MISSISSAUGA, ON, Maple Leaf Foods Inc. ("Maple Leaf Foods" or "the Company") (TSX: MFI) today reported its financial results for the fourth quarter and full year ended December 31, 2024.
"I am incredibly proud of our team's outstanding performance in closing out the year," said Curtis Frank, President and Chief Executive Officer of Maple Leaf Foods. "In the fourth quarter, sales grew by 4.3% year over year, Adjusted EBITDA rose to $155 million, and our Adjusted EBITDA Margin expanded by 240 basis points to 12.5%."
"With our CPG growth strategies proving resilient, our large-scale capital projects now behind us, and pork markets stabilizing at more normal levels, 2024 delivered the significant financial progress we anticipated," continued Mr. Frank. "Free Cash Flow grew by $296 million in the year, allowing us to rapidly deleverage our balance sheet and improve our Net Debt to Adjusted EBITDA ratio to 2.7x by year-end. All to say we are entering 2025 with strong momentum, setting the stage for a transformational year ahead."
"As we look to 2025, we have a clear path to drive mid-single-digit sales growth, achieve Adjusted EBITDA that meets or exceeds $634 million, and complete the spin-off of our pork business. More than ever Maple Leaf Foods is positioned for long-term success," concluded Mr. Frank.
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