Sucro Announces Third Quarter 2025 Results

Executive Summary

• Sucro Limited reported Q3 2025 revenue of $132.9 M (‑22.7% YoY) with net income of $15.4 M, up 106.6% versus the prior year quarter.
• Adjusted EBITDA fell to $7.2 M (‑12.9% YoY), while EBITDA rose to $20.8 M (+35.7% YoY) driven by higher realized margins and unrealized gains on inventory.
• Refinery margins improved markedly, delivering the highest adjusted gross profit per metric ton in eight quarters ($187.66/MT, +35.3% YoY).

Key Details

• Revenue: $132.9 M (Q3) vs. $172.0 M (Q3 2024); nine‑month revenue $519.5 M vs. $495.3 M (+4.9%).
• Adjusted Gross Profit: $13.44 M (‑2.8% YoY) for Q3; $40.39 M (‑9.6%) for nine months.
• Adjusted Gross Profit Margin: 10.1% vs. 8.0% in Q3 2024; 7.8% vs. 9.0% for the nine‑month period.
• EBITDA: $20.76 M (+35.7%) for Q3; $53.56 M (‑11.8%) for nine months.
• Adjusted EBITDA: $7.17 M (‑12.9%) for Q3; $27.49 M (‑0.2%) for nine months.
• Net Income: $15.37 M (+106.6%) for Q3; $29.41 M (‑5.5%) for nine months.
• EPS – Basic/Diluted: $1.40 / $0.64 for Q3 vs. $1.06 / $0.31 in Q3 2024.
• Sugar Deliveries: 147,853 MT (‑18.3% YoY) in Q3; 611,160 MT (+23.5%) for nine months.
• Refinery Volume: 53,873 MT (‑5.6% YoY) in Q3; adjusted gross profit from refineries $10.11 M (+27.7%).
• Adjusted Gross Profit per MT Delivered – Refineries: $187.66 (↑35.3% YoY).
• Free Cash Flow: $4 K reported for Q3 (vs. $1,493 K prior year); nine‑month free cash flow $7.34 M vs. $9.48 M.
• Operational Update: Commissioning targeted for Hamilton, Ontario refinery in Q4 2025 and University Park, Illinois refinery in Q1 2026; Belize joint‑venture refinery slated for H1–Q3 2026.
• Share‑Based Compensation: RSUs awarded to directors (vest one year); stock options granted for 5,000 subordinate voting shares at C$ — per share price undisclosed, exercisable through 31 Dec 2028, vesting over 25 months.
• Investor Call: Hosted Thursday, 20 Nov 2025, 10:00 a.m. ET; replay available until 4 Dec 2025.

Notable Quotes

“Q3 showed continued execution across our network… refinery margins improved materially, reflecting lower input costs and stronger mix,” – Jonathan Taylor, Founder & CEO.
“With commissioning milestones approaching at our new Hamilton, Ontario refinery … we remain focused on disciplined growth and service to our North American customer base.” – Jonathan Taylor, Founder & CEO.