Content Detail

• Content META

  Title	Ag Growth International : Q2 2025 Webcast Deck
  ID	12081470
  External ID	7937042260
  Author	Unknown
  Published Date	July 31, 2025, 4:49 p.m.
  Summary	‌1 ‌CEO COMMENTARY ‌ TOPICS FOR TODAY'S REVIEW SAFETY SECOND QUARTER OVERVIEW COMMERCIAL SEGMENT UPDATE FARM SEGMENT UPDATE ORDER BOOK & OUTLOOK ‌SAFETY IS A TOP PRIORITY ‌ Q2 2025 RESULT
  Tags	None
  URL	https://www.marketscreener.com/news/ag-growth-international-q2-2025-webcast-deck-ce7c5fd2d980f225
  Sentiment	Negative: 0.02189    Neutral: 0.24091    Positive: 0.73720
  Relevance	0.03529

• Content Details

  Content ID	7722135
  Key	6d49525b-466c-4d28-91d7-485d63fa858d
  Content	‌1 ‌CEO COMMENTARY ‌ TOPICS FOR TODAY'S REVIEW SAFETY SECOND QUARTER OVERVIEW COMMERCIAL SEGMENT UPDATE FARM SEGMENT UPDATE ORDER BOOK & OUTLOOK ‌SAFETY IS A TOP PRIORITY ‌ Q2 2025 RESULTS CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non-IFRS ratio. See "Non-IFRS and Other Financial Measures". Source: Company reports ‌ Q2 2025 THEMES Q2 revenue stabilizing year-over-year Commercial segment strength offset by ongoing Farm segment market challenges Anticipate a return to revenue growth in H2 2025 International Commercial continues to meaningfully accelerate Strong order book, supported by International Commercial Visibility for second half Farm performance remains low ‌Q2 2025 COMMERCIAL RESULTS CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non-IFRS ratio. See "Non-IFRS and Other Financial Measures". Revenue by segment is a supplementary financial measure. Source: Company reports ‌ COMMERCIAL SEGMENT COMMENTARY Increased capabilities leading to large scale projects internationally Expanding margins, in part due to large & comprehensive projects Strong order book in international regions and N.A. Commercial Quoting pipeline strong & active Our differentiated strategy is delivering favorable financial results ‌ BRAZILIAN MARKET DYNAMICS Driving factors behind the strong Brazilian market activity: . Value-added processing capacity investments Corn ethanol, soybean crushing, fertilizer blending, feed milling, food processing Significant grain handling & movement needs Improvement in both capacity and efficiency required to support Brazil as a leading corn and soybean exporter On-farm storage capacity deficit Significant capacity deficit, plus an expanding crop size ‌Q2 2025 FARM RESULTS CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non-IFRS ratio. See "Non-IFRS and Other Financial Measures". Revenue by segment is a supplementary financial measure. Source: Company reports ‌ FARM SEGMENT COMMENTARY Challenging conditions in N.A Farm persist Limited visibility to the second half of 2025 Focus on what is in our control: optimize costs Tariffs and trade regulations add complexity and uncertainty to a Farm market recovery Harvest a possible catalyst to prompt demand ‌ ORDER BOOK Total order book growth of +4% year-over-year Commercial order book +15% year-over-year Commercial accounts for >85% of the total order book Brazil the primary driver in International Commercial Farm order intake remains slow due to soft market conditions CAD, millions Subsequent to the quarter, significant momentum in our international Commercial businesses continued with several notable order commitments secured across a mix of geographies with an aggregate value of >$100 million Q2/24 Q2/25 Order book Note: Order Book is a supplementary financial measure. See "Non-IFRS and Other Financial Measures". Note: The order book as at June 30, 2024 has been revised to reflect orders that were outstanding at June 30, 2024 but that were subsequently cancelled. AGI originally reported an order book as at June 30, 2024 of $651.4 million. Revisions of this nature occur from time-to-time as part of normal business operations. ‌ TARIFFS Tariff policies continue to evolve and is an area we monitor closely with several tactical adjustments made over recent months including negotiations with steel suppliers in the U.S. and Canada as well as pricing actions Based on current policies and regulations, we estimate a relatively minor direct cost impact to AGI in 2025, and it has been factored into our outlook Tariff and trade policies could ultimately impact our current financial outlook should they hamper farmer sentiment, aggregate equipment demand, and the global economy more broadly ‌ OUTLOOK Reiterate full-year 2025 Adjusted EBITDA of at least $225 million Commercial segment visibility for the second half of 2025 revenues is strong, supported by a healthy order book Farm segment visibility to the second half of 2025 remains limited due to challenging market conditions Note: Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS and Other Financial Measures". Note: Adjusted EBITDA for the year ended December 31, 2024 was $265 million ‌CFO COMMENTARY ‌ TOPICS FOR TODAY'S REVIEW SECOND QUARTER RESULTS BALANCE CASH FLOW SHEET CAPITAL ALLOCATION ‌ Q2 2025 RESULTS CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non-IFRS ratio. See "Non-IFRS and Other Financial Measures". Source: Company reports ‌BALANCE SHEET DISCIPLINE Net Debt Leverage Ratio 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 3.9x Net debt leverage ratio driven by temporary increase in working capital requirements for Commercial segment Monetizing receivables expected to reduce working capital and improve balance sheet metrics by year end Net debt leverage target of mid-3x level in 2025 Total Net Debt / LTM Adjusted EBITDA Notes: Total Net Debt and Adjusted EBITDA are non-IFRS measures. Total Net Debt / LTM Adjusted EBITDA ratio is a non-IFRS ratio and is interchangeable with the Net Debt Leverage Ratio non-IFRS