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RETAIL and BEYOND September 9, 2026
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Retail & Beyond 2026 Investor Day 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 information about the Company. Such forward-looking statements may not be appropriate for other purposes. Forward-looking statements include 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 presentation 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 IT systems implementations, as well as statements regarding the Company’s financial framework and earnings contribution from higher growth businesses. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “should”, “designed” and similar expressions, as they relate to the Company and its management. All statements other than statements of historical fact may be forward-looking statements. 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 Company’s Management Discussion & Analysis (“MD&A”) in the 2025 Annual Report and the Company’s Annual Information Form (“AIF”) for the year ended January 3, 2026. 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 presentation. 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. All forward-looking statements contained in this presentation, and all subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Financial Outlook Unless otherwise expressly stated, the information contained in this presentation does not modify, supersede or replace the Company’s previously disclosed financial outlook. The Company’s current financial outlook remains as set out in its most recent quarterly earnings release and Management’s Discussion and Analysis. Non-GAAP and Other Financial Measures This presentation contains references to certain non-GAAP and other financial measures and ratios, including adjusted EBITDA, adjusted Net Earnings Available to Common Shareholders of the Company, adjusted Diluted Net Earnings Per Common Share, adjusted Return on Equity, and adjusted Return on Capital. The Company believes these non-GAAP and other financial measures and ratios provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. 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 generally accepted accounting principles (“GAAP”) when analyzing underlying consolidated operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and may 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 may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as alternatives to financial measures determined in accordance with GAAP. For definitions of the non-GAAP and other financial measures and ratios used by the Company, together with the applicable reconciliations to the most directly comparable GAAP measures, refer to the “Non-GAAP and Other Financial Measures” section of the Company’s most recently filed Management’s Discussion and Analysis (“MD&A”), available under the Company’s profile on SEDAR+ at sedarplus.ca and at loblaw.ca.
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Retail & Beyond 2026 Investor Day Per Bank President and Chief Executive Officer Retail & Beyond 2026 Investor Day A Roadmap for Profitable Growth
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Retail & Beyond 2026 Investor Day 2001 – 2009 2009 – 2012 2012 – 2023 Board Experience 2023 – now Joining Loblaw was the best decision and a logical step in my retail career
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Retail & Beyond 2026 Investor Day Better, simpler, cheaperShare the good news and the bad news Dare to make fast decisions, test, and adjust as we go Bring proven ideas to Canada 1/3 strategy, 1/3 tactics, 1/3 operational Work hard and have fun! I brought some guiding leadership principles with me to Loblaw 1 3 5 2 4 6
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Retail & Beyond 2026 Investor Day Enterprise Opportunities that have been Identified… Expand Hard Discount 0.87 1.01 1.13 1.15 1.03 1.07 1.40 1.71 1.94 2.14 2.37 Adjusted EPS (1) Growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +10.5% CAGR …Build on a Record of Financial Improvement Reimagine HEHB & Apparel Hit of the Month Program In-Store Activations Reinvent the shopping experience at SDM Collect & Save and Sticker Programs AMS Sourcing Group (1) See the Company’s Management’s Discussion and Analysis for the reconciliation of such non-GAAP and other financial measures to the most directly comparable GAAP measures, on the Company’s website at www.loblaw.ca. (2) Reflects Total Company 52-week results. On a 53-week basis, EPS was $2.43. I am pleased that we have continued our strong track record (2)
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Retail & Beyond 2026 Investor Day $2.4B Annual Capex(1) +12.4% Return on Capital (2)(3) +26.3% Return on Equity (2)(3) 15-yrs Annual Dividend Increases $2.1B Annual Buybacks (1) Financial Framework Growth Model ~2-3% Sales Growth ~4-6% EBIT Growth ~8-10% EPS Growth (1) 2026 expected figures. (2) See the Company’s Management’s Discussion and Analysis for the reconciliation of such non-GAAP and other financial measures to the most directly comparable GAAP measures, on the Company’s website at www.loblaw.ca. (3) 2025 return metrics. We are achieving this success thanks to a disciplined financial framework and prudent capital deployment
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Retail & Beyond 2026 Investor Day Sources: Statistics Canada, Loblaw Real Estate, IGD – market share data from 2023, all other 2026. 10-yr. CAGR: 1.4% Median age: 40.6 Age 65+: 19.5% 41.6M Canadian Population 5 18% Major Grocery Retailers Hard Discount Penetration ($) Independent grocers: ~10,000 Germany: 33% UK: 22% Poland: 43% We need to earn our success every day – Canada is a competitive market, with significant room for Loblaw to grow
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Retail & Beyond 2026 Investor Day CORE RETAIL … and BEYOND Embedding ESG / People & Culture Best Buyers Store Network Expansion Merchandising Excellence Differentiated Value for Our Customers Digital Engagement & Personalization Connected Healthcare Technology & AI Leadership Private Label leadership Supply Chain as a Service Lifemark Retail Media & Data T&T USA Expansion EQB Partnership Enhanced Retail Growth BusinessesRetail Excellence We have the right strategy to win and help Canadians Live Life Well
