EROAD (ERD) AGM 2024 summary

Opening remarks and agenda

• Meeting held in Auckland and online, with Q&A open throughout and voting conducted by poll on all items.

• Chair Susan Paterson welcomed shareholders, introduced the Board and executive team, and outlined the agenda: Chair's address, executive update, formal resolutions, and shareholder Q&A.

Financial performance review

• FY 2024 revenue grew 10% to $182 million, with connected units reaching 250,000 globally.

• Free cash flow improved from -$29.9 million in FY23 to $1.3 million in FY24, with expectations to remain positive in FY25, a year ahead of previous projections.

• $20 million in annualized cost savings achieved over two years, mainly through supplier negotiations and headcount reductions.

• FY25 guidance set at $190–195 million in revenue, with all FY24 guidance metrics met or exceeded.

• Regional growth included 25% unit growth in Australia and significant contract wins in North America and New Zealand.

Board and executive committee updates

• Graham Stuart stepped down from the board after five years as Chair, pivotal during the Coretex acquisition.

• David Green and Cameron Kinloch joined the board, bringing expertise in finance, governance, and US market expansion.

• Board composition blends technology, finance, and operational experience to support future growth.

• Board committees strengthened: Technology, People and Culture, and Finance, Risk and Audit, with new chairs and expanded focus.

• U.S.-based David Kenneson appointed Co-CEO alongside Mark Heine to drive North American growth.