BRAMBLES LIMITED

Brambles Limited ABN 89 118 896 021 Level 40 Gateway 1 Macquarie Place 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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16 February 2021

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

Via electronic lodgement

Dear Sir / Madam

Brambles 2021 Half-Year Result presentation

At 6.00pm AEDT today, Graham Chipchase, CEO and Nessa O’Sullivan, CFO, will webcast a presentation of Brambles’ results for the half-year ended 31 December 2020. The slides for that webcast presentation are enclosed.

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

Robert Gerrard

Group Vice President, Legal & Secretariat

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Half-Year
2021 Results
presentation
16 February 2021
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1
Results
highlights
GRAHAM CHIPCHASE, CEO
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1H21 highlights

Key messages

Strong revenue and earnings growth across all segments: o Sales revenue growth of +6%[1] reflecting strong volumes and price realisation in the global pallet business and the commencement of a large Australian RPC contract which offset declines in Automotive and Kegstar volumes impacted by COVID-19; and
o Underlying Profit growth of +5%[1] driven by elevated sales levels, supply chain efficiencies, tight management of controllable costs as well as a two percentage points gain related to a compensation payment for a service centre relocation
• Free Cash Flow after dividends was US$163.8 million due to: o Increased earnings; o Disciplined approach to capital expenditure; and o Effective working capital management
• ROCI of 19.0% up 0.8pts due to a strong Underlying Profit performance and asset efficiency improvements across the Group

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• Launched 2025 sustainability targets focused on creating regenerative supply chains
• Kegstar combined with MicroStar to create the global leader in beer keg management
1 At constant currency.
1 Results highlights 2 Financial overview 3 Appendix 3
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A global leader in Sustainability

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Brambles' ambition: 'Pioneering a regenerative supply chain'
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• New 2025 targets launched in September 2020 focused on achieving a net positive
contribution
• Solid progress in the first six months:
o Afforestation projects started;
o First closed-loop upcycled plastic platform in the market;
o Committed to a 1.5º climate future and Science Based Targets; and
o Top employer in 13 countries
• Sustainability credentials proving a key sales differentiator through our contribution
to our customers’ own sustainability programmes
Global recognition of sustainability credentials
Ranked #18 Maximum #2 in our Rated Level A-
most sustainable AAA rating. industry category in CDP Forests
corporation in Top 4% of
the world companies assessed
1 Results highlights 2 Financial overview 3 Appendix 4
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Operating environment: COVID-19

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Consumer staples account for Global pallet business
~80% of Brambles’ revenues and • In 1H21, the business experienced elevated pallet
underpin the resilience and defensive volumes as retailers raised inventories due to
qualities of the business increased levels of at-home consumption and to
provide greater contingency against changes in
1H21 sales revenue by sector Other • customer demand Brambles’ network advantage, superior scale and
12.0% infrastructure, along with the determination of our
Auto 3.8% people, have been critical in ensuring we continued
Packaging2.5% to meet our commitments to our customers
General • While revenue increased, higher costs including
retail1.4% transport, handling and repair costs were incurred while managing changes in demand patterns across
Fast- the network
Storage & Dist.2.2% consumer moving goods • Lumber, transport and wage inflation have risen sharply in key markets particularly in North America
55.6% Automotive container business
Beverage14.8% Fresh • While the recovery of automotive production has been stronger than anticipated, customer demand
produce remains below prior-year levels and we maintain a
7.7% cautious outlook for the business in 2H21
1 Results highlights 2 Financial overview 3 Appendix 5
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Operating environment: Brexit

As of 1 January 2021, the UK is no longer part of the EU
Although a UK-EU trade agreement is in place, supply chain uncertainties remain around the implementation of border checks and transport availability
• These uncertainties have been accentuated by disruptions related to COVID–19
• UK manufacturers and retailers have responded by lifting their levels of inventories, increasing the demand for pallets
• This demand pattern is expected to normalise in 2H21
• We have increased our capacity to heat treat pallets both in the UK and Europe to meet ISPM15[1] and customers’ requirements
1 ISPM15 is the international standard for regulating the movement of timber packaging through international trade and aims to prevent the global spread of timber pests.
1 Results highlights 2 Financial overview 3 Appendix 6

