Qualitas Limited · ASX:QAL
Qualitas — Shareholder Meeting (November 2025)
59 slides from Qualitas's shareholder meeting presentation, Nov 18, 2025
Slide 1: Annual General Meeting Speeches and Presentation
Qualitas Limited (ASX: QAL) ASX Announcement 18 November 2025 For personal use only Qualitas Limited – Annual General Meeting Speeches and Presentation Qualitas Limited (ASX: QAL) (Company) attaches a copy of the Chair’s Address, Group Managing Director’s Address, and Presentation to be delivered to
Slide 2: About Qualitas
About Qualitas Qualitas Limited ACN 655 057 588 (Qualitas) is an ASX-listed Australian alternative real estate investment manager with approximately $9.5 billion of committed funds under management1. Qualitas matches global capital with access to attractive risk-adjusted investments in real estate p
Slide 3: Chair's Address: Opening remarks and financial performance
Qualitas Limited 2025 Annual General Meeting Addresses Chair's Address Opening remarks Financial year 2025 marks another step towards our vision of becoming a leading, global, client-led investment manager. We aim to generate best-in-class long-term value and continue to attract top talent in our in
Slide 4: Chair's Address: Dividend and our people
A final fully franked dividend of 7.5 cents per share was declared, bringing the total dividend for the year to 10.0 cents per share This is a 25 per cent increase over FY24, reflecting our strong balance sheet, solid cash flow, and growth momentum. Our people Let me now make some comments about our
Slide 5: Chair's Address: Growth strategy and ESG
In line with our long-term vision, we continue to pursue both organic and inorganic opportunities for growth. This includes expanding our geographic footprint and broadening our platform beyond commercial real estate. We are also focused on growing into adjacent sectors within private credit. Our de
Slide 6: Chair's Address: Board changes
In October 2024, we welcomed Darren Steinberg as an Independent Non-Executive Director. Darren brings extensive experience from his diverse 30-year career in the property industry. We also farewelled Brian Delaney, who retired after three and a half years of valued service – I thank Brian for his si
Slide 7: Group Managing Director's Address: Market conditions
Group Managing Director's Address Opening remarks Good morning, everyone. Thank you for joining us today. The 2025 financial year was another landmark year for Qualitas, delivering record earnings growth and strong margins across our funds management business. Importantly, we achieved these results
Slide 8: FY25 performance
Now turning to FY25 performance These favourable conditions have underpinned strong Financial Year 25 results. Pleasingly, we once again achieved strong top-line growth across all key revenue categories. Our exceptional growth in Fee Earning FUM continued, increasing by 28 per cent to $8.7 billion.
Slide 9: Pipeline
55% of our Pipeline and includes one significant construction credit opportunity of more than $1 billion. These large investments demonstrate the scale and calibre of opportunities we are now capturing. It is important to note that mandated opportunities remain subject to due diligence and investmen
Slide 10: Looking ahead
our strategic commitment to building a more scalable and efficient platform for the future. This commitment to growth is also reflected in our recent move to new premises at 101 Collins Street in Melbourne. This modern, sustainable workplace provides the flexible, technology-enabled environment that
Slide 11: Qualitas Annual General Meeting November 2025
Qualitas For personal use only Annual General Meeting ASX: QAL 19 November 2025 qualitas.com.au
Slide 12: Acknowledgement of Country
For personal use only Acknowledgement of Country Qualitas acknowledges the Traditional Custodians of Country throughout Australia and their ongoing connection to land, sea, and community. We pay our respect to their Elders past and present. Journey of Growth — Alysha Menzel 2
Slide 13: Disclaimer
