Pinnacle Investment Management Group (PNI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians, introduction of board and executive team, and commenced at 9:00 am Sydney time.

• Agenda included financial statements, remuneration report, director elections, Omnibus Incentive Plan renewal, share issue, Managing Director's address, growth agenda, affiliate updates, corporate sustainability, and Q&A.

• Voting procedures and Q&A protocols for in-person and online attendees were outlined.

Financial performance review

• FY24 net profit after tax was AUD 90.4 million, up 18%; diluted EPS up 17% to 45.5c; total dividends up 17% to 42.0c per share.

• Funds under management (FUM) reached AUD 110.1 billion at June 2024, up 20% year-on-year, with net inflows of AUD 9.9 billion.

• Performance fees after tax more than doubled to AUD 31.2 million; affiliate revenues grew 30% to AUD 663.4 million; performance fees more than doubled to AUD 109.8 million.

• Retail FUM grew 27% to AUD 28.8 billion; retail and international FUM now represent 43% of total FUM.

• FUM at September 2024 was AUD 128.1 billion, up 16% from June.

Board and executive committee updates

• Krista Lenard (also referred to as Christa Lenard) appointed/elected as director, bringing HR and legal expertise and diversity, with 99.79% proxy support.

• Deborah Beale and Andrew Chambers re-elected as directors with over 99% support, both with significant industry and company experience.