Sollio Agriculture achieved a record year in fiscal 2024–2025. Despite a challenging market environment, Sollio Agriculture outperformed its targets. Sales totalled $2.560 billion, up 11% from the previous fiscal year. This growth was driven by a favourable combination of price conditions and disciplined execution of marketing strategies across our various networks.

This strong performance highlighted how we deliver sustainable value for farmers and continue to strengthen our leadership in Canada’s agricultural industry.

The significant growth in earnings before patronage refunds and income taxes was driven by great results across nearly all the business segments of our various networks nationwide. Strategic procurement and operational efficiency initiatives spurred growth in volumes and, in turn, market share, bolstering our competitive position. Our joint ventures contributed significantly, exceeding expectations in every region. We saw a major performance boost from our livestock production regional partnerships in Québec, alongside great momentum in the Atlantic provinces.

Sector review

Livestock production

Livestock production posted positive results across the country, driven largely by favourable procurement strategies and standout performance in the poultry sector, which continues to gain ground.

In Québec, our annual results exceeded expectations, reflecting a sharp year‑over-year increase. In particular, this growth was driven by strong performance from our hatcheries and breeding farms. Overall animal feed volumes were nonetheless down from the previous year, mainly in the hog sector, but also because of higher on‑farm feed manufacturing, particularly for ruminants and broiler chickens. Conversely, hatchery and breeding farm volumes were up, owing in part to the integration of Entreprise Couvoir Côté, which has improved our production capacity, operating efficiency and product mix quality in the poultry sector.

In Western Canada, volumes are stable and margins are trending positively. However, volume growth in the hog sector did not fully offset declines in the dairy and ruminant sectors. Revenues were also higher in this region, fuelled mainly by grain merchandizing and rising sales linked to exclusive hog feed additives.

In Atlantic Canada, the execution of strategic initiatives for the region are, spurring better-than-expected performance. These adjustments helped secure higher returns, stronger position gains and tighter control over operating costs. Volume growth arose primarily from the poultry sector, particularly broiler chickens, reflecting the sales team’s push to carve out a higher market share in this segment. Bagged feed volumes were up, with dairy sector market share on the rise. At the same time, an operational efficiency and asset reinvestment strategy was deployed this year with the objective to enhance the client experience in this region.

Crop production

Crop production was a key growth driver nationwide over the past year, despite variable weather conditions from region to region.

In particular, this resulted from an unprecedented year in fertilizer sales, marked by record volumes and higher selling prices. Despite significant market volatility and delayed purchasing at the farm-level, our crop production operations performed very well. Bolstered by a solid competitive position, our outlook remains favourable for ongoing development of market opportunities.

In Québec, despite a rainy spring and drought conditions during the summer, we maintained our market share, with stable volumes and competitive prices. Biostimulants were up, while crop protection products retained their market share. After three years of continued representations to the federal government, the final reimbursement of tariff payments levied in 2022 on Russian fertilizers were received and redistributed to impacted networks and farmers in Eastern Canada. In Ontario and the Atlantic provinces, weather conditions supported business performance, including increased demand for crop protection products and higher overall volumes in the sector. The majority of our joint-venture retailers also posted very favourable results, with higher fertilizer volumes resulting from conditions conducive to corn and winter wheat seeding.

In Western Canada, performance exceeded expectations, particularly by leveraging our Canada‑wide network, with strategic fertilizer procurement for clients in the region. This initiative helped ensure product availability at competitive values, which resulted in expanded market share and increased sales volumes. Contribution from retail joint ventures also contributed significantly to record results in this region.

Wholesale activities through Agrico delivered very strong results, with higher volumes and margins, particularly in fertilizer products. The crop protection sector also posted outstanding performance owing to strategic distribution agreements entered into during the year.

Growth in our seed business through our Maizex subsidiary continued unabated, with higher sales year over year. Corn delivered strong volumes, up sharply nationwide, led by a marked increase in Western Canada. Soybean sales were up overall, with Ontario and the Atlantic provinces notching major gains. Forage seeds also turned in outstanding results, particularly in Québec, underscoring the robust growth outlook for this product portfolio.

With regard to grain merchandizing, 2025 marked the first year under Québec’s new operating model, through which Sollio Agriculture is now embedded in the grain value chain alongside the cooperatives to support merchandizing efforts with major customers. The new model helped minimize our exposure to commodity price volatility while keeping consumption markets open for the province’s grain farmers.

A clear-cut strategy with well-aligned priorities

Our exceptional results were fuelled by disciplined execution of our strategic plan and our relentless focus on operational excellence in every business unit. Our priorities remain firmly anchored to the pillars of our business plan, which guide every decision and initiative we take, ensuring sustainable value creation for our members and partners.

During the year, this approach translated into a number of flagship achievements. We continued to strengthen our product mix by expanding product lines and deepening our collaboration with strategic suppliers. We secured better supply terms and strengthened the group’s position by pooling volumes. At the same time, we made divestments where we needed to, to refocus capital spending in areas that deliver high value to farms and are directly tied to our core business.

