George Weston Limited Reports Adjusted Diluted Net Earnings Per Common Share Growth of 15.1% in the Third Quarter

Executive Summary

• George Weston Limited reported a strong third‑quarter 2025 performance, with adjusted diluted net earnings per common share increasing 15.1% year‑over‑year to $1.37.
• Consolidated revenue rose 4.6% to $19.548 billion, and Adjusted EBITDA grew 8.4% to $2.340 billion.
• The Company repurchased 2.6 million common shares for $227 million under its normal‑course issuer bid (NCIB) and generated $433 million of corporate free cash flow.

Key Details

• Revenue: $19,548 M (+$863 M, +4.6% YoY).
• Adjusted EBITDA: $2,340 M (+$182 M, +8.4%).
• Net earnings (common shareholders): $477 M ($1.23 per share), up $462 M (+$1.20 per share).
• Adjusted net earnings (common shareholders): $533 M (+$57 M, +12.0%).
• Adjusted diluted EPS: $1.37, up $0.18 (+15.1%).
• Share repurchase: 2.6 M shares cancelled for $227 M; total outstanding after repurchase 382.3 M (net of trusts).
• Corporate free cash flow: $433 M (dividends from Loblaw $176 M, distributions from Choice Properties $115 M, NCIB proceeds $203 M).
• Three‑for‑one stock split completed on Aug 18 2025; all per‑share figures retroactively adjusted.

Segment Highlights

• Loblaw Companies Ltd.: Revenue $19,395 M (+$857 M, +4.6%); operating income $1,374 M (+$55 M, +4.2%); Adjusted EBITDA $2,215 M (+$148 M, +7.2%). Opened 19 new Maxi/NoFrills stores; total YTD openings 47 stores and 55 pharmacy clinics.
• Choice Properties REIT: Revenue $362 M (+$22 M, +6.5%); Net income $242 M (vs. loss of $663 M YoY); Funds from Operations $201 M (+$14 M). Completed disposition of several retail properties for net proceeds of $77 M and an Edmonton joint‑venture interest sale for $23 M.

Outlook & Guidance

• Management expects adjusted net earnings to continue rising, with excess cash earmarked for further share repurchases.
• Loblaw projects full‑year adjusted EPS growth into the low double‑digits (excluding a 53rd week).
• Choice Properties targets FY 2025 FFO per unit diluted of $1.06–$1.07 and Same‑Asset NOI growth of 2%–3% YoY, while maintaining Adjusted Debt/EBITDA < 7.5×.

Notable Quotes

“Our strong quarterly results reflect the positive momentum in our operating businesses,” – Galen G. Weston, Chairman & CEO.

Materiality: Material – Positive (significant earnings growth and cash generation).