Pact Group (PGH) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of directors, senior management, and auditors, and explanation of online participation and voting procedures.

• Notice of meeting and agenda were taken as read, with eight items of business to be considered, including director elections and remuneration.

• Annual General Meeting held on 14 November 2024, chaired by Raphael Geminder.

Financial performance review

• Revenue for FY24 was AUD 1.857 billion, down AUD 91 million from the prior year due to divestments and volume declines.

• Underlying EBIT rose to AUD 154.6 million, reflecting transformation program savings and margin growth.

• Underlying net profit after tax was AUD 44.9 million, slightly ahead of the prior year; reported net profit after tax was AUD 74.9 million, including a gain from the crate business sale.

• Gearing improved to 2.5x, down from 3x, due to debt repayment from divestment proceeds.

Board and executive committee updates

• Board includes Executive Chair Raphael Geminder, Managing Director & Group CEO Sanjay Dayal, and several Non-Executive Directors.

• Board composition discussed, with five director candidates for four vacancies; board recommended re-election of current members and opposed non-endorsed candidates.

• Chair transitioned from non-executive to executive role, emphasizing increased involvement and value addition.