Core Viewpoint - Saputo Inc. has entered into a definitive agreement to sell an 80% interest in its Dairy Division (Argentina) to Gloria Foods, valuing the business at approximately $855 million, with expected net proceeds of about $543 million after tax [1][2][3] Financial Summary - The Dairy Division (Argentina) generated approximately $1.2 billion in revenues over the last four quarters, accounting for about 7% of Saputo's consolidated revenues [2] Strategic Implications - The divestiture is part of the company's strategy to refine its global footprint for long-term growth, enhancing financial flexibility and allowing for targeted reinvestment in higher growth opportunities [3] - The company will maintain a 20% ownership interest in the Dairy Division (Argentina) and continue to manufacture select items on behalf of Saputo [1][2] Operational Details - The transaction includes two manufacturing facilities and local brands such as La Paulina, Ricrem, and Molfino [2] - The closing of the transaction is expected in the first quarter of fiscal 2027, pending customary closing conditions and regulatory approvals [1]

Core Insights - Saputo Inc. reported strong financial results for Q3 of fiscal 2026, highlighting momentum across its global platform, driven by strong commercial execution and operational efficiencies [2][3] Financial Highlights - Revenues for Q3 2026 were $4.888 billion, a decrease of $106 million or 2.1% compared to Q3 2025, primarily due to lower US dairy commodity market pricing [5] - Adjusted EBITDA increased by 18.0% to $492 million, with an adjusted EBITDA margin of 10.1%, up from 8.4% [5][3] - Net earnings reached $220 million, a significant increase from a loss of $518 million in the same quarter last year, with earnings per share (EPS) of $0.54 (basic) and $0.53 (diluted) [11] Sector Performance Canada Sector - Revenues increased by 4.2% to $1.416 billion in Q3 2026, supported by higher sales volumes in retail, foodservice, and industrial segments [24][25] - Adjusted EBITDA rose by 8.0% to $189 million, with an adjusted EBITDA margin of 13.3% [27] USA Sector - Revenues decreased by 7.1% to $2.142 billion in Q3 2026, impacted by lower US dairy commodity market pricing [32] - Adjusted EBITDA increased by 15.6% to $185 million, with an adjusted EBITDA margin of 8.6% [36] International and Europe Sectors - International Sector revenues were $994 million, down 2.5%, while Europe Sector revenues increased by 8.0% to $336 million [46][61] - Adjusted EBITDA for the International Sector rose by 60.8% to $82 million, and for the Europe Sector, it increased by 16.1% to $36 million [53][66] Strategic Initiatives - The company is focused on optimizing its product mix and enhancing operational efficiencies through capital investments and network consolidation [3][38] - Strategic investments in advertising and promotional activities are aimed at supporting commercial growth and brand strength [5][41] Outlook - The company anticipates continued organic sales growth, particularly in the USA Sector, supported by sustained growth in key retail categories and ongoing innovation [77] - Expectations for the Canada Sector remain strong, with operational efficiencies and disciplined cost reduction efforts expected to drive performance [77]

Core Insights - Saputo Inc. reported strong financial results for Q3 of fiscal 2026, highlighting robust cash generation and margin expansion driven by operational efficiencies and strong demand for high-protein dairy products [2][3]. Financial Performance - Revenues for Q3 2026 were $4.888 billion, a decrease of $106 million or 2.1% compared to Q3 2025, primarily due to lower US dairy commodity market pricing [3][9]. - Adjusted EBITDA increased by 18.0% to $492 million, with an adjusted EBITDA margin of 10.1%, up from 8.4% [3][9]. - Net earnings reached $220 million, a significant increase from a loss of $518 million in the same quarter last year, with earnings per share (EPS) of $0.54 (basic) and $0.53 (diluted) [9][3]. Sector Performance Canada Sector - Revenues for Q3 2026 were $1.416 billion, up $57 million or 4.2% from Q3 2025, driven by higher sales volumes in retail, foodservice, and industrial segments [22][23]. - Adjusted EBITDA for Q3 2026 was $189 million, an increase of 8.0% from $175 million in Q3 2025, with an adjusted EBITDA margin of 13.3% [26][27]. USA Sector - Revenues for Q3 2026 totaled $2.142 billion, down $163 million or 7.1% compared to Q3 2025, impacted by lower US dairy commodity market pricing [32][33]. - Adjusted EBITDA increased by 15.6% to $185 million, with an adjusted EBITDA margin of 8.6%, up from 6.9% [36][37]. International and Europe Sectors - International Sector revenues for Q3 2026 were $994 million, down 2.5% from $1.019 billion in Q3 2025, while adjusted EBITDA rose by 60.8% to $82 million [47][53]. - Europe Sector revenues increased by 8.0% to $336 million, with adjusted EBITDA up 16.1% to $36 million [63][68]. Strategic Initiatives - The company is focused on optimizing its product mix and enhancing operational efficiencies through strategic investments in automation and cost-effective production capabilities [3][38]. - Continued investments in advertising and promotional activities are expected to support commercial growth across all sectors [3][41]. Future Outlook - The company anticipates organic sales growth, particularly in the USA Sector, supported by sustained growth in key retail categories and ongoing innovation [80]. - The International Sector is expected to benefit from improved economic conditions in Argentina and cost reductions in Australia, while the Europe Sector is projected to deliver improved performance through margin recovery and disciplined pricing [80].

