Cascades (CAS) AGM 2025 summary

Opening remarks and agenda

• The Chairman welcomed participants, outlined voting and question procedures, and confirmed notice and proxy materials mailing for the virtual meeting.

• The agenda included voting on directors, auditor appointment, executive compensation, shareholder proposals, and a Q&A session.

Board and executive committee updates

• The board acknowledged Mario Plourde's retirement after 40 years of leadership in modernization and strategic refocusing.

• Eleven director nominees were proposed and elected for the next term.

• Management team introduced, including Chairman, CEO, CFO, and Corporate Secretary.

Financial performance review

• 2024 sales reached CAD 4.7 billion ($4,701M), up 1% from 2023, with EBITDA (A) margin at 10.7% and operating income at $376M.

• Adjusted EBITDA fell 10% to CAD 101 million, with margins declining due to higher raw material costs and lower containerboard prices.

• Net debt increased to $2,096M (CAD 214 million increase), with a net debt ratio of 4.2x, mainly due to exchange rate impacts and lower profitability.

• Capital investments in 2024 were CAD 148 million, 57% lower than the previous year as major projects neared completion.

• Q1 2025 sales were $1,154M (CAD 1.15 billion), with operating income of CAD 150 million, adjusted EBITDA up 21% year-over-year, and net earnings per share at $0.07.

• Segment performance was mixed, with inflationary pressures and operational repositioning impacting margins.