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INVESTOR PRESENTATION JULY 2026 SupremeX (TSX: SXP.TO) 1
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Forward Looking Information and Non-IFRS Financial Measures • This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted net earnings per share, Free cash flow, Net debt, Net debt to Adjusted EBITDA ratio, split of revenue between its Envelope and Packaging segments, capital expenditures, dividend payments, the normal course issuer bid, the automatic share purchase plan and the intended purchase for cancellation of common shares of the Company thereunder, and future performance of Supremex and similar statements or information concerning anticipated future results, circumstances, performance or expectations. Forward-looking information may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. Such information relates to future events or future performance and reflects current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and ability to attract and retain customers. Such forward-looking information reflects current assumptions, expectations and estimates of management and is based on information currently available to Supremex as at the date of this presentation. Such assumptions, expectations and estimates are discussed throughout the MD&A for the year ended December 31, 2025, and in the Company’s Annual Information Form dated March 27, 2026. Supremex cautions that such assumptions may not materialize and that economic conditions such as economic uncertainty, downturns or recessions, or the imposition of tariffs or trade restrictions, may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. • Forward-looking information is subject to certain risks and uncertainties and should not be read as a guarantee of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking information. These risks and uncertainties include but are not limited to the following: decline in envelope consumption, growth and diversification strategy, key personnel, labour shortage, contributions to employee benefits plans, raw material price increases, cyber security and data protection, operational disruption, dependence on and loss of customer relationships, increase of competition, economic conditions and uncertainty, risk related to the international trade and tax environment (including tariffs, quotas and custom and other restrictions), exchange rate fluctuation, interest rate fluctuation, credit risks with respect to trade receivables, availability of capital, concerns about protection of the environment, potential risk of litigation and no guarantee to pay dividends. Such risks and uncertainties are discussed throughout the MD&A for the year ended December 31, 2025, and, in the Company’s Annual Information Form dated March 27, 2026, particularly in “Risk Factors”. Consequently, the Company cannot guarantee that any forward-looking information will materialize. Readers should not place any undue reliance on such forward-looking information unless otherwise required by applicable securities legislation. The Company expressly disclaims any intention and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. • Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies and should not be viewed as alternatives to measures of financial performance prepared in accordance with IFRS. Management considers these metrics to be information which may assist investors in evaluating the Company’s profitability and enable better comparability of the results from one period to another. These Non-IFRS Financial Measures are defined on page 24. 2
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LTM REVENUE June 30, 2026 $285M PACKAGING: ~33% ENVELOPE: ~67% (1) Based on Management estimates Packaging • #2 Independent folding carton provider in Quebec(1) • Recent acquisition establishes initial presence in the larger Ontario market SupremeX is a growing provider of paper- based packaging solutions for large national and multinational customers, direct mailers, solutions providers and e- tailers, and a leading North American manufacturer and marketer of envelopes. Envelope • #1 in Canada • Top 3 in North America(1) SupremeX at a Glance 3 13 Manufacturing facilities 3 Distribution centers ~1,000 Employees SXP.TO TSX ~3,000 Customers
