AMCIL (AMH) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the Chairman, who introduced the board, executive team, and auditors, and confirmed a quorum was present.

• The meeting was held in a hybrid format, with instructions provided for online participation, questions, and voting.

• The agenda included financial results, CEO address, portfolio updates, market outlook, and board elections.

Board and executive committee updates

• Alison Gibson was appointed CEO and Managing Director in July 2026, succeeding Mark Freeman.

• Roger Brown retired as a director at the conclusion of the AGM, with the board now comprising four non-executive directors.

• Winston Chong was appointed portfolio manager in July 2026.

• Board comprised of a chairman, managing director, and several independent non-executive directors.

• Paula Dwyer and Jon Webster stood for re-election as directors.

Financial performance review

• FY2026 portfolio return was -10% (including franking), underperforming the S&P/ASX 200 Accumulation Index return of 7.2%.

• FY26 profit was $6.9m, up from $6.7m in 2025.

• Fully franked dividend per share was 4.0¢, including a 0.5¢ special dividend.

• Management expense ratio was 0.57%, slightly higher than 0.56% in 2025.

• 7.5 million shares were bought back at a cost of $7.6m.

• Net tangible asset backing per share was $1.09 as of 31 August 2026.

• Underweight in materials/energy and overweight in technology/healthcare sectors negatively impacted performance.

• Profit for the year was slightly up, but dividends received were down due to reduced holdings in Wesfarmers and banks.

• Realized gains dropped to AUD 6.1 million, reducing the special dividend.

• Active on-market share buybacks continued due to the discount to NTA.