Melcor Developments (MRD) AGM 2025 summary

Opening remarks and agenda

• The meeting was held virtually, with all formal requirements expedited due to sufficient advance proxy votes and quorum achieved with over 24 million shares represented, about 80% of outstanding shares.

• Shareholders received electronic access to meeting materials, with options for physical copies, and were reminded of the use of nonstandard financial measures.

• Voting was conducted electronically, with polls open throughout the formal business and all motions passed.

• Meeting agenda included financial statements, fixing board size, election of directors, appointment of auditors, management presentation, and Q&A.

Financial performance review

• 2024 revenue reached $349.5 million with a 45% gross margin; net income was $33.5 million, and FFO was $93.8 million.

• Divisional revenue included land at $227.3 million, properties at $46.2 million, and REIT at $72 million with 87% occupancy.

• Golf division posted record revenue for the second consecutive year, with over 122,000 rounds played.

• First quarter 2025 revenue was $50.7 million, up 12% year-over-year.

Board and executive committee updates

• Eight directors were elected for the coming year, with no nominations from the floor.

• Executive team led by Timothy Melton (Executive Chair & CEO) and Naomi Stefura (COO & CFO), with key VPs highlighted for their 2024 contributions.