Canada Packers (CPKR) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year growth in sales and profitability, exceeding volume targets and leveraging a vertically integrated model with premium, sustainable pork offerings.

• Transitioned to a standalone public company, achieving key financial and operational milestones, including the initiation of a dividend policy.

• Utilized untapped plant capacity, operating at 78%, with plans for 2%-3% annual volume growth as capacity is filled.

• Focused on premium, value-added, sustainably produced products and strategic global customers, supporting resilient margins.

• Maintained a balanced, diversified customer and market mix, with North American and international markets each contributing ~40% of revenue.

Financial highlights

• Q4 2025 sales were $429.4 million, up 6.2% year-over-year; full-year sales ranged from $1.79 billion to $1,836.4 million, up to 12.8%.

• Q4 Adjusted EBITDA was $46.3 million, up as much as 19.5% year-over-year; full-year Adjusted EBITDA ranged from $191.5 million to $207.5 million, up to 47%.

• Q4 Adjusted EBITDA margin was 10.8%, with full-year margin up to 11.3%.

• Q4 free cash flow was $36.7 million, up as much as 58% year-over-year; full-year free cash flow was $170.0 million, up 96.1%.

• Net debt at year-end was $341.7 million, with leverage ratio between 1.6x and 1.8x.

Outlook and guidance

• Plans to continue 2%-3% annual volume growth as plant capacity is filled and to capitalize on near-term growth opportunities.

• Capital expenditures for 2026 expected to be in the $39-40 million range, consistent with 2025.

• Focus remains on deleveraging, disciplined capital allocation, and returning capital to shareholders, primarily through dividends.

• Growth expected to be skewed toward export markets, especially Southeast Asia and Japan.