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Saputo Neilson 18g PROTEIN 2 % UNLOCKING THE VALUE OF DAIRY INVESTOR PRESENTATION August 7 , 2026
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I N V E S T O R P R E S E N T A T I O N 2 Caution Regarding Forward-Looking Information This presentation contains statements which are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our objectives, outlook, business projects, strategies, beliefs, expectations, targets, commitments, goals, ambitions and strategic plans including our ability to achieve these targets, commitments, goals, ambitions and strategic plans, and statements other than historical facts. The words “may”, “could”, “should”, “will”, “would”, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “foresee”, “objective”, “continue”, “propose”, “aim”, “commit”, “assume”, “forecast”, “predict”, “seek”, “project”, “potential”, “goal”, “target”, or “pledge”, or the negative of these terms or variations of them, the use of conditional or future tense or words and expressions of similar nature, are intended to identify forward-looking statements. All statements other than statements of historical fact included in this presentation and accompanying oral presentation may constitute forward-looking statements within the meaning of applicable securities laws. By their nature, forward-looking statements are subject to inherent risks and uncertainties. Actual results could significantly differ from those stated, implied, or projected in such forward-looking statements. As a result, we cannot guarantee that any forward-looking statements will materialize, and we warn readers that these forward-looking statements are not statements of historical fact or guarantees of future performance in any way. Assumptions, expectations, and estimates made in the preparation of forward-looking statements and risks and uncertainties that could cause actual results to significantly differ from current expectations are discussed in our materials filed with the Canadian securities regulatory authorities from time to time, including the “Risks and Uncertainties” section of the Management's Discussion and Analysis dated June 4, 2026, available on SEDAR+ under the Company's profile at the Management's Discussion and Analysis dated June 4, 2026, available on SEDAR+ under the Company's profile at www.sedarplus.ca. Such risks and uncertainties include the following: product liability; the availability and price variations of milk and other dairy ingredients, our ability to transfer input costs increases, if any, to our customers in competitive market conditions; supply chain strain and supplier concentration; the price fluctuation of dairy products in the countries in which we operate, as well as in international markets; continuing economic and geopolitical uncertainties; changes in international trade agreements and policies, including those that may result from tariffs, quotas, trade barriers and other similar restrictions; actual or perceived changes in the condition of the economy or economic slowdowns or recessions; changes in consumer trends; our ability to identify, attract, and retain qualified individuals; the increased competitive environment in our industry; consolidation of clientele; cyber threats and other information technology-related risks relating to business disruptions, confidentiality, data integrity and business and email compromise-related fraud; changes to tariff protection on dairy; unanticipated business disruption; changes in environmental laws and regulations; the potential effects of climate change; increased focus on environmental sustainability matters; public health threats; the failure to execute our growth strategy as expected or to adequately integrate acquired businesses in a timely and efficient manner, or to realize the anticipated benefits from divestitures; the failure to complete capital expenditures as planned; changes in interest rates and access to capital and credit markets. There may be other risks and uncertainties that we are not aware of at present, or that we consider to be insignificant, that could still have a harmful impact on our business, financial state, liquidity, results, or reputation. Forward-looking statements are based on Management’s current estimates, expectations and assumptions regarding, among other things; the projected revenues and expenses; the economic, industry, competitive, and regulatory environments in which we operate or which could affect our activities; international trade policies; our ability to identify, attract, and retain qualified and diverse individuals; our ability to attract and retain customers and consumers; the results of our sustainability efforts; the effectiveness of our environmental and sustainability initiatives; our operating costs; the pricing of our finished products on the various markets in which we carry on business; the successful execution of our growth strategy; our ability to deploy capital expenditure projects as planned; reliance on third parties; our ability to gain efficiencies and cost optimization from strategic initiatives; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; our ability to leverage our brand value; our ability to drive revenue growth in our key product categories or platforms or add products that are in faster-growing and more profitable categories; the market supply and demand levels for our products; our warehousing, logistics, and transportation costs; our effective income tax rat e; the exchange rate of the Canadian dollar relative to other currencies we use for our business. Our financial