Tesco (TSCO) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, confirmed quorum, and outlined safety procedures for the meeting.

• Introduced board members, highlighted recent board changes, and explained the meeting's structure, including Q&A and voting on resolutions.

Board and executive committee updates

• Chris Kennedy joined as a non-executive director, bringing financial and strategic expertise.

• Carolyn Fairbairn became Senior Independent Director, succeeding Byron Grote.

• Alison Platt retired after nine years; Melissa Bethell to succeed her as Remuneration Committee Chair.

Financial performance review

• Sales grew by just over 3%, driven by volume growth as inflation eased.

• Profit improved by nearly 11% despite higher corporation tax and normalization in working capital.

• Full-year dividend increased 13.2% to GBP 13.7; GBP 864 million paid in dividends and GBP 1 billion share buyback completed.

• Announced a further GBP 1.45 billion share buyback by April 2026, partly funded by the sale of banking operations.

• Q1 sales up 4.6%, with continued market share gains across all business units.