Major Cineplex (MAJOR) AGM 2025 summary

Opening remarks and agenda

• AGM held 8 April 2025; record date for attendance eligibility was 7 March 2025, with 9,830 eligible shareholders.

• Agenda covered approval of 2024 minutes and financial statements, review of 2024 performance, dividend, director elections and remuneration, auditor appointment, and other business.

• Treasury shares of 71,218,800 were excluded from quorum, voting and dividends; 757,918,302 shares were eligible to vote.

• Quorum rules required at least 25 shareholders or proxies and shares representing at least one-third of issued shares.

Financial performance review

• FY2024 revenue was Bt7,767m, down 9% YoY; core EBITDA Bt2,205m, down 14%; net profit Bt744m, down 29%.

• Gross margin was 35% versus 34% in 2023; gross margin value was Bt2,720m, down 5%, while SG&A rose 2% to Bt2,196m.

• Admissions revenue fell 13% to Bt4,145m and concession revenue fell 15% to Bt1,984m; advertising rose 21%, bowling 11%, retail 7% and movie content 5%.

• Total assets were Bt14,039m, liabilities Bt8,684m and equity Bt5,355m at 31 Dec 2024; net debt-to-equity was 0.44x.

• Network expanded to 187 branches and 863 screens in 2024, from 184 branches and 851 screens in 2023.

Board and executive committee updates

• Somjai Nuekengtrakul resigned as chairman and director effective 23 July 2024; no replacement was appointed before the AGM.

• Re-election was proposed for Wicha Poolvoralak, Oranuch Apisaksirikul and Prasert Bunsumpun, who were due to retire by rotation.

• Nominees were described as experienced and qualified; the independent-director nominees were assessed as meeting regulatory independence criteria.