Aussie Broadband (ABB) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged Traditional Owners, confirmed quorum, and outlined the agenda, with participation options in-person or online.

• Addresses were delivered by the Chair, Group Managing Director, and CFO, with voting procedures and Q&A protocols explained.

Financial performance review

• FY24 revenue reached $999.7m, up 26.9%, with underlying EBITDA at $120.5m, up 34.5%.

• Net profit after tax before intangible amortization rose to AUD 45m, up 20.3%, while reported net profit after tax increased 21.7% to $26.4m.

• Operating cash flow rose 54.1% to $128.2m, and year-end cash balance was AUD 213.5m.

• Residential revenue now 56% of total, down from 87% at IPO, reflecting diversification.

• Gross margin improved by 0.7 percentage points to 36.1%.

Board and executive committee updates

• Sue Klose joined as Non-Executive Director, bringing digital and tech expertise.

• Dr. Richard Dammery retired from the board; Nominations Committee to seek a replacement and enhance board diversity.

• CTO John Reisinger retiring; Brad Parker to assume CTO role.