George Weston (WN) Q4 2025 earnings summary

Executive summary

• Adjusted diluted net earnings per common share grew 15.2% in Q4 2025, with annual growth of 12.1%.

• Revenue rose 11.2% in Q4 and 6.2% for the year, aided by an extra week of operations in 2025.

• Loblaw delivered strong execution, with increased customer visits, market share gains, and robust e-commerce growth.

• Choice Properties benefited from high tenant demand, improved occupancy, and completed $801 million in real estate transactions.

Financial highlights

• Q4 revenue: $16,536 million (+11.2% YoY); annual revenue: $64,511 million (+6.2%).

• Q4 adjusted EBITDA: $1,894 million (+10.7% YoY); annual adjusted EBITDA: $7,580 million (+7.5%).

• Q4 net earnings available to common shareholders: $280 million (down $384 million YoY, mainly due to Trust Unit liability fair value adjustment).

• Q4 adjusted net earnings: $468 million (+12.8% YoY); annual adjusted net earnings: $1,741 million (+9.0%).

• Net asset value per common share: $115.86 (+29.3% YoY).

Outlook and guidance

• Adjusted net earnings expected to increase in 2026, with excess cash used for share repurchases.

• Loblaw targets high single-digit adjusted net EPS growth, continued investment in stores and distribution, and significant share repurchases.

• Choice Properties targets 2–3% YoY growth in Same-Asset NOI, FFO per unit of $1.08–$1.10, and leverage below 7.5x.