Qube (QUB) AGM 2024 summary

Opening remarks and agenda

• The AGM was held in a hybrid format, allowing both in-person and online participation, with voting and Q&A facilitated through Computershare's platform.

• The agenda and notice of meeting were made available electronically and by mail, and a quorum was confirmed before opening the meeting.

• Managing Director's presentation opened the meeting.

Board and executive committee updates

• Deputy Chairman Sam Kaplan retired after significant contributions since 2011, with appreciation expressed for his service.

• Two new directors, Jill Hoffmann and James Fazzino, joined the board and stood for election at the AGM.

• Board renewal remains a focus, with recent departures and appointments to ensure a mix of skills and experience.

• Emphasis on attracting and retaining experienced management and workforce.

Financial performance review

• Statutory revenue rose 16.6% to $3,357.2 million, with underlying revenue up 17.2% to $3,503.6 million in FY24.

• Statutory NPAT increased 32.2% to $221.9 million, and underlying NPAT reached $258.0 million.

• Underlying EPSA grew 13.1% to 15.3 cents per share, marking the fourth consecutive period of double-digit EPS growth.

• Group ROACE improved to 9.5%, progressing toward the 10%+ target.

• All key markets performed in line with or above expectations for the first four months of FY25.