Canada Packers (CPKR) Q3 2025 earnings summary

Executive summary

• Achieved strong double-digit year-over-year sales and Adjusted EBITDA growth in Q3 2025, with sales up 14.7% and gross profit up 32.8%, driven by higher hog volumes, improved market pricing, and lower feed costs.

• Processed 1.04 million hogs in Q3 2025, a 3.7% increase year-over-year.

• Completed spin-off from Maple Leaf Foods and began trading independently on the Toronto Stock Exchange under the ticker CPKR on October 1, 2025.

• Announced inaugural quarterly dividend of CAD 0.23 per share, reflecting strong cash generation and commitment to shareholder returns.

Financial highlights

• Q3 2025 sales reached CAD 481.8 million, up 14.7% year-over-year; year-to-date sales at CAD 1.4 billion, up 14%.

• Q3 2025 gross profit was CAD 63.2 million (13.1% margin), up 32.8%; Adjusted EBITDA grew 45.4% to CAD 60.2 million (12.5% margin).

• Q3 2025 earnings increased 31.7% to CAD 25.6 million; Adjusted Operating Earnings were CAD 47.5 million, up 69.9%.

• Adjusted free cash flow was CAD 42.4 million in Q3 2025, up 49.9% year-over-year.

• Proforma-Adjusted EBITDA was CAD 56.2 million, up 37% year-over-year.

Outlook and guidance

• Expect top-line processing volume growth of 2-3% annually during the next three years, with a focus on operational excellence and maximizing plant utilization.

• Q4 earnings expected to be impacted by seasonal tightening of cut-out spreads, though still favorable.

• Clear pathway to profit-accretive growth by capitalizing on untapped capacity and optimizing business mix.

• Management remains confident in closing the year with positive momentum and delivering long-term value.