Slides
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2 CEO COMMENTARY
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TOPICS FOR TODAY’S REVIEW 3 SAFETY TARIFF UPDATE OUTLOOK STRATEGY & MARKET UPDATE
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SAFETY IS A TOP PRIORITY
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Q3 2025 RESULTS 5 $357 $389 Q3/24 Q3/25 $69 $71 Q3/24 Q3/25 19.2% 18.2% Q3/24 Q3/25 CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non -IFRS ratio. See "Non-IFRS and Other Financial Measures". Source: Company reports
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CORPORATE STRATEGIC PRIORITIES 6 PROFITABLE ORGANIC GROWTH OPERATIONAL EXCELLENCE BALANCE SHEET DISCIPLINE KPI Revenue & Adjusted EBITDA Growth KPI Margin Expansion KPI Net Debt Leverage Ratio Free Cash Flow
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PROFITABLE ORGANIC GROWTH 7 PROFITABLE ORGANIC GROWTH Product Transfers Emerging Markets Growth Platforms • Key driver to success in Brazil • Several key products now transferred to India • Major project wins in Middle East and elsewhere • Business development resources & focus working • Processing – Feed, Food, Digital • Cohesive internal teams; large addressable markets These initiatives are driving well-above-market Commercial segment growth
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OPERATIONAL EXCELLENCE 8 OPERATIONAL EXCELLENCE Facility Consolidations Manufacturing Optimization ERP Implementation • Finalized two facility consolidations in North America • Streamline operations, remove costs – an additional facility divested in Q4 • New processes, rationalized products, coordinated logistics • Immediate cost benefits, future scalable growth platform • Multi-year deployment phase initiated • Significant efficiency and cost savings opportunities
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BALANCE SHEET DISCIPLINE 9 BALANCE SHEET DISCIPLINE Facility-Level Focus Financing Receivable Monetization Working Capital Optimization • Deployment of upgraded and consistent processes and tools to each of our facilities to optimize working capital • Commercial investment fund setup in Brazil • 1st receivable monetized early Q4; more in early 2026 • New accounts payable management system setup in partnership with a leading financial institution Several levers working together to steadily improve leverage metrics
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TARIFFS 10 • New regulations and higher tariff rates introduced in the third quarter • Mitigants: supplier and supply chain network redesign and optimization • Minimal disruption to operations and margins • Continue to closely monitor the situation for new developments
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OUTLOOK • Expectations for Q4 2025 are for lower Adjusted EBITDA sequentially and versus prior year largely from challenging market conditions, negative mix, and notably higher SG&A costs compared to prior year. • Commercial segment order book provides visibility across the first half of 2026. Focus on execution. • Farm segment visibility into early 2026 remains limited due to challenging market conditions which are expected to persist. Focus on order intake. 11 Note: Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS and Other Financial Measures".
