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Saputo RESULTS PRESENTATION FIRST QUARTER FY2027 August 7 , 2026
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2 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 Caution Regarding Forward-Looking Information 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 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 rate; 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 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 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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3 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 Carl Colizza P R E S I D E N T A N D C E O
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4 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 • Solid demand-driven growth. • Higher sales volumes across cheese, dairy foods, and fluid milk. • Sustained brand strength and category momentum. • Strong sales volumes and higher- value category momentum. • Upgraded high-protein ingredient capabilities benefiting overall results. • Capital investments supporting higher-quality earnings. • Robust performance in Australia. • Favourable weather improved milk availability. • Ongoing portfolio optimization and capacity investments enhancing overall product mix and efficiency. • Focused branded portfolio delivering margin expansion. • Strong momentum in core Cathedral City brand and strategic licensing agreements. • Reduced bulk cheese sales and stronger mix. R E V E N U E S A D J U S T E D E B I T D A 2 U P C L O S E T O 8% M A R G I N E X P A N S I O N Broad-Based Momentum Across the Business C A N A D A U S A I N T E R N A T I O N A L1 E U R O P E H I G H L I G H T S - F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 1) The InternationalSectorconsistsof the DairyDivision(Australia),and excludesthe resultsof the DairyDivision(Argentina),whichwas classifiedas a discontinuedoperationin theCompany’sfinancialstatements. 2) This is a total of segmentsmeasure,a non-GAAP financialmeasure,or a non-GAAP ratio. Refer to the“Non-GAAPMeasures”section of our Management'sDiscussionand Analysisfor the quarterended June 30, 2026, for more information,including the definitionand compositionof the measureor ratio as well as the reconciliationto the most comparablemeasurein the primaryfinancialstatements,as applicable.
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R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 5 • Expanded capacity • Upgraded production network • Stronger operating foundation T A R G E T I N G H I G H - V A L U E P L A T F O R M S W H E R E W E C A N L E A D Investments Translating into Higher-Quality Earnings C A P A C I T Y & N E T W O R K I N V E S T M E N T S H I G H E R- V A L U E P L A T F O R M S S T R U C T U R A L M A R K E T P U L L B E T T E R E A R N I N G S Q U A L I T Y • Protein-rich dairy categories • Cultured products and beverages • High-protein dairy ingredients • Sustained consumer demand for protein • Constructive ingredient market conditions • Demand supporting ramped-up capacity • Stronger mix • More focused portfolio • Greater ability to convert demand into results S T R E N G T H E N T H E N E T W O R K | E X P A N D I N H I G H E R - V A L U E P L A T F O R M S | I M P R O V E M A R G I N R E S I L I E N C E
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6 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 • Prioritizing categories where Saputo competes from strength • Funding organic initiatives and targeted capital projects • Pursuing strategic M&A meeting our strategic objectives • Active share buyback program • 5% increase to quarterly dividend • Supported by strong cash generation and trajectory • Argentina sale closed to focus on higher-return assets • Danone Saputo Dairy Australia (DSDA) agreement announced • Focus directed to platforms with clear value potential F O C U S R E I N V E S T R E T U R N F O C U S E D P O R T F O L I O . S T R O N G E R F L E X I B I L I T Y. D I S C I P L I N E D G R O W T H . Sharpening the Portfolio, Preserving Growth Optionality
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7 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 Maxime Therrien, CPA 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
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8 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 Solid Quarter-End Consolidated Results from Continuing Operations1 F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 $4.421B R E V E N U E S $183M N E T E A R N I N G S $0.46 (BASIC) $0.45 (DILUTED) $427M A D J U S T E D E B I T D A 2 $199M A D J U S T E D N E T E A R N I N G S 2 $0.49 A D J U S T E D E P S 2 (BASIC AND DILUTED) E A R N I N G S P E R S H A R E ( E P S ) +7.6% +16.7% +13.1% +$0.07+$0.08 +1.5% +$26M 1) Unlessotherwiseindicated,all financialinformationin this presentationrepresentsthe Company'sresultsfrom continuingoperations. Continuingoperationsexcludesthe DairyDivision(Argentina). 2) This is a total of segmentsmeasure,a non-GAAP financialmeasure,or a non-GAAP ratio. Refer to the“Non-GAAPMeasures”sectionof our Management'sDiscussionand Analysisfor the quarterended June 30, 2026, 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. vs. Q1-FY26 vs. Q1-FY26 vs. Q1-FY26 vs. Q1-FY26 vs. Q1-FY26 vs. Q1 -FY26 vs. Q1-FY26
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9 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 $1.397B $175M 12.5% +5.8% +2.9% Q1 - F Y 2 7 v s . Q 1 - F Y 2 6 F O R T H E F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 Canada Sector H I G H L I G H T S B Y S E C T O R R E V E N U E S A D J U S T E D E B I T D A A D J U S T E D E B I T D A M A R G I N C A N A D A S E C T O R • Higher sales volumes driven by commercial execution and strong demand for high-protein offerings. • Favourable product mix and higher pricing. • Enhanced manufacturing efficiencies in automation and cost- effective production capabilities. • Inflationary pressures increased input costs, primarily labour, logistics, and packaging. • Increases in wages and compensation, continued investments in technology and digital initiatives, and additional advertising and promotional spending to support core brands.
