K-Bro Linen (KBL) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually to maximize accessibility and participation for shareholders.

• Voting conducted electronically, with clear instructions for participation and question submission.

• Quorum confirmed, and meeting formally constituted for business transactions.

• Agenda included tabling of financial statements, election of directors, auditor appointment, and incentive plan amendments.

Board and executive committee updates

• Five directors nominated and elected for the ensuing year, all qualified under Alberta law.

• Senior management team highlighted for extensive experience, with key leaders serving over two decades.

Financial performance review

• 2024 revenue reached CAD 374 million, a 16% increase from 2023, with adjusted EBITDA of CAD 72.1 million, up 24% year-over-year.

• Q1 2025 revenue rose 14% to CAD 91 million, driven by hospitality segment growth and recent acquisitions.

• Pro forma leverage increased to just over 3x after Star Mayan acquisition, with significant liquidity remaining.

• Dividend payout ratio stable at around 30%, with ongoing evaluation based on market conditions.