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Growing By Acquisition for Nearly 50 Years 4 1991 1994 Acquired 75% interest in Classic Envelope Plus 1996 PNG Globe Envelopes 2000 CML Industries Limited 1998 2001 2007 2008 2010 2015 20202016 2017 2018 2021 Focused on envelope manufacturing in Canada Diversifying by geography & product Innova Envelope Envelope operations of Dominion Blueline Undertook management of Buffalo Envelope from Cenveo NPG Envelope Montreal Envelope and Metro Envelope Pioneer Envelopes Premier Envelope Classic Envelope Bowers Envelope Durabox Paper Inc. (closed Q4–22) Stuart Packaging Royal Envelope Ltd Vista Graphic Commu- nications G2 Printing Inc. & Pharmaflex Labels Inc. Envelope U.S.Envelope Canada Niagara Envelope 2022 Royal Envelope Corporation • Founded in 1977 by four envelope industry executives • Acquired by private equity in 1990; sold to Cenveo in 1995; IPO in 2006 2023 Impression Paragraph Graf-Pak 2024 Forest Envelope 2025 Trans Graphique Enveloppe Laurentide Elite Envelope Packaging 2026 Goldrich Printpak Fantasia Labels
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Envelope Packaging The Packaging Segment - Overview The Company manufactures and distributes a diverse range of packaging and specialty products including high-end folding carton packaging, e-Commerce fulfillment packaging solutions and labels. 5 • #2 independent folding carton provider in Quebec(2) • Diversified customer base • Focused on growth & acquisitions • British Retail Council (BRC) & Forest Stewardship Council (FSC) certified • Pharma industry approved • Robust supply chain LTM Revenue June 30, 2026 Key Points $94.9M (2) Based on Management estimates Proximity to customer base • Multinational customers sourcing locally • 1,000 km cost effective delivery Premium customer base • Multinational corporations (health & beauty, nutraceutical & pharmaceutical primarily in Quebec and in the NE U.S.) • Third party manufacturers • Food distributors, located in Quebec, Ontario and NE U.S. • E-tailors and retailers entering the e-space Other • Innovation & structural design • Vast knowledge of USPS couriers to optimize freight • Intellectual property • Vertically integrated SupremeX EdgeEnd-market Approximate Revenue Distribution(1) 45% 12% 15% 6% 17% 1% 4% E.COM & Specialty Products Pharma Cosmetics Consumer Packaged Goods Food Government Marketing (1) For the six-month period ended June 30, 2026
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The Packaging Market is Growing 6 Paper Packaging Folding Carton Boxes Market Size Largest subsector with an estimated 2025 share of 35.4%(1) of the global consumer packaging market. Global folding carton packaging market valued at US155 billion in 2024(2) Competitive Landscape • Comprised of vertically integrated and non-integrated national and regional paper and packaging companies. • Two thirds are large vertically integrated producers that supply and convert paperboard and containerboard; remaining third are smaller non-integrated suppliers. Key Players The Ellis Group (CAN); Ingersoll Paper Box (CAN); Beneco Packaging (CAN) Global Market Statistics Global paper packaging market is expected to grow at a CAGR of 4.7% between 2022 and 2030(1) driven by growing demand for sustainable packaging solutions. Increasing preference for biodegradable packaging over plastic packaging is expected to drive demand for folding cartons. Market volume is expected to grow at a 4.4% CAGR between 2025 and 2030 to 54.11 million tons(1) Recent Statistics for Canada and the U.S. The Paperboard Packaging Council(3) predicts that after declining in 2023-24 due to economic uncertainty, U.S. folding carton tonnage will grow on average by 1.8% per annum until 2028. Market Trends • The COVID-19 pandemic accelerated the adoption of e-commerce and at-home deliveries. • Sustainability expected to support the growth of paper-based packaging as an eco-friendly alternative to single-use plastic packaging by the food industry. • Surging e-commerce demand has led to an increase in demand for light weight packaging, and a 9.0% increase in demand for corrugate shipping boxes(4) . • According to a report by the EMA, 75% of e-commerce shipments weighed below 2 kilograms, a new trend in the packaging industry(5). The Packaging business requires many of the same core competencies as the Envelope business Growing e-commerce activity and sustainability trends support the expansion of paper packaging 3) Paperboard Packaging Council, 2024-25 Trends Industry Outlook and Market Data 4) COVID Trickle-Down Tied to Potential Corrugated Shortage, Packaging World, January 21, 2021 5) Envelope Manufacturers Association, A Vision of Our Future, The Globe Envelope Report 2020 1) Mordor Intelligence, Packaging Market Size & Share Analysis – Growth Trends & Forecasts (2025-2030). 2) Mordor Intelligence, Folding Carton Packaging Market – Growth, Trends, COVID-19 Impact and Forecasts (2024-2029)
