Q1 2026
Quarterly Report
12 Weeks Ended March 28, 2026
Footnote Legend
Refer to Section 9, "Non-GAAP and Other Financial Measures", of the Company's 2026 First Quarter Management's Discussion and Analysis.
Certain comparative figures have been adjusted to separately present the results of PC Financial at Loblaw, as discontinued operations.
Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025.
To be read in conjunction with Section 10, "Forward-Looking Statements", of the Company's 2026 First Quarter Management's Discussion and Analysis.
For more information on Choice Properties measures see the 2025 Annual Report filed by Choice Properties, which is available on https://www.sedarplus.ca or at https://www.choicereit.ca.
Management's Discussion and Analysis 1 / Forward-Looking Statements 47 /
Unaudited Interim Period Condensed Consolidated Financial Statements 49 / Financial Summary 72 / Corporate Profile 73
Management's Discussion and Analysis
Overall Financial Performance 6
Consolidated Results of Operations 6
Consolidated Other Business Matters 13
Results of Reportable Operating Segments 14
Loblaw Operating Results 14
Choice Properties Operating Results 16
Liquidity and Capital Resources 18
Cash Flows 18
Liquidity 20
Components of Total Debt 21
Net Asset Value 22
Financial Condition 23
Credit Ratings 24
Dividends and Share Repurchases 25
Off-Balance Sheet Arrangements 25
Quarterly Results of Operations 26
Internal Control Over Financial Reporting 28
Enterprise Risks and Risk Management 28
IFRS Accounting Standards and Amendments 28
Outlook 29
Non-GAAP and Other Financial Measures 30
Non-GAAP and Other Financial Measures - Selected Comparative Reconciliation 42
Non-GAAP and Other Financial Measures Change 45
Forward-Looking Statements 47
Additional Information 48
Management's Discussion and Analysis
The following Management's Discussion and Analysis ("MD&A") for George Weston Limited ("GWL" or the "Company") should be read in conjunction with the Company's first quarter 2026 unaudited interim period condensed consolidated financial statements and the accompanying notes ("interim financial statements") of this Quarterly Report, the audited annual consolidated financial statements and the accompanying notes for the year ended December 31, 2025 and the related annual MD&A included in the Company's 2025 Annual Report.
The Company's first quarter 2026 interim financial statements are prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board. These interim financial statements include the accounts of the Company and other entities that the Company controls and are reported in Canadian dollars, except where otherwise noted.
Under International Financial Reporting Standards ("IFRS Accounting Standards" or "GAAP"), certain expenses and income must be recognized that are not necessarily reflective of the Company's underlying operating performance. Non-GAAP and other financial measures exclude the impact of certain items and are used internally when analyzing consolidated and segment underlying operating performance. These non-GAAP and other financial measures are also helpful in assessing underlying operating performance on a consistent basis. See Section 9, "Non-GAAP and Other Financial Measures", of this MD&A for more information on the Company's non-GAAP and other financial measures.
The Company operates through its two reportable operating segments: Loblaw Companies Limited ("Loblaw") and Choice Properties Real Estate Investment Trust ("Choice Properties"). The 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. For further details on the effect of consolidation, refer to Section 9, "Non-GAAP and Other Financial Measures", of this MD&A. Loblaw provides customers with grocery, pharmacy and healthcare services, other health and beauty products, apparel, general merchandise, and wireless mobile products and services. Loblaw also provides credit card and everyday banking services and insurance brokerage services. Choice Properties owns, manages and develops a high-quality portfolio of commercial retail, industrial, mixed-use and residential properties across Canada. In this MD&A, unless otherwise indicated, "Consolidated" refers to the consolidated results of GWL including its subsidiaries.
In the fourth quarter of 2025, Loblaw entered into a definitive agreement (the "Transaction Agreement") with EQB Inc. ("EQB") pursuant to which EQB will acquire President's Choice Bank ("PC Bank"), PC Financial Insurance Agency Inc., PC Financial Insurance Broker Inc. and certain other affiliated entities of PC Bank (collectively, "PC Financial") (the "Sale of PC Financial"). EQB will acquire PC Financial for consideration satisfied through a combination of 7.2 million EQB shares and cash, subject to adjustment pursuant to the terms of the Transaction Agreement. Subsequent to the end of the first quarter of 2026, Loblaw and EQB announced that they obtained all required regulatory approvals for the Sale of PC Financial. The transaction is anticipated to close in the Company's third quarter of 2026, subject to customary closing conditions.
As at March 28, 2026 and December 31, 2025, the assets and liabilities of PC Financial have been classified as held for sale, and PC Financial's results have been presented separately as discontinued operations in the Company's current and comparative results. Unless otherwise indicated, all financial information represents the Company's results from continuing operations.
A glossary of terms and ratios used throughout this Quarterly Report can be found beginning on page 175 of the Company's 2025 Annual Report.
This MD&A contains forward-looking statements, which are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. For additional information related to forward-looking statements, material assumptions and material risks associated with them, see Section 6, "Enterprise Risks and Risk Management", Section 8, "Outlook", and Section 10, "Forward-Looking Statements", of this MD&A.
The information in this MD&A is current to May 11, 2026, unless otherwise noted.
At a Glance
As at or for the 12 weeks ended March 28, 2026 and March 22, 2025, and as at December 31, 2025 ($ millions except where otherwise indicated)
Consolidated | GWL Corporate | Net Asset Value | ||||
REVENUE | ADJUSTED EBITDA(1) | GWL CORPORATE CASH FLOW FROM OPERATING BUSINESSES(1) | NET ASSET VALUE(1) | |||
$14,639 | $1,707 | $86 | $44,483 | |||
+4.2% | +6.2% | -48.5% | +1.2% | |||
vs. Q1 2025(2) | vs. Q1 2025(2) | vs. Q1 2025 | vs. Q4 2025 | |||
OPERATING INCOME | ADJUSTED EBITDA MARGIN(1) (%) | GWL CORPORATE FREE CASH FLOW(1) | NET ASSET VALUE PER COMMON SHARE(1) ($) | |||
$1,150 | 11.7% | $315 | $117.93 | |||
+14.0% | +30bps | +826.5% | +1.8% | |||
vs. Q1 2025(2) | vs. Q1 2025(2) | vs. Q1 2025 | vs. Q4 2025 | |||
NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | ADJUSTED NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS(1) | QUARTERLY DIVIDENDS DECLARED PER SHARE ($) | CLOSING SHARE PRICE ($) | |||
$106 | $349 | $0.297933 | $97.44 | |||
+27.7% | +2.9% | +9.0% | +2.9% | |||
vs. Q1 2025 | vs. Q1 2025 | vs. Q1 2025(3) | vs. Q4 2025 | |||
DILUTED NET EARNINGS PER COMMON SHARE ($) | ADJUSTED DILUTED NET EARNINGS PER COMMON SHARE(1) ($) | GWL CORPORATE CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||||
$0.27 | $0.91 | $243 | ||||
+28.6% | +5.8% | -19.3% | ||||
vs. Q1 2025(3) | vs. Q1 2025(3) | vs. Q4 2025 |
Refer to Section 9, "Non-GAAP and Other Financial Measures", of this MD&A.
Certain comparative figures have been adjusted to separately present the results of PC Financial at Loblaw, as discontinued operations.
Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025.
Key Performance Indicators
For the 12 weeks ended March 28, 2026 and March 22, 2025 ($ millions except where otherwise indicated)
REVENUE OPERATING INCOME ADJUSTED EBITDA(1) ADJUSTED NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS(1)
$15,000
$1,200
$2,000
$400
$10,000
$5,000
$800
$400
$1,600
$1,200
$800
$400
$300
$200
$100
$0
Q1 2026 Q1 2025
$0
Q1 2026 Q1 2025
$0
Q1 2026 Q1 2025
$0
Q1 2026 Q1 2025
Q1 2026 $ 14,639
+4.2%
Q1 2026 $ 1,150
+14.0%
Q1 2026 $ 1,707
+6.2%
Q1 2026 $ 349
+2.9%
Q1 2025(2) $ 14,054 Q1 2025(2) $ 1,009 Q1 2025(2) $ 1,608 Q1 2025 $ 339
How we performed How we performed How we performed How we performed
Revenue increased in the first quarter of 2026 due to growth at Loblaw and Choice Properties.
Operating income increased in the first quarter of 2026 due to the favourable year-over-year net impact of adjusting items and an improvement in the underlying operating performance of the Company driven by Loblaw and Choice Properties.
Adjusted EBITDA(1) increased in the first quarter of 2026 mainly due to an increase at Loblaw and Choice Properties.
Adjusted EBITDA margin(1) in the first quarter of 2026 increased primarily due to a favourable decrease in the Company's selling, general and administrative expenses as a percentage of sales.
Adjusted net earnings available to common shareholders(1) increased in the first quarter of 2026 primarily driven by an improvement in the underlying operating performance of Loblaw and Choice Properties, partially offset by the unfavourable year-over-year impact of GWL Corporate mainly due to higher income tax expense.
Adjusted diluted net earnings per common share(1) increased in the first quarter of 2026 due to the growth in adjusted net earnings available to common shareholders(1) and lower weighted average common shares due to share repurchases.
ADJUSTED EBITDA MARGIN(1) (%)
ADJUSTED DILUTED NET EARNINGS PER COMMON SHARE(1) ($)
11.7% | +30bps | $ 0.91 | +5.8% |
Q1 2026 | vs. Q1 2025(2) | Q1 2026 | vs. Q1 2025(3) |
As at or for the 12 weeks ended March 28, 2026 and March 22, 2025, and as at December 31, 2025 ($ millions except where otherwise indicated)
CONTRIBUTION TO ADJUSTED
NET EARNINGS(1) FROM CONTINUING OPERATIONS FROM THE PUBLICLY TRADED OPERATING COMPANIES(i)
GWL CORPORATE CASH FLOW FROM OPERATING BUSINESSES(1)
GWL CORPORATE FREE CASH FLOW(1)
GWL CORPORATE CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
$400
$200
$400
$300
$200
$100
$150
$100
$50
$300
$200
$100
$ 243Q1 2026
$ 301
Q4 2025
-19.3%
$0
Q1 2026 Q1 2025
$0
Q1 2026 Q1 2025
$0
Q1 2026 Q1 2025
Q1 2026 $ 383
Q1 2025(2) $ 365
+4.9%
Q1 2026 $ 86
Q1 2025 $ 167
-48.5%
Q1 2026 $ 315
Q1 2025 $ 34
+826.5%
How we performed How we performed How we performed How we performed
Contribution to adjusted net earnings available to common shareholders(1) from continuing operations from the publicly traded operating companies(i) increased due to the improvement in the underlying operating performance of Loblaw and Choice Properties.
GWL Corporate cash flow from operating businesses(1) decreased due to the timing of the dividends received from Loblaw(ii) in the prior year.
The increase in GWL Corporate free cash flow(1) was primarily due to the favourable year-over-year change in provisions(iii), higher proceeds from GWL's participation in Loblaw's Normal Course Issuer Bid ("NCIB") and lower income taxes paid, partially offset by lower GWL Corporate cash flow from operating businesses(1).
The decrease in GWL Corporate cash and cash equivalents and short-term investments since 2025 year end was primarily due to GWL share repurchases and dividends paid to shareholders, partially offset by proceeds received from GWL's participation in Loblaw's NCIB.
GWL Corporate Free Cash Flow(1)GWL Corporate free cash flow(1) is generated from the dividends received from Loblaw, distributions received from Choice Properties, and proceeds from participation in Loblaw's NCIB, less corporate expenses, interest and income taxes paid.
12 Weeks Ended
($ millions) | Mar. 28, 2026 | Mar. 22, 2025 |
Dividends from Loblaw(ii) Distributions from Choice Properties | $ - 86 | $ 82 85 |
GWL Corporate cash flow from operating businesses(1) | $ 86 | $ 167 |
Proceeds from participation in Loblaw's NCIB GWL Corporate, financing, and other costs(iii)(iv) Income taxes paid | 300 (35) (36) | 209 (276) (66) |
GWL Corporate free cash flow(1) | $ 315 | $ 34 |
Publicly traded operating companies is the combined results from Loblaw and Choice Properties after the effect of consolidation.
