APA Group (APA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and outlined as a hybrid event for both in-person and online participation.

• Voting procedures and question submission methods were explained, with all items to be determined by poll.

• Board members, executive team, and new director nominees were introduced.

• Agenda included performance review, strategy, director elections, remuneration, and shareholder proposals.

Financial performance review

• FY 2024 saw solid financial and operational performance, with revenue, earnings, and distribution growth.

• 20th consecutive year of distribution growth, with FY 2024 distribution at AUD 0.56 per security, up 1.8%.

• Statutory revenue (excl. pass-through) was AUD 2.59 billion, up 7.9%; statutory profit was AUD 998 million.

• Underlying EBITDA rose 9.7% to AUD 1.89 billion; reported EBITDA up 3% to AUD 1.73 billion.

• AUD 833 million invested in organic growth; all near-term debt refinanced, with no maturities until March 2027.

Board and executive committee updates

• Board renewal included appointments of Samantha Lewis and David Lamont as non-executive directors, with Varya Davidson to join in March 2025.

• Debbie Goodin and Peter Wasow to retire, with Goodin staying until February 2025 for transition.

• Directors up for election/re-election addressed the meeting, highlighting experience and commitment.