Skellerup Holdings (SKL) AGM 2026 summary

Opening remarks and agenda

• Hybrid meeting at Eden Park and online; presentations, resolutions and shareholder Q&A followed, with poll voting open for all business items.

• Resolutions covered David Cushing’s and Paul Shearer’s re-elections and authorization for Directors to set Ernst & Young’s FY 2027 remuneration.

Financial performance review

• FY 2026 revenue was NZD 390.1m, up 10%; normalized EBIT was NZD 89.3m, up 14%, and normalized NPAT was NZD 64.2m, up 18%.

• Reported NPAT was NZD 67.7m, including an after-tax non-recurring gain of NZD 3.5m; operating cash flow reached a record NZD 83.6m, up 26%.

• Industrial EBIT set a sixth consecutive record at NZD 56.6m, up 17%; Agri EBIT set a second consecutive record at NZD 39.6m, up 12%.

• Net debt excluding leases was NZD 2m at year-end, down NZD 10.4m; FY 2026 CapEx was NZD 15.1m, up NZD 5.9m YoY.

• Revenue mix: North America 38%, New Zealand 19%, Australia and Europe 12% each; dairy led application mix at 27%, followed by potable water and wastewater at 25%.

Board and executive committee updates

• John Strowger is Independent Chair; Graham Leaming became CEO in March 2024 after joining as CFO in 2012. Tim Runnalls became CFO in March 2024; David Mair served as CEO from 2011 to 2024.

• Leadership succession from the former Chair and Managing Director to Strowger and Leaming, and Runnalls’ step-up to CFO, was described as successful and seamless.

• David Cushing offered himself for re-election and intends to leave the Board in September 2027 after 10 years’ service; the Board plans to identify a successor.