Mr. Nicholas Estrela reports

SAPUTO INC. ANNOUNCES THE RENEWAL OF ITS NORMAL COURSE ISSUER BID

Saputo Inc. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) to purchase up to 5 per cent of Saputo's issued and outstanding common shares. This NCIB reflects the company's continued commitment to returning capital to shareholders while maintaining the flexibility to allocate capital for growth opportunities.

Under the terms of the NCIB, Saputo may purchase for cancellation up to 20,498,278 common shares, representing 5 per cent of its 409,965,571 issued and outstanding common shares as of Nov. 7, 2025, on the open market through the TSX, alternative Canadian trading systems or by other means as may be permitted by the applicable securities regulatory authority, including exempt offers and off-exchange block purchases. The NCIB will remain in effect for one year, beginning Nov. 19, 2025, and will end no later than Nov. 18, 2026. The consideration that Saputo will pay for any common shares acquired on the open market under the NCIB will be in cash at the market price of such common shares at the time of acquisition. In the case of off-exchange block purchases, purchases will be at a discount to the prevailing market price in accordance with and subject to the terms of applicable exemptive relief. Based on the average daily trading volume of 618,596 common shares during the past six months, daily purchases will be limited to 154,649 common shares. In addition, Saputo may make, once per week, a block purchase (as such term is defined in the TSX company manual) of common shares not owned, directly or indirectly, by insiders of the company, in accordance with TSX rules.

In connection with the NCIB, Saputo has established an automatic purchase plan (APP). The APP enables Saputo to provide standard instructions regarding how the common shares are to be repurchased on the open market during self-imposed blackout periods. The APP is effective as of Nov. 19, 2025, and should terminate together with the NCIB. It constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been precleared by the TSX.

Under its current NCIB that commenced on Nov. 19, 2024, was amended on Feb. 11, 2025, and expires on Nov. 18, 2025, Saputo received the approval of the TSX to repurchase for cancellation up to 21,217,922 common shares. As of Nov. 7, 2025, Saputo purchased 15,062,184 common shares by means of open-market transactions, through the facilities of the TSX and of alternative Canadian trading systems, at an average price of $27.39 per share, for a total consideration of $413-million.

Share repurchases under the NCIB are part of Saputo's broader capital allocation strategy, which also includes capital expenditures, dividends and debt reduction. Saputo believes that the purchase of its own shares may, under appropriate circumstances, be a responsible allocation of cash. Although Saputo presently intends to focus its capital allocation strategy on the purchase of common shares under the NCIB, there can be no assurances that any such purchases will be completed.

About Saputo Inc.

Saputo, one of the top 10 dairy processors in the world, produces, markets and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended-shelf-life milk and cream products, cultured products, and dairy ingredients. Saputo is a leading cheese manufacturer and fluid milk and cream processor in Canada, a leading dairy processor in Australia and the top dairy processor in Argentina. In the United States, Saputo ranks among the top three cheese producers and is one of the top producers of extended-shelf-life and cultured dairy products. In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads. In addition to its dairy portfolio, Saputo produces, markets and distributes a range of dairy alternative products. Saputo products are sold in several countries under market-leading brands as well as private label brands. Saputo is a publicly traded company and its shares are listed on the TSX under the symbol SAP.

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