Highlights

• AGI suspended its C$0.15 quarterly Dividend in March 2026 alongside full-year results and a Leadership reset.

• Second-quarter adjusted EBITDA fell 20% to C$43.3 million while net Debt Leverage held at 5.2 times.

• Debentureholders approved amendments that include extending the Maturity of notes originally due 31 December 2026.

• Only one payment falls inside the trailing window, so no indicated Yield can fairly be presented today.

The last dividend cheque from Ag Growth International (TSX:AFN) landed on 12 January 2026: C$0.15 per share, paid on a 31 December record date. Weeks later, alongside its 2025 results in March, the grain-handling and farm-equipment group switched the payout off, ending a long run of quarterly distributions.

Ten months on, the dividend remains suspended, and the company's attention sits squarely on debt, costs and a formal review of strategic options.

A Business under repair

Second-quarter 2026 Revenue came in at C$323.2 million, down 7% on a year earlier. The Farm segment grew 10% to C$139.7 million, but Commercial sales fell 17% to C$183.5 million. Adjusted EBITDA dropped 20% to C$43.3 million, with the Margin narrowing to 13.4%, and the order book shrank 22% to C$516.0 million.

Cash generation was the bright spot. Free Cash Flow reached a positive C$63.0 million, helped by monetising C$106 million of long-term receivables, against an outflow a year earlier. Even so, net debt stood at C$976.7 million and leverage at 5.2 times, roughly unchanged from the prior quarter.

Debentures, a strategic review and new faces

The board created a Strategic Review Committee of independent directors, chaired by Gary Anderson, to examine alternatives. Haaris Uddin became chief financial officer on 4 August 2026, working under President and Chief Executive Paul Brisebois.

Late in October, holders of the Third Series 5.25% senior subordinated unsecured debentures, originally maturing on 31 December 2026, approved amendments that include extending their maturity. The full revised terms were not independently verified for this report. Management has also targeted more than C$20 million from Facility and asset sales across the third and fourth quarters, and expects to exceed C$30 million of annualised cost savings.

How the yield should be read

The shares closed at C$8.37 on 10 November 2026. Within the lookback from 11 November 2025 to 10 November 2026, only the C$0.15 payment with a 31 December ex-date qualifies, giving a historical trailing yield of about 1.79%.

That figure describes the past, not the present. With the quarterly dividend suspended, there is no indicated yield to quote, and the company has itself flagged the risk that the payout stays suspended for an extended period or is ultimately terminated.

The calendar ahead

Third-quarter results were scheduled for release after the market close on 11 November, followed by a conference call at 8:00 a.m. Eastern on 12 November. Any change to Capital allocation, including the dividend, would be a board decision, and none had been announced at the time of review.

Management has described its outlook as a still-guarded Farm recovery alongside continued Commercial softness and a change of strategy in Brazil, all expected to weigh on second-half and full-year results against the prior year.