Despite lower revenues and a loss in 2025, AGT Food and Ingredients (AGTF-T) and its majority owner Fairfax Financial are confident a recent IPO and investment will prove fruitful.

The diversified food manufacturing firm reported revenue of $3 billion in 2025 compared to $3.2 billion in 2024. Its net loss for 2025 was $36.3 million compared to a net loss of $4.1 million in 2024, the company reported.

“We are pleased with AGT’s 2025 results which show the consistency of our business throughout a year that was challenging in the context of tariffs and macroeconomic circumstances,” said Murad Al-Katib, its president and chief executive officer, in a press release.

“Global demand for everyday foods like pasta and pulses is growing. AGT has an integrated supply chain including state-of-the-art global processing plants in five continents,” he said.

The firm cited lower South Africa popcorn, beans and seeds sales and said a prolonged rainy season had an effect. As well, stronger competition and uncertainty on tariffs in the first half of the year affected margins.

Last year, $25.5 million in share-based compensation, of which $20.3 million was in the fourth quarter alone, as well as costs around the IPO and a one-time charge of $15 million related to litigation impacted the bottom line, AGT said.

Company returns to public markets after layoff

The Regina-based food firm recently completed an IPO that raised $449.5 million and it also received a $200 million private placement from Fairfax, according to a press release.

AGT was previously a public company from 2009 until 2019, when it became private again.

“Fairfax continues to be very impressed by the performance and progress made by AGT in transforming the business and building a strong global packaged foods business,” Prem Watsa, chairman and chief executive officer of Fairfax, said in a statement accompanying the results.

The funds will be used to pay down debt and provide approximately $300 million of unused debt capacity, it said in the release.

The IPO shares were priced at $23 per share but have since traded below $19, and its market cap is $437 million, as of March 23.

Al-Katib and Huseyin Arslan, director, executive vice-chairman, co-founded AGT Foods in 2001, as Saskcan Pulse Trading.

AGT produces many food products such as pasta, milled ingredients and pulses (dried beans) that reach consumers in 127 countries. It includes such brands as Veggi, Tamam and CLIC, which are available in Canada.

It has 39 manufacturing facilities and has more than 3,000 workers worldwide.