Loblaw's fourth quarter of 2024 dividends were recognized in the first quarter of 2025.
Includes a payment of a provision of $247 million recorded in the first quarter of 2025.
GWL Corporate, financing, and other costs includes all other company level activities that are not allocated to the reportable operating segments such as net interest expense, corporate activities, administrative costs and changes in non-cash working capital. Also included are preferred share dividends.
Refer to Section 9, "Non-GAAP and Other Financial Measures", of this MD&A.
Certain comparative figures have been adjusted to separately present the results of PC Financial at Loblaw, as discontinued operations.
Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025.
-
Overall Financial Performance
Loblaw delivered a strong first quarter with positive sales momentum. Continued same-store sales growth in food retail, increased customer traffic, e-commerce sales growth, and new store openings drove topline performance. Loblaw's discount banners outperformed again, demonstrating that Canadians are responding well to greater access to Maxi and NoFrills® stores. E-commerce sales were led by growth in PC ExpressTM delivery, plus the successful integration of third-party delivery options. In drug retail, growth continued to reflect positive trends in prescription volumes, specialty drugs, and beauty categories. Drug retail performance underscored the strength of Loblaw's healthcare services and commitment to meeting the evolving needs of Canadians. Loblaw continued its focus on strategic expansion and innovation during the quarter, including opening 5 Hard Discount stores and 8 drug stores, bringing convenient access to nutritious food and essential healthcare services to more communities.
Choice Properties started the year strong, with stable occupancy and robust leasing spreads. Same-Asset NOI(5) and Funds from Operations(1) per unit(5) growth reflected this solid operating performance and the continued momentum across its portfolio. With its business in excellent shape and an industry-leading balance sheet, Choice Properties announced a transformational acquisition subsequent to quarter end. The potential opportunity to add high-quality urban retail assets will meaningfully strengthen its national platform and enhance long-term value for Unitholders.
-
Consolidated Results of Operations
The Company operates through its two reportable operating segments: Loblaw and Choice Properties, each of which are publicly traded entities. As such, the Company's financial statements reflect and are impacted by the consolidation of Loblaw and Choice Properties. The consolidation of these entities into the Company's financial statements reflects the impact of eliminations, intersegment adjustments and other consolidation adjustments, which can positively or negatively impact the Company's consolidated results. Additionally, 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. To help our investors and stakeholders understand the Company's financial statements and the effect of consolidation, the Company reports its results in a manner that differentiates between the Loblaw segment, the Choice Properties segment, the effect of consolidation of Loblaw and Choice Properties, and lastly, GWL Corporate.
The Company's results reflect the year-over-year impact of the fair value adjustment of the Trust Unit liability as a result of the significant changes in Choice Properties' unit price, recorded in net interest expense and other financing charges. The Company's results are impacted by market price fluctuations of Choice Properties' Trust Units on the basis that the Trust Units held by Unitholders, other than the Company, are redeemable for cash at the option of the holder and are presented as a liability on the Company's consolidated balance sheet. The Company's financial results are negatively impacted when the Trust Unit price increases and positively impacted when the Trust Unit price declines.
As a result of the announcement of the sale of PC Financial at Loblaw, the results of PC Financial are presented separately as discontinued operations in the Company's current and comparative results. Unless otherwise indicated, all financial information represents the Company's results from continuing operations.
12 Weeks Ended
($ millions except where otherwise indicated)
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Revenue
$ 14,639
$ 14,054
$ 585
4.2%
Operating income
$ 1,150
$ 1,009
$ 141
14.0%
Adjusted EBITDA(1)
$ 1,707
$ 1,608
$ 99
6.2%
Adjusted EBITDA margin(1)
11.7%
11.4%
Depreciation and amortization
$ 538
$ 613
$ (75)
(12.2)%
Net interest expense and other financing charges
$ 407
$ 408
$ (1)
(0.2)%
Adjusted net interest expense and other financing charges(1)
$ 271
$ 245
$ 26
10.6%
Income taxes
$ 328
$ 273
$ 55
20.1%
Adjusted income taxes(1)
$ 267
$ 250
$ 17
6.8%
Effective tax rate
44.1%
45.4%
Adjusted effective tax rate(1)
29.4%
28.9%
Net earnings attributable to shareholders of the Company
$ 116
$ 93
$ 23
24.7%
Contribution to net earnings from:
Loblaw(i)
$ 309
$ 253
$ 56
22.1%
Choice Properties
(87)
(96)
9
9.4%
Effect of consolidation
(10)
3
(13)
(433.3)%
Publicly traded operating companies
$ 212
$ 160
$ 52
32.5%
GWL Corporate
(110)
(89)
(21)
(23.6)%
Net earnings available to common shareholders of the Company from continuing operations
Discontinued operations
$ 102
$ 71
$ 31
43.7%
4
12
(8)
(66.7)%
Net earnings available to common shareholders of the Company
$ 106
$ 83
$ 23
27.7%
Diluted net earnings per common share(3) ($)
$ 0.27
$ 0.21
$ 0.06
28.6%
Continuing operations
$ 0.26
$ 0.18
$ 0.08
44.4%
Discontinued operations
$ 0.01
$ 0.03
$ (0.02)
(66.7)%
Contribution to adjusted net earnings(1) from:
Loblaw(i)
$ 305
$ 288
$ 17
5.9%
Choice Properties
114
109
5
4.6%
Effect of consolidation(1)
(36)
(32)
(4)
(12.5)%
Publicly traded operating companies
$ 383
$ 365
$ 18
4.9%
GWL Corporate
(50)
(38)
(12)
(31.6)%
Adjusted net earnings available to common shareholders of the Company(1) from continuing operations
Discontinued operations
$ 333
$ 327
$ 6
1.8%
16
12
4
33.3%
Adjusted net earnings available to common shareholders of the Company(1)
$ 349
$ 339
$ 10
2.9%
Adjusted diluted net earnings per common share(1)(3) ($)
$ 0.91
$ 0.86
$ 0.05
5.8%
Continuing operations
$ 0.87
$ 0.83
$ 0.04
4.8%
Discontinued operations
$ 0.04
$ 0.03
$ 0.01
33.3%
(i) Contribution from Loblaw's net earnings from continuing operations, net of non-controlling interests.
NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS OF THE COMPANY AND DILUTED NET EARNINGS PER COMMON SHARE
Net earnings available to common shareholders of the Company in the first quarter of 2026 were $106 million ($0.27 per common share), an increase of $23 million ($0.06 per common share), or 27.7%, compared to the same period in 2025. The increase was primarily driven by the impact of lower amortization at Loblaw related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart Corporation ("Shoppers Drug Mart"), which are now fully amortized.
Adjusted net earnings available to common shareholders of the Company(1) in the first quarter of 2026 were $349 million, an increase of $10 million, or 2.9%, compared to the same period in 2025. Adjusted diluted net earnings per common share(1) were $0.91, an increase of $0.05 per common share, or 5.8%.
NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS OF THE COMPANY FROM CONTINUING OPERATIONS
Net earnings available to common shareholders of the Company from continuing operations in the first quarter of 2026 were
$102 million ($0.26 per common share), compared to $71 million ($0.18 per common share) in the same period in 2025, an increase of
$31 million ($0.08 per common share). The increase was due to the favourable year-over-year net impact of adjusting items totaling
$25 million ($0.04 per common share) described below, and an improvement of $6 million ($0.04 per common share) in the consolidated underlying operating performance of the Company.
The favourable year-over-year net impact of adjusting items totaling $25 million ($0.04 per common share) was primarily due to:
the favourable year-over-year impact of lower amortization of intangible assets at Loblaw of $42 million ($0.11 per common share) primarily related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart, which are now fully amortized; and
the favourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $27 million ($0.05 per common share) as a result of the change in Choice Properties' unit price in the first quarter of 2026;
partially offset by,
the unfavourable year-over-year impact of the fair value adjustment on Choice Properties' investment in real estate securities of Allied Properties Real Estate Investment Trust ("Allied") of $37 million ($0.10 per common share) as a result of the change in Allied's unit price.
Adjusted net earnings available to common shareholders of the Company(1) from continuing operations in the first quarter of 2026 were $333 million, an increase of $6 million, or 1.8%, compared to the same period in 2025. The increase was driven by the favourable year-over-year impact of $18 million from the contribution of the publicly traded operating companies, partially offset by the unfavourable year-over-year impact of $12 million at GWL Corporate due to an increase in income tax expense related to GWL's participation in Loblaw's NCIB and an increase in adjusted net interest expense and other financing charges(1).
Adjusted diluted net earnings per common share(1) from continuing operations were $0.87 in the first quarter of 2026, an increase of
$0.04 per common share, or 4.8%, compared to the same period in 2025. The increase was due to the performance in adjusted net earnings available to common shareholders of the Company(1) from continuing operations as described above, and the favourable impact of shares purchased for cancellation over the last 12 months ($0.03 per common share) pursuant to the Company's NCIB.
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Loblaw
$ 14,484
$ 13,904
$ 580
4.2%
Choice Properties
361
347
14
4.0%
Effect of consolidation(1)
(206)
(197)
(9)
(4.6)%
Publicly traded operating companies
$ 14,639
$ 14,054
$ 585
4.2%
GWL Corporate
-
-
Consolidated
$ 14,639
$ 14,054
$ 585
4.2%
($ millions except where otherwise indicated)
Revenue in the first quarter of 2026 was $14,639 million, an increase of $585 million, or 4.2%, compared to the same period in 2025. The increase in revenue was impacted by each of the Company's reportable operating segments as follows:
Positively by 4.1% due to revenue growth of 4.2% at Loblaw. The increase was primarily driven by positive same-store sales growth in both food retail and drug retail, and the impact of a net increase in retail square footage.
Positively by 0.1% due to revenue growth of 4.0% at Choice Properties. The increase of $14 million was primarily driven by an increase in rental revenue and higher lease surrender revenue.
OPERATING INCOME
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Loblaw
$ 1,008
$ 836
$ 172
20.6%
Choice Properties
270
276
(6)
(2.2)%
Effect of consolidation(1)
(121)
(95)
(26)
(27.4)%
Publicly traded operating companies
$ 1,157
$ 1,017
$ 140
13.8%
GWL Corporate
(7)
(8)
1
12.5%
Consolidated
$ 1,150
$ 1,009
$ 141
14.0%
($ millions except where otherwise indicated)
12 Weeks Ended
Operating income in the first quarter of 2026 was $1,150 million compared to $1,009 million in the same period in 2025, an increase of $141 million, or 14.0%. The increase was attributable to the favourable year-over-year net impact of adjusting items totaling
$73 million described below, and an improvement in the underlying operating performance of the Company of $68 million driven by Loblaw and Choice Properties.
The favourable year-over-year net impact of adjusting items totaling $73 million was primarily driven by:
the favourable year-over-year impact of lower amortization of intangible assets at Loblaw of $106 million; and
the favourable year-over-year impact of the fair value adjustment of derivatives and other investments at Loblaw of $22 million; partially offset by,
the unfavourable year-over-year impact of the fair value adjustment on Choice Properties' investment in real estate securities of Allied of $40 million; and
the unfavourable year-over-year impact of a prior year gain on sale of a non-operating property at Loblaw of $14 million.
