Maple Leaf Foods Reports Fourth Quarter and Full Year 2025 Financial Results
Maple Leaf Foods Reports Fourth Quarter and Full Year 2025 Financial Results
TSX: MFI
Maple Leaf Foods reports fourth quarter Revenue growth of 8.1% and Adjusted EBITDA growth of 8.3%
MISSISSAUGA, ON, March 5, 2026 /PRNewswire/ - Maple Leaf Foods Inc. ("Maple Leaf Foods" or "the Company") (TSX: MFI) today reported its financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights(ii)**
- Sales were $991 million compared to $917 million for the same period last year, an increase of 8.1%.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")(i) grew to $117 million, an 8.3% increase from the same period last year, with Adjusted EBITDA Margin of 11.8% in line with last year.
- Earnings were $391 million ($3.14 earnings per basic share) compared to $54 million ($0.43 earnings per basic share) last year.
- Adjusted Earnings per Share*(i)* was $0.32 for the fourth quarter compared to $0.18 for the same period last year.
- Increased return of capital to shareholders through payment of a $75 million special cash dividend.
2025 Highlights(ii)**
- Sales were $3,913 million compared to $3,633 million last year, an increase of 7.7%.
- Adjusted EBITDA*(i)* grew to $476 million, a 21% increase compared to last year, with Adjusted EBITDA Margin increasing from 10.8% to 12.2%.
- Earnings were $542 million ($4.36 earnings per basic share) compared to $97 million ($0.79 earnings per basic share) last year.
- Adjusted Earnings per Share*(i)* was $1.09 for 2025 compared to $0.15 last year.
- Net Debt*(i)* was $995 million, with Net Debt to Trailing Twelve Months Adjusted EBITDA*(i)* of 2.1x improving from 2.7x at the same time a year ago.
Executive Commentary
"Our fourth-quarter results capped off another year of substantial operational and financial progress for Maple Leaf Foods," said Curtis Frank, President and Chief Executive Officer of Maple Leaf Foods. "In 2025, disciplined execution of the Maple Leaf Blueprint delivered revenue growth of nearly 8%, a 21% increase in Adjusted EBITDA, and a 140-basis-point expansion in Adjusted EBITDA margin to 12.2%, while further strengthening our balance sheet and unlocking shareholder value."
"We are now seeing the tangible benefits of our transformation into a simpler, purpose-driven, protein-centric, brand-led CPG company," continued Frank. "The strength of our portfolio of leading brands, the resilience of our proven growth platforms, and the returns from major capital projects and initiatives such as Fuel for Growth are driving margin expansion and improving consistency across the business."
"Having entered a new phase defined by balance sheet strength and financial flexibility, we are well positioned to pursue a disciplined, investor-focused approach to capital allocation while driving mid-single-digit revenue growth and continued margin expansion. This supports our expectation of $520 to $540 million of Adjusted EBITDA in 2026 and reflects the focus and execution of our teams as they continue to translate our strategy into results."
Outlook
- The Company expects the following for fiscal 2026: Mid-single-digit increase in revenue from 2025, driven by the execution of proven growth strategies along with strong and growing consumer demand for protein. Adjusted EBITDA*(ii)* of approximately $520 - $540 million, driven by revenue growth and margin improvement from operational discipline and the benefits from the Company's Fuel for Growth initiative. Maintain an investment-grade balance sheet with Net Debt to Trailing Twelve Months Adjusted EBITDA*(ii)* below 3.0x supported by strong free cash flow and prudent capital allocation. Disciplined capital investment of approximately $160 - $180 million in spend focused on maintenance and productivity enhancement investments. Dividend growth of approximately 10% with the quarterly dividend increasing from $0.19 to $0.21 per share, underscoring Maple Leaf Foods' commitment to delivering shareholder returns.
Maple Leaf Foods recognizes that macro-economic factors may continue to strongly influence the operating environment, creating uncertainty and potential volatility. This has a number of implications for the Company's business, including the influence these dynamics have on consumer sentiment, supply chain activity, access to markets, barriers to trade, and foreign exchange rates. The Company leverages its data-driven insights to stay close to these evolving circumstances and is confident in the resilience of its brands, business model and strategy to manage through prevailing economic conditions. At the same time, it recognizes that its ability to deliver its 2026 guidance could be impacted by these conditions. Refer to section 23. Risk Factors in the Company's Management's Discussion and Analysis for the year ended December 31, 2025 as filed on the System for Electronic Data Analysis and Retrieval ("SEDAR+").
(i) Refer to the section titled Non-IFRS Financial Measures in this news release.
(ii) Prior year amounts have been restated to reflect results from continuing operations with the exception of Net Debt to Trailing Twelve Months Adjusted EBITDA.