Disclaimer This presentation has been prepared and issued by and its sole responsibility of Qualitas Limited depend on circumstances in the future, many of which are outside the control of Qualitas. Any (ACN 655 057 588). To the maximum extent permitted by law, the information contained in this forw
Slide 14: Board of Directors
Board of Directors For personal use only Andrew Fairley AM Andrew Schwartz JoAnne Stephenson Independent Chairman Group Managing Director and Co-Founder Independent Non-Executive Director Appointment date: 4 November 2021 Appointment date: 4 November 2021 Appointment date: 4 November 2021 Mary Ploug
Slide 15: Executive management team
Executive management team For personal use only Andrew Schwartz Mark Fischer Philip Dowman Kathleen Yeung Group Managing Director Global Head of Real Estate Chief Financial Officer Global Head of Corporate Development and Co-Founder and Co-Founder Dean Winterton Tim Johansen Michelle Christou Global
Slide 16: Agenda
Agenda For personal use only 01 Chair’s Address 02 Group Managing Director’s Address 03 Formal Items of Business qualitas.com.au 6
Slide 17: How to vote
How to vote For personal use only Downloads 01 Click the ‘Get a Voting Card’ button + Get a Voting Card Ask a Question Notice of meeting Annual report Online Guide 02 Enter your Shareholder Number (SRN/HIN) or Proxy Number and click ‘Submit Details and Vote’ 03 Select either ‘Full Vote’ or ‘Partial
Slide 18: How to ask a question
How to ask a question For personal use only Downloads 01 Click the ‘Ask a Question’ button + Get a Voting Card Ask a Question Notice of meeting Annual report Online Guide 02 Select the item of business from the drop-down menu 03 Type your question in the space provided 04 Click ‘Submit Question’ 8
Slide 19: Chair's Address
For personal use only Chair’s Address 01 qualitas.com.au
Slide 20: FY25 – strong growth underpinned by trusted brand, deep relationships and focus on quality
FY25 – strong growth underpinned by trusted brand, deep relationships and focus on quality 17-YEAR TRACK RECORD OF PERFORMANCE – FUNDS AND INVESTMENTS UNDER MANAGEMENT ($M) For personal use only FY25 NPBT3 10,499 $53m +36% vs. FY24 1,033 8,988 100 9,466 8,888 FY25 STATUTORY NPAT 6,074 $33m +28% vs.
Slide 21: Our focus areas for FY25 and beyond
Our focus areas for FY25 and beyond For personal use only OUR PEOPLE OUR GROWTH STRATEGY OUR APPROACH TO ESG • Senior hires strengthening origination • Broadening our investor base with • Supporting the decarbonisation of the and structured finance capability growing support from institutional built
Slide 22: Group Managing Director's Address
For personal use only Group Managing Director’s Address 02 qualitas.com.au
Slide 23: Strong recurring earnings growth in FY25
Strong recurring earnings growth in FY25 driven by disciplined deployment and our deep institutional investor base PROGRESSING ON OUR VISION For personal use only FY25 FY25 FY25 FY25 • Improving macroeconomic FEE EARNING FUM (FEF) PRINCIPAL INCOME BASE MANAGEMENT FEES DEPLOYMENT environment conduciv
Slide 24: Significant growth in pipeline driven by strong origination and market tailwinds
Significant growth in pipeline driven by strong origination and market tailwinds • Pipeline $4.9bn as at 17 November 2025, up 70% DEPLOYMENT AND FY26YTD PIPELINE on pipeline as at 26 November 2024 For personal use only • Pipeline growth exceeds historical deployment growth – reflecting accelerating
Slide 25: Affirming FY26 guidance
Affirming FY26 guidance 14.0cps – 15.4cps EPS ESTIMATED RANGE1,2 For personal use only $60m – $66m NPBT ESTIMATED RANGE1 FY26 OUTLOOK • FY26 guidance considerations: − Draw down profile of undrawn construction credit not earning full base management fees, deployment timing and quantum and performanc
Slide 26: Formal Items of Business
For personal use only Formal Items of Business 03 qualitas.com.au
Slide 27: Financial statements and reports
Item 1 Financial statements and reports For personal use only To receive and consider: (a) the financial statements; (b) the directors’ report; and (c) the auditor’s report, of Qualitas for the year ended 30 June 2025. 17
