Original News Release

SEDAR Interim Financial Statements

Winpak Ltd Feb 24, 2026 · 00:46 WPK As distributed — unedited

6 Winpak Ltd. Interim Condensed Consolidated Financial Statements Fourth Quarter Ended: December 28, 2025 These interim condensed consolidated ﬁ nancial statements have not been audited or reviewed by the Company’s independent external auditors, KPMG LLP. 7 Winpak Ltd. Condensed Consolidated Balance Sheets (thousands of US dollars) (unaudited) December 28 December 29 Note 2025 2024 Assets Current assets: Cash and cash equivalents 375,621 497,261 Trade and other receivables 14 217,099 220,201 Income taxes receivable 8,948 8,749 Inventories 7 252,402 250,383 Prepaid expenses 8,711 6,710 Derivative ﬁ nancial instruments 721 - 863,502 983,304 Non-current assets: Property, plant and equipment 8 657,638 622,666 Intangible assets and goodwill 29,270 29,709 Employee beneﬁ t plan assets 9 12,595 11,405 699,503 663,780 Total assets 1,563,005 1,647,084 Equity and Liabilities Current liabilities: Trade payables and other liabilities 135,551 252,134 Contract liabilities 466 1,747 Income taxes payable 48 6,879 Derivative ﬁ nancial instruments 47 4,175 136,112 264,935 Non-current liabilities: Employee beneﬁ t plan liabilities 9 2,637 4,774 Deferred income 23,710 19,721 Provisions and other long-term liabilities 14,551 16,781 Deferred tax liabilities 63,238 56,999 104,136 98,275 Total liabilities 240,248 363,210 Equity: Share capital 11 26,348 27,735 Reserves 494 (3,174) Retained earnings 1,260,856 1,224,097 Total equity attributable to equity holders of the Company 1,287,698 1,248,658 Non-controlling interests 35,059 35,216 Total equity 1,322,757 1,283,874 Total equity and liabilities 1,563,005 1,647,084 See accompanying notes to condensed consolidated ﬁ nancial statements. 8 Winpak Ltd. Condensed Consolidated Statements of Income (thousands of US dollars, except per share amounts) (unaudited) Quarter Ended Year Ended December 28 December 29 December 28 December 29 Note 2025 2024 2025 2024 Revenue 5 284,850 285,143 1,125,419 1,130,895 Cost of sales (198,032) (193,126) (783,266) (769,269) Gross proﬁ t 86,818 92,017 342,153 361,626 Sales, marketing and distribution expenses (23,508) (24,284) (94,305) (98,591) General and administrative expenses (12,083) (12,098) (49,912) (48,864) Research and technical expenses (5,726) (5,641) (22,245) (21,593) Pre-production expenses - - (397) - Other income (expenses) 6 1,829 (2,612) 1,361 (5,622) Income from operations 47,330 47,382 176,655 186,956 Finance income 3,664 6,111 15,408 27,572 Finance expense (968) (947) (4,421) (4,592) Income before income taxes 50,026 52,546 187,642 209,936 Income tax expense (13,738) (15,580) (50,457) (58,867) Net income for the period 36,288 36,966 137,185 151,069 Attributable to: Equity holders of the Company 36,186 36,622 137,342 149,455 Non-controlling interests 102 344 (157) 1,614 36,288 36,966 137,185 151,069 Basic and diluted earnings per share - cents 12 60 58 225 235 Condensed Consolidated Statements of Comprehensive Income (thousands of US dollars) (unaudited) Quarter Ended Year Ended December 28 December 29 December 28 December 29 Note 2025 2024 2025 2024 Net income for the period 36,288 36,966 137,185 151,069 Items that will not be reclassiﬁ ed to the statements of income: Cash ﬂ ow hedge (losses) gains recognized - (663) 57 (1,582) Cash ﬂ ow hedge losses transferred to property, plant and equipment - 254 378 283 Employee beneﬁ t plan remeasurements 3,627 3,048 3,627 3,048 Income tax effect (992) (836) (992) (836) 2,635 1,803 3,070 913 Items that are or may be reclassiﬁ ed --- subsequently to the statements of income: Cash ﬂ ow hedge gains (losses) recognized 1,155 (4,319) 2,404 (5,198) Cash ﬂ ow hedge (gains) losses transferred to the statements of income 6 (127) 286 2,010 780 Income tax effect (275) 1,079 (1,181) 1,182 753 (2,954) 3,233 (3,236) Other comprehensive income (loss) for the period - net of income tax 3,388 (1,151) 6,303 (2,323) Comprehensive income for the period 39,676 35,815 143,488 148,746 Attributable to: Equity holders of the Company 39,574 35,471 143,645 147,132 Non-controlling interests 102 344 (157) 1,614 39,676 35,815 143,488 148,746 See accompanying notes to condensed consolidated ﬁ nancial statements. 