Maple Leaf Foods (MFI) Q2 2026 earnings summary

Executive summary

• Achieved seventh consecutive quarter of revenue growth, with Q2 2026 revenue up 1.6% year-over-year to CAD 1.02 billion and adjusted EBITDA up 4.8% to CAD 137.1 million, with margin expanding by 40 basis points to 13.4%.

• Year-to-date revenue rose 3.8% to nearly CAD 2 billion, and adjusted EBITDA climbed 5.2% to about CAD 260 million.

• Transformation to a focused, protein-led CPG business is complete, with benefits evident in financial performance.

• $78 million was returned to shareholders via dividends and share repurchases year-to-date.

• Reaffirmed 2026 outlook: mid-single-digit revenue growth and adjusted EBITDA of CAD 520–540 million.

Financial highlights

• Q2 2026 sales: CAD 1.02 billion (+1.6% YoY); poultry sales up 7.1%, prepared foods down 2%.

• Adjusted EBITDA: CAD 137.1 million (+4.8% YoY); margin at 13.4% (+40 bps); adjusted basic EPS: CAD 0.44 in Q2 (+33.3% YoY).

• Gross profit for Q2: CAD 192.2 million (gross margin 18.8%), up from CAD 187.4 million (18.7%).

• Free cash flow outflow of CAD 18.9 million in Q2, reflecting working capital timing and higher tax payments.

• SG&A expenses increased to CAD 104.5 million, mainly due to higher advertising, promotional, and consulting costs.

Outlook and guidance

• Reaffirmed 2026 outlook: mid-single-digit revenue growth, adjusted EBITDA of CAD 520–540 million, and capital investment of CAD 160–180 million.

• Dividend growth of approximately 10%, with quarterly dividend increased from CAD 0.19 to CAD 0.21 per share.

• Margin expected to benefit from full impact of pricing and ongoing cost reduction initiatives.

• H2 drivers: continued poultry strength, normalization of prepared foods volumes, innovation in protein snacking, and relaunch of Yves brand.

• Net Debt to Adjusted EBITDA targeted below 3.0x.