CORRECTION – Lassonde Industries Inc. announces its Q3-2026 results

In a press release issued earlier today, November 05, 2026, by Lassonde Industries Inc., please note that the financial results released were for the second quarter while the third quarter results were to be included. Please disregard the second quarter results released earlier. The corrected press release follows:

ROUGEMONT, Quebec, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Lassonde Industries Inc. (TSX: LAS.A) (“Lassonde” or the “Corporation”) today announced its financial results for the third quarter of 2026.

Financial Highlights:

		Third quarters ended
		Sept. 26, 2026		Sept. 27, 2025	∆
(in millions of dollars, unless otherwise indicated)		$		$	$
Sales		713.3		723.9	(10.5	)
Gross profit		205.5		197.6	7.9
Operating profit		56.8		57.9	(1.0	)
Profit		37.6		37.0	0.6
Attributable to:	Corporation’s shareholders	37.7		36.8	0.8
	Non-controlling interests	(0.1	)	0.2	(0.2	)
EPS(in $)		5.52		5.40	0.12
Weighted average number of shares outstanding(in thousands)		6,821		6,822	(1	)
Adjusted EBITDA1		83.6		86.4	(2.8	)
Adjusted EPS1(in $)		5.94		5.84	0.10

Note: These are financial highlights only. Management’s Discussion and Analysis, the unaudited interim condensed consolidated financial statements and notes thereto for the quarter ended September 26, 2026 are available on SEDAR+ at www.sedarplus.ca and on the website of Lassonde Industries Inc.

“Lassonde's third-quarter results reflect softer consumer demand across portions of the agri-food sector as households continue to manage budget pressures, along with certain operational challenges within our U.S. Beverage network,” said Vince Timpano, Chief Executive Officer of Lassonde Industries Inc. “Despite these headwinds, the strength of our national brands, disciplined revenue management and the agility of our network enabled us to deliver another quarter of growth in gross profit and earnings per share. These results demonstrate the resilience of our business and the actions we have taken to improve the quality of our earnings.”

“Looking ahead, consumer demand and volumes may remain pressured in the near term as affordability concerns continue to influence purchasing behaviour. At the same time, higher crude oil prices are expected to increase transportation and PET resin costs. Our immediate focus is on executing a successful transition of production to our new facility in New Jersey, which remains on schedule. While start-up costs and temporary inefficiencies will affect conversion costs during the ramp-up period, this investment represents an important milestone in strengthening our manufacturing footprint, enhancing our competitive position and expanding our capabilities to support sustainable long-term growth,” added Mr. Timpano.

Third Quarter Highlights:

• Sales of $713.3 million. Excluding a $6.5 million favourable foreign exchange impact, sales were down $17.0 million (2.3%) from the same quarter last year. This decrease was mainly due to lower private label sales volumes, while the change in the sales mix is favourable.
• Gross profit of $205.5 million (28.8% of sales). Excluding a $2.5 million favourable foreign exchange impact, gross profit was up $5.4 million from the same quarter last year. This net increase resulted mainly from the following items:
  • Decrease in the cost of orange and apple concentrates as well as orange juice, partly offset by a higher PET resin cost; and
  • Favourable impact of a change in the sales mix.
  partly offset by:

• • Increase in conversion costs mainly due to temporary equipment issues in the New Jersey and North Carolina plants; and
  • Lower sales volumes.

