01-Sap Annual Report2023 Ang

2023
ANNUAL
REPORT
2023 ANNUAL RE PO RT
Saputo, one of the top ten 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 USA,
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 cheeses and beverages. Saputo
products are sold in several countries under market-leading
brands, as well as private label brands. Saputo Inc. is a publicly
traded company and its shares are listed on the Toronto Stock
Exchange under the symbol “SAP”. Follow Saputo’s activities at
saputo.com or via Facebook, Instagram, LinkedIn, and Twitter.
All amounts in this Annual Report are in Canadian dollars (CDN), unless otherwise indicated.
II SAPUTO.COM
S A P U TO . CO M III
Financial Highlights
Fiscal years ended March 31 (in millions of CDN dollars)
REVENUES ADJUSTED EBITDA1
2021 $14,294 2021 $1,471
2022 $15,035 2022 $1,155
2023 $17,843 2023 $1,553
NET EARNINGS ADJUSTED NET EARNINGS1
2021 $626 2021 $715
2022 $274 2022 $485
2023 $622 2023 $755
1 Adjusted EBITDA is a total of segments measure, and adjusted net earnings is a non-GAAP financial measure. These financial measures do not have any
standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures
presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended
March 31, 2023, which is incorporated by reference herein, for more information on these measures, including a reconciliation to net earnings being the
most comparable IFRS financial measure.
IV SAPUTO.COM
Products sold in 66 plants Approx. 19,200
over 60 countries employees
For the fiscal year ended March 31, 2023
SECTOR # OF PLANTS # OF EMPLOYEES % OF TOTAL REVENUES
Canada 18 6,000 26%
USA 29 7,800 47%
International 12 3,900 21%
Europe 7 1,500 6%
48% 33% 19%
RETAIL FOODSERVICE INDUSTRIAL

Sales are made to supermarket chains, Sales are made to broadline Sales are made to manufacturers who use our
mass-merchandisers, convenience distributors, restaurants, hotels, dairy ingredients, cheeses, and other dairy
stores, independent retailers, and institutions under Saputo-owned products for further processing. Our products
warehouse clubs, and specialty cheese or customer brand names. are used in the preparation of food items,
boutiques under Saputo-owned or nutritional products for all stages of life,
customer brand names. Our products and for various other applications.
are also sold directly to consumers
through our e-commerce channels.
S A P U TO . CO M V
2023 ANNUAL RE PORT
Food Quality and Safety
Our People
Business Ethics
Our Approach Responsible Sourcing
The Saputo Promise is an integral part of

our business and a key component of our Environment
growth. As we seek to create shared value
for all our stakeholders, it provides us with
Nutrition
a framework that ensures we manage the
Environmental, Social, and Governance
(ESG) risks and opportunities successfully Community
across our operations globally.
Governance Strategy
Our Board of Directors (the Board) is responsible for the stewardship Anchored in the most pressing ESG issues
of Saputo. As such, it oversees the management of our business to for our business and designed with our
enhance the creation of long-term shareholder value while considering Global Strategic Plan in mind, our current
the interests of our various stakeholders. three-year plan (FY23-FY25) builds on
the momentum of the past few years,
To better fulfill its mandate, the Board: so our Saputo Promise continues to drive,
— Oversees the ESG factors and — Oversees our practices, enable, and sustain our growth.
risks material to our business and guidelines, and policies related
the deployment of appropriate to the Saputo Promise.
measures to manage them.
The Board delegates some of its ESG oversight responsibilities to the

Audit Committee and the Corporate Governance and Human Resources
Committee. The implementation of the Saputo Promise is led by a series
of specific Management committees. Additional details on our ESG
governance can be found in our 2023 Annual Information Form,
dated June 8, 2023.
VI SAPUTO.COM
In fiscal 2023, progress has been made across our seven Pillars,
and we are proud to highlight the following achievements:
Our People
Maintained our efforts towards our target of having Maintained our efforts to retain talent
30% of our senior management composed of in a challenging labour market.
women.
25% in FY23
% of women in senior management
21% in FY21
25% in FY22 23% in FY23
Global Turnover
17% in FY21
24% in FY22
Responsible Sourcing
Launched our Sustainable Funded initiatives in the UK and Sourced 100%
Agriculture Policy which defines the Australia, through our Supply RSPO*-certified palm oil.
sustainability standards we want Chain Pledges funds, to support
to achieve in partnership with our the capacity building of dairy
producers and milk suppliers to farmers around sustainable
ensure the responsible production farming practices.
of dairy ingredients.
Environment
Completed the allocation of our first $50-million Approved an additional 19 projects for FY24
investment, funding more than 65 projects globally, with the potential to save an estimated:
and completing the execution of more than half of
these to support our efforts. 12,800 t of CO2e
Maintained our B score for our CDP Climate disclosure,
above our industry average. We also obtained 226,000 GJ of energy
a B score for our CDP Water Disclosure, compared
to C last year, reflecting our continuous progress
in improving our ESG disclosure. 709,000 m3 of water
Nutrition
Launched our global Responsible Marketing Continued investments in improving the nutritional
Guidelines which aim to ensure we market our performance of our products, resulting in the expansion
products responsibly, particularly to younger of our low-fat Cathedral City cheese range in FY23.
consumers, as lifelong healthy eating habits
are established during childhood.
* RSPO: Roundtable on Sustainable Palm Oil
Looking In fiscal 2024, we will remain laser-focused on the execution of our Saputo Promise
three-year plan as we enter its second year. Our 2023 Saputo Promise Report,
Ahead including further details on our ESG performance, will be published in August 2023.
S A P U TO . CO M VII
A Message From Our Chair of

the Board, President and CEO
Fellow shareholders,
Our performance in fiscal 2023 (FY23) was in many ways a testament to
our strengths and our values. As a team, we adapted to the new global
macroeconomic context, focusing on getting products to our customers
and mitigating external pressures, all while continuing to invest for the
future. Through it all, I witnessed a renewed spirit of collaboration and
resilience backed by an engaged leadership team that drove strong results
for our Company. For seven decades, Saputo has prospered because of our
performance-driven culture and the dedication of our people. Last year,
we asked a great deal from them, and they delivered. I am extremely
grateful to our teams around the world for delivering the care and quality
our customers and consumers have come to expect from us.
We took timely action to offset rising costs, including through

pricing actions in line with inflation. We did so responsibly, seeking
internal efficiencies and cost containment measures to try to limit
the magnitude of these price increases. We capitalized on continued
elevated demand for our products and with a better supply chain
performance, our service levels continued to return closer to our
historical standards, enabling us to recover from a challenging fiscal
2022 (FY22). While we saw benefits from these actions in FY23,
we expect to see even more in the upcoming fiscal year.
Although the changing macro environment demanded a focus on

immediate execution, we also advanced on our long-term strategic
priorities and our Saputo Promise goals. We moved ahead with
Lino A. Saputo the execution of our Global Strategic Plan, managing our business
to maximize value creation, drive organic growth, and invest for
Chair of the Board,
President and Chief Executive Officer the future. These efforts have positioned us well to build on the
Saputo Inc. momentum gained in FY23.
VIII SAPUTO.COM
Building on our momentum Balanced portfolio of trusted brands
Despite a volatile market environment, our financial True to our tradition, we connected people through the
performance reflected a strong turnaround, with results food they love. With consumers as value conscious as
improving throughout the year. Our USA Sector led the ever, we leveraged our diverse portfolio across multiple
way with significant year-over-year revenue growth and channels, brands, and price points. We saw continued
adjusted EBITDA1 margin recovery. Our Canada and strong retail demand with the trend toward greater at-
International Sectors continued to deliver consistent home consumption here to stay, and continued recovery
strong results, with returns on prior capital investments in the foodservice market segment. While capacity
coming to fruition. In our Europe Sector, constraints impacted our ability to fully capture demand,
our performance was inline with last year despite we were able to secure new wins in branded and private
ongoing cost inflation and a challenged consumer label products in addition to maintaining market share for
environment. As always, we focused on what we could most of our key brands.
control to navigate through inflation, labour, and supply
To meet consumer demands and fuel our growth,
chain challenges.
we are constantly evolving our product portfolio.
Consolidated revenues increased 18.7% driven by To grow our leading brands, we are investing in
pricing initiatives, strong consumer demand, and exciting product innovations, new flavour extensions,
favourable international pricing for cheese and and formats which are showing promising early results
dairy ingredients. Our focus on inflation-driven and earning widespread industry recognition. Our efforts
pricing actions and greater operational stability also are supported by several major marketing campaigns
positioned us well from a margin perspective with to drive brand awareness across our key markets,
improvements across most sectors. On the labour front, including new refreshed campaigns for Cathedral City,
enhanced recruiting and hiring processes enabled us Vitalite, Frigo Cheese Heads, and Armstrong. Market
to strengthen our teams with new hires, recover service demand for plant-based products is also creating
levels, and better meet customer demand. opportunities for new offerings, and we are leveraging
some of our trusted brands to build a strong platform to
offer dairy-free alternatives and become a leader in this
category. Recognized by consumers and leading grocery
associations, these impactful product launches reaffirm
our ability to bring innovative products to market in
support of our overall growth strategy. 
1 This financial measure is a total of segments measure and does not have any
standardized meaning under IFRS. Therefore, it is unlikely to be comparable to
similar measures presented by other issuers. Refer to the section entitled “Non-
GAAP measures” of our Management’s Discussion and Analysis for the fiscal
year ended March 31, 2023, which is incorporated by reference herein, for more
information on this measure, including a reconciliation to net earnings being the
most comparable IFRS financial measure.
S A P U TO . CO M IX
2023 ANNUAL RE PORT
Advancing our Global Strategic Plan

We continued to advance with our Global Strategic Plan An important element of our plan is to continue laying the
initiatives throughout the year, and I am pleased with groundwork for future growth in the USA as we complete
our progress against our long-term strategy. We are only significant capital projects. During the year, we announced
beginning to hit our stride with significant potential several capital investments and consolidation initiatives
expected to be realized as we aim to reach our target of to further optimize our manufacturing footprint in our
$2.125 billion in adjusted EBITDA1 by the end of fiscal 2025 USA cheese operations. These included the construction
(FY25). of a new, state-of-the-art cut-and-wrap facility in
Franklin, Wisconsin, and the expansion of string cheese
While the fundamentals of our plan remain intact, it is not operations on the West Coast, leading to the closure
static in nature, and we must remain agile to reflect the of three facilities. Strategic investments, a streamlined
changing global macro environment. The deliberate and footprint, and optimized facilities set the stage for notable
thoughtful steps we have taken thus far are to better align improvements in our operational performance as we
our strategy with the current market dynamics. consolidate production into world-class facilities and
This approach gives us the ability to quickly adjust our increase value-added capacity.
operating plans as we move through the course of the plan.
We will continue to prioritize markets with the greatest In Australia, we continued to pursue initiatives to further
long-term growth opportunities while focusing on capital streamline our operating model, adjust our manufacturing
investments that provide the highest return potential. network and strengthen market competitiveness to allow
us to reinvest in areas of the business that will result in
more value creation opportunities.
We began executing on our brand portfolio strategy

by prioritizing meaningful and distinctive brands and
categories to drive value creation in the market. As part
of our roadmap to streamline the operating model,
increase capacity utilization, and reduce costs, we closed
our Maffra facility, streamlined two other plants, and
announced the sale of two fresh milk processing facilities.
Across our regions, we continue to re-evaluate our global
platforms to ensure we have the right infrastructure
in place for the total milk we have today and that we
anticipate over the next few years.
In the UK, we announced the closure of our cheese packing

facility in Frome, Somerset, to consolidate most of our
cheese packing into our Nuneaton facility in 2024, creating
a centre of excellence and driving operational efficiencies.
1 This financial measure is a total of segments measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to
similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal
year ended March 31, 2023, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being
the most comparable IFRS financial measure.
X SAPUTO.COM
Guided by our Saputo Promise
Our Saputo Promise remains a key enabler to our We aim to have these implemented by FY25 across our
Global Strategic Plan and guides our everyday actions operations. Our commitment to Pathways to Dairy Net
across seven core Pillars. In 2022, we proudly marked Zero, an initiative to help accelerate climate efforts
its fifth anniversary and issued our 2022 Saputo in the dairy industry, and our membership of the
Promise Report outlining our progress. Addressing ESG Sustainable Agriculture Initiative Platform both support
issues that matter most to our business, our Promise our efforts. As part of our commitment to sourcing
three-year plan (FY23-FY25) builds on the wins of the 100% RSPO-certified palm oil, we completed our
past few years. I am proud of the many ways our teams global management system in FY23 to ensure our own
continue to live out our purpose with the Promise operations can also be RSPO-certified.
embedded in our strategy and ingrained in our culture.
To promote nutrition, we continued to improve the
Our 2025 Environmental Pledges aim to accelerate market penetration of our more nutritious branded
our global climate, water, and waste performance products that meet our Saputo Nutrient Profiling
through clear targets. To date, we have invested in Model (NPM) to make them even more accessible to
more than 65 projects to reduce the carbon, energy, consumers. In the Dairy Division (UK), we expanded
and water intensities of our operations as well as to our low-fat Cathedral City cheese range with the
drive progress towards minimizing waste and more release of an Extra Mature version with 30% less fat
sustainable packaging. An additional 19 energy and than our standard offering. We also launched our
carbon saving projects will be funded in fiscal 2024 global Responsible Marketing Guidelines to market
(FY24) and are expected to create estimated savings our products responsibly, particularly to younger
of 226,000 GJ of energy and 12,800 tonnes of CO2e. consumers.
In FY23, we were proud to maintain our B score from the
We continued to support the communities where we
CDP, which is above the industry average, thanks to our
operate through financial and food donations. In FY23,
enhanced climate-related disclosure. We also obtained
we celebrated the tenth anniversary of our Saputo
a B score for our CDP Water Disclosure. Reinforcing
Legacy Program, which supports the improvement
our climate governance, we recently introduced ESG-
of local sport and health facilities, building a lasting
linked compensation as part of our long-term incentive
legacy within the communities where our employees
plan for a broad range of management levels. Progress
live, work, and play. So far, 66 projects were funded for
was also made on our packaging initiatives, including
a total of over $3 million invested.
increasing recycled content in our sliced cheese trays in
the UK and introducing recycled content in our shrink Fostering a diverse workplace is an ongoing journey.
film for deli cups in the USA. Following an update to our Diversity, Equity, and
Inclusion (DE&I) Policy in FY22 to make it more robust
To ensure the responsible production of dairy
and inclusive, we are now focused on embedding DE&I
ingredients, we launched our global Sustainable
principles in the programs, processes, and practices
Agriculture Policy, which defines the sustainability
that impact the employee life cycle. Beyond gender
standards we want to achieve in partnership with our
diversity, we are also increasing awareness about the
producers and milk suppliers.
different types of diversity through various initiatives. 
S A P U TO . CO M XI
Next phase of our growth

While we continue to operate in a dynamic environment, we have clearly turned
a corner in FY23, and we are at an important inflection point in our business.
By leveraging our current momentum and executing on our Global Strategic Plan,
we expect to deliver a year of strong adjusted EBITDA1 growth in FY24. Our teams
remain focused on enhancing our manufacturing network to optimize output,
margin, and service levels. Our line-of-sight to continued growth and enhanced
performance is also apparent, particularly as we complete significant capital projects
to yield further scale efficiencies and increased production capabilities in some
of our more value-added product categories. We expect operational stability and
expanded capacity to be critical in unlocking further growth opportunities over time,
particularly in our USA Sector.
As we head into the third year of our Global Strategic Plan, it is important we maintain
our agility and unrelenting focus on the execution of our targeted initiatives. With the
strong foundation that has been laid, I am very optimistic about what the future holds
for us. I am confident in the strength of our strategy, vision, and culture, and I am
energized by the opportunities we have to achieve compelling long-term growth and
value creation.
I want to express my heartfelt appreciation to Louis-Philippe Carrière, who will

retire from the Board of Directors at our upcoming annual shareholders meeting.
Since 1986, Louis-Philippe has played a crucial role in shaping our culture and values.
His unwavering dedication, passion, and expertise have been instrumental in helping
us grow into the successful and thriving organization we are today.
I would like to recognize the sound guidance of the Board of Directors in steering
us through the past year and in supporting Management as we pursue our path to
continued success. Thank you to our shareholders, customers, and business partners,
and to the many communities we serve, for your continued support and loyalty. 
1 This financial measure is a total of segments measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to
similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal
year ended March 31, 2023, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being
the most comparable IFRS financial measure.
XII SAPUTO.COM
A Closer Look at Our
FY23 Performance
and Highlights by Sector
Canada
The Canada Sector continued to deliver strong and consistent results. — Showed promising early results with new product innovations within
Our performance was driven by pricing actions in connection with the our leading brands, with new flavour extensions and formats. Our
higher cost of milk and cost containment initiatives to offset inflationary efforts are also being recognized by consumers and leading grocery
pressures as well as additional capacity and capabilities, manufacturing associations. Our category-leading brands Dairyland, Neilson, and
efficiencies from recent capital investments, and continuous Saputo Mozzarellissima continued to be recognized as Canada’s most
improvement programs aimed at increasing operating efficiencies. trusted brands by consumers*. Our Vitalite plant-based products
We continued to see a recovery in foodservice demand, led by both were awarded for best new product in the plant-based cheese
slice category. Our popular Armstrong brand was also selected by
full service and quick-serve restaurants which favourably impacted our
consumers for several best new product awards.
product mix, while retail segment volumes were lower, notably in the
fluid milk category. We are well positioned to continue building on the — Undertook plans to streamline targeted fluid milk SKUs in certain
momentum of the strength of our balanced, flexible, and diversified regions, reinforcing our objective of optimizing our product portfolio.
business model.
— Increased our footprint in the plant-based beverage category
through manufacturing of private label products for both Canada
and the USA with major retailers. We continue to pursue strategic
co-packing opportunities to leverage and optimize the breadth and
depth of our manufacturing network and to grow our plant-based
beverage business.
— Completed several automation projects aimed at improving plant

operational efficiency. These projects targeted plants across the
country and included automation of mozzarella and retail slice
lines, packaging, and palletization, among other processes.
We continued to identify the next set of opportunities to further
automate our plant operations.
— Strengthened our supply chain through a series of targeted

initiatives aimed at reducing touchpoints, labour intensity, and
transport routes, resulting in cost savings. We also worked directly
with our customers to improve the efficiency of our deliveries and
continued to explore solutions to enhance our warehouse space
management.
* Dairyland: #1 Most Trusted by Canadians in 2022 – West – in milk category;

Neilson: #1 Most Trusted by Canadians in 2022 – Ontario – in milk category;
Mozzarellissima: #1 Most Trusted by Canadians in 2022 – in mozzarella cheese
category, based on 2022 BrandSpark Canadian Shopper Survey.
S A P U TO . CO M XIII
2023 ANNUAL RE PORT
USA
Our USA Sector recovered in FY23 following a challenging FY22, supported by pricing actions implemented to mitigate increasing costs and operational
efficiencies which improved our ability to supply ongoing demand. Although still volatile, commodity prices also trended more favourably towards
the end of the fiscal year. While we still faced the challenges of offsetting inflationary pressures and supply chain and labour constraints, the continued
improvement in staffing levels contributed positively to our production volumes and order fill rates. Increasing production and filling ongoing demand
remains a critical priority for us. The USA Sector is well positioned for continued growth, while continuing to focus on improving reliability in our supply to
the market.
— Strengthened category-leading retail brands such as Frigo Cheese — Announced additional capital investments to further optimize our
Heads, Montchevre, and Stella to drive additional volume growth manufacturing footprint and enhance operational agility, including
for these strategic and value-added products through marketing the construction of a new state-of-the-art cut-and-wrap facility
support and new flavour introductions. The next phase of the in Franklin, Wisconsin, which represents an investment of $240
Vitalite dairy-free campaign is also underway with a focus on million and is slated to be operating at full capacity by the third
continuing to drive awareness across our key distribution markets. quarter of FY25. This will result in increased operating efficiencies
and bolster capacity and capabilities for higher margin, value-
— Completed the combination of our former Cheese Division (USA) added products to meet growing demand.
and Dairy Foods Division (USA) by aligning our business processes,
system applications, and IT infrastructure, and reaching a — Announced the expansion of our string cheese operations on the
significant milestone in our One USA project. These initiatives are West Coast through an investment of $75 million to support our
expected to maximize synergies, support growth, and improve our growth ambitions and sustain our leadership position in the string
customers’ experience when conducting business with our Dairy cheese product category. These two initiatives led to the decision
Division (USA). to permanently close three facilities.
— Executed on our cheese network optimization strategy, with

mozzarella production expansion projects completed in FY23 as
expected. This more focused footprint aims to strengthen the
competitiveness and long-term performance of our USA operations.
XIV SAPUTO.COM
International
Revenue for the year reflected higher international cheese and dairy ingredient market prices, higher sales volume in our domestic markets, along with
higher domestic selling prices, which were offset by lower export sales volume. The improvement in adjusted EBITDA was driven by a solid performance
in the Dairy Division (Argentina) and a better relation between international cheese and dairy ingredient market prices and the cost of milk as raw
material. However, reduced milk availability in Australia had a negative impact on our operating efficiencies and fixed costs absorption in our Dairy
Division (Australia).
Dairy Division (Australia) Dairy Division (Argentina)
In Australia, we focused on investing in our leading portfolio of brands Higher prices and a strong domestic market drove improved results
while continuing to rationalize SKUs in non-strategic products and ongoing for the Dairy Division (Argentina). The Division continued to benefit
capacity optimization. Our year-over-year performance was negatively from higher milk intake, resulting in greater production volumes, and
impacted by reduced milk availability and supply chain constraints. to leverage opportunities to increase production capacity from capital
Managing our milk intake in Australia remains a key priority to maximize invested in our network over the years.
the value of milk in our platform. We are continuously working to ensure
we have the right infrastructure for the total milk we have today and that — Marked major growth milestone as we are now the top dairy
we anticipate over the next few years. processor in Argentina, reinforcing our leadership position.
— Developed a clear portfolio strategy of prioritized brands and — La Paulina reached the first place in top of mind and brand
categories. We supported lead brands CHEER, Devondale, awareness* for cheese categories, the highest recognition the brand
Tasmanian Heritage, and Mersey Valley with increased advertising has ever received from consumers.
investment to strengthen brand health.
— Benefited from strong international cheese and dairy ingredient
— Launched plant-based cheese under lead cheese brand CHEER. market prices and higher shipment volumes following our
We also launched flavour extensions to the Mersey Valley brand. mozzarella capacity expansion.
— Closed one of our facilities and streamlined activities at two — Increased production and packaging capacity for processed cheese
additional facilities as part of our roadmap to increase capacity and cream cheese and completed capacity increase of grated
utilization and reduce costs in Australia. cheese and semi-hard cheese plant to optimize and enhance our
local production sites as per our Global Strategic Plan focus.
— Announced the sale of two fresh milk processing facilities in
a transaction valued at approximately $95 million to further
streamline our operating model.
— Despite lower export sales volumes, we continued to prioritize

higher value streams delivered through our premium ingredients.
* Omnibus Brand Health Kantar February 2022
S A P U TO . CO M XV
2023 ANNUAL RE PORT
Europe
The Dairy Division (UK) remained resilient despite inflationary pressures and prolonged challenges in the consumer environment. Pricing actions drove
revenue growth, and overall demand for cheese and spreads remained stable in the UK. Nevertheless, higher milk costs, as well as higher commodity
and energy costs, negatively impacted our financial performance throughout the year. In order to adjust to the current consumer environment, our
Dairy Division (UK) increased private label volumes and grew sales of bulk cheese. While this shift created initial pressure on adjusted EBITDA margins
following the decrease in retail market segment sales, we saw improvements towards the end of the year.
— Cathedral City maintained its position as the #1 cheddar brand in — Won new high-end private label cheese business, strengthening our
the UK. Our branded butter and spreads portfolio including Clover, core offering and broadening our value-added portfolio, in addition
Utterly Butterly, Willow, Country Life, and Vitalite climbed to the to significant new private label spreads business.
#2 spot in the UK on a volume basis.
— Continued the international expansion of our Cathedral City
— Launched Cathedral City plant-based cheese alternative, brand with increased distribution in the USA and Canada through
leveraging the power of the nation’s favourite cheddar brand and Saputo’s North American platforms, a distribution partnership for
driving incremental category growth. This is now listed throughout the German and Austrian markets supported by new consumer
UK retail. advertising, and the identification of new markets for future
expansion.
— Cathedral City plant-based was named “Best Plant-Based Cheese”
by FoodBev at its Plant-Based Taste Awards 2022 while The Grocer — Announced the closure of our cheese packing facility in Frome,
awarded it the top spot in their “Top Products Survey 2022” in the Somerset, to consolidate all cheese packing into our Nuneaton
cheese category (plant based and dairy). Cathedral City’s ‘Our Make facility in 2024, creating a centre of excellence and driving
it Better Cheddar’ TV advert also won The Grocer’s “Top Products operational efficiencies. During this transition, we have maintained
Top Campaign” award. strong operational performance at Frome and enabling work is on
schedule at Nuneaton.
XVI SAPUTO.COM
JUNE 8 , 2 0 2 3
MANAGEMENT’S
DISCUSSION
& ANALYSIS
CONSOLIDATED
FINANCIAL
STATEMENTS
FY2023
TABLE OF CONTENTS
MANAGEMENT’S DISCUSSION AND ANALYSIS

INTRODUCTION.............................................................................................................................................................................. 3
CAUTION REGARDING FORWARD-LOOKING STATEMENTS .......................................................................................... 4
SELECTED FINANCIAL INFORMATION ................................................................................................................................... 6
STATEMENT OF EARNINGS ....................................................................................................................................................... 7
HIGHLIGHTS.................................................................................................................................................................................... 9
OUTLOOK ........................................................................................................................................................................................ 10
CONSOLIDATED RESULTS ........................................................................................................................................................ 13
QUARTERLY FINANCIAL INFORMATION BY SECTOR ....................................................................................................... 17
CANADA SECTOR ..................................................................................................................................................................... 19
USA SECTOR .............................................................................................................................................................................. 21
INTERNATIONAL SECTOR...................................................................................................................................................... 24
EUROPE SECTOR ..................................................................................................................................................................... 26
LIQUIDITY, FINANCIAL AND CAPITAL RESOURCES .......................................................................................................... 28
CONTRACTUAL OBLIGATIONS ................................................................................................................................................. 31
FINANCIAL POSITION .................................................................................................................................................................. 32
GUARANTEES ................................................................................................................................................................................ 32
RELATED PARTY TRANSACTIONS .......................................................................................................................................... 32
CRITICAL ACCOUNTING ESTIMATES ..................................................................................................................................... 33
CHANGES IN ACCOUNTING POLICIES ................................................................................................................................... 34
RISKS AND UNCERTAINTIES ..................................................................................................................................................... 35
DISCLOSURE CONTROLS AND PROCEDURES ................................................................................................................... 43
INTERNAL CONTROL OVER FINANCIAL REPORTING ....................................................................................................... 43
SENSITIVITY ANALYSIS OF INTEREST RATE AND US CURRENCY FLUCTUATIONS .............................................. 43
QUARTERLY FINANCIAL INFORMATION ............................................................................................................................... 44
CONSOLIDATED ANALYSIS OF EARNINGS FOR THE YEAR ENDED MARCH 31, 2022, COMPARED TO
MARCH 31, 2021 ............................................................................................................................................................................. 46
NON-GAAP MEASURES ............................................................................................................................................................... 49
GLOSSARY ...................................................................................................................................................................................... 52
CONSOLIDATED FINANCIAL STATEMENTS.............................................................................................................................. 53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS........................................................................................... 64
MANAGEMENT’S DISCUSSION AND ANALYSIS
INTRODUCTION
All dollar amounts are in millions of Canadian dollars, unless otherwise indicated.
The goal of this management's discussion and analysis (''MD&A'') is to analyze the results of, and the financial
position of Saputo Inc. (we, Saputo or the Company), for the year ended March 31, 2023. It should be read while
referring to the audited consolidated financial statements of the Company for the same period and accompanying
notes, which are prepared in accordance with generally accepted accounting principles in Canada ("GAAP") as set
out in the CPA Canada Handbook - Accounting under Part 1, which incorporates International Financial Reporting
Standards ("IFRS"), as issued by the International Accounting Standards Board. The information in this report is
presented as at March 31, 2023, unless otherwise specified. In preparing this report, we have taken into account
material elements between March 31, 2023, and June 8, 2023, the date on which this report was approved by the
Company’s Board of Directors. Additional information about the Company, including its Annual Report and Annual
Information Form for the year ended March 31, 2023, can be obtained on SEDAR at www.sedar.com.
USE OF 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 MD&A also refers to certain non-GAAP and other
financial measures which do not have a standardized meaning under GAAP, including the following: adjusted
EBITDA1; adjusted net earnings1; adjusted EBITDA margin1; adjusted net earnings margin1; adjusted EPS basic1;
adjusted EPS diluted1; and net debt to adjusted EBITDA1. These measures have no standardized meaning under
GAAP and are unlikely to be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP
Measures” section of this MD&A 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.
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. These metrics are presented as a
complement to enhance the understanding of operating results but not in substitution of GAAP results. In addition,
non-GAAP financial measures should not be viewed as a substitute for the related financial information prepared in
accordance with GAAP.
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 MD&A 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.
ANNUAL REPORT 2023 Page 3

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This report contains statements which are forward-looking statements within the meaning of applicable securities
laws. 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 report 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 differ
materially 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 differ materially 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 this
MD&A.
Such risks and uncertainties include the following: product liability; the availability and price variations of milk and
other inputs, 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; 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; unanticipated business disruption; continuing economic and political uncertainties,
resulting from actual or perceived changes in the condition of the economy or economic slowdowns or recessions; the
ongoing military conflict in Ukraine; public health threats, such as the recent global COVID -19 pandemic, changes in
consumer trends; changes in environmental laws and regulations; the potential effects of climate change; increased
focus on environmental sustainability matters; the failure to execute our Global Strategic Plan 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; our ability to identify, attract, and retain qualified
and diverse individuals; our ability to attract and retain customers and consumers; our environmental performance;
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 Global Strategic Plan; 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 successful execution of our M&A strategy; 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. To set our financial performance targets, we have
made assumptions regarding, among others: the absence of significant deterioration in macroeconomic conditions;
our ability to mitigate inflationary cost pressure; the USA commodity market conditions; labour market conditions and
staffing levels in our facilities; the impact of price elasticity; our ability to increase the production capacity and
productivity in our facilities; and the demand growth for our products. Our ability to achieve our environmental targets,
commitments, and goals is further subject to, among others: our ability to access and implement all technology
necessary to achieve our targets, commitments, and goals; the development and performance of technology,
innovation and the future use and deployment of technology and associated expected future results; the accessibility
of carbon and renewable energy instruments for which a market is still developing and which are subject to risk of
invalidation or reversal; and environmental regulation. Our ability to achieve our 2025 Supply Chain Pledges is further
subject to, among others, our ability to leverage our supplier relationships.

