3 March 2025

2025 Share Buyback Programme - Update

As announced in its pre-close statement dated 17 December 2024, Bunzl plc ("Bunzl" or the "Company") is executing a £200m share buyback during 2025 (the "2025 Programme"). 

The Company today announces that it has completed the first £50m tranche of the 2025 Programme, launched on 2 January 2025, and has entered into an agreement to repurchase further shares of up to £150m, to be completed no later than 31 December 2025.

A maximum number of 25,093,195 ordinary shares may be repurchased under the agreement, representing the remaining authority granted by shareholders at Bunzl's annual general meeting ("AGM") on 24 April 2024. Any purchases to be made under the 2025 Programme after the expiry of this authority will be made subject to the authority to be requested from shareholders at Bunzl's 2025 AGM. The purpose of the 2025 Programme is to reduce the issued share capital of the Company.

UBS AG London Branch ("UBS") has been instructed by Bunzl to manage this phase of the 2025 Programme. UBS will carry out the instruction through the acquisition of ordinary shares in Bunzl, acting as riskless principal, for subsequent repurchase by Bunzl. Any purchase of ordinary shares made by UBS in relation to the 2025 Programme will be carried out on the London Stock Exchange or another recognised investment exchange.

This arrangement is in accordance with Chapter 9 of the UK Listing Rules and Bunzl's general authority to repurchase ordinary shares. The share buyback programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018 and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures. Bunzl will announce any market repurchase of ordinary shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Ordinary shares purchased under the share buyback programme will be cancelled.

UBS may undertake transactions in Bunzl's ordinary shares in order to manage its market exposure under the share buyback programme. UBS will make any disclosures it is legally required to make in relation to such transactions.

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