EBIT Interest on lease liabilities EBT EBT margin (%) 1,347 1,088 23.8 (498) (496) (0.4) 849 592 43.4 (80) (87) 8.0 769 505 52.3 7.2 5.5 ROC (R12, %) 47.0 32.2 Safety (R12, TRIFR) 7.4 8.5 Scope 1 and 2 market-based emissions (ktCO2e) 218.1 250.9 Kmart: Total sales growth (%) 22.0 0.5 Comparable sales growth³ (%) 14.5 (1.0) Online penetration (%) 7.0 10.9 Target: Total sales growth (%) 1.1 (15.8) Comparable sales growth³ (%) (0.5) 8.6 Online penetration (%) 16.1 22.0 1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions. 2. 2022 has been restated to exclude Catch results. 3. Comparable growth calculation excludes stores that were temporarily closed as a result of COVID-19 restrictions for the duration of the closure period, where the closure period was longer than two weeks. 2023 Full-year results | 29#30Kmart Group performance overview • Revenue increased by 16.5% to $10,635m - Improved customer offer driving growth in transaction frequency Strong underlying trading performance and normalisation post-COVID - Improved availability. • Record earnings of $769m, up 52.3% OD $5 sweatshirt Strong sales growth, execution of pricing strategies and productivity initiatives - Full-year benefit of store network conversions - Partially offset by higher shrinkage and sustained inflation in cost of doing business • ROC (R12) increased to 47.0% - Inventory reverting to pre-COVID levels. 2023 Full-year results | 30#31Kmart Group progress on strategy • • Kmart Group is a product-centric retail business, underpinned by advancing technology capability A strong product focus increased customer participation and share of wallet - Improvements in range curation and product design continue to resonate with customers World class product development capabilities facilitated entry into new markets e.g. Launch of Anko in Canada with the Hudson Bay Company Increasing technology capability delivered revenue and productivity benefits Rollout of RFID1 technology to all Australian Kmart stores enables further digitisation of operations - Continued digitisation of sourcing and supply chain for Kmart. further reduces lead times, improves availability and reduces costs MEET ANKO TORY* TETE ΠΕΤΡΙ Metralabs 1. Radio-frequency identification. CANDLES & FRAGRANCES 2023 Full-year results | 31#32Kmart Group outlook • Kmart is uniquely placed in an inflationary environment to extend its low-price leadership by: • - Growing share of wallet by leveraging product development capability Digitising supply chain and store operations - Developing a winning omnichannel proposition, enabled - by loyalty and personalisation Seeking to selectively expand distribution of Anko products into new and profitable markets globally Target will continue to focus on: - Improving its product offer, particularly in apparel and soft home Integration of the Kmart and Target operating model will progress over the 2024 financial year Select Anko ranges to launch in Target early 2H FY24 $16 each 2023 Full-year results | 32#33Chemicals, Energy and Fertilisers lan Hansen Managing Director, Wesfarmers Chemicals, Energy and Fertilisers CSBP Wesfarmers Chemicals, Energy & Fertilisers EVUL LING B LITHIUM covalent QNP AGR MODWOOD Kleenheat EVOL LMG CSBP Australian Vinyls#34Chemicals, Energy and Fertilisers performance summary Year ended 30 June1 ($m) Revenue² 2023 2022 Variance % Chemicals 1,665 1,397 19.2 Energy 497 491 1.2 Fertilisers 1,144 1,153 (0.8) Total 3,306 3,041 8.7 EBITDA 769 634 21.3 Depreciation and amortisation (99) (93) (6.5) EBIT 670 541 23.8 Interest on lease liabilities (1) (1) EBT 669 540 23.9 External sales volumes² ('000 tonnes) Chemicals 1,131 1,113 1.6 LPG & LNG Fertilisers 194 210 (7.6) 1,146 1,221 (6.1) ROC (R12, %) ROC (R12, %) (excluding ALM) Safety (R12, TRIFR) Scope 1 and 2 market-based emissions 3,4 (ktCO2e) 21.6 21.6 39.7 36.3 3.8 4.2 849.5 795.4 1. Refer to slide 64 for relevant definitions. 2. Revenue excludes intra-divisional sales and sales volumes exclude ammonium nitrate volumes transferred between Chemicals and Fertilisers business segments. 