Loblaw Companies Limited · TSX:L
Loblaw Companies — Investor Day (September 2026)
138 slides from Loblaw Companies's investor day presentation, Sep 9, 2026
Slide 1: Retail and Beyond
RETAIL and BEYOND September 9, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements about Loblaw Companies Limited (“Loblaw” or the “Company”) and its subsidiaries, including management’s assessment of the Company’s future plans and operations, and is intended to provide investors and shareholders with
Slide 3: A Roadmap for Profitable Growth
A Roadmap for Profitable Growth Per Bank President and Chief Executive Officer Retail & Beyond 2026 Investor Day
Slide 4: Joining Loblaw was the best decision and a logical step in my retail career
Joining Loblaw was the best decision and a logical step in my retail career 2001 – 2009 2009 – 2012 2012 – 2023 2023 – now Board Experience Retail & Beyond 2026 Investor Day
Slide 5: I brought some guiding leadership principles with me to Loblaw
I brought some guiding leadership principles with me to Loblaw 1 2 Share the good news and the bad news Better, simpler, cheaper 3 4 Dare to make fast decisions, test, and Bring proven ideas to Canada adjust as we go 5 6 1/3 strategy, 1/3 tactics, Work hard and have fun! 1/3 operational Retail & Bey
Slide 6: I am pleased that we have continued our strong track record
I am pleased that we have continued our strong track record Enterprise Opportunities that have been Identified… …Build on a Record of Financial Improvement Expand Hard Reimagine HEHB Discount & Apparel Adjusted EPS(1) Growth (2) 2.37 +10.5% 2.14 CAGR 1.94 Reinvent the In-Store shopping 1.71 Activati
Slide 7: Disciplined financial framework and prudent capital deployment
We are achieving this success thanks to a disciplined financial framework and prudent capital deployment Financial Framework Growth Model $2.4B Annual Capex (1) ~2-3% Sales Growth +12.4% Return on Capital (2)(3) +26.3% Return on Equity (2)(3) ~4-6% EBIT Growth 15-yrs Annual Dividend Increases $2.1B
Slide 8: Canada is a competitive market, with significant room for Loblaw to grow
We need to earn our success every day – Canada is a competitive market, with significant room for Loblaw to grow 41.6M 5 18% Canadian Major Grocery Hard Discount Population Retailers Penetration ($) 10-yr. CAGR: 1.4% Independent grocers: Germany: 33% Median age: 40.6 ~10,000 UK: 22% Age 65+: 19.5% P
Slide 9: We have the right strategy to win and help Canadians Live Life Well
We have the right strategy to win and help Canadians Live Life Well CORE RETAIL … and BEYOND Retail Excellence Enhanced Retail Growth Businesses Supply Chain as a Service Best Buyers Digital Engagement & Personalization Lifemark Store Network Expansion Connected Healthcare Retail Media & Data Mercha
Slide 10: Our industry-leading, growing footprint helps us deliver value to Canadians
Our industry-leading, growing footprint helps us deliver value to Canadians Where almost a third More than 1 billion of Canadians buy their customer transactions groceries per year When we grow ~3% in Canada’s largest revenue, we grow by retailer of mass and ~$2 billion prestige cosmetics 2,800+ loc
Slide 11: We service the full spectrum of everyday needs
We service the the full spectrum of everyday needs – from discount to premium offerings and convenience Hard Discount Super Market Pharmacy, Health & Beauty Hyper Market Conventional Retail & Beyond 2026 Investor Day
Slide 12: Our unique ecosystem enables an unmatched relationship with our customers
Our unique ecosystem enables an unmatched relationship with our customers, helping them Live Life Well #1 Loyalty Several of #1 in grocery Beloved, unique Connected program with Canada’s top e-commerce merchandising healthcare at $1B+ awarded consumer brands that resonates your fingertips annually t
Slide 13: Our ecosystem includes high growth businesses
Our ecosystem includes high growth businesses, leveraging our unique assets and expertise Supply Chain Retail Media Lifemark T&T EQB Inc. as a Service & Data Investment Each is designed to… Grow Faster than Core Retail Be Margin Accretive Retail & Beyond 2026 Investor Day
Slide 14: Industry-leading in our use of GenAI
We are industry-leading in our use of GenAI to power our internal and customer-facing tools Customer Experiences Colleague Enablement Implementing AI-powered search and launching Focusing our AI-enabled solutions to build AI conversational AI for customers operating systems for stores and colleagues
Slide 15: Our most important ingredient is our team of dedicated colleagues
Our most important “ingredient” is our team of dedicated colleagues across our stores, pharmacies, DCs and offices We are supported by a large, … recognized as an employer of …and guided by strong values national colleague base… choice… and culture 220,000+ Employees Employing >1% of the Canadian Wo
