CAR Group (CAR) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional land owners, and outlined hybrid meeting format allowing both in-person and online participation.

• Quorum confirmed, meeting formally opened, and notice of meeting taken as read.

• Procedures for asking questions and voting, both online and in-person, were explained in detail.

• Voting conducted by poll for all resolutions, with instructions for both physical and proxy voters.

• Meeting held on 25 October 2024, covering FY24 highlights, financial performance, operating segments, and strategy update.

Financial performance review

• Achieved double-digit revenue and earnings growth in all key markets, with proforma revenue at $1,099m and EBITDA at $581m, both up 17% in AUD.

• Adjusted NPAT rose 24% to $344m; reported NPAT was $250m, reflecting one-off gains in the prior year.

• Delivered 15% revenue growth and 16% EBITDA growth in constant currency, with a 53% margin and strong cash conversion near 100%.

• Leverage reduced to 1.7x debt to EBITDA, with consistent CapEx as a percentage of revenue.

• All core regions (Australia, North America, LATAM, Asia) delivered double-digit revenue and EBITDA growth.

Board and executive committee updates

• Board introduced, including new directors and committee chairs for risk, sustainability, audit, and people & culture.

• CEO Cameron McIntyre appointed as non-executive director of Brambles Group, with board support and no conflict identified.

• Board diversity highlighted: 44% female representation, 42% of senior management roles held by women.

• Artificial Intelligence Governance Committee established and new anti-bribery and corruption policy introduced.

• Great Place to Work certification achieved in multiple countries.