MISSISSAUGA, ONTARIO — Coming off a solid fourth quarter in 2024, Maple Leaf Foods Inc. continued to ride that momentum as it posted positive first-quarter results for fiscal year 2025. Several factors played into the company’s ongoing success, including improved pork market conditions as well as positive volume and mix in the Prepared Foods and Poultry business units.

“2025 marks the beginning of a bold new chapter as we advance our strategic blueprint and take the next steps to unlock Maple Leaf Foods as a focused, purpose-driven and protein-centric consumer packaged goods company, and unleash Canada Packers as a global leader in sustainably produced, premium quality, value-added pork products,” said Curtis Frank, president and chief executive officer of Maple Leaf Foods. “Both companies will be uniquely positioned to meet the world’s growing demand for sustainable protein, creating value for all our stakeholders.”

For the period ended March 31, 2025, Maple Leaf’s sales jumped 8.2% year-over-year to C$1.24 billion ($890 million), compared to the previous C$1.15 billion.

Net earnings reached C$49.6 million ($35.7 million), equal to C40¢ (29¢) per share on the common stock, which was down from C$51.6 million, or C42¢ per share, a year ago. Adjusted operating earnings increased 80.8% to C$95.7 million ($68.9 million) from last year’s total of C$53 million.

Sales in the Prepared Foods, Poultry and Pork operating units increased by 7.1%, 6% and 12%, respectively.

“Robust sales growth across Prepared Foods, Poultry and Pork demonstrates significant progress across all areas of our business, as we delivered adjusted EBITDA margin of 13.4%, representing a year-over-year improvement of 330 basis points,” Frank added.

Supporting its Prepared Foods business, Maple Leaf launched the “Look for the Leaf” campaign, spotlighting over 15 Canadian food brands in response to the growing By Canadians movement. Within the first 48 hours, the campaign achieved 35 million impressions and reached 66% of Canadian grocery shoppers.

Growth of the Prepared Foods business was additionally driven by Maple Leaf’s sustainable meats category. The sustainable meats portfolio achieved another quarter of double-digit growth.

“The demand for our green Greenfield brand, our sustainable meats premier offering, remains healthy in the US market, driving volume growth and further enhancing our presence in the US market as we continue to develop this established platform,” Frank explained.

The company continues prioritizing innovation, as evident by its recent announcement of 28 new products this spring. This follows last year’s launch of over 50 new items, including a new category adjacency with the Schneiders frozen breakfast portfolio.

Maple Leaf also detailed progress in its strategic manufacturing review, which includes the retirement of its aging Brantford, Ontario, facility. The plant closure was announced last May.

The transition of production to other processing sites remains on track to be completed in the second quarter, Frank said.

Pork prepares to spin off

Also in transition is the separation of Maple Leaf’s pork business into a stand-alone company known as Canada Packers.

Earlier this week, Maple Leaf provided an update on the transaction. The company now has an interim court order authorizing an annual and special shareholder meeting on June 11.

“This spin-off is one of the most important and transformational strategic initiatives in Maple Leaf Foods history as we will create two strong independent companies, each with enhanced strategic focus, distinct value propositions to unlock shareholder value and more focused investments for shareholders,” Frank said. “We strongly encourage all shareholders to vote in favor of the transaction and in support of the meaningful value it will create for all vacancy stakeholders.”

As Maple Leaf moves toward the closure of the transaction, the team remains focused on maximizing the value of its premium sales mix, driving efficiency through cost discipline and growing into increased capacity utilization, explained Dennis Organ, president of Maple Leaf Foods’ Pork Complex and incoming CEO of Canada Packers.

Maple Leaf’s Pork business benefited this quarter from stabilized input costs. Growth was mainly fueled by higher processing volumes, higher average hog weights, favorable exchange impacts from a stronger US dollar and favorable market pricing.

“Looking ahead to the rest of the year, we remain focused on executing our priorities — driving profitable growth, achieving our adjusted EBITDA outlook to meet or exceed $634 million and completing the spin-off of our Pork operations,” concluded Frank.