20 slides from Melcor Developments's shareholder meeting presentation, April 2026
Slide 1: 2025 Annual General Meeting
2025 ANNUAL GENERAL MEETING 1
Slide 2: Q&A Instructions
| Meeting t 10:00am MT PeLcen [Ask @ question orleave feedback {Your name ] [Your emai [Send
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are forward-looking. Forward-looking statements are disclosures regarding possible events, conditions, or results of operations that are based on assumptions about future economic conditions, courses of action and include future-o
Slide 4: Agenda
AGENDA Formal Business • Financial Statements • Fixing the Size of the Board • Election of Directors • Appointment of Auditors Management Presentation • Q&A
Slide 5: Director Nominees
Director Nominees Doug Goss KC AOE Andrew Melton Kathy Melton ICD.D Timothy Melton Edmonton, AB Calgary, AB Calgary, AB Edmonton, AB Bruce Pennock CA CPA Janet Riopel ICD.D Catherine Roozen AOE LLD Ralph Young PENG MBA Edmonton, AB Edmonton, AB Edmonton, AB Edmonton, AB
Slide 6: Agenda
AGENDA Formal Business • Financial Statements • Fixing the Size of the Board • Election of Directors • Appointment of Auditors Management Presentation • Q&A
Slide 7: Your Executive Team
Your Executive Team Timothy Melton Naomi Stefura Executive Chair & Chief Operating Officer & Chief Executive Officer Chief Financial Officer Years with Melcor: 50+ Years with Melcor: 18 Industry Experience: 50+ Industry Experience: 19
Slide 8: The Rest of the Team
The Rest of the Team Randy Ferguson Susan Keating Leah Margiotta Graeme Melton Sinead O'Meara Robyn Salik Senior VP, Properties VP, Land - Edmonton VP, Properties VP, Land - Calgary VP, Finance VP, Accounting & Corporate Services
Slide 9: 2025 Financial Results
2025 FINANCIAL RESULTS REVENUE GROSS MARGIN NET INCOME $410.5m 46.2% $58.0m 2024 $349.5m 2024 45.0% 2024 $33.5m FFO FFO/SHARE DIVIDEND PAID $122.1m $4.04 $0.48 2024 $93.8m 2024 $3.08 2024 $0.44
Slide 10: Funds From Operations
FUNDS FROM OPERATIONS $130,000 $97,500 $65,000 $32,500 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 11: 2025 Key Metrics
2025 KEY METRICS LOTS SOLD (CAD) ACRES SOLD (CAD) ACRES SOLD (US) 1,454 171.9 198.4 2024 1,296 2024 53.1 2024 42.5 SF COMPLETED COMMITTED OCCUPANCY ROUNDS PLAYED 82,209 83.7% 129,612 2024 95,558 2024 88.0% 2024 122,824 No lots sold in US 2025/2024
Slide 12: $2 Billion in Assets
$2 BILLION IN ASSETS* LAND PROPERTIES GOLF 9,003 4.37m 4 acres raw land sf under management golf courses 549 445 single-family lots residential units 147 +82,209 multi-family & At December 31, 2025 sf completed other acres
Slide 13: Divisional Revenue 2015 - 2025
DIVISIONAL REVENUE 2015 - 2025 Land Properties Golf
Slide 14: Land
REVENUE LOT SALES BY REGION $292.5m Calgary Other Edmonton USA 2024 $227.3m LAND GROSS MARGIN 42% 2024 39% LOT SALES 1,454 2021 2022 2023 2024 2025 2024 1,296
Slide 15: Properties
PROPERTIES REVENUE GROSS MARGIN $106.6m 58% 2024 $111.9m 2024 57% ASSET DISPOSITIONS NEW DEVELOPMENT (sf) $90.0m 82,209 2024 $23.9m 2024 95,558
Slide 16: Golf
REVENUE ROUNDS PLAYED $12.5m 2024 $11.4m GOLF GROSS MARGIN 43% 2024 43% ROUNDS PLAYED 129,612 2020 2021 2022 2023 2024 2025 2024 122,824
Slide 17: Dividend & Share Buyback
DIVIDENDS PAID (per share) SHARE BUYBACK Year Regular Special Year # of Shares Cost (m) % DIVIDEND & 2021 $0.44 - 2020-21 116,416 $ 0.79 7% 2022 $0.58 - 2021-22 373,761 $ 5.20 23% 2023 $0.64 - 2022-23 1,641,627 $ 19.51 100% NCIB 2024 $0.44 - 2023-24 870,422 $ 9.93 56% 2025 $0.48 $0.35 2024-25 353,62
Slide 18: Capital Management
CAPITAL MANAGEMENT REIT TRANSACTION NON-CORE SALES DEBT REDUCTION $71.3m $90m $62.6m Cash outlay to acquire 44.6% Net proceeds, 4 properties + 7 units General debt, 12 months DEBT-TO-EQUITY RATIO December 2024 December 2025 A stronger balance sheet, despite REIT transaction 0.70 0.62
Slide 19: Q&A Instructions
| Meeting t 10:00am MT PeLcen [Ask @ question orleave feedback {Your name ] [Your emai [Send
Slide 20: Q&A
Q&A 20