9 Winpak Ltd. Condensed Consolidated Statements of Changes in Equity (thousands of US dollars) (unaudited) Attributable to equity holders of the Company Non- Share Retained controlling Note capital Reserves earnings Total interests Total equity Balance at January 1, 2024 29,195 1,361 1,319,491 1,350,047 33,602 1,383,649 Comprehensive (loss) income for the year Cash ﬂ ow hedge losses, net of tax - (5,390) - (5,390) - (5,390) Cash ﬂ ow hedge losses transferred to the statements of income, net of tax - 572 - 572 - 572 Cash ﬂ ow hedge losses transferred to property, plant and equipment - 283 - 283 - 283 Employee beneﬁ t plan remeasurements, net of tax - - 2,212 2,212 - 2,212 Other comprehensive (loss) income - (4,535) 2,212 (2,323) - (2,323) Net income for the year - - 149,455 149,455 1,614 151,069 Comprehensive (loss) income for the year - (4,535) 151,667 147,132 1,614 148,746 Dividends 11 - - (138,395) (138,395) - (138,395) Repurchase of common shares 11 (1,460) - (108,666) (110,126) - (110,126) Balance at December 29, 2024 27,735 (3,174) 1,224,097 1,248,658 35,216 1,283,874 Balance at December 30, 2024 27,735 (3,174) 1,224,097 1,248,658 35,216 1,283,874 Comprehensive income (loss) for the year Cash ﬂ ow hedge gains, net of tax - 1,818 - 1,818 - 1,818 Cash ﬂ ow hedge losses transferred to the statements of income, net of tax - 1,472 - 1,472 - 1,472 Cash ﬂ ow hedge losses transferred to property, plant and equipment - 378 - 378 - 378 Employee beneﬁ t plan remeasurements, net of tax - - 2,635 2,635 - 2,635 Other comprehensive income - 3,668 2,635 6,303 - 6,303 Net income (loss) for the year - - 137,342 137,342 (157) 137,185 Comprehensive income (loss) for the year - 3,668 139,977 143,645 (157) 143,488 Dividends 11 - - (8,748) (8,748) - (8,748) Repurchase of common shares 11 (1,387) - (94,470) (95,857) - (95,857) Balance at December 28, 2025 26,348 494 1,260,856 1,287,698 35,059 1,322,757 See accompanying notes to condensed consolidated ﬁ nancial statements. 10 Winpak Ltd. Condensed Consolidated Statements of Cash Flows (thousands of US dollars) (unaudited) Quarter Ended Year Ended December 28 December 29 December 28 December 29 Note 2025 2024 2025 2024 Cash provided by (used in): Operating activities: Net income for the period 36,288 36,966 137,185 151,069 Items not involving cash: Depreciation 13,876 13,893 55,417 52,972 Amortization - deferred income (412) (451) (1,815) (1,727) Amortization - intangible assets 339 351 1,378 1,586 Impairment loss on goodwill - 1,000 - 1,000 Employee deﬁ ned beneﬁ t plan expenses 506 709 2,483 2,821 Net ﬁ nance income (2,696) (5,164) (10,987) (22,980) Income tax expense 13,738 15,580 50,457 58,867 Other (5,605) (3,403) (8,005) (6,771) Cash ﬂ ow from operating activities before the following 56,034 59,481 226,113 236,837 Change in working capital: Trade and o --- ther receivables (1,984) 3,096 1,912 (10,901) Inventories 7,294 (17,832) (2,019) (30,620) Prepaid expenses (54) 1,434 (2,001) 2,232 Trade payables and other liabilities 13,063 (4,700) (1,187) 15,913 Contract liabilities (654) 699 (1,281) 269 Employee deﬁ ned beneﬁ t plan contributions (21) (18) (1,280) (1,210) Income tax paid (8,118) (8,880) (44,254) (53,024) Interest received 4,031 5,756 14,415 26,621 Interest paid (927) (836) (4,072) (4,201) Net cash from operating activities 68,664 38,200 186,346 181,916 Investing activities: Acquisition of property, plant and equipment - net (20,943) (22,098) (84,895) (123,312) Acquisition of intangible assets (225) (424) (939) (462) Net cash used in investing activities (21,168) (22,522) (85,834) (123,774) Financing activities: Payment of lease liabilities (534) (409) (1,990) (1,617) Dividends paid 11 (2,174) (2,333) (139,818) (6,622) Repurchase of common shares 11 (34,504) (31,634) (80,344) (94,512) Net cash used in ﬁ nancing activities (37,212) (34,376) (222,152) (102,751) Change in cash and cash equivalents 10,284 (18,698) (121,640) (44,609) Cash and cash equivalents, beginning of period 365,337 515,959 497,261 541,870 Cash and cash equivalents, end of period 375,621 497,261 375,621 497,261 See accompanying notes to condensed consolidated ﬁ nancial statements. 11 Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) 1. General Winpak Ltd. (the “Company” or “Winpak”) is incorporated under the Canada Business Corporations Act. The Company manufactures and distributes high-quality packaging materials and related packaging machines. The Company’s products are used primarily for the packaging of perishable foods, beverages and in healthcare applications. The address of the Company’s registered ofﬁ ce is 100 Saulteaux Crescent, Winnipeg, Manitoba, Canada R3J 3T3. 