performance goals and ambitions are set using assumptions regarding, among others: the absence of significant det erioration in macroeconomic conditions; tariffs, quotas, trade barriers and other similar restrictions; our ability to mitigate inflationary cost pressure; ingredient markets, commodity prices, foreign exchange; labour market conditions; the impact of price elasticity; our ability to increase the production capacity and productivity in our facilities; the efficiency of our network and cost optimization initiatives, and the demand growth for our products. Our ability to achieve our environmental targets, pledges, commitments, and goals (together, our “environmental targets”) is further subject to, among others: the development, effectiveness and costs of solutions to reduce emissions in dairy production systems; the ability of the Company and our industry to develop sustainable incentive models to reduce emissions; the availability of and our ability to access and implement the technology necessary to achieve our environmental targets at reasonable and sustainable costs; the development and performance of technology, innovation and the future use and deployment of technology and associated expected future results; the accessibility at sustainable costs of carbon and renewable energy instruments for which a market is still developing and which are subject to risk of invalidation or reversal; environmental regulation, and our ability to leverage our supplier relationships and our sustainability advocacy efforts. Management believes that these estimates, expectations, and assumptions are reasonable as of the date hereof, and are inherently subject to significant business, economic, competitive, and other uncertainties and contingencies regarding future events, and are accordingly subject to changes after such date. Forward-looking statements are intended to provide shareholders with information regarding Saputo, including our assessment of future financial plans, and may not be appropriate for other purposes. Undue importance should not be placed on forward-looking statements, and the information contained in such forward-looking statements should not be relied upon as of any other date. Unless otherwise indicated by Saputo, forward-looking statements in this report describe our estimates, expectations, and assumptions as of the date hereof, and, accordingly, are subject to change after that date. Except as required under applicable securities legislation, Saputo does not undertake to update or revise forward-looking statements, whether written or verbal, that may be made from time to time by itself or on our behalf, whether as a result of new information, future events, or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement. 2
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I N V E S T O R P R E S E N T A T I O N 3 1) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026, for more information on this measure, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025). ~10 B I L L I O N litres of milk processed annually 54 P L A N T S 49 distribution centres 1 innovation centre ~18,100 E M P L O Y E E S Products sold in over 50 C O U N T R I E S Global Scale Meets Growing Protein Demand L E V E R A G I N G A W O R L D - C L A S S N E T W O R K T O C A P T U R E H I G H - V A L U E D A I R Y M O M E N T S L T M * N E T E A R N I N G S $716M L T M * A D J U S T E D N E T E A R N I N G S 1 $774M 30% 50% 10% 10% LT M * R E V E N U E S $17.616B 40% 40% 10%10% CANADA USA INTERNATIONALEUROPE LTM* A D J U S T E D E B I T D A 1 $1.689B C A N A D A A leading cheese manufacturer and fluid milk and cream processor delivering diverse, high-quality dairy products and cheeses under leading national and regional brands U K Leading manufacturer of branded cheese and dairy spreads A U S T R A L I A A leading dairy processor of cheese, milk powders, and dairy ingredients to retail, foodservice, and industrial customers U S A A leading cheese producer and extended shelf-life and cultured dairy products manufacturer
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I N V E S T O R P R E S E N T A T I O N 4 G L O B A L E X P A N S I O N G R O W T H T H R O U G H C A P I T A L I N V E S T M E N T S R I S I N G D E M A N D F O R D A I R Y P R O D U C T S Our History of Growth D I S C I P L I N E D E X P A N S I O N A N D I N T E G R A T I O N T H R O U G H M U L T I P L E C Y C L E S • Significant acquisitions in the US, Australia, the UK, and Argentina3 • Diversified global footprint to capture regional opportunities • Products now sold in over 50 countries • Multi-year capital investment plan to drive organic growth and operational excellence • Targeted facility expansions and modernizations to drive efficiency and capacity • Investments and consolidation in the US, Australia, and the UK to improve efficiencies and operational benefits • Capitalizing on growing consumer demand for nutrition, wellness and value from affordable protein • Aligned with long-term consumer health trends A D J U S T E D E B I T D A 1 F Y 1 9 9 7 – 2 0 2 7 A D J U S T E D E B I T D A 1 , 2 C A G R S I N C E 1 9 9 7 199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026LTM* 1) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026, for more information on this measure, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. 2) As of fiscal 2024, comparative information has been re-presented to reflect discontinued operations. 3) On June 18, 2026, the Company sold an 80% interest in its Dairy Division (Argentina). * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025).
