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George Weston (WN) investor relations material
George Weston Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Adjusted diluted net earnings per common share grew 15.1% year-over-year in Q3 2025, reflecting strong operational momentum in both Loblaw and Choice Properties.
Revenue increased 4.6% to $19,548 million, with adjusted EBITDA up 8.4% to $2,340 million compared to Q3 2024.
Net earnings available to common shareholders rose to $477 million, up $462 million year-over-year, mainly due to favorable fair value adjustments.
A three-for-one stock split was completed, and 2.6 million shares were repurchased for $227 million.
Financial highlights
Revenue: $19,548 million, up $863 million (4.6%) year-over-year.
Adjusted EBITDA: $2,340 million, up $182 million (8.4%).
Net earnings available to common shareholders: $477 million ($1.23/share), up $462 million ($1.20/share).
Adjusted net earnings: $533 million, up $57 million (12.0%).
Adjusted diluted net earnings per share: $1.37, up $0.18 (15.1%).
GWL Corporate free cash flow: $433 million.
Outlook and guidance
Adjusted net earnings expected to increase, with excess cash used for share repurchases.
Loblaw expects full-year adjusted net earnings per share growth to move from high single-digits to low double-digits, excluding the 53rd week.
Choice Properties targets 2–3% year-over-year growth in Same-Asset NOI and 3–4% growth in FFO per unit diluted.
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