Argentina hospital staff hold vigil demanding wage increase
STORY: :: June 2, 2025
:: Buenos Aires, Argentina
:: Staff at a pediatric hospital in Argentina hold a protest vigil, demanding better pay
"Our working hours go between 60 and 70 hours weekly and we have six shifts throughout the month, one per week, plus two weekend shifts, plus an 8-hour workday from 8 am to 4 pm, although sometimes we arrive earlier and leave later. For all this work, with everything it involves, with the high complexity that Garrahan Hospital handles, a first-year resident, like in my case, received $675 in my last paycheck, which equals about $2.40 per hour."
:: Argentina's health minister has announced a raise but Garrahan Hospital staff say it's not enough
"We were offered a non-remunerative bonus of about $250 as the proposed solution. However, it's important to highlight that what we requested was a salary adjustment, and this offer does not meet that request. I said it was offered, but in reality it was imposed - until they analyze if they could incorporate it into our salary."
The health professionals have been confronting the government for two weeks, demanding a concrete proposal to improve their salary situation, arguing that they have long working hours and insufficient pay.
Over the weekend, the Argentine Health Minister Mario Lugones announced a raise in the income for residents, who currently earn less than 800,000 pesos ($677) in the first year of the training period, to 1,300,000 pesos ($1,101) starting July 1st.
Nevertheless, the medical professionals expressed discontent on Monday night.
The residents were accompanied by colleagues and pediatric patients and their relatives during the protest vigil.
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During the quarter, the Company purchased approximately 4.8 million common shares for a total purchase price of $120 million. The Board of Directors approved a dividend of $0.19 per share payable on June 26, 2025, to shareholders of record on June 17, 2025. 1 This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. 2 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. FY26 OUTLOOK We remain confident in the long-term outlook for the business and its ability to navigate current macroeconomic challenges. The direct impact of trade-related tariffs on our business is expected to be limited and manageable. However, we anticipate that the evolving global trade landscape and consumer sentiment may impact consumer spending patterns in the short term. We expect organic sales growth, notably in our USA Sector, with a more balanced contribution of volumes and price, supported by growth in key retail categories, expansion with major food distributors, the phased ramp-up of our Franklin, Wisconsin, facility, higher brand support, and innovation. We expect further contribution from optimization and capacity expansion initiatives, notably in our USA Sector, which is expected to drive operating margin expansion. We expect USA dairy markets to be driven by milk supply and dairy demand, with continued volatility in the short to medium term. The United States Department of Agriculture (USDA) announced that the new milk pricing formula was approved for all federal milk marketing orders in which we operate in. 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These forward-looking statements include, among others, statements with respect to our objectives, outlook, business projects, strategies, beliefs, expectations, targets, commitments, goals, ambitions and strategic plans including our ability to achieve these targets, commitments, goals, ambitions and strategic plans, and statements other than historical facts. The words 'may', 'could', 'should', 'will', 'would', 'believe', 'plan', 'expect', 'intend', 'anticipate', 'estimate', 'foresee', 'objective', 'continue', 'propose', 'aim', 'commit', 'assume', 'forecast', 'predict', 'seek', 'project', 'potential', 'goal', 'target', or 'pledge', or the negative of these terms or variations of them, the use of conditional or future tense or words and expressions of similar nature, are intended to identify forward- looking statements. All statements other than statements of historical fact included in this news release may constitute forward-looking statements within the meaning of applicable securities laws. By their nature, forward-looking statements are subject to inherent risks and uncertainties. Actual results could significantly differ from those stated, implied, or projected in such forward-looking statements. As a result, we cannot guarantee that any forward-looking statements will materialize, and we warn readers that these forward-looking statements are not statements of historical fact or guarantees of future performance in any way. Assumptions, expectations, and estimates made in the preparation of forward-looking statements and risks and uncertainties that could cause actual results to significantly differ from current expectations are discussed in our materials filed with the Canadian securities regulatory authorities from time to time, including the 'Risks and Uncertainties' section of the Management's Discussion and Analysis dated June 5, 2025, available on SEDAR+ under the Company's profile at Such risks and uncertainties include the following: product liability; the availability and price variations of milk and other dairy ingredients, our ability to transfer input costs increases, if any, to our customers in competitive market conditions; supply chain strain and supplier concentration; the price fluctuation of dairy products in the countries in which we operate, as well as in international markets; continuing economic and geopolitical uncertainties; changes in international trade agreements and policies, including those that may result from tariffs, quotas, trade barriers and other similar restrictions; actual or perceived changes in the condition of the economy or economic slowdowns or recessions; changes in consumer trends; our ability to identify, attract, and retain qualified individuals; the increased competitive environment in our industry; consolidation of clientele; cyber threats and other information technology- related risks relating to business disruptions, confidentiality, data integrity business and email compromise-related fraud; changes to or removal of tariff protection on dairy; unanticipated business disruption; changes