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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Growth International
Growth International (AFN) investor relations material
Growth International Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Q1 2026 revenue was CAD 282 million, down 2% year-over-year, with adjusted EBITDA of CAD 25 million, a 19% decrease, as ongoing uncertainty in North American and global agriculture impacted customer purchasing and large capital decisions.
Adjusted EBITDA margin declined to 8.9%, down 197–200 basis points year-over-year, mainly due to lower commercial volumes, partially offset by cost reductions.
Farm segment revenue rose 7% year-over-year to CAD 102 million, while commercial segment revenue declined 6% to CAD 180 million due to soft North American markets and geopolitical issues in India.
Restructuring and cost-saving initiatives are underway, targeting over CAD 30 million in annualized savings by Q4 2026, with SG&A expenses down CAD 9.7 million year-over-year.
Net debt leverage ratio increased to 5.2x at March 31, 2026, up from 4.7x at December 31, 2025, due to seasonal working capital build.
Financial highlights
Consolidated Q1 revenue was CAD 282 million, down 2% year-over-year.
Adjusted EBITDA was CAD 25 million, down 19% year-over-year; adjusted EBITDA margin fell to 8.9%, down 197 basis points.
Farm segment revenue: CAD 102 million (+7% YOY); commercial segment revenue: CAD 180 million (–6% YOY).
Farm adjusted EBITDA was CAD 18.9 million (flat year-over-year); commercial adjusted EBITDA was CAD 13.6 million, down from CAD 24.5 million.
Q1 2026 loss before income taxes was CAD (43.6) million.
Outlook and guidance
Order book at March 31, 2026, was CAD 589 million, down 19% year-over-year, mainly due to completion of large international commercial projects.
Sequential improvement in Q2 commercial margins is expected, but full recovery depends on volume rebound.
Free cash flow is expected to be positive for the full year, supported by receivable monetization and cost savings.
Focus remains on debt reduction, with a long-term leverage target of 2.5x and ROIC goal of 15%.
Annualized cost savings from restructuring now expected to reach at least CAD 30 million by Q4 2026.
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Latest events from Growth International
- Strong Commercial growth in Q3 2025 offset Farm weakness, but cash flow and margin pressures persist.AFN
Q3 202516 Apr 2026 - Revenue up 4%, EBITDA down 38%; restructuring and cost cuts target margin recovery.AFNQ4 202528 Mar 2026
- Strong organic growth, margin expansion, and global reach drive long-term value creation.AFNInvestor presentation20 Mar 2026
- Record order book and Commercial strength offset Q2 declines, supporting robust 2024 outlook.AFNQ2 20242 Feb 2026
- Record order book, resilient margins, and share buyback offset U.S. farm market softness.AFNQ3 202416 Jan 2026
- Record Q4 EBITDA and strong international Commercial growth offset Farm segment weakness.AFNQ4 202423 Dec 2025
- International Commercial growth and order book strength offset Farm headwinds; 2025 outlook reaffirmed.AFNQ1 202520 Nov 2025
- International Commercial growth offset Farm weakness, keeping revenue and outlook steady.AFNQ2 202516 Nov 2025
Next Growth International earnings date
Q2 202631 Jul, 2026
Growth International
Next Growth International earnings date
Q2 202631 Jul, 2026
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