2. Basis of Presentation Statement of compliance The unaudited interim condensed consolidated ﬁ nancial statements were prepared in accordance with IFRS Accounting Standards (IFRS). The unaudited interim condensed consolidated ﬁ nancial statements are in compliance with IAS 34. Accordingly, certain information and note disclosures normally included in annual consolidated ﬁ nancial statements prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) have been omitted or condensed. These unaudited interim condensed consolidated ﬁ nancial statements should be read in conjunction with the Company’s consolidated ﬁ nancial statements for the year ended December 28, 2025, which are included in the Company’s 2025 Annual Report. The ﬁ scal year of the Company ends on the last Sunday of the calendar year. As a result, the Company’s ﬁ scal year is usually 52 weeks in duration, but includes a 53rd week every ﬁ ve to six years. The 2025 and 2024 ﬁ scal years are both comprised of 52 weeks and each quarter of 2025 and 2024 are comprised of 13 weeks. The unaudited interim condensed consolidated ﬁ nancial statements were approved by the Board of Directors on February 23, 2026. 3. Future Accounting Standards (a) Amendments to the Classiﬁ cation and Measurement of Financial Instruments In May 2024, the IASB issued “Amendments to the Classiﬁ cation and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)”, that clarify the recognition date and derecognition date of certain ﬁ nanc --- ial assets and liabilities, clarify and add guidance to assess whether a ﬁ nancial asset meets the solely payments of principal and interest criteria. The amendments include additional disclosure requirements for certain instruments with contractual terms that could change cash ﬂ ows and updates the disclosure requirements relating to equity instruments at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026. The Company does not expect the amendments to have a signiﬁ cant impact on the consolidated ﬁ nancial statements when they are adopted in 2026. (b) Presentation and Disclosure of Financial Statements: In April 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements” to improve reporting of ﬁ nancial performance. IFRS 18 replaces IAS 1 “Presentation of Financial Statements”. It carries forward many requirements from IAS 1 unchanged. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently assessing the impact of this new standard and does not intend to early adopt IFRS 18 in its consolidated ﬁ nancial statements. 4. Segment Reporting Operating segments and product groups The Company provides three distinct types of packaging technologies: a) ﬂ exible packaging, b) rigid packaging and ﬂ exible lidding and c) packaging machinery. Each is deemed to be a separate operating segment. The ﬂ exible packaging segment includes the modiﬁ ed atmosphere packaging, specialty ﬁ lms and biaxially oriented nylon product groups. Modiﬁ ed atmosphere packaging extends the shelf life of perishable foods, while at the same time maintains or improves the quality of the product. The packaging is used for a wide range of markets and applications, including fresh and processed meats, poultry, cheese, medical device packaging, high performance pouch applications and high-barrier ﬁ lms for converting applications. Specialty ﬁ lms include a full line of barrier and non-barrier ﬁ lms which are ideal for converting applications such as printing, laminating and bag making, including shrink bags. Biaxially oriented nylon ﬁ lm is stretched by length and width to add stability for further conversion using printing, metalizing or laminating processes and is ideal for food packaging applications such as cheese, ﬂ uid and viscous liquids, and industrial applications such as book covers and balloons. The rigid packaging and ﬂ exible lidding segment includes the rigid containers, lidding and specialized printed packaging product groups. Rigid containers include portion control and single-serve containers, as well as plastic sheet, custom and retort trays, which are used for applications such as food, pet food, beverage, dairy, industrial and healthcare. Lidding products are available in die-cut, daisy chain and rollstock formats and are used for applications such as food, dairy, beverage, pet food, industrial and healthcare. Specialized printed packaging provides packaging solutions to the pharmaceutical, healthcare, nutraceutical, cosmetic and personal care markets. Packaging machinery includes a full line of horizontal ﬁ ll/seal machines for preformed containers and vertical form/ﬁ ll/seal pouch machines for pumpable liquid and semi-liquid products and certain dry products. Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and Decem --- ber 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) 12 Due to similar economic characteristics, including long-term sales volume growth and long-term average gross proﬁ t margins, and having similar products, production processes, types of customers and distribution methods, the ﬂ exible packaging and rigid packaging and ﬂ exible lidding operating segments have been aggregated as one reportable segment. In addition, the packaging machinery operating segment has been aggregated with these two segments as the segment’s revenue and assets represents less than 3 percent of total Company revenue and assets. The Company operates principally in Canada and the United States. See note 5 for a breakdown of revenue by operating and geographic segment. The following summary presents property, plant and equipment, intangible assets and goodwill information by geographic segment: December 28 December 29 2025 2024 United States 272,139 274,630 Canada 395,637 360,499 Mexico 19,132 17,246 686,908 652,375 5. Revenue Most of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods. Revenue for each of the three operating segments is recognized at a point in time when the customer obtains control of a product, which typically takes place when legal title and physical possession of the product is transferred to the customer. These conditions are usually fulﬁ lled upon shipment, however, in some instances, upon delivery. Invoices are generated when control has transferred and are usually payable within 30 to 60 days. Disaggregation of Revenue Quarter Ended Year Ended December 28 December 29 December 28 December 29 2025 2024 2025 2024 Operating segment Flexible packaging 142,319 150,804 591,853 597,976 Rigid packaging and ﬂ exible lidding 133,196 124,704 500,121 499,314 Packaging machinery 9,335 9,635 33,445 33,605 284,850 285,143 1,125,419 1,130,895 Geographic segment United States 223,101 229,531 887,485 902,468 Canada 35,386 35,231 143,255 146,625 Mexico and other 26,363 20,381 94,679 81,802 284,850 285,143 1,125,419 1,130,895 The Company’s products are primarily used for the packaging of perishable foods and beverages. Other markets include medical, pharmaceutical, nutraceutical, personal care, industrial and other consumer goods. 6. Other Income (Expenses) Quarter Ended Year Ended December 28 December 29 December 28 December 29 Amounts shown on a net basis 2025 2024 2025 2024 Foreign exchange (losses) gains (181) (1,326) 1,488 (3,842) Cash ﬂ ow hedge gains (losses) transferred from other comprehensive income 127 (286) (2,010) (780) (54) (1,612) (522) (4,622) Proceeds from insurance claim reimbursement 1,883 - 1,883 - Impairment loss on goodwill - (1,000) - (1,000) 1,829 (2,612) 1,361 (5,622) In 2025, the Company received reimbursement proceeds of $1,883 for an insurance claim related to an equipment ﬁ re in 2023. 13 Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) 7. Inventories December 28 December 29 2025 2024 Raw materials 77,018 79,142 Work-in-process 65,979 54,297 Finished goods 87,635 96,889 Spare parts 21,770 20,055 252,402 250,383 During the fourth quarter of 2025, the Company recorded, within cost of sales, inventory write-downs for slow-moving and obsolete inventory of $2,810 (2024 - $4,449) and reversals of previously written-down items --- of $694 (2024 - $143). During 2025, the Company recorded, within cost of sales, inventory write-downs for slow-moving and obsolete inventory of $14,758 (2024 - $12,784) and reversals of previously written-down items of $4,669 (2024 - $5,021). 8. Property, Plant and Equipment At December 28, 2025, the Company has commitments to purchase property, plant and equipment of $18,967 (December 29, 2024 - $41,777). No impairment losses or impairment reversals were recognized during 2025 and 2024. 9. Employee Beneﬁ t Plans During 2024, the Company converted $20,392 of qualifying annuity buy-in contracts purchased in the 2022 ﬁ scal year for two deﬁ ned beneﬁ t pension plans relating to the retired and deferred vested members to qualifying annuity buy-out contracts to complete the full transfer of these obligations. These annuity buy-out contracts eliminated all further legal or constructive obligations to the Company. Accordingly, the Company derecognized the buy-in annuity assets and corresponding deﬁ ned beneﬁ t obligations previously recognized on a net basis. The transactions did not result in a settlement charge as the deﬁ ned beneﬁ t obligations being settled and the qualifying annuity buy-in contracts were of equal value. 10. Leases Extension Options Some leases of ofﬁ ce and manufacturing facilities contain extension options exercisable by the Company up to one year before the end of the non- cancellable contract period. Where practicable, the Company seeks to include extension options in new leases to provide operational ﬂ exibility. The extension options held are exercisable only by the Company and not by the lessors. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension options. The Company reassesses whether it is reasonably certain to exercise the options if there is a signiﬁ cant event or signiﬁ cant change in circumstances within its control. At December 28, 2025, potential future lease payments not included in lease liabilities totalled $4,989 on a discounted basis. 11. Share Capital The following table presents changes in the Company’s share capital: Quarter Ended Year Ended December 28 December 29 December 28 December 29 2025 2024 2025 2024 Number of common shares Issued and outstanding, beginning of period 60,633,131 63,050,000 62,145,874 65,000,000 Repurchase of common shares (1,131,178) (904,126) (2,643,921) (2,854,126) Issued and outstanding, end of period 59,501,953 62,145,874 59,501,953 62,145,874 Share capital amount Beginning of period 27,034 28,319 27,735 29,195 Repurchase of common shares (686) (584) (1,387) (1,460) End of period 26,348 27,735 26,348 27,735 Repurchase of common shares during 2025 does not include the shares that may be repurchased subsequent to the end of the year under the automatic share purchase plan (“ASPP”), which is described below. However, the ending share capital balance reﬂ ects a reduction of $377 (2024 - $178) related to the ASPP. Dividends During the fourth quarter of 2025, dividends in Canadian dollars of 5 cents per common share were declared (2024 - 5 cents) and during 2025, 20 cents per common share were declared (2024 - 16 cents). In addition, on December 12, 2024, the Company declared a special dividend in Canadian dollars of $3.00 per common share, which was paid on January 10, 2025. Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless other --- wise indicated) (Unaudited) 14 Share Redemptions On March 24, 2025, the Toronto Stock Exchange (the “TSX”) accepted a notice ﬁ led by Winpak to renew the normal course issuer bid (the “NCIB”) with respect to its outstanding common shares. The notice provided that Winpak may, during the 12-month period commencing March 26, 2025 and ending no later than March 25, 2026, purchase through the facilities of the TSX and other alternative Canadian trading systems up to a maximum of 3,087,500 common shares in total, being 5.0 percent of the issued and outstanding shares of Winpak as of March 18, 2025. The price which Winpak will pay for any common shares will be the market price at the time of acquisition. Daily purchases under the NCIB will be generally limited to 13,761 common shares, other than block purchases. All shares purchased will be canceled. In connection with the NCIB, Winpak has entered into an ASPP with CIBC World Markets Inc. to facilitate the purchase of common shares under the NCIB, including at times when Winpak would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods. As at December 28, 2025, the Company had purchased 2,248,047 common shares under its current NCIB. During the fourth quarter of 2025, 1,131,178 common shares were repurchased under the NCIB program for cancelation at a weighted average price of CDN $42.69 for aggregate consideration of CDN $48,290 (US $34,504) of which $508 was recorded to share capital and the remaining $33,996 was recorded to retained earnings. During the fourth quarter of 2024, 904,126 common shares were repurchased under the NCIB program for cancelation at a weighted average price of CDN $49.28 for aggregate consideration of CDN $44,555 (US $31,634) of which $406 was recorded to share capital and the remaining $31,228 was recorded to retained earnings. During 2025, 2,643,921 common shares were repurchased under the NCIB program for cancelation at a weighted average price of CDN $42.57 for aggregate consideration of CDN $112,543 (US $80,344) of which $1,188 was recorded to share capital and the remaining $79,156 was recorded to retained earnings. During 2024, 2,854,126 common shares were repurchased under the NCIB program for cancelation at a weighted average price of CDN $45.55 for aggregate consideration of CDN $129,992 (US $94,512) of which $1,282 was recorded to share capital and the remaining $93,230 was recorded to retained earnings. At December 28, 2025, the Company recorded an obligation to repurchase common shares of $27,634 (2024 - $13,727) under the ASPP in trade payables and other liabilities of which $377 (2024 - $178) was recorded to share capital and the remaining $27,257 (2024 - $13,549) was recorded to retained earnings. Subsequent to the year ended December 28, 2025, the Company completed the NCIB program, repurchasing 839,453 common shares at a weighted average price of CDN $45.00 for aggregate consideration of CDN $37,772 (US $27,606). At December 28, 2025, the Company recorded an obligation totaling $1,606 (2024 - $1,887) for a two percent Canadian federal tax on the net value of equity repurchased during the year. The liability was recognized within ‘Trade payables and other liabilities’ and the corresponding amount was recorded to retained earnings. 