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12 CFO COMMENTARY
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TOPICS FOR TODAY’S REVIEW 13 THIRD QUARTER RESULTS BALANCE SHEET CASH FLOW CAPITAL ALLOCATION
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Q3 2025 COMMERCIAL RESULTS 14 $173 $256 Q3/24 Q3/25 $31 $50 Q3/24 Q3/25 17.9% 19.5% Q3/24 Q3/25 CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non -IFRS ratio. See "Non-IFRS and Other Financial Measures". Revenue by segment is a supplementary financial measure. Source: Company reports
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15 COMMERCIAL SEGMENT COMMENTARY • Growth driven by execution of large-scale projects across multiple international markets • Exceptional demand in Brazil for integrated solutions, supported by product transfer programs, technical partnerships, tailored financing • Major projects in Middle East and Africa combined with disciplined cost control delivered strong revenue and incremental EBITDA • Margin expansion due to project execution, volume increases, and cost containment
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Q3 2025 FARM RESULTS 16 $185 $134 Q3/24 Q3/25 $45 $28 Q3/24 Q3/25 24.6% 20.5% Q3/24 Q3/25 CAD, millions REVENUE ADJUSTED EBITDA ADJ. EBITDA MARGIN Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA Margin % is non -IFRS ratio. See "Non-IFRS and Other Financial Measures". Revenue by segment is a supplementary financial measure. Source: Company reports
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17 FARM SEGMENT COMMENTARY • Varied regional performance • Lower volumes & unfavorable product mix compressed margins • Market uncertainty persists; continued cost control and recovery preparation underway
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BALANCE SHEET DISCIPLINE Net Debt Leverage Ratio Notes: Total Net Debt and Adjusted EBITDA are non-IFRS measures. Total Net Debt / LTM Adjusted EBITDA ratio is a non -IFRS ratio and is interchangeable with the Net Debt Leverage Ratio non-IFRS ratio measure. See "Non-IFRS and Other Financial Measures". Total Net Debt / LTM Adjusted EBITDA ratio as of September 30, 2025. Source: Company reports 18 – 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Total Net Debt / LTM Adjusted EBITDA • Net debt leverage ratio driven by temporary increase in working capital requirements for Commercial segment • Monetizing receivables expected to reduce working capital and improve balance sheet metrics 3.9x
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19 FREE CASH FLOW FOCUS Note: Free Cash Flow is a non-IFRS measure. See "Non-IFRS and Other Financial Measures". Note: Free Cash Flow is defined as cash provided by operations activities less acquisition of plant, property, and equipment, less development and purchase of intangible assets. • Across 2025, Free Cash Flow will be leveraged to support growth opportunities in Commercial • Strategic temporary investment in working capital to support large- scale projects, notably in Brazil • Monetizing receivables expected to reduce working capital and improve cash flow in early 2026 ($12) $8 $9 $34 $36 $4 ($2)($6) ($51) ($34) ($6) $50 $88 $111 $73 $49 $50 $65 $111 $79 $41 $0.3 ($61) Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 LTM Free Cash Flow
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20 NEAR-TERM CAPITAL ALLOCATION PRIORITIES High Priority Medium Priority Opportunistic • Operational improvements (ERP implementation) • Working capital investment to support Commercial growth • Routine capital investments (maintenance capex & intangibles) • Debt repayment • Maintain dividend • Additional targeted operational improvements • India facility consolidation • Additional opportunistic share repurchases • Temporary working capital investment step-up for strategic Commercial growth opportunities internationally • Debt repayment a priority • Continued pause on M&A • Environment is dynamic; will adjust as conditions warrant
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This webcast presentation contains forward-looking statements and information (collectively, "forward-looking information") within the meaning of applicable securities laws that reflect our expectations regarding the future growth, results of operations, performance, business prospects, and opportunities of AGI. All information and statements contained herein that are not clearly historical in nature constitute forward- looking information, and the words "anticipate", "estimate", "believe", "continue", "could", "expects", "intend", "trend", "plans", "focus", "forecast", "guidance", "project", "will", "may" or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this webcast presentation may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. In particular, the forward-looking information in this webcast presentation includes information relating to: trends in respect of our revenue, Adjusted EBITDA and Adjusted EBITDA margin; that our corporate strategic priorities of profitable organic growth, operational excellence and balance sheet discipline will allow the AGI management team to deliver on defined KPIs of revenue and Adjusted EBITDA growth, margin expansion, net debt leverage ratio and free cash flow; our strategies for achieving profitable organic growth, operational excellence and balance sheet discipline; that the order book will continue to show significant strength in the International Commercial segment; that new regulations and higher tariff rates will have minimal disruption to operations and margins; lower Adjusted EBITDA from negative product mix and notably higher SG&A costs in Q4 2025 compared to Q4 2024; trends in respect of our Farm and International Commercial segments; that our current Commercial order book is favourable and provides visibility into early 2026; that Farm segment visibility into early 2026 remains limited due to challenging market conditions which are expected to persist; trends in respect of our revenue, Adjusted EBITDA and Adjusted EBITDA margin; our expectations with respect to our net debt; that debt repayment will remain a priority; free cash flow will be leveraged to support growth opportunities in the Commercial segment; that the investment of working capital to support large scale projects will be strategic and temporary in nature; the expectation that monetization of receivables will reduce working capital and improve cash flow into early 2026; and our expectations with respect to our near-term capital allocation priorities. Such forward-looking information reflects our current beliefs and is based on information currently available to us, including certain key expectations and assumptions