#13 May 2023 NZX/ASX Code: EBO Macquarie Australia Conference Presentation EBOS GROUP LIMITED Please see attached a copy of a presentation to be delivered at the Macquarie Australia Conference today. For further information please contact: Martin Krauskopf Executive General Manager, Strategy and M&A +61 3 9918 5555 Authorised for lodgement with NZX and ASX by Janelle Cain, General Counsel, EBOS Group Limited. About EBOS Group EBOS Group Limited NZBN 9429031998840 (NZX/ASX Code: EBO) is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. It is also a leading Australasian animal care brand owner, product marketer and distributor. EBOS Group Limited. NZBN 9429031998840 108 Wrights Road, Addington, Christchurch, New Zealand, 8024 Level 7, 737 Bourke Street, Docklands, Victoria, Australia, 3008 Phone: +61 3 9918 5555, Fax: +61 3 9918 5588. www.ebosgroup.com#2EBOS GROUP LIMITED INVESTOR PRESENTATION MACQUARIE AUSTRALIA CONFERENCE 3 May 2023 NOUREX HEALTH LTH HEALTH HEALTH HEALTH Blackhawk ORIGINAL ADULT CHICKEN & RICE 22 12#3DISCLAIMER The information in this presentation was prepared by EBOS Group Limited ("EBOS" or the "Group") with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and, to the extent permitted by law, no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither EBOS nor any of its subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may contain forward-looking statements and projections. These reflect EBOS' current expectations, based on what it thinks are reasonable assumptions. To the extent permitted by law, EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy EBOS securities and may not be relied upon in connection with any purchase of EBOS securities. This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA, EBITDA, NPAT, Underlying EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, Net Debt, Underlying Net Debt and Return on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS' calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS' business, readers are cautioned not to place undue reliance on these non-GAAP financial measures. The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the year ended 30 June 2022 and the consolidated financial statements for the half year ended 31 December 2022. All currency amounts are in Australian dollars unless stated otherwise. All amounts are presented inclusive of IFRS16 Leases, except for periods FY19 and prior, unless stated otherwise. Underlying results exclude the impact of one-off items. 2 EBOS GROUP LIMITED#4CEO THE GROUP OVERVIEW Tmi S GROUP LTD en avter 181422- DETRET DC1001- DF18D1 Ansell Ansell opax Edmont HyFlex Angell Ansell Edmont Ansell Edmont HyFlex 01 Prop LENN EBOS GROUP LIMITED#5EBOS SNAPSHOT EBOS Group is a leading diversified Healthcare and Animal Care group Snapshot: ~NZ$9bn market capitalisation Ranked ~5th ~65th on NZX / ASX1 $10.7bn FY22 revenue $437m FY22 Underlying EBITDA ~5,000 employees² 109 locations across ANZ and SEA² Businesses: Animal Care Healthcare Community Pharmacy (incl. TerryWhite Chemmart) Institutional Healthcare 调 Contract Logistics Pet Brands Vet Wholesale Pet Retail Segments³: Animal Care 13% Geographies³: NZ and other 20% Notes: 1. Market capitalisation as at 31 March 2023. 2. As at 30 June 2022. 3. Sector split based on FY22 GOR and geography split based on FY22 Revenue. Healthcare 87% Australia 80% EBOS GROUP LIMITED#6Share price NZ$ INDEX INCLUSION Over the last 3 years EBOS has grown significantly and is now included in key indices in Australia, New Zealand and globally 50.00 ASX All Ords 45.00 40.00 35.00 30.00 25.00 20.00 NZX10 MSCI World ASX300 15.00 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Market cap (NZ$) ~$3.6bn ~$8.9bn Average daily value¹ increased ~3x over this period 5 Source: Factset. Share price shown to 31 March 2023. 