Saputo Inc. February 5, 2026 Caution Regarding Forward-Looking Information This presentation contains statements which are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our objectives, outlook, business projects, strategies, beliefs, expectations, targets, commitments, goals, ambitions and strategic plans including our ability to achieve these targets, commitments, goals, ambitions and strategic ...

Core Insights - The 35th butter sculpture, titled "A Toast to Our Nation's 250th Anniversary: Inspired by Founders. Grown by Farmers," was deconstructed at the Pennsylvania Farm Show, with the butter being recycled into renewable energy [1][3] - The sculpture weighed 1,000 pounds and commemorated the 250th anniversary of the Declaration of Independence, linking it to the history of American agriculture [2] - The dismantling was conducted by the American Dairy Association North East and the Pennsylvania Dairy Promotion Program, in collaboration with local farms and community organizations [3] Company and Industry Insights - Reinford Farms, which operates on 1,100 acres with 650 cows, utilizes two methane digesters to convert the butter and food waste into renewable energy, diverting approximately 60,000 tons of food waste from landfills annually [4] - The operation exemplifies a sustainable model, turning waste into energy and reducing greenhouse gas emissions [5] - The American Dairy Association North East is a regional organization that promotes dairy consumption and provides nutrition education, funded by over 8,300 dairy farm families [5][6]

Core Insights - U.S. inflation is showing slight cooling, but price pressures, especially in grocery stores, remain significant [1][2] Inflation Metrics - Core consumer prices rose by 0.2% in December, slightly below forecasts, indicating a gradual approach towards the Federal Reserve's 2% target [2] - Headline CPI met analyst expectations, aided by a notable drop in used car prices, although affordability issues persist [3] Grocery Prices - Food prices continued to rise in December, contributing to tight household budgets despite a broader inflation stabilization [4] - Five out of six major grocery store food group indexes increased in December, with specific increases: other food at home up 1.6%, cereals and bakery products up 0.6%, fruits and vegetables up 0.5%, nonalcoholic beverages up 0.4%, and dairy products up 0.9% [5] Shelter and Energy Costs - Shelter costs are still rising, but at a slowing pace, with rents showing the smallest year-over-year increase since 2021, indicating a potential slowdown in housing inflation [6] - Energy prices have also edged higher, suggesting that inflationary pressures are not fully alleviated [6] Federal Reserve Outlook - Analysts and prediction markets expect the Federal Reserve to maintain steady interest rates for the time being, reflecting a cautious approach despite the cooling trend in inflation [7] - Political pressure from the White House may complicate the Fed's decision-making, potentially making them more hesitant to cut rates [7]

Group 1 - The core viewpoint of the articles indicates that the overall food prices in Xiamen are stable, with a slight decrease of 0.56% month-on-month in December [1] - The average price of grains remained stable at 2.77 yuan per 500 grams, while edible oil prices saw a slight increase of 0.30% to an average of 74.74 yuan for 5 liters [1] - Vegetable prices experienced a significant drop, averaging 4.65 yuan, which is a decrease of 6.44% compared to November [1] - Pork prices continued to decline, with an average price of 16.14 yuan, down 1.71% from the previous month [1] - Other food categories showed minor price fluctuations, with fruits averaging 5.55 yuan (up 1.83%), poultry at 14.72 yuan (up 0.48%), beef and lamb at 39.86 yuan (down 0.23%), seafood at 21.13 yuan (up 1.68%), eggs at 5.16 yuan (up 0.39%), and dairy products at 2.80 yuan (down 1.41%) [1] Group 2 - The market analysis predicts that food prices in Xiamen will remain stable with a slight increase in January 2026, influenced by the New Year and cold weather [2] - Grain and oil prices are expected to remain stable, while prices for vegetables, pork, seafood, beef and lamb, fruits, and poultry may experience fluctuations but will generally trend upwards [2]

Market Trends - Butter, milk, and cheese prices are falling due to a surge in global milk production [1] - The market is facing a looming period of weak prices [1]