Slide 16: Our management board represents diversity and blend of expertise
Our management board represents the diversity and blend of local and global expertise making us a retail innovator Per Bank Richard Dufresne President and Chief Chief Financial Officer Executive Officer Sonja Boch Andrew Bunston Frank Gambioli Tina Lee David Markwell Mary MacIsaac SVP, Strategy & Bu
Slide 17: Enhancing Customer & Colleague Experiences
Enhancing Customer & Colleague Experiences Lauren Steinberg Chief Digital Officer Retail & Beyond 2026 Investor Day
Slide 18: Loblaw is a leading AI-powered retailer
Loblaw is a leading AI-powered retailer developing AI solutions for both our customers and our colleagues Customers: Agentic Commerce Colleagues: Enablement ChatGPT OneChat Colleague Tools Robin AI Powered Search PC Health MerchOS Supply Chain Finance What are my top 5 items by inventory with no sal
Slide 19: Only Canadian retailer with an app on ChatGPT
We are the only Canadian retailer with an app on ChatGPT, meeting customers where AI commerce is emerging +50% Higher conversion from LLM-referred traffic ~25% Customers using our ChatGPT app are new to PC Express “Add milk, eggs, bananas and sourdough bread to my cart” “Find healthy snacks I might
Slide 20: Conversational AI will be a common way customers engage
We believe that Conversational AI will be one of the most common ways customers will engage with us digitally Chat helps PC Express users discover relevant products and offers, build baskets, plan meals and resolve common support needs through a personalized conversational interface. Retail & Beyond
Slide 21: PC Chat, our AI health assistant
We have launched PC Chat, our AI health assistant, enabling Canadians to understand, manage and act on their care 24/7 • Canadian/Provincial health sources used in formulating responses • Clinical knowledge base vetted by our clinical content team • Personalized responses based on personal health in
Slide 22: Empowering our people with AI
We are … by building and partnering with best-in-class AI empowering our technology for Loblaw employees people… BUILD Key examples of AI tailored to high-value business opportunities Productivity gain on 10x engineering teams Maintenance cost Vendor invoice Ingredient cost Store space management op
Slide 23: Maturing from targeted AI employee solutions
We are maturing from delivering targeted AI employee solutions Individual to completely transform our ways of working Crawl Walk Run Targeted point solutions Connected workflows End-to-end execution Retail & Beyond 2026 Investor Day
Slide 24: Transport AI
Transport AI Core Capabilities Dynamic Driver Assignment Manager Route Optimizer For Supply Chain Risk Identification & Mitigation Vendor Communications Retail & Beyond 2026 Investor Day
Slide 25: Merchandising AI
Merchandising AI Core Capabilities Market Share Insights Flyer Intelligence For Category Teams Sales Reporting Space Planning Promo Optimization Actionable insights Retail & Beyond 2026 Investor Day
Slide 26: Robin
Core Capabilities Robin Real-time store KPI + Insights Dashboard Searchable SOPs For Store Operators Store Walk Mode Task Management Colleague Messaging Retail & Beyond 2026 Investor Day
Slide 27: Loblaw is an AI leader in the Canadian retail market
Loblaw is an AI leader in the Canadian retail market and on par with global leaders Accenture’s AI-maturity framework identifies Loblaw as an AI Achiever Early investments set a foundation for accelerated innovation Progressing from point solutions to enterprise transformation Focused on measurable
Slide 28: The Future of Shoppers Drug Mart
The Future of Shoppers Drug Mart Gregers Wedell-Wedellsborg President, Shoppers Drug Mart Tanya Moore SVP, Healthcare Businesses Retail & Beyond 2026 Investor Day
Slide 29: Care for Canada
Canada’s Leading Drug Store 1,385+ 90% of $18B annual Integrated omni- Strong control pharmacies Canadians live revenue ~50/50 channel offering with brand portfolio nationwide within 10km of a split of front shop eCommerce website in personal care and retail location and pharmacy and SDM app beauty
Slide 30: Growing through Value and PC Optimum
GrowingGrowing through Value PC Optimum Through loyalty – PC scan on 60% of Optimum transactions PC Optimum Frequency members visit 5x more Cross- And are Selling 60% more likely to add beauty They also have 40% Basket Size bigger baskets 30 Retail & Beyond 2026 Investor Day
Slide 31: There are structural tailwinds in our market
There are structural tailwinds in our market Categories Channels Customers Canadians Prestige Core Pharmacy Well positioned Vast Online aged 85+ are Beauty Growth to care for an new store Channel projected to +3.4% +1.8% whitespace growth aging population more than 2027 Projection(1 ) 2027 Projectio