Slide 28: Questions
For personal use only Questions qualitas.com.au
Slide 29: Adoption of the Remuneration Report
Item 2 Adoption of the Remuneration Report For personal use only To consider and if thought fit, pass the following resolution: “That the Remuneration Report of the Company (which forms part of the directors' report) for the financial year ended 30 June 2025 be adopted.” Note: This resolution is adv
Slide 30: Questions
For personal use only Questions qualitas.com.au
Slide 31: Adoption of the Remuneration Report: voting results
Item 2 Adoption of the Remuneration Report For personal use only Item 2 For Open Against Adoption of the Remuneration Report % 99.61% 0.09% 0.29% Number of votes 165,545,519 152,364 488,603 Number of 34 6 9 security holders 21
Slide 32: Item 3A – Andrew Fairley AM
Item 3A – Andrew Fairley AM Approval of re-election of Andrew Fairley AM as a Director of the Company For personal use only To consider and if thought fit, pass the following as an ordinary resolution: “That Andrew Fairley AM is re-elected as a Director of the Company” 22
Slide 33: Andrew Fairley AM
Andrew Fairley AM For personal use only • Andrew has over 40 years’ experience as an equity and commercial lawyer, including in superannuation, trusts, estate, and succession planning. • He founded Australia’s first specialist superannuation law firm, IFS Fairley in 1993, having built a reputation a
Slide 34: Questions
For personal use only Questions qualitas.com.au
Slide 35: Item 3A – Andrew Fairley AM: voting results
Item 3A – Andrew Fairley AM Approval of re-election of Andrew Fairley AM as a Director of the Company For personal use only Item 3A For Open Against Approval of re-election of Andrew Fairley AM as a Director of the Company % 99.86% 0.09% 0.05% Number of votes 166,015,948 152,364 79,174 Number of 40
Slide 36: Item 3B – Bruce MacDiarmid
Item 3B – Bruce MacDiarmid Approval of election of Bruce MacDiarmid as a Director of the Company For personal use only To consider and if thought fit, pass the following as an ordinary resolution: “That Bruce MacDiarmid is elected as a Director of the Company” 26
Slide 37: Bruce MacDiarmid
Bruce MacDiarmid For personal use only • Bruce has over 30 years of experience in financial services, working for several major investment banks and most recently as Chairman of Investment Banking at Goldman Sachs, Australia & New Zealand from 2018 to 2023. • Bruce has extensive international experi
Slide 38: Questions
For personal use only Questions qualitas.com.au
Slide 39: Item 3B – Bruce MacDiarmid: voting results
Item 3B – Bruce MacDiarmid Approval of election of Bruce MacDiarmid as a Director of the Company For personal use only Item 3B For Open Against Approval of election of Bruce MacDiarmid as a Director of the Company % 99.91% 0.09% 0.00% Number of votes 166,094,427 152,364 695 Number of 42 6 2 security
Slide 40: Item 3C – JoAnne Stephenson
Item 3C – JoAnne Stephenson Approval of re-election of JoAnne Stephenson as a Director of the Company For personal use only To consider and if thought fit, pass the following as an ordinary resolution: “That JoAnne Stephenson is re-elected as a Director of the Company” 30
Slide 41: JoAnne Stephenson
JoAnne Stephenson For personal use only • JoAnne has extensive experience spanning over 25 years across a range of industries. • JoAnne was previously a senior client partner in the Advisory division at KPMG and has key strengths in finance, accounting, risk management and governance. • JoAnne is cu
Slide 42: Questions
For personal use only Questions qualitas.com.au
Slide 43: Item 3C – JoAnne Stephenson: voting results
Item 3C – JoAnne Stephenson Approval of re-election of JoAnne Stephenson as a Director of the Company For personal use only Item 3C For Open Against Approval of re-election of JoAnne Stephenson as a Director of the Company % 99.91% 0.09% 0.00% Number of votes 166,092,622 152,364 2,500 Number of 42 6
Slide 44: Approval of allocation of loan shares to the Group Managing Director
