George Weston Limited Reports Adjusted Diluted Net Earnings Per Common Share Growth of 15.2% in the Fourth Quarter

TORONTO, March 04, 2026 (GLOBE NEWSWIRE) -- George Weston Limited (TSX: WN) (“GWL” or the “Company”) today announced its consolidated unaudited results for the 13 weeks ended December 31, 2025⁽²⁾.

GWL’s 2025 Annual Report includes the Company’s audited annual consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) for the fiscal year ended December 31, 2025. The 2025 Annual Report has been filed on SEDAR+ and is available at and in the Investor Centre section of the Company's website at

As a result of the Company’s reporting calendar, the fourth quarter and full year 2025 include an extra week of operations (“the 13th week” or “the 53rd week”)⁽¹⁾ compared to the fourth quarter and full year 2024.

“2025 marked another strong year for George Weston as Loblaw gained customers by offering exceptional value in a growing number of communities, and Choice Properties benefited from tenant demand for its grocery-anchored retail and well-located industrial assets,” said Galen G. Weston, Chairman and Chief Executive Officer, George Weston Limited. “The success of our market-leading businesses and their dedicated colleagues continued to drive long-term value creation at George Weston.”

Loblaw Companies Limited (“Loblaw”) delivered solid fourth quarter results, demonstrating strong execution against its strategic plan. On a comparable 12-week basis, revenue increased 3.5%, gross profit percentage improved by 10 basis points, and SG&A as a percentage of sales was flat. Customer visits increased in the fourth quarter as Canadians recognized the differentiated value, quality, service, and convenience Loblaw offers across its nationwide network. This increased traffic resulted in continued market share gains across its banners. E-commerce sales experienced robust growth, as omnichannel convenience remained a customer priority. Food retail same-store sales growth⁽⁵⁾ steadily improved through the quarter. Across Shoppers Drug Mart and Pharmaprix^(MD), Loblaw continued to demonstrate momentum in front store, driven by strong beauty and over-the-counter (“OTC”) sales. Pharmacy and healthcare services was again led by strong growth in specialty prescriptions and healthcare services. Loblaw’s performance in the fourth quarter capped a successful 2025. Loblaw continued to invest in its future growth by opening 77 new stores across its banners, and successfully ramping the first of two automated, one million square foot distribution centres. Loblaw is confident that its best-in-class assets, resilient business model and investments for the future position it well to meet the evolving needs of Canadians, creating a foundation for consistent and sustainable growth.

Choice Properties Real Estate Investment Trust (“Choice Properties”) delivered strong operational and financial results in the fourth quarter and throughout 2025. Choice Properties’ high-quality portfolio of grocery-anchored centres and well‑located industrial assets continued to benefit from strong tenant demand, driving improved occupancy and cash flow growth. Choice Properties further improved the quality of its portfolio by completing $801 million real estate transactions and continued to deliver value through development, transferring $222 million of development projects and adding 0.8 million square feet of gross leasable area. The strength of Choice Properties’ balance sheet and its disciplined approach to operations, capital recycling, and development execution positions Choice Properties well for continued stability and growth in line with its proven strategy for long‑term value creation. Looking ahead, Choice Properties remains confident in its business and announced its fourth consecutive annual distribution increase for unitholders.

2025 FOURTH QUARTER HIGHLIGHTS

• Revenue was $16,536 million, an increase of $1,662 million, or 11.2%.
• Adjusted EBITDA⁽¹⁾ was $1,894 million, an increase of $183 million, or 10.7%.
• Net earnings available to common shareholders of the Company were $280 million ($0.72 per common share), a decrease of $384 million ($0.96 per common share). The decrease was primarily due to the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability.
• Adjusted net earnings available to common shareholders of the Company⁽¹⁾ were $468 million, an increase of $53 million, or 12.8%.
• Adjusted diluted net earnings per common share⁽¹⁾ were $1.21, an increase of $0.16, or 15.2%.
• Repurchased for cancellation 3.2 million common shares at a cost of $290 million.
• GWL Corporate free cash flow⁽¹⁾ was $448 million.
  
  
  
  

2025 ANNUAL HIGHLIGHTS

• Revenue was $64,511 million, an increase of $3,794 million, or 6.2%.
• Adjusted EBITDA⁽¹⁾ was $7,580 million, an increase of $530 million, or 7.5%.
• Net earnings available to common shareholders of the Company were $1,098 million ($2.80 per common share), a decrease of $217 million ($0.47 per common share), or 16.5%. The decrease was primarily driven by the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability.
• Adjusted net earnings available to common shareholders of the Company⁽¹⁾ were $1,741 million, an increase of $144 million, or 9.0%.
• Adjusted diluted net earnings per common share⁽¹⁾ were $4.46, an increase of $0.48, or 12.1%.
• Repurchased for cancellation 11.5 million common shares at a cost of $993 million.
• GWL Corporate free cash flow⁽¹⁾ was $1,208 million.
• Net asset value per common share⁽¹⁾ was $115.86, an increase of 29.3%.
• Completed a three‑for‑one stock split of its common shares by way of a stock dividend on August 18, 2025, with shareholders receiving two additional common shares for each common share held.
  
  
  
  

CONSOLIDATED RESULTS OF OPERATIONS

The Company operates through its two reportable operating segments: Loblaw and Choice Properties, each of which are publicly traded entities. As such, the Company’s financial statements reflect and are impacted by the consolidation of Loblaw and Choice Properties. The consolidation of these entities into the Company’s financial statements reflects the impact of eliminations, intersegment adjustments and other consolidation adjustments, which can positively or negatively impact the Company’s consolidated results. Additionally, cash and short-term investments and other investments held by the Company, and all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs are included in GWL Corporate. To help our investors and stakeholders understand the Company’s financial statements and the effect of consolidation, the Company reports its results in a manner that differentiates between the Loblaw segment, the Choice Properties segment, the effect of consolidation of Loblaw and Choice Properties, and lastly, GWL Corporate.

The Company’s results reflect the year-over-year impact of the fair value adjustment of the Trust Unit liability as a result of the significant changes in Choice Properties’ unit price, recorded in net interest expense and other financing charges. The Company’s results are impacted by market price fluctuations of Choice Properties’ Trust Units on the basis that the Trust Units held by Unitholders, other than the Company, are redeemable for cash at the option of the holder and are presented as a liability on the Company’s consolidated balance sheet. The Company’s financial results are negatively impacted when the Trust Unit price increases and positively impacted when the Trust Unit price declines.

As announced on December 3, 2025, Loblaw entered into an agreement with EQB Inc. (“EQB”) pursuant to which EQB will acquire President's Choice Bank ("PC Bank") and certain other affiliated entities (collectively, "PC Financial") (the “Sale of PC Financial”). Closing is expected to occur within calendar 2026, subject to customary closing conditions and regulatory approvals.

As a result of the Sale of PC Financial at Loblaw, the results of PC Financial are presented separately as discontinued operations in the Company’s current and comparative results. Unless otherwise indicated, all financial information represents the Company’s results from continuing operations.

	($ millions except where otherwise indicated) For the periods ended as indicated	Quarters Ended																		Years Ended
		Dec. 31, 2025						Dec. 31, 2024(3)												Dec. 31, 2025						Dec. 31, 2024(3)
		(13 weeks)						(12 weeks)					$ Change				% Change			(53 weeks)						(52 weeks)					$ Change				% Change
	Revenue		$	16,536					$	14,874			$	1,662			11.2	%			$	64,511					$	60,717			$	3,794			6.2	%
	Operating income		$	1,176					$	933			$	243			26.0	%			$	5,100					$	3,948			$	1,152			29.2	%
	Adjusted EBITDA(1) from:
	Loblaw		$	1,773					$	1,593			$	180			11.3	%			$	7,148					$	6,665			$	483			7.2	%
	Choice Properties			250						247				3			1.2	%				1,009						965				44			4.6	%
	Effect of consolidation			(120		)				(130		)		10			7.7	%				(553		)				(561		)		8			1.4	%
	Publicly traded operating companies(i)		$	1,903					$	1,710			$	193			11.3	%			$	7,604					$	7,069			$	535			7.6	%
	GWL Corporate			(9		)				1				(10	)		(1,000.0)	%				(24		)				(19		)		(5	)		(26.3)	%
	Adjusted EBITDA(1)		$	1,894					$	1,711			$	183			10.7	%			$	7,580					$	7,050			$	530			7.5	%
	Adjusted EBITDA margin(1)			11.5	%					11.5	%											11.7	%					11.6	%
	Loblaw(ii)		$	322					$	240			$	82			34.2	%			$	1,335					$	1,025			$	310			30.2	%
	Choice Properties			(53		)				792				(845	)		(106.7)	%				(61		)				785				(846	)		(107.8)	%
	Effect of consolidation			22						(356		)		378			106.2	%				(71		)				(283		)		212			74.9	%
	Publicly traded operating companies(i)		$	291					$	676			$	(385	)		(57.0)	%			$	1,203					$	1,527			$	(324	)		(21.2)	%
	GWL Corporate			(35		)				(17		)		(18	)		(105.9)	%				(177		)				(325		)		148			45.5	%
	Net earnings available to common shareholders of the Company from continuing operations		$	256					$	659			$	(403	)		(61.2)	%			$	1,026					$	1,202			$	(176	)		(14.6)	%
	Discontinued operations			24						5				19			380.0	%				72						113				(41	)		(36.3)	%
	Net earnings available to common shareholders of the Company		$	280					$	664			$	(384	)		(57.8)	%			$	1,098					$	1,315			$	(217	)		(16.5)	%
	Diluted net earnings per common share(4) ($)		$	0.72					$	1.68			$	(0.96	)		(57.1)	%			$	2.80					$	3.27			$	(0.47	)		(14.4)	%
	Continuing operations		$	0.66					$	1.67			$	(1.01	)		(60.5)	%			$	2.62					$	2.99			$	(0.37	)		(12.4)	%
	Discontinued operations		$	0.06					$	0.01			$	0.05			500.0	%			$	0.18					$	0.28			$	(0.10	)		(35.7)	%
	Loblaw(ii)		$	395					$	335			$	60			17.9	%			$	1,465					$	1,332			$	133			10.0	%
	Choice Properties			106						110				(4	)		(3.6)	%				446						426				20			4.7	%
	Effect of consolidation			(7		)				(23		)		16			69.6	%				(77		)				(91		)		14			15.4	%
	Publicly traded operating companies(i)		$	494					$	422			$	72			17.1	%			$	1,834					$	1,667			$	167			10.0	%
	GWL Corporate			(50		)				(25		)		(25	)		(100.0)	%				(165		)				(130		)		(35	)		(26.9)	%
	Adjusted net earnings available to common shareholders of the Company(1) from continuing operations		$	444					$	397			$	47			11.8	%			$	1,669					$	1,537			$	132			8.6	%
	Discontinued operations			24						18				6			33.3	%				72						60				12			20.0	%
	Adjusted net earnings available to common shareholders of the Company(1)		$	468					$	415			$	53			12.8	%			$	1,741					$	1,597			$	144			9.0	%
	Adjusted diluted net earnings per common share(1)(4) ($)		$	1.21					$	1.05			$	0.16			15.2	%			$	4.46					$	3.98			$	0.48			12.1	%
	Continuing operations		$	1.15					$	1.00			$	0.15			15.0	%			$	4.28					$	3.83			$	0.45			11.7	%
	Discontinued operations		$	0.06					$	0.05			$	0.01			20.0	%			$	0.18					$	0.15			$	0.03			20.0	%

i)

Publicly traded operating companies is the contribution to the Company’s financial performance from its controlling interest in Loblaw (Continuing Operations) and Choice Properties after the effect of consolidation, each of which are publicly traded entities. Effect of consolidation includes eliminations, intersegment adjustments and other consolidation adjustments. See “Results by Operating Segment” section of this News Release for further information.

ii)

Contribution from Loblaw’s net earnings from continuing operations, net of non-controlling interests.

