Slides
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1 Third Quarter 2026 Financial & Business Results
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2 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 information. 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 information should not be unduly relied upon. All statements other than statements of historical fact contained herein are forward-looking information, including, without limitation, statements regarding the future financial position and operational performance of the business, future goals and objectives, future capital allocation, expected cash flows and the sources of same, access to capital, pork market conditions, foreign currency exchange rates, sales mix, export markets and the expected outcomes of the Company’s strategies. Forward-looking information is not a guarantee of future performance and involves assumptions, risks and uncertainties that are difficult to predict. The forward-looking information reflects management’s current beliefs and assumptions, including but not limited to its assumptions with respect to such things as outlook for operational optimization opportunities, general economic trends, pork markets, industry forecasts and/or trends, commodity prices, foreign currency markets, capital markets, supply chain effectiveness, and animal disease including the potential impacts thereof. While the Company believes its assumptions are reasonable, the forward-looking information may prove to be incorrect in whole or in part and actual results may differ materially from those expressed, implied, or forecasted. In addition, this presentationincludes historical, current, and forecast market and industry data that has been obtained from third party or public sources. Although the Company believes such information to be reliable, none of such information has been independently verified by the Company. Forward-looking information reflects the Company’s expectations only as of the date hereof, and unless required by law, the Company does not intend to update any forward-looking information. For more information, please refer to the sections entitled “Risk Factors” and “Forward-Looking Statements” in the Management's Discussion and Analysis for the year ended December 27, 2025 and the section entitled “Forward-Looking Statements” in the Management's Discussion and Analysis for the quarter ended September 26, 2026 and the associated earnings news release dated October 28, 2026, all of which are filed on SEDAR+. 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. 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 additions to long-term assets. Adjusted Earnings per Share is defined as basic earnings per share and is adjusted on the same basis as Adjusted Operating Earnings, net of income taxes. Net Debt is calculated as long-term debt and lease obligations less cash. Net Debt to Trailing Twelve Months Adjusted EBITDA is calculated as Net Debt divided by Trailing Twelve Months Adjusted EBITDA. 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 INFORMATION AND NON-IFRS METRICS CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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3 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 range, and global reach drive resilient margins that compare favourably to the industry. As one of North America's largest producers of Raised Without Antibiotics (RWA) pork, we meet growing global demand with trusted, traceable, ethically raised protein. With untapped capacity and a clear growth strategy, Canada Packers offers investors a unique opportunity for long-term value creation. Canada Packers: Proudly raised; Responsibly made. A legacy of performance. A future of sustainable growth.