3. The increase in Scope 1 and 2 market-based emissions between 2022 and 2023 was largely attributable to a 13 per cent increase in ammonia production following the planned major maintenance shutdown in the prior year. 4. WesCEF's 2020 baseline is Scope 1 and 2 location-based emissions of 955.5 ktCO2e and includes adjustments for the current global warming potentials of relevant greenhouse gases. 2023 Full-year results | 34#35Chemicals, Energy and Fertilisers overview • Revenue of $3,306m was up 8.7% and earnings of $669m were up 23.9% on the prior year, supported by favourable global ammonia prices and strong plant performance • Chemicals: Earnings increased significantly on the prior year - Strong Ammonia earnings were driven by favourable global pricing • - AN1 earnings benefitted from robust demand from Western Australian mining customers Record production volume supported by asset maintenance activities and investment in incremental process improvements Energy: Earnings declined on the prior year - Earnings impacted by a lower Saudi CP2 and higher Western Australian natural gas costs • • Fertilisers: Earnings declined significantly on the prior year - Earnings affected by a declining global commodity price environment coupled with a later seasonal break resulting in delayed grower commitments, reduced sales volumes and lower margins Continued investment in data and digital capabilities, product innovation and upgrading storage and despatch assets has improved the reliability, experience and advice provided to growers Lithium: Result includes WesCEF's 50% investment in the Covalent lithium project - Construction was recently completed at Mt Holland, with depreciation of the mine from May 2023 reflecting the commencement of mining operations, and commissioning of the concentrator underway Construction continues to progress at the Kwinana refinery - WesCEF's share of capital expenditure for the development of the project was $394m³ for the year Lithium hydroxide offtake agreements executed with tier-one customers 1. Ammonium Nitrate. 2. Saudi Contract Price (the international benchmark indicator for LPG). 3. Excluding capitalised interest. 2023 Full-year results | 35#36Chemicals, Energy and Fertilisers key commodity pricing • Ammonia price: - 1H23 earnings benefitted from high global ammonia pricing - 2H23 earnings positively impacted by a pricing lag from the pass-through mechanism in some customer contracts Saudi CP: Energy earnings remain highly correlated to movements in Saudi CP, with the reduction in Saudi CP during FY23 linked to global Brent Oil pricing • Spodumene concentrate: - - Contracted pricing to broadly reflect movements in Asia lithium hydroxide spot market pricing Offtake agreements with tier-one customers expected to be executed in 2H CY23 USD/t Ammonia Price (Far East CFR nominal) 1,200 1,000 800 600 400 200 0 FY11 FY13 FY15 FY17 FY19 FY21 FY23 Saudi CP and Crude Brent Oil USD/t USD/bbl 1,400 140 1,200 120 1,000 100 800 80 600 60 400 40 200 20 0 0 FY11 FY13 FY15 FY17 FY19 FY21 FY23 Saudi CP Crude Brent Oil (RHS) 2023 Full-year results | 36#37Chemicals, Energy and Fertilisers outlook . • • • • • Chemicals earnings are expected to be adversely impacted in FY24 by lower global ammonia pricing Increasing WA natural gas costs expected to impact both Chemicals and Energy earnings, with domestic market supply constraints likely to lead to continued elevated prices over the medium term In Fertilisers, successive strong harvests, moderating input costs and an improved grain pricing outlook are contributing to a generally positive grower sentiment, but earnings remain dependent upon seasonal conditions First earnings from the Lithium business expected in 1H CY24 from the sale of interim spodumene concentrate, with forecast sales volume of approximately 50kt¹ for FY24, in line with prior guidance - - Sales volumes remain dependent on successful commissioning and planned ramp-up of the concentrator Kwinana refinery production timing and capex remains in line with guidance provided in the 1H23 results The study to expand production capacity at the Mt Holland mine and concentrator will continue to be progressed, with regulatory approvals expected to be submitted over the coming months WesCEF continues to evaluate and implement opportunities within its key strategic focus areas Progression of major growth project pipeline - Investment in divisional systems including a new ERP² to support long-term growth Drive division's decarbonisation strategy through investment in abatement initiatives Earnings remain subject to global commodity prices, exchange rates, competitive factors and seasonal outcomes 1. Assumed lithium oxide (Li₂O) grade of 5.5 per cent. 2. Enterprise Resource Planning system. 