Tesco (TSCO) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with safety instructions and a welcome to both in-person and online attendees.

• The agenda included a review of performance, Q&A, and voting on 23 resolutions, including special and ordinary resolutions.

Board and executive committee updates

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

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

• Alison Platt retired after nine years, with Melissa Bethel succeeding her as Remuneration Committee Chair.

Financial performance review

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

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

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

• Announced a further GBP 1.45 billion share buyback to be completed by April 2026.

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