Net earnings available to common shareholders of the Company in the fourth quarter of 2025 were $280 million ($0.72 per common share), a decrease of $384 million ($0.96 per common share), or 57.8%, compared to the fourth quarter of 2024. The decrease was primarily driven by the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $388 million ($0.99 per common share) due to a decrease in Choice Properties’ unit price, which resulted in a fair value gain of $11 million in the fourth quarter of 2025 compared to a fair value gain of $399 million in the fourth quarter of 2024.

Adjusted net earnings available to common shareholders of the Company⁽¹⁾ were $468 million, an increase of $53 million, or 12.8%. Adjusted diluted net earnings per common share⁽¹⁾ were $1.21, an increase of $0.16 per common share, or 15.2%.

Net earnings available to common shareholders of the Company from continuing operations in the fourth quarter of 2025 were $256 million ($0.66 per common share), a decrease of $403 million ($1.01 per common share) compared to the fourth quarter of 2024. The decrease was due to the unfavourable year-over-year net impact of adjusting items totaling $450 million ($1.16 per common share), partially offset by an improvement of $47 million ($0.15 per common share) in the consolidated underlying operating performance of the Company.

The unfavourable year-over-year net impact of adjusting items totaling $450 million ($1.16 per common share) was primarily due to:

• the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $388 million ($0.99 per common share);
• the unfavourable impact of the deferred tax on the outside basis difference of PC Financial at Loblaw of $56 million ($0.14 per common share);
• the unfavourable year-over-year impact of the fair value adjustment on Choice Properties’ investment in real estate securities of Allied Properties Real Estate Investment Trust (“Allied”) of $47 million ($0.12 per common share) as a result of the decrease in Allied’s unit price; and
• the unfavourable year-over-year impact of the fair value adjustment on investment properties of $44 million ($0.12 per common share) driven by Choice Properties, net of the effect of consolidation; 
  
  
  
  

     partially offset by,

• the favourable year-over-year impact of lower amortization of intangible assets at Loblaw of $41 million ($0.10 per common share) primarily related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart Corporation (“Shoppers Drug Mart”) which are now fully amortized; and
  
  
• the favourable year-over-year impact of the prior year charge related to the PC Optimum™ loyalty program at Loblaw of $36 million ($0.09 per common share).
  
  
  
  

Adjusted net earnings available to common shareholders of the Company⁽¹⁾ from continuing operations in the fourth quarter of 2025 were $444 million, an increase of $47 million, or 11.8%, compared to the fourth quarter of 2024. The increase was driven by the favourable year-over-year impact of $72 million from the contribution of the publicly traded operating companies. The increase was partially offset by the unfavourable year-over-year impact of $25 million at GWL Corporate primarily due to the year-over-year impact of the fair value adjustment of other investments and an increase in income tax expense related to GWL’s participation in Loblaw's Normal Course Issuer Bid (“NCIB”).

Adjusted diluted net earnings per common share⁽¹⁾ from continuing operations were $1.15 in the fourth quarter of 2025, an increase of $0.15 per common share, or 15.0%, compared to the fourth quarter of 2024. The increase was due to the performance in adjusted net earnings available to common shareholders of the Company⁽¹⁾ from continuing operations as described above, and the favourable impact of shares purchased for cancellation over the last 12 months ($0.03 per common share) pursuant to the Company’s NCIB.

Net earnings available to common shareholders of the Company from discontinued operations were $24 million, an increase of $19 million compared to the fourth quarter of 2024. The increase was primarily driven by lapping a prior year PC Optimum loyalty liability charge of $13 million (net of income taxes and non-controlling interests) relating to the revaluation of the existing loyalty liability for outstanding points to reflect a higher anticipated redemption rate, higher revenue of $7 million⁽ⁱ⁾ driven by higher insurance commission income and higher interest income, and the year-over-year favourable impact of expected credit loss provision.

i)	Revenue included in discontinued operations in the fourth quarter of 2025 was $230 million compared to $223 million in the fourth quarter of 2024.

CONSOLIDATED OTHER BUSINESS MATTERS

GWL CORPORATE FINANCING ACTIVITIES  The Company completed the following select GWL Corporate financing activities:

NCIB – Purchased and Cancelled Shares  In the fourth quarter of 2025, the Company purchased and cancelled 3.2 million common shares (2024 – 2.8 million common shares⁽⁴⁾) for aggregate consideration of $290 million (2024 – $209 million) under its NCIB. As at December 31, 2025, the Company had 379.3 million common shares issued and outstanding, net of shares held in trusts (December 31, 2024 – 389.9 million common shares⁽⁴⁾).

Refer to note 24, “Share Capital”, of the Company’s 2025 consolidated financial statements for more information.

Participation in Loblaw’s NCIB  The Company participates in Loblaw’s NCIB in order to maintain its proportionate percentage ownership interest. In the fourth quarter of 2025, Loblaw repurchased 5.0 million common shares (2024 – 4.0 million common shares⁽ⁱ⁾) from the Company for aggregate consideration of $300 million (2024 – $181 million).

i)	Adjusted retrospectively to reflect Loblaw’s four-for-one stock split effective at the close of business on August 18, 2025.

RESULTS BY OPERATING SEGMENT

The following tables provide key performance metrics for the Company by segment.

		Quarters Ended
		Dec. 31, 2025																		Dec. 31, 2024(3)
		(13 weeks)																		(12 weeks)
($ millions) For the periods ended as indicate		Loblaw			Choice Properties				Effect of consol-idation				GWL Corporate			Total				Loblaw			Choice Properties				Effect of consol-idation				GWL Corporate			Total
Revenue		$	16,382		$	355			$	(201	)		$	—		$	16,536			$	14,725		$	344			$	(195	)		$	—		$	14,874
Operating income		$	1,132		$	134			$	(80	)		$	(10	)	$	1,176			$	791		$	224			$	(83	)		$	1		$	933
Adjusted operating income(1)			1,170			249				(42	)			(10	)		1,367				1,028			246				(48	)			1			1,227
Adjusted EBITDA(1)		$	1,773		$	250			$	(120	)		$	(9	)	$	1,894			$	1,593		$	247			$	(130	)		$	1		$	1,711
Net interest expense (income) and other financing charges		$	173		$	185			$	(109	)		$	6		$	255			$	162		$	(567	)		$	250			$	3		$	(152	)
Adjusted net interest expense and other financing charges(1)			173			141				(54	)			6			266				162			137				(55	)			3			247
Earnings (loss) before income taxes		$	959		$	(51	)		$	29			$	(16	)	$	921			$	629		$	791			$	(333	)		$	(2	)	$	1,085
Income taxes		$	357		$	2			$	7			$	7		$	373			$	173		$	(1	)		$	23			$	3		$	198
Adjusted income taxes(1)			257			2				19				22			300				226			(1	)			30				11			266
Net earnings from discontinued operations		$	45		$	—			$	—			$	—		$	45			$	10		$	—			$	—			$	—		$	10
Net earnings attributable to non-controlling interests		$	301		$	—			$	—			$	2		$	303			$	221		$	—			$	—			$	2		$	223
Prescribed dividends on preferred shares in share capital			—			—				—				10			10				—			—				—				10			10
Net earnings (loss) available to common shareholders of the Company		$	346		$	(53	)		$	22			$	(35	)	$	280			$	245		$	792			$	(356	)		$	(17	)	$	664
Adjusted net earnings available to common shareholders of the Company(1)		$	419		$	106			$	(7	)		$	(50	)	$	468			$	353		$	110			$	(23	)		$	(25	)	$	415

		Years Ended
		Dec. 31, 2025																		Dec. 31, 2024(3)
		(53 weeks)																		(52 weeks)
($ millions) For the periods ended as indicated		Loblaw			Choice Properties				Effect of consol-idation				GWL Corporate			Total				Loblaw			Choice Properties				Effect of consol-idation				GWL Corporate			Total
Revenue		$	63,903		$	1,415			$	(807	)		$	—		$	64,511			$	60,123		$	1,369			$	(775	)		$	—		$	60,717
Operating income		$	4,416		$	1,075			$	(364	)		$	(27	)	$	5,100			$	3,466		$	1,080			$	(320	)		$	(278	)	$	3,948
Adjusted operating income(1)			4,605			1,005				(192	)			(27	)		5,391				4,246			961				(199	)			(22	)		4,986
Adjusted EBITDA(1)		$	7,148		$	1,009			$	(553	)		$	(24	)	$	7,580			$	6,665		$	965			$	(561	)		$	(19	)	$	7,050
Net interest expense and other financing charges		$	742		$	1,134			$	(403	)		$	20		$	1,493			$	683		$	296			$	(149	)		$	4		$	834
Adjusted net interest expense and other financing charges(1)			742			557				(233	)			20			1,086				683			536				(225	)			4			998
Earnings (loss) before income taxes		$	3,674		$	(59	)		$	39			$	(47	)	$	3,607			$	2,783		$	784			$	(171	)		$	(282	)	$	3,114
Income taxes		$	1,080		$	2			$	110			$	78		$	1,270			$	731		$	(1	)		$	112			$	(9	)	$	833
Adjusted income taxes(1)			1,023			2				118				66			1,209				927			(1	)			117				52			1,095
Net earnings from discontinued operations		$	136		$	—			$	—			$	—		$	136			$	215		$	—			$	—			$	—		$	215
Net earnings attributable to non-controlling interests		$	1,323		$	—			$	—			$	8		$	1,331			$	1,129		$	—			$	—			$	8		$	1,137
Prescribed dividends on preferred shares in share capital			—			—				—				44			44				—			—				—				44			44
Net earnings (loss) available to common shareholders of the Company		$	1,407		$	(61	)		$	(71	)		$	(177	)	$	1,098			$	1,138		$	785			$	(283	)		$	(325	)	$	1,315
Adjusted net earnings available to common shareholders of the Company(1)		$	1,537		$	446			$	(77	)		$	(165	)	$	1,741			$	1,392		$	426			$	(91	)		$	(130	)	$	1,597

