This report does not constitute a rating action. In the first quarter of fiscal 2025 (ended March 22, 2025), GWL?s S&P Global Ratings-adjusted revenue (excluding financial services) increased 4.2% year over year, primarily driven by the 4.1% increase in Loblaw's S&P Global Ratings-adjusted revenue (excluding PC Bank). Supporting Loblaw?s topline performance was 2.2% same-store sales growth in food retail, 3.8% growth in drug retail, and continued market share gains in its hard-discount banners No Frills and Maxi. GWL?s growth strategy remains anchored in Loblaw?s expansion of discount retail and pharmacy services, along with Choice Properties REIT?s (Choice) development of necessity-based retail and industrial properties. We expect consolidated revenue growth to remain in the low- to mid-single-digit range through 2025. Looking
