Canada · Delayed Price · Currency is CAD Sucro Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw record refinery output, improved margins, and positive free cash flow, despite lower revenue and volumes. Strategic initiatives, including acquisitions and new capacity, position the business for higher profitability as market fundamentals improve.
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Q1 2026 saw record refinery volumes and strong operational execution, but profitability was pressured by tariffs, logistics, and market conditions. Market fundamentals are expected to improve in the second half of 2026, with additional volume growth and operational efficiencies anticipated.
Fiscal Year 2025
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2025 saw strong volume growth and operational improvements despite margin pressure from lower prices and tariffs. Major refinery projects were completed on time, and profitability is expected to improve in 2026 with increased capacity and optimized costs.
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Record year-to-date volumes and normalized refining margins drove strong Q3 results, with adjusted gross profit and EBITDA remaining robust despite lower US organic and Mexico volumes. Major refinery projects are on track, and new initiatives in the Caribbean signal long-term growth.
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Q2 saw record revenue and deliveries, with customer volumes up 120% year-over-year and adjusted EBITDA rising 13% despite margin compression. Two new refineries are ahead of schedule, and margin recovery is expected in the second half as high-cost inventory phases out.
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Revenue declined 12% year-over-year due to lower sugar prices, but EBITDA margin improved and free cash flow remained positive. Construction of two new refineries is ahead of schedule, and minimal tariff impact is expected. Confident outlook for 2025 and a breakout 2026.
Fiscal Year 2024
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Revenue grew 32% year-over-year to $654 million, driven by higher volumes and expanded refining capacity. Operational execution, new refinery projects, and a key commercial agreement position the company for further growth, despite ongoing market volatility and tariff risks.