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Maple Leaf Foods (MFI) investor relations material
Maple Leaf Foods Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
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 CPG, 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); Adjusted EBITDA: $171.4 million (+21.7% YoY); margin up 140 bps to 12.6%.
Continuing operations (excluding pork): Q3 sales $1,010.5 million (+8.0%), Adjusted EBITDA $111.7 million (+19.1%), margin 11.1%.
Net earnings increased to $43.1 million ($0.35 per share), up from $17.7 million ($0.14 per share) in Q3 2024.
Free cash flow was $46.2 million for the quarter and $248.6 million year-to-date, down year-over-year due to higher working capital and lower tax refunds.
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.
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.
Focus on margin expansion, cost reduction, and leveraging capital project benefits.
How will new tools reduce margin volatility?
Addressable market for Mighty Protein and Musafir?
How to offset lost pork market natural hedge?
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Next Maple Leaf Foods earnings date
Q4 20255 Mar, 2026
Maple Leaf Foods
Next Maple Leaf Foods earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Maple Leaf Foods Inc produces and markets prepared meats, fresh pork, and plant-based protein products. The company operates food processing facilities and distributes its brands across retail and foodservice channels in Canada and internationally. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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