Origin Energy (ORG) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged traditional landowners, outlined safety procedures, and reflected on 25 years of growth, highlighting expansion in market capitalisation and customer base.

• Confirmed a quorum with 71.64% of issued capital represented by proxy and introduced the board and senior management.

• Emphasized leadership in the energy transition and support for communities.

• Outlined the meeting agenda: Chair's address, CEO's review, and formal business including resolutions.

Financial performance review

• Statutory profit rose to AUD 1,397 million, up from AUD 1,055 million in FY23, and underlying profit increased to AUD 1,183 million from AUD 747 million.

• Underlying EBITDA reached AUD 3,528 million, up from AUD 3,107 million in FY23; Energy Markets EBITDA was AUD 1,655 million and Integrated Gas AUD 1,951 million.

• Market capitalization increased to AUD 17.5 billion, with 4.7 million customers and over 5,500 employees.

• Adjusted net debt/EBITDA improved to 1.0x from 1.2x.

• Octopus Energy's EBITDA contribution declined, but Kraken licensing revenue and customer accounts grew strongly.

Board and executive committee updates

• Board renewal included the appointment of Dion Campbell, bringing deep renewables expertise, and ongoing progress on Board renewal was noted.

• Steve Sargent concluded his board service but continues as chair of the Origin Energy Foundation.

• Directors and key executives re-elected or elected with strong shareholder support, including Ilana Atlas, Mick McCormack, Scott Perkins, Dame Joan Withers, and Dion Campbell.

• Board and management expressed confidence in future prospects.