Maple Leaf Foods Inc. · TSX:MFI
Maple Leaf Foods — Q1 2026 Earnings Presentation
28 slides from Maple Leaf Foods's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Financial Results & Strategic Overview
Maple Leaf Foods Inc. Q1 2026 Financial Results & Strategic Overview May 7, 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. Forward-looking information can be generally identified by words such as “anticipate”, “expect”, “believe” “may”, “wi
Slide 3: Today's Key Messages
Today's Key Messages A solid first quarter puts us firmly on track to deliver our 2026 Q1 2026 Financial Results Outlook • First quarter Sales grew by 6.2% to $963 million driven by proven and resilient growth platforms • Adjusted EBITDA1 grew by $6.6 million or 5.7% to $122 million driven by improv
Slide 4: Q1 2026 Financial Results
Q1 2026 Financial Results Q1 2026 Q1 2025 Delta Sales1 $962.9 $906.7 6.2% Gross Profit1 $180.4 $154.1 17.0% SG&A1 $101.9 $103.1 1.1% SG&A as a % of Sales1 10.6% 11.4% 80 bps Adjusted EBITDA1,2 $122.4 $115.8 5.7% Adjusted EBITDA margin1,2 12.7% 12.8% (10) bps Adjusted Basic Earnings per Share1,2 $0.3
Slide 5: A solid first quarter puts us firmly on track to deliver our 2026 Outlook
A solid first quarter puts us firmly on track to deliver our 2026 Outlook 2026 Guidance Building Blocks Q1 Progress Mid-single-digit increase in • Driven by our proven growth platforms: Lead in Sustainable Revenue growth +6.2% Revenue from 2025 Meats, Build loved brands, Accelerate innovation, Exp
Slide 6: Q1 2026 Operational Highlights
Q1 2026 Operational Highlights Prepared Foods Poultry ~60% of Annual Sales1 ~40% of Annual Sales1 Improved operating efficiency and sales mix contributed Value-added poultry continues to drive top line growth to Adjusted EBITDA2 growth and strong margins Sales +2.3% driven by improved product mix
Slide 7: 2026 Annual dividend increased by +10.5%
2026 Annual dividend increased by +10.5% 11th consecutive annual dividend increase ($ 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 Divi
Slide 8: Reconciliation of non-IFRS measures – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of non-IFRS measures – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Adjusted Operating Earnings, Adjusted EBITDA, and Adjusted EBITDA Margin are non-IFRS measures used by Management to evaluate financial operating results. Adjusted Operating Earnings is defi
Slide 9: Reconciliation of non-IFRS measures – Adjusted Earnings & Adjusted Basic Earnings per Share
Reconciliation of non-IFRS measures – Adjusted Earnings & Adjusted Basic Earnings per Share Adjusted Earnings and Adjusted Basic Earnings per Share, are non-IFRS measures, used by Management to evaluate financial operating results. They are defined as earnings and basic earnings per share and are ad
Slide 10: Reconciliation of non-IFRS measures – Free Cash Flow
Reconciliation of non-IFRS measures – Free Cash Flow Free Cash Flow, a non-IFRS measure, is used by Management to evaluate cash flow after investing in the maintenance of the Company's asset base. It is defined as cash provided by operations, less Maintenance Capital (i) and associated interest paid
Slide 11: Reconciliation of non-IFRS measures – Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA
Reconciliation of non-IFRS measures – Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA The table to the right reconciles Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA ratio to amounts reported under IFRS in the Company's Consolidated Interim Financial Statements as a
Slide 12: Summary of Quarterly Results – Maple Leaf Foods Continuing Operations
Summary of Quarterly Results – Maple Leaf Foods Continuing Operations ($ millions except earnings per share and margin) (Unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Sales(i) $962.9 $991.2 $1,010.5 $1,004.2 $906.7 $917.1 $935.5 $932.1 $848.8 Gross Profit(i) $180
Slide 13: Strategic Overview
Maple Leaf Foods Inc. Strategic Overview
Slide 14: The New Maple Leaf Foods
The New Fiscal 2025 Maple Leaf Sales ~60% Foods A Scaled, Branded $3.9B Prepared Foods1 ~40% Poultry1 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 Sca
Slide 15: A diversified portfolio of iconic, category-leading brands
A diversified portfolio of iconic, category-leading brands 15
Slide 16: 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 17: We are a Purpose-Driven, Protein-Focused and Brand-Led modern CPG company
We are a Purpose-Driven, Protein-Focused and Brand-Led modern CPG company Protein Market Leader in Canada High-Value Sustainable Meats Platform ~90% #1 or #2 ~$700M Brand in 13 Prepared Foods Total Revenue of Total Revenue in Canada Categories1 #1 & #2 92% Deeply Embedded Customer Relationships Bran
Slide 18: We are capitalizing on our structural competitive advantages
We are capitalizing on our structural competitive advantages to meet growing consumer demand for sustainably produced protein Portfolio of Leading World-Class Leadership In Financial Strength Brands with 100+ Assets with Sustainability and and Cash Generation years of history. existing capacity to S
Slide 19: Building on our sustained track record of performance
Building on our sustained track record of performance Strong Revenue Growth ($B) Improving Adj. EBITDA1 Margins +5% CAGR +6.3pp ~$682M 3.9 12.2% Cumulative Return of Capital from '21 to ‘25, with $207M returned in '25 3.3 5.9% 2021 2025 2021 2025 Accelerating Adj. EBITDA1 ($M) Major CAPEX Completed
Slide 20: Translating into increased profitability and cash generation
Translating into increased profitability and cash generation Fiscal 2025 Sales of $3,913M Adj. EBITDA1 of $476M Adj. EBITDA1 margin of 12.2% +7.7% +21% +140 bps Free Cash Flow1 Generation Disciplined Capital Expenditures Investment-Grade Balance Sheet $318M $126M 2.1x leverage ratio2 Capital Returne
Slide 21: Our strategic blueprint is future-ready
Our strategic blueprint is future-ready Positioned to deliver the next phase of protein growth 21
Slide 22: Underpinned by a focused value creation algorithm
Underpinned by 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
Slide 23: Our financial ambition for 2030
Our financial ambition for 2030 ~$5B ~$750M Revenue Adj. EBITDA1 ~$1.7B - $1.8B <3.0x leverage ratio2 Cumulative FCF1 Maintain Investment-Grade 2026-2030 Balance Sheet 1 This is a non-IFRS metric. Please refer to page 2 and pages 8 – 11 for additional information. 2 Leverage ratio refers to Net Debt
Slide 24: Our 2026 Outlook demonstrates progress towards 2030 targets
Our 2026 Outlook demonstrates progress towards 2030 targets Mid-single digit ~$520 - 540M Revenue growth (%) Adj. EBITDA1 ~10% < 3.0x leverage ratio2 Maintain Investment-Grade Annual Dividend increase Balance Sheet 1 This is a non-IFRS metric. Please refer to page 2 and pages 8 – 11 for additional i
Slide 25: Proven growth platforms driving to ~$5B Revenue by 2030
Proven growth platforms driving 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 • Monetizing a
Slide 26: A clear path to delivering ~$750M Adj. EBITDA and cumulative free cash flow of ~$1.7B - $1.8B
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 27: 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 28: To learn more about Maple Leaf Foods
To learn more about Maple Leaf Foods Please visit our investor relations website at the following link www.mapleleaffoods.com/investors/ to access the full 2026 Investor Day presentation and webcast replay 28