Big Rock Brewery (BR) AGM 2025 summary

Opening remarks and agenda

• Agenda set for May 14, 2025: CEO introduction, formal AGM matters chaired by Stephen Giblin, and management review of FY 2024 and Q1 2025.

Financial performance review

• FY 2024 volume was 230,982 hl; net revenue $43.4M (-1%), gross margin $10.7M (-17%), adjusted EBITDA loss $2.2M (-100%), loss/share $1.92 (357%), and net debt $18.3M (+18%).

• FY 2024 results were characterized as poor, reflecting a transition period and new strategy; management said the outcome was not completely unexpected.

• Q1 2025 sales volume reached 68,344 hl, a record and 51% YoY increase; Q1 EBITDA was $688k.

Board and executive committee updates

• The proposed four-director slate comprised Stephen Giblin, Kathleen McNally-Leitch, P. Donnell Noone, and Linda Thomas; director tenure listed as 2018, 1996, May 2015, and May 2024, respectively.

• Executive leadership listed David Kinder as President & CEO, James Chong as CFO, Brad Goddard as VP of Innovation, Business Development & Government Relations, and Jason Higgins as VP of Sales & Marketing.