2023 Full-year results

Group 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

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