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Retail & Beyond 2026 Investor Day 2,800+ locations within 10 minutes of 90% of Canadians More than 1 billion customer transactions per year Canada’s largest retailer of mass and prestige cosmetics A healthcare partner for more than 20% of Canadians Where almost a third of Canadians buy their groceries When we grow ~3% in revenue, we grow by ~$2 billion Our industry-leading, growing footprint helps us deliver value to Canadians
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Retail & Beyond 2026 Investor Day Hard Discount Super Market Pharmacy, Health & Beauty Hyper Market Conventional We service the the full spectrum of everyday needs – from discount to premium offerings and convenience
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Retail & Beyond 2026 Investor Day #1 Loyalty program with $1B+ awarded annually to 18M+ active members Several of Canada’s top consumer brands #1 in grocery e-commerce Beloved, unique merchandising that resonates deeply with Canadians Connected healthcare at your fingertips Our unique ecosystem enables an unmatched relationship with our customers, helping them Live Life Well
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Retail & Beyond 2026 Investor Day Grow Faster than Core Retail Be Margin Accretive Each is designed to… Our ecosystem includes high growth businesses, leveraging our unique assets and expertise Supply Chain as a Service Retail Media & Data Lifemark EQB Inc. Investment T&T
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Retail & Beyond 2026 Investor Day Colleague Enablement Focusing our AI-enabled solutions to build AI operating systems for stores and colleagues Implementing AI-powered search and launching conversational AI for customers Robin MerchOS Supply Chain Productivity Tooling Customer Experiences We are industry-leading in our use of GenAI to power our internal and customer-facing tools
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Retail & Beyond 2026 Investor Day We are supported by a large, national colleague base… … recognized as an employer of choice… …and guided by strong values and culture 220,000+ Employees Employing >1% of the Canadian Workforce Our most important “ingredient” is our team of dedicated colleagues across our stores, pharmacies, DCs and offices
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Retail & Beyond 2026 Investor Day Our management board represents the diversity and blend of local and global expertise making us a retail innovator Per Bank President and Chief Executive Officer Richard Dufresne Chief Financial Officer Sonja Boch SVP, Strategy & Business Development Frank Gambioli President – Super Market Andrew Bunston Chief Legal Officer Mary MacIsaac Chief Marketing Officer Melanie Singh President – Hard Discount Gregers Wedell- Wedellsborg President – SDM Lauren Steinberg Chief Digital Officer David Markwell Chief Technology & Analytics Officer Rob Wiebe Chief Supply Chain Officer Tina Lee Chief Executive Officer, T&T Mark Wilson Chief Human Resources Officer Danni Peirce Chief Sourcing Officer; President, Non-Food & Apparel
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Retail & Beyond 2026 Investor Day Lauren Steinberg Chief Digital Officer Enhancing Customer & Colleague Experiences Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day• Internal AI Platforms Loblaw is a leading AI-powered retailer developing AI solutions for both our customers and our colleagues Customers: Agentic Commerce OneChatChatGPT AI Powered Search Colleagues: Enablement MerchOSPC Health Colleague T ools Supply Chain Finance Robin What are my top 5 items by inventory with no sales? Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 19 “Add milk, eggs, bananas and sourdough bread to my cart” “Find healthy snacks I might like that are on sale this week” “Build me a healthy meal plan for the week for my family of 4” “Suggest dinners based on my usual purchases” +50% Higher conversion from LLM-referred traffic We are the only Canadian retailer with an app on ChatGPT, meeting customers where AI commerce is emerging ~25% Customers using our ChatGPT app are new to PC Express Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day • PC Optimum Offers & Points • Meal Planning & Beauty/Style Tips • Order Issues & Missing Points • General Assistance & Account Help Chat helps PC Express users discover relevant products and offers, build baskets, plan meals and resolve common support needs through a personalized conversational interface . We believe that Conversational AI will be one of the most common ways customers will engage with us digitally Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 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 information • Every conversational interaction ends with a friction-free path forward • A health-focused UI to easily convey important but complex matters Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day We are empowering our people… Productivity gain on engineering teams10x Active ChatGPT Enterprise users+5K … by building and partnering with best-in-class AI technology for Loblaw employees Colleague interactions with custom-built tools in 2026 +1M Key examples of AI tailored to high -value business opportunitiesBUILD PARTNER Best-in-class AI capabilities brought into the enterprise Everyday productivity Marketing and creative Coding Staff recruitment Maintenance cost management Vendor invoice optimization Ingredient cost intelligence Store space planning Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Individual Crawl Walk Connected workflows Run End-to-end executionT argeted point solutions We are maturing from delivering targeted AI employee solutions to completely transform our ways of working Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Transport AI For Supply Chain Dynamic Driver Assignment Manager Risk Identification & Mitigation Vendor Communications Route Optimizer Core Capabilities Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Merchandising AI For Category T eams Market Share Insights Space PlanningSales Reporting Promo Optimization Flyer Intelligence Core Capabilities Actionable insights Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Robin For Store Operators Retail & Beyond 2026 Investor Day Real-time store KPI + Insights Dashboard Task ManagementStore Walk Mode Colleague Messaging Searchable SOPs Core Capabilities
