Good morning, everyone. I'm Hamish McLennan, Chairman of REA Group Limited. On behalf of the REA Group board, I'm delighted to welcome you to our 2026 Annual General Meeting. Before we commence, I'd like to acknowledge the traditional owners of country throughout Australia and recognize their continuing connections to lands, waters, and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures and to the elders, past and present. There is a quorum present. I declare the meeting open and the notice of meeting is taken as read. I would now like to cover the meeting procedures and what we'll be using today. Voting will be conducted by poll. Shareholders had the option of casting their votes before the meeting or appointing a proxy to do so on their behalf.
If you haven't done so, you can vote online as shown on the slide now being displayed, and is explained in further detail in the online meeting guide that accompanied the notice of meeting. You can do so at any time during the meeting, as the poll is now open for voting. Voting will close shortly at the end of the meeting. To help with the smooth running of the meeting, we invite shareholders and proxy holders to submit your written questions and comments now. Further details on how to ask questions or to make a comment online are contained in the online meeting guide. If you encounter any technical issues with the platform at any time during the meeting, please contact the share registry's online AGM support team on 1-800-990-363.
In the unlikely event that technical issues prevent the meeting from proceeding as planned, REA will make announcements via the ASX and our website. As set out in the notice of meeting, only shareholders and proxy holders are entitled to vote on the resolutions, ask questions, or make comments. I will allow a reasonable opportunity to address questions and comments as each item of business is considered. Please ensure that your question or comment is relevant to an item of business at this meeting or to the management of the company. Shareholders will also be able to ask questions of the company's auditor. Questions relating to customer, consumer, or personal shareholder matters won't be put to the meeting. Please observe a two-question limit per item of business and keep questions short and focused to ensure as many shareholders as possible have an opportunity to ask questions.
Where questions are similar, we will aim to acknowledge those who have asked the question but will provide a single response in order to streamline today's proceedings. Questions or comments which do not relate to REA will not be acknowledged or addressed during the AGM. Joining me today are my fellow directors, Kelly Bayer Rosmarin, Tracey Fellows, Richard Freudenstein, Michael Miller, Jennifer Lambert, and Nick Dowling, and our CEO, Cameron McIntyre. Also in attendance is our Company Secretary, Tamara Kayser, as well as Alison Parker, representing the company's auditors, Ernst & Young. In June, we announced Kelly will retire as a director of REA after nearly five years of service. On behalf of the board, I want to express our sincere gratitude for Kelly's counsel, perspective, and dedication. We thank Kelly warmly for her outstanding contribution and wish her every success in the future. Thank you, Kelly.
I would also like to take this opportunity to welcome Sally Bruce to the REA Group Board. Sally's deep experience across financial services will be particularly valuable, while her breadth of skills and experience will serve to complement and strengthen the board. Sally will commence in November. Turning to our agenda for today's meeting, firstly, I will provide a brief overview of REA's FY 2026 strategic highlights. Cam will then talk to our FY 2026 financial and operational performance, and we will share a brief update on current market conditions. In accordance with the notice of meeting, we will then move to the formalities. Under the leadership of Cam and his executive team, REA Group delivered an excellent financial result with strong yield growth. The group's performance demonstrates the ongoing strength in the core business.
It also reflects our clear long-term strategic focus and our investment in the critical relationship we have with our agent partners. The chart on this slide demonstrates the significant growth in the group's revenue and earnings. With innovation at our core, REA has consistently delivered shareholder value, as demonstrated by our strong 10-year CAGR of 11% revenue and 12% EBITDA growth. Over this time, REA has outperformed the ASX 200, and today our focus on delivering consistent long-term growth and strong shareholder returns this supports remains absolutely clear. In FY 2026, our share price reflected market caution around AI, which we saw play out globally, combined with more challenging property market conditions in Australia following consecutive interest rate rises, combined with tax policy impacts and uncertainty.
In addition to the strength of our operational execution and financial performance, we continued to invest in future growth in FY 2026 with key acquisitions and strategic investments. Supporting our immersive consumer strategy, the group announced a 61.5% acquisition of Canadian-based Planitar Inc, the maker of iGUIDE, in October of 2025. We also increased our investment in 3D visualization platform, IMMERSIV, and acquired a minority stake in property due diligence marketplace Before You Buy. Bolstering community data and insights for consumers, the group also acquired Australian data analytics platform, Neighbourlytics. Building on the strong platform or foundation of our financial services business, in late FY 2026, REA acquired 70% of Simplicity, a boutique brokerage with a team of finance specialists focusing on commercial listings. In July 2026, we announced the sale of the remaining REA India business, Housing.com, to Aurum PropTech.