concerning: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S., China nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on the products that AGI imports or exports and/or (ii) imposes any other form of tax, restriction, or prohibition on the import or export of products from one country to the other, including on the products that AGI imports or exports; anticipated crop yields and production in our market areas; the financial and operating attributes of acquired businesses and the anticipated future performance thereof; the value of acquired businesses and assets and the liabilities assumed (and indemnities provided) by AGI in connection therewith; anticipated financial performance; future debt levels, the Company's ability to repay its existing debt and the timing thereof; business prospects and strategies, including the success of our profitable organic growth, operational excellence, and balance sheet discipline strategies; product and input pricing; the scope, nature, timing and cost of re-supplying certain equipment and re- completing certain work that has previously been supplied or completed pursuant to warranty obligations or otherwise; regulatory developments; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; currency exchange rates, inflation rates and interest rates; the cost of materials, labour and services and the impact of inflation rates and/or supply chain disruptions and/or labour activity thereon; the impact of competition; the general stability of the economic and regulatory environments in which the Company operates; the timely receipt of any required regulatory and third party approvals; the ability of the Company to obtain and retain qualified staff and services in a timely and cost efficient manner; the amount and timing of the dividends that we expect to pay; the amount of funds that we expect to invest in the repurchase of our common shares under our normal course issuer bid and the timing thereof; the ability of the Company to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; the ability of the Company to successfully market its products and services; and that a pandemic or other public health emergency will not have a material impact on our business, operations, and financial results going forward. FORWARD-LOOKING INFORMATION (1/3) 22
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FORWARD-LOOKING INFORMATION (2/3) 23 Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of existing tariffs are increased or expanded, or new tariffs are imposed, including on products that AGI exports or imports, (ii) the U.S., China and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on products that AGI exports or imports, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian, U.S. and international agricultural industry and AGI, including by decreasing demand for (and the price of) AGI’s products, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; general economic and business conditions and changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, including as a result of conflicts in the Middle East and the conflicts between Russia and Ukraine and the U.S. and Venezuela and the responses thereto from other countries and institutions (including trade sanctions and financial controls), which has created volatility in the global economy and could continue to adversely impact economic and trade activity; the effects of global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the coronavirus (COVID- 19) pandemic; the ability of management to execute the Company's business plan and strategies; fluctuations in agricultural and other commodity prices, interest rates, inflation rates and currency exchange rates; crop planting, crop conditions and crop yields; weather patterns, the timing of harvest and conditions during harvest; volatility of production costs, including the risk of production cost increases that may arise as a result of inflation and/or supply chain disruptions and/or labour actions, and the risk that we may not be able to pass along all or any portion of increased costs to customers; governmental regulation of the agriculture and manufacturing industries, including environmental and climate change regulation; actions taken by governmental authorities, including increases in taxes, changes in government regulations and incentive programs, and actions taken in connection with local or global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the COVID-19 pandemic; risks inherent in marketing operations; credit risk; the availability of credit for customers; seasonality and industry cyclicality; potential delays or changes in plans with respect to capital expenditures; the cost and availability of sufficient financial resources to fund the Company's capital expenditures; failure of the Company to realize the benefits of its operational excellence initiatives; incorrect assessments of the value of acquisitions, failure of the Company to realize the anticipated benefits of acquisitions, including to realize anticipated synergies and margin improvements, and the assumption of liabilities associated with acquisitions and/or the provision of indemnities to vendors in respect of any such assumed liabilities or otherwise; volatility in the stock markets including the market price of our securities; competition for, among other things, customers, supplies, acquisitions, capital and skilled personnel; the availability of capital on acceptable terms; dependence on suppliers; changes in labour costs and the labour market, including the risk of labour cost increases that may arise as a result of inflation and/or a scarcity of labour and/or labour activities; the impact of climate change and related laws and regulations; changes in trade relations between the countries in which the Company does business, including between Canada and the United States, including as a result of tariffs imposed by the United States and Canada on one another; cyber security risks; adjustments to and delays or cancellation of one or more orders comprising our order book; the requirement to re-supply equipment or re-complete work previously supplied or completed at AGI's cost, and the risk that AGI's assumptions and estimates made in respect of such costs and underlying the provision for warranty accrual in our consolidated financial statements related thereto and insurance coverage therefor will prove to be incorrect as further information becomes available to AGI; and the risk of litigation or unsuccessful defense of litigation in respect of equipment or work previously supplied or completed or in respect of other matters and the risk that AGI incurs material liabilities in connection with such litigation that are not covered by insurance in whole or in part.
