Maple Leaf Foods (MFI) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and FY 2025 results, with sales up 8.1% in Q4 and 7.7% for the year, driven by resilient growth in Prepared Foods and Poultry segments.

• Adjusted EBITDA grew 8.3% in Q4 and 21% for FY 2025, with margin expansion to 12.2%.

• Completed the spin-off of pork operations into Canada Packers, transforming into a focused, protein-centric CPG company with a 16% stake and evergreen supply agreement.

• Strengthened balance sheet, reducing Net Debt to $995 million and leverage to 2.1x Net Debt to TTM Adjusted EBITDA.

• Increased annual dividend by ~9–10%, paid a $0.60/share special dividend, and repurchased ~0.7M shares.

Financial highlights

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

• Q4 Adjusted EBITDA: $117 million (+8.3% YoY, margin 11.8%); full-year Adjusted EBITDA: $476 million (+21% YoY, margin 12.2%).

• Q4 net earnings: $391 million ($3.14/share); full-year net earnings: $542 million ($4.36/share); Adjusted EPS: $0.32 in Q4, $1.09 for the year.

• Free Cash Flow for 2025: $318 million.

• Net Debt reduced to $995 million, Net Debt/TTM Adjusted EBITDA improved to 2.1x from 2.7x.

Outlook and guidance

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

• Capital investments expected at $160–180 million, focused on maintenance and productivity.

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

• Plan to renew NCIB and remain active in share repurchases.