George Weston Ltd

Latest Results (29.08.2026):

Summary — George Weston Ltd Q2 2026: George Weston Ltd’s consolidated Q2 2026 results showed revenue growth and higher adjusted operating performance, while reported net earnings fell materially due to non‑cash fair‑value adjustments. Revenue was $15,201 million (+4.1% vs Q2 2025) and adjusted EBITDA was $1,942 million (+6.1%); adjusted net earnings available to common shareholders were $436 million (+9.8%) and adjusted diluted EPS was $1.14 (+12.9%). Reported net earnings available to common shareholders were $133 million (‑48.4%) and diluted EPS $0.34 (‑47.7%) primarily because of an unfavourable fair‑value adjustment of the Choice Properties Trust Unit liability. The Sale of PC Financial closed July 1, 2026 and PC Financial is presented as discontinued operations.

Top‑line and margins

Revenue: $15,201 million in Q2 2026 (+4.1% vs Q2 2025). Adjusted EBITDA: $1,942 million (+6.1%). Adjusted EBITDA margin: 12.8% (up 30 bps vs Q2 2025). Operating income: $1,367 million (essentially flat, down 0.1%).

Reported vs adjusted earnings

Adjusted net earnings available to common shareholders: $436 million (+9.8% vs Q2 2025). Adjusted diluted net earnings per common share: $1.14 (+12.9%). Reported net earnings available to common shareholders: $133 million (‑48.4%), reported diluted EPS $0.34 (‑47.7%). The large drop in reported earnings is mainly from non‑cash fair‑value impacts tied to the Choice Properties Trust Unit liability and other fair‑value adjustments.

Loblaw performance (segment)

Loblaw drove the quarter: revenue $15,046 million (+4.1% vs Q2 2025). Food retail +3.3% and drug retail +6.1%; same‑store growth and new store openings supported results. Loblaw adjusted EBITDA: $1,839 million (+5.3%).

Choice Properties (segment)

Choice Properties delivered solid results with revenue $362 million (+3.1% vs Q2 2025) and continued leasing and same‑asset NOI strength. Choice Properties contribution included favourable leasing spreads but some fair‑value volatility affected consolidated reported results.

GWL Corporate cash flow and capital actions

GWL Corporate free cash flow: $416 million in Q2 2026 (+42.0% vs Q2 2025), driven by dividends from Loblaw, distributions from Choice Properties and proceeds from participation in Loblaw’s NCIB. Cash & short‑term investments were $236 million as at period end. Under its NCIB, GWL purchased and cancelled 3.1 million common shares in Q2 2026 for ~$300 million; issued share count was 374.2 million as at June 20, 2026.

Balance‑sheet / financing and strategic commitments

GWL committed to a $600 million equity investment in Choice Properties related to a ~US$5.0 billion asset acquisition by Choice; the commitment will issue ~38 million Choice units and is expected to be financed by existing facilities and additional debt. GWL entered a $400 million term loan (2–4 year tranches) expected to be drawn at closing to fund part of the commitment. GWL expects to remain ~58% owner of Choice after closing.

Discontinued operations — PC Financial

PC Financial results are presented as discontinued operations following the sale announced earlier; the Sale of PC Financial completed July 1, 2026. Net earnings from discontinued operations in Q2 2026 were $16 million (vs $11 million in Q2 2025).