• Operating profit of $56.8 million. Excluding a $1.3 million favourable foreign exchange impact, operating profit was down $2.4 million from the same quarter last year. This net decrease resulted mainly from a $6.6 million increase in transportation costs incurred to deliver products to clients notably due to fuel surcharges. This item was partly offset by a higher gross profit.
• Excluding items impacting comparability, adjusted EBITDA1 was $83.6 million (11.7% of sales), down $2.8 million (or 3.2%) from the same quarter last year.
• Profit attributable to the Corporation’s shareholders of $37.7 million (EPS of $5.52), up $0.8 million (or 2.4%) from the same quarter in 2025, mainly due to lower financial expenses. Excluding items impacting comparability, adjusted EPS¹ was $5.94, up 1.7% from the same quarter last year.
• As at September 26, 2026, the Corporation’s total assets were $2,314.6 million versus $2,252.9 million as at December 31, 2025, a 2.7% increase arising mainly from a higher foreign exchange conversion rate as at September 26, 2026 and an increase in property, plant and equipment, partly offset by a decrease in intangible assets.
• Long-term debt, including the current portion, stood at $418.3 million as at September 26, 2026. This represents a $26.3 million decrease from December 31, 2025, essentially attributable to cash flows generated by operating activities.
• Operating activities generated $62.6 million in cash compared to $117.8 million generated in the same quarter last year. This decrease in cash inflows was mainly due to a change in non-cash operating working capital items, which generated $52.5 million less cash than in the same quarter of 2025.
• Dividend of $1.25 per share, paid on September 15, 2026.
  
  

Outlook

Lassonde expects that its fiscal 2026 and early fiscal 2027 performance will continue to be influenced primarily by the financial health of consumers and the prevailing inflationary environment. These factors are now being assessed against a backdrop of heightened global uncertainty, including the ongoing conflict in the Middle East and its potential for broader geopolitical, energy, and supply‑chain disruptions, as well as persistent uncertainty surrounding trade policy.

In light of this uncertainty and the rapidly evolving nature of these developments, this outlook may not reflect all impacts arising from the current conflicts, Tariffs, or other trade measures as of the date of this press release. Management’s perspectives on these matters and their potential implications for Lassonde are discussed in Section 19 – “Uncertainties and Principal Risk Factors” of the 2025 annual MD&A. Accordingly, the Corporation has prepared its outlook based on the following assumptions:

Sales

• Barring any significant external shocks and excluding foreign exchange impacts, the Corporation anticipates fiscal 2026 sales will be slightly below fiscal 2025 levels.
• In addition to above-mentioned factors, fiscal 2027 sales will also be affected by contractual changes with one important specialty food customer, disclosed in the second quarter of 2026, that will reduce production volumes. The Corporation has already secured approximately 70% of fiscal 2027 replacement volume and is involved in active discussions for the remainder. However, uncertainty remains as to the Corporation’s ability to replace volume at historical business terms.
  
  

Key commodity, input and conversion costs

• Based on currently observed spot prices, the Corporation anticipates some abatement in the cost of orange and apple concentrates for the balance of fiscal 2026 and early fiscal 2027. However, this benefit is expected to be partly offset by inflationary pressures as the geopolitical situation resulting in elevated crude oil prices may continue impacting transportation and PET resin costs.
• The Corporation expects to incur higher conversion costs for the balance of fiscal 2026 and early fiscal 2027, mainly in its U.S. beverage network. These costs primarily result from:
  • Managing end-of-life production assets at the existing New Jersey facility, which may result in suboptimal production levels. Production issues experienced in the third quarter of fiscal 2026 may occasionally continue to cause temporary disruptions in production activities until production is fully transferred to the new facility; and
  • Certain mechanical issues affecting the single-serve production line at the North Carolina facility, which may result in suboptimal production. The Corporation quickly implemented mitigation plans to minimize the impact of these events by shifting production to its other facilities. While the situation in North Carolina is improving, the Corporation will continue to rely on mitigation plans until a normal run rate performance is reached.
    
    

Expenses, including items impacting the comparability between the periods

• The Corporation is expecting to gradually begin transferring New Jersey-based production activities from the existing facility to the new facility by the end of fiscal 2026 and continuing throughout most of fiscal 2027. This transfer is expected to result in usual start-up costs, which the Corporation expects to classify as items impacting the comparability between periods.
  
  

Effective tax rate

• Based on prevailing tax legislation and its interpretation, the anticipated effective tax rate for fiscal years 2026 and 2027 is estimated to be approximately 23.5%.
  
