SEDAR Interim Financial Statements

Condensed Consolidated Financial Statements 2 Condensed Consolidated Statements of Earnings 2 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Changes in Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 6 Note 1. Nature and Description of the Reporting Entity 6 Note 2. Material Accounting Policies 6 Note 3. Subsidiaries 7 Note 4. Net Interest Expense and Other Financing Charges 7 Note 5. Income Taxes 8 Note 6. Basic and Diluted Net Earnings per Common Share 8 Note 7. Change in Non-Cash Working Capital 9 Note 8. Credit Card Receivables 9 Note 9. Assets Held for Sale and Dispositions 10 Note 10. Long-Term Debt 11 Note 11. Share Capital 13 Note 12. Post-Employment and Other Long-Term Employee Benefits 16 Note 13. Financial Instruments 17 Note 14. Contingent Liabilities 20 Note 15. Related Party Transactions 21 Note 16. Segment Information 22 Financial Results GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 1 (unaudited) (millions of Canadian dollars except where otherwise indicated) 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Revenue $ 19,548 $ 18,685 $ 48,656 $ 46,511 Operating Expenses Cost of inventories sold 13,193 12,665 32,536 31,126 Selling, general and administrative expenses 4,717 4,402 11,965 12,001 17,910 17,067 44,501 43,127 Operating Income 1,638 1,618 4,155 3,384 Net Interest Expense and Other Financing Charges (note 4) 418 875 1,352 1,087 Earnings Before Income Taxes 1,220 743 2,803 2,297 Income Taxes (note 5) 338 303 923 698 Net Earnings 882 440 1,880 1,599 Attributable to: Shareholders of the Company (note 6) 491 29 852 685 Non-Controlling Interests 391 411 1,028 914 Net Earnings $ 882 $ 440 $ 1,880 $ 1,599 Net Earnings per Common Share(i) ($) (note 6) Basic $ 1.24 $ 0.04 $ 2.12 $ 1.63 Diluted $ 1.23 $ 0.03 $ 2.08 $ 1.60 (i) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). See accompanying notes to the unaudited interim period condensed consolidated financial statements. Condensed Consolidated Statements of Comprehensive Income (unaudited) (millions of Canadian dollars) 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Net Earnings $ 882 $ 440 $ 1,880 $ 1,599 Other comprehensive income (loss), net of taxes Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation adjustment 3 (1) (2) 1 Unrealized losses on cash flow hedges (note 13) (1) (10) (8) (17) Items that will not be reclassified to profit or loss: Net defined benefit plan actuarial gains (losses) (note 12) 99 (7) (6) 26 Adjustment to fair value of investment properties 15 30 15 49 Other comprehensive income (loss) 116 12 (1) 59 Comprehensive Income 998 452 1,879 1,658 Attributable to: Shareholders of the Company 559 49 857 739 Non-Controlling Interests 439 403 1,022 919 Comprehensive Income $ 998 $ 452 $ 1,879 $ 1,658 See accompanying notes to the unaudited interim period condensed consolidated financial statements. Condensed Consolidated Statements of Earnings 2 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT (unaudited) (millions of Canadian dollars) As at Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 1,545 $ 1,628 $ 2,048 Short-term investments 899 536 648 Accounts r --- eceivable 1,434 1,356 1,503 Credit card receivables (note 8) 4,012 3,890 4,230 Inventories 6,752 6,043 6,332 Prepaid expenses and other assets 870 866 737 Assets held for sale (note 9) 67 94 62 Total Current Assets 15,579 14,413 15,560 Fixed Assets 13,075 12,316 12,686 Right-of-Use Assets 5,252 4,979 4,920 Investment Properties 5,632 5,484 5,506 Equity Accounted Joint Ventures 891 838 884 Intangible Assets 5,259 5,586 5,460 Goodwill 4,931 4,894 4,902 Deferred Income Taxes 131 131 128 Security Deposits 39 36 38 Other Assets 1,266 1,296 1,352 Total Assets $ 52,055 $ 49,973 $ 51,436 LIABILITIES Current Liabilities Bank indebtedness $ — $ 167 $ — Trade payables and other liabilities 7,201 6,731 7,894 Loyalty liability 224 129 212 Provisions 99 514 509 Income taxes payable 76 150 141 Demand deposits from customers 847 187 353 Short-term debt (note 8) 550 600 800 Long-term debt due within one year (note 10) 641 1,132 1,313 Lease liabilities due within one year 1,004 915 1,045 Associate interest 360 360 255 Total Current Liabilities 11,002 10,885 12,522 Provisions 102 99 105 Long-Term Debt (note 10) 15,585 13,994 14,071 Lease Liabilities 5,284 5,091 4,977 Trust Unit Liability 4,133 4,115 3,715 Deferred Income Taxes 1,743 1,661 1,675 Other Liabilities 1,198 1,217 1,234 Total Liabilities 39,047 37,062 38,299 EQUITY Share Capital (note 11) 3,270 3,301 3,293 Retained Earnings 5,306 5,037 5,490 Contributed Surplus (3,124) (2,703) (2,787) Accumulated Other Comprehensive Income 245 244 246 Total Equity Attributable to Shareholders of the Company 5,697 5,879 6,242 Non-Controlling Interests 7,311 7,032 6,895 Total Equity 13,008 12,911 13,137 Total Liabilities and Equity $ 52,055 $ 49,973 $ 51,436 Contingent liabilities (note 14). See accompanying notes to the unaudited interim period condensed consolidated financial statements. Condensed Consolidated Balance Sheets GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 3 (unaudited) (millions of Canadian dollars except where otherwise indicated) Common Shares Preferred Shares Total Share Capital Retained Earnings Contributed Surplus Foreign Currency Translation Adjustment Cash Flow Hedges and Other Adjustment to Fair Value on Transfer of Investment Properties Total Accumulated Other Comprehensive Income Non- Controlling Interests Total Equity Balance as at Dec. 31, 2024 $ 2,476 $ 817 $ 3,293 $ 5,490 $ (2,787) $ 31 $ (5) $ 220 $ 246 $ 6,895 $ 13,137 Net earnings — — — 852 — — — — — 1,028 1,880 Other comprehensive (loss) income(i) — — — (3) — (2) (5) 15 8 (6) (1) Comprehensive income $ — $ — $ — $ 849 $ — $ (2) $ (5) $ 15 $ 8 $ 1,022 $ 1,879 Transfer of revaluation reserve upon disposal of investment properties — — — 9 — — — (9) (9) — — Effect of equity-based compensation (note 11) 30 — 30 — 2 — — — — (2) 30 Shares purchased and cancelled (note 11) (53) — (53) (671) — — — — — — (724) Net effect of shares held in trusts (note 11) — — — (3) — — — — — — (3) Loblaw capital transactions and dividends — — — — (339) — — — — (604) (943) Dividends declared Per common share(ii) ($) (note 11) – $0.869199 — — — (335) — — — — — — (335) Per preferred share ($) (note 11) – Series I – $1.0875 — — — (10) — — — — — — (10) – Series III – $0.9750 — — — (8) — — — — — — (8) – Series IV – $0.9750 — — — (8) — — — — — — (8) – Series V – $0.890625 — — — (7) — — — — — — (7) $ (23) $ — $ (23) $ (1,033) $ (337) $ — $ — $ (9) $ (9) $ (606) $ (2,008) Balance as at Oct. 4, 2025 $ 2,453 $ 817 $ 3,270 $ 5,306 $ (3,124) $ 29 $ (10) $ 226 $ 245 $ --- 7,311 $ 13,008 (unaudited) (millions of Canadian dollars except where otherwise indicated) Common Shares Preferred Shares Total Share Capital Retained Earnings Contributed Surplus Foreign Currency Translation Adjustment Cash Flow Hedges and Other Adjustment to Fair Value on Transfer of Investment Properties Total Accumulated Other Comprehensive Income Non- Controlling Interests Total Equity Balance as at Dec. 31, 2023 $ 2,508 $ 817 $ 3,325 $ 5,421 $ (2,275) $ 28 $ 1 $ 175 $ 204 $ 6,788 $ 13,463 Net earnings — — — 685 — — — — — 914 1,599 Other comprehensive income (loss)(i) — — — 14 — 1 (10) 49 40 5 59 Comprehensive income $ — $ — $ — $ 699 $ — $ 1 $ (10) $ 49 $ 40 $ 919 $ 1,658 Effect of equity-based compensation (note 11) 49 — 49 — (11) — — — — (15) 23 Shares purchased and cancelled (note 11) (74) — (74) (736) — — — — — — (810) Net effect of shares held in trusts (note 11) 1 — 1 (3) — — — — — — (2) Loblaw capital transactions and dividends — — — — (417) — — — — (660) (1,077) Dividends declared Per common share(ii) ($) (note 11) – $0.784333 — — — (311) — — — — — — (311) Per preferred share ($) (note 11) – Series I – $1.0875 — — — (10) — — — — — — (10) – Series III – $0.9750 — — — (8) — — — — — — (8) – Series IV – $0.9750 — — — (8) — — — — — — (8) – Series V – $0.890625 — — — (7) — — — — — — (7) $ (24) $ — $ (24) $ (1,083) $ (428) $ — $ — $ — $ — $ (675) $ (2,210) Balance as at Oct. 5, 2024 $ 2,484 $ 817 $ 3,301 $ 5,037 $ (2,703) $ 29 $ (9) $ 224 $ 244 $ 7,032 $ 12,911 (i) Other