Brambles: APAC Focus: Addressing a splintering debate

Research evidence excerpt

Brambles: APAC Focus: Addressing a splintering debate

Powered by Lab Global27 JulyResearch2026ab Evidence UBS YES

Brambles Equities

AustraliaAPAC Focus: Addressing a splintering debatePlease

Industrial Services

12-month rating Buy

12m price target A$24.30

Prior : A$23.80

Price (27 Jul 2026) A$19.06

RIC: BXB.AX BBG: BXB AU

Trading data and key metrics

52-wk range A$26.56-16.40

Market cap. A$25.9b/US$18.1b

Shares o/s 1,358m (ORD)Investorshave been wary of Brambles' US pallet quality following its recent trading

update highlighting constraints to keep up with pallet repair needs. Quality is Free float 100%

difficult for investors to assess, however our UBS Evidence Lab survey of US Avg. daily volume ('000) 4,616

customers suggests that Brambles' pallet quality has strengthened as a competitive Avg. daily value (m) A$86

advantage versus other pallet suppliers. Indeed, across most insights (sentiment, Common s/h equity (06/26E) US$3.37b

volume, pricing), the latest survey is one of the most supportive we have seen for P/BV (06/26E) 5.2x

Brambles in its 9-year series. Reiterate Buy rating, A$24.30 Price Target. Net debt to EBITDA (06/26E) 1.3x

EPS (UBS, diluted) (A$)

9th annual UBS Evidence Lab Pallet User Survey From To % ch Cons.

The UBS Evidence Lab 2026 Pallet User Survey for the US suggests: Insight 1: Perception 06/26E 1.05 1.05 0 1.02

of Brambles quality versus competition has markedly improved in the last year and 06/27E 1.07 1.09 2 1.07

customer satisfaction towards CHEP has improved to its highest level since Covid, largely 06/28E 1.20 1.22 2 1.19

addressing investor concerns that quality has worsened; Insight 2: Intentions to use

Andre Fromyhr

more pooled pallets have lifted; Insight 3: The organic volume outlook has recovered to Analyst