SEDAR Interim Financial Statements

INTERIM REPORT 12-week period ended March 14, 2026 2nd Quarter 2026 HIGHLIGHTS 2026 SECOND QUARTER n Sales of $5,113.0 million, up 4.1% n Food same-store sales(1) up 1.8% n Pharmacy same-store sales(1) up 5.1% n Net earnings of $246.6 million, up 12.1% and adjusted net earnings(1) of $236.5 million, up 4.4% n Fully diluted net earnings per share of $1.16, up 17.2% and adjusted fully diluted net earnings per share(1) of $1.11, up 8.8% n Returned $222.5 million to shareholders through share repurchases n Opened or converted three stores in the quarter (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. REPORT TO SHAREHOLDERS Dear Shareholders, I am pleased to present our interim report for the second quarter of Fiscal 2026 ended March 14, 2026. Sales in the second quarter of Fiscal 2026 ended on March 14, 2026 were $5,113.0 million, up 4.1% versus the second quarter of the prior year which ended on March 15, 2025. Sales were positively impacted by new store openings, same-store sales growth, as well as the transfer of one significant pre-Christmas shopping day to the second quarter this year. Food same-store sales(1) were up 1.8% in the second quarter of Fiscal 2026 (2025 — 5.3%) and up 1.5% when adjusting for the Christmas shift(3). Online food sales(1) were up 19.8% versus last year (2025 — 26.2%). Our food basket inflation was in line with the reported CPI of 4.3% for food purchased from stores. Pharmacy same-store sales(1) were up 5.1% (2025 — 7.0%), with a 6.1% increase in prescription drugs(1) and a 2.8% increase in front-store sales(1), primarily driven by cosmetics and health and beauty. When adjusting for the Christmas shift(3), front-store sales(1) were up 2.3%. Second quarter net earnings were $246.6 million in Fiscal 2026 compared with $220.0 million in 2025 and fully diluted net earnings per share were $1.16 compared with $0.99 in 2025, up 12.1% and 17.2% respectively. Adjusted net earnings(1) for the second quarter of Fiscal 2026 totalled $236.5 million compared with $226.6 million for the corresponding quarter of 2025, and adjusted fully diluted net earnings per share(1) for the second quarter of Fiscal 2026 were $1.11, versus $1.02 in 2025, up 4.4% and 8.8% respectively. The second quarters of 2026 and 2025 included an adjustment for the after-tax amortization of intangible assets recorded in connection with the Jean Coutu Group acquisition. The second quarter of 2026 was also adjusted for a gain of $20.1 million, or $16.7 million net of taxes, related to the disposal of out-of-service warehouses. On April 21, 2026, the Board of Directors declared a quarterly dividend of $0.4075 per share, the same amount declared last quarter. We delivered solid second quarter results, driven by strong revenue growth and disciplined expense control, as our teams continue to offer the best possible value to customers across all our banners. We are very pleased with the expansion of our discount store network, which continues to fuel food sales growth, as well as with the sustained sales momentu --- m in our pharmacy business. We are disappointed with the strike at our produce distribution center in Laval, our contingency plan is in place and our Quebec stores are now generally well stocked. We look forward to a resolution that considers the needs of our employees and customers while ensuring the long-term competitiveness of our company(2). Eric La Flèche President and Chief Executive Officer April 22, 2026 (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS The following Management's Discussion and Analysis (MD&A) sets out the financial position and consolidated results of METRO INC. (the Corporation) on March 14, 2026 for the 12 and 24-week periods then ended. It should be read in conjunction with the unaudited interim condensed consolidated financial statements and accompanying notes in this interim report. The unaudited interim condensed consolidated financial statements for the 12 and 24-week periods ended March 14, 2026 have been prepared by management in accordance with IAS 34 Interim Financial Reporting. They should be read in conjunction with the audited annual consolidated financial statements and accompanying notes and the MD&A presented in the Corporation's 2025 Annual Report. Unless otherwise stated, the interim report is based on information as at April 2, 2026. Additional information, including the Certification of Interim Filings for the quarter ended March 14, 2026 signed by the President and Chief Executive Officer and the Executive Vice President, Chief Financial Officer and Treasurer, will also be available on the SEDAR website at: www.sedarplus.ca. OPERATING RESULTS SALES Sales in the second quarter of Fiscal 2026 ended on March 14, 2026 were $5,113.0 million, up 4.1% versus the second quarter of the prior year which ended on March 15, 2025. Sales were positively impacted by new store openings, same-store sales growth, as well as the transfer of one significant pre-Christmas shopping day to the second quarter this year. Food same-store sales(1) were up 1.8% in the second quarter of Fiscal 2026 (2025 — 5.3%) and up 1.5% when adjusting for the Christmas shift(3). Online food sales(1) were up 19.8% versus last year (2025 — 26.2%). Our food basket inflation was in line with the reported CPI of 4.3% for food purchased from stores. Pharmacy same-store sales(1) were up 5.1% (2025 — 7.0%), with a 6.1% increase in prescription drugs(1) and a 2.8% increase in front-store sales(1), primarily driven by cosmetics and health and beauty. When adjusting for the Christmas shift(3), front-store sales(1) were up 2.3%. Sales in the first 24 weeks of Fiscal 2026 totalled $10,398.8 million, up 3.7% compared to $10,027.0 million for the corresponding period of 2025. OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION This earnings measurement excludes financial costs, taxes, depreciation and amortization. Gross margin(1) for the second quarter and the first 24 weeks of Fiscal 2026 were 20.1% and 19.9% respectively versus 20.0% and 19.9% for the --- corresponding periods of 2025. Operating expenses as a percentage of sales for the second quarter of Fiscal 2026 were 10.5% versus 10.6% for the corresponding quarter of 2025. For the first 24 weeks of Fiscal 2026, operating expenses as a percentage of sales were 10.5% which is the same percentage as the corresponding period of 2025. The asset disposals recognized in the second quarter of 2026 generated gains of $20.4 million, of which $20.1 million was attributable to the disposal of out-of-service warehouses. In the second quarter of 2025, asset disposals generated losses of $0.1 million. Operating income before depreciation and amortization for the second quarter of Fiscal 2026 totalled $508.6 million, or 9.9% of sales, an increase of 10.3% versus the corresponding quarter of Fiscal 2025. Excluding the gain on the disposal of out-of-service warehouses, operating income before depreciation and amortization as a percentage of sales would be 9.6%, an increase of 6.0% from the prior year. Operating income before depreciation and amortization for the first 24 weeks of Fiscal 2026 totalled $991.2 million, or 9.5% of sales, up 5.2% versus the corresponding period of 2025. