BRAMBLES LIMITED — Annual Report 2020

Aug 18, 2020

Brambles Limited ABN 22 000 129 868 Level 10 Angel Place 123 Pitt Street Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 2 9256 5222 Fax +61 2 9256 5299 www.brambles.com

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19 August 2020

The Manager-Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Via electronic lodgement

Dear Sir / Madam

COPIES OF SLIDES FOR INVESTOR PRESENTATION AND WEBCAST

At 5.00pm AEST / 8.00am BST today, Graham Chipchase, Chief Executive Officer and Nessa O’Sullivan, Chief Financial Officer, will host an investor briefing on Brambles’ results for the full-year ended 30 June 2020.

Attached are the slides which will be presented at the briefing.

The slides and webcast will be available on the Brambles’ website at brambles.com

The release of this announcement was authorised by a Special Committee of the Board of Brambles Limited.

Yours faithfully

Brambles Limited

Robert Gerrard

Group Company Secretary

Full-year 2020 Results presentation 19 August 2020

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1
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Results highlights GRAHAM CHIPCHASE, CEO

FY20 highlights

Resilient revenue growth and strong cash flow generation

• FY20 results reflect the efforts of our people, the agility of our network and the resilience of our 'share and reuse' business model

• Sales revenue and Underlying Profit in line with guidance: o Sales revenue +6%[1] as resilient growth in global pallet businesses offset declines in Automotive container and Kegstar keg-pooling businesses; and

• o Underlying Profit +4%[1] (including AASB 16[2] impact) as strong pallets performance offset 3-percentage point impact of declines in the Automotive and Kegstar businesses

• • Progress across CHEP Americas: o US margin up 1% and on track to meet target of 2-3pt uplift by FY22[3] ; and o Latin America delivered strong revenue growth and a material improvement in asset efficiency

• • Significant improvement in cash flow generation driven by increased earnings, disciplined capital expenditure and effective working capital management

• ROCI of 16.7% remains strong despite (1.5pt) impact of AASB 16

• • Key 2020 sustainability goals achieved

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123 At constant currency. AASB 16 – New leasing standard effective from 1 July 2019.Margin improvement from 1H18 levels, excluding the impact of AASB 15 and 16 accounting changes.
1 Results highlights 2 Financial overview 3 Appendix 3
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Leading in sustainability

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Recognised as a global leader in sustainability:
Rated #1 Maximum 96 [th] percentile in Rated A in
most sustainable AAA rating industry category Circular Economy
international company assessment by the
Ellen MacArthur
Foundation
Ambitious 2020 sustainability goals achieved:
Zero Deforestation Emissions Supply Chains Better Diversity Gender CollaborationCustomer Communities Better
100% 33% CO2 1.8m >30% 76m kms 0.8%
Wood from Reduction per unit Trees saved Board and Saved through Pre-tax profits
certified sources delivered vs. FY1570% Tonnes CO2.0m2 saved positions held management by women transport collaboration given to communities
Energy from certified 1.3m
renewable sources Tonnes of waste
diverted from landfill
Launching 2025 sustainability goals in September 2020
1 Results highlights 2 Financial overview 3 Appendix 4
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Dividends and capital management

• Total dividends represents a payout ratio of 53% within our targeted payout ratio range of 45-60%[1] o Final dividend of US9.0₵ declared, converted and paid as AU12.54₵ and franked at 30% o Total dividend declared for FY20 of US18.0₵

• A$1.5 billion[2] of IFCO sale proceeds returned to shareholders

• A$2.4 billion on–market buy-back commenced in June 2019. To date we have purchased 91.7 million shares at a cost of A$1.05 billion, representing 44% of share buy-back programme

• o A$453.8 million returned to shareholders in October 2019 comprising a capital return of A12.0₵ per share and a special dividend of A17.0₵ per share

• o Total amount returned to shareholders represents 53% of the A$2.8 billion Capital Management Programme[3]

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1 2 Payout ratio based on Underlying Profit after finance costs and tax, subject to Brambles’ cash requirements.As at 30 June 2020.
3 Capital Management Programme announced in June 2019.
1 Results highlights 2 Financial overview 3 Appendix 5
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Covid-19 impact

• "The invisible backbone of global supply chains"

Global pallet businesses

• Consumer staples account for ~80% of Brambles’ revenues and underpin the resilience and defensive qualities of the business

• • In March and April the business experienced strong levels of activity as a surge in purchasing of consumer staples prompted increased demand for pallets

• From May onwards the business has experienced high levels of volatility in customer demand

• • While revenue increased with the elevated pallet volumes, higher costs including transport, handling, and repair were also incurred while managing the associated volatility and disruptions across the network

• Automotive container and Kegstar businesses (~5% of group revenue) • Significantly impacted by Covid-19 with a US$23 million decline in FY20 Underlying Profit US accelerated automation programme

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• Programme deferred in mid-March due to travel restrictions. Site upgrades recommenced in July
1 Results highlights 2 Financial overview 3 Appendix 6
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Covid-19 response