ADJUSTED EBITDA(1)
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Loblaw
$ 1,605
$ 1,507
$ 98
6.5%
Choice Properties
254
246
8
3.3%
Effect of consolidation(1)
(146)
(138)
(8)
(5.8)%
Publicly traded operating companies
$ 1,713
$ 1,615
$ 98
6.1%
GWL Corporate
(6)
(7)
1
14.3%
Consolidated
$ 1,707
$ 1,608
$ 99
6.2%
($ millions except where otherwise indicated)
12 Weeks Ended
Adjusted EBITDA(1) in the first quarter of 2026 was $1,707 million compared to $1,608 million in the same period in 2025, an increase of $99 million, or 6.2%. The increase was impacted by each of the Company's segments as follows:
positively by 6.1% due to growth of 6.5% in adjusted EBITDA(1) at Loblaw, driven by an increase in gross profit, partially offset by an increase in selling, general and administrative expenses ("SG&A");
positively by 0.5% due to an increase of 3.3% in adjusted EBITDA(1) at Choice Properties, primarily driven by the increase in revenue described above, partially offset by lower investment income as a result of the reduction in Allied's distribution, higher general and administrative expenses and lower fee income; and
positively by 0.1% due to an increase of 14.3% at GWL Corporate.
DEPRECIATION AND AMORTIZATION
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Loblaw
$ 619
$ 691
$ (72)
(10.4)%
Choice Properties
1
1
-
-%
Effect of consolidation
(83)
(80)
(3)
(3.8)%
Publicly traded operating companies
$ 537
$ 612
$ (75)
(12.3)%
GWL Corporate
1
1
-
-%
Consolidated
$ 538
$ 613
$ (75)
(12.2)%
($ millions except where otherwise indicated)
12 Weeks Ended
Depreciation and amortization in the first quarter of 2026 was $538 million, a decrease of $75 million compared to the same period in 2025. The decrease was primarily driven by lower depreciation and amortization at Loblaw primarily related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart, which are now fully amortized. Included in depreciation and amortization was $10 million (2025 - $116 million) of amortization of intangible assets related to the acquisitions of Shoppers Drug Mart and Lifemark Health Group ("Lifemark"), recorded by Loblaw.
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Net interest expense and other financing charges
$ 407
$ 408
$ (1)
(0.2)%
Deduct impact of the following:
Fair value adjustment of the Trust Unit liability
(136)
(163)
27
16.6%
Adjusted net interest expense and other financing charges(1)
$ 271
$ 245
$ 26
10.6%
($ millions except where otherwise indicated)
Net interest expense and other financing charges in the first quarter of 2026 were $407 million, a decrease of $1 million compared to the same period in 2025. The decrease was primarily due to the favourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $27 million, as a result of the increase in Choice Properties' unit price which resulted in a fair value loss of
$136 million in the first quarter of 2026 compared to a fair value loss of $163 million in the prior year. This was partially offset by an increase in adjusted net interest expense and other financing charges(1) of $26 million primarily driven by:
lower capitalization of interest expense related to Loblaw's automated distribution facility;
an increase in interest expense on long-term debt at Loblaw and Choice Properties; and
lower interest income on cash and cash equivalents and certain short-term investments primarily at GWL Corporate.
INCOME TAXES
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Income taxes
(Deduct) add impact of the following:
Tax impact of items excluded from adjusted earnings before taxes(i)
Outside basis difference in certain Loblaw shares
$ 328
$ 273
$ 55
20.1%
(1)
28
(29)
(103.6)%
(60)
(51)
(9)
(17.6)%
Adjusted income taxes(1)
$ 267
$ 250
$ 17
6.8%
Effective tax rate applicable to earnings before taxes
44.1%
45.4%
Adjusted effective tax rate applicable to adjusted earnings before taxes(1)
29.4%
28.9%
($ millions except where otherwise indicated)
12 Weeks Ended
Refer to the adjusted EBITDA table and the adjusted net interest expense and other financing charges table included in Section 9, "Non-GAAP and Other Financial Measures", of this MD&A for a complete list of items excluded from adjusted earnings before taxes.
The effective tax rate in the first quarter of 2026 was 44.1%, compared to 45.4% in the same period in 2025. The decrease was primarily attributable to the year-over-year impact of the non-taxable fair value adjustment of the Trust Unit liability, partially offset by an increase in tax expense related to temporary differences in respect of GWL's investment in certain Loblaw shares as a result of GWL's participation in Loblaw's NCIB.
The adjusted effective tax rate(1) in the first quarter of 2026 was 29.4%, compared to 28.9% in the same period in 2025. The increase was primarily attributable to an increase in current tax expense related to temporary differences in respect of GWL's investment in certain Loblaw shares as a result of GWL's participation in Loblaw's NCIB.
DISCONTINUED OPERATIONS
As a result of the announcement of the sale of PC Financial, the results of PC Financial are presented in discontinued operations.
Net Earnings Available to Common Shareholders of the Company from Discontinued Operations
Net earnings available to common shareholders of the Company from discontinued operations were $4 million in the first quarter of 2026, a decrease of $8 million compared to the same period in 2025. The decrease was primarily driven by:
a charge related to a change in certain commodity tax legislation of $12 million (net of income taxes and non-controlling interests); and
higher charge-offs; partially offset by,
an increase in revenue of $9 million(i) driven by higher interest and interchange income, and higher insurance commission income; and
the year-over-year favourable impact of the expected credit loss provision.
(i) Revenue included in discontinued operations in the first quarter of 2026 was $240 million compared to $231 million in the first quarter of 2025.
-
Consolidated Other Business Matters
GWL CORPORATE FINANCING ACTIVITIES The Company completed the following select financing activities during the periods indicated below. The cash impacts of these activities are set out below:
12 Weeks Ended
($ millions)
Mar. 28, 2026
Mar. 22, 2025
NCIB - purchased and cancelled(i)
$ (260)
$ (174)
Participation in Loblaw's NCIB(ii)
300
209
Net cash flow from above activities
$ 40
$ 35
In the first quarter of 2026, $15 million (2025 - $7 million) of cash consideration related to common shares repurchased under the NCIB for cancellation was paid in the second quarter of 2026 (2025).
In the first quarter of 2026, $9 million (2025 - $2 million) of cash consideration related to the sale of Loblaw shares was received in the second quarter of 2026 (2025).
NCIB - Purchased and Cancelled Shares In the first quarter of 2026, the Company purchased and cancelled 2.9 million common shares (2025 - 2.4 million common shares(3)) for aggregate consideration of $275 million (2025 - $181 million) under its NCIB. As at March 28, 2026, the Company had 377.0 million common shares issued and outstanding, net of shares held in trusts (March 22, 2025 - 387.9 million common shares(3)).
The Company has an automatic share purchase plan ("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.
Refer to note 11, "Share Capital", of the Company's first quarter 2026 interim financial statements for more information.
Participation in Loblaw's NCIB The Company participates in Loblaw's NCIB in order to maintain its proportionate percentage ownership interest. In the first quarter of 2026, Loblaw repurchased 4.9 million common shares (2025 - 4.6 million common shares(i)) from the Company for aggregate consideration of $309 million (2025 - $211 million).
Adjusted retrospectively to reflect Loblaw's four-for-one stock split effective at the close of business on August 18, 2025.
SUBSEQUENT EVENT Subsequent to the end of the first quarter of 2026, GWL announced that it committed to a $600 million equity investment in Choice Properties (the "Commitment"). The Commitment was made in connection with Choice Properties' agreement with First Capital Real Estate Investment Trust ("FCR") and KingSett Capital, on behalf of its investors (collectively, "KingSett") (the "Transaction"). Upon closing of the Transaction, Choice Properties will acquire approximately $5.0 billion of assets from FCR.
The Commitment will result in the issuance of approximately 38 million Choice Properties units and will be funded concurrent with the closing of the Transaction. GWL intends to finance the Commitment through a combination of its existing credit facilities and the issuance of additional indebtedness. The cash distributions received from the additional Choice Properties units at GWL Corporate are expected to more than offset the interest expense associated with the financing.
Upon completion of the Transaction, GWL is expected to maintain its majority ownership position in Choice Properties with an approximate 58% interest. The investment is not expected to impact GWL's current share buyback program.
Refer to Section 2.2, "Choice Properties Operating Results", of this MD&A for more information.
-
Consolidated Results of Operations
-
Results of Reportable Operating Segments
The following discussion provides details of the first quarter of 2026 results of operations of each of the Company's reportable operating segments.
-
Loblaw Operating Results
The results of PC Financial are presented separately as discontinued operations in Loblaw's current and comparative results. Unless otherwise indicated, all financial information represents Loblaw's results from continuing operations.
($ millions except where otherwise indicated)
12 Weeks Ended
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025(2)
$ Change
% Change
Revenue(i)
$ 14,484
$ 13,904
$ 580
4.2%
Operating income
$ 1,008
$ 836
$ 172
20.6%
Adjusted EBITDA(1)
$ 1,605
$ 1,507
$ 98
6.5%
Adjusted EBITDA margin(1)
11.1%
10.8%
Depreciation and amortization
$ 619
$ 691
$ (72)
(10.4)%
As a result of the announcement of the sale of PC Financial, PC Services revenue, primarily related to sales attributable to The Mobile ShopTM, in the first quarter of 2026 of $69 million (2025 - $67 million) continues to be recorded in revenue (now part of food retail sales) in the current and comparative results.
REVENUE Loblaw revenue in the first quarter of 2026 was $14,484 million, an increase of $580 million, or 4.2%, compared to the same period in 2025. Excluding the impact of revenue related to Wellwise by Shoppers ("Wellwise") and the Theodore and Pringle® optical business, revenue increased by 4.5%. The increase was primarily driven by the following factors:
food retail sales(i) were $10,238 million (2025 - $9,854 million) and food retail same-store sales growth was 2.4% (2025 - 2.2%);
Loblaw's internal food inflation was significantly lower than the Consumer Price Index for Food Purchased From Stores of 4.4% (2025 - 2.6%); and
food retail traffic increased and basket size increased.
drug retail sales were $4,246 million (2025 - $4,050 million) and drug retail same-store sales growth was 4.1% (2025 - 3.8%);
pharmacy and healthcare services same-store sales growth was 6.7% (2025 - 6.4%) led by specialty prescriptions. The number of prescriptions dispensed increased by 3.5% (2025 - 2.1%). On a same-store basis, the number of prescriptions dispensed increased by 2.8% (2025 - 2.3%) and the average prescription value increased by 5.0% (2025 - 4.4%); and
front store same-store sales growth was 1.0% (2025 - 0.9%), primarily driven by higher sales of beauty products, with performance moderated by a shift in timing of the cough, cold, and flu season, and inclement weather.
the sale of Wellwise and the wind-down of the Theodore & Pringle optical business were completed in 2025. Revenue related to Wellwise and the optical business in the first quarter of 2026 was nil (2025 - $21 million and $18 million, respectively).
in the first quarter of 2026, 13 food and drug stores were opened and 2 food and drug stores were closed, and net retail square footage increased by 1.2 million square feet, or 1.7%, to 73.5 million square feet compared to the first quarter of 2025.
OPERATING INCOME Loblaw operating income in the first quarter of 2026 was $1,008 million, an increase of $172 million, or 20.6%, compared to the same period in 2025. The increase was driven by the favourable year-over-year net impact of adjusting items totaling $108 million, and an improvement in underlying operating performance of $64 million, as described below:
the favourable year-over-year net impact of adjusting items totaling $108 million was due to:
the favourable year-over-year impact of lower amortization of intangible assets of $106 million primarily related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart, which are now fully amortized; and
the favourable year-over-year change in fair value adjustments on derivatives and other investments of $22 million; partially offset by,
the unfavourable year-over-year impact of the prior year gain on sale of a non-operating property of $14 million;
the unfavourable year-over-year impact of the prior year gain related to the sale of Wellwise of $5 million; and
the unfavourable impact of transaction costs related to the Sale of PC Financial of $1 million.
the improvement in underlying operating performance of $64 million was due to an increase in gross profit, partially offset by an increase in SG&A and depreciation and amortization, excluding the impact of lower amortization related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart, which are now fully amortized.
