_{(1) See “Cautionary statement on Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.}

Sugar

_{(1) See “Cautionary statement on Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.}

In the second quarter of fiscal 2025, revenues increased by $17.7 million compared to the same period last year. The positive variance was largely driven by higher sales volume mainly associated with the unfavourable impact of the labour disruption at our Vancouver facility, which reduced sales volumes in the first two quarters of fiscal 2024, partially offset by a decrease in the price of Raw #11 included in our revenues.

In the second quarter of fiscal 2025, sugar volume totaled approximately 198,200 metric tonnes, an increase of approximately 10% or 17,600 metric tonnes compared to the same period last year. The variances in sales volumes by customer categories were as follows:

• Industrial volume increased by 3,100 metric tonnes as compared to the same quarter last year, mainly reflecting the unfavourable impact from the labour disruption at our Vancouver facility in 2024.

• Liquid volume decreased by 4,600 metric tonnes compared to the same quarter last year, mainly related to the loss of a large customer in Western Canada.

• Export volume increased by 19,100 metric tonnes in the second quarter of 2025, reflecting the unfavourable impact from the labour disruption at our Vancouver facility in 2024, during which we prioritized shipments to domestic customers, and from higher sales to existing customers driven by the uncertainty of potential additional tariffs on US export sales.
  

Gross margin was $42.9 million for the current quarter and included a gain of $4.5 million for the mark-to-market of derivative financial instruments. For the same period last year, gross margin was $39.9 million with a mark-to-market loss of $5.0 million.

Adjusted gross margin decreased by $6.6 million in the second quarter compared to the same period last year mainly due to unfavourable mix of products sold in the second quarter of 2025 compared to the same period last year, along with higher maintenance activities at the Montréal refinery, due to unexpected equipment breakdowns. This variance was partially offset by higher sales volume, due mainly to the return to normal production in Vancouver in 2025 after the strike in the first half of 2024, and the impact of advance purchases by export customers considering the potential for pending US tariffs.

On a per-unit basis, adjusted gross margin for the second quarter was $194 per metric tonne, a decrease of $55 per metric tonne compared to the same period last year, mainly related to unfavourable mix of product sold and higher maintenance costs, as discussed above.

Results from operating activities for the second quarter of fiscal 2025 were $26.4 million, an increase of $3.5 million from the same period last year. These results included gains and losses from the mark-to-market of derivative financial instruments.

EBITDA for the second quarter of fiscal 2025 was $32.1 million compared to $28.2 million in the same period last year. These results include gains and losses from the mark-to-market of derivative financial instruments.

Adjusted EBITDA for the second quarter decreased by $5.6 million compared to the same period last year, largely as a result of lower adjusted gross margin and higher distribution costs, partially offset by lower administration and selling expenses.

Maple

_{(1) See “Cautionary statement on Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.}

Revenues for the second quarter of the current fiscal year were $7.6 million higher than the same period last year, largely due to higher sales volume to existing customers.

Gross margin was $10.1 million for the current quarter, including a gain of $1.5 million for the mark-to-market of derivative financial instruments. For the same period last year, gross margin was $4.9 million with a mark-to-market loss of $1.4 million.

Adjusted gross margin percentage for the second quarter was 13.2% as compared to 10.9% for the same period last year, representing an increase in adjusted gross margin of $2.3 million, mainly related to higher sales volume due to favourable global market conditions and some advance purchasing of Maple syrup by US customers, considering the market volatility associated with potential pending tariffs on sales to the US. These positive variances are also related to lower operating expenses related to lower bottling costs and includes a volume rebate for purchases of maple syrup from Producteurs et Productrices Acéricoles du Québec (“PPAQ”).

Results from operating activities for the second quarter of fiscal 2025 were $6.9 million, compared to $1.8 million in the same period last year. These results included gains and losses from the mark-to-market of derivative financial instruments.

EBITDA for the second quarter of fiscal 2025 amounted to $8.6 million compared to $3.5 million for the same period last year. These results include gains and losses from the mark-to-market of derivative financial instruments.

Adjusted EBITDA for the second quarter of fiscal 2025 increased by $2.3 million to $7.1 million, due mainly to higher adjusted gross margin driven by higher volume sold and lower operating expenses.

