Cochlear (COH) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with reminders on conduct, voting eligibility, and safety procedures.

• Shareholders could participate in person or online, with clear instructions for submitting and moderating questions.

• Voting was conducted by poll, with results to be released to the ASX post-meeting.

Financial performance review

• Sales increased to $2.4 billion, up 3% in constant currency, with strong implant growth but a decline in services revenue.

• Underlying net profit rose 1% to $392 million, and full-year dividends increased by 5%, with a payout ratio of 72%.

• FY26 guidance expects underlying net profit to increase by 11%-17% on FY25.

• Dividend franking increased to 85% and is expected to reach around 90% in coming years.

Board and executive committee updates

• Glen Boreham retired from the board; Richard Freudenstein joined and stood for election.

• Board renewal continues, focusing on diversity, expertise, and continuity.

• Directors standing for (re)election addressed shareholders, emphasizing governance, global perspective, and commitment.