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Retail & Beyond 2026 Investor Day 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 customer and colleague impact Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Gregers Wedell-Wedellsborg President, Shoppers Drug Mart The Future of Shoppers Drug Mart Tanya Moore SVP , Healthcare Businesses Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Canada’s Leading Drug Store 1,385+ pharmacies nationwide Average Annual Store Performance ~ 14,000 Square footage $13M Sales 110K Prescription count 220K Front Store transactions 90% of Canadians live within 10km of a retail location Strong control brand portfolio in personal care and beauty $18B annual revenue ~50/50 split of front shop and pharmacy Integrated omni- channel offering with eCommerce website and SDM app Pharmacy retailer Retailer for lower prices on health, beauty & personal care Care for Canada NUMBER 1 NUMBER 2
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Retail & Beyond 2026 Investor Day Growing Value Through PC Optimum 30 Growing through PC Optimum – loyalty scan on 60% of transactions They also have 40% bigger baskets And are 60% more likely to add beauty Basket Size Cross- Selling PC Optimum members visit 5x more Frequency
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Retail & Beyond 2026 Investor Day Vast new store whitespace Well positioned to care for an aging population Prestige Beauty +3.4% 2027 Projection (1 ) Core Pharmacy Growth +1.8% 2027 Projection (2 ) Online Channel growth Canadians aged 85+ are projected to more than triple by 2075 Categories Channels Customers There are structural tailwinds in our market (1) Circana Total Prestige Market Growth 2027 (2) IQVIA Traditional Pharmacy Market Growth 2027
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Retail & Beyond 2026 Investor Day Driving sustainable profit growth Double Down on Digital Expand and Adapt the Store Network Lead Pharmacy and Health Responsibly Renew the Front Store
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Retail & Beyond 2026 Investor Day Expand & Adapt the Store Network +35 New stores / year Introduce newly designed pharmacy of the future
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Retail & Beyond 2026 Investor Day As of August 2026 1,385+ 12,500 Total pharmacies in Canada #1 Pharmacy dollar share #1 in beauty share A leading presence across Canada with room to grow
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Retail & Beyond 2026 Investor Day 35 Retail & Beyond 2026 Investor Day Renew the Front Store: Beauty & Wellness
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Retail & Beyond 2026 Investor Day Enhanced multicultural and convenience food offering Renew the Front Store: Convenience Food Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Increasing basket size and reducing shrink Renew the Front Store: Exit Maze & Service Hub Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Incremental Spend: +10% Incremental Purchases: 25% of visits include an extra in-store item Fast Fulfillment: Average 1 hour for pick-up 38 Double Down on Digital: Buy Online Pick Up In Store Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Increasing scope of practice for pharmacies Digital patient engagement Aging population and increasing chronic disease Constraints on patient access to healthcare Rewiring pharmacy operations through AI and automation Accelerating drug innovation Lead Pharmacy and Health Responsibly: Canadian Healthcare and Pharmacy Landscape Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 60% of eligible prescriptions filled centrally Unlocking capacity for our pharmacists to serve patients Lead Pharmacy and Health Responsibly: Enabling Services Through Automation Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day High treatment costs create significant reimbursement complexity in Canada often subject to eligibility and prior-authorization requirements. These drugs are structurally complex, usually prescribed by specialists. Specialty medications are advanced therapies, targeting specific disease pathways or markers. Specialty medications are transforming pharmacy
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Retail & Beyond 2026 Investor Day 2023 2024 2025 2026 2027 2028 2029 2030 Traditional Specialty GLP1 Specialty ex GLP1 Specialty vs. Traditional Market Growth CAGR 2023-2030 • Market includes retail and non-traditional pharmacy channels (i.e., close-door specialty pharmacies) • Market is measured as manufacturer $ sales (not retail sales) for the last 12-month moving average (MAT) as of December 2025. • Specialty Market does not include the impact of PAH going generic • Data source: IQVIA +17% +13% +2% Spec. ex GLP-1 9% Spec. GLP-1 28% Traditional 23% SDM Dollar ($) Market Share $43B The Canadian Specialty Drug Market is Growing 13%, far outpacing Traditional Drug Growth of 2%
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Retail & Beyond 2026 Investor Day Prescribed Rx Medication picked up at local pharmacy Consumed at home On treatment Reimbursement navigation Program onboarding Co-pay provided Clinical assessment Insurance forms filled Product supplied Arrangements for: • Injection training • Injection administration • Infusion Traditional (Incl. GLP-1) Drugs Patient Journey Additional Steps Required For Broader Specialty Drugs Specialty Drug Patient Journey is Complex
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Retail & Beyond 2026 Investor Day Retail Locations Specialty Pharmacies Min. to low retail presence 1,800 retail pharmacies 5,000 pharmacists Nationwide Retail Execution Supporting Patient Choice All pharmacies across Canada 3M+ Specialty scripts dispensed annually +233% specialty patients within the last 3 years Accelerating Patient Growth We are uniquely positioned to Scale in Pharmacy Extending specialty care beyond the closed -door model through unmatched retail access and cost-to-serve
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Retail & Beyond 2026 Investor Day DIABETES OBESITY Source: IQVIA And we are well positioned to serve the growing Specialty drug sector including Obesity and Diabetes through GLP -1
