Slide 1: 2026 Investor Day
2026 Investor Day March 10 | Omni King Edward Hotel, Toronto 1
Slide 2: Welcome & Opening Remarks
Welcome & Opening Remarks Omar Javed VP, INVESTOR RELATIONS 2
Slide 3: Forward-Looking Statements and Non-IFRS Metrics
Forward-Looking Statements and Non-IFRS Metrics Forward-Looking Information: This presentation contains certain information that constitutes “forward-looking information” within the meaning of applicable securities law. Forward looking information can be generally identified by words such as "antici
Slide 4: Use of Non-IFRS Metrics and Other Financial Measures
Use of Non-IFRS Metrics and Other Financial Measures Non-IFRS Metrics This presentation uses the following non-IFRS measures and ratios: Adjusted Earnings Before Interest, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA Margin, Nebt Debt, Net Debt to Adjusted EBITDA and Free Cash Flow. Man
Slide 5: Speakers for today
Speakers for today Curtis Frank Adam Grogan David Smales President & CEO President & COO Chief Financial Officer Dr. Randy Huffman Casey Richards Mike Yang Chief Food Safety & President, Chief Supply Sustainability Officer Maple Leaf Foods USA Chain Officer 5
Slide 6: Today's Agenda
Today’s Agenda Welcome and Opening Remarks Omar Javed | VP, Investor Relations Company Overview & Strategic Blueprint Curtis Frank | President & Chief Executive Officer 9:00am – 10:30am Lead the Way Dr. Randy Huffman | Chief Food Safety & Sustainability Officer Build Loved Brands Adam Grogan | Presi
Slide 7: Company Overview & Strategy
Company Overview & Strategy Curtis Frank PRESIDENT & CHIEF EXECUTIVE OFFICER 7
Slide 8: What You Should Leave With Today
What You Should Leave With Today 1 Confidence in our leadership and execution capabilities 2 Clarity on our strategic Blueprint and structural advantages 3 A clear 2030 financial ambition 4 A disciplined path to deliver growth, margin expansion, and shareholder value 8
Slide 9: Our key messages
Our key messages 1 2 3 4 The $2B+ We now operate with We are in our return Our strategic blueprint transformation is structural competitive and delivery phase. is future-ready. complete. advantage. Focused on growth, Our strategy, assets, We have fundamentally As a purpose-driven, margin expansion,
Slide 10: The transformation is complete. We are set to deliver.
The transformation is complete. We are set to deliver. 1995 - 2005 2006 - 2017 2018 - 2025 2025 - FUTURE Phase I: Phase II: Phase III: Phase IV: Build Focus Strengthen Deliver • Broad meat and • $1B+ invested in • $1B+ invested in • Scale the core business bakery portfolio prepared meats network wor
Slide 11: The New Maple Leaf Foods
The New Fiscal 2025 Maple Leaf Sales ~75% Foods A Scaled, Branded $3.9B Prepared Foods ~25% Fresh Poultry Protein Platform Diversified Protein North American Driven by Leaders in Powerhouse Scale Extraordinary Talent Sustainability 35 19 ~9,600 1st Prepared Meats & Manufacturing Purpose-Driven Large
Slide 12: We operate in Protein, an attractive, resilient and growing segment in food
We operate in Protein, an attractive, resilient and growing segment in food Protein consumption Global protein growing at ~2x the rate of consumption projected population growth1 to ~double by 20502 More than 70% of Protein is universal in consumers seeking consumer need and is more protein in diets
Slide 13: The Blueprint for a modern food CPG
The Blueprint for a modern food CPG: Purpose-Driven. Protein-Focused. Brand-Led. Protein Market Leader in Canada High-Value Sustainable Meats Platform ~90% #1 or #2 ~$700M of Total Revenue in Canada Brand in 13 Prepared Foods Categories Total Revenue #1 & #2 92% Deeply Embedded Customer Relationship
Slide 14: We are capitalizing on our structural competitive advantages
We are capitalizing on our structural competitive advantages to meet growing consumer demand for sustainably produced protein Portfolio of Leading World-Class Leadership In Financial Strength Brands with 100+ Assets with Sustainability and and Cash Generation years of history. existing capacity to S
Slide 15: Translating into accelerating profitability and cash generation
Translating into accelerating profitability and cash generation, demonstrating the return and delivery phase has begun Fiscal 2025 Sales of $3,913M Adj. EBITDA of $476M Adj. EBITDA margin of 12.2% +7.7% +21% +140 bps Free Cash Flow Generation Disciplined Capital Expenditures Investment-Grade Balance
