Australian Foundation Investment Company (AFI) investor relations material

Opening remarks and agenda

• The meeting was opened by the chairman, confirming a quorum and introducing the board, executive team, and auditors.

• Acknowledgement of country and explanation of hybrid meeting format and procedures for questions and voting were provided.

• CEO address, dividend update, financial results, portfolio update, and market outlook were scheduled for discussion.

Board and executive committee updates

• Mark Freeman retired as CEO and Managing Director at the end of FY 2026; Alison Gibson was appointed CEO and Managing Director from July 2026.

• David Peever retired from the board at the conclusion of the meeting after over a decade of service; Tom Palmer will join as a non-executive director from October 12, 2026.

• Board comprises a chairman, managing director, and seven independent non-executive directors.

• The board highlighted the addition of Tom Palmer's mining sector expertise and international experience.

Financial performance review

• FY 2026 profit rose 3% to AUD 293.5 million, up from AUD 285.0 million in FY25.

• Management expense ratio (MER) improved to 0.14% from 0.16% in FY25, reflecting cost control and restructuring.

• Portfolio size fell below AUD 10 billion due to performance, dividend payouts, and a AUD 243 million share buyback; total portfolio value stood at AUD 9.8 billion, with AUD 10.5 billion including cash at June 30.

• Share buybacks totaled 35.4 million shares at a cost of AUD 242.8 million.

• Franking credit reserves grew to AUD 0.55 per share, supporting special dividends and now approximately twice the ordinary dividend.