Financial and Operating Highlights
On October 1, 2025 the Company completed the spin-off of its pork operations, which have been presented as discontinued operations in the Company's Consolidated Statements of Earnings. The continuing operations of the Company are comprised of two operating units, Prepared Foods and Poultry, which account for approximately 75% and 25% of sales, respectively.
As at or for the
$ millions except earnings per share (Unaudited)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
Change
2025
2024
Change
Sales*(i)*
$ 991.2
$ 917.1
8.1 %
$ 3,912.7
$ 3,633.4
7.7 %
Gross profit*(i)*
$ 158.4
$ 143.5
10.4 %
$ 662.8
$ 557.3
18.9 %
Selling, general and administrative expenses*(i)*
$ 93.2
$ 90.0
3.6 %
$ 397.4
$ 391.7
1.5 %
Earnings (Loss) from Continuing Operations*(i)*
$ (34.4)
$ 6.4
nm*(iii)*
$ 43.9
$ (11.9)
nm*(iii)*
Earnings
$ 391.2
$ 53.5
nm*(iii)*
$ 541.6
$ 96.6
nm*(iii)*
Earnings (Loss) per Basic Share from Continuing Operations*(i)*
$ (0.28)
$ 0.05
nm*(iii)*
$ 0.35
$ (0.10)
nm*(iii)*
Earnings per Basic Share
$ 3.14
$ 0.43
nm*(iii)*
$ 4.36
$ 0.79
nm*(iii)*
Adjusted Operating Earnings*(i)(ii)*
$ 67.2
$ 52.8
27.3 %
$ 270.3
$ 181.9
48.6 %
Adjusted EBITDA*(i)(ii)*
$ 117.3
$ 108.3
8.3 %
$ 475.7
$ 392.7
21.1 %
Adjusted EBITDA Margin*(i)(ii)*
11.8 %
11.8 %
0 bps
12.2 %
10.8 %
140 bps
Adjusted EBT*(i)(ii)*
$ 54.6
$ 27.8
96.4 %
$ 189.6
$ 33.0
nm*(iii)*
Adjusted Earnings per Share*(i)(ii)*
$ 0.32
$ 0.18
77.8 %
$ 1.09
$ 0.15
nm*(iii)*
Free Cash Flow*(ii)*
$ 69.8
$ 129.8
(46.2) %
$ 318.4
$ 385.3
(17.4) %
Net Debt*(ii)*
$ 995.2
$ 1,516.0
(34.4) %
(i) 2024 amounts have been restated to exclude discontinued operations related to the pork operations.
(ii) Refer to the section titled Non-IFRS Financial Measures in this news release.
(iii) Not meaningful.
Fourth Quarter 2025
Sales for the fourth quarter of 2025 were $991.2 million compared to $917.1 million last year, an increase of 8.1%. Prepared Foods sales increased by 6.1% driven by pricing and improved mix, which were partially offset by increased trade promotions. Poultry sales increased by 13.1% driven by improved channel mix tied to retail and foodservice volume growth and pricing, which were partially offset by increased trade promotions.
Gross profit for the fourth quarter of 2025 was $158.4 million (gross margin*(i)* of 16.0%) compared to $143.5 million (gross margin of 15.6%) last year. The increase in gross profit was driven by favourable Poultry channel mix, improved operating efficiencies, and pricing impacts which were partially offset by input cost inflation and higher trade promotion costs.
Selling, General and Administrative ("SG&A") expenses for the fourth quarter of 2025 were $93.2 million compared to $90.0 million last year. The increase in SG&A expenses was primarily driven by higher variable compensation.
Loss from continuing operations for the fourth quarter of 2025 was $34.4 million ($0.28 loss per basic share from continuing operations), compared to earnings of $6.4 million ($0.05 earnings per basic share from continuing operations) last year. Loss from continuing operations was impacted by the same factors as noted above for gross profit and SG&A, a non-cash impairment of plant protein intangible assets and higher income tax expense, partly offset by a non-cash settlement gain on a pension annuity purchase, reduced interest expense due to lower debt levels, and lower restructuring charges.
Earnings for the fourth quarter of 2025 were $391.2 million ($3.14 earnings per basic share) compared to $53.5 million ($0.43 earnings per basic share) last year. The increase was driven by the factors noted above for the decrease in earnings from continuing operations and the foregone earnings from the divested business, which were more than offset by a gain from the disposal of the pork operations.
Adjusted Operating Earnings for the fourth quarter of 2025 were $67.2 million compared to $52.8 million last year, and Adjusted Earnings per Share for the fourth quarter of 2025 was $0.32 compared to $0.18 last year. The increase was driven by factors consistent with those noted above for gross profit and SG&A.
