Maple Leaf Foods Inc. · TSX:MFI
Maple Leaf Foods — Q3 2026 Earnings Presentation
17 slides from Maple Leaf Foods's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Financial Results
Maple Leaf Foods Inc. Third Quarter 2026 Financial Results November 4, 2026
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. Forward-looking information can be generally identified by words such as “anticipate”, “expect”, “believe” “may”, “wi
Slide 3: Today's Key Messages
Today’s Key Messages Disciplined execution delivered strong Q3 earnings growth and cash generation • Revenue increased 2.4% to $1.03 billion, marking our eighth consecutive quarter1 of year-over-year growth. • Branded revenue increased 4.5%, including Prepared Foods branded revenue growth of 6.3% an
Slide 4: Q3 2026 Operational Highlights
Q3 2026 Operational Highlights Adjusted EBITDA1 grew 15.4% year-over-year to $129 million driven by favourable sales mix, improved operating efficiencies and disciplined cost management, with both businesses contributing. Prepared Foods | ~60% of Annual Sales Poultry | ~40% of Annual Sales Branded s
Slide 5: Q3 & YTD 2026 Financial Results
Q3 & YTD 2026 Financial Results Q3 2026 Q3 2025 Delta YTD 2026 YTD 2025 Delta Sales1 $1,034.7 $1,010.5 2.4% $3,017.7 $2,921.4 3.3% Gross Profit1 $175.8 $162.8 8.0% $548.4 $504.4 8.7% SG&A1 $96.0 $101.5 (5.4)% $302.3 $304.2 (0.6)% SG&A as a % of Sales1 9.3% 10.0% (70) bps 10.0% 10.4% (40) bps Adjuste
Slide 6: Distribution gains, renovation and innovation are expanding the reach of our leading brands
Distribution gains, renovation and innovation are expanding the reach of our leading brands Expanding distribution Accelerating U.S. Protein + Fibre in a into new channels Sustainable Meats growth convenient snack kit ✓ ~2,500 Gas & ✓ 30,000 new points of ✓ Bringing the #1 sliced Putting high-qualit
Slide 7: Fuel for Growth is advancing structural productivity and operating leverage
Fuel for Growth is advancing structural productivity and operating leverage What we are working on Progress in Q3 ✓ Returning benefits ahead of target in downtime, yield and labour costs Entrenching our system of Operational Excellence › ✓ On track to unlock significant annual capacity in constraine
Slide 8: Strong year-to-date performance and our updated 2026 outlook
Strong year-to-date performance and our updated 2026 outlook 2026 Outlook Key Drivers Q3 YTD Progress Mid-single-digit increase in Revenue • Driven by our proven growth platforms: Leading in Sustainable Meats, Revenue growth +3.3% from 2025 Building a portfolio of loved brands, Accelerating impactfu
Slide 9: Reaffirming our value creation algorithm and 2030 financial targets
Reaffirming our value creation algorithm and 2030 financial targets Scale Expand Smart & Disciplined Core Business Structural Margins Capital Allocation Drive sustainable revenue Grow profits faster than sales Act as disciplined stewards expansion through proven through mix, productivity, and of cap
Slide 10: The strategic drivers underpinning our 2030 financial targets
The strategic drivers underpinning our 2030 financial targets Fuel for Growth program • Operational Excellence, the Maple Leaf Way Productivity - • Tech, automation and AI driven operating • Network optimization leverage Improved • Standardize plant • Zero-based structures commercial mix budgeting •
Slide 11: Learn more about Maple Leaf Foods
Learn more about Maple Leaf Foods @ www.mapleleaffoods.com/investors/ Company Strategic Overview (Select Slides from 2026 Investor Day) here Investor Day 2026 (Full Version) here Investor Day 2026 Sustainability and Integrated Report here Sustainability and Integrated Report here 2025 Integrated Rep
Slide 12: Appendix – Q3 2026
Appendix – Q3 2026 - Reconciliation of Non-IFRS Measures & Summary of Quarterly - Results for Maple Leaf Foods Continuing Operations 12
Slide 13: Reconciliation of non-IFRS measures – Adjusted Operating Earnings, Adjusted EBITDA and Margin
Reconciliation of non-IFRS measures – Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBITDA Margin Adjusted Operating Earnings, Adjusted EBITDA, Adjusted EBITDA Three months ended Sep. 30, Nine months ended Sep. 30, Margin and Adjusted EBT are non-IFRS measures and ratios used ($ millions
Slide 14: Reconciliation of non-IFRS measures – Adjusted Earnings & Adjusted Basic EPS
Reconciliation of non-IFRS measures – Adjusted Earnings & Adjusted Basic Earnings per Share Three months ended Sep. 30, 2026 Three months ended Sep. 30, 2025 Adjusted Earnings and Adjusted Basic Earnings per (Unaudited) (i) $ thousands per share $ thousands per share Share are non-IFRS measures used
Slide 15: Reconciliation of non-IFRS measures – Free Cash Flow
Reconciliation of non-IFRS measures – Free Cash Flow Free Cash Flow, a non-IFRS measure, is used by ($ thousands) Three months ended Sep. 30, Nine months ended Sep. 30, Management to evaluate cash flow after investing in (Unaudited) 2026 2025 2026 2025 the maintenance of the Company's asset base. It
Slide 16: Reconciliation of non-IFRS measures – Net Debt to Trailing Twelve Months Adjusted EBITDA
Reconciliation of non-IFRS measures – Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA The table to the right reconciles Net Debt and Net Debt to ($ thousands) As at Sep. 30, Trailing Twelve Months Adjusted EBITDA ratio to amounts (Unaudited) 2026 2025 reported under IFRS in the Compa
Slide 17: Summary of Quarterly Results – Maple Leaf Foods Continuing Operations
Summary of Quarterly Results – Maple Leaf Foods Continuing Operations ($ millions except earnings per share and margin) (Unaudited) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Sales(i) $1,034.7 $1,020.1 $962.9 $991.2 $1,010.5 $1,004.2 $906.7 $917.1