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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Growth International
Growth International (AFN) investor relations material
Growth International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary9 Jan, 2026
Executive summary
Q3 2025 revenue grew 9% year-over-year to CAD 389 million ($389 million), with Adjusted EBITDA up 4% to CAD 71 million ($71 million), driven by strong international Commercial segment growth, especially in Brazil and EMEA, despite challenging Farm markets and a delay in financial filings due to internal control issues in Brazil.
Strategic focus remained on profitable organic growth, operational excellence, and balance sheet discipline, with key initiatives in Brazil, India, and emerging markets.
Facility consolidations and manufacturing optimization in North America streamlined operations and reduced costs.
Safety performance improved, with a 15% year-over-year reduction in recordable incident rate and over half of production facilities surpassing one year without a lost-time accident.
Free cash flow was negative due to temporary working capital needs for large international Commercial projects.
Financial highlights
Consolidated revenue reached CAD 389 million ($389 million), up 9% year-over-year; Adjusted EBITDA was CAD 71 million ($71 million), up 4%.
Adjusted EBITDA margin was 18.2%, down from 19.2% year-over-year, due to a mix shift toward Commercial projects.
Commercial segment revenue rose 48% to $256 million, with margin expanding to 19.5% from 17.9% year-over-year.
Farm segment revenue declined 27% to $134 million, with margin compressing to 20.5% from 24.6%.
Net debt leverage ratio was 3.9x, steady quarter-over-quarter but up from 3.1x a year ago.
Outlook and guidance
Q4 2025 Adjusted EBITDA is expected to decline sequentially and year-over-year, driven by challenging market conditions, negative mix, and higher SG&A costs.
Commercial segment order book provides visibility into the first half of 2026, while Farm segment visibility remains limited due to ongoing market uncertainty.
Free cash flow is expected to turn positive in 2026 as the Brazil investment fund monetizes long-term receivables.
Order book as of September 30, 2025 was CAD 667 million ($667 million), up slightly year-over-year, with over 90% allocated to commercial projects and strong growth in Brazil and LATAM.
Brazil financing vehicle: expected FCF/debt impact?
Reconcile Q4 outlook with Commercial segment strength
Farm segment recovery drivers and timing
Brazil control weakness impact on future growth?
NA Farm portable inventory normalization timeline?
Brazil fund's competitive advantage sustainability?
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Next Growth International earnings date
Q4 20255 Mar, 2026
Growth International
Next Growth International earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Ag Growth International Inc. manufactures and distributes equipment and systems for grain handling, storage, and conditioning. It serves agricultural and commercial markets with products such as conveyors, grain bins, and aeration systems. The company is headquartered in Winnipeg, Canada, and its shares are listed on the TSX.
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