Maple Leaf Foods (MFI) Q3 2025 earnings summary

Executive summary

• Completed the spin-off of pork operations into Canada Packers on October 1, 2025, transforming the company into a focused CPG protein business with a 16% stake in the new entity and a long-term supply agreement; Q3 2025 is the last period reporting Total Company results inclusive of pork operations.

• Achieved 8% year-over-year revenue growth to $1,356.3 million in Q3 2025, with strong performance across Prepared Foods, Poultry, and Pork segments.

• Adjusted EBITDA increased by 22% to $171.4 million, with margin up 140 bps to 12.6% year-over-year.

• Launched two new brands, Mighty Protein and Musafir, expanding into high-protein snacks and South Asian-inspired frozen meals.

• Initiated price increases in the CPG business, effective Q1 2026, to offset raw material cost inflation.

Financial highlights

• Q3 2025 sales: $1,356.3 million (+8.0% YoY); Prepared Foods +4.4%, Poultry +15.7%, Pork +10.4%.

• Q3 2025 Adjusted EBITDA: $171.4 million (12.6% margin), up from $140.8 million (11.2% margin) last year.

• Continuing operations (excluding pork): Q3 sales $1,010.5 million (+8.0%), Adjusted EBITDA $111.7 million (+19.1%), margin 11.1%.

• Net debt reduced by $242.4 million year-over-year to $1,354.9 million; leverage ratio at 2.0x trailing 12-month adjusted EBITDA.

• Free cash flow was $46.2 million for the quarter, down from $154.9 million in Q3 2024 due to higher working capital investment and lower tax refunds.

Outlook and guidance

• No updated guidance for the remainder of 2025 due to the spin-off; long-term guidance framework to be provided in coming months.

• On track to deliver full-year 2025 Adjusted EBITDA guidance of $680M–$700M.

• Expect continued margin pressure in Q4 due to input cost inflation, with price increases to take effect in Q1 2026.

• SG&A reduction initiatives and cost discipline expected to drive further efficiencies in 2026.

• Consumer environment expected to remain stable, but macroeconomic factors may impact sentiment and supply chain.