Q2 FY27 presentation.

S E C O N D Q U A R T E R

November 6, 2026

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

Carl Colizza

P R E S I D E N T A N D C E O

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

B E N E F I T I N G F R O M F A V O U R A B L E M A R K E T S W H I L E E X E C U T I N G A G A I N S T S T R A T E G I C P R I O R I T I E S

M A R K E T S

RESILIENT PROTEIN DEMAND

FAVOURABLE DAIRY INGREDIENT MARKET CONDITIONS

GROWING MILK SUPPLY IN AUSTRALIA

SUPPORTIVE DAIRY MARKET FUNDAMENTALS

B U S I N E S S A C T I O N S

H I G H E R - V A L U E P R O D U C T S

O P E R A T I O N A L E F F I C I E N C Y

C A P A C I T Y E X P A N S I O N A N D D I G I T A L

C A P A B I L I T I E S

M A R K E T S U P P O R T , A M P L I F I E D B Y A C T I O N , D R I V E S S O L I D S E C O N D Q U A R T E R P E R F O R M A N C E

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

C T I O N S

M U L T I P L E L E V E R S C O N T I N U E T O S U P P O R T M A R G I N E X P A N S I O N

O P E R A T I O N A L E F F I C I E N C Y

C O M M E R C I A L E X C E L L E N C E

C O S T S A V I N G S

D E L I V E R I N G + 3 1 0 B P S

I N A D J U S T E

D E B I T D A M A R G I N G R O W T H S I N C E

Q 2 F Y 2 5

U.S. ADJUSTED EBITDA MARGIN GROWTH

(Q2FY25 - Q2FY27)

9.6%

NETWORK OPTIMIZATION

ENHANCED PRODUCT MIX

PRODUCTIVITY

WAREHOUSE CONSOLIDATION

CUSTOMER MIX

PROCUREMENT

6.5%

MANUFACTURING EFFICIENCIES

PRICING DISCIPLINE

SG&A OPTIMIZATION

Q2FY25

Q4FY25

Q2FY26

Q4FY26

Q2FY27

L O W E R C O S T S , B E T T E R U T I L I Z A T I O N , A N D E N H A N C E D C U S T O M E R S E R V I C E A R E L I F T I N G M A R G I N S

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

P E R F O R M A N C E S U P P O R T E D B Y D E M A N D , P R O D U C T M I X E N H A N C E M E N T , A N D O P E R A T I O N A L E X E C U T I O N

C A N A D A

Resilient Demand Despite Market and Cost Pressure

I N T E R N A T I O N A L

Shifting from footprint restructuring to product mix optimization

FOODSERVICE VOLUME GROWTH

MORE MILK AVAILABLE

VALUE-ADDED DAIRY VOLUME GROWTH

DOMESTIC VOLUME GROWTH

STRONG INGREDIENT MARKETS

HIGHER- VALUE EXPORT VOLUME GROWTH

INCREMENTAL CAPACITY

C A N A D A A U S T R A L I A

EBITDA IMPROVEMENT

P E R F O R M A N C E R E F L E C T S C O N T I N U E D S T R A T E G I C P R O G R E S S

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

H I G H E R V A L U E A P P L I C A T I O N S A R E C R E A T I N G N E W A V E N U E S F O R G R O W T H

E X T E N D I N G A C R O S S T H E D A I R Y V A L U E C H A I N

C O R E D A I R Y F O U N D A T I O N

E X P A N D I N G D A I R Y O P P O R T U N I T I E S

C O R E D A I R Y

P R O D U C T S D O M I N A T E

I N C R E A S I N G E X P O S U R E T O H I G H E R -V A L U E A P P L I C A T I O N S

FLUID MILK

DAIRY FOODS

CHEESE

CONVENIENCE & SNACKING

PROTEIN SOLUTIONS

NUTRITIONAL APPLICATIONS

FUNCTIONAL DAIRY

SPORTS & ACTIVE NUTRITION

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

L E V E R A G I N G D A I R Y S C A L E , I N N O V A T I O N , A N D C U S T O M E R R E L A T I O N S H I P S T O C A P T U R E A T T R A C T I V E G R O W T H O P P O R T U N I T I E S

B U I L D I N G O N O U R D A I R Y F O U N D A T I O N

O U R S P E C I A L I Z E D I N G R E D I E N T S P L A T F O R M

C O N S U M E R T R E N D S

• Milk procurement

• Dairy scale

• Manufacturing capabilities

• Processing infrastructure

• Product development

• Customer partnerships

• R&D and innovation

  EMERGING DAIRY INGREDIENT INNOVATIONS

  ANIMAL NUTRITION

  INGREDIENTS

  LACTOSE

  WHEY PROTEIN CONCENTRATES (WPCs)

