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AGT FOODS Au FOODS Healthy and Affordable Food for the World BOLD red split lentils Warbel AGT AGT AGT Saskcan WAGT AGT AGT RESHOOP clic clic Veggi Vegglasta Veggly clic Veggipasta clic clic Veggipasta Rotini Veggipasta clic clic clic PASTELA PASTA PASTAVI PASTAVILLA PASTAVILLA VILL Spaghetti Linguine ARBEI ARBELLA clic clic clic clic clic ARBELLA BELLA Q2 2026 Results Analyst & Investor Call August 11 , 2026 AGT FOODS
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In this presentation, all amounts are presented in millions of Canadian dollars, unless otherwiseindicated. Any graphs, tables or other information in this presentation demonstrating the historicalperformance of AGT Food and Ingredients Inc. (“AGT”or the “Company”) or of any of its business unitscontained in this presentation are intended only to illustrate past performance and are not necessarilyindicative of future performance of the Company or any of its business units.Forward-Looking InformationThis presentation contains certain forward-looking statements. Forward-looking statements include butare not limited to, those with respect to: the performance of certain of AGT’s segments, includingwithout limitation, margin pressures, export levels, production quality, conditions, timing of harvest,demand, capacity utilization, capital expenditures utilization, yields, sales volumes, margins, supply,capital expenditures and growth expectations, allocation of certain corporate and operating costsbetween segments and AGT’s corporate cost structure, mt levels, and supply constraints; global supplies;global demand; demand fundamentals and market conditions; expected tax rates; sales opportunities;AGT’s dividend policy; and internal controls over financial reporting. In certain cases, forward-lookingstatements can be identified by the use of words such as "plans", "expects", “viewed”, “in the opinionof”, "is expected", “if realized”, “is seen as likely”, "estimates", "forecasts", "intends", "anticipates" or"does not anticipate", or "believes", “is optimistic”, “not expected” or variations of such words andphrases, or statements that certain actions, events or results, “grows”, “develop”, “opportunity”,“boding well”, “are viewed”, “appear”, “potential”, “can have”, "may", "could", "would", or "will" betaken, occur or be achieved.Forward-looking statements involve known and unknown risks, uncertainties and other factors whichmay cause the actual results, performance or achievements of AGT (including its operating subsidiaries)to be materially different from any future results, performance or achievements expressed or implied bythe forward-looking statements. Such risks and uncertainties include, among others, the actual results ofharvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes tooperate as anticipated, accidents or labour disputes, risks relating to the integration of acquisitions or tointernational operations. Although AGT has attempted to identify important factors that could causeactual actions, events or results to differ materially from those described in forward-looking statements,there may be other factors that cause actions, events or results not to be as anticipated, estimated orintended. There can be no assurance that forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statements.Although AGT believes the assumptions inherent in forward-looking statements are reasonable, unduereliance should not be placed on these statements, which only apply as at the date of this presentation. Cautionary Statement 2 In addition to other assumptions identified in AGT’s MD&A for the second quarter and six months endedJune 30, 2026 as well as fourth quarter and year ended December 31, 2025, assumptions have beenmade regarding, among other things, production quality; the volume and quality of crops held on-farmby producers and customers in North America; demand for and supply of open market pulses; movementand sale of pulses in Australia and Türkiye; agricultural commodity prices; demand for crop products andthe market share of these products that will be achieved; general financial conditions for WesternCanadian, US, Turkish and Australian agricultural producers; the ability of the railways to ship pulses toport facilities for export without labor or other service disruptions; the ability to maintain existingcustomer contracts and relationships; the impact of competition; the ability to obtain and maintainexisting financing on acceptable terms; and currency, exchange and interest rates.AGT expressly disclaims any intention or obligation to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise, except as may be required inaccordance with applicable securities laws.Non-GAAP MeasuresThis presentation makes reference to certain non-GAAP measures, including non-GAAP ratios. These measures are not recognized measures under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing further understanding of AGT’s results of operations from management’s perspective. The non-GAAP financial measures and ratios referenced in this presentation that we use include “Adjusted Net Earnings”, “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted Free Cash Flow”, “Adjusted Free Cash Flow Conversion”, “Adjusted Net Debt” and “Adjusted Net Debt to Adjusted EBITDA Ratio”. These non-GAAP measures are used to provide investors with supplemental measures of our operating performance and to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards measures. We also believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Our management also uses non-GAAP measures in order to review operating performance and comparisons from period to period, prepare annual operating budgets, and assess AGT’s ability to meet future capital expenditure and working capital requirements.These non-GAAP financial measures should not be considered in isolation or as a substitute for analysis of financial information reported under IFRS Accounting Standards. Such measures do not have any standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies.
