{"success":true,"data":{"pressRelease":{"id":"24446","rtpr_id":"nBw6gb9sYa","ticker":"AFN","exchange":"TSX","all_tickers":["AFN"],"title":"AGI Announces First Quarter 2026 Results & Progress On Brazilian Accounts Receivable Monetization","author":"Business Wire","published_at":"2026-05-06T21:33:00.110Z","article_body":"AGI Announces First Quarter 2026 Results & Progress On Brazilian Accounts\nReceivable Monetization\n\nAg Growth International Inc. (TSX: AFN) (“AGI”, the “Company”,\n“we”, or “our”) today announced its financial results for the\nthree-month period ending March 31, 2026.\n\nFirst Quarter 2026 Highlights\n\n\n * Revenue of $282 million and Adjusted EBITDA(1) of $25 million decreased\nyear-over-year (“YOY”) by 2% and 19%, respectively.\n\n * Adjusted EBITDA Margin %(2) of 8.9% declined by approximately 200 basis points\nYOY, primarily due to lower Commercial volumes, partially offset by corporate\ncost reductions.\n\n * Farm segment revenue up 7% YOY due to higher sales across North America\noverall with Adjusted EBITDA roughly flat due to the impact of product mix on\nmargins.\n\n * Commercial segment revenue down 6% due to a soft market in North America and\ngeopolitical and domestic policy impacts in India. Adjusted EBITDA down 44%\ndue to lower overall volume and product mix.\n\n * SG&A expenses, excluding transaction, transitional and other costs, ERP\nsystem transformation costs, and depreciation and amortization, were $9.7\nmillion lower than Q1 2025 and improved as a percentage of revenue, largely\ndue to recent corporate restructuring initiatives.\n\n * Net debt leverage ratio(2) of 5.2x at March 31, 2026 compared to 4.7x at\nDecember 31, 2025 and 3.6x at March 31, 2025. An increase in net debt leverage\nin Q1 is expected and reflects the typical pattern of a first-quarter build in\nworking capital levels.\n\nOutlook\n\n\n * Order book(3) down 19% YOY to $589 million as of March 31, 2026, primarily due\nto the execution of several significant projects in our International\nCommercial segment, with a partial offset by some improvement in the Farm\norder book.\n\n * The Farm segment order book improved YOY. Although encouraging, it remains\nbelow historic levels and market conditions remain challenging.\n\n * Commercial segment order book was down YOY, driven by cautious customer\nbehavior and fewer project awards in North America and internationally, with a\npartial offset from momentum in traditional equipment‑only project wins in\nBrazil.\n\nBusiness Updates\n\n\n * After quarter end, approximately $105 million related to long-term accounts\nreceivable in Brazil was released from escrow. Of this amount, approximately\n$55 million has been received into AGI-controlled accounts, with the remaining\nbalance in the final stages of administrative transfer, which is expected to\nbe completed in May 2026. These proceeds will be applied towards the\noutstanding debt on our senior credit facilities. The net debt leverage ratio\nas at March 31, 2026 proforma the collection of the $105 million receivable\nwould have been 4.7x.\n\n * The Company continues to execute broad restructuring and simplification\nactions, with management now estimating annualized cost savings of at least\n$30 million compared to the previous target of at least $20 million. These\nsavings are expected to be fully realized by the fourth quarter of 2026 when\nsuch actions are fully implemented. Non-recurring restructuring charges of $12\nmillion were incurred in the first quarter.\n\n“Our first quarter results reflect a continued challenging operating\nenvironment, with low Commercial volumes, particularly in North America and\nIndia, negatively impacting margins,” commented Paul Brisebois, Interim\nPresident and CEO of AGI. “We are responding with decisive actions to\nsimplify the business, sharpen customer focus, and better align our cost\nstructure to current demand levels, with annualized cost savings now expected\nto be at least $30 million. Following the quarter, approximately $105 million\nof long‑term receivables in Brazil were released from escrow with\napproximately $55 million already in AGI‑controlled accounts. This action is\nconsistent with our focus on debt repayment and supports our efforts to\nstrengthen AGI’s balance sheet, which remains a top priority.”\n ____________________                                                                                                                          \n (1) Non-IFRS financial measure. See \"Non-IFRS and Other Financial Measures\". First quarter 2026 loss before income taxes of $(43.6) million.  \n (2) Non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.                                                                              \n (3) Supplementary financial measure. See \"Non-IFRS and Other Financial Measures\".                                                             \n\n SUMMARY OF FIRST QUARTER 2026 RESULTS                                           \n Revenue by Operating Segment               Three-month ended March 31           \n [thousands of dollars except percentages]  2026     2025     Change    Change   \n                                            $        $        $         %        \n Revenue ([1])                                                                   \n Farm                                       102,003  95,095   6,908     7%       \n Commercial                                 180,164  191,651  (11,487)  (6%)     \n Total                                      282,167  286,746  (4,579)   (2%)     \n\n Adjusted EBITDA by Operating Segment       Three-month ended March 31            \n                                            2026     2025      Change    Change   \n [thousands of dollars except percentages]  $        $         $         %        \n Adjusted EBITDA ([2])                                                            \n Farm                                       18,921   19,177    (256)     (1%)     \n Commercial                                 13,606   24,486    (10,880)  (44%)    \n Other ([3])                                (7,327)  (12,398)  5,071     N/A      \n Total                                      25,200   31,265    (6,065)   (19%)    \n\n Adjusted EBITDA Margin % by     Three-month ended March 31               \n \n                                                                        \n \nOperating Segment                                                       \n                                 2026     2025     Change        Change   \n                                 %        %        basis points  %        \n                                                   \n(\"bps\")               \n Adjusted EBITDA Margin % ([2])                                           \n Farm                            18.5%    20.2%    (162) bps     (8%)     \n Commercial                      7.6%     12.8%    (522) bps     (41%)    \n Other ([3])                     (2.6%)   (4.3%)   173 bps       N/A      \n Consolidated                    8.9%     10.9%    (197) bps     (18%)    \n\n Revenue by Geography ([1])                 Three-month ended March 31           \n [thousands of dollars except percentages]  2026     2025     Change    Change   \n                                            $        $        $         %        \n Canada                                     55,222   34,827   20,395    59%      \n U.S.                                       84,489   107,385  (22,896)  (21%)    \n International                              142,456  144,534  (2,078)   (1%)     \n Total Revenue                              282,167  286,746  (4,579)   (2%)     \n\n\nOrder Book\n\nThe following table presents YOY changes in the Company’s order book([1]) as\nat March 31, 2026:\n                                            As at March 31                       \n [thousands of dollars except percentages]  2026     2025     Change     Change  \n                                            $        $        $          %       \n Order book                                 588,900  724,543  (135,643)  (19%)   \n\n [1]  Supplementary financial measure. See \"Non-IFRS and Other Financial Measures\".  \n [2]  Non-IFRS financial measure or non-IFRS ratio. See \"Non-IFRS and Other          \n      Financial Measures\".                                                           \n [3]  Included in Other is the corporate office, which is not a reportable segment,  \n      and which provides finance, treasury, legal, human resources and other         \n      administrative support to the segments and geographical regions, as            \n      applicable. The Adjusted EBITDA Margin % for Other is calculated based on      \n      total revenue since it does not generate revenue without the segments.         \n\n\nFirst Quarter Farm Segment Summary\n\nFarm segment results improved YOY, with revenue up 7% to $102 million, as\ntariff-driven pre‑shipments into the U.S. in the prior-year period created\nan unusually weak comparable for Canada Farm and an unusually strong\ncomparable for U.S. Farm. Accordingly, first quarter results, particularly in\nCanada, should not be viewed as evidence of a broad-based recovery in\nunderlying demand. Overall, Farm segment revenue grew 10% across North America\nas a whole, which we view as an encouraging directional move regardless of the\ngeographic split. Adjusted EBITDA was flat YOY, with margins compressing to\n18.5% from 20.2% primarily due to a higher mix of lower‑margin storage\nequipment, partially offset by cost-saving initiatives.\n\nFirst Quarter Commercial Segment Summary\n\nCommercial segment revenue declined 6% year over year to $180 million, as soft\nconditions in North America persisted and international results were broadly\nflat with mixed regional performance. Brazil revenue increased as legacy\nlarge‑scale projects continued, while EMEA declined on a tough prior‑year\ncomparison, and India faced pressure from the Iranian conflict, excess rice\ninventories, and policy uncertainty. Adjusted EBITDA fell from $24.5 million\nto $13.6 million, with margins compressing YOY from 12.8% to 7.6%, driven\nprimarily by lower permanent material handling volumes in North America and\nmarket‑driven volume softness in India.\n\nMD&A and Financial Statements\n\nAGI's unaudited consolidated financial statements for the three-month ended\nMarch 31, 2026 (\"consolidated financial statements\") and management’s\ndiscussion and analysis (the “MD&A”) can be obtained electronically on\nSEDAR+ (www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=1&md5=0d63ef7489cc14143c7905115ea56797)\n) and on AGI's website (www.aggrowth.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.aggrowth.com&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.aggrowth.com&index=2&md5=560151e8a3e481b37caf5014413827be)\n).\n\nConference Call\n\nAGI will hold a conference call on Thursday, May 7, 2026, at 8:00am ET to\ndiscuss its results for the three months ending March 31, 2026. To attend the\nevent, please join using the AGI First Quarter Results webcast link\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DtwGPixFA&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=AGI+First+Quarter+Results+webcast+link&index=3&md5=9c4eca6042e38cfd528e0335e31b7f09)\n. Alternatively, participants can dial-in using +1-833-821-0159 if calling\nfrom Canada or the U.S. and +1-647-846-2271 internationally.\n\nA replay of the webcast will be made available on AGI’s website. In\naddition, an audio replay of the call will be available for seven days. To\naccess the audio replay, please dial +1-855-669-9658 if calling from Canada or\nthe U.S. and +1-412-317-0088 internationally. Please enter access code\n5277759# for the audio replay.\n\nAGI Company Profile\n\nAGI is a provider of the equipment and solutions required to support the\nefficient storage, transport, and processing of food globally. AGI has\nmanufacturing facilities in Canada, the United States, Brazil, India, France,\nand Italy and distributes its product worldwide.\n\nFurther information can be found in the disclosure documents filed by AGI with\nthe securities regulatory authorities, available at www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=17a1b9fb47931db2d8186761b72a73e0)\nand on AGI's website www.aggrowth.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.aggrowth.com&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.aggrowth.com&index=5&md5=8e14fdbf84ea1c6c78eed524fc7f4da5)\n.