  

Working capital

• The Corporation’s Days Operating Working Capital¹ is in line with its historical levels and only incremental improvements, if any, are expected for this ratio over the course of 2026. However, this outlook might be impacted by (i) opportunistic decisions to secure inventory cost ahead of potential additional price increases from suppliers, (ii) the objective of ensuring an adequate service level, notably to facilitate an efficient transition in New Jersey, or (iii) decisions to counter new potential supply chain disruptions.
  
  

Capital expenditures

• The Corporation’s overall capital expenditures program for 2026 is estimated to reach up to 7.0% of its sales, including an amount of approximately US$87 million for its new plant in New Jersey.
• The Corporation’s overall capital expenditures program for fiscal 2027 will include residual capital expenditures to complete the New Jersey facility and will result in total capital expenditures above the historical range but below 2026 as a percentage of sales.
  
  

For additional information on the key assumptions, risks and uncertainties applicable to the forward-looking statements contained in the outlook, refer to Section 2 – “Forward-Looking Statements” of the Corporation's MD&A for the third quarter of 2026.

Dividend

In accordance with the Corporation’s dividend policy, the Board of Directors declared today a quarterly dividend of $1.25 per share, payable on December 15, 2026 to all registered holders of Class A and Class B shares on November 18, 2026. This dividend is an eligible dividend for Canadian tax purposes.

Conference Call to Discuss Third Quarter 2026 Financial Results
OPEN TO:		Investors, analysts, and all interested parties
DATE:		Friday, November 6, 2026
TIME:		9:00 a.m. ET
CALL:		416-945-7677 (for overseas participants)
		1-888-699-1199 (for other North American participants)
A live audio broadcast of the conference call will be available on the Corporation’s website, on the Investors page or here: https://www.gowebcasting.com/15002. The replay of the webcast will remain available at the same link until midnight, November 13, 2026.

Financial Measures Not in Accordance With IFRS

The financial measures or ratios, further described below, do not constitute standardized financial measures or ratios in accordance with the financial reporting framework used to prepare the Corporation's financial statements. These non-IFRS measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. Comparing them to similar financial measures or ratios presented by other issuers may not be possible.

Items impacting the comparability between periods

The following table contains a list, description, and quantification of items impacting the comparability of the financial performance between periods:

		Third quarters ended
		Sept. 26, 2026		Sept. 27, 2025
(in millions of dollars)		$		$
Implementation costs of new key systems		0.1		0.3
Business optimization		1.3		0.6
Sum of items impacting comparability on EBITDA:		1.4		0.9
Accelerated depreciation expense related to business optimization		2.6		2.7
Sum of items impacting comparability on operating profit:		4.0		3.6
Item impacting comparability on financial expenses:
Interest related to non-recoverable sales taxes		-		0.8
Tax impact of previous items		(1.0	)	(1.1	)
Impact on profit		3.0		3.3
Attributable to:	Corporation’s shareholders	2.8		3.0
	Non-controlling interests	0.2		0.3

EBITDA and Adjusted EBITDA

EBITDA is a financial measure used by the Corporation and investors to assess the Corporation’s capacity to generate future cash flows from operating activities and pay financial expenses. Adjusted EBITDA is a financial measure used by the Corporation to compare EBITDA between periods by excluding items impacting comparability. EBITDA consists of the sum of operating profit and of the “depreciation of right-of-use assets and property, plant and equipment and amortization of intangible assets” item and the “(Gains) losses on leases and capital assets” item, as shown in the Consolidated Statement of Cash Flows. Adjusted EBITDA is calculated by adjusting the EBITDA with items considered by management as impacting the comparability between periods. The most directly comparable IFRS measure is operating profit.

	Third quarters ended
	Sept. 26, 2026	Sept. 27, 2025
(in millions of dollars)	$	$
Operating profit	56.8	57.9
Depreciation of right-of-use assets and property, plant and equipment and amortization of intangible assets	25.4	27.5
(Gains) losses on leases and capital assets	0.0	0.1
EBITDA	82.2	85.5
Sum of items impacting comparability	1.4	0.9
Adjusted EBITDA	83.6	86.4

Adjusted Profit Attributable to the Corporation’s Shareholders and Adjusted EPS

Adjusted profit attributable to the Corporation’s shareholders is a financial measure and adjusted EPS (composed notably of Adjusted profit attributable to the Corporation’s shareholders) is a financial ratio that are used by the Corporation and investors to compare profit attributable to the Corporation’s shareholders and EPS between periods by excluding items impacting comparability. They are calculated by adjusting them with items considered by management as impacting the comparability between periods. The most directly comparable IFRS measures are the profit attributable to the Corporation’s shareholders and EPS.