in environmental laws and regulations; the potential effects of climate change; increased focus on environmental sustainability matters; public health threats; the failure to execute our growth strategy as expected or to adequately integrate acquired businesses in a timely and efficient manner; the failure to complete capital expenditures as planned; changes in interest rates and access to capital and credit markets. There may be other risks and uncertainties that we are not aware of at present, or that we consider to be insignificant, that could still have a harmful impact on our business, financial state, liquidity, results, or reputation. Forward-looking statements are based on Management's current estimates, expectations and assumptions regarding, among other things; the projected revenues and expenses; the economic, industry, competitive, and regulatory environments in which we operate or which could affect our activities; international trade policies; our ability to identify, attract, and retain qualified and diverse individuals; our ability to attract and retain customers and consumers; the results of our sustainability efforts; the effectiveness of our environmental and sustainability initiatives; our operating costs; the pricing of our finished products on the various markets in which we carry on business; the successful execution of our growth strategy; our ability to deploy capital expenditure projects as planned; reliance on third parties; our ability to gain efficiencies and cost optimization from strategic initiatives; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; our ability to leverage our brand value; our ability to drive revenue growth in our key product categories or platforms or add products that are in faster-growing and more profitable categories; the market supply and demand levels for our products; our warehousing, logistics, and transportation costs; our effective income tax rate; the exchange rate of the Canadian dollar to the currencies of cheese and dairy ingredients. Our financial performance goals and ambitions are set using assumptions regarding, among others: the absence of significant deterioration in macroeconomic conditions; tariffs, quotas, trade barriers and other similar restrictions; our ability to mitigate inflationary cost pressure; the USA Market Factors2, ingredient markets, commodity prices, foreign exchange; labour market conditions; the impact of price elasticity; our ability to increase the production capacity and productivity in our facilities; the efficiency of our network and cost optimization initiatives, and the demand growth for our products. Our ability to achieve our environmental targets, pledges, commitments, and goals (together, our 'environmental targets') is further subject to, among others: the development, effectiveness and costs of solutions to reduce emissions in dairy production systems; the ability of the Company and our industry to develop sustainable incentive models to reduce emissions; the availability of and our ability to access and implement the technology necessary to achieve our environmental targets at reasonable and sustainable costs; the development and performance of technology, innovation and the future use and deployment of technology and associated expected future results; the accessibility at sustainable costs of carbon and renewable energy instruments for which a market is still developing and which are subject to risk of invalidation or reversal; environmental regulation, and our ability to leverage our supplier relationships and our sustainability advocacy efforts. 2 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. Management believes that these estimates, expectations, and assumptions are reasonable as of the date hereof, and are inherently subject to significant business, economic, competitive, and other uncertainties and contingencies regarding future events, and are accordingly subject to changes after such date. Forward-looking statements are intended to provide shareholders with information regarding Saputo, including our assessment of future financial plans, and may not be appropriate for other purposes. Undue importance should not be placed on forward-looking statements, and the information contained in such forward-looking statements should not be relied upon as of any other date. Unless otherwise indicated by Saputo, forward-looking statements in this news release describe our estimates, expectations and assumptions as of the date hereof, and, accordingly, are subject to change after that date. Except as required under applicable securities legislation, Saputo does not undertake to update or revise forward-looking statements, whether written or verbal, that may be made from time to time by itself or on our behalf, whether as a result of new information, future events, or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement. CONSOLIDATED RESULTS FOR THE FOURTH QUARTER AND FISCAL PERIOD ENDED MARCH 31, 2025 Revenues Revenues for the fourth quarter of fiscal 2025 totalled $4.753 billion, up $208 million or 4.6%, as compared to $4.545 billion for the same quarter last fiscal year. Revenues increased due to higher domestic selling prices and higher international cheese and dairy ingredient market prices in our export markets. The combined effect of fluctuations of the average block market price2 and of the average butter market price2 in our USA Sector had a positive impact of $97 million. Higher sales volumes favourably impacted revenues, mainly driven by our Canada Sector. Revenues included a non-cash impact due to the application of hyperinflation accounting2 to the revenues of the Dairy Division (Argentina), which was lower by $225 million as compared to the same quarter last fiscal year. The conversion of foreign currencies, other than the Argentine peso, to the Canadian dollar had a favourable impact of approximately $147 million. In fiscal 2025, revenues totalled $19.061 billion, up $1.719 billion or 9.9%, as compared to $17.342 billion for the last fiscal year. Revenues increased in all our sectors and reflected higher sales volumes and higher domestic selling prices. Higher international cheese and dairy ingredient market prices in our export markets had a positive impact. The combined effect of fluctuations of the average block market price2 and of the average butter market price2 in our USA Sector had a positive impact of $388 million. Revenues included a non-cash impact due to the application of hyperinflation accounting2 to the revenues of the Dairy Division (Argentina), which was higher by $161 million as compared to last fiscal year. The conversion of foreign currencies, other than the Argentine peso, to the Canadian dollar had a favourable impact of approximately $353 million. 