Canada · Delayed Price · Currency is CAD Ag Growth International Earnings Call Transcripts
Fiscal Year 2026
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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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Q4 adjusted EBITDA hit a record $78M, with strong commercial growth offsetting farm market weakness. 2025 guidance is at least $225M adjusted EBITDA, driven by a robust commercial order book, while farm segment softness and tariff risks persist.
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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%.