Maple Leaf Foods Inc.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Maple Leaf's second quarter 2025 financial results conference call. As a reminder, this conference call is being webcast and recorded. All lines have in place on mute to prevent any background noise. Please note that there will be a question and answer session following the formal remarks. We will go over the instructions for the question and answer session following the conclusion of the formal presentation. I would now like to turn the conference call over to Omar Javid, investor relations at Maple Leaf Foods. Please go ahead, Mr.

Javid. Thank you and good morning, everyone. Before we begin, I would like to remind you that some statements made on today's call may constitute forward-looking information, and our future results may differ materially from what we discussed. Please refer to our second quarter 2025 MDNA and financial statements and other information on our website for our broader description of operations and risk factors that could affect the company's performance. We've also uploaded our second quarter investor presentation to our website. As always, the investor relations team will be available after the call for any follow-up questions you may have. With that, I'll turn the call over to our president and CEO, Curtis Frank. Thank you, Omar, and good morning, everyone. It's

great to be with you today to share our second quarter 2025 results. Joining me on today's call are David Smales, our chief financial officer, and Dennis Organ, president of our Port Complex and the incoming CEO of Canada Packers. I'll begin our call today with a strategic and operational update, after which Dennis will provide insights into the performance of our Port Complex, and David will walk you through a more detailed review of our financial results. I'll then return to share some closing thoughts before we open the line to your questions. Well, the key takeaway today is that we are sustaining strong momentum across the business, driven by the disciplined execution of our strategic blueprint and an unwavering focus on value creation. In the second quarter, we again made meaningful progress to delivering on our annual objectives, showcasing the earnings potential of our business as we move beyond the heavy capital investment phase, execute our profitable growth strategies, and benefit from a return to more normalized pork market conditions. It was another strong quarter of financial performance where sales increased by over 8%, adjusted EBITDA increased by 29% to 182 million. Our adjusted EBITDA margin rose to 13.3%, a -over-year gain of 210 basis points. Free cash flow grew to 216 million, and we further de-laboraged our balance sheet. Given the strength of our -to-date performance, our growing confidence in the resiliency of the Maple Leaf Blueprint, the underlying expectation of a stable operating environment through the remainder of the year, we are increasing our 2025 adjusted EBITDA outlook to be in the range of 680 million to 700 million. Now, coming back to Q2, the strength of our results across the CPG and pork businesses clearly demonstrates the effectiveness of our strategy and the resilience of our portfolio as we continue to drive disciplined execution. You'll note from the pro forma quarter and LTM views provided today showcasing each business on a standalone basis that we continue to deliver margin progression in both the Maple Leaf Foods CPG company and the future Canada Packers company. Within our pork operating unit, top line growth of .7% was driven by an increase in the volume of hogs processed. And with markets operating at more normal levels, improved financial results followed, which Dennis will provide more details. In our prepared foods and poultry business, sales growth of .8% was driven by solid execution of our proven growth strategies, where we continue to be pleased with the resilience of our brands and the agility that our commercial teams have demonstrated as they navigate a stable, yet challenging consumer environment. We continue to leverage our portfolio of market leading brands anchored by Canada's number one prepared meats brand Schneiders, the number two prepared meats brand in the category Maple Leaf, and the number one fresh poultry brand, Maple Leaf Prime. At the same time, we are building the next generation of distinctive brands that resonate deeply with consumers and strengthen our competitive edge. Our proven ability to incubate, scale, and sustain these brands alongside our core portfolio is a powerful driver of long-term growth and value creation. We are not only brand builders, we are brand creators. Take Greenfield Natural Meat Company, for example, cross-border brand that has become the number one raised-without antibiotics meat brand in Canada, and the number three antibiotic-free meat brand in the US since its launch in 2015. Greenfield continued to grow at a double-digit pace this past quarter and has delivered a five-year compound annual sales growth rate of 15%. Built on industry-leading commitments to sustainability and animal welfare, Greenfield products are raised without antibiotics, humanely raised, gestation crate-free, and produced by a carbon-neutral company. This suite of consumer-relevant attributes uniquely positions Greenfield to meet the growing demand for responsibly sourced protein across Canada and the United States. Similarly, our Mina Halal brand demonstrates our strength in serving culturally relevant markets. Since its launch in 2012, Mina has grown into the number one Halal poultry brand in Canada. Rooted in authenticity and backed by the Halal Monitoring Authority certification, Mina delivered double-digit sales growth this past quarter and has achieved a five-year compound annual sales growth rate of 23%, supported by rising consumer demand, accelerating brand awareness, and expansion across the fresh poultry, packaged meats, and frozen foods categories. These results highlight the power of our purpose-led portfolio strategy, meaning evolving consumer needs, capturing both mainstream and niche opportunities, and the pursuit of building love brands. Armed with a robust innovation pipeline and deep insight into emerging consumer trends, we are well-positioned to launch the next generation of distinctive market-shaping and protein-focused brands. This portfolio of brands will continue to set Maple Leaf Foods apart and drive enduring shareholder value for the many years to come. While our brand-building initiatives and the execution of our growth strategies continues to drive excellent top-line performance that is outpacing the broader North American CPG industry, we also remain equally focused on expanding our adjusted EVTA margins and strengthening our overall profitability. As we highlighted last quarter, we are making steady progress on our Fuel for Growth initiative. We have implemented a leaner, more agile organizational structure. We are realizing the benefits from our supply chain and our resource-sourcing initiative. And in Q2, we reached a key milestone by completing the plans decommissioning of our aging Brantford facility, successfully transitioning production to other sites. This step also advances our broader strategic manufacturing review, which is expected to deliver meaningful cost savings to 2026 and beyond. Consistent with our objective to reshape our portfolio as a purpose-driven, protein-focused, brand-led consumer packaged goods company, we made significant progress on the Canada Packers spinoff this past quarter. At our annual and special general meeting in June, shareholders overwhelmingly approved all motions, including the spinoff of Canada Packers, with support from over 99% of all shareholder votes cast. This strong endorsement marks a major milestone in our strategy to unlock long-term value. Following shareholder approval, the spinoff is on track to be completed in the second half of 2025, subject to receipt of the advanced tax ruling and satisfaction of customary closing conditions. I should also note that we have made significant progress advancing our operational readiness to complete this historic transaction. On July 28, Canada Packers began operating as a wholly owned subsidiary, Maples Foods, allowing it to start operating in many ways as a separate entity. This planned and thoughtful approach further enhances our readiness to complete the transaction once we have received the advanced tax ruling, which is expected later this year. Before concluding, I wanna highlight that we recently released our 2024 integrated report, which outlines our progress towards realizing our vision to become the most sustainable protein company on earth. Among the many successes that we featured in the report, I am particularly proud to highlight that we have celebrated our fifth year as a carbon neutral company, an accomplishment that continues to set us apart. We've reduced our scope one and two emissions by over 5% in absolute terms and cut scope three emissions intensity by nearly 16% versus our 2018 baseline. We've achieved a .9% reduction in antibiotic use in our hog operations since 2014. We are delivering on our safety promise in food safety, people safety and animal care. And we continue to work through the Maple Leaf Center for Food Security to see to it that food insecurity in Canada is reduced by 50% by 2030. By leading in sustainability, we are building a stronger, more resilient company, one that we believe will continue to earn the trust of consumers, of customers and of shareholders for decades to come. With that, I will pass things over to Dennis to discuss the Port Complex and then to Dave to review our financial results. Dennis.