Amid an uncertain global environment, we strengthened our contingency plans by diversifying suppliers and leveraging our extensive network of assets and partnerships, which enhanced our flexibility and ensured product availability on the farm. Lastly, we continued implementing our infrastructure reinvestment plan to modernize our assets and allow us to better meet the current and future needs of our members and customers.

Additional highlights for the year

We took great pride in achieving our Bien au travail – Level 2 certification, a testament to our commitment to employee health and wellness. We continued rolling out our corporate responsibility initiatives, particularly through progress in executing our decarbonization plan and adopting of a responsible procurement policy. We made ongoing progress with our plan to optimize and harmonize our systems and processes. We also accelerated work to harness technological advances in the AgConnexion digital platform and new in‑field applications. 

A successful year, not just from a bottom-line perspective

Above all, this record year reflected a culture of execution, accountability and collaborative spirit that permeated our day-to-day endeavours. Improving Sollio Agriculture’s financial strength is a crucial step to set stage for our next growth phase.

In the coming year, amid rapid shifts and growing challenges in the agricultural sector, we will continue to focus on value-added initiatives for farmers. We are forging ahead with confidence to leverage our clear-sighted vision, strong balance sheet and enviable market position to seize on the opportunities ahead and plan how we will take our growth to the next level.

I extend my heartfelt thanks to all our employees for their invaluable engagement in bringing our performance to life. I would also like to thank Sollio Cooperative Group’s Chief Executive Officer Pascal Houle and the entire Board of Directors for their vision and unwavering support.

In 2025, BMR reported strong results, with $968.2 million in sales. Despite an uncertain economic environment, BMR held its own, showing a proven ability to successfully navigate a number of daunting challenges.

For the past two years, Canada’s construction and renovation industry has been dealing with a highly volatile environment. Housing starts have fallen to an all-time low. Even with eight key interest rate cuts since June 2024, consumer confidence remains weak, amid trade tensions that have prompted many businesses to invest in the United States.

In 2025, housing starts saw a modest recovery, which unfolded unevenly across the country. With unemployment at a nine-year peak, outside the recent pandemic, distributors and retailers faced tougher competition, which forced them to adopt agile and innovative tactics to maintain their market share. Yet, the outlook for our sector still reflects favourable economic fundamentals over the long term.

While industry sales were generally lower, BMR’s results exceeded expectations. Our strong performance was largely due to a slate of major strategic initiatives that made our organization more competitive and efficient. Through disciplined management and continuous improvement of operations, we strengthened our financial stability, made long‑term investments in promising flagship projects, ramped up productivity and enhanced service quality for our customers. Lastly, BMR invested heavily in its vendor rebate programs to continue providing support in this challenging economic environment.

Performance, profitability and growth

While holding the line on rigorous day-to-day operations management, the BMR team continued to roll out a number of initiatives set out in our Destination 2028, Our Road to Success strategic plan, aimed at improving performance and profitability across BMR. 

BMR came out on top as the fastest-growing industry player thanks in no small part to aggressive strategic acquisitions by our vendors to execute on their commitment and vision for driving growth. More than 20 new vendors in Québec and Ontario joined the banner this year, attesting to the sheer appeal and staying power of our business model. This expansion strengthens our position in Eastern Canada.

BMR has taken another step by streamlining its product offering while picking up the pace of private label roll-outs network-wide. Drawing on our A.R.E.N.A. Alliance partnership, this strategy has entailed launching 500 new products to sustainably deliver a more appealing product offering and a stronger competitive position. In some product categories, our private labels now account for up to 40% of sales, an outstanding achievement fuelled by growing consumer buy-in. The announcement that BMR-brand paint would be back on the shelves in spring 2026 was met with enthusiasm, and this flagship project is clearly poised to meet customer and vendor expectations alike. 

We have also begun integrating Lefebvre & Benoit. This major phase resulted in implementing operational and organizational synergies designed to fully harness the two organizations’ complementary strengths. Integration will continue in 2026, as we look to deepen the way we collaborate in driving Group performance and growth.

With the support of Sollio Cooperative Group, we have launched artificial intelligence projects to unlock operational efficiency gains, fine-tune internal processes and support clearer, more agile decision-making. Our AI projects are laying the foundation for a sustainable digital transformation to spur network performance and create value for all of our vendors.

Lastly, we made a priority of advancing our PRO transition by implementing tangible initiatives aimed at better serving the needs of contractors and construction professionals. One such initiative consists in developing a “PRO” mobile app dedicated to professionals and a new PRO entrance and counter designed to enhance the in-store experience and accelerate the path to purchase. These innovations, unveiled at our Trade Show, will be rolled out in 2026, marking a bold step in strengthening our value proposition for this strategic customer base.

Focus on corporate responsibility

BMR continued to implement the three-year corporate responsibility plan launched in 2024, which guides our environmental, social and governance actions across the network. Our progress included running an electric delivery truck pilot project and launching our new employer brand, “Building a Solid Future.” We also strengthened our responsible procurement policy and stepped up community support through more donations and sponsorships.