Effect of consolidation includes the following items:

		Quarters Ended
		Dec. 31, 2025																					Dec. 31, 2024
		(13 weeks)																					(12 weeks)
($ millions)		Revenue				Operating Income				Adjusted EBITDA(1)				Net Interest Expense and Other Financing Charges				Adjusted Net Earnings Available to Common Shareholders(1)					Revenue				Operating Income				Adjusted EBITDA(1)				Net Interest Expense and Other Financing Charges				Adjusted Net Earnings Available to Common Shareholders(1)
Elimination of intercompany rental revenue		$	(204	)		$	(7	)		$	(7	)		$	—			$	(5	)			$	(200	)		$	(13	)		$	(13	)		$	—			$	(11	)
Elimination of internal lease arrangements			3				(33	)			(131	)			(31	)			(1	)				5				(18	)			(114	)			(34	)			12
Elimination of intersegment real estate transactions			—				—				—				—				2					—				(13	)			(13	)			—				(11	)
Gain on real estate dispositions			—				13				13				—				13					—				—				—				—				—
Asset recoveries, net of impairments			—				5				5				—				4					—				10				10				—				7
Recognition of depreciation on Choice Properties’ investment properties classified as fixed assets by the Company and measured at cost			—				(20	)			—				—				(19	)				—				(14	)			—				—				(14	)
Fair value adjustment on investment properties			—				(38	)			—				—				—					—				(35	)			—				(1	)			—
Unit distributions on Exchangeable Units paid by Choice Properties to GWL			—				—				—				(76	)			76					—				—				—				(75	)			75
Unit distributions on Trust Units paid by Choice Properties, excluding amounts paid to GWL			—				—				—				53				(53	)				—				—				—				54				(54	)
Fair value adjustment on Choice Properties’ Exchangeable Units			—				—				—				(44	)			—					—				—				—				705				—
Fair value adjustment of the Trust Unit liability			—				—				—				(11	)			—					—				—				—				(399	)			—
Tax expense on Choice Properties related earnings			—				—				—				—				(24	)				—				—				—				—				(27	)
Total		$	(201	)		$	(80	)		$	(120	)		$	(109	)		$	(7	)			$	(195	)		$	(83	)		$	(130	)		$	250			$	(23	)

		Years Ended
		Dec. 31, 2025																					Dec. 31, 2024
		(53 weeks)																					(52 weeks)
($ millions)		Revenue				Operating Income				Adjusted EBITDA(1)				Net Interest Expense and Other Financing Charges				Adjusted Net Earnings Available to Common Shareholders(1)					Revenue				Operating Income				Adjusted EBITDA(1)				Net Interest Expense and Other Financing Charges				Adjusted Net Earnings Available to Common Shareholders(1)
Elimination of intercompany rental revenue		$	(821	)		$	21			$	21			$	—			$	18				$	(788	)		$	16			$	16			$	—			$	13
Elimination of internal lease arrangements			14				(88	)			(511	)			(142	)			40					13				(44	)			(455	)			(136	)			68
Elimination of intersegment real estate transactions			—				(91	)			(91	)			—				(79	)				—				(132	)			(132	)			—				(116	)
Gain on real estate dispositions			—				23				23				—				23					—				—				—				—				—
Asset recoveries, net of impairments			—				5				5				—				4					—				10				10				—				7
Recognition of depreciation on Choice Properties’ investment properties classified as fixed assets by the Company and measured at cost			—				(62	)			—				—				(61	)				—				(49	)			—				—				(50	)
Fair value adjustment on investment properties			—				(172	)			—				1				—					—				(121	)			—				2				—
Unit distributions on Exchangeable Units paid by Choice Properties to GWL			—				—				—				(304	)			304					—				—				—				(300	)			300
Unit distributions on Trust Units paid by Choice Properties, excluding amounts paid to GWL			—				—				—				213				(213	)				—				—				—				211				(211	)
Fair value adjustment on Choice Properties’ Exchangeable Units			—				—				—				(578	)			—					—				—				—				238				—
Fair value adjustment of the Trust Unit liability			—				—				—				407				—					—				—				—				(164	)			—
Tax expense on Choice Properties related earnings			—				—				—				—				(113	)				—				—				—				—				(102	)
Total		$	(807	)		$	(364	)		$	(553	)		$	(403	)		$	(77	)			$	(775	)		$	(320	)		$	(561	)		$	(149	)		$	(91	)

LOBLAW OPERATING RESULTS

Loblaw provides customers with grocery, pharmacy and healthcare services, other health and beauty products, apparel, general merchandise, and wireless mobile products and services. Unless otherwise indicated, Loblaw’s operating results include the 13th week in the fourth quarter and 53rd week in the full year of 2025, and all financial information represents Loblaw’s results from continuing operations.

($ millions except where otherwise indicated) For the periods ended as indicated		Quarters Ended																	Years Ended
		Dec. 31, 2025					Dec. 31, 2024(3)												Dec. 31, 2025					Dec. 31, 2024(3)
		(13 weeks)					(12 weeks)				$ Change				% Change				(53 weeks)					(52 weeks)				$ Change				% Change
Revenue(i)		$	16,382				$	14,725			$	1,657			11.3	%			$	63,903				$	60,123			$	3,780			6.3	%
Operating income		$	1,132				$	791			$	341			43.1	%			$	4,416				$	3,466			$	950			27.4	%
Adjusted EBITDA(1)		$	1,773				$	1,593			$	180			11.3	%			$	7,148				$	6,665			$	483			7.2	%
Adjusted EBITDA margin(1)			10.8	%				10.8	%											11.2	%				11.1	%
Depreciation and amortization		$	613				$	680			$	(67	)		(9.9) %				$	2,692				$	2,918			$	(226	)		(7.7)	%

i)

As a result of the Sale of PC Financial, PC Services revenue, primarily related to sales attributable to The Mobile Shop, in the fourth quarter of 2025 and year-to-date of $140 million (2024 – $146 million) and $353 million (2024 – $337 million), respectively, continues to be recorded in revenue (now part of food retail sales) in the current and comparative results.

Revenue  Loblaw revenue in the fourth quarter of 2025 was $16,382 million, an increase of $1,657 million, or 11.3%, which included 13th week⁽¹⁾ revenue of $1,138 million. On a 12-week comparable basis, revenue increased by 3.5%.

• Food retail sales⁽ⁱ⁾ were $11,433 million (2024 – $10,284 million) and food retail same-store sales⁽⁵⁾ grew by 1.5% (2024 – 2.5%);  
  • Loblaw’s internal food inflation was significantly lower than the Consumer Price Index for Food Purchased From Stores of 4.4% (2024 – 2.4%); and
  • food retail traffic increased⁽⁵⁾ and basket size increased⁽⁵⁾.
• Drug retail sales were $4,949 million (2024 – $4,441 million) and drug retail same-store sales⁽⁵⁾ grew by 3.9% (2024 – 1.3%);
  • pharmacy and healthcare services same-store sales growth⁽⁵⁾ was 5.6% (2024 – 6.3%), led by specialty prescriptions. On a same-store⁽⁵⁾ basis, the number of prescriptions dispensed increased by 2.9% (2024 – 1.7%) and the average prescription value increased by 3.9% (2024 – 4.0%); and
  • front store same-store sales growth⁽⁵⁾ was 2.2% (2024 – decline of 3.1%), primarily driven by higher sales of beauty and over-the-counter (“OTC”) products, partially offset by the decision to exit certain low margin electronics categories.
• In the fourth quarter of 2025, 30 food and drug stores were opened, and 5 food and drug stores were closed. Retail square footage was 73.3 million square feet, a net increase of 1.3 million square feet, or 1.8%, compared to the fourth quarter of 2024.
  
  
  
  

Operating Income  Loblaw operating income in the fourth quarter of 2025 was $1,132 million, an increase of $341 million, or 43.1%, compared to the fourth quarter of 2024.

Adjusted EBITDA⁽¹⁾  Loblaw adjusted EBITDA⁽¹⁾ in the fourth quarter of 2025 was $1,773 million, an increase of $180 million, or 11.3%, compared to the fourth quarter of 2024. The increase was driven by an increase in gross profit of $493 million, partially offset by an increase in selling, general and administrative expenses (“SG&A”) of $313 million.

• Gross profit percentage was 30.8%, a decrease of 10 basis points. On a 12-week comparable basis, gross profit percentage was 31.0%, an increase of 10 basis points, primarily driven by continued improvements in shrink.
• SG&A as a percentage of sales was 20.0%, a favourable decrease of 10 basis points. On a 12-week comparable basis, SG&A as a percentage of sales was flat at 20.1%, primarily due to operating leverage from higher sales, offset by incremental costs related to opening new stores and the automated distribution facility.
  
  
  
  

Depreciation and Amortization  Loblaw depreciation and amortization in the fourth quarter of 2025 was $613 million, a decrease of $67 million, or 9.9%, compared to the fourth quarter of 2024, primarily driven by the impact of lower amortization related to certain intangible assets associated with the 2014 acquisition of Shoppers Drug Mart which are now fully amortized, partially offset by an increase in depreciation of leased assets, and an increase in depreciation of fixed assets related to opening new stores and the automated distribution facility, and conversions of retail locations. Depreciation and amortization in the fourth quarter of 2025 included the amortization of intangible assets related to the acquisitions of Shoppers Drug Mart and Lifemark Health Group (“Lifemark”) of $10 million (2024 – $115 million).

CHOICE PROPERTIES OPERATING RESULTS

Choice Properties owns, manages and develops a high-quality portfolio of commercial and residential properties across Canada.

($ millions except where otherwise indicated) For the periods ended as indicated		Quarters Ended																	Years Ended
		Dec. 31, 2025					Dec. 31, 2024												Dec. 31, 2025					Dec. 31, 2024
		(12 weeks)					(12 weeks)				$ Change				% Change				(52 weeks)					(52 weeks)			$ Change				% Change
Revenue		$	355				$	344			$	11			3.2	%			$	1,415				$	1,369		$	46			3.4	%
Net interest expense (income) and other financing charges		$	185				$	(567	)		$	752			132.6	%			$	1,134				$	296		$	838			283.1	%
Net (loss) income		$	(53	)			$	792			$	(845	)		(106.7	)%			$	(61	)			$	785		$	(846	)		(107.8	)%
Funds from Operations(1)		$	190				$	188			$	2			1.1	%			$	774				$	747		$	27			3.6	%

Revenue  Choice Properties revenue in the fourth quarter of 2025 was $355 million, an increase of $11 million, or 3.2%, compared to the same period in 2024 and included revenue of $203 million (2024 – $197 million) generated from tenants within Loblaw. The increase in the fourth quarter of 2025 was primarily driven by:

• higher rental rates primarily in the retail and industrial portfolios; and
• contributions from acquisitions, net of dispositions, and completed developments;
  
  
  
  

     partially offset by,

• lower lease surrender revenue.
  