Plastic pallet trials

Trials have been delayed due to COVID-19
Three active smaller scale pilot trials ongoing
Expecting to start a pilot of significant scale with a large key customer later in 2021
The purpose of these pilots is to test various product and business model parameters within Costco’s end-to-end supply chain, such as: o Pallet durability in different operating environments;
Dwell times and efficacy of asset control mechanisms;
Technology enabled business model (combination of RFID and smart assets); and
Customer value, pricing and operational complexity from multiple platforms
Decision to move beyond trials to implementation expected in FY22
Any decision on implementation will be subject to strict financial and return criteria

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1 Results highlights 2 Financial overview 3 Appendix 7
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Dividends and capital management

Interim dividend of US10.0 cents declared, converted and paid as A13.08 cents and franked at 30%
Dividend payout ratio of 50% is within our targeted payout ratio range of 45-60%[1]
~A$1.9 billion from the proceeds of the IFCO sale returned to shareholders[2] representing 67% of the A$2.8 billion Capital Management Programme announced in June 2019:
A$453.8 million returned to shareholders in October 2019 comprising a capital return of A12.0 cents per share and a special dividend of A17.0 cents per share; and
A$1.4 billion, representing 128 million shares purchased or 61% of A$2.4 billion on–market buy-back that commenced in June 2019
Buy-back programme expected to complete in FY22 subject to the ongoing assessment of the Group’s funding and liquidity requirements

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12 US dollar payout ratio based on Underlying Profit after finance costs and tax, subject to Brambles’ cash requirements. As at 31 December 2020.
1 Results highlights 2 Financial overview 3 Appendix 8
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FY21 outlook

Guidance upgraded to reflect elevated volumes and disciplined cost management

Key assumptions and inputs for FY21 outlook include[1] :

The broad continuation of current trends in input costs and network dynamics; and
A progressive recovery in the Automotive business

Within this context, the FY21 outlook is:

Sales revenue growth between 4-6% at constant FX rates, with improved Underlying Profit margins including an increase in US margins of ~1 percentage point;
Underlying Profit growth between 5-7% at constant FX rates;
Free Cash Flow expected to fund dividends and core business capex to support growth, the impact of lumber inflation on pallet prices and investments to further develop digital and efficiency objectives;
Dividend payout ratio between 45% to 60%, in line with Brambles’ dividend payout policy; 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 economic uncertainty

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1 For full list of assumptions, see page 3 of the 2021 Half-Year Result ASX & Media Release.
1 Results highlights 2 Financial overview 3 Appendix 9
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2
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Financial overview

NESSA O’SULLIVAN, CFO

1H21 results

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Summary
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US$m 1H21 Change vs. 1H20 • Sales growth +6% reflecting +2% price and +4%
volume growth driven by elevated pallet demand,
Continuing operations ActualFX ConstantFX solid pricing and revenue from commencement of a new RPC contract in Australia
Sales revenue 2,565.5 7% 6% • Underlying Profit +5% including 2pts of growth
Underlying Profit 465.0 7% 5% from a net gain on relocation of a service centre.
Excluding net gain, Underlying Profit +3% driven
Significant Items - by sales contribution to profit, supply chain
efficiencies and indirect cost control which offset
Operating profit 465.0 7% 5%
COVID-19 related costs, inflationary cost pressures
Net finance costs (42.6) (14)% (14)% and higher repair and asset relocation costs to
support asset efficiency and cash generation
Tax expense (127.2) (7)% (4)% • Profit after tax (continuing ops) increased +4%
Profit after tax - continuing 295.2 6% 4% with operating profit growth partly offset by
higher net finance costs due to the progression of
Discontinued operations (1.6) the capital management programme
Profit after tax 293.6 6% 4% • Effective tax rate of 30.1% broadly in line with
Effective tax rate - Underlying 30.1% 0.2pts - the prior year
• Basic EPS from continuing operations of
Basic EPS (US cents) 19.7 11% 10% US19.8 cents up 10% reflecting higher earnings
Basic EPS from continuing 19.8 11% 10% and US1.0 cent benefit from the share buy-back
operations (US cents) programme
1 Results highlights 2 Financial overview 3 Appendix 11
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1H21 Group sales growth
Strong growth in Pallets and Australian RPCs offset declines in Automotive
and Kegstar
Growth across all segments [1] Strong volume momentum and price realisation
1H21 Sales revenue growth (US$m) Price/mix and volume contribution to growth
+7%
9 31 +6%
37
3% Pricing actions to recover cost-to-
92 2% serve increases in CHEP Americas and indexation in CHEP EMEA
2,566 Strong pallet demand from
2,535 1% existing customers, primarily in the
consumer staples sectors,
2,398 3% reflecting increased levels of at-home consumption
3% New contract wins in Central &
Eastern Europe and Australian RPC
1% contract. 1H20 growth included
rollover benefits from large
1H20 1H21 contract wins in US Pallets and
Automotive businesses
Net New Business Wins Like-for-like growth 2 Price/Mix
1 Automotive revenues decreased 6% in 1H21. Automotive business accounts for <5% of Group revenues and is reported primarily in CHEP EMEA.
2 Like-for-like growth references volume performance of the same products with the same customers.Kegstar revenues decreased 56% in 1H21 and are reported in CHEP Asia-Pacific.
1 Results highlights 2 Financial overview 3 Appendix 12
1H20 FX 1H21
1H21
CHEP Americas CHEP EMEA CHEP Asia-Pacific (constant FX)
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Group profit analysis (US$m)

