#1EXT CIECARE UNIT30 REFO UNIT42 UNIT31 BUNZL 2021 FULL YEAR RESULTS www UNIT43 UNIT44 ENTRE 0 BEN TRUBE 1 UNIT37 DERIL T UNIT48 BUNZL ww HERR *** 1128#2L COLE TAL 60ml Brow 500 Palm leal dinnerware 2021 FULL YEAR RESULTS CTY sed pieces te 94230211 TEL Quality Cups MICHCHCE SITE ROUND PP CUPS ality Cups BEWEIFE SAFE OUND PP CUPS ing NATING ing 0 JUNGHEINRICH SANTOS SMALL INGERTS agrening TIET ALL INSERTS 110 INTRODUCTION Frank van Zanten, Chief Executive Officer X Huhti 285 THE BRAN ORANGENORAY D BUNZL MEN 2#32021 HIGHLIGHTS Continued growth through the pandemic and further strategic progress 2021 FULL YEAR RESULTS Le 7.1% ¹ revenue growth y-o-y; 17.1%¹ growth vs. 2019 102% cash conversion² supportive to 1.6x FY21 net debt/ EBITDA³ position £508m of committed acquisition spend vs £375m 5-year average; strong pipeline 2.8%¹ adjusted operating profit² growth y-o-y; 23.2%¹ growth vs. 2019 5.4% dividend per share increase; 29th year of consecutive growth BUNZL Only 2% of Group revenue generated from consumables that are facing regulation Notes 1. At constant exchange rates 2. Alternative performance measure - see Appendix 1 3. At average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants 3#4CONSISTENT LONG-TERM FOCUS Strong track record of growth guided by a clear purpose and proven strategy We deliver essential business solutions around the world and create long term sustainable value for the benefit of all stakeholders Core values drive our value-added proposition Humility Reliability Responsiveness Transparency Consistent and proven compounding strategy Profitable organic growth Operating model improvements Acquisition growth With sustainability integral to our success Responsible supply chains Investing in a diverse workforce Taking action on climate change Providing tailored alternative solutions 2021 FULL YEAR RESULTS 77 OGJ Customers Colleagues Environment Suppliers Communities Shareholders Agile response to Covid-19 with high levels of demand fulfilled for customers High employee engagement; c.90% have a strong commitment to Bunzl Consolidation model supported c.60% reduction in carbon intensity since 2010 >10,000 strong supplier relationships ensured reliable supply over pandemic >700 ethical audits in Asia in 2021 with remedial actions taken BUNZL Consistent track record; 10% dividend per share CAGR between 1992 and 2021 4#5PACT 2021 FULL YEAR RESULTS MCR SAFETY ULTRATECH FINANCIAL RESULTS Richard Howes, Chief Financial Officer BUNZL 5#6REVENUE GROWTH Good underlying growth, supported by inflation Revenue growth¹ 7.1% Underlying growth vs 2020¹ 3.6% Underlying growth vs 20191 8.5% 2021 FULL YEAR RESULTS £m 11,000 9,000 7,000 5,000 9,599 1 Revenue FY 2020 (0.5%) Revenue growth¹: 7.1% 9,562 Trading days Rebased FY 2020 (6.3%) 9.9% Underlying growth¹: 3.6% Top Covid-19 related products² Base Business ³ 4.0% Acquisitions 10,285 BUNZL Revenue FY 2021 Notes 1. At 2021 constant exchange rates 2. Top 8 Covid-19 related products are masks, sanitisers, disposable gloves, disinfectants, coveralls, disposable wipes, face shields and eye protection. The total revenue from these products declined from c.£2,109m in 2020 to c.£1,511m in 2021, excluding the impact of acquisitions and adjusted for trading days 3. Base business defined as underlying revenue excluding the top 8 Covid-19 related products 6#7INCOME STATEMENT Good profit growth despite expected margin headwinds from revenue mix Adjusted operating profit¹ growth² 2.8% compared to 2019: 23.2% Operating margin¹ movement c.(40)bps Effective tax rate 22.3% 2022 tax rate guidance: c.24% 2021 FULL YEAR RESULTS £m Revenue Adjusted operating profit¹ Operating margin¹ Adjusted profit before income tax¹,3 Effective tax rate¹ Adjusted profit for the year¹ Adjusted earnings per share¹,4 Total dividend per share Statutory Operating profit Profit before income tax³ Basic earnings per share4 2021 10,285.1 752.8 7.3% 698.2 22.3% 542.5 162.5p 57.0p 623.3 568.7 132.7p Notes 1. Alternative performance measure - see Appendix 1 2. At constant exchange 3. Net finance cost in 2021 was £54.6 million and £62.8 million in 2020 4. Weighted average number of shares of 333.8 million in 2021 and 333.8 million in 2020 2020 10,111.1 778.4 7.7% 715.6 23.1% 550.5 164.9p 54.1p 618.5 555.7 128.8p REPORTED GROWTH 1.7% (3.3)% (2.4)% (1.5)% (1.5)% 5.4% BUNZL CONSTANT EXCHANGE 7.1% 2.8% 3.9% 4.9% 4.9% 7#8CASH FLOW Consistently strong cash conversion Cash conversion¹ 102% Average cash