Maple Leaf Foods Inc. · TSX:MFI
Maple Leaf Foods — FY2025 Earnings Presentation
19 slides from Maple Leaf Foods's earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter and Fiscal Year 2025 Financial and Business Results
Maple Leaf Foods Fourth Quarter and Fiscal Year 2025 Financial and Business Results March 5, 2026
Slide 2: Forward-looking statements and non-IFRS metrics
Forward-looking statements and non-IFRS metrics Forward-Looking Information: This presentation contains “forward-looking information” within the meaning of applicable securities law. These statements are based on current expectations, estimates, forecasts, and projections about the industries in whi
Slide 3: Today’s key messages
Today’s key messages • A strong fourth quarter capped off a year of delivering on our 2025 commitments Fiscal 2025 Performance to improve financial performance and enhance shareholder value: ✓ Increased fourth quarter Sales by 8.1% to $991M, driven by our proven and resilient growth platforms Sales
Slide 4: Fourth quarter operational highlights
Fourth quarter operational highlights Maple Leaf Foods Realizing our vision to be the most Sustainable Protein Company on Earth, now as a more focused, purpose-driven CPG company positioned to meet the world’s growing need for sustainably produced protein Prepared Foods ~75% Poultry ~25% of Annual S
Slide 5: Fiscal 2025 was a year of significant improvement
Fiscal 2025 was a year of significant improvement in financial performance and enhanced shareholder returns Strong Revenue growth Adjusted EBITDA 1 growth of 21% Strong Free Cash Flow1 generation +7.7% +140 bps $207M 12.2% Capital returned to 10.8% Free Cash Flow shareholders in 2025, a generated +9
Slide 6: Our proven growth strategies drove revenue increase
Our proven growth strategies drove a +7.7% Revenue increase in 2025, outpacing North American CPG Investing in portfolio of leading brands Accelerating the pace of Leveraging leadership in to grow the core impactful innovation Sustainable Meats Plugging unique capabilities into Expanding geographic
Slide 7: Multiple factors supported Adjusted EBITDA growth
Multiple factors supported Adjusted EBITDA growth of +21% in 2025, demonstrating strength in margins relative to protein peers Excellence in Brand and Full year benefits from Fuel for Growth Focus on Operational Revenue Management Capital Projects Initiative Excellence Capitalize on the growing Leve
Slide 8: A strong fourth quarter capped off a year
A strong fourth quarter capped off a year of delivering on our 2025 commitments Our Commitment What we Delivered Drive Revenue growth 7.7% growth achieved driven by our proven growth strategies ✓ Invested in Marketing, Innovation and Advertising to build consumer demand ✓ Leveraged leadership in Sus
Slide 9: The heavy investment phase is complete
The heavy investment phase is complete. We are now in a delivery and return phase ✓ Over $2B invested in building out scale assets in the last We’ve decade + transformed ✓ Large scale capital program now fully behind us the business ✓ Spinoff of Canada Packers completed in October ‘25 ✓ Entering a b
Slide 10: A more focused, protein-centric, brand-led CPG company
A more focused, protein-centric, brand-led CPG company is now translating strategy into results ~$3.9B ~9,600 19 #1 and #2 First Annual Sales Purpose-Driven Manufacturing Sites Prepared Meats & Poultry Brands Large Scale Carbon Neutral Food Co. and growing People North American Scale Diversified Pro
Slide 11: Fiscal 2026 outlook reflects confidence in continued growth
Fiscal 2026 outlook reflects confidence in continued growth and margin expansion Mid-single-digit increase in Revenue • Led by continued demand for protein, strength in core brands, innovation, and from 2025 growth in the U.S. market Adjusted EBITDA1 of approximately • 10-15% year-over-year growth d
Slide 12: Disciplined capital allocation supports dividends
Disciplined capital allocation supports dividends, balance sheet strength, and shareholder returns Annual dividend increase continues post-spin Capital allocation priorities Annual ($ per share) +10.5% ✓ Maintain leverage ratio within Y/Y DPS growth investment-grade3 range $0.96 ✓ Disciplined capita
Slide 13: Coming Soon: Our investor day will be held on March 10, 2026
Coming Soon: Our investor day will be held on March 10, 2026 Register at: www.mapleleaffoods.com/investors MAPLE LEAF FOODS — Q4 and FY 2025 BUSINESS AND FINANCIAL REVIEW | MARCH 5, 2026 13
Slide 14: Supplemental Financial Slides
Supplemental Financial Slides Q4 2025 14
Slide 15: Fourth quarter and fiscal 2025 results
Fourth quarter and fiscal 2025 results Q4 2025 Q4 2024 Change Fiscal 2025 Fiscal 2024 Change Sales2 $991.2 $917.1 8.1% $3,912.7 $3,633.4 7.7% Gross Profit2 $158.4 $143.5 10.4% $662.8 $557.3 18.9% SG&A2 $93.2 $90.0 3.6% $397.4 $391.7 1.5% Adjusted Operating Earnings1,2 $67.2 $52.8 27.3% $270.3 $181.9
Slide 16: Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA
Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Three months ended December 31, Twelve months ended December 31, ($ millions)(i)(ii) (Unaudited) 2025 2024 2025 2024 Earnings (loss) before income taxes $ (9.9) $ 8.5 $ 103.6 $ (8.3) Interest
Slide 17: Reconciliation of non-IFRS metrics – Net Debt
Reconciliation of non-IFRS metrics – Net Debt and Net Debt to LTM Adjusted EBITDA ($ thousands)(i) As at December 31, (Unaudited) 2025 2024 Cash and cash equivalents $143,409 $175,908 Current portion of long-term debt $(2,096) $(301,478) Long-term debt $(1,136,493) $(1,390,479) Total debt $(1,138,58
Slide 18: Reconciliation of non-IFRS metrics – Free Cash Flow
Reconciliation of non-IFRS metrics – Free Cash Flow ($ thousands) Three months ended December 31, Twelve months ended December 31, (Unaudited) 2025 2024 2025 2024 Cash provided by operating activities $ 113,605 155,904 $ 435,455 $ 464,920 Maintenance Capital(i) (43,531) (25,862) (116,138) (78,571) I
Slide 19: Summary of Quarterly Results
Summary of Quarterly Results – Maple Leaf Foods Continuing Operations ($ millions except earnings per share and margin) (Unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Sales(i) $ 991.2 $1,010.5 $1,004.2 $906.7 $917.1 $935.5 $932.1 $848.8 $877.1 Gross Profit(i) $ 1