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 report describe our estimates, expectations
and assumptions as of June 8, 2023, 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.

SELECTED FINANCIAL INFORMATION
Years ended March 31
(in millions of CDN dollars, except per share amounts and ratios)
2023 2022 2021
Revenues 17,843 15,035 14,294
Adjusted EBITDA1 1,553 1,155 1,471

Margin1 8.7 % 7.7 % 10.3 %
Net earnings 622 274 626

Margin2 3.5 % 1.8 % 4.4 %
Adjusted net earnings1 755 485 715

Margin1 4.2 % 3.2 % 5.0 %
PER SHARE
Net earnings per share (EPS) basic 1.49 0.66 1.53
EPS diluted 1.48 0.66 1.52
Adjusted EPS basic1 1.80 1.17 1.74
Adjusted EPS diluted1 1.80 1.17 1.74
Dividends 0.72 0.72 0.70
Book value2 16.94 15.61 15.63
FINANCIAL POSITION
Working capital2 1,849 1,515 1,802
Total assets 14,425 13,683 13,123
Long-term debt, including current portion 3,251 3,375 3,578
Net debt2 3,777 4,080 3,806
Total non-current financial liabilities2 3,286 3,461 3,667
Equity 7,140 6,505 6,444
FINANCIAL RATIOS
Net debt / Equity2 0.53 0.63 0.59
Net debt / adjusted EBITDA1 2.43 3.53 2.59
STATEMENT OF CASH FLOWS

Net cash generated from operations 1,025 693 1,078
Additions to property, plant and equipment, and intangible assets 641 498 434
Business acquisitions — 371 —
Payment of dividends (Net of dividends paid through Dividend Reinvestment
Plan (DRIP) of $102 million in fiscal 2023, $87 million in fiscal 2022 and $80
million in fiscal 2021) 199 209 205
1
This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. See the “Non-GAAP Measures” section below of this
MD&A 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 this MD&A.

STATEMENT OF EARNINGS
(in millions of CDN dollars)
For the three-month periods For the years
ended March 31 ended March 31
2023 2022 2023 2022
Revenues
Canada 1,156 1,055 4,696 4,281
USA 2,062 1,743 8,339 6,409
International 963 922 3,785 3,453
Europe 287 237 1,023 892
4,468 3,957 17,843 15,035
Operating costs excluding depreciation, amortization and

restructuring costs
Canada 1,022 938 4,145 3,806
USA 1,919 1,701 7,851 6,121
International 879 860 3,411 3,205
Europe 256 198 883 748
4,076 3,697 16,290 13,880
Adjusted EBITDA
Canada 134 117 551 475
USA 143 42 488 288
International 84 62 374 248
Europe 31 39 140 144
Total1 392 260 1,553 1,155
Adjusted EBITDA margin1 8.8 % 6.6 % 8.7 % 7.7 %
Depreciation and amortization

Canada 27 27 109 103
USA 56 57 227 210
International 36 34 146 132
Europe 25 30 100 115
144 148 582 560
Impairment of intangible assets — — — 58

Gain on disposal of assets — — — (9)
Acquisition and restructuring costs 28 71 95 71
Financial charges 39 16 101 70
Earnings before incomes taxes 181 25 775 405
Income taxes 22 (12) 153 131

Net earnings 159 37 622 274
Net earnings margin2 3.6 % 0.9 % 3.5 % 1.8 %
1
2

STATEMENT OF EARNINGS (CONT'D)
2023 2022 2023 2022

Acquisition and restructuring costs1 21 51 70 51
Amortization of intangible assets related to business
acquisitions1 16 20 63 75
Impairment of intangible assets1 — — — 43
Gain on disposal of assets1 — — — (8)
UK tax rate change2 — — — 50
Adjusted net earnings1 196 108 755 485
Adjusted net earnings margin1 4.4 % 2.7 % 4.2 % 3.2 %
PER SHARE DATA

EPS basic 0.38 0.09 1.49 0.66
EPS diluted 0.38 0.09 1.48 0.66
Adjusted EPS basic1 0.47 0.26 1.80 1.17

Adjusted EPS diluted1 0.47 0.26 1.80 1.17
1
2
On June 10, 2021, the UK Finance Act 2021 was enacted, increasing the UK tax rate from 19% to 25%, which became effective as of April 1, 2023.
Refer to Note 16 to the consolidated financial statements for further information.
Selected factor(s) positively (negatively) impacting Adjusted EBITDA1

2023 2022 2023 2022
USA Market Factors2,3 29 (19) (11) (118)
Foreign currency exchange3,4 (12) (12) (38) (72)
1
2
3
Reflects the effect on adjusted EBITDA as compared to same quarter last fiscal year for the three-month periods, and as compared to last fiscal
year for the years ended March 31. Adjusted EBITDA is a total of segments measure. See the “Non-GAAP Measures” section of this MD&A for
more information, including the definition and composition of the measure as well as the reconciliation to the most comparable measure in the
primary financial statements, as applicable.
4
Foreign currency exchange includes the effect of the conversion of US dollars, Australian dollars, British pounds sterling, and Argentine pesos to
Canadian dollars.

HIGHLIGHTS
Fourth quarter of fiscal 2023
• Revenues amounted to $4.468 billion, up $511 million or 12.9%.
• Net earnings totalled $159 million and EPS (basic and diluted) were $0.38, up from $37 million and $0.09.
• Adjusted EBITDA1 amounted to $392 million, up $132 million or 50.8%.
• Adjusted net earnings1 totalled $196 million, up from $108 million, and adjusted EPS1 (basic and diluted) were
$0.47, up from $0.26.
• Net cash generated from operations amounted to $421 million, up $237 million or 128.8%.
• Increased revenues reflected pricing initiatives implemented in all our sectors, the favourable combined effect of
fluctuations of the average block market price2 and of the average butter market price2 in the USA Sector, as well
as higher international cheese and dairy ingredient market prices.
• Increased adjusted EBITDA1 was led by significant improvement in the USA Sector and solid performances in the
Canada Sector and International Sector, consistent with those of the prior quarters this fiscal year.
• USA Market Factors2 had a favourable impact of $29 million mainly driven by the fluctuations of the average butter
market price2 and their impact on pricing protocols for our dairy food products.
• Restructuring costs of $21 million after tax, which included non-cash fixed assets write-downs totalling $9 million,
negatively impacted net earnings. These costs were incurred in connection with previously announced
consolidation initiatives intended to further streamline and enhance our manufacturing footprint in our USA Sector
as part of our Global Strategic Plan.
• On April 2, 2023, we announced that we entered into a definitive agreement to sell two fresh milk processing
facilities in Australia in a transaction valued at approximately $95 million.
• The Board of Directors approved a dividend of $0.18 per share payable on June 27, 2023, to shareholders of
record on June 20, 2023.
Fiscal 2023
• Revenues amounted to $17.843 billion, up $2.808 billion or 18.7%.
• Net earnings totalled $622 million and EPS (basic and diluted) were $1.49 and $1.48, up from $274 million and
$0.66 respectively.
• Adjusted EBITDA1 amounted to $1.553 billion, up $398 million or 34.5%.
• Adjusted net earnings1 totalled $755 million, up from $485 million, and adjusted EPS1 (basic and diluted) were
$1.80, up from $1.17.
• Net cash generated from operations totalled $1.025 billion, up $332 million or 47.9%.
• Increased adjusted EBITDA1 was led by significant improvement in the USA Sector and solid performances in the
Canada Sector and International Sector.
• Increased revenues reflected:
◦ Pricing initiatives implemented in all our sectors;
◦ Higher average block market price2 and higher average butter market price2 in the USA Sector; and
◦ Higher international cheese and dairy ingredient market prices.
• USA Market Factors2 put pressure on adjusted EBITDA in the USA Sector while international cheese and dairy
ingredient market prices were favourable.
• The fluctuation of the Canadian dollar versus foreign currencies negatively impacted revenues and adjusted
EBITDA1 by $62 million and $38 million, respectively.
• During the year, we incurred restructuring costs totalling $70 million after tax, which included non-cash fixed assets
write-downs of $45 million. These costs were incurred in connection with consolidation initiatives undertaken in
Australia, the USA Sector, and the Europe Sector to streamline and enhance our manufacturing footprint as well as
other initiatives undertaken in the context of our Global Strategic Plan.
1
2
FY24 OUTLOOK
• We expect the carry over impact of price increases, additional capacity and capabilities, cost containment and
efficiency initiatives, new product innovations, investments in our brands, and advertising to drive organic growth.
• We expect inflation on our overall input costs to moderate but to remain at elevated levels. We will continue to
manage the current inflationary environment through our pricing protocols and cost containment measures.
• Global demand for dairy products is expected to grow but we foresee the impact of pricing elasticity will continue
to increase.
• Competitive market dynamics and softening demand in the U.S. are expected to negatively impact our volumes
as well as operational efficiencies and the absorption of fixed costs in the USA Sector.
• A more stabilized workforce, fewer supply chain constraints, and the acceleration of our productivity and
operational improvement projects are expected to further enhance our ability to service customers, particularly in
the USA Sector.
• The outlook for USA Market Factors2 remains mixed. Management believes that the long-term environment is
likely to be relatively supportive for commodity prices but with continued volatility in the short to medium-term.
• We expect the International Sector to be negatively impacted by lower cheese and dairy ingredient prices.
• Capital expenditures are expected to remain at similar levels versus last fiscal year, driven by Global Strategic
Plan optimization and capacity expansion initiatives, and continued investments in automation.
• We expect strong operating cash flow to continue to support a balanced capital allocation strategy and provide
the financial flexibility to consider value enhancing opportunities, with priority given to: (i) organic growth
initiatives through capital expenditures, (ii) shareholder dividends, and (iii) debt repayments.
2
GLOBAL STRATEGIC PLAN HIGHLIGHTS
We are reaffirming our $2.125 billion adjusted EBITDA1 target by the end of fiscal 2025 and updating our areas of
focus. This represents an increase of $650 million in adjusted EBITDA1 to our fiscal 2021 baseline. Since the
announcement of our Global Strategic Plan in the fourth quarter of fiscal 2021, we witnessed a changing
macroeconomic environment which uncovered additional network optimization opportunities. As a result, we now
anticipate the network optimization initiatives to represent approximately $350 million of the projected adjusted
EBITDA1 growth, strategic initiatives to represent approximately $200 million, and $100 million to come from
strengthening our core business.
• Network Optimization & Capital Investments: Streamline and optimize our asset footprint, capital and
operational investments, enhance manufacturing network to improve output, margin, utilization rates, and service
levels, leveraging asset flexibility and automation;
• Strategic Initiatives: New products and innovation, growth in dairy alternative products, process improvements,
enhance value of ingredients through sales growth and cost containment initiatives; and
• Strengthen Core Business: Base business growth, pricing execution, improved reliability and growth of volume,
channel and mix management, shift to higher-margin product mix.
On April 1, 2023, we completed the combination of our former Cheese Division (USA) and Dairy Foods Division
(USA) by aligning our business processes, system applications, and IT infrastructure, and reaching a significant
milestone in our One USA project. These initiatives are expected to maximize synergies, support growth, and improve
our customers’ experience when conducting business with our Dairy Division (USA).
On April 2, 2023, we announced that we entered into a definitive agreement to sell two fresh milk processing facilities
located in Laverton North, Victoria, and Erskine Park, New South Wales, to Coles Group Limited, an Australian-based
supermarket, retail, and consumer services chain, in a transaction valued at approximately $95 million (AU$105
million). In line with our Global Strategic Plan, this intended divestiture will enable us to further streamline our
operating model, adjust our manufacturing network to strengthen market competitiveness, and allow us to reinvest in
areas of the business that will result in more value creation opportunities.
The transaction is subject to customary conditions, including the clearance from the Australian Competition and
Consumer Commission, and is expected to close in the second half of calendar 2023.
1
THE SAPUTO PROMISE
The Saputo Promise is our approach to social, environmental, and economic performance based on seven Pillars:
Food Quality and Safety, Our People, Business Ethics, Responsible Sourcing, Environment, Nutrition, and
Community. It is an integral part of our business and a key component of our growth. As we seek to create shared
value for all our stakeholders, it provides a framework that ensures we manage environmental, social, and
governance (ESG) risks and opportunities successfully across our operations globally.
Anchored in the most pressing ESG issues for our business, our current three-year plan (FY23-FY25) builds on the
momentum of the past few years, so our Saputo Promise continues to drive, enable, and sustain our growth.
During the fourth quarter of fiscal 2023, we:
• Approved an additional 19 projects for FY24 with the potential to save an estimated:
◦ 12,800t of CO2e
◦ 226,000 GJ of energy
◦ 709,000m3 of water.
• Launched our Advancing Gender Balance initiative and set our goal to increase the representation of women
to 30% by fiscal 2025 globally at the senior levels (Vice President and above).
• Celebrated the 10th anniversary of our Saputo Legacy Program which supports our local communities and
promotes a healthy lifestyle by investing in the construction or improvement of sports and health facilities.
Over 10 years, we funded 66 projects in five countries representing a $3 million investment.

CONSOLIDATED RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR
ENDED MARCH 31, 2023
Revenues
Revenues for the fourth quarter of fiscal 2023 totalled $4.468 billion, up $511 million or 12.9%, as compared to
$3.957 billion for the same quarter last fiscal year. In fiscal 2023, revenues totalled $17.843 billion, up $2.808 billion
or 18.7%, as compared to $15.035 billion for last fiscal year.
Revenues increased due to higher domestic selling prices in line with the higher cost of milk as raw material, together
with previously announced pricing initiatives implemented to mitigate increasing input costs.
In the USA Sector, the combined effect of the fluctuations of the average block market price2 and of the average
butter market price2 had a favourable impact of $69 million and $987 million, in the fourth quarter of fiscal 2023 and
for fiscal 2023, respectively. Higher international cheese and dairy ingredient market prices, as well as the effect of
the fluctuation of the Argentine peso and the Australian dollar on export sales denominated in US dollars were
favourable.
Overall sales volumes were stable. Sales volumes mainly increased in the USA Sector while export sales volumes
decreased due to reduced milk availability in Australia.
The fluctuation of foreign currencies versus the Canadian dollar had an unfavourable impact of $10 million and
$62 million, in the fourth quarter of fiscal 2023 and for fiscal 2023, respectively.
Operating costs excluding depreciation, amortization, and restructuring costs
Operating costs excluding depreciation, amortization, and restructuring costs for the fourth quarter of fiscal 2023
totalled $4.076 billion, up $379 million or 10.3%, as compared to $3.697 billion for the same quarter last fiscal year. In
fiscal 2023, operating costs excluding depreciation, amortization, and restructuring costs totalled $16.290 billion, up
$2.410 billion or 17.4%, as compared to $13.880 billion last fiscal year. These increases were due to higher input
costs in all our sectors in line with inflation and dairy commodity market volatility, which contributed to the higher cost
of raw materials and consumables used. Employee salary and benefit expenses increased due to inflation and wage
increases.
Net earnings
Net earnings for the fourth quarter of fiscal 2023 totalled $159 million, up $122 million or 329.7%, as compared to
$37 million for the same quarter last fiscal year. The increase is primarily due to higher adjusted EBITDA1, as
described below, lower depreciation and amortization and acquisition and restructuring costs, partially offset by higher
financial charges, and income tax expense.
In fiscal 2023, net earnings totalled $622 million, up $348 million or 127.0%, as compared to $274 million for last
fiscal year. The increase is primarily due to higher adjusted EBITDA1, as described below, impairment of intangible
assets, and the gain on disposal of assets recorded in the third quarter of last fiscal year, partially offset by higher
depreciation and amortization, acquisition and restructuring costs, financial charges, and income tax expense.
1
2
Adjusted EBITDA1
Adjusted EBITDA1 for the fourth quarter of fiscal 2023 totalled $392 million, up $132 million or 50.8%, as compared
to $260 million for the same quarter last fiscal year.
Increased adjusted EBITDA1 was led by significant improvement in the USA Sector and solid performances in the
Canada Sector and International Sector.
We continued to benefit from the effect of higher average selling prices. Increases in average selling prices were
driven by previously announced pricing initiatives implemented to mitigate higher input costs, such as consumables,
packaging, transportation, and fuel, in line with pressures from ongoing inflation and volatile commodity markets.
The relation between international cheese and dairy ingredient market prices and the cost of milk as raw material in
the International Sector had a positive impact.
USA Market Factors2 had a favourable impact of $29 million, as compared to the same quarter last fiscal year, mainly
due to the favourable impact of fluctuations of the average butter market price2 on pricing protocols for our dairy food
products. Despite a positive Spread2, realization of inventories for our cheese products was negative due to the
unfavourable impact of fluctuations of the average block market price2.
Despite the challenging labour environment, sales volumes increased and order fill rates have improved in the USA
Sector. Reduced milk availability in Australia continued to negatively impact efficiencies and the absorption of fixed
costs.
We continued to benefit from our cost containment measures aimed at minimizing the effect of inflation and our efforts
to prioritize efficiency and productivity initiatives.
The fluctuation of foreign currencies versus the Canadian dollar had an unfavourable impact of $12 million.
Adjusted EBITDA1 in fiscal 2023 totalled $1.553 billion, up $398 million or 34.5%, as compared to $1.155 billion for
last fiscal year.
Improved results reflected solid performances in the International Sector and Canada Sector and recovery in the USA
Sector.
We benefited from pricing initiatives implemented to mitigate higher input costs, such as consumables, packaging,
transportation, and fuel in line with ongoing inflationary pressures and commodity market volatility.
The relation between international cheese and dairy ingredient market prices and the cost of milk as raw material in
the International Sector had a positive impact. Last fiscal year, fulfilling sales contracted at depressed commodity
prices in our International Sector had an unfavourable impact.
USA Market Factors2 had an unfavourable impact of $11 million, as compared to last fiscal year, mainly due to the
negative Spread2 more particularly during the first half of the fiscal year. On the other hand, fluctuations of the
average butter market price2 had a favourable impact on pricing protocols for our dairy food products mostly during
the fourth quarter of the fiscal year.
Labour shortages in some of our facilities and supply chain disruptions put pressure on our ability to supply ongoing
demand. However, throughout the fiscal year, we consistently focused on overcoming these challenges and have
been recovering sales volumes and increasing fill rates in our USA Sector. Furthermore, reduced milk availability in
Australia negatively impacted efficiencies and the absorption of fixed costs. We actively managed these challenging
market conditions throughout the fiscal year.
We benefited from our cost containment measures aimed at minimizing the effect of inflation and our efforts to
prioritize efficiency and productivity initiatives.
1
2
Depreciation and amortization for the fourth quarter of fiscal 2023 totalled $144 million, down $4 million, as
compared to $148 million for the same quarter last fiscal year. In fiscal 2023, depreciation and amortization totalled
$582 million, up $22 million, as compared to $560 million for last fiscal year. This increase was mainly attributable to
additional depreciation and amortization related to the Recent Acquisitions2, as well as additions to property, plant,
and equipment, which increased the depreciable base.
Acquisition and restructuring costs
Acquisition and restructuring costs for the fourth quarter of fiscal 2023 totalled $28 million and included a non-cash
fixed assets write-down of $12 million, and employee-related costs of $14 million in connection with consolidation
initiatives in the USA Sector being undertaken as part of our Global Strategic Plan.
Acquisition and restructuring costs in fiscal 2023 totalled $95 million related to initiatives undertaken in Australia, the
USA Sector, and the Europe Sector as part of our Global Strategic Plan. These costs included a total non-cash fixed
assets write-down of $62 million, employee-related costs of $28 million, accelerated depreciation, and other site
closure costs. Restructuring costs also include a $2 million gain on disposal of assets related to the sale of a closed
facility in the Canada Sector.
In fiscal 2022, acquisition and restructuring costs totalled $71 million and were recorded during the fourth quarter.
These costs related to the announcement of several major capital investments and consolidation initiatives intended
to enhance and streamline our manufacturing footprint in our USA Sector and International Sector as well as plans to
outsource warehouse and distribution activities, creating opportunities for network consolidation within our Europe
Sector. Restructuring costs included a non-cash impairment charge of property, plant, and equipment of $60 million
and severance costs of $8 million.
Gain on disposal of assets
In fiscal 2022, the Company recorded a gain on disposal of assets of $9 million mainly from the sale of a facility in
the Canada Sector.
Impairment of intangible assets

In fiscal 2022, an impairment of intangible assets charge of $58 million was recorded. The charge includes
$50 million related to software assets following our decision to pause the ERP implementation within the Dairy
Division (Canada) for a minimum of three years and $8 million as a result of the application of an agenda decision of
the International Financial Reporting Interpretations Committee (IFRIC) related to the capitalization of cloud-based
software costs.
Financial charges
Financial charges for the fourth quarter of fiscal 2023 totalled $39 million, up $23 million, compared to the same
quarter last fiscal year. This increase reflected higher interest rates, and included a decreased gain on hyperinflation
of $15 million derived from the indexation to inflation of non-monetary assets and liabilities in Argentina.
Financial charges in fiscal 2023 totalled $101 million, up $31 million, compared to the same period last fiscal year.
This increase reflected higher interest rates, and included a decreased gain on hyperinflation of $4 million derived
from the indexation to inflation of non-monetary assets and liabilities in Argentina.
For the fourth quarter of fiscal 2023, the net effect of the hyperinflation in Argentina, which increased the value of
net non-monetary assets on the consolidated statement of financial position, and of the devaluation of the Argentina
peso, which decreased the value of the net non-monetary assets, resulted in a minimal gain on hyperinflation ($15
million gain in the fourth quarter of fiscal 2022). In fiscal 2023, the net effect of these two elements resulted in a gain
on hyperinflation of $44 million ($48 million gain in fiscal 2022).
2
Income tax expense
Income tax expense for the fourth quarter of fiscal 2023 totalled $22 million, compared to an income tax recovery of
$12 million for the same quarter last fiscal year. The increase in income tax expense is mainly due to higher taxable
earnings and their geographic mix.
Income tax expense in fiscal 2023 totaled $153 million, reflecting an effective tax rate of 19.7% as compared to
32.3% last fiscal year.
The effective income tax rate for fiscal 2022 included a one-time non-cash $50 million income tax expense incurred to
adjust deferred income tax liability balances due to the enactment on June 10, 2021, of an increase from 19% to 25%
of the corporate income tax rate in the United Kingdom, which became effective on April 1, 2023. Excluding the effect
of this one-time non-cash expense, the effective income tax rate for fiscal 2022 would have been 20.0%.
The tax and accounting treatments of inflation in Argentina had a favourable effect of approximately 6% on both the
fiscal 2023 and fiscal 2022 effective income tax rates.
The effective income 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 earnings for the fourth quarter of fiscal 2023 totalled $196 million, up $88 million or 81.5%, as
compared to $108 million for the same quarter last fiscal year. This is mainly due to an increase in net earnings, as
described above, excluding lower acquisition and restructuring costs after tax.
In fiscal 2023, adjusted net earnings totalled $755 million, up $270 million or 55.7%, as compared to $485 million for
last fiscal year. This is mainly due to an increase in net earnings, as described above, excluding higher acquisition
and restructuring costs after tax, the one-time non-cash expense to adjust deferred income tax liability balances to
reflect the increase in the corporate income tax rate in the United Kingdom, the non-recurring impairment on
intangible assets after tax and gain on sale of assets after tax that were recorded last fiscal year.
1
QUARTERLY FINANCIAL INFORMATION BY SECTOR
CANADA SECTOR
Fiscal years 2023 2022
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 1,156 1,213 1,185 1,142 1,055 1,112 1,081 1,033
Adjusted EBITDA 134 149 136 132 117 121 124 113
Adjusted EBITDA margin 11.6 % 12.3 % 11.5 % 11.6 % 11.1 % 10.9 % 11.5 % 10.9 %
USA SECTOR
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 2,062 2,172 2,062 2,043 1,743 1,627 1,533 1,506
Adjusted EBITDA 143 146 102 97 42 83 67 96
Selected factor(s) positively (negatively) impacting Adjusted EBITDA

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
USA Market Factors1,2 29 (6) (27) (7) (19) (40) (17) (42)
US currency exchange2 5 8 3 3 — (6) (8) (18)
1
2
As compared to same quarter last fiscal year.
Other pertinent information

(in US dollars, except for average exchange rate)
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Block market price1
Opening 2.135 1.968 2.195 2.250 1.980 1.873 1.553 1.738
Closing 1.850 2.135 1.968 2.195 2.250 1.980 1.873 1.553
Average 1.943 2.077 1.927 2.287 2.005 1.805 1.706 1.657
Butter market price1

Opening 2.380 3.145 2.995 2.700 2.453 1.760 1.740 1.818
Closing 2.398 2.380 3.145 2.995 2.700 2.453 1.760 1.740
Average 2.375 2.904 3.035 2.808 2.692 1.975 1.716 1.805
Average whey powder

market price1 0.397 0.432 0.469 0.600 0.759 0.622 0.522 0.626
Spread1 0.040 (0.120) (0.222) (0.261) (0.253) (0.099) (0.034) (0.164)
US average exchange rate
to Canadian dollar2 1.353 1.357 1.306 1.275 1.266 1.260 1.259 1.231
1
2
Based on Bank of Canada published information.

