Lindsay Australia (LAU) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and a welcome to both in-person and online attendees, outlining Q&A and voting procedures for all participants.

• Meeting convened in accordance with the company's constitution and the Corporations Act, with a quorum confirmed.

Financial performance review

• Group revenues grew 5.6% to AUD 849.8 million, with transport revenue up 5.9% to $500.1m and rural revenue up 8.7% to $165.5m; Hunter delivered revenue of AUD 110.2 million, up 26.1%.

• Underlying EBITDA fell 11.7% to AUD 81.4 million, reflecting supply chain disruption and margin compression.

• AUD 50.8 million invested in fleet, infrastructure, and strategic initiatives, maintaining net leverage at 1.53x.

• Profit before tax in the rural division increased 10.7%.

• Packaging distribution agreement with Visy Board extended to 2031.

Strategic initiatives and plans

• Acquisitions of SRT Logistics and GJ Freight expanded the national footprint, with SRT adding Tasmanian refrigerated transport and Bass Strait capabilities and expected to deliver a 15% EPS uplift on FY25 pro-forma basis.

• Network expanded into South-West WA, Goulburn Valley, and Tasmania; new Perth facility to open in November.

• Transformation program focused on operational efficiencies, asset utilization, procurement scale, and digital transformation.

• Property upgrade cycle nearing completion to support ROIC target of 15-20% over the medium term.

• New four-year enterprise agreement secured, covering over 1,800 employees and ensuring workforce stability.