Slide 1: Investor Presentation February 2026
SupremeX (TSX: SXP.TO) INVESTOR PRESENTATION FEBRUARY 2026 1
Slide 2: Forward Looking Information
Forward Looking Information • This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted net earnings per shar
Slide 3: Agenda
Agenda • INVESTMENT THESIS • SUPREMEX OVERVIEW • DETAILED SEGMENT OVERVIEW • Envelope • Packaging & Specialty Products • THE MARKET • Envelope • Packaging & Specialty Products • GROWTH STRATEGY • FINANCIAL TRACK RECORD • Q4 2025 RESULTS • APPENDIX • Q4 Supplemental Information • Reconciliation of No
Slide 4: Investment Thesis
Investment Thesis • Building packaging platform in growing market niches • Leading Canadian envelope manufacturer and in the top 3 in North America • Strong customer relationships • Solid balance sheet and healthy cash flow generation • Experienced leadership team • Attractive valuation 4
Slide 5: Supremex Overview
TSX: SXP.TO SUPREMEX OVERVIEW INVESTOR PRESENTATION February 2026 5
Slide 6: Supremex at a Glance
SupremeX at a Glance Envelope #1 in Canada Packaging #1 Independent folding carton Top 3 in North America(1) provider in Quebec(1) PACKAGING: REVENUE YEAR ENDED December 31, 2025 ~32% ENVELOPE: $275M ~68% (1) Based on Management estimates SupremeX is a leading North American manufacturer and markete
Slide 7: Growing By Acquisitions for Nearly 50 Years
Growing By Acquisitions for Nearly 50 Years • Founded in 1977 by four envelope industry executives • Acquired by private equity in 1990; sold to Cenveo in 1995 Focused on envelope manufacturing in Canada Diversifying by geography & product 1991 1994 1996 1998 2000 2001 2006 2007 2008 2010 2011 2014
Slide 8: Vast North American Network
Vast North American Network 1 Location Richmond, BC Type Envelope Canada ● 2 Winnipeg, MB Envelope Canada ● 3 Etobicoke, ON Envelope Canada & Packaging ● 4 Mississauga, ON Envelope Canada ● 5 Moncton, NB Envelope Distribution Center ● 6 LaSalle, QC Envelope Canada & Packaging ● 7 Lachine, QC Packagi
Slide 9: Experienced Leadership Team
Experienced Leadership Team 35 years of industry experience STEWART EMERSON Started at predecessor to Supremex in 1990. Previously VP and GM Central Region and Buffalo Envelope. President & CEO Responsible for leading many successful M&A integrations. Holds a Bachelor’s Degree in Business (Director
Slide 10: Recent Financial Performance
Recent Financial Performance Revenue (M$) Adjusted EBITDA (M$)(1) Net Earnings (M$) 28 302 57 272 281 275 49 16 17 33 40 226 12 30 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (12) 2021 2022 2023 2024* 2025 (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any st
Slide 11: Historical Price Chart
Historical Price Chart (as of February 6, 2026) Shares outstanding 24.4M 1,600 $8 Float 15.1M Average daily volume 21,749 (52 weeks on TSX) 1,200 52 week (high-low) $4.64-$3.50 $6 Market capitalization $91.5M (in ‘000s of shares) 800 $4 $3.75 400 $2 0 $0 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb
Slide 12: Detailed Segment Overview
TSX: SXP.TO DETAILED SEGMENT OVERVIEW INVESTOR PRESENTATION February 2026 12
Slide 13: The Envelope Segment - Overview
The Envelope Segment - Overview The Company utilizes an industry leading equipment base and platform to manufacture a broad range of stock and custom envelopes. “Everything in the letter carrier’s bag.” 2025 Revenue 2021-2025 Revenue Key Points • Optimal geographical network 214 200 199 • Leading pl
Slide 14: The Envelope Segment – Broad Products Offering
The Envelope Segment – Broad Products Offering Stock Envelopes Custom Envelopes Complementary Services Product A generic product that can be used by Custom envelopes are manufactured • Graphic arts services (basic design and creative Description customers for a variety of applications. according to
Slide 15: The Envelope Segment – Strong Customer Base
