Slide 1: Annual Meeting of Shareholders
MAY 14, 2025 ANNUAL MEETING OF SHAREHOLDERS
Slide 2: Welcome Message
WELCOME MESSAGE
Slide 3: Directors and Officers
Directors and Officers Robert Hall – Chair of the Board Alain Côté – Director and Chair of the Audit Committee Sarah Prichard – Director and Chair of the Compensation and Human Resources Committee Douglas Goodfellow - Director David Goodfellow – Director Marie-Hélène Nolet – Director James Hewitt *
Slide 4: Agenda
ANNUAL MEETING OF SHAREHOLDERS AGENDA • Opening of the Meeting • Approval of Minutes of Previous Annual Meeting of Shareholders • Reception of Financial Statements and Independent Auditor’s Report • Election of Directors • Appointment of Auditors • Management Presentation • Question Period
Slide 5: Forward-Looking Financial Information
May 14, 2025 ANNUAL MEETING OF SHAREHOLDERS Forward-Looking Financial Information This presentation contains forward-looking statements relating, inter alia, to objectives, strategies, priorities, goals, plans, financial position, operating results, trends and activities of Goodfellow Inc. and its m
Slide 6: Message to Jim
May 14, 2025 MESSAGE TO JIM Thank you Jim for the years of service to Goodfellow as part of its Board, including the Audit Committee.
Slide 7: Election of Directors
May 14, 2025 ELECTION OF DIRECTORS Election of Directors (6 seats) Alain Côté Robert Hall David Goodfellow Marie-Hélène Nolet Douglas Goodfellow Sarah Prichard
Slide 8: Appointment of Auditors
May 14, 2025 APPOINTMENT OF AUDITORS
Slide 9: Management Presentation
MANAGEMENT PRESENTATION
Slide 10: Management Review
MANAGEMENT REVIEW Patrick Goodfellow • 2024 Objectives President and CEO • 2024 Market Conditions • 2024 Financials • Q1 - 2025 Financials Charles Brisebois CFO • 2025 Outlook
Slide 11: Goodfellow at a Glance
2024 GOODFELLOW AT A GLANCE ~ 800 22 > 5,200 Employees Locations Customers SALES BY LOCATION SALES BY PRODUCT CATEGORY US and Exports Building Materials 12% 11% Western Quebec Canada 35% 8% Panels 19% Atlantic Lumber 18% 57% Flooring Ontario 13% 27%
Slide 12: Corporate Objectives
2024 CORPORATE OBJECTIVES • Top line sales growth of 5% • Maintain profitability > 3 % net return on sales • Invest capital in responsible growth opportunities • Strengthen core product and services offering • Sustain robust balance sheet
Slide 13: Commentary on 2024 Market Conditions
COMMENTARY ON 2024 MARKET CONDITIONS Q1 ▪ Growth slowed - LBM and specialty flooring dealers ▪ Hardwood pricing and demand continued to recover Q2 ▪ No market growth on retail front with increased competition ▪ Industrial and infrastructure demand remained strong Q3 ▪ Housing starts softened, yet sp
Slide 14: Year-End Results
2024 YEAR-END RESULTS
Slide 15: Sales
2024 SALES $ Sales (in millions) By Region: By Category: ▪Canada -2 % : ▪Panels +6 % $513 $509 ▪Quebec +4 % ▪Lumber +2 % ▪Ontario -5 % 1% ▪Atlantic -10 % ▪BMATS -6 % ▪Western Canada -1 % ▪Flooring -15 % ▪US +8 % ▪Export +17 % 459 450 (1) ▪ Average Transaction Value 3 %, while volume of transaction
Slide 16: GP, Net Earnings and EPS
2024 GP , NET EARNINGS AND EPS (1) (2) Cost inflation 2024 reflected in net earnings $ Gross Profit (1) $ Net Earnings EPS (2) (in millions) (in millions) $15 $122 $13 $1.72 $112 $1.58 2023 2024 2023 2024 2023 2024 (1) Non-IFRS Measure. See “Non-IFRS Financial Measures”. (2) EPS = Net Earnings per S