  
  
  

Net Interest Expense (Income) and Other Financing Charges  Choice Properties net interest expense and other financing charges in the fourth quarter of 2025 were $185 million, compared to net interest income and other financing charges of $567 million in the same period in 2024. The change of $752 million was primarily driven by:

• the unfavourable year-over-year change in the fair value adjustment on the Class B LP units (“Exchangeable Units”) of $749 million, as a result of the change in the unit price;
• higher interest expense due to new debt issuances over the past twelve months bearing interest at higher rates than maturing debt and a higher average debt balance; and
• lower interest income earned on excess cash.
  
  
  
  

Net (Loss) Income  Choice Properties net loss in the fourth quarter of 2025 was $53 million, compared to a net income of $792 million in the same period in 2024. The change of $845 million was primarily driven by:

• the change in net interest expense (income) and other financing charges as described above;
• the unfavourable year-over-year change in the fair value adjustment of investment in real estate securities of $51 million driven by the change in Allied’s unit price; and
• the unfavourable year-over-year change in the fair value adjustment on investment properties, including those held within equity accounted joint ventures, of $42 million;
  
  
  
  

     partially offset by,

• an increase in rental revenue as described above.
  
  
  
  

Funds from Operations⁽¹⁾  Funds from Operations⁽¹⁾ in the fourth quarter of 2025 increased by $2 million to $190 million compared to the same period in 2024. The increase was primarily due to an increase in rental income, partially offset by higher interest expense, lower lease surrender revenue, lower interest income, and lower investment income as a result of the reduction in Allied’s distribution.

Subsequent Events 

Subsequent to year end, Choice Properties acquired two retail properties for an aggregate price of $28 million.

On February 18, 2026, Choice Properties announced an increase in the annual distribution by 1.3% to $0.78 per unit. The increase will be effective for Choice Properties’ Unitholders of record on March 31, 2026.

OUTLOOK⁽²⁾

For 2026, the Company expects adjusted net earnings⁽¹⁾ to increase due to the results from its operating segments, and to use excess cash to repurchase shares.

Loblaw  Loblaw will remain focused on retail excellence while advancing its growth initiatives with the goal of delivering consistent operational and financial results in 2026. Loblaw’s businesses remain well positioned to meet the everyday needs of Canadians. Loblaw cannot predict the timing of the closing of the sale of PC Financial, and its impact on Loblaw’s financial results. In 2026, excluding this impact, and the 53rd week impact in 2025, Loblaw expects:

• its retail business to grow earnings faster than sales;
• adjusted net earnings per common share⁽¹⁾ growth in the high single-digits;
• to continue investing in its store network and distribution centres by investing approximately $2.4 billion in gross capital expenditures; and
• to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.
  
  
  
  

Choice Properties  Choice Properties is focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Its high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to its overall portfolio. Choice Properties will continue to advance its development program, with a focus on commercial developments, which provides the best opportunity to add high-quality real estate to its portfolio at a reasonable cost and drive net asset value appreciation over time. 

Choice Properties is confident that its business model, stable tenant base, strong balance sheet and disciplined approach to financial management will continue to benefit its operations. In 2026, Choice Properties is targeting:

• stable occupancy across the portfolio, resulting in approximately 2% - 3% year-over-year growth in Same-Asset NOI, cash basis⁽⁶⁾;
• annual FFO⁽¹⁾ per unit diluted⁽⁶⁾ in a range of approximately $1.08 to $1.10; and
• strong leverage metrics, targeting Adjusted Debt to EBITDAFV⁽⁶⁾ below 7.5x.
  
  
  
  

FORWARD-LOOKING STATEMENTS

This News Release contains forward-looking statements about the Company’s objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this News Release include, but are not limited to, statements with respect to the Company’s anticipated future results, events and plans, strategic initiatives and restructuring, regulatory changes including further healthcare reform, future liquidity, planned capital investments, and the status and impact of information technology systems implementations. These specific forward-looking statements are contained throughout this News Release including, without limitation, in the “Outlook” section of this News Release. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “should” and similar expressions, as they relate to the Company and its management.

Forward-looking statements reflect the Company’s estimates, beliefs and assumptions, which are based on management’s perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct.

Numerous risks and uncertainties could cause the Company’s actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in the “Enterprise Risks and Risk Management” section of the Management’s Discussion and Analysis in the Company’s 2025 Annual Report and the Company’s Annual Information Form for the year ended December 31, 2025.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s expectations only as of the date of this News Release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DECLARATION OF QUARTERLY DIVIDENDS

Subsequent to the end of the fourth quarter of 2025, the Company’s Board of Directors declared a quarterly dividend on GWL Common Shares, Preferred Shares, Series I, Preferred Shares, Series III, Preferred Shares, Series IV and Preferred Shares, Series V payable as follows:

Common Shares	$0.297933 per share payable April 1, 2026, to shareholders of record March 15, 2026;
Preferred Shares, Series I	$0.3625 per share payable March 15, 2026, to shareholders of record February 28, 2026;
Preferred Shares, Series III	$0.3250 per share payable April 1, 2026, to shareholders of record March 15, 2026;
Preferred Shares, Series IV	$0.3250 per share payable April 1, 2026, to shareholders of record March 15, 2026;
Preferred Shares, Series V	$0.296875 per share payable April 1, 2026, to shareholders of record March 15, 2026.

SELECTED FINANCIAL INFORMATION

The following includes selected quarterly financial information which is prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “GAAP”) and is based on the Company’s audited annual consolidated financial statements for the year ended December 31, 2025. This financial information does not contain all disclosures required by IFRS Accounting Standards, and accordingly, this financial information should be read in conjunction with the Company’s 2025 Annual Report available in the Investor Centre section of the Company’s website at

Consolidated Statements of Earnings

For the periods ended as indicated	Dec. 31, 2025					Dec. 31, 2024(3)						Dec. 31, 2025					Dec. 31, 2024(3)
(millions of Canadian dollars except where otherwise indicated)		(13 weeks)					(12 weeks)						(53 weeks)				(52 weeks)
Revenue		$	16,536				$	14,874					$	64,511				$	60,717
Operating Expenses
Cost of inventories sold			11,335					10,171						43,871					41,297
Selling, general and administrative expenses			4,025					3,770						15,540					15,472
			15,360					13,941						59,411					56,769
Operating Income			1,176					933						5,100					3,948
Net Interest Expense (Income) and Other Financing Charges			255					(152	)					1,493					834
Earnings Before Income Taxes			921					1,085						3,607					3,114
Income Taxes			373					198						1,270					833
Net Earnings from Continuing Operations			548					887						2,337					2,281
Net Earnings from Discontinued Operations			45					10						136					215
Net Earnings			593					897						2,473					2,496
Attributable to:
Shareholders of the Company			290					674						1,142					1,359
Continuing Operations			266					669						1,070					1,246
Discontinued Operations			24					5						72					113
Non-Controlling Interests			303					223						1,331					1,137
Net Earnings		$	593				$	897					$	2,473				$	2,496
Net Earnings per Common Share – Basic(4) ($)		$	0.73				$	1.70					$	2.86				$	3.32
Continuing Operations			0.67					1.69						2.67					3.03
Discontinued Operations			0.06					0.01						0.19					0.29
Net Earnings per Common Share – Diluted(4) ($)		$	0.72				$	1.68					$	2.80				$	3.27
Continuing Operations			0.66					1.67						2.62					2.99
Discontinued Operations			0.06					0.01						0.18					0.28

Consolidated Balance Sheets

As at December 31
(millions of Canadian dollars)	2025					2024
ASSETS
Current Assets
Cash and cash equivalents		$	1,450				$	2,048
Short-term investments			43					648
Accounts receivable			1,314					1,503
Credit card receivables			—					4,230
Inventories			6,493					6,332
Prepaid expenses and other assets			728					737
Assets held for sale			5,660					62
Total Current Assets			15,688					15,560
Fixed Assets			13,418					12,686
Right-of-Use Assets			5,335					4,920
Investment Properties			5,514					5,506
Equity Accounted Joint Ventures			962					884
Intangible Assets			5,173					5,460
Goodwill			4,963					4,902
Deferred Income Taxes			76					128
Security Deposits			38					38
Other Assets			1,000					1,352
Total Assets		$	52,167				$	51,436
LIABILITIES
Current Liabilities
Trade payables and other liabilities		$	7,535				$	7,894
Loyalty liability			124					212
Provisions			92					509
Income taxes payable			124					141
Demand deposits from customers			—					353
Short-term debt			—					800
Long-term debt due within one year			507					1,313
Lease liabilities due within one year			1,010					1,045
Associate interest			396					255
Liabilities associated with assets held for sale			4,452					—
Total Current Liabilities			14,240					12,522
Provisions			102					105
Long-Term Debt			12,687					14,071
Lease Liabilities			5,375					4,977
Trust Unit Liability			4,122					3,715
Deferred Income Taxes			1,826					1,675
Other Liabilities			1,205					1,234
Total Liabilities			39,557					38,299
EQUITY
Share Capital			3,250					3,293
Retained Earnings			5,106					5,490
Contributed Surplus			(3,320	)				(2,787	)
Accumulated Other Comprehensive Income			244					246
Total Equity Attributable to Shareholders of the Company			5,280					6,242
Non-Controlling Interests			7,330					6,895
Total Equity			12,610					13,137
Total Liabilities and Equity		$	52,167				$	51,436