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I N V E S T O R P R E S E N T A T I O N 5 A leading cheese producer and extended shelf-life and cultured dairy products manufacturer Leading dairy processor in Australia, and the leading manufacturer of branded cheese and dairy spreads in the UK A leading dairy processor delivering diverse, high-quality dairy products and cheeses under leading national and regional brands Optimized Portfolio Delivering Balanced Growth C O M B I N I N G S T A B L E A N D S C A L A B L E C A S H E N G I N E S W I T H H I G H - G R O W T H O P T I O N A L I T Y C O N S I S T E N T G R O W T H I N A R E S I L I E N T M A R K E T B U I L D I N G M O M E N T U M S U P P O R T E D B Y V O L U M E G R O W T H A N D S T R O N G E R O P E R A T I O N A L E X E C U T I O N F O C U S O N M A X I M I Z I N G R E T U R N S O N M I L K A N D A D V A N C I N G E F F I C I E N C Y I N V E S T M E N T S C A N A D A U S A I N T E R N A T I O N A L 2 A N D E U R O P E o f c o n s o l i d a t e d L T M * a d j u s t e d E B I T D A 1 40% 40% 20% 1) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026, for more information on this measure, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. 2) The International Sector consists of the Dairy Division (Australia), and excludes the results of the Dairy Division (Argentina), which has been classified as discontinued operations in the Company’s financial statements. * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025). o f c o n s o l i d a t e d L T M * a d j u s t e d E B I T D A 1 o f c o n s o l i d a t e d L T M * a d j u s t e d E B I T D A 1
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I N V E S T O R P R E S E N T A T I O N 6 A T T R A C T I V E M A R K E T O P P O R T U N I T Y P R O V E N C O M P E T I T I V E A D V A N T A G E S W E L L - D E F I N E D E A R N I N G S G R O W T H S T R A T E G Y D I S C I P L I N E D G R O W T H T H R O U G H S T R A T E G I C I N V E S T M E N T S A N D M & A E N H A N C E D C O M M E R C I A L S T R A T E G Y T O S U P P O R T O U R L E A D I N G B R A N D S , I N V E S T I N I N N O V A T I O N , A N D E X P A N D D I S T R I B U T I O N D R I V E O P E R A T I O N A L A N D A D M I N I S T R A T I V E E F F I C I E N C I E S T O R E M A I N A L O W - C O S T , H I G H - Q U A L I T Y D A I R Y M A N U F A C T U R E R S T R O N G A N D S T E A D I L Y G R O W I N G D A I R Y M A R K E T W I T H S P E C I F I C S U B - S E G M E N T S P O I S E D F O R H I G H E R G R O W T H R E S I L I E N T S U P P L Y C H A I N L E A D I N G M A R K E T P O S I T I O N S A N D D I V E R S I F I E D C O M M E R C I A L P R E S E N C E S U S T A I N A B L E O P E R A T I N G C A S H F L O W A N D D I S C I P L I N E D A L L O C A T I O N O F C A P I T A L O P E R A T I O N A L E X C E L L E N C E A N D M A N U F A C T U R I N G E X P E R T I S E S T R O N G A N D S E A S O N E D L E A D E R S H I P T E A M Saputo’s Value Creation Engine K E Y G R O W T H D I F F E R E N T I A T O R S T H A T D R I V E L O N G - T E R M V A L U E
