Telstra Group (TLS) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and Welcome to Country, emphasizing cultural heritage and respect for elders.

• Meeting procedures, voting instructions, and Q&A process outlined for both in-person and online participants.

• Formal opening of the AGM, confirmation of quorum, and overview of agenda items and voting process.

• 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.

Financial performance review

• Achieved third consecutive year of underlying EBITDA growth, with a 3.7% increase to AUD 8.2 billion in FY24; 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 NPAT fell 12.8% to AUD 1.8 billion due to 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 results, with mobile segment underlying EBITDA up AUD 424 million (+9.2%), while enterprise business underperformed and is under reset.

• Over AUD 5 billion invested in CapEx and spectrum in FY24, with AUD 42 billion invested over the past decade.

Board and executive committee updates

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

• Roy Chestnutt standing for re-election; board recommends his re-election.

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