Adjusted EBITDA for the fourth quarter was $117.3 million, compared to $108.3 million last year, driven by factors consistent with those noted above for Adjusted Operating Earnings. Adjusted EBITDA Margin for the fourth quarter of 2025 was 11.8%, flat to last year, also driven by factors consistent with those noted above.
Adjusted Earnings Before Taxes ("Adjusted EBT") for the fourth quarter of 2025 was $54.6 million compared to $27.8 million last year, driven by factors noted above.
Free Cash Flow for the fourth quarter of 2025 was $69.8 million compared to $129.8 million in the prior year. Free Cash Flow decreased due to lower cash earnings as a result of the spin-out of the pork operations, income tax refunds in the prior year and higher maintenance capital expenditures, partially offset by lower interest payments.
Full Year 2025
Sales for 2025 were $3,912.7 million compared to $3,633.4 million last year, an increase of 7.7%. Prepared Foods sales increased by 6.5% driven by pricing, improved mix, and volume growth, which were partially offset by higher trade promotions. Poultry sales increased by 10.8% driven by improved channel mix tied to retail and foodservice volume growth and pricing, which were partially offset by increased trade promotions.
Gross profit for 2025 increased to $662.8 million (gross margin*(i)* of 16.9%) compared to $557.3 million (gross margin of 15.3%) last year. The increase in gross profit was driven by favourable mix in Prepared Foods and Poultry, positive operating efficiencies inclusive of benefits from the investments in the London poultry and Bacon Centre of Excellence facilities, a reduction in start-up expenses, lower depreciation, and pricing impacts which were partially offset by input cost inflation and higher trade promotion costs.
SG&A expenses for 2025 were $397.4 million compared to $391.7 million last year. The increase was driven by higher variable compensation and higher advertising and promotional expenses, which were partially offset by lower consulting fees.
Earnings from continuing operations for 2025 were $43.9 million ($0.35 earnings per basic share from continuing operations) compared to a loss of $11.9 million ($0.10 loss per basic share from continuing operations) last year. Earnings from continuing operations were impacted by the same factors as noted above for gross profit and SG&A, reduced interest expense due to lower debt levels and interest rates, a non-cash settlement gain on a pension annuity purchase, and lower restructuring costs, all partly offset by a non-cash impairment of plant protein intangible assets and higher income tax expense.
Earnings for 2025 were $541.6 million ($4.36 earnings per basic share) compared to $96.6 million ($0.79 earnings per basic share) last year. The increase was driven by earnings from continuing operations as noted above as well as a gain from the disposal of the pork operations, partially offset by the foregone earnings from the divested business for the fourth quarter, both of which are reflected within discontinued operations.
Adjusted Operating Earnings for 2025 were $270.3 million compared to $181.9 million last year, and Adjusted Earnings per Share for 2025 was $1.09 compared to $0.15 last year. The increase was driven by factors consistent with those noted above excluding the impact of start-up expenses.
Adjusted EBITDA for 2025 was $475.7 million compared to $392.7 million last year, driven by factors consistent with those noted above for Adjusted Operating Earnings excluding the reduction of depreciation expense. Adjusted EBITDA Margin for 2025 was 12.2% compared to 10.8% last year, also driven by factors consistent with those noted above.
Adjusted EBT for 2025 was $189.6 million compared to $33.0 million last year due to similar factors as noted above.
Free Cash Flow for 2025 was $318.4 million compared to $385.3 million in the prior year. Free Cash Flow decreased due to income tax refunds in the prior year and investments in working capital offset by lower interest paid and improved earnings after the removal of non-cash items.
Net Debt as at December 31, 2025 was $995.2 million, a decrease of $520.9 million compared to the prior year. For discussion of changes in Net Debt see section 12. Cash Flow and Financing of the Company's Management's Discussion and Analysis for the year ended December 31, 2025 as filed on SEDAR+.
(i) Gross margin is defined as gross profit divided by sales.
Note: Several items are excluded from the discussions of underlying earnings performance as they are not representative of ongoing operational activities. Refer to the section entitled Non-IFRS Financial Measures at the end of this news release for a description and reconciliation of all non-IFRS financial measures.
Other Matters
On January 12, 2026, the Board of Directors approved an increase in the quarterly dividend from $0.19 per share to $0.21 per share, or $0.84 per share on an annual basis. With this increase, the dividend payment for the first quarter of 2026 will be $0.21 per common share, payable on March 31, 2026, to shareholders of record at the close of business on March 9, 2026. Unless indicated otherwise by the Company at or before the time the dividend is paid, the dividend will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System". The Company's Dividend Reinvestment Plan ("DRIP") permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For those who wish to reinvest their dividends under the DRIP, Maple Leaf Foods intends to issue common shares from treasury at a price equal to 100% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP, including how to enroll in the program, are available at https://www.mapleleaffoods.com.