Slide 16: Resulting in improving shareholder returns
Resulting in improving shareholder returns Total Shareholder Return (TSR) Trailing 12 months as of December 31, 2025 52% 33% 18% S&P/TSX Composite S&P 500 Source: S&P Capital IQ Pro 16
Slide 17: Performance outpacing peers, supportive of re-rating potential
Performance outpacing peers, supportive of re-rating potential Revenue Growth Adj. EBITDA Margin EV/Adj. EBITDA Last Twelve Months Last Twelve Months Next Twelve Months 7.7% 12.2% 11.6x 10.0x 9.2% 8.7x 4.2% 2.8% Peers1 NA CPG2 Peers1 Peers1 Index3 1. Peer group based on set of 4 peers operating in t
Slide 18: Our strategic blueprint is future-ready
Our strategic blueprint is future-ready where we are headed OUR VISION Be the most sustainable protein company on Earth. Positioned to deliver the next phase of protein growth 18
Slide 19: A focused value creation algorithm
A focused value creation algorithm Scale Expand Smart & Disciplined Core Business Structural Margins Capital Allocation Drive sustainable revenue Grow profits faster than sales Act as disciplined stewards expansion through proven through mix, productivity, and of capital, prioritizing long- growth p
Slide 20: Clear financial ambition for 2030
Clear financial ambition for 2030 ~$5B ~$750M Revenue Adj. EBITDA ~$1.7B - $1.8B <3.0x Cumulative FCF Maintain Investment-Grade 2026-2030 Balance Sheet 20
Slide 21: Proven growth platforms driving us to ~$5B Revenue by 2030
Proven growth platforms driving us to ~$5B Revenue by 2030 1 2 3 4 5 Leading in Building a portfolio Accelerating Expanding Aligning to sustainable meats of loved brands impactful innovation our reach customer strategies • Scaled, • Extending #1 and #2 • Innovation • Into the U.S. Market • Monetizin
Slide 22: Expanding structural margins
Expanding structural margins Improved mix through Improved mix through marketing marketing effectiveness effectiveness and and scaling our scaling our growth growth platforms platforms Disciplined revenue Disciplined revenue management management to to recover recover inflation inflation Targeting a
Slide 23: Strong cash generation fuels clear and disciplined capital allocation priorities
Strong cash generation fuels clear and disciplined capital allocation priorities Invest Maintain Investment- Selective, Return Excess in the Competitive Grade Balance Disciplined Capital to Business Dividend Sheet Bolt-On M&A Shareholders 23
Slide 24: The right culture, values, and leadership team to deliver
The right culture, values, and leadership team to deliver Curtis Frank David Smales Adam Grogan Dr. Randy Huffman Casey Richards Mike Yang President and Chief Financial President and Chief Food Safety and President, Chief Supply Chief Executive Officer Officer Chief Operating Officer Sustainability
Slide 25: Slide 25
Slide 26: Key Takeaways
26 Key Takeaways The investment thesis 1 The $2B+ transformation is complete 2 We now operate from a position of structural competitive advantage 3 A clear blueprint for growth, margin expansion and free cash flow 4 Disciplined capital allocation focused on long-term value creation 5 Compelling re-r
Slide 27: Why we exist
why we exist OUR PURPOSE Raise the cho food: where we are headed OUR VISION Be the most sustainable protein company on Earth. i A | = With a passion Lead the 5S) Build Loved W)) to create shared Way Brands value, we... = Make Better Food Grow Consumer Relevance Take Better Care Deliver Impactful Inn
Slide 28: Lead the Way
Lead the Way Dr. Randy Huffman CHIEF FOOD SAFETY AND SUSTAINABILITY OFFICER 28
Slide 29: The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass
The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass Confidential & Proprietary INVESTOR PRESENTATION 2026 29 29
Slide 30: The Structural Imperative: The Global Food System must evolve
The Structural Imperative: The Global Food System must evolve More More Finite People Protein Demand Natural Resources 30
Slide 31: The world needs a sustainable food system that works for people and planet
The world needs a sustainable food system that works for people and planet Food is one of the Demand is growing, The current model is largest systems on earth not shrinking under pressure • Contributes ~30% of global • Global population is • Rising regulator, retailer, and capital greenhouse gas emi
Slide 32: Leadership in sustainability creates durable competitive advantage
