Smartpay (SPY) AGM 2025 summary

Opening remarks and agenda

• Meeting held in hybrid format, with both in-person and online participation options.

• Chairman and CEO addressed shareholders, outlining the meeting structure and key topics including business updates, strategy, and resolutions.

• Board members, executive team, auditors, and registrar introduced at the start.

• Voting on all resolutions conducted by poll, with results to be posted to NZX and ASX.

• Agenda included performance review, Q&A, and six formal resolutions.

Board and executive committee updates

• Board and management commended for navigating challenging trading conditions, including COVID and regulatory uncertainty.

• Shelley Ruha introduced as a new director, bringing extensive governance and payments industry experience.

• Board and executive committee updates included re-election and election of directors, with all resolutions passed by significant majorities.

Financial performance review

• Revenue reached $104.7m in FY25, up from $96.5m in FY24, with 51,000+ terminals in market and $6.9bn in total transaction value.

• EBITDA for FY25 was $21.5m (normalised), with profit before tax at -$0.1m, reflecting investment in New Zealand.

• Year-to-date revenue as of July 2025 was $29.5m in Australia and $4.6m in New Zealand, with $2.6bn and $40m in TTV respectively.

• Top-line revenue growth achieved despite soft TTVs, driven by focus on high-value customer verticals.

• Average ticket size per merchant up 15% year-on-year; newly onboarded merchants show 20% higher TTV.