Enero Group (EGG) AGM 2024 summary

Opening remarks and agenda

• Chair Anne Sherry opened the meeting, acknowledged traditional land owners, and confirmed quorum.

• The AGM was held as a hybrid event, with directors, executives, auditors, and share registry representatives present.

• Shareholders could participate and vote both in-person and online, with instructions provided for each.

• The agenda included a welcome, business review, trading update, formal resolutions, and Q&A.

• Introduction of Ann Sherry AO as Chair and overview of the Board of Directors.

Financial performance review

• FY24 revenue was $189.7M, EBITDA $37.4M, net profit $10.3M, and free cash flow $21.7M.

• Revenue, EBITDA, and net profit declined significantly YoY due to international tech market challenges.

• Q1 FY25 net revenue declined 11.8% YoY; EBITDA margin improved to 16% from 14% in H2 FY24.

• Strong net cash position of $38.2M as of 30 June 2024, with continued share buybacks and loan repayments.

• OBMedia revenue declined 24% YoY in Q1 FY25; sale remains on track for Q2 FY25.

Board and executive committee updates

• Anne Sherry announced her departure as Chair at the end of the meeting, with Ian Robbins to succeed her.

• CEO Brent Scrimshaw and CFO Carla Webb Seer are also leaving to pursue new opportunities.

• Board composition included several independent non-executive directors.