Bunzl Results Presentation Deck

APPENDIX 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

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