Annual Report
2026
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Brambles advances global supply networks, leveraging its unrivalled network scale, industry expertise and digital capabilities to make them more resilient and regenerative.
Through its people, operations and technology, Brambles is developing solutions to unlock new value for customers, raise the bar on sustainability and bring enhanced connections, visibility and foresight to supply networks across the world.
With a regenerative ambition built on decades of leadership in the circular economy, Brambles has evolved into one of the world’s most sustainable companies.1
1 As recognised by ESG research and ratings providers around the world, including Dow Jones Best-in-Class and MSCI.
What Brambles does
Operating primarily through the CHEP brand, Brambles provides its customers with the platforms they need to transport goods across their supply chains more efficiently and sustainably.
Powered by its share and reuse network of pallets, crates and containers, and end-to-end visibility of supply chains, Brambles partners with customers to optimise global supply networks and reduce their collective impact on the planet.
Trusted by the world’s leading brands, the CHEP business primarily services customers in the consumer staples, retail, automotive and general manufacturing industries.
As at 30 June 2026, Brambles had:
Operations in
~60
countries
~352m
pallets, crates
and containers
~12k
people employed
A network of
750+
service centres
FY26 highlights
Financial
7,042.9m
Sales revenue (US$)
+2% at constant currency2
22.6%
Return on Capital Invested
+0.4 percentage points at constant currency2
46.15
Total Dividends (US¢/share)
Final dividend of 23.15 US cents per share
509m
Returned to shareholders through share buy-backs3 (US$)
1,494.4m
Underlying Profit (US$)
+4% at constant currency2
1,472.5m
Cash Flow from Operations (US$)
+US$12.6m
69.9
Basic EPS from continuing operations (US¢)
+6% at constant currency2
+9%
Total value creation4
Operational
0.9
Lost Time Injury Frequency Rate (LTIFR)
FY25: 1.0
+1 pt
Net Promoter Score improvement vs FY25
+5 pt
Collection in full, on time improvement vs FY25
Sustainability
Maximum AAA rating
2nd in industry category
Double A list for Climate and Forests, and a Supplier Engagement leader in 2025
Constituent of the FTSE4Good Index since 2014
Global Top Employer and Top Employer in 26 countries and four regions
2 For the hyperinflationary economies of Türkiye and Argentina, financials are translated at period end FX rates.
3 Based on the Australian Dollar value of share buy-backs completed in FY26, of which US$400 million related to the FY26 programme and US$109 million related to the FY27 programme. The FY26 programme is converted to US Dollars at the closing A$:US$ exchange rate on 21 August 2025 of 0.6433 and the FY27 programme is converted to US Dollars at the closing A$:US$ exchange rate on 18 May 2026 of 0.7151.
4 Total value creation represents the sum of annual growth in Basic EPS from continuing operations at constant currency and dividend yield. Dividend yield based on the FY26 12-month volume weighted average share price of A$22.41, the 2026 interim dividend per share of 23.00 US cents and the 2026 final dividend per share of 23.15 US cents. The final dividend converted at an A$:US$ exchange rate of 0.7053, the average exchange rate over the five business days ended 12 August 2026.
Letter from the Chair & CEO
In FY26, Brambles demonstrated financial resilience while making meaningful progress across our strategic customer, operational and sustainability priorities that underpin our long-term competitive advantage.
Operating model
Brambles manages the world’s largest pool of reusable pallets, crates and containers. Through its inherently sustainable operating model, superior network advantage and industry expertise, Brambles leads the market in more efficient and sustainable supply chains.
Inherently sustainable operating model
Brambles’ operating model follows the principles of the circular economy. By promoting the ‘share and reuse’ of assets among multiple parties in the supply chain, Brambles offers customers a more efficient, cost-effective and sustainable alternative to disposable single-use products or their own proprietary platforms. This inherently sustainable business model reduces demand for natural resources and ensures sustainable lumber procurement through Brambles’ sourcing strategy, thereby underpinning its position as a global leader in sustainability. This has consistently been recognised by ESG research and ratings providers around the world, as outlined in the FY25 highlights above.
Network advantage and supply chain expertise
Brambles’ sustainable operating model is underpinned by its:
- superior network advantage that comprises the scale and density of its increasingly automated service centre network and the strength of its customer relationships in every major market in which it operates; and
- industry-leading supply chain expertise, developed over 70 years of managing customers’ supply chains around the world.
