Ag Growth International Reports Third Quarter 2025 Results, Highlights Strong International Commercial Performance and Strategic Initiatives
Third Quarter 2025 Financial Highlights
AGI delivered solid performance in Q3 2025 with revenue reaching $389 million, representing a 9% increase compared with the same period last year. Adjusted EBITDA for the quarter was $71 million, up 4% year-over-year, demonstrating strong operational performance despite varied regional market conditions. Adjusted EBITDA margin stood at 18.2%, approximately 100 basis points lower than the prior year, largely reflecting a higher proportion of revenue derived from the Commercial segment.The Company maintained a net debt leverage ratio of 3.9x as of September 30, 2025, consistent with June 30, 2025, and up from 3.1x at the same point last year. Free cash flow generation was temporarily impacted by working capital requirements related to several large-scale international Commercial projects.
In a key strategic move, AGI established a dedicated investment vehicle in Brazil aimed at monetizing financing receivables provided to customers. This initiative is designed to alleviate working capital pressures, improve free cash flow, and support the delivery of major projects to strategic clients.
Filing Delay Disclosure
AGI notes that additional information regarding the nature and background of its third-quarter filing delay is available in the Management Discussion and Analysis for the three- and nine-month periods ending September 30, 2025. These documents can be accessed electronically via SEDAR+ and the Company’s website.
Outlook and Segment Performance
Looki
The Commercial segment, particularly international operations, remains a key growth driver for AGI. The order book as of September 30, 2025, increased 1% year-over-year to $667 million, underpinned by significant expansion in Brazil and the broader Latin American region. This order visibility provides a strong foundation for growth in the first half of 2026.
Conversely, the Farm segment is expected to face ongoing market challenges, with limited visibility into early 2026. AGI continues to monitor conditions closely and adapt its strategy to navigate these headwinds effectively.
Management Commentary
Our third-quarter results reflect both the realities of the markets in which we operate and the strength of our strategic approach,” said Paul Householder, President and CEO of AGI. “We continue to focus on product transfers, emerging markets, and growth platforms across our international regions. These efforts have allowed us to deliver solid results despite varied regional market conditions. The strategic initiatives we’ve been pursuing over the last several years are beginning to deliver measurable value in terms of business resilience and international growth. Our active quoting pipeline provides strong potential for continued performance in our Commercial segment.