Consolidated Statements of Cash Flows

For the periods ended as indicated (millions of Canadian dollars)	Dec. 31, 2025					Dec. 31, 2024					Dec. 31, 2025					Dec. 31, 2024
		(13 weeks)					(12 weeks)					(53 weeks)					(52 weeks)
Operating Activities
Net earnings		$	593				$	897				$	2,473				$	2,496
Add (deduct):
Net interest expense (income) and other financing charges			294					(115	)				1,646					972
Income taxes			393					210					1,316					908
Depreciation and amortization			543					613					2,380					2,611
Asset impairments, net of recoveries			34					21					41					22
Adjustment to fair value of investment properties			70					24					61					8
Adjustment to fair value of investment in real estate securities			87					36					45					36
Change in allowance for credit card receivables			(14	)				(12	)				(8	)				7
Change in provisions			12					1					(399	)				397
Change in non-cash working capital			726					548					(197	)				35
Change in gross credit card receivables			(214	)				(328	)				(2	)				(105	)
Income taxes paid			(219	)				(222	)				(1,121	)				(1,285	)
Interest received			8					16					71					81
Other			(7	)				—					(44	)				(118	)
Cash Flows from Operating Activities			2,306					1,689					6,262					6,065
Investing Activities
Fixed asset and investment properties purchases			(713	)				(625	)				(2,061	)				(2,018	)
Intangible asset additions			(88	)				(91	)				(350	)				(377	)
Disposals (purchases) of short-term investments			192					(112	)				(59	)				(176	)
Proceeds from disposal of assets			158					45					337					331
Lease payments received from finance leases			1					1					5					9
(Advances) repayments of mortgages, loans and notes receivable			(39	)				(38	)				76					(35	)
Decrease (increase) in security deposits			1					(2	)				—					—
(Purchases) disposal of long-term securities			—					(1	)				100					81
Other			(95	)				(26	)				(191	)				(115	)
Cash Flows used in Investing Activities			(583	)				(849	)				(2,143	)				(2,300	)
Financing Activities
Decrease in bank indebtedness			—					(167	)				—					(13	)
Increase (decrease) in short-term debt			100					200					(150	)				(50	)
(Decrease) increase in demand deposits from customers			(61	)				166					433					187
Long-term debt  –  Issued			(215	)				385					1,855					2,613
–  Repayments			(93	)				(144	)				(1,320	)				(2,285	)
Interest paid			(217	)				(210	)				(979	)				(960	)
Cash rent paid on lease liabilities  –  Interest			(62	)				(56	)				(267	)				(236	)
Cash rent paid on lease liabilities  –  Principal			(177	)				(97	)				(769	)				(672	)
Share capital  –  Issued			4					4					31					48
–  Purchased and held in trusts			—					—					(7	)				(10	)
–  Purchased and cancelled			(291	)				(211	)				(993	)				(990	)
Loblaw common share capital  –  Issued			9					2					59					147
–  Purchased and held in trusts			—					—					(69	)				(72	)
–  Purchased and cancelled			(294	)				(173	)				(969	)				(1,008	)
Loblaw preferred share capital  –  Purchased and cancelled			—					—					(225	)				—
Taxes paid on repurchases of share capital			—					—					(55	)				—
Dividends  –  To common shareholders			—					—					(442	)				(399	)
–  To preferred shareholders			(3	)				(3	)				(44	)				(44	)
–  To non-controlling interests			(78	)				—					(385	)				(221	)
Proceeds from financial liabilities			11					—					11					—
Other			(59	)				(124	)				(36	)				(215	)
Cash Flows used in Financing Activities			(1,426	)				(428	)				(4,321	)				(4,180	)
Effect of foreign currency exchange rate changes on cash and cash equivalents			(2	)				8					(6	)				12
Increase (decrease) in Cash and Cash Equivalents			295					420					(208	)				(403	)
Cash and Cash Equivalents, Beginning of Period			1,545					1,628					2,048					2,451
Cash and Cash Equivalents, End of Period(i)		$	1,840				$	2,048				$	1,840				$	2,048

i)	The consolidated statements of cash flows is presented on a total Company basis. Refer to note 5, “Assets Held for Sale and Discontinued Operations”, of the Company’s 2025 consolidated financial statements for cash flow information related to discontinued operations.

Basic and Diluted Net Earnings per Common Share

For the periods ended as indicated	Dec. 31, 2025					Dec. 31, 2024(3)						Dec. 31, 2025					Dec. 31, 2024(3)
(millions of Canadian dollars except where otherwise indicated)		(13 weeks)					(12 weeks)						(53 weeks)					(52 weeks)
Net earnings attributable to shareholders of the Company		$	290				$	674					$	1,142				$	1,359
Less: Net earnings attributable to shareholders of the Company from discontinued operations			24					5						72					113
Net earnings attributable to shareholders of the Company from continuing operations		$	266				$	669					$	1,070				$	1,246
Prescribed dividends on preferred shares in share capital			(10	)				(10	)					(44	)				(44	)
Net earnings available to common shareholders of the Company from continuing operations		$	256				$	659					$	1,026				$	1,202
Reduction in net earnings from continuing operations due to dilution at Loblaw			(3	)				(3	)					(13	)				(11	)
Net earnings available to common shareholders of the Company from continuing operations for diluted earnings per share		$	253				$	656					$	1,013				$	1,191
Weighted average common shares outstanding(4) (in millions)			380.8					390.8						384.7					396.5
Dilutive effect of equity-based compensation(i)(4) (in millions)			1.9					2.1						2.0					2.1
Diluted weighted average common shares outstanding(4) (in millions)			382.7					392.9						386.7					398.6
Net earnings per common share – Basic(4) ($)		$	0.73				$	1.70					$	2.86				$	3.32
Continuing Operations			0.67					1.69						2.67					3.03
Discontinued Operations			0.06					0.01						0.19					0.29
Net earnings per common share – Diluted(4) ($)		$	0.72				$	1.68					$	2.80				$	3.27
Continuing Operations			0.66					1.67						2.62					2.99
Discontinued Operations(ii)			0.06					0.01						0.18					0.28

i)

In the fourth quarter of 2025, nominal (2024 – nominal) potentially dilutive instruments were excluded from the computation of diluted net earnings per common share as they were anti-dilutive. On a year-to-date basis, 0.3 million (2024 – 0.3 million) potentially dilutive instruments were excluded from the computation of diluted net earnings per common share as they were anti-dilutive.

ii)

In the fourth quarter of 2025, a $1 million (2024 – nominal) reduction in net earnings from discontinued operations due to dilution at Loblaw was included in the computation of diluted net earnings per common share from discontinued operations. On a year-to-date basis, a $1 million (2024 – $1 million) reduction in net earnings from discontinued operations due to dilution at Loblaw was included in the computation of diluted net earnings per common share from discontinued operations.

2025 ANNUAL REPORT

The Company’s 2025 Annual Report is available in the Investor Centre section of the Company’s website at and have been filed on SEDAR+ and are available at

Additional financial information has been filed electronically with various securities regulators in Canada through SEDAR+. This News Release includes selected information on Loblaw, a public company with shares trading on the Toronto Stock Exchange (“TSX”), and selected information on Choice Properties, a public real estate investment trust with units trading on the TSX. For information regarding Loblaw or Choice Properties, readers should refer to the respective materials filed on SEDAR+ from time to time. These filings are also maintained on the respective companies’ corporate websites at and

MODERN SLAVERY ACT REPORT

In compliance with the Fighting Against Forced Labour and Child Labour in Supply Chains Act (referred to as Canada’s “Modern Slavery Act”), the Company and certain of its subsidiaries, including Loblaw, have publicly filed their joint Modern Slavery Act Report for the 2025 fiscal year. The Modern Slavery Act Report can be viewed online on the Company’s website at , or under the Company’s SEDAR+ profile at . All shareholders may request that paper copies of the Modern Slavery Act Report be mailed to them at no cost by submitting an email request to .

For Further Information:

Roy MacDonald

Group Vice President, Investor Relations

Ce rapport est disponible en français.

Endnotes
(1	)	Refer to the “Non-GAAP and Other Financial Measures” section in Appendix 1 of this News Release, which includes the reconciliation of such non-GAAP and other financial measures to the most directly comparable GAAP measures.
(2	)	This News Release contains forward-looking information. Refer to the “Forward-Looking Statements” section of this News Release and the Company’s 2025 Annual Report for a discussion of material factors that could cause actual results to differ materially from the forecasts and projections herein and of the material factors and assumptions that were used when making these statements. This News Release should be read in conjunction with GWL’s filings with securities regulators made from time to time, all of which can be found at and
(3	)	Certain comparative figures have been adjusted to separately present the results of PC Financial at Loblaw, as discontinued operations.
(4	)	Adjusted to reflect the three-for-one stock split effective at the close of business on August 18, 2025.
(5	)	Results are presented on a comparable number of week basis. Comparable number of weeks would be 12 weeks versus 12 weeks or 52 weeks versus 52 weeks.
(6	)	For more information on Choice Properties measures see the 2025 Annual Report filed by Choice Properties, which is available on or at

APPENDIX 1:  NON-GAAP AND OTHER FINANCIAL MEASURES

The Company uses non-GAAP and other financial measures and ratios as it believes these measures and ratios provide useful information to both management and investors with regard to accurately assessing the Company’s financial performance and financial condition.

Further, certain non-GAAP measures and other financial measures of Loblaw and Choice Properties are included in this document. For more information on these measures, refer to the materials filed by Loblaw and Choice Properties, which are available on or at or , respectively.

Management uses these and other non-GAAP and other financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. The Company adjusts for these items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.

As a result of the announcement of the Sale of PC Financial at Loblaw, the results of PC Financial are presented separately as discontinued operations in the Company’s current and comparative results. Unless otherwise indicated, all financial information represents the Company’s results from continuing operations.

ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN  The following table reconciles adjusted operating income and adjusted EBITDA to operating income, which is reconciled to GAAP net earnings attributable to shareholders of the Company from continuing operations reported for the periods ended as indicated.

The Company believes adjusted EBITDA is useful in assessing and making decisions regarding the underlying operating performance of the Company’s ongoing operations and in assessing the Company’s ability to generate cash flows to fund its cash requirements, including its capital investment program.

Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

		Quarters Ended
												Dec. 31, 2025																				Dec. 31, 2024(3)
												(13 weeks)																				(12 weeks)
($ millions)	Loblaw				Choice Properties			Effect of consol-idation				GWL Corporate				Consolidated			Loblaw					Choice Properties				Effect of consol-idation				GWL Corporate			Consolidated
Net earnings attributable to shareholders of the Company from continuing operations																$	266																		$	669
Add (deduct) impact of the following:
Non-controlling interests from continuing operations																	282																			218
Income taxes																	373																			198
Net interest expense (income) and other financing charges																	255																			(152	)
Operating income		$	1,132		$	134		$	(80	)		$	(10	)		$	1,176			$	791			$	224			$	(83	)		$	1		$	933
Add (deduct) impact of the following:
Fair value adjustment of investment in real estate securities		$	—		$	87		$	—			$	—			$	87			$	—			$	36			$	—			$	—		$	36
Fair value adjustment on investment properties			—			28			38				—				66				—				(14	)			35				—			21
Loss (gain) on sale of non-operating properties			11			—			—				—				11				(3	)			—				—				—			(3	)
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark			10			—			—				—				10				115				—				—				—			115
Sale of PC Financial			10			—			—				—				10				—				—				—				—			—
Fair value adjustment on non-operating properties			4			—			—				—				4				3				—				—				—			3
Fair value adjustment of derivatives			3			—			—				—				3				—				—				—				—			—
PC Optimum loyalty program			—			—			—				—				—				99				—				—				—			99
Sale of Wellwise			—			—			—				—				—				23				—				—				—			23
Adjusting items		$	38		$	115		$	38			$	—			$	191			$	237			$	22			$	35			$	—		$	294
Adjusted operating income		$	1,170		$	249		$	(42	)		$	(10	)		$	1,367			$	1,028			$	246			$	(48	)		$	1		$	1,227
Depreciation and amortization excluding the impact of the above adjustment(i)			603			1			(78	)			1				527				565				1				(82	)			—			484
Adjusted EBITDA		$	1,773		$	250		$	(120	)		$	(9	)		$	1,894			$	1,593			$	247			$	(130	)		$	1		$	1,711

i)	Depreciation and amortization for the calculation of adjusted EBITDA excludes amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark, recorded by Loblaw.