conversion¹ since 2004 98% Free cash flow¹ growth4 vs.2019 15% 2021 FULL YEAR RESULTS £m Operating cash flow ¹,3 Net interest (excluding lease liabilities) Income tax paid Free cash flow¹ Dividends paid Net receipts/(payments) relating to employee share schemes Net cash inflow before acquisitions Acquisitions² Net cash (outflow)/inflow Cash conversion¹ Notes 1. Alternative performance measure - see Appendix 1 2. Including acquisition related items 3. Before acquisition related items 4. At actual exchange rates 2021 741.6 (34.8) (181.4) 525.4 (180.4) 19.5 364.5 (452.7) (88.2) 102% 2020 776.8 (41.5) (153.8) 581.5 (171.5) (8.4) 401.6 (387.5) 14.1 103% Cash conversion since 2004 93% 95% 92% 103% 92% 102% 93% 110% 93% 102% 95% 97% 99% 97% 94% 101% BUNZL 103% 102% 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 TARGET 8#9BALANCE SHEET Substantial capacity for continued self-funded acquisitions Net debt: EBITDA ¹,2 1.6x Substantial capacity for self-funded acquisitions with 2.0x-2.5x target leverage FY 21 committed acquisition spend £508m ROIC¹ 15.1% 2021 FULL YEAR RESULTS £m Intangibles Right-of-use assets Property, plant and equipment Working capital¹ Other net liabilities Net pension surplus/(deficit) Net debt excluding lease liabilities¹ Lease liabilities Equity Net debt EBITDA¹ Net debt: EBITDA¹ (covenant basis²) Return on invested capital¹ Return on average operating capital¹ DECEMBER 2021 2,766.8 448.3 120.9 1,027.6 (364.8) 3,998.8 31.2 (1,337.4) (488.7) 2,203.9 1.9x 1.6x 15.1% 43.3% DECEMBER 2020 2,441.9 453.4 122.7 1,021.4 (323.0) 3,716.4 (44.8) (1,255.0) (497.5) 1,919.1 1.8x 1.5x 16.2% 45.4% Net debt: EBITDA¹,2 over the last 10 years 1.8x 1.8x X6 L 2.1x 2.0x 2.3x 2.0x 12 13 14 15 16 17 18 Notes 1. Alternative performance measure - see Appendix 1 2. On a covenant basis - at average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants 1.9x 1.5x 19 20 BUNZL TARGET 1.6x 21 9#10DIVIDEND GROWTH CONTINUES Good dividend growth as dividend cover begins to normalise 29 years of consecutive dividend increases 2021 FULL YEAR RESULTS 4.0 Dividend per share CAGR 10% 57.0 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 BUNZL 10#11FINANCIAL SUMMARY Another strong year that positions Bunzl for continued success 2021 FULL YEAR RESULTS GRENAM WIDERE 7 NESTEBOK www. E sameina a vista pa ***** SANATOA SARE Strength and resilience of diversified business model demonstrated Strong double digit profit growth 2021 vs 2019 - £508 million of committed acquisition spend largely funded by cash generated in 2021 Net debt to EBITDA in a strong position for continued acquisition investment - 29th consecutive year of dividend growth, with 10% CAGR since 1992 BUNZL 11#12BUNZL BUSINESS REVIEW AND OUTLOOK Frank van Zanten, Chief Executive Officer 2021 FULL YEAR RESULTS 12#13DIVERSIFICATION Sector mix transitioning to normalisation Diversification has supported the business over a multi- year period Healthcare, Safety and Cleaning & Hygiene impacted by reduced Covid-19 related sales in 2021 but remain higher than in 2019 Foodservice and Retail made a strong recovery in 2021 DRIVES RESILIENCE 2021 FULL YEAR RESULTS DÍK ☐ Healthcare Safety Cleaning & Hygiene Grocery Ky Other Foodservice Retail 2021 revenue as % of Group total 33% vs 32% in 2019 29% vs 28% in 2019 38% vs 40% in 2019 Underlying revenue 2021 vs. 2019 +10% vs 2019 +10% vs 2019 +6% vs. 2019 Underlying revenue 2021 vs. 2020 (12)% y-o-y Driven by the expected decline in Covid-19 related sales +9% y-o-y +16% y-o-y BUNZL All sectors supported by Covid- 19 related product sales 13#14COVID-19 RELATED SALES Sales reduced as expected but remain substantially higher than 2019 Covid-19 related products decline driven by fewer larger orders Deflation on certain Covid-19 related products impacted H2 margin Covid-19 related orders remain substantially higher than in 2019 2021 FULL YEAR RESULTS Absolute Covid-19 related products¹ revenue £m 1,200 1,000 800 600 400 200 0 H119 H1 20 ■Smaller orders H2 19 H2 20 H1 21 Larger orders H2 21 BUNZL Glove prices stabilised towards the end of 2021 but will impact year-on- year comparison in the first half of 2022 Bunzl's global sourcing capabilities, including Shanghai sourcing office, continues to be a competitive advantage Expect Covid-19 related orders to remain ahead of 2019 levels in 2022 Note 1. Covid-19 related products are the top 8 Covid-19 related products, which are masks, sanitisers, disposable gloves, disinfectants, coveralls, disposable