12. Earnings Per Share Quarter Ended Year Ended December 28 December 29 December 28 December 29 2025 2024 2025 2024 Net income attributable to equity hold --- ers of the Company 36,186 36,622 137,342 149,455 Weighted average shares outstanding (000’s) 59,927 62,718 61,098 63,614 Basic and diluted earnings per share - cents 60 58 225 235 13. Financial Instruments The Company measures assets and liabilities under the following fair value hierarchy in accordance with IFRS. The inputs used for fair value measurements, including their classiﬁ cation within the required three levels of the fair value hierarchy that prioritizes the inputs used for fair value measurement, are as follows: Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3 - inputs that are not based on observable market data. The fair value of cash and cash equivalents, trade and other receivables, including trade and other receivables subject to factoring arrangements and classiﬁ ed as measured at fair value through other comprehensive income (FVOCI), trade payables and other liabilities approximate their carrying value because of the short-term maturity of these instruments. The fair value of foreign currency forward contracts, designated as cash ﬂ ow hedges, has been determined by valuing those contracts to market against prevailing forward foreign exchange rates as at the reporting date. 15 Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) The following table presents the classiﬁ cation of ﬁ nancial instruments within the fair value hierarchy: Financial Assets (Liabilities) Level 1 Level 2 Level 3 Total At December 28, 2025 Foreign currency forward contracts - net - 674 - 674 At December 29, 2024 Foreign currency forward contracts - net - (4,175) - (4,175) When the Company has a legally enforceable right to set off supplier rebates accounts receivable against supplier trade payables and intends to settle the amount on a net basis or simultaneously, the balance is presented as an offset within ‘Trade payables and other liabilities’ on the consolidated balance sheet. At December 28, 2025, the supplier rebate receivable balance that was offset was $4,546 (2024 - $7,327). 14. Financial Risk Management In the normal course of business, the Company has risk exposures consisting primarily of foreign exchange risk, interest rate risk, commodity price risk, liquidity risk, and credit risk. The Company manages its risks and risk exposures through a combination of derivative ﬁ nancial instruments, insurance, a system of internal and disclosure controls and sound business practices. The Company does not purchase any derivative ﬁ nancial instruments for speculative purposes. Financial risk management is primarily the responsibility of the Company’s corporate ﬁ nance function. Signiﬁ cant risks are regularly monitored and actions are taken, when appropriate, according to the Company’s approved policies, established for that purpose. In addition, as required, these risks are reviewed with the Company’s Board of Directors. Foreign Exchange Risk Translation differences arise when foreign currency monetary assets and liabilities are translated at foreign exchange rates that change over time. These foreign exchange gains and losses are recorded in other income (expenses). As a result of the Company’s CDN dollar net asset monetary position as at December --- 28, 2025, a one-cent change in the period-end foreign exchange rate from 0.7312 to 0.7212 (CDN to US dollars) would have decreased net income by $164 for 2025. Conversely, a one-cent change in the period-end foreign exchange rate from 0.7313 to 0.7412 (CDN to US dollars) would have increased net income by $164 for 2025. The Company’s Foreign Exchange Policy requires that between 50 and 80 percent of the Company’s net requirement of CDN dollars for the ensuing 9 to 15 months will be hedged at all times with a combination of cash and cash equivalents and forward or zero-cost option foreign currency contracts. The Company may also enter into foreign currency forward contracts when equipment purchases, share