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 3 - DEPRECIATION AND AMORTIZATION Total depreciation and amortization expense for the second quarter of Fiscal 2026 was $144.3 million versus $136.1 million for the corresponding quarter of 2025. The increase in depreciation and amortization expense is mainly due to the increase in the retail network investments, including right-of-use assets, and technology investments. For the first 24 weeks of Fiscal 2026, total depreciation and amortization expense was $287.9 million versus $269.7 million for the corresponding period of 2025. NET FINANCIAL COSTS Net financial costs for the second quarter of Fiscal 2026 were $37.3 million compared with $33.4 million in the corresponding quarter of 2025. The increase in net financial costs is mainly due to higher interest expense on net debt. For the first 24 weeks of Fiscal 2026, net financial costs were $74.6 million compared with $64.1 million for the corresponding period of 2025. The increase in net financial costs is mainly due to the recording in 2025 of interest receivable of $4.2 million regarding the resolution of a tax position related to prior years, and higher interest expense on net debt. INCOME TAXES The income tax expense of $80.4 million for the second quarter of Fiscal 2026 represented an effective tax rate of 24.6% compared with an income tax expense of $71.5 million and an effective tax rate of 24.5% for the second quarter of Fiscal 2025. The 24-week period income tax expense of $155.8 million for Fiscal 2026 and $129.2 million for Fiscal 2025 represented effective tax rates of 24.8% and 21.2% respectively. The increase in the effective tax rate in 2026 is mainly attributable to a provincial tax holiday on a large investment project of $9.7 million for the first 24 weeks of Fiscal 2026 compared with $12.1 million for th --- e corresponding period of 2025. The first quarter of 2025 also included a favourable $20.6 million income tax adjustment in respect of prior years. NET EARNINGS AND ADJUSTED NET EARNINGS(1) Net earnings for the second quarter of Fiscal 2026 were $246.6 million compared with $220.0 million for the corresponding quarter of 2025, while fully diluted net earnings per share were $1.16 compared with $0.99 in 2025, up 12.1% and 17.2% respectively. Excluding the specific items shown in the table below, adjusted net earnings(1) for the second quarter of Fiscal 2026 totalled $236.5 million compared with $226.6 million for the corresponding quarter of 2025, and adjusted fully diluted net earnings per share(1) for the second quarter of Fiscal 2026 were $1.11, versus $1.02 in 2025, up 4.4% and 8.8% respectively. Net earnings for the first 24 weeks of Fiscal 2026 were $472.9 million compared with $479.5 million for the corresponding period of 2025, while fully diluted net earnings per share were $2.21 compared with $2.15 in 2025, down 1.4% and up 2.8% respectively. Excluding the specific items shown in the table below, adjusted net earnings(1) for the first 24 weeks of Fiscal 2026 totalled $485.2 million compared with $472.0 million for the corresponding period of 2025, and adjusted fully diluted net earnings per share(1) were $2.27 in 2026 versus $2.12 in 2025, up 2.8% and 7.1% respectively. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 4 - Net earnings and fully diluted net earnings per share (EPS) adjustments(1) 12 weeks / Fiscal Year 2026 2025 Change (%) Net earnings (Millions of dollars) Fully diluted EPS (Dollars) Net earnings (Millions of dollars) Fully diluted EPS (Dollars) Net earnings Fully diluted EPS Per financial statements 246.6 1.16 220.0 0.99 12.1 17.2 Gain on the disposal of out-of-service warehouses, net of taxes of $3.4 (16.7) — Amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition, net of taxes of $2.3 6.6 6.6 Adjusted measures(1) 236.5 1.11 226.6 1.02 4.4 8.8 24 weeks / Fiscal Year 2026 2025 Change (%) Net earnings (Millions of dollars) Fully diluted EPS (Dollars) Net earnings (Millions of dollars) Fully diluted EPS (Dollars) Net earnings Fully diluted EPS Per financial statements 472.9 2.21 479.5 2.15 (1.4) 2.8 Gain on the disposal of out-of-service warehouses, net of taxes of $3.4 (16.7) — Direct costs due to the freezer issue, net of taxes of $5.7 15.9 — Amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition, net of taxes of $4.7 13.1 13.1 Favourable resolution of a tax position in respect of prior years — (20.6) Adjusted measures(1) 485.2 2.27 472.0 2.12 2.8 7.1 (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section o --- n "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 5 - QUARTERLY HIGHLIGHTS (Millions of dollars, unless otherwise indicated) 2026 2025 2024 Change (%) Sales Q2(4) 5,113.0 4,909.9 — 4.1 Q1(4) 5,285.8 5,117.1 — 3.3 Q4(4) — 5,108.7 4,938.4 3.4 Q3(5) — 6,871.0 6,651.8 3.3 Net earnings Q2(4) 246.6 220.0 — 12.1 Q1(4) 226.3 259.5 — (12.8) Q4(4) — 217.0 219.9 (1.3) Q3(5) — 323.0 296.2 9.0 Adjusted net earnings(1) Q2(4) 236.5 226.6 — 4.4 Q1(4) 248.7 245.4 — 1.3 Q4(4) — 246.0 226.5 8.6 Q3(5) — 331.8 305.0 8.8 Fully diluted net earnings per share (Dollars) Q2(4) 1.16 0.99 — 17.2 Q1(4) 1.05 1.16 — (9.5) Q4(4) — 1.00 0.98 2.0 Q3(5) — 1.48 1.31 13.0 Adjusted fully diluted net earnings per share(1) (Dollars) Q2(4) 1.11 1.02 — 8.8 Q1(4) 1.16 1.10 — 5.5 Q4(4) — 1.13 1.02 10.8 Q3(5) — 1.52 1.35 12.6 (4) 12 weeks (5) 16 weeks Sales in the second quarter of Fiscal 2026 ended on March 14, 2026 were $5,113.0 million, up 4.1% versus the second quarter of the prior year which ended on March 15, 2025. Sales were positively impacted by new store openings, same-store sales growth, as well as the transfer of one significant pre-Christmas shopping day to the second quarter this year. Food same-store sales(1) were up 1.8% in the second quarter of Fiscal 2026 (2025 — 5.3%) and up 1.5% when adjusting for the Christmas shift(3). Online food sales(1) were up 19.8% versus last year (2025 — 26.2%). Our food basket inflation was in line with the reported CPI of 4.3% for food purchased from stores. Pharmacy same-store sales(1) were up 5.1% (2025 — 7.0%), with a 6.1% increase in prescription drugs(1) and a 2.8% increase in front-store sales(1), primarily driven by cosmetics and health and beauty. When adjusting for the Christmas shift(3), front-store sales(1) were up 2.3%. Sales in the first quarter of Fiscal 2026 ended on December 20, 2025 were $5,285.8 million, up 3.3% versus the first quarter of the prior year which ended on December 21, 2024. Sales were negatively impacted by the transfer of one significant pre-Christmas