betr Entertainmen (BBT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and introduction of directors and senior management.

• Notice of meeting taken as read; voting on all resolutions to be conducted via poll.

• Voting and question procedures explained, with shareholders able to submit questions online or verbally.

Financial performance review

• Merger with betr completed on 1 July 2024, positioning the business for monthly EBITDA profitability before end of H1 FY 2025.

• FY 2024 saw record turnover of AUD 633 million and over 76,000 active clients.

• Australian net win margin improved to 10.7% in FY 2024, up 0.5 percentage points from prior year.

• Strategic exit from the U.S. market allows redeployment of AUD 6–8 million per annum and release of AUD 11.2 million in provisions.

• Unqualified audit opinion received from Ernst & Young for FY 2024 financial statements.

Board and executive committee updates

• Andrew Menz appointed CEO on 1 July; Bill Richmond transitioned to COO.

• Michael Sullivan to hand over chairmanship to Matthew Tripp in January 2025.

• Board composition strengthened with experienced directors; recent resignations acknowledged.