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1 SunOpta Inc. Earnings Presentation Q3 2025 1© SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 General Disclosures This presentation contains forward-looking statements that reflect the Company’s current views about future events and financial performance. These forward-looking statements are subject to important risks and uncertainties, as well as other factors and assumptions that could cause actual results to differ materially from those anticipated or implied in the statements. Certain non-GAAP financial measures are used in this presentation. A reconciliation of these non-GAAP financial measures is included at the end of this presentation. Additional information regarding non-GAAP financial measures, and any material risks and uncertainties, as well as any other factors and assumptions as set forth under “Forward Looking Statements” and “Risk Factors”, are available in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (available at www.sec.gov) as well as the Company’s earnings press release issued on November 5, 2025. Unless otherwise stated, commentary and financial information included in this presentation are presented on a continuing operations basis and exclude the results of discontinued operations. 2© SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 ➢ Third Quarter 2025 Performance ➢ Near-Term Operational Opportunities ➢ Reiterate Long-Term Value Creation Potential Agenda for Today’s Call 3© SunOpta Inc. 2025
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© SunOpta Inc. 2022 Business Update 4© SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Representative Retail and Foodservice Customer Base Robust Growth and Strong Performance Across Key Metrics in Q3 2025 5© SunOpta Inc. 2025 Revenue From Continuing Operations METRIC Q3 2025 YoY GROWTH $205.4M 17% Operating Income $6.9M 751% Adjusted EBITDA1 from Continuing Operations $23.6M 13% Adjusted Earnings1 per Share from Continuing Operations $0.05 250% Volume/Mix 17% FINANCIAL SALES VOLUME • Sustained, double- digit Revenue and Adj. EBITDA growth • Significant year- over-year improvement in Operating Income and EPS • Strong volume growth fueled by capacity creation (1) Adjusted EBITDA and Adjusted Earnings are non-GAAP measures. Refer the appendix for a reconciliation to the most comparable GAAP measure .
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 17% 1% 0% Total Revenue Growth Tea Plant-Based Milks Broth Protein Beverages Fruit Snacks Large Cap. F&B Average Small & Mid Cap. F&B Average Broad-based Revenue Growth in the Quarter Demonstrates Ongoing Commercial Momentum 6© SunOpta Inc. 2025 SUNOPTA Q3 REVENUE GROWTH BY SEGMENT FOOD & BEVERAGE BENCHMARKS(1)(2) (1) Data For most recently reported fiscal quarter (2) Large Cap.. Includes KHC, CPG, GIS, HSY, MDLZ, PEP, KO, BN.PA; Small & Mid. Cap. Includes COCO, UTZ, LW, SMPL, BGS, FLO, OTLY , BRCC BEVERAGES AND BROTHS NETWORK
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 3% 4% 8% 28% All Beverages Coffee Beverages Coffee Chains Emerging Coffee Chains © SunOpta Inc. 2025 7 Coffee Chains are Growing Faster than the Market and Unit Growth and Menu Innovation are Fueling Demand for Plant-based Offerings Foodservice Beverage Sales Growth (2018-2024 CAGR)(1) (1) Based on Technomic Foodservice Beverage data & JP Morgan equity research Coffee chains growing at >2x the rate of other coffee vendors and foodservice beverages more broadly Combination of coffee chain unit growth / refurbishments and menu innovation are fueling plant-based demand Adding 1,000 units in the next 4 years Adding 800 units in the next 5 years Adding ~1,000 units in the next 5 years Refurbishing 1,000 units by 2028 Adding ~500 units in the next 3 years Adding ~400 units in the next 3 years Adding ~100 new units per year 60% of consumers tried plant-based (“PB”) milks in coffee shops where 1 in 4 coffees use PB milks Top 5 chains (>90% share) have 1+ menu items with PB milk as a core ingredient ~25% of cold and ~20% of hot beverage core menu items at Starbucks feature PB ingredients Cold foam menu presence has increased 140% in the past year Source: Company reports and websites