LEAP PROJECT

On August 11, 2023, the Board of Directors of Lantic approved the LEAP Project. LEAP is expected to provide approximately 100,000 metric tonnes of incremental refined sugar capacity to the growing Canadian market and includes sugar refining assets, along with logistic assets to increase the delivery capacity to the Ontario market. The total cost for the LEAP Project is expected to range between $280 million and $300 million and we anticipate the incremental sugar refining capacity related to the LEAP Project to be in service by the end of 2026.

The construction phase related to the expansion of the sugar refining capacity in Montréal is progressing as planned. We are currently in the construction stage of the project in Montréal, which includes the refurbishment of the building where the new sugar refining equipment will be located. Work related to the new electrical room and the incremental logistic capacity is progressing as well according to our expectations.

During the second quarter, we made the decision to focus our efforts on the Montréal portion of the project, which is the cornerstone of the LEAP Project as it encompasses the incremental sugar refining capacity of 100,000 metric tonnes. To support our strategy, we have reassigned some of the resources associated with the Toronto portion of the project to support the completion of the Montréal portion. As a result, we are temporarily pausing some of the work associated with the incremental logistic capacity of our Toronto distribution center to better align the completion of the work to the expected in-service date of the incremental sugar refining capacity in Montréal.

We are funding the LEAP Project with a combination of debt, equity, cash flow from operations and our revolving credit facility. In connection with the financing plan of the LEAP Project, we issued 22,769,000 common shares of RSI in fiscal 2024, for net proceeds of $112.5 million. We also increased the amount available under our revolving credit facility by $75 million, to $340 million. In fiscal 2023, also in connection with the financing of the LEAP Project, Lantic entered into two secured loan agreements with Investissement Québec (“IQ loans”) for up to $65 million. As of March 29, 2025, $7.4 million has been drawn under the IQ Loans.

As at March 29, 2025, $89.5 million, including $3.2 million in interest costs, has been capitalized as construction in progress on the balance sheet for the LEAP Project. For the first six months of fiscal 2025, $35.7 million has been capitalized in connection with the LEAP Project.

See “Forward-Looking Statements” and “Risks and Uncertainties”.

OUTLOOK

We continue to focus on delivering consistent, profitable and sustainable growth. Following a strong performance in both of our business segments in 2024, and in the first six months of 2025, we expect, subject to the possible adverse impact of additional US tariffs, to deliver strong financial results in 2025. The strength in demand and pricing is expected to continue for our Sugar business segment going forward.

For our Maple segment, we expect the recovery of 2024 to set the pace for a strong year in 2025, as the global maple market is showing growth. This outlook is subject to the possible adverse impact of additional US tariffs.

The current market volatility associated with the revised trade conditions related to US tariffs on imports has had a limited impact on our business, and the business of our customers thus far. We are closely monitoring this evolving situation together with the different stakeholders for both of our business segments, and we will adjust our business strategy as required.

See “Forward-Looking Statements” and “Risks and Uncertainties” in our Management’s Discussion and Analysis for the three- and six-month periods ended March 29, 2025.

Sugar

We expect the Sugar segment to perform well in fiscal 2025. Underlying North American demand for sugar remains favourable. Our sales volume outlook for fiscal 2025 is 785,000 metric tonnes, Overall, this would represent a year-over-year increase of about 1% from 2024, if we adjust for the unfavourable impact of the labour disruption in Vancouver, which reduced volume in the first two quarters of last fiscal year.

The reduction of 15,000 metric tonnes is related to domestic demand from large customers, which is impacted by the current market volatility associated with the lingering effect of US tariffs. Furthermore, we have seen some softness in demand from a few of our industrial customers that is associated with price increases for other related ingredients such as cocoa. We expect to continue to prioritize domestic sales and to take advantage of export sales opportunities in fiscal 2025, with the objective of consistently meeting our commitments to our customers.

The processing stage of the 2024 sugar beet campaign at our Taber refinery was completed in February. We produced 100,000 metric tonnes of beet sugar, which is less than anticipated considering the quantity of beets received. The lower yield was due to unfavourable weather conditions affecting storage conditions in December, January and February, leading to the deterioration of some of the sugar beets received, thus resulting in us discarding more beets than usual, which reduced the overall production of sugar.

Production costs and maintenance programs for our three production facilities are expected to increase in 2025 due to higher maintenance costs in the first six months of 2025 from equipment breakdowns, mainly in Montréal. Also contributing to the increase are market-based increases in costs and annual wage increases for employees. For 2025, we plan to continue to perform the necessary maintenance activities to ensure a smooth production process to meet the needs of our customers. We remain committed to managing our costs responsibly and to properly maintain our production assets and related facilities, ensuring we are providing a safe working environment for our employees, while delivering reliable supply for our customers.