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FORWARD-LOOKING INFORMATION (3/3) 24 These and other risks and uncertainties are described under "Risks and Uncertainties" in our most recently filed interim and annual MD&A and in our most recently filed Annual Information Form, all of which are available under the Company's profile on SEDAR+ [www.sedarplus.ca]. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. We cannot assure readers that actual results will be consistent with this forward-looking information. Further, AGI cannot guarantee that the anticipated revenue from its order book will be realized or, if realized, will result in profits or Adjusted EBITDA. Delays, cancellations and scope adjustments occur from time-to-time with respect to contracts reflected in AGI's order book, which can adversely affect the revenue and profit that AGI actually receives from its order book. Readers are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income, revenues and expenses and the disclosure of contingent liabilities. These estimates and related assumptions may change, having either a negative or positive effect on profit or loss, as further information becomes available and as the economic environment changes. Without limitation of the foregoing, the provisions for warranties disclosed in our most recently filed interim and annual financial statements and MD&A required significant estimates, judgments and assumptions about the scope, nature, timing and cost of work that will be required. It is based on management's estimates, judgments and assumptions at the date thereof and is subject to revision in the future as further information becomes available to the Company. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this webcast presentation is made as of the date of this webcast presentation and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
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PRESENTATION OF FINANCIAL INFORMATION PRESENTATION OF FINANCIAL INFORMATION All financial information of AGI included in this presentation is reported in Canadian dollars and (except for forward-looking financial information) has been derived from audited and unaudited historical financial statements of AGI that were prepared in accordance with International Financial Reporting Standards ("IFRS"). NON-IFRS AND OTHER FINANCIAL MEASURES This webcast presentation makes reference to certain specified financial measures, including non-IFRS financial measures (historical and forward-looking), non-IFRS ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing our business performance and trends. These specified financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement our financial information reported under IFRS by providing further understanding of our results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use specified financial measures to provide supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses specified financial measures in order to prepare annual operating budgets and to determine components of management compensation. We strongly encourage investors to review our historical consolidated financial statements, including our consolidated financial statements for the three and nine months ended September 30, 2025 (the "consolidated financial statements"), and other publicly filed reports in their entirety and not to rely on any single financial measure or ratio. The following is a list of specified financial measures that are referenced throughout this webcast presentation. 25