Slide 32: Driving sustainable profit growth
Driving sustainable profit growth Expand and Adapt the Store Network Renew the Front Store Double Down on Digital Lead Pharmacy and Health Responsibly Retail & Beyond 2026 Investor Day
Slide 33: Expand & Adapt the Store Network
Expand & Adapt the Store Network Introduce newly designed +35 pharmacy of the New stores / future year Retail & Beyond 2026 Investor Day
Slide 34: A leading presence across Canada with room to grow
A leading presence across Canada with room to grow #1 1,385+ Pharmacy dollar share #1 in beauty share 12,500 Total pharmacies in Canada As of August 2026 Retail & Beyond 2026 Investor Day
Slide 35: Renew the Front Store: Beauty & Wellness
Renew the Front Store: Beauty & Wellness 35 Retail & Beyond 2026 Investor Day
Slide 36: Renew the Front Store: Convenience Food
Renew the Front Store: Convenience Food Enhanced multicultural and convenience food offering Retail & Beyond 2026 Investor Day
Slide 37: Renew the Front Store: Exit Maze & Service Hub
Renew the Front Store: Exit Maze & Service Hub Increasing basket size and reducing shrink Retail & Beyond 2026 Investor Day
Slide 38: Double Down on Digital: Buy Online Pick Up In Store
Double Down on Digital: Buy Online Pick Up In Store Incremental Purchases: Incremental Spend: 25% of visits include an +10% extra in-store item Fast Fulfillment: Average 1 hour for pick-up 38 Retail & Beyond 2026 Investor Day
Slide 39: Canadian Healthcare and Pharmacy Landscape
Lead Pharmacy and Health Responsibly: Canadian Healthcare and Pharmacy Landscape Increasing scope of practice for pharmacies Constraints on Digital patient patient access engagement to healthcare Rewiring Aging population pharmacy and increasing Accelerating operations chronic disease drug innovatio
Slide 40: Enabling Services Through Automation
Lead Pharmacy and Health Responsibly: Enabling Services Through Automation Unlocking capacity for 60% of eligible our prescriptions pharmacists filled centrally to serve patients Retail & Beyond 2026 Investor Day
Slide 41: Specialty medications are transforming pharmacy
Specialty medications are transforming pharmacy Specialty medications are advanced therapies, targeting specific disease pathways or markers. These drugs are structurally complex, usually prescribed by specialists. High treatment costs create significant reimbursement complexity in Canada often subj
Slide 42: Canadian Specialty Drug Market is Growing 13%
The Canadian Specialty Drug Market is Growing 13%, far outpacing Traditional Drug Growth of 2% $43B SDM Dollar ($) Market Share Specialty vs. Traditional Market Growth Spec. ex GLP-1 9% CAGR 2023-2030 Spec. GLP-1 28% Traditional 23% +13% +17% +2% 2023 2024 2025 2026 2027 2028 2029 2030 Traditional S
Slide 43: Specialty Drug Patient Journey is Complex
Specialty Drug Patient Journey is Complex Traditional (Incl. GLP-1) Drugs Patient Journey Medication picked Consumed Prescribed On up at local pharmacy at home Rx treatment Additional Steps Required For Broader Specialty Drugs Program Reimbursement Insurance Clinical Co-pay Product Arrangements for:
Slide 44: Uniquely positioned to Scale in Pharmacy
We are uniquely positioned to Scale in Pharmacy Extending specialty care beyond the closed-door model through unmatched retail access and cost-to-serve Nationwide Retail Execution 1,800 retail pharmacies 5,000 Supporting pharmacists Patient Choice Specialty All pharmacies across Canada Retail Locati
Slide 45: Well positioned to serve growing specialty sector including GLP-1
And we are well positioned to serve the growing Specialty drug sector including Obesity and Diabetes through GLP-1 OBESITY DIABETES Source: IQVIA Retail & Beyond 2026 Investor Day
Slide 46: Industry expects significant growth for GLP-1 market
Industry expects significant growth for GLP-1 market Different methodologies and market definitions reinforce the scale and uncertainty of the opportunity 3M UBS ~3x ~2.5x 1.5-3x U.S. patients on GLP-1s $185B $139B by 2030 $105–200B 2030 outlook by 2033 in 2025 Global GLP-1 market Global GLP-1 marke
Slide 47: GLP-1 benefits from stability of cash-paying patients
GLP-1 benefits from the stability of high cash-paying patients Payer Split by Therapy Category Total Traditional GLP-1 Specialty Payer mix (%) excl . GL P-1 Cash 4.6% 19.8% 38.5% 38.1% 45.3% 45.3% Government 50.1% 34.9% 23.4% Private Insurer Retail & Beyond 2026 Investor Day
Slide 48: Maintaining our leadership and growing our GLP-1 share
GLP-1 Sales Growth Maintaining our leadership and growing our Our GLP-1 market share share of the is currently 28% GLP-1 market 2018 2018 2019 2020 2021 2022 2023 2023 2024 2024 2025 2025 2026 2026 Introduction of GLP-1’s in Canada Retail & Beyond 2026 Investor Day
Slide 49: Medical weight loss program at no cost