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Revenue growth, supply chain efficiencies and cost recovery more than
offset cost pressures
Higher repair & handling costs due to changes
growth and US automationinvestments to support In line with prior-year in network dynamics, customer demand patterns and focus on productivity of existing asset pool. offset by ~US$20m of supply chain efficienciesThese increases and wage inflation were partly
(12) Investment in sales tools, IT and
(14) productivity, including digital
92 (26) (14) asset trials, and lower gains on compensated and scrapped assets service centre Net gain on relocation
Extra transport miles due (12) 8 7
to changes in network
dynamics, Latin America
asset management Lower loss rate in
programme, relocations 1H21 offset by higher
436 in Europe to support Brexit and Group-wide focus on asset productivity year-on-year pallet unit weighted to first halfcosts with increase 450 458 465
supporting pallet demand
1H20 Volume, Depreciation Net Net IPEP Other 1H21 CHEP 1H21 FX 1H21
Underlying price, plant transport Underlying APAC Underlying Underlying
Profit mix 1 costs costs Profit compensation Profit Profit
(Ex Comp) (Constant FX)
1 Sales growth net of volume-related costs (excluding depreciation and IPEP).
1 Results highlights 2 Financial overview 3 Appendix 13
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CHEP Americas

Elevated pallet demand with price realisation and supply-chain efficiencies offsetting cost headwinds

CHEP Americas Elevated pallet demand with price realisation and supply-chain efficiencies offsetting cost headwinds	CHEP Americas Elevated pallet demand with price realisation and supply-chain efficiencies offsetting cost headwinds	CHEP Americas Elevated pallet demand with price realisation and supply-chain efficiencies offsetting cost headwinds
		1H21
	Results highlights Financial overview Appendix 2 3 1 14

CHEP Americas margins

Businesses cycling pre-pandemic trading with COVID-19 related cost increases and higher costs supporting asset productivity improvements

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1H21 weighted
contribution to
CHEP Americas margin Key drivers of
decline of (0.6)pts 1H21 margin performance FY21 expectation
Sales growth of 7% with margins in line with 1H20 as pricing, indirect cost control and supply chain efficiencies offset adverse year-on-year impact of Full year margin increase of ~1pt with expected
US A flat pre • 1H21 included higher transport & plant costs due to COVID-19 related volume spikes, changes in network dynamics & customer demand patterns cycling pre-pandemic trading in 1H20 -pandemic cost-to-serve & higher pallet unit costs benefits from supply chain projects and cost recovery efficienc through pricing and surchargesies, automation
Ca nada flat Sales growth of 5% with margins in line with 1H20 network disruptions driving higher costs despite COVID-19 related as business Improvement in FY21 margins to-serve in 2H20cycles higher cost-
Sales growth of 13% with margins below 1H20 due to ongoing investment
in asset management driving higher cash flow
Latin America (pts0.6) • 7pt improvement in pooling capex to sales ratio and ~US$25m increase in cash flow generation Higher costs to increase productivity of existing pool resulted in a 2H21 as th Margin improvement in higher costs in 2H20e business cycles
• Higher pallet unit costs in the region with increased weighting to 1H21
CHEP Americas full-year margin expected to increase from
FY20 levels including ~1pt margin improvement in the US
1 Results highlights 2 Financial overview 3 Appendix 15
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US pallets revenue