1. Average daily value traded calculated over the preceding 6 month period as at 31 March 2020 and 31 March 2023. EBOS GROUP LIMITED#7INVESTMENT THEMES EBOS has had a strong track record of growth, yield and shareholder returns 080 Defensive growth sectors Scale and leading positions Diversified group Proven value creation strategy Multiple growth drivers Strong financial track record EBOS GROUP LIMITED#8OUR TRANS-TASMAN HISTORY EBOS' history stretches back 100+ years in New Zealand and 175+ years in Australia 2007 1922 1960 Early Brothers Trading Co. is Early Bros Dental & founded Surgical Supplies is listed on NZX EBOS acquires Pharmacy Retailing New Zealand 2011 EBOS expands into Animal Care through the acquisition of pet brands business, Masterpet 2013 EBOS acquires Symbion and lists on the ASX 2022 EBOS expands in medical devices through the acquisition of Life Healthcare R New Zealand Australia 7 1845 Francis Hardy Faulding opened his first pharmacy in Adelaide, South Australia 2005 Symbion is formed via the demerger of Mayne Group into Mayne Pharma and Symbion 2011 Symbion expands into Animal Care through the acquisition of veterinary wholesaler, Lyppard 2021 EBOS releases its inaugural Sustainability Report 2022 EBOS officially opens its new pet food manufacturing facility in Parkes, NSW EBOS GROUP LIMITED#9A DIVERSE GROUP EBOS is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. It is also a leading marketer and distributor of recognised animal care brands Healthcare Animal Care Community Pharmacy Institutional Healthcare Contract Logistics Pharmacy Wholesale Medical Technology Contract Logistics Pet Brands Primary businesses TerryWhite Chemmart Hospital Medicines Wholesale Vet Wholesale Other Pharmacy Management Brands Medical Consumables Distribution Hospital Pharmacy Management Pet Retail GOR contribution¹ 42% GOR CAGR² 11% 22% 8 Notes: 1. H1 FY23 GOR. 2. GOR CAGR represents FY19-FY22. 37% 24% 10% 12% 12% EBOS GROUP LIMITED#10VALUE CREATION STRATEGY Our businesses generate organic growth and significant cash flow, which funds our strategy of investing for growth, as well as dividends for shareholders 9 ORGANIC GROWTH AND DISCIPLINED CASH FLOW INVESTING FOR GROWTH MANAGEMENT DIVIDENDS MAXIMISING OPPORTUNITIES FROM OUR LEADING BUSINESSES GROWTH CAPEX AND ACQUISITIONS ~70% PAYOUT RATIO1 (IMPUTED / FRANKED) ~10.8% EPS CAGR² ~2-3% DPS YIELD³ Notes: 1. ~70% average payout ratio over FY14 to FY22. Dividend imputed to 25% in New Zealand and dividend fully franked in Australia. 2. EPS CAGR is underlying and is measured over FY14-FY22. 3. DPS yield calculated as reported DPS divided by average LTM share price as at 31 December 2022; represents broad average depending on share price fluctuations. EBOS GROUP LIMITED#11MULTIPLE GROWTH DRIVERS EBOS leverages multiple growth drivers across its businesses Key growth businesses 10 Pharmacy Wholesale Terry White Chemmart Key growth drivers Organic growth Medical Consumables Medical Technology Distribution Distribution Investing for growth Contract Logistics Pet Brands Industry growth Industry Capex in share growth operational infrastructure M&A Total growth EBOS GROUP LIMITED#1211 STRATEGIC ACQUISITIONS Acquisitions diversify and grow our earnings and are value accretive to shareholders ~20 acquisitions since 2014 PHARMACY WAREHOUSE red seal. 1 HPS TerryWhite Chemmart. Warner & Webster Medical & Surgical Supplies Ventura Health Acquisition strategy Targets: established, profitable, well managed and growing businesses Size: bolt-on through to larger opportunities Geography: Australia, New Zealand and increasingly Southeast Asia Disciplined adherence to investment criteria Animal Care Healthcare LifeHealthcare Cry med pioneer med Aesthetics Key focus areas SENTRY MEDICAL MDSOLUTIONS Imt Outcomes Elevated BlackHawk therapon Every ingredient matters CH2 VET Notes: 1. EBOS has a 44% interest in the management company of Good Price Pharmacy Warehouse. Medical consumables Medical technology distribution distribution Animal Care brands EBOS GROUP LIMITED#13STRONG FINANCIAL TRACK RECORD EBOS has delivered consistent financial performance through the cycle Underlying EBITDA1: (A$m) 13.5% CAGR² Underlying EPS1: (A$ cents per share) 10.8% CAGR² 437 129 115 336 367 159 182 208 228 250 262 289 86 90 94 101 77 66 57 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1 Return on capital employed: (ROCE, %) 12 75 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1 FY23 FY23 DPS: 15% target 16.7% 17.1% 16.3% 15.9% 18.0% 18.6% 17.1% 14.6% 14.4% 12.9% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1 FY233 (NZ$ cents per share) 11.2% CAGR² 59 63 69 41 47 ~70% avg. payout 96 89 22 72 78 53 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1 FY23 Total shareholder returns4: 15% 1 year 123% 3 year 560% 10 year Notes: 1. Underlying earnings exclude the impact of one-off items. 2. CAGR calculation is inclusive of FY14-FY22. 3. ROCE for H1 FY23 incorporates the $1,167m acquisition of LifeHealthcare. 