Telstra Group (TLS) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional owners and cultural heritage, emphasizing respect for elders and custodianship responsibilities.

• Chair and CEO presentations opened the meeting, followed by discussion of financial statements, re-election of director, equity allocation to CEO, remuneration report, and auditor appointment.

• Explanation of meeting procedures, voting, and question management for both in-person and online attendees.

• Formal opening of the AGM, confirmation of quorum, and overview of agenda items, including director re-election, remuneration, and auditor appointment.

Financial performance review

• Achieved third consecutive year of underlying EBITDA growth, with a 3.7% increase to AUD 8.2 billion; reported EBITDA was AUD 7.5 billion, down 4.2%.

• Underlying net profit after tax rose 7.5% to AUD 2.3 billion, while reported net profit after tax fell 12.8% to AUD 1.8 billion due to significant one-off costs.

• Underlying ROIC improved to 8.3%, up 0.2pp, while reported ROIC was 6.8%, down 1.1pp.

• Mobile and infrastructure businesses drove strong performance, with mobile segment growing underlying EBITDA by AUD 424 million (+9.2%), while enterprise business underperformed and is undergoing a reset.

• Cost reduction of AUD 122 million achieved over two years, with a target of AUD 350 million by end of FY25.

Board and executive committee updates

• Sue Laver, Company Secretary, and Niek Jan van Damme, Director, are retiring; David Lamont appointed as new non-executive director effective December 2024.

• Board comprises Craig W Dunn (Chair), Vicki Brady (CEO), and eight other directors.

• Roy Chestnutt stands for re-election, with board recommending his continuation.