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Retail & Beyond 2026 Investor Day $185B by 2033 Global GLP-1 market GLP-1 growth estimates vary based on assumptions around coverage, adherence, treatment therapies and new launches. ~3x Sources: UBS Equity Research; Grand View Research (2026); TD Cowen / TD Securities; IQVIA (2026). Growth factors are approxim ate and based on each source's own market estimates and forecasts. Forecasts vary in scope, methodology and time horizon and are not directly comparable or SDM forecasts. 3M U.S. patients on GLP-1s in 2025 UBS >10M projected U.S. patients by 2030 $185.3B 2033 $66.4B 2025 $105–200B 2030 outlook Global obesity medicines 1.5-3x $105- 200B 2030 $66B 2025 $139B Global GLP-1 market ~2.5x $139B 2030 $54B 2024 by 2030 GRAND VIEW RESEARCH TD COWEN IQVIA Industry expects significant growth for GLP-1 market Different methodologies and market definitions reinforce the scale and uncertainty of the opportunity
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Retail & Beyond 2026 Investor Day GLP-1 38.1% 23.4% 38.5% Specialty excl. GLP -1 4.6% 50.1% 45.3% Total Traditional 19.8% 34.9% 45.3% Payer Split by Therapy Category Payer mix (%) Cash Government Private Insurer GLP-1 benefits from the stability of high cash-paying patients
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Retail & Beyond 2026 Investor Day 2018 2019 2020 2021 2022 2023 2024 2025 2026 Maintaining our leadership and growing our share of the GLP-1 market Introduction of GLP -1’s in Canada 2018 2023 2024 2025 GLP-1 Sales Growth 2026 Our GLP-1 market share is currently 28%
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Retail & Beyond 2026 Investor Day Dr. David Macklin Global Leader Family & Obesity Medicine Physician Dr. Megha Poddar Endocrinologist & Obesity Specialist Canadian Practice Guideline Authors Endorsed byClinical Advisors Longitudinal Care Team-Based Model of Care Evidence- Based Approach Multi- Component Design Affordable Omnichannel Engagement Our medical weight loss program offers support to Canadians at no cost
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Retail & Beyond 2026 Investor Day MORE ADVANCED THERAPIES Formulation innovation can lower barriers to treatment. Novo Nordisk AstraZeneca Selected external innovation examples; investigational assets subject to regulatory approval. SDM scale metrics from internal materials. Timing, reimbursement, adoption and revenue impact remain uncertain. Lilly BEYOND WEIGHT LOSS Broader disease areas could expand the care pathway KIDNEY LIVERPAIN HEART Patient OutreachAccess to Care Specialty Support Innovation is expanding treatment choice and access, we are investing across physical, virtual, digital and specialty care to meet the needs of Canadians. Innovation continues to accelerate and grow the market
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Retail & Beyond 2026 Investor Day Attributes of GLP-1 customer base / opportunity
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Retail & Beyond 2026 Investor Day Shoppers Drug Mart delivers strong financial growth Sales EBIT $18B $2B
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Retail & Beyond 2026 Investor Day Frank Gambioli President, Super Market Steady growth of sales and earnings in Super Market Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Super Market serves Canadians Coast-to-Coast Share of Conventional Grocery ~20% Annual Sales ~$27B Store Network Across Canada ~550 Share of Hypermarket Sector ~25% Hypermarkets Conventional Annual EBIT growth Note: All data is based on FY2025, Neilson Marketshare
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Retail & Beyond 2026 Investor Day Merchandising Excellence Differentiated Value for Our Customers Technology and AI Leadership We are winning through Retail Excellence
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Retail & Beyond 2026 Investor Day Multicultural Merchandise Growing Double Digits Meal Solutions Growing Mid-Single Digits Natural Foods Growing Mid-Single Digits Note: All data is based on FY2025. Merchandising Excellence Innovative solutions to serve diverse customer needs
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Retail & Beyond 2026 Investor Day Merchandising Excellence Accelerating performance of the Right-Hand Side General Merchandise Toys Growing 35%+ Health & Beauty Cosmetics Growing Mid-Single Digits Apparel Growing High-Single Digits Note: All data is based on FY2025.
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Retail & Beyond 2026 Investor Day Differentiated Value for Our Customers Great Prices Plus Personalization, Quality, Assortment, Convenience Price Leadership Investing in Banners & Categories PC Optimum Loyalty scan on 70%+ of transactions Value Beyond Price Quality, Assortment, Convenience Note: All data is based on FY2025.
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Retail & Beyond 2026 Investor Day Note: All data is based on FY2025. Technology and AI Leadership Making Experiences Better for Colleagues and Customers PC Express Efficiency Tech Improving Picking Capability Cost Control 100% ESL Coverage AI Use Organic Banana Sales +25%
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Retail & Beyond 2026 Investor Day T ogether, our Super Market & Hard Discount Divisions delivered $42B in Sales and $2.3B in EBIT in 2025 Sales 2024 2025 2026E EBIT 2024 2025 2026E2023 2023 Our strategy is delivering strong, consistent financial results $27B
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Retail & Beyond 2026 Investor Day Melanie Singh President, Hard Discount Hard Discount Growth Strategy Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Most Trusted Grocery Store for Value 570 Store Network by the end of 2026 #1 Hard Discount Grocer ~$15B Annual Sales Hard Discount serves Canadians Coast-to-Coast
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Retail & Beyond 2026 Investor Day Trois-Rivières, QC Toronto, ON Victoria, BC T ailoring our store size and product offering to each community
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Retail & Beyond 2026 Investor Day Compared to other markets, Canadian discount share is strong but there is growing runway ahead • Incremental Sales: +$1B YoY • Trips: +5% YoY • Online Grocery: +40% YoY • Growing Fastest with High Income Households • Loyalty: +12% PC Optimum Engagement YoY Our Hard Discount offering is winning with... Hard Discount Channel Share by Country 18% 43% 33% 22% Source: IGD Discount – Market Share by Country, $ Share 2023 Option A: IDG data from Board Deck (2023 numbers)
