MONTREAL, Nov. 14, 2025 (GLOBE NEWSWIRE) — Saputo Inc. (TSX: SAP) (Saputo or the Company) announced today that it has received approval from the Toronto Stock Exchange (TSX) to renew a common issuer offer (NCIB) to purchase up to 5% of Saputo's issued and outstanding common shares. This NCIB reflects the Company's ongoing commitment to returning capital to shareholders while maintaining flexibility in allocating capital to growth opportunities.
Subject to the terms of the NCIB, Saputo may purchase for cancellation up to 20,498,278 shares of common stock, representing 5% of its 409,965,571 issued and outstanding shares of common stock as of November 7, 2025, in the open market through the TSX, Canadian alternative trading systems or other means as may be permitted by the applicable securities regulatory authority, including exempt offers and over-the-counter package purchases. The NCIB will be in effect for one year beginning on November 19, 2025 and ending no later than November 18, 2026. The consideration that Saputo will pay for any shares of common stock acquired in the open market under the NCIB will be in cash at the market price of such common shares at the time of acquisition. For over-the-counter package purchases, purchases will be made at a discount to the prevailing market price in accordance with the terms of the applicable tax exemption. Based on an average daily trading volume of 618,596 shares of common stock over the past six months, daily purchases will be limited to 154,649 shares of common stock. In addition, Saputo may make block purchases (as that term is defined in the TSX Company Guidelines) of common shares not owned directly or indirectly by Company insiders on a weekly basis, subject to TSX rules.
In connection with the NCIB, Saputo developed an Automatic Procurement Plan (APP). The application allows Saputo to provide standardized instructions on how to repurchase shares of common stock on the open market during voluntary blackout periods. The APP is effective November 19, 2025 and is scheduled to terminate with NCIB. It constitutes an automatic plan for purposes of applicable Canadian securities laws and has been pre-approved by the TSX.
Pursuant to the current NCIB, which commenced on November 19, 2024, as amended on February 11, 2025 and expired on November 18, 2025, Saputo has received TSX approval for the repurchase to cancel up to 21,217,922 shares of common stock. As of November 7, 2025, Saputo had acquired 15,062,184 shares of common stock through open market transactions through the TSX and Canadian Alternative Trading Systems at an average price of $27.39 per share for a total consideration of $413 million.
The NCIB share repurchase is part of Saputo's broader capital allocation strategy, which also includes capital expenditure, dividends and debt reduction. Saputo believes that buying your own shares, under the right circumstances, can be a responsible allocation of cash. Although Saputo currently intends to focus its capital allocation strategy on the purchase of common shares under the NCIB, there can be no assurance that such purchases will be completed.
About Saputo
Saputo, one of the ten largest dairy processors in the world, produces, markets and distributes a wide range of the highest quality dairy products, including cheese, fluid milk, extended shelf life milk and cream products, cultured milk products and dairy ingredients. Saputo is a leading cheese manufacturer and processor of liquid milk and cream in Canada, a leading dairy processor in Australia and a leading dairy processor in Argentina. In the United States, Saputo is one of the three largest cheese producers and is one of the leading producers of shelf-stable cheeses and fermented milk products. In the United Kingdom, Saputo is a leading manufacturer of specialty cheeses and dairy spreads. In addition to its portfolio of dairy products, Saputo produces, markets and distributes a range of alternative dairy products. Saputo products are sold in several countries under market leading brands as well as private labels. Saputo Inc. is a public company listed on the Toronto Stock Exchange under the symbol SAP. Follow Saputo's activities at Saputo.com or via Facebook, Instagram and LinkedIn.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, statements with respect to the NCIB, future stock purchases under the NCIB and, if applicable, the APP, and our goals, prospects, objectives, ambitions and strategic plans, and statements that differ from historical facts. The words “may”, “could”, “should”, “will”, “would”, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “anticipate”, “objective”, “continue”, “offer”, “aim”, “commit”, “anticipate”, “predict”, “predict”, “seek”, “project”, “potential”, “goal”, “goal” or “promise”, or their negative meanings. terms or variations thereof, the use of conditional or future tenses or words and expressions of a similar nature are intended to identify forward-looking statements. All statements other than statements of historical fact included in this press release may constitute forward-looking statements within the meaning of applicable securities laws.
By their nature, forward-looking statements involve inherent risks and uncertainties. Actual results may differ materially from those expressed, implied or projected in such forward-looking statements. As a result, we cannot guarantee that any forward-looking statements will occur and we caution readers that these forward-looking statements are not statements of historical fact or guarantees of future performance. The assumptions, expectations and estimates made in preparing forward-looking statements, as well as risks and uncertainties that could cause actual results to differ materially from current expectations, are discussed in our materials filed from time to time with the Canadian securities regulatory authorities, including the “Risks and Uncertainties” section of Management's Discussion and Analysis dated June 5, 2025, available on SEDAR+ under the company's profile at: www.sedarplus.ca.
Forward-looking statements are based on management's current estimates, expectations and assumptions. 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 relating to future events and, accordingly, are subject to change after such date. Forward-looking statements are intended to provide shareholders with information about Saputo, including our assessment of future financial plans, and may not be appropriate for other purposes. Undue reliance 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 stated by Saputo, forward-looking statements in this press release describe our estimates, expectations and assumptions as of the date hereof and, accordingly, are subject to change after such date. Except as required by applicable securities laws, Saputo undertakes no obligation to update or revise forward-looking statements, written or oral, that may be made from time to time by itself or on our behalf as a result of new information, future events or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement.
Investor inquiries
Nicholas Estrela
Senior Director of Investor Relations
1-514-328-3117
Media inquiries
1-514-328-3141 / 1-866-648-5902
[email protected]
