Flow Beverage (FLOW) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order by the Executive Chairman, conducted virtually with protocols for online participation and voting outlined.

• Three main business items set for discussion and voting, with polls conducted electronically.

• Notice of meeting and related materials were distributed to shareholders of record as of March 19, 2025.

Overview of voting outcomes

• Quorum confirmed and all resolutions passed by majority vote, including election of directors, auditor reappointment, Omnibus Incentive Plan amendment, and loan maturity extension.

• Five directors elected to serve until the next AGM; Ernst & Young LLP reappointed as auditors.

• Omnibus Incentive Plan amended to increase reserved shares from 3% to 7% for director rewards.

• Secured term loan maturity with RI Flow LLC extended by up to three years.

Financial performance review

• Achieved record net profit of CAD 49.1 million and gross profit of CAD 12.9 million for the trailing 12 months ending January 31, 2025.

• Overhead expenses reduced from over CAD 42 million in fiscal 2023 to CAD 25 million in the last 12 months.

• Adjusted EBITDA improved by approximately CAD 24 million from fiscal 2023 levels.

• Fiscal 2024 saw adjusted EBITDA improve by over CAD 16 million, with gross profit up 37% despite a 2% net revenue decline.

• Q1 2025 showed continued improvement: co-pack revenue up 216% year-over-year, G&A expenses down 50%.