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Retail & Beyond 2026 Investor Day 2023 2024 2025 2026E ~200 stores opened since 2023 Total Hard Discount Stores Sales above expectations in the ~200 stores we’ve opened since 2023 gives us confidence in our runway ahead Sales exceeding plan Year 2 & 3 Comps above expectations EBIT Positive <3 years (vs. 5 Yr. expectation)
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Retail & Beyond 2026 Investor Day Komoka ON Dutton ON Caraquet NB Many opportunities for growth and expansion in underserved communities, reinforcing our leadership position Illustrative only
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Retail & Beyond 2026 Investor Day No Frills Komoka, ON
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Retail & Beyond 2026 Investor Day Delivering Profitable Growth Providing Differentiated Value for our Customers Efficiency Through T echnology & AI Leadership Profitable growth powered by execution
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Retail & Beyond 2026 Investor Day 2023 2024 2025 2026E Sales EBIT $15B Note 2025 was a 53 week period and is adjusted for 52 weeks 2023 2024 2025 2026E Together, our Super Market & Hard Discount Divisions delivered $42B in Sales and $2.3B in EBIT in 2025 Hard Discount will continue to be a growth engine
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Retail & Beyond 2026 Investor Day Tina Lee CEO, T&T Supermarkets T&T – the Ultimate Asian Food Destination Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Retail & Beyond 2026 Investor Day
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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 generations. In pursuit of this cause, T&T has also become a destination for all Canadians for Asian food discovery. HEADQUARTER 40 STORES 8,600+ COLLEAGUES 1.8M SF RETAIL SPACE Quick Stats Richmond, BC $2B+ 2025 TOTAL SALES T&T CANADA Retail & Beyond 2026 Investor Day
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From a Local Store to an International Grocer 17 22 27 32 37 4 00 9 00 1,4 00 1,9 00 2 ,4 00 2 ,9 00 Sales Store Count 18 Stores 40 Stores 2 1 T&T Canada: 37 Stores T&T US: 3 Stores Retail & Beyond 2026 Investor Day
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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 T&T in U.S. News Retail & Beyond 2026 Investor Day
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“After shopping at T&T Bellevue , I immediately decided to buy Loblaw stock because the shopping experience was unreal!” I can't face my friends in Seattle until I've been to T&T … it's practically a social requirement “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.” Our customers tell the story best Retail & Beyond 2026 Investor Day
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~25% of sales“Build it, and they will come” Destination Real Estate The “Grocerant” Amazing Assortment T&T Private Label Value for Money Social Marketing “Can’t find it anywhere else” 600+ T&T products San Jose 54M Impressions! “T&T sets the floor” Why T&T is Winning Retail & Beyond 2026 Investor Day
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Deliver our Winning Strategy Grow Canadian Base Expand in the U.S.A. The T&T story is all about growth Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Lauren Steinberg Chief Digital Officer Lauren Steinberg Chief Digital Officer Digital Connected Ecosystem Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Loblaw’s digital ecosystem creates value that compounds with every customer interaction E-Commerce Digital sales exceeded $4.5B in 2025 Loyalty 18M active members; digitally engaged members spending 2x more and remaining active 3x longer Media Canada’s largest home-grown retail media network Digital & E-Commerce Retail Media & Data Loyalty & Rewards Ric h Ins ights & Mea su ra ble Valu e Om ni -Ch an ne l Br an d Dis co ve ry Rew ar di ng, Ef fo rtle ss & P er so na liz ed Sho ppin g
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Retail & Beyond 2026 Investor Day Digital sales have grown at +15% CAGR and continue to drive enterprise growth 2022 2023 2024 2025 2026 Target +15% Online growth vs. in-store growth Capex to support digital platform Unique sessions across our digital ecommerce properties E-Commerce Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Loblaw continues to lead in online grocery Grocery Pickup and Same Day or Next Day Delivery available to almost 85% of Canadian households Sub-30-minute rapid delivery in major urban markets, carrying over 7,000+ items Loblaws Grocery banners available on all major 3P food delivery platforms across Canada 12%+ Ecommerce penetration in top performing stores 2.3X Higher grocery spend of PCX customers vs. in -store +15% Online grocery sales growth(1) 50%+ of orders on subscription Pass in 2026 E-Commerce Retail & Beyond 2026 Investor Day (1) Based on a three-year CAGR
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Retail & Beyond 2026 Investor Day #1 Loyalty Program in Canada 18M Active Members 2.2X Return on Promotional Investment PC Optimum is Canada’s largest and most loved loyalty program +60% Sales Penetration Loyalty Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Health & Beauty Financial Services Fuel Meals Optical Our Brands Our Partners … Grocery Digital Properties 4,600+ locations to earn & redeem Loyalty
