Rogers Sugar (RSI) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EBITDA of over CAD 150 million ($150.4M) in 2025, marking the fourth consecutive year of profit growth, with both Sugar and Maple segments contributing.

• Adjusted net earnings exceeded CAD 72 million ($72.5M), up 9% year-over-year, more than double five years ago.

• Consolidated revenues rose 6.6% to CAD 1.3 billion ($1.31B), with Maple sales volume up 14% and Sugar volume up nearly 4% year-over-year.

• Maintained a consistent quarterly dividend of CAD 0.09 ($0.09) per share, returning CAD 46 million to shareholders.

• Navigated significant operational challenges, including a port strike, equipment breakdowns, and trade policy uncertainty.

Financial highlights

• Q4 adjusted EBITDA was CAD 39.5 million ($39.5M), up from CAD 38.3 million last year.

• Full-year adjusted EBITDA rose nearly 6% to over CAD 150 million ($150.4M), a company record.

• Free cash flow improved 23% to CAD 90 million, with trailing 12 months at $104M, supporting dividends and capital projects.

• Full-year revenues increased 7% to CAD 1.3 billion ($1.31B), despite a 3% Q4 revenue decline due to lower sugar prices and volumes.

• Adjusted net earnings per share were CAD 0.57 ($0.57), slightly higher year-over-year despite a 20% increase in shares outstanding.

Outlook and guidance

• 2026 sugar sales volume forecasted at 750,000–770,000 mt, a slight decrease due to lower export demand and market volatility.

• Maple segment projected to grow up to 3% in volume, supported by strong global demand.

• Capital expenditures planned at CAD 27 million for core business in 2026, excluding LEAP project; LEAP project construction to advance with $117M in planned spending.

• LEAP project in Montreal delayed to first half of 2027 to align with market demand and ensure safety.