Finning International (FTT) AGM 2025 summary

Opening remarks and agenda

• Meeting formally opened with confirmation of quorum at 72.07% of shares represented by 87 shareholders in person or by proxy.

• Retiring board members, including the Chair, were recognized for their service and contributions.

• Procedures for voting and participation were outlined, with specific motions moved and seconded by designated individuals.

Board and executive committee updates

• Introduction of board members standing for reelection and recognition of new and retiring directors.

• Corporate officers and regional leaders were introduced, highlighting leadership continuity.

Financial performance review

• 2024 saw record achievements in total net revenue, product support revenue, SG&A as a percentage of net revenue, and substantial free cash flow.

• Q1 2025 results showed continued growth: CAD 10.3 billion net revenue, 5% product support growth, CAD 1.2 billion free cash flow, and SG&A reduced to 16.2% of net revenue.

• Backlog includes over 100 ultra-class trucks, with increased inventory to support demand.