WINCANTON PLC Reserved 2019

WINCANTON PLC reserved 2019. rights plcAll Wincanton © RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2019 Certain statements in this presentation are forward-looking statements. Such statements are based on current expectations and by their nature are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. The information does not assume any responsibility or obligation to update publicly or revise any of the forward-looking statements contained herein. © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton ©

2 Initial observations & Business highlights & Business observations Initial review and Performance Financial Introduction AGENDA • • • James Wroath - Wroath James James Wroath - Wroath James Tim Lawlor Tim - CFO CEO CEO 3 © Wincanton plc 2019. All rights reserved INTRODUCTION James Wroath, Chief Executive Officer © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © CONTINUED MOMENTUM STRONG MARGIN, EPS AND CASH PERFORMANCE

• Good level of new business wins and key renewals secured • High growth in Retail Grocery of 17.6% and Consumer Products of 10.8% • Underlying operating profits up 5.6%* and margin up 20bps to 4.8%* • Underlying EPS growth of 9.9% to 17.8p • Free cash flow generation of £22.4m in H1 • Interim dividend increased by 8.3%

* On a pre-IFRS 16 basis reserved 2019. rights plcAll Wincanton © 5 FINANCIAL AND PERFORMANCE REVIEW Tim Lawlor, Chief Financial Officer © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © Revenue 2 are not restated. result,As a the discussion resultsof isbasedon a comparable 17 IAS basis, unless otherwise stated 1 Underlying EBITDA Free cash flow cash Free Underlying EPS (pence) EPS Underlying Underlying margin profit operating Underlying profit operating Underlying profit before tax Underlying before profit Interim dividend dividend Interim per (pence) share IFRS 16 wasadopted16 IFRS on 1 April2019 usingthe modified retrospective approach and accordingly priorperiod figures Before amortisationintangibles of exceptional and items FINANCIAL SUMMARY FINANCIAL 2 2 2 2 2 (%) IFRS 16 IFRS 2019/20 592.9 17.8p £m 3.90p 26.2 30.3 50.9 22.4 5.1% 1 2019/20 IAS 17 IAS 592.9 17.8p £m 3.90p 26.3 28.5 34.4 22.4 4.8% 1 2018/19 IAS 17 IAS 581.8 16.2p £m 3.60p 24.1 27.0 33.0 33.5 4.6% Change ( IAS 17 IAS 20bps 33.1%) 1.9% 9.9% 9.1% 5.6% 4.2% 8.3% vs 7 © Wincanton plc 2019. All rights reserved RETAIL & CONSUMER GENERAL MERCHANDISE | GROCERY | CONSUMER PRODUCTS

2019/20 2019/20 2018/19 Change IFRS 16 IAS 17 IAS 17 vs £m £m £m IAS 17 Revenue 378.3 378.3 357.7 5.8% Underlying operating profit 17.9 16.6 15.4 7.8% Operating margin 4.7% 4.4% 4.3% 10bps

• Revenue growth of 5.8% driven by: - Strong growth in Grocery (17.6%) and Consumer Products (10.8%) - New business wins secured in H2 18/19, including Weetabix, Sainsbury's and Co-op, and organic volume growth from existing customers • Recent business wins include transport operations for Morrisons on a five-year deal • Long-term renewals secured with Williams Sonoma, Cormar and Husqvarna

• Operating profit increase and margin uplift of 10bps due to reserved 2019. rights plcAll Wincanton ©

continuing operational efficiencies 8 INDUSTRIAL & TRANSPORT TRANSPORT SERVICES | CONSTRUCTION | OTHER SERVICES

2019/20 2019/20 2018/19 Change IFRS 16 IAS 17 IAS 17 vs £m £m £m IAS 17 Revenue 214.6 214.6 224.1 (4.2%) Underlying operating profit 12.4 11.9 11.6 2.6% Operating margin 5.8% 5.5% 5.2% 30bps

• Revenue reduction of 4.2% driven by exit / reduced activity on lower margin contracts • Recent business wins include fleet maintenance services for Morrisons and a five-year deal with a leading fuels distribution business • Key contract renewals with Muller Milk, Philips 66 and Ibstock • Operating profit increase and margin improvement of 30bps due to transport efficiencies and improved mix © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton ©