2023 Full-year results | 37#38Officeworks Sarah Hunter Managing Director, Officeworks Office officeworks geeks2u#39Officeworks performance summary Year ended 30 June1 ($m) Revenue 2023 2022 Variance % 3,357 3,169 5.9 EBITDA Depreciation and amortisation EBIT Interest on lease liabilities EBT EBT margin (%) ROC (R12, %) 335 303 10.6 (124) (113) (9.7) 211 190 11.1 (11) (9) (22.2) 200 181 10.5 6.0 5.7 18.3 17.8 Total sales growth (%) 6.0 4.6 Online penetration (%) 33.7 40.0 Safety (R12, TRIFR) 5.4 5.8 Scope 1 and 2 market-based emissions (ktCO₂e) 27.1 30.8 1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions. 2023 Full-year results | 39#40Officeworks performance overview • Revenue growth of 5.9% to $3,357m . Improved Back to School trading results, including a benefit from NSW back-to-school voucher program - Significant growth in B2B sales. - Above-market sales growth in technology products Growth in demand across stationery, art, office supplies and Print & Create as foot traffic to stores increased Earnings growth of 10.5% to $200m - Targeted investment over recent years in productivity and efficiency programs delivering lower fulfilment and operating costs - Increased investment in everyday low prices and value for customers, including strong growth in private label W Make Bigger Things Happen... Phone12 #Mack Pro Accessories • ROC (R12) of 18.3% Setting up a smart home or office? 2023 Full-year results | 40#41Officeworks progress on strategy Our team Continued focus on the safety, health and wellbeing of our team to deliver our safest year yet Customer experience - Utilising technology to deliver a step-change in NPS1 Continued investment in convenient delivery options to over 3,000 postcodes across Australia - Operational excellence - Transitioned to a new IDC2 in Victoria and on track to deliver new CFC3 in WA in 1H24 Growing our business - - Continued investment in everyday low prices, and expanded ranges in technology and private label products and services Strong growth in B2B and education. Connecting with our communities Reduced emissions by 12% through continued investment in energy efficiency and renewable energy Click& Collect Pick up your order here Wathere for a Tecembe Hove you dencis Hi Ryan, W officeworks Your collection for order 0122236021 is ready Today's collection Collection 1 Antrim Sudent Chair Black HP 9595 Pack B Blood Spill and Vomit Clean-up Upcoming collection Collection 21 22.2022 Collection 3 282022 How does this work? Tell when you coming in so we on or your w When you're here, have your order confirmation or photo identification with you. I'm on my way! 1. Net promoter score. 2. Import distribution centre. 23 3. Customer fulfilment centre. 2023 Full-year results | 41#42Officeworks outlook Well positioned to deliver value for customers during challenging economic conditions . • · • Investing in everyday low prices, widest range (including private label), and easy and engaging customer experiences Joining OnePass in 1H24 to deliver enhanced value for loyal customers Remaining focused on productivity and efficiency programs in stores, supply chain and support centre Driving profitable growth by solving customer missions across work, learn, create and connect: Growing market share in core businesses and expanding into adjacent markets - Continued investment in accelerating growth in B2B (including B2B education) - Network expansion and continued focus on relocating and reflowing stores officeworks PRICE BEAT GUARANTEE WE'LL BEAT IT BY 5% PRICE BEAT GUARANTEE FIND A LOWER PRICED IDENTICAL STOCKED ITEM & WE'LL BEAT IT BY 5% EXCLUDES CASHBACK & STOCK LIQUIDATIONS & COUPON OFFERS COMMERCIAL OTIES & PRICING & STOC PRICE