Southern Cross Media Group (SXL) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, and confirmed quorum for the meeting.

• Meeting held in Sydney and virtually, enabling real-time questions and voting.

• Directors and executive team introduced, including new board members and auditors.

Financial performance review

• FY24 group revenue was AUD 499.4 million, down 1% from FY23; underlying EBITDA was AUD 66.2 million, down 14.3%.

• No final dividend declared for FY24 to prioritize debt reduction.

• First quarter FY25 revenue showed improvement, with total revenue up 1.5% and audio revenue up 4.8%.

• LiSTNR digital audio revenue grew 42% in FY24, reaching EBITDA profitability in Q4.

• Over AUD 40 million permanently removed from the cost base; FY25 CapEx targeted below AUD 10 million.

Board and executive committee updates

• Three long-standing directors retired; new Chair and director appointments made.

• Board size reduced to ensure depth and breadth of skills.

• Marina Go joined as director and Chair of People and Culture Committee.