Tabcorp (TAH) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and introduction of board, executive team, and auditor.

• Artist Jordan Lovegrove's commissioned digital artwork recognized.

• Outlined hybrid meeting procedures, voting process, and Q&A protocols for both in-person and online attendees.

Financial performance review

• FY 2024 revenue was AUD 2,338.9 million, down 3.9% from prior year, mainly due to a softer wagering market and asset sales.

• Group EBITDA before significant items was AUD 317.7 million, down 18.7% year-on-year.

• Net loss after tax was AUD 1,359.7 million, driven by AUD 1.38 billion in non-cash impairment charges and significant items.

• Operating expenses increased by 6.3% to AUD 614.0 million.

• CapEx for FY 2024 was AUD 160 million, with net debt rising to AUD 860 million due to the Victorian licence acquisition.

Board and executive committee updates

• Gillon McLachlan appointed as new Managing Director and CEO to lead the next phase of growth.

• Bruce Akhurst retired as Chairman, succeeded by Brett Chenoweth.

• Justin Milne retired after over a decade of board service.

• Board includes Raelene Murphy, Brett Chenoweth, David Gallop, Janette Kendall, Justin Milne, and Karen Stocks as Non-Executive Directors.