ANNUAL RESULTS ANNOUNCEMENT

Record acquisition spend, three year capital allocation commitment and 2025 guidance unchanged

Bunzl plc, the specialist international distribution and services Group, today publishes its annual results for the year ended 31 December 2024.

Highlights include:

• Revenue increased by 3.1% at constant exchange rates*; with underlying trends improving in the second half driven by slight volume growth and a small easing of deflation
• Adjusted operating profit* increased by 7.2% at constant exchange rates*, reported operating profit increased by 1.3%
• Further expansion of operating margin* from 8.0% to 8.3%
• Adjusted earnings per share* increased by 5.5% at constant exchange rates*, reported basic earnings per share declined by 4.8%, largely due to the currency translation driven loss related to the disposal of our business in Argentina
• Continued strong free cash flow* driven by highly cash generative model; cash conversion of 93%
• 32nd year of consecutive annual dividend growth; total dividend per share increase of 8.2%. Dividend cover expected to normalise further in 2025
• 13 acquisitions announced in 2024 with record annual committed spend of £883 million; pipeline active; continued optimisation of our portfolio with the disposal of two small businesses in 2024 and an additional disposal announced today
• 2025 outlook: maintaining guidance for robust Group revenue growth≠ and operating margin* in-line with 2024
• Announced commitment to allocate c.£700 million per annum primarily towards value-accretive acquisitions and, if required, returns of capital, in each of the three years ending 31 December 2027
• Completion of initial £250 million share buyback in 2024; further £200 million share buyback for 2025 underway

Commenting on today’s results, Frank van Zanten, Chief Executive Officer of Bunzl, said:

"2024 has been a year of significant strategic progress for Bunzl in which our dedicated and entrepreneurial teams delivered strong adjusted operating profit growth, supported by further expansion in our operating margin. 2024 was a record year for acquisitions with committed spend of £883 million, in addition to the completion of an initial £250 million share buyback which reflects the strength of Bunzl’s financial position. We have substantial headroom for continuing to self-fund value-accretive acquisitions alongside additional returns of capital to shareholders, and our acquisition pipeline remains active.

Bunzl has delivered significant shareholder value over an extended period, with 9% compound annual growth of adjusted earnings per share since 2004. In 2024 we extended our track record of annual dividend growth to 32 consecutive years, reflecting our resilient business model. Our strategy remains consistent, and I am very confident that Bunzl will continue to create resilient, sustainable, long-term value for all stakeholders.”

* Alternative performance measure (see Note 2)

† After excluding £0.6 million of profit for the year attributable to a non-controlling interest within our Nisbets business

∆ The Board is recommending a 2024 final dividend of 53.8p per share. Including the 2024 interim dividend per share of 20.1p the total dividend per share of 73.9p represents an 8.2% increase compared to the 2023 total dividend per share.

≠ At constant exchange rates

Annual results for year ended 31 December 2024