K-Bro Linen (KBL) AGM 2025 summary

Opening remarks and agenda

• The meeting was held virtually to maximize accessibility and shareholder participation, with live Q&A and voting conducted electronically.

• The agenda included tabling financial statements, electing directors, appointing auditors, amending the long-term incentive plan, and a review of annual and Q1 results.

Financial performance review

• 2024 revenue reached CAD 374 million, a 16% increase from 2023, with adjusted EBITDA at 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.

• The payout ratio for dividends remained around 30%, with consistent dividend declarations.

• Leverage remained moderate, with a funded debt-to-EBITDA ratio just over 2x pre-acquisition and just over 3x pro forma after the Star Mayan acquisition.

Board and executive committee updates

• Five directors were nominated and elected: Matthew Hills, Steven Matyas, Michael Percy, Linda McCurdy, and Elise Rees.

• The board oversees the ESG program, with a management team averaging over 25 years of experience.