AGL Energy (AGL) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional land owners, confirmed quorum, and outlined hybrid meeting protocols for in-person and online participation, voting, and Q&A.

• The agenda included presentations from the Chair, CEO, and People & Performance Committee Chair, followed by formal business and voting.

Financial performance review

• Underlying net profit after tax for FY 2024 was AUD 812 million, up 189% from FY 2023; underlying EBITDA was AUD 2,216 million, up 63%.

• Statutory profit after tax was AUD 711 million, reflecting strong operational performance and improved fleet availability.

• Final FY 2024 dividend of AUD 0.35 per share paid, totaling AUD 0.61 for the year, a 97% increase from the prior year.

• FY 2025 guidance: underlying EBITDA between AUD 1.87–2.17 billion and net profit after tax between AUD 530–730 million.

Board and executive committee updates

• Chair Patricia McKenzie announced her retirement after the FY 2025 half-year results, with Miles George named as successor.

• Board and executive team introduced, including external auditors from Deloitte.

• Directors Graham Cockroft, Christine Holman, and Vanessa Sullivan stood for re-election, highlighting their experience and commitment to the energy transition.

• No changes to Non-executive Director fees in FY24; last adjustment was in January 2020.

• Executive remuneration for the CEO increased to $1.5 million from 1 September 2024, with benchmarking and performance-based adjustments for other executives.