Canada Packers reports Q2 loss amid market challenges

Canada Packers Inc. has reported its financial results for the 13-week and 26-week periods ending June 27, 2026.

Second quarter highlights

• Sales of $431.7 million. Prior year Q2 sales of $473.2 million included operations that were not acquired by the company in connection with the spin-off from Maple Leaf Foods.
• Loss of $28.4 million in the quarter includes $48.3 million non-cash decrease in fair value of biological assets, (2025: earnings of $23.4 million, $8.1 million non-cash decrease in fair value of biological assets). The change in fair value of biological assets is excluded in the calculation of Adjusted EBITDA(ii), and does not affect operating performance.
• Adjusted EBITDA(ii) was $34.9 million, down $10.1 million compared to Q2 2025 pro-forma Adjusted EBITDA(i) of $45 million, primarily due to cutout markets that did not improve in line with historical seasonal patterns, partially offset by operational efficiencies.
• Paid a dividend of $0.23 per share in the quarter, returning $6.8 million to shareholders.
• Adjusted EPS(ii) of $0.34. Adjusted EPS in 2025 of $0.93 does not reflect the impacts of stand-alone costs incurred in 2026.
• Net Debt(ii) was $432.8 million resulting in a leverage ratio of 2.4x based on trailing twelve months pro forma Adjusted EBITDA(i).