L1 Group (L1G) AGM 2026 summary

Opening remarks and agenda

• Quorum confirmed; meeting opened after the 18 September 2026 notice was taken as read, with resolutions decided by poll.

• Formal business covered FY2026 reports and seven resolutions, including remuneration, director re-election, equity-plan matters and a new constitution.

Financial performance review

• FY2026 FUM rose 16.6% to $19.1bn from $16.3bn, driven by $4.4bn of investment returns and positive post-merger net flows; FUM reached $19.3bn at September 2026.

• FY2026 revenue was $385.9m; underlying EBITDA was $287.4m at a 74.5% margin, and underlying NPAT was $188.8m on a pro forma basis for both businesses over the 12 months to June 2026.

• Performance fees were $166m; operating costs fell $18.1m YoY to $98.5m, and underlying NPAT attributable rose 97% YoY.

• Share price rose 98% by 16 October 2026 versus the undisturbed price before merger discussions were announced on 30 April 2025.

• Average management fee was 1.03%; operations spanned five global locations.

Board and executive committee updates

• James Alloway joined as Group CFO in September 2026; Guy Strapp thanked outgoing CFO Andrew Stannard for his contribution, particularly during the merger and integration.

• Rachel Grimes AM stood for re-election; her rotation was brought forward by one year to meet constitutional requirements, and the Board supported her candidacy.

• Board comprised Guy Strapp, Chair; Rachel Grimes AM and Neil Chatfield, Non-Executive Directors; Julian Russell, CEO and Managing Director; and Jane Stewart, Executive Director.

• Post-merger Board and executive changes were made under the merger implementation deed.