9 REVENUE ANALYSIS

250 2019/20 2018/19 2018/19 £m £m 2019/20 Group Revenue 592.9 581.8 200 Growth 1.9% 0.1%

150

Revenue (£m)Revenue 100

0 Retail Grocery Retail GM Consumer Products Construction Transport Services Other I&T

Retail & Consumer Industrial & Transport

• All sectors saw growth or were broadly flat YoY, with the exception of Transport Services following planned exits on lower margin contracts © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © • Open book contracts 63%,Closed book contracts 37% (2018: O/B 60%, C/B 40%) 10 UNDERLYING OPERATING PROFIT

H1 Operating Profit 30.3 • Operational efficiency driving Incl. IFRS continued underlying operating 28.5 16 profit growth, up £1.5m from prior year

£m 27.0 • 20bps improvement in underlying 25.7 operating profit margin from 4.6% to 4.8%

17/18 18/19 19/20 19/20

H1 Operating Margin 5.1% Incl. IFRS 16 4.8%

% 4.6%

17/18 18/19 19/20 19/20 11

Incl. IFRS 16 EXCEPTIONAL ITEMS

2019/20 2018/19 • Disposal in 19/20 of two under- £m £m utilised freehold properties Property disposal 2.3 6.0 - Gross proceeds £5.5m - Net proceeds of £4.7m after Exceptional items 2.3 6.0 disposal and transaction costs - Exceptional profit on disposal £2.3m © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton ©

12 Financing costs Financing Tax reported as costs financing Pension Exceptional tax Exceptional Effective Taxation unwinding discount Provisions leases payable on Interest Costs Financing Underlying tax payable interest bank Net FINANCING COSTS & TAXATION & COSTS FINANCING tax rate IFRS 16 16 IFRS 16 IFRS 2019/20 2019/20 2019/20 £m £m 16.2% (4.1) (0.3) (1.9) (1.9) 4.2 4.2 - - 2019/20 2019/20 2019/20 IAS 17 IAS 17 IAS £m £m 16.2% (2.2) (0.3) (1.9) 4.3 4.3 - - - 2018/19 2018/19 IAS 17 17 IAS 17 IAS £m £m 16.5% (2.9) (0.6) (0.4) (0.3) (1.9) 3.7 4.0 - • • pension deficit pension 24% dueto elimination of the by reduced costs Financing utilisation of capital losses capital of utilisation to due profit exceptional on the charge No tax 13 © Wincanton plc 2019. All rights reserved Free cash flow capex Free cash flow before CASH GENERATION Underlying EBITDA Other items Net interest Tax capital Working under leases under obligations of Repayment disposals from Net proceeds expenditure Capital IFRS 16 IFRS 2019/20 £m (15.8) 50.9 (1.5) (4.1) (4.9) (2.5) (4.7) 22.4 37.9 5.0 2019/20 IAS 17 IAS £m 34.4 (1.9) (2.2) (4.9) (3.3) (4.7) 22.4 22.1 5.0 - 2018/19 IAS 17 IAS £m 33.0 (3.2) (1.8) (1.9) (1.5) (4.2) 33.5 24.6 13.1 - • • • maintained conversion cash Healthy Capex split between: split Capex to property sales to property relate disposal from Proceeds - - - - rules rules under new timing HMRC due paymentsto earlier Tax payments increased timing outflow duetousual H1 capital working Small Property fit out costs out fit Property systems transport management of Enhancement 14 © Wincanton plc 2019. All rights reserved Asset (deficit) / Liabilities Assets £m valuation IAS 19 Note Note (115) 12/13 PENSIONS – pension asset / (deficit) excludes deferred tax in the table and graph and tablethe in tax deferred excludes (deficit) / asset pension (142) 13/14 H1 pension asset / (deficit) / asset pension H1 (144) 14/15 30/09/19 (1,264.4) 1,272.5 (125) £m 15/16 8.1 (169) 16/17 30/09/18 (1,092.3) 1,063.4 £m (28.9) 17/18 (69) 18/19 (29) 31/03/19 (1,153.7) 1,146.6 £m (7.1) 19/20 8 • • • under IAS 19 due to: 19 IAS under surplus to moved position Pension 2020 earlyin commence to negotiations Next Triennial valuation 16/17 H1 since +£177m of position sheet balance net in enhancement exposure in historyrecent pension in improvement Significant - - Decrease in discount rate discount in Decrease £8.9m of scheme the into paid contributions Employer – an 15 © Wincanton plc 2019. All rights reserved * Underlying EPS figures are provided for the full year, except for the current 19/20 half the forexcept full year,the Underlyingprovided figures are for *EPS PROGRESSIVE DIVIDENDS PROGRESSIVE EPS* Underlying