Conference Call
A conference call will be held at 8:00 a.m. ET on March 5, 2026, to review Maple Leaf Foods' fourth quarter and full-year 2025 financial results. To participate in the call, please dial 1-416-945-7677 or 1-888-699-1199. For those unable to participate, a playback will be made available an hour after the event at 1-289-819-1450 or 1-888-660-6345 (Passcode: 76986#).
A webcast of the fourth quarter and full-year 2025 conference call will also be available at: https://app.webinar.net/bMg8pdBoGyY.
The Company's full audited consolidated financial statements ("Consolidated Financial Statements") and related Management's Discussion and Analysis are available on the Company's website and on SEDAR+ at www.sedarplus.ca.
An investor presentation related to the Company's fourth quarter and full-year 2025 financial results will be available at www.mapleleaffoods.com/investors.
Non-IFRS Financial Measures
The Company uses the following non-IFRS measures: Adjusted Operating Earnings, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBT, Construction Capital, Net Debt, Net Debt to Trailing Twelve Months Adjusted EBITDA and Free Cash Flow. Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of the Company for the reasons outlined below. 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, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBT
Adjusted Operating Earnings, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBT are non-IFRS measures used by Management to evaluate financial operating results. Adjusted Operating Earnings is defined as earnings before income taxes adjusted for items that are not considered representative of ongoing operational activities of the business and certain 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 EBITDA is defined as Adjusted Operating Earnings plus depreciation and intangible asset 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 used annually by the Company to evaluate its performance and is a component of calculating bonus entitlements under the Company's short term incentive plan. It is defined as Adjusted EBITDA plus interest income, less depreciation and amortization, and interest expense and other financing costs.
The table below provides a reconciliation of earnings before income taxes as reported under IFRS in the Consolidated Financial Statements to Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBT for the years ended December 31, as indicated below. Management believes that these non-IFRS measures are useful in assessing the performance of the Company's ongoing operations and its ability to generate cash flows to fund its requirements.
Three months ended December 31,
Twelve months ended December 31,
($ millions)(i)(ii) (Unaudited)
2025
2024
2025
2024
Earnings (loss) before income taxes
$ (9.9)
$ 8.5
$ 103.6
$ (8.3)
Interest expense and other financing costs
17.6
34.6
95.2
158.1
Other expense (income)
(33.2)
(2.0)
(30.2)
(4.1)
Impairment of intangible assets
85.0
—
85.0
—
Restructuring and other related costs
6.5
12.4
12.7
19.9
Equity loss (earnings) of associate
(0.9)
—
(0.9)
—
Earnings from operations
$ 65.2
$ 53.4
$ 265.4
$ 165.6
Start-up expenses from Construction Capital*(iii)*
0.4
0.9
3.3
20.6
Decrease (increase) in derivative contracts
1.6
(1.5)
1.6
(4.3)
Adjusted Operating Earnings
$ 67.2
$ 52.8
$ 270.3
$ 181.9
Depreciation and amortization*(iv)*
48.2
50.7
196.1
209.3
Items included in other income (expense) representative of ongoing operations(v)
1.9
4.8
9.3
1.5
Adjusted EBITDA
$ 117.3
$ 108.3
$ 475.7
$ 392.7
Adjusted EBITDA Margin
11.8 %
11.8 %
12.2 %
10.8 %
Interest expense and other financing costs
(17.6)
(34.6)
(95.2)
(158.1)
Interest income
3.0
4.8
5.2
7.6
Depreciation and amortization
(48.2)
(50.7)
(196.1)
(209.3)
Adjusted EBT
$ 54.6
$ 27.8
$ 189.6
$ 33.0
(i)
Totals may not add due to rounding.
(ii)
2024 amounts have been restated to exclude discontinued operations related to the pork operations.
(iii)
Start-up expenses are temporary costs as a result of operating new facilities that are or were previously classified as Construction Capital. These costs can include training, product testing, yield and labour efficiency variances, duplicative overheads including depreciation and other temporary expenses required to ramp-up production.
(iv)
Depreciation included in start-up expenses and restructuring and other related costs is excluded from this line.
(v)
Primarily includes certain costs associated with sustainability projects, gains and losses on the impairment and sale of long-term assets, and other miscellaneous expenses.
Adjusted Earnings per Share
Adjusted Earnings per Share, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as earnings per basic share and is adjusted on the same basis as Adjusted Operating Earnings. The table below provides a reconciliation of earnings per basic share as reported under IFRS in the Consolidated Financial Statements to Adjusted Earnings per Share for the years ended December 31, as indicated below. Management believes this basis is the most appropriate on which to evaluate financial results as they are representative of the ongoing operations of the Company.