INTERNATIONAL SECTOR
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 963 917 989 916 922 919 858 754
Adjusted EBITDA 84 111 97 82 62 85 56 45

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Foreign currency exchange1 (15) (13) (9) (6) (12) (13) (14) (4)
1
As compared to same quarter last fiscal year.
EUROPE SECTOR
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 287 285 225 226 237 243 217 195
Adjusted EBITDA 31 39 34 36 39 33 36 36

CANADA SECTOR
2023 2022 2023 2022
Revenues 1,156 1,055 4,696 4,281
Adjusted EBITDA 134 117 551 475
Adjusted EBITDA margin 11.6 % 11.1 % 11.7 % 11.1 %
The Canada Sector consists of the Dairy Division (Canada).
Revenues
$1.055 billion for the same quarter last fiscal year.
Revenues increased due to higher selling prices in connection with the higher cost of milk as raw material and pricing
initiatives implemented to mitigate increasing input and logistics costs in line with ongoing inflation.
Consistent with the trends observed since the beginning of fiscal 2023, sales volumes were lower in the retail market
segment, mainly in the fluid milk category, while sales volumes in the foodservice market segment were higher,
mainly in the cheese category.
Revenues in fiscal 2023 totalled $4.696 billion, up $415 million or 9.7%, as compared to $4.281 billion last fiscal year.
Revenues increased due to higher selling prices in connection with the higher cost of milk as raw material and pricing
initiatives implemented to mitigate increasing input and logistics costs in line with inflation. The higher cost of milk
resulted from the effect of two farm gate milk price increases which we were subject to following decisions made in
fiscal 2023 by the Canadian Dairy Commission. In the prior fiscal year, and consistent with historic trends, regulatory
farm gate milk price increases occurred once a year.
Sales volumes were lower in the retail market segment, mainly in the fluid milk category, while sales volumes in the
foodservice market segment were higher, mainly in the cheese category.
The retail market segment represented approximately 56% of revenues (59% in fiscal 2022), whereas the foodservice
market segment represented approximately 36% of revenues (33% in fiscal 2022). The industrial market segment
represented approximately 8% of revenues in both fiscal 2023 and 2022.

Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of fiscal 2023 totalled $134 million, up $17 million or 14.5%, as compared to
$117 million for the same quarter last fiscal year.
Year-over-year results improved despite an ongoing challenging labour environment and inflationary pressures on
input costs. Higher selling prices were sufficient to mitigate these higher input costs and favourable product mix from
increased cheese sales volumes also had a positive effect. We maintained focus on advancing the work related to
strategic initiatives and continued to benefit from continuous improvement programs aimed at increasing operating
efficiencies.
In the aftermath of the extreme weather event which occurred in British Columbia in November 2021, our fourth
quarter results of fiscal 2022 were negatively impacted by incremental freight and logistics costs associated with
servicing our customers.
We continued to benefit from selling, general, and administrative cost containment measures aimed at minimizing the
effect of inflation.
Adjusted EBITDA in fiscal 2023 totalled $551 million, up $76 million or 16.0%, as compared to $475 million last fiscal
year.
Year-over-year results improved despite ongoing challenging market conditions relative to labour and inflation. Pricing
initiatives were sufficient to mitigate inflationary pressures on our input costs. Product mix had a favourable impact,
with increases in cheese sales volumes. While advancing the work in relation to our Global Strategic Plan initiatives,
we benefited from continuous improvement programs aimed at increasing operating efficiencies.
We benefited from selling, general, and administrative cost containment measures aimed at minimizing the effect of
inflation.

USA SECTOR
2023 2022 2023 2022
Revenues 2,062 1,743 8,339 6,409

2023 2022 2023 2022
USA Market Factors1,2 29 (19) (11) (118)
US currency exchange2 5 — 19 (32)
1
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.
Other pertinent information

(in US dollars, except for average exchange rate)
2023 2022 2023 2022
Block market price1
Opening 2.135 1.980 2.250 1.738
Closing 1.850 2.250 1.850 2.250
Average 1.943 2.005 2.058 1.793
Butter market price1

Opening 2.380 2.453 2.700 1.818
Closing 2.398 2.700 2.398 2.700
Average 2.375 2.692 2.781 2.047
Average whey powder market price1 0.397 0.759 0.473 0.630

Spread1 0.040 (0.253) (0.143) (0.137)
US average exchange rate to Canadian
dollar2 1.353 1.266 1.328 1.251
1
2
The USA Sector consists of the Dairy Division (USA).

Revenues
$1.743 billion for the same quarter last fiscal year.
Similar to the prior quarters of fiscal 2023, revenues increased due to pricing initiatives implemented to mitigate
increasing input and logistics costs in line with ongoing inflation.
The combined effect of fluctuations of the average block market price2 and of the average butter market price2 had a
favourable impact of $69 million.
Sales volumes increased as a result of continued improvements in our ability to supply ongoing demand.
The fluctuation of the US dollar versus the Canadian dollar had a favourable impact of $113 million.
Revenues in fiscal 2023 totalled $8.339 billion, up $1.930 billion or 30.1%, as compared to $6.409 billion last fiscal
year.
Revenues increased due to pricing initiatives implemented to mitigate increasing input and logistics costs in line with
ongoing inflation.
The combined effect of the higher average butter market price2 and of the higher average block market price2 had a
favourable impact of $987 million.
Sales volumes increased as a result of sustained improvements throughout the fiscal year in our ability to supply
ongoing demand and the combined contributions of the Reedsburg Facility Acquisition3 and the Carolina Acquisition3
for the full year compared to partial contributions last fiscal year. Consumer demand for our products remained
strong, however, the mozzarella foodservice market segment remained subject to competitive market dynamics.
The retail market segment represented approximately 45% of revenues (44% in fiscal 2022), whereas the foodservice
represented approximately 10% of revenues (11% in fiscal 2022).
2
3
Refer to the definition of Recent Acquisitions included in the ''Glossary'' section of this MD&A
Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of fiscal 2023 totalled $143 million, up $101 million or 240.5%, as compared
to $42 million for the same quarter last fiscal year.
Results significantly improved as compared to a very challenging fourth quarter in the previous fiscal year.
We benefited from previously announced pricing initiatives to mitigate higher input costs as we continued to be
challenged with inflationary pressures, labour constraints, as well as commodity market volatility. Also, the
implementation of supply chain initiatives had a positive impact.
USA Market Factors2 had a favourable impact of $29 million, as compared to the same quarter last fiscal year, mainly
due to the favourable impact of fluctuations of the average butter market price2 on pricing protocols for our dairy food
products. Despite a positive Spread2, realization of inventories for our cheese products was negative due to the
fluctuations of the average block market price2.
USA Market Factors2 are comprised of the following and their respective impacts in the fourth quarter of fiscal 2023
are outlined below:
• The Spread2 (positive impact).

• The impact on the realization of inventories and the absorption of fixed costs from the combined effect of the
fluctuation of the average block market price2 related to our cheese products (negative impact) and of the
average butter market price2 related to dairy food products (positive impact).
• The impact of dairy ingredient market prices (negative impact).
Despite the challenging labour environment, sales volumes increased and order fill rates have improved.
Adjusted EBITDA in fiscal 2023 totalled $488 million, up $200 million or 69.4%, as compared to $288 million last
fiscal year.
Results reflected the ongoing recovery despite ongoing challenging market conditions related to labour and inflation.
We benefited from previously announced pricing initiatives to mitigate higher input costs, as we continued to be
challenged with inflationary pressures, labour availability, as well as commodity market volatility. As discussed above,
we began to benefit from the implementation of supply chain initiatives aimed at minimizing inflationary pressures.
USA Market Factors2 had an unfavourable impact of $11 million, as compared to last fiscal year, mainly due to the
negative Spread2 more particularly during the first half of the fiscal year. On the other hand, fluctuations of the
average butter market price2 had a favourable impact on pricing protocols for our dairy food products mostly during
the fourth quarter of the fiscal year.
demand. However, throughout the fiscal year, we consistently focused on overcoming these challenges and have
been progressively recovering sales volumes and improving fill rates.
2
INTERNATIONAL SECTOR
2023 2022 2023 2022
Revenues 963 922 3,785 3,453

2023 2022 2023 2022
Foreign currency exchange1 (15) (12) (43) (43)
1
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.
The International Sector consists of the Dairy Division (Australia) and the Dairy Division (Argentina).
Revenues
Revenues for the fourth quarter of fiscal 2023 totalled $963 million, up $41 million or 4.4%, as compared to $922
million for the same quarter last fiscal year.
The effects of higher international cheese and dairy ingredient market prices and the fluctuation of the Argentine peso
and the Australian dollar on export sales denominated in US dollars were favourable. However, fulfilling the demand
for our products in our export markets continued to be challenged by reduced milk availability in Australia and resulted
in lower export sales volumes.
Higher domestic selling prices, mainly in connection with the higher cost of milk as raw material, the effect of the
hyperinflationary economy in Argentina, as well as higher sales volumes in our domestic markets had a positive
impact.
The fluctuation of the functional currencies used in the International Sector versus the Canadian dollar had an
unfavourable impact of $115 million, mainly due to the weakening of the Argentine peso.
Revenues in fiscal 2023 totalled $3.785 billion, up $332 million or 9.6%, as compared to $3.453 billion last fiscal year.
The effects of higher international cheese and dairy ingredient market prices and the fluctuation of the Argentine peso
and the Australian dollar on export sales denominated in US dollars were favourable. However, lower export sales
volumes, mainly resulting from reduced milk availability in Australia, had a negative impact. In the first quarter of the
fiscal year, export sales volumes were also subject to supply chain challenges due to container and vessel availability
issues and port inefficiencies.
Revenues also increased due to higher sales volumes in our domestic markets along with higher domestic selling
prices, mainly in connection with the higher cost of milk as raw material, as well as the effect of the hyperinflationary
economy in Argentina.
unfavourable impact of $353 million, mainly due to the weakening of the Argentine peso.
The retail market segment represented approximately 40% of total revenues (41% in fiscal 2022). The foodservice
market segment represented approximately 11% of total revenues in fiscal 2023 (8% in fiscal 2022). The industrial
market segment represented approximately 49% of total revenues in fiscal 2023 (51% in fiscal 2022) and were
destined mostly for export markets.
Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of fiscal 2023 totalled $84 million, up $22 million or 35.5%, as compared to
Pricing initiatives undertaken in the domestic markets were sufficient to mitigate increased input costs, notably the
increased farm gate milk prices in Australia.
In our export markets, the relation between international cheese and dairy ingredient market prices and the cost of
milk as raw material continued to have a positive impact.
Reduced milk availability in Australia continued to negatively impact our export sales volumes as well as efficiencies
and the absorption of fixed costs in our Dairy Division (Australia).
Late in the quarter, we began to gradually benefit from previously announced network optimization initiatives aimed at
improving our operational efficiency and strengthen our competitiveness in Australia.
unfavourable impact of $15 million mainly due to the weakening of the Argentine peso.
In fiscal 2023, adjusted EBITDA totalled $374 million, up $126 million or 50.8%, as compared to $248 million last
fiscal year.
Increased adjusted EBITDA in our International Sector was led by a solid performance in the Dairy Division
(Argentina).
In our export markets, the relation between international cheese and dairy ingredient market prices and the cost of
milk as raw material had a positive impact. In the first six months of last fiscal year, fulfilling the export sales
contracted at depressed commodity prices had an unfavourable impact and supply chain disruptions were ongoing.
Reduced milk availability in Australia negatively impacted our export sales volumes, as well as efficiencies and the
absorption of fixed costs in our Dairy Division (Australia), partially offset by higher milk intake in the Dairy Division
(Argentina).
unfavourable impact of $43 million mainly due to the weakening of the Argentine peso.

EUROPE SECTOR
2023 2022 2023 2022
Revenues 287 237 1,023 892
The Europe Sector consists of the Dairy Division (UK).
Revenues
Revenues for the fourth quarter of fiscal 2023 totalled $287 million, up $50 million or 21.1%, as compared to $237
million for the same quarter last fiscal year.
Similar to the prior quarters of fiscal 2023, revenues increased due to pricing initiatives implemented to mitigate the
higher cost of milk as raw material and other input cost increases.
Sales volumes increased mainly in the industrial market segment in the bulk cheese category compared to the same
period last fiscal year. Retail market segment sales volumes suffered from the added competitive pressures following
inflation-driven pricing actions. However, this decrease was offset by higher sales volumes in private label as
consumers traded out of branded products.
The fluctuation of the British pound sterling versus the Canadian dollar had an unfavourable impact of $8 million.
Revenues in fiscal 2023 totalled $1.023 billion, up $131 million or 14.7%, as compared to $892 million last fiscal year.
Revenues increased due to pricing initiatives implemented to mitigate the higher cost of milk as raw material and
other input cost increases.
Sales volumes in the retail market segment decreased due to the added pressure from inflation-driven pricing actions.
Sales volume in the industrial market segment were stable. The full contributions of the Bute Island Acquisition3 and
the Wensleydale Dairy Products Acquisition3 compared to partial contributions in the last fiscal year positively
impacted revenues.
The retail market segment represented approximately 71% of revenues down from 78% of revenues in fiscal 2022,
reflecting the challenging consumer environment in the context of inflation-driven pricing actions. The foodservice
represented 26% of revenues (20% in fiscal 2022).
Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of fiscal 2023 totalled $31 million, down $8 million or 20.5%, as compared to
Pricing initiatives continued to mitigate the higher cost of milk as raw material and other input cost increases in line
with inflation, and increased commodity and energy costs due to the European energy crisis. An inventory write-down
of $7 million was recorded relating to the reduction in net realizable value of cheese finished goods originally
produced for the retail market segment that will be sold through the industrial channel.
Adjusted EBITDA in fiscal 2023 totalled $140 million, down $4 million or 2.8%, as compared to $144 million last fiscal
year.
Pricing initiatives mitigated the higher cost of milk as raw material and other input cost increases in line with inflation,
and increased commodity and energy costs. However, the sharp rise in energy costs due to the European energy
crisis increased our operating costs. During the fourth quarter, we recorded an inventory write-down of $7 million as
discussed above.
Product mix had an unfavourable impact following the decrease in retail market segment sales volumes. As described
above, an inventory write-down recorded during the fourth quarter had a negative impact. The full fiscal year
contributions of the Bute Island Acquisition3 and the Wensleydale Dairy Products Acquisition3 compared to partial
contributions in the last fiscal year was minimal.
3
Refer to the definition of Recent Acquisitions included in the ''Glossary'' section of this MD&A
LIQUIDITY, FINANCIAL AND CAPITAL RESOURCES
This section provides insight into our cash and capital management strategies and how they drive operational
objectives, and also provides details on how we manage our liquidity risk to meet Saputo's financial obligations as
they come due.
As we navigate through the challenging environment including geopolitical developments, inflationary pressures,
rising interest rates, and the related uncertainties, we are focused on our capital allocation priorities to support our
Global Strategic Plan, as well as cash flow generation. Our capital allocation priorities (capital expenditures,
shareholder dividends, and debt repayments) allow us to support organic growth, strategic acquisitions, and our
Saputo Promise.
The Company's cash and cash equivalents totalled $263 million as at March 31, 2023. In addition to these funds, we
have unused credit facilities of $2.047 billion under our bank credit facilities as at March 31, 2023. We believe we are
well positioned to face current market conditions given our well-balanced capital structure.
The Company's liquidity needs are funded from cash generated by operations, unsecured bank credit facilities, and
senior unsecured notes. These funds are used principally for capital expenditures, dividends, debt repayments, and
business acquisitions, if any, and are expected to be sufficient to meet the Company’s liquidity requirements. We do
not foresee any difficulty in securing financing beyond what is currently available through existing arrangements or
public offerings, when appropriate, to fund possible acquisitions and/or to refinance debt obligations.
Saputo’s cash flows are summarized in the following table:

2023 2022 2023 2022
Net cash generated from operating activities 421 184 1,025 693
Cash used for investing activities (311) (161) (632) (799)
Cash used for financing activities (45) (32) (369) (72)
Increase (decrease) in cash and cash equivalents 65 (9) 24 (178)
Operating activities
Net cash generated from operating activities for the fourth quarter of fiscal 2023 amounted to $421 million, in
comparison to $184 million for the same quarter last fiscal year. This increase of $237 million was mainly due to an
increase in adjusted EBITDA1 of $132 million and an increase related to changes in non-cash operating working
capital items of $90 million.
In fiscal 2023 net cash generated from operating activities amounted to $1.025 billion, in comparison to $693 million
for last fiscal year. This increase of $332 million was mainly due to an increase in adjusted EBITDA1 of $398 million
and lower income taxes paid of $48 million. The increase was partially offset by a decrease related to changes in
non-cash operating working capital items of $115 million.
Changes in non-cash operating working capital for the fourth quarter of fiscal 2023 and for fiscal 2023 were mainly
driven by the fluctuations in accounts receivable, inventories, and accounts payable in line with the fluctuation of
market prices and ongoing inflation, the timing of collections of accounts receivable and of payments of accounts
payable, as well as the favourable settlement of foreign exchange derivatives.
1
Investing activities
Investing activities for the fourth quarter of fiscal 2023 amounted to $311 million, which related to net additions to
property, plant and equipment and intangible assets.
Investing activities in fiscal 2023 amounted to $632 million, which related to net additions to property, plant and
equipment and intangible assets. Of these additions, 39% were allocated to base capital expenditures, investments to
support the execution of our Saputo Promise, and other corporate capital expenditures, while 61% were allocated to
strategic projects within the scope of our Global Strategic Plan.
Financing activities
Financing activities for the fourth quarter of fiscal 2023 included an increase in bank loans of $20 million. We repaid
$24 million of term loan facilities incurred in connection with prior acquisitions. Also, we paid $18 million of lease
liabilities and $49 million of dividends, net of $26 million settled through the DRIP. Finally, shares were issued as part
of the stock option plan for $26 million.
Financing activities in fiscal 2023 included the issuance, on November 29, 2022, of Series 10 medium term notes for
an aggregate principal amount of $300 million. The net proceeds of the offering were used for the repayment of a
portion of our main revolving credit facility, which had been used to repay the $300 million aggregate principal amount
of the Series 4 medium term notes due June 13, 2022, and for general corporate purposes. Financing activities also
included the repayment of $106 million of term loan facilities incurred in connection with prior acquisitions. Also, we
paid $68 million of lease liabilities and $199 million of dividends, net of $102 million settled through the DRIP. Finally,
shares were issued as part of the stock option plan for $45 million.
Liquidity
(in millions of CDN dollars, except ratio)
Current assets 4,851 4,295
Current liabilities 3,002 2,780
Working capital1 1,849 1,515
Working capital ratio1 1.62 1.54
1
The working capital ratio is an indication of the Company's ability to cover short-term liabilities with short-term assets,
without having excess dormant assets. The increase in the working capital ratio was mainly due to higher inventories.

Capital management
Our capital management strategy requires a well-balanced financing structure to maintain the flexibility needed to
implement growth initiatives, pursue disciplined capital investments and maximize shareholder value.
We continue to aim for a long-term target leverage of approximately 2.25 times net debt to adjusted EBITDA1. From
time to time, we may deviate from our long-term target leverage to pursue strategic opportunities.
(in millions of CDN dollars, except ratio and number of shares and options)
Net debt2 3,777 4,080
Adjusted EBITDA1 1,553 1,155
Net debt to adjusted EBITDA1 2.43 3.53
Number of common shares 421,604,856 416,738,041
Number of stock options 19,988,303 22,021,670
1
2
Refer to the ‘‘Glossary’’ section of this MD&A and Note 24 to the consolidated financial statements.
On November 29, 2022, we issued Series 10 medium term notes for an aggregate principal amount of $300 million
due November 29, 2029, bearing interest at 5.25%. The net proceeds of the offering were used for the repayment of
a portion of our main revolving credit facility, and for general corporate purposes.
On December 22, 2022, we filed an unallocated short form base shelf prospectus providing us the flexibility to make
offerings of various securities during the 25-month period that the base shelf prospectus is effective, and we renewed
our medium term note (MTN) program by filing a supplement to the short form base shelf prospectus.
As at March 31, 2023, the Company had $263 million in cash and cash equivalents and available bank credit facilities
of $2.403 billion, of which $356 million were drawn. See Note 10 and Note 11 to the consolidated financial statements
for additional information related to bank loans and long-term debt.
Authorized share capital is comprised of an unlimited number of common shares. The common shares are voting and
participating. As at May 31, 2023, 421,745,391 common shares and 21,872,325 stock options were outstanding.

CONTRACTUAL OBLIGATIONS
We manage and continually monitor the Company's commitments and contractual obligations to ensure that these
can be met with funding provided by operations and capital structure optimization.
The Company's contractual obligations consist of commitments to repay long-term debt, payments for leased
premises, equipment, and rolling stock, as well as purchase obligations for capital expenditures and service
agreements to which we are committed. Note 11 to the consolidated financial statements describes the Company's
commitment to repay long-term debt and Notes 7 and 22 to the consolidated financial statements describes its lease
commitments.

March 31, 2023 March 31, 2022
Purchase Purchase
Long-term obligations Long-term obligations
debt Leases & other Total debt Leases & other Total
Less than 1 year 307 115 368 790 300 88 245 633
1–2 years 413 63 105 581 306 70 37 413
2–3 years 847 56 26 929 1,035 84 23 1,142
3–4 years 350 49 13 412 350 44 12 406
4–5 years 734 43 4 781 350 38 9 397
More than 5 years 600 281 — 881 1,034 280 3 1,317
3,251 607 516 4,374 3,375 604 329 4,308
Long-term debt
The Company’s long-term debt is described in Note 11 to the consolidated financial statements.
Bank term loans
In connection with the acquisition of the activities of Murray Goulburn Co-Operative Co. Limited in April 2018, we
entered into a credit agreement, providing for a non-revolving term facility comprised of three tranches. A total of
$1.242 billion was drawn, of which $971 million has since been repaid and/or refinanced through our medium term
notes program. The credit facility bears interest at lenders’ prime rates plus a maximum of 1.00%, or bankers’
acceptance rates or the Australian Bank Bill Rate plus a minimum of 0.80% and a maximum of 2.00%, depending on
the Company's credit ratings and matures in June 2025.
In connection with the acquisition of Dairy Crest Group plc in April 2019, we entered into a credit agreement providing
for a non-revolving term facility comprised of three tranches. A total of $1.999 billion was drawn, of which
$1.752 billion has since been repaid and/or refinanced through our medium term notes program. The credit facility
bears interest at lenders’ prime rates plus a maximum of 1.00% or SOFR or bankers’ acceptance rates plus a
minimum of 0.80% and a maximum of 2.00%, depending on the Company's credit ratings. On October 6, 2022, this
facility was converted to a Canadian dollar denominated facility and matures in June 2025.
Senior notes
Long-term debt also includes seven series of senior unsecured notes outstanding under our medium term note
program for a total of $2.700 billion, with annual interest rates varying from 1.42% to 5.25%, and maturities ranging
from November 2023 to November 2029.

FINANCIAL POSITION
The amounts for main financial position items as at March 31, 2023, were higher as compared to the March 31, 2022
balances, due to the net effect on financial position items of the foreign operations of the weakening of the Canadian
dollar versus the US dollar and the British pound sterling and the strengthening of the Canadian dollar versus the
Australian dollar, and the Argentine peso.
The following table sets forth exchange rates expressed in Canadian dollars per currency of our respective local
operations’ financial position items in foreign currencies as at March 31, 2023, and March 31, 2022.
March 31, 2023 March 31, 2022

US dollar1 1.3516 1.2505
Australian dollar1 0.9036 0.9351
Argentine peso1 0.0065 0.0112
British pound sterling1 1.6676 1.6441
1
The net cash position (cash and cash equivalents less bank loans) of negative $254 million as at March 31, 2022,
improved to negative $93 million as at March 31, 2023. The change in foreign currency translation adjustments
recorded in other comprehensive income varied mainly due to the fluctuation of foreign currencies versus the
Canadian dollar.
GUARANTEES
From time to time, we enter into agreements in the normal course of business, such as service arrangements and
leases, and in connection with business or asset acquisitions or disposals, which by nature may provide for
indemnification to third parties. These indemnification provisions may be in connection with breach of representations
and warranties and for future claims for certain liabilities. The terms of these indemnification provisions vary in
duration. Refer to Note 22 to the consolidated financial statements for further information.
RELATED PARTY TRANSACTIONS

In the normal course of business, we receive services from and provide goods and services to companies subject to
control or significant influence through ownership by Saputo's principal shareholder. These transactions are entered
into at fair value, consistent with market values for similar transactions. The services that are received consist mainly
of travel, publicity, lodging, and office space rental. The goods that are provided consist mainly of dairy products. The
services that are provided consist of management services. In fiscal 2023, these goods and services were of an
immaterial amount. Transactions with key management personnel (Management defines key management personnel
as all the executive officers who have responsibility and authority for controlling, overseeing, and planning the
Company's activities, as well as the Company’s directors) are also considered related party transactions and consist
of short-term employee benefits, post-employment benefits, stock-based compensation, and payments under the
deferred share unit plan. Refer to Note 23 to the consolidated financial statements for further information.

CRITICAL ACCOUNTING ESTIMATES
The preparation of the Company’s financial statements requires Management to make certain judgments and
estimates about transactions and carrying values that are fulfilled at a future date. Judgments and estimates are
subject to fluctuations due to changes in internal and/or external factors and are continuously monitored by
Management. A discussion of the judgments and estimates that could have a material effect on the financial
statements is provided below.
Income Taxes
The Company is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the
consolidated provision for income taxes. During the ordinary course of business, there are many transactions and
calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated
tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these
matters differs from the amounts that were initially recorded, such differences will impact the results for the reporting
period and the respective current income tax and deferred income tax provisions in the reporting period in which such
determination is made.
Deferred income tax assets and liabilities are measured using enacted or substantively enacted income tax rates
expected to apply to taxable income in the years in which temporary differences are expected to be recovered or
settled. As a result, a projection of taxable income is required for those years, as well as an assumption of the
ultimate recovery or settlement period for temporary differences. The projection of future taxable income is based on
Management’s best estimates and may vary from actual taxable income. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Canadian, US, and international tax rules and regulations are subject to interpretation and require judgment on the
part of the Company that may be challenged by taxation authorities. The Company believes that it has adequately
provided for deferred tax obligations that may result from current facts and circumstances. Temporary differences and
income tax rates could change due to fiscal budget changes and/or changes in income tax laws.
Goodwill, Intangible Assets, and Business Combinations

Goodwill, trademarks, and customer relationships have principally been recognized as a result of business
combinations. The acquisition method, which also requires significant estimates and judgments, is used to account
for these business combinations. As part of the allocation process in a business combination, estimated fair values
are assigned to the net assets acquired, including trademarks and customer relationships. These estimates are
based on forecasts of future cash flows, estimates of economic fluctuations, and an estimated discount rate. The
excess of the purchase price over the estimated fair value of the net assets acquired is then assigned to goodwill. In
the event that actual net assets fair values are different from estimates, the amounts allocated to the net assets, and
specifically to trademarks and customer relationships, could differ from what is currently reported. This would then
have a pervasive impact on the carrying value of goodwill. Differences in estimated fair values would also have an
impact on the amortization of definite life intangibles.
Impairment of Assets
Significant estimates and judgments are required in testing goodwill, intangible assets, and other long-lived assets,
including right-of-use assets, for impairment. Management uses estimates or exercises judgment in assessing
indicators of impairment, defining a CGU, forecasting future cash flows, and in determining other key assumptions
such as discount rates and earnings multipliers used for assessing fair value (less costs of disposal) or value in use.
Goodwill is tested for impairment annually based on the December 31 balances and whenever there is an indication
of impairment. Other long-lived assets are tested only when indicators of impairment are present.

Employee Future Benefits
The Company is the sponsor to both defined benefit and defined contribution plans, which provide pension and other
post-employment benefits to its employees.
Several estimates and assumptions are required with regards to the determination of the defined benefit expense and
its related obligation, such as the discount rate used in determining the carrying value of the obligation and the
interest income on plan assets, the duration of the obligation, inflation, the expected health care cost trend rate, the
expected mortality rate, expected salary increase, etc. Changes in a number of key assumptions can have a material
impact on the calculation of the obligation. Actual results will normally differ from expectations. Remeasurements of
the obligation are presented in the consolidated statements of comprehensive income.
CHANGES IN ACCOUNTING POLICIES
New Accounting Standards, Interpretations, and Amendments Adopted During The Year
Please refer to Note 3 to the consolidated financial statements for the fiscal years ended March 31, 2023, and 2022,
for more information regarding the effect of new accounting standards, interpretations, and amendments adopted
during fiscal 2023.
Recent Standards, Interpretations, and Amendments Not Yet Implemented
Please refer to Note 3 to the consolidated financial statements for the fiscal years ended March 31, 2023, and 2022,
for more information regarding the effect of new accounting standards, interpretations, and amendments not yet
implemented.

