SEDAR Interim Financial Statements

1 Interim Condensed Consolidated Financial Statements Supremex Inc. For the three and nine-month periods ended September 30, 2025 and 2024 [Unaudited] NOTICE The Company’s independent auditors have not reviewed these Interim Condensed Consolidated Financial Statements in accordance with the standard established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor. Supremex Inc. 2 INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at [Unaudited] September 30, 2025 December 31, 2024 [in thousands of Canadian dollars] Notes $ $ ASSETS Current assets Cash 2,642 1,794 Accounts receivable 33,427 32,270 Income taxes recoverable — 2,574 Inventories 5 33,350 29,477 Assets held for sale 9 — 9,034 Prepaid expenses 2,993 1,939 Total current assets 72,412 77,088 Property, plant and equipment 32,365 37,105 Right-of-use assets 9 44,315 41,376 Accrued pension benefit net assets 8,929 9,816 Intangible assets 26,775 32,089 Goodwill 44,522 39,494 Deferred tax asset 8,348 — Total assets 237,666 236,968 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities 24,040 25,601 Income tax payable 2,322 — Restructuring provisions 6 290 683 Current portion of contingent consideration payable 266 — Current portion of lease liabilities 9 6,657 4,982 Current portion of long-term debt 7 11,240 256 Total current liabilities 44,815 31,522 Long-term debt 7 289 42,727 Deferred income tax liabilities 3,563 7,128 Lease liabilities 9 79,382 40,208 Other long-term liabilities 355 187 Contingent consideration payable 254 — Derivative financial instruments — 225 Total liabilities 128,658 121,997 Total equity 109,008 114,971 Total liabilities and equity 237,666 236,968 Subsequent event [note 12] See accompanying notes On behalf of the Directors: By: signed (Robert B. Johnston) By: signed (Steven P. Richardson) Director Director Supremex Inc. 3 INTERIM CONSOLIDATED STATEMENTS OF EARNINGS [Unaudited] Three-month periods ended September 30 Nine-month periods ended September 30 [in thousands of Canadian dollars, except per share amounts and number of common shares] Notes 2025 $ 2024 $ 2025 $ 2024 $ Revenue 65,678 69,355 201,863 211,960 Operating expenses 5 50,220 50,575 149,234 153,092 Selling, general and administrative expenses 9,402 10,834 32,037 31,495 Operating earnings before depreciation, amortization and other items 6,056 7,946 20,592 27,373 Depreciation of property, plant and equipment 1,506 1,755 4,546 5,118 Depreciation of right-of-use assets 1,603 1,575 4,570 4,407 Amortization of intangible assets 1,667 1,777 5,017 5,202 Asset impairment — 23,337 563 23,412 Restructuring expenses 6 4 2,064 289 2,125 (Gain) Loss on disposal of property, plant and equipment (68) 7 (207) 10 Operating earnings 1,344 (22,569) 5,814 (12,901) Gain on sale and leaseback 9 (6,100) — (6,100) — Net financing charges 7 1,456 1,270 3,458 3,678 Earnings (loss) before income taxes 5,988 (23,839) 8,456 (16,579) Income tax (recovery) expense (3,139) (801) (2,282) 983 Net earnings (loss) 9,127 (23,038) 10,738 (17,562) Basic and diluted net earnings (loss) per share 0.37 (0.92) 0.44 (0.70) Weighted average number of shares outstanding 24,547,681 24,673,144 24,555,762 25,061,407 See accompanying notes Supremex Inc. 4 INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three-month periods ended September 30 Nine-month periods ended September 30 [Unaudited] [in thousands of Canadian dollars] 2025 $ 2024 $ --- 2025 $ 2024 $ Net earnings (loss) 9,127 (23,038) 10,738 (17,562) Other comprehensive income Other comprehensive income to be reclassified to earnings in subsequent periods Unrealized gain (loss) on derivative financial instruments, net of income tax expense of $0 and $4 [2024 – recovery of $133 and $105] — (381) 12 (302) Foreign currency translation adjustments 229 (258) (515) 414 Net other comprehensive income (loss) to be reclassified to earnings in subsequent periods 229 (639) (503) 112 Other comprehensive income reclassified to earnings Derivative financial instrument reclassified to earnings [note 7] 213 — 213 — Items not to be reclassified to earnings in subsequent periods Recognized actuarial gain (loss) on defined benefit pension plans, net of income tax expense of $63 and income tax recovery of $97 [2024 – recovery of $13 and $74] 180 (38) (277) (213) Recognized actuarial gain on other post-retirement benefit, net of income tax expense of $0 and $0 [2024 – recovery of $1 and $0] — (2) 1 — Net other comprehensive income (loss) not to be reclassified to earnings in subsequent periods 180 (40) (276) (213) Other comprehensive income (loss) 622 (679) (566) (101) Total comprehensive income (loss) 9,749 (23,717) 10,172 (17,663) See accompanying notes Supremex Inc. 5 INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the nine-month periods ended September 30 [Unaudited] [in thousands of Canadian dollars] Share capital Contributed surplus Deficit Foreign currency translation reserve Total equity $ $ $ $ $ As at December 31, 2023 8,761 271,589 (145,894) 261 134,717 Net loss — — (17,562) — (17,562) Other comprehensive (loss) income — — (213) 112 (101) Total comprehensive (loss) earnings — — (17,775) 112 (17,663) Dividends declared [note 10] — — (2,988) — (2,988) Shares repurchased and cancelled [note 10] (378) (4,102) — — (4,480) As at September 30, 2024 8,383 267,487 (166,657) 373 109,586 As at December 31, 2024 8,383 267,487 (162,309) 1,410 114,971 Net earnings — — 10,738 — 10,738 Other comprehensive loss — — (276) (290) (566) Total comprehensive income — — 10,462 (290) 10,172 Dividends declared [note 10] — — (15,962) — (15,962) Shares repurchased and cancelled [note 10] (15) (158) — — (173) As at September 30, 2025 8,368 267,329 (167,809) 1,120 109,008 See accompanying notes Supremex Inc. 6 INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the three-month periods ended September 30 For the nine-month periods ended September 30 [Unaudited] 2025 2024 2025 2024 [in thousands of Canadian dollars] Notes $ $ $ $ OPERATING ACTIVITIES Net earnings (loss) 9,127 (23,038) 10,738 (17,562) Non-cash adjustments to reconcile net earnings to net cash flows Depreciation of property, plant and equipment 1,506 1,755 4,546 5,118 Depreciation of right-of-use assets 1,603 1,575 4,570 4,407 Amortization of intangible assets 1,667 1,777 5,017 5,202 Amortization of deferred financing costs 7 43 29 100 121 Gain on Sales Leaseback 9 (6,713) — (6,713) — (Gain) loss on disposal of property, plant and equipment (68) 7 (207) 10 Asset impairment — 23,337 563 23,412 Interest on contingent consideration payable 4 6 3 6 9 Deferred income tax recovery (10,267) (2,106) (11,798) (3,466) Restructuring (recovery) expenses — (60) 22 (60) Change in accrued pension benefit net assets 33 338 512 989 Change in contingent consideration payable — (58) — (232) Change in short-term portion of PSU liability (657) 155 (625) 848 Change in DSU liability 326 254 433 150 Change in ot --- her long-term liabilities 87 57 180 (473) (3,307) 4,025 7,344 18,473 Variations in working capital accounts Variation in accounts receivable 38 (2,205) (1,157) (1,724) Variation in income taxes recoverable or payable 5,279 (159) 4,896 (829) Variation in inventories 1,409 2,584 (1,369) 2,775 Variation in prepaid expenses (513) (312) (1,054) (977) Variation in accounts payable and accrued liabilities (3,486) 1,391 (1,595) 3,360 Variation in restructuring provisions (24) 2,249 (393) 1,822 Change in other long-term liabilities (4) (5) (11) (14) Net cash flows related to operating activities (608) 7,568 6,661 22,886 INVESTING ACTIVITIES Business combinations, net of cash acquired 4 (7,919) (138) (7,919) (2,528) Acquisition of property, plant and equipment (210) (190) (803) (1,025) Acquisition of intangible assets (13) (10) (83) (76) Proceeds from sale and leaseback 9 53,000 — 53,000 — Proceeds from disposal of property, plant and equipment 863 1 1,016 1,237 Net cash flows related to investing activities 45,721 (337) 45,211 (2,392) FINANCING ACTIVITIES Net change in secured revolving credit facility (28,824) (2,153) (31,261) (6,965) Repayment of term loans (60) (61) (190) (182) Repayment of lease liabilities (1,568) (1,170) (3,809) (3,576) Receipt of lease incentive — 171 — 171 Dividends paid 10 (13,506) (976) (15,962) (2,988) Deferred financing costs (80) — (103) (23) Purchase of share capital for cancellation 8 (173) (1,196) (173) (4,480) Payment of contingent consideration payable — (88) — (138) Net cash flows related to financing activities (44,211) (5,473) (51,498) (18,181) Net change in cash during the period 902 1,758 374 2,313 Net foreign exchange difference (316) 156 474 (186) Cash, beginning of period 2,056 1,279 1,794 1,066 Cash, end of period 2,642 3,193 2,642 3,193 Supplemental information(1) Interest paid 1,342 1,381 3,520 3,906 Interest received — 34 3 56 Income taxes paid 2,240 1,503 5,359 5,297 Income taxes received 334 22 692 44 (1) Amounts paid and received for interest and for income taxes were reflected as cash flows from operating activities in the interim consolidated statements of cash flows. See accompanying notes Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 7 1. CORPORATE INFORMATION