Millennium & Copthorne Hotels New Zealand (MCK) AGM 2025 summary

Opening remarks and agenda

• The meeting was held both in person and online, with safety and participation instructions provided to attendees.

• Chair and Managing Director addressed shareholders, outlining the agenda and key topics for discussion.

• The agenda included a review of 2024 performance, comments on the expired takeover offer, business outlook, resolutions, shareholder discussion, general business, and meeting closure.

Financial performance review

• Revenue increased by 21% to NZD 176.2 million, with operating profit up 32.1% and profit before tax up 25.6% to $47.1m.

• Earnings per share rose 25.8% to 17.17 cents; NZ hotel revenue grew 8.3% to $109.5m.

• The Mayfair Hotel in Christchurch was acquired for NZD 31.9 million, marking a strategic return to the city.

• The 50% joint venture in Sofitel Brisbane completed its first full year, with Q1 2025 rooms revenue up 16% despite weather disruptions.

• The hotel and property portfolio's fair market value reached NZD 1.1 billion as of December 2024; NTA per share at $3.46 (book) and $5.39 (market).

Board and executive committee updates

• Graham McKenzie, initially set to retire, stood for re-election as independent director at the request of a major minority shareholder, maintaining three independent directors.

• Ken Orr, Vice President of Operations, is stepping down but will remain as General Manager at Millennium Hotel Queenstown.

• Board composition includes independent, non-executive, and managing directors.