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“Connecting people with life’s essentials every day”
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Our people and communities
• Throughout the pandemic the health and safety of our employees and the communities in
which we operate has been our highest priority
• In our global service centre network we deployed additional hygiene and safety procedures
• For office-based employees we transitioned to working from home arrangements
Operationally we have:
• Delivered uninterrupted service to customers;
• Driven improved levels of cash generation; and
• Increased our focus on cost minimisation
Automotive containers and Kegstar
• Reopening of economies leading to early signs of
increased activity in our Kegstar and Automotive businesses
Accelerated automation programme
• Programme recommenced in July 2020. We expect to
meet our original FY21 site automation targets
including the completion of FY20 site upgrades
1 Results highlights 2 Financial overview 3 Appendix 7
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Strategic priorities

Refined focus to ensure agility in times of uncertainty

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–
Brambles’ long-term strategic goal remains unchanged We seek to be the global leader in
platform pooling and insight-based solutions to fast moving supply chains through our circular ‘share
and reuse’ business model
In response to increased economic uncertainty and operational volatility we have refined our
focus across four strategic themes:
Customer value Digital transformation
Improve the customer experience Invest to transform information
through simpler processes, and digital insights into new
additional services and enhanced sources of value
platform quality
Asset efficiency & Business excellence
network productivity
Improve asset and network Re-inventing our organisation,
productivity through automation technology and processes to
and process standardisation to be simpler, more efficient
enhance our efficiency and resilience and effective
1 Results highlights 2 Financial overview 3 Appendix 8
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FY21 outlook

Key assumptions and inputs for FY21 outlook include:

• No further widespread lockdowns due to Covid-19 in key markets of operation;

• • A U-shaped economic recovery with economic headwinds to persist for the duration of FY21; • A slow recovery in the Automotive and Kegstar businesses; and

• The broad continuation of current trends in input costs

• Within this context, the FY21 outlook is:

• Sales revenue growth between flat to +4% at constant FX rates, with improved Underlying Profit margins;

• • Underlying Profit growth between flat to +5% at constant FX rates; • Free cash flow expected to fund dividends and core business capex with investments to support new business opportunities within the core business and to further develop digital and efficiency objectives.

• • Dividend payout ratio to be consistent with our dividend payout policy of 45% to 60%; and • Share buy-back programme to continue subject to the ongoing assessment of the Group’s funding and liquidity requirements in the context of increased volatility and economic uncertainty

• Brambles will update its internal FY21 forecast after the first three months of trading and review guidance in this context July trading: While July may not be representative of the full-year, due to the phasing of government economic stimuli and the timing of known changes in customer contracts, Group revenues in July increased on a like-for-like basis 4% on the prior corresponding period, with high levels of volatility continuing across all regions 1 Results highlights 2 Financial overview 3 Appendix 9

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2
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Financial overview

NESSA O’SULLIVAN, CFO

FY20 results

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Summary
US$m FY20 Change vs. FY19 • Sales growth +6% reflecting +3% price and +3% volume
growth, driven by global pallet businesses
Continuing operations ActualFX ConstantFX • Underlying Profit +4% AASB 16. Excluding this benefit, pallets sales contribution to includes +3pt benefit from
Sales revenue 4,733.6 3% 6% profit more than offset US$23m earnings decline in Automotive and Kegstar, COVID-19 inefficiencies and other cost increases
Underlying Profit 795.0 (1)% 4% • Significant Items of US$(28.0)m related to non-cash
impairment of Kegstar reflecting Covid-19 impact and
Significant Items (28.0) uncertainties relating to ‘on-premise’ beer consumption and
ongoing performance of the craft beer segment
Operating profit 767.0 4% 9% • Net finance costs decreased 5% despite US$27.8m of lease
Net finance costs (80.8) 9% 5% interest recognised in FY20 due to AASB 16. Excluding impact ofAASB 16, net finance costs decreased US$35.5m reflecting
interest income from Australian dollar deposits and lower debt
Tax expense (209.0) (5)% (10)% funded by IFCO sale proceeds received in June 2019
Profit after tax - Continuing 477.2 5% 11% • Loss from discontinued ops of US$(29.2)m includes
US$(26.8)m after tax impairment of receivable from First Reserve
Loss from discontinued ops [1] (29.2) and reflects current market conditions in the oil and gas sector
• Profit after tax (incl. discontinued ops) decreased 68% as
Profit after tax 448.0 (69)% (68)% prior-year discontinued operations included the IFCO post-tax
gain on sale of US$945.7m and IFCO earnings of US$70.9m.
Effective tax rate - Underlying 29.4% 0.4pts 0.2pts Excluding impact of IFCO in prior year, profit after tax increased
5% at constant currency
Statutory EPS (US cents) 28.9 (69)% (67)% • Underlying EPS of 32.5 US cents up 8% reflecting higher
Underlying EPS (US cents) 32.5 2% 8% earnings and 0.8 US cent benefit from the share buy-back programme
1 Results highlights 2 Financial overview 3 Appendix 11
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Covid-19
Operational and financial impact varied across portfolio of businesses
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FY20 revenue by sector Consumer staples-facing businesses, primarily pallets
Revenue • Peak pallet demand in grocery supply chains during March and
Packaging 11.8%Other Auto 3.9% April 2020 across major markets in North America and Europe, followed by demand volatility in May and June 2020
2.5% Costs/ • Additional transport miles and repair costs to process record level
Cash flow of pallet collections from retailers while optimising the use of the
General existing pool to support peaks in customer demand
retail • Additional transport miles required to rebalance the pool more
1.4% frequently due to changes in network dynamics and customer
Storage & Dist. • Disciplined management of capital investment and cash demand peaks
2.1% collection a key focus to ensure strong cash flow generation and
Beverage14.8% Fast-moving consumer manage business risks going into FY21
goods 55.8% Automotive and Kegstar businesses
produceFresh Revenue • Material impact on Automotive and Kegstar
7.7% businesses from April to June due to closure of global
automotive industry and government lockdowns US$(23)m
which restricted ‘on-premise’ consumption of beer impact on
Consumer staples sectors Industrial sectors Costs • Cost reduction measures in response to revenue Group
• Underlying profit in FY21 expected to be below FY20 declines and expected sector challenges through FY21 Underlying Profit
levels with progressive return to pre-Covid-19 levels
expected by FY22
1 Results highlights 2 Financial overview 3 Appendix 12
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FY20 Group sales growth