Our medical weight loss program offers support to Canadians at no cost Longitudinal Affordable Care Multi- Team-Based Component Model of Care Design Evidence- Omnichannel Based Engagement Approach Dr. David Macklin Endorsed Dr. Megha Poddar Canadian Clinical Global Leader Endocrinologist & by Practi
Slide 50: Innovation continues to accelerate and grow the market
Innovation continues to accelerate and grow the market MORE ADVANCED THERAPIES Formulation innovation can lower barriers to treatment. Lilly Novo Nordisk AstraZeneca BEYOND WEIGHT LOSS Broader disease areas could expand the care pathway PAIN HEART KIDNEY LIVER Innovation is expanding treatment choic
Slide 51: Attributes of GLP-1 customer base / opportunity
Attributes of GLP-1 customer base / opportunity Retail & Beyond 2026 Investor Day
Slide 52: Shoppers Drug Mart delivers strong financial growth
Shoppers Drug Mart delivers strong financial growth Sales EBIT $18B $2B Retail & Beyond 2026 Investor Day
Slide 53: Steady growth of sales and earnings in Super Market
Steady growth of sales and earnings in Super Market Frank Gambioli President, Super Market Retail & Beyond 2026 Investor Day
Slide 54: Super Market serves Canadians Coast-to-Coast
Super Market serves Canadians ~550 Coast-to-Coast Store Network Across Canada ~20% Share of Conventional Grocery ~25% Share of Hypermarket Sector ~$27B Annual Sales Annual EBIT growth Note: All data is based on FY2025, Neilson Marketshare Conventional Hypermarkets Retail & Beyond 2026 Investor Day
Slide 55: We are winning through Retail Excellence
We are winning through Retail Excellence Merchandising Excellence Differentiated Value for Our Customers Technology and AI Leadership Retail & Beyond 2026 Investor Day
Slide 56: Merchandising Excellence
Merchandising Excellence Innovative solutions to serve diverse customer needs Multicultural Merchandise Meal Solutions Natural Foods Growing Double Digits Growing Mid-Single Digits Growing Mid-Single Digits Note: All data is based on FY2025. Retail & Beyond 2026 Investor Day
Slide 57: Merchandising Excellence: Right-Hand Side
Merchandising Excellence Accelerating performance of the Right-Hand Side General Merchandise Health & Beauty Apparel Toys Growing 35%+ Cosmetics Growing Mid-Single Digits Growing High-Single Digits Note: All data is based on FY2025. Retail & Beyond 2026 Investor Day
Slide 58: Differentiated Value for Our Customers
Differentiated Value for Our Customers Great Prices Plus Personalization, Quality, Assortment, Convenience Price Leadership PC Optimum Value Beyond Price Investing in Banners & Categories Loyalty scan on 70%+ of transactions Quality, Assortment, Convenience Note: All data is based on FY2025. Retail
Slide 59: Technology and AI Leadership
Technology and AI Leadership Making Experiences Better for Colleagues and Customers PC Express Efficiency Cost Control AI Use Tech Improving Picking Capability 100% ESL Coverage Organic Banana Sales +25% Note: All data is based on FY2025. Retail & Beyond 2026 Investor Day
Slide 60: Our strategy is delivering strong, consistent financial results
Our strategy is delivering strong, consistent financial results Sales EBIT $27B 2023 2024 2025 2026E 2023 2024 2025 2026E Together, our Super Market & Hard Discount Divisions delivered $42B in Sales and $2.3B in EBIT in 2025 Retail & Beyond 2026 Investor Day
Slide 61: Hard Discount Growth Strategy
Hard Discount Growth Strategy Melanie Singh President, Hard Discount Retail & Beyond 2026 Investor Day
Slide 62: Hard Discount serves Canadians Coast-to-Coast
Hard Discount serves Canadians Coast-to-Coast 570 Store Network by the end of 2026 #1 Hard Discount Grocer ~$15B Annual Sales Most Trusted Grocery Store for Value Retail & Beyond 2026 Investor Day
Slide 63: Tailoring store size and offering to each community
Tailoring our store size and product offering to each community Trois-Rivières, QC Toronto, ON Victoria, BC Retail & Beyond 2026 Investor Day
Slide 64: Our Hard Discount offering is winning
Our Hard Discount offering Compared to other markets, Canadian is winning with... discount share is strong but there is growing runway ahead • Incremental Sales: +$1B YoY Hard Discount Channel Share by Country 43% • Trips: +5% YoY 33% • Online Grocery: +40% YoY 22% 18% • Growing Fastest with High In
Slide 65: Sales above expectations in ~200 stores opened since 2023
Sales above expectations in the ~200 stores we’ve opened since 2023 gives us confidence in our runway ahead Total Hard Discount Stores ~200 stores opened since 2023 Sales exceeding plan Year 2 & 3 Comps above expectations EBIT Positive <3 years (vs. 5 Yr. expectation) 2023 2024 2025 2026E Retail & B
Slide 66: Opportunities for growth in underserved communities
Many opportunities for growth and expansion in underserved communities, reinforcing our leadership position Caraquet NB Dutton ON Komoka ON Illustrative only Retail & Beyond 2026 Investor Day