Strong COVID-19 related demand and ongoing price realisation

1H21 revenue growth components:

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US pallets revenue • Price/mix growth of 2% driven by initiatives to recover
growth breakdown
higher cost-to-serve;
• Like-for-like volume growth of 5% reflecting COVID-19
related demand from customers in the consumer staples
+9% sector and retailer inventory stocking in response to
+8% higher levels of at-home consumption; and
+7% • Net new business wins flat reflecting the roll-off of
4% contracts lost in the prior year and lower levels of new
customer conversions as the business focused on
+5% 4% 2% responding to strong demand from existing customers.
+4% 1H20 growth of 3% included rollover benefit of a large
contract win
1% 3% 3% 1%
FY21 revenue expectations:
1% 5%
• Price growth expected to moderate with the US business
2% 1% 2% 3% in the final stages of 3-year repricing initiative which
1% commenced in 2H18; and
FY18 FY19 FY20 1H20 1H21 • Volume growth expected to moderate as the business
cycles record demand in 2H20 following outbreak of
COVID-19. Like-for-like growth expected to reflect
Net new business wins Like-for-like volume Price/Mix prevailing macroeconomic conditions
1 Results highlights 2 Financial overview 3 Appendix 16
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16
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US automation programme
Programme on track to deliver full run rate of efficiency benefits in FY22
Overview of project Progress to date
• ~US$170m capital investment • Plant automation project launched in 2H18
from FY19-FY21, ~5-year payback • 39 sites automated to date
• Capital investment to be fully funded by the • Sites delivering in line with investment case
proceeds from the sale of CHEP Recycled including 30% increase in sort and 20% in
and the HFG JV (US$252m)
repair capacity across existing sites
• 50+ plants to be automated • 24 sites identified for automation, including
sites delayed in 4Q20
1 Results highlights 2 Financial overview 3 Appendix 17
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17
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CHEP EMEA
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Strong sales growth and margin expansion despite cost headwinds
1H21 Change vs. 1H20 1H21 performance
Actual Constant • Pallets revenue +6%: Net new wins in Central &
Eastern Europe, price realisation and increased demand due to
(US$m) FX FX COVID-19 & Brexit-related stockpiling in UK and Europe
Europe 774.0 12% 6% • RPCs & Containers revenue (7)%: lower Automotive revenues
as business cycles pre-pandemic levels of customer demand
in 1H20
IMETA [1] 100.6 (3)% 7% • Underlying Profit +7%: Profit contribution from sales growth
in pallets and effective cost control in Automotive more than
Pallets 874.6 10% 6% offset additional transport and handling fees to support strong
pallet demand in Europe, including Brexit stockpiling, and to
drive asset productivity
RPCs + Containers 135.4 (5)% (7)% • Margin expansion +0.8pts reflecting disciplined cost control,
higher compensations and lower scrapped assets
Sales revenue 1,010.0 8% 4% • ROCI +1.6pts reflecting margin expansion and focus on asset
efficiency to minimise new pallet investments to support strong
volume growth
Underlying Profit 242.0 11% 7%
FY21 expectations:
Margin 24.0% 0.6pts 0.8pts • Sales and Underlying Profit growth expected to moderate in 2H21 due to strong comparative period which benefitted from
initial COVID-19 panic buying and expected reversal of
ROCI 25.1% 1.3pts 1.6pts • Brexit-related demand; andFull-year margins expected to be broadly in line with FY20
1 India, Middle East, Turkey and Africa.
1 Results highlights 2 Financial overview 3 Appendix 18
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18
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EMEA sales growth