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Growth in pallets offset Covid-19 headwinds in Automotive & Kegstar
Growth across all segments Strong volume momentum & price realisation
FY20 Sales revenue growth (US$m) Price/mix and volume contribution to growth
4 +7% +6%
62
(148)
221 EMEA Pallets 3% Strong price realisation in Americas and contractual price
growth of 5% 3% indexation in Europe and IMETA
offset by decline
in Automotive & 4,882 1%
Kegstar volumes Growth in Americas and Asia-
in 4Q20 4,734 1% Pacific regions offset declines in
4,595 3% EMEA largely due to Covid-19 impact on Automotive and Kegstar
2%
Ongoing expansion with new and
existing customers in all regions
FY19 FY20
Net New Business Wins Like-for-like growth Price/Mix
1 Results highlights 2 Financial overview 3 Appendix 13
FY19 FX FY20
FY20
CHEP Americas CHEP EMEA CHEP Asia-Pacific (constant FX)
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Group profit analysis (US$m)

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Sales contribution offset Covid-19 impacts & other cost increases
Additional transport miles
Growth in asset pool and due to Latin America asset Overhead cost increases to support
investment in US supply management programme and new infrastructure and sales tools,
chain programme higher pallet collections and investment in Latin America
relocations due to Covid-19 commercial and asset management
(19) programmes as well as global digital
transformation, customer experience
(44) (16) and efficiency initiatives
191 (33)
(49) (23)
Lower loss rates 25 (41)
offset by higher per
Labour and property inflation; unit pallet costs
additional repair and across the Group Material impact of global
handling costs due to higher automotive manufacturing
804 pallet volumes, partly offset by benefits from US supply closures and lockdown laws impacting on-premise 836 795
chain programmes consumption of beer
FY19 Volume, Depreciation Net Net IPEP Other Auto / AASB 16 FY20 FX FY20
UnderlyingProfit price,mix 1 plantcosts transportcosts Kegstar UnderlyingProfit UnderlyingProfit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation and IPEP).
1 Results highlights 2 Financial overview 3 Appendix 14
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CHEP Americas

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Strong sales growth and profit leverage driven by US margin expansion
Including AASB 16 FY20 Change vs. FY19 FY20 performance: • Pallets revenue +10% reflecting price realisation in response to
Actual Constant the higher cost-to-serve and strong volume growth including
(US$m) FX FX benefit of customer demand increases due to Covid-19
US 1,807.9 9% 9% Excluding impact of AASB 16:
• Underlying Profit +13% and margin expansion +0.3pts was
Canada 279.2 5% 7% driven by +1pt US margin improvement, in line with
guidance and despite Covid-19 cost pressures;
Latin America 325.4 4% 15% • Sales contribution to profit and supply chain efficiencies offset:
o Covid-19 related pallet repair, handling and transport costs due
Pallets 2,412.5 8% 10% to higher volumes and focus on disciplined capital
management;
Containers 56.5 (4)% (3)% o Higher plant costs due to stringer-to-block pallet transition in
Canada and labour and property inflation;
Sales revenue 2,469.0 8% 10% o Higher transport costs due to Latin America asset management
programme;
Underlying Profit 342.5 15% 17% o Higher IPEP costs despite lower losses, driven by higher FIFO
unit pallet costs;
Margin 13.9% 0.9pts 0.9pts o Overhead cost increases reflecting investments in resources tosupport growth, asset and network efficiencies and improved
commercial outcomes;
ROCI 14.5% (0.9)pts (0.8)pts • Latin America delivered double-digit sales and earnings growth
as well as strong cash flow generation and increased ROCI; and
• ROCI +0.9pts driven by profitability in the region and material
asset efficiency improvements in Latin America
1 Results highlights 2 Financial overview 3 Appendix 15
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CHEP Americas margins

