Winpak (WPK) investor relations material

Opening remarks and agenda

• Minister of Business, Mining, Trade and Job Creation delivered opening remarks, emphasizing the company's role in Manitoba's economic success and the importance of collaboration amid global uncertainty.

• The Chairman introduced the head table and outlined meeting procedures, including voting and Q&A protocols for both in-person and online attendees.

• Annual meeting commenced on April 30, 2026, at 3:00 pm CDT, with electronic voting for all matters.

Financial performance review

• 2025 revenue was $1,125.4 million, down 0.5% from 2024, with volume losses of 1.0%.

• EBITDA for 2025 declined by 3.8% to $231.6 million, mainly due to higher production costs and lower output.

• Earnings for 2025 contracted by 8.1% to $137.3 million, impacted by lower EBITDA and higher depreciation.

• Q1 2026 revenue was $280.0 million, a 1.7% decrease from Q1 2025, with earnings down 10.4%.

• Fiscal 2025 saw overall volumes down about 1%, with continued inflationary pressures and impacts from GLP-1 drugs reducing grocery spending.

Board and executive committee updates

• Seven directors were nominated and elected for the ensuing year, all confirming their willingness to serve.

• Shareholders voted on the appointment of directors and auditors, and on executive compensation approach.

• KPMG LLP was appointed as auditor for the next year, subject to shareholder approval.