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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 (AFN) investor relations material
Growth International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Q2 2025 revenue was $349 million, nearly flat year-over-year, with strong international Commercial performance, especially in Brazil and EMEA, offsetting North American Farm segment softness.
Adjusted EBITDA reached $54 million, at the high end of guidance but down from $68 million in Q2 2024, with margin compressing to 15.6% from 19.3% due to a higher Commercial mix.
Order book stands at $660 million, up 4% year-over-year, with Commercial orders up 15% and Farm order intake remaining slow.
Over $100 million in new international Commercial orders were secured post-quarter, providing visibility into 2026.
Free cash flow for the last twelve months was $0.3 million, constrained by working capital needs for large projects.
Financial highlights
Q2 2025 revenue: $349 million, nearly flat year-over-year; Adjusted EBITDA: $54 million, down 20% year-over-year; margin: 15.6%, down from 19.3%.
Commercial segment Q2 revenue: $221.7 million, up 41% year-over-year; Adjusted EBITDA: $36.8 million, up 58%; margin improved to 16.6% from 14.8%.
Farm segment Q2 revenue: $126.8 million, down 35% year-over-year; Adjusted EBITDA: $29.3 million, down 45%; margin compressed to 23.1% from 27.4%.
Net debt leverage ratio increased to 3.9x, with net debt at $904.6 million as of June 30, 2025.
Free cash flow (LTM): $0.3 million, down from $64.9 million a year earlier.
Outlook and guidance
Full-year 2025 Adjusted EBITDA guidance reiterated at at least $225 million, with Commercial strength expected to offset Farm segment weakness.
Commercial segment outlook remains strong for H2 2025, supported by a robust order book and international momentum.
Farm segment visibility for H2 2025 remains limited due to weak market conditions and elevated dealer inventories.
Margin expectations for 2025 are around 17%, with long-term potential of 18%-20% as Farm segment recovers.
Tariff and trade policy impacts in 2025 expected to be minor and already factored into guidance.
Explain the plan to reduce net debt leverage.
Assess the impact of tariffs on AGI's costs.
How do Brazil projects drive commercial growth?
Update on Brazil receivables monetization progress
Commercial segment's multi-year growth drivers?
Farm segment recovery: what are key signals?
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Next Growth International earnings date
Q3 202520 Jan, 2026
Next Growth International earnings date
Q3 202520 Jan, 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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