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Bill McFarlandChair of the Board
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Summary 4 Market updateStrong growth in Packaged Foods andIngredients revenue of 18% andAdjusted EBITDA of 42%Adjusted EBITDA rebounded from Q12026 to $45.1 millionAdjusted Free Cash Flow growth of39%Demand fundamentals are strongwith a sizable order book andprogress towards new and expandedretailer relationshipsGrowth investments and India plantconstruction on time and budgetAdjusted Net Earnings positivegrowth16.9 23.4 37.9%52.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0% - 5.0 10.0 15.0 20.0 25.02025 2026Consolidated Q2 Adjusted Free Cash FlowAdjusted Free Cash Flow Conversion 39%7.5 8.2 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.02025 2026Consolidated Q2 Adjusted Net Earnings +9%44.5 45.1 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.02025 2026Consolidated Q2 Adjusted EBITDA +1%174.5206.8100.0120.0140.0160.0180.0200.0220.02025 2026Packaged foods & Ingredients Q2 Revenues +18%19.2 27.2 11.0%13.1%5.0%7.0%9.0%11.0%13.0%15.0%17.0% - 5.0 10.0 15.0 20.0 25.0 30.02025 2026Packaged Foods & IngredientsQ2 Adjusted EBITDAAdjusted EBITDA margin +42%
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Packaged Foods & Ingredients Review 5 Adjusted EBITDA growth of 42%Segment Adjusted EBITDA margin improved to 13%Turkish and “Better For You” pasta demand growingExtrusion product pipeline in Minot is growing anddiversifyingDe-risks modular capital expansion strategySouth Africa results normalizingManufactures and sells consumer packaged foods, and supplies pulse-based ingredients including pasta, flour, and plant-based proteins for global packaged food brands and retailer-owned brands. 19.2 27.2 11.0%13.1%5.0%7.0%9.0%11.0%13.0%15.0%17.0% - 5.0 10.0 15.0 20.0 25.0 30.02025 2026Q2 Adjusted EBITDAAdjusted EBITDA margin +42%174.5206.8100.0120.0140.0160.0180.0200.0220.02025 2026Q2 Revenues +18%
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Value Added Processing Review 6 Adjusted EBITDA margins improvingAdjusted EBITDA recovery expected in second half of2026 as higher Q2 inventory levels shippedMiddle East shipping delays resulted in lower revenuesof $57 million and Adjusted EBITDA of $3.4 millionFood security program volumes and Adjusted EBITDAcontribution consistent with prior yearShort-term margin compressionStrong underlying customer demand for back half of2026Integrated supply chain servicing wholesale, retail,canning, and packaging markets, using advancedtechnologies including color sorting, metal detection, andX-ray to ensure food quality. 28.0 22.7 7.6%7.2%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0% 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.02025 2026Q2 Adjusted EBITDAAdjusted EBITDA Margin (19%)369.0 314.3 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.02025 2026Q2 Revenues (15%)
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Strong balance sheet provides financialflexibility to execute strategyAdjusted Net Debt / Adjusted EBITDA of0.49xAdjusted Free Cash Flow generationsupports future capital expenditures anddividends – on target to exceed $100millionAdvantageous Turkish tax changesimprove competitive environment andreduce future cash taxes Strong Financial Position 7
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AGT Strategy 8 Margin Improvement Across Segments•Diversified segments and geographies•Margin improvement with scale driven by trends and affordability•Strong food security and staple food sales•Higher value-added pulses including beans, chickpeas and split productsDisciplined Growth•Scalable global pasta platform •India pasta facility provides preferential market access on a cost competitive basis•US modular “Better For You” expansion provides access to growing US market for protein and dietary fibre•Growing global customer base Stronger Financial Foundation•Low leverage •Growing free cash flow•Accretive and disciplined capital allocation•Dividends and share appreciation Strong platform. Disciplined growth. Long-term value creation.Legend: AchievingWork in Progress
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2026 Priorities and Outlook 9 Execute strategic plan with excellenceAdjusted EBITDA and Adjusted Free Cash Flow to exceed 2025 levels of $190.2 million and $73.7 millionContinue to grow Packaged Foods and Ingredients book of businessExecute delayed sales and continue diversification in Value Added ProcessingBe opportunistic in the Distribution segmentComplete India and Minot plant constructionsContinue to build the team and confidence of investor communityBUILD BUSINESS FOR THE LONG TERM TO DRIVE SHAREHOLDER VALUE
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Q&A