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 © SunOpta Inc. 2025 8 Stretching our Operations to Satisfy Customers’ Growth Needs Presented Short-term Challenges to our Supply Chain • Accelerated Volume Impact: Maintaining elevated production levels on equipment accelerated preventative maintenance timelines resulting in unplanned downtime and higher labor, spare parts and maintenance expenses • Midlothian Waste-Water Limitations: We had to move some production to Midlothian exacerbating pre-existing inefficiencies at that facility (e.g., waste- water limitations) • Margin Improvement Plan Delay: Prioritizing volume delayed progress on materials yield and labor productivity ...However, accommodating this growth presented short-term challenges to our supply chain We successfully scaled production to meet demand… Q125 Q225 Q325 Year-Over-Year Change in Aseptic volume (Cases M)(1) (1) Represents year-over-year change in sales volume for top 10 aseptic customers
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 © SunOpta Inc. 2025 9 Fundamentals Remain Intact Underpinning Confidence in Delivering our Growth Algorithm Vigorous Demand Environment Winning Value Proposition Disciplined Capital Allocation • Customer and channel growth outpacing the market….and accelerating • Structural and behavioral growth drivers providing enduring tailwinds • Our new business pipeline is robust and reflective of our broader portfolio • Optimizing performance to get more out of existing production lines & facilities • Targeted investment to expand capacity to meet customer demands • Maintain leverage below 3.0x even while investing to expand capacity • Leader in high growth, supply constrained and specialized segments • Winning with the winners and growing share with ‘blue-chip’ customers • Solutions offering helping customers navigate a dynamic environment
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© SunOpta Inc. 2022 Financial Results & Outlook 10© SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 $20.8 $23.6 Q3-24 Q3-25 $176 $205 Q3-24 Q3-25 in $ millions 11© SunOpta Inc. 2025 in $ millions ADJUSTED EBITDA(1) Q3 2025 Financial Update • Revenue of $205 million grew 17% vs. prior-year period and continues to be driven by volume growth (17%) • Adjusted EBITDA(1) from continuing operations increased 13% to $23.6 million • Adjusted earnings(1) per share from continuing operations increased from $0.02 to $0.05 • Net leverage(1) of 2.8x, down from 2.9x at the end of Q2 2025 and 3.0x at the end of fiscal 2024 +17% +13% REVENUE (1) Adjusted EBITDA, Adjusted earnings and Net leverage are non-GAAP measures. Refer to the appendix for a reconciliation to the most comparable GAAP measure
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Updated 2025 Outlook Revenue Adjusted EBITDA Free Cash Flow(2) $812-$816 $90-$92 $30-$35 $20-$22 FY25 Outlook Cash Capex Interest Expense(1) in $ millions $24-$26 12© SunOpta Inc. 2025 Metric • Raising revenue outlook to $814-$818M reflecting both the strong performance in Q3 and continued strength in demand • Adjusted EBITDA outlook of $90-$92M reflecting temporary issues related to our beverage and broth facilities that are impacting our results • Use of free cash flow in 2025 is mainly allocated to mandatory debt and notes payable repayments (reflected in our 2.8x year-end net leverage outlook) FY25 Outlook 2.8xYear-End Net Leverage(3) (1) Interest expense guidance accounts for the sum of interest expense, net loss on sale of sold receivables, which is included in other non-operating expense on the consolidated statement of operations (2) Free Cash Flow defined as: Net cash provided by operating activities of continued operations - Additions to property, plant and equipment – Additions to intangible assets (3) Net Leverage defined as: (total debt - cash and cash equivalents) / trailing four quarters Adjusted EBITDA
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 • Capacity investments announced will service growth algorithm through the end of 2028 • $35M new line within Beverages and Broths • $25M new line within in fruit snacks Representative Retail and Foodservice Customer Base Capital Allocation Priorities 13 • Use of free cash flow in 2025 is mainly allocated to mandatory debt and notes payable repayments • Expecting FY25 year- end net leverage(1) of 2.8x Debt Repayment Invest For Growth 1 (1) Net Leverage defined as: (total debt - cash and cash equivalents) / trailing four quarters Adjusted EBITDA • Returned $1M to shareholders via repurchase of 163K shares in Q2 • $24M remains under existing authorization Return Capital to Shareholders 2 3 © SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Representative