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4 Q3 2026: STRONG EXECUTION AMID SIGNIFICANT MARKET CHALLENGES • Our differentiated strategy of selling value-added premium pork to strategic global customers delivered market out performance despite significant industry-wide spread compression • We generated positive free cash flow, reduced debt, supported our dividend and continued improving our operations. • Our underlying opportunity remains intact as we continue to grow and strengthen the business through the market cycle. • Q3 2026 actuals versus Q3 2025 pro forma2 comparatives: • Sales of $420.7 million, down $55.3 million or ~11.6%. • Processed 1.02 million hogs3, down 16,000 or 1.6%. • Adjusted EBITDA1 of $31.5 million, down $24.5 million or ~43.8%. • Adjusted EBITDA Margin1 of 7.5%, down ~430 bps. Year to date Adjusted EBITDA Margin1 of 8.5% is within normal operating range. • Generated Free Cash Flow1of $14.7 million. 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 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 Q3 2025 Q3 2026 $476 $420.7 -11.6% Actual vs Pro forma sales2 ($ millions) YTD 2025 YTD 2026 $1,363 $1,280.8 -6.0% Q3 2025 Q3 2026 $56 $31.5 -430 bps Actual vs Pro forma adjusted EBITDA2 ($ millions) 11.8% 7.5% YTD 2025 YTD 2026 $145 $108.5 10.6% -210 bps 8.5%
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5 RESILIENCE GROUNDED IN OUR CORE STRATEGIES Latent capacity available to grow hog processing volumes over time Targeted sales of premium value-added products sold across our strategic customer base Optimized whole hog profitability through diverse mix of markets Improvements tied to on-farm performance Resilient business model across market cycle CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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6 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 positive free cash flow1 despite industry-wide market headwinds • Capital allocation priorities are unchanged: dividend, debt reduction and maintenance capex • Reduced bank loan by $10M in Q3 and $45 million since October 1st 2025, ~$200M capacity on revolver 3. Growth opportunity remains intact • Continue to expect FY 2026 hog processing growth to be within our 2% to 3% target range, including the benefit of the extra production week in the fiscal calendar 1 This is a non-IFRS metric. Please refer to the supplemental slides for more information. CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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7 LEVERAGING OUR DISTINCTIVE AND OPTIMIZED BUSINESS MIX TO DELIVER RESULTS KEY PILLARS OF BUSINESS MODEL 2025 REVENUE(1) (% 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 2025 pro forma sales mix CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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8 WE DELIVER GOLD-STANDARD BRANDED PRODUCTS WITH STRATEGIC CUSTOMERS AROUND THE WORLD MAKING 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 private label offerings NORTH AMERICAN RETAIL 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 Reliable supply of quality, sustainably produced meat Lethbridge Pork: • Launched in 2019 • House 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 CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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9 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 $0 $10 $20 $30 $40 Cutout - COP Spread US$ (CWT) USDA Pork Cutout – Industry Hog Production Cost $0 $5 $10 $15 Oct'24 Jan'25 Apr'25 Jul'25 Oct'25 Jan'26 Apr'26 Jul'26 Cutout - CME Spread US$ (CWT) USDA Pork Cutout –CME Hog Cost -$35 -$25 -$15 -$5 $5 $15 $25 $35 $45 $55 $65 $60 $70 $80 $90 $100 $110 $120 $130 $140 Jan'15 Jan'16 Jan'17 Jan'18 Jan'19 Jan'20 Jan'21 Jan'22 Jan'23 Jan'24 Jan'25 Jan'26 PRICE US$ (CWT) Vertically Integrated Margins Cost of Hog Production Pork Cutout 2016-2019 + 2025 - VIS Source: USDA, CME Group, ISU Return Model: http://www2.econ.iastate.edu/estimated-returns 5-year average normal markets pre-pandemic 2016-2019 and 2025
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10 OUR Q3 PERFORMANCE REINFORCES CANADA PACKERS’ VALUE PROPOSITION 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. leverage 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 CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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11 Q3 2026 RESULTS All figures in CAD millions, unless noted otherwise 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.CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 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)% Adjusted EBITDA1 $31.5 $60.2 (47.7)% $108.5 $161.2 (32.7)% Adjusted EBITDA margin1 7.5% 12.5% (500bps) 8.5% 11.5% (300bps) Free Cash Flow1 $14.7 $31.3 (53.0)% $52.4 $129.1 (59.4)% Pro Forma Sales2 $420.7 $476 (11.6)% $1,280.8 $1,363 (6.0)% Pro Forma Adjusted EBITDA2 $31.5 $56 (43.8)% $108.5 $145 (25.2)% Pro Forma Adjusted EBITDA Margin2 7.5% 11.8% (430bps) 8.5% 10.6% (210bps)