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I N V E S T O R P R E S E N T A T I O N 7 W I D E R A N G E O F P R O D U C T S F R O M T H E S A M E V E R S A T I L E I N P U T D A I R Y F O O D S C H E E S E F L U I D M I L K M I L K B Y - P R O D U C T I N G R E D I E N T S Unlocking the Full Potential of Dairy D A I R Y ’ S R O L E A S A N A F F O R D A B L E , V E R S A T I L E S O U R C E O F P R O T E I N R E L E V A N C Y T O G R O W I N G C O N S U M E R F O O D T R E N D S C O N S U M E R T R E N D S V A L U E - S E E K I N G C O N S U M E R S P R O T E I N A F F O R D A B I L I T Y A D V A N T A G E N U T R I T I O N H E A L T H A N D W E L L N E S S C O N S U M E R D A I R Y O F F E R S A C O M B I N A T I O N O F H I G H - Q U A L I T Y P R O T E I N , F U N C T I O N A L I T Y , A N D A F F O R D A B I L I T Y T H A T F E W F O O D C A T E G O R I E S C A N M A T C H E V E R Y D A Y C O N S U M P T I O N O C C A S I O N S D A I R Y O P P O R T U N I T Y
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I N V E S T O R P R E S E N T A T I O N 8 L O W U N I T C O S T H I G H U T I L I Z A T I O N F O O D Q U A L I T Y & S A F E T Y L A R G E S C A L E Making Every Drop Count L O W - C O S T M A N U F A C T U R E R O F H I G H - Q U A L I T Y D A I R Y P R O D U C T S
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I N V E S T O R P R E S E N T A T I O N 9 Resilience by Design D I R E C T - T O - M A R K E T O P E R A T I O N S A L I G N O U R G L O B A L S C A L E W I T H L O C A L P R E F E R E N C E S L O C A L S O U R C I N G L O C A L P R O D U C T I O N L O C A L C O N S U M P T I O N A V E R T I C A L L Y I N T E G R A T E D M O D E L P R O V I D I N G R E S I L I E N C E A G A I N S T S U P P L Y C H A I N V O L A T I L I T Y Locally sourced cost-effective raw materials (milk) Mainly distributed and consumed domestically Outputs efficiently processed domestically
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I N V E S T O R P R E S E N T A T I O N 10 Diversified Portfolio Mix B A L A N C E D E X P O S U R E A C R O S S G E O G R A P H I E S , C H A N N E L S , A N D E N D M A R K E T S 1 I N G R E D I E N T S 6 % G E O G R A P H Y P R O D U C T M I X M A R K E T S E G M E N T S T R O N G M A R K E T P O S I T I O N A N D D I V E R S E P R O D U C T M I X P R O V I D E R E S I L I E N C E A C R O S S E C O N O M I C C Y C L E S CANADA, 30% USA, 50% INTERNATIONAL, 10% EUROPE, 10% RETAIL, 50% FOODSERVICE, 34% INDUSTRIAL, 16% L T M * R E V E N U E S DAIRY FOODS, 32% CHEESE, 47% MILK, 11%BY-PRODUCTS / INGREDIENTS, 6% NON-DAIRY PRODUCTS, 4% R E V E N U E S F Y 2 6 * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025). 1) The International Sector consists of the Dairy Division (Australia), and excludes the results of the Dairy Division (Argentina), which was classified as a discontinued operation in the Company’s financial statements. L T M * R E V E N U E S
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I N V E S T O R P R E S E N T A T I O N 11 Local Relevance, Global Reach S T R O N G L O C A L B R A N D S A L I G N E D W I T H E V E R Y D A Y C O N S U M P T I O N C A N A D A U S A U K A U S T R A L I A O U R B R A N D S L E V E R A G E U N I Q U E M A R K E T P O S I T I O N S A N D G L O B A L I N N O V A T I O N S
