SkyCity Entertainment Group (SKC) AGM 2025 summary

Opening remarks and agenda

• The meeting was convened with a quorum, allowing both online and in-person participation, and included board introductions, CEO and Chair addresses, voting procedures, and Q&A sessions.

• Instructions for virtual participation, voting, and question submission were provided, with all voting conducted by poll.

• The agenda covered formal proceedings, resolutions, shareholder questions, and meeting closure.

Financial performance review

• FY 2025 saw a 5.2% decline in underlying revenue and a 42% drop in underlying profit, with underlying EBITDA down from $278M to $233.7M due to increased costs and weak revenues, while reported revenue reached $825.2M, up 11.1%.

• Reported EBITDA was $216.1M, up 56.4%; net debt stood at $757M with a net debt/EBITDA ratio of 3.1x.

• A $240M equity raise was completed to maintain credit rating and avoid covenant breaches, with asset sales targeted at $200M for further debt reduction.

• Auckland precinct led with $514.3M in underlying revenue, but gaming revenues fell 9.4% due to economic conditions and a reset of the premium segment.

• FY 2026 is expected to be the trough year, with recovery anticipated in FY 2027 as the NZICC opens and online gaming matures.

Board and executive committee updates

• Board comprised Julian Cook (Chair), Donna Cooper, David Attenborough, Chad Barton, Kate Hughes, and Glenn Davis, with no new appointments.

• Re-election of Kate Hughes and Glenn Davis was proposed and supported, both with strong backgrounds in compliance and transformation.

• Board appointments and committee memberships highlighted, with emphasis on risk, compliance, and transformation.