BNZL FINANCIAL STATEMENTS

Bunzl PLC — balance sheet, income statement and cash flow trends

BNZLBunzl PLC

🇬🇧 UK · LSE · Consumer Defensive · Food Distribution

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue11.8 B £-3.7%

Gross Profit1.8 B £+7.7%

Operating Income755.8 M £-3.9%

EBITDA1.2 B £+5.5%

Net Income459.2 M £-6.3%

Peer Comparison· Food Distribution

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BNZL	2.1%	15.0%	9.8%	3.9%
HFFG	3.2%	16.1%	-0.1%	-2.9%
KUVVA	125.1%	12.1%	47.7%	-32.5%
VANGD	-19.5%	5.3%	-1.2%	149.6%
CVGW	-10.5%	10.2%	4.3%	2.6%
AVO	-10.5%	12.3%	7.2%	1.8%
Industry median	2.1%	12.3%	4.3%	1.7%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BNZL	2.1%	15.0%	9.8%	3.9%
SBRY	2.7%	6.2%	6.3%	1.1%
ABF	-2.2%	23.5%	12.6%	4.9%
CCH	6.0%	36.8%	14.9%	8.1%
IMB	—	—	—	—
TSCO	5.4%	7.5%	6.8%	2.4%
Industry median	2.1%	12.3%	4.3%	1.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2025

Equity2.8 B £33%
Current Liabilities2.9 B £33%
Long-term Liabilities2.9 B £34%

Key Figures

YoY change

Total Assets8.6 B £+1.5%

Total Liabilities5.8 B £-0.6%

Total Equity2.8 B £+6.0%

Cash & ST Investments540.1 M £-63.5%

Total Debt2.9 B £-4.2%

Net Debt2.4 B £+52.7%

Peer Comparison· Food Distribution

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BNZL	1.39	103.8%	2.03	32.5%
HFFG	1.11	61.6%	-109.40	37.3%
KUVVA	0.28	115.0%	1.29	17.0%
VANGD	1.55	0.0%	0.44	80.7%
CVGW	2.21	10.9%	-0.96	69.0%
AVO	1.91	37.6%	2.07	57.4%
Industry median	1.37	111.4%	2.08	30.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BNZL	1.39	103.8%	2.03	32.5%
SBRY	0.56	107.3%	2.60	32.5%
ABF	1.51	32.6%	1.23	58.4%
CCH	1.19	101.7%	0.69	33.1%
IMB	0.70	278.4%	—	14.3%
TSCO	0.59	131.6%	2.18	29.0%
Industry median	1.37	111.4%	2.08	30.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2025 · TTM

Key Figures

YoY change

Operating Cash Flow836.6 M £-16.8%

Capital Expenditures71.5 M £+34.9%

Free Cash Flow765.1 M £-19.6%

Dividends Paid-242.2 M £-224.8%

Peer Comparison· Food Distribution

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BNZL	7.1%	6.5%	0.6%	182.2%
HFFG	2.7%	0.3%	2.5%	-94.0%
KUVVA	-48.6%	-18.5%	30.1%	149.7%
VANGD	-3.4%	-3.5%	0.4%	-2.3%
CVGW	2.8%	2.4%	0.4%	107.4%
AVO	6.5%	2.8%	3.7%	353.5%
Industry median	2.8%	1.9%	1.0%	149.7%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BNZL	7.1%	6.5%	0.6%	182.2%
SBRY	5.3%	3.5%	1.8%	468.0%
ABF	11.7%	6.2%	5.5%	238.8%
CCH	12.9%	6.4%	6.5%	159.4%
IMB	—	—	—	—
TSCO	5.6%	3.8%	1.8%	231.8%
Industry median	2.8%	1.9%	1.0%	149.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.