wipes, face shields and eye protection 14#15RECOVERY OF THE BASE BUSINESS Base business recovery supported by inflation through 2021 2021 base business revenue broadly in- line with 2019, driven by inflation and recovery in H2 Foodservice, Grocery and Retail were the drivers of improvement over the year; Safety, Cleaning & Hygiene still impacted 2021 FULL YEAR RESULTS Absolute base business¹ revenue £m 5,000 4,000 3,000 2,000 H1 19 H2 19 H1 20 H2 20 H1 21 H2 21 Recovery led by North America and Latin America BUNZL - Foodservice, Retail and Grocery drove the improvement over the year, strongly supported by inflation Healthcare traded well compared to 2019 Cleaning & Hygiene and Safety impacted by work from home and soft end safety markets Note 1. Base business defined as underlying revenue, which is revenue excluding acquisitions made over the period and adjusted for trading days, excluding the top 8 Covid-19 related products 15#16INFLATION Product cost Inflation managed to date with successful pass-through Inflation strongly supportive to revenue growth, with Covid-19 related inflation in H1 and base business inflation in H2 Operating cost inflation more than offset by revenue growth driven by product cost inflation and efficiency measures Inflation dynamics somewhat supportive to operating margin 2021 FULL YEAR RESULTS Product cost inflation Covid-19 related products Glove prices stabilising; Current prices will impact H1 22 revenue year-on-year Base business Strong inflation in plastics, paper and chemicals Good progress in passing through product price inflation to customers - - With our largest customers, particularly in North America, product price movements often factored into agreements Elsewhere, regular price renegotiations required Inflation remained strong to the end of the year, but some moderate tempering of plastic prices seen in some regions Operating cost inflation Wage inflation particularly strong in North America and UK & Ireland - BUNZL More benign impact in Continental Europe and Asia Pacific Started to stabilise in North America Outbound freight inflation has risen, as has property cost inflation linked to lease expiries Operating efficiency measures in 2021 Group continued to take actions to enhance efficiencies >15 warehouse consolidations UK & Ireland shared service roll-out with a range of new technologies implemented 16#17NORTH AMERICA / CONTINENTAL EUROPE Inflation supported North America; Europe saw growth excluding larger Covid orders £m Revenue Adjusted operating profit¹ Operating margin¹ Return on average operating capital¹ Notes 1. Alternative performance measure - see Appendix 1 2. At constant exchange rates 2021 FULL YEAR RESULTS North America - 2021 6,144.7 401.3 6.5% 42.9% 2020 5,843.8 395.7 6.8% 41.3% REPORTED 5.1% 1.4% CONSTANT EXCHANGE UNDERLYING 12.4% 8.5% 9.2% Strong growth achieved despite the decline in Covid-19 related sales and impact of Covid-19 related deflation on margin Substantial product inflation, particularly in grocery and foodservice, and strong recovery in demand in foodservice and retail - Overall, the base business in the second half traded strongly ahead of 2019 levels Operating cost inflation accelerated through the year but was more than offset by revenue growth attributable to product inflation Overall, revenue in 2021 was 20% higher than in 2019² - Continental Europe 2021 1,972.9 191.8 9.7% 47.3% 2020 2,127.3 238.1 11.2% 59.6% REPORTED (7.3)% (19.4)% BUNZL CONSTANT EXCHANGE UNDERLYING (2.7)% (14.0)% (5.7)% Revenue and profit decline driven by limited larger Covid-19 related orders which strongly benefited the prior year Excluding larger Covid-19 related orders underlying sales grew moderately, supported by inflation and growth in the base business Strong growth in foodservice and non-food retail base businesses, but soft cleaning & hygiene and safety end markets Profit margin reduction reflects the return towards a more normalised revenue mix, driven by the reduction in larger Covid-19 related orders Overall, revenue in 2021 was 12% higher than in 2019² 17#18UK & IRELAND / REST OF THE WORLD Good second half recovery in UK & Ireland; strong growth in Latin America £m Revenue Adjusted operating profit¹ Operating margin¹ Return on average operating capital¹ Notes 1. Alternative performance measure - see Appendix 1 2. At constant exchange rates 2021 FULL YEAR RESULTS UK & Ireland 2021 1,254.2 67.0 5.3% 38.4% 2020 1,287.7 68.6 