Maple Leaf Foods (MFI) Q2 2025 earnings summary

Executive summary

• Revenue grew 8.5% year-over-year in Q2 2025 to $1.36 billion, with all operating units contributing and strong CPG and Pork Complex performance.

• Adjusted EBITDA rose 29% to $182 million, with margin up 210 bps to 13.3% year-over-year.

• Net income was $57.8 million in Q2 2025, a turnaround from a $26.2 million loss in Q2 2024.

• The Canada Packers spin-off is on track for completion in H2 2025, with strong shareholder approval and operational readiness advanced.

• 2025 Adjusted EBITDA outlook raised to $680–$700 million, reflecting a strong first half.

Financial highlights

• Q2 2025 sales: $1,362.1 million (up 8.5% year-over-year); YTD sales: $2,603.4 million (up 8.4%).

• Q2 gross profit: $235.7 million (gross margin 17.3%) vs. $131.2 million (10.4%) last year.

• Adjusted EPS was $0.56, up from $0.18 in Q2 2024; reported net income was $57.8 million.

• Free Cash Flow in Q2: $216.0 million vs. $27.0 million last year; LTM Free Cash Flow: $487 million.

• Net Debt at June 30, 2025: $1,344 million, down $379 million year-over-year; leverage ratio improved to 2.1x trailing 12-month adjusted EBITDA.

Outlook and guidance

• 2025 Adjusted EBITDA guidance increased to $680–$700 million, up from $634 million or greater.

• Mid-single-digit sales growth expected for the full year, with continued focus on margin expansion and cost efficiency.

• Capital expenditures for 2025 guided to $160–$180 million, primarily for maintenance and efficiency projects.

• Free Cash Flow expected to moderate in the second half due to timing of capital spend and working capital investments.

• Spin-off of pork business (Canada Packers) expected to close in H2 2025.