Leadership in sustainability creates durable competitive advantage for the benefit of OUR STAKEHOLDERS Good for Good for business society Our People Margin Durability Reduced Consumers Shared Brand Premium Value Environmental Impact Customers Animal Welfare Customer Access Communities Capital Access
Slide 33: Be the most sustainable protein company on Earth
Our commitment to Lead the Way is central to our vision where we are headed OUR VISION Be the most Is what differentiates sustainable protein us in the market company on Earth. Our vision isfundamental Enables price premium toour purposeful journey Unlocks shelf access tosustainable growth. Attracts
Slide 34: Sustainability is influencing purchasing decisions at scale
Sustainability is influencing purchasing decisions at scale 80% Consumers globally willing to pay a price premium on sustainably produced goods 75% Canadian consumers say they're more likely to purchase brands that offer sustainable products 70% Canadian consumers seeking food with environmentally s
Slide 35: We define our commitment to sustainability broadly
We define our commitment to sustainability broadly Make Take Nurture a Better Food Better Care Better Planet For the consumers and For our people, communities, For the environment customers we serve and animals under our care we live in 35
Slide 36: Better Food: For the consumers and customers that we serve
Better Food: For the consumers and customers that we serve Global Leader in Food Safety & Quality • 100% of facilities meet or exceed Global Food Safety Initiative (GFSI) Standards • 432,000 tests completed annually • Quality complaints reduced 85% since 2016 Simple and Natural Ingredients • 100% of
Slide 37: Better Care: For our people, communities, and animals under our care
Better Care: For our people, communities, and animals under our care Global Leader in People Safety • Total Recordable Incident Rate (TRIR) is in the top quartile of all North American manufacturing Setting the Standard in Animal Care • 100% of our facilities use controlled atmosphere stunning • Inv
Slide 38: Better Planet: For the environment we live in
Better Planet: For the environment we live in World's First Major Carbon Neutral Food Company • The first Canadian Food Company to set science-based targets • Commitment to 30% reduction in absolute scope 1 & 2 emissions by 2030 Reducing Waste and Cost in Our Operations • 98% of food waste diverted
Slide 39: Sustainable Meats: Proof that leadership drives profitable growth
Sustainable Meats: Proof that leadership drives profitable growth Good for business Good for society • ~$700M revenue ('25) • Raised without antibiotics • #1 brand in Sustainable Packaged Shared • Gestation crate free Meats and Fresh Value • Humanely raised Poultry in Canada1 • Sustainable packaging
Slide 40: Key Takeaways
Key Takeaways Leading the Way 1 Drives premium mix and profitable growth Sustainability 2 Secures customer and stakeholder alignment is not an "ESG" initiative at 3 Reduces operational and regulatory risk Maple Leaf Foods – it is embedded in how we operate and 4 Enhances long-term margin durability
Slide 41: Build Loved Brands
Build Loved Brands Adam Grogan PRESIDENT & CHIEF OPERATING OFFICER 41
Slide 42: The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass
The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass Confidential & Proprietary INVESTOR PRESENTATION 2026 42 42
Slide 43: Our brands are a growth and structural margin expansion engine
Our brands are a growth and structural margin expansion engine Our Engine: Drives: • Leading Brands • Profitable Growth • Demand Space Discipline • Premium Mix • Insight-Driven Innovation • Pricing Discipline • Disciplined Marketing Investment • Durable Demand • Cash Generation Key Metrics We Manage
Slide 44: A portfolio of iconic, category-leading brands
A portfolio of iconic, category-leading brands 44
Slide 45: Category Leadership: #1 or #2 position in 13 categories
Category Leadership: #1 or #2 position in 13 categories #1 #2 #1 Brand in Packaged Brand in Packaged Brand in Sustainable Meats Meats Packaged Meats #1 #1 #1 Brand in Fresh Halal Brand in Fresh In Refrigerated Plant Poultry Poultry Protein Source: NielsenIQ – National Incl. Nfld (GB + DR + MM). Late
Slide 46: Our Brand Renovation continues to drive performance
Our Brand Renovation continues to drive performance Brand Strength Driving Revenue and Adj. EBITDA Growth +5% Revenue CAGR (‘21 – ’25) +25% Adj. EBITDA CAGR (’21 – ’25) 46
