Sigma Healthcare (SIG) AGM 2025 summary

Opening remarks and agenda

• AGM marked the first since the merger with Chemist Warehouse, featuring a hybrid format and introduction of new directors and executives from both legacy companies.

• Chairman and CEO addressed the meeting, outlining 14 resolutions including financial statements, remuneration reports, director reelections, auditor ratification, and potential spill resolutions.

Financial performance review

• Revenue rose 82.3% to $6 billion, with normalized EBIT up 41.4% to $835 million and normalized NPAT up 40% to $579 million.

• Pro forma EBIT for FY 2025 was $903.4 million, with strong cash generation and improved working capital management.

• Chemist Warehouse network achieved over 11% like-for-like sales growth, with 35 new stores opened and total retail network sales rising 14% to $10.3 billion.

• Distribution volumes increased 29% while costs per unit fell 11%.

• Net debt reduced to $752 million, aided by strong cash generation and low capital investment.

Board and executive committee updates

• Board composition reflects merger needs, with a mix of independent and non-independent directors and a focus on integration and growth.

• Leadership team confirmed to drive strategic execution post-merger, with recent changes including Damien Gance stepping down from his executive role.

• Governance practices enhanced, including the formation of a Related Party Independent Board Committee and a Risk Compliance and Sustainability Committee.

• Reelection of Neville Mitchell and Annette Carey as directors, both bringing significant industry and governance experience.