ratio measure. See "Non-IFRS and Other Financial Measures". Total Net Debt / LTM Adjusted EBITDA ratio as of June 30, 2025. Source: Company reports ‌FREE CASH FLOW FOCUS Across 2025, Free Cash Flow will be leveraged to support growth opportunities in Commercial Strategic temporary investment in working capital to support large-scale projects, notably in Brazil Monetizing receivables expected to reduce working capital and improve cash flow Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 LTM Free Cash Flow Note: Free Cash Flow is a non-IFRS measure. See "Non-IFRS and Other Financial Measures". Note: Free Cash Flow is defined as cash provided by operations activities less acquisition of plant, property, and equipment, less development and purchase of intangible assets. ‌NEAR-TERM CAPITAL ALLOCATION PRIORITIES Temporary step-up in working capital investment required for strategic international Commercial growth opportunities Debt repayment remains a priority Continued pause on M&A Environment is dynamic; will adjust as conditions warrant High Priority Operational improvements (ERP implementation) Working capital investment to support Commercial growth Routine capital investments (maintenance capex & intangibles) Debt repayment Medium Priority Maintain dividend Additional targeted operational improvements Opportunistic India facility consolidation Additional opportunistic share repurchases ‌FORWARD-LOOKING INFORMATION (1/3) This webcast presentation contains forward-looking statements and information (collectively, "forward-looking information") within the meaning of applicable securities laws that reflect our expectations regarding the future growth, results of operations, performance, business prospects, and opportunities of AGI. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words "anticipate", "estimate", "believe", "continue", "could", "expects", "intend", "trend", "plans", "will", "may" or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this webcast presentation may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. In particular, the forward-looking information in this webcast presentation includes information relating to: trends in respect of our revenue, Adjusted EBITDA and Adjusted EBITDA margin; trends in respect of our Farm and International Commercial segments, including that the order book supported by the International Commercial segment and that visibility of the performance of the Farm segment for the second half of 2025 remains low; our strategy with respect to focus on large and comprehensive opportunities internationally to expand margins; that AGI's quoting pipeline is strong and active and that AGI's differentiated strategy will continue delivering favourable financial results; that harvest season may be a potential catalyst to stir demand in the Farm segment; our belief that tariff and trade regulations add complexity to the path towards a Farm market recovery and could impact AGI's current financial outlook; that Brazil will continue to the primary driver in the International Commercial segment and that the Farm order book will soften up; that the anticipated 2025 revenues for the Commercial segment are supported by a strong order book; the direct cost impact of current tariff policies on AGI's products will be minor; that our full-year 2025 Adjusted EBITDA is expected to be at least $225 million; that our second quarter 2025 Adjusted EBITDA is expected to be approximately $50 million; our next mid-cycle Adjusted EBITDA estimate; our expectations with respect to our net debt, including with respect to our Net debt leverage ratio target of mid-3x in 2025; that debt repayment remains a priority; that the monetization of receivables will reduce working capital and improve balance sheet metrics in the second half of 2025; that during 2025, free cash flow will be leveraged to support growth opportunities in the Commercial segment; that the investment of working capital to support large scale projects will be strategic and temporary in nature; ; and our expectations with respect to our capital allocation priorities. Such forward-looking information reflects our current beliefs and is based on information currently available to us, including certain key expectations and assumptions concerning: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S., China nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on the products that AGI imports or exports and/or (ii) imposes any other form of tax, restriction, or prohibition on the import or export of products from one country to the other, including on the products that AGI imports or exports; anticipated crop yields and production in our market areas; the financial and operating attributes of acquired businesses and the anticipated future performance thereof; the value of acquired businesses and assets and the liabilities assumed (and indemnities provided) by AGI in connection therewith; anticipated financial performance; future debt levels, the Company's ability to repay its existing debt and the timing thereof; business prospects and strategies, including the success of our operational excellence initiatives; product and input pricing; the scope, nature, timing and cost of re-supplying certain equipment and re-completing certain work that has previously been supplied or completed pursuant to warranty obligations or otherwise; regulatory developments; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; currency exchange rates, inflation rates and interest rates; the cost of materials, labour and services and the impact of inflation rates and/or supply chain disruptions and/or labour activity thereon; the impact of competition; the general stability