Acadian Timber (ADN) AGM 2025 summary

Opening remarks and agenda

• Meeting commenced at 11:00 A.M. Eastern Time, chaired by the Chairman with all directors and key executives present.

• Virtual meeting platform enabled broad shareholder participation and access.

• Secretary and Scrutineer appointed; voting procedures and eligibility clarified.

• Quorum confirmed, and the meeting was declared properly constituted.

Board and executive committee updates

• Six directors nominated and elected to serve until the next AGM, with minimal votes withheld.

• PricewaterhouseCoopers LLP reappointed as auditors with board authorized to fix remuneration.

Financial performance review

• 2024 sales reached $116.2 million, up from $93.5 million in 2023, with $24.6 million from carbon credit sales.

• Adjusted EBITDA for 2024 was $38.9 million (33% margin), up from $20.6 million (22% margin) in 2023.

• Free cash flow per share rose to $1.69 in 2024 from $0.88 in 2023; net liquidity at year-end was $29.3 million.

• Q1 2025 sales were $24.8 million, with no carbon credit sales; adjusted EBITDA was $4.7 million.

• Q1 2025 net income was $3.7 million, or $0.21 per share.