Magellan Aerospace (MAL) AGM 2025 summary

Opening remarks and agenda

• Introduced board members, outlined meeting procedures, and covered voting and quorum requirements.

• Only shareholders as of March 21, 2025, could vote or submit questions.

• Legal disclaimers regarding forward-looking statements and risks were presented.

• Receipt of 2024 financial statements and other business matters were included.

Financial performance review

• Consolidated revenues for 2024 reached CAD 942 million, up 7% from the previous year, with strong profit growth and a robust balance sheet.

• Gross profit increased to CAD 108 million, but margins remain below 2019 levels.

• Forecast to exceed CAD 1 billion in sales in 2025, returning to pre-pandemic levels.

• Working capital and inventory requirements have grown, with inventory now at CAD 280 million versus CAD 190 million in 2019.

• Adjusted EBITDA improved, and capital investment was 3.8% of revenue, focused on technology and capacity.

Board and executive committee updates

• Six directors were nominated and elected, each receiving over 95% approval.

• BDO Canada was reappointed as auditor.

• Chairman and CEO presented business highlights, financial summary, and strategic highlights for 2024.