of the economic and regulatory environments in which the Company operates; the timely receipt of any required regulatory and third party approvals; the ability of the Company to obtain and retain qualified staff and services in a timely and cost efficient manner; the amount and timing of the dividends that we expect to pay; the amount of funds that we expect to invest in the repurchase of our common shares under our normal course issuer bid and the timing thereof; the ability of the Company to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; the ability of the Company to successfully market its products and services; and that a pandemic or other public health emergency will not have a material impact on our business, operations, and financial results going forward. ‌FORWARD-LOOKING INFORMATION (2/3) Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of existing tariffs are increased or expanded, or new tariffs are imposed, including on products that AGI exports or imports, (ii) the U.S., China and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on products that AGI exports or imports, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian, U.S. and international agricultural industry and AGI, including by decreasing demand for (and the price of) AGI's products, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; general economic and business conditions and changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, including as a result of conflicts in the Middle East and the conflict between Russia and Ukraine and the responses thereto from other countries and institutions (including trade sanctions and financial controls), which has created volatility in the global economy and could continue to adversely impact economic and trade activity; the effects of global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the coronavirus (COVID-19) pandemic; the ability of management to execute the Company's business plan; fluctuations in agricultural and other commodity prices, interest rates, inflation rates and currency exchange rates; crop planting, crop conditions and crop yields; weather patterns, the timing of harvest and conditions during harvest; volatility of production costs, including the risk of production cost increases that may arise as a result of elevated inflation rates and/or supply chain disruptions and/or labour actions, and the risk that we may not be able to pass along all or any portion of increased costs to customers; governmental regulation of the agriculture and manufacturing industries, including environmental and climate change regulation; actions taken by governmental authorities, including increases in taxes, changes in government regulations and incentive programs, and actions taken in connection with local or global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the COVID-19 pandemic; risks inherent in marketing operations; credit risk; the availability of credit for customers; seasonality and industry cyclicality; potential delays or changes in plans with respect to capital expenditures; the cost and availability of sufficient financial resources to fund the Company's capital expenditures; failure of the Company to realize the benefits of its operational excellence initiatives; incorrect assessments of the value of acquisitions, failure of the Company to realize the anticipated benefits of acquisitions, including to realize anticipated synergies and margin improvements, and the assumption of liabilities associated with acquisitions and/or the provision of indemnities to vendors in respect of any such assumed liabilities or otherwise; volatility in the stock markets including the market price of our securities and in market valuations; competition for, among other things, customers, supplies, acquisitions, capital and skilled personnel; the availability of capital on acceptable terms; dependence on suppliers; changes in labour costs and the labour market, including the risk of labour cost increases that may arise as a result of elevated inflation rates and/or a scarcity of labour and/or labour activities; the impact of climate change and related laws and regulations; changes in trade relations between the countries in which the Company does business, including between Canada and the United States, including as a result of tariffs imposed by the United States and Canada on one another; cyber security risks; adjustments to and delays or cancellation of one or more orders comprising our order book; the requirement to re-supply equipment or re-complete work previously supplied or completed at AGI's cost, and the risk that AGI's assumptions and estimates made in respect of such costs and underlying the provision for warranty accrual in our consolidated financial statements related thereto and insurance coverage therefor will prove to be incorrect as further information becomes available to AGI; and the risk of litigation or unsuccessful defense of litigation in respect of equipment or work previously supplied or completed or in respect of other matters and the risk that AGI incurs material liabilities in connection with such litigation that are not covered by insurance in whole or in part. ‌FORWARD-LOOKING INFORMATION (3/3) These and other risks and uncertainties are described under "Risks and Uncertainties" in our most recently filed interim and annual MD&A and in our most recently filed Annual Information Form, all of which are available under the Company's profile on SEDAR+ [ https://www.sedarplus.ca ]. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. We cannot assure readers that actual results will be consistent with this forward-looking information. Further, AGI cannot guarantee that the anticipated revenue from its order book will be realized or, if realized, will result in profits or Adjusted EBITDA. Delays, cancellations and scope adjustments occur from time-to-time with respect to contracts reflected in AGI's order book, which can adversely affect the revenue and profit that AGI actually receives from its order book. Readers are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income, revenues and expenses and the disclosure of contingent liabilities. These estimates and related assumptions may change, having either a negative or positive effect on profit or loss, as further information becomes available and as the economic environment changes. Without limitation of the foregoing, the provisions for warranties disclosed in our recently filed interim MD&A required significant estimates, judgments and assumptions about the scope, nature, timing and cost of work that will be required. It is based on management's estimates, judgments and assumptions at the date thereof and is subject to revision in the future as further information becomes available to the Company. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this webcast presentation is made as of the date of this webcast presentation and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. Financial Outlook Also included in this webcast presentation are estimates of AGI's full year 2025 Adjusted EBITDA, our net debt to Adjusted EBITDA target of the mid 3x in 2025, and the potential impact that the tariffs imposed by the U.S., China and Canada on one another could have on our operations and financial results (including the 2025 direct cost impact of such tariffs), which are based on, among other things, the various assumptions disclosed in this presentation including under "Forward-Looking Information" and including our assumptions regarding the ability of AGI to convert AGI's order book as of June 30, 2025 to revenue and Adjusted EBITDA during 2025 and the benefits of our operational excellence initiatives. To the extent such estimates constitute financial outlooks, they were approved by management on July 31, 2025 and are included to provide readers with an understanding of AGI's anticipated full year 2025 Adjusted EBITDA, net debt to Adjusted EBITDA ratio in 2025, and the potential exposure that we have to the proposed tariffs based on the assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes. The financial outlooks disclosed herein do not include the potential impact of any tariff or other trade-related regulations enacted by the U.S., China, Canada or other countries other than those in effect as of July 31, 2025. ‌PRESENTATION OF FINANCIAL INFORMATION PRESENTATION OF FINANCIAL INFORMATION All financial information of AGI included in this presentation is reported in Canadian dollars and (except for forward-looking financial information) has been derived from audited and unaudited historical financial statements of AGI that were prepared in accordance with International Financial Reporting Standards ("IFRS"). NON-IFRS AND OTHER FINANCIAL MEASURES This webcast presentation makes reference to certain specified financial measures, including non-IFRS financial measures (historical and forward-looking), non-IFRS ratio and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing our business performance and trends. These specified financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement our financial information reported under IFRS by providing further understanding of our results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use specified financial measures to provide supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses specified financial measures in order to prepare annual operating budgets and to determine components of management compensation. We strongly encourage investors to review our historical consolidated financial statements, including our consolidated financial statements for the three and six months ended June 30, 2025 (the "consolidated financial statements"), and other publicly filed reports in their entirety and not to rely on any single financial measure or ratio. The following is a list of specified financial measures that are referenced throughout this webcast presentation. ‌PRESENTATION OF FINANCIAL INFORMATION Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is profit (loss) before income taxes. For an explanation of the composition of Adjusted EBITDA (historical and forward-looking), an explanation of how Adjusted EBITDA provides useful information to an investor, an explanation of the additional purposes for which management uses Adjusted EBITDA, and a quantitative reconciliation of Adjusted EBITDA to profit (loss) before income taxes, see the information under the heading "Non-IFRS and Other Financial Measures" in our MD&A for the years ended December 31, 2023 and 2024, for the three and six month periods ended June 30, 2025 and 2024 and for the three month periods ended March 31, 2025 and 2024; which information (and related reconciliations referenced therein) are incorporated by reference herein. The aforementioned MD&As are available on SEDAR+ at https://www.sedarplus.ca . The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for each of the LTM (last 12-month) periods presented. ‌PRESENTATION OF FINANCIAL INFORMATION Adjusted EBITDA - Farm Segment - The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for the Farm segment for each of the periods presented. Adjusted EBITDA - Commercial Segment - The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for the Commercial segment for each of the periods presented. ‌PRESENTATION OF FINANCIAL INFORMATION Adjusted EBITDA Margin % is