Dividend per share (pence) Underlying EPS Interim 10.00 12.00 0.00 2.00 4.00 6.00 8.00 23.9p 2016 5.50 interim final 27.7p 2017 3.00 6.10 H1 19/20 17.8p 30.8p 2018 3.90p 3.27 6.63 33.5p 2019 3.60 7.29 H1 18/19 16.2p 3.60p 17.8p 2020 3.90 -year • • • January 2020 dividend Interim to bepaid in of 3.04 dividend cover Implied declared (upshare 8.3%) dividend Interim of 3.90pper 16 © Wincanton plc 2019. All rights reserved NET DEBT

2019/20 2019/20 2018/19 IFRS 16 IAS 17 IAS 17 • Continued cash generation has enabled significant £m £m £m reductions in net debt – in Free cash flow 22.4 22.4 33.5 excess of £100m reduction Pension payments (8.9) (8.9) (20.0) since Sep-12 Dividends (9.0) (9.0) (8.2)

Reduction in net debt 4.5 4.5 5.3 • Group bank facility in place to October 2023 Closing net (14.8) (14.8) (24.2) - Bank facility - £141.2m H1 Closing net debt (October 2023) - Receivables 123.0 Purchasing Facility – line of credit up to

87.2 £40.0m - Overdraft facility of £m 66.9 62.2 £7.5m

43.5 32.2

24.2 reserved 2019. rights plcAll Wincanton © 14.8 17 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 INITIAL OBSERVATIONS & BUSINESS HIGHLIGHTS James Wroath, Chief Executive Officer © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © INITIAL OBSERVATIONS “Passionate colleagues with customer focus at their core, the company has huge potential for growth. My ambition is to fully unlock that potential”.