Following completion of the transaction, REA India increased its holding in Aurum to 24.9%. Aurum has a strong capability and strong local market knowledge and is well-placed to build on the foundations the India team has established. Last week, we were pleased to announce REA has agreed to acquire a 35% interest in Distilled, the leading multi-vertical digital marketplace operator in Ireland and Northern Ireland. Distilled operates a portfolio of number one portals, including Daft.ie, Ireland's leading residential property portal. The proposed investment represents a strategically compelling transaction for REA and its shareholders, with a disciplined entry into an attractive high-growth market. The investment is subject to regulatory approvals and is expected to complete before the end of the calendar year 2026. Finally, the board and I were delighted to welcome Cameron McIntyre to the CEO role in November.
Cam's wealth of experience, dedication to customers, and his commitment to the growth and development of high-performing teams saw him lead the business and to deliver an excellent FY 2026 performance. We were also pleased to announce Andrew Cramer to the CFO role in February. This was a seamless transition into our business after Andrew's seven years at News Corp in New York. In closing, I would like to thank the group's board members for their dedication to the business. I would also like to thank our employees for their commitment to REA's continued success and to extend my thanks to our valued customers for their support. REA has a strong balance sheet and a dedicated, talented team with a focus on continued innovation. We embrace the opportunities AI presents. The group is well-placed for continued growth.
I'll now hand over to Cam, who'll talk through our FY 2026 financial and operational performance and to provide an update on current market conditions. Welcome, Cam.
Thank you, Hamish. Thanks, Hamish, again, and morning, everyone. As Hamish mentioned, REA delivered an excellent performance underpinned by double-digit yield growth in FY 2026. Our unparalleled audience and proprietary data firmly position the business as a leading beneficiary of artificial intelligence. In FY 2026, this translated into real commercial value for the business, for our customers, consumers, and brokers. The Australian property market became more favorable to buyers in the last quarter as national house price growth started to moderate, despite proposed federal tax changes, global events, and interest rate increases affecting overall sentiment. Vendors continued to bring properties to market, and national listing volumes remained in line with prior year. Thank you. We evolved our well-established strategy as well during the year, and we enter this next chapter of growth from a position of strength.
Our strategy for the years ahead builds on the success of the past three decades and sharpens our focus on unlocking new sources of growth. Our purpose as a business remains clear, and that's to change the way the world experiences property. As technology, data, and AI transform the industry, we see significant opportunity to deliver even more value for our consumers, for our customers, and for our brokers. Our strategy embraces our evolving landscape, putting trust at the core, underpinned by our strength in deep relationships, unparalleled data, and better outcomes for our stakeholders. We're focused now on three enterprise-wide missions: to now reinvent property experiences, to scale our growth engines, and to accelerate the organization.
Just looking at some financial data here, group results for core operations during the year saw revenue grow by 7% on the prior corresponding period, or PCP, up to AUD 1.79 billion. EBITDA, excluding associates, was up 12% on PCP to AUD 1.09 billion, and NPAT was up 15% to AUD 650 million. The board also determined to pay a final dividend of AUD 1.73 per share. Together with the interim dividend, this represents a total dividend payment of AUD 2.97 per share, fully franked, an increase of 20% on the prior comparative period. Alongside our operating performance, we maintained a disciplined approach to cost and capital management. We improved our operational efficiency. We returned capital to shareholders through our AUD 200 million share buyback, reflecting the financial strength that we have as a business and the confidence we also have as well.
Look, in FY 2026, more people than ever visited our flagship site, and we recorded an average of 12.7 million people each month coming to realestate.com.au. That's 5.2 million more than our nearest competitor. Our real value in our large-scale audience lies in our deep engagement with our consumers. The size of our audience has continued to grow, and key engagement metrics have also strengthened. The quality of realestate.com.au's experience and the strength of our brand ensures Australians continually return to our platform. Consumers spend more time on our platform than any other property site, and nine out of 10 Australians who visited any residential property site visited realestate.com.au. The size of our audience and our data fuel our artificial intelligence experiences and firmly position REA as a leading beneficiary in the world of AI. REA has the largest, most engaged property audience in Australia.