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US margin increase partly offset by margin pressure in Canada
FY20 weighted contribution Key drivers of
to CHEP Americas margin FY20 margin performance
+0.9pt increase
+1pt margin improvement in line with objective
• Improved cost-recovery through contractual pricing and surcharges
USA +0.8pts •• Moderation in lumber and transport inflation Efficiency benefits from lumber procurement initiative
• Improved efficiency in automated facilities offset by temporary network inefficiencies during
automation implementation
Higher costs associated with stringer-to-block transition
Can ada (0.5)pts • Increased repair costs driven by inherently higher damage rates on block pallets and higher
unit pallet costs impacting IPEP
Margin improvement in 2H20 driven by benefits from asset management and
commercial initiatives and phasing of higher costs in 2H19
Latin Flat • Enhanced asset management and commercial programme benefits:
America o Increased pricing realisation to recover higher cost-to-serve; and
o Increased asset collections driving pooling capex to sales ratio down ~8 pts
• Higher collection costs associated with asset management programme
• Increased overhead costs to support improved commercial and asset efficiency outcomes
AASB 16
+0.6pts
impact FY21 CHEP Americas margin expected to increase on FY20 levels
driven by ~1pt margin improvement in the US
1 Results highlights 2 Financial overview 3 Appendix 16
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US automation programme

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On track to meet automation objectives despite Covid-19 delays
Overview of project Progress to date
• ~US$170m capital investment • Plant automation project launched in 2H18
from FY19-FY21, ~5-year payback • 28 sites automated to date, with sites
• Capital investment to be fully funded by the delivering in line with investment case
proceeds from the sale of CHEP Recycled • 9 site implementations delayed in 4Q20 due
and the HFG JV (US$252m) to Covid-19 travel restrictions
• 50+ plants to be automated • 24 sites identified for automation in FY21
including sites delayed in 4Q20
1 Results highlights 2 Financial overview 3 Appendix 17
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US pallets revenue

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Strong price realisation and volume growth including demand uplift in 4Q20
US pallets revenue FY20 revenue growth components:
growth breakdown • Price/mix growth of 4% reflecting pricing initiatives
+9% to recover higher cost-to-serve;
• Effective price [1] +3% reflecting lower surcharge
contributions in line with lower lumber and third-party
freight rates in FY20;
4% • Like-for-like volume growth of 3% included the
benefit of Covid-19 related surge in pallet volumes in
March and April 2020; and
+5% • Net new business wins +2% largely driven by rollover
+4% impact of a major contract win in FY19
FY21 expectations:
1% 3% 3% • Price growth expected to moderate with the business
+2% 1% in the final stages of US 3-year repricing initiatives which commenced in FY18;
1% 1% • Like-for-like growth expected to return to more normal
2% 2% levels assuming no further spikes in demand due to
1% 1% Covid-19 and subject to prevailing macroeconomic
conditions and ‘at home’ vs. ‘on-premise’ consumption
FY17 FY18 FY19 FY20 patterns in FY21; and
Net new business wins Like-for-like volume Price/Mix • Ongoing net new businesses growth expected to
continue within a range of 1-2%
1 Includes transport and lumber surcharges recognised as an offset to direct costs.
1 Results highlights 2 Financial overview 3 Appendix 18
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CHEP EMEA

Margins and returns remain strong despite Covid-19 headwinds

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Including AASB 16 FY20 Change vs. FY19 FY20 performance reflected:
Actual Constant • Pallets revenue +5% driven by strong net new wins and
(US$m) FX FX price realisation. Macroeconomic conditions continue
to impact like-for-like volumes; and
Europe 1,372.4 1% 5% • RPC + Containers (including Kegstar) revenue down 7%
reflecting the impact of the global automotive
IMETA [1] 198.7 (3)% 9% manufacturing shutdown and lock-down restrictions
limiting ‘on-premise’ consumption of beer
Pallets 1,571.1 1% 5% Excluding impact of AASB 16:
• Underlying Profit down 3% reflecting:
RPCs + Containers 256.7 (12)% (7)% o Covid-19 impacts including US$23m decline in Automotive
and Kegstar and higher inspection, handling and transport
costs to manage pallet demand;
Sales revenue 1,827.8 (1)% 3% o Increase in IPEP due to higher pallet unit costs driven by
younger pallets being expensed while loss rates remain
Underlying Profit 407.1 (8)% (2)% stable;
o Depreciation increases in line with pool growth and prior
year investment in large automotive contract; and
Margin 22.3% (1.6)pts (1.2)pts o Investments in resources to support business
ROCI 21.4% (3.5)pts (3.0)pts • Margin of 22.0% and reported ROCI of 22.4%
remain strong
1 India, Middle East, Turkey and Africa.
1 Results highlights 2 Financial overview 3 Appendix 19
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EMEA sales growth

Growth in pallets offset Covid-19 impact on Automotive and Kegstar businesses

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CHEP EMEA revenue FY20 revenue growth components:
growth breakdown • Price/mix growth of 2% reflecting contract indexation in
the pallets business in line with inflationary cost
environment throughout the region;
+8% +8% • Like-for-like volumes down 2% reflecting the Covid-19
1% related declines in Automotive and Kegstar volumes. Pallets
+6% 2% like-for-like volumes were flat to prior year reflectingchallenging conditions flagged to the market going into
2% +3% FY20; and
2% • Net new business growth of 3% driven by strong current
2% and prior-year pallet contract wins, primarily in Southern,
Central and Eastern Europe
6%
5% FY21 expectations:
4% 3% • Automotive: revenue expected to remain subdued for the
duration of FY21 and subject to production levels in the
global automotive industry;
• Kegstar: growth dependant on Covid-19 developments in
(2)% key markets impacting ‘on-premise’ consumption of beer;
and
FY17 FY18 FY19 FY20 • Pallets: weak macroeconomic conditions in Europe and
Net new business wins Like-for-like volume Price/Mix Brexit-related uncertainty to continue to impact FY21
volume demand and price realisation
1 Results highlights 2 Financial overview 3 Appendix 20
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CHEP Asia-Pacific

