Rogers Sugar (RSI) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually to ensure equal participation and voting access for all shareholders, regardless of location.

• The agenda included formal business, CEO remarks, and a Q&A session.

• Voting and question procedures were explained, with only registered shareholders and proxy holders eligible to participate.

Board and executive committee updates

• Six directors were nominated and elected to the Board; biographies were provided in the meeting notice.

• Two nominees were appointed to the Board of Lantic, a subsidiary.

• All motions, including director elections, passed as confirmed by the scrutineer.

Financial performance review

• Achieved record revenue of CAD 1.2 billion in 2024, up 12% from 2023.

• Adjusted EBITDA reached CAD 142 million, a 28% increase, and adjusted net earnings rose 50% to CAD 67 million.

• Free cash flow increased by 60% to CAD 73 million; market capitalization as of February 1 was CAD 736 million with a 6.3% dividend yield.

• Sugar segment saw a volume decline due to labor disruption and inflation, but maintained 12% compound annual revenue growth since 2020.

• Maple segment delivered record adjusted EBITDA and over 10% adjusted gross margin, driven by strong demand and process improvements.