ADJUSTED EBITDA(1) Loblaw adjusted EBITDA(1) in the first quarter of 2026 was $1,605 million, an increase of $98 million, or 6.5%, compared to the same period in 2025, driven by an increase in gross profit of $164 million, partially offset by an increase in SG&A of
$66 million.
Gross profit percentage of 31.4% was stable, decreasing by 10 basis points compared to the same period in 2025, primarily driven by changes in sales mix in drug retail categories, partially offset by continued improvements in shrink. Food retail gross margin was flat.
SG&A as a percentage of sales was 20.3%, a favourable decrease of 40 basis points compared to the same period in 2025, primarily due to operating leverage from higher sales and the timing of certain costs, partially offset by incremental costs related to opening new stores and the automated distribution facility.
DEPRECIATION AND AMORTIZATION Loblaw depreciation and amortization in the first quarter of 2026 was $619 million, a decrease of $72 million, or 10.4% compared to the same period in 2025. This decrease was primarily driven by the impact of lower amortization related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart, which are now fully amortized, partially offset by an increase in depreciation of leased assets and fixed assets related to opening new stores and the automated distribution facility. Depreciation and amortization in the first quarter of 2026 included the amortization of intangible assets related to the acquisitions of Shoppers Drug Mart and Lifemark of $10 million (2025 - $116 million).
CONSOLIDATION OF FRANCHISES Loblaw has more than 500 franchise food retail stores in its network. Non-controlling interests at Loblaw represents the share of earnings that relates to Loblaw's food retail franchisees and is impacted by the timing of when profit sharing with franchisees is agreed and finalized under the terms of the agreements. Loblaw's net earnings attributable to non-controlling interests were $25 million in the first quarter of 2026. When compared to the same period in 2025, this represented an increase of $6 million or 31.6%. The increase in non-controlling interests at Loblaw was primarily driven by an increase in franchisee earnings after profit sharing.
LOBLAW OTHER BUSINESS MATTER
As previously announced in the fourth quarter of 2025, Loblaw entered into an agreement with EQB pursuant to which EQB will acquire PC Financial. EQB will acquire PC Financial for consideration satisfied through a combination of 7.2 million EQB shares and cash, subject to adjustment pursuant to the terms of the agreement.
In connection with the Sale of PC Financial, Loblaw expects to receive approximately $600 million in cash, representing the release of excess capital, cash consideration from EQB, subject to adjustment pursuant to the terms of the sale agreement, and collection of certain commodity tax receivables.
Subsequent to the end of the first quarter of 2026, Loblaw and EQB announced that they obtained all required regulatory approvals for the Sale of PC Financial. The transaction is anticipated to close in the Company's third quarter of 2026, subject to customary closing conditions.
Upon closing, Loblaw will begin to recognize its proportionate share of EQB's net income within its consolidated financial results. Loblaw and EQB have different fiscal year and quarter ends. As a result of this difference, Loblaw will recognize its proportionate share of EQB's net income based on the most recent publicly available information at each of Loblaw's fiscal year and quarter end dates.
-
Choice Properties Operating Results
($ millions except where otherwise indicated)
12 Weeks Ended
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025
$ Change
% Change
Revenue
$ 361
$ 347
$ 14
4.0%
Net interest expense and other financing charges
$ 357
$ 372
$ (15)
(4.0)%
Net loss
$ (87)
$ (96)
$ 9
9.4%
Funds from Operations(1)
$ 196
$ 191
$ 5
2.6%
REVENUE Choice Properties revenue in the first quarter of 2026 was $361 million, an increase of $14 million, or 4.0%, compared to the same period in 2025 and included revenue of $209 million (2025 - $199 million) generated from tenants within Loblaw. The increase in the first quarter of 2026 was primarily driven by:
an increase in rental revenue from new leasing and higher rental rates primarily in the retail and industrial portfolios;
contributions from acquisitions, net of dispositions, and completed developments; and
higher lease surrender revenue.
NET INTEREST EXPENSE AND OTHER FINANCING CHARGES Choice Properties net interest expense and other financing charges in the first quarter of 2026 were $357 million, a decrease of $15 million compared to the same period in 2025. The decrease was primarily driven by:
the favourable year-over-year change in the fair value adjustment on the Class B LP units ("Exchangeable Units") of $19 million, as a result of the change in the unit price;
partially offset by,
higher interest expense due to new debt issuances over the past twelve months bearing interest at higher rates than maturing debt and a higher average debt balance.
NET LOSS Choice Properties recorded a net loss of $87 million in the first quarter of 2026, compared to $96 million in the same period in 2025. The favourable change of $9 million was primarily driven by:
the favourable year-over-year change of the fair value adjustment of investment properties, including those held within equity accounted joint ventures, of $26 million;
the decrease in net interest expense and other financing charges as described above; and
the increase in revenue as described above; partially offset by,
the unfavourable year-over-year change of the fair value adjustment on investment in real estate securities of $40 million due to the change in Allied's unit price; and
lower investment income as a result of the reduction in Allied's distribution.
FUNDS FROM OPERATIONS(1) Funds from Operations(1) in the first quarter of 2026 were $196 million, an increase of $5 million, or 2.6%, compared to the same period in 2025, primarily due to an increase in rental income and higher lease surrender revenue. The increase was partially offset by higher interest expense, lower investment income as a result of the reduction in Allied's distribution, higher general and administrative expenses, and lower fee income.
CHOICE PROPERTIES OTHER BUSINESS MATTERS
Related Party Transactions
In the first quarter of 2026, Wittington acquired the 50% ownership interest in the Grenville & Grosvenor development project from Choice Properties' co-owner. Following this transaction, Wittington and Choice Properties each hold a 50% ownership interest in a limited partnership that owns the development property. As a result of the transaction, Choice Properties derecognized its $37 million interest in the property and has recognized it as an investment in an equity accounted joint venture.
As at the end of the first quarter of 2026, prepaid expenses and other assets included $43 million of mortgages receivable that are issued to entities in which Choice Properties has an ownership interest.
Subsequent Event
Subsequent to the end of the first quarter of 2026, Choice Properties announced that it entered into an agreement with FCR and KingSett, on behalf of its investors, pursuant to which KingSett and Choice Properties will acquire FCR in a unit and cash transaction valued at approximately $9.4 billion, including the assumption of certain debt.
Upon closing of the Transaction, Choice Properties will acquire approximately $5.0 billion of FCR's high-quality retail assets and KingSett will acquire approximately $4.4 billion of FCR's assets and all of FCR's issued and outstanding units.
Choice Properties intends to finance the acquisition as follows:
Issuance of approximately 68.6 million Trust Units to FCR's unitholders;
Issuance of approximately $0.6 billion of Exchangeable or Trust Units to GWL;
Assumption of $2.3 billion principal of outstanding unsecured debentures of FCR; and
Assumption of approximately $0.4 billion principal of existing mortgages secured by the acquired assets, with the remainder of the transaction financed through the issuance of new debt.
The Transaction, which is expected to close in the second half of 2026, is subject to approval by FCR's unitholders, regulatory and other customary approvals and closing conditions.
-
Loblaw Operating Results
-
Liquidity and Capital Resources
-
Cash Flows
The following Cash Flow components are presented on a total Company basis, inclusive of continuing and discontinued operations.
($ millions)
12 Weeks Ended
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025 $ Change
Cash and cash equivalents, beginning of period(i)
$ 1,889
$ 2,048 $ (159)
Cash flows from (used in):
Operating activities
$ 1,297
$ 711 $ 586
Investing activities
(703)
(453) (250)
Financing activities
(1,203)
(1,001) (202)
Effect of foreign currency exchange rate changes on cash and cash equivalents
1
(1) 2
Decrease in cash and cash equivalents
$ (608)
$ (744) $ 136
Cash and cash equivalents, end of period(ii)
$ 1,281
$ 1,304 $ (23)
Cash and cash equivalents at the beginning of the first quarter of 2026 have been adjusted to reflect the adoption of amendments to IFRS 9 and IFRS 7, resulting in a $49 million increase to the opening balance. Refer to note 3, "IFRS Accounting Standards and Amendments", of the Company's first quarter 2026 interim financial statements for more information.
The cash flow components are presented on a total Company basis. Refer to note 4, "Assets Held for Sale and Discontinued Operations", of the Company's first quarter 2026 interim financial statements for cash flow information related to discontinued operations.
CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities were $1,297 million in the first quarter of 2026, an increase of $586 million compared to the same period in 2025. The increase was primarily driven by the favourable year-over-year change in provisions, the year-over-year change in non-cash working capital and higher cash earnings, partially offset by lower payments received from cardholders on credit card receivables.
CASH FLOWS USED IN INVESTING ACTIVITIES Cash flows used in investing activities were $703 million in the first quarter of 2026, an increase of $250 million compared to the same period in 2025. The increase was primarily driven by lower repayments of mortgages, loans and notes receivables and the year-over-year change in security deposits.
The following table summarizes the Company's capital investments by each of its reportable operating segments:
($ millions)
12 Weeks Ended
For the periods ended as indicated
Mar. 28, 2026
Mar. 22, 2025 $ Change
Loblaw
Choice Properties Effect of consolidation
$ 312
50
(1)
$ 246 $ 66
65 (15)
(33) 32
Publicly traded operating companies
GWL Corporate
$ 361
-
$ 278 $ 83
- -
Total capital investments(i)
$ 361
$ 278 $ 83
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 quarter.
CASH FLOWS USED IN FINANCING ACTIVITIES Cash flows used in financing activities were $1,203 million in the first quarter of 2026, an increase of $202 million compared to the same period in 2025. The increase was primarily driven by a decrease in demand deposits from customers, lower net issuances of long-term debt and higher net repurchases of Loblaw common shares, partially offset by the redemption of all issued and outstanding Loblaw Preferred Shares, Series B in the prior year.
FREE CASH FLOW(1)
12 Weeks Ended
Mar. 28, 2026
Mar. 22, 2025
($ millions)
For the periods ended as indicated
Continuing Operations
Discontinued Operations
Total
Continuing Operations
Discontinued Operations
Total
Cash flows from operating activities
$ 1,085
$ 212
$ 1,297
$ 170
$ 541
$ 711
Less: Capital investments(i)
354
7
361
269
9
278
Interest paid
249
16
265
236
20
256
Lease payments, net
166
-
166
236
-
236
Free cash flow(1)
$ 316
$ 189
$ 505
$ (571)
$ 512
$ (59)
(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 quarter.
Free cash flow(1) from continuing operations in the first quarter of 2026 was $316 million, an increase of $887 million compared to the same period in 2025. The increase was primarily driven by the favourable year-over-year change in non-cash working capital and the year-over-year change in provisions. Continuing operations were also impacted by an increase in capital investments, partially offset by lower lease payments.
Free cash flow(1) from discontinued operations in the first quarter of 2026 was $189 million, a decrease of $323 million compared to the same period in 2025. The decrease was primarily driven by lower payments received from cardholders on credit card receivables and an unfavourable year-over-year change in non-cash working capital.
-
Liquidity
The Company (excluding Loblaw and Choice Properties) expects that cash and cash equivalents, short-term investments, future operating cash flows and the amounts available to be drawn against its committed credit facility will enable it to finance its capital investment program and fund its ongoing business requirements, including working capital, pension plan funding requirements and financial obligations, over the next 12 months. The Company (excluding Loblaw and Choice Properties) does not foresee any impediments in obtaining financing to satisfy its long-term obligations.
Loblaw expects that cash and cash equivalents, short-term investments, future operating cash flows and the amounts available to be drawn against committed credit facilities will enable it to finance its capital investment program and fund its ongoing business requirements over the next 12 months, including working capital, pension plan funding requirements and financial obligations.
Choice Properties expects to fund its ongoing operations and finance future growth primarily through the use of: existing cash, cash flows from operations, short-term financing through the committed credit facility, the issuance of unsecured debentures and equity (including Exchangeable Units) (subject to market conditions), and secured mortgages. Given reasonable access to capital markets, Choice Properties does not foresee any impediments in obtaining financing to satisfy its short-term and long-term financial obligations, including its capital investment commitments.