A unique consumer intent and behavioral data that feeds into each of our proprietary data sets is highlighted on this slide. Everyone can see our listings, but only REA can see what's underneath those listings. Our data sets include unmatched consumer intent and behavior, rich property records, the deepest listing and transaction outcomes, the most comprehensive agent workflow and performance data, and unique finance and affordability data. Just turning to some of the consumer experience highlights over the past year, our new AI-powered features include immersive experiences plus rich data and new content-enhanced the membership experience in FY 2026 and supported the 14% growth in our membership base on PCP. Powered by our proprietary data, the new AI Assistant experience, you can see on the slide there, enables members to ask anything about property during their search. Consumers can discover properties, check affordability, evaluate, compare, and take action.
Ultimately, the AI Assistant experience with support and delivery from more valuable forms support to deliver more leads to our customers. Property seekers are increasingly seeking more immersive and informative search experiences. Our visualization strategy is designed to deeply engage consumers in our content. The upload of iGUIDE 3D tours is accelerating. We have about 180 cameras as at June 30 in market. The feedback from our customers continues to be positive, particularly around the superior experience with zero or near zero load time for iGUIDEs onto our platform. Just looking at our customers now, customers continue to recognize the value of our premium products. We achieved record Premiere+ penetration in FY 2026.
The video hub on our app screen now includes listing videos. This is a powerful and high exposure engagement feature for Premiere+ and Luxe listings and was a key component in our FY 2027 recontracting. Our audience extension offering, Audience Maximiser, puts listings in front of active buyers wherever they browse online, and penetration more than doubled on PCP. In the fourth quarter, we commenced the rollout of our new agentic chat capability, in our self-serve Ignite platform, and that is called Campaign Assist. The feature combines consumer intent and PropTrack-powered AVM data to provide customers with strategic recommendations to boost their performance and boost the performance of a listing. Enhanced brand exposure and access to exclusive products and tools underpin the value of our top-tier Pro subscription. Agency groups continue to recognize this with several customer groups signing enterprise-wide Pro agreements with us.
Underpinning the value for all of our customers is access to our Ignite platform, and we were also pleased to see active users there increase 17% year- on- year. Our commercial platform delivered also record audiences with 2.9 million Australians visiting the platform on average each month. New experiences, features, and engaging content supported audience growth, including points of interest on maps and new demographic data, and the integration of iGUIDE. Our top-tier commercial product, Elite Plus, achieved record penetration. Customers recognized the increasing value of this, with Ignite active users growing 109% on PCP. Product innovation and brand investment supported good revenue growth in our financial services business as well. Enhancements to the finance experience on our platform supported the delivery of quality leads to Mortgage Choice brokers. With settlements up 30%, or sorry, leads and settlements up, but leads were up 30% on PCP.
We also saw continued investment in our core broking platforms and in AI training and tools delivering greater value too, with 50% of our brokers now using AI agents to efficiently automate processes. REA Group is committed to sustainable business practices as well, and we're pleased to make progress towards our sustainability goals in FY 2026. Our efforts were recognized with consistent MSCI ESG rating of AA A. In a bid to tackle growing homelessness, which is an issue for many Australians, in partnership with the property industry, we in FY 2026 launched A Home for All Foundation. In its inaugural year, the foundation raised AUD 1 million of funds, which were distributed to four organizations supporting people experiencing homelessness through domestic and family violence.
REA's people are at the heart of our organization, and we are committed to fostering a diverse and high-performance culture. We were delighted to be recognized as Australia's third best workplace in Great Place to Work, and we also achieved a strong employee engagement score of 85%. Now, before we move to some of the formalities, I just wanted to touch briefly on just a couple of market condition updates. Interest rates are the biggest factor contributing to market uncertainty at the moment. Further price falls are likely in the coming months, as last week's interest rate rise took place, along with tax changes, and the cumulative impact of higher borrowing costs weigh on buyer demand at the moment. However, resilient employment, limited forced selling, and homeowner equity buffers, along with the ongoing constrained supply, should put a floor in price falls as we see.
