Xero (XRO) AGM 2026 summary

Opening remarks and agenda

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

• The board and executive 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 general shareholder questions.

Financial performance review

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

• Organic revenue increased 21%, and the Rule of 40 outcome reached 48.5, reflecting strong growth and cash generation.

• U.S. revenue growth accelerated to 30%, with Melio contributing to a pro forma U.S. revenue of NZD 530 million, up 50%.

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

Board and executive committee updates

• Anjali Joshi retired from the board after three years, with succession planning ongoing for a new director.

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

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

• The board reaffirmed its commitment to a positive working environment and ongoing review of composition and skills.