AGI Q3 2026: Revenue Falls 13% as Net Debt Drops to $954 Million

what happened

Ag Growth International (AGI) published its results for the three- and nine-month periods ended September 30, 2026, according to TradingView. Third-quarter revenue came in at $340 million, down 13% year on year, and adjusted EBITDA dropped 45% to $39 million. The adjusted EBITDA margin narrowed to 11.5% from 18.2% a year earlier.

The Farm segment grew, with revenue up 19% to $159 million and EBITDA up 38%. The Commercial segment moved the other way: revenue fell 29% and EBITDA dropped to $7.4 million from $49.7 million. Nearly half of that decline came from Brazil, where the company also booked $5.4 million of bad debt expense. Net debt fell to $954.0 million from $976.7 million in the second quarter, but the net debt leverage ratio rose to 6.1x. The total order book was $432 million, down 35% year on year.

why it matters

The picture is mixed: cash generation and debt reduction support the balance sheet, while weak Commercial results and a shrinking order book hold back growth. Savings of more than $30 million in annualized SG&A and a surplus real estate pipeline of about $50 million are the main levers in the turnaround plan.

market impact

AGI shares: weak Commercial segment offset by Farm growth and debt reduction

• ↔AGI shares mixed — weak Commercial results offset by Farm growth and lower debt

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