Maple Leaf Foods : Présentation aux investisseurs (en anglais seulement, modifié)

Building Momentum

Q3 2023 Business and Financial Review

Forward-looking statements and Non-IFRS measures

This presentation contains "forward-looking information" within the meaning of applicable securities law. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as beliefs and assumptions made by the Company related to its business, operations, expectations and external environment.

• The ongoing effects of the post-pandemic global economies and macro-economic trends, including the war in Ukraine, create many uncertainties which may have a significant impact on the Company's operations, business continuity and financial results. In addition, the Company's operational, financial and environmental performance may be significantly impacted by factors such as supply chain disruption, cybersecurity incidents, availability of labour and materials, inflation, agricultural commodity markets, foreign exchange rates, interest rates, shifting demand balance between retail and foodservice channels, product mix, productivity, access to markets and geopolitical instability.
• The Company's expectations with respect to the growth of its meat protein business, expectations for performance, anticipated growth in sales, Adjusted EBITDA margin, gross margin, the expected contribution of capital projects (and the timing of same), and magnitude of impact of factors affecting performance are based on a number of assumptions, estimates and projections, including but not limited to: the impact of global pork market dynamics, post-pandemic economic volatility, supply chain constraints and effectiveness, inflation, commodity prices, ramp-up of capital projects, hog and pork processor margins, demand for pork and access to export markets, poultry markets and supply management, cybersecurity risks to operational and financial performance (including time and cost to recover from an incident), timing and effect of pricing action, foreign exchange rates, market share, growth in demand for sustainable meats and branded products, customer and consumer behaviour, competition, litigation exposure, implications of foreign animal disease and availability of labour and labour performance considerations.
• The Company's expectations with respect to its targets and business plans for the plant protein business and expectations with respect the shift in the Company's investment thesis and its ability to achieve its goal of becoming Adjusted EBITDA neutral by the end of 2023 are based on a number of assumptions, estimates and projections, including but not limited to: accuracy of the market analysis and future growth potential in the category, market share, the impact the post-pandemic economic volatility, supply chain constraints and effectiveness, inflation, go to market strategies, results of operational optimization, results of brand renovation initiatives, cost reduction initiatives, foreign exchange rates, customer and consumer behaviour, competition, timing and effect of pricing action, availability of labour and labour performance considerations, litigation exposure, and the ability of the Company to calibrate its business model to the expected market opportunity.
• The Company's assumptions about capital project expenditures, timing to complete, expectations with respect to return on these investments, and future capital investments are based on a number of assumptions, including but not limited to: successful commissioning and ramp-up of the projects, availability and cost of materials and labour, contractor performance and productivity levels, supply chain constraints and effectiveness, quality of estimating, weather conditions, project scope, ability to achieve operational efficiencies, demand for products from these capital investments, preventative maintenance needs, and future operational and strategic investment opportunities.
• The Company's ability to achieve its environmental targets assumes that it can increase the pace of emission reductions through a combination of near-term and longer-term initiatives, as progress toward the targets has slowed for a variety of reasons, most of which have been exacerbated by the challenges created by the post-pandemic environment, together with the timing of production from new capital projects.

These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. These assumptions have been derived from information currently available to the Company, including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied, or forecasted in such forward-looking information, which reflect the Company's expectations only as of the date hereof. Please refer to the sections entitled "Risk Factors" and "Forward-Looking Statements" in the Company's Management Discussion and Analysis for the year ended December 31, 2022 and for the quarter ended September 30, 2023 for additional detail.

In addition, this presentation contains the following non-IFRS measures:

Adjusted Operating Earnings: Earnings before income taxes and interest expenses adjusted for items that are not considered representative of ongoing operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred.

Adjusted Earnings per Share: Defined as basic earnings per share adjusted for all items that are not considered representative of ongoing operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization: Defined as Adjusted Operating Earnings plus depreciation and intangible asset amortization, adjusted for items included in other expense that are considered representative of ongoing operational activities. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by sales.

Net (Debt) Cash: Defined as cash and cash equivalents, less long-term debt and bank indebtedness.

Construction Capital: Defined as investments and related financing charges in projects over $50.0 million that are related to longer-term strategic initiatives, with no returns expected for at least 12 months in the future and the asset will be re- categorized from Construction Capital once operational.

Free Cash Flow: Defined as cash provided by operations, less Maintenance Capital (defined as non-discretionary investment required to maintain the Company's existing operations and competitive position) and associated interest paid and capitalized

Please refer to the Company's Management and Discussion and Analysis for the quarter ended September 30, 2023 (as filed on SEDAR) for additional information on non-IFRS financial measures.

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Maple Leaf Foods has established itself as an iconic, purpose-driven Canadian food company

Driven by our purpose of Raising the Good in Food, Maple Leaf Foods has demonstrated authentic leadership in Sustainability and Shared Value creation

Our portfolio of leading brands includes the #1 and #2 brands in the category

We are approaching the next natural inflection point on our journey to a Purpose-driven,Globally-admired and Brand-led CPG company

Delivering 14%-16% Adjusted EBITDA Meat Margin Target

Excellent progress executing our playbook in the third quarter of 2023

New product innovation will continue to stimulate consumer demand and fuel growth