Orbit Garant Drilling (OGD) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with a welcome to shareholders and conducted in French to accommodate a significant portion of shareholders.

• The chair confirmed the appointment of scrutineers, the proper delivery of meeting materials, and the satisfaction of quorum requirements.

Board and executive committee updates

• Six directors were nominated and elected to serve until the next annual meeting or until successors are appointed.

• KPMG SENCRL was reappointed as independent auditor, with the board authorized to set their remuneration.

Financial performance review

• Revenue for FY2025 reached $189.1M, up 4.3% from FY2024, with Canadian revenue at $136.1M (+2.6%) and international at $53.0M (+9.0%).

• Gross profit rose to $28.3M (15.0% margin), and adjusted gross margin improved to 19.5%. Net income was $7.5M, reversing a prior year net loss.

• Debt was reduced by $7.5M, and 69,000 shares were repurchased under a normal course issuer bid.

• Q1 2026 revenue declined to $46.7M, with net income at $0.3M, reflecting project delays and temporary client suspensions.