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12 Supplemental Financial Slides Q3 2026 CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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13 PORK MARKET DASHBOARD CBOT corn futures curve, $/bu (as of October 16, 2026) CAD per USD & CAD per 100 JPY (quarterly avg) Pork cutout, hog market price & industry hog cost of production ($/cwt, monthly) Spread proxies ($/cwt, quarterly): packer spread vs. vertically integrated spread Source: USDA AMS LM_PK602 & LM_HG201. Cost of production: Iowa State Univ. breakeven model, through September 2026. Source: USDA WASDE, October 2026 report. Source: Bloomberg - CME/CBOT. 2026: monthly avg of weekly prices; Dec'26- Dec'27: futures curve (last trade) as of 10/16/26. Source: Bloomberg. 65 75 85 95 105 115 125 Pork cutout Hog market price Industry hog cost of production 0.8 0.85 0.9 0.95 1 1.05 1.1 1.15 1.2 1.25 1.3 1.35 1.4 1.45 1.5 Q1 22 Q3 22 Q1 23 Q3 23 Q1 24 Q3 24 Q1 25 Q3 25 Q1 26 Q3 26 CAD/100JPY CAD/USD CAD per USD CAD per 100 JPY Corn: 2025/2026 estimate vs. 2026/2027 projection CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 $5.20 $4.74 $4.87 $4.93 $4.99 $4.94 $5.07 4.00 4.50 5.00 5.50$/bu 2026 monthly avg (Jan-Sep) Futures curve (as of Oct 16, 2026) 8.8 9.1 6.8 9.2 9.5 6.1 4.6 10.8 8.0 9.2 15.6 11.7 18.1 31.0 17.9 13.0 11.7 10.2 12.5 17.0 19.7 14.8 0 10 20 30 40 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Normal Q1* Normal Q2* Normal Q3* Normal Q4* $/cwt Packer spread Vertically integrated spread Source: Derived from USDA AMS LM_PK602/LM_HG201 and Iowa State Univ. breakeven model (quarterly). *Normal = avg. of that quarter in 2016-19 and 2025. 16,964 2,095 16,034 (-5.5%) 1,849 (-11.7%) 187 181 (-2.8%) 0 50 100 150 200 250 0 5,000 10,000 15,000 20,000 25,000 Production (MBu) Ending stocks (MBu) Yield (bu/acre) Yield (bu/acre) M bu 2025/2026 crop (estimate) 2026/2027 crop (projection)
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14 PORK CUTOUT: PRIMAL VALUE BREAKDOWN Source: USDA AMS LM_PK602 Q3 2025 vs. Q3 2026 (Jul-Sep), by primal ($/cwt) 181.7 122.3 106.8 98.3 92.0 160.0 114.7 136.6 113.4 85.8 90.1 68.9 161.8 97.1 0 40 80 120 160 200 Belly Butt Ham Loin Picnic Rib Cutout $/cwt Q3 2025 Q3 2026 Q3 2025 YTD vs. Q3 2026 YTD (Jan-Sep), by primal ($/cwt) 160.5 118.1 94.8 91.8 79.4 154.5 104.1 134.2 119.2 83.4 90.8 71.8 168.5 96.8 0 40 80 120 160 200 Belly Butt Ham Loin Picnic Rib Cutout $/cwt 2025 YTD 2026 YTD CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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15 HOG SUPPLY AND DEMAND FUNDAMENTALS Breeding herd decline vs. productivity gain 10.5 10.7 10.9 11.1 11.3 11.5 11.7 11.9 12.1 12.3 12.5 5.6 5.7 5.8 5.9 6 6.1 6.2 6.3 6.4 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Pigs/litter Breeding (M head) Breeding inventory Pigs per litter Quarterly (Q3) production (M lb) Year-to-date (YTD) production (M lb) 6,614 6,570 (-0.7%) 6,000 6,300 6,600 6,900 7,200 2025 2026 Source: USDA WASDE. Source: USDA NASS Cold Storage. 5-yr avg = 2021-25 average of Sep 30 stocks. Source: USDA WASDE. Source: USDA NASS Quarterly Hogs and Pigs, Sep-2026 report. 20,276 20,375 (+0.5%) 10,000 15,000 20,000 2025 2026 Pork cold storage: Q3 2025 vs. Q3 2026 to date (M lb, by primal) CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 U.S. pork exports: Q3 and YTD 1,643 5,125 1,632 (-0.7%) 5,232 (+2.1%) 0 1,500 3,000 4,500 6,000 Q3 2025 Q3 2026E (Sep est.) YTD 2025 YTD 2026E (Sep est.) M lb 2025 2026E (incl. Sep est.) U.S. pork domestic use: 2025 vs. 2026E 21,744 21,735 (-0.04%) 0 10,000 20,000 30,000 2025 2026E (WASDE proj.) M lb 2025 2026E (WASDE proj.) Source: USDA Economic Research Service. 23.1 156.9 35.2 69.7 19.1 5.818.5 125.7 32.5 60.1 24.4 5.819.7 160.7 40.6 63.3 23.8 5.9 464.1 393.3 427.8 0 120 240 360 480 600 0 50 100 150 200 250 Bellies Hams Loins Ribs Butts Picnics Total Pork Total pork (M lb) M lb 5-yr avg (Sep, 2021-25) Q3 2025 (Sep 30) Q3 2026 (Sep 30)
