Lifestyle Communities (LIC) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced board members, executive team, and auditor, and outlined hybrid meeting format and participation instructions.

• Voting procedures and Q&A protocols were explained, with polls opened for all resolutions early in the meeting.

• Chair David Blight opened the meeting, highlighting early signs of recovery after a challenging FY25 and the impact of external conditions on operations.

Financial performance review

• FY25 was challenging due to leadership changes, market headwinds, internal transformation, and a legal challenge affecting a core fee stream.

• Net sales improved from 41 in the first half to 98 in the second half of FY25, with customer sentiment recovering.

• VCAT decision led to a AUD 135.5 million write-down in investment properties and a AUD 54.5 million provision for fee repayments; appeal is underway.

• Operating cash flow shifted from negative AUD 115.2 million in FY24 to positive AUD 4.6 million in FY25, and total debt facility was reduced from AUD 700 million to AUD 571 million.

• Net debt reduced from AUD 460.5 million at June 2025 to AUD 338.3 million by October 2025, aided by land sales.

• Inventory was reduced by 90 unsold homes in six months, and four land parcels were divested, releasing AUD 110 million in capital.

• Dividend remains paused to preserve capital until sales environment improves.

Board and executive committee updates

• New CEO Henry Ruiz was appointed in March 2025, bringing focus and stability.

• Angela Fabridge Curry was welcomed as incoming CFO, succeeding Darren Rowland.

• Claire Elizabeth Hatton was re-elected as a director.

• Board expressed full confidence in the executive team and is seeking an additional non-executive director with a defined skill set.