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Fiscal Year 2026 Second Quarter November 7, 2025
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$350M $100M $200M $250M $200M $200M This presentation and accompanying oral 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 5, 2025, 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 business and email compromise-related fraud; changes to or removal of 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; 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 rate; the exchange rate of the Canadian dollar to the currencies of cheese and dairy ingredients. Our financial performance goals and ambitions are set using assumptions regarding, among others: the absence of significant deterioration 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 presentation and accompanying oral presentation 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. Caution Regarding Forward-Looking Information 2
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3 Second Quarter of Fiscal 2026 Highlights Stronger commercial execution driving sales volumes growth Improved efficiency and ongoing cost discipline fuelling margin expansion Meaningful margin gains across the portfolio Robust operating cash flow supporting reinvestment and returns Fuelling sales volumes growth through brand marketing, innovation, and revenue management excellence Brands winning with consumers and gaining market share Well positioned to capture accelerating demand for protein-rich foods
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1. This a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. These financial measures do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Measures” of our Management's Discussion and Analysis for the quarter ended September 30, 2025, for more information, including the definition and composition of these measures as well as the reconciliation to net earnings, being the most directly comparable IFRS financial measure. Consolidated Results 4 For the second quarter ended September 30, 2025 REVENUES $4.721B 0.3% EPS (BASIC AND DILUTED) $0.45 ADJUSTED EBITDA1 $450M 15.7% ADJUSTED EPS1 (BASIC AND DILUTED) $0.48 50.0% 29.7% NET EARNINGS $185M 46.8% ADJUSTED NET EARNINGS1 $198M 26.1%
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• Revenue growth driven by: ◦ Higher sales volumes, particularly in North America. ◦ Higher selling prices across domestic and international cheese and dairy ingredient markets. ◦ Lower U.S. dairy commodity pricing2 as compared to last fiscal year. • Adjusted EBITDA1 growth driven by: ◦ Strong commercial execution, higher sales volumes and service levels, operational efficiencies from recent capital investments, and proactive cost management. ◦ Export markets benefited from favourable international cheese and dairy ingredient market pricing relative to milk costs. ◦ Domestic markets saw margin preservation through strategic price increases. ◦ Continued SG&A costs optimization. • Net earnings and adjusted net earnings 1 up $59 million and $41 million, respectively, as compared to the same quarter last fiscal year. • Net cash from operating activities for the first six months of fiscal 2026 totalled $689 million, an increase of $336 million or 95.2%. • Returned capital to shareholders in the first six months of fiscal 2026 through share repurchases of $ 215 million and $161 million of dividend payments. • Capital expenditures for the first six months of fiscal 2026 totalled $149 million and the balance of operating cash was directed primarily toward the reduction of net debt3. Key Events Term Notes • On July 2, 2025, the Company issued Series 12 unsecured medium term notes through a private placement for an aggregate principal amount of $400 million due July 2, 2030, bearing interest at 3.879% per annum. The proceeds from this issuance were used to repay, on July 14, 2025, the $350 million aggregate principal amount of the Company’s Series 5 senior unsecured notes and the remainder was used for general corporate purposes. Dividends • The Board of Directors approved a dividend of $0.20 per share, payable on December 12, 2025 , to shareholders of record on December 2, 2025. 5 Financial Highlights 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 the Management's Discussion and Analysis for the quarter ended September 30, 2025, for more information, 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. Refer to the section "Discussion of factors impacting the Company's operations and results" of the Management's Discussion and Analysis for the quarter ended September 30, 2025. 3. Refer to the ‘‘Glossary’’ section of the Management’s Discussion and Analysis for the quarter ended September 30, 2025.
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For the second quarter ended September 30, 2025 6 HIGHLIGHTS BY SECTOR Canada Sector Q2-FY26 vs. Q2-FY25 Revenues 1.373B 6.1% Adjusted EBITDA 179M 10.5% Adjusted EBITDA margin 13.0% • Higher sales volumes driven by commercial initiatives and execution. • Favourable product mix and higher pricing. • Enhanced manufacturing efficiencies in automation and cost-effective production capabilities. • Continued cost optimization measures on selling, general, and administrative costs.
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For the second quarter ended September 30, 2025 7 HIGHLIGHTS BY SECTOR USA Sector Q2-FY26 vs. Q2-FY25 Revenues 2.153B (3.2)% Adjusted EBITDA 167M 15.2% Adjusted EBITDA margin 7.8% • Higher sales volumes and favourable product mix. • Operational improvements from ongoing efficiency initiatives. • Disciplined execution on customer fulfillment and proactive cost management. • New consolidated warehousing facility in the Midwest was commissioned. • Continued cost optimization measures on selling, general, and administrative costs. • US dairy commodity market conditions1 were unfavourable. 1. Refer to the section "Discussion of factors impacting the Company's operations and results" of the Management's Discussion and Analysis for the quarter ended September 30, 2025.