($ per share) (Unaudited)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Earnings (loss) per basic share from continuing operations
$ (0.28)
$ 0.05
$ 0.35
$ (0.10)
Impairment of intangible assets
0.72
—
0.72
—
Restructuring and other related costs*(i)*
0.04
0.07
0.08
0.12
Items included in other expense not considered representative of ongoing operations*(ii)*
(0.17)
0.05
(0.09)
0.03
Start-up expenses from Construction Capital*(iii)*
—
0.01
0.02
0.12
Change in unrealized and deferred loss (gain) on derivative contracts
0.01
(0.01)
0.01
(0.03)
Adjusted Earnings per Share(iv)
$ 0.32
$ 0.18
$ 1.09
$ 0.15
(i)
Includes per share impact of restructuring and other related costs, net of tax.
(ii)
Primarily includes legal fees, vacancy costs on investment property, settlement gain on purchased buy-out annuities, spin-off transaction related costs and costs associated with "Fuel for Growth", net of tax.
(iii)
Start-up expenses are temporary costs as a result of operating new facilities that are or were previously classified as Construction Capital. These costs can include training, product testing, yield and labour efficiency variances, duplicative overheads and other temporary expenses required to ramp-up production, net of tax.
(iv)
Totals may not add due to rounding.
Net Debt
The following table reconciles Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA ratio to amounts reported under IFRS in the Company's Consolidated Financial Statements as at December 31, as indicated below. The Company calculates Net Debt as cash and cash equivalents, less current and long-term debt and bank indebtedness and calculates Net Debt to Trailing Twelve Months Adjusted EBITDA as the absolute value of Net Debt divided by Trailing Twelve Months Adjusted EBITDA. Management believes this measure is useful in assessing the amount of financial leverage employed.
As at December 31,
($ thousands) (Unaudited)
2025
2024
Cash and cash equivalents
$ 143,409
$ 175,908
Current portion of long-term debt
$ (2,096)
$ (301,478)
Long-term debt
(1,136,493)
(1,390,479)
Total debt
$ (1,138,589)
$ (1,691,957)
Net Debt
$ (995,180)
$ (1,516,049)
Adjusted EBITDA(i)
$ 475,715
$ 553,224
Net Debt to Trailing Twelve Months Adjusted EBITDA
2.1
2.7
(i) 2025 Adjusted EBITDA is from continuing operations and 2024 is presented as originally stated.
Free Cash Flow
Free Cash Flow, a non-IFRS measure, is used by Management to evaluate cash flow after investing in the maintenance of the Company's asset base. It is defined as cash provided by operations, less Maintenance Capital*(i)* and associated interest paid and capitalized. The following table calculates Free Cash Flow for the periods indicated below:
($ thousands) (Unaudited)
Three months ended December 31,
Twelve months ended December 31,
2025
$ 2024
2025
2024
Cash provided by operating activities
$ 113,605
155,904
$ 435,455
$ 464,920
Maintenance Capital*(i)*
(43,531)
(25,862)
(116,138)
(78,571)
Interest paid and capitalized related to Maintenance Capital
(254)
(260)
(936)
(1,007)
Free Cash Flow
$ 69,820
$ 129,782
$ 318,381
$ 385,342
(i)
Maintenance Capital is defined as non-discretionary investment required to maintain the Company's existing operations and competitive position. For the twelve months ended December 31, total capital spending of $125.3 million (2024: $95.5 million) shown on the Consolidated Statements of Cash Flows is made up of Maintenance Capital of $116.1 million (2024: $78.6 million), and Growth Capital of $9.2 million (2024: $16.9 million). For the three months ended December 31, total capital spending of $48.4 million (2024: $29.2 million) is made up of Maintenance Capital of $43.5 million (2024: $25.9 million), and Growth Capital of $4.9 million (2024: $3.3 million). Growth Capital is defined as discretionary investment meant to create stakeholder value through initiatives that for example, expand margins, increase capacities or create further competitive advantage.
About Maple Leaf Foods Inc.
Maple Leaf Foods (TSX: MFI) is a leading, protein-focused consumer packaged goods company headquartered in Mississauga, Ontario. It proudly produces responsibly made, delicious food under powerhouse brands that include Maple Leaf®, Maple Leaf Prime®, Maple Leaf ® Natural Selections®, Maple Leaf Mighty Protein™, Musafir™, Schneiders®, Mina® Halal, Greenfield Natural Meat Co.®, LightLife® and Field Roast™. Committed to Raising the Good in Food and bringing customers protein with purpose, Maple Leaf Foods delivers shared value for all its stakeholders by leading the way in safety and sustainability, building loved brands, operating with excellence, developing extraordinary talent, and broadening its impact through innovation and geographic reach.
