The Scotts Miracle-Gro (SMG) AGM 2025 summary

Opening remarks and agenda

• Emphasis on the company's disciplined approach to financial recovery, avoiding dividend cuts or dilutive equity raises, and focusing on self-help measures over the past two years.

• Fiscal 2024 marked as a turning point after significant cost reductions and reinvestment.

Financial performance review

• Achieved over $1 billion in free cash flow in two years, meeting commitments to shareholders and banks.

• Outperformed the lawn-and-garden market by over three times, with 6% top-line growth in the consumer business and nearly 9% POS gains.

• Adjusted non-GAAP EBITDA was $539 million under historic practice, but $510 million after following new SEC guidance on inventory write-downs.

Board and executive committee updates

• Five new board members added in the past three years, bringing diverse skills and backgrounds.

• Tom Kelly retired after nearly 20 years; Nick Miaritis nominated as his replacement.

• Current board and executive team introduced, highlighting alignment with future plans.