Core Viewpoint - Saputo is set to release its fiscal 2026 third quarter results on February 5, 2026, with a conference call scheduled for February 6, 2026, to discuss the results [1]. Company Overview - Saputo is one of the top ten dairy processors globally, producing a wide range of high-quality dairy products, including cheese, fluid milk, extended shelf-life milk, cream products, cultured products, and dairy ingredients [4]. - The company is a leading cheese manufacturer and fluid milk and cream processor in Canada, a major dairy processor in Australia, and the top dairy processor in Argentina [4]. - In the USA, Saputo ranks among the top three cheese producers and is a significant producer of extended shelf-life and cultured dairy products [4]. - In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads [4]. - The company also produces and distributes a variety of dairy alternative products and operates under market-leading brands as well as private label brands [4]. - Saputo Inc. is publicly traded on the Toronto Stock Exchange under the symbol "SAP" [4].

Core Viewpoint - Saputo Inc. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) to repurchase up to 5% of its outstanding common shares, reflecting the company's commitment to returning capital to shareholders while maintaining flexibility for growth opportunities [1][2]. Group 1: NCIB Details - Under the renewed NCIB, Saputo may purchase up to 20,498,278 common shares, which is 5% of its 409,965,571 issued shares as of November 7, 2025 [2]. - The NCIB will be effective for one year, starting November 19, 2025, and ending no later than November 18, 2026 [2]. - Daily purchases will be limited to 154,649 common shares based on the average daily trading volume of 618,596 shares over the last six months [2]. Group 2: Automatic Purchase Plan - Saputo has established an automatic purchase plan (APP) to facilitate share repurchases during self-imposed blackout periods, effective from November 19, 2025 [3]. - The APP has been pre-cleared by the TSX and will terminate alongside the NCIB [3]. Group 3: Previous NCIB Performance - Under the current NCIB that began on November 19, 2024, Saputo received approval to repurchase up to 21,217,922 common shares, of which 15,062,184 shares were purchased by November 7, 2025, at an average price of $27.39 per share, totaling $413 million [4]. Group 4: Capital Allocation Strategy - Share repurchases are part of Saputo's broader capital allocation strategy, which includes capital expenditures, dividends, and debt reduction [5]. - The company believes that repurchasing its own shares may be a responsible allocation of cash under appropriate circumstances [5]. Group 5: Company Overview - Saputo is one of the top ten dairy processors globally, producing a wide range of dairy products, including cheese and fluid milk [6]. - The company ranks among the top cheese producers in the USA and is a leading dairy processor in Canada, Australia, and Argentina [6].

Core Insights - Saputo Inc. reported solid financial results for Q2 of fiscal 2026, highlighting strong execution across its global network and effective commercial strategies [2][3][72] Financial Performance - Revenues for Q2 2026 reached $4.721 billion, a slight increase of $13 million or 0.3% compared to Q2 2025, driven by higher sales volumes and prices in North America [3][11] - Adjusted EBITDA for Q2 2026 was $450 million, up $61 million or 15.7%, with an adjusted EBITDA margin of 9.5%, an increase from 8.3% [3][11] - Net earnings totaled $185 million or $0.45 per share, reflecting an increase of $59 million or $0.15 per share compared to the same quarter last year [3][4][11] - Adjusted net earnings were $198 million or $0.48 per share, up $41 million or $0.11 per share from Q2 2025 [11][81] Sector Analysis Canada Sector - Revenues for Q2 2026 were $1.373 billion, up $79 million or 6.1% from Q2 2025, attributed to higher sales volumes in retail, foodservice, and industrial segments [23][24] - Adjusted EBITDA for Q2 2026 was $179 million, an increase of $17 million or 10.5%, with an adjusted EBITDA margin of 13.0% [27][28] USA Sector - Revenues for Q2 2026 were $2.153 billion, down $72 million or 3.2% from Q2 2025, primarily due to lower US dairy commodity market pricing [33][34] - Adjusted EBITDA for Q2 2026 was $167 million, up $22 million or 15.2%, with an adjusted EBITDA margin of 7.8% [37][39] International Sector - Revenues for Q2 2026 were $871 million, down $41 million or 4.5% from Q2 2025, with stable sales volumes but impacted by hyperinflation accounting in Argentina [47][49] - Adjusted EBITDA for Q2 2026 was $79 million, up $25 million or 46.3%, with an adjusted EBITDA margin of 9.1% [52][55] Europe Sector - Revenues for Q2 2026 were $324 million, an increase of $47 million or 17.0% from Q2 2025, driven by higher selling prices and sales volumes [62][63] - Adjusted EBITDA for Q2 2026 was $25 million, down $3 million or 10.7%, with an adjusted EBITDA margin of 7.7% [65][68] Strategic Outlook - The company remains confident in its long-term outlook, anticipating organic sales growth, particularly in the USA Sector, supported by sustained growth in key retail categories and ongoing innovation [72] - Continued focus on cost optimization and operational efficiencies is expected to enhance margins across all sectors [72][79]