Retail and Foodservice Customer Base Investment in Additional Manufacturing within our Beverages and Broths Product Category 14© SunOpta Inc. 2025 • Business pipeline and category demand are exceeding expectations • Customers are demanding additional capacity at a rate and speed we had not anticipated • New manufacturing line to be installed at Midlothian, Texas facility • $35 million investment primarily occurring in 2026 and will increase Beverages and Broths network capacity by approximately 10% • Launch timing of new line aligned with the completion of the previously announced wastewater management investment to unlock the full power of the Midlothian facility • Together with the previously announced fruit snacks line in Omak, Washington, will support our expected market demand through the end of 2028
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Temporary Issues within Beverages and Broths Facilities Impacting 4th Quarter Outlook Compared to Prior Expectation 15© SunOpta Inc. 2025 Accelerated Volume Impact on the Rest of the Network Prioritizing Servicing Accelerated Demand • Margin improvement plan progress delayed; Will resume in the 2nd half of 2026 • Long-term efficiency gains expected; Q3 volume delivery builds growth momentum • Volume growth led to unplanned downtime, higher labor, parts, and maintenance costs • New equipment maintenance recovery plan underway Midlothian Wastewater Limitations • Volume growth at Midlothian plant outpaced wastewater capacity • New equipment will be installed in Q2 2026; full recovery by mid-2026. Midlothian Q4 Operations Downtime • One week plant shutdown for infrastructure work in preparation of newly announced manufacturing line • Work was completed in October $2M Q4 Adjusted EBITDA Impact $3M Q4 Adjusted EBITDA Impact $3M Q4 Adjusted EBITDA Impact $2M Q4 Adjusted EBITDA Impact
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Compelling Long-term Growth Algorithm Underwrites Sustained Value Creation Annual Revenue Growth Gross Margin Adjusted EBITDA Growth Maintenance and Productivity Capex (% of Revenue) 8-10% 20%+ 13-17% ~3-4% Sustained growth supported by unlocking capacity from existing assets Maintenance and productivity capex less than annual depreciation and amortization expense Continued margin improvement driven by operational excellence and cost management Adjusted EBITDA growth continuing to pace ahead of revenue growth METRIC AMBITION ASSUMPTIONS 16 ROIC(1) 16-18%+ Increase free cash flow and ROIC; maintain capex discipline (1) ROIC defined as: (Adjusted EBITDA - depreciation and amortization) / (trailing four quarter average of (property, plant and equipment, net + accounts receivable + inventory + prepaid expenses and other current assets - accounts payable - accrued liabilities)) © SunOpta Inc. 2025
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© SunOpta Inc. 2022 Q&A 17© SunOpta Inc. 2025
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Better Beverages, Better Snacks, Better Solutions SunOpta Inc. Earnings Presentation Q3 2025 Key Takeaways 18© SunOpta Inc. 2025 Q3 reflected another quarter of exceptional volume growth − We had the opportunity to accelerate several pipeline opportunities with marquee customers, and we capitalized on it Line of sight to optimizing costs and realizing full benefits from volume gains − Clear understanding of the root causes of short-term inefficiencies and implementing a corrective action plan − Midlothian wastewater remediation is on schedule and on budget (end of Q2 2026) − Resume margin improvement plan in H2 2026 Confident in our path forward − Long-term, structural tailwinds driving multiple-year demand growth − Capacity coming online to address the robust demand − Accelerated growth creates a path to out-deliver on our long-term growth and profit algorithm
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© SunOpta Inc. 2022 Appendix 19© SunOpta Inc. 2025