2 Refer to the "Glossary" section of the Management's Discussion and Analysis. Operating costs (in millions of CDN dollars) For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Operating costs excluding depreciation, amortization, and restructuring costs $ 4,377 $ 4,166 $ 17,496 $ 15,833 Add: Depreciation and amortization 167 157 629 595 Restructuring costs 80 19 87 25 Operating costs including depreciation, amortization, and restructuring costs $ 4,624 $ 4,342 $ 18,212 $ 16,453 Operating costs including depreciation, amortization, and restructuring costs for the fourth quarter of fiscal 2025 totalled $4.624 billion, up $282 million or 6.5%, as compared to $4.342 billion for the same quarter last fiscal year. This increase included the higher cost of raw materials and consumables used impacted by higher commodity market prices, inflation, and higher labour costs, which included the effect of wage increases. This increase also included higher depreciation and amortization mainly attributable to the net effect of commissioning and decommissioning of assets in connection with our strategic capital projects, as well as higher restructuring costs. Operating costs included the favourable impacts from the optimization of selling, general, and administrative costs and from operational efficiencies. In fiscal 2025, operating costs including depreciation, amortization, and restructuring costs totalled $18.212 billion, up $1.759 billion or 10.7%, as compared to $16.453 billion for last fiscal year. This increase was in line with higher sales volumes and the higher cost of raw materials and consumables used impacted by higher commodity market prices, inflation, and higher labour costs, which included the effect of wage increases. This increase also included higher depreciation and amortization mainly attributable to the net effect of commissioning and decommissioning of assets in connection with our strategic capital projects, as well as higher restructuring costs. Operating costs included the favourable impacts from the optimization of selling, general, and administrative costs and from operational efficiencies. Restructuring costs for the fourth quarter of fiscal 2025 totalled $80 million ($60 million after tax) and comprised a non-cash assets write-down of $63 million mainly relating to fixed assets in connection with our decision to stop manufacturing certain functional dairy ingredient products in our Dairy Division (UK) by mid-fiscal 2026. This decision was made as a result of expected changes in demand for these products. Severance costs relative to this project will be recorded in fiscal 2026. Restructuring costs also included severance and site closure costs totalling $17 million, incurred relative to the optimization of selling, general, and administrative costs. Restructuring costs for the fourth quarter of fiscal 2024 totalled $19 million ($15 million after tax) and were mainly comprised of severance costs incurred in the context of cost efficiency efforts in all our sectors. Restructuring costs in fiscal 2025 totalled $87 million ($65 million after tax) and comprised a non-cash assets write- down of $64 million mainly relating to fixed assets in connection with our decision to stop manufacturing certain functional dairy ingredient products in our Dairy Division (UK) as mentioned above. Restructuring costs also included severance and site closure costs totalling $23 million incurred relative to the optimization of selling, general, and administrative costs. Restructuring costs in fiscal 2024 totalled $25 million ($19 million after tax), mainly comprised of severance costs totalling $19 million incurred in the context of cost efficiency efforts in all our sectors and a non-cash fixed assets write-down of $4 million in connection with the closure of a facility in the USA Sector. Net earnings (loss) Net earnings for the fourth quarter of fiscal 2025 totalled $74 million, down $18 million or 19.6% as compared to $92 million for the same quarter last fiscal year. The decrease is due to increased depreciation and amortization, higher restructuring costs, higher financial charges, and the factors which have led to a lower adjusted EBITDA1, as described below, offset by a gain on hyperinflation (Argentina net monetary position) as compared to a loss for the same quarter last fiscal year, and a gain on disposal of assets. In fiscal 2025, net loss totalled $176 million, as compared to net earnings of $265 million for last fiscal year. 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In our Europe Sector, adjusted EBITDA was up $9 million, or 60.0%, as our Dairy Division (UK) margins continued to recover from the prior year, when we were selling off high-cost excess inventory. The effect of the conversion of foreign currencies, other than the Argentine peso, to the Canadian dollar, had a total favourable impact of approximately $10 million. 1 This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable.2 Refer to the "Glossary" section of the Management's Discussion and Analysis. Adjusted EBITDA1 in fiscal 2025 totalled $1.565 billion, up $56 million or 3.7%, as compared to $1.509 billion for last fiscal year. Adjusted EBITDA increased in all our divisions, except in our Dairy Division (Argentina). In our Canada Sector, adjusted EBITDA was up $67 million, or 11.6%, driven by the benefits derived from operational efficiencies, higher sales volumes, favourable product mix, and lower selling, general, and administrative expenses. In our USA Sector, adjusted EBITDA was up $94 million or 18.0%. This growth included approximately $101 million in benefits derived from capital investments in our cheese network, operational improvements, including increased capacity utilization and productivity driving higher volumes, supply chain initiatives, cost reductions, and lower selling, general, and administrative expenses. USA Market Factors2 had a negative impact of $42 million mainly due to the unfavourable milk-cheese spread2. This was partially