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PRESENTATION OF FINANCIAL INFORMATION 26 Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is profit (loss) before income taxes. For an explanation of the composition of Adjusted EBITDA (historical and forward-looking), an explanation of how Adjusted EBITDA provides useful information to an investor, an explanation of the additional purposes for which management uses Adjusted EBITDA, and a quantitative reconciliation of Adjusted EBITDA to profit (loss) before income taxes, see the information under the heading "Non- IFRS and Other Financial Measures" in our MD&A for the years ended December 31, 2024 and 2023 and for the three and nine month periods ended September 30, 2025 and 2024; which information (and related reconciliations referenced therein) are incorporated by reference herein. The aforementioned MD&As are available on SEDAR+ at www.sedarplus.ca. The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for each of the LTM (last 12-month) periods presented. LTM Adjusted EBITDA Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 (thousands of dollars) 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sp-25 Profit (loss) before income taxes 50,212 46,937 12,494 18,404 -56,980 -55,291 -66,403 -80,965 -5,236 -7,454 8,034 9,382 11,806 -6,602 9,512 -45,313 -44,277 -23,947 -988 86,067 68,290 42,572 28,076 -5,326 -25,746 18,550 19,949 Finance costs 38,565 41,689 42,432 44,793 45,713 45,969 46,083 46,692 46,193 44,325 43,589 43,599 44,772 50,627 55,818 61,067 67,255 69,410 72,568 73,667 74,937 73,660 72,274 70,242 67,884 68,037 68,807 Depreciation and amortization 34,858 40,052 45,064 48,188 51,944 52,738 53,237 55,271 55,266 56,940 59,631 62,049 67,937 71,468 74,295 76,945 73,588 70,833 68,098 65,316 66,421 68,296 69,244 70,798 70,912 68,857 68,497 Share of associate's net loss 0 0 788 2,352 3,552 4,659 4,931 4,314 4,191 3,084 2,024 1,077 0 0 0 0 0 0 0 0 0 0 -4 -109 33 (607) (1,206) Revaluation gains 0 0 0 0 0 0 0 0 0 -6,778 -6,778 -6,778 -6,778 0 0 0 0 0 0 0 0 0 0 0 — — — Loss (gain) on foreign exchange 10,778 252 6,671 -2,534 22,081 19,881 10,542 1,730 -19,883 -19,124 -6,152 2,992 -8,213 9,487 11,363 8,941 17,052 -1,846 -5,092 -7,571 464 20,788 11,613 42,812 36,201 8,692 18,122 Share-based compensation 7,692 6,583 5,660 5,968 7,332 7,530 6,531 6,428 5,604 5,455 7,221 8,551 9,338 10,323 13,263 15,620 17,170 16,311 14,273 12,159 12,307 13,037 13,401 13,758 11,344 12,134 9,564 Loss (gain) on financial instruments -8,144 -1,226 13,622 1,503 36,205 22,802 14,920 14,502 -20,420 -9,563 -1,428 -1,382 596 6,671 -3,347 -9,629 -14,153 -15,404 -14,697 -5,369 19 -4,353 -5,115 -3,812 10,611 3,618 6,478 Mergers and acquisition expense (recovery) 4,252 4,479 3,879 1,588 -775 -205 -112 1,736 2,399 2,487 2,464 3,036 3,293 1,681 843 -144 -788 -761 25 50 0 0 0 0 — — — Transaction, transitional and other costs 9,070 10,285 9,535 11,562 13,678 12,586 16,212 14,326 13,292 12,744 10,543 12,057 13,948 19,700 33,669 44,301 42,583 43,764 31,544 27,124 27,695 30,829 37,562 56,148 55,415 37,202 28,426 ERP transformation costs 0 0 0 14,001 18,126 23,051 26,434 17,271 15,943 15,226 15,400 Change in estimate on variable consideration 0 0 0 0 0 0 0 0 0 0 0 11,400 11,400 11,400 11,400 0 0 0 0 0 0 0 0 0 — — — Net loss (gain) on disposal of property, plant and equipment 201 -31 164 260 371 389 255 187 249 157 151 23 -182 220 292 339 599 236 275 682 633 812 712 527 405 173 258 Net loss (gain) on assets held for sale 25 25 25 -314 -664 -664 -664 -314 11 19 11 Loss (gain) on settlement of lease liability 0 0 0 0 0 -2 -5 -3 -3 17 13 -17 -17 -35 -28 1 1 -6 -12 86 80 -101 -95 -190 -195 107 (7) Remediation and rework 0 0 7,000 10,000 14,000 20,000 53,000 80,000 76,000 77,500 37,500 26,100 26,100 18,600 18,600 6,100 6,100 26,608 26,608 24,108 24,108 3,600 3,600 0 — — — Accounts receivable reserve for RUK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,733 1,733 1,651 1,383 -350 -350 -268 — — — Foreign exchange reclassification on disposal of foreign operation 0 0 0 0 0 0 0 0 0 0 -898 -898 -898 -898 0 0 0 0 0 0 0 0 0 307 307 307 307 Fair value of inventory from acquisition 621 1,220 1,742 1,962 1,938 742 220 0 0 0 0 0 305 609 609 609 304 0 0 0 0 0 0 0 — — — Impairment charge 0 0 46 233 233 233 5,298 5,111 5,111 5,111 3,516 5,074 5,097 5,097 2,048 75,846 76,013 76,614 77,455 2,237 2,047 4,537 3,042 2,944 2,864 (124) 63 Adjusted EBITDA 148,105 150,240 149,097 144,279 139,292 132,031 144,709 149,329 162,763 164,901 159,430 176,265 178,504 198,348 228,337 234,683 241,472 263,570 271,815 293,894 295,846 275,714 259,730 264,788 245,989 232,191 234,669
