Regis Healthcare (REG) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional landowners, and outlined meeting protocols, agenda, and participation procedures for both online and in-person attendees.

• Board and executive team members were introduced, including the auditor from Ernst & Young, and the retirement of co-founder Bryan Dorman was acknowledged.

Financial performance review

• FY2024 revenue reached AUD 1,014.1 million, up 29.9%, with underlying EBITDA at AUD 107.2 million, a 28.7% increase, and NPATA at AUD 35.6 million, up 24.7%.

• Net cash position improved to AUD 64.9 million as of 30 June 2024, from net debt of AUD 6.0 million in FY23.

• Average occupancy rose to 94.1%, outperforming sector averages, and share price increased by 96.4% over FY2024.

• Five-year CAGR for revenue and EBITDA were 8.4% and 7.9% respectively, with over AUD 400 million in debt repaid since FY2018.

• Statutory losses were attributed to government-mandated amortization of bed licences, not underlying business performance.

Board and executive committee updates

• Bryan Dorman retired as director; Jodie Leonard joined as an independent non-executive director and Chair of the People and Remuneration Committee.

• Christine Bennett and Jodie Leonard stood for (re-)election, both supported unanimously by the board and received over 98% shareholder approval.