Saputo (SAP) Investor presentation summary

Global scale and portfolio

• Processes ~10B litres of milk annually across 54 plants, 49 distribution centres and 1 innovation centre; products sold in over 50 countries, with ~18,100 employees.

• LTM continuing-operations revenue was $16.531B and adjusted EBITDA $1.611B; net earnings $744M and adjusted net earnings $771M.

• Revenue mix: USA 50%, Canada 33% and International 17%; adjusted EBITDA mix: USA 45%, Canada 43% and International 12%.

• Portfolio spans cheese, fluid milk, cultured dairy, dairy foods and ingredients; geographic and channel diversity supports resilience across economic cycles.

• UK dairy division sale was agreed in August 2026; 80% of the Argentina dairy division was sold in June 2026.

Market opportunity and strategy

• Positions dairy as an affordable, versatile source of high-quality protein aligned with consumer demand for nutrition, wellness and value.

• Prioritizes value-added growth in cultured, protein and functional categories, including customer-led capacity for yogurt, cottage cheese and beverages.

• Commercial priorities include brand investment, innovation with key customers, distribution expansion, pricing and product-portfolio optimization.

• Operational agenda targets lower unit costs and higher utilization through network optimization, automation, SKU rationalization, logistics improvements and digital tools.

• Strategic M&A filters include durable category demand, identifiable synergies, returns above cost of capital within a defined timeframe and strong operating cash flow generation.

Investment, cash flow and returns

• Annual capex was $355M in FY18-FY21 and $437M in FY22-FY26; FY27F capex is $500M, focused on capacity, value-added categories and network efficiency.

• The multi-year modernization and automation build phase is largely complete; improved throughput and utilization are beginning to lower unit costs and support margin expansion.

• Net cash from operating activities averaged $1.1B across FY22-LTM, supporting growth initiatives and strategic investment.

• At Sept. 30, 2026, net debt was $2.493B and net debt-to-adjusted EBITDA was 1.55; adjusted leverage including UK sale proceeds was 0.52 versus a 2.25 long-term target.

• FY27 annual dividend is $0.84 per share; capital allocation also includes a normal course issuer bid for up to 10% of public float, reinvestment and disciplined M&A.