Lassonde Industries (LAS-A) AGM 2025 summary

Opening remarks and agenda

• The Annual General Meeting was held virtually on May 16, 2025, in both French and English, with the Executive Chair welcoming shareholders and introducing the board and executive team.

• The agenda included the election of directors, appointment of auditors, and a review of 2024 performance and strategic direction, with voting conducted electronically.

• Meeting materials were made available in advance, quorum was confirmed, and a question period was included in the agenda.

Board and executive committee updates

• Nathalie Lassonde succeeded Pierre-Paul Lassonde as Executive Chair, marking a generational transition; Pierre-Paul remains on the Board.

• Vince Timpano was named CEO, and the board now consists of 8 directors, 6 of whom are independent, with new competencies added.

• Two long-serving directors, Chantal Bélanger and Michel Simard, retired; Guy Bélanger joined the board.

• Amanda Burns, Gabriela Arrillaga, Elizabeth Hill, and Martin Lauzière were appointed to key leadership roles in the new North American Beverage division.

Financial performance review

• Record sales of CAD 2.6 billion ($2.6 billion) in 2024, up 12.4% year-over-year, with strong contributions from all divisions and both U.S. and Canadian operations.

• Gross margin improved to 26.8%, and gross profit rose 18.7%; adjusted EBITDA rose 33% to CAD 276 million, while reported EBITDA was $255M.

• Net income attributable to shareholders reached CAD 114 million (or $130M), or CAD 16.73 per share.

• Cash flows from operations increased to CAD 234 million, with net debt rising to CAD 449 million due to acquisitions and investments.

• Q1 2025 sales were CAD 700 million, up 23% year-over-year, with stable profit margins.