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Retail & Beyond 2026 Investor Day 2022 2023 2024 2025 2026 Target Weekly Engaged PC Optimum Users Yearly Average +8% PC Optimum drives member engagement and incremental value across the Loblaw ecosystem $720M Annual incremental sales 40%+ Basket lift 20% Engage in more than one of our digital products Our Weekly Engaged Users (WEU) Loyalty Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day With the new PC Optimum app, customers will be able to access our entire digital ecosystem in a single, personalized experience Launching Soon Loyalty Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 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. 2,500+ 92%18M+ 11.4M Source: *Loblaw Advance internal data, April 2026; **comScore Media Metrix, April 2026 Media Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Advance has delivered industry-beating growth while innovating with new revenue growth opportunities 2023 2024 2025 2026 Target +24% Annual External Media Revenue (Industry CAGR = +17% 1) In-Store On-Site Third-party Data and Measurement Media 1 eMarketer Retail Media in Canada 2026 report Media Capabilities Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day In-store capabilities expanding with innovative new media placements to help retain our position at the forefront of retail media in Canada 1,800 2,700 4,700 Current Phase 1 Phase 2 In-Store Screen Inventory Scale Plan Innovative New Media Placements 2.5x+ Phase 1: expansion in Superstore West Phase 2: expansion to Shoppers, Atlantic Canada and Ontario Unique aisle- and shape-specific format leading to greater return on ad spend In-Aisle Screen Blades Digital Display Bins Turns produce bins into dynamic media platforms Immersive Floor Ads Transforms floor space into attention - grabbing laser-projected signage Holographic Endcaps Eye-catching 3D motion cuts through the noise, delivering maximum impact Media
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Retail & Beyond 2026 Investor Day We have formed key partnerships, including a first-of-its-kind in Canada measurement partnership with the largest media and social networks Partnership Model Highlights Privacy-Safe by Design: Leverage secure cleanroom technology. No raw data or PII is ever shared. Repeatable Blueprint: Creates a new, scalable model we can extend to other media partners. First-to-Market: Canada's first closed-loop measurement solution for social platforms & broadcast ads. How it works PCO Sales Data New Channels (TV, Social, etc.) Report: Proof of Performance Match: Sales to Ads Media
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Retail & Beyond 2026 Investor Day We have recently launched LDIA AI, our conversational AI insights and intelligence platform Media 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 I growing the fastest? Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 92 • • • Loblaw Advance
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Retail & Beyond 2026 Investor Day Loblaw’s digital ecosystem creates value that compounds with every customer interaction Robust growth in E-Commerce leading to more scale Innovation driving deeper customer engagement and richer first-party data More opportunities to monetize our differentiated data and insights Digital & E-Commerce Retail Media & Data Loyalty & Rewards Ric h Ins ights & Mea su ra ble Valu e Omni -Ch an ne l Br an d Dis co ve ry Rew ar di ng, Ef fo rtle ss & P er so na liz ed Sho ppin g
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Retail & Beyond 2026 Investor Day April Preston SVP , Control Brand Product Management and Innovation Private Label Innovation: The Power of our Brands Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day The Power of our Brands Nielsen Sales L52 weeks Brand in Canada Wellness Brand in Canada OUR CONTROL BRANDS Control Brand Sales Penetration LCL & SDM East Asian Brand in Canada South Asian Brand in Canada #1 #4 #1 Brand in Canada Brand in Canada #7 #2 #2 Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor DayRetail & Beyond 2026 Investor Day Innovation Our Approach
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Retail & Beyond 2026 Investor Day Half a step ahead Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Creating products only we can Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Always more for less Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Building powerhouse categories Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Democratizing great quality Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Leading in Health
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Retail & Beyond 2026 Investor Day Redefining value Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 2025 2029 More Trips Bigger Baskets Stronger Loyalty Driving Incremental, Sales & Margin Accretive Growth BIGGER, BOLDER innovation attracts customers $17B From Strong to Unstoppable Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Danni Peirce Chief Sourcing Officer and President, Non-Food & Apparel Loblaw Sourcing – Global Buying Reach & Scale Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Eighteen months ago, I moved to Canada and joined Loblaw
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Retail & Beyond 2026 Investor Day Annual Purchases $45B Every dollar saved gives us the ability to invest in price, customers and growth Grocery Food Fresh Grocery Non-Food GM & Apparel Loblaw’s scale give us a unique sourcing advantage
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Retail & Beyond 2026 Investor Day Canada’s Best Buying Team Scale that creates value Source Better Win the cost equation Source Closer Build Canadian supply capacity Source for Resilience Diversify globally with scale Supported by responsible sourcing & AI-powered capabilities We are focused on three pillars to turn scale into value
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Retail & Beyond 2026 Investor Day Better data + One Enterprise Voice + AI-enabled Insights = Better outcomes • Better data and one enterprise voice are materially improving negotiation outcomes • Consistent and fair process with all suppliers • $220M of cost increases avoided this year • Transparency for customers with “T-flag” • Penny-for-penny price increases – Loblaws doesn’t profit from tariffs • Automatic process to roll back upon end date Source Better Our scale is driving better cost outcomes for Canadians Mitigating Cost Increases Tariff Transparency
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Retail & Beyond 2026 Investor Day PRODUCE Building longer-term partnerships with Canadian growers MEATS T aking a portfolio approach with our strategic supplier partners CONFECTIONARY Negotiating as a full enterprise with one voice Source Better Our scale enables stronger, more strategic partnerships, lowering costs for our customers