\n\nNON-IFRS AND OTHER FINANCIAL MEASURES\n\nThis press release makes reference to certain specified financial measures,\nincluding non-IFRS financial measures, non-IFRS ratios and supplementary\nfinancial measures. Management uses these financial measures for purposes of\ncomparison to prior periods and development of future projections and earnings\ngrowth prospects. This information is also used by management to measure the\nprofitability of ongoing operations and in analyzing our business performance\nand trends. These specified financial measures are not recognized measures\nunder International Financial Reporting Standards (“IFRS”), do not have a\nstandardized meaning prescribed by IFRS and are therefore unlikely to be\ncomparable to similar measures presented by other companies. Rather, these\nmeasures are provided as additional information to complement our financial\ninformation reported under IFRS by providing further understanding of our\nresults of operations from management’s perspective. Accordingly, they\nshould not be considered in isolation nor as a substitute for analysis of our\nfinancial information reported under IFRS.\n\nWe use non-IFRS financial measures, non-IFRS ratios and supplementary\nfinancial measures to provide supplemental measures of our operating\nperformance and thus highlight trends in our core business that may not\notherwise be apparent when relying solely on IFRS financial measures.\nManagement also uses non-IFRS financial measures, non-IFRS ratios and\nsupplementary financial measures in order to prepare annual operating budgets\nand to determine components of management compensation. We strongly encourage\ninvestors to review our consolidated financial statements and publicly filed\nreports in their entirety and not to rely on any single financial measure or\nratio.\n\nWe use these specified financial measures in addition to, and in conjunction\nwith, results presented in accordance with IFRS. These specified financial\nmeasures reflect an additional way of viewing aspects of our operations that,\nwhen viewed with our IFRS results and, in the case of non-IFRS financial\nmeasures, the accompanying reconciliations to the most directly comparable\nIFRS financial measures, may provide a more complete understanding of factors\nand trends affecting our business.\n\nIn this press release, we discuss the specified financial measures, including\nthe reasons that we believe that these measures provide useful information\nregarding our financial condition, results of operations, cash flows and\nfinancial position, as applicable, and, to the extent material, the additional\npurposes, if any, for which these measures are used. Reconciliations of\nnon-IFRS financial measures to the most directly comparable IFRS financial\nmeasures are contained in this press release.\n\nThe following is a list of non-IFRS financial measures, non-IFRS ratios and\nsupplementary financial measures that are referenced throughout this press\nrelease:\n\n“Adjusted EBITDA” is defined as profit (loss) before income taxes before\nfinance costs, depreciation and amortization, share of associate’s net\nincome (loss), gain or loss on foreign exchange, non-cash share-based\ncompensation expenses (recovery), net gain or loss on financial instruments,\ntransaction, transitional and other costs (recovery), Enterprise Resource\nPlanning system transformation costs, net gain or loss on sale of long-lived\nassets, foreign exchange reclassification on disposal of foreign operation,\naccounts receivable reserve (recovery) for the conflict between Russia and\nUkraine, and impairment charge (recovery). Adjusted EBITDA is a non-IFRS\nfinancial measure and its most directly comparable financial measure that is\ndisclosed in our consolidated financial statements is profit (loss) before\nincome taxes. Management believes Adjusted EBITDA is a useful measure to\nassess the performance and cash flow of the Company as it excludes the effects\nof interest, taxes, depreciation, amortization and expenses that management\nbelieves are not reflective of the Company’s underlying business\nperformance. Management cautions investors that Adjusted EBITDA should not\nreplace profit or loss as indicators of performance, or cash flows from\noperating, investing, and financing activities as a measure of the Company’s\nliquidity and cash flows. See “Profit (loss) before income taxes and\nAdjusted EBITDA” and “Profit (loss) before income taxes and Adjusted\nEBITDA by Operating Segment” below for the reconciliation of Adjusted EBITDA\nto profit (loss) before income taxes for the relevant periods.\n\n“Adjusted EBITDA Margin %” is defined as Adjusted EBITDA divided by\nrevenue. Adjusted EBITDA Margin % is a non-IFRS ratio because one of its\ncomponents, Adjusted EBITDA, is a non-IFRS financial measure. Management\nbelieves Adjusted EBITDA Margin % is a useful measure to assess the\nperformance and cash flow of the Company.\n\n“Order book” is defined as the total value of committed sales orders that\nhave not yet been fulfilled that: (a) have a high certainty of being performed\nas a result of the existence of a purchase order, an executed contract or work\norder specifying job scope, value and timing; or (b) has been awarded to the\nCompany or its divisions, as evidenced by an executed binding letter of intent\nor agreement, describing the general job scope, value and timing of such work,\nand where the finalization of a formal contract in respect of such work is\nreasonably assured. Order book is a supplementary financial measure.\n\n“Revenue by Operating Segment” and “Revenue by Geography”: The revenue\ninformation presented under “Revenue by Operating Segment” and “Revenue\nby Geography” are supplementary financial measures used to present the\nCompany’s revenue by segment and geography.\n\n“Net Debt Leverage Ratio” is a non-IFRS ratio and is defined as net debt\ndivided by Adjusted EBITDA for the last twelve-month (“LTM”) period. Net\ndebt leverage ratio is a non-IFRS ratio because its components, net debt and\nAdjusted EBITDA, are non-IFRS financial measures. Management believes net debt\nleverage ratio is a useful measure to assess AGI’s leverage position.\n\n“Net Debt” is a non-IFRS financial measure and its most directly\ncomparable financial measure that is disclosed in our consolidated financial\nstatements is long-term debt. Net debt is defined as the sum of long-term\ndebt, convertible unsecured subordinated debentures, senior unsecured\nsubordinated debentures, and lease liabilities less cash and cash equivalents.\nManagement believes that net debt is a useful measure to evaluate AGI’s\ncapital structure and to provide a measurement of AGI’s total indebtedness.\nSee “Net Debt” below for a reconciliation of long-term debt to net debt\nfor the relevant periods.\n\nProfit (loss) before income taxes and Adjusted EBITDA\n\nThe following tables reconcile profit (loss) before income taxes to Adjusted\nEBITDA for the three-month periods ended March 31, 2026 and 2025, the LTM\nperiods ended March 31, 2026 and 2025 and years ended December 31, 2025 and\n2024.\n                                                     Three-month ended March 31      \n                                                     \n [thousands of dollars]                              2026            2025            \n                                                     $               $               \n Loss before income taxes                            (43,626)        (16,571)        \n Finance costs                                       18,208          16,593          \n Depreciation and amortization                       16,144          17,259          \n Share of associate's net loss ([1])                 5,272           142             \n Loss (gain) on foreign exchange ([2])               3,761           (1,193)         \n Share-based compensation expense (recovery) ([3])   (4,381)         2,002           \n Net loss on financial instruments ([4])             1,775           6,607           \n Transaction, transitional and other costs ([5])     7,752           3,717           \n ERP system transformation costs ([6])               8,652           2,797           \n Net loss (gain) on sale of long-lived assets ([7])  1,260           (8)             \n Impairment charge (recovery)                        10,383          (80)            \n Adjusted EBITDA ([8])                               25,200          31,265          \n\n [1]  See “Note 6 – Brazil operations” in our consolidated financial                  \n      statements.                                                                     \n [2]  See “Note 12[e] – Finance expense (income)” in our consolidated                 \n      financial statements.                                                           \n [3]  The Company’s share-based compensation expense pertains to our equity           \n      incentive award plan (“EIAP”) and directors’ deferred compensation plan         \n      (“DDCP”). See “Note 11 – Share-based compensation plans” in our                 \n      consolidated financial statements.                                              \n [4]  See “Equity swap” in our consolidated financial statements.                     \n [5]  Includes legal and advisory fees, legal provision, transitional costs related   \n      to reorganizations, other acquisition related transition costs, and accretion   \n      and other movement in amounts due to vendors.                                   \n [6]  Expenses incurred in connection with a global multi-year ERP transformation     \n      project, which was terminated in the first quarter of 2026.                     \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for   \n      sale, and settlement of lease liabilities.                                      \n [8]  This is a non-IFRS measure and is used throughout this press release. See       \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each            \n      non-IFRS measure.                                                               \n\n                                                                     Last Twelve-months ended March 31     \n                                                                     \n [thousands of dollars]                                              2026               2025               \n                                                                     $                  $                  \n Loss before income taxes                                            (28,904)           (25,746)           \n Finance costs                                                       72,518             67,884             \n Depreciation and amortization                                       71,696             70,912             \n Share of associate’s net loss ([1])                                 11,031             33                 \n Loss (gain) on foreign exchange ([2])                               (4,920)            36,201             \n Share-based compensation ([3])                                      1,035              11,344             \n Net loss on financial instruments ([4])                             7,757              10,611             \n Transaction, transitional and other costs ([5])                     31,308             55,415             \n ERP system transformation costs ([6])                               21,489             15,943             \n Net loss on sale of long-lived assets ([7])                         418                221                \n Foreign exchange reclassification on disposal of foreign operation  4,865              307                \n Impairment charge ([8])                                             10,486             2,864              \n Adjusted EBITDA ([9])                                               198,779            245,989            \n\n [1]  See “Brazil Investments” in our consolidated financial statements and our       \n      audited annual financial statements for the years ended December 31, 2025 and   \n      2024 (the “2025 consolidated financial statements” and “2024                    \n      consolidated financial statements”).                                            \n [2]  See “Finance expenses (income)” in our consolidated financial statements,       \n      2025 and 2024 consolidated financial statements.                                \n [3]  The Company’s share-based compensation expense pertains to our EIAP and         \n      DDCP. See “Share-based compensation plans” in our consolidated financial        \n      statements, 2025 and 2024 consolidated financial statements.                    \n [4]  See “Equity swap” in our consolidated financial statements, 2025 and 2024       \n      consolidated financial statements.                                              \n [5]  Includes legal and advisory fees, legal provision, transitional costs related   \n      to reorganizations, and other acquisition related transition costs as well as   \n      the accretion and other movement in amounts due to vendors.                     \n [6]  Expenses incurred in connection with a global multi-year ERP transformation     \n      project, which was terminated in the first quarter of 2026.                     \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for   \n      sale, and settlement of lease liabilities. See “Property, plant and             \n      equipment” and “Assets held for sale” in our consolidated financial             \n      statements, 2025 and 2024 consolidated financial statements.                    \n [8]  See “Impairment charge” in our consolidated financial statements, 2025 and      \n      2024 consolidated financial statements.                                         \n [9]  This is a non-IFRS measure and is used throughout this press release. See       \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each            \n      non-IFRS measure.                                                               \n\n                                                     Year-ended December 31      \n                                                     \n [thousands of dollars]                              2025          2024          \n                                                     $             $             \n Loss before income taxes                            (1,849)       (5,326)       \n Finance costs                                       70,903        70,242        \n Depreciation and amortization                       72,811        70,798        \n Share of associate's net loss (income) ([1])        5,901         (109)         \n Loss (gain) on foreign exchange ([2])               (9,874)       42,812        \n Share-based compensation ([3])                      7,418         13,758        \n Net loss (gain) on financial instruments ([4])      12,589        (3,812)       \n Transaction, transitional and other costs ([5])     27,273        56,148        \n ERP system transformation costs ([6])               15,634        17,271        \n Loss on disposal of operation                       4,865         307           \n Net loss (gain) on sale of long-lived assets ([7])  (850)         23            \n Accounts receivable recovery for RUK                —             (268)         \n Impairment charge                                   23            2,944         \n Adjusted EBITDA ([8])                               204,844       264,788       \n\n [1]  See “Note 6 – Brazil operations” in our 2025 consolidated financial              \n      statements.                                                                      \n [2]  See “Note 23[e] – Finance expense (income)” in our 2025 consolidated             \n      financial statements.                                                            \n [3]  The Company’s share-based compensation expense pertains to our equity            \n      incentive award plan (“EIAP”) and directors’ deferred compensation plan          \n      (“DDCP”). See “Note 22 – Share-based compensation plans” in our 2025             \n      consolidated financial statements.                                               \n [4]  See “Equity swap” in our 2025 consolidated financial statements.                 \n [5]  Includes legal and advisory fees, legal provision, transitional costs related    \n      to reorganizations, profit-sharing costs associated with certain existing        \n      large-scale comprehensive projects in Brazil, other acquisition related          \n      transition costs, and accretion and other movement in amounts due to vendors.    \n [6]  Expenses incurred in connection with a global multi-year ERP transformation      \n      project, which was terminated in the first quarter of 2026.                      \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for    \n      sale, and settlement of lease liabilities.                                       \n [8]  This is a non-IFRS measure and is used throughout this press release. See        \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each             \n      non-IFRS measure.                                                                \n\n\nProfit (loss) before income taxes and Adjusted EBITDA by Operating Segment\n\nThe following tables reconcile profit (loss) before income taxes to Adjusted\nEBITDA by operating segment for the applicable periods.\n                                                         Three-month ended March 31, 2026                \n [thousands of dollars]                                  Farm       Commercial  Other ([10])  Total      \n                                                         $          $           $             $          \n Profit (loss) before income taxes                       11,732     (5,679)     (49,679)      (43,626)   \n Finance costs                                           —          —           18,208        18,208     \n Depreciation and amortization ([1])                     6,650      7,677       1,817         16,144     \n Share of associate's net loss ([2])                     —          5,272       —             5,272      \n Loss on foreign exchange ([3])                          —          —           3,761         3,761      \n Share-based compensation recovery ([4])                 —          —           (4,381)       (4,381)    \n Net loss on financial instruments ([5])                 —          —           1,775         1,775      \n Transaction, transitional and other costs ([6])         354        —           7,398         7,752      \n ERP system transformation costs ([7])                   —          —           8,652         8,652      \n Net loss (gain) on sale of long-lived assets ([1] [8])  (28)       1,293       (5)           1,260      \n Impairment charge                                       213        5,043       5,127         10,383     \n Adjusted EBITDA ([9])                                   18,921     13,606      (7,327)       25,200     \n\n                                                         Three-month ended March 31, 2025                \n [thousands of dollars]                                  Farm       Commercial  Other ([10])  Total      \n                                                         $          $           $             $          \n Profit (loss) before income taxes                       10,555     16,492      (43,618)      (16,571)   \n Finance costs                                           —          —           16,593        16,593     \n Depreciation and amortization ([1])                     7,506      7,865       1,888         17,259     \n Share of associate's net loss ([2])                     —          142         —             142        \n Gain on foreign exchange ([3])                          —          —           (1,193)       (1,193)    \n Share-based compensation expense ([4])                  —          —           2,002         2,002      \n Net loss on financial instruments ([5])                 —          —           6,607         6,607      \n Transaction, transitional and other costs ([6])         1,179      —           2,538         3,717      \n ERP system transformation costs ([7])                   —          —           2,797         2,797      \n Net loss (gain) on sale of long-lived assets ([1] [8])  17         (13)        (12)          (8)        \n Impairment recovery                                     (80)       —           —             (80)       \n Adjusted EBITDA ([9])                                   19,177     24,486      (12,398)      31,265     \n\n [1]   Allocated based on the segment of the underlying asset’s cash generating         \n       unit.                                                                            \n [2]   See “Note 6 – Brazil operations” in our consolidated financial                   \n       statements.                                                                      \n [3]   See “Note 12[e] – Finance expense (income)” in our consolidated                  \n       financial statements.                                                            \n [4]   The Company’s share-based compensation expense pertains to our EIAP and          \n       DDCP. See “Note 11 – Share-based compensation plans” in our consolidated         \n       financial statements.                                                            \n [5]   See “Equity swap” in our consolidated financial statements.                      \n [6]   Includes legal and advisory fees, legal provision, transitional costs related    \n       to reorganizations, other acquisition related transition costs, and accretion    \n       and other movement in amounts due to vendors.                                    \n [7]   Expenses incurred in connection with a global multi-year ERP transformation      \n       project, which was terminated in the first quarter of 2026.                      \n [8]   Includes gain/loss on sale of property, plant, and equipment, assets held for    \n       sale, and settlement of lease liabilities.                                       \n [9]   This is a non-IFRS measure and is used throughout this press release. See        \n       “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each             \n       non-IFRS measure.                                                                \n [10]  Included in Other is the corporate office, which is not a reportable segment,    \n       and which provides finance, treasury, legal, human resources and other           \n       administrative support to the segments.                                          \n\n\nNet Debt\n\nThe following table reconciles long-term debt to net debt as at March 31,\n2026, and 2025 and December 31, 2025.\n                                                Q1/26      Q4/25      Q1/25      \n [thousands of dollars]                         31-Mar-26  31-Dec-25  31-Mar-25  \n                                                                                 \n Long Term Debt                                 638,841    579,309    639,896    \n Convertible Unsecured Subordinated Debentures  206,447    204,493    198,837    \n Senior Unsecured Subordinated Debentures       178,404    178,086    84,085     \n Leases                                         46,983     45,587     46,705     \n Less: Cash & Cash Equivalents                  30,637     45,659     76,951     \n Net Debt                                       1,040,038  961,816    892,572    \n\n\nFORWARD-LOOKING INFORMATION\n\nThis press release contains forward-looking statements and information\n[collectively, “forward-looking information”] within the meaning of\napplicable securities laws that reflect our expectations regarding the future\ngrowth, results of operations, performance, business prospects, and\nopportunities of the Company. All information and statements contained herein\nthat are not clearly historical in nature constitute forward-looking\ninformation. Forward-looking information involves known or unknown risks,\nuncertainties and other factors that may cause actual results or events to\ndiffer materially from those anticipated in such forward-looking information.\nUndue reliance should not be placed on forward-looking information, as there\ncan be no assurance that the plans, intentions or expectations upon which it\nis based will occur. In particular, the forward-looking information in this\npress release includes information relating to: the expectation there will be\nan increase in net debt leverage in Q1; that the net debt leverage ratio as at\nMarch 31, 2026 proforma the collection of the $105 million receivable would\nhave been 4.7x; the anticipated timing of transferring the remaining $50\nmillion of previously escrowed funds to AGI-controlled accounts and the\nanticipated use of such funds; the Company's broad restructuring and\nsimplification actions; the anticipated annualized cost savings as a result of\nthe restructuring and simplification actions; and that the savings from the\nrestructuring and simplification actions are expected to be fully realized by\nthe fourth quarter of 2026 when such actions are fully implemented.