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Reconciliation of U.S. GAAP Results to Adjusted EBITDA The following table presents a reconciliation of adjusted EBITDA from continuing operations from earnings (loss) from continuing operations, which we consider to be the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands) * Included in other non-operating expense. 20© SunOpta Inc. 2025 a) Reflects third-party haul-off charges for excess wastewater produced at our Midlothian, Texas, facility, due to temporary volume constraints within our current treatment system. b) Reflects costs related to the exit from the packaging of aseptic totes within our Ingredients product portfolio. Costs incurred reflect inventory write-offs of $1.3 million recorded in cost of goods sold, and employee severance costs of $0.1 million recorded in cost of goods sold and SG&A expenses. c) For the third quarter of 2024, start-up costs recorded as a reduction to revenues and an increase to cost of goods sold were related to the scale-up of production over the course of fiscal 2024 at our Midlothian, Texas facility. Additionally, for the third quarter of 2024, start-up costs included $0.8 million of professional fees related to operational productivity initiatives, which are recorded in SG&A expenses. d) Reflects unrealized foreign exchange (gains) or losses associated with peso-denominated restricted cash held in Mexico. e) Reflects non-cash impairment charges related to the decommissioned tote filling equipment and the early retirement of certain non-production assets, which are recorded in other expense. f) For the third quarter of 2025, other mainly reflects net losses on legal settlements. For the third quarter of 2024, other mainly reflects demolition costs related to our former roasted snack facility, which was abandoned in 2018. These other amounts are recorded in other expense. September 27, 2025 September 28, 2024 $ $ 816 (6,214) 5,424 6,762 603 236 23 23 9,987 9,319 1,581 2,527 Wastewater haul-off charges(a) 1,145 2,180 Exit from aseptic totes(b) 1,423 - Start-up costs (c) - 4,980 Unrealized foreign exchange loss (gain) on restricted cash(d) (222) 525 Asset impairment charges(e) 2,565 - Other(f) 235 450 23,580 20,788 Third quarter ended Adjusted EBITDA from continuing operations Earnings (loss) from continuing operations Interest expense, net Loss on sale of receivables* Income tax expense (benefit) Depreciation and amortization Stock-based compensation Adjusted for:
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Reconciliation of U.S. GAAP Results to Adjusted Earnings Per Share 21© SunOpta Inc. 2025 The following table presents a reconciliation of adjusted earnings from earnings (loss) from continuing operations, which we consider to be the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands, except per share amounts ) a) Reflects third-party haul-off charges for excess wastewater produced at our Midlothian, Texas, facility, due to temporary volume constraints within our current treatment system. b) Reflects costs related to the exit from the packaging of aseptic totes within our Ingredients product portfolio. Costs incurred reflect inventory write-offs of $1.3 million recorded in cost of goods sold, and employee severance costs of $0.1 million recorded in cost of goods sold and SG&A expenses. c) For the third quarter of 2024, start-up costs recorded as a reduction to revenues and an increase to cost of goods sold were related to the scale-up of production over the course of fiscal 2024 at our Midlothian, Texas facility. Additionally, for the third quarter of 2024, start-up costs included $0.8 million of professional fees related to operational productivity initiatives, which are recorded in SG&A expenses. d) Reflects unrealized foreign exchange (gains) or losses associated with peso-denominated restricted cash held in Mexico. e) Reflects non-cash impairment charges related to the decommissioned tote filling equipment and the early retirement of certain non-production assets, which are recorded in other expense. f) For the third quarter of 2025, other mainly reflects net losses on legal settlements. For the third quarter of 2024, other mainly reflects demolition costs related to our former roasted snack facility, which was abandoned in 2018. These other amounts are recorded in other expense. $ Per Share $ $ Per Share $ 816 (6,214) - (137) 816 0.01 (6,351) (0.05) Wastewater haul-off charges(a) 1,145 2,180 Exit from aseptic totes(b) 1,423 - Start-up costs(c) - 4,980 Unrealized foreign exchange loss (gain) on restricted cash(d) (222) 525 Asset impairment charges(e) 2,565 - Other(f) 235 450 5,962 0.05 1,784 0.02 Third quarter ended Adjusted earnings from continuing operations Earnings (loss) from continuing operations Accretion on preferred stock Earnings (loss) from continuing operations attributable to common shareholders Adjusted for: September 27, 2025 September 28, 2024
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Reconciliation of Trailing Four Quarters Earnings (Loss) From Continuing Operations to Trailing Four Quarters Adjusted EBITDA The following table presents a reconciliation of adjusted EBITDA from continuing operations from earnings (loss) from continuing operations, which we consider to be the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands) 22© SunOpta Inc. 2025 Please refer to the most recent 10-Q and 10-K filings for additional details * Included in other non-operating expense. September 27, 2025 December 28, 2024 $ $ 5,359 (11,474) 21,518 24,908 2,012 686 1,701 1,470 39,165 36,497 6,891 11,190 Wastewater haul-off charges 3,195 4,361 Exit from aseptic totes 1,423 - Start-up costs 11,494 19,149 Product withdrawal costs - 2,145 Unrealized foreign exchange loss (gain) on restricted cash (521) 1,607 Asset impairment charges 2,565 - Gain on sale of smoothie bowls product line - (1,800) Other - (33) 94,802 88,706 Trailing four quarters ended Adjusted EBITDA from continuing operations Earnings (loss) from continuing operations Interest expense, net Loss on sale of receivables* Income tax expense Depreciation and amortization Stock-based compensation Adjusted for:
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Reconciliation of Total Debt to Net Debt and Calculation of Net Leverage The following table presents a reconciliation of certain non-GAAP measures used in this presentation to, what we consider to be, the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands) 23© SunOpta Inc. 2025 Please refer to the most recent 10-Q and 10-K filings for additional details $ 15,000 31,933 218,852 265,785 (2,225) 263,560 94,802 2.8x 29,393 235,798 265,191 (1,552) 263,639 88,706 3.0x As at September 27, 2025 For the trailing four quarters ended September 27, 2025 Short-term debt Current portion of long-term debt Long-term debt Total debt Net leverage As at December 28, 2024 Current portion of long-term debt Cash and cash equivalents Net debt Adjusted EBITDA Adjusted EBITDA Net leverage Long-term debt Total debt Cash and cash equivalents Net debt For the trailing four quarters ended December 28, 2024
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Reconciliation of Trailing Four Quarters Loss From Continuing Operations to Trailing Four Quarters Adjusted EBITDA The following table presents a reconciliation of adjusted EBITDA from continuing operations from loss from continuing operations, which we consider to be the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands) 24© SunOpta Inc. 2025 Please refer to the previous quarter 10-Q and most recent 10-K filings for additional details June 28, 2025 December 28, 2024 $ $ (1,671) (11,474) 22,856 24,908 1,645 686 1,701 1,470 38,497 36,497 7,837 11,190 Wastewater haul-off charges 4,230 4,361 Start-up costs 16,474 19,149 Product withdrawal costs - 2,145 Unrealized foreign exchange loss on restricted cash 226 1,607 Other 215 (33) Gain on sale of smoothie bowls product line - (1,800) 92,010 88,706 Trailing four quarters ended Adjusted EBITDA from continuing operations Loss from continuing operations Interest expense, net Loss on sale of receivables* Income tax expense Depreciation and amortization Stock-based compensation Adjusted for: * Included in other non-operating expense.
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Reconciliation of Total Debt to Net Debt and Calculation of Net Leverage The following table presents a reconciliation of certain non-GAAP measures used in this presentation to, what we consider to be, the most directly comparable U.S. GAAP financial measure. (Figures in $ thousands) 25© SunOpta Inc. 2025 Please refer to the previous quarter 10-Q and most recent 10-K filings for additional details $ 10,115 30,176 233,080 273,371 (2,161) 271,210 92,010 2.9x 29,393 235,798 265,191 (1,552) 263,639 88,706 3.0x As at June 28, 2025 For the trailing four quarters ended June 28, 2025 Short-term debt Current portion of long-term debt Long-term debt Total debt Net leverage As at December 28, 2024 Current portion of long-term debt Cash and cash equivalents Net debt Adjusted EBITDA Adjusted EBITDA Net leverage Long-term debt Total debt Cash and cash equivalents Net debt For the trailing four quarters ended December 28, 2024
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7078 Shady Oak Road Eden Prairie, Minnesota 55344 www.sunopta.com 26© SunOpta Inc. 2025