Mirrabooka Investments (MIR) AGM 2026 summary

Opening remarks and agenda

• The 28th AGM opened after confirmation of a quorum; agenda covered Alison Gibson’s address, FY2026 results, portfolio performance and activity, shareholder questions, and formal resolutions, with Andrew Porter, Kieran Kennedy and Stuart Low presenting.

Financial performance review

• FY2026 profit rose to AUD 13.0m from AUD 7.9m; portfolio value including cash was AUD 635.4m at June 30, and the management expense ratio improved to 0.52% from 0.54%.

• FY2026 portfolio return was -10.8% including franking, versus 7.8% for the combined small and mid-cap benchmark; five-year return to August 2026 was -0.2% p.a.

• Resources led markets, returning 68.5% for mid-caps and 30.7% for small-caps, versus -3.9% and -0.9% for mid- and small-cap industrials.

• Since listing in 2001, portfolio returns including franking were 11.6% p.a., versus 8.5% for the combined benchmark and 9.8% for the S&P/ASX 200 Accumulation Index; return was 17.5% p.a. for the 10 years to August 2021.

• CAR Group, Breville, Netwealth and ResMed delivered average EPS growth of 15% p.a. from FY2022 to FY2026, despite average share-price gains of 2% p.a. over five years.

Board and executive committee updates

• Mark Freeman retired as CEO and Managing Director at FY2026 year-end; Alison Gibson, formerly HESTA’s Australian equities team leader, took the role effective July 13, 2026.

• Gibson’s priorities include improving performance, refining the investment process and communicating the investment proposition more broadly.

• Greg Richards was Chairman and Independent Non-Executive Director; independent non-executive directors were Paul Dwyer, Jacinth Fairley, Antoinette Kimmitt AM and Tony Walls. Richards sought re-election, citing board service since January 2021 and chairmanship since October 2022.