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, with emphasis on shareholder participation.

• Recognition of board members, management, auditors, and special guests, including students from Bloor Collegiate.

Financial performance review

• George Weston reported consolidated revenues over CAD 61 billion, up 2.5%, and adjusted net earnings per share up 13.2% for 2024.

• Strong cash flow of CAD 1.1 billion supported share repurchases and nearly CAD 400 million in dividends; a 9% dividend increase was announced.

• Loblaw achieved improved sales momentum, market share growth, and stable gross margins; food same-store sales rose 1.5%, drug retail same-store sales up 2.4%.

• Loblaw's adjusted consolidated EBITDA grew 5.7%, with adjusted earnings per share up 10.3% and retail free cash flow at CAD 1.5 billion.

• Loblaw repurchased CAD 1.8 billion in shares, invested CAD 2.2 billion in the business, and delivered a 49.2% total shareholder return.

• Choice Properties maintained 97.6% occupancy, increased same-asset NOI by 3.2%, and grew funds from operations by 2.9%.

• Choice increased its annual unitholder distribution and has delivered an 8.4% annualized total return since IPO.

Board and executive committee updates

• All director nominees for both companies were current directors and stood for re-election.

• Board and management roles, including secretaries and scrutineers, were confirmed for meeting proceedings.