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PRESENTATION OF FINANCIAL INFORMATION Adjusted EBITDA – Farm Segment - The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for the Farm segment for each of the periods presented. 27 Adjusted EBITDA – Farm Segment Q3/25 Q3/24 (thousands of dollars) 30-Sep-25 30-Sep-24 Profit (loss) before income taxes 20,470 38,288 Depreciation and amortization 6,402 7,273 Transaction, transitional and other costs 601 120 Net loss (gain) on disposal of property, plant and equipment 35 (47) Impairment charge — (187) Adjusted EBITDA 27,508 45,447 Adjusted EBITDA – Commercial Segment - The following table reconciles profit (loss) before income taxes to Adjusted EBITDA for the Commercial segment for each of the periods presented. Adjusted EBITDA – Commercial Segment Q3/25 Q3/24 (thousands of dollars) 30-Sep-25 30-Sep-24 Profit (loss) before income taxes 41,563 22,497 Depreciation and amortization 8,844 8,371 Loss (gain) on foreign exchange (603) (4) Net loss (gain) on disposal of property, plant and equipment (37) 29 Loss (gain) on settlement of lease liability (22) — Adjusted EBITDA 49,745 30,893
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PRESENTATION OF FINANCIAL INFORMATION Adjusted EBITDA Margin % is a non-IFRS ratio and is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA margin % is a non-IFRS ratio because one of its components, Adjusted EBITDA, is a non- IFRS financial measure. Management believes Adjusted EBITDA margin % is a useful measure to assess the performance and cash flow of AGI. AGI presents Adjusted EBITDA Margin % on a corporate basis and separately for its Farm and Commercial segments. Free Cash Flow is defined as cash provided by operating activities less acquisition of property, plant and equipment and less development and purchase of intangible assets. Free cash flow is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is cash provided by operating activities. Management believes that free cash flow provides useful information about the Company's ability to generate cash that can be used to fund ongoing and prospective strategic initiatives, reduce debt, or pursue other initiatives enhance shareholder value after investing in capital expenditures that are required to maintain and grow the Company. Management uses free cash flow to help monitor the operational efficiency and financial flexibility of the Company as well as an input into executive compensation plans, among other uses. LTM SG&A as % of LTM Revenue is a supplementary financial measure and is calculated as selling, general & administrative expense (a component of selling, general and administrative expenses) for the last twelve month period divided by revenue for the last twelve month period 28 Free Cash Flow LTM Q3/25 LTM Q3/24 (thousands of dollars) 30-Sep-25 30-Sep-24 Cash provided by operating activities (28,737) 156,069 Less: acquisition of property, plant and equipment (21,362) (39,755) Less: development and purchase of intangibles (10,493) (5,260) Free cash flows (60,592) 111,054
