Solvar (SVR) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, acknowledged traditional owners, and outlined hybrid meeting format for equal participation and voting.

• Meeting declared open with confirmation of quorum and introduction of board members, CFO, and auditor.

• CEO Scott Baldwin and CFO Siva Subramani led the AGM held on 21 November 2024.

Financial performance review

• FY24 delivered normalized NPAT of AUD 29 million and statutory NPAT of AUD 17 million, with a final fully franked dividend of AUD 0.05.

• Revenue grew at a 15% CAGR, reaching $216m in FY24, with double-digit growth in the loan book.

• Australian loan book grew 11.2% to AUD 791.1 million; revenue up 10.6% to AUD 173.7 million.

• Q1 FY25 group NPAT (normalised) rose 18.7% year-on-year to $9.0m, with a 16.5% margin.

• Group bad debt rate declined to 3.9% annualised in Q1 FY25, within target range.

Board and executive committee updates

• Craig Parker appointed to the board in September 2024, bringing extensive financial services experience.

• Kate Robb retired after five years, recognized for enhancing governance as Audit and Risk Committee Chair.