repurchases and special dividend payments will be settled in foreign currencies. Transactions are only conducted with certain approved ‘AA’ rated or higher Schedule 1 CDN ﬁ nancial institutions. All foreign currency contracts are designated as cash ﬂ ow hedges of the highly probable CDN dollar expenditures. These derivatives meet the hedge effectiveness criteria as a result of the following factors: a) An economic relationship exists between the hedged item and the hedging instrument as notional amounts match and both the hedged item and hedging instrument fair values move in response to the same risk - foreign exchange rates. There are no signiﬁ cant reasons or causes for the designated hedged item and hedging instrument to be mismatched since the hedging instrument matures during the same month as the expected hedged expenditures are incurred. The correlation between the foreign exchange rate of the hedged item and the hedging instrument should be highly correlated and closely aligned as the maturity and the notional amount are the same. b) The hedge ratio is one to one for this hedging relationship as the hedged item is foreign currency risk that is hedged with a foreign currency hedging instrument. c) Credit risk is not material in the fair value of the hedging instrument. The Company has identiﬁ ed two sources of potential ineffectiveness: a) the timing of cash ﬂ ow differences between the expenditure and the related derivative and b) the inclusion of credit risk in the fair value of the derivative not replicated in the hedged item. The Company expects the impact of these sources of hedge ineffectiveness to be minimal. The timing of hedge settlements and incurred expenditures are closely aligned as they are expected to occur within 30 days of each other. Credit risk is not a material component of the fair value of the Company’s hedging instruments as all counterparties are ‘AA’ rated or higher Schedule 1 CDN ﬁ nancial institutions. Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) 16 Certain foreign currency forward contracts matured during the fourth quarter of 2025 and the Company realized pre-tax foreign exchange gains of $127 (year-to-date losses - $2,388). Of these foreign exchange differences, gains of $127 were recorded in other income (expenses) (year-to-date losses - $2,010) and no amount was recorded in property, plant and equipment (year-to-date losses - $378). During the fourth quarter of 2024, the Company realized pre-tax foreign exchange losses of $540 (year-to-date losses - $1,260). Of these foreign exchange differences, losses of $286 were recorded in other (expenses) income (year-to-da --- te losses - $780), losses of $254 were recorded in property, plant and equipment (year-to-date losses - $283), and losses of $0 were recorded directly to equity (year-to-date losses - $197). As at December 28, 2025, the Company had US to CDN dollar foreign currency forward contracts outstanding with a notional amount of $63,000 at an average exchange rate of 1.3726 maturing between January and December 2026. The fair value of these ﬁ nancial instruments was $674 and the corresponding unrealized gain has been recorded in other comprehensive income. Interest Rate Risk The Company’s interest rate risk arises from interest rate ﬂ uctuations on the ﬁ nance income that it earns on its cash invested in money market accounts and short-term deposits. The Company developed and implemented an investment policy, which was approved by the Company’s Board of Directors, with the primary objective to preserve capital, minimize risk and provide liquidity. Regarding the December 28, 2025 cash and cash equivalents balance of $375.6 million, a 1.0 percent increase/decrease in interest rate ﬂ uctuations would increase/decrease income before income taxes by $3,756 annually. Commodity Price Risk The Company’s manufacturing costs are affected by the price of raw materials, namely petroleum-based and natural gas-based plastic resins and aluminum. In order to manage its risk, the Company has entered into selling price-indexing programs with certain customers. Changes in raw material prices for these customers are reﬂ ected in selling price adjustments but there is a slight time lag. For 2025, 74 percent of revenue was generated from customers with selling price-indexing programs. For all other customers, the Company’s preferred practice is to match raw material cost changes with selling price adjustments, albeit with a slight time lag. This matching is not always possible, as customers react to selling price pressures related to raw material cost ﬂ uctuations