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Australian Foundation Investment Company
Australian Foundation Investment Company (AFI) investor relations material
Australian Foundation Investment Company AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2026 summary30 Sep, 2026
Opening remarks and agenda
The 98th AGM opened as a hybrid meeting; the first business item was consideration of financial statements and reports for the year ended 30 June 2026.
Scheduled topics included the CEO address, dividend update, financial results, portfolio update and market outlook.
Financial performance review
FY26 profit rose 3% to AUD 293.5m from AUD 285.0m in FY25; the management expense ratio fell to 0.14% from 0.16%.
Portfolio performance was below expectations, particularly in H1, amid limited small- and mid-cap resources exposure and quality stocks falling out of favor; recent underperformance weighed on longer-term results.
At 30 June, portfolio value was AUD 9.8b, or AUD 10.5b including cash; at end-August it was AUD 9.9b across 59 stocks, with NTA backing of AUD 8.06 per share.
FY26 share buybacks totaled 35.4m shares at a cost of AUD 242.8m.
Board and executive committee updates
Mark Freeman retired as CEO and managing director on 30 June 2026; Alison Gibson took over in July after 10 years with the investment group.
David Peever retired from the board at the AGM after serving since 2013; Tom Palmer will join as a non-executive director on 12 October 2026.
Richard Murray, a director since January 2024, was re-elected; the board comprises a chairman, managing director and seven independent non-executive directors.
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Latest events from Australian Foundation Investment Company
- Profit up, MER improved, portfolio outperformed market, and major share buybacks executed.AFI
H2 2026 - Funds delivered robust returns and dividends, with Mirrabooka raising capital amid market volatility.AFIEvening Shareholder Meeting
- Australian equities hit record highs, but yields are low; funds focus on quality and adaptation.AFICompany presentation
- Profit down 4.6% to $147.0m, portfolio lagged, but dividends and buybacks maintained.AFIH1 2026
- Underperformance, dividend growth, and defensive strategy were key meeting highlights.AFIAGM 2025
- Profit and EPS fell, dividends rose, and portfolio returns lagged the ASX 200.AFIH2 2025
- Strong returns, stable dividends, and active steps to address share price discount highlighted.AFIAGM 2024
- 15.1% portfolio return, 4% dividend growth, and a 9% NTA discount highlight strong performance.AFIH2 2024
- Profit and portfolio value rose, with a higher interim dividend and cautious outlook.AFIH1 2025
Next Australian Foundation Investment Company earnings date
H1 202720 Jan, 2027
Australian Foundation Investment Company
Next Australian Foundation Investment Company earnings date
H1 202720 Jan, 2027
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Frequently asked questions
Australian Foundation Investment Company Limited (AFIC) is an Australian investment company focused on managing a diversified portfolio of Australian equities. AFIC invests across a range of sectors, including financials, resources, healthcare, and consumer goods, aiming to provide long-term capital growth and consistent dividend income for its shareholders. The company follows a conservative investment approach, selecting high-quality companies with sustainable business models and strong management teams. AFIC is structured as a listed investment company (LIC), allowing individual investors to gain exposure to a diversified portfolio of Australian stocks. The company is headquartered in Melbourne, Victoria, and its shares are listed on the Australian Securities Exchange.