This means Brambles can be faster and more responsive to its customers’ needs, and in times of uncertainty and increased volatility, more resilient and more reliable than alternatives.
Share and reuse: how it works
Using its network advantage and asset management expertise, Brambles connects supply chain participants, ensuring the efficient flow of goods through the supply network.
By reducing transport distances and the number of platforms required to service the supply network, Brambles delivers savings in which all participants share. Brambles retains ownership of its equipment at all times, inspecting, cleaning and repairing to maintain appropriate quality levels and durability standards. In addition, Brambles continues to enhance its platforms including innovation in the materials used to further improve its sustainability credentials. Brambles generates sales revenue predominantly from rental and other service fees that customers pay based on their use of its platforms and services.
Brambles provides standardised pallets, crates and containers to customers from its service centres as and when the customer requires.
Customers use this equipment and Brambles’ support services to transport goods through the supply chain.
Customers either arrange for the equipment’s return to Brambles or transfer it to another participant for reuse.
Customer value proposition
Brambles’ pallets, crates and containers form the invisible backbone of the global supply network. This gives Brambles key insights that help customers meet evolving consumer demands while minimising their environmental impact and improving the safety and efficiency of their supply chains.
With a comprehensive suite of supply chain solutions, increasingly enabled by digital capabilities, Brambles provides its customers with operational, financial and environmental efficiencies not otherwise available through the use of single-use disposable alternatives and proprietary models.
Brambles is integral to its customers’ supply chains, working closely with all participants including manufacturers, producers, growers and retailers. With end‑to-end involvement, Brambles has clear insights into what impacts the safe, efficient, reliable and sustainable operation of global supply networks.
By leveraging these insights and its unmatched expertise, Brambles offers customers comprehensive solutions that improve the performance of the supply network. This helps address the challenges associated with the increasing complexity, rapid evolution and, at times, uncertainty of modern supply networks.
Brambles works closely with its customers to develop retail store solution strategies and consumer-facing platforms that improve the efficiency of the shared supply chain by increasing sales at lower costs to the supplier, retailer and consumer.
These merchandising and fulfilment solutions, which include full size and fractional display pallets, trays and RPCs, effectively improve safety and reduce the time, labour and activity required to move goods from the point of production to the point of sale.
Brambles offers customers a wide range of supply chain platforms including: pallets (timber and plastic); Reusable Plastic Crates (RPCs); bins; and specialised containers.
By eliminating the need for customers to purchase and manage their own platforms, Brambles reduces the capital requirements and complexity of customers’ operations while simultaneously reducing waste throughout their supply chains.
Using its experience in managing platforms, optimising automated facilities and packaging performance testing, Brambles has developed solutions that improve the overall performance and efficiency of customers’ facilities.
These solutions include: customising customers’ platform processes; optimising how customers configure, build and protect product loads; and providing higher quality platforms and engineering services to improve the performance of automated facilities.
Brambles conducts in-depth studies of customers’ supply chains to map the flow of goods, information and platforms to identify the causes of network inefficiencies and product damage.
By determining the optimal mix of platforms and processes for customers’ individual supply chains, Brambles can mitigate network inefficiencies and ensure the safe and sustainable transportation of goods through the supply network.
Brambles’ leadership in sustainable sourcing of materials and strong governance controls reduce risk and provide customers with confidence in their supply chain partnership.
Brambles creates value for customers by providing a sustainable alternative to single-use disposable packaging, delivering value and significantly reducing the environmental impact of their operations
Brambles’ network resilience and its resource-efficient, low-carbon solutions mean it has an important role in helping customers manage through supply chain disruptions while transitioning to a low-carbon economy.
Brambles’ superior network scale provides a unique capability to coordinate collaboration between multiple supply network participants through data and analytics to deliver transport efficiencies.
This includes matching and eliminating empty transport lanes, sharing transport and contracting transport for and from customers.
By combining new digital technology with its unrivalled pooling experience and scale, Brambles has developed new solutions which provide customers with visibility of their goods as they flow through the supply network.
These solutions are enabled by autonomously tracked pallets to provide useful location and condition information – protecting product quality, improving efficiency and sustainability, and building trust from end-to-end.
Brambles’ Zero Waste World (ZWW) programme reinforces its objective to collaborate with customers and create smarter and more sustainable supply networks – creating more value by using less and regenerating more resources. Brambles has collaborated with over 600 customers as part of its ZWW and logistics collaboration programme.