Slide 47: With proven ability to scale up emerging brands
With proven ability to scale up emerging brands Scaled Brands Emerging Brands 47
Slide 48: Household Penetration
Source: Numerator 92% Household Penetration 48
Slide 49: Protein is a Structural Growth Tailwind
#1 Protein is a Structural Growth Tailwind Protein is the #1 nutritional attribute consumers seek Source: IFIC Food & Health Survey 2025 49
Slide 50: Protein is at the heart of multiple consumer trends
Protein is at the heart of multiple consumer trends 01 Consumers seeking protein-rich diets to fuel health, performance and longevity 71% of consumers claim they want to consume more protein1 02 Protein preferences are diversifying, driven by changing demographics and increased demand for 50% of Can
Slide 51: Functional nutrition, GLP-1 adoption, and focus on metabolic health favour protein
Functional nutrition, GLP-1 adoption, and focus on metabolic health all favour high-quality protein sources Smaller portions, Not all protein sources Intentional snacking nutrient dense are created equally replacing grazing 51
Slide 52: The Maple Leaf algorithm for building loved brands
The Maple Leaf algorithm for building loved brands Our Repeatable Brand Demand Space Insight Driven Growth Engine Discipline Innovation • Converts brand strength into revenue growth, margin expansion and cash generation Measure, Activation Optimize & Velocity & Reinvest • A core driver of delivering
Slide 53: Demand Spaces
Demand Spaces We focus on how people eat, not who they are. 53
Slide 54: Six Proprietary Consumer Demand Spaces fuel innovation and growth
Six Proprietary Consumer Demand Spaces fuel innovation and growth Responsible Nourish Connect & Power Snack Evening Parenting Me Savour Up Rescue Grazing • Convenient • Healthy • Together • Energizing • Quick • Comforting • Nutritious • Solo occasions • Delicious • Portable • Grazing • Indulgence •
Slide 55: From insight to innovation to scalable growth
From insight to innovation to scalable growth: A case study in demand-led growth Identify Assign Demand Innovate Activate Measure Brand Space maiaschwinghammer 1.8M+ Sticks sold to date Power Up 55
Slide 56: Innovation and renovation capturing structural protein demand
Innovation and renovation capturing structural protein demand Protein with Purpose Global Flavours Sustainable Meats Functional protein, strength, Restaurant-quality at home, Raised without Antibiotics, aging, health-span, satiety authentic ingredients and recipes animal care, carbon neutrality 56
Slide 57: Accelerating the pace of impactful innovation
Accelerating the pace of impactful innovation • 50+ new SKUs in 2025 • Contributed to 7.7% revenue growth in 2025 • <12 months from concept to shelf 57
Slide 58: Activating brands through cultural moments
Activating brands through cultural moments Always-on creative converts cultural relevance into sales growth The “Look for the Leaf” campaign delivered 251M impressions, reached 67% of Canadian grocery shoppers, and drove branded share gains in 2025. 58
Slide 59: Strategic partnerships accelerate trial, awareness and share
Strategic partnerships accelerate trial, awareness and share Partnerships an efficient accelerator to drive trial and awareness 826,308 “Loonie Dogs” consumed - expanding reach and reinforcing brand relevance. 59
Slide 60: Expanding cultural and demographic relevance
Expanding cultural and demographic relevance Winning with New Canadians Building loyalty with the Next Generation By 2040, 50% of Canada’s Population will be 28% of Gen-Z are snacking made up of new Canadians and their children1 3+ times a day2 1. Source: Statistics Canada, Census of Population 2024
Slide 61: Leading the Real Food Movement in protein
Leading the Real Food Movement in protein Clean-label leadership translating into measurable growth Maple Leaf Natural Selections brands grew at +6% in 2025, outpacing category growth. Source: NielsenIQ 61
Slide 62: Sustainable Poultry leadership with clear market advantage
Sustainable Poultry leadership with clear market advantage Leveraging Sustainable Meats, London Poultry and Brand affinity Fresh Poultry Branded market share ~19x next largest branded competitor Source: NielsenIQ 62
Slide 63: Scaling distribution to unlock incremental growth
Scaling distribution to unlock incremental growth Food Service Gas and Convenience Channels eCommerce Club Channel New Categories Geographic Expansion in U.S. 63