comprehensive (loss) income includes an actuarial loss of $6 million (2024 – gain of $26 million), of which $3 million (2024 – gain of $14 million) is presented in retained earnings, and $3 million (2024 – gain of $12 million) in non-controlling interests. Also included in non-controlling interests is a $3 million loss on cash flow hedges (2024 – $7 million loss) and a nominal loss on foreign currency translation adjustments (2024 – nominal gain). (ii) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). See accompanying notes to the unaudited interim period condensed consolidated financial statements. Condensed Consolidated Statements of Changes in Equity 4 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT (unaudited) (millions of Canadian dollars) 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Operating Activities Net earnings $ 882 $ 440 $ 1,880 $ 1,599 Add (deduct): Net interest expense and other financing charges (note 4) 418 875 1,352 1,087 Income taxes (note 5) 338 303 923 698 Depreciation and amortization 692 787 1,837 1,998 Asset impairments, net of recoveries 6 1 7 1 Adjustment to fair value of investment properties 21 (34) (9) (16) Adjustment to fair value of investment in real estate securities (note 13) (42) (58) (42) — Change in allowance for credit card receivables (note 8) (4) 9 6 19 Change in provisions — (28) (411) 396 Change in non-cash working capital (note 7) (89) 216 (923) (513) Change in gross credit card receivables (note 8) (33) 55 212 223 Income taxes paid (336) (333) (902) (1,063) Interest received 14 23 63 65 Other (17) (140) (37) (118) Cash Flows from Operating Activities 1,850 2,116 3,956 4,376 Investing Activities Fixed asset and investment properties purchases (621) (609) (1,348) (1,393) Intangible asset additions (114) (124) (262) (286) Disposal (purchase) of short-term investments 55 (124) (251) (64) Proceeds from disposal of assets --- (note 9) 12 225 179 286 Lease payments received from finance leases 1 2 4 8 (Advances) repayments of mortgages, loans, and notes receivable (5) (15) 115 3 Disposal of long-term securities 20 19 100 82 Decrease (increase) in security deposits (note 8) 299 249 (1) 2 Other (28) (74) (96) (89) Cash Flows used in Investing Activities (381) (451) (1,560) (1,451) Financing Activities (Decrease) increase in bank indebtedness (59) 129 — 154 Increase (decrease) in short-term debt (note 8) 50 (50) (250) (250) Increase in demand deposits from customers 174 12 494 21 Long-term debt – Issued (note 10) 938 287 2,070 2,228 – Repayments (note 10) (675) (1,206) (1,227) (2,141) Interest paid (297) (300) (762) (750) Cash rent paid on lease liabilities – Interest (note 4) (82) (76) (205) (180) Cash rent paid on lease liabilities – Principal (239) (226) (592) (575) Share capital – Issued (note 11) — 9 27 44 – Purchased and held in trusts (note 11) (7) (10) (7) (10) – Purchased and cancelled (note 11) (231) (289) (702) (779) Loblaw common share capital – Issued 4 19 50 145 – Purchased and held in trusts (69) (72) (69) (72) – Purchased and cancelled (192) (255) (675) (835) Loblaw preferred share capital – Purchased and cancelled — — (225) — Tax paid on repurchases of share capital 2 — (55) — Dividends – To common shareholders (229) (216) (442) (399) – To preferred shareholders (22) (22) (41) (41) – To non-controlling interests (159) (154) (307) (221) Other (7) (36) 23 (91) Cash Flows used in Financing Activities (1,100) (2,456) (2,895) (3,752) Effect of foreign currency exchange rate changes on cash and cash equivalents 2 (1) (4) 4 Increase (decrease) in Cash and Cash Equivalents 371 (792) (503) (823) Cash and Cash Equivalents, Beginning of Period 1,174 2,420 2,048 2,451 Cash and Cash Equivalents, End of Period $ 1,545 $ 1,628 $ 1,545 $ 1,628 See accompanying notes to the unaudited interim period condensed consolidated financial statements. Condensed Consolidated Statements of Cash Flows GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 5 Note 1. Nature and Description of the Reporting Entity George Weston Limited (“GWL” or the “Company”) is a Canadian public company incorporated in 1928, with its registered office located at 22 St. Clair Avenue East, Toronto, Canada M4T 2S5. The Company’s parent is Wittington Investments, Limited (“Wittington”). The Company operates through its two reportable operating segments: Loblaw Companies Limited (“Loblaw”) and Choice Properties Real Estate Investment Trust (“Choice Properties”). Effect of consolidation includes eliminations, intersegment adjustments and other consolidation adjustments. Cash and short-term investments and other investments held by the Company, and all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs are included in GWL Corporate. Loblaw has two reportable operating segments, retail and financial services, with all material operations carried out in Canada. Loblaw’s retail segment consists primarily of food retail and drug retail. Loblaw provides Canadians with grocery, pharmacy and healthcare services, other health and beauty products, apparel, general merchandise and financial services. Choice Properties owns, manages and develops a high-quality portfolio of commercial and residential properties across Canada. Quarterly net earnings are affected by seasonality and the timing of holiday --- s, relative to the Company’s interim periods. Accordingly, quarterly performance is not necessarily indicative of annual performance. Historically, Loblaw has earned more revenue in the fourth quarter relative to the preceding quarters in its fiscal year. Note 2. Material Accounting Policies The material accounting policies and critical accounting estimates and judgments as disclosed in the Company’s 2024 audited annual consolidated financial statements have been applied consistently in the preparation of these unaudited interim period condensed consolidated financial statements. These unaudited interim period condensed consolidated financial statements are presented in Canadian dollars. In the third quarter of 2025, the Company completed a three-for-one stock split of its outstanding common shares. The stock split was implemented by way of a stock dividend, with shareholders receiving two additional common shares for each common share held. The stock split was effective at the close of business on August 18, 2025, for shareholders of record as of the close of business on August 14, 2025. All share, equity award and per share amounts presented herein have been retrospectively adjusted to reflect the stock split. STATEMENT OF COMPLIANCE These unaudited interim period condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “GAAP”) and should be read in conjunction with the Company’s 2024 audited annual consolidated financial statements and accompanying notes. These unaudited interim period condensed consolidated financial statements were approved for issuance by the Company’s Board of Directors on November 13, 2025. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 6 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Note 3. Subsidiaries The table below summarizes the Company’s principal subsidiaries. The proportion of ownership interests held equals the voting rights held by the Company. GWL’s ownership in Loblaw and Choice Properties is impacted by changes in Loblaw’s common share equity and Choice Properties’ Trust Units, respectively. As at Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Number of shares / units held Ownership interest Number of shares / units held Ownership interest Number of shares / units held Ownership interest Loblaw Common shares(i)(ii) 623,630,074 52.6% 639,440,132 52.6% 635,413,872 52.6% Class B LP Units(iii) 395,786,525 n/a 395,786,525 n/a 395,786,525 n/a Trust Units 50,661,415 n/a 50,661,415 n/a 50,661,415 n/a Choice Properties 446,447,940 61.7% 446,447,940 61.7% 446,447,940 61.7% (i) Adjusted retrospectively to reflect Loblaw’s four-for-one stock split effective at the close of business on August 18, 2025. (ii) GWL participates in Loblaw’s Normal Course Issuer Bid (“NCIB”) program in order to maintain its proportionate percentage ownership. (iii) Class B LP Units (“Exchangeable Units”) are economically