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.

• Notices of meeting and proof of mailing were confirmed, and a quorum was established for both companies.

Financial performance review

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

• Strong cash flow of CAD 1.1 billion supported 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, stable gross margins, and a 5.7% increase in adjusted consolidated EBITDA.

• Loblaw repurchased CAD 1.8 billion in shares, invested CAD 2.2 billion in the business, and delivered a 49.2% total shareholder return.

• Choice Properties maintained high occupancy (97.6%), increased net asset value by 2.9%, and ended the year with strong liquidity.

Board and executive committee updates

• All director nominees for both companies were current directors and stood for re-election; each received at least 97% of votes cast.

• New President of Shoppers Drug Mart introduced, with management accountability for operational accuracy emphasized.