Consolidated Balance Sheets
(In thousands of Canadian dollars) (Audited)
As at December 31, 2025
As at December 31, 2024
ASSETS
Cash and cash equivalents
$ 143,409
$ 175,908
Accounts receivable
139,075
170,919
Notes receivable
62,116
37,978
Inventories
472,296
553,398
Biological assets
10,921
169,399
Income and other taxes recoverable
2,604
7,551
Prepaid expenses and other assets
24,386
42,342
Assets held for sale
—
22,769
Total current assets
$ 854,807
$ 1,180,264
Property and equipment
1,716,370
2,123,167
Right-of-use assets
71,182
160,922
Investments
121,830
12,763
Investment property
55,656
42,588
Employee benefits
50,576
22,429
Other long-term assets
8,132
24,918
Deferred tax asset
36,117
46,588
Goodwill
387,353
477,353
Intangible assets
239,907
339,526
Total long-term assets
$ 2,687,123
$ 3,250,254
Total assets
$ 3,541,930
$ 4,430,518
LIABILITIES AND EQUITY
Accounts payable and accruals
$ 514,585
$ 561,179
Current portion of provisions
10,364
14,482
Current portion of long-term debt
2,096
301,478
Current portion of lease obligations
18,457
39,900
Income taxes payable
92,314
2,595
Other current liabilities
23,526
37,587
Total current liabilities
$ 661,342
$ 957,221
Long-term debt
1,136,493
1,390,479
Lease obligations
75,464
147,892
Employee benefits
56,106
62,395
Provisions
2,719
3,912
Other long-term liabilities
4,589
5,205
Deferred tax liability
284,223
325,137
Total long-term liabilities
$ 1,559,594
$ 1,935,020
Total liabilities
$ 2,220,936
$ 2,892,241
Shareholders' equity
Share capital
$ 930,411
$ 897,839
Retained earnings
343,108
587,393
Contributed surplus
11,950
12,482
Accumulated other comprehensive income
40,964
43,994
Treasury shares
(5,439)
(3,431)
Total shareholders' equity
$ 1,320,994
$ 1,538,277
Total liabilities and equity
$ 3,541,930
$ 4,430,518
Consolidated Statements of Earnings
Three months ended December 31,
Twelve months ended December 31,
(In thousands of Canadian dollars, except share amounts)
2025
2024*(i)*
2025
2024*(i)*
(Unaudited)
(Unaudited)
(Audited)
(Audited)
Sales
$ 991,242
$ 917,050
$ 3,912,665
$ 3,633,404
Cost of goods sold
832,827
773,589
3,249,899
3,076,055
Gross profit
$ 158,415
$ 143,461
$ 662,766
$ 557,349
Selling, general and administrative expenses
93,226
90,049
397,383
391,733
Earnings before the following:
$ 65,189
$ 53,412
$ 265,383
$ 165,616
Restructuring and other related costs
6,503
12,356
12,713
19,922
Other expense (income)
(33,180)
(1,990)
(30,212)
(4,133)
Impairment of intangible assets
85,000
—
85,000
—
Equity loss (earnings) of associate
(888)
—
(888)
—
Earnings before interest and income taxes
$ 7,754
$ 43,046
$ 198,770
$ 149,827
Interest expense and other financing costs
17,610
34,594
95,191
158,124
Earnings (loss) before income taxes
$ (9,856)
$ 8,452
$ 103,579
$ (8,297)
Income tax expense
24,555
2,020
59,634
3,570
Earnings (loss) from continuing operations
$ (34,411)
$ 6,432
$ 43,945
$ (11,867)
Earnings from discontinued operations
425,644
47,104
497,685
108,466
Earnings
$ 391,233
$ 53,536
$ 541,630
$ 96,599
Earnings (loss) per share attributable to common shareholders:
Basic earnings per share
$ 3.14
$ 0.43
$ 4.36
$ 0.79
Diluted earnings per share
$ 3.06
$ 0.43
$ 4.25
$ 0.78
Basic earnings (loss) per share from continuing operations
$ (0.28)
$ 0.05
$ 0.35
$ (0.10)
Diluted earnings (loss) per share from continuing operations
$ (0.28)
$ 0.05
$ 0.34
$ (0.10)
Weighted average number of shares (millions):
Basic
124.6
123.5
124.2
123.0
Diluted
128.0
124.6
127.4
124.3
(i) 2024 amounts have been restated to exclude discontinued operations related to the pork operations.
