Lassonde Industries (LAS-A) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Executive Chair, welcoming shareholders, staff, and partners, and outlining the virtual format and agenda, which included the election of directors and appointment of auditors.

• Voting procedures and question submission protocols were explained, with scrutineers present to oversee vote counting and quorum confirmed.

• Annual General Meeting held on May 16, 2025, with a focus on reviewing 2024 performance and strategic direction.

Board and executive committee updates

• Nathalie Lassonde succeeded Pierre-Paul Lassonde as Chair, marking a generational transition, with Pierre-Paul remaining on the board.

• Vince Timpano was named CEO, and Amanda Burns was appointed Chief Commercial Officer, North American Beverages, with other key executive appointments made to support growth.

• Two directors, Chantal Bélanger and Michel Simard, retired, and Guy Bélanger joined the board, bringing food industry expertise.

• The board now consists of eight directors, six of whom are independent, with new competencies added.

Financial performance review

• Record sales of CAD 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% of sales, and adjusted EBITDA rose 33% to CAD 276 million; operating profit improved by 29%, and gross profit rose 18.7%.

• Net income attributable to shareholders reached CAD 114 million, or CAD 16.73 per share, up 45% from 2023; profit attributable to shareholders increased to $130M.

• 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 reached CAD 700 million, up 23% year-over-year, with strong Canadian performance and stable profit margins.