Growth and cost control in pallets offset by lower RPC earnings

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Including AASB 16 FY20 Change vs. FY19 • FY20 performance reflects: Pallets revenue +5% driven by like-for-like volume
Actual Constant growth and price realisation in Australian pallets; and
(US$m) FX FX • RPC + Containers revenue down 12% reflecting prior-
year contract loss in the Australian RPC business
Pallets 340.7 (1)% 5% Excluding impact of AASB 16:
• Underlying Profit +1% and margins +0.1pt driven by
RPCs + Containers 96.1 (17)% (12)% strong sales contribution to profit and delivery of plant efficiencies in Australia; and
• ROCI remains strong with decline of 0.4pts partly due
to investment in service centre upgrades
Sales revenue 436.8 (5)% 1%
FY21 expectations:
• On-boarding of large Australian RPC contract will
Underlying Profit 118.0 - 6% drive increased revenues, start-up costs and
increased capital expenditure;
• Moderation in pallets sales revenue growth following
Margin 27.0% 1.2pts 1.3pts strong growth in FY20; and
• Ongoing investments in plant infrastructure and
supply chain initiatives to support growth and deliver
ROCI 24.1% (3.8)pts (3.7)pts efficiencies
1 Results highlights 2 Financial overview 3 Appendix 21
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Cash flow

Significant increase in Free Cash Flow before special dividend

Cash flow Significant increase in Free Cash Flow before special dividend	Cash flow Significant increase in Free Cash Flow before special dividend	Cash flow Significant increase in Free Cash Flow before special dividend	Cash flow Significant increase in Free Cash Flow before special dividend
	(US$m, actual FX)	FY20	FY19
	Results highlights Financial overview Appendix 2 3 1 22

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Cash flow
Normalised positive Free Cash Flow for third consecutive year
(US$m, actual FX) FY20 FY19 FY18
Free Cash Flow after ordinary dividends (reported) 171.5 (89.6) 202.4
Normalisation adjustments:
Adjustment AASB 16 benefit to reported Free Cash Flow (114.1) - -
Proceeds from HFG joint venture loan - - (150.0)
1
US supply chain efficiency investments 72.7 73.0 17.0
2 Adjust for timing of working capital movements - 30.0 (30.0)
Positive normalised Free Cash Flow after ordinary dividends 130.1 13.4 39.4
in FY18 - FY20
Adjustment
details
• Adjustment for timing difference between the receipt of US$150 million of HFG loan repayment proceeds and
US$102m of proceeds from the FY18 sale of the Recycled business (total US$252m) and reinvestment. The funds
1 are, as advised to the market, being progressively reinvested into in high-returning US supply chain efficiency
programmes. These investments include service centre automation and lumber efficiency projects. The cumulative
FY18 to FY20 cash reinvestment of these funds is US$163m with a balance remaining of US$89m
2 • Adjustment for the US$30m working capital timing with benefits in FY18 that reversed in FY19 as highlighted to
the market at the FY18 results
1 Results highlights 2 Financial overview 3 Appendix 23
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Improvements in asset efficiency

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Group pooling capex to sales ratio improved by 2.8pts in FY20
Group
FY20 pooling capex of US$831.7m is $82m [1] lower than FY19 due to:
• Asset efficiency improvements across the Group, including in the
Latin America pallets business;
20.7% 20.4% • FY19 included additional capex to support Brexit-related retailer stocking
and automotive spend in Europe. FY19 North America capex included higher
17.6% investment in the stringer-to-block pallet pool transition in Canada; and
• US lumber efficiency investments delivering pallet cost benefits
FY18 FY19 FY20
North America Latin America EMEA
18.0% 17.9% 43.0% 34.7% 21.8% 22.8% 18.3%
16.3% 26.7%
FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20
FY20 improvement driven by asset and Progressive improvement driven by FY20 improvement reflects retailer
lumber efficiencies. FY19 included higher Mexico asset efficiency and control stocking and automotive spend in Europe
capex spend due to Canada stringer-to- programme and higher and lower volumes in FY20 due to
block transition and a large US contract pricing/indexation Covid-19 and economic uncertainty
win in 2H19 which resulted in increased
4Q pallet purchases in prior year
1 Improvement in constant currency.
1 Results highlights 2 Financial overview 3 Appendix 24
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Balance sheet