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10 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 $2.106B $181M 8.6% -1.0% +5.8% Q1 - F Y 2 7 v s . Q 1 - F Y 2 6 USA Sector H I G H L I G H T S B Y S E C T O R F O R T H E F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 U S A S E C T O R • Benefits from recent investments to expand capacity and upgrade our production capabilities, which increased our ability to meet demand for high-protein ingredients. • Higher market prices of our high-protein ingredients. • Higher sales volumes and favourable product mix. • Operational improvements, including Midwest warehouse consolidation benefits, lower duplicate operating costs, and disciplined customer fulfillment. • Inflationary pressures increased input costs, primarily labour, logistics, and packaging. • Increases in wages and compensation, continued investments in technology and digital initiatives, and higher advertising and promotions. R E V E N U E S A D J U S T E D E B I T D A A D J U S T E D E B I T D A M A R G I N
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11 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 I N T E R N A T I O N A L S E C T O R 1 • Favourable product mix, reflecting the impact of our portfolio optimization strategy. • Higher international cheese and dairy ingredient market prices helped mitigate the impact of higher milk costs. • Inflationary pressures increased input costs, primarily labour, logistics, and packaging. • Increased milk availability, favourable efficiencies, and improved fixed cost absorption. • Continued investments in technology and digital initiatives and incremental advertising and promotional activities. E U R O P E S E C T O R • Lower bulk cheese sales volumes, partly offset by higher branded sales volumes, supporting a favourable mix. • Operational efficiencies and cost savings from consolidated cheese packing and ingredients strategy. • Inflationary pressures increased input costs, primarily labour, logistics, and packaging. • Increases in planned investments in advertising and promotions, partially offset by ongoing SG&A cost optimization. $635MR E V E N U E S $38MA D J U S T E D E B I T D A 6.0% A D J U S T E D E B I T D A M A R G I N +7.6% +46.2% Q1 - F Y 2 7 v s . Q 1 - F Y 2 6 F O R T H E F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 International1 and Europe Sectors H I G H L I G H T S B Y S E C T O R I N T E R N A T I O N A L 1 E U R O P E I N T E R N A T I O N A L 1 , 2 & E U R O P E $283M $33M 11.7% +10.0% $918M $71M 7.7% +26.8% -10.7% +1.2% 1) The InternationalSectorconsistsof the DairyDivision(Australia),and excludesthe resultsof the DairyDivision(Argentina),whichwas classifiedas a discontinuedoperationin theCompany’sfinancialstatements. 2) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. Refer to the“Non-GAAPMeasures” section of our Management'sDiscussionand Analysis for the quarter ended June 30, 2026, for more information,including the definitionand compositionof the measureor ratio as well as the reconciliationto the most comparablemeasurein the primaryfinancialstatements,as applicable.
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12 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 Carl Colizza P R E S I D E N T A N D C E O
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13 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 S T R U C T U R A L D E M A N D Capturing growing global demand for high-protein and specialized dairy platforms. Concentrating capital on high-margin protein, private brands, snacking, and premium ingredients. F O C U S E D P O R T F O L I O I M P R O V E D F L E X I B I L I T Y Balancing strategic investment and opportunistic M&A in the USA, and return of capital to shareholders. D I S C I P L I N E D C A P I T A L A L L O C A T I O N Delivering resilient earnings and more consistent execution across the business. S T R O N G E R F O U N D A T I O N Closed sale of 80% interest in Argentina and executed DSDA agreement reallocating capital to higher-growth opportunities. A Stronger Platform for Long-Term Growth S T R A T E G I C P R I O R I T I E S T O D R I V E S U S T A I N A B L E , P R O F I T A B L E G R O W T H S T R O N G F O U N D A T I O N | F I N A N C I A L S T R E N G T H | M A R G I N D I S C I P L I N E
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14 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 APPENDIX
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15 R E S U L T S P R E S E N T A T I O N | Q 1 F Y 2 0 2 7 2025220262027Fiscal years Q2Q3Q4Q12Q22Q32Q4Q1(in millions of CDN dollars) CONTINUING OPERATIONS Revenues 1,2941,3591,2581,3211,3731,4161,3131,397Canada 2,2252,3052,1402,1282,1532,1421,8682,106USA 610673681590582696702635International 277311335317324336290283Europe 4,4064,6484,4144,3564,4324,5904,1734,421Total Revenues Adjusted EBITDA1 162175157170179189159175Canada 145160148171167185149181USA 3553382639564138International 2831243025363733Europe 370419367397410466386427Total Adjusted EBITDA1 137(496)87157167209157183Net earnings (loss) from continuing operations (consolidated) 0.32(1.17)0.210.380.400.510.380.45Net earnings (loss) per share (EPS) from continuing operations (diluted) 157193145176182224169199Adjusted net earnings from continuing operations1 0.370.460.340.420.440.540.410.49Adjusted EPS from continuing operations1 (diluted) Quarterly Financial Information by Sector F I R S T Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 6 1) This is a total of segmentsmeasure,a non-GAAP financialmeasure,or a non-GAAP ratio. Refer to the“Non-GAAPMeasures”section of our Management'sDiscussionand Analysisfor the quarterended June 30, 2026, 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) Comparativeinformationhas been re-presentedto reflectdiscontinuedoperations.
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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