ASX (ASX) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with an acknowledgment of traditional custodians and a welcome to shareholders, with proceedings webcast live and a quorum confirmed.

• The agenda included formal business items, voting procedures, and opportunities for shareholder questions both in-person and online.

• Voting was conducted by poll, with exclusions on certain items and proxy votes managed in line with board recommendations.

Financial performance review

• Operating revenue increased by 7% and statutory profit rose 6% for FY2025; underlying NPAT reached $510 million, up 7.5%.

• Dividends increased by 7.4% to $2.233 per share, with a payout ratio of 85% of underlying NPAT.

• Underlying return on equity was 11.6% for the year, reflecting a strong core business despite transformation challenges.

• Expense growth guidance for FY2026 is 14–19%, driven by investments in technology and regulatory response.

• Capital expenditure is forecast at $170–180 million in FY2026 and $160–180 million in FY2027, mainly for technology modernization.

Board and executive committee updates

• The Audit and Risk Committee was split into two dedicated committees to enhance oversight.

• Board renewal included the retirement of two directors and the appointment of Anne Loveridge, who brings deep risk and governance experience.

• Executive remuneration was reduced, with the CEO voluntarily foregoing her FY2025 short-term incentive and further cuts for roles accountable for risk issues.