For details on the Company's cash flows, refer to Section 3.1, "Cash Flows", of this MD&A.
TOTAL DEBT The following tables present total debt:
As at
Mar. 28, 2026
Mar. 22, 2025
($ millions)
Loblaw
Choice Properties
Effect of consolidation
GWL
Corporate
Total
Loblaw
Choice Properties
Effect of consolidation
GWL
Corporate
Total
Bank indebtedness
$ -
$ -
$ -
$ -
$ -
$ 22
$ -
$ -
$ -
$ 22
Demand deposits from customers
-
-
-
-
-
513
-
-
-
513
Short-term debt
-
-
-
-
-
500
-
-
-
500
Long-term debt due within one year
-
504
-
-
504
624
343
-
-
967
Long-term debt
6,144
6,313
-
498
12,955
8,054
6,284
-
498
14,836
Certain other liabilities(i)
323
-
501
-
824
299
-
510
-
809
Total debt excluding lease liabilities and liabilities associated with assets held for sale
$ 6,467
$ 6,817
$ 501
$ 498
$ 14,283
$ 10,012
$ 6,627
$ 510
$ 498
$ 17,647
Lease liabilities due within one year
1,611
-
(580)
-
1,031
1,529
-
(556)
-
973
Lease liabilities
8,980
1
(3,431)
-
5,550
8,645
1
(3,553)
2
5,095
Total debt excluding liabilities associated with assets held for sale
$ 17,058 $ 6,818 $ (3,510) $
498 $20,864
$ 20,186
$ 6,628
$ (3,599) $ 500
$ 23,715
Total debt and demand deposits from customers included in liabilities associated with assets held for sale(ii)
3,981
-
-
-
3,981
-
-
-
-
-
Total Company debt(iii)
$ 21,039 $ 6,818 $ (3,510) $
498 $ 24,845
$ 20,186
$ 6,628
$ (3,599) $ 500
$ 23,715
As at March 28, 2026, certain other liabilities include financial liabilities of $706 million that did not meet the criteria for sale (March 22, 2025 - $702 million).
As at March 28, 2026, debt of $3,981 million related to PC Financial was included in liabilities associated with assets held for sale. Refer to note 4, "Assets Held for Sale and Discontinued Operations", of the Company's interim financial statements. As at March 22, 2025, PC Financial debt was $3,946 million and is comprised of demand deposits from customers, short-term debt, long-term debt due within one year, and $2,309 million of long-term debt.
As at March 28, 2026, total Company debt, excluding debt related to PC Financial was $20,864 million (March 22, 2025 - $19,769 million).
As at
Dec. 31, 2025
($ millions)
Loblaw
Choice Properties
Effect of consolidation
GWL
Corporate
Total
Bank indebtedness
$ -
$ -
$ -
$ -
$ -
Demand deposits from customers
-
-
-
-
-
Short-term debt
-
-
-
-
-
Long-term debt due within one year
-
507
-
-
507
Long-term debt
5,891
6,298
-
498
12,687
Certain other liabilities(i)
315
-
504
-
819
Total debt excluding lease liabilities and liabilities associated with assets held for sale
$ 6,206
$ 6,805
$ 504
$ 498
$ 14,013
Lease liabilities due within one year
1,584
-
(575)
1
1,010
Lease liabilities
8,830
1
(3,456)
-
5,375
Total debt excluding liabilities associated with assets held for sale
$ 16,620
$ 6,806
$ (3,527) $ 499
$ 20,398
Total debt and demand deposits from customers included in liabilities associated with assets held for sale(ii)
4,158
-
-
-
4,158
Total Company debt(iii)
$ 20,778
$ 6,806
$ (3,527) $ 499
$ 24,556
As at December 31, 2025, certain other liabilities include financial liabilities of $708 million that did not meet the criteria for sale.
As at December 31, 2025, debt of $4,158 million related to PC Financial was included in liabilities associated with assets held for sale. Refer to note 4, "Assets Held for Sale and Discontinued Operations", of the Company's interim financial statements.
As at December 31, 2025, total Company debt, excluding debt related to PC Financial was $20,398 million.
Management targets credit metrics consistent with those of an investment grade profile. GWL Corporate holds cash and cash equivalents and short-term investments, and as a result monitors its leverage on a net debt basis. GWL Corporate has total debt including lease liabilities of $498 million (March 22, 2025 - $500 million; December 31, 2025 - $499 million) and cash and cash equivalents and short-term investments of $243 million (March 22, 2025 - $265 million; December 31, 2025 - $301 million), resulting in a net debt position of $255 million (March 22, 2025 - $235 million; December 31, 2025 - $198 million).
Loblaw's management is focused on employing a capital structure that is appropriate for the industry in which it operates.
Loblaw targets maintaining its credit metrics consistent with those of investment grade retailers. Loblaw calculates its Debt to rolling year adjusted EBITDA(1) ratio to measure the leverage being employed. Loblaw's Debt to rolling year adjusted EBITDA(1) ratio as at March 28, 2026 was flat compared to March 22, 2025. Loblaw's Debt to rolling year adjusted EBITDA(1) ratio as at March 28, 2026 increased compared to December 31, 2025, driven by an increase in debt, partially offset by an improvement in adjusted EBITDA(1).
PC Bank's capital management objectives are to maintain a consistently strong capital position while considering the economic risks generated by its credit card receivables portfolio and to meet all regulatory requirements as defined by the Office of the Superintendent of Financial Institutions ("OSFI").
Choice Properties targets maintaining credit metrics consistent with those of investment grade Real Estate Investment
Trusts ("REIT"). Choice Properties monitors metrics relevant to the REIT industry including targeting an appropriate debt to total assets ratio.
COVENANTS AND REGULATORY REQUIREMENTS 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 quarter of 2026, the Company, Loblaw and Choice Properties were in compliance with their respective covenants. As at the end of and throughout the first quarter of 2026, PC Bank met all applicable regulatory requirements.
-
Components of Total Debt
For details on the Company's components of total debt, refer to note 10, "Long-Term Debt", and note 4, "Assets Held for Sale and Discontinued Operations", of the Company's first quarter 2026 interim financial statements.
-
Net Asset Value
Net Asset Value(1) ("NAV") is presented for GWL and represents management's estimate of the current value of the participating shareholders' equity of the Company. The Company seeks to create value for shareholders by increasing its NAV(1).
The calculation of NAV(1) is determined by the market value of the Company's interest in its operating businesses, Loblaw and Choice Properties, less the net debt and preferred shares of GWL Corporate, as set out below. NAV(1) is calculated using objective data, including the share and unit prices of the Company's two publicly traded operating companies, Loblaw and Choice Properties, which are subject to market fluctuations and other factors beyond the Company's control, including changes in the macroeconomic environment, capital market dynamics and investor sentiment.
The values below are for illustrative purposes and are not intended to forecast or predict future events or to measure intrinsic value.
The following table provides the components used to determine net asset value and net asset value per common share of the Company.
($ millions except where otherwise indicated)
As at
For the periods ended as indicated
Mar. 28, 2026
Dec. 31, 2025 $ Change
% Change
Add:
Loblaw share price ($)
$ 63.09
$ 62.05 $ 1.04
1.7%
Number of Loblaw shares held by GWL(i) (in millions)
613.8
618.7 (4.9)
(0.8)%
Market value of investment in Loblaw(ii)
$ 38,725
$ 38,390 $ 335
0.9%
Add:
Choice Properties unit price ($)
$ 15.34
$ 14.81 $ 0.53
3.6%
Number of Choice Properties units held by GWL(iii) (in millions)
446.4
446.4 -
-%
Market value of investment in Choice Properties(ii)
$ 6,848
$ 6,611 $ 237
3.6%
Deduct:
GWL Corporate debt(iv) Preferred shares
GWL Corporate cash and cash equivalents and short-term investments
$ (498)
$ (498) $ -
-%
(835)
(835) -
-%
243
301 (58)
(19.3)%
Net debt and preferred shares of GWL Corporate
$ (1,090)
$ (1,032) $ (58)
(5.6)%
Net asset value(1)
$ 44,483
$ 43,969 $ 514
1.2%
Common shares outstanding (in millions)
377.2
379.5 (2.3)
(0.6)%
Net asset value per common share(1) ($)
$ 117.93
$ 115.86 $ 2.07
1.8%
GWL participates in Loblaw's NCIB program in order to maintain its proportionate percentage ownership.
The value of GWL's interest in its operating businesses is calculated by the number of shares or units held by the Company, multiplied by Loblaw and Choice Properties' respective TSX closing prices on the reporting date, or on the nearest trading day preceding the reporting date when the reporting date does not fall on a trading day. For the first quarter of 2026, this was March 27 (for the year ended 2025 - December 31).
The number of Choice Properties units held by GWL includes both Class B LP Units and Trust Units. Class B LP 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.
Excluding lease liabilities.
Net asset value per common share(1) was $117.93 as at March 28, 2026, compared to $115.86 as at December 31, 2025. The increase of
$2.07, or 1.8%, represents an increase in the share and unit price of Loblaw and Choice Properties, respectively, and the favourable impact of lower outstanding common shares at GWL due to share repurchases, partially offset by the impact of a decrease in the number of Loblaw shares held by GWL as a result of GWL's participation in Loblaw's NCIB.
-
Financial Condition
Rolling year adjusted return on average equity attributable to common shareholders of the Company(1) and rolling year adjusted return on capital(1) are ratios calculated on a total Company basis (including continuing and discontinued operations). Refer to Section 9, "Non-GAAP and Other Financial Measures", of this MD&A for the definition of these measures.
As at
Mar. 28, 2026
Mar. 22, 2025(i)
Dec. 31, 2025(i)
Rolling year adjusted return on average equity attributable to common
shareholders of the Company(1)
38.0%
30.0%
34.8%
Rolling year adjusted return on capital(1)
15.1%
14.4%
15.1%
(i) Certain figures have been restated due to the non-GAAP financial measures adjusting item change. Refer to Section 9.2, "Non-GAAP and Other Financial Measures Change", of this MD&A.
The rolling year adjusted return on average equity attributable to common shareholders of the Company(1) as at the end of the first quarter of 2026 increased compared to the end of the first quarter of 2025 and year end 2025, primarily due to a decrease in average equity attributable to common shareholders of the Company(1) and an improvement in the Company's consolidated underlying performance. The decrease in average equity was due to a decrease in contributed surplus and retained earnings.
The rolling year adjusted return on capital(1) as at the end of the first quarter of 2026 increased compared to the end of the first quarter of 2025, due to an improvement in adjusted operating income(1), partially offset by an increase in average capital. The increase in average capital was primarily due to an increase in long-term debt, lease liabilities, and demand deposits from customers, partially offset by a decrease in equity attributable to common shareholders of the Company. The rolling year adjusted return on capital(1) as at the end of the first quarter of 2026 was flat compared to year end 2025.
-
Credit Ratings
The following table sets out the current credit ratings of GWL:
DBRS
S&P
Credit Ratings (Canadian Standards)
Credit Rating
Trend
Credit Rating
Outlook
Issuer rating
BBB (high)
Stable
BBB+
Stable
Medium term notes
BBB (high)
Stable
BBB
n/a
Preferred shares
Pfd-3 (high)
Stable
P-2 (low)
n/a
During 2025, Standard and Poor's Global Ratings ("S&P") confirmed the credit ratings and outlook of GWL. Subsequent to the end of the first quarter of 2026, Morningstar DBRS ("DBRS") upgraded the ratings from BBB to BBB (high) for issuer rating and medium term notes and from Pdf-3 to Pdf-3 (high) for preferred shares. DBRS also changed the trends on all credit ratings from positive to stable.
