AGI Announces Record Fourth Quarter & Annual Results Featuring Continued Margin Strength, Introduces Outlook for 2024 Adjusted EBITDA, and Declares First Quarter 2024 Dividends

Winnipeg, MB, March 5, 2024 – Ag Growth International Inc. (TSX: AFN) (“AGI”, the “Company”, “we” or “our”) today announced its financial results for the three-months and year-ended December 31, 2023.

Fourth Quarter 2023 Highlights

  • Revenue of $379 million increased by 1% on a year-over-year (‘YOY’) basis
  • Adjusted EBITDA of $73 million increased by 43% on a YOY basis
  • Adjusted EBITDA margin % increased by roughly 570 basis points to 19.3% from 13.6% on a YOY basis
  • Net debt leverage ratio3 of 2.8x at Dec 31, 2023 vs 3.7x at Dec 31, 2022 or 3.2x at Sept 30, 2023

Full Year 2023 Highlights

  • Revenue1 of $1,527 million increased by 5% on a YOY basis
  • Revenue generated by our International businesses now contribute over $500 million or 34% of total revenue
  • Adjusted EBITDA2 of $294 million increased by 25% on a YOY basis
  • Adjusted EBITDA margin % 3 increased by roughly 320 basis points to 19.3% from 16.1% on a YOY basis


  • Adjusted EBITDA guidance for 2024 of at least $310 million2
  • Order book up 25% YOY to $747 million as of December 31, 2023, a record level for the Company
    • Significant strength in the International regions of our Commercial segment
  • Given the project-based nature of our strengthening Commercial segment order book and the timing of these orders, we anticipate a gradual ramp-up of our 2024 results, gathering momentum as the year progresses

“With Adjusted EBITDA margins at their highest levels since the strategic initiative to enter Commercial and international businesses began about a decade ago, we are highly encouraged by the pace of progress taking hold across the organization,” commented Paul Householder, President & CEO of AGI. “By demonstrating another quarter of strong margin performance, we are confident AGI has fully adopted a new operating rhythm that will sustain and stabilize margin levels going forward. Looking ahead, we see a clear path to accelerating growth in 2024 with our order book at record levels and continued demand for equipment to protect and move valuable crops worldwide. Our outlook calls for 2024 Adjusted EBITDA of at least $310 million, representing another record year and continued success.”

“The focus on balance sheet deleveraging continues to track towards our stated objectives,” added Jim Rudyk, CFO of AGI. “Our net debt leverage ratio again moved downward, now at 2.8x as of year-end which decreased from 3.7x year-over-year and 3.2x quarter-over-quarter. This is the first time in many years that AGI has stabilized this ratio below the 3.0x level. We are on track to achieve our objective of getting this ratio at or below the 2.5x level in 2024. With a proven ability to responsibly manage our cash flow and leverage position, we are eager to closely consider some of the growth investments we have been reviewing throughout 2023."