Melcor Developments (MRD) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with introductions, confirmation of online format, and expedited formal matters due to sufficient advance votes.

• Notice and access model used for meeting materials, with instructions for electronic and physical access provided.

• Quorum established with over 24 million shares represented, about 80% of outstanding shares.

• Meeting agenda included financial statements, fixing board size, election of directors, appointment of auditors, management presentation, and Q&A.

Financial performance review

• 2024 revenue reached $349.5 million, with a 45% gross margin and net income of $33.5 million.

• Funds from operations reached $93.8 million, or $3.08 per share.

• Divisional revenue included land at $227.3 million and properties at $46.2 million.

• 2024 dividend paid was $0.64 per share, with a prior year decrease to $0.44 per share to prioritize balance sheet strength.

• At year-end, assets totaled $2.1 billion, with a land portfolio of 9,400 acres and 4.76 million sq ft of commercial property.

Board and executive committee updates

• Eight directors elected or nominated: Douglas Goss, Andrew Melton, Kathleen Melton, Timothy Melton, Bruce Pennock, Janet Riopel, Catherine Roozen, and Ralph Young.

• Executive team led by Timothy Melton (Executive Chair & CEO) and Naomi Stefura (COO & CFO), with key VPs highlighted.