Canada’s Maple Leaf signals commitment to plant-based meat following pork spin-off
The company plans to outline its strategy at an upcoming capital markets event.
CANADA – Maple Leaf Foods confirmed its ongoing focus on plant-based meat after separating its pork operations into a new company, Canada Packers.
During a discussion of the company’s annual results, President and CEO Curtis Frank said the business will provide more details about its plant-protein ambitions at the capital markets day next week.
Frank described plant-based protein as a “longer-term story” with potential for profitable growth, though he noted that it currently accounts for less than 5% of the company’s total revenue.
The CEO framed plant-based products as an opportunity to expand margins within the portfolio while emphasizing the stable earnings provided by the existing poultry and prepared foods operations.
Frank said the company sees a route to achieving what he termed “average margins” for plant-based items relative to its overall business and expressed confidence in executing that plan.
Chief financial officer David Smales echoed the importance of plant-protein offerings, positioning them as a complementary category alongside Maple Leaf’s poultry and prepared foods divisions.
Smales also said the company considers plant-based protein a relevant long-term segment in response to growing demand for healthier protein options.
The pork spin-off, completed last year, marked a major transformation for Maple Leaf, leaving the company with poultry, prepared foods, and alternative-protein brands Field Roast and Lightlife.
Frank described the separation as a pivotal moment in the company’s history and said the period of heavy investment is now behind the business.
Maple Leaf retains a 16% stake in Canada Packers, maintaining a financial interest in its former pork division.
Looking ahead to the new fiscal year, Frank highlighted objectives including scaling operations, increasing volume, and driving revenue growth.
He also outlined plans to expand margins and grow profit faster than sales through improvements in product mix, productivity gains, cost reductions, and pricing adjustments to offset inflation experienced in the latter half of 2025.
The company implemented new pricing in February, which is expected to support mid-single-digit revenue growth and adjusted EBITDA of approximately US$381-395 million.
Frank added that Maple Leaf will continue to pursue a disciplined approach to capital allocation to support its strategic priorities in its plant-based and traditional protein businesses.
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