Marlin Global (MLN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, preliminary matters, and virtual attendance options.

• Directors, key management, and advisors were introduced, and the agenda included financial review, portfolio update, Q&A, and voting on resolutions.

• Minutes of the previous AGM and the annual report were made available to shareholders.

Financial performance review

• Net profit after tax for the year was $300,000, a significant decrease from $37.2m in 2024, with a Total Shareholder Return (TSR) of 2.8%.

• Dividend per share increased to $0.0801, an 8.5% return; NAV per share decreased from $1.03 to $0.95.

• Adjusted NAV return was 0.2% for 2025, compared to 19.5% in 2024, and performance lagged the benchmark over one, three, and five years.

• Share price closed at $0.91, down from $0.96 in 2024, with a reduced discount to NAV.

• First quarter unaudited net profit was NZD 2.5 million, with NAV per share at $0.94 after a $0.0188 dividend.

Board and executive committee updates

• Carol Campbell, Audit and Risk Committee Chair, is retiring after 14 years; Dan Coman was elected as a new director.

• Fiona Oliver was re-elected as director, highlighting her governance and financial experience.

• Board includes Andy Coupe, Fiona Oliver, Dan Coman, Carol Campbell, and David McClatchy.

• Senior management team led by Sam Dickie and Chris Waters.

• Board engaged with the manager to address underperformance but does not intervene in stock selection.