Slide 67: No Frills Komoka, ON
No Frills Komoka, ON Retail & Beyond 2026 Investor Day
Slide 68: Profitable growth powered by execution
Profitable growth powered by execution Providing Delivering Efficiency Through Differentiated Value Profitable Growth Technology & AI Leadership for our Customers Retail & Beyond 2026 Investor Day
Slide 69: Hard Discount will continue to be a growth engine
Hard Discount will continue to be a growth engine Sales EBIT $15B 2023 2024 2025 2026E 2023 2024 2025 2026E Together, our Super Market & Hard Discount Divisions delivered $42B in Sales and $2.3B in EBIT in 2025 Note 2025 was a 53 week period and is adjusted for 52 weeks Retail & Beyond 2026 Investor
Slide 70: T&T – the Ultimate Asian Food Destination
T&T – the Ultimate Asian Food Destination Tina Lee CEO, T&T Supermarkets Retail & Beyond 2026 Investor Day
Slide 71: Retail & Beyond 2026 Investor Day
Retail & Beyond 2026 Investor Day
Slide 72: Retail & Beyond 2026 Investor Day
Retail & Beyond 2026 Investor Day
Slide 73: Quick Stats
Quick Stats Richmond, BC 40 HEADQUARTER STORES T&T provides food that helps Asian families connect with their past and build cultural traditions in their lives outside of Asia, and through time between 8,600+ 1.8M SF generations. In pursuit of this cause, T&T has also COLLEAGUES RETAIL SPACE become
Slide 74: From a Local Store to an International Grocer
From a Local Store to an International Grocer 40 Stores T&T Canada: 37 Stores 2, 900 37 2, 400 32 1, 900 27 1, 400 2 18 Stores 22 1 900 400 17 T&T US: 3 Stores Sales Store Count Retail & Beyond 2026 Investor Day
Slide 75: T&T in U.S. News
T&T in U.S. News Institute of Grocery Distribution Store of the Future: Best Stores in H1 2025 1. Tesco, Cheshunt, UK 2. Lidl, Versailles-Chantiers, France 3. T&T, Seattle, US 4. Coles, Melbourne, Australia 5. Lotte Mart Express, Singapore Retail & Beyond 2026 Investor Day
Slide 76: Our customers tell the story best
Our customers tell the story best “While Canada often praises American Costco, it's crazy that it's Chinese-Canadians to make the breakthrough. Hopefully, T&T can expand to key Chinese communities across the U.S.” I can't face my friends in Seattle until I've been to T&T … it's practically a social
Slide 77: Why T&T is Winning
Why T&T is Winning Destination Real Estate The “Grocerant” Amazing Assortment “Build it, and they will come” ~25% of sales “Can’t find it anywhere else” T&T Private Label Value for Money Social Marketing 600+ T&T products “T&T sets the floor” San Jose 54M Impressions! Retail & Beyond 2026 Investor D
Slide 78: The T&T story is all about growth
The T&T story is all about growth Deliver our Grow Expand in Winning Strategy Canadian Base the U.S.A. Retail & Beyond 2026 Investor Day
Slide 79: Digital Connected Ecosystem
Digital Connected Ecosystem Lauren Steinberg Chief Digital Officer Retail & Beyond 2026 Investor Day
Slide 80: Digital ecosystem creates value that compounds
Loblaw’s digital ecosystem creates value that compounds with every customer interaction Rew ar di ng , Ef fo rt le ss & P er so na liz ed S ho p p in g Digital & E-Commerce Om ni -Ch an ne l E-Commerce Br an d D is co ve ry Digital sales exceeded $4.5B in 2025 Loyalty Loyalty & Retail Rewards Media
Slide 81: Digital sales have grown at +15% CAGR
E-Commerce Digital sales have grown at +15% CAGR and continue to drive enterprise growth Online growth vs. in-store growth +15% Capex to support digital platform Unique sessions across our digital ecommerce properties 2022 2023 2024 2025 2026 Target Retail & Beyond 2026 Investor Day
Slide 82: Loblaw continues to lead in online grocery
E-Commerce Loblaw continues to lead in online grocery Grocery Pickup and Same Day or Next Day Delivery available to almost 85% of Canadian households 2.3X 12%+ Higher grocery spend of Ecommerce penetration in PCX customers vs. in-store top performing stores Sub-30-minute rapid delivery in major urba
Slide 83: PC Optimum is Canada's largest loyalty program
Loyalty PC Optimum is Canada’s largest and most loved loyalty program #1 Loyalty Program in Canada 18M Active Members 2.2X Return on Promotional Investment +60% Sales Penetration Retail & Beyond 2026 Investor Day
Slide 84: Our Brands, Our Partners
Loyalty Our Brands Our Partners Grocery Financial Services … Fuel Health & Beauty Meals Digital Properties Optical 4,600+ locations to earn & redeem Retail & Beyond 2026 Investor Day
Slide 85: PC Optimum drives member engagement
Loyalty PC Optimum drives member engagement and incremental value across the Loblaw Our Weekly Engaged Users (WEU) ecosystem $720M Annual sales incremental Weekly Engaged PC Optimum Users Yearly Average +8% 40%+ Basket lift 20% Engage in more than one of our digital products 2022 2023 2024 2025 2026
Slide 86: New PC Optimum app
