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Metro (MRU) investor relations material
Metro Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 sales grew 3.3% year-over-year to CAD 5.3 billion, with adjusted EBITDA up 4.7% and adjusted EPS up 5.5%.
Net earnings declined 12.8% to CAD 226.3 million, but adjusted net earnings rose 1.3% to CAD 248.7 million, reflecting normalization after one-time costs.
Fully diluted EPS fell 9.5% to CAD 1.05, while adjusted EPS grew 5.5% to CAD 1.16.
Operations at the Toronto frozen food distribution center have fully resumed after a costly temporary shutdown.
Dividend per share increased 10.1% to CAD 0.4075.
Financial highlights
Adjusted EBITDA reached CAD 504.2 million, up 4.7% year-over-year, representing 9.5% of sales.
Adjusted net earnings were CAD 248.7 million, up 1.3% year-over-year; adjusted EPS was CAD 1.16, up 5.5%.
Gross margin was CAD 1.04 billion or 19.7% of sales, flat year-over-year.
Operating expenses as a percentage of sales increased to 10.5%, impacted by CAD 20.8 million in direct costs from the Toronto freezer shutdown.
Capital expenditures totaled CAD 61.9 million, down from CAD 89.3 million last year.
Outlook and guidance
CapEx for fiscal 2026 expected to reach approximately CAD 550 million, focused on retail network investment.
Plans to open a dozen discount stores and several major renovations in 2026.
Continued emphasis on value for customers through merchandising, private labels, and loyalty programs amid a challenging economic environment.
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