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Metro (MRU) investor relations material

Metro Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Aug, 2025

Executive summary

  • Q3 sales reached $6.9B, up 3.3% year-over-year, with food same store sales up 1.9% and pharmacy same store sales up 5.5%.

  • EBITDA grew 5.7% to $656M, and adjusted EPS rose 12.6% to $1.52.

  • Net earnings were $323M, up 9.0% year-over-year; adjusted net earnings were $332M, up 8.8%.

  • Online sales increased 14.4%, supported by expanded click and collect and new home delivery partnerships.

  • Competitive intensity increased in Q3, with higher promotional activity and new store openings.

Financial highlights

  • Gross margin was 19.8% of sales, up from 19.6% last year, driven by productivity gains and shrink improvement.

  • Operating expenses were $702M, or 10.2% of sales, similar to last year.

  • Depreciation and amortization rose to $185M, mainly due to retail and supply chain investments.

  • Net financial costs decreased to $45M from $47M, driven by lower interest expense.

  • Adjusted net earnings were $332M, up 8.8% year-over-year.

Outlook and guidance

  • Management expects continued focus on value, private label, and loyalty programs amid an uncertain economic environment.

  • Productivity gains from distribution centers are expected to continue, with further room for improvement in fresh automation.

  • Modest SG&A leverage anticipated in coming quarters as duplicate costs have been lapped.

  • Focus shifts to efficiency gains after major supply chain investments, positioning for future retail network growth.

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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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