Growth International (AFN) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 13% YoY to $340.5M and Adjusted EBITDA fell 45% to $39.0M; Farm growth was offset by Commercial weakness and Brazil project costs and bad debt.

• Q3 net loss attributable to shareholders was $16.1M; 9M revenue was $945.8M and shareholder net loss was $99.2M.

• Priorities include cash generation, debt reduction, structural cost savings and operating simplification; net debt declined for a second consecutive quarter.

Financial highlights

• Q3 revenue was $340.5M versus $389.4M; Adjusted EBITDA was $39.0M versus $71.0M. 9M Adjusted EBITDA was $107.5M versus $156.5M.

• Q3 basic and diluted EPS were both $(0.85); 9M basic and diluted EPS were both $(5.26).

• Q3 free cash flow was $26.8M versus cash use of $2.4M a year earlier; LTM free cash flow was negative $8.7M versus negative $59.4M.

• YTD SG&A declined $15.0M, or $20.4M excluding Q3 Brazil bad debt expense; annualized structural savings remain on track to exceed $30M.

• Total order book was $431.9M, down 35% YoY; excluding Brazil Long-Term Financed Projects, it was $422.4M, down 17%.

Outlook and guidance

• No formal Q4 guidance was given; management expected commercial pressure to persist and Q4 trends to be similar to Q3.

• Farm improvement is expected to continue; the early order program supports visibility into H1 2027 production schedules.

• Brazil project roll-off will weigh on 2027 YoY comparisons, with a revenue gap of $180M to fill against the 2026 comparison.

• Priorities include rebuilding Commercial orders, tighter project selection and execution, footprint optimization, facility-level accountability and cash generation.