Ridley (RIC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and welcome to shareholders, both in-person and online.

• Chairman Mick McMahon welcomed attendees and introduced the board and executive team, including CEO Quinton Hildebrand, new director Daniel Masters, and acknowledgment of retiring director Ejnar Knudsen.

• Outlined meeting procedures, voting process, and Q&A protocols for both physical and virtual attendees.

Financial performance review

• FY2024 underlying EBITDA before significant items reached AUD 92.8 million, up 4.9% year-on-year; reported EBITDA was AUD 90.0 million, up 1.7%.

• Underlying NPAT increased 1.1% to AUD 42.3 million, while reported NPAT declined 4.7% to AUD 39.9 million.

• Operating cash flow reached AUD 107.7 million, up from AUD 101.7 million in the prior year.

• Strong operating cash flow supported disciplined capital investment: AUD 14.5 million in maintenance and AUD 18.4 million in growth projects.

• Bulk stock feed segment grew market share, feeding one in four commercially fed animals in Australia.

Dividend announcements

• Total dividend for FY24 was AUD 0.0905 per share, fully franked, up 12% from prior year and representing 68% of NPAT.

• Dividend per share increased from 4.25cps to 4.65cps.

• Dividend policy remains progressive and unchanged, with continued commitment to returning cash to shareholders.

• Dividend outlook not expected to change despite share buyback activity.