Newly separated from Maple Leaf Foods, Canada Packers reports higher hog volumes, solid sales growth and disciplined financial execution
Canada Packers Inc., recently split off from Maple Leaf Foods, reported its financial results earlier this month for the fiscal year ended December 27, 2025, highlighting increased hog volumes, steady sales growth and disciplined financial execution.
In the fourth quarter of 2025, Canada Packers reported sales of $429.4 million, up 1.3% from $424.0 million in the same quarter of 2024. The year‑over‑year increase was driven by higher production volumes, increased average hog weights and favourable market pricing, according to the company.
“During the fourth quarter we delivered best-in-class profitability by selling our premium, value-added, sustainably produced pork products across our strategic global customer base,” said Dennis Organ, President and Chief Executive Officer, Canada Packers.
“This, combined with volume growth from our latent capacity and strong on-farm execution, drove gains in Adjusted EBITDA over the prior year. Through continued disciplined execution of our strategy, we will capitalize on our near-term growth opportunity and strengthen our balance sheet -- as demonstrated in the fourth quarter by bringing our leverage ratio to the low end of our target range and returning capital to shareholders.”
Processing volumes continued to trend higher in the fourth quarter. Canada Packers processed 1.04 million hogs during the final quarter of 2025, a 1.7% increase from the 1.02 million hogs processed in the fourth quarter of 2024.
The company also reported a shift toward a higher proportion of internally raised hogs. During the quarter, 46.8% of processed hogs were internally raised, compared with 44.5% a year earlier. Externally sourced hogs accounted for 53.2% of total throughput, down from 55.5% in the fourth quarter of 2024.
Gross profit for the fourth quarter of 2025 totaled $65.6 million, representing a gross margin of 15.3%, compared with $94.3 million and a 22.2% gross margin in the same period a year earlier.
The company noted that non‑cash fair value changes in biological assets increased gross profit by $9.2 million in the quarter, compared with an increase of $43.2 million in the fourth quarter of 2024. These amounts are excluded from the calculation of Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBT.
Despite these accounting differences, Canada Packers said its results benefited from improved year‑over‑year market conditions driven by the vertically integrated spread, while the packer spread remained relatively flat.
Performance within the company’s premium value‑added pork segment also improved, supported by stronger on‑farm results, higher hog volumes and targeted sales to strategic global customers.
For the full fiscal year, Canada Packers processed 4.17 million hogs in 2025, a 4.3% increase compared to 3.99 million hogs processed in 2024. Internal production accounted for 46.7% of total hogs processed during the year, up from 44.2% in 2024, while externally sourced hogs declined to 53.3% from 55.8% the previous year.
The results mark an important milestone for Canada Packers following its separation from Maple Leaf Foods, positioning the company as a focused, vertically integrated pork processor with an emphasis on premium products, operational efficiency and balance sheet strength.
As Canada Packers moves forward as a standalone business, its fiscal 2025 performance underscores its strategy of aligning on‑farm execution, processing capacity and global market access to drive long‑term growth in the Canadian and international pork sectors.