Zip (ZIP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 10:00 A.M. with a quorum present, acknowledgment of traditional land custodians, and opening addresses from Chair Diane Smith-Gander AO and Group CEO Cynthia Scott outlining the agenda and FY24–FY25 focus.

• Attendees included board members, executive team, auditors, and company secretary; agenda covered Chair and CEO addresses, formal business, and voting.

• Voting and Q&A procedures explained, with shareholders able to participate virtually and submit written or verbal questions.

Financial performance review

• Achieved record total transaction volume of AUD 10.1 billion, revenue of AUD 886 million, and group cash EBITDA of AUD 69 million for FY24; group cash EBTDA rose from $(48.2)m in FY23 to $78.8m in FY24.

• Four consecutive quarters of profitable growth and positive operating cash flows; group cash EBITDA improved by AUD 117.2 million from prior year.

• First quarter FY25 group cash EBITDA reached AUD 31.7 million, up 233.7% year-on-year.

• Americas and ANZ segments both reported substantial improvements in cash EBTDA year-on-year.

• US business saw TTV up 42.8% and revenue up 43.9% in Q1 FY25; ANZ yield on receivables increased to 19.2%.

Board and executive committee updates

• Larry Diamond transitioned to Chairman of US subsidiary; Joe Heck appointed US CEO in July 2024.

• Kevin Moss and Matthew Schuyler appointed as non-executive directors, with effective dates in May and October 2024; Diane Smith-Gander AO re-elected as Non-Executive Director.

• John Batistich retired from the board after six years as director.

• Gordon Bell joined as Group CFO, Alex Christie as Chief People Officer, and Linda Liu as Chief Legal and Risk Officer.