Pet Valu Holdings Ltd

Latest Results (20.01.2026):

Pet Valu Holdings Ltd — Q3 2025: Pet Valu reported solid Q3 2025 results (13 weeks ended September 27, 2025) with revenue rising 4.9% year‑over‑year to $289.5 million and net income up 7.4% to $24.9 million ($0.36 diluted EPS). Same‑store sales improved (+2.3%) and system‑wide stores increased to 849. Adjusted EBITDA was $63.6 million (down 1.5%), while Free Cash Flow declined to $24.7 million (down 19.8%). Key corporate actions in the period included a $60.0 million share repurchase, secondary share offerings by principal shareholders, a CEO succession and the opening of a new Calgary distribution centre.

Revenue & margins

Total revenue for Q3 2025 was $289.5M (+4.9% YoY). Gross profit totaled $95.6M with a gross margin of 33.0% (vs. 32.4% in Q3 2024); excluding supply‑chain transformation costs margin was ~33.5%.

Profitability & EPS

Operating income was $41.9M (+3.9% YoY). Net income was $24.9M (+7.4% YoY) and diluted net income per share was $0.36 (up $0.04 vs. Q3 2024), helped by higher operating income, lower interest expense and fewer shares outstanding after repurchases.

Adjusted measures

EBITDA was $60.1M (+5.4%). Adjusted EBITDA was $63.6M (‑1.5% YoY) and Adjusted Net Income was $27.65M (‑7.6% YoY), reflecting higher underlying SG&A (compensation, SaaS, lower gains on re‑franchised stores) despite revenue growth.

Sales metrics & store growth

System‑wide sales were $373.9M (+4.4% YoY). Same‑store sales grew 2.3% in Q3 2025 (driven by +2.0% average spend per transaction and +0.3% transaction growth). System‑wide stores rose to 849 (from 805).

Cash flow & liquidity

Free Cash Flow was $24.7M (‑19.8% YoY). Available liquidity at Q3 2025 was ~$155.0M (cash $14.8M plus $140.2M available on the revolving facility), down from ~$210.1M at Fiscal 2024 end.

Balance sheet & financing

Total assets were $1.010B at Q3 2025. Non‑current liabilities were $741.5M. Net interest expense fell (Q3 interest expense $7.9M, down vs. prior year) reflecting lower rates; credit facilities remain in place with covenant metrics disclosed in the MD&A.

Corporate actions & operational investments

Notable developments: May 2025 share repurchase of 2,079,000 shares for $60.0M; May/June 2025 secondary offerings by principal shareholders (Company did not receive proceeds); CEO succession effective Sept 21, 2025 (Greg Ramier named CEO); and the new Calgary distribution centre began operations in July 2025 completing the supply‑chain transformation phase.

YTD context & management notes

For the 39 weeks YTD through Sept 27, 2025, revenue was $849.2M (+5.9%) and net income was $68.4M (+17.0%). Management highlights continued store expansion, omni‑channel investment and that adjusted metrics exclude transformation, professional fees and share‑based compensation per their MD&A disclosures; forward‑looking statements are subject to risks noted in the report.