AGI Announces Third Quarter 2025 Results & Conference Call

Executive Summary

• AGI reported Q3 2025 revenue of $389 million, up 9% YoY, with Adjusted EBITDA of $71 million (+4% YoY).
• Net‑debt leverage remained steady at 3.9×; order book grew modestly to $667 million (+1% YoY), driven by strong international Commercial growth, especially in Brazil and LATAM.
• Management highlighted a filing delay, an investment vehicle in Brazil to monetize financing receivables, and a lower‑than‑expected Q4 2025 Adjusted EBITDA outlook due to market headwinds and higher SG&A costs.

Key Details

• Revenue: $389 M (Q3 2025) vs. $357 M (Q3 2024); Farm segment down 27% YoY, Commercial up 48% YoY.
• Adjusted EBITDA: $71 M (up 4% YoY); Margin fell to 18.2% from 19.2% YoY (‑95 bps).
• Net‑Debt Leverage Ratio: 3.9× at Sept 30 2025 (unchanged QoQ, up from 3.1× a year earlier).
• Free Cash Flow: Impacted by temporary working‑capital requirements on large international Commercial projects.
• Order Book: $666.8 M as of Sept 30 2025 (+1% YoY); growth driven by Brazil and broader LATAM commercial activity.
• Geographic Revenue Mix: Canada $50.3 M (‑43% YoY), U.S. $133.6 M (‑1% YoY), International $205.6 M (+54% YoY).
• Segment Performance:
• Farm – revenue $133.9 M (‑27% YoY); Adjusted EBITDA $27.5 M (‑39% YoY).
• Commercial – revenue $255.5 M (+48% YoY); Adjusted EBITDA $49.7 M (+61% YoY).
• Filing Delay: Management’s MD&A explains the delay; documents available on SEDAR+ and company website.
• Outlook Q4 2025: Anticipated lower Adjusted EBITDA sequentially and YoY due to challenging market conditions, negative mix, and higher SG&A. Farm visibility limited into early 2026; Commercial order book provides near‑term visibility through H1 2026.
• Brazil Investment Vehicle: Established to monetize financing receivables, expected to improve cash flow and leverage into early 2026 while supporting new project wins.
• Conference Call: Scheduled for Friday, Jan 9 2026 at 8:00 a.m. ET; webcast link provided in release.

Notable Quotes

“Our third quarter results reflect both the realities of our markets and the strength of our strategy,” – Paul Householder, President & CEO.
“The previously announced investment vehicle in Brazil will provide a meaningful near‑term benefit to our cash flow and leverage metrics…” – Jim Rudyk, CFO.