Maple Leaf Foods (MFI) Q4 2025 earnings summary

Executive summary

• Achieved a clear inflection point, transitioning from heavy investment to a delivery and return phase, with strong execution and financial progress in 2025.

• Revenue grew 8.1% in Q4 and 7.7% for the full year, driven by resilient growth platforms in Prepared Foods and Poultry.

• Adjusted EBITDA increased 8.3% in Q4 and 21% for the year, with margin expansion to 12.2%.

• Strengthened balance sheet, reducing leverage to 2.1x Net Debt to trailing 12-month Adjusted EBITDA.

• Completed the spin-off of pork operations into Canada Packers, retaining a 16% stake and a supply agreement, and shifted to a protein-centric, brand-led CPG strategy.

Financial highlights

• Q4 sales were $991 million (+8.1% YoY); full-year sales reached $3,913 million (+7.7% YoY).

• Q4 Adjusted EBITDA was $117.3 million (+8.3% YoY, margin 11.8%); full-year Adjusted EBITDA was $476 million (+21% YoY, margin 12.2%).

• Q4 net earnings were $391.2 million ($3.14/share), including significant one-time items; full-year net earnings were $541.6 million ($4.36/share).

• Q4 Adjusted EPS was $0.32; full-year Adjusted EPS was $1.09.

• Free Cash Flow for 2025 was $318 million; Net Debt at year-end was $995 million, Net Debt/TTM Adjusted EBITDA improved to 2.1x from 2.7x.

Outlook and guidance

• 2026 outlook: mid-single-digit revenue growth, Adjusted EBITDA of $520–540 million, leverage below 3x, and capital investments of $160–180 million.

• Dividend growth of ~10% expected, with quarterly dividend rising to $0.21 per share.

• Intention to renew NCIB and remain active in share buybacks.

• Commitment to maintaining investment-grade balance sheet with Net Debt/TTM Adjusted EBITDA below 3.0x.