INCLUDING DELIVERY 2023 Full-year results | 42#43Wesfarmers Industrial and Safety Tim Bult Managing Director, Wesfarmers Industrial and Safety coman & Mackwoods Blackwe GetSAFE Mackwoods SAFE Wesfarmers Industrial and Safety Blackwoods NZ Safety Blackwoods WORKWEAR GROUP C coregas#44Industrial and Safety performance summary Year ended 30 June1 ($m) Revenue 2023 2022 Variance % 1,992 1,925 3.5 EBITDA 184 171 7.6 Depreciation and amortisation (80) (75) (6.7) EBIT Interest on lease liabilities EBT EBT margin (%) 104 96 8.3 (4) (4) 100 92 8.7 5.0 4.8 ROC (R12, %) 8.0 7.9 Safety (R12, TRIFR) 3.3 3.5 Scope 1 and 2 market-based emissions (ktCO₂e) 27.2 26.4 1. Refer to slide 64 for relevant definitions. 2023 Full-year results | 44#45Industrial and Safety overview . . Revenue growth of 3.5% to $1,992m - Blackwoods' revenue increased due to growth across major trading regions and from strategic customers in Australia, particularly in mining, utilities and manufacturing, and continued demand in New Zealand - - Workwear Group's revenue increased due to higher demand for corporate, emergency and defence uniforms. Revenues from industrial workwear brands increased, including KingGee and Hard Yakka Coregas' revenues increased due to higher demand from industrial and healthcare customers Revenue growth partially offset by divestment of Greencap consulting business on 1 August 2022 Earnings growth of 8.7% to $100m Blackwoods' earnings were below the prior year, with higher sales offset by the margin impact of inflationary cost pressures and the timing lag in changes to customer contract pricing, continued investment in customer service and digital capabilities (including completing ERP implementation) and costs associated with the impact from domestic supply chain disruptions - Workwear Group's earnings increased on the prior year, supported by higher sales and margins, partially offset by costs associated with the impact from domestic supply chain disruptions in both Australia and New Zealand · Coregas' earnings growth was supported by higher sales, partially offset by higher material, energy and distribution costs Earnings include a modest gain on sale associated with the divestment of Greencap in 1H23 2023 Full-year results | 45#46Industrial and Safety outlook • • • • • Near-term market conditions in Australia and New Zealand are expected to be impacted by ongoing economic pressures, particularly from the continued inflationary cost environment The Industrial and Safety businesses remain focused on delivering continued improvements in performance in this environment - Will continue to actively manage cost inflation, labour availability constraints and product availability pressures Blackwoods is focused on strengthening its customer value proposition and enhancing core operational capabilities, including data and digital Workwear Group remains focused on driving growth in its industrial brands and uniforms business, improving operational excellence and strengthening its digital offer Coregas is expected to benefit from continued strong demand in the healthcare and industrial segments, despite ongoing competitive pressures and rising input and distribution costs ROBERT AUSTRALIA ZOO 2023 Full-year results | 46#47Wesfarmers Health Emily Amos Managing Director, Wesfarmers Health Clear Skincar Wesfarmers Health api priceline pharmacy Clear Skincare isolvon CLUB PREMIUM Pharmacist Advice Soul Pattinson Chemist#48Wesfarmers Health performance summary Year ended 30 June 1,2 ($m) Revenue 2023 2022 5,312 1,240 EBITDA³ Depreciation and amortisation EBIT3,4 Interest on lease liabilities EBT3,4 124 (2) (74) (22) 50 (24) (5) (1) 45 (25) EBT³ (excluding purchase price allocation adjustments) 58 (14) EBT margin (%) (including purchase price allocation adjustments) 0.8 n.m. ROC (R12, %) 4.2 n.r. Safety (R12, TRIFR) 6.6 n.r. Scope 1 and 2 market-based emissions 5 (ktCO2e) 11.6 13.8 1. Refer to slide 64 for relevant definitions. 2. 2022 includes API's results from 31 March 2022 to 30 June 2022. 3. 2022 includes impairments of $21m relating to Priceline company-owned stores, and other non-recurring expenses of $4m relating to the exit from the Consumer Brands manufacturing operations in New Zealand. 