shopping day to the second quarter this year and by the temporary shutdown of our frozen food distribution centre in Toronto. Food same-store sales(1) were up 1.6% in the first quarter of Fiscal 2026 (2025 — 1.0%) and up 1.9% when adjusting for the Christmas shift(3). Online food sales(1) were up 25.8% versus last year (2025 — 18.6%). Our food basket inflation was below the reported CPI of 4.1% for food purchased from stores. Pharmacy same-store sales(1) were up 3.9% (2025 — 5.1%), with a 5.1% increase in prescription drugs(1) and a 1.3% (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 6 - increase in front-store sales(1), primarily driven by health and beauty and partially offset by a delayed cough and cold season. When adjusting for the Christmas shift(3), front-store sales(1) were up 1.7%. Sales in the fourth quarter of Fiscal 2025 ended on September 27, 2025 were $5,108.7 million, --- up 3.4% versus the fourth quarter of the prior year, driven by higher sales in our discount and pharmacy retail networks. Food same-store sales(1) were up 1.6% in the fourth quarter of Fiscal 2025 (2024 — 2.2%). Online food sales(1) were up 19.8% versus last year (2024 — 27.6%). Our food basket inflation was below the reported CPI of 3.4% for food purchased from stores. Pharmacy same-store sales(1) were up 4.8% (2024 — 5.7%), with a 5.5% increase in prescription drugs(1) and a 2.9% increase in front-store sales(1), primarily driven by over-the-counter products, cosmetics, and health and beauty. Sales in the third quarter of Fiscal 2025 ended on July 5, 2025 were $6,871.0 million, up 3.3% versus the third quarter of the prior year which ended on July 6, 2024, driven by higher sales in our retail network. Food same-store sales(1) were up 1.9% in the third quarter of Fiscal 2025 (2024 — 2.4%). Online food sales(1) were up 14.4% versus last year (2024 — 34.3%). Our food basket inflation was generally in line with the reported CPI for food purchased from stores. Pharmacy same-store sales(1) were up 5.5% (2024 — 5.2%), with a 6.2% increase in prescription drugs(1) and a 4.0% increase in front-store sales(1), primarily driven by over-the-counter products, cosmetics, and health and beauty. Net earnings for the second quarter of Fiscal 2026 were $246.6 million compared with $220.0 million for the corresponding quarter of 2025, while fully diluted net earnings per share were $1.16 compared with $0.99 in 2025, up 12.1% and 17.2% respectively. Adjusted net earnings(1) for the second quarter of Fiscal 2026 totalled $236.5 million compared with $226.6 million for the corresponding quarter of 2025, and adjusted fully diluted net earnings per share(1) for the second quarter of Fiscal 2026 were $1.11, versus $1.02 in 2025, up 4.4% and 8.8% respectively. The second quarters of 2026 and 2025 included an adjustment for the pre-tax amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition of $8.9 million, as well as the income taxes relating to this item. The second quarter of 2026 was also adjusted for a gain of $20.1 million, or $16.7 million net of taxes, related to the disposal of out-of-service warehouses. Net earnings for the first quarter of Fiscal 2026 were $226.3 million compared with $259.5 million for the corresponding quarter of 2025, while fully diluted net earnings per share were $1.05 compared with $1.16 in 2025, down 12.8% and 9.5% respectively. Adjusted net earnings(1) for the first quarter of Fiscal 2026 totalled $248.7 million compared with $245.4 million for the corresponding quarter of 2025, and adjusted fully diluted net earnings per share(1) for the first quarter of Fiscal 2026 were $1.16, versus $1.10 in 2025, up 1.3% and 5.5% respectively. The first quarters of 2026 and 2025 included an adjustment for the pre-tax amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition of $8.9 million, as well as the income taxes relating to this item. The first quarter of 2026 also included direct costs of $21.6 million, or $15.9 million net of taxes, related to the temporary shutdown of our frozen distribution centre in Toronto, while the first quarter of 2025 included a $20.6 million adjustment regarding the favourable resolution of an income tax position related to prior years. Net earnings for the fourth quarter of Fiscal 2025 were $217.0 million compared with $219.9 mil --- lion for the corresponding quarter of 2024, while fully diluted net earnings per share were $1.00 compared with $0.98 in 2024, down 1.3% and up 2.0% respectively. Adjusted net earnings(1) for the fourth quarter of Fiscal 2025 totalled $246.0 million compared with $226.5 million for the corresponding quarter of 2024, and adjusted fully diluted net earnings per share(1) for the fourth quarter of Fiscal 2025 were $1.13, versus $1.02 in 2024, up 8.6% and 10.8% respectively. The fourth quarters of 2025 and 2024 included an adjustment for the pre-tax amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition of $8.9 million, as well as the income taxes relating to this item. The fourth quarter of 2025 also included inventories write-down and other direct costs of $30.6 million, or $22.5 million net of the related taxes, related to the temporary shutdown of our frozen distribution centre in Toronto. Net earnings for the third quarter of Fiscal 2025 were $323.0 million compared with $296.2 million for the corresponding quarter of 2024, while fully diluted net earnings per share were $1.48 compared with $1.31 in 2024, up 9.0% and 13.0% respectively. Adjusted net earnings(1) for the third quarter of Fiscal 2025 totalled $331.8 million compared with $305.0 million for the corresponding quarter of 2024, and adjusted fully diluted net earnings per share(1) for third quarter of Fiscal 2025 were $1.52, versus $1.35 in 2024, up 8.8% and 12.6% respectively. The third quarters of 2025 and 2024 included an adjustment for the pre-tax amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition of $11.9 million, as well as the income taxes relating to this item. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 7 - 2026 2025 2024 (Millions of dollars) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net earnings 246.6 226.3 217.0 323.0 220.0 259.5 219.9 296.2 Gain on disposal of out-of-service warehouses, net of taxes (16.7) — — — — — — — Inventories write-down and other direct costs due to the freezer issue, net of taxes — 15.9 22.5 — — — — — Amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition, net of taxes 6.6 6.5 6.5 8.8 6.6 6.5 6.6 8.8 Favourable resolution of a tax position in respect of prior years — — — — — (20.6) — — Adjusted net earnings(1) 236.5 248.7 246.0 331.8 226.6 245.4 226.5 305.0 2026 2025 2024 (Dollars) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Fully diluted net earnings per share 1.16 1.05 1.00 1.48 0.99 1.16 0.98 1.31 Adjustments impact (0.05) 0.11 0.13 0.04 0.03 (0.06) 0.04 0.04 Adjusted fully diluted net earnings per share(1) 1.11 1.16 1.13 1.52 1.02 1.10 1.02 1.35 CASH POSITION OPERATING ACTIVITIES In the second quarter of Fiscal 2026, operating activities generated cash inflows of $559.9 million compared with $379.7 million in the corresponding quarter of 2025. The increase is mainly due to changes in non-cash working capital items during the quarter compared to last year. In the first 24 weeks of Fiscal 2026, opera --- ting activities generated cash inflows of $677.7 million compared with $545.6 million in the corresponding period of 2025. The increase is mainly due to changes in non-cash working capital items during the first 24 weeks of Fiscal 2026 compared to last year. INVESTING ACTIVITIES Investing activities required cash outflows of $26.8 million in the second quarter of Fiscal 2026 compared with $57.5 million in the corresponding quarter of 2025. This difference stemmed mainly from the proceeds on disposal of out-of-service warehouses in 2026. In the first 24 weeks of Fiscal 2026, investing activities required cash outflows of $64.9 million compared with $114.3 million in the corresponding period of 2025. This difference stemmed mainly from lower investments in tangible and intangible assets of $27.9 million and the proceeds on disposal of out-of-service warehouses in 2026. During the first 24 weeks of Fiscal 2026, we and our retailers opened or converted 6 stores, carried out major expansions and renovations of 4 stores, and 1 store was closed, for a net increase of 141,300 square feet or 0.6% of our food retail network. FINANCING ACTIVITIES In the second quarter of 2026, financing activities required cash outflows of $419.9 million compared with $283.6 million in the corresponding quarter of 2025. The variation is mainly due to the variation in net debt of $89.9 million during the quarter compared to last year and higher share repurchases of $28.2 million in 2026. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 8 - In the first 24 weeks of Fiscal 2026, financing activities required cash outflows of $549.0 million compared with $422.1 million in the corresponding period of 2025. This difference is mainly due to higher share repurchases of $78.4 million in 2026. FINANCIAL POSITION We do not anticipate(2) any liquidity risk and consider our financial position at the end of the second quarter of 2026 as very solid. We had an unused authorized revolving credit facility of $600.0 million. At the end of the second quarter of 2026, the main elements of our debt were as follows: Interest Rate Maturity Notional (Millions of dollars) Revolving Credit Facility Rates fluctuate with changes in bankers' acceptance rates December 11, 2030 — Series G Notes 3.39% fixed nominal rate December 6, 2027 450.0 Series L Notes 4.00% fixed nominal rate November 27, 2029 500.0 Series M Notes 3.47% fixed nominal rate February 25, 2031 350.0 Series K Notes 4.66% fixed nominal rate February 7, 2033 300.0 Series B Notes 5.97% fixed nominal rate October 15, 2035 400.0 Series D Notes 5.03% fixed nominal rate December 1, 2044 300.0 Series H Notes 4.27% fixed nominal rate December 4, 2047 450.0 Series I Notes 3.41% fixed nominal rate February 28, 2050 400.0 On February 25, 2026, the Corporation issued through a private placement Series M unsecured senior notes in the aggregate principal amount of $350.0 million, bearing interest at a fixed nominal rate of 3.469%, maturing on February 25, 2031. On December 2, 2024, the Corpora --- tion redeemed all of the Series J notes, bearing interest at a fixed nominal rate of 1.92%, in the amount of $300.0 million that matured on the same day. On November 27, 2024, the Corporation issued through a private placement Series L unsecured senior notes in the aggregate principal amount of $500.0 million, bearing interest at a fixed nominal rate of 3.998%, maturing on November 27, 2029. In anticipation of this issuance, on November 22, 2024, the Corporation entered into a bond forward contract designated as cash flow hedge on a portion of a highly probable future debt issuance in the amount of $100.0 million that effectively locked-in a 5-year fixed underlying Government of Canada yield of 3.351%. The effective part of the loss on the hedging instrument was recognized in Other Comprehensive Income. Following the Series L notes issuance, the amounts accumulated in equity will be reclassified to net financial costs on a linear basis over the life of the debt. CAPITAL STOCK, STOCK OPTIONS AND PERFORMANCE SHARE UNITS As at As at March 14, 2026 September 27, 2025 Number of Common Shares outstanding (Thousands) 210,933 214,748 Stock options: Number outstanding (Thousands) 2,099 1,969 Exercise prices (Dollars) 55.94 to 102.08 47.51 to 102.08 Weighted average exercise price (Dollars) 73.62 69.65 Performance share units: Number outstanding (Thousands) 530 551 (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 9 - NORMAL COURSE ISSUER BID PROGRAM Under the current normal course issuer bid program, the Corporation may repurchase up to 10,000,000 of its Common Shares between November 27, 2025 and November 26, 2026. As at April 2, 2026, the Corporation has repurchased 2,900,000 Common Shares at an average price of $96.47, for a total consideration of $279.8 million. DIVIDENDS On April 21, 2026, the Board of Directors declared a quarterly dividend of $0.4075 per share, the same amount declared last quarter. SHARE TRADING The value of METRO shares remained in the $89.64 to $101.30 range over the first 24 weeks of Fiscal 2026. During this period, a total of 63.1 million shares were traded on the Toronto Stock Exchange. The closing price on April 2, 2026 was $96.44 compared with $92.20 at the end of Fiscal 2025. NEW ACCOUNTING STANDARD ACCOUNTING STANDARD ISSUED BUT NOT YET EFFECTIVE Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements, and consequential amendments to several other standards. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, with prescribed subtotals for each new category. It also requires disclosure of management-defined performance measures which will now form part of the audited financial statements. IFR --- S 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Corporation is currently working to identify all impacts the amendments will have on the consolidated financial statements and notes to the consolidated financial statements. FORWARD-LOOKING INFORMATION We have used, throughout this report, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information. In general, any statement contained herein that does not constitute a historical fact may be deemed a forward-looking statement. Expressions such as "anticipate", "continue", "look forward" and other similar expressions are generally indicative of forward- looking statements. The forward-looking statements contained herein are based upon certain assumptions regarding the Canadian food and pharmaceutical industries, the general economy, our annual budget, as well as our 2026 action plan. These forward-looking statements do not provide any guarantees as to the future performance of the Corporation and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. Risk factors that could cause actual results or events to differ materially from our expectations as expressed in, or implied by, our forward-looking statements are described and discussed under the "Risk Management" section in our Annual Report 2025. We believe these statements to be reasonable and pertinent as at the date of publication of this report and represent our expectations. The Corporation does not intend to update any forward-looking statement contained herein, except as required by applicable law. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 10 - NON-GAAP AND OTHER FINANCIAL MEASUREMENTS In addition to the International Financial Reporting Standards (IFRS) measurements provided, we have included certain non-GAAP and other financial measurements. These measurements are presented for information purposes only. They do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure sets out specific disclosure requirements for non-GAAP financial measures, non-GAAP ratios, and other financial measures, which are capital management measures, supplementary financial measures, and total of segments measures, as defined in the Instrument (together the “specified financial measures”). The specified financial measures we disclose in our documents made available to the public are presented by measurement categories below. NON-GAAP FINANCIAL MEASURES Adjusted earnings before net financial costs and income taxes is a non-GAAP financial measurement that, with respect to its compositio --- n, is adjusted to exclude net financial costs and special items from the composition of the most directly comparable financial measure disclosed in our consolidated financial statements, which is earnings before income taxes. Special items may include acquisition and restructuring charges, gains or losses on the disposal of investments, and amortization and impairment losses of intangible assets resulting from a business acquisition. Adjusted net earnings is a non-GAAP financial measurement that, with respect to its composition, is adjusted to exclude special items from the composition of the most directly comparable financial measure disclosed in our consolidated financial statements, which is net earnings. Special items may include acquisition and restructuring charges, gains or losses on the disposal of investments, amortization and impairment losses of intangible assets resulting from a business acquisition, and significant prior-year tax adjustments. For measurements depicting financial performance, we believe that presenting earnings adjusted for these items, which are not necessarily reflective of the Corporation's performance, leaves readers of financial statements better informed thus enabling them to better perform trend analysis, evaluate the Corporation's financial performance and assess its future outlook. Adjusting for these items does not imply that they are non-recurring. NON-GAAP RATIOS Adjusted fully diluted net earnings per share is a non-GAAP ratio in which a non-GAAP financial measure is used as one or more of its components. The non-GAAP component used is adjusted net earnings(1). Adjusted fully diluted net earnings per share is calculated by dividing the adjusted net earnings(1) attributable to equity holders of the parent by the weighted average number of Common Shares outstanding during the year, adjusted to reflect all potential dilutive shares. We believe that presenting this ratio, in which a non-GAAP financial measurement is used as one or more of its components, leaves readers of financial statements better informed as to the current period and corresponding prior year's period's performance, thus enabling them to better perform trend analysis, evaluate the Corporation's financial performance and assess its future outlook. Adjusting for these items does not imply that they are non-recurring. SUPPLEMENTARY FINANCIAL MEASURES The supplementary financial measures listed below are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Corporation. Food same-store sales are defined as comparable retail sales of stores with more than 52 consecutive weeks of operations, including relocated, expanded and renovated locations. Food same-store sales is a measure based on all stores in our network, including those whose sales are not included in the Corporation's consolidated financial statements. Online food sales are the sum of sales made from all our online channels. (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period end --- ing March 14, 2026 with that ending March 15, 2025. - 11 - Pharmacy same-store sales (including total, front-store and prescription drugs) are defined as comparable retail sales of stores with more than 52 consecutive weeks of operations, including relocated, expanded and renovated locations. Pharmacy same-store sales do not form part of the Corporation’s consolidated financial statements because the pharmacies are held by pharmacist owners. Gross margin ratio is calculated by dividing gross profit by sales. OUTLOOK(2) With regards to the strike at our produce distribution centre in Laval which began on March 30th, we look forward to a resolution that considers the needs of our employees and customers to ensure the long-term competitiveness of our company. This labour dispute will have an impact on our third quarter results and we will provide further details in due course. We remain focused on providing value to our customers and on driving growth through the expansion of our discount banners with the planned opening of about a dozen new or converted stores in this fiscal year while realizing efficiency gains throughout our supply chain and store network. We are confident that our effective merchandising programs, strong private label offering, our Moi program, a consistent execution at store level as well as our ongoing collaboration with our supply chain partners will allow us to continue to grow and deliver long-term shareholder value. Montréal, April 22, 2026 (1) This measurement is presented for information purpose only. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies. See table in section "Operating Results" and section on "Non-GAAP and Other Financial Measurements" (2) See section on "Forward-looking Information" (3) This measure aims at adjusting the same-store sales(1) for the 12-week period ending March 14, 2026 with that ending March 15, 2025. - 12 - Interim Condensed Consolidated Financial Statements (Unaudited) METRO INC. March 14, 2026 - 13 - Page Consolidated statements of net income ................................................................................................................... 