The following table sets out the current credit ratings of Loblaw:
DBRS
S&P
Credit Ratings (Canadian Standards)
Credit Rating
Trend
Credit Rating
Outlook
Issuer rating
A (low)
Stable
BBB+
Stable
Medium term notes
A (low)
Stable
BBB+
n/a
During 2025, S&P confirmed the credit ratings and outlook of Loblaw. Subsequent to the end of the first quarter of 2026, DBRS upgraded the ratings from BBB (high) to A (low) for issuer rating and medium term notes. DBRS also changed the trends on all credit ratings from positive to stable.
The following table sets out the current credit ratings of Choice Properties:
DBRS
S&P
Credit Ratings (Canadian Standards)
Credit Rating
Trend
Credit Rating
Outlook
Issuer rating
BBB (high)
Positive
BBB+
Stable
Senior unsecured debentures
BBB (high)
Positive
BBB+
n/a
During 2025, S&P confirmed the credit ratings and outlook of Choice Properties. Subsequent to the end of the first quarter of 2026, DBRS confirmed the credit ratings and trends of Choice Properties.
-
Dividends and Share Repurchases
DIVIDENDS The following table summarizes the Company's cash dividends declared for the periods ended as indicated:
12 Weeks Ended
($)
Mar. 28, 2026
Mar. 22, 2025
Dividends declared per share(i):
Common share(3)
$ 0.297933
$ 0.273333
Preferred share:
Series I
$ 0.3625
$ 0.3625
Series III
$ 0.3250
$ 0.3250
Series IV
$ 0.3250
$ 0.3250
Series V
$ 0.296875
$ 0.296875
(i) Dividends declared in the first quarter of 2026 on common shares and Preferred Shares, Series III, Series IV and Series V were payable on April 1, 2026. Dividends declared in the first quarter of 2026 on Preferred Shares, Series I were payable on March 15, 2026.
The following table summarizes the Company's cash dividends declared subsequent to the end of the first quarter of 2026:
($)
Dividends declared per share(i) - Common share $ 0.321768
- Preferred share:
Series I $ 0.3625
Series III $ 0.3250
Series IV $ 0.3250
Series V $ 0.296875
(i) Dividends declared in the second quarter of 2026 on common shares and Preferred Shares, Series III, Series IV and Series V are payable on July 1, 2026. Dividends declared in the second quarter of 2026 on Preferred Shares, Series I are payable on June 15, 2026.
SHARE REPURCHASES In the first quarter of 2026, the Company purchased and cancelled 2.9 million common shares (2025 -2.4 million common shares) for aggregate consideration of $275 million (2025 - $181 million) under its NCIB. As at March 28, 2026, the Company had 377.0 million shares issued and outstanding, net of shares held in trusts (March 22, 2025 - 387.9 million shares).
For details on the Company's share capital, refer to note 11, "Share Capital", of the Company's first quarter 2026 interim financial statements.
-
Off-Balance Sheet Arrangements
The Company uses off-balance sheet arrangements including letters of credit, guarantees and cash collateralization in connection with certain obligations. There were no significant changes to these off-balance sheet arrangements during the first quarter of 2026. For a discussion of the Company's significant off-balance sheet arrangements, refer to Section 3.8, "Off-Balance Sheet Arrangements", of the Company's 2025 Annual Report.
-
Cash Flows
-
Quarterly Results of Operations
The Company's year end is December 31. Activities are reported on a fiscal year ending on the Saturday closest to December 31. As a result, the Company's fiscal year is usually 52 weeks in duration but includes a 53rd week every five to six years. The fiscal year ended December 31, 2024 contained 52 weeks, and the fiscal year ended December 31, 2025 contained 53 weeks. The 52-week reporting cycle is divided into four quarters of 12 weeks each except for the third quarter, which is 16 weeks in duration. When a fiscal year such as 2025 contains 53 weeks, the fourth quarter is 13 weeks in duration.
The following is a summary of selected consolidated quarterly financial information for each of the eight most recently completed quarters. As a result of the announcement of the sale of PC Financial at Loblaw, the results of PC Financial are presented separately as discontinued operations in the Company's current and comparative results. Unless otherwise indicated, all financial information represents the Company's results from continuing operations.
SELECTED QUARTERLY INFORMATION
($ millions except where otherwise indicated)
First Quarter
2026 2025
(12 weeks) (12 weeks)
Fourth 2025(i)
(13 weeks)
Quarter
2024(i)
(12 weeks)
Third Quarter 2025(i) 2024(i)
(16 weeks) (16 weeks)
Second 2025(i)
(12 weeks)
Quarter
2024(i)
(12 weeks)
Revenue
$ 14,639
$ 14,054
$ 16,536
$ 14,874
$ 19,313
$ 18,479
$ 14,608
$ 13,859
Operating income
$ 1,150
$ 1,009
$ 1,176
$ 933
$ 1,546
$ 1,392
$ 1,369
$ 734
Adjusted EBITDA(1)
$ 1,707
$ 1,608
$ 1,892
$ 1,687
$ 2,216
$ 2,074
$ 1,831
$ 1,727
Depreciation and amortization
$ 538
$ 613
$ 537
$ 599
$ 682
$ 775
$ 506
$ 588
Net earnings
$ 422
$ 350
$ 593
$ 897
$ 882
$ 440
$ 648
$ 667
Net earnings attributable to
shareholders of the Company
$ 116
$ 93
$ 290
$ 674
$ 491
$ 29
$ 268
$ 410
Contribution to net earnings from:
Loblaw(ii)
$ 309 $ 253
$ 322
$ 240
$ 394
$ 327
$ 366
$ 233
Choice Properties
(87) (96)
(53)
792
242
(663)
(154)
514
Effect of consolidation
(10) 3
22
(356)
(157)
291
61
(154)
Publicly traded operating companies
$ 212
$ 160
$ 291
$ 676
$ 479
$ (45)
$ 273
$ 593
GWL Corporate
(110)
(89)
(35)
(17)
(27)
(22)
(26)
(201)
Net earnings (loss) available to common shareholders of the Company from continuing operations
Discontinued operations
$ 102
$ 71
$ 256
$ 659
$ 452
$ (67)
$ 247
$ 392
4
12
24
5
25
82
11
8
Net earnings available to common shareholders of the Company
$ 106
$ 83
$ 280
$ 664
$ 477
$ 15
$ 258
$ 400
Net earnings (loss) per common share(3) ($) - basic
$ 0.28
$ 0.21
$ 0.73
$ 1.70
$ 1.24
$ 0.04
$ 0.67
$ 1.00
Continuing operations
$ 0.27
$ 0.18
$ 0.67
$ 1.69
$ 1.18
$ (0.17)
$ 0.64
$ 0.98
Discontinued operations
$ 0.01
$ 0.03
$ 0.06
$ 0.01
$ 0.06
$ 0.21
$ 0.03
$ 0.02
Net earnings (loss) per common share(3) ($) - diluted
$ 0.27
$ 0.21
$ 0.72
$ 1.68
$ 1.23
$ 0.03
$ 0.65
$ 0.99
Continuing operations
$ 0.26
$ 0.18
$ 0.66
$ 1.67
$ 1.17
$ (0.18)
$ 0.62
$ 0.97
Discontinued operations
$ 0.01
$ 0.03
$ 0.06
$ 0.01
$ 0.06
$ 0.21
$ 0.03
$ 0.02
Adjusted diluted net earnings per common share(1)(3) ($)
$ 0.91
$ 0.86
$ 1.21
$ 1.01
$ 1.33
$ 1.19
$ 1.01
$ 0.96
Continuing operations
$ 0.87
$ 0.83
$ 1.15
$ 0.96
$ 1.27
$ 1.15
$ 0.98
$ 0.94
Discontinued operations
$ 0.04
$ 0.03
$ 0.06
$ 0.05
$ 0.06
$ 0.04
$ 0.03
$ 0.02
Certain figures have been restated due to the non-GAAP financial measures adjusting item change. Refer to Section 9.2, "Non-GAAP and Other Financial Measures Change", of this MD&A.
Contribution from Loblaw's net earnings from continuing operations, net of non-controlling interests.
REVENUE Over the last eight quarters, consolidated revenue was impacted by each of the Company's reportable operating segments as follows:
Loblaw revenue was impacted by various factors including the following:
seasonality, which was greatest in the fourth quarter and least in the first quarter;
the timing of holidays;
the 13th week in the fourth quarter of 2025;
macro-economic conditions impacting food and drug retail prices; and
changes in net retail square footage. Over the past eight quarters, net retail square footage has increased by 2.2 million square feet to 73.5 million square feet.
Choice Properties revenue was impacted by the following:
higher rental rates in the retail and industrial portfolio;
contributions from acquisitions, net of dispositions, and development transfers;
lease surrender revenue; and
the sale of residential inventory.
NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS OF THE COMPANY AND DILUTED NET EARNINGS PER COMMON
SHARE Net earnings available to common shareholders of the Company and diluted net earnings per common share for the last eight quarters were impacted by the underlying operating performance of each of the Company's reportable operating segments and certain adjusting items as described in Section 9.1, "Non-GAAP and Other Financial Measures - Selected Comparative Reconciliation", of this MD&A.
The Company's underlying operating performance for the last eight quarters included the following:
change in Loblaw's underlying operating performance driven by:
seasonality, which was greatest in the fourth quarter and least in the first quarter;
the timing of holidays;
the impact of the 13th week in the fourth quarter of 2025; and
cost savings from operating efficiencies and benefits from strategic initiatives.
change in Choice Properties' underlying operating performance driven by:
changes in revenue as described above;
the impact of acquisitions and dispositions of investment properties and development transfers;
lower investment income as a result of the reduction in Allied's distribution; and
changes in general and administrative expenses.
the year-over-year impact of changes in the effect of consolidation. Refer to Section 9, "Non-GAAP and Other Financial Measures", of this MD&A for a breakdown of effect of consolidation.
diluted net earnings per common share included the favourable impact of shares purchased for cancellation.
-
Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining a system of disclosure controls and procedures to provide reasonable assurance that all material information relating to the Company and its subsidiaries is gathered and reported to senior management on a timely basis so that appropriate decisions can be made regarding public disclosure.
Management is also responsible for establishing and maintaining adequate internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS Accounting Standards.
In designing such controls, it should be recognized that due to inherent limitations, any control, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and may not prevent or detect misstatements. Projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Additionally, management is required to use judgment in evaluating controls and procedures.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING There were no changes in the Company's internal control over financial reporting in the first quarter of 2026 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
-
Enterprise Risks and Risk Management
A detailed full set of risks inherent in the Company's business are included in the Company's Annual Information Form ("AIF") for the year ended December 31, 2025 and the MD&A included in the Company's 2025 Annual Report, which are hereby incorporated by reference. The Company's 2025 Annual Report and AIF are available at https://www.sedarplus.ca. Those risks and risk management strategies remain unchanged.
-
IFRS Accounting Standards and Amendments
Amendments to IFRS 9 and IFRS 7 In May 2024, amendments to IFRS 9, "Financial Instruments" ("IFRS 9") and IFRS 7, "Financial Instruments: Disclosures" ("IFRS 7") were issued. The amendments clarify the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date, if specific conditions are met. Also included in the amendments, are clarifications regarding the classification of financial assets, including those with features linked to environmental, social and corporate governance. Under the amendments, additional disclosures are required for financial instruments with contingent features and investments in equity instruments classified at fair value through other comprehensive income.
These amendments are effective for annual reporting periods beginning on or after January 1, 2026. The adoption of these amendments did not have a material impact on the Company's interim financial statements. For financial liabilities settled in cash using an electronic payment system, the Company applied the election to deem these financial liabilities to be discharged before the settlement date. The amendments have been applied retrospectively with no restatement of comparative information, in accordance with transition requirements on the initial application of IFRS 9. The adjustment to the cash balance reflects a $49 million increase to the opening balance of cash and cash equivalents in the condensed consolidated statements of cash flows.
