Aurizon (AZJ) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, introduced the board, and outlined the meeting agenda, including CEO and director addresses, Q&A, and voting on resolutions.

• Acknowledgement of Country was delivered, emphasizing respect for traditional landowners and Indigenous heritage, with Laurie Anno's artwork featured on a train.

• Emergency and safety procedures for the venue were explained.

Financial performance review

• EBITDA reached $1.624 billion, a 14% increase and a record for the group, with all business units contributing.

• Dividend payout ratio increased to 80% for the final dividend; total dividends for 2024 were 17 cents per share, up 13% from last year.

• An on-market share buyback of up to $150 million was announced and is over 50% complete.

• Bulk Haulage earnings rose 7%, Coal Haulage by 16%, and Network earnings by 14% in FY 2024.

• Employee expenses rose by 11%, attributed to business growth and inflation.

Board and executive committee updates

• Chairman and CEO delivered addresses; directors Tim Poole and Marcelo Bastos stood for re-election and discussed their experience and contributions.

• Board renewal and succession planning are underway, with a focus on regulatory skills and diversity.

• The board benchmarks its size and composition, aiming for a balance of skills and diversity.