Ridley (RIC) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and a welcome to shareholders, highlighting the significant acquisition of Incitec Pivot Fertilisers.

• Chairman welcomed attendees and introduced the board, executive team, and meeting protocols, including virtual voting and Q&A procedures.

• Board members, CFO, and Company Secretary were introduced; minutes of the previous AGM were signed and made available.

• Outlined meeting procedures, including voting and Q&A processes for both in-person and online participants.

Financial performance review

• FY25 EBITDA from continuing operations was $97.8 million, up 8.6% on FY24, with growth in both Bulk Stockfeeds and Packaged Feeds and Ingredients segments.

• Statutory NPAT rose 8.7% to $43.3 million.

• Operating cash flow was $93.0 million, with a 97% cash conversion rate.

• Total Shareholder Return reached 42%, and leverage remained low at 0.6x underlying EBITDA.

• Bulk Stockfeeds grew 8% year-on-year, and Packaged Feeds and Ingredients earnings increased 5% year-on-year.

Board and executive committee updates

• Special mention of CFO Richard Betts, who will retire before the next AGM, acknowledging his five-year contribution.

• Julie Raffe presented for re-election as director, with her extensive executive and non-executive experience highlighted.

• Board and executive team introduced, including CEO, CFO, and directors.