Downer EDI (DOW) AGM 2024 summary

Opening remarks and agenda

• Chairman acknowledged traditional land owners and paid respect to Aboriginal and Torres Strait Islander Elders and custodians across Australia.

• Safety procedures and emergency protocols for the meeting venue were outlined at the start.

• Directors, CEO, CFO, Company Secretary, and auditor representatives were introduced, and meeting protocols explained.

• Chair Mark Menhinnitt and CEO Peter Tompkins delivered addresses to shareholders.

• All resolutions to be decided by poll after the CEO's report, with opportunities for shareholder questions on formal business.

Financial performance review

• FY24 group EBITDA margin rose to 3.3% from 2.6% last year; underlying EBITDA increased 17.7% to AUD 381 million.

• Underlying NPATA grew over 20% to AUD 210 million, with normalized cash conversion of nearly 105%.

• Net debt to EBITDA improved to 1.4x from 2x; total dividend increased by over 30% to AUD 0.17 per share.

• AUD 130 million in gross cost reductions achieved, with AUD 45 million more targeted for FY25.

• Financial Report, Directors' Report, and Independent Auditor's Report for the year ended 30 June 2024 were presented and discussed.

Board and executive committee updates

• Governance structure at board and management levels redefined; 75% of leadership team new or in new roles.

• Two new non-executive directors appointed in FY24; Peter Barker joined as non-executive director and Audit and Risk Committee Chair.

• Board of Directors introduced: Mark Menhinnitt, Peter Tompkins, Teresa Handicott, Adelle Howse, Steven MacDonald, Sheridan Broadbent, Peter Barker.

• Project Governance and People and Culture Committees established for enhanced oversight.

• Chair Mark Menhinnitt and CEO Peter Tompkins delivered addresses to shareholders.