Distribution costs are expected to be sightly higher in 2025 compared to 2024. These expenditures reflect the current market dynamics and include the transfer of sugar produced between our refineries to meet demand from customers, pending the completion of our LEAP Project.

Administration and selling expenses are expected to be consistent in 2025, compared to 2024.

We anticipate our financing costs to be stable in fiscal 2025, as excess cash related to the timing of the equity financing portion of the LEAP project is providing a temporary increase in our available cash, which is mitigating the impact of interest rate volatility on our credit facility. We have been able to partially mitigate the impact of recent increases in interest rates and energy costs through our multi-year hedging strategy. We expect our hedging strategy will continue to mitigate such exposure in fiscal 2025.

Spending on regular business capital projects is expected to decrease slightly in fiscal 2025 as compared to 2024. We anticipate spending $25.0 million to $30.0 million on various initiatives. This capital spending estimate excludes expenditures relating to our LEAP Project, which are currently estimated to be approximately $79 million for fiscal 2025.

Maple

We expect financial results in our Maple segment to be strong in 2025, following the recovery seen over the last year and the strong results of the first two quarters. We currently anticipate sales volume to grow by 3.0 million lbs in 2025, representing a growth rate of approximately 6.5%, subject to the possible adverse impact of the potential imposition of US tariffs. The sales volume expectation reflects current global market conditions, and the anticipated availability of maple syrup from the producers.

The 2025 maple syrup crop has produced approximately 3.8lbs of maple syrup per tap in Québec, which is considered higher than average for the industry. We have been able to secure maple syrup to meet the expected demand from our customers. However, it appears that then 2025 crop will only allow for partial replenishment of the reserve held by the PPAQ.

We expect to spend between $1 million and $1.5 million annually on capital projects for the Maple business segment. The main driver for the selected projects is improvement in productivity and profitability through automation.

See “Forward-Looking Statements” and “Risks and Uncertainties” in our Management’s Discussion and Analysis for the three- and six-month period ended March 29, 2025

A full copy of Rogers second quarter 2025, including management’s discussion and analysis and unaudited condensed consolidated interim financial statements, can be found at www.LanticRogers.com or on SEDAR+ at www.sedarplus.ca.

Cautionary Statement Regarding Non-IFRS Measures

In analyzing results, we supplement the use of financial measures that are calculated and presented in accordance with IFRS with a number of non-IFRS financial measures. A non-IFRS financial measure is a numerical measure of a company’s performance, financial position or cash flow that excludes (includes) amounts or is subject to adjustments that have the effect of excluding (including) amounts, that are included (excluded) in most directly comparable measures calculated and presented in accordance with IFRS. Non-IFRS financial measures are not standardized; therefore, it may not be possible to compare these financial measures with the non-IFRS financial measures of other companies having the same or similar businesses. We strongly encourage investors to review the audited consolidated financial statements and publicly filed reports in their entirety, and not to rely on any single financial measure.

We use these non-IFRS financial measures in addition to, and in conjunction with, results presented in accordance with IFRS. These non-IFRS financial measures reflect an additional way of viewing aspects of the operations that, when viewed with the IFRS results and the accompanying reconciliations to corresponding IFRS financial measures, may provide a more complete understanding of factors and trends affecting our business. Refer to “Non-IFRS measures” section at the end of the MD&A for the current quarter for additional information.

The following is a description of the non-IFRS measures we used in this press release:

• Adjusted gross margin is defined as gross margin adjusted for “the adjustment to cost of sales”, which comprises the mark-to-market gains or losses on sugar futures and foreign exchange forward contracts as shown in the notes to the consolidated financial statements and the cumulative timing differences as a result of mark-to-market gains or losses on sugar futures and foreign exchange forward contracts.

• Adjusted results from operating activities are defined as results from operating activities adjusted for the adjustment to cost of sales.

• EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

• Adjusted EBITDA is defined as adjusted results from operating activities adjusted to add back depreciation and amortization expenses.

• Adjusted net earnings is defined as net earnings adjusted for the adjustment to cost of sales and the income tax impact on these adjustments.

• Adjusted gross margin rate per MT is defined as adjusted gross margin of the Sugar segment divided by the sales volume of the Sugar segment.

