Maple Leaf Foods Inc. · TSX:MFI
Maple Leaf Foods — Q2 2025 Earnings Presentation
30 slides from Maple Leaf Foods's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Financial & Business Results
Second Quarter 2025 Financial & Business Results
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: Maple Leaf Foods is an iconic, purpose-driven Canadian food company
Maple Leaf Foods is an iconic, purpose-driven Canadian food company, uniquely positioned to meet the growing global demand for sustainably produced protein ~$5B ~13,500 21 #1 and #2 Leading First Manufacturing Prepared Meats Carbon Neutral Annual Sales Employees RWA Producer Facilities Brands Major
Slide 4: Raising the Good in Food: leading in Sustainability and Shared Value Creation
Raising the Good in Food: Maple Leaf Foods is leading in Sustainability and Shared Value Creation Make Better Food Take Better Care Nurture a Better Planet • Established leadership in Sustainable Meats production, • In 2024, we achieved a Total Recordable Incident Rate • World’s first major Carbon N
Slide 5: The Maple Leaf Blueprint serves as our strategic compass
The Maple Leaf Blueprint serves as our strategic compass MAPLE LEAF FOODS — Q2 2025 BUSINESS AND FINANCIAL REVIEW | AUGUST 7, 2025 5
Slide 6: The execution of our Blueprint is improving long-term fundamentals
The execution of our Blueprint is improving long-term fundamentals Mid-single-digit Revenue growth Disciplined Capital Expenditures Improved Profitability (Adjusted EBITDA1) +4.4% Supported by returns from large-scale capital projects $629M $644M London Poultry and Bacon COE Capital Investments $553
Slide 7: Second Quarter 2025 Financial Results & Business Update
Second Quarter 2025 Financial Results & Business Update
Slide 8: Today's key messages – Q2, 2025
Today’s key messages – Q2, 2025 Sales • Revenue grew by 8.5% driven by solid growth across our CPG business and ($ millions) the Pork Complex +8.5% • Adjusted EBITDA1 grew by $41M or 29% to $182M, a result of improved profitability in the Pork Complex and profitable growth in our CPG business $1,255
Slide 9: Second quarter operational highlights
Second quarter operational highlights Maple Leaf Foods (CPG) Pork Complex ~25% (Canada Packers) of Annual Sales Prepared Foods ~55% Poultry ~20% of Annual Sales of Annual Sales Strong sales growth of 7.5% driven by Value-added poultry continues to drive top Markets remain at more normal levels, volu
Slide 10: Accelerating the pace of impactful innovation with 20+ spring innovations
We are accelerating the pace of impactful innovation with 20+ consumer relevant spring innovations now in market and contributing to financial results Delicious Made Easy Sizzling Summer Grilling Leading in Sustainable Meats Elevating Entertaining & Snacking Advancing Plant-based 4 5 % MAPLE LEAF FO
Slide 11: Building Loved Brands; Greenfield Natural Meat Co. delivered double-digit growth
We are Building Loved Brands; Greenfield Natural Meat Co. brand delivered double- digit growth in Q2 and has been fueling growth since its launch in 2015 Launched in 2015 in Canada and the U.S., Greenfield Natural Meat Co. is a purpose-led brand built on industry-leading commitments to sustainabil
Slide 12: Building Loved Brands; Mina Halal brand delivered double-digit growth
We are Building Loved Brands; Mina Halal brand delivered double-digit growth in Q2 and has been fueling growth since its launch in 2012 Mina launched in 2012 with a bold commitment to delivering premium, authentically prepared Halal foods (Zabeeha by hand), rooted in tradition and trusted by famil
Slide 13: Pork markets operating within a more normal range
Pork markets operating within a more normal range1 Vertically Integrated Margin Industry Vertically Integrated Margin USDA Pork Cutout – Industry Hog Production Cost expanded in Q2 $140 $55 USDA Pork Cutout – Industry Hog Production Cost $45 $30 Cutout – COP Spread US$ (CWT) $130 5-year average norm
Slide 14: Q2 and YTD 2025 Results
Q2 and YTD 2025 Results Q2 Results Q2 2025 Q2 2024 Change Q2 YTD 2025 Q2 YTD 2024 Change Sales $1,362.1 $1,255.2 8.5% $2,603.4 $2,402.5 8.4% Gross profit $235.7 $131.2 79.6% $453.5 $357.5 26.9% SG&A $113.0 $116.6 (3.1%) $227.8 $226.7 0.5% Adjusted Operating Earnings1 $122.8 $78.1 57.2% $218.5 $131.1
Slide 15: 2025 Outlook
2025 Outlook
Slide 16: We are on track to execute our 2025 priorities
We are increasing our 2025 Adjusted EBITDA outlook to be in the range of $680 million to $700 million2 Drive mid-single-digit 8.4% Revenue growth achieved year-to-date Revenue growth • Expand geographic reach in the U.S. market • Leverage leadership in Sustainable Meats • Marketing, Innovation and A
Slide 17: Mid-single-digit revenue growth driven by execution of proven growth strategies
