Slides
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1PRIVATE & CONFIDENTIAL Third Quarter 2025 Financial & Business Results
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2PRIVATE & CONFIDENTIAL 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 beliefs and assumptions made by the Company related to its business, operations, expectations and external environment. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficultto predict. These assumptions have been derived from information currently available to the Company, including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied, or forecasted in such forward-looking information, which reflect the Company’s expectations only as of the date hereof. Please refer to the sections entitled “Risk Factors” and “Forward-Looking Statements” in the Management Information Circular of Maple Leaf Foods Inc. filed on SEDAR+ on May 12, 2025 and to the Company’s news release dated November 5, 2025, for additional detail. Canada Packers’ condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and are the first IFRS financial statements of Canada Packers. Canada Packers uses the following non-IFRS and pro-forma non-IFRS measures: Adjusted Operating Earnings, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBT, Earnings Margin, Free Cash Flow, Adjusted Free Cash Flow. Management believes that these non-IFRS and pro-forma non- IFRS measures provide useful information to investors in measuring the financial performance of Canada Packers. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Adjusted Operating Earnings is defined as earnings before income taxes adjusted for items that are not considered representativeof ongoing operational activities of the business and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is defined as Adjusted Operating Earnings plus depreciation and amortization, adjusted for items included in other expense that are considered representative of ongoing operational activities of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by sales. Adjusted EBT is defined as Adjusted EBITDA less depreciation and amortization and interest expense and income. Earnings Margin is calculated as earnings determined in accordance with IFRS divided by sales. Free Cash Flow is defined as cash provided by operating activities, less maintenance capital (defined as non-discretionary investment required to maintain Canada Packers’ existing operations and competitive position) including associated interest paid and capitalized. Adjusted Free Cash Flow is defined as Free Cash Flow modified to exclude changes in non-cash operating working capital. The pro-forma financial information contains preliminary estimates associated with the anticipated impact of the supply agreement and long-term services agreement between Canada packers and Maple Leaf Foods, public company costs that would have been incurred by Canada Packers, and a reallocation of certain SG&A expenses between Canada Packers and Maple Leaf Foods FORWARD LOOKING STATEMENTS AND NON-IFRS METRICS CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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3PRIVATE & CONFIDENTIAL Q3 2025: A STRONG START AS AN INDEPENDENT COMPANY • Improved Year over Year Performance: • Proforma results of: • Sales of $476 million, up $75 million or 18.7% • Processed 1.04 million hogs, up 37,000 or 3.7% • Adjusted EBITDA1 of $56 M, up $15 M or 37% • Reported Adjusted Free Cash Flow 1of $42.4M, up $14M or 49% due to strong profitability • Performance driven by: • Strong on-farm performance • Increased hog volumes • Higher market pricing • Lower feed costs Q3 2024 Q3 2025 $420.2 $481.8 +14.7% Sales ($ millions) Q3 2024 Q3 2025 $41.5 $60.2 +260 bps Adjusted EBITDA1 ($ millions) 1 This is a non-IFRS metric. Please refer to the supplemental slides for more information. 2 See “Management’s Pro Forma Estimates and Related Non-IFRS Measures” section of this presentation. 3 Represents a supplemental operational measure.CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025 9.9% 12.5% Q3 2024 Q3 2025 $41 $56 10.2% 11.8% +160bps Pro Forma Adjusted EBITDA2 ($ millions)
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4PRIVATE & CONFIDENTIAL WE ADVANCED OUR CHAPTER ONE GROWTH STORY 1. Utilized existing capacity • Higher processing volumes – 37,000 more hogs, up 3.7% • Utilization now stands at ~85% capacity 2. Protected our strong cash flow • Internal hog growth captured more of the Vertically Integrated spread • Sold a better mix of products to a better mix of countries 3. Returned capital to shareholders • Inaugural quarterly dividend of $0.23 cents per share 1 This is a non-IFRS metric. Please refer to the supplemental slides for more information. 2 See “Management’s Estimates and Related Non-IFRS Measures” section of this presentation. 