As interest rates stabilize in the coming months, we expect consumer confidence to improve and buyer activity to also pick up. Just looking at listing volumes as well. Melbourne and Sydney led new listing volumes in FY 2026, but we've started to see Brisbane, Perth, and Adelaide outperform. We continue to see a two-speed market, with smaller capital cities offsetting quieter conditions in Sydney and Melbourne in Q1 and FY 2027. National new listings were down 2% in Q1 on PCP, which is in line with the guidance that we gave in our full-year results. Despite this decline, listings remain comparable to long-term averages as well. REA Group will announce its first quarter financial results in November. As Hamish mentioned in closing, I just want to thank the executive team as a whole for the commitment they have had to the business.
As Hamish mentioned, also wanted to welcome Andrew Cramer and Katrina Konstas to the business over the last several months. Andrew, the new CFO, and Kat, the new Chief Commercial and Marketing Officer. Also, Jonathan Swift joined the executive team in the last financial year as Chief Product Officer. We also recently farewelled our former Chief Marketing and Commercial Officer, Kul Singh, and I'd just like to thank Kul for his contribution over the last 11 years. Also, I'd like to express my thanks to you, Hamish, and to the Board of Directors for your ongoing counsel and support throughout my first year in the business. Finally, I'd just like to thank our employees, our customers, our brokers for their valuable contribution and partnership over the last 12 months as well.
REA has entered the new financial year with a healthy balance sheet, strong product pipeline, sustained strength in core business, and a really talented team to do an excellent job. With that, I'll hand it back to Hamish. Thank you.
Thank you, Cam. I will now proceed with the formal business of the meeting. The notice of the meeting sets out the matters for consideration by shareholders today, and the items of business are now being shown on the screen. During the meeting, we will get to each item. We will display the proxy votes and the direct votes received in advance of the meeting in respect of that item. As indicated in the notice of meeting where I, as chairman of the meeting, have been nominated as a shareholder's proxy, I intend to vote undirected proxies in favor of the resolution to the extent permitted, and will vote directed proxies in accordance with the instructions given by the shareholder.
There are also voting restrictions for some resolutions as outlined in the notice of meeting, which apply to those that have an interest in the resolutions and certain of their related parties or associates. I remind you that the online polls are now open for voting. Online voting will close five minutes after the conclusion of the AGM. Mamata Telang of MUFG Corporate Markets will act as returning officer. Item one, I will now table the 2026 annual financial report, including the sustainability report and the reports of the directors and auditor for the year ended 30 June 2026 for the meeting to consider. There is no formal resolution put to shareholders on this item, but there will be an opportunity to ask questions on the matters contained within the reports, as well as business and operations of REA.
I will now turn to any written questions received during the course of today's meeting.
Thank you, Chairman. We have not received any questions on this item of business.
Thank you. I will now turn to any audio questions. Operator, do we have any questions of this item of business?
Chair, there are no questions by the phone lines.
Okay. As there are no questions, I will now move to item two. The first resolution today concerns the adoption of the remuneration report, which is set out in the company's 2026 annual report. I remind you that the vote on this item is advisory only, and we will consider and take into account the vote and feedback from shareholders on the remuneration report. The board recommends that shareholders vote in favor of this resolution as set out on the screen. I note that the proxy and direct votes received prior to the meeting in respect of this item of business are now set out on the screen. I will now turn to any written questions received during the course of today's meeting.
Thank you, Chairman. We have received two written questions on this item of business. The first question is from Stephen Mayne. When serving as CAR Group CEO, Cam McIntyre was involved in the call to embrace early disclosure of the proxies to the ASX well ahead of the AGM kickoff. Sadly, REA has maintained its practice of withholding proxy disclosure and has stripped the proxy data from the formal presentation slides lodged with the ASX. Did the board even discuss early disclosure emulating CAR Group's best practice? If not, will you undertake to look into embracing that practice at next year's AGM? Also, were there any protests on REM matters?
We do review our process. It is in line with standard market practice. We're happy with that process. We do discuss it, and we will stick with our current market practice. Having said that, your question is noted, and then we will review it in line with our planning for next year. Could I have the next question, please?
The next question is from Stephen Van Emmerik. The remuneration report rates delivery of the FY 2026 India strategy as met, despite the impairment and subsequent sale announcement. How did the board distinguish successful execution of the exit strategy from accountability for the original investment losses? What effect did this assessment and transaction-related incentive adjustments have on executive bonuses?
