Cromwell Property Group (CMW) AGM 2025 summary

Opening remarks and agenda

• The Chair welcomed security holders in-person and online, emphasizing diversity and inclusion through a hybrid format.

• Acknowledgement of Country and respect for Traditional Custodians and Elders was made at the start of the meeting.

• The agenda included financial performance, board updates, voting on resolutions, business items, and a Q&A session.

Financial performance review

• AUD 1.6 billion in non-core assets were divested, including a full exit from the European platform and Polish Retail Fund, reducing group gearing from 38.9% to 28.2%.

• Operating profit was AUD 108.6 million, with a statutory loss of AUD 22.6 million for FY25.

• Net tangible assets per security declined to AUD 0.56, impacted by a AUD 97.4 million fair value decline.

• Corporate costs were reduced by 14.5%, and net financing costs dropped 40%.

• Occupancy reached 97.6%, with stable income and 69.2% derived from government and major tenants.

Board and executive committee updates

• Rob Blain stepped down from the Board in August but will continue in an advisory role.

• The Board decided not to replace Rob's position, reducing Board fees by 22.9% for FY 2026.

• Board comprises Dr Gary Weiss (Chair), Joseph Gersh, Eng Peng Ooi, Lisa Scenna, Tanya Cox, Jialei Tang, and CEO Jonathan Callaghan.

• ESR exited the register, with Brookfield acquiring a 19.9% stake, seen as an endorsement of strategy.