KP Tissue (KPT) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually to maximize shareholder participation and accessibility.

• Board members, executive team, and key stakeholders introduced at the outset.

• Shareholders provided instructions for voting and submitting questions online.

• Meeting commenced with formal business, including appointment of secretary, scrutineer, and confirmation of quorum.

• 2024 financial statements and auditors' report were presented, followed by director elections and auditor re-appointment.

Financial performance review

• Fiscal 2024 saw record revenue exceeding CAD 2.05 billion, up 9.4% year-over-year, with Adjusted EBITDA of CAD 264.8 million.

• Q1 2025 revenue reached CAD 546.1 million, up 13.9% over Q1 2024; Adjusted EBITDA rose 12.9% to CAD 75.8 million.

• Net income for Q1 2025 was CAD 15.4 million, a CAD 6.4 million increase over Q1 2024.

• Cash and cash equivalents at Q1 2025 end were CAD 141.8 million; leverage ratio improved to 4x.

• Canadian sales up 7.6% and U.S. sales up 21.7% in Q1 2025.

Board and executive committee updates

• Four directors nominated and elected: James Hardy, Sarah Kruger, John "Jay" Wright, and François Vimard.

• CEO Dino Bianco led the meeting and management presentation.

• PricewaterhouseCoopers LLP reappointed as auditors until the next AGM.