Cochlear (COH) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the Chair, acknowledging both in-person and online shareholders and the traditional custodians of the land.

• Meeting procedures, voting rights, and Q&A protocols were outlined, with polling open throughout the meeting and results to be released to the ASX.

Financial performance review

• Record sales revenue achieved, up 12% in constant currency to AUD 2.3 billion, with strong growth across all business units.

• Underlying net profit rose 27% (15% in constant currency) to AUD 387 million; net cash exceeded AUD 500 million.

• Dividends increased 24%, with a payout ratio of 69% of underlying net profit; final dividend franked at 80%.

• FY25 earnings guidance targets 6–11% increase in underlying net profit, with medium-term top-line growth targeted at 10%.

Board and executive committee updates

• Board renewal continued with the retirement of Yasmin Allen and appointment of Caroline Clarke, increasing female board representation to 44%.

• Directors standing for (re-)election included Alison Deans, Glen Boreham, Christine McLoughlin, and Caroline Clarke.

• Board succession planning and skills matrix were discussed, with ongoing focus on diversity and ESG expertise.