Strong consolidated profitability
Consolidated adjusted EBITDA of $47.0M in Q1, up 18% year-over-year; adjusted net earnings of $25.0M, up 27% YoY; adjusted net earnings per share $0.19 vs $0.15 prior year (+27%).
Healthy free cash flow and balance sheet actions
Trailing 12-month free cash flow of $89.3M (company reported ~ $89M), roughly +4% YoY; maintained quarterly dividend; completed Ninth series convertible debenture issuance to enhance financial flexibility and refinance prior maturities.
Sugar segment margin resilience
Sugar adjusted gross margin per tonne rose to $304, an increase of $79 YoY (approx +35% vs prior comparable period); Sugar adjusted EBITDA of $41M, up $7M vs last year, reflecting disciplined pricing, procurement timing benefits and margin protection despite volume headwinds.
Maple segment growth and margin recovery
Maple revenues increased 8% to $72M with sales volumes up 8%; adjusted EBITDA for Maple $5.8M (slight improvement); adjusted gross margin percentage recovered to 10.6% (targeting 10–11%), expected to translate into roughly 8% EBITDA margin for the year.
Progress on LEAP expansion with stable cost outlook
LEAP construction in Montreal advancing on revised schedule; targeted start-up in H1 2027; management maintained cost-to-complete estimate in the $280M–$300M range and reports unchanged estimate of project cost.
Disciplined capital allocation
Q1 capital expenditures of $25M (bulk supporting LEAP); 2026 core-business CapEx planned at ~ $27M excluding LEAP; financing plan in place to fund LEAP while preserving liquidity and supporting shareholder returns.