Balance sheet remains strong; Financial policy updated for AASB 16

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Conservative net debt position
Jun 20 Jun 19 [1] • Increase in net debt at 30 June 2020 reflects
Net debt US$1,712m US$98m A$1,426m (US$958m) of capital management
Average term of transactions in FY20 [3] and US$704m of lease
committed facilities 4.2 years 4.0 years liabilities brought on Balance Sheet under AASB 16
Undrawn committed • Cash, deposits and undrawn committed bank
facilities US$1.3b US$1.6b facilities total US$2.1b, sufficient to fund remaining
balance of share buy-back (~A$1.3b (US$0.9b)).
Cash / deposits US$806m US$2,103m Completion is expected in FY22
Revised financial policy & EBITDA definition
• Financial policy revised for AASB 16 of net
debt/EBITDA <2.0x (previously <1.75x)
FY20 [2] FY19 [1] • Investment-grade credit ratings maintained:
Standard & Poor’s BBB+ and Moody’s Baa1
Net debt/EBITDA 1.10x 0.08x • On a pro-forma basis, post completion of buy-back
net debt/EBITDA is ~1.7x and well within Brambles’
EBITDA/net finance 19.3x 14.6x financial policy of <2.0x
costs
• No major re-financing of debt facilities over next
12 months – refer to Appendix 6
123 As reported in August 2019. FY19 comparative metrics exclude the impact of AASB 16 and IPEP. EBITDA has been redefined as Underlying Profit after adding FY20 capital management includes share buy-back of A$972.5mback depreciation,(US$645.4m), repayment of capital to shareholders of A$187.8m (US$129.3m) and special dividend payments amortisation and IPEP expense. Net debt includes lease liabilities.
of A$266.0m (US$183.2m).
1 Results highlights 2 Financial overview 3 Appendix 25
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Summary

FY20 result reflects defensive nature of business, delivery of operational initiatives and focus on cash flow generation

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• FY20 sales revenue and Underlying Profit
in line with guidance despite
Covid-19 headwinds
• Significant increase in cash flow generation
reflecting disciplined capital
allocation, asset efficiency improvements
and improved cash collection
• Strong balance sheet and high level of
liquidity supporting the payment of
dividends and continuation of the
share buy-back programme
• FY21 guidance for sales and
Underlying Profit growth,
notwithstanding a range
of uncertainties
1 Results highlights 2 Financial overview 3 Appendix 26
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Full-year 2020 Results presentation 19 August 2020

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3
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Appendix
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Appendix 1

1pt margin improvement delivered in FY20; Initiatives on track to deliver 2-3pt margin improvement[1] by FY22

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Pressures Phasing of margin
Mitigating actions
improvement
Progress FY20 FY21 FY22
Cost inflation Supply chain cost out • Annual transport and network optimisationexercise undertaken during the year 
Pricing/ surcharges • Continue to renegotiate contract terms and
pricing to insulate against inflation and
recover higher cost-to-serve
• FY20 pricing growth of 4%. Effective price 
Retailer driven growth of 3% was below pricing growth due
to the impact of lower transport and lumber
cost increases surcharges in year.
Procurement • Lumber strategy largely implemented and
initiatives delivering cost benefits to lumber repair and 
capex in line with expectations
Network capacity and supply chain efficiency Automationprogramme ••• 28 sites completed to dateCommissioning of 24 sites in FY21Sites performing in line with expectations 
Ongoing commitment to deliver annual margin increase of ~1pt [2] in FY21 & FY22
1 2 Improvement from FY19 level.Margin improvement from 1H18 levels, excluding the impact of AASB 15 and AASB 16 accounting changes.
1 Results highlights 2 Financial overview 3 Appendix 29
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Appendix 2a