mitigated through the favourable impact of our pricing protocols for our dairy food products relative to fluctuations of the average butter market price2. Higher dairy ingredient market prices had a positive impact. In our International Sector, adjusted EBITDA was down $136 million, or 40.8%, mainly due to the unfavourable disconnect in the relation between international cheese and dairy ingredient market prices and the cost of milk. In Australia, we benefited from lower milk costs in effect since July 1, 2024. In Argentina, the peso devaluation did not keep pace with inflation which has led to higher production costs including higher milk costs. Reduced milk availability in Argentina further contributed to higher milk costs. The more moderate Argentine peso devaluation, as compared to last fiscal year, led to less profitability from US dollar denominated export sales. Adjusted EBITDA of the International Sector included a non-cash negative impact due to the application of hyperinflation accounting2 to the results of the Dairy Division (Argentina), which was unfavourable by $15 million as compared to last fiscal year. In our Europe Sector, adjusted EBITDA was up $31 million, or 41.3%, as our Dairy Division (UK) margins were recovering from the prior year, when we were selling off high-cost excess inventory. In the first quarter, our Dairy Division (UK) exited the cycling through of remaining high-cost inventory. In fiscal 2024, results included an inventory write-down of $31 million as a result of the decrease in certain market selling prices. The effect of the conversion of foreign currencies, other than the Argentine peso, to the Canadian dollar, had a total favourable impact of approximately $23 million. Goodwill and intangible assets impairment charge In fiscal 2025, a non-cash goodwill and intangible assets impairment charge of $684 million ($674 million after tax) was recorded for our Europe Sector's Dairy Division (UK). In performing our annual goodwill impairment testing as at December 31, 2024, for our Dairy Division (UK) cash- generating unit (the UK CGU), estimates of future discounted cash flows were reduced primarily due to ongoing challenging market conditions in the United Kingdom, including persisting inflation and elevated interest rates. While margins have been improving during fiscal 2025, these improvements have not been as rapid as initially expected, leading to a longer projected recovery period. As a result, the estimated recoverable value of the UK CGU was determined to be lower than its carrying value and a non-cash goodwill impairment charge was recorded, representing the total value of goodwill for the UK CGU. See Note 8 to the consolidated financial statements for additional information. The impairment charge also included a non-cash charge related to intangible assets. 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See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable.2 Refer to the "Glossary" section of the Management's Discussion and Analysis. Loss (gain) on hyperinflation (Argentina net monetary position) The gain on hyperinflation for the fourth quarter of fiscal 2025 totalled $4 million (as compared to a loss of $34 million in fiscal 2024). In fiscal 2025, the loss on hyperinflation totalled $12 million ($44 million in fiscal 2024). The (gain) loss on hyperinflation is relative to the application of hyperinflation accounting2 for the Dairy Division (Argentina), and includes the non-cash effect of inflation indexation and currency conversion on its balance sheet amounts. The (gain) loss on hyperinflation position varies quarter-over-quarter and year-over-year due to changes in the inflation indexation rate in Argentina and in the Argentine peso to Canadian dollar conversion rate. Gain on disposal of assets In the fourth quarter and fiscal 2025, the Company recorded a gain on disposal of assets of $24 million from the sale of land owned by the Dairy Division (Australia). There was no gain on disposal of assets during fiscal 2024. Financial charges Financial charges for the fourth quarter of fiscal 2025 totalled $57 million, up $7 million as compared to the same quarter last fiscal year. In fiscal 2025, financial charges totalled $196 million, up $20 million as compared to the same period last fiscal year. These increases were mainly due to higher interest charges resulting from higher outstanding bank loans, the unfavourable impacts of the conversion of foreign currencies, as well as hyperinflation accounting2 for the Dairy Division (Argentina), partially offset by lower interest on long-term debt following the repayment of the Series 6 senior unsecured notes in the third quarter of fiscal 2025. Income tax expense Income tax expense for the fourth quarter of fiscal 2025 and for fiscal 2025 totalled $26 million and $157 million respectively. The effective tax rate for the fourth quarter of fiscal 2025 was 26%, as compared to 23% for the same quarter last fiscal year. The effective tax rates for fiscal 2025 and fiscal 2024 excluding the effects of the non-cash goodwill impairment charges of $684 million and $265 million in fiscal 2025 and fiscal 2024, respectively, would have been 25% and 21% respectively. The effective tax rate for fiscal 2025 was higher than last fiscal year mostly due to the negative impact of the tax and accounting treatments of inflation in Argentina. The effective tax rate varies and could increase or decrease based on the geographic mix of quarterly and year-to- date earnings across the various jurisdictions in which we operate, the tax and accounting treatments of inflation in Argentina, the amount and source of taxable income, amendments to tax legislations and income tax rates, changes in assumptions, as well as estimates we use for tax assets and liabilities. Adjusted net earnings1 Adjusted net earnings1 for the fourth quarter of fiscal 2025 totalled $128 million, down $28 million or 17.9%, as compared to $156 million for the same quarter last fiscal year. This decrease was mainly due to the factors which have led to lower net earnings, as described above, excluding the impacts of restructuring costs, the gain on disposal of assets and of the non-cash loss (gain) on hyperinflation (Argentina net monetary position). In fiscal 2025, adjusted net earnings1 totalled $619 million, down $35 million or 5.4%, as compared to $654 million for last fiscal year. This decrease was mainly due to the factors which have led to lower net earnings, as described above, excluding the impacts of the non-cash goodwill and intangible assets impairment charge, restructuring costs, the gain on disposal of assets and of the non-cash loss (gain) on hyperinflation (Argentina net monetary position). 