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Strategic Acquisition of Goldrich Printpak Inc. 7 Rationale • First major folding carton platform in the Greater Toronto Area • Materially accelerates the diversification of our revenue base toward higher-growth, higher-value end markets • Brings a well-invested footprint, a highly skilled and dedicated workforce, and a strong portfolio of long-standing customer relationships • Significantly enhances our scale, capabilities and competitive positioning • Strategically located base from which to pursue a pipeline of acquisitions in the years ahead • Enhances our ability to serve the evolving needs of national and multinational packaging customers in North America Quick Facts • Concluded on June 5, 2026 • Provider of folding carton packaging solutions, mainly for the food, pharmaceuticals and cosmetics sectors • 68,000 square foot manufacturing facility in Toronto, Ontario • Sales of approximately $30.0 million for its last fiscal year • Total consideration of approximately $34.0 million on a cash-free and debt-free basis • Financed through Supremex’s existing credit facility and an acquisition term loan
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The Envelope Segment - Overview 8 • Optimal geographical network • Leading player in Canada with market share of approx. 85%(2) • Top 3 in size in North America(2) • Broad product offering • Strong customer base • Strong EBITDA & cash flow generation • Utilize Canadian expertise and know-how to support the growth in the U.S. LTM Revenue June 30, 2026 Key Points Envelope Packaging $190.1M The Company utilizes an industry leading equipment base and platform to manufacture a broad range of stock and custom envelopes. (2) Based on Management estimates National footprint & local distribution • Local market intimacy • 800 km cost effective delivery • Responsiveness Diversification of customer base • Large and leading corporations • National resellers • Direct mailers • Wholesalers, solutions providers Standardized stock offering in both Canada & the U.S. to support national resellers Extensive Business Continuity Plan SupremeX EdgeRegional Revenue Distribution(1) (1 ) For the six-month period ended June 30, 2026 54%46% Canada U.S.
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The Envelope Segment – North American Market in Secular Decline 9 (1) According to Management estimates (2) According to the Envelope Manufacturers Association (EMA) Canadian Envelope Market U.S. Envelope Market Market Size –Sales $125M(1) US$2.0B(2) Competitive Landscape • SupremeX is a leading player in the market • Comprised of both domestic and foreign manufacturers • Approximately 5 domestic players • Foreign players are almost exclusively U.S.-based • Fragmented • Supremex has close to 10% of the addressable market(1) • Significant volume in the Northeast and Midwest • Can reach 70% of the U.S. market with existing footprint(1) Primary Competitor • Enveloppe Concept • Cenveo • Tension Envelope • IWCO Direct Market Trends • Bill consolidation • Internet-based electronic bill • Demand for direct and marketing mail is more closely related to the state of the economy, primarily in the U.S The U.S. market is declining at a slower pace than Canada as direct mail provides stability due to recurring demand from marketing and fundraising solicitation Through internal growth and acquisitions, Supremex is now one of the three largest manufacturers in North America
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Executing on a Three-Pronged Growth Strategy 10 Maintaining its leading position in the Canadian envelope market by leveraging its national footprint through capacity allocation and consolidation opportunities. 1 2 3 Pursuing growth opportunities in the U.S. envelope market both organically and through acquisitions, focusing on a large and attractive market in the Northeastern and Midwestern U.S. Building Supremex’ packaging capabilities organically and through acquisitions, with the objective of significantly growing its revenues from this attractive growth market, specifically in the value-added folding carton and e-commerce markets. Leverage our Envelope capacity, knowhow and cash flow to fund the pivot to packaging
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Maintaining Market-Leading Position in Canada and Diversifying in the U.S. 11 1. Maintain Leading Position in Canada • Have a disciplined approach to pricing • Leverage national footprint • Drive efficiencies and synergies • Optimize capacity allocation with U.S. volume opportunities Manage the secular decline in the Envelope segment by maintaining EBITDA and strong cash flow generation 2. Diversify into the U.S. Market • Take advantage of a large and fragmented market estimated at U.S.$2.0B o Market share of close to 10%(1) o Can reach 70% of the U.S. envelope market with current footprint(1) • Drive sales and marketing efforts in the U.S. to offset decline in Canada • Utilize expertise and know-how of Canadian plants • 2022 acquisition of Royal Envelope provides geographic and addressable market expansion (1) Based on Management estimates
