Megaport (MP1) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional landowners, and introduced the Board, management, auditor, and share registry representatives.

• Outlined meeting format, voting procedures, and opportunities for shareholder questions both in-person and online.

Financial performance review

• Achieved AUD 195.3 million in revenue for FY 2024, up 28% year-on-year, with annual recurring revenue surpassing AUD 200 million.

• EBITDA reached AUD 57.1 million, a 182% increase from the previous year, and the company posted its first net cash flow positive year with AUD 28 million generated.

• Ended FY 2024 with a net cash balance of $61.2 million and has been net cash flow positive since Q4 FY 2023.

• Reaffirmed FY 2025 EBIT guidance of $57–$65 million and revenue guidance of $214–$222 million, with early trends supporting continued growth into FY 2026.

Board and executive committee updates

• Founder Bevan Slattery stepped down as Chair; Melinda Snowden assumed the role after three years as Audit and Risk Committee Chair.

• Board composition under review, with recruitment underway for Australian-based directors to chair key committees.

• CEO Michael Reid, appointed in May 2023, credited with reinvigorating the organization and driving strategic execution.