J. Owens

[Presentation]

Good morning, and welcome to Canadian Tire Corporation's Annual Meeting of Shareholders. When we gathered here last year, I remarked that we were meeting in complicated times, that as a nation, long-standing political norms and economic partnerships might no longer be reliable in the future. Well, that feature is upon us and the geopolitical and macroeconomic conditions before us are complex, but their arrival predictable. Similar to the challenges ahead for Canada, this new world order demands bold vision, clarity and disciplined execution from us. Against that backdrop, Canadian Tire has reset its path to a prosperous future with its True North strategy, a significant ambition to continue to perform while simultaneously transforming.

Through disciplined execution and intentional collaboration between the Board and management, the company has moved through the first year of transformation. From the Board's perspective, this has been well executed. In 2025, Greg Hicks and his executive team introduced a redesigned leadership model, a new organizational structure, a streamlined asset portfolio and an enhanced focus on technology and AI. This work has established an important foundation for scaling the strategy and delivering long-term value. I thank them for their partnership and execution in this critical first year.

Now while transforming for long-term prosperity is essential, performing in the day-to-day remains nonnegotiable. Notwithstanding external volatility and significant internal change, the company delivered strong financial results, reinforcing the Board's confidence in both the strategy and the team executing it.

Now from a Board perspective, we remain closely focused on disciplined capital allocation, strong risk management and CTC's progress translating True North execution into measurable