Canada Packers Inc. · TSX:CPKR
Canada Packers — Q3 2026 Earnings Presentation
19 slides from Canada Packers's earnings presentation, October 2026
Slide 1: Third Quarter 2026 Financial & Business Results
Third Quarter 2026 Financial & Business Results 1
Slide 2: Forward Looking Information and Non-IFRS Metrics
FORWARD LOOKING INFORMATION AND NON-IFRS METRICS 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 which the Company operates, as
Slide 3: A legacy of performance. A future of sustainable growth.
A legacy of performance. A future of sustainable growth. Canada Packers is setting a new global standard for premium, sustainable pork. With nearly a century of expertise, we lead in sustainably produced, premium pork, shaping the future of food. Our vertically integrated model, diverse product rang
Slide 4: Q3 2026: Strong Execution Amid Significant Market Challenges
Q3 2026: STRONG EXECUTION AMID SIGNIFICANT MARKET CHALLENGES • Our differentiated strategy of selling value-added premium pork to Actual vs Pro forma sales2 strategic global customers delivered market out performance despite ($ millions) significant industry-wide spread compression -6.0% • We genera
Slide 5: Resilience Grounded in Our Core Strategies
RESILIENCE GROUNDED IN OUR CORE STRATEGIES Targeted sales of premium value-added products sold across our strategic customer base Optimized whole hog profitability through diverse mix of markets Latent capacity available to grow hog processing volumes over time Improvements tied to on-farm performan
Slide 6: Performance That Reinforces Our Robust 'Chapter One' Growth Story
PERFORMANCE THAT REINFORCES OUR ROBUST 'CHAPTER ONE' GROWTH STORY 1. Disciplined execution • Strong on-farm and manufacturing performance combined with strategic global sales of premium value added pork supported resilient earnings and market out performance 2. Strengthened balance sheet • Generated
Slide 7: Leveraging Our Distinctive and Optimized Business Mix to Deliver Results
LEVERAGING OUR DISTINCTIVE AND OPTIMIZED BUSINESS MIX TO DELIVER RESULTS KEY PILLARS OF 2025 REVENUE(1) DESCRIPTION Each channel is anchored on strategic BUSINESS MODEL (% of total) customers with long history of relationship • Customer-specific offerings such as Balanced exposure across markets tha
Slide 8: Gold-Standard Branded Products with Strategic Customers Around the World
WE DELIVER GOLD-STANDARD BRANDED PRODUCTS WITH STRATEGIC CUSTOMERS AROUND THE WORLD MAKING US DISTINCTIVE AND DIFFERENTIATED NORTH AMERICAN RETAIL MARKETS JAPANESE MARKET MAPLE LEAF FOODS TAILORED, VALUE-ADDED OFFERINGS FOR KEY CO-BRANDS WITH STRATEGIC CUSTOMERS, TARGETING SUSTAINABLE, PREMIUM PORK
Slide 9: Industry-Wide Spread Compression: Both VIS and PS Outside of Normal Ranges
INDUSTRY-WIDE SPREAD COMPRESSION: BOTH VIS AND PS OUTSIDE OF NORMAL RANGES ABSENT SEASONAL RALLY Vertically Integrated Margin USDA Pork Cutout – Industry Hog Production Cost $140 $65 USDA Pork Cutout – Industry Hog Production Cost $40 Cutout - COP Spread US$ 5-year average normal markets pre-pandemi
Slide 10: Our Q3 Performance Reinforces Canada Packers' Value Proposition
OUR Q3 PERFORMANCE REINFORCES CANADA PACKERS’ VALUE PROPOSITION Exceptional Profitability and Clear Pathway to Profit Strong Cash Flow With a Focus Durability Driven By Distinctive Accretive Growth Fueled by on Long-Term Shareholder and Optimized Business Mix Untapped Capacity Value Driven by Anchor
Slide 11: Q3 2026 Results
Q3 2026 RESULTS Q3 Results Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Sales $420.7 $481.8 (12.7)% $1,280.8 $1,407.0 (9.0)% Gross profit (loss) ($7.1) $63.2 nm $79.6 $187.2 (57.5)% SG&A $23.3 $20.5 13.4% $71.2 $57.4 24.0% Adjusted Operating Earnings1 $17.6 $47.5 (63.0%) $68.8 $125.9 (45.3)% Adju
Slide 12: Supplemental Financial Slides
Supplemental Financial Slides Q3 2026 12 CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
Slide 13: Pork Market Dashboard
PORK MARKET DASHBOARD Pork cutout, hog market price & industry hog cost of production ($/cwt, monthly) Spread proxies ($/cwt, quarterly): packer spread vs. vertically integrated spread 125 40 115 31.0 30 105 19.7 $/cwt 95 18.1 17.9 17.0 20 15.6 14.8 11.7 13.0 11.7 12.5 85 8.8 9.1 9.2 9.5 10.2 10.8 9
Slide 14: Pork Cutout: Primal Value Breakdown
PORK CUTOUT: PRIMAL VALUE BREAKDOWN Q3 2025 vs. Q3 2026 (Jul-Sep), by primal ($/cwt) Q3 2025 YTD vs. Q3 2026 YTD (Jan-Sep), by primal ($/cwt) 200 200 181.7 168.5 160.0 161.8 160.5 160 160 154.5 136.6 134.2 122.3 118.1 119.2 120 113.4 114.7 120 106.8 104.1 98.3 $/cwt $/cwt 97.1 96.8 94.8 90.1 92.0 91
Slide 15: Hog Supply and Demand Fundamentals
HOG SUPPLY AND DEMAND FUNDAMENTALS U.S. pork domestic use: 2025 vs. U.S. pork exports: Q3 and YTD Pork cold storage: Q3 2025 vs. Q3 2026 to date (M lb, by primal) 2026E 5,232 30,000 6,000 5,125 (+2.1%) 250 600 21,735 21,744 (-0.04%) 464.1 4,500 200 427.8 480 393.3 Total pork (M lb) 20,000 156.9 160.
Slide 16: Reconciliation of Non-IFRS Metrics – Adjusted EBITDA and Margin
Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin 13-Week Period Ended 39-Week Period Ended ($ millions except margin)(i) (Unaudited) September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Earnings before income taxes $
Slide 17: Reconciliation of Non-IFRS Metrics – Free Cash Flow
Reconciliation of non-IFRS metrics –Free Cash Flow ($ millions) 13-Week Period Ended 39-Week Period Ended (Unaudited) September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Cash provided by operating activities $24.7 $41.9 $76.4 $155.4 Additions to long-term assets $(10.0) $(10.
Slide 18: Reconciliation of Non-IFRS Metrics – Total Company Net Debt
Reconciliation of non-IFRS metrics – Total Company Net Debt ($ millions except Net Debt to Trailing Twelve Months Adjusted EBITDA) (Unaudited) As at September 26, 2026 Long-term debt $366.9 Lease obligations $98.5 Total debt $465.4 Cash $36.7 Net Debt $428.7 Trailing Twelve Months Adjusted EBITDA1 $
Slide 19: Management's Pro Forma Estimates and Related Non-IFRS Measures
Management’s pro forma estimates and related Non-IFRS measures Trailing Twelve Quarter Ended Months Ended (in millions of CAD) March 29, September December March 28, September September June 28, 2025 June 27, 2026 (unaudited) 2025 27, 2025 27, 2025 2026 26, 2026 26, 2026 Pro Forma Pro Forma Pro Form