Coles Group (COL) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to shareholders, board, and executive team, with meeting procedures and voting protocols explained.

• Introduction of board members, executive leadership, and auditor, with details on hybrid meeting participation and question submission.

• Voting on all resolutions conducted by poll, with results to be published post-meeting.

Financial performance review

• Sales revenue from continuing operations increased by 5.7% and after-tax profit by 2.1% for FY2024.

• 81.1% of profit paid as fully franked dividends, totaling AUD 0.68 per share, a 3% increase.

• AUD 1.4 billion invested in new stores, renewals, and efficiency initiatives while maintaining balance sheet strength.

• Supermarkets' e-commerce sales grew 30.1% in FY2024, with Q1 FY2025 growth at 22.4%.

• Simplify and Save to Invest program delivered AUD 238 million in efficiencies, targeting over AUD 1 billion in four years.

Board and executive committee updates

• Two new directors, Peter Allen and Andy Penn, appointed and standing for election; board renewal process underway.

• Chairman confirmed intention to retire during current term, with transition process commenced.

• Board skills matrix revised to enhance transparency on director expertise.