Saputo expands its share buyback after TSX approval
Saputo Inc. has secured approval from the Toronto Stock Exchange to amend its existing Normal Course Issuer Bid (NCIB). The change increases the maximum number of common shares that the Canadian dairy processor may repurchase and cancel from 20,498,278 to 24,260,007.
The revised ceiling equals 10% of Saputo’s 242,600,071 common shares in public hands, based on the company’s public float on November 7, 2025. That level is the maximum permitted under TSX market rules. The current NCIB began on November 19, 2025, and is due to end by November 18, 2026.
By August 18, Saputo had acquired and cancelled 19,997,690 shares. The purchases were made at a weighted average price of $41.41 per share, bringing the total expenditure to approximately $828 million. The additional authorization allows the company to continue open-market purchases under its automatic purchase plan after approaching the former limit.
Management said it regarded repurchasing the company’s shares as a prudent use of excess cash under prevailing market conditions and as a means of improving value for shareholders. Saputo retains discretion over the timing and total amount of future purchases. The company also referred to the use of cash for debt servicing and industrial capital expenditure.
Saputo reported fiscal 2026 revenue of US$12.62 billion, or C$17.551 billion, a 1.5% decline. The company attributed the reduction to lower dairy commodity benchmark values in the United States. Higher volumes in North America and firmer pricing in its domestic and international cheese and dairy-ingredient businesses supported the overall result.
Adjusted EBITDA rose by 13.5% to US$1.28 billion, or C$1.777 billion. The adjusted EBITDA margin increased from 8.2% to 9.4%. Saputo said international operating performance benefited from improved cost alignment, including in Argentina, where the relationship between domestic inflation and the depreciation of the peso reduced milk costs measured in US dollars.
