Maple Leaf Foods Inc. · TSX:MFI
Maple Leaf Foods — Q3 2025 Earnings Presentation
36 slides from Maple Leaf Foods's earnings presentation, Nov 5, 2025
Slide 1: Q3 Financial Results & Business Update
Maple Leaf Foods Q3 Financial Results & Business Update November 5, 2025
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: Important context for our third quarter financial reporting
Important context for our third quarter financial reporting • On October 1, we completed the spin-off of our pork operations into Canada Packers - one of the most significant portfolio transformations in our company’s history. • As a result, the third quarter represents the final period in which Map
Slide 4: Third quarter key messages
Third quarter key messages Total Company1 Sales • Another quarter of outstanding performance on a Total Company basis. ($ millions) +8.0% • Total Company Revenue1,2 grew by 8% driven by robust growth across our CPG business and pork operations. • Total Company Adjusted EBITDA1,2 grew by $31M or 22%
Slide 5: Third quarter operational highlights
Third quarter operational highlights Maple Leaf Foods CPG Business Pork ~25% (Canada Packers) of Annual Sales Prepared Foods ~55% Poultry ~20% of Annual Sales of Annual Sales Strong sales growth, with margins Value-added poultry continues to drive top Favourable vertically integrated spreads disrupt
Slide 6: Execution of proven growth strategies driving sales growth
Execution of proven growth strategies driving 8% year-to-date sales growth, outpacing North American CPG by over 2-3X Year-to-date sales growth Over 2-3X Market Growth 8.3% 3.6% 2.4% Maple Leaf CPG Market CPG Market Foods1,2 Canada3 USA3 1 Total Company Q3 YTD sales include pork operations as if the
Slide 7: Accelerating the pace of impactful innovation
Accelerating the pace of impactful innovation with 50+ consumer relevant innovations in the market in 2025 Infusing Fun Value Advancing Delicious Made Easy Sizzling Summer Grilling in Kits Plant-based Leading in Expanding in Elevating Entertaining & Extending into New Sustainable Meats Frozen Foods
Slide 8: Meet Mighty Protein
BUILDING LOVED BRANDS MEET MIGHTY PROTEIN: HELPING CANADIANS LOCK IN WITH PORTABLE, CLEAN PROTEIN. Mighty Protein taps into the protein movement with on-the-go fuel designed for dynamic, busy lives. Launching at major Canadian retailers, online and through convenience channels. WHAT CONSUMERS CRAVE
Slide 9: Meet Musafir
BUILDING LOVED BRANDS MEET MUSAFIR: FEEDING CANADA’S APPETITE FOR GLOBAL FLAVOUR AND MODERN CONVENIENCE Musafir, which means “traveller”, celebrates the joy of discovery with bold, South-Asian inspired tastes and ingredients remixed in popular North American formats. CULTURAL GROWTH MEETS MASS APPEA
Slide 10: Multiple factors support our expanding EBITDA performance
Multiple factors support our expanding 2025 Adjusted EBITDA performance Full year benefits from Excellence in Brand and Fuel for Growth Executing Pork Capital Projects Revenue Management Initiative Playbook Leveraging the capabilities of Capitalize on the growing Accelerating cost reduction Supporte
Slide 11: Significant improvement in vertically integrated margins
Significant improvement in vertically integrated margins benefited the pork operations and contributed to short-term margin disruption in Prepared Foods in Q3 Vertically Integrated Margin Industry Vertically Integrated Margin USDA Pork Cutout – Industry Hog Production Cost expanded in Q3 USDA Pork C
Slide 12: YTD total company performance through the end of Q3
YTD total company performance through the end of Q3 was firmly on a run rate to deliver in line with our previous full year 2025 Adjusted EBITDA1 guidance Drive mid-single-digit Revenue 8.3% Revenue growth achieved year-to-date growth • Expand geographic reach in the U.S. market • Leverage leadershi