equivalent to Trust Units, receive distributions equal to the distributions paid on Trust Units and are exchangeable, at the holder's option, into Trust Units. Note 4. Net Interest Expense and Other Financing Charges The components of net interest expense and other financing charges were as follows: 16 Weeks Ended 40 Weeks Ended ($ millions) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Interest expense: Lo --- ng-term debt $ 192 $ 175 $ 524 $ 492 Lease liabilities 82 76 205 180 Borrowings related to credit card receivables 28 31 62 63 Trust Unit distributions 54 53 160 158 Independent funding trusts 10 10 25 30 Post-employment and other long-term employee benefits (note 12) — 2 1 4 Bank indebtedness — 1 — 1 Financial liabilities 11 11 33 33 Capitalized interest (10) (16) (28) (27) $ 367 $ 343 $ 982 $ 934 Interest income: Accretion income $ (1) $ (1) $ (2) $ (2) Interest income (15) (25) (46) (70) Other interest income (note 14) — (10) — (10) $ (16) $ (36) $ (48) $ (82) Fair value adjustment of the Trust Unit liability $ 67 $ 568 $ 418 $ 235 Net interest expense and other financing charges $ 418 $ 875 $ 1,352 $ 1,087 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 7 Note 5. Income Taxes For the third quarter of 2025, income tax expense was $338 million (2024 – $303 million) and the effective tax rate was 27.7% (2024 – 40.8%). The decrease in the effective tax rate was primarily attributable to the quarter-over-quarter impact of the non-taxable fair value adjustment of the Trust Unit liability, partially offset by the non-taxable portion of the gain from real estate dispositions during the third quarter of 2024 and an increase in tax expense related to temporary differences in respect of the Company’s investment in certain Loblaw shares as a result of GWL’s participation in Loblaw’s NCIB. On a year-to-date basis, income tax expense was $923 million (2024 – $698 million) and the effective tax rate was 32.9% (2024 – 30.4%). The increase in the effective tax rate was primarily attributable to the year-over-year impact of the non-taxable fair value adjustment of the Trust Unit liability and the non-taxable portion of the gain from real estate dispositions during the third quarter of 2024. Note 6. Basic and Diluted Net Earnings per Common Share 16 Weeks Ended 40 Weeks Ended ($ millions except where otherwise indicated) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Net earnings attributable to shareholders of the Company $ 491 $ 29 $ 852 $ 685 Prescribed dividends on preferred shares in share capital (14) (14) (34) (34) Net earnings available to common shareholders of the Company $ 477 $ 15 $ 818 $ 651 Reduction in net earnings due to dilution at Loblaw (4) (4) (10) (9) Net earnings available to common shareholders for diluted earnings per share $ 473 $ 11 $ 808 $ 642 Weighted average common shares outstanding(i) (in millions) (note 11) 383.4 394.6 386.0 399.7 Dilutive effect of equity-based compensation(i)(ii) (in millions) 1.8 1.8 2.0 1.8 Diluted weighted average common shares outstanding(i) (in millions) 385.2 396.4 388.0 401.5 Basic net earnings per common share(i) ($) $ 1.24 $ 0.04 $ 2.12 $ 1.63 Diluted net earnings per common share(i) ($) $ 1.23 $ 0.03 $ 2.08 $ 1.60 (i) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). (ii) In the third quarter of 2025 and year-to-date, nominal (2024 – nominal) potentially dilutive instruments were excluded from the computation of diluted net earnings per common share as they were anti-dilutive. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 8 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Note 7. Change in Non-Cash Working Capital 16 Weeks Ended 40 Weeks Ended ($ millions) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Change in: Accounts receivable $ (85) $ (40) $ 45 $ 43 Prepaid expenses and oth --- er assets (199) (63) (257) (157) Inventories (273) (269) (420) (214) Trade payables and other liabilities 467 591 (274) (176) Other 1 (3) (17) (9) Change in non-cash working capital $ (89) $ 216 $ (923) $ (513) Note 8. Credit Card Receivables The components of credit card receivables were as follows: As at ($ millions) Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Gross credit card receivables $ 4,281 $ 4,165 $ 4,493 Allowance for credit card receivables (269) (275) (263) Credit card receivables $ 4,012 $ 3,890 $ 4,230 Securitized to independent securitization trusts: Securitized to Eagle Credit Card Trust (note 10) $ 1,450 $ 1,450 $ 1,450 Securitized to Other Independent Securitization Trusts 550 600 800 Total securitized to independent securitization trusts $ 2,000 $ 2,050 $ 2,250 Loblaw, through President’s Choice Bank (“PC Bank”), participates in various securitization programs that provide a source of funds for the operation of its credit card business. PC Bank maintains and monitors a co-ownership interest in credit card receivables with independent securitization trusts, including Eagle Credit Card Trust (“Eagle”) and Other Independent Securitization Trusts, in accordance with its financing requirements. The associated liability of Eagle is recorded in long-term debt (see note 10). The associated liabilities of credit card receivables securitized to the Other Independent Securitization Trusts are recorded in short-term debt. As at October 4, 2025, the aggregate gross potential liability under letters of credit for the benefit of the Other Independent Securitization Trusts was $50 million (October 5, 2024 – $54 million; December 31, 2024 – $72 million), which represented 9% (October 5, 2024 – 9%; December 31, 2024 – 9%) of the securitized credit card receivables amount. Under its securitization programs, PC Bank is required to maintain, at all times, a credit card receivable pool balance equal to a minimum of 107% of the outstanding securitized liability. PC Bank was in compliance with this requirement as at the end of the third quarter of 2025 and throughout the first three quarters of 2025. GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 9 Note 9. Assets Held for Sale and Dispositions ASSETS HELD FOR SALE The components of assets held for sale, net of intercompany transactions, were as follows: As at ($ millions) Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Loblaw(i) $ 35 $ 67 $ 43 Choice Properties(ii) 32 27 19 Assets Held for Sale $ 67 $ 94 $ 62 (i) In the third quarter of 2025, Loblaw disposed of two properties (2024 – one) included in assets held for sale for proceeds of $3 million (2024 – $4 million), and recognized a net loss of $2 million (2024 – nominal net loss). On a year-to-date basis, Loblaw disposed of four properties (2024 – one) included in assets held for sale for proceeds of $24 million (2024 – $4 million), and recognized a net gain of $13 million (2024 – nominal net loss). (ii) Subsequent to the end of the third quarter of 2025, Choice Properties disposed of the properties included in assets held for sale as at October 4, 2025. DISPOSITIONS Wind-down of Theodore & Pringle optical business In the third quarter of 2025, Loblaw entered into an agreement with Specsavers Canada Inc. (“Specsavers”) to open Specsavers locations in select Loblaw grocery stores nationwide, resulting in the wind-down of the Theodore & Pringle optical business operations. Accordingly, Loblaw recorded charges of $30 million in selling, general and ad --- ministrative expenses (“SG&A”), primarily related to the write-down of optical equipment, labour and other closure costs. Sale of Wellwise In the first quarter of 2025, Loblaw completed the sale of its Wellwise by Shoppers™ (“Wellwise”) business, and recorded a gain of $5 million, net of related costs, in SG&A. Fixed assets Subsequent to the end of the third quarter of 2025, Choice Properties disposed of several retail properties included in fixed assets as at October 4, 2025 of $45 million. Equity accounted joint venture Subsequent to the end of the third quarter of 2025, Choice Properties disposed of its interest in a retail property located in Edmonton, Alberta, which was held in an equity accounted joint venture. The proceeds of the sale were distributed to Choice Properties in the amount of $23 million. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 10 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Note 10. Long-Term Debt The components of long-term debt were as follows: As at ($ millions) Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Debentures $ 10,855 $ 10,207 $ 10,606 Long-term debt secured by mortgage 1,176 1,201 1,300 Construction loans 5 65 5 Guaranteed investment certificates 1,342 1,459 1,477 Independent securitization trusts (note 8) 1,450 1,450 1,450 Independent funding trusts 647 588 590 Committed credit facilities 800 200 — Transaction costs and other (49) (44) (44) Total long-term debt $ 16,226 $ 15,126 $ 15,384 Long-term debt due within one year (641) (1,132) (1,313) Long-term debt $ 15,585 $ 13,994 $ 14,071 The Company, Loblaw and Choice Properties are required to comply with certain financial covenants for various debt instruments. As at the end of and throughout the first three quarters of 2025, the Company, Loblaw and Choice Properties were in compliance with the financial covenants. DEBENTURES The following table summarizes the debentures issued in the periods ended as indicated: 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 ($ millions) Interest Rate Maturity Date Principal Amount Principal Amount Principal Amount Principal Amount George Weston senior unsecured notes 4.19% September 5, 2029 $ — $ 250 $ — $ 250 Loblaw senior unsecured notes 5.12% March 4, 2054 — — — 400 Choice Properties senior unsecured debentures – Series W 4.63% August 8, 2035 350 — 350 — – Series X 5.37% August 8, 2055 150 — 150 — – Series V 4.29% January 16, 2030 — — 300 — – Series U 5.03% February 28, 2031 — — — 500 Total debentures issued $ 500 $ 250 $ 800 $ 1,150 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 11 The following table summarizes the debentures repaid in the periods ended as indicated: 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 ($ millions) Interest Rate Maturity Date Principal Amount Principal Amount Principal Amount Principal Amount George Weston senior unsecured notes 4.12% June 17, 2024 $ — $ 200 $ — $ 200 Loblaw senior unsecured notes 3.92% June 20, 2024 — — — 400 Choice Properties senior unsecured debentures – Series F 4.06% November 24, 2025(i) 200 — 200 — – Series J 3.55% January 10, 2025 — — 350 — – Series K 3.56% September 9, 2024 — 550 — 550 – Series D 4.29% February 8, 2024 — — — 200 Total debentures repaid $ 200 $ 750 $ 550 $ 1,350 (i) Choice Properties senior unsecured debenture was redeemed on September 5, 2025. COMMITTED CREDIT FACILITIES The components of the committed lines of credit available were as f --- ollows: As at Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 ($ millions) Maturity Date Available Credit Drawn Available Credit Drawn Available Credit Drawn George Weston(i) March 27, 2028 $ 350 $ — $ 350 $ — $ 350 $ — Loblaw(i) March 27, 2030 1,500 800 1,500 200 1,500 — Choice Properties(i) May 21, 2030 1,500 — 1,500 — 1,500 — Total committed credit facilities $ 3,350 $ 800 $ 3,350 $ 200 $ 3,350 $ — (i) In the second quarter of 2025, the maturity dates of the credit facilities were extended as follows: GWL from December 14, 2026 to March 27, 2028; Loblaw from July 15, 2027 to March 27, 2030; and Choice Properties from June 13, 2029 to May 21, 2030. All other terms and conditions remained substantially the same. INDEPENDENT FUNDING TRUSTS In the second quarter of 2025, the total capacity of the independent funding trusts increased from $700 million to $1 billion and the maturity date of the trusts were extended from May 29, 2027 to March 27, 2028 with all other terms and conditions remaining substantially the same. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 12 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Note 11. Share Capital COMMON SHARE CAPITAL The following table summarizes the activity in the Company’s common shares issued and outstanding for the periods ended as indicated: 16 Weeks Ended 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 ($ millions except where otherwise indicated) Number of Common Shares(i) Common Share Capital Number of Common Shares(i) Common Share Capital Number of Common Shares(i) Common Share Capital Number of Common Shares(i) Common Share Capital Issued and outstanding, beginning of period 385,110,054 $ 2,470 396,556,485 $ 2,503 390,134,334 $ 2,478 403,639,743 $ 2,511 Issued for settlement of stock options 8,367 — 258,930 10 769,170 30 1,294,236 49 Purchased and cancelled(ii) (2,556,455) (15) (4,011,294) (27) (8,341,538) (53) (12,129,858) (74) Issued and outstanding, end of period 382,561,966 $ 2,455 392,804,121 $ 2,486 382,561,966 $ 2,455 392,804,121 $ 2,486 Shares held in trusts, beginning of period (158,631) $ (1) (124,620) $ (1) (259,881) $ (2) (371,685) $ (3) Purchased for future settlement of RSUs and PSUs (81,000) (1) (138,000) (1) (81,000) (1) (138,000) (1) Released for settlement of RSUs and PSUs 2,370 — 462 — 103,620 1 247,527 2 Shares held in trusts, end of period (237,261) $ (2) (262,158) $ (2) (237,261) $ (2) (262,158) $ (2) Issued and outstanding, net of shares held in trusts, end of period 382,324,705 $ 2,453 392,541,963 $ 2,484 382,324,705 $ 2,453 392,541,963 $ 2,484 Weighted average outstanding, net of shares held in trusts (note 6) 383,372,281 394,563,012 385,972,285 399,650,652 (i) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). (ii) Number of common shares repurchased and cancelled as at October 4, 2025 does not include shares that may be repurchased subsequent to the end of the quarter under the automatic share purchase plan (“ASPP”), as described below. In the third quarter of 2025, the Company completed a three-for-one stock split of its outstanding common shares. The stock split was implemented by way of a stock dividend, with shareholders receiving two additional common shares for each common share held. The stock split was effective at the close of business on August 18, 2025, for shareholders of record as of the close of business on August 14, 2025. GEORGE WEST --- ON LIMITED 2025 THIRD QUARTER REPORT 13 NORMAL COURSE ISSUER BID PROGRAM The following table summarizes the Company’s activity under its NCIB: 16 Weeks Ended 40 Weeks Ended ($ millions except where otherwise indicated) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Purchased for future settlement of RSUs and PSUs(i) (number of shares) 81,000 138,000 81,000 138,000 Purchased for current settlement of DSUs(i) (number of shares) — — — 5,163 Purchased and cancelled(i) (number of shares) 2,556,455 4,011,294 8,341,538 12,129,858 Cash consideration paid Purchased and held in trusts $ (7) $ (10) $ (7) $ (10) Purchased and cancelled(ii) $ (231) $ (289) $ (702) $ (779) Premium charged to retained earnings Purchased and held in trusts $ 7 $ 9 $ 7 $ 9 Purchased and cancelled(iii) $ 193 $ 293 $ 671 $ 736 Reduction in share capital(iv) $ 15 $ 27 $ 53 $ 74 (i) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). (ii) Included in the third quarter of 2025 and year-to-date is a net cash timing adjustment of $(4) million (2024 – $(5) million) and $1 million (2024 – $2 million), respectively, of common shares repurchased under the NCIB for cancellation. (iii) Includes $92 million (2024 – $136 million) related to the ASPP, as described below. (iv) Includes $8 million (2024 – $13 million) related to the ASPP, as described below. In the second quarter of 2025, GWL renewed its NCIB to purchase on the Toronto Stock Exchange (“TSX”) or through alternative trading systems up to 19,344,552 of its common shares, representing approximately 5% of issued and outstanding common shares. In the third quarter of 2025, the TSX accepted an amendment to the Company’s NCIB to allow Wittington, the Company’s controlling shareholder, to participate in the NCIB to maintain its proportionate ownership interest in the Company at approximately 59.2%. Purchases of common shares from Wittington will be made during the TSX’s Special Trading Session pursuant to an automatic disposition plan agreement among the Company’s broker, the Company and Wittington. The maximum number of common shares that may be purchased pursuant to the NCIB will be reduced by the