Pallet demand driven by at-home consumption and Brexit stockpiling

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CHEP EMEA revenue 1H21 revenue growth components:
growth breakdown • Price/mix growth +2% largely reflecting contractual price
indexation with some mix benefits in Q2
• Net new business wins +2% driven by strong growth in
+8% +8% new customers in Central & Eastern Europe
1% • Like-for-like volumes in line with 1H20 as higher pallet
2% demand in response to COVID-19 lockdown restrictions and
2% Brexit-related stockpiling offset lower levels of underlying pallet
+3% demand and volume declines in Automotive business, which
+4% +4% cycled pre-pandemic levels of customer demand in 1H20
2% FY21 expectations:
1%
6% 2% • Pallets: Revenue growth expected to moderate in 2H21 as the
5% business cycles record levels of pallet demand in 2H20 following
3% 3% initial outbreak of COVID-19. 1H21 Brexit-related demand is
2% expected to reverse in 2H21 while underlying demand is
expected to remain weak, in line with economic conditions
• Automotive (~9% of EMEA revenues): Revenue growth expected
(2)% to improve in 2H21 as business cycles decline in 2H20 following
COVID-19 outbreak. FY21 growth to remain subdued subject to
FY18 FY19 FY20 1H20 1H21 production levels and component availability in the global
Net new business wins Like-for-like volume Price/Mix automotive industry
1 Results highlights 2 Financial overview 3 Appendix 19
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CHEP Asia-Pacific

Strong pallet performance and one-off compensation more than offset Australian RPC contract start-up costs and lower Kegstar earnings

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1H21 Change vs. 1H20 1H21 performance
• Pallets revenue +6%: Price realisation in Australia and strong
Actual Constant like-for-like volume growth in both Australian Pallets and the
(US$m) FX FX China timber pallet businesses
• RPCs + Containers (including Kegstar) (3)%: Lower Kegstar
Pallets 192.4 12% 6% revenues as business cycled pre-pandemic levels of demand in
1H20, partly offset by contribution from the start of a large
Australian RPC contract and strong growth in New Zealand RPCs
RPCs + Containers 63.9 3% (3)% • Underlying Profit +4%: US$8m net benefit from service center
relocation in Australia more than offset declines in Kegstar
earnings due to lockdowns and other costs related to COVID-19
and the onboarding of a new Australian RPC contract
Sales revenue 256.3 10% 4% • ROCI +0.9pt driven by profit growth. ACI broadly in line with
prior year as lower capex in Kegstar and asset efficiencies in
Pallets were offset by increased investment to support Australian
Underlying Profit 64.4 11% 4% RPC contract win
• Australian RPC contract performing in line with investment case
Margin 25.1% 0.2pts (0.1)pts FY21 expectations: • Progressive ramp of Australian RPC contract revenues with
moderation in pallet revenues in 2H21
ROCI 21.4% 1.2pts 0.9pts • Cost control and supply chain efficiencies expected to support Underlying Profit growth notwithstanding RPC contract start up
costs in 2H21
1 Results highlights 2 Financial overview 3 Appendix 20
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Cash flow

Dividends and capex fully funded by Free Cash Flow

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(US$m, actual FX) 1H21 1H20 Change Free Cash Flow after dividends increased +US$332.2m
including benefit of cycling US$183.2m special dividend
EBITDA [1] 880.8 812.9 67.9 payment in 1H20
Capital expenditure (cash basis) [2] (460.6) (504.1) 43.5 Free Cash Flow after ordinary dividends increased
US$149.0m including US$80m of 1H timing benefits
US supply chain investments (18.7) (16.7) (2.0) largely related to the timing of capex payments
Proceeds from sale of PP&E 63.8 50.0 13.8 • Operating cash flow up +US$101.8m driven by increased
Working capital movement (6.7) 6.5 (13.2) earnings and a US$41.5m reduction in cash capex despite
strong volume growth. On an accruals basis, capex
Other (35.0) (26.8) (8.2) increased US$20.8m at constant FX and included a
1.0 point improvement in pooling capex to sales ratio
Cash Flow from Operations 423.6 321.8 101.8 • Working capital movement reflects the impact of higher
Significant Items and (1.6) (3.2) 1.6 VAT-refunds in the prior year, which offset ongoing
discontinued operations improvements in cash collections in the half
Financing costs and tax (125.7) (146.5) 20.8 • Financing costs and tax payments reduced +US$20.8m
primarily due to prior year financing costs relating to the
Free Cash Flow 296.3 172.1 124.2 early termination of the US$500m 144A bond
Dividends paid – ordinary (132.5) (157.3) 24.8 FY21 expectations:
Free Cash Flow after ordinary 163.8 14.8 149.0 • US$80 million of timing benefits, largely relating to capital
dividends payments expected to reverse in 2H21
Dividends paid – special - (183.2) 183.2 • Free Cash Flow expected to fully fund capex and
dividends despite higher pallet costs in the second half
Free Cash Flow after dividends 163.8 (168.4) 332.2 due to lumber inflation, especially evident in the US
12 EBITDA has been defined as Underlying Profit after adding back depreciation, amortisation and IPEP expense. Capital expenditure excluding US supply chain investments in accelerated automation and lumber procurement.
1 Results highlights 2 Financial overview 3 Appendix 21
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Capital expenditure