\n\nSuch forward-looking information reflects our current beliefs and is based on\ninformation currently available to us, including certain key expectations and\nassumptions concerning: the duration and impact of tariffs that are currently\nin effect on goods exported from or imported into Canada, and that other than\nthe tariffs that are currently in effect, neither the U.S., China nor Canada\n(i) increases the rate or scope of such tariffs, reenacts tariffs that are\ncurrently suspended, or imposes new tariffs, on the import of goods from one\ncountry to the other, including on the products that AGI imports or exports\nand/or (ii) imposes any other form of tax, restriction, or prohibition on the\nimport or export of products from one country to the other, including on the\nproducts that AGI imports or exports; our ability to successfully execute our\ncorporate restructuring efforts, including the amount of annualized cost\nsavings realized therefrom; anticipated crop yields and production in our\nmarket areas; anticipated financial performance; future debt levels; business\nprospects and strategies, including our ability to successfully execute our\nrefined corporate strategy; product and input pricing; the scope, nature,\ntiming and cost of satisfying our warranty obligations; regulatory\ndevelopments; tax laws; the sufficiency of budgeted capital expenditures in\ncarrying out planned activities; currency exchange rates, inflation rates and\ninterest rates; the cost of materials, labour and services and the impact of\ninflation rates and/or supply chain disruptions and/or labour activity\nthereon; the impact of competition; the general stability of the economic and\nregulatory environments in which the Company operates; the timely receipt of\nany required regulatory and third party approvals; the ability of the Company\nto obtain and retain qualified staff and services in a timely and cost\nefficient manner; that our dividend will remain suspended; the ability of the\nCompany to obtain financing on acceptable terms; the regulatory framework in\nthe jurisdictions in which the Company operates; the ability of the Company to\nsuccessfully market its products and services; and that a pandemic or other\npublic health emergency will not have a material impact on our business,\noperations, and financial results going forward.\n\nForward-looking information involves significant risks and uncertainties. A\nnumber of factors could cause actual results to differ materially from results\ndiscussed in the forward-looking information. These risks and uncertainties\ninclude but are not limited to the following: the risk that (i) the tariffs\nthat are currently in effect on goods exported from or imported into Canada\ncontinue in effect for an extended period of time, the tariffs that have been\nthreatened are implemented, that tariffs that are currently suspended are\nreactivated, the rate or scope of existing tariffs are increased or expanded,\nor new tariffs are imposed, including on products that AGI exports or imports,\n(ii) the U.S., China and/or Canada imposes any other form of tax, restriction\nor prohibition on the import or export of products from one country to the\nother, including on products that AGI exports or imports, and (iii) the\ntariffs imposed or threatened to be imposed by the U.S. on other countries and\nretaliatory tariffs imposed or threatened to be imposed by other countries on\nthe U.S., will trigger a broader global trade war which could have a material\nadverse effect on the Canadian, U.S. and global economies, and by extension\nthe Canadian, U.S. and international agricultural industry and AGI, including\nby decreasing demand for (and the price of) AGI’s products, disrupting\nsupply chains, increasing costs, causing volatility in global financial\nmarkets, and limiting access to financing; risks associated with the mandatory\njoint review of the Canada-United States-Mexico Agreement (\"CUSMA\") on July 1,\n2026, including the risk that the members ultimately withdraw from CUSMA,\nwhich could result in a significant increase in trade barriers, which could in\nturn have a material adverse effect on the Canadian and U.S. economies, and by\nextension the Canadian and U.S. agricultural industries and the Company; that\nour quarterly dividend will remain suspended; general economic and business\nconditions and changes in international, national and local macroeconomic and\nbusiness conditions, as well as sociopolitical and geopolitical conditions in\ncertain local or regional markets, including as a result of conflicts in the\nMiddle East (most recently between the U.S., Israel and Iran) and the\nconflicts between Russia and Ukraine and the U.S. and Venezuela and the\nresponses thereto from other countries and institutions (including trade\nsanctions and financial controls), and their potential impact on, among other\nthings, global market conditions and supply and demand fundamentals (including\nfor agricultural products), crop nutrient prices, energy and commodity prices,\ninflation rates, interest rates, supply chains and the global economy\ngenerally, all of which has created volatility in the global economy and could\ncontinue to adversely impact economic and trade activity, including in the\nagriculture industry; the effects of global outbreaks of pandemics or\ncontagious diseases or the fear of such outbreaks; the ability of management\nto successfully execute the Company’s business plan and strategies,\nincluding the ongoing corporate restructuring and refined corporate strategy,\nand the ability of AGI to realize the anticipated benefits therefrom\n(including cost savings); fluctuations in agricultural and other commodity\nprices, interest rates, inflation rates and currency exchange rates; crop\nplanting, crop conditions and crop yields; weather patterns; the timing of\nharvest and conditions during harvest; volatility of production costs,\nincluding the risk of production cost increases that may arise as a result of\ninflation and/or supply chain disruptions and/or labour actions, and the risk\nthat we may not be able to pass along all or any portion of increased costs to\ncustomers; governmental regulation of the agriculture and manufacturing\nindustries, including environmental and climate change regulation; actions\ntaken by governmental authorities, including increases in taxes, changes in\ngovernment regulations and incentive programs, and actions taken in connection\nwith local or global outbreaks of pandemics or contagious diseases or the fear\nof such outbreaks; risks inherent in marketing operations; credit risk; the\navailability of credit for customers; seasonality and industry cyclicality;\npotential delays or changes in plans with respect to capital expenditures; the\ncost and availability of sufficient financial resources to fund the\nCompany’s capital expenditures; volatility in the stock markets including\nthe market price of our securities; competition for, among other things,\ncustomers, supplies, acquisitions, capital and skilled personnel; the\navailability of capital on acceptable terms; dependence on suppliers; changes\nin labour costs and the labour market, including the risk of labour cost\nincreases that may arise as a result of inflation and/or a scarcity of labour\nand/or labour activities; the impact of climate change and related laws and\nregulations; changes in trade relations between the countries in which the\nCompany does business, including between Canada and the United States,\nincluding as a result of the tariffs imposed by the U.S., China and Canada on\none another; cyber security risks; adjustments to and delays or cancellation\nof one or more orders comprising our order book; the requirement to satisfy\nAGI's warranty obligations, and the risk that AGI’s assumptions and\nestimates made in respect of the costs relating thereto and underlying the\nrelated provision for warranty accrual in our consolidated financial\nstatements and insurance coverage therefor will prove to be incorrect as\nfurther information becomes available to AGI; and the risk of litigation or\nunsuccessful defense of litigation and the risk that AGI incurs material\nliabilities in connection with such litigation that are not covered by\ninsurance in whole or in part. These risks and uncertainties are described\nunder “Risks and Uncertainties” in the MD&A and in our most recently\nfiled Annual Information Form, all of which are available under the\nCompany’s profile on SEDAR+ [www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=6&md5=ecd09fabb8018f704ed2ee5b6135d21d)\n]. These factors should be considered carefully, and readers should not place\nundue reliance on the Company’s forward-looking information. We cannot\nassure readers that actual results will be consistent with this\nforward-looking information. Further, AGI cannot guarantee that the\nanticipated revenue from its order book will be realized or, if realized, will\nresult in profits or Adjusted EBITDA. Delays, cancellations and scope\nadjustments occur from time-to-time with respect to contracts reflected in\nAGI’s order book, which can adversely affect the revenue and profit that AGI\nactually receives from its order book. The forward-looking information\ncontained herein is expressly qualified in its entirety by this cautionary\nstatement. The forward-looking information included in this press release is\nmade as of the date of this press release and AGI undertakes no obligation to\npublicly update such forward-looking information to reflect new information,\nsubsequent events or otherwise unless so required by applicable securities\nlaws.\n\nFINANCIAL OUTLOOK\n\nAlso included in this press release are estimates of: the amount of long-term\naccounts receivable in Brazil that we expect to receive, the timing thereof,\nand that it will be applied to outstanding debt on our senior credit\nfacilities; and the estimated amount of annualized cost savings that we expect\nto realize from our restructuring and simplification actions; which are based\non, among other things, the various assumptions disclosed in this press\nrelease including under “Forward-Looking Information”. To the extent such\nestimates constitute a financial outlook, it was approved by management on May\n6, 2026, and is included to provide readers with an understanding of AGI's\nexpectations for debt reduction and the financial impact of its restructuring\nplans being taken based on the assumptions described herein and readers are\ncautioned that the information may not be appropriate for other purposes.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260506729595/en/\n(https://www.businesswire.com/news/home/20260506729595/en/)\n\nFor More Information Contact: \n\nAndrew Jacklin\n\nSr. Director, Investor Relations\n\n+1-437-335-1630\n\ninvestor-relations@aggrowth.com (mailto:investor-relations@aggrowth.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw6gb9sYa","title":"AGI Announces First Quarter 2026 Results & Progress On Brazilian Accounts Receivable Monetization","author":"Business Wire","ticker":"AFN","created":"2026-05-06T21:33:00.110Z","tickers":["AFN"],"exchange":"TSX","article_body":"AGI Announces First Quarter 2026 Results & Progress On Brazilian Accounts\nReceivable Monetization\n\nAg Growth International Inc. (TSX: AFN) (“AGI”, the “Company”,\n“we”, or “our”) today announced its financial results for the\nthree-month period ending March 31, 2026.\n\nFirst Quarter 2026 Highlights\n\n\n * Revenue of $282 million and Adjusted EBITDA(1) of $25 million decreased\nyear-over-year (“YOY”) by 2% and 19%, respectively.\n\n * Adjusted EBITDA Margin %(2) of 8.9% declined by approximately 200 basis points\nYOY, primarily due to lower Commercial volumes, partially offset by corporate\ncost reductions.\n\n * Farm segment revenue up 7% YOY due to higher sales across North America\noverall with Adjusted EBITDA roughly flat due to the impact of product mix on\nmargins.\n\n * Commercial segment revenue down 6% due to a soft market in North America and\ngeopolitical and domestic policy impacts in India. Adjusted EBITDA down 44%\ndue to lower overall volume and product mix.