number of common shares purchased from Wittington. In the third quarter of 2025, 2,556,455 common shares (2024 – 4,011,294 common shares) were purchased under the NCIB for cancellation for aggregate consideration of $227 million (2024 – $284 million), including 844,907 common shares (2024 – 1,171,395 common shares) purchased from Wittington for aggregate consideration of $75 million (2024 – $83 million). On a year-to-date basis, 8,341,538 common shares (2024 – 12,129,858 common shares) were purchased under the NCIB for cancellation for aggregate consideration of $703 million (2024 – $781 million), including 2,548,301 common shares (2024 – 3,524,367 common shares) purchased from Wittington for aggregate consideration of $215 million (2024 – $227 million). The Company participates in an ASPP with a broker in order to facilitate the repurchase of the Company’s common shares under its NCIB. During the effective period of the ASPP, the Company’s broker may purchase common shares at times when the Company would not be active in the market. As at October 4, 2025, an obligation to repurchase shares of $100 million (2024 – $149 million) was recognized under the ASPP in trade payables and other liabilities. As of October 4, 2025, 3,750,716 common shares were purchased under --- the Company’s current NCIB. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 14 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT DIVIDENDS The following table summarizes the Company’s cash dividends declared for the periods ended as indicated: 16 Weeks Ended 40 Weeks Ended ($) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Dividends declared per share(i): Common share(ii) $ 0.297933 $ 0.273333 $ 0.869199 $ 0.784333 Preferred share: Series I $ 0.3625 $ 0.3625 $ 1.0875 $ 1.0875 Series III $ 0.3250 $ 0.3250 $ 0.9750 $ 0.9750 Series IV $ 0.3250 $ 0.3250 $ 0.9750 $ 0.9750 Series V $ 0.296875 $ 0.296875 $ 0.890625 $ 0.890625 (i) Dividends declared in the third quarter of 2025 on common shares and Preferred Shares, Series III, Series IV and Series V were payable on October 1, 2025. Dividends declared in the third quarter of 2025 on Preferred Shares, Series I were payable on September 15, 2025. (ii) Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025 (see note 2). The following table summarizes the Company’s quarterly dividends declared subsequent to the end of the third quarter of 2025: ($) Dividends declared per share(i) – Common share $ 0.297933 – Preferred share: Series I $ 0.3625 Series III $ 0.3250 Series IV $ 0.3250 Series V $ 0.296875 (i) Dividends declared in the fourth quarter of 2025 on common shares and Preferred Shares, Series III, Series IV and Series V are payable on January 1, 2026. Dividends declared in the fourth quarter of 2025 on Preferred Shares, Series I are payable on December 15, 2025. GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 15 Note 12. Post-Employment and Other Long-Term Employee Benefits The net cost recognized in earnings before income taxes for the Company’s post-employment and other long-term benefit plans during the periods was as follows: 16 Weeks Ended 40 Weeks Ended ($ millions) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Current service cost Post-employment benefit costs(i) $ 41 $ 45 $ 116 $ 119 Other long-term employee benefit costs(ii) 12 12 29 29 Net interest cost on net defined benefit plan obligations (note 4) — 2 1 4 Total post-employment defined benefit cost $ 53 $ 59 $ 146 $ 152 (i) Includes costs related to the Company’s defined benefit plans, defined contribution pension plans and the multi-employer pension plans in which it participates. (ii) Includes costs related to the Company’s long-term disability plans. The actuarial gains (losses) recognized in other comprehensive income (loss) net of income tax (expenses) recoveries for defined benefit plans during the periods were as follows: 16 Weeks Ended 40 Weeks Ended ($ millions) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, 2024 Return on plan assets, excluding amounts included in net interest expense and other financing charges $ 89 $ 12 $ 48 $ 78 Actuarial (losses) gains from changes in financial assumptions(i) (15) 50 50 72 Change in liability arising from asset ceiling(i) 61 (72) (106) (116) Total net actuarial gains (losses) recognized in other comprehensive income (loss) before income taxes $ 135 $ (10) $ (8) $ 34 Income tax (expenses) recoveries on actuarial gains (losses) (36) 3 2 (8) Actuarial gains (losses) net of income tax (expenses) recoveries $ 99 $ (7) $ (6) $ 26 (i) In the third quarter of 2025, the actuarial losses from changes in financial assumptions and the change in liability arising from asset ceiling were primarily driven by --- a decrease in the discount rate. On a year-to-date basis, the actuarial gains from changes in financial assumptions and the change in liability arising from asset ceiling were primarily driven by an increase in the discount rate. The assets and liabilities of the defined benefit and long-term disability plans were as follows: As at ($ millions) Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Other assets Net accrued benefit plan asset $ 321 $ 300 $ 370 Other liabilities Net defined benefit plan obligation $ 259 $ 266 $ 271 Other long-term employee benefit obligation $ 140 $ 139 $ 134 Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 16 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Note 13. Financial Instruments The following table presents the fair value and fair value hierarchy of the Company’s financial instruments and excludes financial instruments measured at amortized cost that are short-term in nature, and certain other assets for which the carrying value approximates fair value. The carrying values of the Company’s financial instruments approximate their fair values except for long- term debt. As at Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 ($ millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Amortized cost: Mortgages, loans and notes receivable(i) $ — $ — $ 240 $ 240 $ — $ — $ 247 $ 247 $ — $ — $ 260 $ 260 Fair value through other comprehensive income: Long-term securities(i) 20 — — 20 119 — — 119 120 — — 120 Derivatives included in prepaid expenses and other assets — — — — — — — — — 1 — 1 Fair value through profit and loss: Security deposits 39 — — 39 36 — — 36 38 — — 38 Mortgages, loans and notes receivable(i) — — 46 46 — — 138 138 — — 163 163 Investments in real estate securities(i) — 245 — 245 — 239 — 239 — 203 — 203 Certain other assets(i) — 15 172 187 — 15 118 133 — 15 134 149 Derivatives included in prepaid expenses and other assets — 5 — 5 — 6 1 7 — 11 — 11 Financial liabilities Amortized cost: Long-term debt — 9,185 7,049 16,234 — 8,700 6,466 15,166 — 9,216 6,811 16,027 Associate interest — — 360 360 — — 360 360 — — 255 255 Certain other liabilities(i)(ii) — — 819 819 — — 816 816 — — 813 813 Fair value through other comprehensive income: Derivatives included in trade payables and other liabilities — — 21 21 — 1 22 23 — — 16 16 Fair value through profit and loss: Trust Unit liability 4,133 — — 4,133 4,115 — — 4,115 3,715 — — 3,715 Derivatives included in trade payables and other liabilities — 3 1 4 1 2 — 3 — 2 6 8 (i) Included in the condensed consolidated balance sheets in Other Assets or Other Liabilities. (ii) Certain other liabilities relate primarily to financial liabilities associated with properties that did not meet the criteria for sale. There were no transfers between the levels of the fair value hierarchy during the periods presented. In the third quarter of 2025 and year-to-date, a gain of $3 million (2024 – loss of $1 million) and a loss of $3 million (2024 – gain of $4 million), respectively, was recognized in operating income on financial instruments designated as amortized cost. In addition, in the third quarter of 2025 and year-to-date, a net gain of $3 million (2024 – net loss of $512 million) and a net loss of $346 million (2024 – net loss of $215 million), respectively, was recognized in earnings before income taxes on financial instruments required to be classified as fair value through profit and loss. GEORGE --- WESTON LIMITED 2025 