Amendments to IFRS 9 and IFRS 7 In December 2024, amendments to IFRS 9 and IFRS 7 were issued to enhance the transparency of nature-dependent electricity contracts. The amendments allow a company to apply an own-use exemption to certain power purchase agreements if certain requirements are met. The amendments require further disclosure where an own-use exemption is applied regarding the contractual features exposing the company to variability in electricity volume and risk of oversupply, unrecognized contractual commitments and the effect of the contracts on an entity's financial performance. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and were adopted by the Company on a prospective basis. The adoption of these amendments did not have a material impact on the Company's interim financial statements.
-
Outlook(4)
The Company's 2026 outlook remains unchanged and it continues to expect adjusted net earnings(1) to increase due to the results from its operating segments, and to use excess cash to repurchase shares.
Loblaw Loblaw will continue to execute on retail excellence while advancing its growth initiatives with the goal of delivering consistent operational and financial results in 2026. Loblaw's businesses remain well positioned to meet the everyday needs of Canadians. Loblaw cannot predict the timing of the closing of the Sale of PC Financial, and its impact on Loblaw's financial results. In 2026, excluding this impact and the 53rd week impact in 2025, Loblaw continues to expect:
its retail business to grow earnings faster than sales;
adjusted net earnings per common share(1) growth in the high single-digits;
to continue investing in its store network and distribution centres by investing approximately $2.4 billion in gross capital expenditures; and
to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.
Choice Properties Choice Properties is focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Its high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to its overall portfolio. Choice Properties will continue to advance its development program, with a focus on commercial developments, which provides the best opportunity to add high-quality real estate to its portfolio at a reasonable cost and drive net asset value appreciation over time.
Choice Properties is confident that its business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit its operations. Choice Properties cannot predict the timing of the closing of the Transaction with FCR and KingSett, and its impact on its financial results. In 2026, excluding this impact, Choice Properties is targeting:
stable occupancy across the portfolio, resulting in approximately 2% - 3% year-over-year growth in Same-Asset NOI, cash basis(5);
annual Funds from Operations(1) per unit diluted(5) in a range of approximately $1.08 to $1.10; and
strong leverage metrics, targeting Adjusted Debt to EBITDAFV(5) below 7.5x.
- Non-GAAP and Other Financial Measures
The Company uses non-GAAP and other financial measures and ratios in this document, such as: adjusted EBITDA and adjusted EBITDA margin, adjusted operating income, adjusted net earnings attributable to shareholders of the Company, adjusted net earnings available to common shareholders of the Company, adjusted diluted net earnings per common share, effect of consolidation, rolling year adjusted return on average equity attributable to common shareholders of the Company, rolling year adjusted return on capital, GWL Corporate free cash flow, free cash flow, net asset value, net asset value per common share, and Choice Properties Funds from Operations, among others. In addition to these items, the following measures are used by management in calculating adjusted diluted net earnings per common share: adjusted net interest expense and other financing charges, adjusted earnings before income taxes, adjusted income taxes and adjusted effective tax rate. The Company believes these non-GAAP and other financial measures provide useful information to both management and investors with regard to accurately assessing the Company's financial performance and financial condition for the reasons outlined below.
Further, certain non-GAAP measures and other financial measures of Loblaw and Choice Properties are included in this document. For more information on these measures, refer to the materials filed by Loblaw and Choice Properties, which are available on www.sedarplus.ca or at www.loblaw.ca or www.choicereit.ca, respectively.
Management uses these and other non-GAAP and other financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. The Company adjusts for these items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.
These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.
As a result of the announcement of the sale of PC Financial at Loblaw, the results of PC Financial are presented separately as discontinued operations in the Company's current and comparative results. Unless otherwise indicated, all financial information represents the Company's results from continuing operations.
ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN The following table reconciles adjusted operating income and adjusted EBITDA to operating income, which is reconciled to GAAP net earnings attributable to shareholders of the Company from continuing operations reported for the periods ended as indicated.
The Company believes adjusted EBITDA is useful in assessing and making decisions regarding the underlying operating performance of the Company's ongoing operations and in assessing the Company's ability to generate cash flows to fund its cash requirements, including its capital investment program.
Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.
12 Weeks Ended
Mar. 28, 2026 | Mar. 22, 2025(2) | |
($ millions) | Effect of Choice consol- GWL Loblaw Properties idation Corporate Consolidated | Effect of Choice consol- GWL Loblaw Properties idation Corporate Consolidated |
Net earnings attributable to shareholders of the Company from continuing operations Add impact of the following: Non-controlling interests from continuing operations Income taxes Net interest expense and other financing charges | $ 112 | $ 81 |
303 | 247 | |
328 | 273 | |
407 | 408 | |
Operating income | $ 1,008 $ 270 $ (121) $ (7) $ 1,150 | $ 836 $ 276 $ (95) $ (8) $ 1,009 |
Add (deduct) impact of the following: Fair value adjustment of investment in real estate securities Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark PC Financial transaction costs Fair value adjustments of derivatives and other investments Fair value adjustment on investment properties Gain on sale of non-operating property Sale of Wellwise | $ - $ 49 $ - $ - $ 49 | $ - $ 9 $ - $ - $ 9 |
10 - - - 10 | 116 - - - 116 | |
1 - - - 1 | - - - - - | |
(23) - - - (23) | (1) - - - (1) | |
- (66) 58 - (8) | - (40) 37 - (3) | |
- - - - - | (14) - - - (14) | |
- - - - - | (5) - - - (5) | |
Adjusting items | $ (12) $ (17) $ 58 $ - $ 29 | $ 96 $ (31) $ 37 $ - $ 102 |
Adjusted operating income | $ 996 $ 253 $ (63) $ (7) $ 1,179 | $ 932 $ 245 $ (58) $ (8) $ 1,111 |
Depreciation and amortization excluding the | ||
impact of the above adjustment(i) | 609 1 (83) 1 528 | 575 1 (80) 1 497 |
Adjusted EBITDA | $ 1,605 $ 254 $ (146) $ (6) $ 1,707 | $ 1,507 $ 246 $ (138) $ (7) $ 1,608 |
(i) Depreciation and amortization for the calculation of adjusted EBITDA excludes amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark, recorded by Loblaw.
The following items impacted adjusted EBITDA in 2026 and 2025:
Fair value adjustment of investment in real estate securities Choice Properties received Allied Class B Units as part of the consideration for the Choice Properties disposition of six office assets to Allied in 2022. Choice Properties recognized these units as investments in real estate securities. The investment in real estate securities is exposed to market price fluctuations of Allied trust units. An increase (decrease) in the market price of Allied trust units results in income (a charge) to operating income.
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark The acquisition of Shoppers Drug Mart in 2014 included approximately $6,050 million of definite life intangible assets, which are being amortized over their estimated useful lives. The annual amortization associated with the acquired intangibles will be approximately $30 million in 2026 and thereafter.
The acquisition of Lifemark in 2022 included approximately $299 million of definite life intangible assets, which are being amortized over their estimated useful lives.
PC Financial transaction costs In the first quarter of 2026, Loblaw recorded transaction and other related costs of $1 million in connection with the Sale of PC Financial.
Fair value adjustments of derivatives and other investments Loblaw is exposed to commodity price and U.S. dollar exchange rate fluctuations. In accordance with Loblaw's commodity risk management policy, Loblaw enters into exchange traded futures
contracts and forward contracts to minimize cost volatility relating to fuel prices and the U.S. dollar exchange rate. These derivatives are not acquired for trading or speculative purposes. Pursuant to Loblaw's derivative instruments accounting policy, changes in the fair value of these instruments, which include realized and unrealized gains and losses, are recorded in operating income. Despite the impact of accounting for these commodity and foreign currency derivatives on Loblaw's reported results, the derivatives have the economic impact of largely mitigating the associated risks arising from price and exchange rate fluctuations in the underlying commodities and U.S. dollar commitments. The Company and Loblaw hold certain investments, including Venture Fund investments, classified as fair value through profit and loss. Any changes in the fair value of these investments are included in operating income. Starting in the first quarter of 2026, fair value adjustments on such investments are considered an adjusting item. Refer to Section 9.2, "Non-GAAP and Other Financial Measures Change", below.
Fair value adjustment on investment properties The Company measures investment properties at fair value. Under the fair value model, investment properties are initially measured at cost and subsequently measured at fair value. Fair value is determined based on available market evidence. If market evidence is not readily available in less active markets, the Company uses alternative valuation methods such as discounted cash flow projections or recent transaction prices. Gains and losses on fair value are recognized in operating income in the period in which they are incurred. Gains and losses from disposal of investment properties are determined by comparing the fair value of disposal proceeds and the carrying amount and are recognized in operating income.
Gain on sale of non-operating property In the first quarter of 2025, Loblaw recorded a gain related to the sale of a non-operating property to a third party of $14 million.
Sale of Wellwise In the fourth quarter of 2024, Loblaw entered into an agreement with a third party to sell all of the shares of its Wellwise business, including 42 Wellwise locations, for cash proceeds and recorded a net fair value write-down of $23 million in SG&A. The transaction closed in the first quarter of 2025 and Loblaw recorded a gain of $5 million in SG&A.
ADJUSTED OPERATING INCOME FROM DISCONTINUED OPERATIONS AND TOTAL COMPANY ADJUSTED OPERATING INCOME
The following table reconciles adjusted operating income to operating income from discontinued operations, which is reconciled to net earnings attributable to shareholders of the Company from discontinued operations as reported in the notes to the consolidated financial statements for the periods ended as indicated. The Company believes that adjusted operating income is useful in assessing the performance of its discontinued operations and its ability to generate cash flows to fund its cash requirements, including the Company's capital investment program.
12 Weeks Ended
($ millions) | Mar. 28, 2026 | Mar. 22, 2025 |
Net earnings attributable to shareholders of the Company from discontinued operations(i) Add impact of the following: Non-controlling interests(i) Net interest expense and other financing charges(i) Income taxes(i) | $ 4 3 46 4 | $ 12 10 36 10 |
Operating income from discontinued operations(i) Add impact of the following: Charge related to PC Bank commodity tax matter | $ 57 23 | $ 68 - |
Adjusting items | $ 23 | $ - |
Adjusted operating income from discontinued operations Adjusted operating income (refer to table above) | $ 80 1,179 | $ 68 1,111 |
Total Company adjusted operating income | $ 1,259 | $ 1,179 |
(i) For additional information, refer to note 4, "Assets Held for Sale and Discontinued Operations", of the Company's first quarter 2026 interim financial statements.
In addition to the items described in the adjusted operating income, adjusted EBITDA and adjusted EBITDA margin section above, adjusted operating income from discontinued operations and total Company adjusted operating income were impacted by the following:
Charge related to PC Bank commodity tax matter In the first quarter of 2026, the Federal government enacted commodity tax legislation rendering PC Bank ineligible to claim notional input tax credits for certain payments it makes to Loblaws Inc. in respect of redemptions of loyalty points. As the legislation was effective beginning in fiscal year 2025, PC Bank recorded a charge of
$23 million in SG&A, reversing notional input tax credit related amounts previously recorded. In addition, a charge of $10 million was recorded, reversing interest income on expected cash tax refunds.
ADJUSTED NET INTEREST EXPENSE AND OTHER FINANCING CHARGES The Company believes adjusted net interest expense and other financing charges is useful in assessing the ongoing net financing costs of the Company.
The following table reconciles adjusted net interest expense and other financing charges to GAAP net interest expense and other financing charges reported for the periods ended as indicated.
12 Weeks Ended
($ millions) | Mar. 28, 2026 | Mar. 22, 2025(2) |
Net interest expense and other financing charges Deduct impact of the following: Fair value adjustment of the Trust Unit liability | $ 407 (136) | $ 408 (163) |
Adjusted net interest expense and other financing charges | $ 271 | $ 245 |
The following item impacted adjusted net interest expense and other financing charges in 2026 and 2025:
Fair value adjustment of the Trust Unit liability The Company is exposed to market price fluctuations as a result of the Choice Properties Trust Units held by Unitholders other than the Company. These Trust Units are presented as a liability on the Company's consolidated balance sheets as they are redeemable for cash at the option of the holder, subject to certain restrictions. This liability is recorded at fair value at each reporting date based on the market price of Trust Units at the end of each period. An increase (decrease) in the market price of Trust Units results in a charge (income) to net interest expense and other financing charges.