\n\n * SG&A expenses, excluding transaction, transitional and other costs, ERP\nsystem transformation costs, and depreciation and amortization, were $9.7\nmillion lower than Q1 2025 and improved as a percentage of revenue, largely\ndue to recent corporate restructuring initiatives.\n\n * Net debt leverage ratio(2) of 5.2x at March 31, 2026 compared to 4.7x at\nDecember 31, 2025 and 3.6x at March 31, 2025. An increase in net debt leverage\nin Q1 is expected and reflects the typical pattern of a first-quarter build in\nworking capital levels.\n\nOutlook\n\n\n * Order book(3) down 19% YOY to $589 million as of March 31, 2026, primarily due\nto the execution of several significant projects in our International\nCommercial segment, with a partial offset by some improvement in the Farm\norder book.\n\n * The Farm segment order book improved YOY. Although encouraging, it remains\nbelow historic levels and market conditions remain challenging.\n\n * Commercial segment order book was down YOY, driven by cautious customer\nbehavior and fewer project awards in North America and internationally, with a\npartial offset from momentum in traditional equipment‑only project wins in\nBrazil.\n\nBusiness Updates\n\n\n * After quarter end, approximately $105 million related to long-term accounts\nreceivable in Brazil was released from escrow. Of this amount, approximately\n$55 million has been received into AGI-controlled accounts, with the remaining\nbalance in the final stages of administrative transfer, which is expected to\nbe completed in May 2026. These proceeds will be applied towards the\noutstanding debt on our senior credit facilities. The net debt leverage ratio\nas at March 31, 2026 proforma the collection of the $105 million receivable\nwould have been 4.7x.\n\n * The Company continues to execute broad restructuring and simplification\nactions, with management now estimating annualized cost savings of at least\n$30 million compared to the previous target of at least $20 million. These\nsavings are expected to be fully realized by the fourth quarter of 2026 when\nsuch actions are fully implemented. Non-recurring restructuring charges of $12\nmillion were incurred in the first quarter.\n\n“Our first quarter results reflect a continued challenging operating\nenvironment, with low Commercial volumes, particularly in North America and\nIndia, negatively impacting margins,” commented Paul Brisebois, Interim\nPresident and CEO of AGI. “We are responding with decisive actions to\nsimplify the business, sharpen customer focus, and better align our cost\nstructure to current demand levels, with annualized cost savings now expected\nto be at least $30 million. Following the quarter, approximately $105 million\nof long‑term receivables in Brazil were released from escrow with\napproximately $55 million already in AGI‑controlled accounts. This action is\nconsistent with our focus on debt repayment and supports our efforts to\nstrengthen AGI’s balance sheet, which remains a top priority.”\n ____________________                                                                                                                          \n (1) Non-IFRS financial measure. See \"Non-IFRS and Other Financial Measures\". First quarter 2026 loss before income taxes of $(43.6) million.  \n (2) Non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.                                                                              \n (3) Supplementary financial measure. See \"Non-IFRS and Other Financial Measures\".                                                             \n\n SUMMARY OF FIRST QUARTER 2026 RESULTS                                           \n Revenue by Operating Segment               Three-month ended March 31           \n [thousands of dollars except percentages]  2026     2025     Change    Change   \n                                            $        $        $         %        \n Revenue ([1])                                                                   \n Farm                                       102,003  95,095   6,908     7%       \n Commercial                                 180,164  191,651  (11,487)  (6%)     \n Total                                      282,167  286,746  (4,579)   (2%)     \n\n Adjusted EBITDA by Operating Segment       Three-month ended March 31            \n                                            2026     2025      Change    Change   \n [thousands of dollars except percentages]  $        $         $         %        \n Adjusted EBITDA ([2])                                                            \n Farm                                       18,921   19,177    (256)     (1%)     \n Commercial                                 13,606   24,486    (10,880)  (44%)    \n Other ([3])                                (7,327)  (12,398)  5,071     N/A      \n Total                                      25,200   31,265    (6,065)   (19%)    \n\n Adjusted EBITDA Margin % by     Three-month ended March 31               \n \n                                                                        \n \nOperating Segment                                                       \n                                 2026     2025     Change        Change   \n                                 %        %        basis points  %        \n                                                   \n(\"bps\")               \n Adjusted EBITDA Margin % ([2])                                           \n Farm                            18.5%    20.2%    (162) bps     (8%)     \n Commercial                      7.6%     12.8%    (522) bps     (41%)    \n Other ([3])                     (2.6%)   (4.3%)   173 bps       N/A      \n Consolidated                    8.9%     10.9%    (197) bps     (18%)    \n\n Revenue by Geography ([1])                 Three-month ended March 31           \n [thousands of dollars except percentages]  2026     2025     Change    Change   \n                                            $        $        $         %        \n Canada                                     55,222   34,827   20,395    59%      \n U.S.                                       84,489   107,385  (22,896)  (21%)    \n International                              142,456  144,534  (2,078)   (1%)     \n Total Revenue                              282,167  286,746  (4,579)   (2%)     \n\n\nOrder Book\n\nThe following table presents YOY changes in the Company’s order book([1]) as\nat March 31, 2026:\n                                            As at March 31                       \n [thousands of dollars except percentages]  2026     2025     Change     Change  \n                                            $        $        $          %       \n Order book                                 588,900  724,543  (135,643)  (19%)   \n\n [1]  Supplementary financial measure. See \"Non-IFRS and Other Financial Measures\".  \n [2]  Non-IFRS financial measure or non-IFRS ratio. See \"Non-IFRS and Other          \n      Financial Measures\".                                                           \n [3]  Included in Other is the corporate office, which is not a reportable segment,  \n      and which provides finance, treasury, legal, human resources and other         \n      administrative support to the segments and geographical regions, as            \n      applicable. The Adjusted EBITDA Margin % for Other is calculated based on      \n      total revenue since it does not generate revenue without the segments.         \n\n\nFirst Quarter Farm Segment Summary\n\nFarm segment results improved YOY, with revenue up 7% to $102 million, as\ntariff-driven pre‑shipments into the U.S. in the prior-year period created\nan unusually weak comparable for Canada Farm and an unusually strong\ncomparable for U.S. Farm. Accordingly, first quarter results, particularly in\nCanada, should not be viewed as evidence of a broad-based recovery in\nunderlying demand. Overall, Farm segment revenue grew 10% across North America\nas a whole, which we view as an encouraging directional move regardless of the\ngeographic split. Adjusted EBITDA was flat YOY, with margins compressing to\n18.5% from 20.2% primarily due to a higher mix of lower‑margin storage\nequipment, partially offset by cost-saving initiatives.\n\nFirst Quarter Commercial Segment Summary\n\nCommercial segment revenue declined 6% year over year to $180 million, as soft\nconditions in North America persisted and international results were broadly\nflat with mixed regional performance. Brazil revenue increased as legacy\nlarge‑scale projects continued, while EMEA declined on a tough prior‑year\ncomparison, and India faced pressure from the Iranian conflict, excess rice\ninventories, and policy uncertainty. Adjusted EBITDA fell from $24.5 million\nto $13.6 million, with margins compressing YOY from 12.8% to 7.6%, driven\nprimarily by lower permanent material handling volumes in North America and\nmarket‑driven volume softness in India.\n\nMD&A and Financial Statements\n\nAGI's unaudited consolidated financial statements for the three-month ended\nMarch 31, 2026 (\"consolidated financial statements\") and management’s\ndiscussion and analysis (the “MD&A”) can be obtained electronically on\nSEDAR+ (www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=1&md5=0d63ef7489cc14143c7905115ea56797)\n) and on AGI's website (www.aggrowth.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.aggrowth.com&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.aggrowth.com&index=2&md5=560151e8a3e481b37caf5014413827be)\n).\n\nConference Call\n\nAGI will hold a conference call on Thursday, May 7, 2026, at 8:00am ET to\ndiscuss its results for the three months ending March 31, 2026. To attend the\nevent, please join using the AGI First Quarter Results webcast link\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DtwGPixFA&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=AGI+First+Quarter+Results+webcast+link&index=3&md5=9c4eca6042e38cfd528e0335e31b7f09)\n. Alternatively, participants can dial-in using +1-833-821-0159 if calling\nfrom Canada or the U.S. and +1-647-846-2271 internationally.\n\nA replay of the webcast will be made available on AGI’s website. In\naddition, an audio replay of the call will be available for seven days. To\naccess the audio replay, please dial +1-855-669-9658 if calling from Canada or\nthe U.S. and +1-412-317-0088 internationally. Please enter access code\n5277759# for the audio replay.\n\nAGI Company Profile\n\nAGI is a provider of the equipment and solutions required to support the\nefficient storage, transport, and processing of food globally. AGI has\nmanufacturing facilities in Canada, the United States, Brazil, India, France,\nand Italy and distributes its product worldwide.\n\nFurther information can be found in the disclosure documents filed by AGI with\nthe securities regulatory authorities, available at www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=17a1b9fb47931db2d8186761b72a73e0)\nand on AGI's website www.aggrowth.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.aggrowth.com&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.aggrowth.com&index=5&md5=8e14fdbf84ea1c6c78eed524fc7f4da5)\n.\n\nNON-IFRS AND OTHER FINANCIAL MEASURES\n\nThis press release makes reference to certain specified financial measures,\nincluding non-IFRS financial measures, non-IFRS ratios and supplementary\nfinancial measures. Management uses these financial measures for purposes of\ncomparison to prior periods and development of future projections and earnings\ngrowth prospects. This information is also used by management to measure the\nprofitability of ongoing operations and in analyzing our business performance\nand trends. These specified financial measures are not recognized measures\nunder International Financial Reporting Standards (“IFRS”), do not have a\nstandardized meaning prescribed by IFRS and are therefore unlikely to be\ncomparable to similar measures presented by other companies. Rather, these\nmeasures are provided as additional information to complement our financial\ninformation reported under IFRS by providing further understanding of our\nresults of operations from management’s perspective. Accordingly, they\nshould not be considered in isolation nor as a substitute for analysis of our\nfinancial information reported under IFRS.\n\nWe use non-IFRS financial measures, non-IFRS ratios and supplementary\nfinancial measures to provide supplemental measures of our operating\nperformance and thus highlight trends in our core business that may not\notherwise be apparent when relying solely on IFRS financial measures.