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 engagement.

• Board members, executive team, and external auditor were introduced; agenda included chairman's address, operational update, formal business, and Q&A.

Financial performance review

• Achieved record deployment of AUD 4.2 billion and net capital inflow of AUD 2.8 billion in FY24.

• Total committed funds under management reached AUD 8.9 billion, up 46% on 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%.

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

• FY24 total dividend was 8.0 cents per share, payout ratio 91%.

Board and executive committee updates

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

• Darren Steinberg joined as independent non-executive director and chair of the Investment Committee, with his appointment ratified at the meeting.

• 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).