Slide 64: Market share gains across core categories
Market share gains across core categories Packaged Meats Fresh Poultry US Sustainable Meats1 Plant Protein2 Source: NielsenIQ, Circana 1. Sustainable Meats share within US market; Bacon, Ham, Kits categories only 64 2. U.S. refrigerated plant protein
Slide 65: Precision demand creation and marketing ROI discipline
Precision demand creation and marketing ROI discipline Unique Capabilities and AI Tools to Mine Insights and Develop New Products • Precision Demand Creation • Gen-AI Powered Creative At Scale • Smarter Trade + Price Optimization • Faster Innovation • Better Marketing ROI Strategic Partners 65
Slide 66: Disciplined Reinvestment Fuels Structural Margin Expansion
Disciplined Reinvestment Fuels Structural Margin Expansion Media Effectiveness High-Return Best-in-Class at Scale Shopper Activation Marketing ROI 1. >80% working media allocation (above peer benchmarks) 2. Data-driven marketing mix optimization to maximize ROI 3. In-house media buying to reduce cos
Slide 67: Key Takeaways
Key Takeaways Build Loved Brands 1 We operate a portfolio of iconic, category-leading brands 2 Our brands convert strength into market share gains and premium mix across categories We win by capturing demand spaces through disciplined renovation, innovation 3 and activation Our brand engine is a rep
Slide 68: Investor Day 2026
® Investor Day 2026
Slide 69: Today's Agenda
Today’s Agenda Welcome and Opening Remarks Omar Javed | VP, Investor Relations Company Overview & Strategic Blueprint Curtis Frank | President & Chief Executive Officer 9:00am – 10:30am Lead the Way Dr. Randy Huffman | Chief Food Safety & Sustainability Officer Build Loved Brands Adam Grogan | Presi
Slide 70: Broaden Our Impact
Broaden Our Impact Casey Richards PRESIDENT, MAPLE LEAF FOODS USA 70
Slide 71: The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass
The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass Confidential & Proprietary INVESTOR PRESENTATION 2026 71 71
Slide 72: We have established a scalable platform for growth in the U.S.
We have established a scalable platform for growth in the U.S. ~10% Meat Protein: U.S. An organic growth engine • ~19% Revenue growth CAGR over 10 years • Leadership in Sustainable Meats $3.9B Plant Protein: An established alternative protein platform ~90% • Acquired Lightlife (2017) and Field Roast
Slide 73: Key elements of our U.S. platform
Key elements of our U.S. platform ✓ Established brands ✓ Strategic Private Label partnerships ✓ U.S. headquarters and innovation center in Chicago ✓ Dedicated US-based leadership, sales and marketing ✓ Deep, long-standing customer relationships built through direct selling Chicago Headquarters 72
Slide 74: A national presence across categories and channels
A national presence across categories and channels Distribution Centers Manufacturing Facilities U.S. Headquarters & Innovation Center Distribution in top 10 largest U.S. retailers ~28,000 U.S. retail stores selling Maple Leaf products Multi-channel presence in Retail, Club, Foodservice, Natural, E-
Slide 75: Significant whitespace in U.S. to scale up with existing customers
Significant whitespace in U.S. to scale up with existing customers Total Stores Selling Maple Leaf Household Addressable Maple Leaf Items Carried Penetration Market Brands Per Store (avg) $21B ~5,700 ~110 92% Increasing items per store represents a material $173B ~28,000 ~15 8% growth opportunity So
Slide 76: How we are mobilizing to capitalize on the platform
How we are mobilizing to capitalize on the platform Accelerate Leverage Restore Sustainable Existing Plant Meats Capacity Protein Revenue + Margin Expansion Revenue + Margin Expansion Margin Recovery 76
Slide 77: Leadership in sustainable meats is our point of difference in the US
Leadership in sustainable meats is our competitive point of difference in the US market #1 ABF (Antibiotic Free) brand in kits, bacon, ham Dedicated supply of North American ABF pork +25% 5-year revenue CAGR (‘20 to '25) +35%1 price premium to conventional meats Source: Circana 77 1. Based on $/lb f
Slide 78: Continued pathway to outperform in branded sustainable meats
Continued pathway to outperform in branded sustainable meats Capturing the Opportunity ✓ Distribution expansion Significant Growth Upside ✓ Velocity growth • Antibiotic free meats ✓ Product innovation outperforming with ~11% category growth in 20251 ✓ Category expansion ✓ Capacity and raw • Signific