according to conditions pertaining to their markets. Liquidity Risk Liquidity risk is the risk that the Company would not be able to meet its ﬁ nancial obligations as they come due. Management believes that the liquidity risk is low due to the strong ﬁ nancial condition of the Company. This risk assessment is based on the following: (a) cash and cash equivalents amounts of $375.6 million, (b) no outstanding bank loans, (c) unused credit facilities comprised of unsecured operating lines of $38 million, (d) the ability to obtain term-loan ﬁ nancing to fund an acquisition, if needed, (e) an informal investment grade credit rating and (f) the Company’s ability to generate positive cash ﬂ ows from ongoing operations. Management believes that the Company’s cash ﬂ ows are more than sufﬁ cient to cover its operating costs, working capital requirements, capital expenditures, payment of lease liabilities, share repurchases and dividend payments in 2026. The Company’s trade payables and other liabilities and derivative ﬁ nancial instrument liabilities are all due within twelve months. Credit Risk The Company is exposed to credit risk from its cash and cash equivalents held with banks and ﬁ nancial institutions, derivative ﬁ nancial instruments (foreign currency forward contracts), as well as credit exposure to customers, including outstanding trade and other receivable balances. The following table details the maximum exposure to the Company’s counterparty credit risk which represents the carrying value of the ﬁ nanci --- al asset: December 28 December 29 2025 2024 Cash and cash equivalents 375,621 497,261 Trade and other receivables 217,099 220,201 Foreign currency forward contracts 721 - 593,441 717,462 Credit risk on cash and cash equivalents and other ﬁ nancial instruments arises in the event of non-performance by the counterparties when the Company is entitled to receive payment from the counterparty who fails to perform. The Company has established an investment policy to manage its cash. The policy requires that the Company manage its risk by investing its excess cash on hand on a short-term basis, up to a maximum of six months, with several ﬁ nancial institutions and/or governmental bodies that must be rated ‘AA’ or higher for CDN ﬁ nancial institutions and ‘A-1’ or higher for US ﬁ nancial institutions by recognized international credit rating agencies or insured 100 percent by the US government or a ‘AAA’ rated CDN federal or provincial government. The Company manages its counterparty risk on its ﬁ nancial instruments by only dealing with ‘AA’ rated or higher Schedule 1 CDN ﬁ nancial institutions. In the normal course of business, the Company is exposed to credit risk on its trade and other receivables from customers. To mitigate such risk, the Company performs ongoing customer credit evaluations and assesses their credit quality by taking into account their ﬁ nancial position, past experience and other pertinent factors. Management regularly monitors customer credit limits, performs credit reviews and, in certain cases insures trade and other receivables against credit losses. 17 Notes to Condensed Consolidated Financial Statements For the periods ended December 28, 2025 and December 29, 2024 (thousands of US dollars, unless otherwise indicated) (Unaudited) As at December 28, 2025, the Company believes that the credit risk for trade and other receivables is mitigated due to the following: a) a broad customer base which is dispersed across varying market sectors and geographic locations, b) 98 percent of the gross trade and other receivables balance is within 30 days of the agreed upon payment terms with customers, c) the sale of certain extended term trade receivables without recourse to a third party and d) 23 percent of the trade and other receivables balance is insured against credit losses. The following table sets out the aging details of the Company’s trade and other receivables balances outstanding based on when the receivable was due and payable and related allowance for expected credit losses: December 28 December 29 2025 2024 Current (not past due) 198,086 192,326 1 - 30 days past due 16,707 23,295 31 - 60 days past due 1,498 3,265 More than 60 days past due 2,619 3,552 218,910 222,438 Less: Allowance for expected credit losses (1,811) (2,237) Total trade and other receivables, net 217,099 220,201 15. Seasonality The Company experiences seasonal variation in revenue, with revenue typically being the highest in the second and fourth quarters, and lowest in the ﬁ rst quarter.

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