VerticalScope (FORA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members and executive management, held virtually for 2024.

• Agenda included election of directors, auditor reappointment and remuneration, and renewal of the Omnibus Incentive Plan.

Financial performance review

• Q1 2024 revenue increased 14% year-over-year, driven by strategic investments in monetization and digital advertising.

• Digital advertising channel grew 26% year-over-year in Q1, now comprising 85% of total revenue.

• Adjusted EBITDA margin improved to 36%, with 78% growth in adjusted EBITDA and 120% increase in free cash flow.

• Net debt reduced by CAD 36 million since January 2022, with net leverage at 1.79x and CAD 70 million in liquidity.

Board and executive committee updates

• Five directors nominated and elected to serve until the next AGM.

• KPMG LLP reappointed as auditor, with board authorized to fix remuneration.