5.3% 41.4% REPORTED (2.6)% (2.3)% CONSTANT EXCHANGE UNDERLYING (2.4)% (6.2)% (2.2)% Revenue performance driven by the decline in larger Covid-19 related orders which strongly benefited the prior year Excluding larger Covid-19 related orders, good underlying sales growth driven by acceleration of recovery in the second half By Q4 the base business was approaching 2019 levels, supported by inflation Margin impact from reduced Covid-19 related sales offset by reduced net charge in relation to provisions and improvement in the base business; meaningful improvement in operating margin in H2 Overall revenue in 2021 was 1% higher than in 20192, with the second half of the year being 6% higher than in 2019 Rest of the World 2021 913.3 116.5 12.8% 48.9% 2020 852.3 104.2 12.2% 50.9% REPORTED 7.2% 11.8% BUNZL CONSTANT EXCHANGE UNDERLYING 11.0% 18.3% 4.7% Rest of the World delivered very strong growth despite the strength of performance in the prior year Growth driven by Latin America with strength in the base business, which traded very strongly ahead of 2019 levels, and acquisitions Latin America operating margin was impacted by Covid-19 related product deflation in the second half Asia Pacific revenue grew modestly with acquisitions and base business growth offset by a decline in Covid-19 related orders. Operating margin expansion due to strong growth within healthcare and warehouse consolidations Overall revenue in 2021 was 34% higher than in 2019² 18#192021 ACQUISITIONS SNAPSHOT Second highest level of committed spend in Bunzl history Acquisitions in 2021 14 Second highest level of committed spend in Bunzl history, despite pandemic £508m Acquisitions delivering to plan 2021 FULL YEAR RESULTS m McCue ● ● ● McCue Corporation acquired in October 2021 Distributor of safety and asset protection solutions, such as barriers, floor railings and bumpers, for warehouses and high footfall environments +MEDSHOP ● Operates in the US, UK and other international markets Revenue of $90 million (c.£65 million) in 12 months to July 2021 Medshop acquired in September 2021 Online distributor of medical supplies and devices to a diverse range of healthcare customers, predominately in Australia Revenue in 2020 of AUD 22 million (c.£12 million) Intergro Intergro acquired in September 2021 Distributor of agricultural supplies to commercial growers in the Eastern US with a strong own brand portfolio Revenue of $23 million (£17 million) in 2020 W Workwear Express Workwear Express acquired in October 2021 A leading business in personalised workwear and promotional clothing with a strong e-commerce focus, based in the UK Revenue £29 million in 12 months to March 2021 Hydropac Hydropac acquired in November 2021 Distributor of insulated packaging solutions based in the UK Revenue of £7 million in 2020 ● BUNZL TINGLEY Tingley Rubber acquired in December 2021 Distributor of own brand protective safety footwear and apparel in the US Revenue of $68 million (c.£49 million) in 2021 19#20CONTINUED ACQUISITION MOMENTUM Almost £1 billion of committed spend over 2020 and 2021 Acquisitions over 2020 and 2021 22 announced acquisitions with almost £1 billion of committed spend Acquisitions across all Bunzl business areas and weighted to safety, cleaning & hygiene and healthcare sectors Some larger fast growing businesses within the mix 2021 FULL YEAR RESULTS Companies acquired in 2020 and 2021 North America Intergro PAPER & PACKAGING m McCue MCR SAFETY PINNACLE DISTRIBUTION INC. S SNELLING™ 1915 TINGLEY UK & Ireland AK ABCOKOVE POWERFUL PACKAGING SOLUTIONS BODYGUARD WORKWEAR COMAX CATERING CAREI JANITORIAL DeliverNet.co.uk Here to help you care. Workwear Express Continental Europe ARPROSA ARTICULOS DE PROTECCION, SA Disposable Discounter Hydropac ICM P proin pinilla Latin America MEDCORP Qualidade em Produtos Hospitalares Sp EQUIPAMENTOS Australasia HARVEY DISTRIBUTORS CLEANING PRODUCTS & EQUIPMENT BUNZL +MEDSHOP OBEX 20#21ACQUISITIONS A KEY COMPONENT OF HISTORIC SUCCESS Momentum and headroom supportive to future growth Acquisition contribution to revenue growth since 2011 c.2/3 Significant committed spend over 2020 and 2021 c.