Magellan Financial Group (MFG) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional land owners and housekeeping for in-person and live-streamed AGM, with Q&A procedures outlined.

• Introduction of Board members, executive team, auditors, and share registry representatives.

• Executive Chairman Andrew Formica and Managing Director Sophia Rahmani led the AGM, outlining the agenda and key focus areas for FY24.

• Agenda included financial statements, remuneration report, director re-elections, equity plan approvals, and a conditional spill resolution.

Financial performance review

• Funds under management (FUM) at 30 September 2024 was AUD 38 billion, up from the FY24 average of AUD 36.8 billion, with outflows slowing and institutional inflows improving.

• Adjusted net profit after tax for FY24 was AUD 177.9 million, a 2% increase year-on-year; performance fees reached AUD 19.2 million, the highest since FY21.

• Management fees declined 22% to AUD 257.9 million, but associate contributions improved to a net profit of AUD 11 million from a prior loss.

• Adjusted diluted EPS rose 3% to AUD 0.982; net tangible assets at 30 June were AUD 912.2 million ($5.05 per share) with no debt and liabilities down 71%.

• Total dividends paid were AUD 0.651 per share (65.1 cents), supported by strong operating cash flows and a robust balance sheet.

Board and executive committee updates

• Board renewal completed, with new non-executive directors appointed and Hamish McLennan retiring; Deborah Page named Deputy Chair.

• Transition to new leadership: Sophia Rahmani to become Group CEO within six months, with Andrew Formica returning to Non-Executive Chair.

• New Non-Executive Director to be appointed in 2H 2025 after a board skills review.