Perpetual Equity Investment Company (PIC) AGM 2026 summary

Opening remarks and agenda

• Hybrid AGM opened with a quorum; agenda included the Chairman’s address, investment update, Q&A and formal voting.

• Business included the FY26 reports, Nancy Fox’s re-election, an advisory vote on the remuneration report and proposed Clause 15.6 amendments.

Financial performance review

• FY26 net profit after tax was AUD 12.1m, lower than the prior year amid softer markets and investment performance.

• FY26 return to 30 June 2026 was 2.8%, below benchmark; five-year performance was 5.0% p.a.

• To 31 August 2026, returns were -1.7% for 1 year, 6.2% p.a. for 3 years, 4.4% p.a. for 5 years and 8.8% p.a. for 10 years.

• Flutter Entertainment and Premier Investments weighed on performance; small- and mid-cap exposure lagged large caps as rate expectations rose.

Board and executive committee updates

• Nancy Fox offered herself for re-election after nine years on the board; if re-elected, she intends to serve through the 2027 AGM before standing down.

• KPMG lead audit partner Karen Hopkins completed five years in the role; Chris Wooden is to take over under auditor rotation requirements.