AGT Food and Ingredients (AGTF) investor relations material

Executive summary

• Achieved strong consolidated adjusted EBITDA for Q4 and full year 2025, driven by packaged foods and ingredients, especially pasta and "Better For You" products, with pasta segment growing 20% year-over-year.

• Completed a transformative IPO and private placement, increasing equity to over CAD 1.2 billion, reducing debt by CAD 920 million, and resulting in nominal debt and strong liquidity.

• Demonstrated resilience amid global supply chain disruptions, tariffs, and geopolitical instability, with value-added processing volumes increasing and lower commodity prices benefiting the bottom line.

• Net loss increased to $36.3 million in 2025 from $4.1 million in 2024, impacted by IPO-related share-based compensation and $15 million in litigation charges.

• Focused on free cash flow generation, disciplined capital allocation, and modular CapEx for growth.

Financial highlights

• Q4 2025 revenue was $1,042.0 million, up 21% from Q4 2024; full-year revenue reached $3,206.8 million, up 8% year-over-year, but 2025 revenues declined to $3.0 billion from $3.2 billion in 2024 due to asset sales and lower prices.

• Adjusted EBITDA grew by 6% to CAD 96 million in packaged foods and ingredients, with pasta and "Better For You" segments up 25% or $14.5 million.

• Q4 Adjusted EBITDA was $58.1 million, up 3% from Q4 2024; full-year Adjusted EBITDA was $190.1 million, a 28% CAGR since 2021, and remained stable at $190.2 million in 2025.

• Free Cash Flow was $57.9 million in Q4, with a Free Cash Flow Conversion of 57.3% for the year; full-year Free Cash Flow declined to $58.7 million from $81.0 million, affected by asset sales and litigation charges.

• Annual interest costs are expected to decrease by approximately $55 million post-IPO.

Outlook and guidance

• Expecting lower commodity prices in 2026, leading to lower revenue but higher margins and reduced working capital needs.

• Anticipating double-digit adjusted EBITDA growth in "Better For You" and pasta segments, with continued expansion in Türkiye, US, and Europe.

• South Africa segment expected to partially recover in 2026 and fully by 2027 after weather-related declines.

• Food security sales expected to grow in 2026–2027 as governments prioritize buffer stocks.

• Dividend policy to be set in Q1 2026, reflecting confidence in free cash flow generation and maintaining low leverage.