Leading a future
of connection
and illumination
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Brambles advances global supply networks, leveraging its unrivalled network scale, insight and expertise 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
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 connected 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 2025, Brambles had:
Operations in
~60
countries
Employed
~12k
people
~348m
pallets, crates
and containers
A network of
750+
service centres
FY25 highlights
Financial
6,669.7m
Sales Revenue (US$)
+3% at constant currency2
1,371.8m
Underlying Profit (US$)
+10% at constant currency2
21.9%
Return on
Capital Invested
+1.4 percentage points at constant currency2
1,459.9m
Cash Flow from
Operations (US$)
+US$152.2M
39.83
Total Dividends
(US¢/share)
Final dividend of
20.83 US cents per share
62.5
Basic EPS from
continuing operations (US¢)
+14% at constant currency2
Safety
2.2
Brambles Injury
Frequency Rate (BIFR)
Down from 2.9 in FY24
Sustainability
Dow Jones
Best‑in‑Class
World Index
2nd in industry category
Maximum AAA rating
Top 5% of companies
assessed in our
industry category
4th most sustainable
company of 8,000+
companies analysed
A List for both Climate
Change
and Forests
#3 ranking in the world’s most
Sustainable companies in 2025
Top Employer in 26 countries,
four regions and
Global Top Employer
Letter from the Chair & CEO
FY25 has been another successful year for Brambles and we are proud of the continued and consistent progress we have made in building a more customer-centric, financially robust and sustainable business. Brambles is now better placed than ever to lead a future of connected and illuminated supply networks, with resilience and regeneration at their core.
Read the letterOperating 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
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 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.
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 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’ 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
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.
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’ 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’ 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’ 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’ ambition is to pioneer the world’s regenerative supply networks with reuse, resilience and regeneration at its core. This ambition 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.
Read moreInvestor value proposition
Brambles offers shareholders exposure to a low‑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. 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 transformation, 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.
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’ global 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
The fundamental improvements made to the business through transformation have enhanced the stability of Brambles’ Free Cash Flow generation and its strong financial position.
As a result of this strong financial position and Brambles’ focus on shareholder returns, the Group will be undertaking an on-market share buy‑back in FY26 of up to US$400 million.
Following the completion of the on-market share buy‑back, the Group is expected to remain in a strong financial position to support growth, with a proforma FY25 leverage ratio of 1.30x (from 1.12x), which is below the medium-term target range of 1.5x–2.0x.
The timing and quantum of shares purchased will be 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 and 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%.
Shaping Our Future transformation
The continued progress made through its Shaping Our Future transformation programme has elevated the customer experience and delivered a step change in value creation, making Brambles better for its customers, employees, shareholders and the societies in which it operates.
Read moreEncompassing every aspect of the organisation, the transformation programme has optimised the performance of Brambles’ existing business – strengthening resilience and efficiency and delivering structural improvements to financial performance. It has also boosted the inherent sustainability of Brambles’ low-carbon, circular business model, reinforcing Brambles’ position at the forefront of regenerative supply networks.
At the same time, the transformation has established the foundations for the Brambles of the Future. This includes the digital, technological and innovation capabilities now embedded across the organisation, which have underpinned the step change in value creation delivered to date and position the business for continued success.
Maintaining circular assets
Enhancing propietary knowledge
Conserving natural resources
Enhancing customer relationships
Elements of Brambles’ Shaping Our Future positively contribute to the above ‘capitals’ as outlined in the Integrated Reporting <IR> Framework
Digital transformation 
Harness the power of data and digital insights to unlock new sources of value for Brambles and its customers
- Reimagining a digitally enabled pooling model to transform the customer experience and simplify Brambles
- Driving data analytics as a core competency of Brambles
- Deploying asset digitisation and advanced analytics to provide visibility into its asset pools and networks
- Developing a business building capability to create new customer solutions focused on improving business performance and sustainability
- Identifying and addressing causes of inefficiency in end‑to-end supply networks, driving value for customers and for Brambles
Customer value
Make Brambles the natural partner of choice for supply networks, for today and tomorrow
- Creating an effortless customer experience, making it easy for customers to choose and stay with Brambles
- Enhancing platform and service quality, focused on what makes a difference for customers and differentiating versus competition
- Collaborating with customers to unlock new sources of value and solve shared supply chain problems
- Investing in customer systems, data and insights to guide decisions
- Delivering increased customer value powered by digitisation of our platforms
Business excellence
Reinvent the organisation, technology and processes to be simpler, more effective and efficient
- Improving organisational efficiency through process simplification and automation
- Building the technical foundations to support transformation, including updated IT tools and cloud migration
- Attracting, retaining and empowering high-calibre people
- Developing distinctive capabilities, notably in digital services, advanced analytics and automated supply networks
Asset efficiency and network productivity
Deploy new technologies and ways of working to increase productivity and sustainability
- Optimising collection engine, improving asset control and reducing capital intensity
- Standardising processes and controls to enhance the efficiency and resilience of the operations
- Continuing plant and network automation journey
- Removing waste from end-to-end supply chains by optimising networks with customers and suppliers
Shaping Our Future scorecard
Read more
Brambles’ 2025 sustainability targets
Brambles’ roadmap to regeneration is articulated in its sustainability targets. Brambles is proud of the results of the ambitious 2025 Sustainability Programme and performance against the 2025 sustainability targets which is outlined here.
Review targets