• Great company – good foundations for further growth

• Fantastic people, operational excellence and market-leading safety record

• Embedded 'partnerships' and collaborative relationships with customers

19 demonstrate Wincanton’s market leading propositions propositions leading market Wincanton’s demonstrate services transport provide to wins contract New LEADER MARKET • • WakefieldGadbrook and Stockton, at sites from services transportation provide to Appointed Five Morrisons Fleet Services Fleet VehiclePullman via maintenance operations Transportation year contract win contract -year planning and planning • the across fuel Distributing Five Leading fuels distribution business • Delivering Direct delivery Direct year contract win contract -year into national depot network depot national to end customers UK 20 © Wincanton plc 2018. All rights reserved Three service excellence and collaborative relationships with and relationships excellence service customers collaborative for reputation Wincanton’s demonstrate renewalsKey contract REPUTATION AND RELATIONSHIPS • • timely service Continuing to deliver effectivea safe, and M u the south the south of England and Wales Collecting from over 450 across farms yeareach ofmilk litres Collecting 700 million ̈ ller Milk & Ingredients year contract win contract -year • • from: services eFulfilment providing West brand Elm support Continuing to Four Williams Sonoma, Inc glove home delivery home glove One delivery and store warehousing and pack, Pick year contract renewal renewal -year contract - man parcel andtwoparcel - man man whiteman 21 © Wincanton plc 2018. All rights reserved nextgeneration thinking Innovation Driving W² Our programme brings DRIVING INNOVATION DRIVING • • to: aims Wincanton chain, supply - market deploying and developing By enhance the experience of our customers our of experience the enhance forwards industry logistics the drive leading designs and ideas that transform the transform that ideas and designs leading 22 © Wincanton plc 2018. All rights reserved • • • PLC LOGISTICS STOBART EDDIE FOR OFFER POTENTIAL • • of working capital of working ona capital requirements - short funding the and opportunities; saving cost profitability, flow; cash and sheet balance underlying the to as on achieving assurance diligence due is focused remaining Our Stobart’sauditor.Eddie diligence including information, the finalisation of theongoing accounting review by due outstanding of the provision upon contingent remains primarily plc, Logistics Wincanton's ability anyto deliver offerfirm the listed for entity, Eddie Stobart of of thepotential a combination withmerits assessment Eddie Stobart. on As is 2019, theGroupper theannouncement 18 engaged in October a thorough offer, update will and a further be provided in due course. There can anybe no offercertainty will of any such be as to theterms normade, be complete. may reviewauditor's Eddie Stobart's novisibility onwhenstill have we2019, September and16 August on 9July, shareholders to its announcements Eddie Stobart's with Consistent 23 and medium - term basis. term basis. 23 © Wincanton plc 2019. All rights reserved OUTLOOK • • • • • customers throughout H2 throughout and beyondcustomers delivering and value our shareholders for The business will focused on remain conditions market customers’ our monitoring but strong remains New business pipeline of opportunities growth for investment for funding provides generation Cash realised are ambitions H2 in strategyReview of position - market Wincanton’s on capitalise growth for ambition Clear to ensure growthto ensure – continue to continue leading leading 24 © Wincanton plc 2019. All rights reserved QUESTIONS © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © APPENDICES Income Statement and Balance Sheet Summaries IFRS 16 Key messages © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton © INCOME STATEMENT SUMMARY

2019/20 2019/20 2018/19 IFRS 16 IAS 17 IAS 17 £m £m £m Revenue 592.9 592.9 581.8

Underlying operating profit 30.3 28.5 27.0 Exceptional items 2.3 2.3 6.0 Operating profit 32.6 30.8 33.0 Net financing costs (4.1) (2.2) (2.9) Profit before tax 28.5 28.6 30.1 Income tax expense (4.2) (4.3) (3.7) Profit for the period 24.3 24.3 26.4

27 BALANCE SHEET SUMMARY

30/09/19 30/09/19 30/09/18 31/03/19 IFRS 16 IAS 17 IAS 17 IAS 17 £m £m £m £m Non-current assets 225.5 118.5 130.0 122.9 Net current liabilities (excl. net debt) (159.3) (129.3) (138.4) (133.2) Non-current liabilities (excl. net (116.9) (28.8) (31.4) (30.4) debt/pension deficit) Net debt (14.8) (14.8) (24.2) (19.3) Pension asset/(deficit) (gross of 8.1) 8.1) (28.9) (7.1) deferred tax) Net liabilities (57.4) (46.3) (92.9) (67.1) © Wincanton plc 2019. All rights reserved 2019. rights plcAll Wincanton ©

28 • 16 IFRS • • • Key changes Keychanges under 16 IFRS Half Half Year Balance impact: presentational 2019 at30 Sheet September Half Year statement Income impact: presentational impact Economic ------No distinction between finance and operating leases leases andoperating finance betweenNo distinction Operating lease lease replaced Operatingby charges depreciation expense and interest cash equivalents cash ofnet debt will measure Primarycontinue to beBank less borrowingsCash and andlease ROUof £105.0m assets liabilities 2019 at 30 of £123.7m September 1 April 2019 16 on IFRS to ontransition recognised - Right lease expense vs. operating charges of decrease PBT H1 2019/20 respectively and £1.8m £16.5m H1 2019/20 Underlying EBITDA and Underlyingby increase profit operating No on borrowingimpact facilities or ability tofund dividends unchanged behaviours and customer market expected: impact No commercial flowscash on impact andno impact economic underlying no 16 has IFRS of- – use (‘ROU’) assets and of £117.6m (‘ROU’) assets lease liabilities use of £137.4m KEY MESSAGES - £0.1m due to timing due totiming interest + of depreciation £0.1m – all leases on balance sheet balance on leases all 29 © Wincanton plc 2019. All rights reserved THANK YOU THANK