MAAS Group (MGH) AGM 2024 summary

Opening remarks and agenda

• Meeting formally opened with a quorum present and acknowledgment of traditional land owners.

• Housekeeping and procedural matters explained, including voting and question protocols for in-person and online attendees.

• Introduction of directors, executive team, and auditor, with confirmation of notice of meeting and proxies.

Financial performance review

• Achieved record FY24 financial results: underlying EBITDA of AUD 207.3 million (up 27%) and statutory NPAT of AUD 73 million (up 12%).

• Underlying EBIT reached AUD 154.1 million, up 28%, and underlying EPS increased 18% to 25.7 CPS.

• Operating free cash flow rose to just under AUD 150 million, up from AUD 33 million in FY23, with cashflow conversion at 88%.

• Tangible assets grew 12% to AUD 1.4 billion.

• Leverage ratio reduced to 2.4x, below target midpoint and within covenants, with debt syndication expanding the banking group to six.

Dividend announcements

• Full year dividend increased by 8% to 6.5 CPS, fully franked.