Perpetual Equity Investment Company (PIC) AGM 2025 summary

Opening remarks and agenda

• The meeting included the Chairman's address, investment manager update, Q&A session, formal business, voting procedures, and closure, with both virtual and in-person participation and clear instructions for voting and questions.

Financial performance review

• FY25 net profit after tax was $21.7 million, with a 12-month investment performance of 6.5% and a 5-year annualized return of 12.1%.

• Total FY25 fully franked dividend was 8.0 cps, with an annual dividend yield of 6.6% and a grossed-up yield of 9.4%.

• Profit reserve stood at $67.8 million, covering 2.2 years of dividends at the current payout rate.

• The investment portfolio delivered a 1-year return of 6.1% and a 5-year return of 11.7% p.a., closely tracking its benchmark.

Board and executive committee updates

• Michael Clark and Tim Bednall provided detailed backgrounds, governance experience, and outlined their commitments.

• Board composition includes a new non-executive director appointed in May 2025 and an executive director since May 2021.

• Acknowledgement of retiring board members and transition of committee roles, including audit and risk committee leadership.