RISKS AND UNCERTAINTIES
The main risks and uncertainties Saputo is exposed to are presented below. The Board of Directors (the Board)
delegated to the Audit Committee the responsibility to review, evaluate, and discuss with Management and Internal
Audit the risk factors inherent to Saputo, including the applicable ESG aspects of those risks, and ensure that
appropriate measures are in place to enable Management to identify and manage these risks and uncertainties
effectively. The Board also delegated to the Corporate Governance and Human Resources Committee the
responsibility to oversee the risk management measures related to human resources risks, including related ESG
aspects such as business ethics, diversity, equity, and inclusion (DE&I), and health and safety. Saputo’s enterprise
risk management program is overseen by the Audit Committee, and Saputo has also adopted and implemented
policies and procedures relating to risk assessment and management. The Company’s risk management and related
procedures are reviewed regularly and at least annually.
While risk management is part of our transactional, operational, and strategic decisions, and overall management
approach, risk management does not guarantee that events or circumstances, including events or circumstances
related to risks and uncertainties that may not be listed below, will not occur and negatively affect our financial
performance and condition.
Product Liability
Saputo’s operations are subject to certain dangers and risks of liability faced by all food processors, such as the
potential contamination of ingredients or products by bacteria or other external agents that may be introduced into
products or packaging, product spoilage, undeclared allergens, and mislabelling, any of which could result in a costly
product recall, withdrawal, destruction of product inventory, lost sales, or litigation. Third-party manufacturers
producing under our brands could be subject to recalls, for the same or other reasons. Further, negative publicity,
whether or not warranted, concerning food safety, or allegations of product contamination, even when false or
unfounded, may damage our brand image and corporate reputation, may cause consumers to choose other products
or may result in product boycott. The growing use of social and digital media further increases the speed and extent
that such negative publicity can be shared. Alleged or actual contamination could also result in government scrutiny,
investigation, intervention, fines, or damages resulting in increased costs and in a negative effect on our business,
financial performance, or our ability to achieve our performance targets and, depending upon the significance of the
affected product, that negative effect could be material.
Supply of Milk and Other Inputs

Milk is our principal ingredient, representing up to 85% of the cost of goods sold. We process milk and other dairy
ingredients into finished edible products intended for resale to a broad range of customers. These raw materials and
other inputs, including packaging materials, energy, fuel, transportation, and other supply chain inputs that we use for
the production and distribution of our products are subject to price volatility and fluctuations in availability caused by
various factors. These factors include changes in supply and demand, supplier capacity constraints, inflation, climate
change, extreme weather, natural disasters, water availability, fires or explosions, health pandemics, outbreaks
affecting humans or livestock, transportation problems, port congestion or delays, cybersecurity incidents, pandemics
or other contagious outbreaks (including COVID-19), geopolitical developments, military conflicts (including the
ongoing military conflict in Ukraine), political uncertainties, and trade sanctions. Moreover, these factors could impair
the Company’s ability to secure a continuing supply at a competitive price of quality ingredients and goods, which are
necessary for the manufacturing of the Company’s products. The price volatility and fluctuations in availability of raw
materials and other inputs we use for the production and distribution of our products can impact production costs,
fulfillment rates, and capacity utilization and therefore negatively affect our results and our ability to achieve our
financial, operational, and sustainability goals. The effect of any variation or the volatility of foodstuff prices on our
results depends on our ability to transfer those increases to our customers, and this in the context of a competitive
market.
The potential effects of climate change could have a material impact on our business and operations, including a
range of operational, financial, and reputational risks.
In Australia, the availability of milk as a raw material has been declining and is expected to continue to decline in
fiscal 2024 due to a national milk production decline. In this region, we compete with other dairy processors to attract
milk to our facilities, and our performance depends on our ability to adapt our business to the changing availability of
milk as a raw material. Failure to adequately manage these challenging market conditions and to maximize
profitability from the milk we obtain could negatively affect our results.
Since the beginning of fiscal 2022, the cost of the raw materials and other inputs we use for the production and
distribution of our products has significantly increased. We expect the inflationary pressures on input costs to
continue to impact our business in fiscal 2024. We have implemented and may continue to implement initiatives to
offset these cost pressures, such as price increases, but these may not be sufficient to offset higher costs adequately
or in a timely manner. Even if such initiatives are effective, higher product prices may result in decreases in sales
volumes or market share.

Supply Chain Strain and Supplier Concentration
We and our suppliers have experienced and may continue to face supply chain and workforce disruptions in the
future. Such disruptions which may result in increased supply chain, packaging, and labour costs, or in an inability to
secure key inputs, which could negatively impact our fulfillment rates, cause delays in delivering our products to our
customers or consumers and hinder our ability to achieve our goals and targets under our Global Strategic Plan or
the Saputo Promise.
Some of the goods, including raw materials and packaging materials, and services we use in the production of our
products are available from a limited number of third-party suppliers as a result of consolidation within the industries
in which these suppliers operate. We have neither operational nor financial control on these suppliers, which are
essential to our business.
Negative events affecting our suppliers or inadequate, ineffective, or incomplete supplier management strategies,
policies, or procedures, including those relating to ethical sourcing, could harm the Company’s reputation and hinder
our ability to satisfy customers’ needs, control costs, and maintain our highest quality standards, which could harm
the Company’s operations and financial performance. Issues with suppliers regarding pricing or performance of the
goods and services they supply or the inability of suppliers to supply the required volumes of such goods and
services in a timely manner, as a result of labour shortages, extreme weather conditions (including as a result of
climate change) or otherwise, could impact our financial condition and performance.
Risks related to supply chain may be further exacerbated by geopolitical developments, such as the military conflict in
Ukraine, which has and will likely continue to disrupt the global supply chain and contribute to economic uncertainty
and increased prices of inputs and other costs.
USA and International Markets

In the USA, Australia, Argentina, and the United Kingdom, as well as in international markets, the prices of our
products are based on market supply and demand forces, and may vary independently from the price of milk as a raw
material. The prices are tied to numerous factors, such as the health of the economy and supply and demand levels
for dairy products in the industry, and price fluctuations may affect our results. The effect of such fluctuations on our
results will depend on our ability to implement mechanisms to reduce them, such as price initiatives and product
portfolio diversification. The use of these mechanisms could lead to reduced sales volumes and margins.
In fiscal 2023, more than 74% of our total revenues were generated outside of Canada, including 47% in the United
States. As a result, we are subject to the risks stated above which are inherent to our global operations.
Labour Availability and Human Resources

The food industry continues to face global labour shortage challenges, which are expected to continue in the short
and medium-term. In addition, the broader labour market is experiencing a shortage of qualified workers, which has
further increased the competition we face for qualified employees, as well as our labour, pension, and people-related
costs. These factors have impacted, and could continue to impact, our ability to meet consumer demand, which could
have a material adverse effect on our results, or cash flows, and could negatively impact our ability to achieve our
financial, operational, and sustainability goals. Changes in immigration laws and policies could also make it more
difficult for us to attract personnel. Reduced capacity of trucking capacity due to driver shortages has caused an
increase in the cost of transportation for us and for our suppliers. The initiatives we have implemented to attract and
retain talent may not be successful. Further, our inability to manage these factors adequately could lead to business
interruption in one or more of our facilities, and sustained labour shortages could negatively impact the quality and
safety of our products, as well as our health and safety performance.
Although we believe we have good relationships with our employees and a significant number of our workforce is
unionized, a lengthy strike or work stoppage could impact our operations and performance, as well as our corporate
reputation. Our operations are also subject to health and safety risks as well as laws and regulations in this regard.
Notwithstanding Saputo’s existing health and safety systems, serious injury or death of any employee could have a
serious impact on Saputo’s reputation, result in litigation, and require us to incur costs which may be significant.
Saputo’s success depends on our ability to identify, attract, and retain qualified and diverse individuals. Saputo has
set diversity targets and has undertaken or planned initiatives to foster DE&I within our workforce. If we are not
perceived to have robust DE&I programs, our ability to attract, develop, and retain employees could be compromised.
Further, failure to be perceived as able to achieve our DE&I goals and targets or to respect and protect the human
rights of our employees (whether this perception is valid or not) could adversely affect our reputation or financial
performance. Failure to execute appropriate succession planning for Management and key personnel could adversely
affect our business or financial performance.
Also, we reprioritized certain ongoing technology initiatives and took the decision to temporarily pause the final phase
of the Company's Enterprise Resource Planning (ERP) project deployment. There is no guarantee that our decision
to postpone the final phase of deployment will not disrupt or reduce the efficiency of our operations.

Competition
The food processing and the global dairy industries are extremely competitive. Saputo competes on a national and
international basis with regional, national, and multinational competitors. Our performance in all countries where we
do business depends on our ability to continue to offer and supply demand for quality products at competitive prices.
Consolidation of Clientele
As the consolidation in the food industry in all the market segments we serve continues, customers tend to grow
larger, which results in a decrease in the number of customers and increase in the relative importance of some
customers. For fiscal 2023, none of our customers represented more than 10% of total consolidated revenues. Our
ability to continue to service our customers in all the markets that we serve will depend on the quality and price of our
products, as well as the value proposition we offer to our customers. We manage risks relative to the consolidation of
clientele through the implementation of strategies to diversify our customer mix and our product offering in each of our
market segments, as well as the implementation of value-added customer partnerships. Failure to maintain mutually
beneficial relationships with our key customers or to resolve a significant dispute with any of our key customers, a
change in the business condition (financial or otherwise) of any of our key customers, even if unrelated to us, or the
loss of any of our key customers can adversely affect our business.
Cybersecurity and Overall Management of Information Systems

We rely on information technology applications and systems in all areas of our operations. These applications and
systems, some of which are managed by third parties, are subject to an increasing number of sophisticated and
constantly evolving cyber threats. The increase in the number of employees working in a distributed remote
environment has also given rise to new security threats and risks of other cybersecurity attacks. We are mainly
exposed to risks relating to business disruptions, confidentiality, data integrity, and business email compromise-
related fraud. Therefore, any unavailability or failure, due to security incidents or otherwise, may impede or slow down
production, delay or taint certain decisions, and result in financial losses, including as a result of remediation costs.
In addition, any unauthorized or malicious access to information systems containing proprietary, sensitive, or
confidential information could compromise our data integrity or result in disclosure or loss of data which may have
adverse effects on our activities, results, and reputation, including loss of revenues due to a disruption of the
business, diminished competitive advantage, litigation or other legal procedures, or liability for failure to comply with
privacy and information security laws.
We have implemented policies, practices, procedures, and controls, including maintenance of protective systems and
technology, monitoring and testing, incident response, disaster recovery and business continuity plans, and employee
training, to protect our IT systems, to prevent unauthorized access to confidential data, and to mitigate the risk of
disruption to our business. We make strategic investments in this area in order to mitigate cyber threats. We also
have security and compliance processes, protocols, and standards that are applicable to our third-party service
providers. Our processes include a due diligence approach that ensures that third-party services, including cloud-
based services, are evaluated using industry standard security assurance approaches to assess the risks. Third-party
providers must comply with security frameworks such as the International Organization for Standardization (ISO) and
International Electrotechnical Commission (IEC) 27001 standard, or equivalent, or provide third-party assurance on
relevant control objectives.
Despite these measures to reduce the likelihood, duration, and severity of disruptions to our information technology
applications and systems, and maintain ongoing investments to protect, detect, respond to, and manage
cybersecurity incidents, we have in the past been subject to cyber-attacks and expect that we will be subject to
additional cyber-attacks in the future. We and our third party service providers may be unable to anticipate, timely
identify or appropriately respond to one or more of the rapidly evolving and increasingly sophisticated means by
which hackers, cyber terrorists, and others may attempt to breach our security measures or our third party service
providers’ IT systems. This may be further exacerbated by the challenged labour market for skilled workers and
people with an expertise in cybersecurity and IT systems.
Unanticipated Business Disruption

Major events, such as systems and equipment failure, supply chain disruptions, cyberattacks, health pandemics
(including the COVID-19 pandemic), geopolitical events (including the ongoing military conflict in Ukraine), and
natural disasters, increased frequency or intensity of extreme weather conditions (including as a result of climate
change), political instability, civil unrest, or unfavorable economic conditions could lead to unanticipated business
disruptions at any or certain of our facilities. The effect would be more significant if our larger manufacturing facilities
were to be affected. The failure to mitigate business disruptions in a timely manner could negatively affect our
financial performance and condition, as well as our ability to achieve our financial, operational, and sustainability
goals.

Economic and Geopolitical Conditions
Continuing economic and political uncertainties, such as decreases in disposable income, persistent inflationary
pressures, declines in consumer confidence, reduced consumer discretionary spending, resulting from actual or
perceived changes in the condition of the economy or economic slowdowns or recessions in any of our major markets
may slow down the demand for our products. The Company’s foodservice market segment is sensitive to this risk
since reduced consumer discretionary spending generally results in a decrease in the frequency and amount spent
for food prepared away from home. The Company mitigates this risk through its diversified customer mix aimed at
reducing concentration exposure.
The ongoing military conflict in Ukraine has continued to result in worldwide geopolitical and macroeconomic
uncertainty. The conflict has resulted and could continue to result in volatile commodity markets, supply chain
disruptions, increased risk of cyber incidents or other disruptions, and increased costs for transportation, energy,
packaging, raw materials, and other input costs.
The continuing economic uncertainties could also result in financial instability for certain suppliers, customers, or
other business partners, which could limit our capacity to supply demand further exacerbate our competition risks.
Public Health Threats and COVID-19 Pandemic Post-Recovery

An outbreak of disease, epidemic or pandemic such as the recent global COVID-19 pandemic, and the related
actions by governments to attempt to contain the outbreak could have a material negative impact on the Company as
it could disrupt our global supply chain, availability of labour, operations, logistics, and routes to market or those of our
suppliers, their suppliers, or our distributors. These disruptions, or our failure to effectively respond to them, is likely to
increase production or distribution costs, or cause delays or inability to deliver products to our customers.
There is no guarantee that the Company's actions to mitigate the effects of the recent global COVID-19 pandemic, as
well as other pandemics which may occur in the future, will be effective.
Consumer Trends
Demand for our products is subject to changes in consumer trends. For example, increased consumer focus on
environmental sustainability matters, including emissions associated with the production of animal milk, and on
health-related concerns, could result in a financial risk if a growing number of consumers turn away from animal-
related products in favour of dairy alternatives, which may lead to lower demand for dairy products. Product boycotts
resulting from activism (including activism for animal rights or the environment) could reduce demand for our
products. The impact of such events will depend on our ability to adapt, innovate, and develop new products which
are adapted to these new consumer trends. If our product innovation efforts fail to deliver the expected benefits or if
growth in demand for new products does not materialize as we expect, we may not reach our financial growth targets.
Further, our operations are and could continue to be affected by the economic context should unemployment, interest
rates, or inflation reach levels that influence consumer trends and consequently impact our sales, margins and
profitability. Should the inflationary pressures and global economic uncertainty we have seen in fiscal 2023 persist,
consumers may increasingly purchase lower-priced offerings or may forgo some purchases altogether. To the extent
that price increases are not sufficient to offset higher costs adequately or in a timely manner, and/or if they result in
significant decreases in sales volume, our financial condition or operational performance may be adversely affected.
In addition, technology-based systems, which give consumers the ability to shop through e-commerce websites and
mobile commerce applications, are also significantly altering the retail landscape where we operate. If we are unable
to adjust to developments in these changing landscapes, we may be disadvantaged in key channels and with certain
consumers, which could materially and adversely affect our sales, financial condition, and operating performance.

Environment
Saputo’s business and operations are subject to environmental laws and regulations, including those relating to
permitting requirements, wastewater discharges, air emissions, GHG, releases of hazardous substances, and
remediation of contaminated sites. We believe that our operations are in compliance, in all material respects, with
such environmental laws and regulations, except as disclosed in the Annual Information Form dated June 8, 2023,
for the fiscal year ended March 31, 2023. Compliance with these laws and regulations requires that we continue to
incur operating and maintenance costs and capital expenditures, including to control potential impacts of our
operations on local communities. Changes in environmental laws and regulations, evolving interpretation thereof, or
more vigorous regulatory enforcement policies (including as a result of increased concern over climate change, water
scarcity, waste management, plastic pollution, wastewater discharges, air emissions, GHG, or release of hazardous
substances) could impose additional compliance costs, capital expenditures, as well as other financial obligations,
which could have a material adverse effect on our financial position and performance.
Moreover, compliance with any such changes may require us to make significant changes in our business operations
and strategy, which will likely require us to devote substantial time and attention to these matters and cause us to
incur additional costs.
Saputo has set environmental targets and has undertaken or planned capital expenditures and other projects to
increase its energy efficiency, reduce its GHG emissions, reduce operational and packaging waste, and decrease
water usage. There is no assurance that our environmental and sustainability initiatives will be economically viable,
effective or that the anticipated environmental benefits will materialize. Our ability to achieve our environmental
targets, commitments, and goals depends on the development and performance of technology, innovation, and the
future use and deployment of technology. It is possible that the changes necessary to reduce emissions or waste will
not be feasible or that the costs will be material, either of which could have a material adverse effect on Saputo’s
reputation, operations, or financial position.
In addition, there is an increased focus on environmental sustainability matters, including emissions associated with
the production of milk. Any failure to achieve our environmental targets or other environment-related goals or a
perception (whether or not valid) of our failure to act responsibly with respect to the evolving environmental issues, or
to effectively respond to new, or changes in, legal or regulatory requirements concerning environmental matters, or
increased operating or manufacturing costs due to increased regulation or environmental causes could adversely
affect our business, our reputation, and our ability to attract capital from financial institutions and investors
incorporating sustainability and ESG considerations as part of their portfolio, and increase the risk of litigation.
Saputo’s reputation could be affected if we or other stakeholders in the dairy industry do not act, or are perceived not
to act, responsibly.
Climate Change
In fiscal 2022, we undertook a scenario-based climate assessment to help us understand how external climate risks
and opportunities could impact our business operations, and better understand the resilience of our business strategy
to different climate futures and the impacts associated with the transition to a lower-carbon economy. Leveraging the
findings, we have developed a roadmap to embed climate-related risks in our risk management program and are
developing strategies and actions to address climate risks as an organization as part of the overall risk mitigations.
There is no guarantee that these risk mitigation efforts will be effective.
The potential effects of climate change could have a material impact on our business and operations, including a
range of operational, financial, and reputational risks. Climate-related physical risks that may have an impact on
Saputo include reduced milk yield due to heat stress or changing weather patterns, reduced availability of quality crop
for feed, reduced availability of clean water for farming or manufacturing operations, and short interruption to
upstream (milk supply) or downstream (our products) supply chain due to extreme weather events. Some of our milk
suppliers are located in parts of the world which have suffered effects of climate change. Climate-related transition
risks that may have an impact on Saputo include increased energy costs and increased demand for low-carbon
products.
Increasing concern over climate change and its impacts may result in additional laws, regulations, rules, and policies
designed to reduce or mitigate the effects of GHG emissions or the impacts of climate change on the environment.
Increased legal or regulatory requirements may result in increased energy or compliance costs, disruption in the
running of our manufacturing facilities and our business, and increased disclosure obligations.

Growth Strategy
We plan to grow both organically and through acquisitions. Our organic growth strategy, which is outlined in our
Global Strategic Plan, may fail to deliver results and our targeted organic growth may never materialize. Capital
expenditure projects, including strategic projects as well as projects to replace, renew or modernize older equipment,
facilities, and systems, play a key role in Saputo’s organic growth strategy. The outcome and success of these
projects often depend on several factors that are outside of our control, including disruptions caused by availability
and cost of labour, new competing operational priorities, timing for completion, regulatory and governmental
approvals, pandemics, materials, and equipment, contractor non-performance, cost of engineering, construction, and
other consulting services and weather conditions. In the event of unanticipated delays or costs, business operations
may be adversely affected. Failure to execute our organic growth strategy or capital expenditure projects as planned
and in a timely and efficient manner could result in business disruptions or negatively impact our ability to achieve our
strategic growth goals and financial performance. Other risks related to our business described in this section may
impact our ability to grow organically and meet our strategic growth goals and targets.
We plan to continue to rely on new acquisitions to pursue our growth. We may therefore incur costs and divert
management's time and attention in connection with potential acquisitions that may never be consummated. The
ability to properly evaluate the fair value of the businesses being acquired and to properly devote the time and human
resources required to successfully integrate their activities with those of Saputo constitute inherent risks related to
acquisitions. The inability to adequately integrate an acquired business in a timely and efficient manner may affect our
ability to realize synergies or improvements and to achieve anticipated returns, as well as resulting in higher
integration costs and loss of business opportunities. In connection with acquisitions made by Saputo, there may also
be liabilities and contingencies that we discover after closing, or are unable to quantify in the due diligence conducted
prior to closing, and which could have a negative effect on our business, financial performance, and condition.
Intellectual Property
As we are involved in the production, sale, and distribution of food products, we rely on brand recognition and loyalty
from our clientele in addition to relying on the quality of our products. Also, as innovation forms part of Saputo’s
growth strategy, our research and development teams develop new technologies, products, and process optimization
methods. We, therefore, take measures to protect, maintain, and enforce our intellectual property. There is no
guarantee that such measures will be effective. Any infringement to our intellectual property could damage our value
and limit our ability to compete. In addition, we may have to engage in litigation in order to protect our rights, which
could result in significant costs.
Financial Risk Exposures

We operate internationally and are exposed to varying degrees to foreign exchange risk relating to the currencies we
use for our business. Cash flows from operations in each of the countries where we operate act, in part, as a natural
hedge against the foreign exchange risks related to debt denominated in such countries’ currency. The level of the
financial risk exposure related to currency fluctuations will depend on our ability to maintain appropriate protection
mechanisms.
The current economic environment could result in financial instability for certain suppliers, customers, or other
business partners, which could have a negative effect on our business, financial performance, financial condition, and
cash flow.

Interest Rate and Access to Capital and Credit Markets
A portion of Saputo’s interest-bearing debt is subject to interest rate fluctuations. The impact on our results will
depend on our ability to maintain adequate protection against such interest rate fluctuations.
Our growth by acquisitions is dependent on access to liquidity in the capital and credit markets. Similarly, we may be
required to access liquidity in the capital and credit markets in order to refinance or retire existing indebtedness. The
impact of such financing transactions on our results will depend on our ability to secure liquidity in a timely manner
and on terms and conditions acceptable to us. Changes in the perceived creditworthiness of the Company or the
credit rating of our MTN increase our borrowing costs. Uncertain economic conditions and disruption in financial
markets could adversely affect our financial performance and the availability and cost of capital, preventing us from
continuing to access preferred sources of liquidity when desired.
Further, volatility in the capital markets has been heightened and such volatility may continue, which may cause
fluctuations in the price of the Company's shares or result in shareholder grievance or activism. Such investor
activism, including by short sellers, could further result in adverse volatility in the market price and trading volume of
the Company’s shares.
Pension Plans
We operate both defined benefit and defined contribution plans (collectively, the “Plans”). Contributions to fund our
defined benefit Plans are based on actuarial valuations, which themselves are based on assumptions and estimates
about the long-term operations of the Plans, including assumptions on inflation, mortality, and the discount rates used
to determine the liabilities of the Plans. Actual results of actuarial valuations may differ from expectations. We cannot
predict whether changing markets or economic conditions, changes to pension legislation and regulations, or other
factors will increase our pension expenses or liabilities, or funding obligations, diverting funds we would otherwise
apply to other uses. Increases in net pension liabilities or increases in future cash contributions could adversely affect
our business, financial condition, results from operations, and cash flows.
Credit Risk
We grant credit to our customers in the normal course of business. Credit valuations are performed on a regular basis
and the financial statements take into account an allowance for expected credit loss. We consider that our exposure
to concentration of credit risk with respect to accounts receivable from customers is low due to our large and diverse
customer base operating in three market segments, retail, foodservice, and industrial, and our geographic diversity.
There are no accounts receivable from any individual customer that exceeded 10% of the total balance of accounts
receivable as at March 31, 2023. We regularly review the allowance for expected credit loss and accounts receivable
due. We update our estimate of the allowance for doubtful accounts based on the evaluation of the recoverability of
accounts receivable balances of each customer taking into consideration historic collection trends of past due
accounts. Despite these mitigation strategies, our financial performance could be negatively impacted by customers
failing to fulfill their obligations.
Legislative, Regulatory, and Normative Considerations

We are subject to local, provincial, state, federal, and international laws, regulations, rules, and policies prevailing in
places where we conduct our activities. Consequently, the modification or change of any of these elements may have
an unfavourable impact on our results and operations and may require that important expenses be made in order to
adapt or comply. More specifically, the production and distribution of food products are subject to federal, state,
provincial, and local laws, rules, regulations, and policies, and to international trade agreements, all of which provide
a framework for our operations.
We are subject to evolving privacy and data protection laws and regulations in the jurisdictions where we do
business, and there has been an increasing focus on privacy and data protection issues with the potential to affect
our business. The impact of new laws and regulations, stricter enforcement or interpretations, or changes to enacted
laws and regulations will depend on our ability to adapt thereto and comply therewith. We are currently in compliance
in all material respects with all applicable laws and regulations and maintain all material permits and licenses in
connection with our operations.

Tariff Protection
Dairy-producing industries in Canada and the USA are still partially protected from imports by tariff-rate quotas which
permit a specific volume of imports at a reduced or zero tariff and impose significant tariffs for greater quantities of
imports. There is no guarantee that political decisions or amendments to international trade agreements will not result
in the removal of tariff protection in the dairy market, resulting in increased competition. Our performance will be
dependent on our ability to continue to offer quality products at competitive prices.
Reputation and Public Opinion

We are committed to making progress on the Saputo Promise, our approach to social, environmental, and economic
performance. Maintaining a positive reputation in the eyes of our customers, consumers, suppliers, communities,
governments, regulatory bodies, and the general public is important to our continued success.
The potential for deterioration of our reputation may arise in many contexts and for many different reasons. For
example, the dairy industry is subject to the activities of animal activists. Activist activities may spread information and
misinformation in a variety of ways, including through protests and attempts to disrupt operations, as well as through
various communication strategies. The growing use of social and digital media increases the speed and extent that
information or misinformation and opinions can be shared.
Negative public opinions or shifts in opinion, negative publicity about Saputo, our brands, our products, or about the
dairy industry could damage our reputation and negatively impact our sales and results. It may also diminish our
ability to hire and retain the best talent, which could have an adverse impact on our overall business. Reputational
risk intersects with many of the Company's other risks and may therefore exacerbate these risks.
Inventory
We are subject to inventory risks that may adversely affect our operating results due to variations in market selling
prices for dairy products and ingredients, changes in consumer demand, seasonality, spoilage, limited product shelf
life, changes in consumer tastes with respect to our products, and other factors. Excess or obsolete inventory which
cannot be sold profitably, or increases in levels of inventory shrink could result in an inventory write-down or
otherwise affect our financial performance.
Impairment Charges
We assess our goodwill and other intangible assets and long-lived assets as and when required by IFRS to determine
whether they are impaired and, if they are, we record appropriate impairment charges. We have been required to
record impairment charges in the past and it is possible that we may be required to record significant impairment
charges in the future. Although they do not attract cash outflow, our results and our reputation could be materially
adversely affected by such impairment charges.