Mid-single-digit revenue growth driven by execution of proven growth strategies Investing in portfolio of leading brands Accelerating the pace of Leveraging leadership in to build consumer demand impactful innovation Sustainable Meats Expanding geographic reach in Plugging unique capabilities into E
Slide 18: Multiple factors support confidence in our increased 2025 Adjusted EBITDA outlook
Multiple factors support confidence in our increased 2025 Adjusted EBITDA outlook Full year benefits from Excellence in Brand and Fuel for Growth Executing Pork Capital Projects Revenue Management Initiative Complex Playbook Leveraging the capabilities of Capitalize on the growing Accelerating cost
Slide 19: Continuing to execute investor friendly capital allocation priorities
Continuing to execute Investor friendly capital allocation priorities 10th consecutive annual dividend increase per share Annual ($ per share) Maintaining leverage ratio within investment-grade2, Q2 Net Debt to LTM Adjusted EBITDA3 well within target $0.96 range at 2.1x +11.6% $0.88 $0.84 CAGR 201
Slide 20: Balance Sheet
Balance Sheet Balance Sheet 30-Jun-25 30-Jun-24 Change Total Assets $4,447 $4,630 $(183) Long Term Debt $1,229 $1,581 $(352) Total Long Term Debt1 $1,580 $1,881 $(301) Net Debt2 $1,344 $1,723 $(379) Net Debt to LTM Adjusted EBITDA2 2.1x 3.4x (1.3x) Shareholders’ Equity $1,588 $1,575 $13 All figures
Slide 21: Canada Packers Spin-off remains on track
Unlocking shareholder value through the Canada Packers Spin-off remains on track Transaction on track to close upon receipt of customary approvals in Key milestones the back half of 2025 Submit advance ruling request to The two independent public companies will each be unleashed with a CRA (comp
Slide 22: Supplemental Financial Slides
Supplemental Financial Slides Q2 2025 MAPLE LEAF FOODS — Q2 2025 BUSINESS AND FINANCIAL REVIEW | AUGUST 7, 2025 22
Slide 23: Reconciliation of non-IFRS metrics – Adjusted Earnings per Share
Reconciliation of non-IFRS metrics – Adjusted Earnings per Share ($ per share) Three months ended June 30, Six months ended June 30, (Unaudited) 2025 2024 2025 2024 Basic earnings (loss) per share $0.47 $(0.21) $0.87 $0.21 Restructuring and other related costs(i) $0.02 $0.04 $0.03 $0.04 (ii) Items i
Slide 24: Reconciliation of non-IFRS metrics – Net Debt
Reconciliation of non-IFRS metrics – Net Debt ($ thousands) As at June 30, (Unaudited) 2025 2024 Cash and cash equivalents $236,045 $158,381 Current portion of long-term debt $(351,673) $(300,371) Long-term debt $(1,228,599) $(1,581,093) Total debt $(1,580,272) $(1,881,464) Net Debt $(1,344,227) $(1
Slide 25: Reconciliation of non-IFRS metrics – Free Cash Flow
Reconciliation of non-IFRS metrics – Free Cash Flow ($ thousands) Three months ended June 30, Six months ended June 30, (Unaudited) 2025 2024 2025 2024 Cash provided by operating activities $239,587 $45,496 $249,470 $132,821 (i) Maintenance Capital $(23,276) $(18,250) $(46,516) $(31,686) Interest pa
Slide 26: Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Margin
Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Three months ended June 30, Six months ended June 30, ($ millions) (i) (Unaudited) 2025 2024 2025 2024 Earnings (loss) before income taxes $81.0 $(32.5) $151.6 $41.3 Interest expense and othe
Slide 27: Management's estimates on the Pork Operations spin-off and related Non-IFRS measures
Management’s estimates on the Pork Operations spin-off and related Non-IFRS measures Quarter ended June 30, 2025 (in millions of CAD) Consolidated Maple Canada Packers Maple Leaf Foods(1) Eliminations (unaudited) Leaf Foods Inc. Sales $473(2) $1,001(3) ($112)(4) $1,362 (5) Estimate of potential impa
Slide 28: Management's estimates on the Pork Operations spin-off and related Non-IFRS measures (Notes)
Management’s estimates on the Pork Operations spin-off and related Non-IFRS measures (Quarter ended June 30, 2025) Notes: 1 Refers to the business that will be retained after the separation by Maple Leaf Foods Inc. 2 Represents management’s preliminary estimate of sales (both to Maple Leaf Foods and
Slide 29: Management's estimates on the Pork Operations spin-off – Last twelve months
Management’s estimates on the Pork Operations spin-off and related Non-IFRS measures Last twelve months ended June 30, 2025 (in millions of CAD) Consolidated Maple Canada Packers Maple Leaf Foods(1) Eliminations (unaudited) Leaf Foods Inc. Sales $1,769(2) $3,751(3) ($424)(4) $5,096 (5) Estimate of p
Slide 30: Management's estimates on the Pork Operations spin-off – LTM Notes
Management’s estimates on the Pork Operations spin-off and related Non-IFRS measures (Last twelve months ended June 30, 2025) Notes: 1 Refers to the business that will be retained after the separation by Maple Leaf Foods Inc. 2 Represents management’s preliminary estimate of sales (both to Maple Lea