  MILK PROTEIN CONCENTRATES (MPCs)

  LACTOFERRIN

• Protein-focused nutrition

• Protein-enriched foods and beverages

• Healthy aging and wellness

• Weight management

D A I R Y S C A L E

+

C A P I T A L I N V E S T M E N T S

+

I N N O V A T I O N

=

G R O W T H O P P O R T U N I T I E S

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

U N D E R L Y I N G D A I R Y E C O N O M I C S H E L P S U P P O R T L O N G - T E R M P R O T E I N M A R K E T F U N D A M E N T A L S

D E M A N D

Broadening applications Greater adoption

Protein-rich foods, beverages, and snacks

S U P P L Y C O N S T R A I N T

New whey supply follows cheese production

I M P L I C A T I O N

Medium-term balance can remain supportive when

More end uses

Sports, wellness, weight management, and healthy aging

Premium demand

Higher-value WPC and

Whey processing

Creates the liquid whey stream

Upgrades to high-protein ingredients

protein demand grows faster than the cheese production system that generates whey

Whey Protein Isolate applications

Processing investment can improve mix, but does not independently create additional primary whey solids

P R O C E S S I N G I N V E S T M E N T S S H I F T P R O D U C T M I X , B U T O V E R A L L W H E Y C A P A C I T Y G R O W T H R E M A I N S T I E D T O M I L K S U P P L Y A N D C H E E S E D Y N A M I C S

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

C H I E F F I N A N C I A L O F F I C E R A N D S E C R E T A R Y

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

S E C O N D Q U A R T E R E N D E D S E P T E M B E R 3 0 , 2 0 2 6

R E V E N U E S

$4.256B

+3.6% vs. Q2-FY26

A D J U S T E D E B I T D A 2

$438M

+13.8%

vs. Q2-FY26

N E T E A R N I N G S

$213M

+$42M vs. Q2-FY26

A D J U S T E D N E T E A R N I N G S 2

$221M

+24.2% vs. Q2-FY26

E A R N I N G S P E R S H A R E ( E P S )

(BASIC)

$0.54

(DILUTED)

$0.53

+$0.12

vs. Q2-FY26

+$0.11 vs. Q2 -FY26

A D J U S T E D E P S 2

(BASIC)

$0.56

(DILUTED)

$0.55

+30.2% vs. Q2-FY26

+27.9% vs. Q2-FY26

1) All financial information in this presentation represents the Company's results from continuing operations, which excludes the Dairy Division (UK) and the Dairy Division (Argentina).

2) This is a total of segments measure, a non-GAAP financial measure, or a non-GAAP ratio. Refer to the "Non-GAAP Measures" section of our Management's Discussion and Analysis for the quarter ended September 30, 2026, 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.

Q 2 - F Y 2 7

v s . Q 2 - F Y 2 6

H I G H L I G H T S B Y S E C T O R

Canada Sector

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

C A N A D A S E C T O R

• Higher dairy ingredient market prices.

• Favourable product mix.

• Capital investments in automation, production capabilities, and capacity.

• Persistent inflationary pressures increased input costs, primarily labour, logistics, and packaging.

• Increases in wages and compensation, continued investments in technology and digital initiatives, and additional advertising and promotional spending to support core brands.

12

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

H I G H L I G H T S B Y S E C T O R

USA Sector

U S A S E C T O R

Q 2 - F Y 2 7

v s . Q 2 - F Y 2 6

• Higher market prices of our high-protein ingredients.

• Challenging cheese market dynamics.

  R	E V E N U E S	$2.140B	-0.6%
  A E	D J U S T E D B I T D A	$205M	+22.8%
  A E M	D J U S T E D B I T D A A R G I N	9.6%

• Higher sales volumes and favourable product mix.

• Benefits from recent investments to expand capacity and upgrade our production capabilities, which increased our ability to meet demand for high-protein ingredients.

• Operational improvements, including Midwest warehouse consolidation benefits, elimination of duplicate operating costs, and disciplined customer fulfillment.

• Persistent inflationary pressures increased input costs, primarily labour, logistics, and packaging.

• Higher advertising and promotions, increases in wages and compensation, and continued investments in technology and digital initiatives.

13

Q 2 - F Y 2 7

v s . Q 2 - F Y 2 6

H I G H L I G H T S B Y S E C T O R

International Sector1

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

I N T E R N A T I O N A L S E C T O R 1

• Increased milk availability favourably impacted sales volumes as well as efficiencies and fixed cost absorption.

• Benefits from our product mix optimization strategy.

• Higher market prices of our high-protein ingredients.

