VANCOUVER, British Columbia, Nov. 27, 2025 (GLOBE NEWSWIRE) — Rogers Sugar Inc. (“our,” “we”, “us” or “Rogers”) (TSX:RSI) today reported fourth quarter of fiscal 2025 results with consolidated adjusted EBITDA of $39.5 million and $150.4 million for the current quarter and the year, respectively.
“Our strong fourth quarter and full-year results demonstrate the resilience and adaptability of our business in a challenging market environment,” said Mike Walton, President and Chief Executive Officer of Rogers and Lantic Inc. “Both our Sugar and Maple segments delivered higher adjusted EBITDA, supported by disciplined execution and consistent demand from our customers. As we advance our LEAP Project to expand refining and logistics capacity in Eastern Canada, we remain focused on delivering value for our shareholders and supporting our customers’ evolving needs.”
Fourth Quarter 2025 Consolidated Highlights
(unaudited)
Q4 2025
Q4 2024
YTD 2025
YTD 2024
Financials ($000s)
Revenues(1)
322,671
333,029
1,312,629
1,231,763
Gross margin
44,033
49,732
192,238
175,872
Adjusted gross margin(2)
51,926
50,070
202,675
191,423
Results from operating activities
23,781
30,080
109,801
97,209
EBITDA(2)
31,577
37,971
139,914
126,052
Adjusted EBITDA(2)
39,470
38,309
150,351
141,603
Net earnings
13,674
18,562
64,455
53,729
per share (basic)
0.11
0.14
0.50
0.45
per share (diluted)
0.10
0.13
0.49
0.41
Adjusted net earnings(2)
19,782
18,819
72,505
66,660
Adjusted net earnings per share (basic)(2)
0.16
0.14
0.57
0.56
Trailing twelve months free cash flow
104,046
73,341
104,046
73,341
Dividends per share
0.09
0.09
0.36
0.36
Volumes
Sugar (metric tonnes)
195,952
204,540
781,454
753,333
Maple Syrup (thousand pounds)
12,926
11,927
53,398
46,947
(1)
The Corporation changed the presentation for high-tier duties on US exports sales for the Sugar segment. See “Summary of Quarterly measures” in the 2025 fourth quarter Management’s discussion and Analysis for additional information.
(2)
See “Cautionary statement on Non-IFRS Measures” for definition and reconciliation to IFRS measures.
The current market volatility associated with the trade conditions related to the new US tariffs on imports has had a limited impact on our business. We are closely monitoring this evolving situation and engaging with the different stakeholders involved.
Consolidated adjusted net earnings(1) for the fourth quarter and the 2025 fiscal year amounted to $19.8 million and $72.5 million, compared to $18.8 million and $66.7 million for the same periods last year.
Consolidated adjusted EBITDA(1) for the fourth quarter and the 2025 fiscal year amounted to $39.5 million and $150.4 million, compared to $38.3 million and $141.6 million for the same periods last year. The favourable variances were driven by higher contributions from both of our business segments.
Adjusted EBITDA(1) in the Sugar segment was $35.1 million in the fourth quarter, an increase of $0.9 million compared to the same period last year, mainly due to a higher adjusted gross margin per metric tonne, partially offset by lower volume sold.
Adjusted EBITDA(1) in the Sugar segment was $129.1 million for the 2025 fiscal year, an increase of $5.5 million compared to the same period last year, mainly due to a higher adjusted gross margin.
Sales volume in the Sugar segment was 781,500 metric tonnes for the 2025 fiscal year, an increase of 28,100 metric tonnes compared to fiscal 2024, when sales volume was lower due to the unfavourable net impact of the labour disruption at the Vancouver refinery in the first two quarters of that year.
Adjusted EBITDA(1) in the Maple segment was $4.4 million in the fourth quarter, an increase of $0.3 million compared to the same period last year, mainly due to a higher volume sold.
Adjusted EBITDA(1) in the Maple segment was $21.3 million for the 2025 fiscal year, an increase of $3.3 million compared to the same period last year, mainly due to incremental sales volume.
Sales volume in the Maple segment for fiscal 2025 was 14% higher than last year, due to higher sales to existing customers and sales to new customers.
For the 2025 fiscal year, we spent $95.2 million on additions to property, plant and equipment, of which $74.6 million was spent in connection with the expansion of our Eastern sugar refining and logistics capacity (the “LEAP Project”).
The construction phase related to the expansion of the sugar refining capacity of the LEAP Project is progressing as planned. During the second half of the 2025 fiscal year, we advanced the construction phase of the project, including the installation of newly received sugar refining equipment and logistics infrastructure. We continue to expect the total cost of the project to range between $280 million and $300 million, with an anticipated in-service in the first half of calendar 2027.
