Loblaw Companies (L) investor relations material

Opening remarks and agenda

• The meeting was held as a hybrid event for both George Weston Limited and Loblaw Companies Limited, with in-person and virtual participation at Massey Hall.

• The agenda included financial and business updates, formal business proceedings, voting, and a joint Q&A session.

• Procedures for voting and question submission were outlined, with clear instructions for both in-person and online attendees.

Financial performance review

• George Weston reported consolidated revenue of approximately CAD 64.5 billion and a 7.5% increase in adjusted EBITDA for 2025.

• Net asset value rose by 25.8% year-over-year, and free cash flow increased, supported by stable earnings and disciplined capital deployment.

• Loblaw achieved revenue of CAD 64.8 billion, up 6.2%, with food same-store sales up 2.3% and drug retail same-store sales up 3.9%.

• Loblaw's adjusted EBITDA exceeded CAD 7.5 billion, and adjusted earnings per share grew by 13.6%.

• Choice Properties maintained 98.2% occupancy and grew funds from operations by 3.6%.

Board and executive committee updates

• Executive roles were highlighted, including recent role swaps among key legal officers.

• All director nominees for both companies were current directors and received strong support in voting.