Supremex Inc. (the “Company” or “Supremex”) was incorporated on March 31, 2006 under the Canadian Business Corporations Act. The common shares of the Company are listed on the Toronto Stock Exchange (“TSX”) under the symbol SXP. The Company’s registered office is located at 7213 Cordner Street in LaSalle, in Quebec. Supremex is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions and specialty products. Supremex’ revenue is subject to the seasonal advertising and mailing patterns of its customers. The number of envelopes sold by Supremex is generally higher during fall and winter mainly due to the higher number of mailings related to events including the return to school, fundraising, the holidays and tax seasons. The number of envelopes sold by Supremex is generally lower during spring and summer in anticipation of a slowdown in mailing activities of businesses during the summer. Most revenue from packaging and specialty products is not subject to seasonal patterns (i.e. specialty folding cartons for large multinational custome --- rs). Only a small portion, primarily the e-commerce offering, is subject to seasonal patterns related to the holidays. As such, there is currently little to no seasonal effect from packaging and specialty products on Supremex’ total revenue. As a result, Supremex’ revenue and financial performance for any single quarter may not be indicative of revenue and financial performance which may be expected for the full year. To maintain production efficiencies, Supremex uses warehouse capabilities to stock envelopes as required and thereby counter predictable seasonal variations in sales volume. 2. MATERIAL ACCOUNTING POLICY INFORMATION Basis of preparation and statement of compliance The unaudited interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries. They are presented in Canadian dollars, which is the functional currency of the Company, and tabular amounts are rounded to the nearest thousand ($000) except when otherwise indicated. The unaudited interim condensed consolidated financial statements have been prepared by management in accordance with IAS 34, Interim Financial Reporting. Therefore, certain information and disclosures have been omitted or condensed. The accounting principles are consistent with those set out in the Company’s audited consolidated financial statements for the year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”). Accordingly, these unaudited interim condensed consolidated financial statements and the notes thereto should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2024. These unaudited interim condensed consolidated financial statements were approved by the Company’s Board of Directors on November 5, 2025 and have not been audited or reviewed by the Company’s auditors. 3. SIGNIFICANT JUDGMENTS AND ACCOUNTING ESTIMATES The preparation of the Company’s unaudited interim condensed consolidated financial statements requires management to make estimates, judgment and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 8 However, uncertainty about these assumptions and estimates, could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. The areas involving key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are the same as those set out in the Company’s audited consolidated financial statements for the year ended December 31, 2024. 4. BUSINESS COMBINATIONS 2025 Business combinations Trans Graphique Inc. On July 7, 2025, the Company concluded the acquisition of the assets of Trans Graphique, a folding carton company located in Boisbriand, Quebec, for a total maximum cash consideration of $1,958 on a cash-free and debt-free basis. Trans Graphique has a strong, well-run business focused on in-home food packaging. In addition to the consideration paid, the Company has a contingent consideratio --- n payable to the previous owner on the realization of certain financial targets over a two-year period, fair valued at the acquisition date at an amount of $514. The fair value of the contingent consideration payable as of September 30, 2025 is $520 and represents the maximum amount of the obligation. The Company has not disclosed revenue or net earnings for Trans Graphique as it is impractical to do so given that the activities of the acquired business have been integrated into the pre-existing operations of the Company. The goodwill related to the acquisition is composed of expected growth and operational synergies and is allocated to the packaging cash-generating unit. Goodwill deductible for tax purposes is expected to be in the amount of $933. Enveloppe Laurentide Inc. On July 14, 2025, the Company concluded the acquisition of the assets of Enveloppe Laurentide, an envelope manufacturer company located in St-Laurent, Quebec, for a total cash consideration of $5,961 on a cash-free and debt-free basis. Enveloppe Laurentide is a long-standing and strong player in Quebec envelope market. The Company has not disclosed revenue or net earnings for Enveloppe Laurentide as it is impractical to do so given that the activities of the acquired business have been integrated into the pre-existing operations of the Company. The goodwill related to the acquisition is composed of expected growth and operational synergies and is allocated to the envelope cash-generating unit. Goodwill deductible for tax purposes is expected to be in the amount of $4,340. Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 9 2024 Business Combination Forest Envelope Group On May 1, 2024, the Company acquired the assets of Forest Envelope Group (“Forest Envelope”), for a cash consideration of $2,435 (US$1,770), on a cash-free and debt-free basis. Forest Envelope is a regional leader in specialty envelope manufacturing in the Greater Chicago area. The goodwill related to the acquisition is composed of expected growth and operational synergies and is allocated to the envelope cash-generating unit (“CGU”). Goodwill deductible for tax purposes is $221 (US$160). Purchase Price Allocation As at September 30, 2025, the Company had finalized the purchase price allocation of the consideration related to the Forest Envelope acquisition and the purchase price allocation below for that acquisition is final. The purchase price allocations related to the Trans Graphique Inc. and Enveloppe Laurentide Inc. have not been finalized due to them being recent acquisitions. The Company will finalize the allocations as it obtains further information on the fair value of certain assets and liabilities. The preliminary purchase price allocations that reflect the estimated fair value of assets acquired and liabilities assumed at the acquisition dates, using the acquisition method, are as follows: 5. INVENTORIES September 30, 2025 $ December 31, 2024 $ Raw materials 13,195 11,712 Work in progress 1,840 2,364 Finished goods 18,315 15,401 33,350 29,477 Preliminary purchase price allocation Trans Graphique Preliminary purchase price allocation Enveloppe Laurentide 2025 Total 2024 Final purchase price allocation Forest $ $ $ $ Net assets acquired Inventories 781 1,723 2,504 283 Total current assets 781 1,723 2,504 283 Property, plant and equipment 758 130 888 1,32 --- 6 Customer relationships — — — 743 Goodwill 933 4,340 5,273 221 Total assets 2,472 6,193 8,665 2,573 Accounts payable and accrued liabilities — 119 119 — Accrued Vacation — 113 113 — Net assets acquired 2,472 5,961 8,433 2,573 Less: Contingent consideration payable 514 — 514 — Cash consideration 1,958 5,961 7,919 2,573 Acquisition-related costs recognized as an expense 42 94 136 105 Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 10 The cost of inventories recognized as an expense and included in operating expenses, including the related depreciation of property, plant and equipment and depreciation of right-of-use assets allocated to inventories during the three and nine-month periods ended September 30, 2025 are $50,509 and $149,740 respectively [2024 — $50,843 and $154,412]. 6. PROVISIONS In the third quarter of 2024, the Company announced optimization initiatives aimed at improving costs, overall efficiency, productivity and achieving synergies within its Envelope segment operations. The initiatives mainly include the ceased production at its facility in Niagara Falls, New York, and maintained the premises as a distribution centre. Additionally, the initiative included the closing of Concord, Ontario facility and the transfer of production equipment, primarily to its other Greater Toronto area envelope plants in Mississauga and Etobicoke. Restructuring expenses related to these initiatives, mainly comprised of employee related charges, decommissioning costs and costs to relocate machinery and inventory, amounted to $325 during the nine-month period ended September 30, 2025. Included in restructuring expenses is a loss on disposal of assets of $76. During the nine-month period ended September 30, 2025, the Company had a net restructuring recovery of $36 [2024 — restructuring recovery of $226] related to optimization initiatives in its packaging and specialty products segment. The initiatives mainly include the closing of its Saint-Hyacinthe, Quebec, facility, acquired