Through ZWW, Brambles seeks to use its unique position in the supply network to help customers address three key industry challenges:
Eliminating waste
By using its circular economy expertise to convert customers to more sustainable ‘share and reuse’ solutions which save resources and reduce costs.
Eradicating empty transport miles
By using its network scale with density and expertise to facilitate collaborative transport solutions, bringing manufacturers and retailers together to reduce the environmental impact of their operations and save money.
Reducing inefficiencies
By using its end-to-end supply chain solutions and BXB Digital technology to enhance customers’ visibility of their supply networks so they can make better decisions
The value Brambles creates
Brambles’ vision is to create regenerative supply networks with reuse, resilience and regeneration at its core. This vision underpins Brambles’ social licence to operate.
By leveraging the inherent advantages of its circular business model, network scale and pooling expertise, Brambles is able to convert key inputs, as outlined by the Integrated Reporting <IR> Framework, into significant value and outcomes for its stakeholders.
Investor value proposition
Brambles offers shareholders exposure to a lower-carbon circular business model with geographically diversified earnings streams, primarily from the defensive global consumer staples sector.
The supply networks served by Brambles provide a broad range of growth opportunities, including increasing penetration of core equipment pooling products and services in existing markets as well as diversifying the range of products and services. Brambles is also exploring the digitisation of supply chains to identify new solutions and services that unlock value and efficiencies across customers’ supply chains and its own operations.
Brambles generates value through a circular share and reuse model that leverages its scale, density and expertise to achieve superior operational efficiencies compared to single-use alternatives. These efficiencies in turn generate cash flow that allows the Group to maintain a strong balance sheet, support the payment of sustainable dividends and reinvest in the business to fund growth and optimise its operations.
Through its strategy and transformation initiatives, Brambles also seeks to further strengthen its competitive advantage and the long-term sustainability of its business by unlocking new avenues for growth and significant operational and asset efficiencies that are intended to deliver strong financial returns for shareholders.
Capital allocation framework
To maximise shareholder value creation, Brambles employs a disciplined approach to capital allocation which is embedded in the Group’s investor value proposition.
This framework seeks to deliver strong financial returns for shareholders by prioritising reinvestment to sustain the existing business and fund growth, optimisation and transformation initiatives that increase the scale, resilience and efficiency of its operations. These investments are expected to consistently deliver mid single-digit revenue growth with operating leverage and strong cash flow generation over the medium term.
When assessing growth options, the Group will consider both organic and inorganic opportunities. Given Brambles’ leading market position in all regions, inorganic opportunities are expected to be limited and will be subject to a disciplined evaluation process.
Brambles also seeks to maintain a strong balance sheet and its investment grade credit ratings. This includes a target net debt/EBITDA of between 1.5x–2.0x over the medium term.
Brambles expects to generate sufficient Free Cash Flow to fully fund dividend payments to shareholders in accordance with its target dividend payout ratio range of 50–70% of Underlying Profit after finance costs and tax. This dividend policy provides flexibility and draws a strong link between the performance of the business over time and annual cash returns to shareholders.
Dividends are expected to continue to be partially franked in the future. Franking credits are a function of the taxable earnings Brambles generates in Australia. As Brambles’ non‑Australian business continues to grow as a proportion of its overall Group operations, the franking credits available for distribution are expected to reduce over time.
After funding growth, maintaining a strong balance sheet and the payment of dividends to shareholders, Brambles will determine the level of surplus capital available, if any, to return to shareholders to further optimise its capital structure and maximise value creation. Any capital returns to shareholders will be subject to market conditions, reinvestment requirements and the operating performance of the business.
Capital management initiatives
Reflecting confidence in Brambles’ sustained Free Cash Flow generation, balance sheet strength and focus on shareholder returns, the Group announced a further on-market share buy‑back in May 2026 of up to US$400 million, which commenced in June 2026, with approximately US$109 million5 completed to date. Since the introduction of the revised capital allocation framework in August 2024, Brambles has purchased and cancelled US$913 million6 of shares through on-market buy-backs.
Following the completion of the on-market share buy‑back, the Group is expected to remain well positioned to support growth, with a pro forma FY26 leverage ratio of 1.28x (from 1.17x), which is below the medium-term target range of 1.5x–2.0x.