4. 2023 includes $13m and 2022 includes $11m of non-cash expenses relating to assets recognised as part of the acquisition of API. 5. 2022 full-year emissions estimated for comparison purposes. 2023 Full-year results | 48#49Wesfarmers Health performance overview • Strong sales in Pharmaceutical Wholesale • • • – Underpinned by increased demand from trading partners and net customer acquisition, elevated demand for COVID-19 anti-viral products and price inflation in some categories Priceline solid sales result Supported by increased sales in both health and beauty as foot traffic to stores normalised following COVID-related restrictions in the prior period Partially offset by moderation in trading conditions in 2H23 as customers responded to cost-of-living pressures Clear Skincare saw increased sales as foot traffic continued to normalise, but with earnings impacted by higher costs to attract and retain clinic employees Divisional earnings also reflect acceleration of transformation activities, and additional costs associated with the transition to the new Sydney FC1 1. Sydney Fulfilment Centre. Previously referred to as the Marsden Park Distribution Centre. SAVE 40% SAVE 40 2023 Full-year results | 49#50Wesfarmers Health progress on strategy Win in wholesale Customer acquisition and retention strategies Investment in unit fulfilment and service Deliver operational excellence Completion of Sydney Fulfilment Centre Commenced development of Brisbane fully-automated fulfilment centre • Reinvigorate the customer proposition Optimise Priceline company store network • Leading health, beauty Optimise price positioning • Private label penetration and exclusive brand agreements and wellness portfolio • • Expand health and wellness Optimise Clear Skincare network locations Acquisition of InstantScripts in July 2023 Proposed acquisition of SILK Laser Australia Increased stake in SiSU to 60% Develop world class digital Growth of Sister Club to 8.35m members - Australia's largest health & beauty loyalty program Launched new Priceline website 2023 Full-year results | 50#51Wesfarmers Health outlook • • . • Wesfarmers Health has a complementary portfolio of health, wellbeing and beauty assets and is well positioned to deliver long-term growth and capitalise on health sector tailwinds Near-term market conditions expected to remain challenging Wesfarmers Health continues to actively manage the impact of cost inflation, including rising labour costs, together with changes to the PBS1, and implications of the recent announcement of 60-day dispensing of PBS medicines Wesfarmers Health remains focused on delivering actions as part of the 'Accelerate' transformation plan: - Investment will continue to strengthen the Priceline offer, expand the franchise store network, reset the wholesale proposition and optimise the supply chain Development of the new fully-automated fulfilment centre in Brisbane will continue, with construction commenced in May 2023 The division continues to pursue logical expansion opportunities across digital health, medical aesthetics and wholesale pharmaceutical Recently completed acquisition of InstantScripts in July 2023 Proposed acquisition of SILK Laser Australia Clear Skincare 1. Pharmaceutical Benefits Scheme. 2023 Full-year results | 51#52Wesfarmers OneDigital Nicole Sheffield Managing Director, Wesfarmers OneDigital 0 OnePois OneDigital OnePass catch 10% >>> NEW TO catch FASHION APP Madhes#53Significant data and digital capabilities Large scale digital reach 2:24 flybuys officeworks Give a gift that means more this Mother's Day Unique and complementary member programs Target catch Driving value through deeper customer connections and operating efficiency 34% % of sales to known customers 56% FY18 FY19 FY20 FY21 FY22 FY23 210m+ Digital interactions / month, 0 ⑥ 酒 (vs 94m in FY19) Rising penetration of OnePass transactions Value to customers through personalisation and benefits 2.1m+ Digital transactions / month, 9.0m+ Active¹ Flybuys members (vs 0.5m in FY19) $1.5b+ In digital spend (capex and opex) since FY19 Greater instore and digital engagement, including strong click and collect rates 3.7m+ Active Sister Club members² $3.1b+ Group online sales 1.1m+ Active1 PowerPass members Digitisation of operations driving operating efficiencies and improving customer experience (vs $0.9b in FY19) 1. Active members represent those with activity in the last 12 months. 