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Saputo (SAP) investor relations material
Saputo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong commercial execution, disciplined cost management, and robust cash generation, resulting in margin expansion and record profitability in the Canada Sector, with growth in International and Europe Sectors.
Structural initiatives such as network modernization and advancements in the ingredients strategy remain on track.
Continued capital returns to shareholders through dividends and share repurchases, while investing in future growth and operational efficiencies.
Financial highlights
Q3 FY26 revenues were $4.888 billion, down 2.1% year-over-year due to lower US dairy commodity prices, but with higher sales volumes and selling prices.
Adjusted EBITDA rose 18% to $492 million, with margin expanding to 10.1% from 8.4%.
Net earnings were $220 million; adjusted net earnings up 41% to $235 million; adjusted EPS up 46% to $0.57.
Net cash from operating activities for the nine months was $1.09 billion, up 48.3%.
Net debt-to-adjusted EBITDA improved to 1.76x, below the long-term target.
Outlook and guidance
Expect continued macroeconomic volatility, especially in US dairy markets, but confident in ability to drive sustainable value and organic sales growth, particularly in the USA Sector.
Ongoing optimization and capacity expansion initiatives are on track to support margin improvement.
Anticipate strong performance in Canada, margin recovery in Europe, and benefits from product mix optimization in International.
Capital expenditures for FY26 expected to total approximately $360 million; CapEx for FY27 expected to rise above CAD 400 million.
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