3 Represents a supplemental operational measure.CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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5PRIVATE & CONFIDENTIAL WE LEVERAGED OUR DISTINCTIVE AND OPTIMIZED BUSINESS MIX KEY PILLARS OF BUSINESS MODEL 2024E REVENUE(1) ($CAD in millions | % of total) DESCRIPTION NORTH AMERICAN MARKETS AND STRATEGIC CUSTOMERS JAPAN AND OTHER INTERNATIONAL EXPORT MARKETS FORMULA-BASED ANCHOR CUSTOMER IN MAPLE LEAF FOODS • Customer-specific offerings such as retail-ready products • Partnership model – highly integrated into the customers’ supply chain • Strong presence in import markets with high demand for high-value cuts • Differentiated co-branded products with key local distributors, creating a strong partnership • Key purchaser of Raised-Without Antibiotics and Gestation Crate Free pork • Relationship anchored by an Evergreen Supply Agreement ~40% ~40% ~20% Each channel is anchored on strategic customers with long history of relationship Balanced exposure across markets that is not over- or under-indexed Flexibility & access to global markets enable whole-hog optimization Diverse sales mix across distribution channels (retail, foodservice & industrial) North America Maple LeafJapan & Int’l Loin, Butt, Picnic, Side rib Belly, Ham, TrimLoin, Picnic, Butt, By-products Source: Company materials (1) Based on 2024 actual results of Maple Leaf Foods‘ Pork Complex; before carve-out adjustments
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6PRIVATE & CONFIDENTIAL 1 Normal market conditions defined as the 5-year average of 2015-2019 WE CAPTURED MORE VI SPREAD FROM INTERNAL GROWTH & BENEFITED FROM STRONG PORK MARKETS CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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7PRIVATE & CONFIDENTIAL WE DELIVERED GOLD-STANDARD BRANDED PRODUCTS WITH STRATEGIC CUSTOMERS AROUND THE WORLD MAKES US DISTINCTIVE AND DIFFERENTIATED MAPLE LEAF FOODS SUSTAINABLE, PREMIUM PORK PRODUCTS SOLD AT FORMULA-BASED PRICING Retail-Ready Products: • Direct-to-shelf; one-piece cryovac • Longer shelf life and limited labour requirements • Branded and generic offerings NORTH AMERICAN MARKETS TAILORED, VALUE-ADDED OFFERINGS FOR KEY STRATEGIC CANADIAN RETAIL CUSTOMERS Case-ready products integrated into customers’ supply chain Specialized cuts and packaging for specific retailer needs Sustainable meat supplier for private label brands Lethbridge Pork: • Launched in 2019 • Canada Packers’ brand Gold Lid (MLQA): • Launched in 2014 • Customer brand with NipponHam Silver Lid: • Launched in 2016 • Customer brand with NipponHam Mirai Sodachi: • Launched in 2024 • Customer brand with Itoham Yonekyu TRACEABILITY GENETICS FEED QUALITY MEAT QUALITY JAPANESE MARKET CO-BRANDS WITH STRATEGIC CUSTOMERS, TARGETING THE MOST PREMIUM JAPANESE MARKET SEGMENTS Raised Without Antibiotics Gestation Crate Free Evergreen Supply Agreement providing stable, predictable and reliable partner High volume purchases supporting large- scale and efficient operation at Canada Packers #1 branded prepared meats producer in Canada as the anchor customer
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8PRIVATE & CONFIDENTIAL OUR Q3 PERFORMANCE REINFORCES THAT CANADA PACKERS IS A HIGHLY DIFFERENTIATED AND ATTRACTIVE INVESTMENT OPPORTUNITY Exceptional Profitability and Durability Driven By Distinctive and Optimized Business Mix Best-in-class profit margin driven by premium products sold across diverse mix of markets(1) Clear Pathway to Profit Accretive Growth Fueled by Untapped Capacity Clear near-term growth opportunities to capitalize on latent capacity and profit expansion opportunities Strong Cash Flow With a Focus on Long-Term Shareholder Value Driven by Anchor Investors Shareholders McCain Capital Inc. and Maple Leaf Foods Inc. leverages decades of food and agriculture industry experience for a long-term disciplined view of capital allocation that optimizes near-term business operations and maximizes long-term returns (1) Based on pro forma historical results, reflecting the impact of the Supply Agreement, the Long-Term Service Agreement and public company costs
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9PRIVATE & CONFIDENTIAL Q3 AND YTD 2025 RESULTS Q3 Results Q3 2025 Q3 2024 Change Q3 YTD 2025 Q3 YTD 2024 Change Sales $481.8 $420.2 14.7% $1,407.0 $1,234.5 14.0% Gross profit $63.2 $47.6 32.8% $187.2 $136.5 37.1% SG&A $20.5 $18.4 11.4% $57.4 $51.0 12.5% Adjusted Operating Earnings1 $47.5 $28.0 69.9% $125.9 $64.1 96.4% Adjusted EBITDA1 $60.2 $41.4 45.4% $161.2 $101.0 59.6% Adjusted EBITDA margin1 12.5% 9.9% 260 bps 11.5% 8.2% 330 bps Adjusted Free Cash Flow1 $42.4 $28.3 49.9% $127.7 $76.4 67.1% Pro Forma Sales2 $476 $401 19% $1,365 $1,185 15% Pro Forma Adjusted EBITDA2 $56 $41 37% $144 $92 57% Pro Forma Adjusted EBITDA Margin2 11.8% 10.2% 160bps 10.6% 7.8% 280bps All figures in CAD millions, unless noted otherwise 1 This is a non-IFRS metric. Please refer to the following supplemental slides for more information 2 See “Management’s Pro Forma Estimates and Related Non-IFRS Measures” section of this presentation.CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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10PRIVATE & CONFIDENTIAL CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025 Supplemental Financial Slides Q3 2025