Free cash flow(1) for the trailing 12 months ended September 27, 2025, was $104.0 million, an increase of $30.7 million from last year, largely driven by higher consolidated adjusted EBITDA (1), along with favourable timing of income tax payments and lower capital expenditures for operations, excluding LEAP.
In the fourth quarter of fiscal 2025, we distributed $0.09 per share to our shareholders, for a total amount of $11.5 million. For the 2025 fiscal year, we distributed $0.36 per share to our shareholders, for a total amount of $46.1 million.
On November 26, 2025, the Board of Directors declared a quarterly dividend of $0.09 per share, payable on or before January 14, 2026.
On November 26, 2025, the Board of Directors approved the filing of a short-form base shelf prospectus in connection with expected financing initiatives over the next two years.
(1) See “Non-IFRS Measures” for definition and reconciliation to IFRS measures
SUGAR SEGMENT
Fourth Quarter 2025 Sugar Highlights
(unaudited)
Q4 2025
Q4 2024
YTD 2025
YTD 2024
Financials ($000s)
Revenues(1)
259,019
272,811
1,049,490
998,029
Gross margin
39,589
43,150
165,611
150,860
Adjusted gross margin(2)
46,410
44,390
175,356
167,431
Per metric tonne ($/ mt)(2)
237
217
224
222
Administration and selling expenses
10,078
9,305
42,117
40,502
Distribution costs
7,356
7,079
27,453
25,494
Results from operating activities
22,155
26,766
96,041
84,864
EBITDA(2)
28,230
32,985
119,328
107,033
Adjusted EBITDA(2)
35,051
34,225
129,073
123,604
Volumes (metric tonnes)
Total volume
195,952
204,540
781,454
753,333
(1)
The Corporation changed the presentation for high-tier duties on US exports sales for the Sugar segment. See “Summary of Quarterly measures” in the 2025 fourth quarter Management’s discussion and Analysis for additional information.
(2)
See “Cautionary statement on Non-IFRS Measures” for definition and reconciliation to IFRS measures
In the fourth quarter of 2025, revenues decreased by $23.4 million, compared to the same period last year, largely driven by a lower average price for Raw #11 and lower sales volume. The average price for Raw #11 decreased by US 3.2 cents per lb to US 16.18 cents per lb for the current quarter, compared to the same period last year. This variance was partially offset by higher revenues related to high-tier duties on US exports sales, with a corresponding offset to cost of sales from higher volume in sold in 2025.
In the fourth quarter of fiscal 2025, sugar volume totaled approximately 196,000 metric tonnes, a decrease of approximately 4% or 8,600 metric tonnes compared to the same period last year. The decrease was largely due to unexpected non-recurring issues encountered by one of our large industrial customers in Montréal. The negative variance was also related to the loss of two large customers in Western Canada which impacted our liquid segment.
Gross margin was $39.6 million for the fourth quarter and included a loss of $6.8 million for the mark-to-market of derivative financial instruments. For the same periods last year, gross margin was $43.2 million with a mark-to-market loss of $1.2 million.
Adjusted gross margin increased by $2.0 million in the fourth quarter compared to last year mainly as a result of a higher sugar sales margin from increased average pricing on sugar refining-related activities. This positive variance was partially offset by the unfavourable impact of lower sales volume. On a per-unit basis, adjusted gross margin for the fourth quarter was $237 per metric tonne, compared to $217 per metric tonne for the same period last year. The favourable variance was mainly due to an increase in overall margin from improved selling prices, partially offset by lower sales volume.
EBITDA for the fourth quarter was $28.2 million, a decrease of $4.8 million as compared to same period last year. These results include gains and losses from the mark-to-market of derivative financial instruments.
Adjusted EBITDA for the fourth quarter increased by $0.8 million compared to the same period last year, largely due to higher adjusted gross margin, partially offset by higher distribution costs and higher administration and selling expenses.
MAPLE SEGMENT
Fourth Quarter 2025 Maple Highlights
(unaudited)
Q4 2025
Q4 2024
YTD 2025
YTD 2024
Financials ($000s)
Revenues
63,652
60,218
263,139
233,734
Gross margin
4,444
6,582
26,627
25,012
Adjusted gross margin(1)
5,516
5,680
27,319
23,992
As a percentage of revenues (%)(1)
8.7
%
9.4
%
10.4
%
10.3
%
Administration and selling expenses
2,705
2,919
12,125
11,429
Distribution costs
113
349
742
1,238
Results from operating activities
1,626
3,314
13,760
12,345
EBITDA(1)
3,347
4,986
20,586
19,019
Adjusted EBITDA(1)
4,419
4,084
21,278
17,999
Volumes …