Coles Group (COL) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to shareholders, board, and executive team, with meeting procedures and voting protocols explained.

• Introduction of board members, executive leadership, and auditor, with details on hybrid meeting participation and question submission.

Financial performance review

• Sales revenue from continuing operations increased by 5.7% and after-tax profit by 2.1% for FY2024.

• 81.1% of profit paid as fully franked dividends, totaling AUD 0.68 per share, a 3% increase.

• AUD 1.4 billion invested in new stores, renewals, and efficiency initiatives while maintaining balance sheet strength.

• Supermarkets e-commerce sales grew 30.1% in FY2024, with Q1 FY2025 growth at 22.4%.

• Liquor sales remained flat in Q1 FY2025, with a focus on exclusive brands and rebranding initiatives.

Board and executive committee updates

• Two directors (Peter Allen and Andy Penn) elected, two (Abi Cleland and Richard Freudenstein) re-elected, with detailed backgrounds provided.

• Chairman confirmed intention to retire during current term, with succession planning underway.