The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ty Collin - CIBC World Markets Corp - Analyst
: To start, I guess, can you maybe just help us understand the relative impact of the various factors you called out driving the same-store
sales decline in Canada. And with respect to the declines in government funding specifically, is that stable? Or is that kind of worsen
compared to last quarter?
Question: Ty Collin - CIBC World Markets Corp - Analyst
: Yes, sure thing. I'll go again. So just wondering if you could help us understand the relative impact of the I just want to understand the relative
impact of the various factors driving the same-store sales decline in Canada? And then with respect to the declines in government funding
for some of those programs, is that stable? Or did that worsen compared to Q2?
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DECEMBER 10, 2025 / 2:00PM, NWC.TO - Q3 2025 North West Company Inc Earnings Call
Question: Ty Collin - CIBC World Markets Corp - Analyst
: Yes, that's great. Appreciate those comments. And then on Next 100 I appreciate all the commentary there. I guess, can you -- maybe just
update us with respect to which initiatives you still see the most low-hanging fruit for at this point? And then maybe just at a higher level, I
mean, how far along would you say you are in the overall journey of executing Next 100 as we're exiting 2025 here?
Question: Ty Collin - CIBC World Markets Corp - Analyst
: Okay. Great. And if I could just sneak one more in. So you guys renewed your NCIB last month. Do you plan to be active on the NCIB going
forward?
Or how are you thinking about potential buybacks relative to some of your other priorities?
Question: Stephen MacLeod - Bank of Montreal - Analyst
: Lots of lots of great color so far. So a lot of my questions have been answered, but I just wanted to get see if I could get a better sense of,
Dan, you're talking about the fact that you've always said that Q1 is probably when you expect to see some of the more meaningful settlement
payments coming through.
And obviously, it's been a bit -- hasn't been very transparent in terms of the timing from the administrator. So I was just curious if -- what
what kind of visibility you have into the payments beginning in Q1 and kind of how we should think about that actually coming to fruition?
Question: Stephen MacLeod - Bank of Montreal - Analyst
: Yes. No, understood. And then maybe just looking at the INNUIT trial first food vulture program and the reduction in funding from Jordan's
principal programs, which kind of -- which weighed on the Q3 numbers and you kind of -- you highlight as uncertainty in the outlook. Do
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DECEMBER 10, 2025 / 2:00PM, NWC.TO - Q3 2025 North West Company Inc Earnings Call
you have any insight? Are those -- maybe thinking of each of those ones separately, is there a scenario where the funding for those programs
ramps back up?
Or are those being phased out, and we just have to deal with it going forward and kind of ramp, we comp the impact next year?
Question: Stephen MacLeod - Bank of Montreal - Analyst
: Okay. That's helpful. And then maybe just turning to the international business because we don't want to leave any stone unturned here.
You get a lot in Canada. Just obviously, kind of flattish same-store sales growth.
And were you seeing obviously, the permanent fund dividend was a negative impact as well as weaker economic conditions in the South
Pacific. So can you talk about what some of the positive offsets were to those two headwinds?
Question: Stephen MacLeod - Bank of Montreal - Analyst
: Right. And then maybe just finally, with the maybe not reduction in SNAP benefits, but the noise around SNAP benefits through the big
beautiful bill, -- did any of that sort of work into your numbers? And was that an impact in the quarter?
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DECEMBER 10, 2025 / 2:00PM, NWC.TO - Q3 2025 North West Company Inc Earnings Call
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