AASB 16: Leases - FY20 pre-tax impact

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Overview
• All qualifying leases recognised on balance sheet as lease liability and right-of-use leased assets, effective on 1 July 2019
• Modified retrospective approach adopted, comparative period not restated
• AASB 16 has no overall impact on the statutory cash flow statement as Free Cash Flow increase of US$114m is offset by
US$(114)m in lease payments now classified as debt financing payments (payment of principal component of lease liabilities)
FY20 pre-tax impact of AASB 16 on the Income Statement, Balance Sheet, Cash Flow & ROCI
Income Underlying Profit +US$24m Additional depreciation charge of US$116m Replaces operating lease charge US$(141)m
statement
Interest expense US$(28)m Additional interest expense on lease liabilities
Cash Flow from +US$141m Operating lease payments of US$141m are removed from Cash Flow
Operations from Operations
Cashflow statement Free Cash Flow +US$114m US$141m of lease payments removed from Cash Flow from Operations and interest paid on leases of US$(27)m [1] included
Cash flow from US$(114)m Remaining US$(114)m of lease payments treated as repayment of
financing activities financing liability
Lease liability of US$(704)m (not included in Average Capital Invested)
Net assets US$(176)m and dilapidation provision of US$(71)m
Balance sheet Leased asset of US$599m
Average Capital Invested US$541m Average leased asset of US$607m and dilapidation provision of US$(67)m
Return on
(1.5)pts Reduction due to capitalisation of leases
Capital Invested
Note: Modified retrospective approach adopted, comparative period not restated. 1 Excludes US$1million of accrued interest.
1 Results highlights 2 Financial overview 3 Appendix 30
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Appendix 2b
FY20 AASB 16 segment impacts
Underlying Cash Flow from Average Capital
(US$m) Profit EBITDA Operations Invested
Americas 14.1 74.7 74.7 346.2
EMEA 4.8 45.3 45.3 110.5
Asia-Pacific 5.0 19.1 19.1 76.4
Corporate 0.3 1.5 1.5 7.4
Group 24.2 140.6 140.6 540.5
1 Results highlights 2 Financial overview 3 Appendix 31
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Appendix 3
Brambles: Sales revenue by region and sector
FY20 sales revenue by region FY20 sales revenue by sector
India, Middle East, Turkey, Africa Eastern Europe3.3% 1.2%Asia Packaging 11.8%Other Auto 3.9%
5.4% 2.5%
Latin
America General
7.0% retail
1.4%
8.2%ANZ CanadaUSA & 45.2% Storage & Dist. Fast-
2.1% moving
Beverage consumer
14.8% goods
Western 55.8%
Europe Fresh
29.7% produce
7.7%
Developed markets Emerging markets “Consumer staples” sectors Industrial sectors
1 Results highlights 2 Financial overview 3 Appendix 32
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Appendix 4
Major currency exchange rates [1]
USD exchange rate: USD EUR GBP AUD CAD ZAR MXN BRL PLN NZD
FY20 1.0000 1.1064 1.2582 0.6692 0.7445 0.0637 0.0489 0.2239 0.2530 0.6354
Average
FY19 1.0000 1.1404 1.2943 0.7145 0.7555 0.0706 0.0517 0.2589 0.2660 0.6712
30 June 20 1.0000 1.1242 1.2305 0.6860 0.7317 0.0579 0.0434 0.1851 0.2525 0.6414
As at
30 June 19 1.0000 1.1372 1.2673 0.7005 0.7637 0.0706 0.0522 0.2618 0.2674 0.6702
1 Includes all currencies that exceed 1% of FY20 Group sales revenue, at actual FX rates.
1 Results highlights 2 Financial overview 3 Appendix 33
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Appendix 5
FY20 currency mix
(US$m) Total USD EUR GBP AUD CAD MXN ZAR PLN BRL NZD Other [1]
Sales revenue 4,734 1,859 1,054 338 331 282 213 173 83 55 55 291
FY20 share 100% 39% 22% 7% 7% 6% 5% 4% 2% 1% 1% 6%
FY19 share 100% 37% 23% 8% 8% 6% 4% 4% 2% 1% 1% 6%
Net debt [2] 1,712 1,024 934 (37) (522) 90 121 85 (4) 9 15 (3)
12 No individual currency within ‘other’ exceeds 1% of FY20 Group sales revenue at actual FX rates. Net debt shown after adjustments for impact of financial derivatives. Net debt includes US$704 million of lease liabilities and US$69 million of term
deposits in AUD with maturity greater than three months.
1 Results highlights 2 Financial overview 3 Appendix 34
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Appendix 6
Credit facilities and debt profile
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Committed Uncommitted
Maturity Type [1] facilities facilities Debt drawn Headroom
(US$bn at 30 June 2020)
<12 months Bank 0.1 0.3 - 0.4
1 to 2 years Bank 0.4 - - 0.4
2 to 3 years Bank 0.4 - - 0.4
3 to 4 years Bank/EMTN [2] 0.7 - 0.6 0.1
4 to 5 years Bank 0.4 - 0.1 0.3
>5 years 144A [3] /EMTN [2] 1.1 - 1.1 -
Total [4] 3.1 0.3 1.8 1.6
1 Excludes leases.
2 European Medium Term Notes.
3 US$500m 144A bond.
4 Individual amounts have been rounded.
1 Results highlights 2 Financial overview 3 Appendix 35
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Appendix 7 Net plant and transport costs/sales revenue

Appendix 7 Net plant and transport costs/sales revenue	Appendix 7 Net plant and transport costs/sales revenue
	Net plant cost/sales revenue Net transport cost/sales revenue FY20 FY20 Ex. AASB 161 FY19 FY20 FY19 CHEP Americas 38.1% 38.7% 38.9% 23.7% 24.0% CHEP EMEA 24.1% 24.4% 23.5% 20.9% 20.9% CHEP Asia-Pacific 33.1% 34.1% 34.7% 12.6% 12.7% Group 32.3% 32.7% 32.3% 21.6% 21.6% 1Excludes the net benefit of replacing operating lease costs with plant depreciation and interest costs under AASB 16.
	Results highlights Financial overview Appendix 2 3 1 36

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Appendix 8a
CHEP Americas: Underlying Profit analysis (US$m)
(9) (9) (27)
(25)
131 (24) 14 (8)
350 342
298
UnderlyingFY19 price, mixVolume, 1 Depreciation transportNet plant costsNet IPEP Other2 AASB 16 UnderlyingFY20 FX UnderlyingFY20
Profit costs Profit Profit
(constant FX)
12 Sales growth net of volume-related costs (excluding depreciation). Includes increased investment to support business model changes and improved cash generation in Latin America.
1 Results highlights 2 Financial overview 3 Appendix 37
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Appendix 8b
CHEP EMEA: Underlying Profit analysis (US$m)
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(23)
56 (9) (5) (20) (8) (4) 5 (27)
442 434
407
UnderlyingFY19 price, mixVolume, 1 Automotive& Kegstar Depreciation transportNet plant costsNet IPEP Other AASB 16 UnderlyingFY20 FX UnderlyingFY20
Profit costs Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results highlights 2 Financial overview 3 Appendix 38
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Appendix 8c CHEP Asia-Pacific: Underlying Profit analysis (US$m)

