Canada · Delayed Price · Currency is CAD Ag Growth International Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong North American farm growth offset by global commercial weakness, with consolidated adjusted EBITDA down 20% year-over-year. Cost reduction and asset monetization initiatives are progressing, supporting deleveraging and future margin recovery as volumes return.
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Q1 2026 saw revenue and EBITDA declines amid ongoing ag market uncertainty, with farm segment showing modest improvement and commercial margins under pressure. Cost-saving and restructuring actions are underway, Brazil receivable monetization is supporting debt reduction, and free cash flow is expected to turn positive for the year.
Fiscal Year 2025
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Revenue grew 4% year-over-year, but adjusted EBITDA dropped 38% due to margin compression from cost overruns and weak farm demand. Major restructuring, dividend suspension, and ERP termination aim to restore margins, improve cash flow, and reduce leverage.
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Q3 2025 delivered 9% revenue and 4% adjusted EBITDA growth, driven by strong international commercial performance, especially in Brazil, despite North American farm market headwinds and a delay in filings due to internal control issues. Remediation is underway, and positive free cash flow is expected in 2026.
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Q2 2025 saw strong commercial growth offsetting farm segment weakness, with adjusted EBITDA of $54M and a $660M order book up 4% year-over-year. Full-year EBITDA guidance is reaffirmed at $225M, with commercial momentum expected to drive H2 results.
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Q1 results showed strong commercial growth, especially in Brazil and EMEA, offsetting North America farm weakness. Guidance for 2025 remains robust, with a near-record order book and ongoing operational improvements, but risks from tariffs and farm market headwinds persist.
Fiscal Year 2024
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Record Q4 adjusted EBITDA and strong commercial segment growth offset ongoing weakness in the North America farm market. 2025 guidance assumes continued farm softness, with upside potential if recovery materializes, and excludes tariff impacts.
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Q3 revenue and EBITDA declined year-over-year due to U.S. farm market weakness, but strong international commercial performance and operational excellence initiatives supported resilient margins. The order book reached record levels, and full-year guidance calls for CAD 280 million in adjusted EBITDA with 19% margins, driven by commercial project deliveries.
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Q2 revenue and EBITDA declined year-over-year, but margins remained resilient and a record order book supports a strong second half. Operational improvements, product transfers, and emerging market growth are expected to drive full-year adjusted EBITDA of CAD 300–310 million with margins above 19%.