Metro (MRU) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, outlined the hybrid meeting format, and introduced board and management present.

• Voting procedures, question period, and agenda items were explained, including board elections, auditor appointment, compensation, shareholder rights, and proposals.

• Quorum was confirmed and the assembly was declared legally constituted.

Financial performance review

• 2024 saw a return to normal food inflation, with sales reaching CAD 21.2 billion, up 2.4% (4.4% including the 53rd week), and net adjusted earnings of CAD 973 million.

• Net earnings per share remained at CAD 4.30, and share price increased by 31.4%.

• Pharmacy sector showed strong growth, and online sales rose 46% due to expanded digital offerings.

• Quarterly results for Q1 2025 showed sales of CAD 5.1 billion (+2.9%), with net adjusted earnings up 4.4%.

Board and executive committee updates

• Board supported major supply chain modernization, store investments, and the Moi Loyalty Program expansion.

• New performance-based share unit regime for senior management was approved, with enhanced shareholding requirements.

• Senior management changes included the announced retirement of the CFO and expanded COO responsibilities.