Loblaw Companies (L) investor relations material

Opening remarks and agenda

• The meeting was held as a hybrid event for both George Weston Limited and Loblaw Companies Limited, with in-person and virtual participation at Massey Hall.

• The agenda included financial and business updates, formal business for both companies, voting procedures, and a joint Q&A session.

• Management, board members, auditors, and special guests, including students, were recognized.

Financial performance review

• George Weston reported consolidated revenue of approximately CAD 64.5 billion and adjusted EBITDA growth of 7.5% in 2025.

• Net asset value increased by 25.8% year-over-year; free cash flow and share repurchases were highlighted.

• Loblaw achieved revenue of CAD 64.8 billion, up 6.2%, with food and drug retail same-store sales growing 2.3% and 3.9%, respectively.

• Loblaw's adjusted EBITDA exceeded CAD 7.5 billion, with a 13.6% increase in adjusted earnings per share.

• Choice Properties maintained 98.2% occupancy and grew funds from operations by 3.6%.

Board and executive committee updates

• Executive role swaps were announced between the Chief Legal Officers of George Weston and Loblaw.

• All director nominees for both companies were current directors and received strong support in voting.