1 This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable.2 Refer to the "Glossary" section of the Management's Discussion and Analysis. INFORMATION BY SECTOR The Company reports under four sectors. The Canada Sector consists of the Dairy Division (Canada). The USA Sector consists of the Dairy Division (USA). The International Sector comprises the Dairy Division (Australia) and the Dairy Division (Argentina). The Europe Sector consists of the Dairy Division (UK). CANADA SECTOR For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Revenues 1,258 1,192 5,164 4,922 Adjusted EBITDA 157 138 647 580 Adjusted EBITDA margin 11.6 % 11.8 % Depreciation and amortization 30 28 118 107 Restructuring costs 6 6 6 6 USA SECTOR For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Revenues 2,140 1,928 8,755 7,810 Adjusted EBITDA 148 138 615 521 Adjusted EBITDA margin 7.2 % 6.7 % Depreciation and amortization 75 63 275 246 Restructuring costs 3 4 4 10 For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 USA Market Factors1,2 (20 ) (61 ) (42 ) (70 ) Inventory write-down — — — (10 ) US currency exchange2 8 — 16 8 1 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. 2 As compared to same quarter last fiscal year for the three-month periods; as compared to last fiscal year for the years ended March 31. (in US dollars, except for average exchange rate) For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Block market price1 Opening 1.910 1.470 1.418 1.850 Closing 1.635 1.418 1.635 1.418 Average 1.802 1.516 1.867 1.633 Butter market price1 Opening 2.550 2.665 2.843 2.398 Closing 2.350 2.843 2.350 2.843 Average 2.417 2.737 2.785 2.684 Average whey powder market price1 0.603 0.436 0.531 0.357 Milk-Cheese Spread1 (0.203 ) (0.125 ) (0.199 ) (0.043 ) US average exchange rate to Canadian dollar2 1.435 1.349 1.391 1.349 1 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. 2 Based on Bank of Canada published information. INTERNATIONAL SECTOR For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Revenues 1,020 1,135 3,955 3,518 Adjusted EBITDA 47 88 197 333 Adjusted EBITDA margin 7.8 % 9.5 % Depreciation and amortization 32 37 123 134 Goodwill and intangible assets impairment charge — — — 265 (Gain) on disposal of assets (24 ) — (24 ) — Restructuring costs 3 4 7 4 Loss (gain) on hyperinflation (Argentina net monetary position) (4 ) 34 12 44 For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Inventory write-down — — — (21 ) Hyperinflation accounting1 - Dairy Division (Argentina) (15 ) (6 ) (67 ) (52 ) 1 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. (in millions of CDN dollars) For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Impact on revenues 44 269 112 (49 ) Impact on Adjusted EBITDA (15 ) (6 ) (67 ) (52 ) (Loss) gain on hyperinflation (Argentina net monetary position)3 4 (34 ) (12 ) (44 ) 2 Refer to the ''Glossary'' section of the Management's Discussion and Analysis. 3 This amount does not impact Adjusted EBITDA, refer to the 'consolidated results for the fourth quarter and fiscal period ended March 31, 2025' section of the Management's Discussion and Analysis for further details. EUROPE SECTOR For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Revenues 335 290 1,187 1,092 Adjusted EBITDA 24 15 106 75 Adjusted EBITDA margin 5.2 % 6.9 % Depreciation and amortization 30 29 113 108 Goodwill and intangible assets impairment charge — — 684 — Restructuring costs 68 5 70 5 QUARTERLY FINANCIAL INFORMATION Fiscal years 2025 2024 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenues 4,753 4,994 4,708 4,606 4,545 4,267 4,323 4,207 Operating costs excluding depreciation, amortization, and restructuring costs 4,377 4,577 4,319 4,223 4,166 3,897 3,925 3,845 Adjusted EBITDA1 376 417 389 383 379 370 398 362 Adjusted EBITDA margin1 % % 8.3 % 8.7 % 9.2 % 8.6 % Depreciation and amortization 167 161 153 148 157 147 145 146 Goodwill and intangible assets impairment charge — 684 — — — 265 — — (Gain) on disposal of assets (24 ) — — — — — — — Restructuring costs 80 — 7 — 19 6 — — Loss (gain) on hyperinflation (Argentina net monetary position) (4 ) (5 ) 11 10 34 3 9 (2 ) Financial charges 57 52 49 38 50 42 44 40 Earnings (loss) before income taxes 100 (475 ) 169 187 119 (93 ) 200 178 Income taxes 26 43 43 45 27 31 44 37 Net earnings (loss) 74 (518 ) 126 142 92 (124 ) 156 141 Net earnings (loss) margin % )% 2.0 % (2.9 )% 3.6 % 3.4 % Adjusted net earnings1 128 167 157 167 156 163 181 154 Adjusted net earnings margin1 % % 3.4 % 3.8 % 4.2 % 3.7 % Earnings (loss) per share: Basic and Diluted 0.18 (1.22 ) 0.30 0.33 0.22 (0.29 ) 0.37 0.33 Adjusted EPS1: Basic1 0.30 0.39 0.37 0.39 0.37 0.38 0.43 0.37 Diluted1 0.30 0.39 0.37 0.39 0.37 0.38 0.43 0.36 1 This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as years 2025 2024 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenues Canada 1,258 1,359 1,294 1,253 1,192 1,271 1,248 1,211 USA 2,140 2,305 2,225 2,085 1,928 2,056 1,950 1,876 International 1,020 1,019 912 1,004 1,135 636 879 868 Europe 335 311 277 264 290 304 246 252 Total 4,753 4,994 4,708 4,606 4,545 4,267 4,323 4,207 Net earnings (loss) (consolidated) 74 (518 ) 126 142 92 (124 ) 156 141 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Adjusted EBITDA Canada 157 175 162 153 138 150 148 144 USA 148 160 145 162 138 133 147 103 International 47 51 54 45 88 85 83 77 Europe 24 31 28 23 15 2 20 38 Total1 376 417 389 383 379 370 398 362 1 This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the 'Non-GAAP Measures' section of this news release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the primary financial statements, as applicable. NON-GAAP MEASURES We report our financial results in accordance with GAAP and generally assess our financial performance using financial measures that are prepared using GAAP. However, this news release also refers to certain non-GAAP and other financial measures which do not have a standardized meaning under GAAP, and are described in this section. We use non-GAAP measures and ratios to provide investors with supplemental metrics to assess and measure our operating performance and financial position from one period to the next. We believe that those measures are important supplemental metrics because they eliminate items that are less indicative of our core business performance and could potentially distort the analysis of trends in our operating performance and financial position. We also use non-GAAP measures to facilitate operating and financial performance comparisons from period to period, to prepare annual budgets and forecasts, and to determine components of management compensation. We believe these non-GAAP measures, in addition to the financial measures prepared in accordance with GAAP, enable investors to evaluate the Company's operating results, underlying performance, and future prospects in a manner similar to management. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution of GAAP results. These non-GAAP measures have no standardized meaning under GAAP and are unlikely to be comparable to similar measures presented by other issuers. Our method of calculating these measures may differ from the methods used by others, and, accordingly, our definition of these non-GAAP financial measures may not be comparable to similar measures presented by other issuers. In addition, non-GAAP financial measures should not be viewed as a substitute for the related financial information prepared in accordance with GAAP. This section provides a description of the components of each non-GAAP measure used in this news release and the classification thereof. NON-GAAP FINANCIAL MEASURES AND RATIOS A non-GAAP financial measure is a financial measure that depicts the Company's financial performance, financial position, or cash flow and either excludes an amount that is included in or includes an amount that is excluded from the composition of the most directly comparable financial measures disclosed in the Company's financial statements. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. Below are descriptions of the non-GAAP financial measures and ratios that we use as well as reconciliations to the most comparable GAAP financial measures, as applicable. Adjusted net earnings and adjusted net earnings margin Adjusted net earnings is defined as net earnings before the following items (when they occur): restructuring costs, amortization of intangible assets related to business acquisitions, (gain) on disposal of assets, goodwill and intangible assets impairment charge, and loss (gain) on hyperinflation (Argentina net monetary position), net of applicable income taxes. Adjusted net earnings margin is defined as adjusted net earnings expressed as a percentage of revenues. We believe that adjusted net earnings and adjusted net earnings margin provide useful information to investors because this financial measure and this ratio provide precision with regards to our ongoing operations by eliminating the impact of non-operational or non-cash items. We believe that in the context of our history of business acquisitions, adjusted net earnings provide a more effective measure to assess performance against the Company's peer group, including due to the application of various accounting policies in relation to the amortization of acquired intangible assets. We also believe adjusted net earnings and adjusted net earnings margin are useful to investors because they help identify underlying trends in our business that could otherwise be masked by certain write-offs, charges, income, or recoveries that can vary from period to period, as well as by the effect of tax law changes and rate enactments. We believe that securities analysts, investors, and other interested parties also use adjusted net earnings to evaluate the performance of issuers. Excluding these items does not imply they are non-recurring. These measures do not have any standardized meanings under GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. The following table provides a reconciliation, net of applicable income taxes, of net earnings to adjusted net earnings For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Net earnings (loss) 74 92 (176 ) 265 Amortization of intangible assets related to business acquisitions1 15 15 61 61 Goodwill and intangible assets impairment charge1 — — 674 265 (Gain) on disposal of assets1 (17 ) — (17 ) — Restructuring costs1 60 15 65 19 Loss (gain) on hyperinflation (Argentina net monetary position)1 (4 ) 34 12 44 Adjusted net earnings 128 156 619 654 Revenues 4,753 4,545 19,061 17,342 Adjusted net earnings margin 3.4 % 3.8 % 1 Items presented on the consolidated income statements. Adjusted EPS basic and adjusted EPS diluted Adjusted EPS basic (adjusted net earnings per basic common share) and adjusted EPS diluted (adjusted net earnings per diluted common share) are non-GAAP ratios and do not have any standardized meaning under GAAP. Therefore, these measures are unlikely to be comparable to similar measures presented by other issuers. We define adjusted EPS basic and adjusted EPS diluted as adjusted net earnings divided by the basic and diluted weighted average number of common shares outstanding for the period. Adjusted net earnings is a non-GAAP financial measure. For more details on adjusted net earnings, refer to the discussion above in the adjusted net earnings and adjusted net earnings margin section. We use adjusted EPS basic and adjusted EPS diluted, and we believe that certain securities analysts, investors, and other interested parties use these measures, among other ones, to assess the performance of our business without the effect of restructuring costs, amortization of intangible assets related to business acquisitions, (gain) on disposal of assets, goodwill and intangible assets impairment charge, and loss (gain) on hyperinflation (Argentina net monetary position). We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Adjusted EPS is also a component in the determination of long-term incentive compensation for management. TOTAL OF SEGMENTS MEASURES A total of segments measure is a financial measure that is a subtotal or total of two or more reportable segments and is disclosed within the notes to Saputo's consolidated financial statements, but not in its primary financial statements. Consolidated adjusted EBITDA is a total of segments measure. Consolidated adjusted EBITDA is the total of the adjusted EBITDA of our four geographic sectors. We report our business under four