Diversified United Investment (DUI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and notice of meeting sent to all entitled parties.

• Hybrid format enabled both in-person and online participation, with introductions of directors, secretary, and auditor.

• Voting procedures explained for both physical and virtual attendees, with results to be published on the ASX.

Financial performance review

• Profit after tax for FY25 was $45.8M, with underlying profit and special income components detailed.

• Portfolio returned 12.7% on an NTA accumulation basis, underperforming the ASX 200 Accumulation Index by 1.1%.

• 25-year NTA accumulation outperformed ASX200, with $10k growing to $84,729 versus $72,685 for the index.

• Operating expenses remained at 0.12% of average portfolio value (0.16% with external fund fees); net debt reduced to nil by June 2025.

• Pre-tax NTA accumulation performance over 1, 3, 5, 10, and 20 years consistently exceeded the ASX200.

Dividend announcements

• Fully franked final dividend of AUD 0.09 per share paid in September, total annual dividend AUD 0.16 per share, unchanged from last year.

• Dividend per share has been maintained or increased every year since 1991.

• Annual dividend growth rate over the period was 3.8%, with consistent payments.

• Sustained focus on providing long-term, sustainable dividend income with franking credits.

• Expectation to maintain dividend per share, though net income may be slightly lower due to reduced resource company dividends.