4. Total shareholder return calculated as at 31 March 2023 and includes dividends. EBOS GROUP LIMITED#14H1 FY23 SUMMARY RESULTS EBOS achieved another record half year result, driven by organic growth and contribution from acquisitions $m Revenue EBITDA EBIT NPAT EPS (cents) DPS (NZ cents) EBITDA margin ROCE (%) Net debt EBITDA (x) Underlying¹ 6,145.7 289.2 239.5 141.6 74.5 4.71% 14.4% 1.76x Var Statutory 17.0% 6,145.7 Var² 17.0% 39.3% 289.2 44.7% 41.6% 226.0 ^ 40.1% 29.6% 132.2 Δ 29.8% 12.0% 69.6 13.3% 53.0 12.8% ববববব বচ 76bp (3.8%) 0.18x2 Substantial Strong organic earnings growth contribution from FY22 acquisitions Double-digit EPS growth Gearing reduced and within target range Increased dividends to shareholders 13 Notes: 1. Underlying earnings for the 31 December 2022 period exclude the amortisation (non-cash) expense attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible assets ($13.5m pre tax, $9.4m post tax). Underlying earnings for the 31 December 2021 period exclude transaction costs incurred on M&A ($7.8m pre tax, $7.4m post tax). 2. Comparisons shown to prior corresponding period with exception of Net Debt: EBITDA, which is compared to June 2022. ROCE in-line with expectations after LifeHealthcare acquisition EBOS GROUP LIMITED#15MARGIN PRESERVATION IN INFLATIONARY ENVIRONMENT EBOS successfully preserved and increased margins during the recent inflationary period Group Underlying EBITDA margin by half year period 14 4.0% 4.0% 4.0% 3.8% 3.8% 4.2% 4.7% H1 FY20 H2 FY20 H1 FY21 H2 FY21 H1 FY22 H2 FY22 H1 FY23 Commentary Key cost line items are cost of goods sold, labour, freight and rent We experienced increases in these key cost items to varying degrees across our businesses due to the effects of inflation Each business implemented various strategies to mitigate these increases and preserve margins The Group benefitted from operating leverage and acquisitions of higher growth, higher margin businesses In H1 FY23, EBITDA margins were steady in the core business and expanded through acquisitions EBOS GROUP LIMITED#16SUSTAINABILITY SNAPSHOT Our five pillars Our key initiatives 15 Health & Animal Care Partners Consumers & Patients Community & Environment Our People Ethical Sourcing Our new Ethical Sourcing Strategy aims to engage suppliers that are aligned to EBOS' corporate values. The strategy is supported by a Supplier Code of Conduct and Ethical Sourcing Policy which outline specific supplier requirements on child labour, employee payments, anti-discrimination and harassment. Environmental Stewardship Solar Array - Phase One of this important initiative includes a roof-mounted array at our pet food manufacturing facility at Parkes, NSW. Phase One installation is on target for completion in 2023. Safety, Diversity and Inclusion Reflects our vision to create an environment that is safe, inclusive and is reflective of the communities in which we operate. Responsible Business Carbon Neutrality pathway - New Zealand and Australia FY23 FY27 Carbon neutral for Scope 1 emissions Carbon neutral for Scopes 1 and 2 emissions FY28 Carbon neutral for Scopes 1, 2 and 3 building emissions Sustainable Packaging Commencing 2025 or earlier, we plan to convert all packaging for our grocery brands into reusable, recyclable, or compostable materials. New Zealand XRB Climate-Related Disclosures We are preparing for the Government mandate of climate-related financial disclosures to ensure will meet the required disclosure requirements by August 2024. EBOS GROUP LIMITED#1716 DIVISION UPDATE 02 EBOS GROUP LIMITED#18INDUSTRY TRENDS - HEALTHCARE The growing and ageing population continues to provide a structural tailwind Projected Australian population by age (m)1 Prescription drug usage by age (years)² 38.7 54% 35.6 32.2 8.8 7.7 28.7 Over 65 age group growing at ~2x the rate of under 65 36% 10% 25.7 6.8 0-34 35-64 65+ 5.6 4.3 29.9 27.9 25.4 23.1 21.4 2021 2031 2041 2051 2061 Under 65 Over 65 Hospital admission by age (years)³ 43% 37% 20% 0-34 35-64 65+ 17 Notes: 1. Sourced from 2021 Intergenerational Report (Australia). 2. Sourced from Australian Institute of Health and Welfare, Medicines in the health system for 2020 - 21. 