The Envelope Segment – Strong Customer Base Supplier to essential businesses and services Regional Envelope Revenue Contracts SupremeX Edge Distribution(1) • The industry does not typically National footprint & local distribution: 11% enter into long-term agreements. • Local market intimacy Informal
Slide 16: The Packaging Segment - Overview
The Packaging Segment - Overview The Company manufactures and distributes a diverse range of packaging and specialty products including high-end folding carton packaging, e-Commerce fulfillment packaging solutions and labels. 2025 Revenue 2021-2025 Revenue Key Points • #1 independent folding carton
Slide 17: The Packaging Segment – Diversified Offering
The Packaging Segment – Diversified Offering Folding Carton E-commerce Specialty Products Product • Made of paperboard that is • Innovative products to optimize • Pressure sensitive labels, Description printed, laminated, cut, then shipping and reduce over booklets & other inserts folded and glued p
Slide 18: The Packaging Segment– Diversified Customer Base
The Packaging Segment– Diversified Customer Base Supplier to varied consumer staples and discretionary consumer end-markets. End-market Approximate Contracts SupremeX Edge Packaging Revenue Distribution(1) 2% 2% • Agreements vary according to the Proximity to customer base: 15% type of packaging and
Slide 19: The Market
TSX: SXP.TO THE MARKET INVESTOR PRESENTATION February 2026 19
Slide 20: The North American Envelope Market is in Secular Decline
The North American Envelope Market is in Secular Decline Through internal growth and acquisitions, Supremex is now one of the three largest manufacturers in North America Canadian Envelope Market U.S. Envelope Market Market Size –Sales $125M(1) US$2.0B(2) Competitive Landscape • SupremeX is a leadin
Slide 21: Transaction Mail Volume Trends in North America
Transaction Mail Volume Trends in North America Transaction mail volume in Canada has First-class mail volume in the U.S. has also declined since 2020 decreased at a similar rate 5-YR CAGR: 5-YR CAGR: 2,540 2,478 (4.6%) 52,628 50,664 48,960 (3.9%) 2,313 45,982 2,196 44,312 43,169 2,009 2,028 (in mil
Slide 22: Marketing Mail Volume Trends in North America
Marketing Mail Volume Trends in North America Marketing mail volume in Canada has been U.S. marketing mail volume historically more stable, relatively stable in recent years but affected by economic uncertainty in recent years 5-YR CAGR: 5-YR CAGR: 5,000 2.1% 80,000 (1.9%) 4,104 66,198 67,092 3,918
Slide 23: The Packaging Market is Growing
The Packaging Market is Growing Growing e-commerce activity and sustainability trends support the expansion of paper packaging Paper Packaging Folding Carton Boxes Largest subsector with an estimated 2025 share of 35.4%(1) of the global Market Size Global folding carton packaging market valued at US
Slide 24: Package and Parcel Volume Trends in North America
Package and Parcel Volume Trends in North America Canada Post parcel volume declining significantly Following the COVID-related spike, U.S. Package & in favour of private carriers due to lacking reliability Parcel volume has remained relatively stable 5-YR CAGR: 5-YR CAGR: 389 (16.0%) (0.9%) 361 7,5
Slide 25: Growth Strategy
TSX: SXP.TO GROWTH STRATEGY INVESTOR PRESENTATION February 2026 25
Slide 26: Executing on a Three-Pronged Growth Strategy
Executing on a Three-Pronged Growth Strategy Leverage our Envelope capacity, knowhow and cash flow to fund the pivot to packaging 1 2 3 Maintaining its leading Pursuing growth opportunities Building Supremex’ packaging position in the Canadian in the U.S. envelope market capabilities organically and
Slide 27: Maintaining Market-Leading Position in Canada and Diversifying in the U.S.
Maintaining Market-Leading Position in Canada and Diversifying in the U.S. Manage the secular decline in the Envelope segment by maintaining EBITDA and strong cash flow generation 1. Maintain Leading Position in Canada 2. Diversify into the U.S. Market • Have a disciplined approach to pricing • Take
Slide 28: Diversifying into Paper-Based Packaging in Canada & the U.S.
