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Metro (MRU) investor relations material

Metro Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Metro Inc
Q4 2025 earnings summary19 Nov, 2025

Executive summary

  • Q4 sales reached CAD 5.1 billion, up 3.4% year-over-year, driven by growth in discount and pharmacy retail networks.

  • Adjusted net earnings rose 8.6% to CAD 246 million, with adjusted EPS up 10.8% to $1.13.

  • Net earnings for Q4 were CAD 217 million, down 1.3% year-over-year, while fiscal 2025 net earnings were CAD 1,019.5 million, up 9.4%.

  • Operations at the Toronto frozen distribution center were disrupted, incurring a CAD 22.5 million after-tax impact in Q4.

  • Fiscal 2025 sales totaled CAD 22,006.7 million, up 3.7% from the prior year.

Financial highlights

  • Food same-store sales increased 1.6%, pharmacy same-store sales grew 4.8%, with prescription sales up 5.5%.

  • Gross margin improved to 20% of sales, up from 19.7% last year, aided by shrink and productivity gains.

  • EBITDA rose 5.5% to CAD 485 million (9.5% of sales); adjusted EBITDA was CAD 491 million, up 6.8%.

  • Operating expenses as a percentage of sales were 10.5% in Q4 and 10.4% for the year.

  • Cash inflows from operating activities were CAD 1,724.9 million for the year, up from CAD 1,677.0 million in 2024.

Outlook and guidance

  • Direct costs from the freezer issue expected to impact Q1 FY 2026 net earnings by CAD 15–20 million.

  • CapEx for FY 2026 projected at approximately CAD 550 million, focused on retail network investments.

  • Plans for a dozen new discount stores in FY 2026, with net square footage growth expected above 1%.

  • Operations at the Toronto frozen food distribution centre resumed in November 2025, with full normalization expected by end of December.

  • Food same-store sales trends in Q1 similar to Q4; pharmacy prescription sales remain strong, but OTC softer.

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Frequently asked questions

Metro Inc is a food and pharmaceutical distribution company operating supermarkets, discount stores, and drugstores under various banners. It serves retail and wholesale customers primarily in Quebec and Ontario. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.

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