THIRD QUARTER REPORT 17 Investments in Real Estate Securities Choice Properties’ investment in Allied Properties Real Estate Investment Trust (“Allied”) Class B Units are recorded at their fair value based on market trading prices of Allied’s publicly traded units. In the third quarter of 2025 and year-to-date, a fair value gain of $42 million (2024 – gain of $58 million) and a gain of $42 million (2024 – nominal fair value gain), respectively, was recorded in SG&A. Other Derivatives The Company uses bond forwards, interest rate swaps and foreign exchange forwards to mitigate the impact of increases in interest rates and manage its anticipated exposure to exchange rates on its underlying operations and anticipated fixed asset purchases. The Company also uses swaps, futures, options and forward contracts to manage its anticipated exposure to fluctuations in commodity prices and exchange rates in its underlying operations. The following is a summary of the fair values recognized in the unaudited interim period condensed consolidated balance sheets and the net realized and unrealized gains (losses) before income taxes related to the Company’s other derivatives: Oct. 4, 2025 16 Weeks Ended 40 Weeks Ended ($ millions) Net asset (liability) fair value Gain/(loss) recorded in OCI Gain/(loss) recorded in operating income Gain/(loss) recorded in OCI Gain/(loss) recorded in operating income Derivatives designated as cash flow hedges Foreign Exchange Forwards(i) $ — $ 1 $ — $ (1) $ (2) Bond Forwards(ii) — — — — (1) Interest Rate Swaps(iii) 2 (1) — (2) — Energy Hedge(iv) (21) (1) (2) (5) (5) Total derivatives designated as cash flow hedges $ (19) $ (1) $ (2) $ (8) $ (8) Derivatives not designated in a formal hedging relationship Foreign Exchange and Other Forwards $ 1 $ — $ 10 $ — $ (10) Other Non-Financial Derivatives — — (4) — 6 Total derivatives not designated in a formal hedging relationship $ 1 $ — $ 6 $ — $ (4) Total derivatives $ (18) $ (1) $ 4 $ (8) $ (12) (i) PC Bank uses foreign exchange forwards, with a notional value of $29 million USD, to manage its foreign exchange risk related to certain U.S. payables. The fair value of the derivatives is included in trade payables and other liabilities. (ii) Loblaw uses bond forwards to manage its interest risk related to future debt issuances. During the third quarter of 2025, Loblaw settled all of its outstanding bond forwards. (iii) Choice Properties uses interest rate swaps, with a notional value of $75 million as derivative assets and $74 million as derivative liabilities, to manage its interest risk related to variable rate mortgages. The fair values of the derivatives are included in other assets and other liabilities. (iv) In 2023, Loblaw entered into a 20-year arrangement to hedge energy pricing on its purchases in Alberta beginning on January 1, 2025. The hedge has a notional value of $223 million. The fair value of the derivative is included in other liabilities. Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 18 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT Oct. 5, 2024 16 Weeks Ended 40 Weeks Ended ($ millions) Net asset (liability) fair value Gain/(loss) recorded in OCI Gain/(loss) recorded in operating income Gain/(loss) recorded in OCI Gain/(loss) recorded in operating income Derivatives designated as cash flow hedges Foreign Exchange Forwards(i) $ — $ (2) $ 1 $ (7) $ 1 Bond Forwards(ii) (1) (2) — 3 (2) Interest Rate Swaps(iii) --- 3 (5) — (4) 1 Energy Hedge(iv) (22) (3) — (18) — Total derivatives designated as cash flow hedges $ (20) $ (12) $ 1 $ (26) $ — Derivatives not designated in a formal hedging relationship Foreign Exchange and Other Forwards $ — $ — $ (3) $ — $ 9 Other Non-Financial Derivatives (1) — (2) — 1 Total derivatives not designated in a formal hedging relationship $ (1) $ — $ (5) $ — $ 10 Total derivatives $ (21) $ (12) $ (4) $ (26) $ 10 (i) PC Bank uses foreign exchange forwards, with a notional value of $8 million USD, to manage its foreign exchange risk related to certain U.S. payables. The fair value of the derivatives is included in prepaid expenses and other assets. (ii) Loblaw uses bond forwards to manage its interest risk related to future debt issuances. The notional value of PC Bank’s bond forwards is $25 million. The fair value of the derivatives is included in trade payables and other liabilities. (iii) PC Bank uses interest rate swaps, with a notional value of $180 million, to mitigate the impact of increases in interest rates. The fair value of the derivatives is included in prepaid expenses and other assets. Choice Properties uses interest rate swaps, with a notional value of $77 million as derivative assets and $75 million as derivative liabilities, to manage its interest risk related to variable rate mortgages. The fair values of the derivatives held by Choice Properties are included in other assets and other liabilities. (iv) In 2023, Loblaw entered into a 20-year arrangement to hedge energy pricing on its purchases in Alberta beginning on January 1, 2025. The hedge has a notional value of $223 million. The fair value of the derivative is included in other liabilities. GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 19 Note 14. Contingent Liabilities In the ordinary course of business, the Company is involved in and potentially subject to, legal actions and proceedings. In addition, the Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, any of which events could lead to reassessments. There are a number of uncertainties involved in such matters, individually or in aggregate, and as such, there is a possibility that the ultimate resolution of these matters may result in a material adverse effect on the Company’s reputation, operations, financial condition or performance in future periods. It is not currently possible to predict the outcome of the Company’s legal actions and proceedings with certainty. Management regularly assesses its position on the adequacy of accruals or provisions related to such matters and will make any necessary adjustments. The following is a description of the Company’s significant legal proceedings: Shoppers Drug Mart was previously served with an Amended Statement of Claim in a class action proceeding that has been filed in the Ontario Superior Court of Justice (“Superior Court”) by licensed associates (“Associates”), claiming various declarations and damages resulting from Shoppers Drug Mart’s alleged breaches of the Associate Agreement. The class action comprises all of Shoppers Drug Mart’s current and former licensed Associates residing in Canada, other than in Quebec, who were parties to Shoppers Drug Mart’s 2002 and 2010 forms of the Associate Ag --- reement. On July 9, 2013, the Superior Court certified as a class proceeding portions of the action. A summary judgment trial of the matter was held in December 2022 and on February 17, 2023, the Superior Court released its decision in relation to those summary judgment motions (the “Decision”). The Superior Court dismissed the plaintiffs’ claims on the majority of the issues including a request for damages at this stage of proceedings. The Superior Court also held that Shoppers Drug Mart breached the 2002 form of Associate Agreement when it did not remit certain amounts that it received from generic drug manufacturers to Associates. On March 20, 2023, the plaintiffs filed a Notice of Appeal and on April 4, 2023, Loblaw filed a Notice of Cross-Appeal. A hearing for the appeals was held on February 14, 2024 and on February 15, 2024. On August 29, 2024, the Court of Appeal dismissed both the appeal and cross appeal, with the exception that the plaintiff’s appeal was allowed to correct the amount Shoppers Drug Mart received in professional allowances during the class period. Accordingly, Loblaw has not recorded any amounts related to the potential liability associated with this lawsuit. Loblaw does not believe that the ultimate resolution of this matter will have a material adverse impact on its financial condition or prospects. In 2017, the Company and Loblaw announced actions taken to address their role in an industry-wide price-fixing arrangement involving