Item 4 Approval of allocation of loan shares to the Group Managing Director For personal use only To consider and, if thought fit, to pass the following resolution: That for the purposes of: (a) ASX Listing Rule 10.14, and for all other purposes, shareholders approve: (b) the acquisition of fully pa
Slide 45: Questions
For personal use only Questions qualitas.com.au
Slide 46: Item 4: voting results
Item 4 Approval of allocation of loan shares to the Group Managing Director For personal use only Item 4 For Open Against Approval of allocation of Loan Shares to the Group Managing Director % 99.79% 0.09% 0.12% Number of votes 165,868,070 152,864 195,252 Number of 29 7 11 security holders 36
Slide 47: Approval for renewal of the Qualitas Employee Equity Plan
Item 5 Approval for renewal of the Qualitas Employee Equity Plan For personal use only To consider and, if thought fit, to pass the following resolution: That for the purposes of: Exception 13(b) in ASX Listing Rule 7.2 to ASX Listing Rule 7.1, and for all other purposes, shareholders approve the re
Slide 48: Questions
For personal use only Questions qualitas.com.au
Slide 49: Item 5: voting results
Item 5 Approval for renewal of the Qualitas Employee Equity Plan For personal use only Item 5 For Open Against Approval for renewal of the Qualitas Employee Equity Plan % 99.87% 0.09% 0.04% Number of votes 163,592,800 152,364 62,500 Number of 35 6 2 security holders 39
Slide 50: Approval of securities under the Employee Salary Sacrifice Plan
Item 6 Approval of securities under the Qualitas Employee Salary Sacrifice Plan For personal use only To consider and, if thought fit, to pass the following resolution: That for the purposes of: Exception 13(b) in ASX Listing Rule 7.2 to ASX Listing Rule 7.1 and for all other purposes, shareholders
Slide 51: Questions
For personal use only Questions qualitas.com.au
Slide 52: Item 6: voting results
Item 6 Approval of securities under the Qualitas Employee Salary Sacrifice Plan For personal use only Item 6 For Open Against Approval of securities under the Qualitas Employee Salary % 99.87% 0.09% 0.04% Sacrifice Plan Number of votes 163,595,300 152,364 60,000 Number of 36 6 1 security holders 42
Slide 53: General business
Item 7 General business For personal use only To transact any other business which may legally be brought before the meeting 43
Slide 54: Thank you
Thank you For personal use only P: +61 3 9612 3939 E: investor.relations@qualitas.com.au Melbourne Sydney Brisbane Level 41, 101 Collins Street Level 5, 1 Bligh Street Level 54, 111 Eagle Street Melbourne VIC 3000 Sydney NSW 2000 Brisbane QLD 4000 qualitas.com.au
Slide 55: Appendix: Group and Funds Management Segment Earnings
For personal use only Appendix Group and Funds Management Segment Earnings qualitas.com.au
Slide 56: Group earnings
Group earnings1 % • Normalised NPAT of $37.0m, up 36% on For personal use only P&L BREAKDOWN ($THOUSANDS) FY25 FY24 FY24 reflecting strong earnings momentum (YOY) across the platform: Net funds management revenue2 27,353 23,297 17% Net performance fee revenue 8,074 2,421 234% − Continued growth in f
Slide 57: Funds management
Funds management % P&L BREAKDOWN ($THOUSANDS) FY25 FY24 (YOY) • Growth in base management fees was For personal use only Base management fees 49,066 37,542 31% underpinned by consistent expansion in FEF Transaction fees 18,063 16,144 12% • Performance fee revenue accrual increased Funds management r
Slide 58: Reconciliation of statutory financial to normalised financials
Reconciliation of statutory financial to normalised financials For personal use only ($THOUSANDS) FY25 FY24 Statutory EBITDA 51,345 40,320 (Gain) / loss on mark to market (MTM) value of QRI investment 125 (875) QRI capital raising costs 5,067 2,448 Normalised EBITDA 56,537 41,894 Statutory net profi
Slide 59: Glossary
Glossary APAC Asia-Pacific IRR Internal rate of return For personal use only AUM Assets under management JV Joint venture Average Fee Earning FUM Average monthly Fee Earning FUM excluding BTR equity and Arch Finance Mandated investments Qualitas entered into exclusivity with borrowers with financial