		Years Ended
														Dec. 31, 2025																					Dec. 31, 2024(3)
														(53 weeks)																					(52 weeks)
($ millions)	Loblaw					Choice Properties				Effect of consol-idation				GWL Corporate				Consolidated				Loblaw					Choice Properties				Effect of consol-idation				GWL Corporate				Consolidated
Net earnings attributable to shareholders of the Company from continuing operations																		$	1,070																				$	1,246
Add impact of the following:
Non-controlling interests from continuing operations																			1,267																					1,035
Income taxes																			1,270																					833
Net interest expense and other financing charges																			1,493																					834
Operating income		$	4,416			$	1,075			$	(364	)		$	(27	)		$	5,100				$	3,466			$	1,080			$	(320	)		$	(278	)		$	3,948
Add (deduct) impact of the following:
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark		$	149			$	—			$	—			$	—			$	149				$	499			$	—			$	—			$	—			$	499
Fair value adjustment on investment properties			—				(115	)			172				—				57					—				(116	)			121				—				5
Fair value adjustment of investment in real estate securities			—				45				—				—				45					—				36				—				—				36
Wind-down of Theodore & Pringle® optical business			30				—				—				—				30					—				—				—				—				—
Sale of PC Financial			10				—				—				—				10					—				—				—				—				—
Fair value adjustment on non-operating properties			4				—				—				—				4					3				—				—				—				3
Fair value adjustment of derivatives			3				—				—				—				3					(5	)			—				—				—				(5	)
Sale of Wellwise			(5	)			—				—				—				(5	)				23				—				—				—				23
Gain on sale of non-operating properties			(2	)			—				—				—				(2	)				(3	)			—				—				—				(3	)
Charges related to settlement of class action lawsuits			—				—				—				—				—					164				—				—				256				420
PC Optimum loyalty program			—				—				—				—				—					99				—				—				—				99
Transaction costs and other related recoveries			—				—				—				—				—					—				(39	)			—				—				(39	)
Adjusting items		$	189			$	(70	)		$	172			$	—			$	291				$	780			$	(119	)		$	121			$	256			$	1,038
Adjusted operating income		$	4,605			$	1,005			$	(192	)		$	(27	)		$	5,391				$	4,246			$	961			$	(199	)		$	(22	)		$	4,986
Depreciation and amortization excluding the impact of the above adjustment(i)			2,543				4				(361	)			3				2,189					2,419				4				(362	)			3				2,064
Adjusted EBITDA		$	7,148			$	1,009			$	(553	)		$	(24	)		$	7,580				$	6,665			$	965			$	(561	)		$	(19	)		$	7,050

i)	Depreciation and amortization for the calculation of adjusted EBITDA excludes amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark, recorded by Loblaw.

The following items impacted adjusted EBITDA in 2025 and 2024:

Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark  The acquisition of Shoppers Drug Mart in 2014 included approximately $6,050 million of definite life intangible assets, which are being amortized over their estimated useful lives. In 2024, the annual amortization associated with the acquired intangibles was $479 million and decreased to $132 million in 2025. Annual amortization will be approximately $30 million in 2026 and thereafter.

The acquisition of Lifemark in 2022 included approximately $299 million of definite life intangible assets, which are being amortized over their estimated useful lives.

Fair value adjustment on investment properties  The Company measures investment properties at fair value. Under the fair value model, investment properties are initially measured at cost and subsequently measured at fair value. Fair value is determined based on available market evidence. If market evidence is not readily available in less active markets, the Company uses alternative valuation methods such as discounted cash flow projections or recent transaction prices. Gains and losses on fair value are recognized in operating income in the period in which they are incurred. Gains and losses from disposal of investment properties are determined by comparing the fair value of disposal proceeds and the carrying amount and are recognized in operating income.

Fair value adjustment of investment in real estate securities  Choice Properties received Allied Class B Units as part of the consideration for the Choice Properties disposition of six office assets to Allied in 2022. Choice Properties recognized these units as investments in real estate securities. The investment in real estate securities is exposed to market price fluctuations of Allied trust units. An increase (decrease) in the market price of Allied trust units results in income (a charge) to operating income.

Wind-down of Theodore & Pringle optical business  In the third quarter of 2025, Loblaw entered into an agreement with Specsavers Canada Inc. (“Specsavers”) to open Specsavers locations in select Loblaw grocery stores nationwide, resulting in the wind-down of the Theodore & Pringle optical business operations. Accordingly, Loblaw recorded charges of $30 million in SG&A, primarily related to the write-down of optical equipment, labour and other closure costs.

Sale of PC Financial  In the fourth quarter of 2025, Loblaw recorded transaction and other related costs of $10 million in connection with the Sale of PC Financial.

Fair value adjustment on non-operating properties  The Company measures non-operating properties, which are investment properties and assets held for sale that were transferred from investment properties, at fair value. Under the fair value model, non-operating properties are initially measured at cost and subsequently measured at fair value. Fair value using the income approach include assumptions as to market rental rates for properties of similar size and condition located within the same geographical areas, recoverable operating costs for leases with tenants, non-recoverable operating costs, vacancy periods, tenant inducements and terminal capitalization rates. Gains and losses arising from changes in the fair value are recognized in operating income in the period in which they arise.

Fair value adjustment of derivatives  Loblaw is exposed to commodity price and U.S. dollar exchange rate fluctuations. In accordance with Loblaw’s commodity risk management policy, Loblaw enters into exchange traded futures contracts and forward contracts to minimize cost volatility relating to fuel prices and the U.S. dollar exchange rate. These derivatives are not acquired for trading or speculative purposes. Pursuant to Loblaw’s derivative instruments accounting policy, changes in the fair value of these instruments, which include realized and unrealized gains and losses, are recorded in operating income. Despite the impact of accounting for these commodity and foreign currency derivatives on Loblaw’s reported results, the derivatives have the economic impact of largely mitigating the associated risks arising from price and exchange rate fluctuations in the underlying commodities and U.S. dollar commitments.

Sale of Wellwise by Shoppers (''Wellwise'')  In the fourth quarter of 2024, Loblaw entered into an agreement with a third party to sell all of the shares of its Wellwise business, including 42 Wellwise locations, for cash proceeds and recorded a net fair value write-down of $23 million in SG&A. The transaction closed in the first quarter of 2025 and Loblaw recorded a gain of $5 million in SG&A.

Loss (gain) on sale of non-operating properties  In the fourth quarter of 2025, Loblaw recorded a loss related to the sale of non-operating properties to a third party of $11 million (2024 – gain of $3 million). Year-to-date, Loblaw recorded a gain related to the sale of non-operating properties of $2 million (2024 – $3 million).

Charges related to settlement of class action lawsuits  On July 24, 2024, the Company and Loblaw entered into binding Minutes of Settlement and on January 31, 2025, the Company and Loblaw entered into a Settlement Agreement to resolve nationwide class action lawsuits against them relating to their role in an industry-wide price-fixing arrangement involving certain packaged bread products. In the second quarter of 2024, the Company and Loblaw recorded charges of $256 million and $164 million, respectively, in SG&A, relating to the settlement and related costs. The Settlement Agreement was approved by the Ontario Superior Court of Justice in May 2025 and the Quebec Superior Court in July 2025.

PC Optimum loyalty program  In the fourth quarter of 2024, Loblaw recorded a charge of $129 million, of which $99 million was recorded in the results of continuing operations and $30 million was recorded in the results of discontinued operations. This charge represents the revaluation of the loyalty liability for outstanding points, reflecting higher PC Optimum member participation and higher redemption rates.

Transaction costs and other related recoveries  In the second quarter of 2024, Choice Properties recorded a reversal of a transaction related provision for $39 million that was determined to be no longer required.

ADJUSTED NET INTEREST EXPENSE AND OTHER FINANCING CHARGES  The Company believes adjusted net interest expense and other financing charges is useful in assessing the ongoing net financing costs of the Company.

The following table reconciles adjusted net interest expense and other financing charges to GAAP net interest expense and other financing charges reported for the periods ended as indicated.

($ millions)	Quarters Ended											Years Ended
	Dec. 31, 2025					Dec. 31, 2024(3)					Dec. 31, 2025					Dec. 31, 2024(3)
		(13 weeks)					(12 weeks)					(53 weeks)					(52 weeks)
Net interest expense (income) and other financing charges		$	255				$	(152	)			$	1,493				$	834
Add (deduct) impact of the following:
Fair value adjustment of the Trust Unit liability			11					399					(407	)				164
Adjusted net interest expense and other financing charges		$	266				$	247				$	1,086				$	998

The following item impacted adjusted net interest expense and other financing charges in 2025 and 2024:

Fair value adjustment of the Trust Unit liability  The Company is exposed to market price fluctuations as a result of the Choice Properties Trust Units held by Unitholders other than the Company. These Trust Units are presented as a liability on the Company’s consolidated balance sheets as they are redeemable for cash at the option of the holder, subject to certain restrictions. This liability is recorded at fair value at each reporting date based on the market price of Trust Units at the end of each period. An increase (decrease) in the market price of Trust Units results in a charge (income) to net interest expense and other financing charges.

ADJUSTED INCOME TAXES AND ADJUSTED EFFECTIVE TAX RATE  The Company believes the adjusted effective tax rate applicable to adjusted earnings before taxes is useful in assessing the underlying operating performance of its business.

The following table reconciles the effective tax rate applicable to adjusted earnings before taxes to the GAAP effective tax rate applicable to earnings before taxes as reported for the periods ended as indicated.