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I N V E S T O R P R E S E N T A T I O N 12 Proven Leadership for a New Era of Growth D E E P I N D U S T R Y E X P E R I E N C E A N D S T R A T E G I C V I S I O N Carl Colizza P R E S I D E N T A N D C E O Maxime Therrien C H I E F F I N A N C I A L O F F I C E R A N D S E C R E T A R Y Isabelle Tisseur C H I E F H U M A N R E S O U R C E S O F F I C E R Leanne Cutts C H I E F C O M M E R C I A L O F F I C E R Martin Gagnon C H I E F S T R A T E G Y A N D C O R P O R A T E D E V E L O P M E N T O F F I C E R Haig Poutchigian P R E S I D E N T A N D C O O D A I R Y D I V I S I O N ( C A N ) Dominick Bombino P R E S I D E N T A N D C O O D A I R Y D I V I S I O N ( U S A ) Richard Wallace P R E S I D E N T A N D C O O D A I R Y D I V I S I O N ( A U S ) Steve Douglas P R E S I D E N T A N D C O O D A I R Y D I V I S I O N ( U K )
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I N V E S T O R P R E S E N T A T I O N 13 Pivoting from Investment to Earnings Delivery M U L T I - Y E A R C A P I T A L I N V E S T M E N T S T R A N S I T I O N T O H I G H - M A R G I N C A S H G E N E R A T I O N T H E M A J O R B U I L D P H A S E I S L A R G E L Y C O M P L E T E I N V E S T & B U I L D F Y 2 2 – F Y 2 5 F O C U S E X E C U T E & O P T I M I Z E W H E R E W E A R E T O D A Y D E L I V E R & R E D E P L O Y F U T U R E O U T L O O K T H E P I V O T I S U N D E R W A Y R E T U R N S O N C A P I T A L A R E A C C E L E R A T I N G • Completed a multi-year modernization and automation program across the manufacturing network. • Expanded capacity in high-margin core categories. • Executed strategic footprint optimization across global sectors. • Capital intensity is moderating as major projects transition to steady-state operations. • Improved throughput and utilization are translating into lower unit costs. • Operating leverage is beginning to flow through margin. • Realizing lower unit costs through enhanced operating leverage. • Delivering structurally higher-quality earnings with improved operating cash flow. • Generating free cash flow to support reinvestment, M&A, and balance sheet strength.
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I N V E S T O R P R E S E N T A T I O N 14 Prioritizing value-added growth in cultured, protein, and functional segments Action Plan to Drive Performance E X E C U T I N G T O U N L O C K R E T U R N S F R O M P R I O R I N V E S T M E N T S Support our leading brands, invest in innovation with key customers, and expand distribution Maintain our market competitiveness by continuing to invest in technology, automation, and reduce costs C A P T U R I N G O P P O R T U N I T I E S I N D A I R Y V I A T A R G E T E D I N V E S T M E N T S A N D S T R A T E G I C M & A E N H A N C E O U R C O M M E R C I A L S T R A T E G Y D R I V E O P E R A T I O N A L A N D A D M I N I S T R A T I V E E F F I C I E N C Y A F O C U S E D S T R A T E G Y F O R S U S T A I N A B L E , L O N G - T E R M V A L U E C R E A T I O N
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I N V E S T O R P R E S E N T A T I O N 15 Multi-Year Investing Driving Growth S T R A T E G I C I N V E S T M E N T S W I T H A F O C U S O N H I G H - G R O W T H , V A L U E - A D D E D D A I R Y C A T E G O R I E S • Customer-led demand capacity aligned with growth in yogurt, cottage cheese, beverages • Value-added focus cultured, protein, functional categories • Targeted capacity expansion addressing supply constraints and supporting demand visibility • Network optimization automation, efficiency, flexibility • Disciplined returns phased, visible demand, margin upside A N N U A L C A P E X I N V E S T M E N T 1 A R E A S O F F O C U S $405M $514M $515M FY18 - FY21 FY22 - FY26 FY27F ~ 1) Annual Capex investment includes the Dairy Division (Argentina).