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For the second quarter ended September 30, 2025 8 HIGHLIGHTS BY SECTOR International and Europe Sectors International Sector • Stable sales volumes. • Higher international selling prices. • Lower milk costs in the Dairy Division (Argentina). • Higher milk costs in the Dairy Division (Australia) due to farmgate price increase. Europe Sector • Favourable relation between selling prices and input costs. • Planned major maintenance shutdown, which temporarily constrained production. • Higher costs associated with the commissioning and decommissioning of assets. • Increased our investments in advertising and promotional activities. Q2-FY26 vs. Q2-FY25 International Europe International and Europe Revenues 871M (4.5)% 324M 17.0% 1.195 B 0.5% Adjusted EBITDA 79M 46.3% 25M (10.7)% 104M 26.8% Adjusted EBITDA margin 9.1% 7.7% 8.7% 1. This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. These financial measures do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Measures” of our Management's Discussion and Analysis for the quarter ended September 30, 2025, for more information, including the definition and composition of these measures as well as the reconciliation to net earnings, being the most directly comparable IFRS financial measure. 1 1 1
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9 • We remain confident in the long-term outlook for the business and its ability to navigate current macroeconomic challenges. • The direct impact of trade-related tariffs on our business is expected to remain limited and well managed at this time. However, while we anticipate that the evolving global trade landscape and consumer sentiment may influence short-term consumer spending patterns, we remain focused on driving growth through disciplined execution and portfolio resilience. • We expect organic sales growth, notably in our USA Sector, with a more balanced contribution from both volumes and price, supported by sustained growth in key retail categories, expansion with major food distributors, the phased ramp-up of our Franklin, Wisconsin, facility, higher brand investment, and ongoing innovation. • We expect further contribution from optimization and capacity expansion initiatives, notably in our USA Sector, which are on track to support continued operating margin improvement. The previously announced closure of the Green Bay, Wisconsin, facility is expected to occur by the end of the third quarter, further contributing to network efficiency. • We expect US dairy market volatility to moderate in the second half of the year. • On June 1, 2025, the new milk pricing formula approved for all federal milk marketing orders in which we operate in the US became effective. This change is expected to continue to positively impact our USA Sector results. • We anticipate continued strong performance in the Canada Sector, supported by ongoing targeted commercial initiatives, favourable volume and mix momentum, operational efficiencies, and disciplined cost reduction efforts. • The International Sector is expected to benefit from our product mix optimization strategy and cost reductions in Australia, while Argentina is expected to see increased milk availability, lower milk costs, a stronger export business, and a more stable relationship between currency and inflation. • The Europe Sector is expected to deliver an improved performance supported by ongoing margin recovery, disciplined pricing and volume acceleration, the maturation of previously launched initiatives, and continued focus on cost efficiency. • Global dairy market prices are expected to stabilize at moderate levels, reflecting more challenging supply and demand market forces in the dairy market commodity environment in the second half of the fiscal year. • We anticipate our selling, general, and administrative expenses to be impacted by higher labour costs, including wage increases, and higher planned advertising and promotional spending but we remain committed to offsetting these pressures through the ongoing optimization of our selling, general, and administrative costs and structural simplifications. • We will continue to optimize working capital, strengthen cash generation, and maintain disciplined capital deployment. We expect capital expenditures totalling approximately $360 million in fiscal 2026. • We intend to file with the Toronto Stock Exchange (TSX) a notice of intention to renew our normal course issuer bid (NCIB) expiring on November 18, 2025. We expect to actively repurchase shares, supported by the strength of our balance sheet. FY26 Outlook
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Fiscal Year 2026 Third Quarter Results February 6, 2026
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11 Appendix
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1. This a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. These financial measures do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Measures” of our Management's Discussion and Analysis for the quarter ended September 30, 2025, for more information, including the definition and composition of these measures as well as the reconciliation to net earnings, being the most directly comparable IFRS financial measure. Fiscal years 2026 2025 2024 (in millions of CDN dollars) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Revenues Canada 1,373 1,321 1,258 1,359 1,294 1,253 1,192 1,271 USA 2,153 2,128 2,140 2,305 2,225 2,085 1,928 2,056 International 871 865 1,020 1,019 912 1,004 1,135 636 Europe 324 317 335 311 277 264 290 304 Total Revenues 4,721 4,631 4,753 4,994 4,708 4,606 4,545 4,267 Adjusted EBITDA1 Canada 179 170 157 175 162 153 138 150 USA 167 171 148 160 145 162 138 133 International 79 55 47 51 54 45 88 85 Europe 25 30 24 31 28 23 15 2 Total Adjusted EBITDA1 450 426 376 417 389 383 379 370 Quarterly Financial Information by Sector 12 Net Earnings (Loss) (Consolidated) 185 165 74 (518) 126 142 92 (124) Earnings (loss) per share (basic and diluted) 0.45 0.40 0.18 (1.22) 0.30 0.33 0.22 (0.29) Adjusted net earnings1 198 184 128 167 157 167 156 163 Adjusted EPS (basic and diluted)1 0.48 0.44 0.30 0.39 0.37 0.39 0.37 0.38
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Investor Relations Nicholas Estrela Senior Director, Investor Relations Saputo Inc. 1000 de la Gauchetière Street West, Suite 2900 Montréal, QC Canada H3B 4W5 514-328-3117 nicholas.estrela@saputo.com www.saputo.com 13