$SPZ held their AGM this morning.

A few positive updates, with the two key slides added below:

• 1Q FY25 is off to a good start: revenue up 24% and Adjusted EBITDA up 30%, both to PCP
• The 1500 site YE target has been achieved ahead of plan (1529 at 15 Nov) - note this targt had been accelerated from EOFY25
• A new long term target to achieve 3000 organic sites, doubling the business, by December 2028

CEO Paul noted that it's taken them 10 years to get to 1500 sites, and they now aim to add the next 1500 in 4 years.

Work on new markets in Scandinavia and the US (Texas, Florida) is progressing. Focus is now on finding the right entry point.

Demark is off to the races with contracts being signed.

UK - single industry code of practice agreed, no issues flagged under the Labour Government - regualtory environment appears stable for now. Paul thinks the Government will now monitor and see how the industry functions under the unified code.

Churn remains low at 30-40 site p.a.: mix of site redevelopments, exits initiated by $SPZ, and some losses to competitors.

Conversations under way with the new QLD LNP Government - warm but non-specific noises. Expecting movement in the New Year. Paul said he is confident they will return.

Overall, this is a company that is continuing to deliver, with a management who appear confident across all markets, with a clear focus on both operational delivery and growth.

On Valuation:

Market likes today's update. With SP at time of writing at $0.82, getting towards the upper end of my valuation. So, at 3.8% in RL, I'm a hold here. Need to update valuation in the light of the 3000-Dec. 2028 growth target.

Disc: Held in Rl and SM