Qube (QUB) AGM 2025 summary

Opening remarks and agenda

• Meeting held in hybrid format, allowing both in-person and online participation, with voting and Q&A accessible to all shareholders and proxy holders.

• Notice of meeting, agenda, and voting instructions were distributed electronically and via mail, and all materials were lodged with the ASX.

• Introduction of board members, management, and auditor, with special welcome to new directors John Beavan and Mick McCormack.

• Managing Director presented an overview of the company's performance and strategic direction.

Financial performance review

• Underlying revenue reached $4,461.4m, up 27.3% on FY24, with underlying EBITA up 18.5%.

• Underlying NPATA increased by 6.2% to $288.0m, and underlying EPSA rose 6% to AUD 0.1625.

• EBITA margin (excluding grain trading) improved to 10.5%, up 1.0% on FY24, reflecting productivity improvements.

• Group ROACE improved to 9.9%, up 0.4% on FY24.

• Most business segments delivered higher revenue and earnings, with strong performance in Energy and Agri-related activities.

Board and executive committee updates

• Jackie McArthur resigned; John Beavan and Mick McCormack joined the board and stood for election.

• Jill Hoffmann to chair the Nomination and Remuneration Committee; Steve Mann to join the committee.

• Allan Davies announced his retirement as chair, with John Beavan elected as successor.

• Leadership focused on safety culture, operational leverage, and disciplined investment.