ANNUAL MEETING OF SHAREHOLDERS - SHIMMICK CORP

Explicit Guidance:

• No explicit financial guidance (revenue, earnings, margins, or capital allocation) was provided in the transcript; references to "attractive rates" and "continued double-digit earnings growth" are qualitative descriptions of current momentum rather than specific numerical forecasts for future periods.

Business-Segment Outlook:

• Technology & Operations: Expectations to continue leveraging SAP data, Google (AI/machine learning), and Verizon (connectivity) partnerships to drive efficiency, lower material costs, and optimize route utilization.
• Product/Service Expansion: Planned identification of opportunities for additional products and services based on SAP data to assist customers.
• MyCintas Rollout: Continued rollout of the "MyCintas" digital platform to provide customers with 24-7 bill payment and communication capabilities, intended to enhance customer competitive advantage and retention.

Market and Competitive Outlook:

• M&A Integration: Anticipation of significant long-term value creation for combined companies and customers post-merger with Uniforce (Unifirst), pending regulatory clearance.
• Market Position: Management views the combined entity as positioned to deliver a "smooth transition" and realize benefits immediately following the closing, though no specific market share targets were stated.

Macro / Industry Outlook:

• Economic/Operational Tone: Management expressed "strong momentum" across the business and indicated encouragement regarding investment performance, suggesting a favorable or stable macro environment for execution, though no specific views on interest rates, inflation, or GDP were detailed.
• Regulatory Environment: Anticipated resolution of antitrust reviews with the FTC (U.S.) and Canadian Competition Bureau for the Uniforce transaction.

Strategic Initiatives:

• Uniforce Transaction Timeline: The merger is subject to regulatory clearances; a timing agreement prohibits consummation prior to December 11, 2026, unless the FTC provides written notice of investigation closure.
• Closing Expectation: Management expects the transaction to close by the end of the calendar year (2026).
• SAP Implementation: Fire Protection Division is currently piloting the SAP platform; Uniform Rental and First Aid/Safety divisions are fully implemented.
• Capacity/Asset Optimization: Utilization of "proprietary smart truck technology" to increase route efficiency and add new routes while reducing fuel spend.
• Corporate Structure: Reincorporation from Washington to Delaware is approved and effective immediately following the shareholder vote.

Risks and Headwinds to Outlook:

• Regulatory Uncertainty: The Uniforce transaction remains contingent on regulatory clearances from the U.S. and Canada; failure to obtain approval or delays could prevent closing.
• Timing Constraint: The transaction cannot be finalized before December 11, 2026, creating a potential lag in value realization regardless of other progress.
• Separation Requirement: Cintas and Uniforce must continue to operate as separate entities until the transaction closes, delaying integration benefits.

Management Tone on the Future:

• Confidence Level: High confidence and "excitement" regarding the Uniforce opportunity, future technology leverage, and growth trajectory ("attractive rates," "double-digit earnings growth").
• Focus: Emphasis on maintaining day-to-day customer service excellence while pursuing strategic expansion.
• Caveats: Tone remains cautious regarding the regulatory process for the merger, acknowledging it as the primary variable affecting the timeline.

Miscellaneous:

• Governance: The proposal for majority voting in director elections was rejected by shareholders.
• Board Changes: Director Melanie Barstad will retire after the meeting following 15 years of service; no new director candidates were introduced.
• Audit: Ernst & Young reappointed as independent auditor for the fiscal year ending May 31, 2027.