certain packaged bread products. The arrangement involved the coordination of retail and wholesale prices of certain packaged bread products over a period extending from late 2001 to March 2015. Under the arrangement, the participants regularly increased prices on a coordinated basis. Class action lawsuits were commenced against the Company and Loblaw as well as a number of other major grocery retailers and another bread wholesaler. On July 24, 2024, the Company and Loblaw entered into binding Minutes of Settlement and on January 31, 2025, the Company and Loblaw entered into a Settlement Agreement with the lawyers representing consumers to settle those class action lawsuits for $500 million. The Company and Loblaw will each pay for a portion of the settlement, with the Company paying $247 million and Loblaw paying $253 million. Loblaw will receive credit for the $96 million it previously paid to customers in the form of Loblaw cards, resulting in it being required to pay $157 million in cash towards the settlement. The Settlement Agreement was approved by the Ontario Superior Court in May 2025 and the Quebec Superior Court in July 2025. On March 3, 2025, the settlement funds were paid into a trust account. In December 2019, a proposed class action on behalf of independent distributors was commenced against the Company (the “ID Class Action”). It is too early to predict the outcome of the ID Class Action but the Company does not believe that the ultimate resolution of such legal proceeding will have a material adverse impact on its financial condition or prospects. As a result of admission of participation in the arrangement and cooperation in the Competition Bureau’s investigation, the Company and Loblaw will not face criminal charges or penalties. In response to such class action lawsuits, certain major grocery retailers have crossclaimed against the Company and Loblaw, and the Company and Loblaw believe such crossclaims are without merit. Notes to the Unaudited Interim Period Conden --- sed Consolidated Financial Statements 20 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT In August 2018, the Province of British Columbia filed a class action against numerous opioid manufacturers and distributors, including Loblaw and its subsidiaries, Shoppers Drug Mart Inc. and Sanis Health Inc. The claim contains allegations of breach of the Competition Act, fraudulent misrepresentation and deceit and negligence, and seeks unquantified damages for the expenses incurred by the federal government, provinces, and territories of Canada in paying for opioid prescriptions and other healthcare costs related to opioid addiction and abuse in Canada. During the second quarter of 2021, the claim against Loblaw Companies Limited was discontinued. In May 2019, two further opioid-related class actions were commenced in each of Ontario and Quebec against a large group of defendants, including Sanis Health Inc. In February 2022, the plaintiff and Sanis Health Inc. agreed to settle the Quebec action for a nominal amount, with no admission of liability and for the express purpose of avoiding the delays, disruption, and expenses associated with the litigation. The settlement has been approved by the court and is now final. On December 12, 2024, the Ontario action was dismissed against Sanis Health Inc., with costs. In December 2019, a further opioid- related class action was commenced in British Columbia against a large group of defendants, including Sanis Health Inc., Shoppers Drug Mart Inc. and Loblaw. The allegations in the civil British Columbia class action are similar to the allegations against manufacturer defendants in the Province of British Columbia class action, except that the December 2019 claim seeks recovery of damages on behalf of opioid users directly. In April 2021, Loblaw, Shoppers Drug Mart Inc. and Sanis Health Inc. were served with another opioid-related class action that was started in Alberta against multiple defendants. In February 2025, the Company and Loblaws Inc. were also served with the claim. The claim seeks damages on behalf of municipalities and local governments in relation to public safety, social services, and criminal justice costs allegedly incurred due to the opioid crisis. In September 2021, Loblaw, Shoppers Drug Mart Inc. and Sanis Health Inc. were served with a class action started in Saskatchewan by Peter Ballantyne Cree Nation and Lac La Ronge Indian Band on behalf of all Indigenous, Metis, First Nation and Inuit communities and governments in Canada to recover costs they have incurred as a result of the opioid crisis, including healthcare costs, policing costs and societal costs. In October 2024, the claim was discontinued against Shoppers Drug Mart Inc. In January 2024, Shoppers Drug Mart Inc. was served with a second class action in Saskatchewan started by Lac La Ronge Indian Band. The case is brought on behalf of Band members and is claiming damages relating to abatement costs, the diversion of financial and other resources, the reduction in the value of the reserve lands and interests, and lost tax revenues. Shoppers Drug Mart Inc. is being sued as a representative of an international defendant subclass of opioid “dealers” and Sanis Health Inc. is a proposed supplier class member. The Company and Loblaw believe these proceedings are without merit and are vigorously defending them. The Company and Loblaw do not currently have any significant accruals or provisions for these matters recorded in the unaudi --- ted interim period condensed consolidated financial statements. In 2022, the Tax Court of Canada (“Tax Court”) released a decision relating to PC Bank, a subsidiary of Loblaw. The Tax Court ruled that PC Bank is not entitled to claim notional input tax credits for certain payments it made to Loblaws Inc. in respect of redemptions of loyalty points. PC Bank subsequently filed a Notice of Appeal with the Federal Court of Appeal (“FCA”) and in March 2024, the matter was heard by the FCA. In the third quarter of 2024, the FCA released its decision and reversed the decision of the Tax Court. As a result, PC Bank reversed charges of $155 million, including $111 million initially recorded in 2022. In addition, $10 million was recorded related to interest income on cash tax refunds. Certain taxation years subsequent to the periods covered by the FCA decision remain under review by the tax authorities. INDEMNIFICATION PROVISIONS The Company from time to time enters into agreements in the normal course of its business, such as service and outsourcing arrangements, lease agreements in connection with business or asset acquisitions or dispositions, and other types of commercial agreements. These agreements by their nature may provide for indemnification of counterparties. These indemnification provisions may be in connection with breaches of representations and warranties or in respect of future claims for certain liabilities, including liabilities related to tax and environmental matters. The terms of these indemnification provisions vary in duration and may extend for an unlimited period of time. In addition, the terms of these indemnification provisions vary in amount and certain indemnification provisions do not provide for a maximum potential indemnification amount. Indemnity amounts are dependent on the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. As a result, the Company is unable to reasonably estimate its total maximum potential liability in respect of indemnification provisions. Historically, the Company has not made any significant payments in connection with these indemnification provisions. Note 15. Related Party Transactions CHOICE PROPERTIES Transaction with Wittington In the first quarter of 2025, cash consideration for the disposition of a retail property held within assets held for sale of $7 million, as well as a retail property held within an equity accounted joint venture of $18 million, both located in Aurora, Ontario, included fees paid by Wittington of $1 million and $1 million, respectively. Transaction with Other Related Party In the first quarter of 2025, a mortgage receivable and interest accrued thereon totalling $114 million, previously issued to an entity in which Choice Properties has an ownership interest, was repaid. GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 21 Note 16. Segment Information The Company has two reportable operating segments: Loblaw and Choice Properties. Effect of consolidation includes eliminations, intersegment adjustments and other consolidation adjustments. Cash and short-term investments and other investments held by the Company, and all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs are included in GWL Corporate. The accounting policies of the reportable operating segments are the same as those described in t --- he Company’s summary of material accounting policies (see note 2). The Company measures each reportable operating segment’s performance based on operating income less adjusting items and before depreciation and amortization (“Adjusted EBITDA”). No reportable operating segment is reliant on any single external customer. 