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Disciplined management of capital spend and asset efficiency improvements
despite increased pallet volumes and customer demand variability
Change vs. 1H20
Accruals basis 1H21 (constant FX)
Pooling Capex US$477m +US$5m Pooling capex to sales ratio (accruals basis) of 18.6% in 1H21
+1pt improvement over prior year (1H20: 19.6%)
Pallet volume growth & price / mix +US$36m Pooling capex increase limited to +US$5m despite strong volume growth: • Increased pallet purchases to support volume growth and higher pallet
unit costs reflecting lumber inflation, primarily in the Americas region;
APAC RPC +US$18m • Investment in Australian RPC pool to support contract win;
• Automotive business cycling material investment in prior year to
Automotive / US$(28)m support contract wins; and
Kegstar • Asset productivity improvements in across the Group despite spikes in
Asset productivity US$(21)m demand and changes in network dynamics
improvements
Non-Pooling US$58m +US$15m Non-pooling capex up US$15m in 1H21 reflecting:
Capex
Total Capex US$535m +US$20m • Continued investment in US automation and supply chain productivity
and capacity initiatives across the Group; and
• Facility investment to support large Australian RPC contract
FY21 expectation
• FY21 pooling capex to sales ratio expected to increase ~0.5 points from FY20 levels largely due to lumber inflation
• Non-pooling capex weighted to 2H21 in line with US automation implementation plans
• FY21 Free Cash Flow to fully fund dividends and capex
1 Results highlights 2 Financial overview 3 Appendix 22
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Balance sheet

Balance sheet remains strong and well placed to fund share buy-back

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Dec 20 Jun 20 • Increase in net debt reflects
Net debt US$1,986m US$1,712m A$393m (US$286m) of share buy-backs
completed in 1H21
Average term of committed facilities 4.1 years 4.2 years • Undrawn committed bank facilities US$1.3b and
cash & deposits of US$0.7b as at 31 Dec 2020
Undrawn committed facilities US$1.3b US$1.3b support funding of remaining share buy-back
programme (~A$0.9b or US$0.7b)
Cash / deposits US$676m US$806m • No major refinancing of debt facilities over the
next 12 months – refer Appendix 6
• Financial ratios remain well within <2.0x
1H21 [2] FY20 Financial policy. On a pro-forma basis
post completion of the buy-back,
net debt / EBITDA is ~1.7x
Net debt/EBITDA [1] 1.22x 1.10x
• Committed to maintaining current investment-
EBITDA/net finance costs 19.0x 19.3x grade credit ratings –
Standard & Poor’s BBB+ and
Moody’s Baa1 – taking into account completion
of share buy-back programme in FY22
12 EBITDA is defined as Underlying Profit after adding back depreciation, amortisation and IPEP expense. Net debt includes lease From 1H21, key financial ratios using EBITDA and net finance costs are on a twelve month rolling basis. EBITDA and net interest expense for 1H21 are liabilities.
therefore based on the 12 months to 31 December 2020.
1 Results highlights 2 Financial overview 3 Appendix 23
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23
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Summary

Strong first-half performance despite COVID-19 and Brexit related impacts
• Disciplined cost control and benefits from supply chain initiatives
Focus on asset productivity delivered asset efficiency improvements across the Group and limited capex despite strong volume growth and changes in demand patterns and network dynamics
Free Cash Flow generation to fully fund capex and dividends
• Well positioned to continue with the share buy-back programme
Upgraded FY21 sales and earnings guidance, including an increase in US margins of ~1 percentage point

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1 Results highlights 2 Financial overview 3 Appendix 24
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24
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Half-Year 2021 Results presentation 16 February 2021

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3
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Appendix

Appendix 1

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Treatment of Kegstar and MicroStar merger in financial statements
• Kegstar & MicroStar merger announced on 10 February 2021, creating the global leader in keg-
rental market servicing craft customers and global brewers
• Brambles will own ~15% of the combined entity with the remaining 85% owned by MicroStar’s
current shareholders
Treatment in financial statements
1H21 Financial statements FY21 financial statements
Kegstar 1H21 financial • Kegstar FY20 & FY21 financial performance recognised in
performance recognised in discontinued operations
continuing operations in CHEP
Asia-Pacific segment
• Kegstar net assets replaced with an equity investment in
MicroStar at fair value of US$52m, no material gain/loss
Merger disclosed in on divestment; and
subsequent events note in • ~15% share in MicroStar recognised within ‘Investments’ on
financial statements the balance sheet with share of MicroStar’s profit/loss after
tax recognised on a single line in the income statement
within continuing operations
1 Results highlights 2 Financial overview 3 Appendix 27
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Appendix 2

US initiatives on track to deliver ~2-3pt margin improvement[1] by FY22

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Pressures Phasing of margin
Mitigating actions
improvement
Progress 1H21 FY21 FY22
Cost inflation Supply chain cost out • Annual transport and network optimisation exercise undertaken during the year 
Pricing/ surcharges • Continue to renegotiate contract terms and
pricing to insulate against inflation and
recover higher cost-to-serve

Retailer driven
cost increases
Procurement • Lumber strategy largely implemented and
initiatives delivering cost benefits to lumber repair and 
capex in line with expectations
Network capacity and supply chain Automationprogramme •• 39 sites completed to dateCommissioning of 13 sites in 2H21
efficiency • Sites performing in line with expectations 
1 Margin improvement from 1H18 levels, excluding the impact of AASB 15 and AASB 16 accounting changes.
1 Results highlights 2 Financial overview 3 Appendix 28
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28
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Appendix 3
Brambles: Sales revenue by region and sector
1H21 sales revenue by region 1H21 sales revenue by sector
India, Middle East, Turkey, Africa5.0% Eastern Europe3.6% 1.3%Asia Packaging 12.0%Other Auto 3.8%
2.5%
Latin
America General
6.5% retail
1.4%
8.6%ANZ CanadaUSA & 44.5% Storage & Dist.2.2% moving Fast-
Beverage consumer
14.8% goods
Western Fresh 55.6%
Europe30.5% produce
7.7%
Developed markets Emerging markets “Consumer staples” sectors Industrial sectors
1 Results highlights 2 Financial overview 3 Appendix 29
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Appendix 4
Major currency exchange rates [1]
USD EUR AUD GBP CAD MXN ZAR PLN NZD BRL
1H21 1.0000 1.1870 0.7260 1.3161 0.7596 0.0471 0.0621 0.2636 0.6787 0.1848
Average
1H20 1.0000 1.1070 0.6823 1.2598 0.7569 0.0514 0.0675 0.2563 0.6455 0.2460
31 Dec 20 1.0000 1.2293 0.7676 1.3624 0.7834 0.0502 0.0684 0.2690 0.7201 0.1927
As at
31 Dec 19 1.0000 1.1201 0.6996 1.3111 0.7660 0.0528 0.0709 0.2633 0.6728 0.2493
1 Includes all currencies that exceed 1% of 1H21 Group sales revenue, at actual FX rates.
1 Results highlights 2 Financial overview 3 Appendix 30
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30
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Appendix 5
1H21 currency mix
(US$m) Total USD EUR AUD GBP CAD MXN ZAR PLN NZD BRL Other [1]
Sales revenue 2,566 989 588 191 185 153 110 88 47 29 26 160
1H21 share 100% 39% 23% 7% 7% 6% 4% 3% 2% 1% 1% 7%
1H20 share 100% 39% 22% 7% 7% 6% 5% 4% 2% 1% 1% 6%
Net debt [2] 1,986 1,035 1,342 (676) (60) 77 152 117 (21) 17 8 (5)
12 No individual currency within ‘other’ exceeds 1% of 1H21 Group sales revenue at actual FX rates. Net debt shown after adjustments for impact of financial derivatives. Net debt includes US$731 million of lease liabilities and US$115 million of term
deposits in AUD with maturity greater than three months.
1 Results highlights 2 Financial overview 3 Appendix 31
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31
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Appendix 6 Credit facilities and debt profile

Appendix 6 Credit facilities and debt profile	Appendix 6 Credit facilities and debt profile	Appendix 6 Credit facilities and debt profile	Appendix 6 Credit facilities and debt profile	Appendix 6 Credit facilities and debt profile	Appendix 6 Credit facilities and debt profile
Maturity	Type1	Committed facilities	Uncommitted facilities	Debt drawn	Headroom
		(US$bn at 31 December 2020)
<12 months	Bank	0.1	0.3	0.1 - - 0.7 0.5 0.6	0.3
1 to 2 years	Bank	0.2	-		0.2
2 to 3 years	Bank	0.7	-		0.7
3 to 4 years	Bank/EMTN2	0.8	-		0.1
4 to 5 years	Bank/144A3	0.8	-		0.3
>5 years	EMTN2	0.6	-		-
Total4		3.2	0.3	1.9	1.6
1Excludes leases. 2European Medium Term Notes. 3US$500m 144A bond. 4Individual amounts have been rounded.
Results highlights Financial overview Appendix 2 3 1					32

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32
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Appendix 7

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Net plant and transport costs/sales revenue
Net plant Net transport
cost/sales revenue cost/sales revenue
1H21 1H20 1H21 1H20
CHEP Americas 37.2% 37.4% 22.6% 23.3%
CHEP EMEA 23.4% 23.6% 21.0% 20.7%
CHEP Asia-Pacific 35.7% 31.9% 13.1% 13.0%
Group 31.8% 31.5% 21.0% 21.3%
1 Results highlights 2 Financial overview 3 Appendix 33
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Appendix 8a
CHEP Americas: Underlying Profit analysis (US$m)
(6) (22)
63 (8) (12) (9)
(3)
189 195 192
Underlying1H20 price, mixVolume, 1 Depreciation transportNet plant costsNet IPEP Other2 Underlying1H21 FX Underlying1H21
Profit costs Profit Profit
(constant FX)
12 Sales growth net of volume-related costs (excluding depreciation). Includes increased investment to support business model changes and improved cash generation in Latin America.
1 Results highlights 2 Financial overview 3 Appendix 34
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Appendix 8b CHEP EMEA: Underlying Profit analysis (US$m)

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(5)
(3) (3) (2) 2 7
27
242
235
219
Underlying1H20 price, mixVolume, 1 Depreciation transportNet plant costsNet IPEP Other Underlying1H21 FX Underlying1H21
Profit costs Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results highlights 2 Financial overview 3 Appendix 35
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Appendix 8c

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CHEP Asia-Pacific: Underlying Profit analysis (US$m)
2 (2) 4
(1)
(2)
(3) 8
64
58 60
Underlying1H20 price, mixVolume, 1 Depreciation transportNet plant costsNet Other ensationComp- Underlying1H21 FX Underlying1H21
Profit costs Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results highlights 2 Financial overview 3 Appendix 36
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36
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Appendix 9
Capital expenditure on Property, Plant and Equipment
(Accruals basis, US$m)
1,060
1,013
981
823 294 148
317
231 535
511
684 106
643 132
606
538
337 371
54 90 123 149 42 58
FY17 FY18 FY19 FY20 1H20 1H21
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 37
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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:
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 six-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
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 38
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38
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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
Like-for-like revenue Sales revenue in the reporting period relating to volume performance of the same products with the
same customers as the prior corresponding period
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)
Return on Capital Invested (ROCI) Underlying Profit multiplied by two to calculate an annualized amount, 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 39
39
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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 40
40
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Investor Relations contacts

Sean O’Sullivan Vice President, Investor Relations & Corporate Affairs [email protected] +61 2 9256 5262 +61 412 139 711 Raluca Chiriacescu Director, Investor Relations [email protected] +44 20 3880 9412 +44 7810 658044 1 Results highlights 2 Financial overview 3 Appendix 41

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BRAMBLES LIMITED Regulatory Filings 2021

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Brambles 2021 Half-Year Result presentation