G8 Education (GEM) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and respect for Aboriginal and Torres Strait Islander peoples, welcoming shareholders in person and online.

• Introduction of board members, auditor, company secretary, and outline of meeting structure and agenda, including financial statements, director elections, executive remuneration, and shareholder proposals.

Financial performance review

• Statutory EBIT increased by 14.8% to AUD 152.8 million; net profit after tax was AUD 67.7 million for 2024.

• Group occupancy for 2024 was 70.7%, with a spot occupancy of 64.7% as of April 2025, reflecting ongoing cost of living pressures.

• 2024 Short-Term Incentive Plan achieved 80.17% of target, with operating NPBT slightly above target and most non-financial KPIs met or nearly met.

• 2021 Long-Term Incentive Plan did not meet EPS growth conditions and lapsed; 2022 plan met conditions and will vest in 2025.

• Agency staff usage reduced from 3-4% two years ago to 0.3% in 2024, attributed to improved recruitment and retention.

Board and executive committee updates

• Stephen Heath welcomed and re-elected as a non-executive director; board skills and recruitment process discussed.

• Board composition includes sector and education experts, with ongoing review of board skills matrix.

• Board consists of Debra Singh (Chair), Pejman Okhovat (Managing Director & CEO), and several non-executive directors.

• Adjustments to CEO and COO remuneration were approved, effective October and July 2024, respectively; no increase for CFO.