Diversifying into Paper-Based Packaging in Canada & the U.S. Accelerate diversification into high-value growth markets and execute pivot to Packaging 3. Diversify into Paper-Based Packaging Focus on 3 Pillars of Growth MAKE ACQUISITIONS TO DEVELOP SCALE FOLDING CARTON • Build capacity closer to the
Slide 29: Financial Track Record
TSX: SXP.TO FINANCIAL TRACK RECORD INVESTOR PRESENTATION February 2026 29
Slide 30: Growing Revenues
Growing Revenues Successfully managing secular decline of Envelope Segment and diversification into Packaging Segment 302 281 275 272 CAGR: 89 205 226 72 82 89 8.8% 69 58 (in millions of $) CAGR: 214 157 200 199 186 4.9% 147 2020 2021 2022 2023 2024 2025 Envelope Packaging Note: Totals may not add u
Slide 31: Adjusted EBITDA and Margin
Adjusted EBITDA and Margin Focusing on operational leverage and extracting cost efficiencies 56.8 20.9% 17.2% 49.1 16.3% 39.0 40.3 14.4% 28.4 30.0 10.9% (in millions of $) 15.8 10.4% 17.3 12.0 7.0% 5.7% 4.4% (4.2%) -11.7 2021 2022 2023 2024* 2025 (1) (1) Adjusted EBITDA Net Earnings Adjusted EBITDA
Slide 32: Generating Solid Cash Flows
Generating Solid Cash Flows Efficient working capital management and disciplined capital investment produces significant cash flows Proceeds of $53.0 million from sale-leaseback transaction in Q3-2025 73.2 43.9 (in millions of $) 40.0 30.0 32.1 31.7 26.1 26.9 24.4 20.7 2021 2022 2023 2024 2025 Net c
Slide 33: Optimizing Capital Allocation
Optimizing Capital Allocation Returning short term value to shareholders while investing in future growth 40.2 36.4 28.4* (in millions of $) 11.5 9.4 2021 2022 2023 2024 (2) 2025 (2) (1) Capex Acquisitions Dividends Share repurchases Growth investments $86.0M Return to shareholders $39.9M 2021 – 202
Slide 34: Dividend Payments
Dividend Payments Quarterly dividend reinstated in Q1-22; increased four times since then Current regular payment is $0.05 per share ($0.20 annually) Total payout, including special dividend, represented 23.5% of free cash flow in 2025 $0.50 $0.14 $0.17 $0.135 $0.20 $0.20 3.2% 4.5% 5.5% 5.3% 2.3% 20
Slide 35: Strong Balance Sheet With Low Leverage Position
Strong Balance Sheet With Low Leverage Position Debt reduction through a strong cash flow generation Provides flexibility to carry out business strategy 2025 reduction includes proceeds from sale-leaseback transaction Targeting a leverage ratio below 2.0x Total Debt Net Debt to Adj. EBITDA Ratio (1)
Slide 36: Q4-2025 Results
TSX: SXP.TO Q4-2025 RESULTS INVESTOR PRESENTATION February 2026 36
Slide 37: Q4-2025 Highlights & Recent Events
Q4-2025 • Revenue of $72.9M, up 5.6% from $69.1M last year. Highlights & • Adjusted EBITDA(1) of $9.1M (12.5% of revenue), vs. $12.9M (18.7% of revenue) last Recent Events year. • Net earnings of $1.3M ($0.05 per share), vs. $5.8M ($0.23 per share) last year. • Adjusted net earnings(1) of $1.5M ($0.
Slide 38: Revenue Overview
Revenue Overview Revenue (M$) Y/Y Variance Analysis Highlights $72.9 Envelope: $69.1 (+) Higher volume from acquisitions of Enveloppe (M$, except %) Envelope Packaging TOTAL Laurentide and Elite Envelope 20.3 24.0 Q4-24 (+) New customer wins and share of wallet growth 48.8 20.3 $69.1 in the US Reven
Slide 39: Adjusted EBITDA and Net Earnings
Adjusted EBITDA(1) and Net Earnings Adjusted EBITDA (M$)(1) & margin (%)(1) Net earnings (M$) & margin Highlights 15.0 30.0% $8.0 Envelope: $12.9 (-) Lower selling prices due to lower 1.4 $9.1 25.0% $5.8 volume with a large US customer $6.0 10.0 2.4 (-) Impact of Canada Post labour issues 3.2 20.0%
Slide 40: Net Earnings and Adjusted Net Earnings
Net Earnings and Adjusted Net Earnings(1) Net earnings (Loss) (M$) & EPS Adjusted net earnings(1) (M$) & per share(1) Q4 Elements $8.0 2025: $5.8 $6.0 $5.2 - Asset impairment charge $5.0 - Acquisition costs $4.0 $0.23 2024: $1.3 $0.20 $1.5 $2.0 - Recovery of restructuring expenses $0.05 $0.06 $0.0 $
Slide 41: Cash Flow from Operating Activities and Free Cash Flow
Cash Flow from Operating Activities and Free Cash Flow (1) Net cash flow related to operating activities (M$) Free cash flow(1) (M$) Highlights $15.0 $14.1 $15.0 $13.4 Cash flow from operating activities: $12.0 (+) Working capital release in Q4- $9.2 $10.0 2025, as opposed to $9.0 $8.7 requirements
Slide 42: Solid Financial Position
Solid Financial Position Total Debt (M$) Net Debt to Adj. EBITDA Ratio (1) Highlights 50.0 2.00x 43.1 1.80x 38.0 40.6 Sale-leaseback • Significant debt 40.3 40.0 1.60x 38.7 reduction in Q3-2025 (in millions of $, except ratios) 41.2 35.5 41.2 38.4 1.40x 38.4 33.8 following sale- 35.4 30.0 30.0 35.4
Slide 43: Outlook