£1 billion Active pipeline Leverage and annual cash generation provides significant headroom for further investment 2021 FULL YEAR RESULTS Average components of revenue growth over last 10 years 4.6% 2.5% Average growth over last 10 years ■Organic growth Acquisitions Committed acquisition spend over the last 10 years (£m) 616 Average £317m Oh BUNZL 445 508 21#22GROUP PACKAGING SNAPSHOT Strong position to continue to support customers with the transition £0.2bn (2%) Consumables facing regulation £0.8bn (8%) Consumables likely to transition £0.7bn (6%) Packaging with an important purpose £1.8bn (18%) Packaging and products made from alternative materials 2021 FULL YEAR RESULTS £6.8bn (66%) Non-packaging products Group revenue 2021 £10.3bn - BUNZL Only 2% of revenue generated by consumables facing regulation - 84% of Group revenue attributable to non-packaging products or packaging products made from alternative materials that are well suited to a circular economy - 2021 picture is broadly consistent with 2019, supported by inflation Notes - Covid caused a move back to single use plastics for hygiene reasons which is expected to be temporary Growth in packaging made from alternative products in 2021 due to customers transitioning, regulatory changes and shortages of plastic products Packaging refers to packaging and other products within the foodservice, grocery and retail sectors which are facing legislation or consumer pressure We have continued to exercise our judgement to allocate the sales in 2021 to non-packaging products and the four packaging categories shown See appendix 5 for explanations of packaging categorisations 22#23HOW WE ARE SUPPORTING CUSTOMERS Proactively supporting our customers with new legislation and targets - Helping customers meet their plastics ambitions In 2020, Empire, Canada's second largest grocery retailer, and parent company of Sobeys, Safeway, IGA, Foodland, Fresh Co and many other food retail brands in Canada became the first national grocer in Canada to replace single use plastic shopping bags with reusable and paper bags across their banners Today Bunzl's multiple supplier relationships are a strong advantage in offering a complete solution to replace more than 800 million plastic bags annually Bunzl's inventory management provided further reassurance around product availability during launch In order to manage costs within the category we identified cost saving opportunities - Implementation of an upgraded digital platform for all their one-stop-shop needs 2021 FULL YEAR RESULTS Sobeys OFFICIAL GROCER FEED THE DREAM Sobey OFFICIAL GRO Providing value-added advice ahead of UK plastics and waste tax changes In 2022 the UK is introducing a plastic tax on products that have less than 30% recycled content - - BUNZL We have been proactively assessing our customer's portfolios utilising our proprietary technology to assess the potential financial impact to them We are supporting ways to mitigate these costs through potential changes to products 128174-02 23#24PROGRESS AGAINST OUR SUSTAINABILITY COMMITMENTS Tailored solutions for a better world Better packaging solutions Today: We are committed to supporting our customers to remove, replace and reduce single use plastics In 2021: ● 2% of Group revenues relate to consumables facing regulation 84% of Group revenue attributable to non-packaging products or packaging¹ products made from alternative materials Tomorrow: Significantly increase the amount of recyclable, compostable or reusable packaging supplied to our customers Responsible supply chain Today: Our supply chain in Asia is covered by direct auditing and assurance practices² In 2021: ● ● 754 audits in Asia 10 suppliers terminated Tomorrow: Expanding our programme to ensure 90% of our spend in high- risk markets is sourced from assessed and compliant suppliers Investing in our people Today: We are focused on engagement and diverse leadership succession In 2021: ● Initiatives have driven a strong improvement in the UK & Ireland, with women comprising 22% of senior leader roles vs. 13% in 2019 Encouraging retention levels despite labour market tightness Tomorrow: Expanding our diversity programmes to encourage leaders from a more diverse pool of talent Notes 1. Packaging refers to packaging and other products within the foodservice, grocery and retail sectors which are facing legislation or consumer pressure 2. Asia is the most significant market by spend within regions that are classified as high risk 3. Scope 1 and 2 emissions 4. Scope 1, 2 and 3 emissions 2021 FULL YEAR RESULTS Focus on Climate Change Today: Our consolidation model supports carbon efficiency In 2021: ● 12% reduction in carbon intensity³ Joined the Race to Zero BUNZL Tomorrow: 50% more efficient by 20303 (compared to 2019 