Loblaw Companies (L) 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 engagement.

• Senior management, board nominees, auditors, and special guests, including students, were introduced and recognized.

Financial performance review

• George Weston reported a 2.5% revenue increase to over CAD 61 billion and a 13.2% rise in adjusted net earnings per share for 2024.

• Strong cash flow enabled share repurchases of CAD 1 billion 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, with food same-store sales up 1.5% and drug retail same-store sales up 2.4%.

• Loblaw's adjusted consolidated EBITDA rose 5.7%, and adjusted earnings per share grew 10.3%.

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

Board and executive committee updates

• All director nominees for both companies were current directors and received at least 97% votes in favor.

• Board roles, scrutineers, and meeting secretaries were confirmed for both companies.