George Weston (WN) Q2 2025 earnings summary

Executive summary

• Strong operational and financial performance, with Loblaw driving sales growth and Choice Properties executing disciplined acquisitions and divestitures.

• Loblaw saw increased same-store sales, traffic, and basket size, with notable gains in food and drug retail segments.

• Choice Properties benefited from robust demand for grocery-anchored retail and industrial assets, advancing $427 million in transactions.

• Announced a 3-for-1 common share stock split to enhance share accessibility for retail investors and employees.

Financial highlights

• Revenue reached $14,823 million, up 5.2% year-over-year.

• Adjusted EBITDA was $1,923 million, a 6.5% increase year-over-year.

• Net earnings available to common shareholders were $258 million ($1.96 per share), down from $400 million ($2.97 per share) due to a negative fair value adjustment on Trust Unit liability.

• Adjusted net earnings available to common shareholders rose 1.8% to $401 million.

• Adjusted diluted net earnings per share increased 4.4% to $3.06.

Outlook and guidance

• 2025 outlook unchanged; expects adjusted net earnings to increase, driven by operating segments and continued share repurchases.

• Loblaw anticipates high single-digit adjusted EPS growth, with a 53rd week expected to add about 2% to EPS growth.

• Loblaw plans $1.9 billion net capital expenditures and significant share repurchases.

• Choice Properties targets 2–3% year-over-year growth in Same-Asset NOI and FFO per unit, with leverage metrics below 7.5x.