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Sucro (SUGR) investor relations material
Sucro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record year-to-date volume, surpassing 600,000 metric tons delivered through September, despite a challenging macro-trade environment and US sugar market issues.
Q3 2025 revenue was $132.9 million, down 23% year-over-year due to lower sales volumes, especially in U.S. organic sugar and bulk raw sugar sales at origin.
Net income for Q3 2025 rose 106.6% year-over-year to $15.4 million, driven by higher unrealized mark-to-market gains on inventory.
US conventional raw sugar flows remained strong, and refining operations normalized with volumes and margins back in line with last year.
Margin headwinds from earlier quarters have largely subsided, with Q3 adjusted gross profit exceeding $10 million, supported by increased volume and cost efficiencies.
Financial highlights
Q3 sugar deliveries were 147,853 metric tons, down 18.3% year over year, but year-to-date volumes set a new record above 600,000 metric tons.
Q3 adjusted gross profit was $13.4 million (10.1% margin), compared to $13.8 million (8% margin) last year.
Year-to-date adjusted gross profit was $40.4 million (7.8% margin), down from $44.7 million (9%) in 2024.
Adjusted EBITDA for Q3 2025 was $7.2 million, down 12.9% year-over-year; year-to-date adjusted EBITDA was $27.5 million (5.3% of revenue), consistent with 2024.
Net income for the year to date was $29.4 million, nearly flat compared to $31.1 million in 2024.
Outlook and guidance
Refining margins are expected to remain strong in Q4, with positive momentum anticipated to continue through year-end.
CapEx for 2025 revised to $49 million, with Hamilton project at $75 million and University Park at $25 million.
Belize capital spend to ramp up in 2026, with $5 million targeted for next year; Belize refinery joint venture targets initial operations in H1–Q3 2026.
Commissioning of new refineries in Hamilton, Ontario (Q4 2025) and University Park, Illinois (Q1 2026) remains on track.
Organic sugar pricing in the U.S. reflects high-tier import economics following USDA's FY2026 specialty sugar announcement.
Refinery margin sustainability beyond Q3
How does Sucro leverage organic refiner position?
Strategic importance of new refinery projects?
What sustains strong refining margins in Q4?
What is the strategic impact of the CSR project?
Why the CapEx revision for 2025 projects?
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Q4 202510 Apr, 2026
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Frequently asked questions
Sucro Limited is a supply chain company serving the North American sugar industry. It provides refined and raw sugar products to food and beverage manufacturers, along with logistics and distribution solutions. The company operates refining and liquid sucrose production facilities, focusing on efficient, vertically integrated operations. Its business spans procurement, refining, and delivery across multiple customer channels. The company is headquartered in Coral Gables, Florida, and its shares are listed on the TSX-V.
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