ADJUSTED NET INTEREST EXPENSE AND OTHER FINANCING CHARGES FROM DISCONTINUED OPERATIONS The Company
believes adjusted net interest expense and other financing charges is useful in assessing the ongoing net financing costs of the Company.
The following table reconciles adjusted net interest expense and other financing charges from discontinued operations to net interest expense and other financing charges from discontinued operations as reported in the notes to the interim financial statements for the periods ended as indicated.
12 Weeks Ended
($ millions) | Mar. 28, 2026 | Mar. 22, 2025 |
Net interest expense and other financing charges from discontinued operations(i) Deduct impact of the following: Charge related to PC Bank commodity tax matter | $ 46 (10) | $ 36 - |
Adjusted net interest expense and other financing charges from discontinued operations | $ 36 | $ 36 |
(i) For additional information, refer to note 4, "Assets Held for Sale and Discontinued Operations", of the Company's first quarter 2026 interim financial statements.
The following item impacted adjusted net interest expense and other financing charges from discontinued operations in 2026:
Charge related to PC Bank commodity tax matter In the first quarter of 2026, a charge of $10 million was recorded, reversing interest income on expected cash tax refunds on the PC Bank commodity tax matter as discussed above.
ADJUSTED INCOME TAXES AND ADJUSTED EFFECTIVE TAX RATE The Company believes the adjusted effective tax rate applicable to adjusted earnings before taxes is useful in assessing the underlying operating performance of its business.
The following table reconciles the effective tax rate applicable to adjusted earnings before taxes to the GAAP effective tax rate applicable to earnings before taxes as reported for the periods ended as indicated.
12 Weeks Ended
($ millions except where otherwise indicated) | Mar. 28, 2026 | Mar. 22, 2025(2) |
Adjusted operating income(i) Adjusted net interest expense and other financing charges(i) | $ 1,179 271 | $ 1,111 245 |
Adjusted earnings before taxes | $ 908 | $ 866 |
Income taxes (Deduct) add impact of the following: Tax impact of items excluded from adjusted earnings before taxes(ii) Outside basis difference in certain Loblaw shares | $ 328 (1) (60) | $ 273 28 (51) |
Adjusted income taxes | $ 267 | $ 250 |
Effective tax rate applicable to earnings before taxes Adjusted effective tax rate applicable to adjusted earnings before taxes | 44.1% 29.4% | 45.4% 28.9% |
See reconciliations of adjusted operating income and adjusted net interest expense and other financing charges above.
See the adjusted operating income and adjusted EBITDA table and the adjusted net interest expense and other financing charges table above for a complete list of items excluded from adjusted earnings before taxes.
In addition to certain items described in the "Adjusted Operating Income, Adjusted EBITDA and Adjusted EBITDA Margin" and "Adjusted Net Interest Expense and Other Financing Charges" sections above, the following item impacted adjusted income taxes and the adjusted effective tax rate in 2026 and 2025:
Outside basis difference in certain Loblaw shares The Company recorded a deferred tax expense of $60 million in the first quarter of 2026 (2025 - $51 million) on temporary differences in respect of GWL's investment in certain Loblaw shares that are expected to reverse in the foreseeable future as a result of GWL's participation in Loblaw's NCIB.
ADJUSTED NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS AND ADJUSTED
DILUTED NET EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS The Company believes that adjusted net earnings available to common shareholders from continuing operations and adjusted diluted net earnings per common share from continuing operations are useful in assessing the Company's underlying operating performance and in making decisions regarding the ongoing operations of its business.
The following table reconciles adjusted net earnings available to common shareholders of the Company from continuing operations and adjusted net earnings attributable to shareholders of the Company from continuing operations to net earnings attributable to shareholders of the Company and then to net earnings available to common shareholders of the Company from continuing operations reported for the periods ended as indicated.
12 Weeks Ended
($ millions except where otherwise indicated) | Mar. 28, 2026 | Mar. 22, 2025(2) |
Net earnings attributable to shareholders of the Company Less: Net earnings attributable to shareholders of the Company from discontinued operations | $ 116 (4) | $ 93 (12) |
Net earnings attributable to shareholders of the Company from continuing operations Less: Prescribed dividends on preferred shares in share capital | $ 112 (10) | $ 81 (10) |
Net earnings available to common shareholders of the Company from continuing operations Less: Reduction in net earnings from continuing operations due to dilution at Loblaw | $ 102 (3) | $ 71 (2) |
Net earnings available to common shareholders from continuing operations for diluted earnings per share | $ 99 | $ 69 |
Net earnings attributable to shareholders of the Company from continuing operations Adjusting items (refer to the following table) | $ 112 231 | $ 81 256 |
Adjusted net earnings attributable to shareholders of the Company from continuing operations Less: Prescribed dividends on preferred shares in share capital | $ 343 (10) | $ 337 (10) |
Adjusted net earnings available to common shareholders of the Company from continuing operations Less: Reduction in net earnings from continuing operations due to dilution at Loblaw | $ 333 (3) | $ 327 (2) |
Adjusted net earnings available to common shareholders from continuing operations for diluted earnings per share | $ 330 | $ 325 |
Diluted weighted average common shares outstanding(3) (in millions) | 380.2 | 391.1 |
The following table reconciles adjusted net earnings available to common shareholders of the Company and adjusted diluted net earnings per common share to GAAP net earnings available to common shareholders of the Company and diluted net earnings per common share reported for the periods ended as indicated.
12 Weeks Ended
Mar. 28, 2026 | ||||
Diluted | Diluted | |||
Net Earnings (Loss) Available | Net Earnings | Net Earnings (Loss) Available | Net Earnings | |
to Common Shareholders of the Company | Per Common Share ($) | to Common Shareholders of the Company | Per Common Share(3) ($) | |
($ millions except where otherwise indicated) | Effect of Choice consol- GWL Consol-Loblaw(i) Properties idation Corporate idated | Consolidated | Effect of Choice consol- GWL Consol-Loblaw(i) Properties idation Corporate idated | Consolidated |
Continuing operations | $ 309 $ (87) $ (10) $ (110) $ 102 | $ 0.26 | $ 253 $ (96) $ 3 $ (89) $ 71 | $ 0.18 |
Discontinued operations | 4 - - - 4 | 0.01 | 12 - - - 12 | 0.03 |
As reported | $ 313 $ (87) $ (10) $ (110) $ 106 | $ 0.27 | $ 265 $ (96) $ 3 $ (89) $ 83 | $ 0.21 |
Continuing operations | $ 309 $ (87) $ (10) $ (110) $ 102 | $ 0.26 | $ 253 $ (96) $ 3 $ (89) $ 71 | $ 0.18 |
Add (deduct) impact of the following(ii): | ||||
Fair value adjustment of investment in real estate securities | $ - $ 49 $ (4) $ - $ 45 | $ 0.12 | $ - $ 9 $ (1) $ - $ 8 | $ 0.02 |
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark | 4 - - - 4 | 0.01 | 46 - - - 46 | 0.12 |
PC Financial transaction costs | 1 - - - 1 | - | - - - - - | - |
Fair value adjustments of derivatives and other investments | (9) - - - (9) | (0.03) | (1) - - - (1) | - |
Fair value adjustment on investment properties | - (66) 60 - (6) | (0.01) | - (41) 40 - (1) | - |
Gain on sale of non-operating property | - - - - - | - | (7) - - - (7) | (0.02) |
Sale of Wellwise | - - - - - | - | (3) - - - (3) | (0.01) |
Fair value adjustment of the Trust Unit liability | - - 136 - 136 | 0.36 | - - 163 - 163 | 0.41 |
Outside basis difference in certain Loblaw shares | - - - 60 60 | 0.16 | - - - 51 51 | 0.13 |
Fair value adjustment on Choice Properties' Exchangeable Units | - 218 (218) - - | - | - 237 (237) - - | - |
Adjusting items from continuing operations | $ (4) $ 201 $ (26) $ 60 $ 231 | $ 0.61 | $ 35 $ 205 $ (35) $ 51 $ 256 | $ 0.65 |
Adjusted continuing operations | $ 305 $ 114 $ (36) $ (50) $ 333 | $ 0.87 | $ 288 $ 109 $ (32) $ (38) $ 327 | $ 0.83 |
Discontinued operations | $ 4 $ - $ - $ - $ 4 | $ 0.01 | $ 12 $ - $ - $ - $ 12 | $ 0.03 |
Add impact of the following(ii): Charge related to PC Bank commodity tax matter | $ 12 $ - $ - $ - $ 12 | $ 0.03 | $ - $ - $ - $ - $ - | $ - |
Adjusting items from discontinued operations | $ 12 $ - $ - $ - $ 12 | $ 0.03 | $ - $ - $ - $ - $ - | $ - |
Adjusted discontinued operations | $ 16 $ - $ - $ - $ 16 | $ 0.04 | $ 12 $ - $ - $ - $ 12 | $ 0.03 |
Adjusted total Company | $ 321 $ 114 $ (36) $ (50) $ 349 | $ 0.91 | $ 300 $ 109 $ (32) $ (38) $ 339 | $ 0.86 |
Mar. 22, 2025(2)
Contribution from Loblaw, net of non-controlling interests.
Net of income taxes and non-controlling interests, as applicable.
EFFECT OF CONSOLIDATION The Company believes that a breakdown of the effect of consolidation is useful in assessing the Company's underlying operating performance and in making decisions regarding the ongoing operations of its business.
The following table provides a breakdown of the effect of consolidation for certain key performance metrics.
12 Weeks Ended
Mar. 28, 2026 | Mar. 22, 2025 | ||||
Net Interest Adjusted Net Expense Earnings and Other Available to | Net Interest Adjusted Net Expense Earnings and Other Available to | ||||
Operating Adjusted Financing Common | Operating Adjusted Financing Common | ||||
($ millions) | Revenue Income EBITDA(i) Charges Shareholders(i) | ||||
Revenue Income EBITDA(i) Charges Shareholders(i) | |||||
Elimination of intercompany | |||||
rental revenue | $ (209) $ (13) $ (13) $ - $ (11) | $ (201) $ | (7) $ | (7) $ | - $ (6) |
Elimination of internal lease | |||||
arrangements | 3 (32) (131) (31) (1) | 4 | (19) | (116) | (32) 10 |
Elimination of intersegment real | |||||
estate transactions | - (2) (2) - (2) | - | (25) | (25) | - (25) |
Gain on real estate disposal | - - - - - | - | 10 | 10 | - 10 |
Recognition of depreciation on Choice Properties' investment properties classified as fixed assets by the Company and | |||||
measured at cost | - (16) - - (16) | - | (17) | - | - (17) |
Fair value adjustment on | |||||
investment properties | - (58) - - - | - | (37) | - | 1 - |
Unit distributions on Exchangeable Units paid by | |||||
Choice Properties to GWL | - - - (77) 77 | - | - | - | (76) 76 |
Unit distributions on Trust Units paid by Choice Properties, excluding amounts paid | |||||
to GWL | - - - 54 (54) | - | - | - | 53 (53) |
Fair value adjustment on Choice | |||||
Properties' Exchangeable Units | - - - (218) - | - | - | - | (237) - |
Fair value adjustment of the Trust | |||||
Unit liability | - - - 136 - | - | - | - | 163 - |
Tax expense on Choice Properties | |||||
related earnings | - - - - (29) | - | - | - | - (27) |
Total | $ (206) $ (121) $ (146) $ (136) $ (36) | $ (197) $ | (95) $ | (138) $ | (128) $ (32) |
(i) See reconciliation of adjusted EBITDA and adjusted net earnings available to common shareholders of the Company above.
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George Weston Ltd. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:15 UTC.
