Our President, Roger Massicotte, and our CEO, Émile Cordeau, had the opportunity to discuss various current topics at the Delegates Summit on April 24, including the challenges facing our cooperative and the dairy industry. Among the topics discussed, market instability, which impacts the decisions of many countries' governments, was at the heart of the discussions.

Overview of Tariffs and Their Impacts on Our Operations

We are closely monitoring this constantly evolving situation. For now, our business model is helping us navigate through this instability. In the North American market, our Canadian operations primarily produce for the Canadian market. The same principle applies to our American operations.

However, the Cooperative is impacted by tariffs. This results in higher import and export costs, which will affect the costs of some of our projects. We could also face financial impacts if the instability persists.

In the face of these significant challenges, Agropur remains well-positioned to handle the current uncertainty. Our efforts to rectify and improve our financial situation in recent years have strengthened our ability to cope. Agropur's teams will continue to closely monitor the international commercial situation and remain in contact with governments to explain the impacts of counter-tariffs, in order to minimize risks for the Cooperative.

To learn more about these topics, feel free to watch the presentations from the 2025 Delegates Summit, which are available on the Members' Extranet.