as part of the Impression Paragraph Inc. transaction completed in 2023. Included in the restructuring recovery is a gain from the remeasurement of lease liability of $54. The following is a summary of amounts accrued and paid relating to restructuring expenses: September 30, December 31, 2025 2024 $ $ Balance, beginning of year 683 582 Restructuring expenses — 1,277 Payments (393) (1,176) Balance, end of year 290 683 7. LONG-TERM DEBT September 30, December 31, 2025 2024 $ $ Secured revolving credit facility 10,990 42,251 Term loans 701 891 Total debt 11,691 43,142 Deferred financing costs (162) (159) Current portion (11,240) (256) Long-term portion 289 42,727 Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 11 Secured revolving credit facility The Company has a three-year senior secured revolving credit facility of $70,000 which bears interest at a floating rate based on the Canadian prime rate, the U.S. base rate, the Secured Overnight Financing Rate (“SOFR”) or the Canadian Overnight Repo Rate Average ("CORRA"), plus an applicable margin that ranges between 0% and 2.75%. The agreement for this credit facility matures in May 2026 and no principal repayments are required prior to maturity. Alt --- hough the Company may request that the agreement be extended by one year on every anniversary date, and the extension is dependent upon the approval of the lenders, no such extension had been requested as of September 30, 2025. As such, the credit facility has been classified as current liability in the interim consolidated statements of financial position as of September 30, 2025. The Company is currently in renegotiation with the lender regarding the renewal and expects the facility to be renewed prior to its maturity. As at September 30, 2025, the amount outstanding on the credit facility was $10,990. The secured credit facility is used for working capital, capital expenditure, acquisitions and other general corporate purpose. It is collateralized by mortgage and a security interest covering all assets of the Company and its subsidiaries and is subject to certain covenants, which the Company is required, among other conditions, to meet. The Company was in compliance with these covenants as at September 30, 2025. Term loans The Company has four term loans totaling $701 as at September 30, 2025 [$891 as at December 31, 2024], that were assumed following the acquisition of Impression Paragraph Inc. on January 16, 2023. The loans bear interest at a rate of 4.69% and are repayable in monthly instalments totaling $22, including capital and interest. The loans mature between March 2026 and July 2028. Other The effective interest rate on the secured credit facility was 4.79% as at September 30, 2025 [5.27% as at December 31, 2024]. The following table presents a reconciliation between the opening and closing balances of the total debt, excluding deferred financing costs: Three-month periods ended September 30, Nine-month periods ended September 30, 2025 2024 2025 2024 $ $ $ $ Interest on secured credit facility 161 821 1,278 2,434 Interest on lease liabilities 1,156 560 2,185 1,470 Interest income on defined benefit plans obligations (114) (120) (341) (374) Realized loss on derivative financial instruments 194 — 194 — Other interest (income) expense 16 (20) 42 27 Amortization of deferred financing costs 43 29 100 121 1,456 1,270 3,458 3,678 Prior to the third quarter of 2025, the Company had entered into three interest rate swap agreements covering a total of $28,000 of its outstanding credit facility (details on the agreements is disclosed in Note 25 – Financial Instruments in the Company’s audited consolidated financial statements for the year ended December 31, 2024). The Company had designated this derivative instrument as an eligible hedging instrument for accounting purposes. Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 12 During the third quarter of 2025, the Company repaid $31,500 of its outstanding credit facility, resulting in the derecognition of the hedge item and the discontinuation of hedge accounting. Upon derecognition, the fair value of this financial instrument presented in accumulated other comprehensive income (loss) in equity amounted to an unrealized loss of $213. As a result, the unrealized loss of $213 recognized in other comprehensive income (loss) was transferred to net financing charges. Subsequent to the discontinuation of the hedge item, the fair value of the derivative financial instrument liability was $208. The interest rate swap agreements were settled for a cash paym --- ent of $189, resulting in a realized gain of $19 recognized in profit or loss for the period. 