George Weston (WN) Q1 2026 earnings summary

Executive summary

• Revenue rose 4.2% year-over-year to $14,639 million, driven by strong performance in both Loblaw and Choice Properties.

• Adjusted EBITDA increased 6.2% to $1,707 million, with net earnings available to common shareholders up 27.7% to $106 million.

• Loblaw saw continued same-store sales growth in food and drug retail, increased e-commerce, and new store openings.

• Choice Properties maintained stable occupancy and robust leasing spreads, with a major acquisition announced post-quarter.

Financial highlights

• Adjusted net earnings available to common shareholders were $349 million, up 2.9% year-over-year.

• Adjusted diluted net earnings per common share rose 5.8% to $0.91.

• GWL Corporate free cash flow was $315 million.

• Net asset value per common share increased 1.8% to $117.93 from December 31, 2025.

• Quarterly dividend increased by 8%, marking 15 consecutive years of increases.

Outlook and guidance

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

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

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