	Third quarters ended
	Sept. 26, 2026	Sept. 27, 2025
(in millions of dollars, unless otherwise indicated)	$	$
Profit attributable to the Corporation’s shareholders	37.7	36.8
Sum of items impacting comparability	2.8	3.0
Adjusted profit attributable to the Corporation’s shareholders	40.5	39.8
Weighted average number of shares outstanding(in thousands)	6,821	6,822
Adjusted EPS(in $)	5.94	5.84

Net Debt and Net Debt to Adjusted EBITDA

Net debt is a financial measure and Net debt to adjusted EBITDA is a financial ratio that are used by the Corporation to assess its ability to pay off existing debt and define available borrowing capacity. To calculate the net debt to adjusted EBITDA ratio, net debt is divided by the sum of adjusted EBITDA from the last four quarters. Net debt represents the sum of lease liabilities, including the current portion, and of long-term debt, including the current portion, less the “Cash and cash equivalents” item, as they are presented in the Corporation’s Consolidated Statement of Financial Position. The most directly comparable IFRS measures are long-term debt, including the current portion, and operating profit.

	As at Sept. 26, 2026		As at Dec. 31, 2025
(in millions of dollars, except the net debt to adjusted EBITDA ratio)	$		$
Current portion of lease liabilities	5.2		5.1
Current portion of long-term debt	13.1		16.9
Lease liabilities	47.3		47.6
Long-term debt	405.2		427.7
Less: Cash and cash equivalents	(14.8	)	(8.0	)
Net debt	456.0		489.3
Sum of adjusted EBITDA from the last four quarters	366.1		344.1
Net debt to adjusted EBITDA ratio	1.25:1		1.42:1

Days Operating Working Capital

Operating working capital is a financial measure and days operating working capital is a financial ratio that are used by the Corporation to monitor the efficiency of its working capital management and the amount of capital invested in day-to-day operations. Operating working capital consists of current assets, less the “Cash and cash equivalents” item, income tax recoverable, derivative instruments (current) and other current assets, as they are presented in the Corporation’s Consolidated Statement of Financial Position and less other receivables, trade payables and accrued expenses and trade spending, as they are presented in the accompanying notes to the Corporation’s interim consolidated financial statements. To calculate days operating working capital, operating working capital is divided by the last quarter’s sales, as they are presented in this press release, and multiplied by 91 days. The most directly comparable IFRS measures are current assets and current liabilities.

About Lassonde

Headquartered in Canada and with operations across North America, Lassonde Industries Inc. is a leader in the food and beverage industry in North America. The Corporation develops, manufactures, and markets a wide range of national brand and private label products. The Corporation’s products include fruit juices and drinks, pasta sauces, cranberry sauces, condiments, soups, broths, fruit-based snacks as well as alcoholic beverages such as ciders and wines. Altogether, Lassonde distributes over 3,500 unique products in approximately 200 formats across shelf-stable, chilled, and frozen categories.

The Corporation’s go-to-market strategy consists of (i) sales to food retailers and wholesalers such as supermarket chains, independent grocers, superstores, warehouse clubs, convenience stores, and major pharmacy chains and (ii) food service sales to restaurants, hotels, hospitals, schools, and wholesalers serving these institutions.

Lassonde operates 19 plants located in Canada and the United States through the expertise of over 2,900 full-time equivalent employees. To learn more, visit www.lassonde.com.

