Qualitas (QAL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and a welcome to both in-person and virtual attendees.

• Hybrid format enabled participation and voting both in-person and online, with clear instructions for voting and submitting questions.

• Agenda included chairman's address, Group Managing Director's address, operational and strategic update, formal business items, and general Q&A.

Financial performance review

• Achieved record deployment of AUD 4.2 billion and net capital inflow of AUD 2.8 billion in FY24; funds under management reached AUD 8.9 billion, up 46% from FY23, with a CAGR of 37% since inception.

• FY24 funds management revenue was AUD 53.7 million, up 22% on FY23; EBITDA margin at 52%, up 5%.

• Normalized group EBITDA grew 25% to AUD 41.9 million; core funds management EBITDA up 43% to AUD 37.9 million.

• Normalised FY24 NPBT was AUD 39 million, up 26% on FY23; normalised NPAT was AUD 27.3 million, up 25%.

• Cash balance at 30 June 2024 was AUD 194 million, with strong balance sheet and co-investment activity.

Board and executive committee updates

• Farewell to long-serving directors Michael Schoenfeld and Brian Delaney, recognizing their significant contributions.

• Darren Steinberg appointed as independent non-executive director and chair of the investment committee, subject to election; elected as Director with 99.87% votes in favour.

• Committee chair roles updated: JoAnne Stephenson (Nomination, Remuneration, and Culture), Darren Steinberg (Investment), Mary Ploughman (Audit, Risk, and Compliance).

• Board comprised of Andrew Fairley (Chairman), Andrew Schwartz (Group Managing Director), JoAnne Stephenson, Mary Ploughman, and Darren Steinberg (appointed 1 October 2024).

• Executive team included roles such as Global Head of Real Estate, CFO, and Global Head of Capital.