Loyalty With the new PC Optimum app, customers will be able to access our entire digital ecosystem in a single, personalized experience Launching Soon Retail & Beyond 2026 Investor Day
Slide 87: Our media network influences 89 million monthly transactions
Media Our media network influences 89 million monthly transactions* Loblaw Advance is Canada’s only retail media network powered by the largest loyalty program and delivering unmatched omnichannel reach. 18M+ 2,500+ 11.4M 92% Source: *Loblaw Advance internal data, April 2026; **comScore Media Metrix
Slide 88: Advance has delivered industry-beating growth
Media Advance has delivered industry-beating Media Capabilities growth while innovating with new revenue growth opportunities In-Store Annual External Media Revenue (Industry CAGR = +17% 1) On-Site +24% Third-party Data and Measurement 2023 2024 2025 2026 Target 1 eMarketer Retail Media in Canada 20
Slide 89: In-store media capabilities expanding
Media In-store capabilities expanding with innovative new media placements to help retain our position at the forefront of retail media in Canada In-Store Screen Inventory Scale Plan Innovative New Media Placements In-Aisle Unique aisle- and shape-specific format 4,700 Screen Blades leading to great
Slide 90: Key media measurement partnerships
Media We have formed key partnerships, including a first-of-its-kind in Canada measurement partnership with the largest media and social networks How it works Partnership Model Highlights First-to-Market: Canada's first closed-loop measurement solution for social platforms & broadcast ads. PCO Sales
Slide 91: LDIA AI conversational insights platform
Media We have recently launched LDIA AI, our conversational AI insights and intelligence platform LDIA uses AI to help suppliers understand performance and answer key business questions: • How am I performing vs. my competition? • What have been my most successful promotions? • In which channels am
Slide 92: Retail & Beyond 2026 Investor Day
Retail & Beyond 2026 Investor Day 92
Slide 93: Digital ecosystem creates value that compounds
Loblaw’s digital ecosystem creates value that compounds with every customer interaction Rew ar di ng , Ef fo rt le ss & P er so na liz ed S ho p p in g Digital & E-Commerce Om ni -Ch an ne l Br an d Dis co ve ry Robust growth in E-Commerce leading to more scale Loyalty & Retail Rewards Media & Data
Slide 94: Private Label Innovation: The Power of our Brands
Private Label Innovation: The Power of our Brands April Preston SVP, Control Brand Product Management and Innovation Retail & Beyond 2026 Investor Day
Slide 95: The Power of our Brands
The Power of our Brands #1 #4 #7 OUR CONTROL BRANDS Brand in Canada Brand in Canada Brand in Canada #1 #2 #2 Control Brand Sales Penetration LCL & SDM Wellness Brand East Asian Brand South Asian Brand in Canada in Canada in Canada Nielsen Sales L52 weeks Retail & Beyond 2026 Investor Day
Slide 96: Our Innovation Approach
Our Innovation Approach Retail & Beyond 2026 Investor Day
Slide 97: Half a step ahead
Half a step ahead Retail & Beyond 2026 Investor Day
Slide 98: Creating products only we can
Creating products only we can Retail & Beyond 2026 Investor Day
Slide 99: Always more for less
Always more for less Retail & Beyond 2026 Investor Day
Slide 100: Building powerhouse categories
Building powerhouse categories Retail & Beyond 2026 Investor Day
Slide 101: Democratizing great quality
Democratizing great quality Retail & Beyond 2026 Investor Day
Slide 102: Leading in Health
Leading in Health Retail & Beyond 2026 Investor Day
Slide 103: Redefining value
Redefining value Retail & Beyond 2026 Investor Day
Slide 104: From Strong to Unstoppable
From Strong to Unstoppable BIGGER, BOLDER $17B innovation attracts customers More Bigger Stronger Trips Baskets Loyalty 2025 2029 Driving Incremental, Sales & Margin Accretive Growth Retail & Beyond 2026 Investor Day
Slide 105: Loblaw Sourcing – Global Buying Reach & Scale
Loblaw Sourcing – Global Buying Reach & Scale Danni Peirce Chief Sourcing Officer and President, Non-Food & Apparel Retail & Beyond 2026 Investor Day
Slide 106: Eighteen months ago, I moved to Canada and joined Loblaw
Eighteen months ago, I moved to Canada and joined Loblaw Retail & Beyond 2026 Investor Day
Slide 107: Loblaw's scale gives us a unique sourcing advantage
Loblaw’s scale give us a unique sourcing advantage $45B Annual Purchases Every dollar saved gives us the ability to invest in price, customers and growth Grocery Food Fresh Grocery GM & Apparel Non-Food Retail & Beyond 2026 Investor Day
Slide 108: Three pillars to turn scale into value
We are focused on three pillars to turn scale into value Canada’s Best Buying Team Scale that creates value Source Closer Source for Resilience Source Better Build Canadian Diversify globally with Win the cost equation supply capacity scale Supported by responsible sourcing & AI-powered capabilities