sectors: Canada, USA, International, and Europe. The Canada Sector consists of the Dairy Division (Canada), the USA Sector consists of the Dairy Division (USA), the International Sector consists of the Dairy Division (Australia) and the Dairy Division (Argentina), and the Europe Sector consists of the Dairy Division (UK). We sell our products in three different market segments: retail, foodservice, and industrial. Adjusted EBITDA and adjusted EBITDA margin Adjusted EBITDA is defined as net earnings (loss) before the following items (when they occur): income taxes, financial charges, loss (gain) on hyperinflation (Argentina net monetary position), restructuring costs, (gain) on disposal of assets, goodwill and intangible assets impairment charge, and depreciation and amortization. Net earnings (loss) before income taxes, financial charges, loss (gain) on hyperinflation, restructuring costs, (gain) on disposal of assets, goodwill and intangible assets impairment charge, and depreciation and amortization is a measure which is presented on the consolidated income statements. Adjusted EBITDA margin consists of adjusted EBITDA expressed as a percentage of revenues. We believe that adjusted EBITDA and adjusted EBITDA margin provide investors with useful information because they are common industry measures. These measures are also key metrics of the Company's operational and financial performance without the variation caused by the impacts of the elements itemized below and provide an indication of the Company's ability to seize growth opportunities in a cost-effective manner, finance its ongoing operations, and service its long-term debt. Adjusted EBITDA is the key measure of profit used by management for the purpose of assessing the performance of each sector and of the Company as a whole, and to make decisions about the allocation of resources. We believe that securities analysts, investors, and other interested parties also use adjusted EBITDA to evaluate the performance of issuers. Adjusted EBITDA is also a component in the determination of short-term incentive compensation for management. The following table provides a reconciliation of net earnings to adjusted EBITDA on a consolidated basis. For the three-month periods ended March 31 For the years ended March 31 2025 2024 2025 2024 Net earnings (loss) 74 92 (176 ) 265 Income taxes1 26 27 157 139 Financial charges1 57 50 196 176 Loss (gain) on hyperinflation (Argentina net monetary position)1 (4 ) 34 12 44 Restructuring costs1 80 19 87 25 (Gain) on disposal of assets1 (24 ) — (24 ) — Goodwill and intangible assets impairment charge1 — — 684 265 Depreciation and amortization1 167 157 629 595 Adjusted EBITDA 376 379 1,565 1,509 Revenues 4,753 4,545 19,061 17,342 Adjusted EBITDA margin 8.3 % 8.7 % 1 Items presented on the consolidated income statements. CONSOLIDATED INCOME STATEMENTS (in millions of CDN dollars, except per share amounts) For the three-month periodsended March 31(unaudited) For the yearsended March 31(audited) 2025 2024 2025 2024 Revenues $ 4,753 $ 4,545 $ 19,061 $ 17,342 Operating costs excluding depreciation, amortization and restructuring costs 4,377 4,166 17,496 15,833 Earnings before income taxes, financial charges, loss (gain) on hyperinflation, restructuring costs, (gain) on disposal of assets, goodwill and intangible assets impairment charge, and depreciation and amortization 376 379 1,565 1,509 Depreciation and amortization 167 157 629 595 Goodwill and intangible assets impairment charge — — 684 265 (Gain) on disposal of assets (24 ) — (24 ) — Restructuring costs 80 19 87 25 Loss (gain) on hyperinflation (Argentina net monetary position) (4 ) 34 12 44 Financial charges 57 50 196 176 Earnings (loss) before income taxes 100 119 (19 ) 404 Income taxes 26 27 157 139 Net earnings (loss) $ 74 $ 92 $ (176 ) $ 265 Net earnings per share Basic and diluted $ 0.18 $ 0.22 $ (0.41 ) $ 0.63 Note: These financial statements should be read in conjunction with the Company's audited consolidated financial statements, the notes thereto, and with the Management's Discussion and Analysis for the fiscal year ended March 31, 2025, included in the Company's 2025 Annual Report. These documents can be obtained on SEDAR+ at and in the 'Investors' section of the Company's website, at CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions of CDN dollars) As at March 31, 2025 March 31, 2024 ASSETS Current assets Cash and cash equivalents $ 257 $ 466 Receivables 1,565 1,401 Inventories 2,927 2,860 Income taxes receivable 21 32 Prepaid expenses and other assets 85 75 4,855 4,834 Property, plant and equipment 4,693 4,531 Right-of-use assets 503 465 Goodwill 2,598 3,098 Intangible assets 1,071 1,166 Other assets 115 95 Deferred tax assets 78 71 Total assets $ 13,913 $ 14,260 LIABILITIES Current liabilities Bank loans $ 364 $ 418 Accounts payable and accrued liabilities 2,269 2,193 Income taxes payable 39 23 Current portion of long-term debt 465 414 Current portion of lease liabilities 65 85 3,202 3,133 Long-term debt 2,234 2,699 Lease liabilities 466 370 Other liabilities 131 154 Deferred tax liabilities 903 854 Total liabilities $ 6,936 $ 7,210 EQUITY Share capital 2,150 2,180 Reserves 1,029 459 Retained earnings 3,798 4,411 Total equity $ 6,977 $ 7,050 Total liabilities and equity $ 13,913 $ 14,260 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of CDN dollars) For the three-month periods ended March 31 For the yearsended March 31 2025 2024 2025 2024 Cash flows related to the following activities: Operating Net earnings (loss) $ 74 $ 92 $ (176 ) $ 265 Adjustments for: Stock-based compensation 1 (5 ) 25 49 Financial charges 57 50 196 176 Income tax expense 26 27 157 139 Depreciation and amortization 167 157 629 595 Goodwill and intangible assets impairment charge — — 684 265 Restructuring costs 80 19 87 25 (Gain) on disposal of property, plant and equipment (24 ) — (25 ) (1 ) Foreign exchange loss on debt — 1 2 27 Loss (gain) on hyperinflation (Argentina net monetary position) (4 ) 34 12 44 Share of joint venture earnings, net of dividends received and other (4 ) (1 ) (10 ) 2 Changes in non-cash operating working capital items 50 69 (159 ) (2 ) Cash generated from operating activities 423 443 1,422 1,584 Interest and financial charges paid (35 ) (27 ) (192 ) (177 ) Income taxes paid (26 ) (45 ) (133 ) (216 ) Net cash generated from operating activities $ 362 $ 371 $ 1,097 $ 