Saputo Reports Financial Results for the Second Quarter of Fiscal 2026 Ended September 30, 2025

✅ Highlights

• For the quarter, Saputo posted adjusted EPS of C$0.48 per share, up from C$0.37 a year earlier. Investing.com Canada+2RTTNews+2
• Adjusted net earnings were C$198 million, rising ~26 % year-over-year. Investing.com Canada+1
• Adjusted EBITDA increased ~16 % in the quarter. Investing.com Canada+1
• The company emphasised improved commercial execution, higher volumes in Canada, and operational efficiencies helping margins. Investing.com Canada

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⚠️ Areas of concern & mixed outcomes

• Revenue (or total revenues) fell short of expectations: Reported around C$4.72 billion vs forecast ~C$4.78 billion. Investing.com Canada+1
• In the international segment, revenues declined (~5 % in one region) even though EBITDA rose strongly. Investing.com Canada
• Some markets remain under pressure (milk supply constraints, cost pressures, raw material volatility) that may weigh on future margin improvements. Investing.com Canada

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🔍 Outlook & strategic comments

• Management expects somewhat more stable conditions in the back half of the year, especially for the U.S. dairy commodity market, noting fewer extremes in pricing and a more predictable input-cost environment. Investing.com Canada
• They continue to invest in operational improvements (e.g., new warehousing facility in Wisconsin) and are focusing on higher-margin/differentiated dairy products and ingredients. Investing.com Canada
• Share-buyback activity is ongoing; leverage is reported to be in a comfortable range (net debt/EBITDA improving) which gives the company flexibility. Investing.com Canada

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🎯 OPINION

Saputo delivered a solid performance on profitability, especially given some headwinds in commodity pricing and international markets. The EPS beat is meaningful. The revenue miss and continued pressure in certain markets temper the optimism somewhat, but the margin improvement and operational execution give a constructive backdrop.

The positives are: improving margins, strong cash flow potential, and manageable leverage.

The cautions: slower growth or margin risk if commodity/milk input costs spike, or if international markets lag.