Tyro Payments (TYR) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged Traditional Owners, and outlined the meeting's agenda, including updates on company progress, governance, and formal business items.

• Introduced board members, CEO, Company Secretary, leadership team, and audit partner from EY.

• Chair Fiona Pak-Poy and CEO Jon Davey addressed shareholders, setting the tone for the meeting and outlining key topics including financial performance, strategic initiatives, and governance priorities.

• Outlined six items of business for shareholder voting and provided procedural instructions for participation and voting, both in-person and online.

Financial performance review

• FY24 saw strong financial results: EBITDA grew 31.6% to AUD 55.7 million (margin 26.4%), net profit after tax rose to AUD 25.7 million, and free cash flow increased to AUD 30.4 million.

• Gross profit for FY24 reached AUD 210.8 million, up 9.1% from FY23, within guidance range.

• FY25 guidance: gross profit between AUD 218–226 million, EBITDA margin around 28%.

• Cost management and pricing transformation contributed to improved profitability.

• Net profit after tax was more than four times higher than FY23, and free cash flow increased over fivefold compared to FY23.

Board and executive committee updates

• David Fite completed his final board commitment and was thanked for his service.

• Fiona Pak-Poy stood for re-election as director, highlighting her experience and ongoing commitment.

• Board independence and succession planning discussed, particularly regarding long-serving director Paul Rickard.

• Key changes to remuneration include increased weighting of financial metrics and removal of EBITDA in favor of gross profit, operating leverage, and statutory profit before tax for STI and LTI plans.

• From FY25, CEO and CFO awards will be based more than 60% on financial metrics, with EPS and rTSR equally weighted for LTI.