Slide 109: Source Better: better cost outcomes for Canadians
Source Better Our scale is driving better cost outcomes for Canadians Mitigating Cost Increases Tariff Transparency • Better data and one enterprise voice are • Transparency for customers with “T-flag” materially improving negotiation outcomes • Consistent and fair process with all suppliers • Penny
Slide 110: Source Better: stronger strategic partnerships
Source Better Our scale enables stronger, more strategic partnerships, lowering costs for our customers PRODUCE CONFECTIONARY MEATS Building longer-term Negotiating as a full Taking a portfolio partnerships with enterprise with one voice approach with our Canadian growers strategic supplier partners
Slide 111: Source Closer: stronger Canadian supply base
Source Closer Investing in a stronger Canadian supply base Supplier Small Supplier Made in Canada Community Program Fund >200 NEW Canadian Over 1200 small suppliers; $100M fund led by suppliers onboarded this 90%+ Canadian Wittington Investment year Beneficial terms Dedicated to catalyze ~35K items
Slide 112: Source for Resilience: sourcing engine becoming global
Source for Resilience Our sourcing engine is becoming global $1B+ sourced through AMS in FY26, plans to grow Access to global supply base and knowledge sharing 5-25% typical savings on our Control Brand products 5X our standalone buying power Increased supplier diversification and resilience Retail
Slide 113: Building a Sustainable Cost Advantage
Building a Sustainable Cost Advantage Unlock savings Lead in growth Lower costs Cost savings fund customer investment Expand share Invest in price Drive traffic Retail & Beyond 2026 Investor Day
Slide 114: Lifemark – Canada's Leading Integrated Community Rehab Network
Lifemark – Building Canada’s Leading Integrated Community Rehab Network Sonya Lockyer President, Lifemark Health Group Retail & Beyond 2026 Investor Day
Slide 115: Lifemark is Canada's leading community-based rehabilitation network
Lifemark is Canada’s leading community-based rehabilitation network $6.0B ~370 clinics $700M+ 6,000+ 25+ market +40 in 2025 2025 revenue team members years of +4-5% growth p.a. ~8% market share service 35 46 1 65 7 50 163 Retail & Beyond 2026 Investor Day
Slide 116: A diversified healthcare services business
A diversified healthcare services business serving Canadians across recovery, work and wellness Community Helping patients recover mobility and function after Rehabilitation (~50% revenue) injury or illness. + Medical Independent medical assessments supporting claims Assessments and legal decisions.
Slide 117: Our national platform creates a path for continued growth
Our national platform creates a clear path for continued growth STRONG CORE FOCUS + EXECUTE LONGER-TERM TODAY 2027 - 2029 2029+ LEADING NATIONAL EXPAND ACCESS CONNECTED PLATFORM AND SCALE COMMUNITY CARE Grow across our care National footprint channels Customer-specific experiences Strong and evolvin
Slide 118: Expanding access to rehabilitation: Today
Expanding access to rehabilitation across Canada TODAY STRONG CORE STRONG CORE → FOCUS + EXECUTE → THE HORIZON Since joining Loblaw: 1.5x 20%+ Improved More More Operational Clinicians Locations Efficiency Greater scale. Broader access. More capacity to care for Canadians. Retail & Beyond 2026 Inves
Slide 119: Expanding access to rehabilitation: 2027-2029
Expanding access to rehabilitation across Canada 2027-2029 STRONG CORE → FOCUS + EXECUTE FOCUS + EXECUTE → THE HORIZON Three strategic priorities will drive our next phase of growth GROW ACROSS OUR EXPAND & OPTIMIZE STRENGTHEN THE CARE CHANNELS THE NETWORK OPERATING MODEL More access • Broader servi
Slide 120: Expanding access to rehabilitation: 2029+
Expanding access to rehabilitation across Canada 2029+ STRONG CORE → FOCUS + EXECUTE → THE THE HORIZON HORIZON Connecting more Canadians to outpatient care Longer-term Key Unlock Easier navigation across healthcare services Connected patient journeys Build to expand access More access. More connecte
Slide 121: Supply Chain as a Strategic Advantage
Supply Chain as a Strategic Advantage Rob Wiebe Chief Supply Chain Officer Retail & Beyond 2026 Investor Day
Slide 122: Our Supply Chain is a competitive advantage
Our Supply Chain is a competitive advantage Merchandising Supply Chain Assortment Space Store DC Outbound Demand Vendor Inbound Replenishment Replenishment Distribution Transport to and Price Planning Planning Planning Planning Collaboration Transport Retail Forecasting / Analytics 10,000+ 26 1M+ 1B
Slide 123: One of the lowest cost-to-serve Supply Chains, commercializing services
With one of the lowest cost-to-serve Supply Chains in North America, we are commercializing our services Supply Chain CTS1 We will continue to deliver improvements in CTS 1 Operational Excellence Operate an efficient and stable Supply Chain leveraging physical & digital technologies to reduce costs