3. Sourced from Australian Institute of Health and Welfare, Admitted patient care data for 2020-21. EBOS GROUP LIMITED#19INDUSTRY TRENDS - ANIMAL CARE The industry has seen considerable growth, driven by increased pet ownership, humanisation of pets and product premiumisation Pet population in Australia has grown (millions) 11.7 +32% 8.9 5.3 +42% 3.8 5.1 Proportion of pet owning households has increased 61% 6.4 +25% 2019 2022 ■# of dogs # of cats 18 Source: Animal Medicines Australia 69% 2019 2022 EBOS GROUP LIMITED#20COMMUNITY PHARMACY WHOLESALE Business description: • Leading pharmaceutical wholesaler in Australia and New Zealand 40%+ share in Australian ethical wholesaling segment¹ and 50%+ in New Zealand Best-in-class distribution network across Australia and New Zealand Services 3,800+ pharmacies, including Chemist Warehouse and Terry White Chemmart, among Australia's largest and leading pharmacy networks H1 FY23 performance (all of Community Pharmacy²): 19 Drivers and dynamics: 1 Alignment to large and fast growing pharmacy brands and banner groups driving above-market growth 2 Strong service levels and competitive dynamics provided opportunity for share wins over last ~12-18 months 3 Continual investment in distribution network to optimise productivity +18.4% +17.2% 3,800+ 4 Growth of new high value specialty medicines Revenue growth³ GOR growth³ Pharmacy customers Notes: 1. Based on PBS ethical products and excludes directs. 2. Reflects H1 FY23 results for the entire Community Pharmacy division (including TerryWhite Chemmart). 3. Growth vs. prior corresponding period. EBOS GROUP LIMITED#21TERRYWHITE CHEMMART Business description: One of Australia's leading community pharmacy networks Drivers and dynamics: TerryWhite Chemmart. Dedicated to Care • Focus on health advice and differentiated service 1 Ongoing expansion of the TWC network • EBOS is the franchisor and wholesaler to the TWC network TWC store network 1,2: 100+ 60 20 L 540+ stores 2 Launch of Care Clinics across the network for increased scope of patient services (vaccinations and other) +15.8% Continued investment in marketing and technology 120+ H1 FY23 LFL sales growth³ 3 (myTWC App, e-commerce) to deliver strong brand recognition and customer engagement 95+ 135+ +130 4 Best-in-class support and training for pharmacists and superior back office systems 20+ Stores added over last 4 years Notes: 1. Store numbers as at 31 December 2022. 2. TerryWhite Chemmart results reported within the Community Pharmacy division. 3. Growth vs. prior corresponding period. EBOS GROUP LIMITED#22INSTITUTIONAL HEALTHCARE (EX. MEDICAL TECHNOLOGY) Business description: • A leading distributor and wholesaler of hospital medicines and medical consumables Drivers and dynamics: • 1 Exposure to specialty medicines, a higher growth market Trusted, long-term partner to hospitals, primary care and aged care Broad third-party product offering and growing own branded medical consumables offering Superior scale and efficiencies from ability to utilise pharmacy distribution network 2 Increase presence of own branded consumables Substantial historic growth complemented by bolt-on acquisitions 3 Expansion of facilities to support growth H1 FY23 performance (all of Institutional Healthcare¹): +19.4% +81.3% 560bp 4 Continued focus area for acquisition strategy given fragmented market Revenue growth³ GOR growth³ GOR margin growth³ 21 Notes: 1. Reflects H1 FY23 results for all of Institutional Healthcare division (including Medical Technology). 3. Growth vs. prior corresponding period. EBOS GROUP LIMITED#23MEDICAL TECHNOLOGY Business description: A leading independent distributor of medical devices, consumables and equipment in Asia Pacific with significant presence in several therapeutic areas Operations in Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Hong Kong, Philippines and Vietnam Manufacturer and distributor of allograft tissue products in Australia and New Zealand for use in a variety of surgical procedures Drivers and dynamics: 1 Reinforcing scale and leading positions in key therapeutic channels across the region 2 Pent-up demand for surgeries post COVID-19 disruptions Diverse and long tenured partnerships with major global OEMs and mid-sized innovators • Highly experienced sales team who typically have significant medical experience 3 Fragmented markets both in ANZ and Southeast Asia provide bolt-on acquisition opportunities Key therapeutic focus areas: 22 SPINE ORTHOPAEDICS CARDIOLOGY CEREBROVASCULAR AESTHETICS ALLOGRAFTS 4 Continued investment in allograft manufacturing capability and new product development OPTHALMOLOGY NUCLEAR THERAPY BLOOD MGMT Note: Medical Technology results reported within the Institutional Healthcare division. EBOS GROUP LIMITED#24CONTRACT LOGISTICS Business description: Specialised healthcare contract logistics provider