Lassonde Industries (LAS-A) AGM 2025 summary

Opening remarks and agenda

• Executive Chair welcomed shareholders and outlined the virtual meeting format and agenda, including the election of directors and appointment of auditors.

• Voting procedures and question submission process were explained, with scrutineers present to oversee vote counting.

• Quorum was confirmed, and meeting materials were made available to shareholders in advance.

• Annual General Meeting held on May 16, 2025, with a focus on reviewing 2024 performance and strategic direction.

Board and executive committee updates

• Eight directors were elected for the upcoming year, with Deloitte reappointed as external auditor.

• Transition of board chairmanship to the next generation was highlighted, with continued involvement of the former chair.

• Nathalie Lassonde appointed Executive Chair; Vince Timpano named CEO.

• Two long-serving directors retired, and a new director with food industry expertise joined the board.

• Board now consists of 8 directors, with 6 independent members and new competencies added.

Financial performance review

• Record sales of CAD 2.6 billion in 2024, up 12.4% year-over-year, with strong contributions from all divisions and both U.S. and Canadian operations.

• Gross margin improved to 26.8% of sales, and adjusted EBITDA rose 33% to CAD 276 million.

• Operating profit improved by 29% year-over-year, with gross profit up 18.7%.

• Net income attributable to shareholders reached CAD 114 million, with cash flows from operations at CAD 234 million.

• Net debt increased to CAD 449 million due to acquisitions, with a healthy debt-to-EBITDA ratio of 1.6x.

• Q1 2025 sales rose 23% year-over-year, driven by U.S. volume growth and price adjustments in Canada, maintaining stable profit margins.