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Diversifying into Paper-Based Packaging in Canada & the U.S. 12 Accelerate diversification into high-value growth markets and execute pivot to Packaging 3. Diversify into Paper-Based Packaging MAKE ACQUISITIONS TO DEVELOP SCALE • Grow newly-established platform in the Greater Toronto Area • Build capacity closer to the U.S. e-commerce customers GENERATE ORGANIC GROWTH • Generate synergies • Expand customer share of wallet • Cross sell labels to packaging and envelope customers • Leverage footprint • Integrate new label business with legacy labels Focus on 3 Pillars of Growth FOLDING CARTON • Focus on the high-value end markets of health & beauty and pharma industries • Expand presence in the growing at-home food consumption market • Critical mass in Quebec, seeking expansion into other markets E-COMMERCE • Focus on supplying retailers and e-tailers with innovative products to optimize shipping and reduce over-packaging LABELS • Focus on health & beauty and pharma industries
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INVESTOR PRESENTATION July 2026 TSX: SXP.TO 13 Q2-2026 RESULTS
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14 Q2-2026 Highlights & Recent Events • Revenue of $71.6M, up 8.5% from $66.0M last year. • Adjusted EBITDA(1) of $7.8M (10.9% of revenue), up from $5.8M (8.8% of revenue) last year. • Net earnings of $1.0M ($0.04 per share), vs. a net loss of $0.3M (loss per share of $0.01) last year. • Adjusted net earnings(1) of $1.4M ($0.06 per share), vs. $0.1M ($0.00 per share) last year. • Packaging revenue of $26.4M, up 19.0% from $22.2M last year. Adjusted EBITDA margin(1) of 12.9%, flat compared to last year. • Envelope revenue of $45.2M, up 3.2% from $43.8M last year. Adjusted EBITDA margin(1) of 15.6%, vs. 14.1% last year. • Acquisition, on June 5, 2026, of Goldrich Printpak Inc., a provider of folding carton packaging solutions located in Toronto, Ontario with annual revenue of approximately $30.0M. (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please refer to the Non-IFRS Financial Measures section at the end of this presentation for further details.
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43.8 45.2 22.2 26.4 Q2-25 Q2-26 Envelope Packaging $71.6 Revenue Overview 15 $66.0 (M$, except %) Packaging Envelope TOTAL Q2-25 Revenue 22.2 43.8 $66.0 Volume - 1.1% - Average selling price - 2.0% - Q2-26 Revenue 26.4 45.2 $71.6 Variation 19.0% 3.2% 8.5% Packaging: (+) Higher folding carton revenue: • Share of wallet gains with large multi-national consumer packaged goods customers • Revenue from Trans-Graphique acquisitions (+) Sustained expansion in e-commerce packaging (-) Continued softness in commercial print Envelope: (+) Increase in the average selling price and volume of units sold (+) Higher volume from acquisitions of Enveloppe Laurentide and Elite Envelope (+) New customer wins and share of wallet growth in the U.S. (+) Modest rebound from last year’s Canada Post labour issues Revenue (M$) Y/Y Variance Analysis Highlights Note: Totals may not add up due to rounding.
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6.2 7.0 2.9 3.4 -3.2 -2.6 8.8% 10.9% 0.0% 6.0% 12.0% 18.0% 24.0% -7.0 -2.0 3.0 8.0 13.0 Q2-25 Q2-26 Envelope Packaging Corporate Margin $5.8 Adjusted EBITDA(1) and Net Earnings 16 $7.8 Net Earnings (loss) (M$) & MarginAdjusted EBITDA (M$)(1) & Margin (%)(1) (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. ($0.3) $1.0 (0.5%) 1.4% -$0.5 $0.0 $0.5 $1.0 Q2-25 Q2-26 Note: Totals may not add up due to rounding. Packaging: (+) Effect of higher folding carton volume on the absorption of fixed costs (-) Softness in commercial print Envelope: (+) Benefits from optimization initiatives (+) Higher average selling prices Corporate: (+) $1.4 million FX loss last year (-) Higher salaries and benefits Net Earnings: (+) Higher Adjusted EBITDA and an income tax recovery Highlights
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Net Earnings and Adjusted Net Earnings(1) 17 2026: - Acquisition-related costs - Restructuring expenses for the reorganization of the label business 2025: - Asset impairment charge Net Earnings (loss) (M$) & EPS Adjusted Net Earnings(1) (M$) & Adjusted EPS(1) Q2 Elements (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. $0.1 $1.4 $0.0 $0.4 $0.8 $1.2 $1.6 Q2-25 Q2-26 $0.00($0.3) $1.0 -$0.6 $0.0 $0.6 $1.2 Q2-25 Q2-26 ($0.01) $0.04 $0.06
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Cash Flow from Operating Activities and Free Cash Flow (1) 18 Cash flow from operating activities: (+) Lower working capital requirements this year compared to last (+) Higher net earnings Free cash flow: (+) Higher operating cash flow Net Cash Flow Related to Operating Activities (M$) Free Cash Flow(1) (M$) Highlights $0.3 $4.3 $0.0 $3.0 $6.0 Q2-25 Q2-26 $0.0 $3.6 -$1.0 $2.0 $5.0 Q2-25 Q2-26 (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details.