Slide 13: Execution of our Blueprint strengthening financial performance
The execution of our Blueprint is resulting in strengthening financial performance* Consistent Revenue growth Disciplined Capital Expenditures Significantly Improved Profitability +8.3% YTD Adjusted EBITDA1 $629M $674M London Poultry and Bacon COE Capital Investments $553M $491M fully complete $428M
Slide 14: Continuing to execute investor-friendly capital allocation priorities
Continuing to execute investor-friendly capital allocation priorities 10th consecutive annual dividend increase per share Maintaining leverage ratio within Annual ($ per share) investment-grade2 range Disciplined capital investments in $0.96 the business to maintain, +11.6% $0.88 modernize and s
Slide 15: Q3 and YTD 2025 Results – Total Company
Q3 and YTD 2025 Results – Total Company1 Q3 Results Q3 2025 Q3 2024 Change Q3 YTD 2025 Q3 YTD 2024 Change Sales $1,356.3 $1,255.5 8.0% $3,959.8 $3,658.0 8.3% Gross profit $220.4 $186.2 18.4% $673.9 $543.7 23.9% SG&A $115.3 $108.5 6.3% $343.1 $335.2 2.4% Adjusted Operating Earnings2 $110.9 $73.6 50.7
Slide 16: CPG Business Update for Continuing Operations
Maple Leaf Foods CPG Business Update for Continuing Operations
Slide 17: We are entering a bold new chapter
We are entering a bold new chapter as a purpose-driven, protein-focused, brand-led CPG company ~$3.8B ~9,800 19 #1 and #2 First Annual Sales Purpose-Driven Manufacturing Sites Prepared Meats & Poultry Brands Large Scale Carbon Neutral Food Co. and growing People North American Scale Diversified Prot
Slide 18: The Maple Leaf Blueprint continues to serve as our strategic compass
The Maple Leaf Blueprint continues to serve as our strategic compass MAPLE LEAF FOODS — Q3 2025 BUSINESS AND FINANCIAL REVIEW | NOVEMBER 5, 2025 18
Slide 19: Our commitment to Raising the Good in Food
Our commitment to Raising the Good in Food through authentic leadership in Sustainability and Shared Value creation remains unwavering Make Better Food Take Better Care Nurture a Better Planet • Established leadership in Sustainable Meats production, • In 2024, we achieved a Total Recordable Inciden
Slide 20: CPG demonstrating strength in financial performance relative to protein peers
Maple Leaf Foods CPG demonstrating strength in financial performance relative to protein peers Last four quarters of performance Last Twelve Months of performance for continuing operations for continuing operations Sales of $3,838M Sales Adj. EBITDA1 Adj. EBITDA1 % Actual vs. LY Actual vs. LY Actual
Slide 21: Maple Leaf Foods offers a differentiated opportunity
Maple Leaf Foods offers a highly differentiated and attractive investment opportunity We operate in Protein, And we are uniquely positioned to capitalize the most attractive part of the food market on the growing consumer demand for sustainably produced protein Protein consumption growing at Global
Slide 22: A compelling go-forward playbook
A compelling go-forward playbook to support LTM Performance continued shareholder value creation +7% LTM Revenue Growth Profitably Grow the Top-Line • Execute proven growth strategies +23% • Excellence in Sharpen our Competitive Edge LTM Adj. EBITDA1 Growth Revenue Growth • Benefits of fuel for grow
Slide 23: Supplemental Financial Slides
Supplemental Financial Slides Q3 2025 MAPLE LEAF FOODS — Q3 2025 BUSINESS AND FINANCIAL REVIEW | NOVEMBER 5, 2025 23
Slide 24: Summary of Quarterly Results – Continuing Operations
Summary of Quarterly Results – Maple Leaf Foods Continuing Operations ($ millions except earnings per share and margin) (Unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 (i) Sales from Continuing Operations $1,010.5 $1,004.2 $906.7 $917.1 $935.5 $932.1 $848.8 $877.1 Gross P
Slide 25: Quarterly Historical Pro Forma Information
Quarterly Historical Pro Forma Information – Maple Leaf Foods (i) Refers to the business that will be retained after the separation by Maple Leaf Foods Inc. (ii) Sales, as restated to exclude discontinued operations in Maple Leaf Foods Inc's financial statements as published in the Company's third q
Slide 26: Quarterly Historical Pro Forma Information – Canada Packers
Quarterly Historical Pro Forma Information – Canada Packers (i) Refers to the spun-out pork operations being carried on by Canada Packers Inc. (ii) Sales, as stated in the Combined Carve Out Financial Statements of Canada Packers, and filed on SEDAR+ as part of Maple Leaf Foods' Management Informati
Slide 27: Pro Forma Information – Q3 2025
Pro Forma Information – Q3 2025 MAPLE LEAF FOODS — Q3 2025 BUSINESS AND FINANCIAL REVIEW | NOVEMBER 5, 2025 27
Slide 28: Pro Forma Information – Q3 2025
Pro Forma Information – Q3 2025 (i) Refers to the spun-off pork operations being carried on by Canada Packers Inc. (ii) Refers to the business that was retained after the separation by Maple Leaf Foods Inc. (iii) Sales from discontinued operations as presented in Maple Leaf Foods Inc.'s third quarte
Slide 29: Pro Forma Information – Last Twelve Months
Pro Forma Information – Last Twelve Months MAPLE LEAF FOODS — Q3 2025 BUSINESS AND FINANCIAL REVIEW | NOVEMBER 5, 2025 29
Slide 30: Pro Forma Information – Last Twelve Months
Pro Forma Information – Last Twelve Months (i) Refers to the spun-off pork operations being carried on by Canada Packers Inc. (ii) Refers to the business that was retained after the separation by Maple Leaf Foods Inc. (iii) Calculated as sales from discontinued operations for the nine months ended S
Slide 31: Reconciliation of non-IFRS metrics – Adjusted Earnings per Share
Reconciliation of non-IFRS metrics – Adjusted Earnings per Share ($ per share) Three months ended September 30, (Unaudited) 2025 2024 Continuing Discontinued Continuing Discontinued Operations Operations Total Company Operations Operations Total Company Earnings (loss) per basic share $ 0.19 $ 0.16
Slide 32: Reconciliation of non-IFRS metrics – Total Company Net Debt
Reconciliation of non-IFRS metrics – Total Company Net Debt ($ thousands) As at September 30, (Unaudited) 2025 2024 Cash and cash equivalents $187,472 $181,787 Current portion of long-term debt $(351,863) $(300,771) Long-term debt $(1,190,486) $(1,478,318) Total debt $(1,542,349) $(1,779,089) Net De
Slide 33: Reconciliation of non-IFRS metrics – Total Company Free Cash Flow
Reconciliation of non-IFRS metrics – Total Company Free Cash Flow ($ thousands) Three months ended September 30, Six months ended September 30, (Unaudited) 2025 2024 2025 2024 Cash provided by operating activities $72,380 $176,195 $321,850 $309,016 Maintenance Capital(i) $(26,091) $(21,023) $(72,607
Slide 34: Reconciliation – Adjusted Operating Earnings, Adjusted EBITDA and Margin
Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Three months ended September 30, 2025 Three months ended September 30, 2024 ($ millions)(i) Continuing Discontinued Continuing Discontinued (Unaudited) Operations Operations Total Company Ope
Slide 35: Reconciliation – Adjusted Operating Earnings, Adjusted EBITDA and Margin
Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Nine months ended September 30, 2025 Nine months ended September 30, 2024 ($ millions)(i) Continuing Discontinued Continuing Discontinued (Unaudited) Operations Operations Total Company Opera
Slide 36: How our Q3 and Q3 YTD results are reported
How our Q3 and Q3 YTD results are reported Income Statement: • Represents the results of the continuing operations of Maple Leaf Foods; pork operations have been removed and are presented separately as discontinued operations • Prior periods have been restated, with all P&L lines representing the co