DISCLOSURE CONTROLS AND PROCEDURES
The Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) are responsible for establishing and
maintaining disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to
provide reasonable assurance that material information relating to the Company is made known to Management in a
timely manner to allow the information required to be disclosed under securities legislation to be recorded, processed,
summarized, and reported within the time periods specified in securities legislation.
The CEO and the CFO, along with Management, after evaluating the effectiveness of the Company’s disclosure
controls and procedures as at March 31, 2023, have concluded that the Company’s disclosure controls and
procedures were effective.
INTERNAL CONTROL OVER FINANCIAL REPORTING

The CEO and the CFO are responsible for establishing and maintaining internal control over financial reporting. The
Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
IFRS.
The CEO and the CFO, along with Management, evaluated the effectiveness of the Company’s internal control over
financial reporting as at March 31, 2023, in accordance with the criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Based on this evaluation, the CEO and the CFO, along with Management, have concluded that the Company’s
internal control over financial reporting was effective.
There were no changes to Saputo’s internal control over financial reporting that occurred during the period beginning
on January 1, 2023, and ended on March 31, 2023, that have materially affected or are reasonably likely to materially
affect the Company’s internal control over financial reporting.
SENSITIVITY ANALYSIS OF INTEREST RATE AND US CURRENCY

FLUCTUATIONS
The debt subject to interest rate fluctuations was $853 million as at March 31, 2023. A 1% change in the interest rate
would lead to a change in net earnings of approximately $7 million. Canadian and US currency fluctuations may affect
net earnings, adjusted EBITDA, and revenues. Appreciation of the Canadian dollar compared to the US dollar would
have a negative impact on net earnings, adjusted EBITDA1, and revenues. However, a decrease in the Canadian
dollar compared to the US dollar would have a positive impact on net earnings. During the fiscal year ended March
31, 2023, the average US dollar conversion was based on US$1.00 for $1.3280. A fluctuation of $0.10 of the
Canadian dollar would have resulted in a change of approximately $7 million in net earnings, $37 million in adjusted
EBITDA1, and $630 million in revenues.
1
QUARTERLY FINANCIAL INFORMATION
2023 quarterly financial information – consolidated income statement
Q4 Q3 Q2 Q1 Fiscal 2023
Revenues 4,468 4,587 4,461 4,327 17,843

Operating costs excluding depreciation, amortization, and
restructuring costs 4,076 4,142 4,092 3,980 16,290
Adjusted EBITDA1 392 445 369 347 1,553
Adjusted EBITDA margin1 8.8% 9.7% 8.3% 8.0% 8.7%
Depreciation and amortization 144 147 146 145 582
Acquisition and restructuring costs 28 38 22 7 95
Financial charges 39 37 13 12 101
Earnings before income taxes 181 223 188 183 775
Income taxes 22 44 43 44 153
Net earnings 159 179 145 139 622
Net earnings margin 3.6% 3.9% 3.3% 3.2% 3.5%
Adjusted net earnings1 196 221 177 161 755
Adjusted net earnings margin1 4.4% 4.8% 4.0% 3.7% 4.2%
EPS basic 0.38 0.43 0.35 0.33 1.49

EPS diluted 0.38 0.43 0.35 0.33 1.48
Adjusted EPS Basic1 0.47 0.53 0.42 0.39 1.80

Adjusted EPS diluted1 0.47 0.53 0.42 0.39 1.80
1
Quarterly financial information by sector

Revenues
Canada 1,156 1,213 1,185 1,142 4,696
USA 2,062 2,172 2,062 2,043 8,339
International 963 917 989 916 3,785
Europe 287 285 225 226 1,023
Total 4,468 4,587 4,461 4,327 17,843
Net earnings (consolidated) 159 179 145 139 622
Adjusted EBITDA
Canada 134 149 136 132 551
USA 143 146 102 97 488
International 84 111 97 82 374
Europe 31 39 34 36 140
Total1 392 445 369 347 1,553
1

2022 quarterly financial information – consolidated income statement
Revenues 3,957 3,901 3,689 3,488 15,035

Operating costs excluding depreciation, amortization, and
restructuring costs 3,697 3,579 3,406 3,198 13,880
Adjusted EBITDA1 260 322 283 290 1,155
Adjusted EBITDA margin1 6.6% 8.3% 7.7% 8.3% 7.7%
Depreciation and amortization 148 144 137 131 560
Impairment of intangible assets — 58 — — 58
Gain on disposal of assets — (9) — — (9)
Acquisition and restructuring costs 71 — (2) 2 71
Financial charges 16 17 19 18 70
Earnings before income taxes 25 112 129 139 405
Income taxes (12) 26 31 86 131
Net earnings 37 86 98 53 274
Net earnings margin 0.9% 2.2% 2.7% 1.5% 1.8%
Adjusted net earnings1 108 139 116 122 485
Adjusted net earnings margin1 2.7% 3.6% 3.1% 3.5% 3.2%
EPS basic 0.09 0.21 0.24 0.13 0.66

EPS diluted 0.09 0.21 0.24 0.13 0.66
Adjusted EPS basic1 0.26 0.34 0.28 0.30 1.17

Adjusted EPS diluted1 0.26 0.33 0.28 0.29 1.17
1
Quarterly financial information by sector

Revenues
Canada 1,055 1,112 1,081 1,033 4,281
USA 1,743 1,627 1,533 1,506 6,409
International 922 919 858 754 3,453
Europe 237 243 217 195 892
Total 3,957 3,901 3,689 3,488 15,035
Net earnings (consolidated) 37 86 98 53 274
Adjusted EBITDA
Canada 117 121 124 113 475
USA 42 83 67 96 288
International 62 85 56 45 248
Europe 39 33 36 36 144
Total1 260 322 283 290 1,155
1

CONSOLIDATED ANALYSIS OF EARNINGS FOR THE YEAR ENDED MARCH 31,
2022, COMPARED TO MARCH 31, 2021
Revenues
Revenues in fiscal 2022 totalled $15.035 billion, up $741 million or 5.2%, as compared to $14.294 billion in fiscal
2021.
Revenues increased due to higher domestic selling prices, together with pricing initiatives implemented in all our
sectors to mitigate increasing input costs, as well as higher international cheese and dairy ingredient market prices.
However, during the first six months of fiscal 2022, fulfilling the export sales contracts that had been entered into in
fiscal 2021 at depressed commodity prices in the International Sector had an unfavourable impact.
Sales volumes were higher than those of fiscal 2021 mainly due to an increase in the foodservice market segment
and, to a lesser extent, in the industrial market segment. However, sales volumes in the retail market segment were
lower than last fiscal year, mainly due to the surge that occurred in the first quarter of fiscal 2021, although this surge
began to level off starting in the second quarter of fiscal 2021. In the ongoing COVID-19 context, supply chain
challenges, due to container and vessel availability issues and port inefficiencies, negatively impacted export sales
volumes in our International Sector.
The combined effect of the higher average butter market price2 and of the lower average block market price2 had a
positive impact of $61 million. The effect of the fluctuation of the Argentine peso and the Australian dollar on export
sales denominated in US dollars was favourable.
The contributions of the Recent Acquisitions2 totalled $123 million. Finally, the fluctuation of foreign currencies, most
particularly the US dollar, versus the Canadian dollar had an unfavourable impact of $424 million.
In fiscal 2022, operating costs excluding depreciation, amortization, and restructuring costs totalled $13.880 billion,
up $1.057 billion or 8.2%, as compared to $12.823 billion for fiscal 2021. These increases were due to higher input
costs in all our divisions caused by inflationary pressures. Higher revenues, dairy commodity market volatility, and
higher input costs contributed to the higher cost of raw materials and consumables used. Employee salary and
benefit expenses increased due to inflation and wage increases.
Net earnings
In fiscal 2022, net earnings totalled $274 million, down $352 million or 56.2%, as compared to $626 million for fiscal
2021. This decrease is primarily due to the factors that contributed to lower adjusted EBITDA1 of $316 million, as
described below, a higher impairment of intangible assets charge of $24 million after tax, restructuring costs of $51
million after tax, a one-time non-cash expense of $50 million to adjust deferred income tax liability balances to reflect
the increase in the corporate income tax rate in the United Kingdom, and higher depreciation and amortization,
partially offset by a lower income tax expense, lower financial charges, and a gain on disposal of assets of $8 million
after tax.
1
2
Adjusted EBITDA1
Adjusted EBITDA1 in fiscal 2022, totalled $1.155 billion, down $316 million or 21.5%, as compared to $1.471 billion
in fiscal 2021.
Input and logistics costs such as consumables, packaging, transportation, and fuel increased in all our divisions due
to inflationary pressures. Pricing initiatives undertaken were not sufficient to mitigate the ongoing impact of inflation
on our costs, which included an increase of $143 million related to freight and logistics costs, mainly in North America.
In a volatile dairy commodity market, USA Market Factors2 had a negative effect of $118 million, as compared to fiscal
2021, mainly due to the effect of the negative Spread2. On the other hand, the relation between international cheese
and dairy ingredient market prices and the cost of milk as raw material in the International Sector had a positive
impact. However, in the first six months of fiscal 2022, the effect of fulfilling export sales contracts entered into last
fiscal year at depressed commodity prices was unfavourable.
demand, which negatively impacted efficiencies and the absorption of fixed costs.
The contributions of the Recent Acquisitions2 were positive.
The positive effects of lower administrative costs, such as travel and promotional activities, in the context of the
COVID-19 pandemic, tapered off compared to last fiscal year.

In fiscal 2022, depreciation and amortization expenses totalled $560 million, up $45 million, as compared to
$515 million in fiscal 2021. This increase was mainly attributable to additional depreciation and amortization related to
the Recent Acquisitions, as well as additions to property, plant and equipment, which increased the depreciable base.
Impairment of intangible assets

In fiscal 2022, a non-cash impairment of intangible assets charge of $58 million ($43 million after tax) was recorded.
The charge includes $50 million ($38 million after tax) related to software assets following the Company’s decision to
pause the ERP implementation within the Dairy Division (Canada) for a minimum of three years and $8 million ($5
million after tax) as a result of the application of an agenda decision of the IFRIC related to the capitalization of cloud-
based software costs.
In fiscal 2021, a non-cash impairment of intangible assets charge of $19 million was incurred in relation to our
decision to retire one of our cheese brand names from our Australian portfolio.
Gain on disposal of assets
In fiscal 2022, the Company recorded a gain on disposal of assets of $9 million ($8 million after tax) resulting mainly
from the sale of a facility in the Canada Sector.
Acquisition and restructuring costs

In fiscal 2022, Acquisition and restructuring costs amounted to $71 million related to the announcement of several
major capital investments and consolidation initiatives intended to enhance and streamline our manufacturing
footprint in our USA Sector and International Sector as well as to our plans to outsource the Nuneaton facility's
warehouse and distribution activities, creating opportunities for network consolidation within our Europe Sector.
Restructuring costs included a non-cash impairment charge of property, plant, and equipment of $60 million and
severance costs of $8 million. Also, acquisition costs incurred for the Recent Acquisitions were offset by a favourable
purchase price adjustment for a prior year acquisition amounting to nil. Last fiscal year, acquisition and restructuring
costs amounted to $3 million, which included a gain on disposal of assets of $6 million ($5 million after tax) related to
the sale of a closed facility in the Canada Sector and additional costs related to stamp duty taxes from a previous
acquisition.
1
2
Financial charges
Financial charges in fiscal 2022 totalled $70 million, down $26 million or 27.1%, as compared to $96 million in fiscal
2021 mainly due to an increased gain on hyperinflation derived from the indexation of non-monetary assets and
liabilities in Argentina.
Income tax expense

Income tax expense in fiscal 2022 totalled $131 million, reflecting an effective tax rate of 32.3% as compared to
25.8% for fiscal 2021.
The effective income tax rate for fiscal 2022 included the increase in deferred income tax liability balances to reflect
the enactment in June 2021 of an increase from 19% to 25% of the UK tax rate in the United Kingdom, which became
effective as of April 1, 2023. As a result, we incurred a one-time non-cash income tax expense of $50 million. The
effective tax rate also reflected the increase in the Argentine corporate income tax rate from 25% to 35%, enacted in
June 2021, the non-taxable portion of the gain on disposal of assets in Canada, as well as the tax and accounting
treatments for inflation in Argentina. The effective tax rate for fiscal 2022 would have been 26.1% excluding the
effects of these factors.
The effective income tax for fiscal 2021 reflected the tax treatment of an impairment of intangible assets charge of
$19 million and the tax and accounting treatments for inflation in Argentina. Excluding the effects of those two factors,
the effective tax rate for fiscal 2021 would have been 26.3%.
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, 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 earnings in fiscal 2022 totalled $485 million, down $230 million or 32.2%, as compared to $715 million
for fiscal 2021 This is mainly due to a decrease in net earnings of $352 million, as described above, excluding a
higher impairment of intangible assets charge of $24 million after tax, a gain on disposal of assets of $8 million after
tax, higher acquisition and restructuring costs of $54 million after tax, and a one-time non-cash expense of $50 million
to adjust deferred income tax liability balances to reflect the increase in the corporate income tax rate in the United
Kingdom.
1
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 MD&A also refers to certain non-GAAP and other
financial measures which do not have a standardized meaning under GAAP, including the following.
Term Used Definition

Adjusted EBITDA Net earnings before income taxes, financial charges, acquisition and restructuring costs, gain
on disposal of assets, impairment of intangible assets, and depreciation and amortization.
Adjusted net earnings Net earnings before acquisition and restructuring costs, amortization of intangible assets
related to business acquisitions, gain on disposal of assets, and impairment of intangible
assets, net of applicable income taxes and the UK tax rate change.
Adjusted EBITDA margin Adjusted EBITDA expressed as a percentage of revenues.

Adjusted net earnings margin Adjusted net earnings expressed as a percentage of revenues.
Adjusted EPS basic Adjusted net earnings per basic common share.
Adjusted EPS diluted Adjusted net earnings per diluted common share.
Net debt to adjusted EBITDA Net debt divided by adjusted EBITDA.
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 IFRS, 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 MD&A 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
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 highly acquisitive companies,
adjusted net earnings provides 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. 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 of net earnings to adjusted net earnings.

2023 2022 2023 2022
Acquisition and restructuring costs1 21 51 70 51
Amortization of intangible assets related to
business acquisitions1 16 20 63 75
Gain on disposal of assets1 — — — (8)
Impairment of intangible assets1 — — — 43
UK tax rate change2 — — — 50
Adjusted net earnings 196 108 755 485
Revenues 4,468 3,957 17,843 15,035
Margin 4.4 % 2.7 % 4.2 % 3.2 %
1
2
Net of applicable income taxes.
On June 10, 2021, the UK Finance Act 2021 was enacted, increasing the UK tax rate from 19% to 25%, which became effective as of April 1, 2023.
Refer to Note 16 to the consolidated financial statements for further information.
Adjusted EPS basic and adjusted EPS diluted

Adjusted EPS basic and adjusted EPS diluted 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 the acquisition and restructuring costs, amortization of intangible assets related to business acquisitions,
gain on disposal of assets, impairment of intangible assets, and UK tax rate change. 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.

Net debt to adjusted EBITDA
Net debt to adjusted EBITDA is the primary measure used by the Company to monitor its financial leverage. For more
details on net debt, refer to the "Glossary" section of this MD&A and Note 24 to the consolidated financial statements.
For more details on adjusted EBITDA, refer to the discussion above in the adjusted EBITDA and adjusted EBITDA
margin section.
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
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.

2023 2022 2023 2022
Income taxes 22 (12) 153 131
Financial charges 39 16 101 70
Acquisition and restructuring costs 28 71 95 71
Gain on disposal of assets — — — (9)
Impairment of intangible assets — — — 58
Depreciation and amortization 144 148 582 560
Adjusted EBITDA 392 260 1,553 1,155
Revenues 4,468 3,957 17,843 15,035
Margin 8.8 % 6.6 % 8.7 % 7.7 %

GLOSSARY
Average whey powder market price means the average daily price for a pound of extra grade dry whey
published on Daily Dairy Report, used as the base price for whey.
Block market price means the price per pound of a spot contract for cheddar cheese in 40-pound blocks
traded on the Chicago Mercantile Exchange (CME) published in the Daily Dairy Report, used as the base
price for cheese.
Book value per share means total equity divided by the number of common shares outstanding.
Butter market price means the price per pound of a spot contract for Grade AA Butter traded on the
CME published in the Daily Dairy Report, used as the base price for dairy food products.
Net Debt means long-term debt, lease liabilities, and bank loans, including the current portion thereof, net
of cash and cash equivalents. Refer to Note 24 to the consolidated financial statements for further
information.
Net earnings margin means net earnings expressed as a percentage of revenues.
Non-current financial liabilities is composed of non-current long-term debt, lease liabilities, and
derivative financial liabilities.
Recent Acquisitions collectively, means the following business acquisitions completed in fiscal 2022:
business of Wensleydale Dairy Products Limited (Wensleydale Dairy Products Acquisition), the Carolina
Aseptic and Carolina Dairy businesses formerly operated by AmeriQual Group Holdings, LLC (Carolina
Acquisition), Bute Island Foods Ltd (Bute Island Acquisition) and the Reedsburg facility of Wisconsin
Specialty Protein, LLC (Reedsburg Facility Acquisition).
Spread means the difference between the average block market price and the average cost of the
corresponding quantity of Class III milk in the USA market based on the milk prices published by the
United States Department of Agriculture.
USA Market Factors include, for the USA Sector, the average block market price and its effect on the
absorption of fixed costs and on the realization of inventories, the effect of the Spread, the market pricing
impact related to sales of dairy ingredients, as well as the impact of the average butter market price
related to dairy food products.
Working capital means current assets minus current liabilities.
Working capital ratio means current assets divided by current liabilities.

CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT’S STATEMENT OF RESPONSIBILITY FOR FINANCIAL REPORTING
Management is responsible for the preparation and presentation of the consolidated financial statements and the
financial information presented in this annual report. This responsibility includes the selection of accounting policies
and practices and making judgments and estimates necessary to prepare the consolidated financial statements in
accordance with International Financial Reporting Standards.
Management has also prepared the financial information presented elsewhere in this annual report and has ensured
that it is consistent with the consolidated financial statements.
Management maintains systems of internal control designed to provide reasonable assurance that assets are
safeguarded and that relevant and reliable financial information is being produced.
The Board of Directors is responsible for ensuring that Management fulfills its responsibilities for financial reporting
and is responsible for reviewing and approving the consolidated financial statements. The Board of Directors carries
out this responsibility principally through its Audit Committee, which is comprised solely of independent directors. The
Audit Committee meets periodically with Management and the independent auditor to discuss internal controls,
auditing matters and financial reporting issues. It also reviews the annual report, the consolidated financial statements
and the independent auditor’s report. The Audit Committee recommends the independent auditor for appointment by
the shareholders. The independent auditor have unrestricted access to the Audit Committee. The consolidated
financial statements have been audited by the independent auditor KPMG LLP, whose report follows.
(signed) Lino A. Saputo (signed) Maxime Therrien

Lino A. Saputo Maxime Therrien, CPA
Chair of the Board, Chief Financial Officer
President and Chief Executive Officer and Secretary
June 8, 2023

KPMG LLP Telephone (514) 840-2100
600 de Maisonneuve Blvd. West Fax (514) 840-2187
Suite 1500, Tour KPMG Internet www.kpmg.ca
Montréal (Québec) H3A 0A3
INDEPENDENT AUDITOR'S REPORT

To the Shareholders and Board of Directors of Saputo Inc.
Opinion
We have audited the consolidated financial statements of Saputo Inc. (the “Entity”), which comprise:
• the consolidated statements of financial position as at March 31, 2023 and March 31, 2022;
• the consolidated income statements for the years then ended
• the consolidated statements of comprehensive income for the years then ended
• the consolidated statements of changes in equity for the years then ended
• the consolidated statements of cash flows for the years then ended
• and notes to the consolidated financial statements, including a summary of material accounting
policies
(hereinafter referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the
consolidated financial position of the Entity as at March 31, 2023 and March 31, 2022, and its
consolidated financial performance and its consolidated cash flows for the years then ended in
accordance with International Financial Reporting Standards (“IFRS”).
Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the
Audit of the Financial Statements” section of our auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our
audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for the year ended March 31, 2023. These matters were addressed in
the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG
Canada provides services to KPMG LLP.

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We have determined the matters described below to be the key audit matters to be communicated in
our auditor’s report.
Assessment of the carrying amount of Goodwill for Dairy Division (Australia)

and Dairy Division (UK) cash generating units (CGUs)
Description for the matter
We draw attention to Notes 3 and 8 of the financial statements. The goodwill balance is $3,338 million,
of which $258 million and $613 million relate to the Dairy Division (Australia) and Dairy Division (UK),
respectively. The Entity performs impairment testing annually for goodwill or more frequently if events
or changes in circumstances indicate that it might be impaired. When testing goodwill for impairment,
the carrying values of the CGUs or group of CGUs, including goodwill, are compared with their
respective recoverable amounts and an impairment loss, if any, is recognized for the excess. The
recoverable amounts of the CGUs or group of CGUs are estimated based on the higher of their fair
value less costs of disposal using an earnings multiplier valuation method and value in use using a
discounted cash flow model. The determination of the recoverable amount requires management to
make significant estimates and assumptions related to:
• The forecasted cash flows based on earnings before interest, income taxes, depreciation and
amortization (“EBITDA”), terminal growth rates and discount rates, used in the discounted cash
flow model
• EBITDA multiples used in the earnings multiplier valuation method.
Why this matter is a key audit matter

We identified the assessment of the carrying amount of Goodwill for Dairy Division (Australia) and
Dairy Division (UK) CGUs as a key audit matter. This matter represented an area of significant risk of
material misstatement given the sensitivity of the Entity’s determination of the recoverable amounts of
the CGUs to changes to significant assumptions. In addition, significant auditor judgment and
specialized skills and knowledge were required in evaluating the results of our audit procedures.
How the Key Audit Matter Was Addressed in the Audit

The primary procedures we performed to address this key audit matter included the following:
We evaluated the Entity’s ability to accurately forecast EBITDA by comparing actual results to historical
EBITDA forecasts.
We involved our valuation professionals with specialized skills and knowledge, who assisted in
evaluating the appropriateness of the:
• Terminal growth rates by developing a range of independent terminal growth rates using publicly
available industry market data and expected long term inflation rates and comparing those to the
Entity’s terminal growth rates assumptions
• Discount rates by comparing inputs into the discount rates to publicly available data for
comparable entities

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• EBITDA multiples by developing an independent range of multiples using available market

information from third party sources and observed in recent comparable transactions, and
comparing those to EBITDA multiples selected by management.
Other Information
Management is responsible for the other information. Other information comprises:
• The information included in Management’s Discussion and Analysis filed with the relevant
Canadian Securities Commissions.
• The information, other than the financial statements and the auditor’s report thereon, included in a
document likely to be entitled “Annual Report”.
Our opinion on the financial statements does not cover the other information and we do not and will not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for
indications that the other information appears to be materially misstated.
We obtained the information included in Management’s Discussion and Analysis and the Annual
Report filed with the relevant Canadian Securities Commissions as at the date of this auditor’s report.
If, based on the work we have performed on this other information, we conclude that there is a material
misstatement of this other information, we are required to report that fact in the auditor’s report.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the

Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with IFRS, and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity’s ability to
continue as a going concern, disclosing as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Entity or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.

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Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Canadian generally accepted auditing standards will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise
professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Entity's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Entity to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

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• Provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the group Entity to express an opinion on the financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
• Determine, from the matters communicated with those charged with governance, those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our auditor’s report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement partner on the audit resulting in this auditor’s report is Toni Dilli.
/s/ KPMG LLP*
Montréal, Canada
June 8, 2023
*
CPA auditor, public accountancy permit No. A123145

CONSOLIDATED INCOME STATEMENTS
(in millions of CDN dollars, except per share amounts)
Years ended March 31 2023 2022

Revenues (Note 25) $ 17,843 $ 15,035
Operating costs excluding depreciation, amortization, and restructuring costs (Note 5) 16,290 13,880
Earnings before income taxes, financial charges, acquisition and restructuring costs,
gain on disposal of assets, impairment of intangible assets, and depreciation and
amortization 1,553 1,155
Depreciation and amortization 582 560
Impairment of intangible assets (Note 8) — 58
Gain on disposal of assets — (9)
Acquisition and restructuring costs (Note 14) 95 71
Financial charges (Note 15) 101 70
Earnings before income taxes 775 405
Income taxes (Note 16) 153 131
Net earnings $ 622 $ 274
Net earnings per share (Note 18)

Basic $ 1.49 $ 0.66
Diluted $ 1.48 $ 0.66
The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Other comprehensive income (loss):

Items that may be reclassified to net earnings:
Exchange differences arising from foreign currency translation 285 (142)
Inflation effect arising from the application of hyperinflation (4) (2)
Unrealized (losses) gains on cash flow hedges (Note 19) (40) 19
Reclassification of losses on cash flow hedges to
net earnings 23 11
Income taxes relating to items that may be reclassified to
net earnings 5 (9)
269 (123)
Items that will not be reclassified to net earnings:

Actuarial (loss) gain (Note 21) (154) 72
Income taxes relating to items that will not be reclassified to
net earnings 38 (11)
(116) 61
Other comprehensive income (loss) 153 (62)

Total comprehensive income $ 775 $ 212

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions of CDN dollars, except common shares)

For the year ended March 31, 2023
Share capital Reserves
Foreign Stock
Common Currency Cash Flow Option Total Retained Total
Shares Amount Translation Hedges Plan Reserves Earnings Equity
Balance, beginning of year 416,738,041 $ 1,945 $ 66 $ 21 $ 172 $ 259 $ 4,301 $ 6,505

Net earnings — — — — — — 622 622
Other comprehensive income — — 281 (12) — 269 (116) 153
Total comprehensive income 775
Dividends (Note 13) — — — — — — (301) (301)
Shares issued under dividend reinvestment plan
(Note 13) 3,182,091 102 — — — — — 102
Stock options (Note 13) — — — — 13 13 — 13
Exercise of stock options (Note 13) 1,684,724 55 — — (9) (9) — 46
Balance, end of year 421,604,856 $ 2,102 $ 347 $ 9 $ 176 $ 532 $ 4,506 $ 7,140

Share capital Reserves
Foreign Stock
Common Currency Cash Flow Option Total Retained Total
Shares Amount Translation Hedges Plan Reserves Earnings Equity
Balance, beginning of year 412,333,571 $ 1,807 $ 210 $ — $ 165 $ 375 $ 4,262 $ 6,444
Net earnings — — — — — — 274 274
Other comprehensive loss — — (144) 21 — (123) 61 (62)
Total comprehensive income 212
Dividends (Note 13) — — — — — — (296) (296)
Shares issued under dividend reinvestment plan
(Note 13) 2,783,718 87 — — — — — 87
Stock options (Note 13) — — — — 15 15 — 15
Exercise of stock options (Note 13) 1,620,752 51 — — (8) (8) — 43
Balance, end of year 416,738,041 $ 1,945 $ 66 $ 21 $ 172 $ 259 $ 4,301 $ 6,505

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at March 31, 2023 March 31, 2022

ASSETS
Current assets
Cash and cash equivalents $ 263 $ 165
Receivables 1,621 1,500
Inventories (Note 4) 2,872 2,503
Income taxes receivable (Note 16) 16 52
Prepaid expenses and other assets 79 75
4,851 4,295
Property, plant and equipment (Note 6) 4,286 3,962
Right-of-use assets (Note 7) 446 475
Goodwill (Note 8) 3,338 3,188
Intangible assets (Note 8) 1,283 1,371
Other assets (Note 9) 158 362
Deferred tax assets (Note 16) 63 30
Total assets $ 14,425 $ 13,683
LIABILITIES
Current liabilities
Bank loans (Note 10) $ 356 $ 419
Accounts payable and accrued liabilities 2,149 1,952
Income taxes payable (Note 16) 99 44
Current portion of long-term debt (Note 11) 307 300
Current portion of lease liabilities (Note 7) 91 65
3,002 2,780
Long-term debt (Note 11) 2,944 3,075
Lease liabilities (Note 7) 342 386
Other liabilities (Note 12) 137 101
Deferred tax liabilities (Note 16) 860 836
Total liabilities $ 7,285 $ 7,178
EQUITY
Share capital (Note 13) 2,102 1,945
Reserves 532 259
Retained earnings 4,506 4,301
Total equity $ 7,140 $ 6,505
Total liabilities and equity $ 14,425 $ 13,683
On behalf of the Board,
(signed) Lino A. Saputo (signed) Annalisa King

Lino A. Saputo Annalisa King
Chair of the Board, President Director
and Chief Executive Officer

CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows related to the following activities:

Operating
Adjustments for:
Stock-based compensation 67 37
Financial charges (Note 15) 101 70
Income tax expense 153 131
Depreciation and amortization 582 560
Restructuring charges related to optimization initiatives 95 68
Gain on disposal of property, plant and equipment (4) (12)
Foreign exchange gain on debt (20) (21)
Share of joint venture earnings, net of dividends received and other (3) 3
Changes in non-cash operating working capital items (Note 17) (367) (252)
Cash generated from operating activities 1,226 916
Interest and financial charges paid (143) (117)
Income taxes paid (58) (106)
Net cash generated from operating activities $ 1,025 $ 693
Investing
Business acquisitions, net of cash acquired — (371)
Additions to property, plant and equipment (617) (453)
Additions to intangible assets (24) (45)
Proceeds from disposal of property, plant and equipment 9 70
Net cash used for investing activities $ (632) $ (799)
Financing
Bank loans (54) 356
Proceeds from issuance of long-term debt 313 306
Repayment of long-term debt (406) (487)
Repayment of lease liabilities (68) (80)
Net proceeds from issuance of share capital 45 42
Payment of dividends (199) (209)
Net cash used in financing activities $ (369) $ (72)
Increase (decrease) in cash and cash equivalents 24 (178)

Cash and cash equivalents, beginning of year 165 309
Effect of Argentina hyperinflation 75 39
Effect of exchange rate changes (1) (5)
Cash and cash equivalents, end of year $ 263 $ 165

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended March 31, 2023, and 2022.
(All dollar amounts are in millions of CDN dollars, except per share amounts or unless otherwise indicated.)
NOTE 1 CORPORATE INFORMATION

Saputo Inc. (the Company) is a publicly traded company incorporated and domiciled in Canada. The Company’s
shares are listed on the Toronto Stock Exchange under the symbol “SAP.” The Company produces, markets, and
distributes a wide array of dairy products from Canada, the United States, Australia, Argentina, and the United
Kingdom. In addition to its dairy portfolio, the Company produces, markets, and distributes a range of dairy alternative
cheeses and beverages. The address of the Company’s head office is 6869 Metropolitain Blvd. East, Montréal,
Québec, Canada, H1P 1X8. The consolidated financial statements of the Company for the fiscal year ended March
31, 2023 (financial statements), comprise the financial results of the Company and its subsidiaries.
The financial statements were authorized for issuance by the Board of Directors on June 8, 2023.
NOTE 2 BASIS OF PRESENTATION

STATEMENT OF COMPLIANCE
The consolidated financial statements of the Company have been prepared in accordance with International Financial
Reporting Standards (IFRS).
BASIS OF MEASUREMENT
The Company’s financial statements have been prepared on a historical cost basis except for defined benefit plan
assets and liabilities as well as certain financial instruments that are measured at fair value as described in Note 3,
Material accounting policies.
FUNCTIONAL AND PRESENTATION CURRENCY

The Company’s consolidated financial statements are presented in Canadian dollars, which is also the consolidated
entity’s functional currency. All financial information has been rounded to the nearest million unless stated otherwise.
NOTE 3 MATERIAL ACCOUNTING POLICIES

CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements include the accounts of the Company and entities under its control. Control
exists when an entity is exposed, or has rights, to variable returns from its involvement with investees and has the
ability to affect those returns through its power over them. All intercompany transactions and balances have been
eliminated. Investments over which the Company has effective control are consolidated. The operating results of
acquired businesses, from their respective acquisition dates, are included in the consolidated income statements.
CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist primarily of cash and short-term investments having an initial maturity of three
months or less at the time of acquisition.
INVENTORIES
Finished goods, raw materials, and work in process are valued at the lower of cost and net realizable value, cost
being determined using the first in, first out method.