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Solid Financial Position 19 • Significant debt reduction in Q3-2025 following sale-leaseback transaction • Business acquisitions of $35.8 million in Q2-2026 • $26.6 million available under credit facility • Ratio remains below target level of 2.0x • Quarterly dividend of 5 cents per common shares declared Total Debt (M$) Net Debt to Adjusted EBITDA Ratio (1) Highlights (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. (in millions of $, except ratios) (1) 38.4 8.9 1.0 4.1 40.1 35.5 33.8 30.0 31.0 33.0 1.08x 0.26x 0.03x 0.13x 1.22x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x 2.00x Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Net Debt Adjusted EBITDA Total net Debt to Adjusted EBITDA Sale-leaseback Goldrich acquisition 38.4 8.9 1.0 4.1 40.1 0.12 0.16 0.06 0.29 0.292.1 2.6 3.1 4.0 3.5 40.6 11.7 4.1 8.5 43.9 0.0 10.0 20.0 30.0 40.0 50.0 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Net Debt Deferred Financing Costs Cash Total (in millions of $) Sale-leaseback Goldrich acquisition
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20 Outlook Positive factors • Strong team, broad product offering, geographical diversification • Longstanding customer and supplier relationships • Solid financial position Short-term concerns • Current economic volatility, ongoing trade uncertainty, postage increases and reduced services at the U.S. Postal Service, as well as reputational challenges at Canada Post arising from labor issues Priorities • Focus on improving efficiency and asset utilization throughout the Company’s manufacturing network • Leverage presence in the Ontario folding carton market following the acquisition of Goldrich • Further increase the Company’s reach in the vast U.S. envelope market • Continue the search for strategic acquisitions, mainly in Packaging & Specialty Products
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INVESTOR PRESENTATION July 2026 TSX: SXP.TO 21 APPENDIX
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Q2 Supplemental Information - Summary 22 (1) Other items include restructuring expenses, gain (loss) on disposal of property, plant and equipment, gain on sale-leaseback transaction, asset impairment, net financing charges and income tax expense. (2) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. Selected Consolidated Financial Information (In thousands of dollars, except for margins) Three-month periods ended June 30 Six-month periods ended June 30 2026 2025 2026 2025 Revenue 71,557 65,957 146,398 136,185 Operating expenses 52,081 47,498 105,964 97,662 Selling, general and administrative expenses 12,094 12,608 23,158 23,987 Operating earnings before depreciation, amortization and other items(1) 7,382 5,851 17,276 14,536 Net earnings (loss) 968 (309) 1,754 1,611 Net earnings (loss) margin (%) 1.4% (0.5%) 1.2% 1.2% Adjusted EBITDA(2) 7,809 5,831 17,689 14,660 Adjusted EBITDA margin(2) (%) 10.9% 8.8% 12.1% 10.8% Net cash flows related to operating activities 4,286 304 3,455 7,269 Free cash flow (2) 3,572 (41) 1,738 6,759
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Q2 Supplemental Information - Segmentation 23(1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. Segmented Information (in thousands of dollars, except %) Three-month periods ended June 30 Six-month periods ended June 30 2026 2025 2026 2025 Segmented Revenue Packaging & Specialty Products 26,390 22,170 50,379 43,982 Envelope 45,167 43,787 96,019 92,203 Total revenue 71,557 65,957 146,398 136,185 Segmented Adjusted EBITDA(1) Packaging & Specialty Products 3,408 2,862 7,100 6,133 % of segmented revenue 12.9% 12.9% 14.1% 13.9% Envelope 7,035 6,174 15,480 14,500 % of segmented revenue 15.6% 14.1% 16.1% 15.7% Corporate and other non-allocated expenses (2,634) (3,205) (4,891) (5,973) Total Adjusted EBITDA(1) 7,809 5,831 17,689 14,660 Total Adjusted EBITDA margin %(1) 10.9% 8.8% 12.1% 10.8% Net earnings (loss) 968 (309) 1,754 1,611 Net earnings (loss) margin (%) 1.4% (0.5%) 1.2% 1.2%
