Abacus Storage King (ASK) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and compliance with the Corporations Act.

• Chair John O'Sullivan addressed the meeting, highlighting his committee roles.

• Board members and key executives introduced, including CEO and committee chairs.

• Outlined agenda: business performance review, resolutions, and Q&A.

Financial performance review

• Assets reached AUD 3.6 billion as of 30 June 2025, up 11.8% from FY 2024.

• FY 2025 funds from operations were AUD 85 million, up 4.7% year-on-year; statutory profit was AUD 289 million, up AUD 150.8 million.

• Net tangible assets per security at AUD 1.74; FFO per security at 6.47cps.

• Distribution per security increased 1.7% to 6.20cps; established occupancy at 91.2%.

• Gearing at 29.3%, with over AUD 600 million in funding capacity.

Board and executive committee updates

• Board includes independent non-executive directors Sally Herman, Karen Robbins, and Mark Bloom, each chairing or serving on key committees.

• Steven Sewell serves as Managing Director and Nikki Lawson as Group General Manager - Self Storage.

• Discussion of potential addition of a Ki Corp nominee to the board, pending decision.

• Re-election of John O'Sullivan and Karen Robbins as independent non-executive directors recommended.