Saputo (SAP) AGM 2026 summary

Opening remarks and agenda

• Meeting opened by the Executive Chair, with introductions of key executives and explanation of meeting procedures for both in-person and online participants.

• Quorum confirmed, agenda set as per proxy statement dated June 4, 2026.

Financial performance review

• Fiscal 2026 saw consolidated revenues of CAD 17.55 billion, down 1.5% due to lower U.S. dairy prices, but offset by higher sales volumes and prices in other markets.

• Adjusted EBITDA from continuing operations rose 10.4% to CAD 1.66 billion, with margins up over 100 basis points to 9.5%.

• Adjusted net income from continuing operations was CAD 751 million, up 18%; net income totaled CAD 690 million, reversing a prior year loss.

• Net operating cash flows increased 26% to CAD 1.51 billion, driven by inventory and working capital management.

• Canadian segment revenues grew 5% to CAD 5.4 billion, with adjusted EBITDA up 7.7%.

• U.S. segment adjusted EBITDA rose over 9%, with network optimization and facility investments boosting margins.

• International (Australia) adjusted EBITDA up 20% to CAD 162 million; European segment adjusted EBITDA up 21% to CAD 128 million.

• Capital expenditures totaled CAD 339 million; share repurchases and dividends returned over CAD 1 billion to shareholders.

• Net debt to adjusted EBITDA ratio improved to 1.47%.

• Q1 2027 results showed continued growth: adjusted EBITDA up 8%, adjusted net income up 13%.

Dividend announcements

• Quarterly dividend increased by 5% to CAD 0.21 per share, payable September 25, 2026.

• Plan to increase share redemption program to 24 million shares, subject to TSX approval.