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4 (1) (2) 3 (2) 5 (7)
125
118 118
UnderlyingFY19 price, mixVolume, 1 Depreciation transportNet plant costsNet Other AASB 16 UnderlyingFY20 FX UnderlyingFY20
Profit costs Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results highlights 2 Financial overview 3 Appendix 39
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Appendix 9

Capital expenditure on Property, Plant and Equipment (Accruals basis, US$m)

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1,060
1,013 981
849 823 294 148
317
320 231
684
643
606
538
489
40 54 90 123 149
FY16 FY17 FY18 FY19 FY20
Other PP&E Replacement (DIN)1 Growth2
1 2 Growth capex includes investments for availability of pooling equipment for new and existing product lines, as well as the impact of changes in cycle times.Replacement capex in a period is the sum of Depreciation expense, IPEP and the Net book value of compensated assets and scraps (disposals).
1 Results highlights 2 Financial overview 3 Appendix 40
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Appendix 10
Glossary of terms and measures
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Except where noted, common terms and measures used in this document are based upon the following definitions:
Actual currency/FX Results translated into US dollars at the applicable actual monthly exchange rates ruling in each
period
Average Capital Invested (ACI) Average Capital Invested (ACI) is a 12 month average of capital invested.
Capital invested is calculated as net assets before tax balances, cash, term deposits, borrowings and
lease liabilities, but after adjustment for pension plan actuarial gains or losses and net equity
adjustments for equity-settled share-based payments
Capital expenditure (capex) Unless otherwise stated, capital expenditure is presented on an accruals basis and excludes intangible
assets and equity acquisitions. It is shown gross of any fixed asset disposals proceeds. Growth capex
includes the impact of changes in cycle times as well as investments for availability of pooling
equipment for existing and new product lines
– Replacement capex = DIN
– Growth Capex is total pooling capex less DIN
Cash Flow from Operations Cash flow generated after net capital expenditure but excluding Significant Items that are outside the
ordinary course of business
Compound Annual Growth Rate The annualised percentage at which a measure (e.g. sales revenue) would have grown over a period if
(CAGR) it grew at a steady state
Constant currency/constant FX Current period results translated into US dollars at the actual monthly exchange rates applicable in the
comparable period, so as to show relative performance between the two periods
DIN Comprises Depreciation, IPEP expense and Net book value of scrapped asset and compensated assets
written-off. DIN is used as a proxy for replacement capital expenditure
EBITDA Underlying Profit after adding back depreciation, amortisation and IPEP expense
1 Results highlights 2 Financial overview 3 Appendix 41
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Appendix 10
Glossary of terms and measures
Except where noted, common terms and measures used in this document are based upon the following definitions:
FIFO First In First Out
Net new business The sales revenue impact in the reporting period from business won or lost in that period and over
the previous financial year, included across reporting periods for 12 months from the date of the win
or loss, at constant currency
Operating profit Statutory definition of profit before finance costs and tax; sometimes called EBIT (Earnings before
interest and tax)
Organic growth The change in sales revenue in the reporting period resulting from like–for-like sales of the same
products with the same customers
Return on Capital Invested (ROCI) Underlying Profit divided by Average Capital Invested
RPC Reusable plastic/produce crates or containers, used to transport fresh produce
Sales revenue Excludes non-trading revenue
Significant Items Items of income or expense which are, either individually or in aggregate, material to Brambles or to
the relevant business segment and:
- Outside the ordinary course of business (e.g. gains or losses on the sale or termination of
operations, the cost of significant reorganisations or restructuring); or
- Part of the ordinary activities of the business but unusual due to their size and nature
Underlying Profit Profit from continuing operations before finance costs, tax and Significant Items
1 Results highlights 2 Financial overview 3 Appendix 42
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Disclaimer
The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions.
This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the
solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this
presentation in any jurisdiction in contravention of applicable law.
Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial advisor. Certain
statements made in this presentation are forward-looking statements.
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been
independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.
These forward-looking statements are not historical facts but rather are based on Brambles’ current expectations, estimates and projections
about the industry in which Brambles operates, and beliefs and assumptions. Words such as "anticipates“, "expects“, "intends“, "plans“, "believes“,
"seeks”, "estimates“, "will", "should", and similar expressions are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some
of which are beyond the control of Brambles, are difficult to predict and could cause actual results to differ materially from those expressed or
forecasted in the forward-looking statements. Brambles cautions shareholders and prospective shareholders not to place undue reliance on these
forward-looking statements, which reflect the view of Brambles only as of the date of this presentation.
The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Brambles will
not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or
unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.
Past performance cannot be relied on as a guide to future performance.
To the extent permitted by law, Brambles and its related bodies corporate, and each of its and their officers, employees and agents will not be
liable in any way for any loss, damage, cost or expense (whether direct or indirect) incurred by you in connection with the contents of, or any
errors, omissions or misrepresentations in, this presentation.
1 Results highlights 2 Financial overview 3 Appendix 43
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Investor Relations contacts

Sean O’Sullivan Vice President, Investor Relations & Corporate Affairs sean.osullivan@brambles.com +61 2 9256 5262 +61 412 139 711 Raluca Chiriacescu Director, Investor Relations raluca.chiriacescu@brambles.com +44 20 3880 9412 +44 7810 658044 1 Results highlights 2 Financial overview 3 Appendix 44