15 Consolidated statements of comprehensive income .............................................................................................. 16 Consolidated statements of financial position ......................................................................................................... 17 Consolidated statements of changes in equity ........................................................................................................ 18 Consolidated statements of cash flows .................................................................................................................... 19 Notes to interim condensed consolidated financial statements ............................................................................ 20 1- Statement presentation ........................................................................................................................................ 20 2- New accounting standard .................................................................................................................................... 20 3- Sales .................................................................................................................................................... --- .................... 20 4- Income taxes .......................................................................................................................................................... 21 5- Net earnings per share ......................................................................................................................................... 21 6- Debt ......................................................................................................................................................................... 21 7- Capital stock ........................................................................................................................................................... 22 8- Financial instruments ............................................................................................................................................ 24 9- Changes in defined benefit plans ....................................................................................................................... 24 10- Approval of financial statements ....................................................................................................................... 25 Table of contents - 14 - 12 weeks 24 weeks Fiscal Year Fiscal Year 2026 2025 2026 2025 Sales (note 3) 5,113.0 4,909.9 10,398.8 10,027.0 Cost of sales (4,085.9) (3,927.5) (8,330.3) (8,036.3) Gross profit 1,027.1 982.4 2,068.5 1,990.7 Operating expenses (538.9) (521.3) (1,096.5) (1,049.8) Gains (losses) on disposal of assets 20.4 (0.1) 19.2 1.6 Operating income before depreciation and amortization 508.6 461.0 991.2 942.5 Depreciation and amortization (144.3) (136.1) (287.9) (269.7) Net financial costs (37.3) (33.4) (74.6) (64.1) Earnings before income taxes 327.0 291.5 628.7 608.7 Income taxes (note 4) (80.4) (71.5) (155.8) (129.2) Net earnings 246.6 220.0 472.9 479.5 Attributable to: Equity holders of the parent 246.5 219.4 472.0 478.2 Non-controlling interest 0.1 0.6 0.9 1.3 246.6 220.0 472.9 479.5 Net earnings per share (Dollars) (note 5) Basic 1.17 0.99 2.22 2.16 Fully diluted 1.16 0.99 2.21 2.15 See accompanying notes Consolidated statements of net income Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, except for net earnings per share) - 15 - 12 weeks 24 weeks Fiscal Year Fiscal Year 2026 2025 2026 2025 Net earnings 246.6 220.0 472.9 479.5 Other comprehensive income Items that will not be reclassified to net earnings Changes in defined benefit plans Actuarial gains (losses) (note 9) (27.4) 15.4 (29.1) 25.9 Asset ceiling effect 7.3 (0.9) 10.5 (1.0) Corresponding income taxes 5.3 (3.8) 4.9 (6.6) (14.8) 10.7 (13.7) 18.3 Items that will be reclassified later to net earnings Change in fair value of derivatives designated as cash flow hedges — — — (0.7) Reclassification of the change in fair value of derivatives designated as cash flow hedges to net earnings — 0.1 0.1 0.1 Corresponding income taxes — — — 0.2 — 0.1 0.1 (0.4) (14.8) 10.8 (13.6) 17.9 Comprehensive income 231.8 230.8 459.3 497.4 Attributable to: Equity holders of the parent 231.7 230.2 458.4 496.1 Non-controlling interest 0.1 0.6 0.9 1.3 231.8 230.8 459.3 497.4 See accompanying notes Consolidated statements of comprehensive income Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars) - 16 - As at As at March 14, 2026 September 27, 2025 ASSETS Current assets Cash and cash equivalents 131.1 67.3 Accounts receivable 763.9 774.2 Acc --- ounts receivable on subleases 98.1 91.9 Inventories 1,630.6 1,604.3 Prepaid expenses 116.5 79.4 Current taxes 45.9 43.9 2,786.1 2,661.0 Non-current assets Fixed assets 4,006.3 4,063.0 Right-of-use assets 1,005.5 1,022.6 Intangible assets 2,643.4 2,661.2 Goodwill 3,317.1 3,317.1 Deferred taxes 34.2 34.2 Defined benefit assets 278.7 310.2 Accounts receivable on subleases 374.7 376.2 Other assets 101.3 93.9 14,547.3 14,539.4 LIABILITIES AND EQUITY Current liabilities Accounts payable 1,548.6 1,661.8 Deferred revenues 53.5 44.6 Current taxes 46.0 54.3 Current portion of debt (note 6) 15.5 17.2 Current portion of lease liabilities 288.2 275.9 1,951.8 2,053.8 Non-current liabilities Debt (note 6) 3,169.6 2,938.1 Lease liabilities 1,336.0 1,370.8 Defined benefit liabilities 40.6 38.3 Deferred taxes 1,088.4 1,088.9 Other liabilities 2.8 4.4 7,589.2 7,494.3 Equity Attributable to equity holders of the parent 6,940.1 7,026.7 Attributable to non-controlling interest 18.0 18.4 6,958.1 7,045.1 14,547.3 14,539.4 See accompanying notes Consolidated statements of financial position (Unaudited) (Millions of dollars) - 17 - Attributable to the equity holders of the parent Capital stock (note 7) Treasury shares (note 7) Contributed surplus Retained earnings Accumulated other comprehensive income Total Non- controlling interest Total equity Balance as at September 27, 2025 1,544.7 (25.1) 26.9 5,481.6 (1.4) 7,026.7 18.4 7,045.1 Net earnings — — — 472.0 — 472.0 0.9 472.9 Other comprehensive income — — — (13.7) 0.1 (13.6) — (13.6) Comprehensive income — — — 458.3 0.1 458.4 0.9 459.3 Stock options exercised 6.1 — (0.7) — — 5.4 — 5.4 Shares redeemed (note 7) (28.4) — — — — (28.4) — (28.4) Share redemption premium (note 7) — — — (349.3) — (349.3) — (349.3) Tax on share redemption — — — (7.6) — (7.6) — (7.6) Acquisition of treasury shares — (5.8) — — — (5.8) — (5.8) Share-based compensation cost — — 4.8 — — 4.8 — 4.8 Performance share units settlement — 7.2 (5.7) (0.1) — 1.4 — 1.4 Dividends — — — (165.5) — (165.5) (0.6) (166.1) Buyout of minority interests — — — — — — (0.7) (0.7) (22.3) 1.4 (1.6) (522.5) — (545.0) (1.3) (546.3) Balance as at March 14, 2026 1,522.4 (23.7) 25.3 5,417.4 (1.3) 6,940.1 18.0 6,958.1 Attributable to the equity holders of the parent Capital stock (note 