Swiss Water Decaffeinated Coffee (SWP) investor relations material

Executive summary

• Q3 processing volumes rose 16% YoY and nine-month volumes rose 11%; high demand drove record capacity utilization.

• Q3 gross profit increased 55%; trailing 12-month Adjusted EBITDA reached a record CAD 18.7 million as debt declined.

Financial highlights

• Q3 revenue was CAD 65.9 million, up 5% YoY; nine-month revenue was CAD 189.3 million, down 2%, primarily reflecting lower coffee futures prices.

• Q3 gross profit was CAD 10.0 million, up 55%; nine-month gross profit was CAD 28.1 million, up 48%.

• Net income was CAD 0.9 million for Q3 and CAD 4.2 million for nine months, versus CAD 0.2 million and CAD 0.4 million in 2025.

• Adjusted EBITDA was CAD 4.9 million for Q3, up 50%, and CAD 14.5 million for nine months, up 104%.

• Q3 cost of sales was CAD 55.9 million versus CAD 56.3 million; operating expenses rose 34% to CAD 5.7 million, including higher share-based compensation.

Outlook and guidance

• Planned CAD 6.2 million investment is expected to add 15% capacity by June 2027, funded primarily from internally generated cash flow.

• Orders extend into H1 2027, with high utilization and firm pricing; current capacity is sufficient for short-term growth.

• A roughly two-week shutdown for expansion work is expected to fit within a normal maintenance window.

• Management is not forecasting another pipeline-fill surge; demand reflects tight chemical-free decaffeination capacity and customers securing production slots.