Nick, do you want to take that?
Yeah, sure. Thank you, Hamish, and thanks for the question. Those strategic items and outcomes make up a large proportion of the individual component of the STI. As far as the assessment that relates to India, we're talking about the current management team here, and the task that the board set was for the fresh set of eyes to review the current strategy and options that we have. Given the outcome that eventuated, it certainly met our expectations in that regard, and a lso noting that we continue to hold a position in India through Aurum that we see as having a lot of potential.
Thank you. Erin, are there any other additional questions?
There are no further written questions.
Thank you. I will now turn to the audio questions. Operator, do we have any questions on this item of business?
Chairman, there are no questions via the phone lines.
We will now proceed to the vote on resolution two. Would you please now vote using the voting card on the online portal? Thank you. I will now move on to item three. Item three relates to the re-election of Nick Dowling. Mr. Dowling was appointed as a Non-executive Director of the company in May 2018. He retires by rotation and being eligible as today standing for re-election as a Director. Mr. Dowling's details are set out on the notice of meeting. The board, other than Mr. Dowling, unanimously support his re-election and recommend that shareholders vote in favor of the resolution as set out on the screen. We will now hear from Mr. Dowling through a short address.
Thank you, Hamish, and good morning everyone. I offer myself for re-election to the board for a fourth term. During my first three terms, I feel that I've made a solid and important contribution to the company. As the Chairman and previously the CEO of one of the largest real estate groups in Australia, I bring national industry expertise, knowledge and relationships. This provides a constant and clear channel as to how the REA customer group are feeling and connecting with the company, plus insights into the competitive dynamics and how the industry and marketing of property are evolving. Prior to my time in the real estate industry, I spent 15 years in the Australian banking industry, and that experience has given me the opportunity to contribute to our financial services strategy, which is an important and growing business within REA.
Equally, during my time with REA, I've contributed to the broader strategy and direction, such as our data strategy and our international businesses. For the past five years, I've also chaired the Human Resources Committee, a role that I've enjoyed and is assisting REA across many important aspects of the business. Finally, during my time on the board, I feel that I have consistently demonstrated the ability to act independently. With that said, I offer myself for re-election to the board of REA. Thank you.
Thank you, Nick. I move that Nick Dowling be re-elected as a director of the company. I note that the proxy and direct votes received prior to the meeting in respect of this item of business as set out on the screen. I'll now turn to any written questions received during the course of today's meeting. Erin?
Thank you, Chairman. We have received two written questions on this item of business. The first question is from Stephen Van Emmerik. Given Mr. Dowling's role as Chairman of Jellis Craig, how does the board manage actual or perceived conflicts when considering agent pricing, customer contracts, and products affecting agency economics? What supports its conclusion that he remains an independent director?
Nick, beyond his role at Jellis Craig, is an experienced businessman, came out of banking. All work that is done between REA and Jellis Craig is done at arm's length, and they get no preferential treatment whatsoever. Nick is a voice and one of many voices around the boardroom that gives insight into the nature of the industry, and more than anything actually is there as a voice of support for our very valued agent customers. He acts independently, his ethics are of the highest standard, he' s transparent, and he does a great job not only for the industry but for REA as well. Thank you. Erin, are there any other questions?
The next question is from Stephen Mayne. As the only director up for election today, could Nick Dowling comment on how involved the News Corp nominee directors were in the process to select Sally Bruce as the newest independent director to represent non-News Corp shareholders on the board? Also, which recruitment firm assisted with the search? How many other candidates were interviewed by multiple directors? Did Nick or any of the other directors or KMP know Sally before she engaged with the recruitment process?
Nick, do you want to take that?
Yes. Thank you. I will answer the parts of the question that are relevant. We did use a professional recruitment firm as we have in the past. That process is led by the HR Committee and by me as the chair of that committee. It was a very extensive process. We worked through a very long list, and the HR Committee, with some assistance from our chair in Hamish, worked that down towards a shortlist. There were quite a number of directors involved in those interviews. As Hamish alluded to earlier, we are very pleased with Sally Bruce joining the business. We are really confident she is going to bring a lot of value to the future of REA.
Thank you. Erin?