7) Treasury shares (note 7) Contributed surplus Retained earnings Accumulated other comprehensive income Total Non- controlling interest Total equity Balance as at September 28, 2024 1,575.5 (19.6) 25.5 5,441.4 (1.1) 7,021.7 17.2 7,038.9 Net earnings — — — 478.2 — 478.2 1.3 479.5 Other comprehensive income — — — 18.3 (0.4) 17.9 — 17.9 Comprehensive income — — — 496.5 (0.4) 496.1 1.3 497.4 Stock options exercised 14.8 — (1.8) — — 13.0 — 13.0 Shares redeemed (note 7) (23.5) — — — — (23.5) — (23.5) Share redemption premium (note 7) — — — (275.8) — (275.8) — (275.8) Tax on share redemption — — — (5.9) — (5.9) — (5.9) Share-based compensation cost — — 4.4 — — 4.4 — 4.4 Performance share units settlement — 5.8 (5.2) — — 0.6 — 0.6 Dividends — — — (155.9) — (155.9) (0.3) (156.2) Buyout of minority interests — — — — — — (0.8) (0.8) (8.7) 5.8 (2.6) (437.6) — (443.1) (1.1) (444.2) Balance as at March 15, 2025 1,566.8 (13.8) 22.9 5,500.3 (1.5) 7,074.7 17.4 7,092.1 See accompanying notes Consolidated statements of changes in equity Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars) - 18 - 12 weeks 24 weeks Fiscal Year Fiscal Year 2026 2025 2026 2025 Operating activities E --- arnings before income taxes 327.0 291.5 628.7 608.7 Non-cash items Depreciation and amortization 144.3 136.1 287.9 269.7 (Gains) losses on disposal of assets (20.4) 0.1 (19.2) (1.6) Share-based compensation cost 3.3 3.2 6.8 6.2 Difference between amounts paid for employee benefits and current period cost 10.2 10.2 20.3 20.1 Net financial costs 37.3 33.4 74.6 64.1 501.7 474.5 999.1 967.2 Net change in non-cash working capital items 123.5 (38.1) (152.1) (250.1) Income taxes paid (65.3) (56.7) (169.3) (171.5) 559.9 379.7 677.7 545.6 Investing activities Buyout of minority interests — — (0.7) (1.0) Net change in other assets (6.6) 0.8 (9.6) 0.9 Additions to fixed assets (70.0) (73.4) (120.3) (149.9) Disposals of fixed assets 37.6 0.2 37.7 5.1 Additions to intangible assets and goodwill (15.3) (12.4) (26.9) (25.2) Payments received from subleases 24.1 23.7 48.0 47.9 Interest received from subleases 3.4 3.6 6.9 7.9 (26.8) (57.5) (64.9) (114.3) Financing activities Shares issued 3.4 5.7 5.4 13.0 Shares redeemed (222.5) (194.3) (377.7) (299.3) Acquisition of treasury shares (note 7) (5.8) — (5.8) — Increase in debt (note 6) 350.0 83.9 587.2 582.4 Repayment of debt (note 6) (356.8) (0.8) (358.1) (336.3) Interest paid on debt (17.5) (14.4) (66.1) (60.7) Payment of lease liabilities (principal) (71.3) (69.2) (141.1) (138.9) Payment of lease liabilities (interest) (13.1) (12.9) (27.3) (26.4) Dividends (86.3) (81.6) (165.5) (155.9) (419.9) (283.6) (549.0) (422.1) Net change in cash and cash equivalents 113.2 38.6 63.8 9.2 Cash and cash equivalents — beginning of period 17.9 — 67.3 29.4 Cash and cash equivalents — end of period 131.1 38.6 131.1 38.6 See accompanying notes Consolidated statements of cash flows Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars) - 19 - 1. STATEMENT PRESENTATION METRO INC. (the Corporation), is incorporated under the laws of Québec. The Corporation is one of Canada's leading food and pharmacy retailers and distributors. It operates a network of supermarkets, discount stores and drugstores. Its head office is located at 11011 Maurice-Duplessis Blvd., Montréal, Québec, Canada, H1C 1V6. Its business segments, food operations and pharmaceutical operations, are combined into a single reportable operating segment due to the similar nature of their operations. The unaudited interim condensed consolidated financial statements for the 12 and 24-week periods ended March 14, 2026 have been prepared by management in accordance with IAS 34 Interim Financial Reporting and using the same accounting policies and methods of computation as those used in preparing the audited annual consolidated financial statements for the year ended September 27, 2025. They should be read in conjunction with the audited annual consolidated financial statements and accompanying notes which were presented in the Corporation’s 2025 Annual Report. 2. NEW ACCOUNTING STANDARD ACCOUNTING STANDARD ISSUED BUT NOT YET EFFECTIVE Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements, and consequential amendments to several other standards. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes --- and discontinued operations, with prescribed subtotals for each new category. It also requires disclosure of management-defined performance measures which will now form part of the audited financial statements. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Corporation is currently working to identify all impacts the amendments will have on the consolidated financial statements and notes to the consolidated financial statements. 3. SALES The following table disaggregates the Corporation's sales based upon where the ultimate sales to consumers occur in our network of stores: 12 weeks 24 weeks Fiscal Year Fiscal Year 2026 2025 2026 2025 Food 3,964.7 3,825.6 8,032.4 7,770.0 Pharmacy 1,148.3 1,084.3 2,366.4 2,257.0 5,113.0 4,909.9 10,398.8 10,027.0 Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 20 - 4. INCOME TAXES The effective income tax rates were as follows: 12 weeks 24 weeks Fiscal Year Fiscal Year (Percentage) 2026 2025 2026 2025 Combined statutory income tax rate 26.5 26.5 26.5 26.5 Changes Favourable adjustment resulting from a tax holiday on a large investment project (1.5) (2.1) (1.5) (2.0) Favourable tax adjustment in respect of prior years — — — (3.4) Other (0.4) 0.1 (0.2) 0.1 24.6 24.5 24.8 21.2 5. NET EARNINGS PER SHARE Basic net earnings per share and fully diluted net earnings per share were calculated using the following number of shares: 12 weeks 24 weeks Fiscal Year Fiscal Year (Millions) 2026 2025 2026 2025 Weighted average number of shares outstanding – Basic 212.2 220.5 213.0 221.2 Dilutive effect under: Stock option plan 0.5 0.6 0.5 0.6 Performance share unit plan 0.3 0.2 0.3 0.2 Weighted average number of shares outstanding – Fully diluted 213.0 221.3 213.8 222.0 6. DEBT On February 25, 2026, the Corporation issued through a private placement Series M unsecured senior notes in the aggregate principal amount of $350.0, bearing interest at a fixed nominal rate of 3.469%, maturing on February 25, 2031. On December 2, 2024, the Corporation redeemed all of the Series J notes, bearing interest at a fixed nominal rate of 1.92%, in the amount of $300.0 that matured on the same day. On November 27, 2024, the Corporation issued through a private placement Series L unsecured senior notes in the aggregate principal amount of $500.0, bearing interest at a fixed nominal rate of 3.998%, maturing on November 27, 2029. In anticipation of this issuance, on November 22, 2024, the Corporation entered into a bond forward contract designated as cash flow hedge on a portion of a highly probable future debt issuance in the amount of $100.0 that effectively locked-in a 5-year fixed underlying Government of Canada yield of 3.351%. The effective part of the loss on the hedging instrument was recognized in Other Comprehensive Income. Following the Series L notes issuance, the amounts accumulated in equity will be reclassified to net financial costs on a linear basis over the life of the debt. Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 21 - 7. CAPITAL STOCK COMMON SHARES ISSUED The Common Shares issued and the changes --- during the 24-week period ended March 14, 2026 were summarized as follows: Number (Thousands) Balance as at September 28, 2024 222,702 1,575.5 Shares redeemed for cash, excluding premium of $731.8 (8,154) (58.2) Stock options exercised 499 27.4 Balance as at September 27, 2025 215,047 1,544.7 Shares redeemed for cash, excluding premium of $349.3 (3,946) (28.4) Stock options exercised 95 6.1 Balance as at March 14, 2026 211,196 1,522.4 TREASURY SHARES The treasury shares changes during the 24-week period ended March 14, 2026 were summarized as follows: Number (Thousands) Balance as at September 28, 2024 288 (19.6) Acquisition 110 (11.3) Release (99) 5.8 Balance as at September 27, 2025 299 (25.1) Acquisition 60 (5.8) Release (96) 7.2 Balance as at March 14, 2026 263 (23.7) Treasury shares are held in trust for the performance share unit (PSU) plan. They will be released into circulation when the PSUs settle. The trust, considered a structured entity, is consolidated in the Corporation's financial statements. Excluding treasury shares from the Common Shares issued, the Corporation had 210,933,000 outstanding Common Shares issued as at March 14, 2026 (214,748,000 as at September 27, 2025). Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 22 - STOCK OPTION PLAN The outstanding options and the changes during the 24-week period ended March 14, 2026 were summarized as follows: Number Weighted average exercise price (Thousands) (Dollars) Balance as at September 28, 2024 2,179 61.15 Granted 330 93.66 Exercised (499) 48.35 Cancelled (41) 70.55 Balance as at September 27, 2025 1,969 69.65 Granted 238 99.80 Exercised (95) 56.19 Cancelled (13) 80.09 Balance as at March 14, 2026 2,099 73.62 The exercise prices of the outstanding options ranged from $55.94 to $102.08 as at March 14, 2026 with expiration dates up to 2032. Of these options, 805,450 could be exercised at a weighted average exercise price of $62.37. The compensation expense for these options amounted to $1.0 and $2.0 for the 12 and 24-week periods ended March 14, 2026 ($1.0 and $1.8 in 2025). PERFORMANCE SHARE UNIT PLAN PSUs outstanding and the changes during the 24-week period ended March 14, 2026 were summarized as follows: Number (Thousands) Balance as at September 28, 2024 571 Granted 178 Exercised (133) Cancelled (65) Balance as at September 27, 2025 551 Granted 173 Exercised (141) Cancelled (53) Balance as at March 14, 2026 530 The compensation expense for the PSU plan amounted to $2.3 and $4.8 for the 12 and 24-week periods ended March 14, 2026 ($2.2 and $4.4 in 2025). Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 23 - 8. FINANCIAL INSTRUMENTS The book and fair values of financial instruments, other than those with carrying amounts which were a reasonable approximation of their fair values, were as follows: As at March 14, 2026 As at September 27, 2025 Book value Fair value Book value Fair value Other assets Assets measured at amortized cost Loans to certain customers 52.7 52.7 44.3 44.3 Debt Liabilities measured at amortized cost Revolving Credit Facility — — 118.0 118.0 Series G Notes 450.0 454.6 450.0 457.9 Series L Notes (note 6) 500.0 511.3 500.0 519.5 Series M Notes (note 6) 350.0 344.1 — — Series K Notes 300.0 309.6 300.0 316.6 --- Series B Notes 400.0 454.4 400.0 467.3 Series D Notes 300.0 297.8 300.0 306.0 Series H Notes 450.0 399.5 450.0 411.8 Series I Notes 400.0 301.8 400.0 311.7 Loans, nets of deferred financing costs 35.1 35.1 37.3 37.3 3,185.1 3,108.2 2,955.3 2,946.1 The fair value of loans to certain customers and loans payable are equivalent to their carrying values since their interest rates are comparable to market rates. The Corporation categorized the fair value measurement in Level 2, as it is derived from observable market inputs. The fair value of notes represents the obligations that the Corporation would have to meet in the event of the negotiation of similar notes under current market conditions. The Corporation categorized the fair value measurement in Level 2, as it is derived from observable market inputs. 9. CHANGES IN DEFINED BENEFIT PLANS During the 12 and 24-week periods ended March 14, 2026, the Corporation recorded, in the consolidated statements of comprehensive income, actuarial losses of $27.4 and $29.1 respectively, attributable to the unfavourable change in the fair value of plan assets, partially offset by the increase in discount rates from 5.04% as at September 27, 2025 to 5.26% as at March 14, 2026. During the 12 and 24-week periods ended March 15, 2025, the Corporation recorded, in the consolidated statements of comprehensive income, actuarial gains of $15.4 and $25.9 respectively, attributable to the favourable change in the fair value on plan assets and to the variation in discount rates from 4.75% as at September 28, 2024 to 4.88% as at March 15, 2025. Post-employment benefits expense recorded in the consolidated statements of income during the 12 and 24-week periods ending March 14, 2026 was $16.8 and $33.3 ($18.9 and $38.1 in 2025). On February 6, 2025, the Corporation entered into annuity buy-out contracts with a Canadian insurance company for six of its seven defined benefit pension plans. These contracts eliminated all further legal or constructive obligations to the Corporation for payments due after June 30, 2025 in respect of 519 annuities in payment. All six plans remain open. The pension plans paid a total premium of $127.6 to transfer and settle $128.9 of pension benefit obligations. Accordingly, the Corporation derecognized the buy-out annuity assets and defined benefit obligations previously Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 24 - recognized on a net basis. The transactions resulted in a net settlement gain of $1.3 in total for the six plans, which was recognized in the consolidated statements of net income. 10. APPROVAL OF FINANCIAL STATEMENTS The interim condensed consolidated financial statements for the 12 and 24-week periods ended March 14, 2026 (including comparative figures) were approved for issue by the Board of Directors on April 21, 2026. INFORMATION METRO INC.’s Investor Relations Department Telephone: (514) 643-1000 METRO INC.’s corporate information and press releases are available on our website: www.corpo.metro.ca Notes to interim condensed consolidated financial statements Periods ended March 14, 2026 and March 15, 2025 (Unaudited) (Millions of dollars, unless otherwise indicated) - 25 -