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I N V E S T O R P R E S E N T A T I O N 16 Disciplined Growth through Strategic M&A C L E A R P A R A M E T E R S T O I D E N T I F Y H I G H - P O T E N T I A L , S Y N E R G I S T I C O P P O R T U N I T I E S D E P L O Y I N G C A P I T A L S E L E C T I V E L Y T O E N H A N C E G R O W T H , R E T U R N S , A N D C A S H F L O W S T R A T E G I C F I L T E R S F I N A N C I A L C R I T E R I A STRENGTHEN MARKET POSITION IN CORE AND ADJACENT CATEGORIES EXPOSURE TO STRUCTURALLY ATTRACTIVE CATEGORIES WITH DURABLE DEMAND CLEAR PATH TO VALUE CREATION THROUGH INTEGRATION AND OPTIMIZATION ENHANCE CAPABILITIES AND LEADERSHIP DEPTH ALIGNED WITH OPERATING MODEL U N D E R L Y I N G O R G A N I C G R O W T H S U P P O R T E D B Y C A T E G O R Y F U N D A M E N T A L S M A R G I N A C C R E T I V E W I T H I D E N T I F I A B L E C O S T A N D C O M M E R C I A L S Y N E R G I E S R E T U R N S E X C E E D I N G C O S T O F C A P I T A L W I T H I N A D E F I N E D T I M E F R A M E H I G H F R E E C A S H F L O W G E N E R A T I O N
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I N V E S T O R P R E S E N T A T I O N 17 A Proven Commercial Operating Model S U P P O R T I N G O U R B R A N D S , I N V E S T I N G I N I N N O V A T I O N , A N D E X P A N D I N G O U R R E A C H Effective marketing and management of our brands to drive sustainable revenue and margin growth. Improving long-term customer value and revenue growth while enabling operational efficiency. Diversifying our commercial strategy and building a more robust and competitive business. Optimizing pricing, managing product portfolios, and improving promotional effectiveness. 1 2 3 4 I N V E S T B E H I N D D A T A - D R I V E N , I N S I G H T - L E D C H O I C E S E X T R A C T M A X I M U M M A R K E T V A L U E F R O M S T R A T E G I C C H O I C E S COMMERCIAL OPERATING MODEL MARKETING & BRAND MANAGEMENT CUSTOMER RELATIONSHIP MANAGEMENT REVENUE GROWTH MANAGEMENT NEW MARKET ENTRIES & EXPANSION O U R M O D E L B A L A N C E S L O C A L A G I L I T Y W I T H G L O B A L S C A L E T O D R I V E P R O F I T A B I L I T Y
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I N V E S T O R P R E S E N T A T I O N 18 Driving Margin Expansion N E T W O R K O P T I M I Z A T I O N T O D R I V E L O W E R U N I T C O S T S A N D H I G H E R U T I L I Z A T I O N O P T I M I Z I N G B U S I N E S S P R O C E S S E S O P E R A T I O N A L E F F I C I E N C Y D I G I T A L T E C H N O L O G I E S • Manufacturing automation and efficiency programs • Reducing changeover times in production • SG&A optimization to unlock organizational efficiency • Streamlining logistics and inventory management • Standardizing operating procedures • SKU rationalization • Advancing the responsible use of AI-enabled solutions to support productivity and decision-making • Automating routine workflows and leveraging data-driven insights to improve decision-making
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I N V E S T O R P R E S E N T A T I O N 19 Strategic Allocation of Capital S U P P O R T S G R O W T H A N D O P T I M I Z E S S H A R E H O L D E R R E T U R N S B A L A N C E D C A P I T A L M A N A G E M E N T DIVIDENDS 2% dividend yield SHARE BUYBACKS Normal Course Issuer Bid (NCIB) for 5% of shares outstanding CAPITAL INVESTMENTS In line with depreciation and amortization MERGERS & ACQUISITIONS Disciplined & strategic approach N E T - D E B T - T O - A D J U S T E D E B I T D A 1 RETURNSGROWTH 1) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026, for more information on this measure, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025). 3.5 2.4 2.3 2.1 1.7 1.5 FY22 FY23 FY24 FY25 FY26 LTM* LONG-TERM TARGET RATIO 2.25x
