Agropur's 84th Annual General Meeting - ENSURING THE COOPERATIVE'S LONG-TERM SUCCESS

DRUMMONDVILLE, QC, - For the last three years, Agropur's decisions and orientation have improved its position, as we navigate uncertain economic times. The Cooperative held its own in 2022, helping to ensure long-term success as we see what direction the economy takes over the next few months.

"The Cooperative's long-term sustainability is at the heart of decision-making," noted Agropur's president, Roger Massicotte. "It's a key issue for our members, so we're glad to be in a healthy financial situation once again."

EBITDA REACHES NEW HEIGHTS

In 2022, Agropur's earnings before interest, taxes, depreciation and amortization (EBITDA) continued to grow, reaching $521.7 million—a significant achievement given the difficult circumstances. As we are all aware, 2022 saw inflation climb, interest rates rise and labour shortages grow. It goes without saying that Agropur was affected. "Given the context, we should be very proud of the Cooperative's performance," said Émile Cordeau, CEO.

The Cooperative has focused efforts on its strategic vision in the last few years, and it has paid off. That vision—to position Agropur as the food industry's dairy partner of choice—has allowed the Cooperative to develop partnerships that have supported its success. "2022 has shown us that we're moving in the right direction with our strategic vision," says Cordeau. "It puts the Cooperative on solid ground, and it means we can weather any storms ahead."

AGROPUR TURNS 85 IN AUGUST

2023 marks the 85th anniversary of the Cooperative, which was founded on August 24, 1938, in the town of Granby by farmer Omer Deslauriers and agronomist Alpha Mondou. At the time, 87 members rallied together to address collective needs. Over time, the Cooperative has made a shift toward milk processing and today it is one of the world's top 20 dairy processors.

The Cooperative's founding values remain strong today. "Member solidarity and a democratic culture are part of daily life at Agropur. Even years later, these are still our foundational values," Roger Massicotte noted with pride.