8. SHARE CAPITAL The change in share capital was as follows: Number of Share common capital shares $ Balance, as at December 31, 2023 25,666,269 8,761 Purchase of share capital for cancellation (1,106,400) (378) Balance, as at September 30, 2024 24,559,869 8,383 Balance, as at December 31, 2024 24,559,869 8,383 Purchase of share capital for cancellation (43,827) (15) Balance, as September, 2025 24,516,042 8,368 On August 7, 2025, the Company announced that it had received approval from the TSX to purchase by way of a normal course issuer bid (“NCIB”) for cancellation, up to 1,507,850 of its common shares, representing approximately 10.0% of its “public float” (within the meaning of the TSX Company Manual) as of July 28, 2025, for a period of twelve months, beginning on August 11, 2025 and ending on August 10, 2026. As at July 28, 2025, there were 24,559,869 issued and outstanding common shares, of which 15,078,500 common shares were comprising the public float. During the three and nine-month periods ended September 30, 2025, the Company repurchased 43,827 and 43,827 common shares [2024 — 295,000 and 1,106,400] for cancellation in consideration of $173 and $173 [2024 — $1,196 and $4,480]. The excess of the purchase price over the carrying value in the amount of $158 and $158 [2024 — $1,096 and $4,102] was recorded as a reduction of contributed surplus. Deferred Share Unit (“DSU”) Plan As at September 30, 2025, the financial liability resulting from the DSU plan of $2,070 [December 31, 2024 — $1,916] is presented under “Accounts payable and accrued liabilities”. During the nine-month period ended September 30, 2025, no amount of variable executive compensation was allocated in DSU [2024 — nil] and an amount of $279 was paid out [2024 — $335]. During the three and nine-month periods ended September 30, 2025, the net compensation expense for the DSU plan amounted to $326 and $433 respectively [2024 — expense of $253 and $149] and is recognized under ‘’Selling, general and administrative expenses’’. Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 13 Performance Share Unit (“PSU”) Plan As at September 30, 2025, no amount from PSU Plan [December 31, 2024 — $625] is presented under “Accounts payable and accrued liabilities” and $239 [December 31, 2024 — $64] is presented under “Other long-term liabilities”. During the three and nine-month periods ended September 30, 2025, the net compensation expense for the PSU Plan amounted to $85 and $207 [2024 — $211 and $371] and is recognized under ‘’Selling, general and administrative expenses’’. 9. SALE AND LEASEBACK During 2024, the Company confirmed its intention to sell two properties located in Ville LaSalle, Quebec, and Etobicoke, Ontario. Accordingly, these properties were presented separately as current assets in the statement of financial position and were stated at the carrying amount measured immediately before the reclassification, which is $3,579 for land and $5,455 for buildings and leasehold improvements. During the third quarter of 2025, the Company entered into an agreement to sell and leaseback these two properties. The proceeds of disposition of $53,000 represent their fair value. The Company recognized a right-of-use asset of $7,691 and lease obligation --- of $44,943 at inception. In addition, a gain on sale of $6,100 was recognized in the consolidated statements of earnings as gain on sale and leaseback. The gain is net of selling costs of $613. 10. DIVIDENDS Dividends declared from January 1, 2025 to September 30, 2025 were as follows: Per share Dividend Declaration date Record date Payment date $ $ February 19, 2025 March 20, 2025 April 4, 2025 0.05 1,228 May 7, 2025 June 5, 2025 June 20, 2025 0.05 1,228 August 6, 2025 September 4, 2025 September 19, 2025 0.05 1,228 August 6, 2025 September 10, 2025 September 25, 2025 0.50 12,278 Total 15,962 On August 6, 2025, the Board of Directors declared a special dividend of $0.50 per common share, payable on September 25, 2025, to shareholders of record at the close of business on September 10, 2025 totalling $12,278. The special dividend was in addition to the regular quarterly dividends. Dividends declared from January 1, 2024 to September 30, 2024 were as follows: Per share Dividend Declaration date Record date Payment date $ $ February 21, 2024 March 21, 2024 April 5, 2024 0.04 1,014 May 8, 2024 June 6, 2024 June 21, 2024 0.04 998 August 7, 2024 September 5, 2024 September 20, 2024 0.04 976 Total 2,988 Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 14 11. SEGMENTED INFORMATION The Company currently operates in two reporting segments: the manufacturing and sale of envelopes and the manufacturing and sale of paper-based packaging solutions and specialty products. The segmented information is prepared using the accounting policies described in Note 2 — Material accounting policy information in the Company’s audited consolidated financial statements for the year ended December 31, 2024, prepared in accordance with IFRS. The following tables provide the segmented EBITDA before Corporate and other non-allocated expenses: For the three-month periods ended September 30, 2025 $ 2024 $ Envelope Packaging & Specialty Products Total Envelope Packaging & Specialty Products Total Revenue 45,122 20,556 65,678 47,475 21,880 69,355 Operating expenses 34,951 15,136 50,087 35,081 15,814 50,895 Selling, general and administrative expenses 4,825 3,253 8,078 4,468 3,582 8,050 Segmented Adjusted EBITDA(1) 5,346 2,167 7,513 7,926 2,484 10,410 Corporate and other non-allocated expenses 1,310 2,477 Depreciation of property, plant and equipment 1,506 1,755 Depreciation of right-of-use assets 1,603 1,575 Amortization of intangible assets 1,667 1,777 Asset impairment — 23,337 Acquisition costs [note 4] 79 (6) Restructuring (recovery) expenses [note 6] 4 2,064 Gain on sale and leaseback (6,100) — Net financing charges [note 7] 1,456 1,270 Earnings (loss)before income taxes 5,988 (23,839) (1) The Chief Executive Officer uses adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as a measure of financial performance for assessing the performance of each of the Company’s segments. Adjusted EBITDA equals EBITDA adjusted to remove items of significance that are not in the normal course of operations and/or do not reflect operating corporate and other non-allocated expenses, and are not indicative of core operating performance. These items of significance include, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired and acquisition --- costs. Supremex Inc. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 [Unaudited, expressed in thousands of Canadian dollars, except per share amounts] 15 For the nine-month periods ended September 30, 2025 $ 2024 $ Envelope Packaging & Specialty Products Total Envelope Packaging & Specialty Products Total Revenue 137,325 64,538 201,863 150,367 61,593 211,960 Operating expenses 103,032 46,332 149,364 108,662 45,189 153,851 Selling, general and administrative expenses 14,447 9,906 24,353 14,862 9,988 24,850 Segmented Adjusted EBITDA(1) 19,846 8,300 28,146 26,843 6,416 33,259 Corporate and other non-allocated expenses 7,283 5,845 Depreciation of property, plant and equipment 4,546 5,118 Depreciation of right-of-use assets 4,570 4,407 Amortization of intangible assets 5,017 5,202 Asset impairment 563 23,412 Retroactive COVID-related ERC subsidies(2) 71 — Inventory revaluation related to business combinations — (54) Acquisition costs [note 4] 135 105 Restructuring expenses [note 6] 289 2,125 Gain on Sale Leaseback (6,100) — Net financing charges [note 7] 3,458 3,678 Earnings before income taxes 8,456 (16,579) (1) The Chief Executive Officer uses adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as a measure of financial performance for assessing the performance of each of the Company’s segments. Adjusted EBITDA equals EBITDA adjusted to remove items of significance that are not in the normal course of operations and/or do not reflect operating corporate and other non-allocated expenses, and are not indicative of core operating performance. These items of significance include, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired and acquisition costs. (2) Employment Retention Credit (“ERC”). The Company’s non-current assets amounted to $115,255 in Canada and $46,935 in the United States as at September 30, 2025 [$108,939 and $50,941, respectively, as at December 31, 2024]. The Company’s revenue amounted to $33,305 and $106,499 in Canada and $32,373 and $95,364 in the United States for the three and nine-month periods ended September 30, 2025 based on the customer’s locations [2024 — $33,451 and $112,073 in Canada and $35,904 and $99,887 in the United States]. 12. SUBSEQUENT EVENT Dividend declaration On November 5, 2025, the Board of Directors declared a quarterly dividend of $0.05 per common share, payable on December 19, 2025, to the shareholders of record at the close of business on December 4, 2025. This dividend is designated as an “eligible” dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation.