EBOS GROUP LIMITED — Investor Presentation 2021

May 4, 2021

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5 May 2021

NZX/ASX Code: EBO

Macquarie Australia Conference Presentation

Please see attached a copy of a presentation to be delivered at the Macquarie Australia Conference today.

For further information please contact:

Martin Krauskopf General Manager, Mergers & Acquisitions and Investor Relations +61 3 9918 5555

Authorised for lodgement with NZX and ASX by Janelle Cain, General Counsel, EBOS Group Limited.

About EBOS Group

EBOS Group Limited NZBN 9429031998840 (NZX/ASX Code: EBO) is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. It is also a leading Australasian animal care brand owner, product marketer and distributor.

EBOS Group Limited. NZBN 9429031998840 Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. Phone: +61 3 9918 5555, Fax: +61 3 9918 5588. www.ebosgroup.com

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INVESTOR PRESENTATION MACQUARIE AUSTRALIA CONFERENCE 5 May 2021

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DISCLAIMER

The information in this presentation was prepared by EBOS Group Limited (“EBOS” or the “Group”) with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and, to the extent permitted by law, no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither EBOS nor any of its subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it.

This presentation may contain forward-looking statements and projections. These reflect EBOS’ current expectations, based on what it thinks are reasonable assumptions. To the extent permitted by law, EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy EBOS securities and may not be relied upon in connection with any purchase of EBOS securities.

This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA, EBITDA, NPAT, Underlying EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, Net Debt, Underlying Net Debt and Return on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’ calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS' business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.

The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the year ended 30 June 2020 and the consolidated financial statements for the half year ended 31 December 2020.

All currency amounts are in Australian dollars unless stated otherwise.

All amounts are presented inclusive of IFRS16 Leases, except for periods FY19 and prior, unless stated otherwise.

2

EBOS SNAPSHOT

EBOS Group is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. It is also a leading marketer and distributor of recognised consumer products and animal care brands

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NZ$5.0bn
market capitalisation
NZX20 / ASX listed
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A$8.8bn
FY20 revenue
A$260m
FY20 EBIT
3,800
employees
61
locations across ANZ
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Businesses
Community Pharmacy
Institutional Healthcare
Contract Logistics
Consumer Products
Healthcare
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Pet Brands Vet Wholesale Pet Retail

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Sectors
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Animal Care
14%
Healthcare
86%
Geographies
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NZ
20%
Australia
80%
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3 Notes: 1. Market capitalisation as at 3 May 2021. 2. EBIT is statutory EBIT. 3. Sector split based on H1 FY21 Gross Operating Revenue. 4. Geographic split based on H1 FY21 revenue.

20 YEARS OF GROWTH AND RETURNS

EBOS has a long history of delivering profit, growth and shareholder returns

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- 50 100 150 200 250 300 NPAT (A$m)1
		TSR2 1 year 23% 5 years 20% 10 years 21% 20 years 19%

Notes: 1. NPAT is reported NPAT. NPAT prior to FY19 was reported in NZD and is converted to AUD at the average daily exchange rate in the financial year. 2. Total cumulative shareholder returns calculated as at 31 December 2020. Calculated as capital gains and dividends paid over time period. Share price data as at 3 May 2021. Source: Factset and Nasdaq IR.

35 30 25 20 15 10 5 -

WHAT WE DO: HEALTHCARE

FY20 Revenue	$8.3b
FY20 EBIT1	$229m
H1 FY21 EBIT margin1	2.9%
H1 FY21 EBITgrowth(vs.pcp)1	11.2%

EBOS has leading positions across the ANZ healthcare products supply chain

Healthcare products supply chain

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Pharmacy
Pharmacies
support services
Brands and Wholesalers and
Hospitals
manufacturers distributors
Medicines; consumer health Patients
products; medical devices
Contract logistics Aged care &
providers primary care
= EBOS’ primary presence in the supply chain
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EBOS Healthcare businesses	EBOS Healthcare businesses									Group GOR
										contribution3
Community Pharmacy Leading wholesaler of pharmaceutical and healthcare products to retail pharmacies Provider of franchisor and support services to leading pharmacy banners including TerryWhite Chemmart										47%
Institutional Healthcare Leading wholesaler of pharmaceuticals and medical consumables to hospitals, aged care, medical centres and GPs, as well as a growing presence in medical devices distribution										26%
Contract Logistics Leading 3PL/4PL provider			to	pharmaceutical and healthcare products manufacturers						9%
Consumer Products Owner and marketer		of consumer health				brands sold		via	pharmacy, grocery and health specialty stores	4%
5 Notes: 1. EBIT shown on an underlying, post-IFRS 16 basis. 2. d d i id illd b					In the healthcare products supply chain, brands and manufacturers also supply directly to pharmacies, hospitals, 3 GOR G Oi R G GOR ibi h f H1 FY21

5 Notes: 1. EBIT shown on an underlying, post-IFRS 16 basis. 2. In the healthcare products supply chain, brands and manufacturers also supply directly to pharmacies, hospitals, aged care and primary care providers (not illustrated above). 3. GOR = Gross Operating Revenue. Group GOR contribution shown for H1 FY21.

WHAT WE DO: ANIMAL CARE

FY20 Revenue	$425m
FY20 EBIT1	$50m
H1 FY21 EBIT margin1	12.6%
H1 FY21 EBITgrowth(vs.pcp)1	25.6%

EBOS also has leading and diverse positions within the Animal Care sector

EBOS Animal Care businesses

Group GOR contribution[2]

	Owner and marketer of leading premium pet food and pet treats
Pet Brands	brands Blackhawk and Vitapet, among other pet products, to pet
	specialty and grocery retailers
Vet Wholesale	Wholesaler of pet medicines, health and food products to veterinarians and pet retailers	14%
Pet Retail	50% joint venture partner in Animates, the leading New Zealand pet retailer and owner of vet clinics

6 Notes: 1. EBIT shown on an underlying, post-IFRS 16 basis. 2. GOR = Gross Operating Revenue. Group GOR contribution shown for H1 FY21.

OUR TRANS-TASMAN HISTORY

EBOS’ history stretches back 100 years in New Zealand and 175 years in Australia

1922 1960

2007 2011

Early Brothers Early Bros Dental EBOS acquires EBOS acquires pet Trading Co. is & Surgical Pharmacy brand business, founded Supplies is listed Retailing New Masterpet on NZX Zealand 2013

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EBOS merges with Symbion, the leading pharmaceutical wholesaler in Australia and lists on the ASX

New Zealand

2021

EBOS market capitalisation exceeds NZ$5bn for the first time

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2020

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Australia

1845

2011

EBOS revenues exceed $8bn

Francis Hardy Faulding Symbion acquires opened his first veterinary wholesaler, pharmacy in Adelaide, Lyppard Australia South Australia

7

INVESTMENT HIGHLIGHTS

EBOS offers investors a strong track record of growth, yield and shareholder returns

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Defensive growth sectors

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Scale and leading positions Diversified group

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Best-in-class healthcare distribution network

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Proven value creation strategy

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Supportive growth drivers Strong financial track record

8

DEFENSIVE GROWTH SECTORS

The healthcare and animal care sectors provide resilient and stable growth through the cycle

ANZ health expenditure (A$b)[1] ANZ pet food and treats expenditure (A$b)[2]

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~5% CAGR ~12% CAGR
240 2.0
1.5
160
1.0
80
0.5
- -
2015 2016 2017 2018 2019 2017 2018 2019 2020 2021
Growing and ageing population Growing pet population and humanisation of pets
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Sources and notes: 1. ANZ health expenditure includes both public and private expenditure. Australian data included on a current prices basis and sourced from Australian Institute of Health and Welfare. New Zealand data included on a current prices basis and converted to AUD using an exchange rate of 0.93. Data sourced from OECD on a 9 per capita basis and multiplied by New Zealand’s population as at June of each respective year. Population data sourced from Stats NZ. 2015-2019 CAGR presented. 2. ANZ Pet Expenditure includes Grocery Dog Treats and Pet Specialty Dog and Cat Food. Data included on a MAT basis for March of each year and based on management estimates from industry sources, with New Zealand data converted to AUD using an exchange rate of 0.93. 2017-2021 CAGR presented.

SCALE AND LEADING POSITIONS

We operate leading businesses and have superior scale and financial capacity

EBOS segment positions

Market capitalisation peer comparison

AU NZ Pharmacy wholesale1 Hospital medicine wholesale2 Contract logistics3 Premium dog food4 Grocery dog treats Vet Wholesale5 n/a7 Pet Retail6 n/a7 #1 #1 #3 #1 #1 #2 #1 #1 #2 #1 #1 #1
	A$4.6b A$614m A$594m
	EBOS ASX-listed peer #1 ASX-listed peer #2

~90% of group revenue is generated by businesses with #1 segment share

Sources and notes: 1. Community Pharmacy wholesale represents Ethicals, OTC and FMCG products and does not include directs. 2. Hospitals medicines include Ethicals, OTC and Other products 10 and is based on industry data for 2020 and includes direct. 3. Contract Logistics is for medicines, is based on GOR and reflects management estimates. 4. Premium dog food reflects the pet specialty channel and is based on management estimates using industry data; Grocery dog treats is based on industry data. 5. Vet Wholesale is based on management estimates. 6. Pet Retail is based on external industry statistics for pet specialty and credit card scan data. 7. n/a reflects that EBOS does not operate in the given country for this sector. 8. Market capitalisation as at 3 May 2021 and sourced from NASDAQ.

DIVERSIFIED GROUP

Our earnings are highly diversified across sectors, geographies, products, customers and suppliers

Business segment diversity

Sector diversity

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Animal Care Healthcare Animal Care
14%
Community
Industry size Very large Large
Pharmacy
47%
Industry growth Single digit Double digit
Margins Single digit Double digit
NZ
20%
Price regulation High Low
Australia
80%
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Animal Care
14%
Consumer Products
4% Community
Pharmacy
Contract Logistics 47%
9%
Institutional Healthcare
26%
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Geographic diversity

Our diversity has supported stability in our earnings growth and cash flow generation

11 Notes: 1. Business segment split based on H1 FY21 Gross Operating Revenue. 2. Geographic split based on H1 FY21 revenue.

BEST-IN-CLASS HEALTCHARE DISTRIBUTION NETWORK

We operate the largest and most efficient healthcare distribution network in ANZ with ~$200m invested since 2014 to drive superior customer outcomes and productivity

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Trans-Tasman distribution centre network
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Major distribution centre investments have driven substantial productivity improvements

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Australia New Zealand
2009 Western Australia
2010 New South Wales
2014 Victoria
Key 200,000+ 600+ million 2018 Queensland
features aggregate sqm units p.a. distributed
12
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PROVEN VALUE CREATION STRATEGY

Our businesses generate organic growth and significant cash flow, which funds our strategy of re-investing for growth, as well as dividends for shareholders

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SHAREHOLDER VALUE CREATION STRATEGY ORGANIC GROWTH AND DISCIPLINED CASH FLOW INVESTING FOR GROWTH DIVIDENDS MANAGEMENT MAXIMISING OPPORTUNITIES GROWTH CAPEX AND ~70% PAYOUT RATIO[1] FROM OUR LEADING BUSINESSES ACQUISITIONS (IMPUTED / FRANKED) ~10% EPS CAGR[2] ~3% DPS YIELD[4] ~17% ROCE[3] Notes: 1. 70% average payout ratio over FY14 to FY20 compared to dividend policy of dividends not less than 60% of NPAT. 2. EPS CAGR is underlying and is measured over 13 FY14-FY20. 3. ROCE measured at H1 FY21, calculated as Earnings before Interest, Tax and Amortisation (EBITA) divided by capital employed. Capital employed defined as net assets plus net debt. EBITA and Capital Employed exclude the impact of IFRS 16. 4. DPS yield calculated as reported DPS divided by average LTM share price; represents broad average in recent years depending on share price fluctuations.

GROWTH DRIVERS: HEALTHCARE

EBOS aims to achieve above industry growth across its Healthcare businesses

Industry growth drivers	Business growth drivers M&A growth opportunities
Community Pharmacy • Growing and aging population • Growing consumption of medicines and medical consumables • Increasing medical procedures Institutional Healthcare Contract Logistics	• Major wholesale customers growing above industry • TerryWhite Chemmart store rollout • New contract wins • Productivity gains through investment
	• Leverage specialty drugs growth • Medical consumables growth in underpenetrated channels • New contract wins (public and private) • Expand medical devices business
	• Segment share upside in Australia • Investment in specialist facilities

Legend: Limited Substantial

14

GROWTH DRIVERS: ANIMAL CARE & CONSUMER BRANDS

Significant organic growth opportunities across our Animal Care segment

Industry growth drivers	Business growth drivers M&A growth opportunities
Pet Brands • Increasing pet population • Humanisation of pets • Product premiumisation • Focus on pet health and wellbeing • COVID-19 acceleration Vet Wholesale Pet Retail	• Brand and marketing investment • New product development
	• New customer contract wins • Scale and efficiency
	• Store network rollout • Co-location of vet retail and vet clinics • Omni-channel growth
Consumer Products • Focus on health and wellness • Asia demand for ANZ products	• Leveraging pharmacy distribution advantage • New product development and ranging

Legend: Limited Substantial

15

INVESTING FOR GROWTH

Investing in our distribution network and value accretive acquisitions are core to our strategy

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~$690m
invested Sydney Contract 2021
since FY15 Logistics DC
2020
Brisbane DC
2019
VET
2018
Keysborough DC
Growth
capital 2017
expenditure
Onelink Australia DC
2016
15
2015
acquisitions
since FY15
Acquisitions
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16 Notes: Figures represent aggregate capital expenditure and acquisitions & investments from FY15 to 1H FY21.

ACQUISITION STRATEGY

Track record of growing inorganically to expand and diversify our earnings

Select areas of focus for acquisitions

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Medical
Medical devices
consumables
distribution
distribution
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Retail pharmacy
franchise Consumer brands
networks
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Strategic focus

• Targets aligned to our strategy within healthcare, animal care or adjacencies

• High quality, profitable and growing businesses

Size

• Typically focussed on small to medium size bolt-ons

• Consider larger opportunities where there is compelling rationale and shareholder returns

Geographic focus

• A substantial pipeline remains in ANZ

• Open minded regarding offshore opportunities in the medium term

Disciplined adherence to investment criteria

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Animal Care
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• EPS accretion and acceptable ROCE

• Maintain a strong balance sheet

17

STRONG FINANCIAL TRACK RECORD

EBOS has delivered consistent financial performance through the cycle

Underlying EBIT[1]

(A$m)

Underlying EPS[1]

(A$ cents per share)

DPS

(NZ$ cents per share)

11.3% CAGR

10.0% CAGR

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263
230
218
204 101
185 86 90 94
160 77
138 66
57
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY14 FY15 FY16 FY17 FY18 FY19 FY20
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11.2% CAGR 70% avg. payout

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78
69 72
63
59
47
41
FY14 FY15 FY16 FY17 FY18 FY19 FY20
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Return on capital employed[2] (ROCE, %)

Gearing[3]

(Net Debt : EBITDA)

Summary

• Strong earnings growth

15% target

1.7-2.3x comfort range

• Stable dividend growth and payout ratio

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[16.7%] [17.1%] [16.3%] [15.9%] [17.1%]
12.9% [14.6%]
1.9x
1.8x 1.7x
1.6x
1.4x
1.2x 1.1x
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY14 FY15 FY16 FY17 FY18 FY19 FY20
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• Disciplined focus on working capital management and cash flow generation

• Disciplined focus on ROCE >15% target

• Strong balance sheet with growth headroom

Notes: 1. Underling earnings exclude the impact of one-off items. 2. ROCE is calculated as Earnings before Interest, Tax and Amortisation (EBITA) divided by capital employed. 18 Capital employed defined as net assets plus net debt. EBITA and Capital Employed exclude the impact of IFRS 16. 3. Net Debt : EBITDA ratio excludes the impacts of IFRS16 leases in accordance with bank covenants.

CONCLUSION

EBOS offers investors a strong track record of growth, yield and shareholder returns

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Defensive growth sectors

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Scale and leading positions Diversified group

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Best-in-class healthcare distribution network

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Proven value creation strategy

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Supportive growth drivers Strong financial track record

19

Thank you

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APPENDIX

21

H1 FY21 SUMMARY RESULTS[1]

Revenue Statutory EBITDA Statutory EBIT Statutory NPAT $4.7b up 6.3% $182.2m up 9.0% $145.9m[up 11.1%] $92.9m up 13.7% Underlying EBITDA[2] Underlying EBIT[2] Underlying NPAT[2] $184.1m up 9.3% $147.8m[up 11.5%] $94.3m up 14.2% Statutory EPS ROCE[3] Net Debt : EBITDA[4] DPS 56.9c up 12.3% 17.5% up 0.4% on 1.00x[down 0.11x on ] 42.5c up 13.3% June 2020 June 2020 NZ$ Underlying EPS[2] 100% Franked (AU) 57.8c up 12.7% 25% Imputed (NZ)

Notes: 1. Comparative comments refer to growth on H1 FY20. 2. Underlying earnings exclude the impact of one-off items. 3. ROCE is calculated as Earnings Before interest, Tax and Amortisation (EBITA) divided by capital employed. Capital employed defined as net assets plus net debt. EBITA and Capital Employed exclude the impact of IFRS 16. 4. Net Debt : EBITDA ratio excludes the impacts of IFRS16 leases in accordance with bank covenants.