baseline) and net zero by 2050, inclusive of scope 3, at the latest4 24#25STRENGTH THROUGH THE PANDEMIC Pandemic has highlighted the strength of Bunzl's business model and strategy Financial performance 2021 vs. 2019 ● ● ● ● Revenue +17% higher¹, with underlying revenue² +9% higher¹ Adjusted operating profit³ +23% higher¹ Mix of sector and product revenue provided resilience through the period Average of 102% cash conversion; Free Cash Flow +15% higher at actual exchange rates Two further years of consecutive dividend per share growth Continued strategic progress Almost £1bn of committed acquisition spend over 2020 and 2021 ● ● ● Percentage of digital orders increased from 62% in 2019 to 67% in 2021 84% of Group revenues in 2021 generated by non-packaging products and packaging4 products made from alternative materials Strength of employee engagement with having a strong commitment to Bunzl Launch of sustainability commitments, including net zero carbon ambition Attractive outlook ● Exited 2021 with net debt: EBITDA3,5 of 1.6x compared to target level of 2.0-2.5x Active acquisition pipeline Continued support of Covid-19 related products through transitionary period BUNZL Longer-term attractive sector exposure Notes 1. At constant exchange rates 2. Underlying revenue is a measure of revenue over comparative periods at constant exchange rates, excluding the incremental impact of acquisitions and disposals and adjusted for differences in trading days between years 3. Alternative performance measure - see Appendix 1 4. Packaging refers to packaging and other products within the foodservice, grocery and retail sectors which are facing legislation or consumer pressure 5. At average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants 2021 FULL YEAR RESULTS 25#26CAMBRO amwees 2022 OUTLOOK Guidance upgraded compared to pre-close statement 2021 FULL YEAR RESULTS 8859 BUNZL Expect moderate revenue growth¹ in 2022, driven by the impact of acquisitions completed in the last 12 months and supported by a slight increase in organic revenue - Continued recovery of the base business expected to be offset by the further normalisation of sales of Covid-19 related products, albeit these are expected to remain ahead of 2019 levels - Inflation support in plastics, paper and chemical products and the year- on-year impact of deflation on certain Covid-19 related products expected to remain dynamics within our performance We also expect Group operating margin² in 2022 to be slightly higher than historical levels, as the mix of sector and product sales continues to transition to more typical levels for the Group Notes 1. At constant exchange 2. Alternative performance measure - see Appendix 1 26#27CONSISTENT AND PROVEN COMPOUNDING STRATEGY Strong total shareholder returns Organic growth Operational efficiencies Strong returns and cash generation Acquisitions Dividend 2021 FULL YEAR RESULTS - Driven by economic activity Bunzl's drivers include exposure to growing sectors, winning new customers, own brand mix and sustainable products Proactive operational efficiency initiatives - Includes warehouse consolidations, improved IT and digital solutions and route planning software that drives efficiencies - 183 acquisitions since 2004 Attractive pipeline for acquisitions with long runway for growth Commitment to sustainable annual dividend growth Proven track record +9% revenue CAGR since 2004 2.5% organic revenue growth (average 2004-2021) 98% average cash conversion since 2004 £4.4bn invested in new acquisitions since 2004 29 years of annual dividend growth ROIC well ahead of WACC Adjusted EPS¹ (p) 31.7 CAGR 10% Dividend per Share (p) 13.3 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 CAGR 9% BUNZL 162.5 Note: 1. Alternative performance measure 57.0 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 27#28Q&A Proven compounding growth strategy CAGR c.9-10% Note: 1. Alternative performance measure 2021 FULL YEAR RESULTS Revenue (£bn) 2.4 Adjusted EPS¹ (p) CAGR 9% 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 31.7 10.3 CAGR 10% 162.5 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Adjusted operating profit¹ (£m) 169 CAGR 9% 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Dividend per Share (p) 13.3 753 CAGR 9% 57.0 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 BUNZL 28#292021 FULL YEAR RESULTS P 49 6 RAL 2/2 Appendices#30APPENDIX 1 Alternative performance measures BUNZL This presentation includes