Outlook Positive factors • Stronger financial position following the completion of sale-leaseback transaction in July 2025 • Strong team, broad product offering, geographical diversification, solid supplier relationships Short-term concerns • Current economic volatility, ongoing trade uncertainty, p
Slide 44: Appendix
TSX: SXP.TO APPENDIX INVESTOR PRESENTATION February 2026 44
Slide 45: Q4 Supplemental Information - Summary
Q4 Supplemental Information - Summary Selected Consolidated Financial Information Three-month periods Twelve-month periods (In thousands of dollars, except for margins) ended December 31 ended December 31 2025 2024 2025 2024 Revenue 72,917 69,075 274,780 281,035 Operating expenses 54,175 48,496 203,
Slide 46: Q4 Supplemental Information - Segmentation
Q4 Supplemental Information - Segmentation Segmented Information Three-month periods Twelve-month periods (in thousands of dollars, except %) ended December 31 ended December 31 2025 2024 2025 2024 Segmented Revenue Envelope 48,935 48,797 186,260 199,164 Packaging & specialty products 23,982 20,278
Slide 47: Non-IFRS Financial Measures
Non-IFRS Financial Measures Non-IFRS Measure Definition EBITDA represents earnings before net financing charges, income tax expense, depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets. EBITDA The Company uses EBITDA to assess its performance.
Slide 48: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net earnings (Loss) to Adjusted EBITDA Three-month periods Twelve-month periods (In thousands of dollars, except for margins) ended December 31 ended December 31 2025 2024 2025 2024 Net earnings (loss) 1,284 5,819 12,022 (11,743) Income
Slide 49: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net earnings (loss) to Adjusted net earnings and Three-month periods Twelve-month periods of Net earnings (loss) per share to Adjusted net earnings per share ended December 31 ended December 31 (In thousands of dollars, except for per s
Slide 50: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net earnings (loss) to Adjusted EBITDA 2025 2024 2023 2022 2021 (In thousands of dollars, except for margins) Revenue 274,780 281,035 302,187 272,467 226,430 Net earnings (loss) 12,022 (11,743) 17,334 28,436 15,752 Income tax (recovery)
Slide 51: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net earnings (loss) to Adjusted net earnings and of Net earnings (loss) per share to Adjusted net earnings per share 2025 2024 2023 2022 2021 (In thousands of dollars, except for per share amounts) Net earnings (loss) 12,022 (11,743) 17
Slide 52: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net cash flows related to operating activities to Free cash flow 2025 2024 2023 2022 2021 (In thousands of dollars) Net cash flows related to operating activities 20,749 32,087 43,897 26,914 29,996 (Acquisitions) net of disposals of pro
Slide 53: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of Net cash flows related to operating activities to 2025 Q4-25 Q3-25 Q2-25 Q1-25 2024 Q4-24 Q3-24 Q2-24 Q1-24 Free cash flow (In thousands of dollars) Net cash flows related 20,749 14,088 (608) 304 6,965 32,087 9,201 7,568 10,222 5,096 to
Slide 54: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Net Debt to Adjusted EBITDA ratio (in thousands of dollars, except for 2025 2024 2023 2022 2021 ratios) Total debt 4,135 43,142 56,766 54,748 44,529 Deferred financing costs (63) (159) (256) (334) (178) Cash (3,090) (1,794) (1,066) (1,929) (6,365) Net de
Slide 55: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Net Debt to Adjusted EBITDA ratio (in thousands of dollars, except for Q4-2025 Q3-2025 Q2-2025 Q1-2025 Q4-2024 ratios) Total debt 4,135 11,691 40,574 37,974 43,142 Deferred financing costs (63) (162) (124) (130) (159) Cash (3,090) (2,642) (2,056) (2,423)
Slide 56: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures Reconciliation of EBITDA and Adjusted Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 EBITDA for the past eight quarters 2025 2025 2025 2025 2024 2024 2024 2024 (In thousands of dollars, except for margins) Net earnings (loss) 1,284 9,127
Slide 57: Acquisition Details
Acquisition Details (Since IPO in 2006) Date Acquired Company Location Description December 8, 2025 Elite Envelope Massachusetts Manufacturer and printer of envelopes, serving the New England market July 14, 2025 Enveloppe Laurentide St-Laurent, Quebec Long-standing manufacturer and printer of envel
Slide 58: www.supremex.com Head Office
www.supremex.com Head Office investors@supremex.com 7213 Cordner Street Tel: (514)-731-0000 extension 229 LaSalle, Quebec H8N 2J7