Advance Auto Parts (AAP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the Executive Vice President, with a reminder about forward-looking statements and risk factors.

• President and CEO welcomed shareholders, outlined virtual meeting procedures, and called the meeting to order.

• Formal agenda included five proposals: board elections, incentive plan amendment, executive compensation, auditor ratification, and a shareholder proposal on executive stock retention.

Board and executive committee updates

• Nine director nominees, including seven independent directors, were introduced for reelection.

• Recent strengthening of the executive team with leaders possessing deep retail and functional expertise.

Financial performance review

• 2024 described as a transformative year, highlighted by the $1.5 billion sale of WORLDPAC, which improved the balance sheet and streamlined operations.

• Decision to retain Carquest Canada business for its growth potential and alignment with the U.S. model.