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 resolutions, allowing both in-person and online participation.

• 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, up 10% year-on-year.

• Free cash flow improved from -$29.9 million in FY23 to $1.3 million in FY24, despite NZD 8–10 million in one-off 3G upgrade costs, and is expected to remain positive in FY25, a year ahead of plan.

• $20 million in annualized cost savings achieved across FY23 and FY24, mainly through supplier negotiations and headcount reductions.

• FY25 guidance set at $190–195 million 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 on March 31, 2024, after five years as Chair and leading the Coretex acquisition.

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

• David Kennison appointed as Co-CEO alongside Mark Heine to drive North American growth and global expansion.

• Board composition enhanced with a blend of technology, finance, and operational experience to support future growth.