George Weston Ltd

Latest Results (16.03.2026):

George Weston Ltd — third quarter of 2025 (Q3 2025): The company reported consolidated revenue of $19,548 million (up 4.6% vs. Q3 2024), operating income of $1,638 million (up 1.2%), and adjusted EBITDA of $2,340 million (up 8.4%; adjusted EBITDA margin 12.0%, +50 bps). Net earnings available to common shareholders were $477 million ($1.23 diluted), helped materially by favourable year‑over‑year adjusting items; adjusted net earnings were $533 million and adjusted diluted EPS was $1.37 (up 15.1%).

Headline results

Consolidated Q3 2025: Revenue $19,548M (+4.6%), Operating income $1,638M (+1.2%), Adjusted EBITDA $2,340M (+8.4%), Adjusted EBITDA margin 12.0% (+50 bps vs Q3 2024).

Adjusted earnings and EPS

Adjusted net earnings available to common shareholders were $533M (+12.0% YoY) and adjusted diluted net earnings per common share were $1.37 (+15.1% YoY). Reported net earnings available to common shareholders were $477M ($1.23 per share), the large YoY swing reflecting significant adjusting items described below.

Key drivers — Loblaw

Loblaw (Q3): Revenue $19,395M (+4.6%), operating income $1,374M (+4.2%), adjusted EBITDA $2,215M (+7.2%). Food retail same‑store sales +2.0% and drug retail same‑store sales +4.0%. Loblaw opened net new retail space (27 stores opened, 7 closed in the quarter) and continued to expand pharmacy clinics.

Key drivers — Choice Properties

Choice Properties (Q3): Revenue $362M (+6.5%), adjusted EBITDA $261M (+10.1%). Same‑asset NOI and FFO growth supported by grocery‑anchored retail and industrial demand; however Choice operating income was lower in the quarter partly due to fair value adjustments and consolidation effects.

One‑time / adjusting items

Major non‑operating items drove volatility: the fair‑value adjustment of the Choice Properties Trust Unit liability was a key swing (fair‑value loss of $67M in Q3 2025 vs $568M loss in Q3 2024 — a favorable $501M YoY impact on net interest/financing charges). Other items include lower amortization of certain Shoppers Drug Mart intangibles (now largely amortized) and prior‑period recoveries and provisions.

Cash, dividends and capital actions

GWL Corporate cash flow from operating businesses was $291M in Q3 (+5.1% YoY) and GWL Corporate free cash flow was $433M (+2.6% YoY). The company repurchased and cancelled shares under its NCIB (Q3: ~2.6M shares for $227M) and participates in Loblaw’s NCIB. As of Oct. 4, 2025 there were ~382.3M common shares outstanding (post three‑for‑one stock split completed Aug. 18, 2025).

Other items to note

GWL highlighted a $247M provision payment recorded in Q1 2025 (affecting year‑to‑date cash flow), ongoing focus on Loblaw operational execution (value and store growth), and Choice Properties’ development pipeline and balance‑sheet management. The MD&A is current to Nov. 13, 2025 and adjusted/non‑GAAP measures are used to show underlying performance.