Consolidated Statements of Other Comprehensive Income (Loss)
(In thousands of Canadian dollars)
Three months ended December 31,
Twelve months ended December 31,
2025
2024(i)
2025
2024*(i)*
(Unaudited)
(Unaudited)
(Audited)
(Audited)
Earnings
$ 391,233
$ 53,536
$ 541,630
$ 96,599
Other comprehensive (loss) income
Actuarial gain (loss) that will not be reclassified to profit or loss (Net of tax of $1.6 million and $0.1 million; 2024: $2.4 million and $0.6 million)
$ (4,248)
$ (6,885)
$ (378)
$ 1,908
Change in revaluation surplus (Net of tax of $1.2 million and $1.2 million; 2024: $0.0 million and $0.0 million)
3,263
—
3,263
—
Share of other comprehensive income of associates (Net of tax of $0.0 million and $0.0 million; 2024: $0.0 million and $0.0 million)
115
—
115
—
Total items that will not be reclassified to profit or loss
$ (870)
$ (6,885)
$ 3,000
$ 1,908
Items that are or may be reclassified subsequently to profit or loss:
Change in fair value of investments (Net of tax of $0.0 million and $0.0 million; 2024: $0.0 million and $0.0 million)
$ —
$ (4,082)
$ (3,371)
$ (4,082)
Change in accumulated foreign currency translation adjustment (Net of tax of $0.0 million and $0.0 million; 2024: $0.0 million and $0.0 million)
(4,711)
23,080
(17,686)
30,392
Change in foreign exchange on long-term debt designated as a net investment hedge (Net of tax of $0.5 million and $2.3 million; 2024: $3.3 million and $4.5 million)
3,244
(17,885)
12,658
(24,237)
Change in cash flow hedges (Net of tax of $0.2 million and $0.4 million; 2024: $0.1 million and $0.2 million)
627
(47)
(1,247)
(3,763)
Share of other comprehensive income of associates (Net of tax of $0.0 million and $0.0 million; 2024: $0.0 million and $0.0 million)
40
$ —
40
$ —
Total items that are or may be reclassified subsequently to profit or loss
$ (800)
$ 1,066
$ (9,606)
$ (1,690)
Other comprehensive (loss) income from continuing operations
$ (1,670)
$ (5,819)
$ (6,606)
$ 218
Other comprehensive (loss) income from discontinued operations(i) (Net of tax of $0.0 million and $0.1 million; 2024: $0.5 million and $0.7 million)
(4)
(1,599)
625
(2,145)
Total other comprehensive loss
$ (1,674)
$ (7,418)
$ (5,981)
$ (1,927)
Comprehensive income
$ 389,559
$ 46,118
$ 535,649
$ 94,672
(i) 2024 amounts have been restated to exclude discontinued operations related to the pork operations.
Consolidated Statements of Changes in Total Equity
Accumulated other comprehensive income (loss)
(In thousands of Canadian dollars)
Share capital
Retained earnings
Contributed surplus
Foreign currency translation adjustment(i)**
Unrealized gains (losses) on cash flow hedges(i)**
Unrealized gains (losses) on fair value of investments(i)**
Revaluation surplus
Treasury stock
Total equity
Balance at December 31, 2024
$ 897,839
587,393
12,482
14,545
(1,257)
(6,641)
37,347
(3,431)
$ 1,538,277
Earnings
—
541,630
—
—
—
—
—
—
541,630
Other comprehensive income (loss)(ii)
—
(1,222)
—
(4,649)
(2)
(3,371)
3,263
—
(5,981)
Disposal of pork operations AOCI
—
—
—
1,619
110
—
—
—
1,729
Dividends declared ($1.51 per share)
10,261
(188,050)
—
—
—
—
—
—
(177,789)
Distribution of Canada Packers
—
(596,643)
—
—
—
—
—
—
(596,643)
Share-based compensation expense
—
—
23,419
—
—
—
—
—
23,419
Deferred taxes on share-based compensation
—
—
4,275
—
—
—
—
—
4,275
Exercise of stock options
27,178
—
—
—
—
—
—
—
27,178
Shares purchased by RSU trust
—
—
—
—
—
—
—
(9,042)
(9,042)
Shares re-purchased
(4,867)
—
(14,071)
—
—
—
—
—
(18,938)
Settlement of share-based compensation
—
—
(14,155)
—
—
—
—
7,034
(7,121)
Balance at December 31, 2025
$ 930,411
343,108
11,950
11,515
(1,149)
(10,012)
40,610
(5,439)
$ 1,320,994
Accumulated other comprehensive income (loss)
(In thousands of Canadian dollars)
Share capita l
Retained earnings
Contributed surplus
Foreign currency translation adjustment*(i)*
Unrealized gains (losses) on cash flow hedges(i)
Unrealized gains (losses) on fair value of investments*(i)*
Revaluation surplus
Treasury stock
Total equity
Balance at December 31, 2023
$ 873,477
597,429
3,227
8,625
4,416
(2,559)
37,347
(7,183)
$ 1,514,779
Earnings
—
96,599
—
—
—
—
—
—
96,599
Other comprehensive income (loss)(ii)
—
1,908
—
5,920
(5,673)
(4,082)
—
—
(1,927)
Dividends declared ($0.88 per share)
21,864
(108,543)
—
—
—
—
—
—
(86,679)
Share-based compensation expense
—
—
21,910
—
—
—
—
—
21,910
Deferred taxes on share-based compensation
—
—
(1,325)
—
—
—
—
—
(1,325)
Exercise of stock options
2,498
—
—
—
—
—
—
—
2,498
Settlement of share-based compensation
—
—
(11,330)
—
—
—
—
3,752
(7,578)
Balance at December 31, 2024
$ 897,839
587,393
12,482
14,545
(1,257)
(6,641)
37,347
(3,431)
$ 1,538,277
(i)
Items that are or may be subsequently reclassified to profit or loss.