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11PRIVATE & CONFIDENTIAL Reconciliation of non-IFRS metrics – Free Cash Flow ($ millions) Three months ended September 30 Nine months ended September 30 (Unaudited) 2025 2024 2025 2024 Cash provided by operating activities $39.1 $34.0 $159.7 $84.7 Maintenance Capital(i) $(9.5) $(8.5) $(25.4) $(20.1) Free Cash Flow $29.6 $25.5 $134.3 $64.6 Changes in non-cash operating working capital $12.8 $2.8 $(6.6) $11.8 Adjusted Free Cash Flow $42.4 $28.3 $127.7 $76.4 (i) Maintenance Capital is defined as non-discretionary investment required to maintain the Company's existing operations and competitive position. CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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12PRIVATE & CONFIDENTIAL Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Three months ended September 30 Nine months ended September 30 ($ millions except margin)(i) (Unaudited) 2025 2024 2025 2024 Earnings before income taxes $ 36.1 $ 27.5 $ 115.4 $ 79.8 Interest expense 1.0 1.2 3.3 3.3 Other expense(ii) 5.6 0.4 11.1 2.4 Earnings from operations $ 42.7 $ 29.1 $ 129.8 $ 85.5 (Increase) decrease in fair value of biological assets 4.9 (3.7) (3.4) (20.4) Change in unrealized loss (gain) on derivative contracts (0.1) 2.7 (0.5) (1.0) Adjusted Operating Earnings $ 47.5 $ 28.1 $ 125.9 $ 64.1 Depreciation and amortization 13.2 12.5 37.2 37.4 Items included in other expense representative of ongoing operations(iii) (0.5) 0.9 (1.9) (0.5) Adjusted EBITDA $ 60.2 $ 41.5 $ 161.2 $ 101.0 Adjusted EBITDA Margin 12.5% 9.9% 11.5% 8.2% (i) Totals may not add due to rounding. (ii) Other expense primarily consists of Spin-Off costs allocated to Canada Packers and certain costs associated with sustainability projects. (iii) These items primarily consist of activities that management believes to be representative of the ongoing operations of Can ada Packers such as gains and losses on the sales of fixed assets or lease modifications as well as certain costs associated with sustainability projects. CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025
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13PRIVATE & CONFIDENTIAL Management’s pro forma estimates and related Non-IFRS measures Quarter ended Last twelve months (in millions of CAD) (unaudited) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Sales $395 $ 394 $ 420 $ 420 $ 424 $ 452 $ 473 $ 482 $ 1,831 Estimate of potential impact of separation(i) (29) (15) (15) (19) (20) (20) (17) (6) (63) Pro Forma Sales $365 $ 379 $ 405 $ 401 $ 404 $ 432 $ 456 $ 476 $ 1,768 Adjusted EBITDA(ii) $21 $ 26 $ 33 $ 42 $ 45 $ 50 $ 51 $ 60 $ 206 Adjusted EBITDA Margin(ii) 5.3% 6.7% 7.9% 9.9% 10.7% 11.0% 10.9% 12.5% 11.3% Estimate of potential impact of separation(iii) (5) (3) (5) (1) (6) (6) (7) (4) (23) Pro Forma Adjusted EBITDA(iv) $16 $ 23 $ 28 $ 41 $ 39 $ 44 $ 44 $ 56 $ 183 Pro Forma Adjusted EBITDA Margin(v) 4.4% 5.9% 6.9% 10.2% 9.6% 10.3% 9.8% 11.8% 10.4% CANADA PACKERS – Q3 2025 BUSINESS AND FINANCIAL REVIEW | November 5, 2025 (i) Management's preliminary estimate of the potential impact on sales if the separation had occurred before the reporting period. Primarily relates to management’s preliminary estimate of the change in sales as a result of the potential impact of the supply agreement and other contractual arrangements, (as if those had been in effect during the periods presented). This estimate is subject to change. (ii) Represents a non-IFRS measure. For more information, see “Non-IFRS Financial Measures” of this presentation. For a reconciliation of Adjusted EBITDA to earnings before income taxes, refer to the management information circular of Maple Leaf Foods dated May 1, 2025 and filed on Maple Leaf Foods' SEDAR+ profile on May 12, 2025. (iii) Management's preliminary estimate of the potential impact on Adjusted EBITDA if the separation had occurred before the reporting period. Primarily relates to management’s preliminary estimate of (1) a change in Adjusted EBITDA of Canada Packers as a result of the potential impact of the supply agreement and other contractual arrangements (as if those had been in effect during the periods presented), (2) public company costs that would have been incurred by Canada Packers, and (3) a reallocation of certain SG&A expenses. This estimate is subject to change.(iv) Defined as Pro Forma Adjusted EBITDA, as described in (iii) above divided by Pro Forma Sales. (iv) Defined as Adjusted EBITDA plus management’s preliminary estimate of the potential impact of the separation, and subject to the qualifications described in (iii) above. (v) Defined as Pro Forma Adjusted EBITDA, as described in (iv) above, divided by Pro Forma Sales.