Caution Concerning Forward-Looking Statements

This document contains “forward-looking information” and the Corporation’s oral and written public communications that do not constitute historical fact may be deemed to be “forward-looking information” within the meaning of applicable Canadian securities law. These forward-looking statements include, but are not limited to, statements on the Corporation’s objectives and goals and are based on current expectations, projections, beliefs, judgments, and assumptions based on information available at the time the applicable forward-looking statement was made and considering the Corporation’s experience combined with its perception of historical trends.

Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “could”, “would”, “believe”, “plan”, “intend”, “design”, “target”, “objective”, “strategy”, “likely”, “potential”, “outlook”, “aim”, “goal”, and similar expressions suggesting future events or future performance in addition to the negative forms of these terms or any variations thereof. All statements other than statements of historical fact included in this document may constitute a forward-looking statement.

In this document, forward-looking statements include, but are not limited to, those set forth in the above “Outlook” section. Such forward-looking statements are based on assumptions, including (i) the absence of any escalation in existing geopolitical tensions or in trade-related measures, including tariffs, duties, taxes and other trade restrictions and countermeasures, and no adverse change in their current macroeconomic effects; (ii) a relatively stable exchange rate between the U.S. dollar and the Canadian dollar; (iii) no further deterioration of recently observed consumer behaviours and market trends for the category of the Corporation’s products; (iv) the effectiveness of the Corporation’s selling price adjustment initiatives, with a limited impact on product demand; (v) no material disruption to the Corporation’s operations (including workforce availability) or to its supply chain; (vi) the continuity of competitive trends observed to date and the effectiveness of the Corporation’s strategy to position itself competitively in the markets in which it operates; (vii) limited additional cost increases from suppliers; and (viii) adequate availability of key raw materials and packaging inputs. The outlook further assumes the continuation of normalized throughput levels at key manufacturing facilities; expected lead times for new manufacturing equipment; and sufficient availability of contractors and consultants to support the execution of the Corporation’s capital expenditure program. In preparing its outlook, the Corporation made assumptions that do not consider extraordinary events or circumstances beyond its control. The Corporation believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Some of the forward-looking statements in this document, such as statements concerning sales, key commodity and input costs, effective tax rate, working capital and capital expenditures may be considered financial outlooks for the purposes of applicable Canadian securities regulations. These financial outlooks are presented to evaluate potential future earnings and anticipated future uses of cash flows and may not be appropriate for other purposes.

Various factors or assumptions are applied by the Corporation in elaborating the forward-looking statements. These factors and assumptions are based on information currently available to the Corporation, including information obtained by the Corporation from third parties. Readers are cautioned that the assumptions considered by the Corporation to support these forward-looking statements may prove to be incorrect in whole or in part.

