Cromwell Property Group (CMW) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed security holders to a hybrid AGM, emphasizing diversity, inclusion, and transparency, with an archived webcast to be made available.

• Board members, executive team, company secretary, and auditor were introduced, confirming a quorum and formally opening the meeting.

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

• The agenda included the Chair's and CEO's addresses, formal voting, business items, and a Q&A session.

Financial performance review

• AUD 1.6 billion in non-core asset sales, including a full exit from Europe and Polish Retail Fund, reduced group gearing from 38.9% to 28.2%.

• Operating profit was AUD 108.6 million, down 20% from FY 2024, with a statutory loss of $22.6 million.

• Funds from operations were AUD 105.7 million (AUD 0.04 per security), payout ratio increased to 74.2%.

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

• Investment portfolio occupancy reached 97.6%, with 69.2% of income from government and major tenants.

Board and executive committee updates

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

• Board fees reduced by 22.9% for FY 2026, and Rob's position will not be replaced.

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

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