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I N V E S T O R P R E S E N T A T I O N 20 APPENDIX
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I N V E S T O R P R E S E N T A T I O N 21 Solid Cash Flow A H I S T O R Y O F C A S H F L O W G E N E R A T I O N E N A B L E S S T R A T E G I C G R O W T H Strong operational cash flow generation across commodity environments to drive acquisition strategy and growth initiatives N E T C A S H G E N E R A T E D F R O M O P E R A T I O N S 1 AVERAGE $1.2B FY22 FY23 FY24 FY25 FY26 LTM* 1) As of fiscal 2025, comparative information has been re-presented to reflect discontinued operations. * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025).
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I N V E S T O R P R E S E N T A T I O N 22 Strong Balance Sheet P R O V I D E S F I N A N C I A L F L E X I B I L I T Y T O P U R S U E G R O W T H O P P O R T U N I T I E S 1) Refer to the “Glossary” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026. 2) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section of our Management’s Discussion and Analysis for the quarter ended June 30, 2026, for more information on this measure, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. * Last Twelve Months (LTM) (calculated by adding the actual results for the three-month period ended June 30, 2026 (in millions of CDN dollars), to the actual results for the year ended March 31, 2026, and subtracting the actual results for the three-month period ended June 30, 2025) N E T D E B T 1 T O A D J U S T E D E B I T D A 2 L E V E R A G E R A T I O N E T D E B T 1 A N D L E V E R A G E H I S T O R Y T A R G E T 2.25 Saputo targets a long-term leverage of approximately 2.25 times net debt to adjusted EBITDA2. From time to time, the Company may deviate from its long-term leverage target to pursue strategic opportunities. AS AT June 30, 2026 1.47 FY25 FY26 LTM* Net debt1 $3,337 $2,828 $2,480 Net debt to adjusted EBITDA2 leverage ratio 2.13 1.70 1.47 C R E D I T R A T I N G S MOODY’S BAA1 DBRS BBB (HIGH)
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I N V E S T O R P R E S E N T A T I O N 23 Returning Value to Shareholders O V E R A Q U A R T E R - C E N T U R Y O F C O N S I S T E N T D I V I D E N D G R O W T H D I V I D E N D P O L I C Y The annual dividends presented take into consideration the effect of three stock splits: 1) Stock split of 2:1 on November 30, 2001 2) Stock split of 2:1 on December 21, 2007 3) Stock split of 2:1 on September 29, 2014 A N N U A L D I V I D E N D P E R C O M M O N S H A R E ANNUAL DIVIDEND OF $0.84 PER SHARE (FY27) FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 I N C R E A S E I N O U R A N N U A L D I V I D E N D S I N C E 1 9 9 8 1) 2) 3)
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Saputo Inc. www.saputo.com 1000 de la Gauchetière Street West, Suite 2900 Montréal, QC Canada H3B 4W5 INVESTOR RELATIONS Nicholas Estrela S E N I O R D I R E C T O R , I N V E S T O R R E L A T I O N S nicholas.estrela@saputo.com 514-328-3117