		Quarters Ended										Years Ended
($ millions except where otherwise indicated)	Dec. 31, 2025					Dec. 31, 2024(3)					Dec. 31, 2025					Dec. 31, 2024(3)
		(13 weeks)					(12 weeks)				(53 weeks)						(52 weeks)
Adjusted operating income(i)		$	1,367				$	1,227				$	5,391				$	4,986
Adjusted net interest expense and other financing charges(i)			266					247					1,086					998
Adjusted earnings before taxes		$	1,101				$	980				$	4,305				$	3,988
Income taxes		$	373				$	198				$	1,270				$	833
Add (deduct) impact of the following:
Tax impact of items excluded from adjusted earnings before taxes(ii)			19					60					58					268
Deferred tax on outside basis difference - Sale of PC Financial			(107	)				—					(107	)				—
Outside basis difference in certain Loblaw shares			15					8					(12	)				(6		)
Adjusted income taxes		$	300				$	266				$	1,209				$	1,095
Effective tax rate applicable to earnings before taxes			40.5	%				18.2	%				35.2	%				26.8	%
Adjusted effective tax rate applicable to adjusted earnings before taxes			27.2	%				27.1	%				28.1	%				27.5	%

i)	See reconciliations of adjusted operating income and adjusted net interest expense and other financing charges above.
ii)	See the adjusted operating income and adjusted EBITDA table and the adjusted net interest expense and other financing charges table above for a complete list of items excluded from adjusted earnings before taxes.

In addition to certain items described in the “Adjusted Operating Income, Adjusted EBITDA and Adjusted EBITDA Margin” and “Adjusted Net Interest Expense and Other Financing Charges” sections above, the following items impacted adjusted income taxes and the adjusted effective tax rate in 2025 and 2024:

Deferred tax on outside basis difference - Sale of PC Financial  In the fourth quarter of 2025, Loblaw recorded a deferred tax expense of $107 million on temporary differences in respect of Loblaw’s investment in PC Financial that are expected to reverse in the foreseeable future.

Outside basis difference in certain Loblaw shares  The Company recorded a deferred tax recovery of $15 million in the fourth quarter of 2025 (2024 – $8 million) and a deferred tax expense of $12 million year-to-date (2024 – $6 million) on temporary differences in respect of GWL’s investment in certain Loblaw shares that are expected to reverse in the foreseeable future as a result of GWL’s participation in Loblaw’s NCIB.

ADJUSTED NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS AND ADJUSTED DILUTED NET EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS  The Company believes that adjusted net earnings available to common shareholders from continuing operations and adjusted diluted net earnings per common share from continuing operations are useful in assessing the Company’s underlying operating performance and in making decisions regarding the ongoing operations of its business.

The following table reconciles adjusted net earnings available to common shareholders of the Company from continuing operations and adjusted net earnings attributable to shareholders of the Company from continuing operations to net earnings attributable to shareholders of the Company and then to net earnings available to common shareholders of the Company from continuing operations reported for the periods ended as indicated.

($ millions except where otherwise indicated)	Quarters Ended											Years Ended
	Dec. 31, 2025					Dec. 31, 2024(3)					Dec. 31, 2025					Dec. 31, 2024(3)
		(13 weeks)					(12 weeks)					(53 weeks)					(52 weeks)
Net earnings attributable to shareholders of the Company		$	290				$	674				$	1,142				$	1,359
Less:  Net earnings attributable to shareholders of the Company from discontinued operations			(24	)				(5	)				(72	)				(113	)
Net earnings attributable to shareholders of the Company from continuing operations		$	266				$	669				$	1,070				$	1,246
Less:  Prescribed dividends on preferred shares in share capital			(10	)				(10	)				(44	)				(44	)
Net earnings available to common shareholders of the Company from continuing operations		$	256				$	659				$	1,026				$	1,202
Less:  Reduction in net earnings from continuing operations due to dilution at Loblaw			(3	)				(3	)				(13	)				(11	)
Net earnings available to common shareholders from continuing operations for diluted earnings per share		$	253				$	656				$	1,013				$	1,191
Net earnings attributable to shareholders of the Company from continuing operations		$	266				$	669				$	1,070				$	1,246
Adjusting items (refer to the following table)			188					(262	)				643					335
Adjusted net earnings attributable to shareholders of the Company from continuing operations		$	454				$	407				$	1,713				$	1,581
Less:  Prescribed dividends on preferred shares in share capital			(10	)				(10	)				(44	)				(44	)
Adjusted net earnings available to common shareholders of the Company from continuing operations		$	444				$	397				$	1,669				$	1,537
Less:  Reduction in net earnings from continuing operations due to dilution at Loblaw			(3	)				(3	)				(13	)				(11	)
Adjusted net earnings available to common shareholders from continuing operations for diluted earnings per share		$	441				$	394				$	1,656				$	1,526
Diluted weighted average common shares outstanding(4) (in millions)			382.7					392.9					386.7					398.6

The following table reconciles adjusted net earnings available to common shareholders of the Company and adjusted diluted net earnings per common share to GAAP net earnings available to common shareholders of the Company and diluted net earnings per common share reported for the periods ended as indicated.

			Quarters Ended
			Dec. 31, 2025																									Dec. 31, 2024(3)
			(13 weeks)																									(12 weeks)
			Net Earnings (Loss) Available to Common Shareholders of the Company																				Diluted Net Earnings Per Common Share ($)					Net Earnings Available to Common Shareholders of the Company																					Diluted Net Earnings Per Common Share(4)($)
($ millions except where otherwise indicated)			Loblaw(i)			Choice Properties				Effect of consol-idation				GWL Corporate				Consol- idated					Consol- idated					Loblaw(i)				Choice Properties				Effect of consol-idation				GWL Corporate				Consol- idated					Consol- idated
Continuing operations			$	322		$	(53	)		$	22			$	(35	)		$	256				$	0.66				$	240			$	792			$	(356	)		$	(17	)		$	659				$	1.67
Discontinued operations				24			—				—				—				24					0.06					5				—				—				—				5					0.01
As reported			$	346		$	(53	)		$	22			$	(35	)		$	280				$	0.72				$	245			$	792			$	(356	)		$	(17	)		$	664				$	1.68
Continuing operations			$	322		$	(53	)		$	22			$	(35	)		$	256				$	0.66				$	240			$	792			$	(356	)		$	(17	)		$	659				$	1.67
Add (deduct) impact of the following(ii):
Fair value adjustment of investment in real estate securities			$	—		$	87			$	(7	)		$	—			$	80				$	0.21				$	—			$	36			$	(3	)		$	—			$	33				$	0.09
Fair value adjustment on investment properties				—			28				33				—				61					0.16					—				(13	)			30				—				17					0.04
Loss (gain) on sale of non-operating properties				5			—				—				—				5					0.01					(2	)			—				—				—				(2	)				(0.01	)
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark				3			—				—				—				3					0.01					44				—				—				—				44					0.11
Sale of PC Financial				5			—				—				—				5					0.01					—				—				—				—				—					—
Fair value adjustment on non-operating properties				2			—				—				—				2					0.01					2				—				—				—				2					0.01
Fair value adjustment of derivatives				2			—				—				—				2					0.01					—				—				—				—				—					—
PC Optimum loyalty program				—			—				—				—				—					—					36				—				—				—				36					0.09
Sale of Wellwise				—			—				—				—				—					—					15				—				—				—				15					0.04
Deferred tax on outside basis difference - Sale of PC Financial				56			—				—				—				56					0.14					—				—				—				—				—					—
Outside basis difference in certain Loblaw shares				—			—				—				(15	)			(15	)				(0.04	)				—				—				—				(8	)			(8	)				(0.02	)
Fair value adjustment of the Trust Unit liability				—			—				(11	)			—				(11	)				(0.03	)				—				—				(399	)			—				(399	)				(1.02	)
Fair value adjustment on Choice Properties’ Exchangeable Units				—			44				(44	)			—				—					—					—				(705	)			705				—				—					—
Adjusting items from continuing operations			$	73		$	159			$	(29	)		$	(15	)		$	188				$	0.49				$	95			$	(682	)		$	333			$	(8	)		$	(262	)			$	(0.67	)
Adjusted continuing operations			$	395		$	106			$	(7	)		$	(50	)		$	444				$	1.15				$	335			$	110			$	(23	)		$	(25	)		$	397				$	1.00
Discontinued operations			$	24		$	—			$	—			$	—			$	24				$	0.06				$	5			$	—			$	—			$	—			$	5				$	0.01
Add (deduct) impact of the following(ii):
PC Optimum loyalty program			$	—		$	—			$	—			$	—			$	—				$	—				$	13			$	—			$	—			$	—			$	13				$	0.04
Adjusting items from discontinued operations			$	—		$	—			$	—			$	—			$	—				$	—				$	13			$	—			$	—			$	—			$	13				$	0.04
Adjusted discontinued operations			$	24		$	—			$	—			$	—			$	24				$	0.06				$	18			$	—			$	—			$	—			$	18				$	0.05
Adjusted total Company			$	419		$	106			$	(7	)		$	(50	)		$	468				$	1.21				$	353			$	110			$	(23	)		$	(25	)		$	415				$	1.05

i)	Contribution from Loblaw, net of non-controlling interests.
ii)	Net of income taxes and non-controlling interests, as applicable.

