George Weston (WN) AGM 2025 summary

Opening remarks and agenda

• First-ever joint AGM for George Weston and Loblaw, held in a hybrid format to engage both in-person and virtual shareholders.

• Meeting procedures, voting instructions, and Q&A protocols were outlined for both companies.

• Recognition of board nominees, auditors, management, and special guests, including students.

Financial performance review

• George Weston reported a 2.5% revenue increase to over CAD 61 billion and a 13.2% rise in adjusted net earnings per share for 2024.

• Strong cash flow enabled CAD 1 billion in share repurchases and nearly CAD 400 million in dividends; a 9% dividend increase was announced.

• Loblaw achieved record revenue over CAD 60 billion, with food same-store sales up 1.5% and pharmacy same-store sales up 2.4%.

• Loblaw's adjusted consolidated EBITDA rose 5.7%, and adjusted earnings per share grew 10.3%.

• Choice Properties maintained 97.6% occupancy, increased net asset value by 2.9%, and ended with strong liquidity.

Dividend announcements

• George Weston announced a 9% dividend increase, marking the 14th consecutive annual increase.

• Choice Properties increased its annual unitholder distribution in Q1 2025.