NOTE 3 MATERIAL ACCOUNTING POLICIES (CONT'D)
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses and are
depreciated using the straight-line method over their estimated useful lives as described below:
Buildings 15 to 40 years
Furniture, machinery and equipment 3 to 20 years
Rolling stock 5 to 10 years based on estimated kilometers traveled
Where components of an item of building or furniture, machinery, and equipment are individually significant, they are
accounted for separately within the categories described above.
Assets held for sale are recorded at the lower of their carrying amount or fair value less costs to sell, and no
depreciation is recorded. Assets under construction are not depreciated.
For the purposes of impairment testing, property, plant and equipment are tested at the cash-generating unit (CGU)
level. Write-downs, if any, are included in “depreciation and amortization” or “restructuring costs” in the consolidated
income statements.
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

Leases are recognized as a right-of-use asset with a corresponding lease liability at the commencement date. Each
lease payment is allocated between a reduction of the liability and finance cost. The finance cost is recognized in
‘‘Financial charges’’ in the consolidated income statements over the lease period resulting in a constant periodic rate
of interest on the remaining balance of the liability. The lease liability is measured at the present value of lease
payments, discounted using the incremental borrowing rate at the lease commencement date if the interest rate
implicit in the lease is not readily available. The period over which lease payments are discounted includes renewal
options.
Costs associated with short-term leases and leases of low-value assets are included in “Operating costs excluding
depreciation, amortization, and restructuring costs” in the consolidated income statements.
GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the excess of the consideration transferred in a given acquisition over the fair value of the
identifiable net assets acquired and is initially recorded at that value. Goodwill is subsequently carried at cost less any
impairment.
Intangible assets include trademarks, customer relationships, and software that is not an integral part of the related
hardware. Intangible assets are initially recorded at their transaction fair values. Definite life intangible assets are
subsequently carried at cost less accumulated amortization and impairment losses, if any. Indefinite life intangible
assets, including goodwill, are not amortized and are tested for impairment annually or more frequently if events or
changes in circumstances indicate that they might be impaired.
When testing goodwill for impairment, the carrying values of the CGUs or group of CGUs, including goodwill, are
compared with their respective recoverable amounts (higher of fair value less costs of disposal and value in use) and
an impairment loss, if any, is recognized for the excess.
The Company's trademarks are considered to be definite life intangible assets and are amortized using the straight-
line method over their estimated useful lives which vary from 15 to 25 years. Customer relationships and software are
considered to be definite life intangible assets and are amortized using the straight-line method over their estimated
useful lives which vary from 3 to 15 years. Trademarks, customer relationships and software are reviewed for
indicators of impairment at each reporting period.
Refer to “Impairment Testing of Cash-Generating Units” in Note 8 for a discussion of the CGU levels at which goodwill
and intangible assets are tested.

IMPAIRMENT OF OTHER LONG-LIVED ASSETS
Other long-lived assets are subject to an “indicators of impairment” test at each reporting period. In the event of an
indication of impairment, the asset or group of assets (referred to as a CGU), for which identifiable cash flows that are
largely independent of the cash inflows from other assets or group of assets exist, are tested for impairment. An
impairment loss is recorded in “depreciation and amortization” or “restructuring costs” in the consolidated income
statements when the carrying value exceeds the recoverable amount. The recoverable amount is defined as the
greater of fair value less costs of disposal and value in use.
BUSINESS COMBINATIONS
The Company accounts for its business combinations using the acquisition method of accounting. Under this method,
the Company allocates the purchase price to tangible and intangible assets acquired and liabilities assumed based
on estimated fair values at the date of acquisition, with the excess of the purchase price amount allocated to goodwill.
Debt issuance costs directly related to the funding of business acquisitions are included in the carrying value of the
debt and are amortized over the related debt term using the effective interest rate method. Acquisition costs are
expensed as incurred.
EMPLOYEE FUTURE BENEFITS

The cost of defined benefit pension and other post-retirement benefits is actuarially determined annually on March 31
using the projected unit credit method and using Management’s best estimates of rates of compensation increases,
retirement ages of employees, and expected health care costs. Key assumptions made when valuing the defined
benefit obligation include the discount rate, duration of the plan, inflation, and mortality, amongst others. Actuarial
gains or losses, the effect of an adjustment, if any, on the maximum amount recognized as an asset and the impact of
the minimum funding requirements, are recorded in other comprehensive income (loss) and immediately recognized
in retained earnings without subsequent reclassification to the consolidated income statements. Current service costs
and past service costs are included in the consolidated income statements. Past service costs are recognized at the
earlier of the date of the plan amendment or curtailment. Interest on obligations offset by interest income on plan
assets are included in financial charges in the consolidated income statements. The net pension expenditure under
defined contribution pension plans is generally equal to the contributions made by the employer.
REVENUE RECOGNITION
The Company recognizes revenue when control of the asset is transferred to the customer, the vast majority upon
shipment of products. Revenue is measured at the amount of consideration to which the Company expects to be
entitled to receive. Sales are net of a provision for variable consideration of estimated allowances and sales
incentives provided to customers, such that it is highly probable that a significant reversal will not occur once the
uncertainty related to the variable consideration is subsequently resolved.
The value of sales incentives provided to customers are estimated using historical trends and are recognized at the
time of sale as a reduction of revenue. Sales incentives include discounts, promotions, advertising allowances, and
other volume-based incentives. In subsequent periods, the Company monitors the performance of customers against
agreed upon obligations related to sales incentive programs and makes any adjustments to both revenue and sales
incentive accruals as required.

FOREIGN CURRENCY TRANSLATION
The Company’s functional currency is the Canadian dollar. Accordingly, the financial position accounts of foreign
operations are translated into Canadian dollars using the exchange rates at the financial position dates and income
statements accounts are translated into Canadian dollars using the average monthly exchange rates in effect during
the periods. The foreign currency translation adjustment (CTA) reserve presented in the consolidated statements of
comprehensive income and the consolidated statements of changes in equity, represents accumulated foreign
currency gains (losses) on the Company’s net investments in foreign operations.
Foreign currency accounts of the Company and its subsidiaries are translated using the exchange rates at the
financial position dates for monetary assets and liabilities, and at the prevailing exchange rates at the time of
transactions for income and expenses. Non-monetary items are translated at the historical exchange rates. Gains or
losses resulting from this translation are included in operating costs.
FINANCIAL REPORTING in HYPERINFLATIONARY ECONOMIES

In July 2018, the Argentine Federation of Professional Councils in Economic Sciences (F.A.C.P.C.E.) issued a release
mentioning that, effective July 1, 2018, entities reporting under IFRS are required to apply the inflation adjustment
since the applicable conditions for such application have been satisfied. International Accounting Standard (IAS) no.
29 financial reporting in hyperinflationary economies, requires that the financial statements of an entity whose
functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price
index to express the effects of inflation, and shall be stated in terms of the measuring unit current at the end of the
reporting period. Non- monetary assets and liabilities of the Dairy Division (Argentina) are adjusted by applying the
relevant index and the adjustment is included as a gain(loss) on hyperinflation which is presented in financial charges
in the consolidated income statements.
STOCK-BASED COMPENSATION
The Company offers an equity settled stock option plan to certain employees pursuant to which options are granted
over a five-year vesting period with a ten-year expiration term. The fair value of each installment of an award is
determined separately and recognized over the vesting period. When stock options are exercised, any consideration
paid by employees and the related compensation expense recorded as a stock option plan reserve are credited to
share capital.
The Company allocates deferred share units (DSU) to eligible Directors of the Company which are based on the
market value of the Company’s common shares. DSUs are granted on a quarterly basis, vest upon award and entitle
Directors to receive a cash payment for the value of the DSUs they hold following cessation of functions as a Director
of the Company. The Company recognizes an expense in its consolidated income statements and a liability in its
consolidated statement of financial positions for each grant. The liability is subsequently remeasured at the fair value
of common shares at each reporting period with any change in value recorded in the consolidated income
statements.
The Company offers performance share units (PSU) and restricted share units (RSU) to senior management which
are based on the market value of the Company’s common shares. The PSU and RSU plans are non-dilutive and are
settled in cash. These awards are considered cash-settled share-based payment awards. A liability is recognized for
the employment service received and is measured initially, on the grant date, at the fair value of the liability. The
liability is subsequently remeasured at the fair value of common shares at each reporting period with any change in
value recorded in the consolidated income statements. Compensation expense is recognized over the three-year
performance cycle for PSUs and over the three-year restriction period for RSUs.

INCOME TAXES
Income tax expense represents the sum of current and deferred income tax and is recognized in the consolidated
income statements with the exception of items that are recognized in the consolidated statements of comprehensive
income or directly in equity.
Current income taxes are determined in relation to taxable earnings for the year and incorporate any adjustments to
current taxes payable in respect of previous years.
Deferred income tax assets and liabilities are determined based on temporary differences between the carrying
amount of an asset or liability in the consolidated statement of financial position and its tax basis. They are measured
using the enacted or substantively enacted tax rates that are expected to apply when the asset is realized, or the
liability is settled. A deferred income tax asset is recognized to the extent that it is probable that taxable profit will be
available against which the deductible temporary difference can be used.
FINANCIAL INSTRUMENTS
Financial assets and liabilities are initially measured at fair value. Subsequently, financial instruments classified as fair
value through profit or loss and fair value through other comprehensive income, part of a hedging relationship or not,
continue to be measured at fair value on the statement of financial position at each reporting date, whereas other
financial instruments are measured at amortized cost using the effective interest method.
The Company has made the following classifications:
– Cash and cash equivalents are classified as amortized cost and are subsequently measured at amortized cost.
– Receivables are classified as amortized cost and are subsequently measured at amortized cost.
– Other assets that meet the definition of a financial asset are classified as amortized cost and are subsequently
measured at amortized cost.
– Bank loans, accounts payable and accrued liabilities, other liabilities, and long-term debt are classified as
amortized cost and are measured at amortized cost.
The Company applies the simplified approach to recognize lifetime expected credit losses under IFRS 9. Certain
derivative instruments are utilized by the Company to manage exposure to variations in interest rate payments and to
manage foreign exchange rate risks, including foreign exchange forward contracts, currency swaps, and interest rate
swaps. Derivatives are initially recognized at fair value at the date the derivative contracts and currency swaps are
entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting
gain or loss is immediately recognized in net earnings unless the derivative is designated as a hedging instrument.
HEDGING
The Company designates certain financial instruments as cash flow hedges. At the inception of the hedging
relationship, the Company designates and formally documents the relationship between the hedging instrument and
the hedged item, the risk management objective, and its strategy for undertaking the hedge.
For derivatives instruments designated as cash flow hedges, the change in fair value related to the effective portion of
the hedge is recognized in other comprehensive income (loss), and the accumulated amount is presented as a
hedging reserve in the consolidated statement of changes in equity. Any ineffective portion is immediately recognized
in net earnings. When hedging instruments have come due or are settled, the gains or losses included in other
components of equity are reclassified to net earnings offsetting the losses or gains recognized on the underlying
hedged items.
The Company formally assesses at inception and quarterly thereafter, the effectiveness of the hedging instruments’
ability to offset variations in the cash flow risks associated with the hedged item. Where a hedging relationship is no
longer effective, hedge accounting is discontinued and any subsequent change in the fair value of the hedging
instrument is recognized in net earnings.

FAIR VALUE HIERARCHY
Assets and liabilities, for which fair value is measured or disclosed in the consolidated financial statements, are
categorized into one of three hierarchy levels, described below, for disclosure purposes. Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
Each level reflects the inputs used to measure the fair values of assets and liabilities:
Level 1 - Inputs are unadjusted quoted prices of identical instruments in active markets.
Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly.
Level 3 - One or more significant inputs used in a valuation technique are not based on observable market data in
determining fair values of the instruments.
Determination of fair value and the resulting hierarchy requires the use of observable market data whenever
available. The classification of a financial instrument in the hierarchy is based upon the lowest level of input that is
significant to the measurement of fair value.
USE OF ESTIMATES AND JUDGMENTS IN THE APPLICATION OF ACCOUNTING POLICIES

The preparation of the Company’s financial statements requires Management to make certain judgments and
estimates about transactions and carrying values that are fulfilled at a future date. Judgments and estimates are
subject to fluctuations due to changes in internal and/or external factors and are continuously monitored by
Management. A discussion of the judgments and estimates that could have a material effect on the financial
statements is provided below.
SIGNIFICANT ESTIMATES AND JUDGMENTS
Income Taxes
The Company is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the
consolidated provision for income taxes. During the ordinary course of business, there are many transactions and
calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated
tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these
matters differs from the amounts that were initially recorded, such differences will impact the results for the reporting
period and the respective current income tax and deferred income tax provisions in the reporting period in which such
determination is made.
Deferred income tax assets and liabilities are measured using enacted or substantively enacted income tax rates
expected to apply to taxable income in the years in which temporary differences are expected to be recovered or
settled. As a result, a projection of taxable income is required for those years, as well as an assumption of the
ultimate recovery or settlement period for temporary differences. The projection of future taxable income is based on
Management’s best estimates and may vary from actual taxable income. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Canadian, US, and international tax rules and regulations are subject to interpretation and require judgment on the
part of the Company that may be challenged by taxation authorities. The Company believes that it has adequately
provided for deferred tax obligations that may result from current facts and circumstances. Temporary differences and
income tax rates could change due to fiscal budget changes and/or changes in income tax laws.

Goodwill, Intangible Assets, and Business Combinations
Goodwill, trademarks, and customer relationships have principally been recognized as a result of business
combinations. The acquisition method, which also requires significant estimates and judgments, is used to account
for these business combinations. As part of the allocation process in a business combination, estimated fair values
are assigned to the net assets acquired, including trademarks and customer relationships. These estimates are
based on forecasts of future cash flows, estimates of economic fluctuations, and an estimated discount rate. The
excess of the purchase price over the estimated fair value of the net assets acquired is then assigned to goodwill. In
the event that actual net assets fair values are different from estimates, the amounts allocated to the net assets, and
specifically to trademarks and customer relationships, could differ from what is currently reported. This would then
have a pervasive impact on the carrying value of goodwill. Differences in estimated fair values would also have an
impact on the amortization of definite life intangibles.
Impairment of Assets
Significant estimates and judgments are required in testing goodwill, intangible assets, and other long-lived assets,
including right-of-use assets, for impairment. Management uses estimates or exercises judgment in assessing
indicators of impairment, defining a CGU, forecasting future cash flows, and in determining other key assumptions
such as discount rates and earnings multipliers used for assessing fair value (less costs of disposal) or value in use.
Goodwill is tested for impairment annually based on the December 31 balances and whenever there is an indication
of impairment. Other long-lived assets are tested only when indicators of impairment are present.
Employee Future Benefits

The Company is the sponsor to both defined benefit and defined contribution plans, which provide pension and other
post-employment benefits to its employees.
Several estimates and assumptions are required with regards to the determination of the defined benefit expense and
its related obligation, such as the discount rate used in determining the carrying value of the obligation and the
interest income on plan assets, the duration of the obligation, inflation, the expected health care cost trend rate, the
expected mortality rate, expected salary increase, etc. Changes in a number of key assumptions can have a material
impact on the calculation of the obligation. Actual results will normally differ from expectations. Remeasurements of
the obligation are presented in the consolidated statements of comprehensive income.
EFFECT OF NEW ACCOUNTING STANDARDS, INTERPRETATIONS, AND AMENDMENTS

ADOPTED DURING THE YEAR
The following standards, amendments to existing standards, and interpretation of standards were adopted by the
Company on or after April 1, 2022:
IFRS 3, Reference to the Conceptual Framework

In May 2020, amendments to IFRS 3, Business Combinations were issued, adding a requirement that IAS 37,
Provisions, contingent liabilities and contingent assets, or International Financial Reporting Interpretations Committee
(IFRIC) 21, Levies, be applied by an acquirer to identify the liabilities it has assumed in a business combination. Also,
an explicit statement was added requiring an acquirer to not recognize contingent assets acquired in a business
combination.
The adoption of this amendment did not significantly impact the Company’s financial statements.
IAS 1, Disclosure of Accounting Policies

In February 2021, the IASB issued amendments to IAS 1 to require entities to disclose its material accounting policies
instead of its significant accounting policies.
The early adoption of this amendment did not have a significant impact on the Company’s financial statements

IAS 8, Definition of Accounting Estimates
In February 2021, the IASB issued amendments to IAS 8 to replace the definition of a change in accounting estimate.
Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to
measurement uncertainty”.
IAS 12, Deferred Tax Related to Assets and Liabilities Arising From a Single Transaction
In May 2021, the IASB issued amendments to IAS 12 to require entities to recognize deferred tax on transactions
that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
IAS 16, Property, Plant and Equipment: Proceeds Before Intended Use
In May 2020, the IASB issued Property, Plant and Equipment: Proceeds before Intended Use, Amendments to IAS
16. This amendment prohibits a company from deducting from the cost of property, plant and equipment amounts
received from selling items produced while the company is preparing the asset for its intended use. Instead, a
company will recognize such sales proceeds and related costs in profit or loss.
IAS 37, Onerous Contracts – Cost of Fulfilling a Contract

In May 2020, the IASB issued Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37), amending
the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a
contract is onerous.
NOTE 4 INVENTORIES
March 31, 2023 March 31, 2022

Finished goods $ 1,521 $ 1,444
Raw materials, work in progress and supplies 1,351 1,059
Total $ 2,872 $ 2,503
The amount of inventories recognized as an expense in operating costs for the year ended March 31, 2023, is
$14.5 billion ($11.7 billion for the year ended March 31, 2022).
NOTE 5 OPERATING COSTS EXCLUDING DEPRECIATION, AMORTIZATION, AND

RESTRUCTURING COSTS
For the years ended March 31

2023 2022
Changes in inventories of finished goods and work in process $ (269) $ (168)
Raw materials and consumables used 12,687 10,522
Foreign exchange loss (gain) 15 11
Employee benefits expense 2,108 1,877
Selling costs 814 803
General and administrative costs 935 835
$ 16,290 $ 13,880

NOTE 6 PROPERTY, PLANT AND EQUIPMENT

Furniture,
machinery
and Rolling
Land Buildings equipment stock Total
Cost
As at March 31, 2022 $ 203 $ 1,584 $ 4,607 $ 12 $ 6,406
Additions 9 149 459 — 617
Disposals — (19) (52) (2) (73)
Impairment related to restructuring (Note 14) — — (4) — (4)
Foreign currency and hyperinflation — 57 192 1 250
As at March 31, 2023 $ 212 $ 1,771 $ 5,202 $ 11 $ 7,196
Accumulated depreciation
As at March 31, 2022 $ — $ 501 $ 1,933 $ 10 $ 2,444
Depreciation — 72 290 1 363
Disposals — (17) (52) (2) (71)
Impairment related to restructuring (Note 14) — 19 40 — 59
Foreign currency and hyperinflation — 16 99 — 115
As at March 31, 2023 $ — $ 591 $ 2,310 $ 9 $ 2,910
Net book value at March 31, 2023 $ 212 $ 1,180 $ 2,892 $ 2 $ 4,286
The net book value of property, plant and equipment under construction amounts to $592 million as at March 31,
2023, ($294 million as at March 31, 2022) and consists mainly of machinery and equipment.
On April 2, 2023, the Company announced it entered into a definitive agreement to sell two fresh milk processing
facilities located in Australia and, as a result, the net book value of property, plant and equipment as at March 31,
2023 includes $23 million of land and building held for sale recorded at the lower of their carrying value and estimated
fair value less costs to sell. Refer to Note 7 for information on amounts of right-of-use assets and lease liabilities.
The transaction, valued at approximately $95 million (AU$105 million) is subject to customary conditions, including
the clearance from the Australian Competition and Consumer Commission, and is expected to close in the second
half of calendar 2023. The expected gain or loss on the closing of this transaction is expected to be minimal. This
intended divestiture is in line with other initiatives undertaken by the Company in the context of its Global Strategic
Plan.

NOTE 6 PROPERTY, PLANT AND EQUIPMENT (CONT'D)

Furniture,
machinery
and
Land Buildings equipment Rolling stock Total
Cost
As at March 31, 2021 $ 207 $ 1,428 $ 4,254 $ 13 $ 5,902
Business acquisitions (Note 20) 2 43 91 — 136
Additions 2 103 348 — 453
Disposals (3) (11) (73) (2) (89)
Transfers — 27 (16) — 11
Foreign currency and hyperinflation (5) (6) 3 1 (7)
As at March 31, 2022 $ 203 $ 1,584 $ 4,607 $ 12 $ 6,406
Accumulated depreciation
As at March 31, 2021 $ — $ 418 $ 1,697 $ 10 $ 2,125
Depreciation — 68 267 1 336
Disposals — (8) (72) (1) (81)
Transfers — — 2 — 2
Impairment related to restructuring (Note 14) — 24 30 — 54
Foreign currency and hyperinflation — (1) 9 — 8
As at March 31, 2022 $ — $ 501 $ 1,933 $ 10 $ 2,444
Net book value at March 31, 2022 $ 203 $ 1,083 $ 2,674 $ 2 $ 3,962

NOTE 7 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
The following table presents changes in right-of-use assets during fiscal 2023:

Real Estate Equipment Total
Balance as at April 1, 2022 $ 322 $ 153 $ 475
New leases / leases modifications 46 9 55
Depreciation (41) (37) (78)
Foreign currency (5) (1) (6)
Balance at March 31, 2023 $ 322 $ 124 $ 446
The following table presents changes in right-of-use assets during fiscal 2022:

Real Estate Equipment Total
Balance as at April 1, 2021 $ 345 $ 137 $ 482
New leases / leases modifications 23 58 81
Depreciation (41) (38) (79)
Foreign currency (5) (4) (9)
Balance at March 31, 2022 $ 322 $ 153 $ 475
The following table presents changes in lease liabilities during fiscal 2023 and 2022:
March 31, 2023 March 31, 2022

Balance, beginning of year $ 451 $ 461
New leases / lease modifications 56 80
Interest expense 14 15
Payments (82) (95)
Foreign currency (6) (10)
433 451
Current portion (91) (65)
Balance, end of year $ 342 $ 386
Right-of-use assets as at March 31, 2023 include $63 million of real estate and equipment to be sold pursuant to the
definitive agreement to sell two fresh milk processing facilities located in Australia described in Note 6. Lease
liabilities relating to these assets total $36 million as at March 31, 2023 and are included in the current portion of
lease liabilities.
The following maturity table of the Company’s lease liabilities outstanding at March 31, 2023, is based on the
expected undiscounted contractual cash flows until the contractual maturity date:
Less than 1 year $ 103

1-2 years 55
2-3 years 49
3-4 years 45
4-5 years 39
More than 5 years 265
$ 556
Expenses relating to short-term leases and leases of low value were not significant for the fiscal years ended March
31, 2023, and 2022.

NOTE 8 GOODWILL AND INTANGIBLE ASSETS

Definite Life
Total
Customer Software1 Intangible
Goodwill Trademarks relationships and other Assets
Cost
As at March 31, 2022 $ 3,188 $ 1,118 $ 403 $ 452 $ 1,973
Additions — — — 24 24
Foreign currency and hyperinflation 150 20 18 11 49
As at March 31, 2023 $ 3,338 $ 1,138 $ 421 $ 487 $ 2,046
Accumulated Amortization
As at March 31, 2022 $ — $ 174 $ 223 $ 205 $ 602
Amortization — 54 29 60 143
Foreign currency and hyperinflation — 5 10 3 18
As at March 31, 2023 $ — $ 233 $ 262 $ 268 $ 763
Net book value at March 31, 2023 $ 3,338 $ 905 $ 159 $ 219 $ 1,283

Definite Life
Customer Software1 Total Intangible

Goodwill Trademarks relationships and other Assets
Cost
As at March 31, 2021 $ 3,066 $ 1,126 $ 390 $ 416 $ 1,932
Business acquisitions (Note 20) 170 34 19 — 53
Additions — — — 45 45
Transfer — (7) — (10) (17)
Foreign currency and hyperinflation (48) (35) (6) 1 (40)
As at March 31, 2022 $ 3,188 $ 1,118 $ 403 $ 452 $ 1,973
Accumulated Amortization
As at March 31, 2021 $ — $ 130 $ 190 $ 95 $ 415
Amortization — 55 36 54 145
Impairment — — — 58 58
Transfer — (5) — (3) (8)
Foreign currency and hyperinflation — (6) (3) 1 (8)
As at March 31, 2022 $ — $ 174 $ 223 $ 205 $ 602
Net book value at March 31, 2022 $ 3,188 $ 944 $ 180 $ 247 $ 1,371
1
None of the software were internally generated.
In fiscal 2022, the Company recognized an impairment charge of $58 million ($43 million net of taxes) related to
software assets following the Company's decision to temporarily pause the final phase of the Company's Enterprise
Resource Planning (ERP) project deployment, which was set to begin in Canada. The impairment charge also
includes an amount relative to previously capitalized cloud-based software costs following the application of the
agenda decision of the IFRIC on IAS 38, Configuration or customization costs in a cloud computing arrangement,
clarifying how to recognize certain configuration and customization expenditures related to cloud computing.

