George Weston Limited Reports Adjusted Diluted Net Earnings Per Common Share Growth of 15.2% in the Fourth Quarter
Executive Summary
- George Weston Limited reported Q4 2025 revenue of C$16.536 bn (+11.2% YoY) and adjusted EBITDA of C$1.894 bn (+10.7% YoY).
- Net earnings available to common shareholders fell sharply to C$280 m (C$0.72 per share), a 57.8% decline, driven primarily by a fair‑value adjustment loss on the Choice Properties Trust Unit liability.
- Adjusted net earnings from continuing operations increased 11.8% YoY to C$444 m, reflecting strong operating performance in Loblaw and Choice Properties offset by higher financing charges.
Key Details
- Revenue & Profitability
- Q4 2025 consolidated revenue: C$16,536 m, up C$1,662 m (+11.2%).
- Adjusted EBITDA (Q4): C$1,894 m, up C$183 m (+10.7%).
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Adjusted EBITDA margin: 11.5% (flat YoY).
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Net Earnings
- Net earnings attributable to common shareholders (continuing ops): C$280 m (C$0.72/share), down C$384 m (-57.8%).
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Primary negative impact: fair‑value adjustment of Trust Unit liability – C$388 m loss.
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Adjusted Earnings
- Adjusted net earnings (continuing ops): C$444 m, up C$47 m (+11.8%).
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Adjusted diluted EPS (continuing ops): C$1.15, up C$0.15 (+15.0%).
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Segment Performance
- Loblaw: Q4 revenue C$16,382 m (+11.3% YoY); operating income C$1,132 m (+43.1% YoY); adjusted EBITDA C$1,773 m (+11.3% YoY).
- Food retail sales grew 1.5%; drug retail same‑store sales up 3.9%.
- Opened 77 new stores; ramped first of two automated 1 M‑sq‑ft distribution centres.
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Choice Properties: Q4 revenue C$355 m (+3.2% YoY); net loss C$(53) m (vs. C$792 m profit prior year) due to higher interest expense and fair‑value adjustments on investment securities and properties.
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Share Repurchases & Capital Structure
- NCIB share repurchase: 3.2 m common shares cancelled for C$290 m in Q4 2025 (total outstanding 379.3 m).
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Participation in Loblaw’s NCIB: purchased 5.0 m Loblaw shares for C$300 m.
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Dividends
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Quarterly dividend declared for common shareholders: C$0.297933 per share, payable April 1 2026.
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Outlook (2026)
- Expect adjusted net earnings growth; continue capital expenditures (~C$2.4 bn) on store network and distribution centres; allocate excess cash to share repurchases.
- Sale of PC Financial pending closing in 2026; results will be shown as discontinued operations.
Notable Quotes
“2025 marked another strong year for George Weston as Loblaw gained customers by offering exceptional value… The success of our market‑leading businesses and their dedicated colleagues continued to drive long‑term value creation at George Weston.” – Galen G. Weston, Chairman & CEO.