\nManagement also uses non-IFRS financial measures, non-IFRS ratios and\nsupplementary financial measures in order to prepare annual operating budgets\nand to determine components of management compensation. We strongly encourage\ninvestors to review our consolidated financial statements and publicly filed\nreports in their entirety and not to rely on any single financial measure or\nratio.\n\nWe use these specified financial measures in addition to, and in conjunction\nwith, results presented in accordance with IFRS. These specified financial\nmeasures reflect an additional way of viewing aspects of our operations that,\nwhen viewed with our IFRS results and, in the case of non-IFRS financial\nmeasures, the accompanying reconciliations to the most directly comparable\nIFRS financial measures, may provide a more complete understanding of factors\nand trends affecting our business.\n\nIn this press release, we discuss the specified financial measures, including\nthe reasons that we believe that these measures provide useful information\nregarding our financial condition, results of operations, cash flows and\nfinancial position, as applicable, and, to the extent material, the additional\npurposes, if any, for which these measures are used. Reconciliations of\nnon-IFRS financial measures to the most directly comparable IFRS financial\nmeasures are contained in this press release.\n\nThe following is a list of non-IFRS financial measures, non-IFRS ratios and\nsupplementary financial measures that are referenced throughout this press\nrelease:\n\n“Adjusted EBITDA” is defined as profit (loss) before income taxes before\nfinance costs, depreciation and amortization, share of associate’s net\nincome (loss), gain or loss on foreign exchange, non-cash share-based\ncompensation expenses (recovery), net gain or loss on financial instruments,\ntransaction, transitional and other costs (recovery), Enterprise Resource\nPlanning system transformation costs, net gain or loss on sale of long-lived\nassets, foreign exchange reclassification on disposal of foreign operation,\naccounts receivable reserve (recovery) for the conflict between Russia and\nUkraine, and impairment charge (recovery). Adjusted EBITDA is a non-IFRS\nfinancial measure and its most directly comparable financial measure that is\ndisclosed in our consolidated financial statements is profit (loss) before\nincome taxes. Management believes Adjusted EBITDA is a useful measure to\nassess the performance and cash flow of the Company as it excludes the effects\nof interest, taxes, depreciation, amortization and expenses that management\nbelieves are not reflective of the Company’s underlying business\nperformance. Management cautions investors that Adjusted EBITDA should not\nreplace profit or loss as indicators of performance, or cash flows from\noperating, investing, and financing activities as a measure of the Company’s\nliquidity and cash flows. See “Profit (loss) before income taxes and\nAdjusted EBITDA” and “Profit (loss) before income taxes and Adjusted\nEBITDA by Operating Segment” below for the reconciliation of Adjusted EBITDA\nto profit (loss) before income taxes for the relevant periods.\n\n“Adjusted EBITDA Margin %” is defined as Adjusted EBITDA divided by\nrevenue. Adjusted EBITDA Margin % is a non-IFRS ratio because one of its\ncomponents, Adjusted EBITDA, is a non-IFRS financial measure. Management\nbelieves Adjusted EBITDA Margin % is a useful measure to assess the\nperformance and cash flow of the Company.\n\n“Order book” is defined as the total value of committed sales orders that\nhave not yet been fulfilled that: (a) have a high certainty of being performed\nas a result of the existence of a purchase order, an executed contract or work\norder specifying job scope, value and timing; or (b) has been awarded to the\nCompany or its divisions, as evidenced by an executed binding letter of intent\nor agreement, describing the general job scope, value and timing of such work,\nand where the finalization of a formal contract in respect of such work is\nreasonably assured. Order book is a supplementary financial measure.\n\n“Revenue by Operating Segment” and “Revenue by Geography”: The revenue\ninformation presented under “Revenue by Operating Segment” and “Revenue\nby Geography” are supplementary financial measures used to present the\nCompany’s revenue by segment and geography.\n\n“Net Debt Leverage Ratio” is a non-IFRS ratio and is defined as net debt\ndivided by Adjusted EBITDA for the last twelve-month (“LTM”) period. Net\ndebt leverage ratio is a non-IFRS ratio because its components, net debt and\nAdjusted EBITDA, are non-IFRS financial measures. Management believes net debt\nleverage ratio is a useful measure to assess AGI’s leverage position.\n\n“Net Debt” is a non-IFRS financial measure and its most directly\ncomparable financial measure that is disclosed in our consolidated financial\nstatements is long-term debt. Net debt is defined as the sum of long-term\ndebt, convertible unsecured subordinated debentures, senior unsecured\nsubordinated debentures, and lease liabilities less cash and cash equivalents.\nManagement believes that net debt is a useful measure to evaluate AGI’s\ncapital structure and to provide a measurement of AGI’s total indebtedness.\nSee “Net Debt” below for a reconciliation of long-term debt to net debt\nfor the relevant periods.\n\nProfit (loss) before income taxes and Adjusted EBITDA\n\nThe following tables reconcile profit (loss) before income taxes to Adjusted\nEBITDA for the three-month periods ended March 31, 2026 and 2025, the LTM\nperiods ended March 31, 2026 and 2025 and years ended December 31, 2025 and\n2024.\n                                                     Three-month ended March 31      \n                                                     \n [thousands of dollars]                              2026            2025            \n                                                     $               $               \n Loss before income taxes                            (43,626)        (16,571)        \n Finance costs                                       18,208          16,593          \n Depreciation and amortization                       16,144          17,259          \n Share of associate's net loss ([1])                 5,272           142             \n Loss (gain) on foreign exchange ([2])               3,761           (1,193)         \n Share-based compensation expense (recovery) ([3])   (4,381)         2,002           \n Net loss on financial instruments ([4])             1,775           6,607           \n Transaction, transitional and other costs ([5])     7,752           3,717           \n ERP system transformation costs ([6])               8,652           2,797           \n Net loss (gain) on sale of long-lived assets ([7])  1,260           (8)             \n Impairment charge (recovery)                        10,383          (80)            \n Adjusted EBITDA ([8])                               25,200          31,265          \n\n [1]  See “Note 6 – Brazil operations” in our consolidated financial                  \n      statements.                                                                     \n [2]  See “Note 12[e] – Finance expense (income)” in our consolidated                 \n      financial statements.                                                           \n [3]  The Company’s share-based compensation expense pertains to our equity           \n      incentive award plan (“EIAP”) and directors’ deferred compensation plan         \n      (“DDCP”). See “Note 11 – Share-based compensation plans” in our                 \n      consolidated financial statements.                                              \n [4]  See “Equity swap” in our consolidated financial statements.                     \n [5]  Includes legal and advisory fees, legal provision, transitional costs related   \n      to reorganizations, other acquisition related transition costs, and accretion   \n      and other movement in amounts due to vendors.                                   \n [6]  Expenses incurred in connection with a global multi-year ERP transformation     \n      project, which was terminated in the first quarter of 2026.                     \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for   \n      sale, and settlement of lease liabilities.                                      \n [8]  This is a non-IFRS measure and is used throughout this press release. See       \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each            \n      non-IFRS measure.                                                               \n\n                                                                     Last Twelve-months ended March 31     \n                                                                     \n [thousands of dollars]                                              2026               2025               \n                                                                     $                  $                  \n Loss before income taxes                                            (28,904)           (25,746)           \n Finance costs                                                       72,518             67,884             \n Depreciation and amortization                                       71,696             70,912             \n Share of associate’s net loss ([1])                                 11,031             33                 \n Loss (gain) on foreign exchange ([2])                               (4,920)            36,201             \n Share-based compensation ([3])                                      1,035              11,344             \n Net loss on financial instruments ([4])                             7,757              10,611             \n Transaction, transitional and other costs ([5])                     31,308             55,415             \n ERP system transformation costs ([6])                               21,489             15,943             \n Net loss on sale of long-lived assets ([7])                         418                221                \n Foreign exchange reclassification on disposal of foreign operation  4,865              307                \n Impairment charge ([8])                                             10,486             2,864              \n Adjusted EBITDA ([9])                                               198,779            245,989            \n\n [1]  See “Brazil Investments” in our consolidated financial statements and our       \n      audited annual financial statements for the years ended December 31, 2025 and   \n      2024 (the “2025 consolidated financial statements” and “2024                    \n      consolidated financial statements”).                                            \n [2]  See “Finance expenses (income)” in our consolidated financial statements,       \n      2025 and 2024 consolidated financial statements.                                \n [3]  The Company’s share-based compensation expense pertains to our EIAP and         \n      DDCP. See “Share-based compensation plans” in our consolidated financial        \n      statements, 2025 and 2024 consolidated financial statements.                    \n [4]  See “Equity swap” in our consolidated financial statements, 2025 and 2024       \n      consolidated financial statements.                                              \n [5]  Includes legal and advisory fees, legal provision, transitional costs related   \n      to reorganizations, and other acquisition related transition costs as well as   \n      the accretion and other movement in amounts due to vendors.                     \n [6]  Expenses incurred in connection with a global multi-year ERP transformation     \n      project, which was terminated in the first quarter of 2026.                     \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for   \n      sale, and settlement of lease liabilities. See “Property, plant and             \n      equipment” and “Assets held for sale” in our consolidated financial             \n      statements, 2025 and 2024 consolidated financial statements.                    \n [8]  See “Impairment charge” in our consolidated financial statements, 2025 and      \n      2024 consolidated financial statements.                                         \n [9]  This is a non-IFRS measure and is used throughout this press release. See       \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each            \n      non-IFRS measure.                                                               \n\n                                                     Year-ended December 31      \n                                                     \n [thousands of dollars]                              2025          2024          \n                                                     $             $             \n Loss before income taxes                            (1,849)       (5,326)       \n Finance costs                                       70,903        70,242        \n Depreciation and amortization                       72,811        70,798        \n Share of associate's net loss (income) ([1])        5,901         (109)         \n Loss (gain) on foreign exchange ([2])               (9,874)       42,812        \n Share-based compensation ([3])                      7,418         13,758        \n Net loss (gain) on financial instruments ([4])      12,589        (3,812)       \n Transaction, transitional and other costs ([5])     27,273        56,148        \n ERP system transformation costs ([6])               15,634        17,271        \n Loss on disposal of operation                       4,865         307           \n Net loss (gain) on sale of long-lived assets ([7])  (850)         23            \n Accounts receivable recovery for RUK                —             (268)         \n Impairment charge                                   23            2,944         \n Adjusted EBITDA ([8])                               204,844       264,788       \n\n [1]  See “Note 6 – Brazil operations” in our 2025 consolidated financial              \n      statements.                                                                      \n [2]  See “Note 23[e] – Finance expense (income)” in our 2025 consolidated             \n      financial statements.                                                            \n [3]  The Company’s share-based compensation expense pertains to our equity            \n      incentive award plan (“EIAP”) and directors’ deferred compensation plan          \n      (“DDCP”). See “Note 22 – Share-based compensation plans” in our 2025             \n      consolidated financial statements.                                               \n [4]  See “Equity swap” in our 2025 consolidated financial statements.                 \n [5]  Includes legal and advisory fees, legal provision, transitional costs related    \n      to reorganizations, profit-sharing costs associated with certain existing        \n      large-scale comprehensive projects in Brazil, other acquisition related          \n      transition costs, and accretion and other movement in amounts due to vendors.    \n [6]  Expenses incurred in connection with a global multi-year ERP transformation      \n      project, which was terminated in the first quarter of 2026.                      \n [7]  Includes gain/loss on sale of property, plant, and equipment, assets held for    \n      sale, and settlement of lease liabilities.                                       \n [8]  This is a non-IFRS measure and is used throughout this press release. See        \n      “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each             \n      non-IFRS measure.                                                                \n\n\nProfit (loss) before income taxes and Adjusted EBITDA by Operating Segment\n\nThe following tables reconcile profit (loss) before income taxes to Adjusted\nEBITDA by operating segment for the applicable periods.\n                                                         Three-month ended March 31, 2026                \n [thousands of dollars]                                  Farm       Commercial  Other ([10])  Total      \n                                                         $          $           $             $          \n Profit (loss) before income taxes                       11,732     (5,679)     (49,679)      (43,626)   \n Finance costs                                           —          —           18,208        18,208     \n Depreciation and amortization ([1])                     6,650      7,677       1,817         16,144     \n Share of associate's net loss ([2])                     —          5,272       —             5,272      \n Loss on foreign exchange ([3])                          —          —           3,761         3,761      \n Share-based compensation recovery ([4])                 —          —           (4,381)       (4,381)    \n Net loss on financial instruments ([5])                 —          —           1,775         1,775      \n Transaction, transitional and other costs ([6])         354        —           7,398         7,752      \n ERP system transformation costs ([7])                   —          —           8,652         8,652      \n Net loss (gain) on sale of long-lived assets ([1] [8])  (28)       1,293       (5)           1,260      \n Impairment charge                                       213        5,043       5,127         10,383     \n Adjusted EBITDA ([9])                                   18,921     13,606      (7,327)       25,200     \n\n                                                         Three-month ended March 31, 2025                \n [thousands of dollars]                                  Farm       Commercial  Other ([10])  Total      \n                                                         $          $           $             $          \n Profit (loss) before income taxes                       10,555     16,492      (43,618)      (16,571)   \n Finance costs                                           —          —           16,593        16,593     \n Depreciation and amortization ([1])                     7,506      7,865       1,888         17,259     \n Share of associate's net loss ([2])                     —          142         —             142        \n Gain on foreign exchange ([3])                          —          —           (1,193)       (1,193)    \n Share-based compensation expense ([4])                  —          —           2,002         2,002      \n Net loss on financial instruments ([5])                 —          —           6,607         6,607      \n Transaction, transitional and other costs ([6])         1,179      —           2,538         3,717      \n ERP system transformation costs ([7])                   —          —           2,797         2,797      \n Net loss (gain) on sale of long-lived assets ([1] [8])  17         (13)        (12)          (8)        \n Impairment recovery                                     (80)       —           —             (80)       \n Adjusted EBITDA ([9])                                   19,177     24,486      (12,398)      31,265     \n\n [1]   Allocated based on the segment of the underlying asset’s cash generating         \n       unit.                                                                            \n [2]   See “Note 6 – Brazil operations” in our consolidated financial                   \n       statements.                                                                      \n [3]   See “Note 12[e] – Finance expense (income)” in our consolidated                  \n       financial statements.                                                            \n [4]   The Company’s share-based compensation expense pertains to our EIAP and          \n       DDCP. See “Note 11 – Share-based compensation plans” in our consolidated         \n       financial statements.                                                            \n [5]   See “Equity swap” in our consolidated financial statements.                      \n [6]   Includes legal and advisory fees, legal provision, transitional costs related    \n       to reorganizations, other acquisition related transition costs, and accretion    \n       and other movement in amounts due to vendors.                                    \n [7]   Expenses incurred in connection with a global multi-year ERP transformation      \n       project, which was terminated in the first quarter of 2026.                      \n [8]   Includes gain/loss on sale of property, plant, and equipment, assets held for    \n       sale, and settlement of lease liabilities.                                       \n [9]   This is a non-IFRS measure and is used throughout this press release. See        \n       “NON-IFRS AND OTHER FINANCIAL MEASURES” for more information on each             \n       non-IFRS measure.                                                                \n [10]  Included in Other is the corporate office, which is not a reportable segment,    \n       and which provides finance, treasury, legal, human resources and other           \n       administrative support to the segments.                                          \n\n\nNet Debt\n\nThe following table reconciles long-term debt to net debt as at March 31,\n2026, and 2025 and December 31, 2025.\n                                                Q1/26      Q4/25      Q1/25      \n [thousands of dollars]                         31-Mar-26  31-Dec-25  31-Mar-25  \n                                                                                 \n Long Term Debt                                 638,841    579,309    639,896    \n Convertible Unsecured Subordinated Debentures  206,447    204,493    198,837    \n Senior Unsecured Subordinated Debentures       178,404    178,086    84,085     \n Leases                                         46,983     45,587     46,705     \n Less: Cash & Cash Equivalents                  30,637     45,659     76,951     \n Net Debt                                       1,040,038  961,816    892,572    \n\n\nFORWARD-LOOKING INFORMATION\n\nThis press release contains forward-looking statements and information\n[collectively, “forward-looking information”] within the meaning of\napplicable securities laws that reflect our expectations regarding the future\ngrowth, results of operations, performance, business prospects, and\nopportunities of the Company. All information and statements contained herein\nthat are not clearly historical in nature constitute forward-looking\ninformation. Forward-looking information involves known or unknown risks,\nuncertainties and other factors that may cause actual results or events to\ndiffer materially from those anticipated in such forward-looking information.\nUndue reliance should not be placed on forward-looking information, as there\ncan be no assurance that the plans, intentions or expectations upon which it\nis based will occur. In particular, the forward-looking information in this\npress release includes information relating to: the expectation there will be\nan increase in net debt leverage in Q1; that the net debt leverage ratio as at\nMarch 31, 2026 proforma the collection of the $105 million receivable would\nhave been 4.7x; the anticipated timing of transferring the remaining $50\nmillion of previously escrowed funds to AGI-controlled accounts and the\nanticipated use of such funds; the Company's broad restructuring and\nsimplification actions; the anticipated annualized cost savings as a result of\nthe restructuring and simplification actions; and that the savings from the\nrestructuring and simplification actions are expected to be fully realized by\nthe fourth quarter of 2026 when such actions are fully implemented.