Ag Growth International Inc
TSX:AFN
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Ag Growth International Inc
TSX:AFN
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Ag Growth International Inc
Ag Growth International, Inc. engages in the manufacture of agricultural equipment. The company is headquartered in Winnipeg, Manitoba. The company went IPO on 2004-05-18. The firm operates through three segments: Farm, Commercial and Technology. Its Farm segment includes the sale of grain, seed, and fertilizer handling equipment, aeration products, grain and fuel storage solutions, and grain management technologies. Its Commercial segment includes the sale of larger diameter grain storage bins, high-capacity grain handling equipment, seed and fertilizer storage and handling systems, feed handling and storage equipment, aeration products and food processing solutions. Its Technology segment offers monitoring, operation, measurement and blending controls, automation, hazard monitoring, embedded electronics, farm management, grain marketing and tools for agronomy, and enterprise resource planning for agriculture retailers and grain buyers.
Ag Growth International, Inc. engages in the manufacture of agricultural equipment. The company is headquartered in Winnipeg, Manitoba. The company went IPO on 2004-05-18. The firm operates through three segments: Farm, Commercial and Technology. Its Farm segment includes the sale of grain, seed, and fertilizer handling equipment, aeration products, grain and fuel storage solutions, and grain management technologies. Its Commercial segment includes the sale of larger diameter grain storage bins, high-capacity grain handling equipment, seed and fertilizer storage and handling systems, feed handling and storage equipment, aeration products and food processing solutions. Its Technology segment offers monitoring, operation, measurement and blending controls, automation, hazard monitoring, embedded electronics, farm management, grain marketing and tools for agronomy, and enterprise resource planning for agriculture retailers and grain buyers.
Results: Revenue rose 4% YoY to $396 million, but adjusted EBITDA fell to approximately $48 million and margin compressed to 12.2% (about 830 bps YoY), driven by lower Farm volumes and execution issues in Commercial.
Key drivers: Farm softness in Canada and execution-related cost overruns, warranty charges and some bad-debt in Brazil weighed on profitability; U.S. portable Farm improved modestly.
Restructuring: Executive team cut from 17 to 8, North American leadership simplified, corporate functions consolidated, ERP implementation terminated and dividend suspended — expected to deliver at least $20 million of annualized SG&A savings and ~$20 million cash avoidance from stopping the ERP over two years.
Cash & leverage: Free cash flow was negative $111 million in 2025; net debt leverage was 4.7x at year-end; management expects Q1 will remain tough but targets monetization of Brazil receivables (they expect $80–$100 million by H1) and other asset sales to materially improve cash flow.
Commercial outlook: Management will stop taking new large-scale financed turnkey projects (e.g., Brazil) and will pursue equipment-only sales; order book fell to $543 million, down 26% YoY, making 2026 backfill challenging.
