Financials Metro Inc.

Equities

MRU

CA59162N1096

Food Retail & Distribution

Market Closed - Toronto S.E. Other stock markets 01:30:00 09/07/2025 am IST			5-day change	1st Jan Change
106.07 ^CAD	-0.02%		-0.84%	+17.66%

02/05	National Bank on Canadian Grocers Outlook	MT
24/04	TSX Brief: Index Up Six In Last Seven Sessions, Went In To Today Down About 1% Year To Date	MT

Projected Income Statement: Metro Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,998	18,283	18,889	20,725	21,220	22,047	22,805	23,558
Change	-	1.59%	3.31%	9.72%	2.39%	3.9%	3.44%	3.3%
EBITDA ¹	1,691	1,732	1,845	1,970	1,987	1,886	2,210	2,304
Change	-	2.45%	6.47%	6.78%	0.88%	-5.08%	17.17%	4.27%
EBIT ¹	1,229	1,254	1,380	1,444	1,417	1,448	1,619	1,698
Change	-	2.08%	10.03%	4.67%	-1.92%	2.22%	11.84%	4.84%
Interest Paid ¹	-136.8	-133.5	-117.6	-122.6	-145.7	-137.7	-143	-142.8
Earnings before Tax (EBT) ¹	1,084	1,121	-	1,322	1,250	1,365	1,492	1,594
Change	-	3.36%	-	-	-5.42%	9.19%	9.3%	6.84%
Net income ¹	796.4	825.7	849.5	1,019	928.8	1,018	1,072	1,119
Change	-	3.68%	2.88%	19.93%	-8.83%	9.6%	5.3%	4.38%
Announcement Date	18/11/20	17/11/21	16/11/22	15/11/23	20/11/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: September	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	5,835	4,144	4,278	4,193	5,720	4,092	4,317	4,274	5,866	4,433	4,671	4,554	6,428	5,072	4,974	4,656	6,652	4,938	5,117	4,910	6,912	5,120	5,319	5,081	7,172	5,270	5,505	5,181
Change	-	-28.99%	3.25%	-1.99%	36.41%	-28.46%	5.49%	-0.98%	37.23%	-24.43%	5.38%	-2.49%	41.12%	-21.09%	-1.92%	-6.41%	42.88%	-25.76%	3.62%	-4.05%	40.77%	-25.92%	3.88%	-4.48%	41.16%	-26.52%	4.47%	-5.89%
EBITDA ¹	542.9	403.5	399.2	396.1	533.6	403.6	424.1	414	565.1	441.4	462	447.3	612.3	448	468.1	439.1	620.2	459.6	481.5	461	658.5	490	515.9	488.8	695.2	515.2	538.4	505.6
Change	-	-25.68%	-1.07%	-0.78%	34.71%	-24.36%	5.08%	-2.38%	36.5%	-21.89%	4.67%	-3.18%	36.89%	-26.83%	4.49%	-6.2%	41.24%	-25.89%	4.77%	-4.26%	42.83%	-25.58%	5.3%	-5.26%	42.23%	-25.89%	4.49%	-6.09%
EBIT ¹	402.4	285	291.9	285.3	384.2	292.8	311.6	297.7	422.3	330.6	350.8	326.7	452.8	323	337	309.6	446.2	323.8	347.9	324.9	488.1	358.2	380.8	349.7	518.6	380	401.7	371.6
Change	-	-29.17%	2.42%	-2.26%	34.67%	-23.79%	6.42%	-4.46%	41.85%	-21.71%	6.11%	-6.87%	38.6%	-28.67%	4.33%	-8.13%	44.12%	-27.43%	7.44%	-6.61%	50.23%	-26.62%	6.33%	-8.19%	48.32%	-26.74%	5.71%	-7.49%