Slide 79: Strategic private label partnerships serve as a platform for growth
Strategic private label partnerships serve as a platform for growth Established private label partnerships With room to grow • Priority is Sustainable Meats utilization • Disciplined participation in conventional opportunities that offer scale • Retail & Food Service channel engagement • Leveraging
Slide 80: We are taking steps to return to profitability in Plant Protein
We are taking steps to return to profitability in Plant Protein 2017 - 2018 2019 - 2022 2023 - 2025 Acquisition of Period of investing for Restructure Lightlife and Field Roast future growth and reset • Delivering strong growth • Period of explosive category growth • Category growth did not material
Slide 81: A clear path to achieving portfolio average margins
A clear path to achieving portfolio average margins Leveraging a leading Priorities to recover our margin plant protein platform 1. Revenue management and required pricing #1 in Refrigerated Plant-based Protein in North America 2. Growth driven by consumer-led renovation and innovation #1 in Dogs, S
Slide 82: Broaden Our Impact: our goals
Broaden Our Impact: our goals Drive double-digit Meat Achieve portfolio average Protein growth in the U.S. margins in Plant Protein In support of delivering our 2030 targets: ~$5B revenue and ~$750M Adjusted EBITDA 82
Slide 83: Key Takeaways
Key Takeaways Broaden Our Impact 1 U.S. is an established and scalable growth platform 2 Sustainable Meats is our competitive differentiator 3 Existing capacity and supply chain supports growth 4 Plant Protein has a disciplined path to profitable growth 83
Slide 84: Operate with Excellence
Operate with Excellence Mike Yang CHIEF SUPPLY CHAIN OFFICER 84
Slide 85: The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass
The Maple Leaf Blueprint Continues to Serve as Our Strategic Compass Confidential & Proprietary INVESTOR PRESENTATION 2026 85 85
Slide 86: $2B+ invested in building a world-class supply chain
$2B+ invested in building a world-class supply chain 1995 - 2005 2006 - 2017 2018 - 2025 2025 - FUTURE Phase I: Phase II: Phase III: Phase IV: Build Focus Strengthen Deliver Established our $1B+ invested in $1B+ invested in world- Harvest the benefits operating disciplines prepared meats network cla
Slide 87: We invested in new assets, new technologies, new capabilities
We invested in new assets, new technologies, new capabilities Phase II: Focus (2006-2017) Phase III: Strengthen (2018-2025): Invested $1B to enhance asset productivity Invested $1B to transform growth capacity Transformed the Prepared Meats manufacturing network Built and scaled a protein manufactur
Slide 88: The large-scale capital projects are complete
The large-scale capital projects are complete McLeod Lagimodiere • Sausages • Bacon & Ham • Saskatoon, SK • Winnipeg, MB • 200k sqft. • 500k sqft. McLeod Lagimodiere Greater Toronto Area London Indianapolis • Poultry • Tempeh Indianapolis Indianapolis • London, ON • Indianapolis, IN • 660k sqft. • 1
Slide 89: Our assets are led by world-class operators
Our assets are led by world-class operators 10pts 2pts 95% 85% 100% Overall Equipment Fill Rate People Safety Total Reduction in Facilities Global Food Effectiveness (OEE) Improvement Recordable Injury Rate Quality Complaints Safety Initiative (GFSI) Improvement ('19 to '25) (TRIR) Improvement ('16
Slide 90: Technology and automation is embedded in our operations today
Technology and automation is embedded in our operations today Robotics Big Data Precision at scale Decisions powered in real time Automation Harnessing AI Efficiency engineered in Embedding copilot in our supply chain 90
Slide 91: London Poultry
London Poultry The best of technology & automation at scale: Next gen facility for growth Our Poultry CoE: 660k sqft. facility consolidating four legacy plants into one high efficiency site – operational since 2022, built as a life-long backbone asset for the network Advanced capabilities: Controlle
Slide 92: Where we stand today
Where we stand today: Our network is built for scale, growth, reliability, efficiency Scale where it matters: Concentrated volume across 6 advantaged CoEs to 1 unlock structural cost advantage, supported by multiple specialized sites Capacity for growth: Existing network supports future demand and g
Slide 93: The transformation is complete. We are set to deliver.