various performance measures defined under International Financial Reporting Standards (IFRS') as well as a number of alternative performance measures. The principal alternative performance measures used in this presentation are: Underlying revenue growth - Revenue excluding the incremental impact of acquisitions and disposals compared to revenue in prior years at constant exchange and adjusted for differences in trading days between years Adjusted operating profit - Operating profit before customer relationships and brands amortisation, acquisition related items, non-recurring pension scheme charges and profit or loss on disposal of businesses Operating margin - Adjusted operating profit as a percentage of revenue Adjusted profit before income tax - Profit before income tax, customer relationships and brands amortisation, acquisition related items, non-recurring pension scheme charges and profit or loss on disposal of businesses Adjusted profit for the period - Profit for the year before customer relationships and brands amortisation, acquisition related items, non-recurring pension scheme charges, profit or loss on disposal of businesses and the associated tax Effective tax rate - Tax on adjusted profit before income tax as a percentage of adjusted profit before income tax Adjusted earnings per share - Adjusted profit for the year divided by the weighted average number of ordinary shares in issue Adjusted diluted earnings per share - Adjusted profit for the year divided by the diluted weighted average number of ordinary shares Operating cash flow - Cash generated from operations before acquisition related items after deducting purchases of property, plant and equipment and software and adding back the proceeds from the sale of property, plant and equipment and software and deducting the payment of lease liabilities Free cash flow - Operating cash flow after deducting payments for income tax and net interest excluding interest on lease liabilities Lease adjusted operating profit - Adjusted operating profit after adding back the depreciation of right-of-use assets and deducting the payment of lease liabilities Cash conversion - Operating cash flow as a percentage of lease adjusted operating profit Working capital - Inventories and trade and other receivables less trade and other payables, excluding non-operating related receivables, non-operating related payables (including those relating to acquisition payments) and dividends payable Return on average operating capital - The ratio of adjusted operating profit to the average of the month end operating capital employed (being property, plant and equipment, right-of-use assets, software, inventories and trade and other receivables less trade and other payables) Return on invested capital - The ratio of adjusted operating profit to the average of the month end invested capital (being equity after adding back net debt, lease liabilities, net defined benefit pension scheme liabilities, cumulative customer relationships and brands amortisation, acquisition related items and amounts written off goodwill, net of the associated tax) EBITDA - Adjusted operating profit on a historical GAAP basis, before depreciation of property, plant and equipment and software amortisation and after adjustments as permitted by the Group's debt covenants, principally to exclude share option charges and to annualise for the effect of acquisitions and disposal of businesses Net debt excluding lease liabilities - Net debt excluding the carrying value of lease liabilities Constant exchange rates - Growth rates at constant exchange rates are calculated by retranslating the results for prior years at the average rates for the year ended 31 December 2021 so that they can be compared without the distorting impact of changes caused by foreign exchange translation 2021 FULL YEAR RESULTS 30#31APPENDIX 2 Statutory P&L £m Revenue Adjusted operating profit¹ Operating margin¹ Adjusting items Operating profit Net finance expense Profit before income tax Reported tax rate Profit for the year Basic earnings per share Notes 1. Alternative performance measure - see Appendix 1 2021 FULL YEAR RESULTS 2021 10,285.1 752.8 7.3% (129.5) 623.3 (54.6) 568.7 22.1% 442.8 132.7 BUNZL 2020 10,111.1 778.4 7.7% (159.9) 618.5 (62.8) 555.7 22.6% 430.0 128.8p 31#32APPENDIX 3 Acquisition growth 183 acquisitions £375m Average annual spend in last 5 years¹ Number of acquisitions Committed acquisition spend (£m) Annualised