Thank you, Chairman. We have received one additional question from Stephen Mayne. Is this Nick's last term, and why is he serving a fourth term when Kelly has exited after just five years? Can you cite any examples of taking on the News Corp directors on behalf of the independent shareholders he represents?
As you know, REA, just as a general rule or a philosophy, we like long-term tenure. We think that's been a competitive advantage against all of our competitors. That knowledge built up over the years is really critical to our success. Nick has performed outstandingly well, and if you look at previous independent directors, they've stayed for more than 10 years. Again, in the spirit of wanting continuity in that knowledge and what Nick has delivered, we're very happy for him to continue for long as he likes. He will, in the course of his career and his time at the company, be up for re-election in due course. Again, he's got to decide if he wants to continue, but we love his input and support. On the matter as it relates to Kelly's been a fantastic contributor to the company.
Kelly has a full-time job. It was Kelly's decision. We would love Kelly to stay on, and she will always be a friend of REA, but it was her choice. She's got multiple interests outside of REA, and we respect that decision. Again, we all remain great friends, and we thank Kelly again for her fantastic contribution to the company. Erin, any more questions?
Chairman, there are no further written questions.
Thank you. Are there any other audio questions from the operator?
Chairman, there are no questions by the phone lines.
Thank you. I'll now move on to item four of the agenda. We now move to the resolution concerning the grant of performance rights to the CEO, Cameron McIntyre, under the 2029 REA Group Long-Term Incentive Plan. Details of the proposed grant are set out in the notice of meeting. If the performance rights vest and Mr. McIntyre becomes entitled to be allocated shares under the LTIP, all such shares will be purchased on market by the company and transferred to Mr. McIntyre. Accordingly, the grant of performance rights and allocation of shares on vesting of those performance rights to Mr. McIntyre does not require shareholder approval under ASX Listing Rule 10.14. The board is nevertheless voluntarily seeking shareholder approval in recognition of the importance of shareholder engagement on the key remuneration issues.
The number of performance rights that will vest as of the 30th of June 2029 will be determined by reference to revenue, earnings per share, and relative total shareholder return performance conditions. In respect of each performance condition, none of the performance rights attached to that condition will vest unless a threshold performance level is achieved. The non-executive directors consider the incoming CEO's remuneration package to be appropriate in all the circumstances and recommend that shareholders vote in favor of this resolution as set out on the screen. I note that the proxy and direct votes received prior to the meeting in respect of that item of business are set out on the screen. I will now turn to any written questions received during the course of today's meeting. Erin?
Thank you, Chairman. We' ve received two written questions on this item of business. The first question is from Stephen Van Emmerik. The ASA prefers remuneration that is linked to shareholder experience, i.e., the use of total shareholder return as a hurdle. REA does not follow this practice, and this results in executives being rewarded even as the share price decreases. You' re asking shareholders to sign a blank check here. With 75% of the proposed award linked to undisclosed EPS and revenue growth hurdles, how can shareholders assess whether these targets reward genuine value creation rather than growth from acquisitions or buybacks?
Nick, do you want to take that?
Yes, thank you. This question is pointing to the long-term incentive structure, which is made up of an EPS component, a revenue component, and it does have a total shareholder return component in there at 25%. So the share price movement is taken into account in that. If you look at the three-year period that is just concluded, the revenue and EPS components performed quite strongly, y et it was dragged down somewhat by the share performance, particularly over the last 12 months. I can also provide assurance that there is only reward for genuine growth. So we do adjust for anything abnormal that the board feels or the committee feels is appropriate, and we certainly adjust, as we always have, for any M&A. So there are no free kicks if we make an acquisition, as an example.
Thank you. Erin, next question.
The next question is from Stephen Mayne. I am always puzzled why new directors and CEOs do not buy shares in a company before formally taking up their position so that their ongoing shareholding filing to the ASX does not appear as a zero. Cam McIntyre was announced as CEO on August 18 last year, yet was still on zero when he started on November 3. Was he banned from buying, or did blackout periods apply? Is Cam only going to rely on this LTI program to build equity in the business? Has he sold down his large shareholding in CAR Group since leaving that business?
