Lendlease Group (LLC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and a welcome to both in-person and virtual attendees.

• Procedures for participation, voting, and Q&A were outlined for both in-person and online security holders.

• Board members, executive team, and auditors were introduced, confirming a quorum and formal meeting commencement.

Financial performance review

• FY24 operating earnings improved 23% year-on-year, with core operating profit after tax at $263 million, impacted by higher funding costs.

• Statutory loss after tax of AUD 1.5 billion due to costs from strategy implementation, including goodwill and asset impairments.

• Funds under management reached AUD 47.3 billion, with AUD 3.4 billion in new asset creation and AUD 8.2 billion in completions.

• Dividend of AUD 0.16 per security maintained, reflecting a 42% payout ratio of core operating earnings.

Board and executive committee updates

• Chairman Michael Ullmer retired, succeeded by John Gillam after a comprehensive, stakeholder-engaged selection process.

• Nicola Wakefield Evans also retired; recent board appointments reflect a focus on real estate and investment management expertise.

• Board emphasized accountability, with directors and executives holding significant personal security holdings.