Maple Leaf Foods Announces Special Dividend

Maple Leaf Foods Inc. ("Maple Leaf Foods" or the "Company") (TSX: MFI) announced today that its Board of Directors has declared a special cash dividend of $0.60 per common share (approximately $75 million in total), payable on December 19, 2025 to shareholders of record at the close of business on December 15, 2025. The decision reflects the Company's strong operating performance and disciplined capital management following a period of major capital investments that have contributed to increased free cash flow and a strengthened balance sheet.

"This special dividend marks Maple Leaf Foods' transition from a period of deleveraging to a balanced capital allocation strategy that supports enhanced shareholder returns alongside continued investment in growth," said Curtis Frank, President and Chief Executive Officer. "It reflects our strong financial position and confidence in the company's outlook. With this disciplined framework, we can deliver meaningful returns to shareholders while maintaining flexibility to invest in innovation, operational excellence, and long-term growth. We remain focused on creating enduring value for all of our stakeholders as we advance our vision to be the most sustainable protein company on earth."

The Company's capital allocation strategy is anchored by three priorities: investing in growth and operational efficiency, maintaining a resilient, investment-grade balance sheet, and returning excess capital to shareholders. As part of its regular capital allocation review, the Board will continue to consider enhanced capital distributions using a range of tools – including the annual dividend, special one-time dividends, and share buy-backs – based on what is the most appropriate at the time. The amount of capital returned to shareholders and the specific tool chosen will depend on the Company's current financial performance, strategic priorities, near-term capital needs, and relevant governance and tax considerations. These considerations include the 2017 Governance Agreement with McCain Capital Inc. ("MCI") and Michael H. McCain, which caps MCI's ownership in Maple Leaf Foods at 45%, as well as commitments made as part of the Canada Packers Inc. spin-off earlier this year.