Xero (XRO) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened virtually from Auckland, ensuring equal participation for all shareholders, with electronic voting and Q&A options.

• The board and executive leadership team were introduced, with global participation from New Zealand, the U.S., and the U.K.

• Chair and CEO provided opening addresses, outlining the meeting structure and key topics for discussion.

• The agenda included CEO and board addresses, formal business, and opportunities for shareholder questions.

Financial performance review

• Operating revenue grew 31% to NZD 2.75 billion, and adjusted EBITDA rose 18% to NZD 757 million.

• Organic revenue increased 21%, with strong growth in ANZ, the U.K., and especially the U.S.

• Achieved a Rule of 40 outcome of 48.5% as reported, and 36% pro forma adjusting for Melio.

• Fiscal 2027 revenue is guided between NZD 3.62–3.73 billion, with adjusted EBITDA expected at NZD 860–920 million.

• U.S. revenue growth accelerated to 30%, with Melio contributing to a 50% pro forma increase.

Board and executive committee updates

• Anjali Joshi retired from the board after three years, with plans to announce a new director soon.

• Ongoing review of board composition and succession planning to ensure global expertise.

• Board comprises independent non-executive directors with defined committee roles, including Audit, Risk, People, and Governance.

• Mark Cross stood for re-election, emphasizing his experience and commitment to profitable growth.