2. Sister Club has more than 8.3m total members. 2023 Full-year results | 53#54Catch performance overview • Reported loss of $163m, including restructuring costs of $40m relating to inventory provisions, redundancies and asset write-offs - Disappointing financial performance, impacted by poor range expansion choices and execution challenges 2H23 performance indicates some progress from restructuring activities commenced in December 2022: - - - - Loss reduced from $75m in 1H23 to $48m in 2H23, excluding restructuring costs Exited unprofitable ranges, with c.35% reduction in SKU count in the in-stock business during the half - >50% reduction in inventory balances during the year Improvements in fulfilment efficiency ○ Significant reduction in labour costs per unit 。 Significantly reduced average days to despatch resulting in improved NPS4 Improved marketing spend efficiency Lower employee costs from reduced headcount Continued to invest in building fulfilment capabilities, including 'Fulfilled by Catch' proposition with Kmart Revenue EBITDA Year ended 30 June 1,2 ($m) Var 2023 2022 (%) Gross transaction value 733 989 (25.9) 354 510 (30.6) (133) (58) n.m. EBT3 (163) (88) n.m. Restructuring costs (40) n.m. EBT³ (excluding restructuring costs) (123) (88) n.m. Safety (R12, TRIFR) 4.7 2.1 Scope 1 and 2 market- based emissions (ktCO2e) 2.8 3.0 • Catch is expected to remain loss-making in FY24, with losses continuing to reduce relative to 2H23 1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions. 2. Includes intercompany transactions with OnePass. 3. Includes amortisation expenses of $4m in 2023 and $11m in 2022 relating to assets recognised as part of Wesfarmers' acquisition of Catch. 4. Net promoter score. 2023 Full-year results | 54#55OnePass performance and outlook • • • Significant progress in development of OnePass program with incremental benefits for divisions during the year Value proposition resonating with customers: - Over 70% of accounts linked to multiple retail brands – Higher annual online spend, more than twice as many online transactions per year and higher conversion rates of online baskets vs non-members - Strong retention rate and conversion of free trials Represents an increasing share of retail partners' online transactions, with penetration rising in 2H23 Continued expansion of program benefits: Bunnings Warehouse joined as a retail partner and multi-year strategic partnership signed with Disney+ Instore benefits launched in Kmart and Target OnePass app launched on Android and iOS Outlook 9:41 OnePass Start free 30 day trial Enjoy a range of benefits fro Australia's most loved bran Target C Free standard deliver Enjoy year round free delive thousands of items from participating brands. Exclusive offers Access to exclusive weekly d All-in-one account One easy account and logir our participants brands Sign up, cancel anytim After your 30 day free trial, OnePass is month, or you can save more at $40 Cancel anytime. Start Free 30 Day Trial Learn more | Terms & Conditio Already a member? Activate Onel x . Launching major enhancements to customer value proposition, including Officeworks joining the OnePass program, plus continuous expansion of member features Operating loss associated with investment in and development of OneDigital (excluding Catch) of approximately $70m expected for FY24 9:41 Target catch 9:41 akmart.com.au all m 凸 Stores Wishlist Bog Sign In 川 ch: Cast Iron esults for "Cast Iron" Sort by Relevance a OnePass Welcome to OnePass! oducts eligible for Free delivery Learn more members Bath Mat 12 Spiderman Bath Towel $8.00 was $12 Great to have you on board. OnePass gives you more of what you want, when you want it. With awesome value every step of the way. That's what happens when your favourite brands come together. Out of Stock Online ws) *4.5 (2 reviews) Free Delivery Free delivery Enjoy