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Retail & Beyond 2026 Investor Day $100M fund led by Wittington Investment Dedicated to catalyze Canadian food producers $20M successfully deployed so far Over 1200 small suppliers; 90%+ Canadian Beneficial terms Dedicated support to navigate complexity >200 NEW Canadian suppliers onboarded this year ~35K items on shelf flagged with a maple leaf to help customers make informed choices Supplier Community Small Supplier Program Made in Canada Fund Source Closer Investing in a stronger Canadian supply base
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Retail & Beyond 2026 Investor Day 5X our standalone buying power $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 Increased supplier diversification and resilience Source for Resilience Our sourcing engine is becoming global
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Retail & Beyond 2026 Investor Day Unlock savings Lower costs Invest in price Drive traffic Expand share Lead in growth Cost savings fund customer investment Building a Sustainable Cost Advantage
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Retail & Beyond 2026 Investor Day Sonya Lockyer President, Lifemark Health Group Lifemark – Building Canada’s Leading Integrated Community Rehab Network Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day 35 65 7 1 163 50 46 25+ years of service ~370 clinics +40 in 2025 ~8% market share $6.0B market +4-5% growth p.a. 6,000+ team members $700M+ 2025 revenue Lifemark is Canada’s leading community-based rehabilitation network
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Retail & Beyond 2026 Investor Day Independent medical assessments supporting claims and legal decisions. Medical Assessments (~20% revenue) Helping patients regain independence in daily activities after injury or illness. Occupational Therapy (~10% revenue) Seniors’ wellness, vocational rehab, mental health, Veterans’ care and occupational health programs. National Programs (~20% revenue) Helping patients recover mobility and function after injury or illness. Community Rehabilitation (~50% revenue) + *Revenue mix reflective of 2025 performance ~65% of revenue funded by 3rd party payors A diversified healthcare services business serving Canadians across recovery, work and wellness
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Retail & Beyond 2026 Investor Day STRONG CORE FOCUS + EXECUTE LONGER-TERM LEADING NATIONAL PLATFORM EXPAND ACCESS AND SCALE CONNECTED COMMUNITY CARE National footprint Strong and evolving Affiliate Network Customer relationships Customer-specific experiences Connected care experiences Strengthen the operating model for scale Grow across our care channels Expand via acquisition and select new builds Convenient access TODAY 2027 - 2029 2029+ Our national platform creates a clear path for continued growth
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Retail & Beyond 2026 Investor Day STRONG CORE → FOCUS + EXECUTE → THE HORIZONSTRONG CORE Since joining Loblaw: Greater scale. Broader access. More capacity to care for Canadians. 1.5x More Clinicians 20%+ More Locations Improved Operational Efficiency TODAY Expanding access to rehabilitation across Canada
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Retail & Beyond 2026 Investor Day Three strategic priorities will drive our next phase of growth FOCUS + EXECUTESTRONG CORE → → THE HORIZONFOCUS + EXECUTE EXPAND & OPTIMIZE THE NETWORK More access • More communities GROW ACROSS OUR CARE CHANNELS More access • Broader services STRENGTHEN THE OPERATING MODEL Enable • Standardize • Connect 2027-2029 Expanding access to rehabilitation across Canada
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Retail & Beyond 2026 Investor Day STRONG CORE → → THE HORIZONTHE HORIZON Connecting more Canadians to outpatient care FOCUS + EXECUTE Easier navigation across healthcare services Connected patient journeys Build to expand access Longer-term Key Unlock More access. More connected care. Better health. | Helping more Canadians Live Life Well. 2029+ Expanding access to rehabilitation across Canada
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Retail & Beyond 2026 Investor Day Rob Wiebe Chief Supply Chain Officer Supply Chain as a Strategic Advantage Retail & Beyond 2026 Investor Day
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Merchandising Supply Chain Assortment and Price Space Planning Demand Planning Store Replenishment Planning DC Replenishment Planning Vendor Collaboration Inbound Transport Distribution Outbound Transport to Retail Forecasting / Analytics 10,000+ Colleagues across Supply Chain 26 Distribution centres serving 2,500+ stores 1M+ Loads moved per year 1B+ Cases moved 1M+ Purchase orders cut Our Supply Chain is a competitive advantage Retail & Beyond 2026 Investor Day
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Commercialization Grow Supply Chain as a Service (SCaaS) to $400M+ in EBIT 1. Cost to Serve represents total Supply Chain operating costs, including revenues, as a percentage of retail sales (excludin g T&T sales). Best-in-class CTS is benchmarked at ~3% based on interviews of representative stakeholders, including global retail supply chain leaders. Supply Chain CTS1 We will continue to deliver improvements in CTS Operational Excellence Operate an efficient and stable Supply Chain leveraging physical & digital technologies to reduce costs 1 2 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F With one of the lowest cost-to-serve Supply Chains in North America, we are commercializing our services Retail & Beyond 2026 Investor Day
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13B+ KGs of freight moved annually Best-in- Class productivity 13M+ sqft. multi-temp warehousing Direct Contracts with ocean carriers Largest Intermodal customer in Canada Largest EV Fleet in Canada Our Value Proposition Mexico United States Canada 3M+ deliveries serving 2,500+ stores 26 DCs Europe South America Africa Oceania Loblaw Warehouses China India & SE Asia Key Lanes We leverage our scale and reach to offer cost competitive Supply Chain services We are everywhere, every day Loblaw’s volume is an anchor Excellence in temperature - controlled and regulated Unique ability to improve service Retail & Beyond 2026 Investor Day
