NZ Windfarms (NWF) AGM 2024 summary

Opening remarks and agenda

• Chair confirmed quorum, opened the 2024 AGM, and outlined meeting procedures and presentations.

• Introduced directors, executives, auditors, legal advisers, and share registrar present in person and online.

Financial performance review

• EBITDA/EBITDAF rose 17% to NZD 5.4 million, with net electricity revenue up to $10.8m and NPAT at $0.15m, reversing a prior year loss.

• Generation increased by 8% to 105.6 GWh, with machine availability at 96.9%, above benchmarks.

• Unaudited Q1 results show a 5% increase in net electricity revenue, despite lower generation volumes.

• FY25 EBITDA/EBITDAF guidance raised to NZD 4.5–6 million, reflecting ongoing strong performance and new assets.

Board and executive committee updates

• David Prentice appointed CEO in March/April 2024, succeeding Warren Koia.

• Board thanked outgoing director Neil/Neal Barclay for his service from December 2023 to June 2024.

• Discussion on director shareholding: directors cited possession of sensitive information as reason for not holding shares currently.