• Adjusted gross margin percentage is defined as the adjusted gross margin of the Maple segment divided by the revenues generated by the Maple segment.

• Adjusted net earnings per share is defined as adjusted net earnings divided by the weighted average number of shares outstanding.

• Free cash flow is defined as cash flow from operations excluding changes in non-cash working capital, mark-to-market and derivative timing adjustments, financial instruments non-cash amount, and includes deferred financing charges, funds received from stock options exercised, capital and intangible assets expenditures, net of value-added capital expenditures and capital expenditures associated to LEAP Project, and payments of capital leases.

In this press release, we discuss the non-IFRS financial measures, including the reasons why we believe these measures provide useful information regarding the financial condition, results of operations, cash flows and financial position, as applicable. We also discuss, to the extent material, the additional purposes, if any, for which these measures are used. These non-IFRS measures should not be considered in isolation, or as a substitute for, analysis of our results as reported under IFRS. Reconciliations of non-IFRS financial measures to the most directly comparable IFRS financial measures are as follows:

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO IFRS FINANCIAL MEASURES

_{(1) See “Adjusted results” section of the MD&A for additional information}

_{(1) See “Adjusted results” section}

Conference Call and Webcast

Rogers will host a conference call to discuss its second quarter fiscal 2025 results on May 13, 2025 starting at 8:00 a.m. ET. To participate, please dial 1-800-717-1738. To access the live webcast presentation, please click on the link below:

https://onlinexperiences.com/Launch/QReg/ShowUUID=C31929AD-7ACD-4C0A-946F-CCEC356BD87D&LangLocaleID=1033

A recording of the conference call will be accessible shortly after the conference, by dialing 1-888-660-6264, access code 72827#. This recording will be available until June 13, 2025. A live audio webcast of the conference call will also be available via www.LanticRogers.com.

About Rogers Sugar

Rogers is a corporation established under the laws of Canada. The Corporation holds all of the common shares of Lantic and its administrative office is in Montréal, Québec. Lantic operates cane sugar refineries in Montréal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic also operate a distribution center in Toronto, Ontario. Lantic’s sugar products are mainly marketed under the “Lantic” trademark in Eastern Canada, and the “Rogers” trademark in Western Canada and include granulated, icing, cube, yellow and brown sugars, liquid sugars, and specialty syrups. Lantic owns all of the common shares of TMTC and its head office is headquartered in Montréal, Québec. TMTC operates bottling plants in Granby, Dégelis and in St-Honoré-de-Shenley, Québec and in Websterville, Vermont. TMTC’s products include maple syrup and derived maple syrup products supplied under retail private label brands in approximately fifty countries and sold under various brand names.

For more information about Rogers please visit our website at www.LanticRogers.com.

Cautionary Statement Regarding Forward-Looking Information

This report contains statements or information that are or may be “forward-looking statements” or “forward-looking information” within the meaning of applicable Canadian Securities laws. Forward-looking statements may include, without limitation, statements and information which reflect our current expectations with respect to future events and performance. Wherever used, the words “may,” “will,” “should,” “anticipate,” “intend,” “assume,” “expect,” “plan,” “believe,” “estimate,” and similar expressions and the negative of such expressions, identify forward-looking statements. Although this is not an exhaustive list, we caution investors that statements concerning the following subjects are, or are likely to be, forward-looking statements:

• The potential impact of US tariffs on export sales of refined sugar, sugar containing products and maple products;

• Future demand and related sales volume for refined sugar and maple syrup;

• Progress and all other disclosures related to our LEAP Project;

• future prices of Raw #11;

• natural gas costs;

• beet sugar production forecast for our Taber facility;

• the level of future dividends;

• the status of government regulations and investigations; and

• projections regarding future financial performance.

Forward-looking statements are based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual performance or results could differ materially from those reflected in the forward-looking statements, historical results, or current expectations. Readers should also refer to the section “Risks and Uncertainties” in this current quarter MD&A and the 2023 fourth quarter MD&A for additional information on risk factors and other events that are not within our control. These risks are also referred to in our Annual Information Form in the “Risk Factors” section.

Although we believe that the expectations and assumptions on which forward-looking information is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made as at the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law.

For further information
Mr. Jean-Sébastien Couillard
Vice President of Finance, Chief Financial Officer and Corporate Secretary
Phone: (514) 940-4350
Email: jscouillard@lantic.ca