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Non-IFRS Financial Measures 24 Non-IFRS Measure Definition EBITDA EBITDA represents earnings before net financing charges, income tax expense, depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets. The Company uses EBITDA to assess its performance. Management believes this non-IFRS measure, provides users with an enhanced understanding of its operating earnings. Adjusted EBITDA Adjusted EBITDA represents EBITDA adjusted to remove items of significance that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. These items of significance include, when applicable, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired, business acquisition costs and gain on sale and leaseback. The Company uses Adjusted EBITDA to assess its operating performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. Management believes this non-IFRS measure provides users with enhanced understanding of the Company’s operating earnings and increases the transparency and clarity of the Company’s core results. It also allows users to better evaluate the Company’s operating profitability when compared to previous years. Adjusted EBITDA margin Adjusted EBITDA margin is a percentage corresponding to the ratio of Adjusted EBITDA divided by revenue. The Company uses Adjusted EBITDA margin for the purpose of evaluating business performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance. Management believes this non-IFRS measure, provides users with enhanced understanding of its results and related trends. Adjusted net earnings Adjusted net earnings represent net earnings excluding items of significance listed above under Adjusted EBITDA, net of income taxes. The Company uses Adjusted net earnings to assess its business performance and profitability without the effect of items that are not in the normal course of operations, and/or that do not reflect the Company’s operating expenses and are not indicative of the Company’s core operating performance, net of income taxes. Management believes this non-IFRS measure provides users with an alternative assessment of the Company’s earnings without the effect of items that are not it the normal course of operations or reflective of operating performance, making it valuable to assess ongoing operations and trends in the business performance. Management also believes this non-IFRS measure provides users with enhanced understanding of the Company’s results and provides better comparability between periods. Adjusted net earnings per share Adjusted net earnings per share represents Adjusted net earnings divided by the weighted average number of common shares outstanding for the relevant period. The Company uses Adjusted net earnings per share for the purpose of evaluating performance and profitability, excluding items that are not in the normal course of operations of the Company, net of income taxes, on a per share basis. Free cash flow This measure corresponds to net cash flows related to operating activities according to the consolidated statements of cash flows, less additions (net of disposals) to property, plant and equipment and intangible assets. Management considers Free cash flow to be a good indicator of the Company’s financial strength and operating performance because it shows the amount of funds available to manage growth, repay debt and reinvest in the Company. Management considers this measure useful to provide investors with a perspective on its ability to generate liquidity, after making capital investments required to support business operations and long-term value creation. Net debt Net debt represents the Company’s total debt, net of deferred financing costs and cash. The Company uses Net debt as an indicator of its indebtedness level and financial leverage as it represents the amount of debt that is not covered by available cash. Management believes that investors could benefit from the use of net debt to determine a company’s financial leverage. Net debt to Adjusted EBITDA ratio (or leverage) Net debt to Adjusted EBITDA ratio represents Net debt divided by trailing 12-month (TTM) Adjusted EBITDA. This ratio is used by management to monitor the Company’s financial leverage and management believes certain investors use this ratio as a measure of financial leverage.