(ii)
Included in other comprehensive income (loss) is the change in actuarial gains and losses that will not be reclassified to profit or loss and has been reclassified to retained earnings.
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
CASH PROVIDED BY (USED IN):
(Unaudited)
(Unaudited)
(Audited)
(Audited)
Operating activities
Earnings
$ 391,233
$ 53,536
$ 541,630
$ 96,599
Add (deduct) items not affecting cash:
Change in fair value of biological assets
—
(43,210)
(3,440)
(63,582)
Depreciation and amortization
48,187
64,883
234,926
265,173
Share-based compensation
5,215
4,296
23,419
21,910
Deferred income tax (recovery) expense
2,291
17,738
(37,577)
30,651
Current income tax expense
22,264
3,097
127,714
13,619
Interest expense and other financing costs
17,610
35,793
98,486
162,600
Gain on sale of long-term assets
(3,169)
(6,466)
(14,305)
(9,299)
Impairments
85,104
538
87,261
667
Change in fair value of long-term assets
5,932
10,707
5,932
5,669
Gain on buy-out of pension annuities
(35,530)
—
(35,530)
—
Gain on disposal of Canada Packers
(428,879)
—
(428,879)
—
Equity earnings of associate
(888)
—
(888)
—
Change in net pension obligation
(1,523)
1,953
1,164
5,063
Net income taxes (paid) refunded
3,595
31,197
(2,890)
75,712
Interest paid, net of capitalized interest
(17,979)
(34,926)
(97,337)
(148,925)
Change in provision for restructuring and other related costs
3,720
8,025
(5,226)
6,570
Change in derivatives margin
(797)
(2,764)
856
2,235
Cash settlement of derivatives
—
2,878
—
—
Other
926
(10,512)
(10,150)
(6,499)
Change in non-cash operating working capital
16,293
19,141
(49,711)
6,757
Cash provided by operating activities
$ 113,605
$ 155,904
$ 435,455
$ 464,920
Investing activities
Additions to long-term assets
$ (48,443)
$ (29,205)
$ (125,296)
$ (95,489)
Interest paid and capitalized
(279)
(289)
(1,008)
(1,128)
Proceeds from sale of long-term assets
5,612
8,433
21,616
14,081
Dividends from associate
1,094
—
1,094
—
Other
(16,056)
—
(16,056)
—
Cash used in investing activities
$ (58,072)
$ (21,061)
$ (119,650)
$ (82,536)
Financing activities
Dividends paid
$ (96,511)
$ (21,803)
$ (177,789)
$ (86,679)
Net decrease in long-term debt
27,740
(110,893)
(102,593)
(290,981)
Payment of lease obligation
(3,463)
(8,026)
(28,336)
(32,353)
Exercise of stock options
939
—
27,178
2,498
Purchase of treasury shares
(4,948)
—
(9,042)
—
Payment of financing fees
(5,958)
—
(6,506)
(2,324)
Repurchase of shares
(10,002)
—
(18,938)
—
Disposal of pork operations
(32,278)
—
(32,278)
—
Cash used in financing activities
$ (124,481)
$ (140,722)
$ (348,304)
$ (409,839)
Decrease in cash and cash equivalents
$ (68,948)
$ (5,879)
$ (32,499)
$ (27,455)
Cash and cash equivalents, beginning of period
212,357
181,787
175,908
203,363
Cash and cash equivalents, end of period
$ 143,409
$ 175,908
$ 143,409
$ 175,908
Summary
TSX: MFI Maple Leaf Foods reports fourth quarter Revenue growth of 8.1% and Adjusted EBITDA growth of 8.3% MISSISSAUGA, ON, March 5, 2026 /PRNewswire/ - Maple Leaf Foods Inc. ("Maple Leaf Foods" or "the Company") (TSX: MFI) today reported its financial results for the fourth quarter and...