Saputo receives approval to amend its normal course issuer bid

CANADA – Saputo has received approval from the Toronto Stock Exchange (TSX) to amend its current normal course issuer bid (“NCIB”).

This will increase the maximum number of common shares that may be repurchased for cancellation thereunder from 20,498,278 common shares to 24,260,007 common shares.

The shares will represent 10% of the 242,600,071 common shares that constituted the Company’s “public float” (the maximum amount allowable under the rules of the TSX) as at November 7, 2025 (the reference date for the NCIB).

Purchases under the NCIB began on November 19, 2025, and will end no later than November 18, 2026.

Other than to reflect the increase in the maximum number of common shares that may be repurchased under the NCIB, the automatic share repurchase plan (APP) established in connection with the NCIB remains unchanged.

During the period from November 19, 2025, to August 18, 2026, Saputo repurchased 19,997,690 common shares at a weighted average purchase price of $41.41.

Saputo is increasing the number of common shares it can purchase under the NCIB as it believes that the purchase of its own shares may, under appropriate circumstances, be a responsible allocation of cash.

Although Saputo currently intends to continue purchasing common shares under the NCIB, it cannot assure that any such purchases will be completed.

Saputo reports revenue of US$12.6B in FY 2026

The company reported revenue of US$12.62 billion (C$17.551 billion), down 1.5%, driven by lower USA dairy commodity market pricing in FY 2026.

Fiscal 2026 revenues reflected higher sales volumes, mainly in North America, and higher selling prices in both domestic and international cheese and dairy ingredient markets.

Adjusted EBITDA from continuing and discontinued operations reached US$1.28 billion ($1.777 billion), up US$152.5 million (C$212 million) or 13.5%, with an adjusted EBITDA margin of 9.4%, up from 8.2%.

The increase is due to higher adjusted EBITDA from continuing operations, as discussed above, and higher adjusted EBITDA from discontinued operations, mainly due to a more favourable alignment between inflation and the devaluation of the Argentine peso, notably through lower milk costs.

To receive our email newsletters with the latest news and insights from Africa, the Middle East and around the world, SUBSCRIBE HERE.