1,191 Investing Additions to property, plant and equipment (141 ) (199 ) (409 ) (641 ) Additions to intangible assets (4 ) (4 ) (7 ) (13 ) Proceeds from disposal of property, plant and equipment 32 — 131 2 Net cash used for investing activities $ (113 ) $ (203 ) $ (285 ) $ (652 ) Financing Bank loans (109 ) (25 ) (61 ) 95 Proceeds from issuance of long-term debt — — — 550 Repayment of long-term debt — (7 ) (414 ) (686 ) Repayment of lease liabilities (15 ) (19 ) (87 ) (68 ) Net proceeds from issuance of share capital — 5 1 11 Shares purchased for cancellation under normal course issuer bid (118 ) — (149 ) — Payment of dividends (80 ) (79 ) (320 ) (245 ) Net cash used in financing activities $ (322 ) $ (125 ) $ (1,030 ) $ (343 ) (Decrease) increase in cash and cash equivalents (73 ) 43 (218 ) 196 Cash and cash equivalents, beginning of year 330 429 466 263 Effect of exchange rate changes and Argentina hyperinflation — (6 ) 9 7 Cash and cash equivalents, end of year $ 257 $ 466 $ 257 $ 466 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Analysis-Chile abortion rights bill could shape Boric legacy as Latin American neighbors look on
By Alexander Villegas and Lucinda Elliott VALPARAISO, Chile (Reuters) -An effort by Chilean President Gabriel Boric to expand abortion rights in the final months of his administration could finally give him a progressive legacy after three years in office but it is an uphill task that Latin American conservatives are hoping will fail as they seek to reverse gains for the abortion rights movement in the region. Leftist Boric set off a fierce debate in Congress this week with a bill to ease restrictions on abortion. The attempt to fulfill a campaign promise comes at the tail end of an administration that has failed to deliver on progressive proposals such as wideranging tax reforms and a liberal new constitution, which was rejected at a referendum in 2022. Chile's proposed law would decriminalize abortion and allow for the termination of pregnancies up to 14 weeks under any circumstance, putting the country on par with neighboring Argentina. Recent expansions in Colombia and Mexico have cemented even broader abortion rights. But Boric's proposal does not appear to have the support in Congress to pass, potentially making the issue a central part of campaigns ahead of a November vote to replace him as president and elect most of the legislature. Reproductive rights may also face push back in neighboring Argentina where abortion was decriminalized in 2020. Argentine President Javier Milei, an ally of U.S. President Donald Trump, has cut some federal funding for contraceptives and emergency contraception, commonly known as the 'morning after pill.' "Demographic policies should be rethought beyond the atrocity of killing human beings developing in their mother's womb," Milei wrote in a recent op-ed. Milei has focused on taming runaway inflation, but mid-term elections later this year are likely to broaden his support, based on his strength in a recent Buenos Aires vote. That could test his readiness to push through a socially conservative agenda. Constanza Schonhaut, a lawyer and executive director of human rights organization Corporacion Humanas, noted that the abortion debate has increasingly transcended borders as both far right groups and feminist organizations form alliances online. "What happens in Chile can influence other countries and vice versa," Schonhaut said. "In an increasingly connected world, it is not only feminist organizations that are coordinating internationally." When Boric announced the legislation during his last annual address to the nation on Sunday, legislators waving green and purple bandanas that represent abortion rights cheered. "Generations of women have lived and fought for this," Boric said. "Don't deny them at least the democratic debate as citizens capable of deciding for themselves." Members of the conservative bench jeered and shouted, "No abortion!" and several walked out. "Why does (Boric) insist knowing he doesn't have the votes? Why? To insult us," Johannes Kaiser, a far-right firebrand legislator and among the leading presidential contenders, told reporters after leaving the room. A Monday poll showed 25% of voters favor the new proposal while 55% prefer to stick with the current legislation and 19% favor banning abortion. LATIN AMERICA Chile's minister of women and gender, Antonia Orellana, who is overseeing the bill through Congress, acknowledged the proposal faces an uphill battle but said that was also the case with a 2017 law that allowed abortion in limited circumstances, such as rape. "It was work that took a long time and that's what we're aiming for," Orellana said, adding that the goal is to create a "genuine debate." Chile has rejected two attempts to rewrite the constitution, including one supported by Boric that would have expanded rights and a second conservative-led attempt that threatened the limited rights women have to abortion. "Our country gave a very clear sign that it doesn't want to roll back women's rights," Orellana said, noting that abortion rights were not the main reason voters rejected the first proposal, but defending them was a key reason women rejected the second one. The World Health Organization estimates that three of every four abortions in Latin America were unsafe last year. Despite legislation, many abortions take place outside the public healthcare system. The election outlook in Chile is unclear. Polls consistently show the top candidates varying from right to far right. For Congress, a May poll by Centro de Estudios Publicos shows left-wing parties with 17% support, 19% for conservatives and 39% for centrist parties. Politicians like Milei, Trump and Salvadoran President Nayib Bukele, whose country has Latin America's strictest abortion ban, have gained popularity in Chile as crime and immigration have come to top voters' mind. This has propelled candidates like Kaiser, who proposed shutting down the border and deploying the military to fight crime, to the top of polls, alongside fellow ultra-conservative Jose Antonio Kast and current frontrunner, experienced conservative Evelyn Matthei. Elisa Walker, a Chilean lawyer and policy expert based in Washington says the bill will likely depend on the next administration. "This is a bill that is always challenging to discuss. There's no ideal or perfect timing," she said.