NOTE 8 GOODWILL AND INTANGIBLE ASSETS (CONT'D)
IMPAIRMENT TESTING OF CASH-GENERATING UNITS
Goodwill
In determining whether goodwill is impaired, the Company is required to estimate the respective recoverable amounts
of CGUs or groups of CGUs to which goodwill is allocated. Management considers the sectors below to be CGUs or
groups of CGUs for goodwill impairment purposes as they represent the lowest level at which the goodwill is
monitored for internal management purposes.
The Company reports its operations under four geographic sectors. The Canada Sector consists of the Dairy Division
(Canada). The USA Sector consists of the Dairy Division (USA). The International Sector combines the Dairy Division
(Australia) and the Dairy Division (Argentina). Finally, the Europe Sector consists of the Dairy Division (UK).
Goodwill is allocated to each CGU or group of CGUs as follows:
Allocation of goodwill March 31, 2023 March 31, 2022

Canada Sector
Dairy Division (Canada) $ 401 $ 401
USA Sector
Dairy Division (USA) 2,057 1,906
International Sector
Dairy Division (Australia) 258 267
Dairy Division (Argentina) 9 9
Europe Sector
Dairy Division (UK) 613 605
$ 3,338 $ 3,188
Recoverable amounts for each CGU or group of CGUs were estimated using an earnings multiplier valuation model
(fair value less costs of disposal). The key assumptions used in these models consist mainly of earnings multipliers of
market comparables that are applied to the results of each CGU or group of CGUs tested. The inputs used in this
model are Level 3 inputs in the fair value hierarchy described in Note 3.
Considering the activities of the Dairy Division (Australia) and the Dairy Division (UK) were added to the Company’s
operational footprint in more recent years, we also estimated the recoverable amounts for these divisions using a
discounted cash flow (value in use) model based on the following key assumptions:
• Cash flows: Cash flow forecasts for a given CGU are based on earnings before interest, income taxes,
depreciation and amortization, and are adjusted with growth rates. The cash flow forecast does not exceed a
period of five years with a terminal value calculated as a perpetuity in the final year.
• Terminal growth rate: Management uses a terminal growth rate to adjust its forecasted cash flows based on
expected increases in inflation and revenues for the CGU. The terminal growth rates used were 2.0% for the Dairy
Division (Australia) and 2.5% for the Dairy Division (UK).
• Discount rate: Cash flows are discounted using pre-tax discount rates. The pre-tax discount rates used were 9.0%
for the Dairy Division (Australia) and 8.6% for the Dairy Division (UK).
The Company performed its annual impairment testing of goodwill based on the December 31, 2022 balances, and,
in all cases, the recoverable amounts exceeded their respective carrying values including goodwill; therefore, goodwill
was not considered to be impaired as at March 31, 2023.

NOTE 8 GOODWILL AND INTANGIBLE ASSETS (CONT'D)
Trademarks
Trademarks are included in the following CGUs or group of CGUs:
Allocation of trademarks by sectors March 31, 2023 March 31, 2022

Canada $ 189 $ 201
USA 126 123
International 29 33
Europe 561 586
$ 905 $ 943
NOTE 9 OTHER ASSETS
March 31, 2023 March 31, 2022

Joint ventures $ 36 $ 35
Derivative financial assets 2 38
Employee benefits (Note 21) 75 235
Other 45 54
$ 158 $ 362
The Company holds interests in joint ventures, which are all accounted for using the equity method. The Company
recognized $6 million in net earnings, representing its share of earnings in the joint ventures for the year ended March
31, 2023 ($4 million for the year ended March 31, 2022). Dividends received from the joint ventures amounted to $2
million for the year ended March 31, 2023 ($7 million for the year ended March 31, 2022).

NOTE 10 BANK LOANS
Available for use Amount drawn as at

Canadian
Currency Base Currency
Credit Facilities Maturity Equivalent (in millions) March 31, 2023 March 31, 2022
North America-USA June 20271 $ 405 300 USD $ — $ —
North America-Canada June 20271 $ 946 700 USD — 207
Australia Yearly2 $ 248 275 AUD 153 50
Australia Yearly2 $ 135 100 USD — 56
Japan Yearly3 $ 82 8,000 JPY 58 43
United Kingdom Yearly4 $ 208 125 GBP 120 —
Argentina Yearly5 $ 379 280 USD 25 63
$ 2,403 $ 356 $ 419
1
Main revolving credit facility. Bears monthly interest at rates ranging from lender’s prime rates plus a maximum of 1.00% or SOFR or SONIA or
BBSY or banker’s acceptance rate plus a minimum of 0.80% and a maximum of 2.00% depending on the Company credit ratings, plus an
adjustment to the applicable margins based on the Company's achievement of its sustainability targets. These credit facilities are subject to interest
rate benchmark reform (see Note 19).
2
Bears monthly interest at SOFR or Australian Bank Bill Rate plus up to 1.60% and can be drawn in AUD or USD.
3
Bears monthly interest at TIBOR plus 0.70%.
4
Bears monthly interest at rates ranging from base rate plus 0.80% or SONIA plus 0.80%.
5
Bears monthly interest at local rate and can be drawn in USD or ARS.
As at March 31, 2023, receivables totalling $99 million ($62 million as at March 31, 2022), were sold under
receivables purchase agreements. These receivables were derecognized upon sale as substantially all risks and
rewards were passed to the purchaser under the terms of the agreements.
On August 5, 2021, the Company amended its main revolving credit facility to, among other things, introduce a
sustainability-linked loan (SLL) structure. The SLL structure introduces an annual pricing adjustment based on
whether the Company achieves key climate and water targets in line with its 2025 environmental commitments.

NOTE 11 LONG-TERM DEBT
March 31, 2023 March 31, 2022

Unsecured bank term loan facilities
Obtained April 2018 and due in June 20251,5 $ 272 $ 373
Obtained April 2019 and due in June 20252,5 225 262
Senior unsecured notes3,4

2.83%, issued in November 2016 and due in November 2023 (Series 3) 300 300
1.94%, issued in June 2017 and repaid in June 2022 (Series 4) — 300
3.60%, issued in August 2018 and due in August 2025 (Series 5) 350 350
2.88%, issued in November 2019 and due in November 2024 (Series 6) 400 400
2.24%, issued in June 2020 and due in June 2027 (Series 7) 700 700
1.42%, issued in November 2020 and due in June 2026 (Series 8) 350 350
2.30%, issued in June 2021 and due in June 2028 (Series 9) 300 300
5.25%, issued in November 2022 and due in November 2029 (Series 10) 300 —
Other 54 40
$ 3,251 $ 3,375
Current portion (307) (300)
$ 2,944 $ 3,075
Principal repayments are as follows:
Less than 1 year $ 307 $ 300
1-2 years 413 306
2-3 years 847 1,035
3-4 years 350 350
4-5 years 734 350
More than 5 years 600 1,034
$ 3,251 $ 3,375
1
Bear monthly interest at rates ranging from lender's prime rate plus a maximum of 1.00%, or banker’s acceptance rates or Australian Bank Bill
Rate plus a minimum of 0.80% and a maximum of 2.00%, depending on the Company’s credit ratings. Interest is paid every one, two, three or six
months, as selected by the Company. As at March 31, 2023, AU$300 million was drawn.
2
Bears monthly interest at lender’s prime rates plus a maximum of 1.00% or SOFR or banker’s acceptance rates plus 0.80% up to a maximum of
2.00%, depending on the Company’s credit ratings. Interest is paid every one, two, three or six months, as selected by the Company. On October
6, 2022, the remaining tranche of the facility was converted to a Canadian dollar denominated facility and can be drawn in CAD or USD. As at
March 31, 2023, US$166 million was drawn.
3
Issued under the Company’s medium term note program. Interest payments are semi-annual.
4
On December 22, 2022, the Company filed an unallocated short form base shelf prospectus providing the flexibility to make offerings of various
securities during the 25-month period that the base shelf prospectus is effective, and renewed its medium term notes (MTN) program by filing a
supplement to the short form base shelf prospectus.
5
These bank term loan facilities are subject to interest rate benchmark reform (see Note 19).

NOTE 12 OTHER LIABILITIES
March 31, 2023 March 31, 2022

Employee benefits (Note 21) $ 32 $ 37
Stock-based compensation - long-term portion 91 51
Other 14 13
$ 137 $ 101
NOTE 13 SHARE CAPITAL

AUTHORIZED
Authorized share capital of the Company consists of an unlimited number of common shares. Common shares are
voting and participating.
STOCK OPTION PLAN

The Company has an equity settled stock option plan to allow for the purchase of common shares by key employees
and officers of the Company. The total number of common shares which may be issued pursuant to this plan cannot
exceed 45,698,394 common shares. As at March 31, 2023, 14,641,165 common shares are available for future
grants under this plan. Options may be exercised at a price not less than the weighted average market price for the
five trading days immediately preceding the date of grant. The options vest at 20% per year and expire ten years from
the grant date.
Options issued and outstanding as at year end are as follows:
March 31, 2023 March 31, 2022

Exercise Number of Number of Number of Number of
Granting period price options exercisable options options exercisable options
2013 $ 21.48 — — 104,017 104,017
2014 $ 25.55 35,357 35,357 964,504 964,504
2015 $ 27.74 1,021,850 1,021,850 1,494,384 1,494,384
2016 $ 35.08 1,350,707 1,350,707 1,733,541 1,733,541
2017 $ 41.40 2,212,048 2,212,048 2,808,213 2,808,213
2018 $ 46.29 2,349,927 2,349,927 2,914,637 2,360,566
2019 $ 41.02 2,899,451 2,319,082 3,395,873 2,075,330
2020 $ 45.30 2,398,411 1,450,657 2,723,052 1,127,580
2021 $ 33.35 3,608,000 1,386,333 4,073,214 797,840
2022 $ 37.52 1,685,392 340,768 1,810,235 —
2023 $ 29.59 2,427,160 — — —
19,988,303 12,466,729 22,021,670 13,465,975
Changes in the number of outstanding stock options for the years ended March 31 are as follows:
March 31, 2023 March 31, 2022

Number of Weighted average Number of Weighted average
options exercise price options exercise price
Balance, beginning of year 22,021,670 $ 38.45 23,339,321 $ 37.81
Granted 2,600,057 $ 29.59 1,984,038 $ 37.52
Exercised (1,684,724) $ 26.71 (1,620,752) $ 25.83
Cancelled (2,948,700) $ 40.17 (1,680,937) $ 40.74
Balance, end of year 19,988,303 $ 38.02 22,021,670 $ 38.45

NOTE 13 SHARE CAPITAL (CONT'D)
The weighted average exercise price of $29.59 of the stock options granted in fiscal 2023 corresponds to the
weighted average market price for the five trading days immediately preceding the date of the grant ($37.52 in fiscal
2022).
The weighted average fair value of stock options granted in fiscal 2023 was estimated at $5.57 per option ($6.52 in
fiscal 2022), using the Black-Scholes option pricing model with the following assumptions:
Fiscal 2023 grant Fiscal 2022 grant

Weighted average:
Risk-free interest rate 2.39 % 0.88 %
Life of options 6.5 years 6.4 years
Volatility1 22.06 % 21.92 %
Dividend rate 2.42 % 1.91 %
1
Expected volatility is based on the historic share price volatility over a period similar to the life of the options.
A compensation expense of $13 million and $15 million relating to stock options was recorded in operating costs in
the consolidated income statements for the year ended March 31, 2023, and March 31, 2022, respectively.
Options to purchase 2,231,026 common shares at a price of $34.90 per share were granted on April 1, 2023.
DEFERRED SHARE UNIT PLAN FOR DIRECTORS

In accordance with the DSU plan, all eligible Directors of the Company are allocated an annual retainer payable 50%
in DSUs and 50% in cash or 100% in DSUs, at the election of the Director. Until the ownership threshold is met by the
Director, the Director must receive the entire compensation in DSUs. The number of DSUs granted quarterly to each
Director is determined based on the market value of the Company’s common shares at the date of each grant. When
they cease to be a Director of the Company, a cash payment equal to the market value of the accumulated DSUs will
be disbursed. The liability relating to these units is adjusted by taking the number of units outstanding multiplied by
the market value of common shares at the Company’s year-end. The Company includes the cost of the DSU plan in
operating costs in the consolidated income statements.
2023 2022
Units Liability Units Liability
Balance, beginning of year 539,827 $ 16 467,685 $ 18
Annual retainer 64,269 2 61,379 2
Dividends reinvested 12,670 — 10,763 —
Variation due to change in stock price — 4 — (4)
Balance, end of year 616,766 $ 22 539,827 $ 16
The Company enters into equity forward contracts in order to mitigate the compensation costs associated with its
DSU plan. As at March 31, 2023, and 2022, the Company had equity forward contracts on 420,000 common shares
with a notional value of $16 million ($14 million as of March 31, 2022). The net compensation expense related to the
DSU plan was $4 million for the year ended March 31, 2023 ($2 million for March 31, 2022), including the effect of the
equity forward contracts.

PERFORMANCE SHARE UNIT PLAN
The Company offers key employees and officers of the Company a performance share unit (PSU) plan to form part of
long-term incentive compensation. The PSU plan is non-dilutive and is settled in cash only. Under the PSU plan, each
performance cycle shall consist of three fiscal years of the Company. At the time of the grant of a PSU, the Company
determines the performance criteria which must be met by the Company. The Corporate Governance and HR
Committee has discretion to award compensation absent the achievement of the vesting criteria established.
Following completion of a three-year performance cycle, the PSUs for which the performance criteria have been
achieved will vest and the value that will be paid out is based on the price of the common shares at such time,
multiplied by the number of PSUs for which the performance criteria have been achieved. The amount potentially
payable to eligible employees is recognized as a payable and is revised at each reporting period. The expense is
included in employee benefits in operating costs in the consolidated income statements.
2023 2022
Units Units
Balance, beginning of year 1,324,311 1,071,256
Annual grant 1,344,257 682,326
Cancelled (286,349) (241,109)
Payment (148,969) (188,162)
Balance, end of year 2,233,250 1,324,311
As at March 31, 2023, a long-term obligation related to PSUs of $45 million was recorded ($20 million as at March 31,
2022) in addition to $10 million that was recorded in accrued liabilities ($5 million as at March 31, 2022). On April 1,
2023, 787,536 PSUs were granted at a price of $34.90 per unit ($29.59 in 2022).
RESTRICTED SHARE UNIT PLAN

The Company also offers a restricted share unit (RSU) plan to form part of long-term incentive compensation for key
employees and officers of the Company. The RSU plan is non-dilutive and is settled in cash only. Under the RSU
plan, each restriction period shall consist of three fiscal years of the Company. At the time of the grant of a RSU, the
Company determines the vesting criteria which must be met by the participants. Such criteria may include, without
limitation, continuing employment through all or part of the restriction period. The Corporate Governance and HR
Committee has discretion to award compensation absent the achievement of the vesting criteria established.
Following completion of a three-year restriction period, the RSUs for which the vesting criteria have been achieved
will vest and the value that will be paid out is based on the price of the common shares at such time, multiplied by the
number of RSUs for which the vesting criteria have been achieved. The amount potentially payable to eligible
employees is recognized as a payable and is revised at each reporting period. The expense is included in employee
benefits in operating costs in the consolidated income statements.
2023 2022
Units Units
Balance, beginning of year 726,129 330,469
Annual grant 612,895 442,912
Cancelled (53,377) (39,598)
Payment (155,119) (7,654)
Balance, end of year 1,130,528 726,129
As at March 31, 2023, a long-term obligation related to RSUs of $18 million was recorded in addition to $6 million that
was recorded in accrued liabilities. On April 1, 2023, 532,674 RSUs were granted at a price of $34.90 per unit ($29.59
in 2022).

The Company enters into equity forward contracts in order to mitigate the compensation costs associated with its
PSU and RSU plans. As at March 31, 2023, the Company had equity forward contracts on 2,000,000 common shares
(2,000,000 as of March 31, 2022) with a notional value of $77 million ($72 million as of March 31, 2022). The net
compensation expenses related to PSUs and RSUs were $29 million and $17 million, respectively, for the year ended
March 31, 2023 ($16 million and $7 million respectively, for the year ended March 31, 2022), including the effect of
the equity forward contracts.
DIVIDENDS AND DIVIDEND REINVESTMENT PLAN

The Company has a dividend reinvestment plan (DRIP), which provides eligible shareholders with the opportunity to
have all or a portion of their cash dividends automatically reinvested into additional common shares.
Dividends paid in cash and through the DRIP during the years ended 2023, and 2022, were as follows:

2023 2022
Cash $ 199 $ 209
DRIP 102 87
Total $ 301 $ 296
NOTE 14 ACQUISITION AND RESTRUCTURING COSTS

In fiscal 2023, restructuring costs totalling $95 million ($70 million after tax) were incurred in connection with
consolidation initiatives announced by the Company to streamline and enhance its manufacturing footprint as well as
other initiatives undertaken in the context of its Global Strategic Plan. Costs of $51 million were attributable to the
USA Sector, $37 million to the International Sector and $9 million to the Europe Sector. Restructuring costs were
offset by a $2 million gain on disposal of assets related to the sale of a closed facility in the Canada Sector.
In fiscal 2022, restructuring costs totalled $71 million ($51 million after tax) and were related to the announcement of
several major capital investments and consolidation initiatives intended to enhance and streamline the Company's
manufacturing footprint in the USA Sector and International Sector as well as the outsource of warehouse and
distribution activities, creating opportunities for network consolidation within the Europe Sector.
Restructuring costs are summarized as follow:

2023 2022
Write down and accelerated depreciation of non-current assets 65 $ 60
Employee related costs and other 30 11
Total 95 $ 71
NOTE 15 FINANCIAL CHARGES

2023 2022
Interest on long-term debt $ 86 $ 74
Other finance costs, net 50 31
Gain on hyperinflation1 (44) (48)
Interest on lease liabilities 14 15
Net interest revenue from defined benefit obligation (Note 21) (5) (2)
$ 101 $ 70
1
Relative to the application of hyperinflation accounting for the Dairy Division (Argentina).

NOTE 16 INCOME TAXES
Income tax expense comprises the following:

2023 2022
Current tax expense $ 163 $ 91
Deferred tax (recovery) expense (10) 40
Income tax expense $ 153 $ 131
RECONCILIATION OF THE EFFECTIVE TAX RATE

The effective income tax rate was 19.7% in 2023 (32.3% in 2022). The Company’s income tax expense differs from
the one calculated by applying Canadian statutory rates for the following reasons:
2023 2022
Earnings before tax $ 775 $ 405
Income taxes, calculated using Canadian statutory income tax rates of 25.8% 200 105
Adjustments resulting from the following:
Effect of tax rates for foreign subsidiaries 16 12
Changes in tax laws and rates 3 51
Benefit arising from investment in subsidiaries (9) (14)
Effect of tax and accounting treatments of inflation in Argentina (46) (24)
Adjustments in relation to prior years and other (11) 1
Income tax expense $ 153 $ 131
On June 10, 2021, the UK Finance Act 2021 was enacted increasing the UK tax rate from 19% to 25%, which
became effective as of April 1, 2023. This change resulted in the Company recording, in the first quarter of fiscal
2022, an income tax expense of approximately $50 million and a corresponding increase to deferred income tax
liabilities.
INCOME TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME

Income tax on items recognized in other comprehensive income in 2023 and 2022 were as follows:
2023 2022
Deferred tax (recovery) expense on actuarial losses on employee benefit obligations $ (38) $ 11
Current tax expense on cash flow hedge — 4
Deferred tax (recovery) expense on cash flow hedges (5) 5
Total income tax (recovery) expense recognized in other comprehensive income $ (43) $ 20

NOTE 16 INCOME TAXES (CONT'D)
CURRENT TAX ASSETS AND LIABILITIES

2023 2022
Income taxes receivable $ 16 $ 52
Income taxes payable (99) (44)
Income taxes (payable) receivable (net) $ (83) $ 8
DEFERRED TAX ASSETS AND LIABILITIES

Deferred income taxes are presented as follows on the consolidated statements of financial position, as at March 31:
2023 2022
Deferred tax assets $ 63 $ 30
Deferred tax liabilities (860) (836)
Deferred tax liabilities (net) $ (797) $ (806)
The movement of deferred tax assets and liabilities were as follows for the years ended March 31:

Accounts
payable Goodwill, Net
and Net assets Property, intangible deferred
accrued Income tax of pension plant and assets and tax
liabilities losses plans Inventories equipment other liabilities
Balance, beginning of the year $ 58 $ 120 $ (48) $ (27) $ (435) $ (474) $ (806)
Charged/credited to net
earnings 24 (35) — 7 44 (30) 10
Charged/credited to other
comprehensive income — — 38 — — 5 43
Foreign currency,
hyperinflation and other (5) 4 1 (2) (21) (21) (44)
Balance, end of the year $ 77 $ 89 $ (9) $ (22) $ (412) $ (520) $ (797)

Accounts Goodwill,
payable and Net assets Property, intangible
accrued Income tax of pension plant and assets and Net deferred
liabilities losses plans Inventories equipment other tax liabilities
Balance, beginning of the year $ 53 $ 38 $ (22) $ (5) $ (375) $ (428) $ (739)
Charged/credited to net
earnings 7 89 (18) (24) (60) (34) (40)
Charged/credited to other
comprehensive income — — (11) — — (5) (16)
Acquisitions — — — — — (10) (10)
Foreign currency,
hyperinflation and other (2) (7) 3 2 — 3 (1)
Balance, end of the year $ 58 $ 120 $ (48) $ (27) $ (435) $ (474) $ (806)
As at March 31, 2023, the Company had $268 million in capital losses for which no deferred tax assets had been
recognized. These capital losses can be carried forward indefinitely but can only be used against future taxable
capital gains.
Recognized deferred tax assets relating to unused tax losses carried forward are supported by projections of future
profitability of the Company.

NOTE 17 CHANGE IN NON-CASH OPERATING WORKING CAPITAL ITEMS

2023 2022
Inventories $ (396) $ (250)
Receivables (205) (316)
Prepaid expenses and other assets (10) 12
Accounts payable, accrued liabilities and other 243 312
Current Income taxes 1 (10)
Changes in non-cash operating working capital items $ (367) $ (252)
NOTE 18 NET EARNINGS PER SHARE

2023 2022
Weighted average number of common shares outstanding 418,620,009 414,137,462

Dilutive stock options 609,029 690,528
Weighted average diluted number of common shares outstanding 419,229,038 414,827,990
Basic net earnings per share $ 1.49 $ 0.66

Diluted net earnings per share $ 1.48 $ 0.66
When calculating diluted net earnings per share for the year ended March 31, 2023, 16,503,936 stock options were
excluded from the calculation because their exercise price is higher than the average fair value of common shares
(19,458,765 options, were excluded for the year ended March 31, 2022).

NOTE 19 FINANCIAL INSTRUMENTS
In the normal course of business, the Company uses various financial instruments which by their nature involve risk,
including credit risk, liquidity risk, interest rate risk, foreign exchange risk, and price risk (including commodity price
risk). These financial instruments are subject to normal credit conditions, financial controls, and risk management and
monitoring strategies.
Occasionally, the Company may enter into derivative financial instrument transactions in order to mitigate or hedge
risks in accordance with risk management strategies. The Company does not enter into these arrangements for
speculative purposes.
CREDIT RISK
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash
equivalents and receivables.
Cash equivalents consist mainly of short-term investments. The Company has deposited these cash and cash
equivalents in reputable financial institutions.
The Company also offers credit to its customers in the normal course of business for trade receivables. Credit
valuations are performed on a regular basis and reported results take into account expected credit losses.
Due to its large and diverse customer base and its geographic diversity, the Company has low exposure to credit risk
concentration with respect to customers' receivables. There are no receivables from any individual customer that
exceeded 10% of the total balance of receivables as at March 31, 2023, and March 31, 2022. No customer
represented more than 10% of total consolidated revenues for the fiscal years ended March 31, 2023, and March 31,
2022.
Allowances for expected credit loss are reviewed by Management at each financial position date and the estimate of
the allowance for expected credit loss is updated based on the evaluation of the recoverability of trade receivables
with each customer base, taking into account historical collection trends of past due accounts and current economic
conditions. The accounts receivable from our export sales benefit from payment terms that are longer than our
standard payment terms applicable to domestic sales. The Company considers a financial asset in default when
contractual payments are considered past due and at risk depending on the various economic and asset-specific
factors, or if it becomes probable that a customer will enter bankruptcy or other insolvency proceedings.
The amount of the allowance for expected credit loss is sufficient to cover the carrying amount of receivables
considered past due and at risk. The amount of the loss is recognized in the consolidated income statements within
operating costs. Subsequent recoveries of amounts previously written off are credited against operating costs in the
consolidated income statements. These allowances are not significant for the year ended March 31, 2023.
LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
Company manages liquidity risk through the management of its capital structure and financial leverage, as outlined in
Note 24 relating to capital disclosures. It also manages liquidity risk by continuously monitoring actual and projected
cash flows. The Board of Directors reviews and approves the Company’s operating and capital budgets, as well as
any material transactions out of the normal course of business.
Contractual maturities for the significant financial liabilities as at March 31, 2023, are as follows: accounts payable
and accrued liabilities, bank loans, lease liabilities and long-term debt. All items included in accounts payable and
accrued liabilities are less than one year. For maturities on bank loans, lease liabilities and the long-term debt, please
refer to Note 10, Note 7, and Note 11, respectively.

NOTE 19 FINANCIAL INSTRUMENTS (CONT'D)
INTEREST RATE RISK
Bank loans and unsecured bank term loan facilities bear variable interest rates and thereby expose the Company to
interest rate risk on cash flows associated to interest payments. As at March 31, 2023, the amount exposed to
interest rate fluctuations was $853 million and an assumed 1% change in the interest rate would lead to a change in
net earnings of approximately $7 million. The senior notes bear interest at fixed rates and, as a result, no interest rate
risk exists on these cash flows.
As a result of past interest rate benchmark reforms, the Company amended the applicable variable interest rates
referenced under certain bank credit facilities and long-term debt (see Notes 10 and 11). These amendments did not
have a significant impact on the Company’s financial statements.
On May 16, 2022, Refinitiv Benchmark Services Limited, the administrator of the Canadian Dollar Offered Rate
(CDOR), announced that it would cease the calculation and publication of all tenors of CDOR immediately following a
final publication on Friday, June 28, 2024. The Company is subject to this reform in connection with certain bank
credit facilities and long-term debt (see Notes 10 and 11) as bankers' acceptance funding will likely also cease as part
of this reform. The reform is not expected to have a significant impact on the Company’s financial statements.
For the fiscal year ended March 31, 2023, the interest expense on long-term debt totalled $86 million ($74 million in
fiscal 2022). The interest accrued as at March 31, 2023, was $22 million ($19 million as at March 31, 2022).
FOREIGN EXCHANGE RISK

The Company operates internationally and is exposed to foreign exchange risk resulting from various foreign
currency transactions. Foreign exchange transaction risk arises primarily from commercial transactions that are
denominated in a currency that is not the functional currency of the Company’s business unit that is party to the
transaction, as well as the unsecured bank term loan facilities that can be drawn in US dollars, Australian dollars,
Argentine Peso, British pounds sterling, and Japanese Yen.
The Company enters into forward exchange contracts to sell US dollars and buy Australian dollars in order to mitigate
market fluctuations in the USD/AUD exchange rates on receivables. As at March 31, 2023, the Company had
outstanding forward exchange contracts with a notional value of US$322 million. During the fiscal year, the cash flow
hedges were highly effective and accordingly, the Company recognized an unrealized loss of $37 million (net of tax of
$16 million) in other comprehensive income as a result. A loss of $28 million (net of tax of $12 million) was
reclassified to net earnings during fiscal 2023 related to these forward exchange contracts. These cash flow hedges
were also deemed to be highly effective during fiscal 2022, and an unrealized loss of $3 million (net of tax of
$1 million), was recorded in other comprehensive income. A loss of $13 million (net of tax of $5 million) was
reclassified to net earnings during fiscal 2022 related to these forward exchange contracts.
The Company’s largest exposure comes from the US dollar fluctuations from its USA Sector. The following table
details the Company’s sensitivity to a $0.10 weakening against the US dollar on net earnings and comprehensive
income. For a $0.10 appreciation against the US dollar, there would be an equal and opposite impact on net earnings
and comprehensive income.
2023 2022
Change in net earnings $ 7 $ 2
Change in comprehensive income $ 381 $ 294

NOTE 19 FINANCIAL INSTRUMENTS (CONT'D)
COMMODITY PRICE RISK

In certain instances, the Company enters into futures contracts to hedge against fluctuations in the price of
commodities. The Company applies hedge accounting for certain of these transactions. During the fiscal year, these
hedges (designated as cash flow hedges) were highly effective and accordingly, an unrealized gain of $5 million (net
of tax of $2 million) was recorded in other comprehensive income. A gain of $12 million (net of tax of $4 million) was
reclassified to net earnings during fiscal 2023 when the related inventory was ultimately sold. These cash flow hedges
were also deemed to be highly effective during fiscal 2022, and an unrealized gain of $9 million (net of tax of $3
million), was recorded in other comprehensive income. A gain of $4 million (net of tax of $1 million) was reclassified to
net earnings during fiscal 2022 related to futures contracts.
FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company determined that the fair value of certain of its financial assets and financial liabilities with short-term
maturities approximates their carrying value. These financial instruments include cash and cash equivalents,
receivables, bank loans, accounts payable, and accrued liabilities. The table below presents the fair value and the
carrying value of other financial instruments as at March 31, 2023, and March 31, 2022. Since estimates are used to
determine fair value, they must not be interpreted as being realizable in the event of a settlement of the instruments.
March 31, 2023 March 31, 2022

Fair value Carrying value Fair value Carrying value
Cash flow hedges
Equity forward contracts (Level 2) $ (1) $ (1) $ (3) $ (3)
Commodity derivatives (Level 2) (1) (1) 8 8
Foreign exchange derivatives (Level 2) 3 3 52 52
Derivatives not designated in a formal hedging
relationship
Equity forward contracts (Level 2) (5) (5) (10) (10)
Commodity derivatives (Level 2) (1) (1) 2 2
Foreign exchange derivatives (Level 2) (1) (1) 1 1
Long-term debt (Level 2) 3,081 3,251 3,231 3,375
For the years ended March 31, 2023, and 2022, there were no changes in valuation techniques and in inputs used in
the fair value measurements and there were no transfers between the levels of the fair value hierarchy.
Fair values of other assets, long-term debt and derivative financial instruments are determined using discounted cash
flow models based on market inputs prevailing at the financial position date. Where applicable, these models use
market-based observable inputs including interest-rate-yield curves, volatility of certain prices or rates and credit
spreads. If market based observable inputs are not available, judgment is used to develop assumptions used to
determine fair values. The fair value estimates are significantly affected by assumptions including the amount and
timing of estimated future cash flows and discount rates.

NOTE 20 BUSINESS ACQUISITIONS OF FISCAL 2022
USA SECTOR
i) CAROLINA ASEPTIC AND CAROLINA DAIRY

On August 31, 2021, the Company completed the acquisition of the Carolina Aseptic and Carolina Dairy businesses
formerly operated by AmeriQual Group Holdings, LLC (Carolina Aseptic and Carolina Dairy). The activities of these
two businesses are conducted at two facilities in North Carolina (USA) and employ a total of approximately 230
people. Carolina Aseptic develops, manufactures, packages, and distributes aseptic shelf-stable food products and
beverages out of a purpose-built facility in Troy, North Carolina. Nearby, Carolina Dairy manufactures, packages, and
distributes refrigerated yogurt in spouted pouches in Biscoe, North Carolina.
The purchase price of $148 million (US$116 million), on a cash-free and debt-free basis, was paid in cash from
available credit facilities.
Recognized goodwill (tax-deductible) reflects the value assigned to expected future growth to be achieved through
increased capacity to manufacture and distribute products in the rapidly growing aseptic beverage and food
categories as well as nutritional snacks.
ii) REEDSBURG FACILITY OF WISCONSIN SPECIALTY PROTEIN, LLC

On May 29, 2021, the Company completed the acquisition of the Reedsburg facility of Wisconsin Specialty Protein,
LLC (the Reedsburg Facility). This facility, located in Wisconsin (USA), manufactures value-added ingredients, such
as goat whey, organic lactose, and other dairy powders, and it employs approximately 40 people.
The purchase price of $37 million (US$30 million), on a cash-free and debt-free basis, was paid in cash from cash on
hand.
EUROPE SECTOR
i) WENSLEYDALE DAIRY PRODUCTS

On July 30, 2021, the Company acquired the activities of Wensleydale Dairy Products Ltd (Wensleydale Dairy
Products). The business operates two facilities located in North Yorkshire (UK) and employs approximately 210
people. Wensleydale Dairy Products manufactures, blends, markets, and distributes a variety of specialty and
regional cheeses, complementing and expanding the Company's existing range of British cheeses.
The purchase price of $38 million (£22 million), on a cash-free and debt-free basis, was paid in cash from cash on
hand.
ii) BUTE ISLAND FOODS LTD

On May 25, 2021, the Company acquired all of the shares of Bute Island Foods Ltd (Bute Island Foods), based in
Scotland (United Kingdom) and employing approximately 180 people. It is a manufacturer, marketer, and distributor of
a variety of dairy alternative cheese products for both the retail and foodservice market segments under the vegan
Sheese brand, alongside private label brands.
The purchase price of $148 million (£87 million), on a cash-free and debt-free basis, was paid in cash from available
credit facilities and cash on hand.
Recognized goodwill (not tax deductible) reflects the value assigned to know-how and expected accelerated growth
of dairy alternative cheese products globally.

NOTE 20 BUSINESS ACQUISITIONS OF FISCAL 2022 (CONT'D)
The allocation of the purchase price for each acquisition to assets acquired and liabilities assumed is presented
below:
Carolina
Wensleydale Aseptic and
Bute Island Reedsburg Dairy Carolina
Foods Facility Products Dairy Total
Assets acquired Net working capital $ 6 $ 1 $ 10 $ 5 $ 22
Property, plant and equipment 11 36 17 72 136
Goodwill and intangible assets 139 — 13 71 223
Liabilities assumed Deferred income taxes (8) — (2) — (10)
Net assets acquired $ 148 $ 37 $ 38 $ 148 $ 371
NOTE 21 EMPLOYEE POST-EMPLOYMENT BENEFIT PLANS

The Company sponsors various post-employment benefit plans. These include both defined contribution and defined
benefit pension plans, and other post-employment benefit plans.
DEFINED CONTRIBUTION PLANS

The Company offers and participates in defined contribution pension plans of which more than 99% of its active
employees are members. The net pension expense under these types of plans is generally equal to the contributions
made by the employer and constitutes an expense for the year in which they are due. For fiscal 2023, the defined
contribution expenses for the Company amounted to $88 million ($80 million in fiscal 2022). The Company expects to
contribute approximately $90 million to its defined contribution plans for fiscal 2024.
DEFINED BENEFIT PLANS

The Company offers and participates in defined benefit pension plans in which the remaining active employees are
members. Under the terms of the defined benefit pension plans, pensions are based on years of service and the
retirement benefits are up to 2% of the average eligible earnings of the last employment years multiplied by years of
credited service.
There are no active employees in the Dairy Division (UK) Defined Benefit Pension Fund, which is a final salary
scheme in the United Kingdom that was closed to future service accrual from April 1, 2010, and had been closed to
new joiners from June 30, 2006. The Fund is administered by a corporate trustee which is legally separate from the
Company; the directors of the corporate trustee comprise representatives of both the employer and employees as
well as a professional trustee. The corporate trustee is responsible for the day to day administration of the benefits
and the Investment Policy.
The registered pension plans must comply with statutory funding requirements in the jurisdiction in which they are
registered. Funding valuations are required on an annual or triennial basis, depending on the jurisdiction, and
employer contributions must include amortization payments for any deficit, over a period of five to 15 years.
Contribution holidays are allowed and subject to certain thresholds. Other non-registered pension plans and benefits
other than pension are not subject to any minimum funding requirements.
The cost of pension benefits earned by employees is actuarially determined using the projected unit credit method
and using a discount rate based on high quality corporate bonds and Management’s assumptions bearing on, among
other things, rates of compensation increase and retirement age of employees. All of these estimates and
assessments are formulated with the help of external consultants. The plan assets and benefit obligations were
valued as at March 31, with the assistance of the Company’s external actuaries. The Company also offers
complementary retirement benefit programs, such as health insurance, life insurance, and dental plans to eligible
employees and retired employees. The Company expects to contribute approximately $4 million to its defined benefit
plans in fiscal 2024.

NOTE 21 EMPLOYEE POST-EMPLOYMENT BENEFIT PLANS (CONT'D)
The principal risks associated with the Company's defined benefit pension plans are as follows:
Investment Risk
The respective present values of the defined benefit plans’ obligations are calculated using a discount rate
determined with reference to high-quality corporate bond yields; if assets underperform this yield, this will create a
deficit.
Changes in Bond Yields

A decrease in the corporate bond yields will increase the value of the defined benefit plans’ liabilities, although this will
be partially offset by an increase in the value of the defined benefit plans’ debt securities holdings.
Inflation Risk
A significant portion of the defined benefit plans’ obligations are linked to inflation, and higher expected future inflation
will lead to higher liabilities. The majority of the assets are either unaffected by or only loosely correlated with inflation,
meaning that an increase in expected future inflation will also increase the deficit.
Longevity Risk
The majority of the defined benefit plans’ obligations are to provide benefits for the life of the member; increases in life
expectancy of plan participants will result in an increase in liabilities.
The Company’s net surplus (liability) for defined benefit plans comprises the following:
March 31, 2023 March 31, 2022

Dairy Division Dairy Division
(UK) Defined (UK) Defined
Benefit Benefit
Pension Fund Other Plans Total Pension Fund Other Plans Total
Fair value of assets $ 1,352 67 1,419 $ 1,943 71 2,014
Present value of funded
obligations 1,277 61 1,338 1,708 68 1,776
Present value of net surplus
(obligations) for funded
plans 75 6 81 235 3 238
Present value of unfunded
obligations — (33) (33) — (36) (36)
Present value of net surplus
(obligations) 75 (27) 48 235 (33) 202
Asset ceiling test — (5) (5) — (4) (4)
Accrued pension/benefit cost $ 75 (32) 43 $ 235 (37) 198
Presented in the statement of financial position as follows:

March 31, 2023 March 31, 2022
Other Assets (Note 9) $ 75 $ 235
Other Liabilities (Note 12) (32) (37)
Total net surplus (liability) $ 43 $ 198

The changes in the present value of the defined benefit obligations are as follows:
March 31, 2023 March 31, 2022

Benefit Benefit
Defined benefit obligation,
beginning of year $ 1,708 104 1,812 $ 1,903 111 2,014
Current service costs — 4 4 — 5 5
Past service costs, including
curtailment gains and
settlements¹ — 1 1 — — —
Interest cost 44 4 48 39 3 42
Actuarial (gains) losses due
to change in experience 11 1 12 21 (2) 19
Actuarial gains due to
changes in financial
assumptions (426) (12) (438) (90) (10) (100)
Actuarial losses due to
changes in demographic
assumptions 3 — 3 — — —
Exchange differences 7 1 8 (93) — (93)
Benefits paid (70) (9) (79) (72) (3) (75)
Defined benefit obligation,
end of year $ 1,277 94 1,371 $ 1,708 104 1,812
¹ In January 2023, the Company informed plan participants of two of its defined benefit plans of the intended wind-up of these plans as of December
31, 2024.
The changes in the fair value of plan assets are as follows:
March 31, 2023 March 31, 2022

Benefit Benefit
Fair value of plan assets,
beginning of year $ 1,943 71 2,014 $ 2,081 68 2,149
Interest income on plan
assets 50 3 53 42 2 44
Return on plan assets,
excluding interest income (572) (5) (577) (3) (2) (5)
Administration costs (1) — (1) (1) — (1)
Employer contributions — 7 7 — 6 6
Exchange differences 2 — 2 (104) — (104)
Benefits paid (70) (9) (79) (72) (3) (75)
Fair value of plan assets,
end of year $ 1,352 67 1,419 $ 1,943 71 2,014
For fiscal 2023, actual return on plan assets amounted to a loss of $525 million (gain of $38 million in fiscal 2022).

The fair value of plan assets, which does not include assets of the Company, consist of the following (all assets have
a quoted market value in an active market with the exception of annuity contract and property and other, which is
valued based on the corresponding liability, and cash).
March 31, 2023 March 31, 2022

Benefit Benefit
Bonds, LDI and cash¹ $ 824 55 879 $ 1,333 48 1,381
Annuity contract 293 — 293 375 — 375
Property and other 235 — 235 235 — 235
Equity Instruments — 12 12 — 23 23
Total $ 1,352 67 1,419 $ 1,943 71 2,014
1
The Liability Driven Investment ('LDI') portfolio is managed by an external party. The objective is to hedge a proportion of the Fund's liabilities
against changes in interest rates and inflation expectations by investing in assets that are similarly sensitive to changes in interest rates and
inflation expectations. Market yields are monitored against a number of pre-set yield triggers; the level of hedging will be increased as and when
triggers are met.
The Consolidated Income Statements include the following:
March 31, 2023 March 31, 2022

Benefit Benefit
Recognized in “Operating
costs” (Note 5):
Employer current service
cost $ — 4 4 $ — 5 5
Past service costs, including
curtailment gains and
settlements¹ — 1 1 — — —
Administration costs 1 — 1 1 — 1
1 5 6 1 5 6
Recognized in “Financial
charges” (Note 15):
Interest costs 44 4 48 39 3 42
Interest income on plan
assets (50) (3) (53) (42) (2) (44)
(6) 1 (5) (3) 1 (2)
Net defined benefits plans
expense $ (5) 6 1 $ (2) 6 4
¹ In January 2023, the Company informed plan participants of two of its defined benefit plans of the intended wind-up of these plans as of
December 31, 2024.

The Company recognizes actuarial gains and losses in the period in which they occur for all its defined benefit plans.
These actuarial gains and losses are recognized in other comprehensive income and are presented below:
March 31, 2023 March 31, 2022

Benefit Other Benefit
Pension Fund Plans Total Pension Fund Other Plans Total
Return on plan assets
(excluding interest
income) $ (572) (5) (577) $ (3) (2) (5)
Actuarial gains (losses) due
to change in experience (11) (1) (12) (21) 2 (19)
Actuarial losses due to
changes in demographic
assumptions (3) — (3) — — —
Actuarial gains due to
changes in financial
assumptions 426 12 438 90 10 100
Effect of the asset ceiling
test — — — — (4) (4)
Amount recognized in other
comprehensive income $ (160) 6 (154) $ 66 6 72
Weighted average assumptions used in computing the benefit obligations at the financial position date are as follows:
March 31, 2023 March 31, 2022

Dairy Division (UK) Dairy Division (UK)
Defined Benefit Defined Benefit
Pension Fund Other Plans Pension Fund Other Plans
Discount rate 4.70 % 4.76 % 2.70 % 4.02 %
Duration of the obligation (in years) 15.00 12.97 18.00 13.77
Inflation Rate 2.70 % 2.00 % 2.90 % 2.00 %
Future salary increases n/a 3.0 % n/a 3.0 %
Mortality table S3P base tables 2014 Private Sector S2P base tables with 2014 Private Sector
with the following Canadian Pens the following scaling Canadian
scaling factors: Mortality Table, factors: Pensioners (“Pens”)
Non-Insured Pens projected Non-Insured and Mortality Table,
(M/F): 119%/112% generationally Insured Pens (M/F): projected
Insured Pens (M/F): using Scale 109%/103% Defs generationally using
112%/114% MI-2017 or Scale B (M/F): 110%/99% Scale MI-2017
Defs (M/F):
122%/112%
It has been assumed that the Dairy Division (UK) Defined Benefit Pension Fund members exchange 25% of their
pension for a cash lump sum at retirement, on terms 8% lower than the funding basis. 30% of deferred members are
assumed to take a pension increase exchange option at retirement which is available under the Fund.
SENSITIVITY TO CHANGES IN ASSUMPTIONS

The impact of an increase (decrease) of 0.1% of the discount rate would be a decrease of approximately $16 million
of the amount of the obligation (increase of approximately $17 million). A one-year increase in life expectancy would
increase the obligation by approximately $38 million. Specifically, for the Dairy Division (UK) Defined Benefit Pension
Fund, the impact of an increase of 0.1% of the inflation rate would be an increase of approximately $6 million of the
amount of the obligation. Specifically pertaining to the other plans, an increase of 0.1% of the percentage of future
salary increases would be an increase below $1 million of the amount of the obligation.

NOTE 22 COMMITMENTS AND CONTINGENCIES
COMMITMENTS
The table and paragraphs below present the future minimum payments for contractual commitments that are not
recognized as liabilities for the next fiscal years:
Leases¹ Purchase obligations2 Total

Less than 1 year $ 12 $ 368 $ 380
1-2 years 8 105 113
2-3 years 7 26 33
3-4 years 4 13 17
4-5 years 4 4 8
More than 5 years 16 — 16
$ 51 $ 516 $ 567
1
Commitments related to leases represent short-term and low-value leases that do not meet the definition of a lease under IFRS 16.
2
Purchase obligations are the contractual obligations for capital expenditures and service agreements to which the Company is committed.
CLAIMS
The Company is a defendant to certain claims arising from the normal course of its business. The Company is also a
defendant in certain claims and/or assessments from tax authorities in various jurisdictions. The Company believes
that the final resolution of these claims and/or assessments will not have a material adverse effect on its consolidated
income statements or consolidated statement of financial position.
INDEMNIFICATIONS
The Company from time to time offers indemnifications to third parties in the normal course of its business, in
connection with business or asset acquisitions or disposals. These indemnification provisions may be in connection
with breach of representations and warranties, and for future claims for certain liabilities. The terms of these
indemnification provisions vary in duration. At March 31, 2023, given that the nature and amount of such
indemnifications depend on future events, the Company is unable to reasonably estimate its maximum potential
liability under these agreements. The Company has not made any significant indemnification payments in the past,
and as at March 31, 2023, and March 31, 2022, the Company had not recorded any significant liabilities associated
with these indemnifications.
LETTERS OF CREDIT
As at March 31, 2023, the Company had issued letters of credit in an aggregate amount of $69 million pursuant to a
banking facility authorizing the issuance of letters of credit in an aggregate amount of $118 million (as at March 31,
2022, the Company had issued letters of credit in an aggregate amount of $67 million pursuant to a banking facility
authorizing the issuance of letters of credit in an aggregate amount of $110 million).
NOTE 23 RELATED PARTY TRANSACTIONS

The Company receives services from and provides goods and services to companies subject to control or significant
influence through ownership by its principal shareholder. These transactions, which are not significant to the
Company’s financial position or financial results, are made in the normal course of business and are entered into and
have been recorded at fair value, consistent with market values for similar transactions. The services that are
received consist mainly of travel, publicity, lodging, and office space rental. The goods that are provided consist
mainly of dairy products. The services that are provided consist of management services.
Transactions with key management personnel (short-term employee benefits, post-employment benefits, and stock-
based compensation) are also considered related party transactions. Management defines key management
personnel as all the executive officers who have responsibility and authority for controlling, overseeing, and planning
the activities of the Company, as well as the Company’s directors.

NOTE 23 RELATED PARTY TRANSACTIONS (CONT'D)
Transactions with related parties are as follows:

2023 2022
Entities subject to control or significant influence through ownership by its principal
shareholder $ 6 $ 5
Key management personnel
Directors 3 3
Executive officers 37 35
$ 46 $ 43
Dairy products provided by the Company were less than $1 million for the years ended March 31, 2023, and 2022.
Outstanding accounts payable and accrued liabilities for the transactions above are the following:
Accounts payable and accrued

liabilities
March 31, 2023 March 31, 2022
Entities subject to control or significant influence through ownership by its principal
shareholder $ 1 $ —
Key management personnel
Directors 22 16
Executive officers 42 33
$ 65 $ 49
The amounts payable to the Directors consist entirely of balances payable under the Company’s DSU plan. Refer to
Note 13 for further details. The amounts payable to executive officers consist of short-term employee incentives,
share-based awards, and post-retirement benefits. Outstanding accounts receivable from related parties were less
than $1 million for the years ended March, 31 2023, and 2022.
KEY MANAGEMENT PERSONNEL COMPENSATION

The compensation expense for transactions with the Company’s key management personnel consists of the
following:
2023 2022
Directors
Cash-settled payments $ 1 $ 1
$ 3 $ 3
Executive officers
Short-term employee benefits $ 21 $ 16
Post-employment benefits 2 3
$ 37 $ 35
Total compensation $ 40 $ 38

NOTE 23 RELATED PARTY TRANSACTIONS (CONT'D)
SUBSIDIARIES
All the Company’s subsidiaries are wholly owned. The following information summarizes the Company’s significant
subsidiaries which produce a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and
cream products, cultured products, and dairy ingredients:
Percentage Owned Location
Saputo Dairy Products Canada G.P. 100.00% Canada
Saputo Cheese USA Inc. 100.00% USA
Saputo Dairy Australia Pty Ltd 100.00% Australia
Warrnambool Cheese and Butter Factory Company Holdings Ltd 100.00% Australia
Molfino Hermanos S.A. 100.00% Argentina
Dairy Crest Ltd 100.00% UK
NOTE 24 CAPITAL DISCLOSURES

The Company's capital management strategy requires a well-balanced financing structure to maintain the flexibility
needed to implement growth initiatives, pursue disciplined capital investments and maximize shareholder value. This
includes ensuring that there is sufficient liquidity to enable organic growth, undertake selective acquisitions and
support its Saputo Promise while at the same time taking a conservative approach towards financial leverage and
management of financial risk. Also, the Company aims a long-term target leverage of approximately 2.25 times net
debt to net earnings before income taxes, financial charges, acquisition and restructuring costs, gain on disposal of
assets, impairment of intangible assets, and depreciation and amortization. From time to time, the Company may
deviate from its long-term target leverage to pursue strategic opportunities. Should such a scenario arise, the
Company expects to deleverage over a reasonable period of time in order to seek to maintain its investment grade
ratings.
The Company’s capital is composed of net debt and equity. Net debt consists of long-term debt, bank loans, and
lease liabilities, net of cash and cash equivalents. The net debt amounts as at March 31, 2023, and March 31, 2022,
are as follows:
2023 2022
Long-term debt, including current portion $ 3,251 $ 3,375
Bank loans 356 419
Lease liabilities 433 451
Less: Cash and cash equivalents (263) (165)
Net debt $ 3,777 $ 4,080
The primary measure used by the Company to monitor its financial leverage is its ratio of net debt to net earnings
before income taxes, financial charges, acquisition and restructuring costs, gain on disposal of assets, impairment of
intangible assets, and depreciation and amortization. The ratio as at March 31, 2023, was 2.43 (3.53 at March 31,
2022).
The Company has existing credit facilities which require a quarterly review of financial ratios and the Company is not
in violation of any such ratio covenants as at March 31, 2023.
The Company is not subject to capital requirements imposed by a regulator.

NOTE 25 SEGMENTED INFORMATION
The Company reports under four geographic 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).
These reportable sectors are managed separately as each sector represents a strategic business unit that offers
different products and serves different markets.
The President and Chief Executive Officer, the Chief Financial Officer, the President and Chief Operating Officer
(North America), and the President and Chief Operating Officer (International and Europe) are, collectively, the chief
operating decision maker of the Company and regularly review operations and performance by sector. They review
adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each sector and to make
decisions about the allocation of resources. Adjusted EBITDA is defined as net earnings before income taxes,
financial charges, acquisition and restructuring costs, gain on disposal of assets, impairment of intangible assets, and
depreciation and amortization.
The divisions within the International Sector were combined due to similarities in global market factors and production
processes.

NOTE 25 SEGMENTED INFORMATION (CONT'D)
INFORMATION ON REPORTABLE SECTORS
2023 2022
Revenues
Canada $ 4,696 $ 4,281
USA 8,339 6,409
International1 3,785 3,453
Europe 1,023 892
$ 17,843 $ 15,035
Canada $ 4,145 $ 3,806
USA 7,851 6,121
International 3,411 3,205
Europe 883 748
$ 16,290 $ 13,880
Adjusted EBITDA
Canada $ 551 $ 475
USA 488 288
International 374 248
Europe 140 144
$ 1,553 $ 1,155
Canada $ 109 $ 103
USA 227 210
International 146 132
Europe 100 115
$ 582 $ 560
Gain on disposal of assets — (9)
Acquisition and restructuring costs (Note 14) 95 71
Financial charges 101 70
Earnings before income taxes 775 405
Income taxes 153 131
1
Australia accounted for $2,684 million and $2,528 million of the International Sector's revenues while Argentina accounted for $1,101 million and
$925 million for the years ended March 31, 2023 and 2022, respectively.

NOTE 25 SEGMENTED INFORMATION (CONT'D)
MARKET SEGMENT INFORMATION
The Company sells its products in three different market segments: retail, foodservice, and industrial.

Total Canada USA International Europe
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Revenues
Retail $ 8,638 $ 7,461 $ 2,650 $ 2,539 $ 3,735 $ 2,811 $ 1,525 $ 1,416 $ 728 $ 695
Foodservice 5,831 4,579 1,677 1,414 3,728 2,859 394 285 32 21
Industrial 3,374 2,995 369 328 876 739 1,866 1,752 263 176
$ 17,843 $ 15,035 $ 4,696 $ 4,281 $ 8,339 $ 6,409 $ 3,785 $ 3,453 $ 1,023 $ 892
GEOGRAPHIC INFORMATION
March 31, 2023 March 31, 2022
Net book value of property, plant and equipment
Canada $ 892 $ 874
USA 1,988 1,676
Australia 792 873
Argentina 194 150
United Kingdom 420 389
$ 4,286 $ 3,962
Net book value of intangible assets
Canada $ 232 $ 259
USA 335 345
Australia 87 108
Argentina 4 7
$ 1,283 $ 1,371
Net book value of right-of-use assets
Canada $ 132 $ 142
USA 50 51
Australia 163 188
Argentina 9 9
$ 446 $ 475

CO R P O RAT E HEAD QUARTERS
Saputo Inc.
6869 Métropolitain Blvd. East
Montréal, QC Canada H1P 1X8
T. 514-328-6662
saputo.com
A NNUA L M EE TI NG INVESTOR REL ATIONS

O F S HA R EHOLD ERS Nicholas Estrela
Friday, August 11, 2023, at 10:30 a.m. T. 514-328-3117
(Eastern Time) - Virtual-only format
E. [email protected]
web.lumiagm.com/#/405910269
STOC K EXC HANGE

Toronto Stock Exchange
T R A NS F ER AG ENT
Symbol: SAP
Computershare Trust Company of Canada
1500 Robert-Bourassa Blvd., Suite 700
Montréal, QC Canada H3A 3S8 EXTERNAL AUDITORS
T. 514-982-7888 KPMG LLP
E. [email protected] Montréal, QC Canada
D I V I DEND P OLI CY
Saputo Inc. declares quarterly cash dividends of $0.18 per common share,
representing a yearly dividend of $0.72 per share. The Board of Directors
reviews our dividend policy at least once annually, based on factors such
as financial condition, financial performance, and capital requirements.
D I V I DEND R EI NV ESTMENT P L AN
Saputo provides eligible shareholders with the opportunity to have all or a
portion of the cash dividends declared on their common shares automatically
reinvested into additional Saputo common shares. For enrolment materials or
to learn more about the DRIP, please visit: saputo.com/en/investor-toolkit/drip
S A PU TO . COM

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2023

Saputo, one of the top ten dairy processors in the world,

Saputo is a leading cheese manufacturer and fluid milk and

REVENUES ADJUSTED EBITDA1

2021 $14,294 2021 $1,471

2022 $15,035 2022 $1,155

2023 $17,843 2023 $1,553

NET EARNINGS ADJUSTED NET EARNINGS1

2021 $626 2021 $715

2022 $274 2022 $485

2023 $622 2023 $755

For the fiscal year ended March 31, 2023

SECTOR # OF PLANTS # OF EMPLOYEES % OF TOTAL REVENUES

Canada 18 6,000 26%

USA 29 7,800 47%

International 12 3,900 21%

48% 33% 19%

RETAIL FOODSERVICE INDUSTRIAL

Food Quality and Safety

Our Approach Responsible Sourcing

The Saputo Promise is an integral part of

The Board delegates some of its ESG oversight responsibilities to the

* RSPO: Roundtable on Sustainable Palm Oil

A Message From Our Chair of

We took timely action to offset rising costs, including through

Although the changing macro environment demanded a focus on

Advancing our Global Strategic Plan

We began executing on our brand portfolio strategy

In the UK, we announced the closure of our cheese packing

Next phase of our growth

I want to express my heartfelt appreciation to Louis-Philippe Carrière, who will

— Completed several automation projects aimed at improving plant

— Strengthened our supply chain through a series of targeted

* Dairyland: #1 Most Trusted by Canadians in 2022 – West – in milk category;

— Executed on our cheese network optimization strategy, with

Dairy Division (Australia) Dairy Division (Argentina)

— Despite lower export sales volumes, we continued to prioritize

* Omnibus Brand Health Kantar February 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS

USE OF NON-GAAP MEASURES

ANNUAL REPORT 2023 Page 3

ANNUAL REPORT 2023 Page 4

ANNUAL REPORT 2023 Page 5

Revenues 17,843 15,035 14,294

Adjusted EBITDA1 1,553 1,155 1,471

Net earnings 622 274 626

Adjusted net earnings1 755 485 715

STATEMENT OF CASH FLOWS

ANNUAL REPORT 2023 Page 6

Operating costs excluding depreciation, amortization and

Depreciation and amortization

Impairment of intangible assets — — — 58

Income taxes 22 (12) 153 131

ANNUAL REPORT 2023 Page 7

Net earnings 159 37 622 274

PER SHARE DATA

Adjusted EPS basic1 0.47 0.26 1.80 1.17

Selected factor(s) positively (negatively) impacting Adjusted EBITDA1

ANNUAL REPORT 2023 Page 8

During the fourth quarter of fiscal 2023, we: