Mr. Curtis Frank reports

MAPLE LEAF FOODS ANNOUNCES 2030 FINANCIAL TARGETS

Maple Leaf Foods Inc. has released its financial targets for 2030 as a purpose-driven, protein-focused, brand-led consumer packaged goods company. Additional details on the company's 2030 financial targets, strategic blueprint and growth initiatives will be shared at its investor day later today.

2030 financial targets

The company expects the following in 2030:

• Revenue: revenue to grow to approximately $5-billion, driven by proven growth platforms;
• Adjusted earnings before interest, taxes, depreciation and amortization: approximately $750-million in adjusted EBITDA, reflecting the benefits of revenue growth and structurally higher margins over time;
• Free cash flow: cumulative free cash flow over the 2026 to 2030 five-year period of approximately $1.7-billion to $1.8-billion, scaling in line with profit growth, and supported by a disciplined approach to capital allocation;
• Balance sheet: maintaining an investment-grade balance sheet, operating with net debt/adjusted EBITDA leverage ratio below 3.0 times;
• Shareholder returns: deliver enhanced shareholder returns through smart and disciplined capital allocation.

These targets reflect Maple Leaf Foods' vision to be the most sustainable protein company on Earth through execution of the company's strategic blueprint, organized around five key pillars: lead the way, build loved brands, broaden impact, operate with excellence and develop extraordinary talent. The blueprint serves as the company's strategic compass, guiding its approach to sustainable, profitable growth and long-term value creation for all stakeholders.

"Today marks an important milestone as we look ahead to the value creation opportunity in front of us," said Curtis Frank, president and chief executive officer. "Execution of our strategic blueprint has delivered consistent revenue growth, expanded margins, and a strong balance sheet that enables us to create value and return capital to shareholders. With our major investments in new facilities complete, we are positioned to accelerate profitable growth and generate significant free cash flow.

"As we look to the future, our priorities are clear. We will continue to scale our core business, expand structural margins and deploy capital with discipline. We have the brands, the capabilities, the team and the financial strength to execute these priorities as we advance our vision to be the most sustainable protein company on earth creating enduring value for all stakeholders."

Record of execution

Maple Leaf Foods has delivered strong results under its strategic blueprint, recently completing investments of over $1-billion in new facilities, including the London poultry facility, Winnipeg bacon centre of excellence and Walker Road further processed poultry expansion. Since 2021, revenue has grown by approximately 5 per cent on a compounded annual basis, and adjusted EBITDA margin expanded by 630 basis points from 5.9 per cent to 12.2 per cent in 2025. Annual free cash flow increased to $318-million in 2025, and net debt to adjusted EBITDA leverage ratio improved to 2.1 times, strengthening the balance sheet and enabling the return of approximately $680-million to shareholders over the past five years through dividends and share buybacks, including a special dividend of $75-million in December, 2025. Building on this base and strong record, Maple Leaf Foods believes that it is well positioned to deliver on its 2030 targets.

Focused value creation algorithm

Maple Leaf Foods' path to achieving revenue of approximately $5-billion and adjusted EBITDA of approximately $750 million in 2030 is anchored in core strategic priorities:

• Scale the core business: deliver organic mid-single-digit revenue expansion through its proven growth platforms of leading in sustainable meats, building a portfolio of loved brands, accelerating impactful innovation, expanding reach and aligning to customer strategies, all supported by strong and growing consumer demand for protein;
• Expand structural margins: increase profits approximately twice as fast as revenue, reflecting the benefits of both revenue growth and structurally higher margins over time; margin expansion will be driven by improved commercial mix, productivity-driven operating leverage and structural cost reductions through the company's fuel for growth program; fuel for growth focuses on embedding a culture of operational excellence, leveraging investments in technology, artificial intelligence and automation, network optimization, standardizing plant structures, and achieving portfolio average margin in plant protein;
• Smart and disciplined capital allocation: act as a disciplined steward of capital with a clear focus on long-term value creation; strong free cash flow provides flexibility to execute well-defined priorities: invest in the business to drive revenue growth and margin expansion, deliver a growing, sustainable and attractive annual dividend, maintain a strong investment-grade balance sheet, selectively pursue accretive, bolt-on acquisitions that meet Maple Leaf's strategic and financial framework, and return of capital to shareholders.

Investor day

Additional details on the company's 2030 financial targets, strategic blueprint, growth initiatives and operational priorities, and capital allocation framework will be shared at its investor day later today. A live webcast and presentation materials will be available at the company's website.

About Maple Leaf Foods Inc.

Maple Leaf Foods is a leading, protein-focused consumer packaged goods company headquartered in Mississauga, Ont. It proudly produces responsibly made, delicious food under powerhouse brands that include Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Mina, Greenfield Natural Meat Co., LightLife and Field Roast. Committed to raising the good in food and bringing customers protein with purpose, Maple Leaf Foods delivers shared value for all its stakeholders by leading the way in safety and sustainability, building loved brands, operating with excellence, developing extraordinary talent, and broadening its impact through innovation and geographic reach.

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