Ag Growth appoints Brisebois permanent CEO

• Ag Growth International Inc. (AGI) has appointed Paul Brisebois as permanent President and CEO, transitioning from his interim role held since January 2026.
• The Board intends to add Mr. Brisebois to the Board of Directors following the shareholder meeting on June 4, 2026.
• This follows Q1 2026 earnings released May 6, which showed revenue down 2% and Adjusted EBITDA down 19%, but highlighted progress in monetizing Brazilian accounts receivable ($55 million received).
• Activist shareholder Plantro Ltd. previously nominated three directors for election at the June 4 meeting to force a strategic review and sale process.
• Management has initiated restructuring targeting $30 million in annualized cost savings, up from an initial $20 million target.

• The appointment of a permanent CEO removes leadership uncertainty that existed since January 2026, which is positive for operational stability during the activist campaign.
• However, this does not fundamentally alter the company's financial distress or high leverage profile (4.7x proforma net debt).
• The news is expected given the interim period duration; it lacks the unexpected market-moving catalyst required for a "Material - Positive" rating.
• The context of the activist campaign creates a binary outcome risk: if Plantro wins board seats, management strategy could be overridden regardless of CEO permanence.
• The Brazil receivables monetization mentioned in the preceding earnings release is the true material driver for debt reduction, not the CEO appointment itself.

• Ag Growth International Inc. is a global leader in grain infrastructure products, including storage bins, handling equipment, and portable augers.
• Flagship operations span Farm (grain storage) and Commercial (large-scale projects) segments.
• The company has faced execution issues in Brazil regarding large-scale financed projects, leading to receivables monetization efforts.
• Recent restructuring aims to simplify the business by unifying North American operations and terminating a costly ERP implementation.