• Higher selling prices helped mitigate the impact of higher milk costs and persistent inflationary pressures, primarily related to labour, logistics, and packaging.

• Continued investments in technology and digital initiatives and incremental advertising and promotional activities.

1) The International Sector consists of the Dairy Division (Australia).

14

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

Carl Colizza

P R E S I D E N T A N D C E O

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

C R E A T I N G A M O R E F O C U S E D C O M P A N Y W I T H G R E A T E R F L E X I B I L I T Y T O P U R S U E G R O W T H A N D V A L U E C R E A T I O N

B E F O R E

BROADER GLOBAL FOOTPRINT GREATER PORTFOLIO COMPLEXITY

CAPITAL SPREAD ACROSS MORE GEOGRAPHIES

HIGHER LEVERAGE TURNAROUND FOCUS

OPERATIONAL IMPROVEMENT FOCUS

P O R T F O L I O O T I M I Z A T I O N

A R G E N T I N A

Sale of an 80% interest in Dairy Division (Argentina) for proceeds of approximately $508M USD

Closed June 2026

E U R O P E

Sale of Dairy Division (UK) for EV £988M

Expected closing: By the end FY27

A U S T R A L I A J V

Agreement to sell interest in DSDA JV for AU$257M

Expected closing: Q3 FY27

A F T E R

STREAMLINED FOOTPRINT GREATER FINANCIAL FLEXIBILITY

CAPITAL DIRECTED TO STRONGER OPPORTUNITIES

SIMPLIFIED STRUCTURE

P R O V I D E S A D D I T I O N A L C A P A C I T Y T O A C C E L E R A T E G R O W T H W H E R E W E C A N C O M P E T E F R O M A P O S I T I O N O F S T R E N G T H

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

M U L T I P L E S O U R C E S O F V A L U E C R E A T I O N S U P P O R T S A M O R E D I V E R S I F I E D A N D R E S I L I E N T E A R N I N G S P R O F I L E

D A I R Y A N D

V A L U E - A D D E D D A I R Y

• Cheese

• Fluid milk

• Cultured products

• Value-added milks

• Cream and creamers

S P E C I A L I Z E D I N G R E D I E N T S

• Whey Protein Concentrates (WPCs)

• Milk Protein Concentrates (MPCs)

• Lactose

• Lactoferrin

• Animal Nutrition

C O M M E R C I A L E X C E L L E N C E

• Customer partnerships

• Pricing and mix management

• Market expansion

O P E R A T I O N A L E F F I C I E N C Y

• Capacity investments

• Network optimization

• Manufacturing efficiencies

• Commercial execution

E X P E C T E D B E N E F I T S

H I G H E R - V A L U E P R O D U C T

M I X

E X P O S U R E

T O A T T R A C T I V E D E M A N D T R E N D S

B R O A D E R C U S T O M E R A N D E N D - M A R K E T

A P P L I C A T I O N S

M O R E D I V E R S I F I E D H I G H E R - E A R N I N G S D R I V E R S

M O R E R E S I L I E N T

E A R N I N G S P R O F I L E

17

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

C A P I T A L A L L O C A T I O N R E M A I N S F O C U S E D O N R E T U R N S , F L E X I B I L I T Y , A N D L O N G - T E R M V A L U E C R E A T I O N

I N V E S T I N

T H E B U S I N E S S

• High-return organic investments

• Specialized dairy ingredients

• Productivity, commercial, and digital initiatives

M A I N T A I N

F I N A N C I A L S T R E N G T H

• Balance sheet flexibility

• Capacity for strategic acquisitions

• Optionality across market cycles

R E T U R N C A P I T A L

T O S H A R E H O L D E R S

• Consistent dividend

• Opportunistic share repurchases

• Commitment to long-term shareholder return

A L L O P P O R T U N I T I E S E V A L U A T E D A G A I N S T S T R A T E G I C F I T , E X P E C T E D R E T U R N S , A N D V A L U E C R E A T I O N

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

I M P R O V I N G P R O F I T A B I L I T Y , A R I C H E R E A R N I N G S M I X , A N D E N H A N C E D F I N A N C I A L F L E X I B I L I T Y S U P P O R T L O N G - T E R M V A L U E C R E A T I O N

SCALED DAIRY PLATFORM

EXPANDING SPECIALIZED INGREDIENTS PLATFORM

PORTFOLIO OPTIMIZATION CREATES FLEXIBILITY

DISCIPLINED CAPITAL ALLOCATION

U.S. MARGIN IMPROVEMENT OPPORTUNITY

STRONG CASH GENERATION AND BALANCE SHEET

R E S U L T S P R E S E N T A T I O N | Q 2 F Y 2 0 2 7

20