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16 Reconciliation of non-IFRS metrics – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin (i) Totals may not add due to rounding. (ii) Other expense primarily consists of certain costs associated with sustainability projects and, for 2025 comparative periods, Spin-Off costs allocated to Canada Packers prior to the Spin-Off. (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 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 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 $ (37.0) $ 36.0 $ (15.4) $ 115.4 Interest expense 6.7 1.0 20.4 3.3 Other expense(ii) - 5.6 3.4 11.2 Earnings from operations $ (30.4) $ 42.7 $ 8.4 $ 129.8 Decrease (increase) in fair value of biological assets 47.6 4.9 58.5 (3.4) Change in unrealized loss (gain) on derivative contracts 0.4 (0.1) 1.9 (0.5) Adjusted Operating Earnings $ 17.6 $ 47.5 $ 68.8 $ 125.9 Depreciation and amortization 14.3 13.2 41.5 37.2 Items included in other expense representative of ongoing operations(iii) (0.4) (0.5) (1.9) (1.9) Adjusted EBITDA $ 31.5 $ 60.2 $ 108.5 $ 161.2 Adjusted EBITDA Margin 7.5% 12.5% 8.5% 11.5%
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17 Reconciliation of non-IFRS metrics –Free Cash Flow CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026 ($ 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) $(10.6) $(24.0) $(26.3) Free Cash Flow $14.7 $31.3 $52.4 $129.1
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18 Reconciliation of non-IFRS metrics – Total Company Net Debt ($ 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 $154.8 Net Debt to Trailing Twelve Months Adjusted EBITDA1 2.8x 1 See “Management’s Pro Forma Estimates and Related Non-IFRS Measures” section of this presentation.CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026
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19 (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). (ii) Represents a non-IFRS measure. For more information, see “Non -IFRS Financial Measures” of this presentation. For a reconciliatio n 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 report ing period. Primarily relates to management’s preliminary estimate of (1) a change in Adjusted EBITDA of Canada Packers as a res ult of the potential impact of the supply agreement and other contractual arrangements (as if those had been in effect during the period s presented), (2) public company costs that would have been incurred by Canada Packers, and (3) a reallocation of certain SG&A e xpenses. (iv) Defined as Adjusted EBITDA plus management’s preliminary estimate of the potential impact of the separation, and subject to t he qualifications described in (iii) above. (v) Defined as Pro Forma Adjusted EBITDA, as described in (iv) above, divided by Pro Forma Sales. (vi) Totals may not add due to rounding. Management’s pro forma estimates and related Non-IFRS measures Quarter Ended Trailing Twelve Months Ended (in millions of CAD) (unaudited) March 29, 2025 June 28, 2025 September 27, 2025 December 27, 2025 March 28, 2026 June 27, 2026 September 26, 2026 September 26, 2026 Pro Forma Pro Forma Pro Forma Actual Actual Actual Actual Sales $ 452 $ 473 $ 482 $ 429 $ 428 $ 432 $ 421 $1,710 Estimate of potential impact of separation(i) (21) (17) (6) - - - - - Pro Forma Sales $ 431 $ 456 $ 476 $ 429 $ 428 $ 432 $ 421 $1,710 Adjusted EBITDA(ii) $ 50 $ 51 $ 60 $ 46 $ 42 $ 35 $ 31 $154 Adjusted EBITDA Margin(ii) 11.0% 10.9% 12.5% 10.8% 9.8% 8.1% 7.5% 9.0% Estimate of potential impact of separation(iii) (6) (6) (4) - - - - - Pro Forma Adjusted EBITDA(iv) $ 44 $ 45 $ 56 $ 46 $ 42 $ 35 $ 31 $154 Pro Forma Adjusted EBITDA Margin(v) 10.3% 9.8% 11.8% 10.8% 9.8% 8.1% 7.5% 9.0% Net Debt to Trailing Twelve Months Pro Forma Adjusted EBITDA 2.8 CANADA PACKERS – Q3 2026 BUSINESS AND FINANCIAL REVIEW | October 28, 2026