year round free delivery on all your favourite participating brands. Member benefits Personalised offers and rewards from our participating brands. All-in-one account .com.au BUNNINGS warehouse K Target catch DISNEY+ 2023 Full-year results | 55#56Appendix: Supplementary information One Pass Wesfarmers#57Group management balance sheet ($m)1.2 FY23 1H233 FY223 Inventories 6,039 6,634 6,084 Receivables and prepayments 2,300 2,281 2,364 Trade and other payables (5,268) (5,689) (5,362) Other 252 263 238 Net working capital 3,323 3,489 3,324 Property, plant and equipment 5,365 5,034 4,750 Intangibles 4,692 4,686 4,684 Other assets 1,099 1,710 1,877 Provisions and other liabilities (1,818) (1,738) (1,824) Total capital employed4 12,661 13,181 12,811 Net financial debt (3,984) (4,716) (4,296) Net tax balances Net right-of-use asset / (lease liability) 667 716 575 (1,063) (1,087) (1,109) Total net assets 8,281 8,094 7,981 1. Refer to slide 64 for relevant definitions. 2. Balances reflect the management balance sheet, which is based on different classification and groupings from the balance sheet in the financial statements. 3. Restated to reflect the adjustments to the provisional acquisition accounting for the acquisition of API. 4. Capital employed excludes right-of-use assets and lease liabilities. 2023 Full-year results | 57#58Movements in net financial debt • Movements in net financial debt ($b) 4.3 (4.2) 1.1 2.1 1.2 0.1 (0.7) 4.0 Net financial Operating cash debt flows Lease payments Dividends paid Net capex Proceeds from sale of shares in Coles Other Net financial debt 30 June 2023 30 June 2022 Net financial debt position of $4.0b as at 30 June 2023, compared to the net financial debt position of $4.3b as at 30 June 2022 - Reduction reflects strong operating cash flows and proceeds from the sale of the Group's remaining interest in Coles, which offset continued capital investment and the distribution of $2.1b in fully-franked dividends paid to shareholders during the year Note: Refer to slide 64 for relevant definitions. 2023 Full-year results | 58#59Management of lease portfolio • • . Lease liabilities totalled $6.7b and represented 60% of Group fixed financial obligations as at 30 June 2023 Average remaining committed lease term of 4.1 years3 (FY22: 4.4 years) - - Complemented by strategic extension options to maintain security of tenure - Reflects disciplined management of leases in retail businesses Continued to focus on lease-adjusted return on capital as a key hurdle for divisions Lease liabilities ($m) 2023 2022 Bunnings 3,568 3,692 Kmart Group1 2,341 2,616 WesCEF 61 61 Officeworks 413 345 Industrial and Safety 130 157 Wesfarmers Health 156 199 Catch 53 45 17 8 6,739 7,123 Other² Total lease liabilities Weighted average lease term³ (%) Post AASB 16 0.6 0.3 0.3 0.3 0.4 0.6 6.8 5.3 4.5 3.5 3.0 2.1 32.9 31.3 30.9 28.6 25.5 23.0 59.7 63.1 64.3 67.6 71.1 74.3 FY19 FY20 FY20 ■<5 years 5 to 10 years FY21 10 to 15 years FY22 ■>15 years FY23 1. 2022 has been restated to exclude Catch. 2. Other includes OneDigital excluding Catch. 3. Post-AASB 16 lease tenure calculated as weighted average of undiscounted dollar commitments by year including non-property leases and reasonably certain extension options. Pre-AASB 16 lease tenure calculated as weighted average of undiscounted dollar commitments by year. 2023 Full-year results | 59#60Divisional return on capital Rolling 12 months to 30 June Bunnings 2023 2022 EBT Cap Emp¹ ROC EBT Cap Emp¹ ROC Var ($m) ($m) (%) ($m) ($m) (%) (ppt) 2,230 3,410 65.4 2,204 2,854 77.2 (11.8) Kmart Group² 769 1,635 47.0 505 1,569 32.2 14.8 WesCEF3 Officeworks 669 3,091 21.6 540 2,503 21.6 200 1,092 18.3 181 1,015 17.8 0.5 Industrial and Safety 100 1,257 8.0 92 92 1,166 7.9 0.1 Wesfarmers Health 45 1,078 4.2 n.r. n.r. n.r. n.m. 1. Capital employed excludes right-of-use assets and lease liabilities. 2. 2022 excludes Catch. 3. Return on capital excluding ALM for 2023 is 39.7% and for 2022 is 36.3%. 