Charge d'intérêts ¹	-43	-30.8	-31.4	-31.3	-42.1	-28.7	-28.7	-27.8	-35.8	-25.3	-27.1	-28.3	-37.1	-30.1	-32.4	-34.1	-46.6	-32.6	-30.7	-33.4	-47.3	-32.9	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/08/20	18/11/20	26/01/21	21/04/21	11/08/21	17/11/21	25/01/22	21/04/22	10/08/22	16/11/22	24/01/23	19/04/23	09/08/23	15/11/23	30/01/24	24/04/24	14/08/24	20/11/24	28/01/25	16/04/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Metro Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,191	2,191	4,108	4,295	4,281	3,420	3,446	3,118
Change	-	0%	87.49%	4.55%	-0.33%	-20.11%	0.76%	-9.52%
Announcement Date	18/11/20	17/11/21	16/11/22	15/11/23	20/11/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Metro Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	463.3	520	522.9	597.2	579.7	670	659.4	671.9
Change	-	12.24%	0.56%	14.21%	-2.93%	15.57%	-1.59%	1.9%
Free Cash Flow (FCF) ¹	1,011	1,063	938.5	966.3	1,100	735.8	965.5	1,014
Change	-	5.19%	-11.74%	2.96%	13.87%	-33.13%	31.23%	5.02%
Announcement Date	18/11/20	17/11/21	16/11/22	15/11/23	20/11/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Metro Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.4%	9.48%	9.77%	9.5%	9.36%	8.55%	9.69%	9.78%
EBIT Margin (%)	6.83%	6.86%	7.31%	6.97%	6.68%	6.57%	7.1%	7.21%
EBT Margin (%)	6.02%	6.13%	-	6.38%	5.89%	6.19%	6.54%	6.77%
Net margin (%)	4.43%	4.52%	4.5%	4.92%	4.38%	4.62%	4.7%	4.75%
FCF margin (%)	5.62%	5.82%	4.97%	4.66%	5.19%	3.34%	4.23%	4.3%
FCF / Net Income (%)	126.92%	128.78%	110.48%	94.85%	118.46%	72.27%	90.07%	90.62%
Profitability
ROA	6.5%	6.11%	6.29%	7.38%	6.63%	7.2%	7.6%	7.6%
ROE	13.17%	13.17%	13.06%	15.02%	13.44%	14.64%	15.45%	15.92%
Financial Health
Leverage (Debt/EBITDA)	1.3x	1.26x	2.23x	2.18x	2.15x	1.81x	1.56x	1.35x
Debt / Free cash flow	2.17x	2.06x	4.38x	4.44x	3.89x	4.65x	3.57x	3.08x
Capital Intensity
CAPEX / Current Assets (%)	2.57%	2.84%	2.77%	2.88%	2.73%	3.04%	2.89%	2.85%
CAPEX / EBITDA (%)	27.4%	30.01%	28.35%	30.32%	29.17%	35.52%	29.84%	29.16%
CAPEX / FCF (%)	45.83%	48.9%	55.72%	61.8%	52.69%	91.06%	68.29%	66.26%
Items per share
Cash flow per share ¹	5.82	6.385	6.069	6.702	-	-	-	-
Change	-	9.72%	-4.96%	10.43%	-	-	-	-
Dividend per Share ¹	0.9	1	1.1	1.21	1.34	1.472	1.623	1.782
Change	-	11.11%	10%	10%	10.74%	9.88%	10.24%	9.77%
Book Value Per Share ¹	-	-	-	-	-	32.57	33.35	35.72
Change	-	-	-	-	-	-	2.4%	7.1%
EPS ¹	3.14	3.33	3.51	4.35	4.11	4.43	5.001	5.388
Change	-	6.05%	5.41%	23.93%	-5.52%	7.79%	12.88%	7.74%
Nbr of stocks (in thousands)	2,50,561	2,44,219	2,38,906	2,28,833	2,22,888	2,18,799	2,18,799	2,18,799
Announcement Date	18/11/20	17/11/21	16/11/22	15/11/23	20/11/24	-	-	-