Core Insights - The Chinese fast-moving consumer goods (FMCG) market is stabilizing after a slow start in 2024, with total FMCG spending growing by 1.3% year-to-date (YTD Q3 2025), driven by a 3.8% increase in volume and a 2.4% decline in average selling price (ASP) [3][4]. Market Growth Dynamics - Growth in FMCG spending moderated from 2.7% in Q1 to 0.7% in Q2 and 0.4% in Q3, with volume being the main growth driver while deflation eased from a 3.4% drop in FY 2023-24 to a 2.4% drop in YTD Q3 2025 [4][5]. - Tier 3-5 cities contributed approximately 80% of total FMCG market expansion in 2025, with volumes increasing by 4-6% despite a 2-3% decline in prices, driven by urbanization and resilient local consumption [6][9]. Consumer Behavior and Channel Dynamics - Consumers in lower-tier markets are benefiting from lower living costs and improved access to modern trade, with online-to-offline (O2O) channels enhancing purchase frequency and category breadth [9]. - Small-format retail, including snack stores and community supermarkets, has emerged as a key growth engine, allowing brands to reach new consumers more effectively [9]. - Membership-based retailers, snack-collection chains, and discount formats have seen significant growth, with year-on-year increases of 40%, 51%, and 92% respectively, reflecting a consumer focus on value and convenience [12]. Category Performance - Packaged food led sales value growth at 3.4%, followed closely by home care at 3.3%. Personal care grew by 1.1%, while beverages declined by 1.1% due to price competition [10]. - Instant noodles (+5.9%) and nutrition supplements (+5.3%) gained traction, while juice (+19.2%) led the beverage category as consumers opted for healthier options. Conversely, milk (–6.4%) and yogurt (–5.8%) faced challenges due to oversupply [11]. Retailer Strategies and Trends - Private-label products accounted for 2% of FMCG sales in YTD Q3 2025, marking a 44% growth over the past two years, as retailers expand their private-label portfolios to capture consumer demand [16][17]. - The C.O.R.E. framework (Circumstances, Offerings, Routes, Execution) is introduced as a strategy for brands to achieve sustainable growth by understanding consumer demand triggers and tailoring offerings accordingly [17]. Conclusion - As consumption occasions diversify, brands that understand consumer behavior and adapt their strategies will be best positioned for success in the evolving FMCG landscape in China [18].

Core Insights - Walmart Inc. is expanding its dairy operations with a new milk processing facility in Valdosta, Georgia, aimed at enhancing control over its grocery supply chain and ensuring stable pricing for customers [1][2]. Group 1: Facility Details - The new dairy plant spans over 300,000 square feet and represents a $350 million investment, which is part of Walmart's strategy to create a streamlined dairy network [2]. - The facility will package various milk products for Walmart's Great Value brand and Sam's Club's Member's Mark line, serving over 650 stores in the Southeast [3]. Group 2: Economic Impact - The Valdosta facility is expected to create more than 400 jobs and improve regional access to lower-cost milk, thereby benefiting local dairy farmers and enhancing supply chain resilience [1][3]. - Walmart's investment aligns with its commitment to direct $350 billion into American-made products by 2031, with a significant portion of its annual merchandise spending supporting U.S.-sourced goods [5]. Group 3: Community Engagement - To mark the opening of the facility, Walmart awarded grants to local organizations, including $5,000 to Greater Valdosta United Way and $8,000 to Valdosta High School's Marching Cats [5]. - In fiscal 2024, Walmart and its foundation donated $56 million to various organizations across the state, demonstrating its commitment to community support [5]. Group 4: Stock Performance - At the time of publication, Walmart shares were down 0.19% at $111.32, trading near its 52-week high of $111.75 [6].

Core Insights - FirstFarms reported an unsatisfactory interim result for the first nine months of 2025, with a loss of -6 million DKK, primarily due to low prices and the impact of foot and mouth disease (FMD) on milk production [1][5][10] Financial Performance - The turnover for the period decreased by 13%, attributed to a lack of milk sales and lower pig prices [3][10] - The result before tax was -5 million DKK, down from a profit of 13 million DKK in the previous year, largely due to FMD and negative value adjustments on the pig herd [3][10] - EBITDA for the period was 72 million DKK, down from 86 million DKK in 2024, while EBIT fell to 21 million DKK from 41 million DKK [10] Impact of Foot and Mouth Disease (FMD) - The FMD outbreak confirmed on March 30, 2025, led to significant operational disruptions, including the culling of animals and a halt in milk production [6][8] - The farm was declared free of FMD on September 24, 2025, allowing for the introduction of new animals expected in December 2025 [6][8] - The company has received insurance payouts totaling 31 million DKK, with 60% already disbursed by the end of Q3 [9][11] Future Expectations - FirstFarms has adjusted its expectations for 2025 downwards by 45 million DKK due to the FMD outbreak [9] - The company anticipates slightly increasing prices for pigs and crops for the remainder of 2025, despite a decrease in pig prices at the beginning of Q4 [11]

Supply and Demand - The US milk cow herd is at its largest in at least 25 years [1] - This increase in milk cow herd size is a positive sign amidst tight supplies in the meat industry [1] - Consumers are facing record high beef prices [1]

Core Viewpoint - The recent food safety inspections in Huangshi City revealed that out of 291 food samples tested, 279 were compliant while 12 samples failed to meet safety standards, indicating ongoing concerns regarding food safety in the region [4][5]. Inspection Summary - A total of 291 food samples were inspected, categorized into 13 types, including grain products (56 samples), edible oils (8 samples), pastries (14 samples), meat products (6 samples), seasonings (8 samples), dairy products (20 samples), frozen foods (1 sample), aquatic products (1 sample), soy products (2 samples), starch and starch products (5 samples), health foods (24 samples), catering foods (62 samples), and edible agricultural products (84 samples) [4]. - Among the 12 non-compliant samples, 3 were edible agricultural products with issues related to pesticide residues (chlorpyrifos and enrofloxacin), and 9 were catering foods with high levels of coliform bacteria [4][5]. Action Taken - The Huangshi Market Supervision Administration has mandated immediate investigation and action on the non-compliant products, including removal from shelves, recalls, and suspension of sales, along with further legal investigations [5].