22

H1 FY21 KEY HIGHLIGHTS

EBOS’ strong performance has continued with another record result and double-digit earnings growth

Healthcare	Healthcare	•	Healthcare’s strong performance was driven by our Community Pharmacy, TerryWhite Chemmart (“TWC”),
			Institutional Healthcare and Contract Logistics businesses. Key highlights included:
EBIT up	11.2%1		‒ Above market growth from major Community Pharmacy wholesale customers
			‒ The 7th Community Pharmacy Agreement commenced from July 2020 and provides the wholesale
			business with additional certainty and increased CSO funding
			‒ TWC network sales growth of 5.8% and 22 new stores added to the network
			‒ Institutional Healthcare customer demand for specialty medicines and medical consumables
			‒ Expansion of our medical device distribution business through the acquisition of Cryomed
Animal Care		•	Animal Care’s outstanding performance was driven by our Vitapet, Black Hawk, Accessory Products and Lyppard
			businesses all achieving double-digit sales growth. Key highlights included:
EBIT up	25.6%1		‒ Continued strength in the positions of our key brands, combined with the strong tailwinds of the pet care
			market due to established demographic trends and the effects of COVID-19 restrictions
			‒ Growth from our Australian vet wholesaling business Lyppard through customer growth in the online and
			retail channels and sales growth with major customers in the vet channel
			‒ Acquisition of CH2’s vet distribution business
Group		•	Excellent operating cash flow of $98.7m (up 33.0%)
NPAT up 14.2%1		• •	ROCE of 17.5%, which is a record for the Group Further strengthened the balance sheet, with Net Debt : EBITDA reducing to 1.00x. Following further refinancing
			initiatives, EBOS has no debt maturities until H2 FY23

23 Notes: 1. Growth rates are referenced to H1 FY20 and are calculated based on underlying EBIT and underlying NPAT (as applicable). Underlying results exclude the impact of one-off items.

GROUP PERFORMANCE

Commentary:

$m H1 FY21 H1 FY20 Var Var%

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Underlying Results[1]

$m Underlying Results1	H1 FY21 H1 FY20 Var Var%
Revenue GOR EBITDA Depreciation & Amortisation EBIT Net Finance Costs Profit Before Tax Net Profit After Tax Earnings per share - cps EBIT margin Net Debt2 Net Debt : EBITDA2	4,653.3 4,376.1 277.2 6.3% 488.6 449.4 39.2 8.7% 184.1 168.4 15.7 9.3% 36.3 35.9 (0.5) (1.3%) 147.8 132.6 15.2 11.5% 14.1 15.4 1.4 8.9% 133.8 117.2 16.6 14.2% 94.3 82.6 11.7 14.2% 57.8c 51.3c 6.5c 12.7% 3.18% 3.03% 0.15% 308.9 392.2 1.00x 1.41x
Statutory Results Revenue EBITDA EBIT Profit Before Tax Net Profit After Tax Earnings per share - cps	4,653.3 4,376.1 277.2 6.3% 182.2 167.2 15.0 9.0% 145.9 131.4 14.6 11.1% 131.9 115.9 15.9 13.7% 92.9 81.7 11.2 13.7% 56.9c 50.6c 6.2c 12.3%

• Revenue of $4,653.3m, an increase of $277.2m or 6.3%:

• Healthcare up 5.9%;

• Animal Care up 15.7%.

• Underlying EBIT of $147.8m, an increase of $15.2m or 11.5%:

• Healthcare up 11.2%;

• Animal Care up 25.6%.

• EBIT margin expanded to 3.18% (from 3.03%).

• Underlying NPAT and EPS increases of 14.2% and 12.7%, respectively.

• Net Debt : EBITDA ratio of 1.00x attributable to strong earnings growth and disciplined capital management.

24 Notes: 1. Underlying results exclude the impact of one-off items. 2. Net Debt : EBITDA excludes the impact of IFRS16 Leases.

BUSINESS AND SEGMENT PERFORMANCE

The majority of EBOS’ businesses contributed positively to H1 FY21’s strong GOR and EBIT growth

GOR bridge ($m)

Underlying EBIT[1] bridge ($m)

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H1 FY21
growth 4.7% 15.5% 12.0% (6.0%) 13.8% 8.7%
vs. pcp
+8.2
+4.7
(1.2)
+16.9
+10.5 488.6
449.4
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H1 FY20 Comm. Inst. Contract Cons. Animal H1 FY21 GOR Pharmacy Healthcare Logistics Products Care GOR

11.2% 25.6% (52.2%) 11.5% (4.0) +6.3 +13.0 147.8 132.6 H1 FY20 Healthcare Animal Corporate H1 FY21 Underlying Care Underlying EBIT[1] EBIT[1]

25 Notes: 1. Underlying earnings exclude the impact of one-off items.

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