REA Group (REA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners and confirmation of quorum; voting conducted by poll with online participation options.

• Chairman Hamish McLennan outlined the agenda, including Chairman's Address, CEO's Address, business items, and Q&A.

• Agenda covered FY24 highlights, operational performance, market conditions, and formal business items.

Financial performance review

• FY24 revenue grew 23% to AUD 1.453 billion, EBITDA up 27% to AUD 825 million, and net profit rose 24% to AUD 461 million.

• Dividend per share for FY24 was AUD 1.89, a 20% increase, and earnings per share rose 24% to AUD 3.49.

• REA India delivered 31% revenue growth, and PropTrack achieved double-digit revenue growth.

• Mortgage Choice Freedom, powered by Athena, reached AUD 1.2 billion in settlements.

• Closing cash balance as of 30 June 2024 was AUD 204 million.

Board and executive committee updates

• Jennifer Lambert and Hamish McLennan stood for re-election as directors, both supported by the board.

• Two new executive leaders joined: CTO Steve Maidment (Oct 2023) and Chief People and Sustainability Officer Elisa Nerone (July 2024).

• Board includes Chairman Hamish McLennan, CEO Owen Wilson, and several independent and non-executive directors.

• Executive leadership team features roles such as CFO, Chief Product and Audience Officer, Chief Customer Officer, and CEO of REA India.