The significant factors that could cause actual results to differ materially from the conclusions, forecasts or projections reflected in the forward-looking statements contained herein include, among other things and without limitation, risks associated with the following: deterioration of general macroeconomic or socioeconomic conditions, including ongoing conflicts, trade and industrial policy frictions among major global economies and the increased use of economic sanctions (including tariffs, duties and other trade restrictions), which can lead to negative impacts on the Corporation’s suppliers, customers and operating costs; the availability of raw materials and packaging and related price variations, more specifically for the Corporation’s key commodities together with the effectiveness of its related hedging strategies; the ability to adapt to changes and developments affecting the Corporation’s industry, including customer preferences, tastes, and buying patterns, market conditions, retail dynamics, the potential for consumer purchasing decisions to be influenced by perceived social or political alignment in the context of trade conflicts and the activities of competitors and customers; the ability to revitalize the performance of the Corporation’s U.S. beverage subsidiaries; the successful deployment of the Corporation’s multi-year strategy (defined in Section 4 - “Multi-Year Strategy” of the Corporation’s MD&A for the year ended December 31, 2025), including the successful execution of its key capital projects along with the materialization of the underlying expected benefits; the risk that competitors may have access to better technology, including artificial intelligence and digital marketing capabilities; disruptions in, failures of, or cybersecurity threats targeting the Corporation’s information technology systems leading to business disruptions, compromised data integrity, confidentiality breaches, or business email compromise-related fraud; dependence on licensed or third-party brand arrangements that are subject to renewal, termination, or modification by the brand owner, where any adverse change could result in lost sales or additional costs; climate change and disasters causing higher operating costs and capital expenditures and reduced production output, or impacting the availability, quality or price volatility of key commodities sourced by the Corporation; the potential for work stoppages due to the non-renewal or the inability to conclude collective bargaining agreements or other reasons; the Corporation’s ability to effectively integrate any acquisitions; loss of or disputes with key suppliers or supplier concentration; changes made to laws and rules that affect the Corporation’s activities, particularly in matters of tax, as well as the interpretation thereof, and new positions adopted by relevant authorities; the Corporation’s ability to maintain strong sourcing and manufacturing platforms and efficient distribution channels; fluctuations in the prices of inbound and outbound freight, the impact of oil prices (and derivatives thereof) on the Corporation’s direct and indirect costs along with the Corporation’s ability to transfer those increases through higher prices or other means, if any, to its customers in competitive market conditions and considering demand elasticity; the successful deployment of the Corporation’s health and safety programs in compliance with applicable laws and regulations; serious injuries or fatalities, which could have a material impact on the Corporation’s business continuity and reputation and lead to compliance-related costs; the scarcity of labour and the related impact on the hiring, training, developing, retaining and reliance of personnel together with their productivity, employment matters, compliance with employment laws across multiple jurisdictions; the increasing concentration of customers in the food industry, providing them with significant bargaining power, particularly on the Corporation’s selling prices; the implementation, cost, and impact of environmental sustainability initiatives, as well as the cost of remediating environmental liabilities; failure to maintain the quality and safety of the Corporation’s products, which could result in product recalls and product liability claims for misbranded, adulterated, contaminated, or spoiled food products, along with reputational damage; risks associated with the Corporation’s use of artificial intelligence-enabled tools; risks related to fluctuations in interest rates, currency exchange rates, liquidity and credit, stock price and pension obligations; the incurrence of restructuring, disposal, or other related charges together with the recognition of impairment charges on goodwill or long-lived assets; the sufficiency of insurance coverage; and the implications and outcome of potential legal actions, litigation or regulatory proceedings to which the Corporation may be a party. The Corporation cautions readers that the foregoing list of factors is not exhaustive.

The Corporation’s ability to achieve its sustainability priorities, targets and goals is further subject to, among other factors, its ability to access and implement all technology necessary to achieve them; the development, deployment, and performance of technology and industry-specific solutions; environmental regulation; the availability, accessibility and suitability of comprehensive and high-quality data; and changes in standards or methodologies used. The Corporation’s ability to achieve its sustainability priorities, targets and goals is further subject to, among other factors, its ability to leverage its supplier relationships.

Assumptions, expectations, and estimates involved in preparing forward-looking statements and risks and uncertainties that could cause actual results to differ materially from forward-looking statements are discussed in the Corporation’s materials filed with the Canadian securities regulatory authorities, including information about risk factors that can be found in Section 19 - “Uncertainties and Principal Risk Factors” of the Corporation’s MD&A for the year ended December 31, 2025. Readers should review this section in detail.

All forward-looking statements included herein are made as of the date hereof. Unless required by law, the Corporation does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements contained herein are wholly and expressly qualified by this cautionary statement.

Information: 

Investor contact
Francis Trudeau
Chief Financial Officer
Lassonde Industries Inc.
450-469-4926
Francis.trudeau@lassonde.com

Anthony Plourde
Vice President, Treasury and Investor Relations
Lassonde Industries Inc.
450-469-4926, extension 10232
Anthony.plourde@lassonde.com

Media contact
Isabelle Nadeau
Lassonde Industries Inc.
450-469-4926, extension 10167
Isabelle.nadeau@lassonde.com

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1 This measure does not constitute a standardized financial measure in accordance with the financial reporting framework used to prepare the Corporation's financial statements. Comparing it to a similar financial measure presented by other issuers may not be possible. Refer to Section “Financial Measures Not in Accordance with IFRS” of this press release 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 financial statements, as applicable.