Slide 124: Cost competitive Supply Chain services
We leverage our scale and reach to offer cost competitive Supply Chain services Canada 3M+ deliveries Our Value Proposition serving 2,500+ stores 26 DCs Europe We are everywhere, every day China Loblaw’s volume is an anchor United States India & SE Africa Excellence in temperature- Asia South contro
Slide 125: Supply Chain as a Service plan to double EBIT by 2030
We have grown Supply Chain as a Service into a scaled business, with a plan to double EBIT by 2030 SCaaS EBIT Projection ($M) We will grow SCaaS across our key areas: Warehousing +100% ~400 Freight Forwarding Domestic Truckload & Less-Than-Truckload ~200 Intermodal Cross-Border US 2022 2023 2024 202
Slide 126: A Framework for Consistency
A Framework for Consistency Richard Dufresne Chief Financial Officer Retail & Beyond 2026 Investor Day
Slide 127: Strong track record of consistent performance
Delivering a strong track record of consistent performance Loblaw’s Diluted EPS Growth (1,2) 14.8% 14.0% 13.6% 12.4% 11.6% 11.9% 11.0% 11.3% 10.9% 10.8% 10.6% 10.6% 10.0% 9.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 (1) See the Company’s Management’s Discussion and Analysis for
Slide 128: Strategy guided by our Financial Framework
Our strategy is guided by our established Financial Framework Store ~2-3% Network Connected Merchandising Best Buyers Sales Growth Healthcare Excellence Expansion ~4-6% Core Retail Operating Growth EBIT Growth Excellence Leverage Businesses ~8-10% Share Repurchases EPS Growth Retail & Beyond 2026 In
Slide 129: Multiple levers to grow earnings faster than sales
We have multiple levers to deliver growth in Earnings faster than Sales 6% EBIT growth requires ~$300M improvement annually ~2-3% Sales Growth +$100M ~4-6% EBIT Growth +$150M ~8-10% EPS Growth +$50M Retail & Beyond 2026 Investor Day
Slide 130: EQB partnership strengthens growth trajectory
Our EQB partnership strengthens the growth trajectory of our banking portfolio and enables material synergies What We What We What We Sold Will Own Created ~$120M 25% Share • Stronger bank with broader offering Annual Net in EQB Net • Accelerated growth in PC Optimum Earnings Earnings(2) accounts dr
Slide 131: Financial framework is outperforming peers
Our financial framework is outperforming peers, reinforcing confidence in our strategy and financial framework Ranked by Earnings Growth (2020-2025) #1 #2 #3 #4 #5 EPS Growth(1) 5-year CAGR 17% 15% 8% 8% 4% Share Price Growth(2) 32% 18% 18% 12% 7% 5-year CAGR Loblaw delivered the highest EPS CAGR, r
Slide 132: Earnings growth has driven ROIC expansion
Strong earnings growth has driven ROIC expansion, supported by rigorous investment governance Loblaw ROIC Trend (2021-2025) 12.4% 11.5% 11.8% 10.8% 9.8% 2021 2022 2023 2024 2025 Note: All ROIC metrics presented reflect earnings presented on an adjusted basis. See the Company’s Management’s Discussio
Slide 133: New stores remain ahead of plan
New stores remain ahead of plan, and will accelerate top line performance and grow EBIT Accumulated Loblaw Store Openings (2024-2026) 206 Grocery 124 Stores (avg. size 32,000 sf. in F26) 129 Average ramp to maturity ~5 years 52 Shoppers Drug Mart 82 Stores Average ramp to maturity ~8 years 2024 2025
Slide 134: Capital investments have peaked and will taper
Capital investments have peaked and will taper as our automated distribution centre projects conclude Loblaw Capital Expenditures New store openings 13 23 52 77 75 ~70 ~70 Peak $2.4B $2.2B Gross capital spend (C$B) $2.1B $2.1B $1.6B $1.2B Before 2023 2024 2025 2026 2027(1) 2028(1) 2022 2021 Base Two
Slide 135: 2025 Loblaw Results: free cash flow and shareholder returns
Strong free cash flow supports our capital investments and consistent growth in shareholder returns Adjusted EBITDA(1) $7.2B +7% CAGR growth since 2021 2025 Loblaw Results Capital $9.2B invested since 2021 $2.1B Expenditures Dividends $0.55 15 years of consecutive Dividend Increases per share $7.8B
Slide 136: We have the right strategy to win
We have the right strategy to win CORE RETAIL … and BEYOND Retail Excellence Enhanced Retail Growth Businesses Supply Chain as a Service Best Buyers Digital Engagement & Personalization Lifemark Store Network Expansion Connected Healthcare Retail Media & Data Merchandising Excellence Technology & AI
Slide 137: Financial framework has longevity: evolving earnings mix
From the strength of our core business to the potential in our growth businesses, our financial framework has longevity Evolving Earnings Mix 10% 20% 2026 2031 Core Business Growth Businesses (SCaaS, Lifemark, Retail Media and Data, T&T US, EQB) Retail & Beyond 2026 Investor Day
Slide 138: Retail and Beyond
RETAIL and BEYOND