The CAR Group question is irrelevant. We will not be discussing that today. Look, what we say on behalf of all directors and key management employees, that it is a personal decision at the end of the day. I can assure all shareholders that the board is absolutely committed to delivering better returns year- on- year, and their dedication and commitment to the company is second to none. Cam, over the years, and we hope his tenure as a long one with us, will be well and truly incentivized. As it pertains to directors, it's a personal decision, and it is up to each of those individual directors if they want to buy shares or not. Their commitment is first class, second to none. Are there any more questions, Erin?
There are no more written questions on this item of business.
Are there any audio questions?
Chairman, there are no questions via the phone lines.
Thank you. As there are no further questions, we will proceed to the vote on resolution four. Would you please now vote using the voting card on the online portal? Thank you. That concludes the discussion on the items of business. I will now address some written questions that have come in. Erin?
Thank you, Chairman. We have received a number of general questions. The first is from Stephen Van Emmerik. Australia's established market leadership has underpinned REA's exceptional long-term returns, while India required an impairment and exit, and Move remains loss-making for REA. What lessons from those investments underpin the proposed AUD 400 million purchase of 35% of Distilled? What return on capital hurdle and timeframe justify this investment over alternative uses of shareholder funds?
Look, I'll start and then hand over to Cam. We will do a double act on this one. Thank you for your comment about our exceptional long-term results. Obviously, we are very focused on long-term shareholder value creation. India has been an interesting market for us, too, and as Nick said before, we are still committed to that market through our 24.9% commitment through Aurum. Move is actually a very valuable asset for us in terms of the IP transfer that we have got from the U.S. to Australia, and then we believe that that business will be more valuable over time. I think there's probably a greater focus on mature markets from an REA perspective, and we are really excited about Distilled because Ireland is a market that's growing. We have not bet the farm.
A 35% stake gets us a serious seat at the table, and we do believe that over time that that will improve, and we will be able to, in turn, transfer our knowledge and what we have learned in various markets around the world to Ireland. The cultural fit and the tech stack are very, very similar to what we have in Australia. We have made some adjustments with Cam coming in, and we are very focused on our return on capital in the short term and over the long term. Is there anything, I have probably stolen your thunder. Have I not?
Perfect response, Chairman.
Okay. Do you want to add anything?
No, that is great.
Okay, good.
Thank you.
Thank you.
The next question is from Stephen Van Emmerik. Given the significant decrease in REA's share price due to AI competitive concerns, presumably REA has tested scenarios in which third-party AI assistants become the main gateway to property search and agents distribute listings directly to them, weakening REA's audience advantage and pricing power. What did that analysis find about potential revenue and margin impacts, and which defensive actions or warning indicators has the board prioritized?
Cam, do you want to take that?
Yeah, no, thanks for the question. Look, we are a tech business and always have been, AI has been in the organization for probably the best part of 10 years, so it's at our core. Over the last 10 years, as AI capability's grown, so have we in terms of what we're delivering. In the last 12 months, as you would've seen in some of the reporting, we deployed close to 25 or so AI-based products. You saw me just talk about the AI Assistant that we launched as well. Along with the product launches, you've also seen our traffic grow. You've seen our customer engagement grow, our consumer engagement grow, all using AI at its core.
As a business, I think we're very well-placed as the market continues to change and evolve, and we will continue to build on the product set that we already have using AI to continue to build on our competitive position.
Thank you. Erin?
The next question is from Peter Calero. With the rise of Quiet List, particularly in parts of Sydney, has there been an increase in the use of non-agent sales and thus a reduction in advertising in the suburbs where Quiet List is most active?
Cam?
I mean, thanks for the question. Quiet List is very quiet. I haven't heard of Quiet List, but I think we value the competitive market that we're in. We take all competitors seriously. But we're very focused on addressing the needs of our customers, consumers, and brokers, and using technology to deliver that. We do keep an eye on competitive dynamics around us, but I can't say I can comment on Quiet List in particular.
Thank you. Erin, next question.
The next question is from Peter Calero. As well as the property portal Daft, Distilled has car and general classifieds in its portfolio of assets. Is this purchase an indication that REA is looking beyond property? If not, what are our plans for Distilled's non-property portfolio?
Look, I wouldn't read too much into that. Cars happens to be integrated into the Daft business. But we're absolutely focused on property around the world, and from time to time, platforms might integrate other verticals. But we want to be the leader globally in what we do around property, and we're sticking with that.
