Nine Entertainment Co. (NEC) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the Chair, acknowledging traditional custodians and outlining hybrid participation and voting procedures.

• Shareholders were briefed on meeting mechanics, voting, and question submission, with all formal documents made available in advance.

• AGM held on 7 November 2024, with formal business including financial and directors' reports, and voting on key resolutions.

Financial performance review

• Group revenue for FY24 was AUD 2.6 billion, down 3% from the previous year.

• EBITDA before specific items was AUD 517 million, down 12% from FY23, with an EBITDA margin of 19.8%.

• Statutory net profit after tax fell 31% to AUD 134.9 million.

• Digital and subscription revenues grew, now exceeding 30% of wholly owned revenue, with 5% growth for the year.

• Q1 FY25 saw 15% growth in Total TV ad revenue, driven by Olympic coverage.

Board and executive committee updates

• Mandy Pattinson was absent due to medical reasons; Matt Stanton was introduced as acting CEO.

• The board is progressing CEO recruitment, with Matt Stanton empowered to drive strategic and cultural transformation.

• Board renewal and succession planning are ongoing, with a focus on diverse skills and backgrounds.

• Catherine West and Andrew Lancaster stood for re-election as directors.