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PRESENTATION OF FINANCIAL INFORMATION Order book is a supplementary financial measure and is defined as the total value of committed sales orders that have not yet been fulfilled that: (a) have a high certainty of being performed as a result of the existence of a purchase order, an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to AGI or its divisions, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract in respect of such work is reasonably assured. The order book as at September 30, 2024 has been revised to reflect orders that were outstanding at September 30, 2024 but that were subsequently cancelled. AGI originally reported an order book as at September 30, 2024 of $651 million. Revisions of this nature occur from time-to-time as part of normal business operations. Revenue by Segment, Revenue by Geography, International Revenue, and International Revenue as % of Total Revenue. The revenue information in this presentation that is presented on a segment and/or geographic basis are supplementary financial measures and are used to present AGI's revenues by segment and/or geography. International Revenue is defined as all revenue generated outside of the U.S. and Canada. Total Net Debt is a non-IFRS financial measure and its most directly comparable financial measure that is disclosed in our consolidated financial statements is Long-Term Debt. Total Net Debt is defined as the sum of long- term debt, convertible unsecured subordinated debentures, senior unsecured subordinated debentures, and lease liabilities less cash and cash equivalents. Management believes that Total Net Debt is a useful measure to evaluate AGI's capital structure and to provide a measurement of AGI's total indebtedness. The following table reconciles Long Term Debt to Total Net Debt as at the dates indicated. . Total Net Debt / LTM (last 12 month) Adjusted EBITDA Ratio (also referred to herein as Net Debt Leverage Ratio) is a non-IFRS ratio and is defined as Total Net Debt divided by Adjusted EBITDA for the last twelve months period. Total Net Debt / LTM Adjusted EBITDA is a non-IFRS ratio because its components, Total Net Debt and Adjusted EBITDA, are non-IFRS financial measures. Management believes Total Net Debt / LTM Adjusted EBITDA is a useful measure to assess AGI's leverage position. AGI also uses the term "Net Debt Leverage Ratio" in this presentation in place of "Total Net Debt / LTM (last 12 month) Adjusted EBITDA"; however there is no difference in the calculation of the ratio. 29 Total Net Debt Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 (thousands of dollars) 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 Long Term Debt 397,502 402,350 435,126 393,128 403,935 427,486 454,851 409,373 409,894 466,083 449,341 434,541 520,465 534,846 504,466 440,938 468,857 463,239 481,310 420,457 450,060 523,727 483,335 565,893 639,896 528,785 565,117 Convertible Unsecured Subordinated Debentures 286,518 236,091 237,094 238,833 165,216 165,907 166,608 167,319 168,040 168,770 169,511 179,533 181,293 180,406 181,929 183,481 185,168 186,771 188,403 190,064 191,756 193,479 195,233 197,019 198,837 200,688 202,573 Senior Unsecured Subordinated Debentures 82,124 82,494 82,660 165,474 247,789 248,229 248,656 249,079 249,542 249,978 250,421 250,872 251,330 251,795 252,269 252,750 253,239 253,736 254,242 254,756 255,278 169,559 169,884 83,965 84,085 177,392 177,773 Leases 8,513 7,877 9,752 9,349 11,922 16,929 17,911 16,842 16,840 18,670 19,641 22,279 33,734 35,046 37,338 39,147 40,872 41,164 42,344 41,671 43,361 46,054 44,414 48,279 46,705 45,224 45,107 Less: Cash & Equivalents 90,079 14,085 20,948 48,421 3,603 22,897 74,825 62,456 48,748 55,175 48,610 61,307 60,234 55,201 42,384 59,644 72,852 70,683 90,352 88,042 89,311 85,909 93,682 79,893 76,951 47,527 69,210 Total Net Debt 684,578 714,727 743,684 758,363 825,259 835,654 813,201 780,157 795,568 848,326 840,304 825,918 926,588 946,892 933,618 856,672 875,284 874,227 875,947 818,906 851,144 846,910 799,184 815,263 892,572 904,562 921,360