acquisition revenue (£m) Notes: 1. Average annual spend for the five years over 2017 - 2021 2021 FULL YEAR RESULTS 04 05 7 7 302 06 9 07 8 08 7 129 162 197 123 09 10 2 6 9 126 11 12 13 10 13 11 14 15 16 17 22 14 185 277 295 211 327 184 430 270 386 225 151 27 154 204 518 281 223 324 201 17 15 616 621 18 6 183 148 BUNZL 19 20 21 3 9 14 124 445 508 97 602 322 32#33APPENDIX 4 Revenue by customer markets in 2021 Safety Personal protection and safety equipment, including gloves, boots, hard hats, ear and eye protection and other workwear, as well as cleaning and hygiene supplies and asset protection products to industrial, construction and ecommerce sectors Cleaning & hygiene Cleaning and hygiene materials, including chemicals and hygiene paper, to cleaning and facilities management companies and industrial and public sector customers Healthcare Healthcare consumables, including gloves, masks, swabs, gowns, bandages and other healthcare related equipment, as well as cleaning and hygiene products and healthcare devices to hospitals, care homes and other facilities serving the healthcare sector Retail Goods-not-for-resale, including packaging and other store supplies and a full range of cleaning and hygiene products, to retail chains, boutiques, department stores, home improvement chains, office supply companies and related e-commerce sales channels 2021 FULL YEAR RESULTS 15% 10% +8% 10% Group revenue 2021 £10.3bn 28% 26% Ky 3% BUNZL Foodservice Non-food consumables, including food packaging, disposable tableware, guest amenities, catering equipment, agricultural supplies, cleaning and hygiene products and safety items, to hotels, restaurants, contract caterers, food processors, commercial growers and the leisure sector Grocery Goods-not-for-resale, including food packaging, films, labels, cleaning and hygiene supplies and personal protection equipment to grocery stores, supermarkets and convenience stores Other A variety of product ranges to other end user markets 33#34APPENDIX 5 Packaging categorisations N 2021 FULL YEAR RESULTS Packaging categories 1. Consumable products facing regulation 2. Consumable products likely to transition to alternative materials 3. Packaging with an important purpose 4. Packaging and products made from alternative materials BUNZL Description Plastic products most commonly being addressed by legislation in our markets Plastic products that have measures in place (driven by legislation or voluntarily applied by some brands) to control their usage, for example a charge for using plastic bags Plastic products where alternatives do not currently exist at scale or where careless substitution of plastic could lead to significant negative, unintended consequences such as increased food waste Products that are widely recyclable or compostable (in line with national guidance), made from a renewable resource, for example palm leaf or sugar cane, or reusable products like 'bags for life' or refillable coffee cups 34#35DISCLAIMER BUNZL This document has been prepared by Bunzl plc (the 'Company') solely for use at the presentation of the Company's results announcement in respect of the period ended 31 December 2021. For the purposes of this disclaimer, "Presentation" shall mean this document, the oral presentation of the slides by the Company and related question-and-answer session and any materials distributed at, or in connection with, that presentation. The Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on or in connection with, any contract or commitment or investment decision whatsoever. The Presentation contains forward-looking statements. They are subject to risks and uncertainties that might cause actual results and outcomes to differ materially from the expectations expressed in them. You are cautioned not to place undue reliance on such forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to revise or update any such forward-looking statements. Nothing in the Presentation shall be construed as a profit forecast. The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the Presentation and are subject to change without notice. The Company is not under any obligation to update or keep current the information contained herein. None of the Company, its shareholders, its advisors nor any other person shall have any liability whatsoever, to the fullest extent permitted by law, for any loss arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation. 2021 FULL YEAR RESULTS 35