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Reconciliation of Non-IFRS Financial Measures 25 Reconciliation of Net earnings (loss) to Adjusted EBITDA (In thousands of dollars, except for margins) Three-month periods ended June 30 Six-month periods ended June 30 2026 2025 2026 2025 Net earnings (loss) 968 (309) 1,754 1,611 Income tax (recovery) expense (170) 56 1,285 857 Net financing charges 1,685 945 3,168 2,002 Depreciation of property, plant and equipment 1,152 1,552 2,360 3,040 Depreciation of right-of-use assets 1,808 1,399 3,516 2,967 Amortization of intangible assets 1,793 1,668 3,595 3,350 EBITDA 7,236 5,311 15,678 13,827 Retroactive COVID-related subsidies - (71) - (71) Acquisition costs related to business combinations 373 56 398 56 Asset impairment - 563 - 563 Restructuring expenses (recovery) 200 (28) 1,613 285 Adjusted EBITDA 7,809 5,831 17,689 14,660 Adjusted EBITDA margin (%) 10.9% 8.8% 12.1% 10.8%
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Reconciliation of Non-IFRS Financial Measures 26 Reconciliation of Net (loss) earnings to Adjusted net earnings and of Net (loss) earnings per share to Adjusted net earnings per share (In thousands of dollars, except for per share amounts) Three-month periods ended June 30 Six-month periods ended June 30 2026 2025 2026 2025 Net earnings (loss) 968 (309) 1,754 1,611 Adjustments, net of income taxes Retroactive COVID-related subsidies - (53) - (53) Acquisition costs related to business combinations 275 41 295 41 Asset impairment - 417 - 417 Restructuring expenses (recovery) 149 (21) 1,194 211 Adjusted net earnings 1,392 75 3,243 2,227 Net earnings (loss) per share 0.04 (0.01) 0.07 0.07 Adjustments, net of income taxes, per share 0.02 0.01 0.06 0.02 Adjusted net earnings per share 0.06 0.00 0.13 0.09
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27 Reconciliation of Non-IFRS Financial Measures Reconciliation of Net cash flows related to operating activities to Free cash flow (In thousands of dollars) Three-month periods ended June 30 Six-month periods ended June 30 2026 2025 2026 2025 Net cash flows related to operating activities 4,286 304 3,455 7,269 (Acquisitions) net of disposals of property, plant and equipment (714) (300) (1,717) (440) Acquisitions of intangible assets — (45) — (70) Free cash flow 3,572 (41) 1,738 6,759
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28 Reconciliation of Non-IFRS Financial Measures Net Debt to Adjusted EBITDA ratio (in thousands of dollars, except for ratios) Q2-2026 Q1-2026 Q4-2025 Q3-2025 Q2-2025 Total debt 43,908 8,463 4,135 11,691 40,574 Deferred financing costs (294) (294) (63) (162) (124) Cash (3,542) (4,042) (3,090) (2,642) (2,056) Net debt 40,072 4,127 982 8,887 38,394 Adjusted EBITDA (LTM) 32,981 31,003 29,952 33,782 35,512 Net debt to Adjusted EBITDA ratio 1.22 0.13 0.03 0.26 1.08
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29 Reconciliation of Non-IFRS Financial Measures Reconciliation of EBITDA and Adjusted EBITDA for the past eight quarters (In thousands of dollars, except for margins) June 30 2026 Mar. 31 2026 Dec. 31 2025 Sep. 30 2025 Jun. 30 2025 Mar. 31 2025 Dec. 31 2024 Sep. 30 2024 Revenue 71,557 74,841 72,917 65,678 65,957 70,228 69,075 69,355 Net earnings (loss) 968 785 1,284 9,127 (309) 1,920 5,819 (23,038) Income tax (recovery) expense (170) 1,455 1,625 (3,139) 56 801 1,814 (801) Net financing charges 1,685 1,483 1,279 1,456 945 1,057 1,178 1,270 Depreciation of property, plant and equipment 1,152 1,208 1,083 1,506 1,552 1,488 1,626 1,755 Depreciation of right-of-use assets 1,808 1,708 1,602 1,603 1,399 1,568 1,588 1,575 Amortization of intangible assets 1,793 1,802 1,886 1,667 1,668 1,682 1,715 1,777 EBITDA 7,236 8,441 8,759 12,220 5,311 8,516 13,740 (17,462) Retroactive COVID-related subsidies — — — — (71) — — — Acquisition costs related to business combinations 373 26 72 79 56 — 7 (6) Asset impairment — — 258 — 563 — — 23,337 Restructuring expenses (recovery) 200 1,413 — 4 (28) 313 (828) 2,064 (Gain) on sale and leaseback — — — (6,100) — — — — Adjusted EBITDA 7,809 9,880 9,089 6,203 5,831 8,829 12,919 7,933 Adjusted EBITDA margin (%) 10.9% 13.2% 12.5% 9.4% 8.8% 12.6% 18.7% 11.4%
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