Accent Group (AX1) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and a welcome to both in-person and virtual attendees.

• Hybrid format enabled shareholder participation and voting both online and in person.

• Meeting agenda included Chairman's Report, CEO Report, grading update, and formal business.

• Items four, five, and six were withdrawn from the agenda after engagement with proxy advisors and shareholders.

Financial performance review

• FY25 total company-owned sales reached AUD 1.46 billion, up 1.6% from FY24, with net profit after tax of AUD 57.7 million, down 3.1%.

• Including franchisees, total sales were AUD 1.62 billion, up 0.8% year-on-year; EBIT was AUD 110.2 million, down 0.2%.

• Like-for-like retail sales increased by 0.7%; wholesale sales declined by 5.4%.

• Gross margin was 54.9%, down 85bps due to a challenging consumer environment and increased promotions.

• Trading update for the first 20 weeks of FY25 showed group owned sales up 3.7% year-on-year, but like-for-like sales down 0.4%; FY25 EBIT expected to be AUD 85–95 million.

Board and executive committee updates

• CEO Daniel Agostinelli was absent due to illness; senior executive team assumed additional responsibilities.

• Chairman David Gordon announced his retirement at the conclusion of the meeting, with Lawrence Myers to succeed him.

• Board members include David Gordon, Daniel Agostinelli, Dave Forsey, Michael Hapgood, Donna Player, Anne Loveridge AM, and Lawrence Myers.

• Key executives present: Matthew Durbin (Group CFO & Joint Company Secretary), Nikki Nuttall (Group General Counsel & Joint Company Secretary), Alison Milner (PWC Partner).

• David Forshaw, a non-independent director from Frasers Group, stood for reelection and addressed shareholders.