The transformation is complete. We are set to deliver. 1995 - 2005 2006 - 2017 2018 - 2025 2025 - FUTURE Phase I: Phase II: Phase III: Phase IV: Build Focus Strengthen Deliver Established our $1B+ invested in $1B+ invested in world- Harvest the benefits operating disciplines prepared meats network c
Slide 94: And there remain many opportunities ahead
And there remain many opportunities ahead Overall Equipment Capacity Waste Labour Overhead Effectiveness Utilization Utilization 94
Slide 95: Mobilizing to capitalize on opportunities to reduce structural costs
Mobilizing to capitalize on opportunities to reduce structural costs Continuous Productivity To offset inflation and drive operating leverage Fuel for Growth Program To deliver structural cost transformation Heritage Centre of Excellence 95
Slide 96: A continuous productivity mindset is engrained in the Maple Leaf culture
A continuous productivity mindset is engrained in the Maple Leaf culture Supplier Unlocking structural savings through procurement 1 Advantage excellence and strategic sourcing Zero-Based Relentlessly reallocating spend to highest-return 2 Budgeting priorities with disciplined cost management Contin
Slide 97: Disciplined cost management and productivity playbook contributing to results
Disciplined cost management and productivity playbook contributing to financial results Recent wins showing up in Driving measurable accelerating financial results: performance outcomes: • 82 supplier advantage and 97 • Offsetting inflation continuous improvement projects • Unlocking margin expansio
Slide 98: Fuel for Growth structural cost transformation
Fuel for Growth structural cost transformation aimed at achieving best in class operations Operational Excellence, Technology, Network Standardize the Maple Leaf Way Automation and AI Optimization Plant Structures Step change in waste Unlock structural Overhead reduction, Outcome: best reduction, im
Slide 99: Fuel for Growth roadmap: Driving growth and margin expansion
Fuel for Growth roadmap: Driving growth and margin expansion 2025 2026 2027+ In-year benefits generated from: In-year benefits generated from: Harvesting benefits & executing: • Project Bluesky (SG&A) • Standardized plant structures • Operational Excellence • Project APV (Procurement) • Entrenching
Slide 100: High-Impact Productivity Initiatives Underway
High-Impact Productivity Initiatives Underway • • 29 Focused on high-return automation and AI initiatives, including: End-of-line automation and cobots Autonomous material handling • Predictive maintenance and line optimization • Evaluating opportunities in AI-enabled supply and demand planning 100
Slide 101: Key Takeaways
Key Takeaways Operate with Excellence 1 The heavy capex phase is complete, and we are now harvesting the benefits 2 Our network is modern, scaled, and built for purpose 3 We operate with disciplined performance management 4 Fuel for Growth unlocks structural cost transformation 5 Operational Excelle
Slide 102: Financial Overview & Long-term Outlook
Financial Overview & Long-term Outlook David Smales CHIEF FINANCIAL OFFICER 102
Slide 103: Why we exist
why we exist OUR PURPOSE Raise the cho food: where we are headed OUR VISION Be the most sustainable protein company on Earth. i A | = With a passion Lead the 5S) Build Loved W)) to create shared Way Brands value, we... = Make Better Food Grow Consumer Relevance Take Better Care Deliver Impactful Inn
Slide 104: Key messages for investors
Key messages 1 Build on strong recent financial performance for investors Positioned for continued success as a 2 protein-focused Brand-led CPG Executing a clear and disciplined strategy to 3 drive growth, margin expansion, strong FCF 4 Strong and flexible balance sheet supporting value creating cap
Slide 105: Building on our sustained track record of performance
Building on our sustained track record of performance Strong Revenue Growth ($B) Improving Adj. EBITDA Margins +5% CAGR +6.3pp ~$682M 3.9 12.2% Cumulative Return of Capital from '21 to ‘25, with $207M returned in '25 3.3 5.9% 2021 2025 2021 2025 Accelerating Adj. EBITDA ($M) Major CAPEX Completed ($