The timing and quantum of shares purchased are conducted opportunistically, having regard for various factors, including market conditions, prevailing share price and opportunities to maximise shareholder value through efficient capital management. Brambles reserves the right to vary, suspend or terminate the buy-back at any time.
Further capital management initiatives may be considered in the future, subject to the Group’s operating performance, market conditions and the capital allocation framework.
Shareholder value creation
As outlined below, by allocating capital in accordance with this framework and continuing to execute its strategy and transformation, Brambles seeks to create total value in excess of ~10% per annum while maintaining Group ROCI of ~21%.
5 Based on Australian Dollar value of share buy-backs completed in FY26 converted to US Dollars at the closing A$:US$ exchange rate on 18 May 2026 of 0.7151, the date the on-market share buy-back was announced.
6 At actual FX rates.
7 At constant currency.
Brambles of the Future
Brambles’ vision is to connect and illuminate global supply networks, making them more resilient and regenerative.
Guided by this vision, Brambles’ strategy sets a clear direction for the next phase of growth and long-term value creation for all stakeholders.
It builds on the foundations laid to date through the Shaping Our Future transformation and is underpinned by four interconnected strategic priorities – effortless customer experience, illuminated supply networks, operational excellence and regenerative supply networks.
Together, these elements strengthen Brambles’ competitive advantage and reinforce its leadership in sustainability by driving a step change in innovation, efficiency and resilience across global supply networks.
Effortless customer experience
Seamless, digitally enabled service that simplifies interactions, fosters innovation and deepens customer relationships
Brambles is committed to delivering a seamless, flexible, and reliable service that prioritises simplicity, flawless execution, and the creation of additional value for customers, enabled through the digitisation of Brambles’ asset pool.
Using digital and data-led insights, Brambles is streamlining customer processes and enhancing service performance. This will be achieved through proactive, predictive, and automated interactions and the radical simplification of the administrative processes inherent in traditional equipment pooling, which will create a new effortless service model. Brambles is also continuing to differentiate its offering – introducing service and product innovation that anticipates customers’ needs and drives real value across their supply networks.
In doing so, Brambles will deepen relationships with its customers, moving beyond traditional pooling interactions to value-based partnerships that will drive sustainable growth over the long term.
- Scaled customer success and retention initiatives, contributing to continued improvements in Net Promoter Score (NPS) and collection in full, on time (CIFOT), while delivery in full, on time (DIFOT) was broadly stable, despite declines in the US due to repair capacity constraints
- Expanded quality inspection programmes and progressing rollout of end-of-line inspection with deployments in all regions to enhance pallet repair consistency. Ongoing work to develop more cost-effective and scalable next generation end-of-line inspection technology
- Enhancements to the myCHEP platform enabling customers to track, manage and interact with queries, increasing digital adoption rates, self‑servicing of queries and reducing reliance on emails and phone calls
- Advanced relationships with major automation providers to align industry specifications and requirements
Serialisation+
- Delivered S+ Effortless Service Offer (ESO) to all customers in Chile with improved customer experience supporting uplift in NPS and customer satisfaction scores
- Tested additional sources of value in Chile through ESO, including contribution to growth of 15 net new customers and lane expansions, while identifying unauthorised reuse and increased compensated retail reuse
- ESO enabling pilot of heat maps that track damage rates and cycle times and identifying additional leakage point
- S+ read infrastructure scaled to ~2/3 of planned flows in the US.
Illuminated supply networks
Data-driven insights and innovative customer-centric solutions that power smarter, more efficient and connected supply networks
Brambles is unlocking greater visibility across global supply networks, connecting data and digital insights to deliver innovative solutions that drive efficiency, resilience and regeneration.
Leveraging its unique position at the centre of global supply networks, Brambles will connect increasing amounts of data from its broad base of customers, retailer partners and digitised assets. From this network, Brambles will generate insights and develop innovative digital solutions for customers that help them to reduce waste, enhance operational performance and support the long-term sustainability of their operations.
This evolution will see Brambles enhance its value proposition and transition to being an intelligence provider as well as a pooling partner, unlocking opportunities for growth.
