Melcor Developments (MRD) AGM 2026 summary

Opening remarks and agenda

• Meeting held in-person and webcast, marking a return from virtual AGMs post-COVID.

• Attendees included staff, shareholders, and directors from multiple regions.

• Formal business included review of financial statements, fixing board size, director elections, auditor appointment, management presentation, and Q&A session.

Board and executive committee updates

• Eight directors elected to serve until the next AGM, with nominees including Doug Goss, Andrew Melton, Bruce Pennock, Janet Riopel, Kathy Melton, Timothy Melton, Catherine Roozen, and Ralph Young; no nominations from the floor.

• Senior leadership team introduced, led by Timothy Melton (Executive Chair & CEO) and Naomi Stefura (COO & CFO), with key VPs for properties, land, finance, and accounting.

Financial performance review

• Revenue reached CAD 410.5 million, up 17.5% from 2024, with net income at CAD 93.8 million and gross margin at 46.2%.

• Funds from operations (FFO) reached CAD 122 million, up 30%, with FFO per share at CAD 4.04.

• Divisional revenue: Land CAD 292.5 million, Properties CAD 106.6 million, Golf CAD 12.5 million for 2024.

• Land division sold 1,454 lots and 172 acres in Canada; major US sale of 198 acres in Arizona for CAD 62 million.

• Total assets exceeded CAD 2 billion as of December 31, 2025.