Metro (MRU) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Chair, who welcomed shareholders both in person and online and outlined the agenda, including voting procedures and the presence of translation services.

• The agenda included board elections, auditor selection, a consultative vote on executive compensation, a vote on the shareholders' rights regime, and shareholder proposals.

Financial performance review

• Fiscal 2024 saw sales reach CAD 21.2 billion, up 2.4%, with net adjusted earnings of CAD 973 million.

• Net earnings per share remained at CAD 4.30, and the share price closed at CAD 90.15, a 31.4% increase.

• Online sales grew by 46%, driven by partnerships with Instacart and Uber, and the Moi Rewards program expanded to Ontario.

• The first quarter of 2025 reported sales of CAD 5.1 billion, up 2.9%, and net adjusted earnings of CAD 245.4 million, up 4.4%.

Board and executive committee updates

• The board supported major supply chain modernization, including new automated distribution centers.

• Senior management compensation was revised to include a new performance-based share unit regime and stricter shareholding requirements.

• François Thibault, CFO, will retire in spring 2025; Marc Giroux's responsibilities expanded to include supply chain and purchasing.