Objective (OCL) AGM 2024 summary

Opening remarks and agenda

• Meeting held on 28 November 2024, confirming quorum, introducing board members and auditor, and providing administrative instructions for virtual participation, voting, and Q&A.

• Agenda included financial review, board elections, remuneration, strategic update, CEO address, business line insights, and strategic priorities.

Financial performance review

• FY2024 revenue reached AUD 118 million, up 6% from FY2023, with annualized recurring revenue at AUD 105 million, up 11% overall and 15% for SaaS ARR.

• Adjusted EBITDA was AUD 44 million (+66%), net profit after tax AUD 31 million (+49%), and operating cash flow AUD 56 million (127% of adjusted EBITDA).

• Cash on hand increased to AUD 96 million (+32%), with R&D investment at AUD 28 million, representing 30% of software revenue.

• Dividend per share increased to AUD 0.17 (17cps), with AUD 0.08 (8cps) fully franked.

• SaaS revenue CAGR was 31% over five years.

Board and executive committee updates

• Nicholas Kingsbury retired and was re-elected as director, with his independence and history discussed.

• Board composition and director independence referenced in the corporate governance statement.

• Consideration given to future board candidate speeches at AGMs.