Endeavour Group (EDV) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a Welcome to Country and acknowledgment of traditional owners, followed by an outline of meeting procedures and agenda, including board introductions and voting instructions.

• Shareholders were informed about participation methods, voting, and Q&A processes, ensuring inclusivity for both in-person and virtual attendees.

Financial performance review

• FY24 group sales grew 3.6% (1.8% on a 52-week basis), with EBIT up 3.1%, but net profit after tax fell 3.2% due to higher finance costs from rising interest rates.

• Operating cash flow reached AUD 1.2 billion, supporting a fully franked dividend of AUD 0.218 per share, unchanged from FY23.

• Retail sales grew 1.7% and hotel sales 2.3% (52-week basis); e-commerce sales rose 5.9% to 8.9% of retail sales.

• Cost optimization program delivered AUD 100 million in FY24, targeting over AUD 290 million in cumulative savings by FY26.

Board and executive committee updates

• Significant board changes included the retirement of the inaugural chairman and several directors, with new appointments and director-elects announced.

• CEO Steve Donohue to step down, with a global search for a new CEO underway; transition to be orderly.

• Board composition changes aim to restore shareholder confidence and ensure stability.