			Years Ended
			Dec. 31, 2025																										Dec. 31, 2024(3)
			(53 weeks)																										(52 weeks)
			Net Earnings (Loss) Available to Common Shareholders of the Company																					Diluted Net Earnings Per Common Share(4) ($)					Net Earnings Available to Common Shareholders of the Company																					Diluted Net Earnings Per Common Share(4)($)
($ millions except where otherwise indicated)			Loblaw(i)				Choice Properties				Effect of consol-idation				GWL Corporate				Consol- idated					Consol- idated					Loblaw(i)				Choice Properties				Effect of consol-idation				GWL Corporate				Consol- idated					Consol- idated
Continuing operations			$	1,335			$	(61	)		$	(71	)		$	(177	)		$	1,026				$	2.62				$	1,025			$	785			$	(283	)		$	(325	)		$	1,202				$	2.99
Discontinued operations				72				—				—				—				72					0.18					113				—				—				—				113					0.28
As reported			$	1,407			$	(61	)		$	(71	)		$	(177	)		$	1,098				$	2.80				$	1,138			$	785			$	(283	)		$	(325	)		$	1,315				$	3.27
Continuing operations			$	1,335			$	(61	)		$	(71	)		$	(177	)		$	1,026				$	2.62				$	1,025			$	785			$	(283	)		$	(325	)		$	1,202				$	2.99
Add (deduct) impact of the following(ii):
Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark			$	57			$	—			$	—			$	—			$	57				$	0.15				$	194			$	—			$	—			$	—			$	194				$	0.49
Fair value adjustment on investment properties				—				(116	)			169				—				53					0.13					—				(118	)			121				—				3					0.01
Fair value adjustment of investment in real estate securities				—				45				(4	)			—				41					0.11					—				36				(3	)			—				33					0.08
Wind-down of Theodore & Pringle optical business				12				—				—				—				12					0.03					—				—				—				—				—					—
Sale of PC Financial				5				—				—				—				5					0.01					—				—				—				—				—					—
Fair value adjustment on non-operating properties				2				—				—				—				2					0.01					2				—				—				—				2					0.01
Fair value adjustment of derivatives				2				—				—				—				2					0.01					(2	)			—				—				—				(2	)				(0.01	)
Sale of Wellwise				(3	)			—				—				—				(3	)				(0.01	)				15				—				—				—				15					0.04
Gain on sale of non-operating properties				(1	)			—				—				—				(1	)				—					(2	)			—				—				—				(2	)				(0.01	)
Charges related to settlement of class action lawsuits				—				—				—				—				—					—					64				—				—				189				253					0.63
PC Optimum loyalty program				—				—				—				—				—					—					36				—				—				—				36					0.09
Transaction costs and other related recoveries				—				—				—				—				—					—					—				(39	)			—				—				(39	)				(0.10	)
Fair value adjustment of the Trust Unit liability				—				—				407				—				407					1.05					—				—				(164	)			—				(164	)				(0.41	)
Deferred tax on outside basis difference - Sale of PC Financial				56				—				—				—				56					0.14					—				—				—				—				—					—
Outside basis difference in certain Loblaw shares				—				—				—				12				12					0.03					—				—				—				6				6					0.02
Fair value adjustment on Choice Properties’ Exchangeable Units				—				578				(578	)			—				—					—					—				(238	)			238				—				—					—
Adjusting items from continuing operations			$	130			$	507			$	(6	)		$	12			$	643				$	1.66				$	307			$	(359	)		$	192			$	195			$	335				$	0.84
Adjusted continuing operations			$	1,465			$	446			$	(77	)		$	(165	)		$	1,669				$	4.28				$	1,332			$	426			$	(91	)		$	(130	)		$	1,537				$	3.83
Discontinued operations			$	72			$	—			$	—			$	—			$	72				$	0.18				$	113			$	—			$	—			$	—			$	113				$	0.28
Add (deduct) impact of the following(ii):
Recovery related to PC Bank commodity tax matter			$	—			$	—			$	—			$	—			$	—				$	—				$	(66	)		$	—			$	—			$	—			$	(66	)			$	(0.16	)
PC Optimum loyalty program				—				—				—				—				—					—					13				—				—				—				13					0.03
Adjusting items from discontinued operations			$	—			$	—			$	—			$	—			$	—				$	—				$	(53	)		$	—			$	—			$	—			$	(53	)			$	(0.13	)
Adjusted discontinued operations			$	72			$	—			$	—			$	—			$	72				$	0.18				$	60			$	—			$	—			$	—			$	60				$	0.15
Adjusted total Company			$	1,537			$	446			$	(77	)		$	(165	)		$	1,741				$	4.46				$	1,392			$	426			$	(91	)		$	(130	)		$	1,597				$	3.98

i)	Contribution from Loblaw, net of non-controlling interests.
ii)	Net of income taxes and non-controlling interests, as applicable.

In addition to the items described in the adjusted operating income, adjusted EBITDA and adjusted EBITDA margin section above, adjusted net earnings available to common shareholders of the Company was impacted by the following:

Recovery related to PC Bank commodity tax matter  In 2022, the Tax Court of Canada (“Tax Court”) released a decision relating to PC Bank, a subsidiary of Loblaw. The Tax Court ruled that PC Bank is not entitled to claim notional input tax credits for certain payments it made to Loblaws Inc. in respect of redemptions of loyalty points. PC Bank subsequently filed a Notice of Appeal with the Federal Court of Appeal (“FCA”) and in March 2024, the matter was heard by the FCA. In the third quarter of 2024, the FCA released its decision and reversed the decision of the Tax Court. As a result, PC Bank reversed charges of $155 million, including $111 million initially recorded in 2022. In addition, $10 million was recorded related to interest income on cash tax refunds.

IMPACT OF 13TH OR 53RD WEEK  The following table provides the approximate impact of the extra week of operations on the consolidated results of the Company in the fourth quarter and full year of 2025:

($ millions except where otherwise indicated)		Dec. 31, 2025
For the quarter and year ended		Loblaw					Total
Revenue		$	1,138				$	1,138
Operating income		$	106				$	106
Adjusted EBITDA		$	106				$	106
Adjusted EBITDA margin			9.3	%				9.3	%
Depreciation and amortization		$	—				$	—
Net interest expense and other financing charges			—					—
Income taxes			27					27
Net earnings							$	79
Net earnings attributable to non-controlling interests								39
Net earnings available to common shareholders of the Company							$	40
Diluted net earnings per common share ($)							$	0.10

NET ASSET VALUE AND NET ASSET VALUE PER COMMON SHARE  The Company believes net asset value and net asset value per common share is useful in assessing the value of the participating shareholders’ equity of the Company.

The following table provides the components used to determine net asset value and net asset value per common share of the Company.

($ millions except where otherwise indicated) For the years ended as indicated		As at
	Dec. 31, 2025					Dec. 31, 2024
Add:
Loblaw share price(i) ($)		$	62.05				$	47.29
Number of Loblaw shares(i) held by GWL(ii) (in millions)			618.7					635.4
Market value of investment in Loblaw(iii)		$	38,390				$	30,048
Add:
Choice Properties unit price ($)		$	14.81				$	13.35
Number of Choice Properties units held by GWL(iv) (in millions)			446.4					446.4
Market value of investment in Choice Properties(iii)		$	6,611				$	5,959
Deduct:
GWL Corporate debt(v)		$	(498	)			$	(498		)
Preferred shares			(835	)				(835		)
Certain provisions(vi)			—					(247		)
GWL Corporate cash and cash equivalents and short-term investments			301					523
Net debt and preferred shares of GWL Corporate		$	(1,032	)			$	(1,057		)
Net asset value		$	43,969				$	34,950
Common shares outstanding (in millions)			379.5					390.1
Net asset value per common share ($)		$	115.86				$	89.59

i)	Adjusted retrospectively to reflect Loblaw’s four-for-one stock split effective at the close of business on August 18, 2025.
ii)	GWL participates in Loblaw’s NCIB program in order to maintain its proportionate percentage ownership.
iii)	The value of GWL’s interest in its operating businesses is calculated by the number of shares or units held by the Company, multiplied by Loblaw and Choice Properties' respective TSX closing prices on the reporting date of December 31, or on the nearest trading day preceding the reporting date when the reporting date does not fall on a trading day. In 2025, this was December 31 (2024 – December 31).
iv)	The number of Choice Properties units held by GWL includes both Class B LP Units and Trust Units. Class B LP Units are economically equivalent to Trust Units, receive distributions equal to the distributions paid on Trust Units and are exchangeable, at the holder's option, into Trust Units.
v)	Excluding lease liabilities.
vi)	The provision was paid in the first quarter of 2025. Refer to note 32, “Contingent Liabilities”, of the Company’s 2025 consolidated financial statements for additional details.

GWL CORPORATE FREE CASH FLOW  GWL Corporate free cash flow is generated from dividends received from Loblaw, distributions received from Choice Properties, and proceeds from participation in Loblaw's NCIB, less corporate expenses, interest and income taxes paid.

		Quarters Ended										Years Ended
($ millions)		Dec. 31, 2025					Dec. 31, 2024					Dec. 31, 2025					Dec. 31, 2024
		(13 weeks)					(12 weeks)					(53 weeks)					(52 weeks)
Dividends from Loblaw(i)		$	87				$	—				$	426				$	237
Distributions from Choice Properties			86					85					343					338
GWL Corporate cash flow from operating businesses		$	173				$	85				$	769				$	575
Proceeds from participation in Loblaw’s NCIB			301					184					906					746
GWL Corporate, financing, and other costs(ii)(iii)			(10	)				(7	)				(348	)				(76	)
Income taxes paid			(16	)				(4	)				(119	)				(142	)
GWL Corporate free cash flow from continuing operations		$	448				$	258				$	1,208				$	1,103

i)	Loblaw’s fourth quarter of 2024 dividends were recognized in the first quarter of 2025.
ii)	Includes a payment of a provision of $247 million recorded in the first quarter of 2025. Refer to note 32, “Contingent Liabilities”, of the Company’s 2025 consolidated financial statements for additional details.
iii)	GWL Corporate, financing, and other costs includes all other company level activities that are not allocated to the reportable operating segments such as net interest expense, corporate activities, administrative costs and changes in non-cash working capital. Also included are preferred share dividends.

CHOICE PROPERTIES’ FUNDS FROM OPERATIONS  Choice Properties considers Funds from Operations to be a useful measure of operating performance as it adjusts for items included in net income that do not arise from operating activities or do not necessarily provide an accurate depiction of its performance.

Funds from Operations is calculated in accordance with the Real Property Association of Canada’s Funds from Operations & Adjusted Funds from Operations for IFRS Accounting Standards issued in January 2022.

The following table reconciles Choice Properties’ Funds from Operations to net income for the periods ended as indicated. 

($ millions)	Quarters Ended										Years Ended
		Dec. 31, 2025					Dec. 31, 2024					Dec. 31, 2025					Dec. 31, 2024
Net (loss) income		$	(53	)			$	792				$	(61	)			$	785
Add (deduct) impact of the following:
Amortization of intangible assets			—					—					1					1
Transaction costs and other related recoveries			—					—					—					(39	)
Adjustment to fair value of unit-based compensation			1					(2	)				2					(1	)
Fair value adjustment on Exchangeable Units			44					(705	)				578					(238	)
Fair value adjustment on investment properties			(2	)				16					(144	)				(93	)
Fair value adjustment on investment properties to proportionate share			30					(29	)				28					(25	)
Fair value adjustment of investment in real estate securities			87					36					45					36
Capitalized interest on equity accounted joint ventures			2					3					9					12
Unit distributions on Exchangeable Units			76					75					304					300
Internal expenses for leasing			3					3					10					10
Income tax expense (recovery)			2					(1	)				2					(1	)
Funds from Operations		$	190				$	188				$	774				$	747

NON-GAAP AND OTHER FINANCIAL MEASURES CHANGE EFFECTIVE FIRST QUARTER OF 2026  Starting in the first quarter of 2026, fair value adjustments on certain investments, including venture investments, classified as fair value through profit and loss will be considered an adjusting item given their nature, magnitude and propensity to re-occur. The adjusting item meets the requisite criteria under the Company’s Non-GAAP and Other Financial Measures Policy effective since 2021. These fair value adjustments will be reported together with other fair value adjustments of derivatives. This change will take effect in the first quarter of 2026 with restatement of comparative periods at that time.

Refer to “Non-GAAP and Other Financial Measures” section of the Management’s Discussion and Analysis in the Company’s 2025 Annual Report for details regarding the impact of this change to certain Non-GAAP measures.