Slide 1: First Quarter 2018
First Quarter 2018 Advancing our vision to be the most sustainable protein company on earth
Slide 2: Forward-looking and non-IFRS information
Forward-looking and non-IFRS 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 which the Company operates, as well as
Slide 3: Quarter reflects positive commercial trends offset by anticipated headwinds in pork markets
Quarter reflects positive commercial trends offset by anticipated headwinds in pork markets Sales1 increase of 2.4% led by prepared meats Adjusted EBITDA margin of 10.1% Industry pork processing margins FIRST QUARTER 2018 compressed ADJUSTED EBITDA MARGIN Adjusted EPS of $0.29 per share 10.1% 1. Rep
Slide 4: Broad commercial success across our business
Broad commercial success across our business Significant commercial and operating performance gains in prepared meats Higher volumes across most of our portfolio except fresh pork due to temporary volume reductions from PEDv Margin expansion across most of our Plant protein acquisitions portfolio co
Slide 5: Key first quarter financial metrics
Key first quarter financial metrics $817.5 10.1% Sales in Millions Adjusted EBITDA margin $0.29 $67.7* Adjusted EPS Cash on Hand in per share millions * After $111.2 million outflow for share buybacks and acquisitions 5 5
Slide 6: Advancing our vision to be the most sustainable protein company on earth
VISION Advancing our vision to be the most sustainable protein company on earth Better Food Better Care Better Communities Better Planet • Most comprehensive •>30,000 sows converted to • Maple Leaf Centre for Action • In 2017, achieved ~20% revamp of entire portfolio enhanced open housing by on Food
Slide 7: Most ambitious integrated marketing campaign in our history
BRAND STRATEGY Most ambitious integrated marketing campaign in our history 7
Slide 8: We are showing up very differently in the marketplace
BRAND STRATEGY We are showing up very differently in the marketplace 8
Slide 9: Lightlife and Field Roast Grain Meat Co. acquisitions contributing to performance with rapid growth
PLANT PROTEIN Lightlife and Field Roast Grain Meat Co. acquisitions contributing to performance with rapid growth Plant protein category experiencing high double-digit growth Focused on rapid expansion of our supply chain capabilities to meet demand Expanded distribution for both brands in major U.S
Slide 10: Broad commercial gains in our business with significant progress on our food and brand strategy
Broad commercial gains in our business with significant progress on our food and brand strategy First quarter challenging due to anticipated compression in pork processing margins Good commercial performance including improvement in prepared meats, value- added poultry and plant protein Building on
Slide 11: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Adjusted Operating Earnings Q1 2018 Q1 2017 ($ millions) Net earnings 27.9 30.1 Income taxes 11.5 12.0 Earnings before income taxes (i) 39.4 42.1 Interest expense and other financing costs 1.7 1.2 Other (income) expense 2.9 2.7 Restructuring and other re
Slide 12: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Adjusted EBITDA Q1 2018 Q1 2017 ($ millions) Net earnings 27.9 30.1 Income taxes 11.5 12.0 Earnings before income taxes (i) 39.4 42.1 Interest expense and other financing costs 1.7 1.2 Items in other expense not considered representative of ongoing opera
Slide 13: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Adjusted EPS Q1 2018 Q1 2017 ($ per share) Basic earnings per share 0.22 0.23 Restructuring and other related costs 0.01 0.04 Items included in other expense (income) not considered representative of 0.02 0.02 ongoing operations Change in the fair value