in Australia and New Zealand Drivers and dynamics: 1 Opportunity to grow share in Australia • Trusted partner for pharmaceutical manufacturers • World class facilities and systems with temperature control, vaults and cold chain solutions 2 Continued expansion of warehouse infrastructure Existing network of three distribution centres in NSW and New Zealand with two new builds underway: Sydney and Auckland sites expected to be completed in 2023 3 H1 FY23 performance: 23 L +26.0% 5 4 GOR growth¹ Sites following completion of current builds Notes: 1. Growth vs. prior corresponding period. Government focus on improving the depth of medicines inventory cover onshore resulting in pharmaceutical manufacturers requirement to hold more stock in country Only pure-play healthcare provider of medicine logistics across both Australia and New Zealand EBOS GROUP LIMITED#25ANIMAL CARE Supportive market tailwinds of increased pet population, humanisation of pets and product premiumisation Business description: • • Leading owner, marketer and distributor of animal care brands Provide quality nutrition and wellbeing for pets through: . Pet brands: #1 premium pet food brand in the specialty channel (Black Hawk) and #1 pet treats brand in grocery channel (Vitapet) Vet wholesale (Lyppard): partner of choice for vet clinics Drivers and dynamics: 1 • Pet retail: 50% joint venture in Animates, a leading pet retailer and owner of vet clinics in New Zealand Invested $80m in owned manufacturing facility in Parkes, NSW (completed in 2022) H1 FY23 performance: 24 +6.3% Revenue growth¹ +31.5% Underlying EBITDA growth¹ Notes: 1. Growth vs. prior corresponding period. 2 Expanding existing strong brands into new product development opportunities Continued investment in marketing to grow brand 3 awareness +340bp 4 Underlying EBITDA margin growth¹ Realising benefits of new pet food manufacturing facility – supply chain advantage, efficiencies and new product development EBOS GROUP LIMITED#26CONCLUSION EBOS has had a strong track record of growth, yield and shareholder returns 25 L 080 Defensive growth sectors Scale and leading positions Diversified group Proven value creation strategy Multiple growth drivers Strong financial track record EBOS GROUP LIMITED#27Questions#2827 APPENDIX DOCK-5 Pet Care KITCHEN EBOS GROUP LIMITED#29GLOSSARY OF TERMS AND MEASURES Except where noted, common terms and measures used in this document are based upon the following definitions: Term Revenue Gross Operating Revenue (GOR) EBITDA Underlying EBITDA EBIT Underlying EBIT PBT Underlying PBT NPAT Underlying NPAT One-off items Earnings per share (EPS) Underlying EPS Net Debt Net Debt EBITDA Return on Capital Employed (ROCE) IFRS PPA Definition Revenue from the sale of goods and the rendering of services. Revenue less cost of sales and the write-down of inventory. Earnings before interest, tax, depreciation and amortisation. Earnings before interest, tax, depreciation, amortisation adjusted for one-off items. Earnings before interest and tax. Earnings before interest and tax and adjusted for one-off items and LifeHealthcare PPA amortisation (non-cash). Profit before tax. Profit before tax adjusted for one-off items and Life Healthcare PPA amortisation (non-cash). Net Profit After Tax attributable to the owners of the company. Net Profit After Tax attributable to the owners of the company adjusted for one-off items and LifeHealthcare PPA amortisation (non-cash and after tax). Transaction costs incurred on M&A activities. Net Profit after tax divided by the weighted average number of shares on issue during the period in accordance with IAS 33 'Earnings per share'. Underlying NPAT divided by the weighted average number of shares on issue during the period. Consists of total borrowings and deferred consideration where payable based on current year earn-out requirements, less cash and cash equivalents and excludes IFRS16 lease liabilities. Ratio of net debt at period end to the last 12 months Underlying EBITDA, adjusting for pre acquisition earnings of acquisitions for the period. Calculation is applied as per the Group's banking covenants. Underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months (EBITA) divided by closing capital employed (excluding IFRS16 Leases and including a pro-rata adjustment for strategic investments). International Financial Reporting Standards. Purchase Price Accounting 28 EBOS GROUP LIMITED#30HEBOS GROUP LIMITED www.ebosgroup.com