- Refined two flagship Digital Customer Solutions (DCS) propositions: End-to-End Quality Assurance and Promo Insights – helping customers generate actionable supply chain insights to protect product quality including temperature monitoring, and improve promotional execution
- Developed standardised approaches to enable scaling across targeted FMCG manufacturers, fresh produce growers and retailers
- Expanded DCS in multiple markets
- Growing retailer engagement and early advocacy for Brambles’ digital solutions are helping to identify and convert customers to recurring subscription opportunities
Operational excellence
A leaner and more agile circular model that sets new standards for efficiency, resilience and customer value at scale
Brambles is continuing to redefine operational and asset efficiency, establishing a high-performing circular pooling model that reduces waste and lowers the cost-to-serve.
By continuing to embed operational best practice standards and processes across its network, Brambles will raise the benchmark for productivity, platform quality and safety. Using advanced technologies and insights from its digitised asset pool, it will redesign operational processes, strengthen capabilities and introduce new operating models that enhance customer service and optimise resource allocation across the business.
Through this operational innovation, combined with its scale and network advantage, Brambles will strengthen its competitive advantage and continue delivering superior value to its customers by increasing the efficiency, resilience and agility of supply networks around the world.
- Reduced lost time injury frequency rate (LTIFR) by 10% and represents continued progress under Brambles’ Safety First strategy, leadership engagement and strong monitoring of lead indicators
- Delivered operational improvements from initiatives, including plant network optimisation, embedding standardised operating procedures and procurement savings
- Moving from mean time between failures to overall equipment effectiveness metric that tracks wider range of factors, including service centre performance, platforms repaired and quality
- Advanced the Service Centre of the Future programme – designed to fully automate manual repair activities – with proof‑of‑concept initiatives for next generation robotics/AI‑enabled automated inspection and automated pallet conditioning within the service centre, demonstrating their potential to improve safety, quality, productivity and operational efficiency
- Commenced the establishment of a dedicated site for a Global Automation & Technology Centre in Texas, USA, to serve as a hub for developing, testing and validating Service Centre of the Future automation initiatives
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Ongoing focus on asset control to strengthen business resilience, improve asset visibility and accountability. Key achievements and initiatives include:
- Further scaling of digital initiatives modelling physical platform flows, improving recovery prioritisation and targeting loss hotspots across key markets
- Building machine learning models that improve asset visibility by using historical losses per customer, combined with insights from field teams and smart pallet data
- Strengthened commercial function with deeper customer focus and sales execution across multiple markets by simplifying structures and enhancing team capabilities
- Margin improvement of 1.3pts from overhead and other cost productivity initiatives despite continued investment in strategic priorities (ERP, Serialisation+ and Digital Customer Solutions). Improvement reflects ongoing overhead efficiency initiatives, as well as the continued benefits from the restructuring programme
Regenerative supply networks
Supply networks that drive positive outcomes for the environment, communities and economies
Brambles is driving the transition towards resilient and regenerative circular supply networks that are delivering nature-positive outcomes and strengthening the communities and economies they serve.
Brambles will further integrate regenerative thinking across its whole value chain, to restore nature and habitats. It will continue to replace linear, single-use systems, combining regeneration with circular economy principles to innovate products and services that reduce waste and extend the life of its assets. At the same time, Brambles will deepen partnerships with customers, communities, policymakers and public institutions to scale impact and enable the transformational change required for a regenerative future.
By driving this change, Brambles will reinforce its position as a global sustainability leader, aligning business growth with positive environmental and social outcomes.
- Launched ambitious 2030 Sustainability Programme, including developing new frameworks to ensure credible, evidence-based delivery against targets
- Exceeding the minimum requirements of science-based targets (SBTs) trajectories against 2030 targets for Scope 1 & 2 and 3 greenhouse gas (GHG) emissions reduction
- Expanded Climate Smart Partners programme with over 600 material suppliers on board for shared decarbonisation opportunities at the end of FY26
- Initiated regeneration to cover 10,000 hectares through a strategic community-centric partnership with the NGO WildTrust in South Africa
- Developed an industry-leading product waste solution hierarchy for landfill-diversion to drive progress on targets
- Established new net-positive product waste solutions baseline of 58.7% across Brambles operated and subcontracted service centres
- Developed policy engagement framework to guide proactive and transparent engagement on circular economy, reusable packaging, transport and nature
- Set baseline of 87 out of a possible 100 for Brambles’ Employee Experience (EX) index, a new metric measuring Diversity, Equity and Inclusion (DEI) progress
Brambles’ 2030 sustainability targets
Brambles’ roadmap to regeneration is driven by progress against the ambitious 2030 sustainability targets. Brambles’ performance against the targets is provided here.