2023 Full-year results | 60#61Retail store networks As at 30 June 2023 1,782 locations across Australia and New Zealand Brand NSW/ACT VIC QLD SA WA TAS NT NZ Total Bunnings Warehouse 81 64 52 19 29 7 3 30 285 Smaller format 19 14 11 2 12 67 Trade 7 3 6 Tool Kit Depot 1 1 Beaumont Tiles1 33 31 30 19 Total Bunnings 140 113 100 47 3 7 250 7 1 31 14 2 1 116 48 18 10 51 513 Kmart Group Kmart 73 65 49 49 16 33 LO 3 26 270 K hub 14 15 17 5 3 55 Target 34 30 30 12 12 2 124 Total Kmart Group 121 110 96 33 48 9 6 26 449 Officeworks 55 50 32 10 16 2 1 166 Wesfarmers Health Priceline² 19 17 8 Priceline Pharmacy³ 150 84 95 720 11 19 26 Soul Pattinson Chemist4 21 10 1 Pharmacist Advice4 14 6 11 16 Clear Skincare 27 21 19 63 Total Wesfarmers Health 231 138 136 57 71 NIGON 27 272 76 1 390 2 43 5 1 53 14 8 92 12 1 8 654 1. Includes both company-owned and franchise stores. 2. Refers to company-owned stores. 3. Refers to franchise stores. 4. Soul Pattinson Chemist and Pharmacist Advice are banner brands operated by independent pharmacies. 2023 Full-year results | 61#62Revenue reconciliation - Kmart Group Year ended 30 June 1,2 ($m) Segment revenue (Gregorian) Less: Non-sales revenue Headline sales (Gregorian) Add: Gregorian adjustment³ Headline sales revenue (Retail) 2023 2022 10,635 9,129 (64) (68) 10,571 9,061 (33) (47) 10,538 9,014 1. Refer to slide 63 for relevant retail calendars. 2. 2022 results have been restated to exclude Catch. 3. Adjustment to headline sales revenue to reflect retail period end. 2023 Full-year results | 62#63Retail calendars Business Bunnings, Officeworks and Catch FY23 FY22 Retail sales period 1 Jul 2022 to 30 Jun 2023 (12 months) 1 Jul 2021 to 30 Jun 2022 (12 months) 1 Jul 2020 to 30 Jun 2021 (12 months) FY21 Kmart FY23 FY22 FY21 27 Jun 2022 to 25 Jun 2023 (52 weeks) 28 Jun 2021 to 26 Jun 2022 (52 weeks) 29 Jun 2020 to 27 Jun 2021 (52 weeks) Target FY23 FY22 FY21 26 Jun 2022 to 24 Jun 2023 (52 weeks) 27 Jun 2021 to 25 Jun 2022 (52 weeks) 28 Jun 2020 to 26 Jun 2021 (52 weeks) 2023 Full-year results | 63#64Glossary of terms (1 of 2) Term AASB Australian Accounting Standards Board ALM ΑΡΙ B2B Cash realisation ratio CFC cps DC Debt to EBITDA Divisional cash generation EBIT EBITDA EBT GTV IDC Australian Light Minerals. ALM is the company holding WesCEF's 50 per cent share in the Covalent lithium project and is responsible for the sales and marketing of lithium products as well as undertaking exploration activities in existing and adjacent markets Australian Pharmaceutical Industries Ltd Business-to-business Operating cash flows as a percentage of net profit after tax, before depreciation and amortisation Customer fulfilment centre Cents per share Distribution centre Total debt including lease liabilities, net of cash and cash equivalents, divided by EBITDA Divisional operating cash flows before interest, tax, PPE and lease finance payments divided by divisional EBITDA. Includes Catch but excludes OnePass and supporting capabilities Earnings before finance costs and tax Earnings before finance costs, taxes, depreciation and amortisation Earnings before tax Gross transaction value. GTV includes both first-party (in-stock) sales as well as sale of third-party products via a marketplace Import distribution centre 2023 Full-year results | 64#65Glossary of terms (2 of 2) Term kt ktCO2e LNG LPG m n.m. n.r. Net financial debt NPAT ppt R12 ROC (R12) Saudi CP TRIFR Weighted average cost of debt WesCEF Kilotonne Kilotonnes of carbon dioxide equivalent Liquefied natural gas Liquefied petroleum gas Million Not meaningful Not reported Interest-bearing loans and borrowings less cash at bank and on deposit and held in joint operation, net of cross-currency interest rate swaps and interest rate swap contracts. Excludes lease liabilities Net profit after tax Percentage point Rolling 12 month Return on capital. ROC is calculated as EBT / rolling 12 months' capital employed, where capital employed excludes right-of-use assets and liabilities Saudi contract price, the international benchmark indicator for LPG price Total recordable injury frequency rate Weighted average cost of debt based on total gross debt before undrawn facility fees and amortisation of debt establishment costs. Excludes interest on lease liabilities and the balance of lease liabilities Wesfarmers Chemicals, Energy & Fertilisers 2023 Full-year results | 65#66Wesfarmers