Rogers Sugar (RSI) investor relations material

Executive summary

• Delivered strong Q1 2026 results with consolidated adjusted EBITDA of $47 million, up 18% year-over-year, and adjusted net earnings of $25 million, up 27%, driven by strong Sugar segment performance and stable Maple segment results.

• Free cash flow for the trailing twelve months reached $89.3 million, a 4% increase, supporting ongoing investments and shareholder returns.

• The LEAP Project progressed as planned, with $21.1 million invested in Q1 and total project costs expected between $280–$300 million, targeting a startup in H1 2027.

• Both sugar and maple segments contributed to financial strength, with stable domestic demand and growing global maple demand.

• Maintained quarterly dividend of $0.09 per share.

Financial highlights

• Q1 2026 revenues were $298.2 million, down from $331.3 million year-over-year, mainly due to lower sugar prices and volumes.

• Adjusted net earnings per share rose to $0.19 from $0.15 year-over-year.

• Sugar segment adjusted EBITDA reached $41 million, up $7 million, with adjusted gross margin per ton at $304, up $79.

• Maple segment revenues increased 8% to $72 million, with adjusted EBITDA at $5.8 million and sales volume up 7–8%.

• Adjusted gross margin for maple stabilized at 10.6%, reflecting improved sourcing and product mix.

Outlook and guidance

• 2026 sugar sales volume forecast at 750,000 metric tons, a 4% decline from 2025, mainly due to lower-margin export sales.

• Domestic sugar demand expected to remain stable; maple sales volume projected to grow 5% to 56 million pounds.

• Production, maintenance, distribution, and admin costs expected to rise slightly due to market and wage increases.

• CapEx of approximately $27 million planned for core businesses in 2026, excluding LEAP project spending.

• Full-year adjusted gross margin per metric ton expected to improve over 2025 due to favorable product mix.