Could we have the next question, please?
Thank you, Chairman. The next question is from Stephen Mayne. When bringing in an external CEO in a fiercely contested race involving multiple internal candidates, loss of talent is often a key challenge for the board to manage, especially if the new CEO fancies eliminating ambitious internal rivals. How many of former CEO Owen Wilson's direct reports have left the business since Cam McIntyre's appointment? Could Cam comment on how many former CAR Group colleagues he has brought across to REA Group since he started on November 3 last year?
Look, I will take that one for the most part. I think we have always looked at the depth that we have within the ranks of REA as being really special. We work with outside partners to make sure that we work on proper succession through tiers one, two, and three within the organization. We really do plot and plan that out many years in advance. I think it is a testament to the fact that we've got so many highly talented people that have stepped up. The ELT chart that Cameron just showed our shareholders in his presentation shows the diverse and fantastic talent that we have been able to promote from within and also get from outside into the organization.
In my time on the board, the company has never been in such good shape. We haven't had as good a talent pool that we are seeing here at the moment. We have no problem whatsoever in terms of recruitment. In relation to the last part of that question, I don't think you have brought anyone over from CAR Group.
No. No one has come across.
We' re very comfortable with who we have got in the business and how we are performing. The company is in great shape. Next question, Erin.
Thank you, Chairman. The next question is from Stephen Mayne. Thank you to Kelly Bayer Rosmarin for her five years of service on the board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as an REA director, could Kelly please comment on what she regards as the best two decisions REA made during her time on the board, and does she have any regrets? Is she comfortable that independent directors are appropriately represented on the REA board?
Kelly, do you want to take that?
Thank you, and thanks very much for the question. It's been a real privilege to serve on the board, and it is a board that really focuses on strategic issues and has really open discussion. Hamish is an exceptional chair, who really invites and encourages perspectives from every director and understands the role of independence, and there is appropriate forums set up for that. I don't think it is appropriate to comment on specific confidential decisions, because often decisions, the best decisions are the ones you decide not to do. But two highlights, I think, to give shareholders comfort, is the real level of introspection and discussion and debate that has occurred around our investment and expansion strategy globally, and taking real lessons from the past and applying that to future decisions.
Also the genuine commitment from REA to embrace new technologies, including AI, which has been a massive focus over recent periods. So I think that that should give shareholders comfort, and I leave knowing that the board is going to very ably steer this company forward and with full confidence in management as well. So thanks for having me.
Thank you, Kelly. Again, I just want to reiterate what a fantastic contribution Kelly's made over the years. It's been fantastic beyond just your core expertise of our financial services, but in terms of your experience in terms of running technology companies, and your interaction with management's been absolutely sensational. Thank you again. Erin, are there any more questions?
Thank you, Chairman. We received one written question prior to the AGM from Mr. Jonathon Padfield, which was as follows, REA share price has declined by 30% in the last 12 months. How will you judge the success of your plans in terms of increasing the share price in the next 12?
Cam?
Look, yeah, from a share price perspective, I might say as a management team, we don't focus on the share price day to day. What we're focused on is growing shareholder returns over the long term. How do we do that? How do we bring innovation to our customers and consumers, and how do we grow as an organization? The market takes care of share prices, but as long as we're focused on delivering shareholder returns, that should follow our ability to execute and deliver those returns for shareholders.
Thank you. Erin?
Thank you, Chairman. We have just received one additional question from Peter Calero. Is there any further information on the proposed Rightmove takeover?
We wouldn't comment on any potential targets. We've moved on from Rightmove and we' re focused on high growth assets. If you look at Distilled, that is a classic case in point for us. As we said a while ago when we terminated discussions with Rightmove and we pulled out of that acquisition, we've moved on, and it is not on our radar. Erin, are there any other questions?
There are no further written questions on this item of business.
Thank you. Are there any audio questions?
Chairman, there are no questions via the phone lines.
Thank you very much, everyone. If you have not already cast your vote, you can now please do so. Please ensure you have clicked the Submit button on each resolution. The results of this meeting will be announced to the ASX and will be available on our website as soon as possible after the conclusion of the meeting. A copy of the webcast will also be made available on REA's website. Thank you to our shareholders for attending and participating in today's meeting. I declare the annual general meeting closed. Thank you, everyone.