Australian Foundation Investment Company (AFI) AGM 2026 summary

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.