AGI Announces First Quarter 2026 Results & Progress On Brazilian Accounts Receivable Monetization
First Quarter 2026 Highlights
- Revenue of $282 million and Adjusted EBITDA[1] of $25 million decreased year-over-year (“YOY”) by 2% and 19%, respectively.
- Adjusted EBITDA Margin %[2] of 8.9% declined by approximately 200 basis points YOY, primarily due to lower Commercial volumes, partially offset by corporate cost reductions.
- Farm segment revenue up 7% YOY due to higher sales across North America overall with Adjusted EBITDA roughly flat due to the impact of product mix on margins.
- Commercial segment revenue down 6% due to a soft market in North America and geopolitical and domestic policy impacts in India. Adjusted EBITDA down 44% due to lower overall volume and product mix.
- SG&A expenses, excluding transaction, transitional and other costs, ERP system transformation costs, and depreciation and amortization, were $9.7 million lower than Q1 2025 and improved as a percentage of revenue, largely due to recent corporate restructuring initiatives.
- Net debt leverage ratio2 of 5.2x at March 31, 2026 compared to 4.7x at December 31, 2025 and 3.6x at March 31, 2025. An increase in net debt leverage in Q1 is expected and reflects the typical pattern of a first-quarter build in working capital levels.
Outlook
- Order book[3] down 19% YOY to $589 million as of March 31, 2026, primarily due to the execution of several significant projects in our International Commercial segment, with a partial offset by some improvement in the Farm order book.
- The Farm segment order book improved YOY. Although encouraging, it remains below historic levels and market conditions remain challenging.
- Commercial segment order book was down YOY, driven by cautious customer behavior and fewer project awards in North America and internationally, with a partial offset from momentum in traditional equipment‑only project wins in Brazil.
[1] Non-IFRS financial measure. See "Non-IFRS and Other Financial Measures". First quarter 2026 loss before income taxes of $(43.6) million.
[2] Non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.
[3] Supplementary financial measure. See "Non-IFRS and Other Financial Measures".