Slide 106: Purpose-built portfolio positioned for strong returns
Purpose-built portfolio positioned Leading Portfolio of Brands for strong returns Canada Packers spin-off enables singular CPG focus on branded, value-added protein products, reducing commodity exposure and improving annual earnings stability World-class Assets Our network of scale assets and distri
Slide 107: A focused value creation algorithm
A focused value creation algorithm Scale Expand Smart & Disciplined Core Business Structural Margins Capital Allocation Drive sustainable revenue Grow profits faster than sales Act as disciplined stewards expansion through proven through mix, productivity, and of capital, prioritizing long- growth p
Slide 108: Clear financial ambition for 2030
Clear financial ambition for 2030 ~$5B ~$750M Revenue Adj. EBITDA ~$1.7B - $1.8B <3.0x Cumulative FCF Maintain Investment-Grade 2026-2030 Balance Sheet 108
Slide 109: We have clear actions to drive mid-single digit growth
We have clear actions to drive mid-single digit growth, building on our proven track record 1 2 3 4 5 ~$5B Leading in Building a Accelerating Expanding Aligning to Sustainable portfolio of impactful our reach customer Revenue Meats loved brands innovation strategies (2030) 109
Slide 110: A clear path to delivering ~$750M Adj. EBITDA and cumulative free cash flow
A clear path to delivering ~$750M Adj. EBITDA and cumulative free cash flow of ~$1.7B - $1.8B Fuel for Growth program • Operational Excellence, the Maple Leaf Way Productivity - • Tech, automation and AI driven operating • Network optimization leverage Improved • Standardize plant commercial mix • Z
Slide 111: Smart, disciplined capital allocation focused on shareholder value creation
We will continue to engage in smart, disciplined capital allocation focused on shareholder value creation Maintenance, growth, sustainability, and productivity investments that drive revenue Invest in the Business growth and margin expansion Competitive Dividend Deliver a growing, sustainable and at
Slide 112: A dividend track record we intend to extend
A dividend track record we intend to extend 11th consecutive annual dividend increase ($ per share) +10.5% 0.96 +11.6% 0.88 0.84 0.84 0.80 0.76 0.72 0.64 0.58 0.52 0.44 0.36 0.32 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2025 2 2026E Pre-spin Post-spin Member of the S&P/TSX Canadian D
Slide 113: Disciplined capital allocation to maintain investment-grade balance sheet
Disciplined capital allocation to maintain investment-grade balance sheet London Poultry and Bacon CoE Operating within investment-grade investments completed target range 5.9x 4.1x 2.7x 2.7x 2.1x <3.0x 2021 2022 2023 2024 2025 2026-2030 113
Slide 114: We will selectively pursue highly accretive, bolt-on acquisitions
We will selectively pursue highly accretive, bolt-on acquisitions that fit our strategic and financial framework Strategic Considerations Financial Considerations • Expand category and market share • Value accretive in the near-term • Accelerate U.S. geographic expansion • Attractive revenue and/or
Slide 115: Reiterating our 2026 outlook
Reiterating our 2026 outlook Mid-single digit ~$520 - 540M Revenue growth (%) Adj. EBITDA ~10% < 3.0x Maintain Investment-Grade Annual Dividend increase Balance Sheet 115
Slide 116: Key messages for investors
Key messages 1 Build on strong recent financial performance for investors Positioned for continued success as a 2 protein-focused Branded CPG Executing a clear and disciplined strategy to 3 drive growth, margin expansion, strong FCF Strong and flexible balance sheet supporting 4 value creating capit
Slide 117: Closing Remarks
Closing Remarks Curtis Frank PRESIDENT & CHIEF EXECUTIVE OFFICER 117
Slide 118: Closing remarks
Closing remarks 1 The $2B+ transformation is complete for the benefit of OUR STAKEHOLDERS 2 We now operate from a position of structural competitive advantage Our People Consumers 3 Clear blueprint for growth, margin expansion and free cash flow Customers Communities 4 Disciplined capital allocation
Slide 119: Q&A
Q&A 119
Slide 120: Brand showcase
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