Core Points - Saputo will release its fiscal 2026 second quarter results on November 6, 2025, with a conference call scheduled for November 7, 2025, at 8:30 a.m. Eastern Time [1] - The conference call will feature Mr. Carl Colizza, President and CEO, and Mr. Maxime Therrien, CFO and Secretary [1] Company Overview - Saputo is one of the top ten dairy processors globally, producing a wide range of high-quality dairy products, including cheese, fluid milk, and cultured products [4] - The company is a leading cheese manufacturer in Canada and ranks among the top three cheese producers in the USA, as well as being a top dairy processor in Australia and Argentina [4] - In the UK, Saputo is the leading manufacturer of branded cheese and dairy spreads, and it also produces dairy alternative products [4] - Saputo's products are marketed under leading brands and private labels, and the company is publicly traded on the Toronto Stock Exchange under the symbol "SAP" [4]

Group 1 - Saputo Inc. announced the election of its board of directors at the annual meeting of shareholders held on August 8, 2025 [1] - The nominees received significant support, with voting results showing high percentages of approval, such as Victor L. Crawford receiving 99.94% of votes in favor [2] - The company is recognized as one of the top ten dairy processors globally, producing a wide range of dairy products including cheese, fluid milk, and dairy alternatives [3] Group 2 - Saputo is a leading cheese manufacturer in Canada and ranks among the top three cheese producers in the USA [3] - The company operates in multiple countries, including Australia, Argentina, and the United Kingdom, where it holds leading positions in dairy processing [3] - Saputo's products are marketed under both market-leading brands and private label brands, indicating a strong presence in the dairy market [3]

Group 1 - Saputo Inc. will hold its Annual Meeting of Shareholders on August 8, 2025, at 10:30 a.m. (Eastern Time) in a hybrid format, both in-person and via live webcast [1] - The company will release its fiscal 2026 first quarter results on August 7, 2025, with a press release issued after market close and a conference call scheduled for August 8, 2025, at 8:30 a.m. (Eastern Time) [2] - The conference call will feature Mr. Carl Colizza, President and CEO, and Mr. Maxime Therrien, CFO and Secretary [2] Group 2 - Saputo is one of the top ten dairy processors globally, producing a wide range of dairy products including cheese, fluid milk, and dairy ingredients [5] - The company is a leading cheese manufacturer in Canada, a top dairy processor in Australia, and the leading dairy processor in Argentina [5] - In the USA, Saputo ranks among the top three cheese producers and is a significant producer of extended shelf-life and cultured dairy products [5] - In the UK, Saputo is the leading manufacturer of branded cheese and dairy spreads [5] - The company also produces and distributes dairy alternative products and operates under market-leading and private label brands [5]

Core Insights - Saputo Inc. released its 2025 Saputo Promise Report, highlighting key ESG achievements and completing its three-year corporate responsibility strategic cycle [1][3] - The Saputo Promise consists of seven pillars aimed at nourishing, protecting, and supporting communities [2] ESG Achievements - In FY25, Saputo was recognized as one of the World's Best Companies of 2024 by TIME magazine, reflecting the strength of its workforce and community support [7] - The company reduced its overall employee turnover rate to 18%, down from 23% in FY23, and invested CDN$11.2 million in employee training and development [7] - Over the past three years, Saputo invested more than CDN$4 million in projects to support sustainable farming practices among dairy farmers in Canada, the UK, Australia, and the US [7] - The company's carbon intensity decreased by 22% compared to its FY20 baseline, surpassing its initial target of 20% [7] - Saputo expanded its Legacy Program to 88 projects globally, investing over CDN$4 million and covering 67% of the communities where it operates [7] - The company donated more than 1.4 million kilos of products to local food banks, enough to feed over 4 million people [7] Future Plans - Saputo's new three-year cycle (FY26-FY28) will focus on key global priorities while advancing all aspects of the Saputo Promise [4] - The company introduced new 2030 Environment Pledges, including science-based emissions reduction targets validated by SBTi, improved water use, and streamlined waste and packaging targets [4]