\n\nSuch forward-looking information reflects our current beliefs and is based on\ninformation currently available to us, including certain key expectations and\nassumptions concerning: the duration and impact of tariffs that are currently\nin effect on goods exported from or imported into Canada, and that other than\nthe tariffs that are currently in effect, neither the U.S., China nor Canada\n(i) increases the rate or scope of such tariffs, reenacts tariffs that are\ncurrently suspended, or imposes new tariffs, on the import of goods from one\ncountry to the other, including on the products that AGI imports or exports\nand/or (ii) imposes any other form of tax, restriction, or prohibition on the\nimport or export of products from one country to the other, including on the\nproducts that AGI imports or exports; our ability to successfully execute our\ncorporate restructuring efforts, including the amount of annualized cost\nsavings realized therefrom; anticipated crop yields and production in our\nmarket areas; anticipated financial performance; future debt levels; business\nprospects and strategies, including our ability to successfully execute our\nrefined corporate strategy; product and input pricing; the scope, nature,\ntiming and cost of satisfying our warranty obligations; regulatory\ndevelopments; tax laws; the sufficiency of budgeted capital expenditures in\ncarrying out planned activities; currency exchange rates, inflation rates and\ninterest rates; the cost of materials, labour and services and the impact of\ninflation rates and/or supply chain disruptions and/or labour activity\nthereon; the impact of competition; the general stability of the economic and\nregulatory environments in which the Company operates; the timely receipt of\nany required regulatory and third party approvals; the ability of the Company\nto obtain and retain qualified staff and services in a timely and cost\nefficient manner; that our dividend will remain suspended; the ability of the\nCompany to obtain financing on acceptable terms; the regulatory framework in\nthe jurisdictions in which the Company operates; the ability of the Company to\nsuccessfully market its products and services; and that a pandemic or other\npublic health emergency will not have a material impact on our business,\noperations, and financial results going forward.\n\nForward-looking information involves significant risks and uncertainties. A\nnumber of factors could cause actual results to differ materially from results\ndiscussed in the forward-looking information. These risks and uncertainties\ninclude but are not limited to the following: the risk that (i) the tariffs\nthat are currently in effect on goods exported from or imported into Canada\ncontinue in effect for an extended period of time, the tariffs that have been\nthreatened are implemented, that tariffs that are currently suspended are\nreactivated, the rate or scope of existing tariffs are increased or expanded,\nor new tariffs are imposed, including on products that AGI exports or imports,\n(ii) the U.S., China and/or Canada imposes any other form of tax, restriction\nor prohibition on the import or export of products from one country to the\nother, including on products that AGI exports or imports, and (iii) the\ntariffs imposed or threatened to be imposed by the U.S. on other countries and\nretaliatory tariffs imposed or threatened to be imposed by other countries on\nthe U.S., will trigger a broader global trade war which could have a material\nadverse effect on the Canadian, U.S. and global economies, and by extension\nthe Canadian, U.S. and international agricultural industry and AGI, including\nby decreasing demand for (and the price of) AGI’s products, disrupting\nsupply chains, increasing costs, causing volatility in global financial\nmarkets, and limiting access to financing; risks associated with the mandatory\njoint review of the Canada-United States-Mexico Agreement (\"CUSMA\") on July 1,\n2026, including the risk that the members ultimately withdraw from CUSMA,\nwhich could result in a significant increase in trade barriers, which could in\nturn have a material adverse effect on the Canadian and U.S. economies, and by\nextension the Canadian and U.S. agricultural industries and the Company; that\nour quarterly dividend will remain suspended; general economic and business\nconditions and changes in international, national and local macroeconomic and\nbusiness conditions, as well as sociopolitical and geopolitical conditions in\ncertain local or regional markets, including as a result of conflicts in the\nMiddle East (most recently between the U.S., Israel and Iran) and the\nconflicts between Russia and Ukraine and the U.S. and Venezuela and the\nresponses thereto from other countries and institutions (including trade\nsanctions and financial controls), and their potential impact on, among other\nthings, global market conditions and supply and demand fundamentals (including\nfor agricultural products), crop nutrient prices, energy and commodity prices,\ninflation rates, interest rates, supply chains and the global economy\ngenerally, all of which has created volatility in the global economy and could\ncontinue to adversely impact economic and trade activity, including in the\nagriculture industry; the effects of global outbreaks of pandemics or\ncontagious diseases or the fear of such outbreaks; the ability of management\nto successfully execute the Company’s business plan and strategies,\nincluding the ongoing corporate restructuring and refined corporate strategy,\nand the ability of AGI to realize the anticipated benefits therefrom\n(including cost savings); fluctuations in agricultural and other commodity\nprices, interest rates, inflation rates and currency exchange rates; crop\nplanting, crop conditions and crop yields; weather patterns; the timing of\nharvest and conditions during harvest; volatility of production costs,\nincluding the risk of production cost increases that may arise as a result of\ninflation and/or supply chain disruptions and/or labour actions, and the risk\nthat we may not be able to pass along all or any portion of increased costs to\ncustomers; governmental regulation of the agriculture and manufacturing\nindustries, including environmental and climate change regulation; actions\ntaken by governmental authorities, including increases in taxes, changes in\ngovernment regulations and incentive programs, and actions taken in connection\nwith local or global outbreaks of pandemics or contagious diseases or the fear\nof such outbreaks; risks inherent in marketing operations; credit risk; the\navailability of credit for customers; seasonality and industry cyclicality;\npotential delays or changes in plans with respect to capital expenditures; the\ncost and availability of sufficient financial resources to fund the\nCompany’s capital expenditures; volatility in the stock markets including\nthe market price of our securities; competition for, among other things,\ncustomers, supplies, acquisitions, capital and skilled personnel; the\navailability of capital on acceptable terms; dependence on suppliers; changes\nin labour costs and the labour market, including the risk of labour cost\nincreases that may arise as a result of inflation and/or a scarcity of labour\nand/or labour activities; the impact of climate change and related laws and\nregulations; changes in trade relations between the countries in which the\nCompany does business, including between Canada and the United States,\nincluding as a result of the tariffs imposed by the U.S., China and Canada on\none another; cyber security risks; adjustments to and delays or cancellation\nof one or more orders comprising our order book; the requirement to satisfy\nAGI's warranty obligations, and the risk that AGI’s assumptions and\nestimates made in respect of the costs relating thereto and underlying the\nrelated provision for warranty accrual in our consolidated financial\nstatements and insurance coverage therefor will prove to be incorrect as\nfurther information becomes available to AGI; and the risk of litigation or\nunsuccessful defense of litigation and the risk that AGI incurs material\nliabilities in connection with such litigation that are not covered by\ninsurance in whole or in part. These risks and uncertainties are described\nunder “Risks and Uncertainties” in the MD&A and in our most recently\nfiled Annual Information Form, all of which are available under the\nCompany’s profile on SEDAR+ [www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54530518&newsitemid=20260506729595&lan=en-US&anchor=www.sedarplus.ca&index=6&md5=ecd09fabb8018f704ed2ee5b6135d21d)\n]. These factors should be considered carefully, and readers should not place\nundue reliance on the Company’s forward-looking information. We cannot\nassure readers that actual results will be consistent with this\nforward-looking information. Further, AGI cannot guarantee that the\nanticipated revenue from its order book will be realized or, if realized, will\nresult in profits or Adjusted EBITDA. Delays, cancellations and scope\nadjustments occur from time-to-time with respect to contracts reflected in\nAGI’s order book, which can adversely affect the revenue and profit that AGI\nactually receives from its order book. The forward-looking information\ncontained herein is expressly qualified in its entirety by this cautionary\nstatement. The forward-looking information included in this press release is\nmade as of the date of this press release and AGI undertakes no obligation to\npublicly update such forward-looking information to reflect new information,\nsubsequent events or otherwise unless so required by applicable securities\nlaws.\n\nFINANCIAL OUTLOOK\n\nAlso included in this press release are estimates of: the amount of long-term\naccounts receivable in Brazil that we expect to receive, the timing thereof,\nand that it will be applied to outstanding debt on our senior credit\nfacilities; and the estimated amount of annualized cost savings that we expect\nto realize from our restructuring and simplification actions; which are based\non, among other things, the various assumptions disclosed in this press\nrelease including under “Forward-Looking Information”. To the extent such\nestimates constitute a financial outlook, it was approved by management on May\n6, 2026, and is included to provide readers with an understanding of AGI's\nexpectations for debt reduction and the financial impact of its restructuring\nplans being taken based on the assumptions described herein and readers are\ncautioned that the information may not be appropriate for other purposes.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260506729595/en/\n(https://www.businesswire.com/news/home/20260506729595/en/)\n\nFor More Information Contact: \n\nAndrew Jacklin\n\nSr. Director, Investor Relations\n\n+1-437-335-1630\n\ninvestor-relations@aggrowth.com (mailto:investor-relations@aggrowth.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-06T21:33:00.177022373Z","server_sent_at_ms":1778103180177},"received_at":"2026-05-06T21:33:00.454Z","source_url":"https://www.businesswire.com/news/home/20260506729595/en/"},"analysis":{"id":"19130","press_release_id":"24446","analysis_json":{"industry":{"label":"Machinery","sector":"Industrials"},"redFlags":["Adjusted EBITDA declined 19% YoY","Net debt leverage increased to 5.2x from 4.7x in Q4 2025","Order book down 19% YoY to $589 million","Commercial segment Adjusted EBITDA down 44% YoY"],"eventType":"earnings","narrative":"AGI reported Q1 revenue of $282 million, down 2% YoY, with Adjusted EBITDA falling 19% to $25 million and net debt leverage rising to 5.2x due to seasonal working capital builds.\n\nPerformance was mixed by segment: Farm revenue rose 7% while Commercial revenue fell 6%, with Commercial Adjusted EBITDA plunging 44% on lower volumes and product mix.\n\nPost-quarter, the company released $105 million of Brazilian receivables from escrow, $55 million of which has been received, and raised its restructuring cost savings target to at least $30 million annually.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Q1 miss and leverage increase offset by $105M Brazilian AR release and higher restructuring savings."},"keyFigures":{"eps":0,"epsBeat":0,"revenue":"$282 million","guidance":"","revenueYoy":"-2%","customDimensions":{"order_book":"$589 million","adjusted_ebitda":"$25 million","net_debt_leverage":"5.2x","adjusted_ebitda_yoy":"-19%","adjusted_ebitda_margin":"8.9%","restructuring_savings_guidance":"$30 million"}},"quotedText":"We are responding with decisive actions to simplify the business, sharpen customer focus, and better align our cost structure to current demand levels","namedEntities":{"people":[{"name":"Paul Brisebois","role":"Interim President and CEO"}],"products":[],"companies":[{"name":"Ag Growth International Inc.","ticker":"AFN"}],"dollarAmounts":[{"amount":"$282 million","context":"Q1 2026 Revenue"},{"amount":"$25 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$105 million","context":"long-term accounts receivable in Brazil released from escrow"},{"amount":"$55 million","context":"Brazil AR received into AGI-controlled accounts"},{"amount":"$30 million","context":"estimated annualized cost savings from restructuring"},{"amount":"$12 million","context":"non-recurring restructuring charges in Q1"},{"amount":"$589 million","context":"Order book as of March 31, 2026"}]},"materialImpact":{"score":3,"reasoning":"Revenue and Adjusted EBITDA missed (declined 2% and 19% YoY respectively) with margin compression. 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