Slide 17: Bank Indebtedness
8-YEAR COMPARATIVE BANK INDEBTEDNESS U.S. operational asset acquisitions $10M and working capital $10M Bank Indebtedness $ (in millions) $52 $43 $31 $29 $9 $6 $0 $0 2017 2018 2019 2020 2021 2022 2023 2024
Slide 18: Summary of Year-End Outcomes
2024 SUMMARY OF YEAR-END OUTCOMES Achieved Launched Preserved 2.6 % Net several new Strong Return on product Balance Sales distribution Sheet (goal 3%) lines Successful No Sales Acquisitions Growth of U.S. Assets Overall (goal 5%)
Slide 19: Q1 – 2025 Results
Q1 – 2025 RESULTS
Slide 20: Sales
Q1 - 2025 SALES $ Sales (in millions) By Region: By Category: ▪Canada +3 % : ▪Panels -3 % 6% $111 ▪Quebec +5 % ▪Lumber +9 % $105 ▪Ontario -3 % ▪Atlantic +7 % ▪BMATS -8 % ▪Western Canada +6 % ▪Flooring +11 % ▪US +3 % ▪Export +70 % ▪ Same number of transactions as last year, but Average Value per Tra
Slide 21: GP, Net Earnings and EPS
Q1 - 2025 GP , NET EARNINGS AND EPS (1) (2) Accelerated 2025 inflation & start-up costs of asset additions (2) $ Gross Profit (1) $ Net Earnings EPS (in millions) (in millions) $26 $23 -$0.1 -$0.01 -$2.3 -$0.27 Q1 - 2024 Q1 - 2025 Q1 - 2024 Q1 - 2025 Q1 - 2024 Q1 - 2025 (1) Non-IFRS Measure. See “No
Slide 22: Net Earnings / Loss Context
Q1 – 2025 NET EARNINGS / LOSS CONTEXT • Increased overhead • Leases, wages, energy and mechanization project expenses • Integration costs of new U.S. assets • Start-up expenses, + 100 additional employees and facility upgrades • Interest expense tied to increased inventory levels and U.S. asset acqu
Slide 23: Expected Market Conditions
2025 EXPECTED MARKET CONDITIONS ▪ Softening Q2 consumer seasonal demand ▪ Positive signs of new home construction in Q3 and Q4 ▪ Uncertainty of industrial and government projects in Q3 and Q4 ▪ Changing tariff conditions – U.S., Canada and International ▪ Domestic government incentives could boost e
Slide 24: Driving Strategic Growth
2025 DRIVING STRATEGIC GROWTH Increase Strengthen Enhance Top Line Core Operational Sales Business Efficiency ▪ Augment market ▪ Expand and develop new ▪ Increase automated lumber share in Canada lines within existing handling distribution categories ▪ Grow sales in U.S. ▪ Streamline distribution lo
Slide 25: Projects
GOODFELLOW 5 cal
Slide 26: Gardenia
PROJECTS GARDENIA LACHINE, QC ZIP SYSTEM
Slide 27: U.S. Navy
PROJECTS U.S. NAVY MARYLAND NAVAL – EMP TEST FACILITY GLULAM
Slide 28: Alexandria Bridge
PROJECTS ALEXANDRIA BRIDGE OTTAWA, ON CUSTOM TIMBERS
Slide 29: Esquimalt Dockyard Jetties (DND)
PROJECTS ESQUIMALT DOCKYARD JETTIES (DND) VICTORIA, BC CUSTOM TIMBERS
Slide 30: Gros Morne National Park Visitor Centre
PROJECTS GROS MORNE NATIONAL PARK VISITOR CENTRE GROS MORNE, NL GLULAM + LUMBER
Slide 31: Alphonse-Normandin Bridge
PROJECTS ALPHONSE- NORMANDIN BRIDGE ABITIBI-TEMISCAMINGUE, QC GLULAM
Slide 32: Farkas Outlet
PROJECTS FARKAS OUTLET PORTSMOUTH, NH GLULAM
Slide 33: Sports Centre 2.0
PROJECTS SPORTS CENTRE 2.0 MONTREAL-WEST, QC GLULAM
Slide 34: Frederick House Lake Dam (OPG)
PROJECTS FREDERICK HOUSE LAKE DAM (OPG) TUNIS, ON CUSTOM MANUF. LUMBER
Slide 35: Question Period
QUESTION PERIOD