16 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Loblaw Choice Properties Total Segment Measure Effect of consol- idation GWL Corporate Total Loblaw Choice Properties Total Segment Measure Effect of consol- idation GWL Corporate Total Revenue $ 19,395 $ 362 $ 19,757 $ (209) $ — $ 19,548 $ 18,538 $ 340 $ 18,878 $ (193) $ — $ 18,685 Cost of inventories sold 13,193 — 13,193 — — 13,193 12,665 — 12,665 — — 12,665 Selling, general and administrative expenses 4,828 47 4,875 (156) (2) 4,717 4,554 (36) 4,518 (124) 8 4,402 Operating income $ 1,374 $ 315 $ 1,689 $ (53) $ 2 $ 1,638 $ 1,319 $ 376 $ 1,695 $ (69) $ (8) $ 1,618 Net interest expense (income) and other financing charges 273 73 346 65 7 418 238 1,039 1,277 (404) 2 875 Earnings (loss) before income taxes $ 1,101 $ 242 $ 1,343 $ (118) $ (5) $ 1,220 $ 1,081 $ (663) $ 418 $ 335 $ (10) $ 743 Operating income $ 1,374 $ 315 $ 1,689 $ (53) $ 2 $ 1,638 $ 1,319 $ 376 $ 1,695 $ (69) $ (8) $ 1,618 Depreciation and amortization 810 1 811 903 1 904 Adjusting items(i) 31 (55) (24) (155) (140) (295) Adjusted EBITDA(i) $ 2,215 $ 261 $ 2,476 $ 2,067 $ 237 $ 2,304 (i) Certain items are excluded from operating income to derive adjusted EBITDA: 16 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Loblaw Choice Properties Total Segment Measure Loblaw Choice Properties Total Segment Measure Wind-down of Theodore & Pringle optical business $ 30 $ — $ 30 $ — $ — $ — Loss on sale of non-operating properties 2 — 2 — — — Fair value adjustment of derivatives (1) — (1) — — — Recovery related to PC Bank commodity tax matter — — — (155) — (155) Fair value adjustment on investment properties — (13) (13) — (82) (82) Fair value adjustment of investment in real estate securities — (42) (42) — (58) (58) Adjusting Items $ 31 $ (55) $ (24) $ (155) $ (140) $ (295) Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 22 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Loblaw Choice Properties Total Segment Measure Effect of consol- idation GWL Corporate Total Loblaw Choice Properties Total Segment Measure Effect of consol- idation GWL Corporate Total Revenue $ 48,202 $ 1,060 $ 49,262 $ (606) $ — $ 48,656 $ 46,066 $ 1,025 $ 47,091 $ (580) $ — $ 46,511 Cost of inventories sold 32,536 — 32,536 — — 32,536 31,117 9 31,126 — — 31,126 Selling, general and administrative expenses 12,151 119 12,270 (322) 17 11,965 11,905 160 12,065 (343) 279 12,001 Operating income $ 3,515 $ 941 $ 4,456 $ (284) $ (17) $ 4,155 $ 3,044 $ 856 $ 3,900 $ (237) $ (279) $ 3,384 Net interest expense (income) and other financing charges 683 949 1,632 (294) 14 1,352 622 863 1,485 (399) 1 1,087 Earnings (loss) before income taxes $ 2,832 $ (8) $ 2,824 $ 10 $ (31) $ 2,803 $ 2,422 $ (7) $ 2,415 $ 162 $ (280) $ 2,297 Operating income $ 3,515 $ 941 $ 4,456 $ (284) $ (17) $ 4,155 $ 3,044 $ 856 $ 3,900 $ (237) $ (279) $ 3,384 Depreciation and amortization 2,115 3 2,118 2,272 3 2,275 Adjusting items(i) 12 (185) (173) 4 (141) (137) Adjusted EBITDA(i) $ 5,642 $ 759 $ 6,401 $ 5,320 $ 718 $ 6,038 (i) Certain items are excluded from operating income to derive adjusted EBITDA: --- 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Loblaw Choice Properties Total Segment Measure Loblaw Choice Properties Total Segment Measure Wind-down of Theodore & Pringle optical business $ 30 $ — $ 30 $ — $ — $ — Charges related to settlement of class action lawsuits — — — 164 — 164 Fair value adjustment of derivatives — — — (5) — (5) Transaction costs and other related recoveries — — — — (39) (39) Recovery related to PC Bank commodity tax matter — — — (155) — (155) Sale of Wellwise (5) — (5) — — — Gain on sale of non-operating properties (13) — (13) — — — Fair value adjustment of investment in real estate securities — (42) (42) — — — Fair value adjustment on investment properties — (143) (143) — (102) (102) Adjusting Items $ 12 $ (185) $ (173) $ 4 $ (141) $ (137) GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 23 Effect of consolidation includes the following items: 16 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Revenue Operating Income Net Interest Expense and Other Financing Charges Revenue Operating Income Net Interest Expense and Other Financing Charges Elimination of intercompany rental revenue $ (214) $ 44 $ — $ (195) $ 56 $ — Elimination of internal lease arrangements 5 (39) (48) 2 18 (44) Elimination of intersegment real estate transactions — (12) — — (87) — Recognition of depreciation on Choice Properties’ investment properties classified as fixed assets by the Company and measured at cost — (12) — — (8) — Fair value adjustment on investment properties — (34) — — (48) 1 Unit distributions on Exchangeable Units paid by Choice Properties to GWL — — (76) — — (75) Unit distributions on Trust Units paid by Choice Properties, excluding amounts paid to GWL — — 54 — — 52 Fair value adjustment on Choice Properties’ Exchangeable Units — — 68 — — (906) Fair value adjustment of the Trust Unit liability — — 67 — — 568 Total $ (209) $ (53) $ 65 $ (193) $ (69) $ (404) 40 Weeks Ended Oct. 4, 2025 Oct. 5, 2024 ($ millions) Revenue Operating Income Net Interest Expense and Other Financing Charges Revenue Operating Income Net Interest Expense and Other Financing Charges Elimination of intercompany rental revenue $ (617) $ 28 $ — $ (588) $ 29 $ — Elimination of internal lease arrangements 11 (55) (111) 8 (26) (102) Elimination of intersegment real estate transactions — (81) — — (119) — Recognition of depreciation on Choice Properties’ investment properties classified as fixed assets by the Company and measured at cost — (42) — — (35) — Fair value adjustment on investment properties — (134) 1 — (86) 3 Unit distributions on Exchangeable Units paid by Choice Properties to GWL — — (228) — — (225) Unit distributions on Trust Units paid by Choice Properties, excluding amounts paid to GWL — — 160 — — 157 Fair value adjustment on Choice Properties’ Exchangeable Units — — (534) — — (467) Fair value adjustment of the Trust Unit liability — — 418 — — 235 Total $ (606) $ (284) $ (294) $ (580) $ (237) $ (399) Notes to the Unaudited Interim Period Condensed Consolidated Financial Statements 24 GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT As at ($ millions) Oct. 4, 2025 Oct. 5, 2024 Dec. 31, 2024 Total Assets Loblaw $ 41,563 $ 39,261 $ 40,880 Choice Properties 17,964 17,405 17,558 Total Segment Measure $ 59,527 $ 56,666 $ 58,438 GWL Corporate 11,847 12,159 12,376 Effect of consolidation (19,319) (18,852) (19,378) Consolidated $ 52,055 $ 49,973 $ 51,436 16 Weeks Ended 40 Weeks Ended ($ millions) Oct. 4, 2025 Oct. 5, 2024 Oct. 4, 2025 Oct. 5, --- 2024 Capital Investments Loblaw $ 685 $ 690 $ 1,340 $ 1,572 Choice Properties 50 129 471 251 Total Segment Measure $ 735 $ 819 $ 1,811 $ 1,823 GWL Corporate — — — — Effect of consolidation — (86) (201) (144) Consolidated(i) $ 735 $ 733 $ 1,610 $ 1,679 (i) Capital investments are the sum of fixed asset and investment properties purchases and intangible asset additions as presented in the Company’s condensed consolidated statements of cash flows, and prepayments transferred to fixed assets in the current period. GEORGE WESTON LIMITED 2025 THIRD QUARTER REPORT 25