Ingenia Communities Group (INA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 11:30 A.M. with a quorum present and acknowledgment of traditional land custodians and respect for First Nations Elders, highlighting community and sustainability values.

• Housekeeping instructions provided, including voting procedures and card color designations for attendees.

• Voting conducted by poll, with results displayed and opportunity for questions on resolutions.

• Agenda included performance update, CEO presentation, formal business, Q&A, and post-meeting gathering.

Financial performance review

• FY24 revenue increased by 20% to $472.3m, with EBIT up 17% to $125.7m and underlying profit up 14% to $94.8m, exceeding guidance.

• Underlying EPS reached 23.3 cents, and DPS rose 2.7% to 11.3 cents per security.

• Home settlements grew 24% to 462, with all business segments contributing positively and high occupancy in rental and holiday portfolios.

• NTA per security increased 5% to $3.69.

• LVR at 32.3% at year-end, supported by increased debt facility and asset divestments.

Board and executive committee updates

• John Carfi appointed CEO in April 2024 and to the board in August, focusing on value realisation and cost restructuring.

• Board renewal included new directors Lisa Scenna, Simon Shakesheff, and Shane Gannon (chair-elect), with retirements of Jim Hazel, Sally Evans, Amanda Heyworth, and Greg Hayes.

• Board composition now balances continuity and new expertise in property and finance.