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Freight Forwarding Domestic Truckload & Less-Than-Truckload Intermodal Cross-Border US US Brokerage Warehousing SCaaS EBIT Projection ($M) We will grow SCaaS across our key areas: 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F ~200 ~400 +100% We have grown Supply Chain as a Service into a scaled business, with a plan to double EBIT by 2030 Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Richard Dufresne Chief Financial Officer A Framework for Consistency Retail & Beyond 2026 Investor Day
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Retail & Beyond 2026 Investor Day Loblaw’s Diluted EPS Growth(1,2) 14.0% 14.8% 12.4% 13.6% 11.0% 10.8% 10.6% 10.0% 9.3% 11.6% 11.3% 10.9% 10.6% 11.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 (2) Represents Loblaw Companies Ltd.’s Adjusted Diluted Earnings per Share growth rates as reported in quarterly financial st atements . (1) See the Company’s Management’s Discussion and Analysis for the reconciliation of such non -GAAP and other financial measures to the most directly comparable GAAP measures, on the Company’s website at www.loblaw.ca. Delivering a strong track record of consistent performance
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Retail & Beyond 2026 Investor Day Store Network Expansion Connected Healthcare Merchandising Excellence Best Buyers Core Retail Excellence Operating Leverage Growth Businesses ~2-3% Sales Growth ~4-6% EBIT Growth Our strategy is guided by our established Financial Framework Share Repurchases~8-10% EPS Growth
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Retail & Beyond 2026 Investor Day 6% EBIT growth requires ~$300M improvement annually +$100M ~2-3% Sales Growth ~4-6% EBIT Growth ~8-10% EPS Growth We have multiple levers to deliver growth in Earnings faster than Sales +$150M +$50M
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Retail & Beyond 2026 Investor Day ~$120M Annual Net Earnings ~4% 6Y EBT CAGR 1. 4% CAGR for PCF represents 2025 vs 2019 6 -year CAGR EBT 2. Covering analyst consensus estimate for EQB Inc. F26 Net Income ~$365M. As of the date of the closing of the transaction, Lob law owned approx. 19.9% of EQB Inc.’s common shares, and intends to increase its ownership to 25% over time. 3. 9% CAGR for EQB Inc. represents 2025 vs. 2019 CAGR using reported adjusted Net Earnings Results Our EQB partnership strengthens the growth trajectory of our banking portfolio and enables material synergies What We Sold 25% Share in EQB Net Earnings(2) ~9% 6Y Earnings CAGR(3) What We Will Own What We Created (1) • Stronger bank with broader offering • Accelerated growth in PC Optimum accounts driving incremental Retail sales • Decreases our credit exposure • $625M cash unlock
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Retail & Beyond 2026 Investor Day Loblaw delivered the highest EPS CAGR, resulting in a share price CAGR of +32% 17% 15% 8% 8% 4% 32% 18% 18% 12% 7% EPS Growth(1) 5-year CAGR Share Price Growth(2) 5-year CAGR #1 #2 #3 #4 #5 Our financial framework is outperforming peers, reinforcing confidence in our strategy and financial framework Ranked by Earnings Growth (2020-2025) (1) EPS growth is based on reported diluted adjusted EPS for the fiscal years most closely aligned to Loblaw’s fiscal years i n 2020 and 2025 . (2) Share Price CAGR Growth is based on the reported share price as of December 31 st 2020 and December 31 st 2025
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Retail & Beyond 2026 Investor Day Note: All ROIC metrics presented reflect earnings presented on an adjusted basis. See the Company’s Management’s Discussion and Analysis for the reconciliation of such non-GAAP and other financial measures to the most directly comparable GAAP measures, on the Company’s website atwww.loblaw.ca. 9.8% 10.8% 11.5% 11.8% 12.4% 2021 2022 2023 2024 2025 Strong earnings growth has driven ROIC expansion, supported by rigorous investment governance Loblaw ROIC T rend (2021-2025)
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Retail & Beyond 2026 Investor Day 52 129 206 New stores remain ahead of plan, and will accelerate top line performance and grow EBIT Accumulated Loblaw Store Openings (2024-2026) 2024 2025 2026 (est) Grocery 124 Stores (avg. size 32,000 sf. in F26) Average ramp to maturity ~5 years Shoppers Drug Mart 82 Stores Average ramp to maturity ~8 years
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Retail & Beyond 2026 Investor Day New store openings Gross capital spend (C$B) 13 23 52 77 75 ~70 $1.2B Before 2021 $1.6B 2022 $2.1B 2023 $2.2B 2024 $2.1B 2025 $2.4B 2026 2027 2028 Peak Base Two Automated DCs Store investment New store openings ~70 Capital investments have peaked and will taper as our automated distribution centre projects conclude Loblaw Capital Expenditures (1) Illustrative only (1) (1)
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Retail & Beyond 2026 Investor Day 2025 Loblaw Results $2.1B $0.55 per share Capital Expenditures Dividends Share Buybacks $1.9B $9.2B invested since 2021 15 years of consecutive Dividend Increases $7.8B of Share Buybacks since 2021. A 15% reduction in outstanding shares. $7.2BAdjusted EBITDA(1) +7% CAGR growth since 2021 S&P Debt-to-EBITDA 2.2x Maintaining a healthy balance sheet and BBB+ credit rating (1) See the Company’s Management’s Discussion and Analysis for the reconciliation of such non -GAAP and other financial measures to the most directly comparable GAAP measures, on the Company’s website at www.loblaw.ca. Strong free cash flow supports our capital investments and consistent growth in shareholder returns
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Retail & Beyond 2026 Investor Day We have the right strategy to win CORE RETAIL … and BEYOND Embedding ESG / People & Culture Best Buyers Store Network Expansion Merchandising Excellence Differentiated Value for Our Customers Digital Engagement & Personalization Connected Healthcare Technology & AI Leadership Private Label leadership Supply Chain as a Service Lifemark Retail Media & Data T&T USA Expansion EQB Partnership Enhanced Retail Growth BusinessesRetail Excellence
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Retail & Beyond 2026 Investor Day From the strength of our core business to the potential in our growth businesses, our financial framework has longevity Evolving Earnings Mix 2026 2031 Core Business Growth Businesses (SCaaS, Lifemark, Retail Media and Data, T&T US, EQB) 10% 20%
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RETAIL and BEYOND