a non-IFRS ratio and is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA margin % is a non-IFRS ratio because one of its components, Adjusted EBITDA, is a non-IFRS financial measure. Management believes Adjusted EBITDA margin % is a useful measure to assess the performance and cash flow of AGI. AGI presents Adjusted EBITDA Margin % on a corporate basis and separately for its Farm and Commercial segments. Free Cash Flow is defined as cash provided by operating activities less acquisition of property, plant and equipment and less development and purchase of intangible assets. Free cash flow is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is cash provided by operating activities. Management believes that free cash flow provides useful information about the Company's ability to generate cash that can be used to fund ongoing and prospective strategic initiatives, reduce debt, or pursue other initiatives enhance shareholder value after investing in capital expenditures that are required to maintain and grow the Company. Management uses free cash flow to help monitor the operational efficiency and financial flexibility of the Company as well as an input into executive compensation plans, among other uses. ‌PRESENTATION OF FINANCIAL INFORMATION Net Working Capital is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is Total Current Assets. Net Working Capital is defined as Total Current Assets less cash and cash equivalents, restricted cash, current portion of notes receivable, due from vendor, current portion of derivative instruments, income taxes recoverable, accounts payable, customer deposits and provisions. Management believes that Net Working Capital is a useful measure to evaluate the capital required to support AGI's sales and operations. The following table reconciles Total Current Assets to Net Working Capital as at March 31, 2019, 2020, 2021, 2022, 2023 and 2024, June 30, 2019, 2020, 2021, 2022, 2023, 2024, 2025 and September 30, 2019, 2020, 2021, 2022, 2023, and 2024 and December 31, 2019, 2020, 2021, 2022, 2023 and 2024. Net Working Capital as a % of Revenue or Working Capital Intensity Intensity is a non-IFRS ratio and is defined as Net Working Capital divided by quarterly revenue and divided by four to annualize the ratio. Net Working Capital as a % of Revenue is a non-IFRS ratio because one of its components, Net Working Capital, is a non-IFRS financial measure. Management believes Net Working Capital as a % of revenue is a useful measure to assess the short-term cash requirements to support sales and operations. ‌PRESENTATION OF FINANCIAL INFORMATION Order book is a supplementary financial measure and is defined as the total value of committed sales orders that have not yet been fulfilled that: (a) have a high certainty of being performed as a result of the existence of a purchase order, an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to AGI or its divisions, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract in respect of such work is reasonably assured. The order book as at June 30, 2024 has been revised to reflect orders that were outstanding at June 30, 2024 but that were subsequently cancelled. AGI originally reported an order book as at June 30, 2024 of $651 million. Revisions of this nature occur from time-to-time as part of normal business operations. Revenue by Segment, Revenue by Geography, International Revenue, and International Revenue as % of Total Revenue. The revenue information in this presentation that is presented on a segment and/or geographic basis are supplementary financial measures and are used to present AGI's revenues by segment and/or geography. International Revenue is defined as all revenue generated outside of the U.S. and Canada. Total Net Debt is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is Long-Term Debt. Total Net Debt is defined as the sum of long-term debt, convertible unsecured subordinated debentures, senior unsecured subordinated debentures, and lease liabilities less cash and cash equivalents. Management believes that Total Net Debt is a useful measure to evaluate AGI's capital structure and to provide a measurement of AGI's total indebtedness. The following table reconciles Long Term Debt to Total Net Debt as at March 31, 2019, 2020, 2021 2022, 2023 2024 and 2025, June 30, 2019, 2020, 2021, 2022, 2023, 2024 and 2025, September 30, 2019, 2020, 2021, 2022, 2023, and 2024 and December 31, 2019, 2020, 2021, 2022, 2023 and 2024. Total Net Debt / LTM (last 12 month) Adjusted EBITDA Ratio (also referred to herein as Net Debt Leverage Ratio) is a non-IFRS ratio and is defined as Total Net Debt divided by Adjusted EBITDA for the last twelve months period. Total Net Debt / LTM Adjusted EBITDA is a non-IFRS ratio because its components, Total Net Debt and Adjusted EBITDA, are non-IFRS financial measures. Management believes Total Net Debt / LTM Adjusted EBITDA is a useful measure to assess AGI's leverage position. AGI uses also the term "Net Debt Leverage Ratio" in this presentation in place of "Total Net Debt / LTM (last 12 month) Adjusted EBITDA"; however there is no difference to underlying calculation of the ratio. Attachments Original document Permalink Disclaimer Ag Growth International Inc. published this content on July 31, 2025 , and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT) , unedited and unaltered, on July 31, 2025 at 21:40 UTC
  Content Reference URL	None

• Publisher

  Publisher Name	MarketScreener (#4446)
  Publisher URL	http://www.marketscreener.com
  Description	None
  Trust Flow Score	23
  Citation Flow Score	26

• Data Source

  Data Source Name	Quantexa News (#5)
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10