Favourable outlook for 2026

As borrowing costs ease lower, and consumer and business confidence gradually picks up, the construction and renovation industry stands to bounce back in 2026. BMR is confident and laser-focused as it heads into the recovery. Bolstered by a strong network and financial position, and a clear-cut strategy, the organization has all the tools it needs to carve out a solid position. Grounded in the strength of our cooperative model and the commitment of our teams, BMR is a leader poised to drive the industry’s recovery and sustainable growth. This is a direct result of the wide range of initiatives implemented in recent years, our commitment to effectively serving and actively recruiting vendors, and our ability to adapt to economic cycles with agility.

I would like to thank our vendors and network cooperatives for making last year’s achievements possible. Many thanks, as well, to Sollio Cooperative Group’s Chief Executive Officer Pascal Houle. I extend my heartfelt thanks to all the members of our team for their outstanding commitment and accomplishments. Together, we are making BMR a large and successful organization.

In fiscal 2024–2025, Olymel recorded sales of nearly $4.9 billion, with earnings before patronage refunds and income taxes rising $78.8 million year over year to $262.1 million and breaking the third-highest record in the organization’s history set a year earlier.

Olymel’s ambitious vision and drive to innovate have proven the effectiveness of our business model. Though faced with various disruptions, the organization delivered a standout performance. The results for the past fiscal year reflect our ability to navigate market realities, create value and continue strengthening the organization for long-term success.

Poultry sector

Fresh poultry

The poultry sector’s performance was highly favourable compared with 2024, mainly due to the fresh poultry sector’s results. Higher selling prices and a good mix of value‑added products improved the sector’s margin and profitability despite lower volumes. The fresh poultry market remains well‑positioned, and Olymel intends to capitalize on the growing popularity of dark meat products, which reached record prices during the year.

Processed poultry

The processed poultry sector’s results were constrained by a decline in volumes resulting from the fire at the Oakville plant in October 2024, even with co‑manufacturers helping to bridge the production gap. On the upside, the additional costs of such joint arrangements were covered by the preliminary compensation received from the insurer.

The plant partially resumed operations in July 2025. We are making strides with a steady recovery that is putting this strategic facility on a promising path forward.

Hog sector

The hog sector was down from 2024 but saw higher net sales, and its overall results remain competitive.

Fresh pork and hog production

The fresh pork environment remains particularly challenging, prompting a continued focus on advancing our optimization initiatives. Two factors that weighed heavily on this sector during the fiscal year were higher supply costs and the additional tariffs imposed by China on Canadian pork.

Fortunately, the market diversification strategy we implemented in recent years has clearly paid off. Yet, the Chinese market remains essential for by‑product valorization, despite the tariffs, prompting us to keep tabs on international trade discussions.

Offsetting these adverse factors were rigorous efforts to rein in operating costs, a favourable U.S. exchange rate and a positive volume effect for Olymel.

The hog production sector saw a banner year, with results significantly outperforming fiscal 2024, driven by strong selling prices, softer feed costs and a favourable exchange rate. 

Processed pork

While shy of last year’s performance, processed pork sector results remain satisfactory. The difference resulted primarily from lower volumes and slimmer margins owing to procurement costs, as in the fresh pork sector. However, our mix of value-added products and a favourable exchange rate helped take the edge off.

Progress on key projects

In addition to delivering solid results, the organization was able to complete flagship projects and advance a number of major construction projects in 2025. 

The most significant event was undoubtedly the start of construction on our new integrated plant in Trois‑Rivières, a $142 million investment. Leveraging cutting‑edge technology, artificial intelligence and automation, this project underscores our determination to innovate and stay ahead of the curve. This next‑generation plant, which is scheduled to be operational in late spring 2026, will help streamline processes, expand production capacity and accelerate growth. 

A series of other flagship projects also reached key milestones during the year. We continued to implement the enterprise resource planning (ERP) system, while a human resources information system (HRIS) roll-out helped manage our employees more efficiently. In addition, our logistics infrastructure was strengthened by the commissioning of our new Boucherville distribution centre, which can accommodate 28,000 pallets. This modern facility boosts our warehousing capacity, facilitates distribution to North American markets and drives operational efficiency gains. Together, these key initiatives support our business model and elevate the partner and customer experience.

We also invested heavily to fast‑track automation across our plants, freeing our teams to focus on higher value-added work. This process transformation is helping to improve productivity and tighten security, while also spurring skills development within the organization.

Lastly, Olymel has embarked on a major transition to artificial intelligence, rolling out innovative projects to unlock the full potential of AI and sharpen decision‑making. We successfully completed an initial project to automate fulfilment of recurring customer orders after over 30 years of handling them manually. The solution combines predictive models with complex business rules to improve volume accuracy, support more reliable decision-making and optimize truck loads. A number of other projects are already in motion and are slated for launch in the next year.

Upping our game: launching new products and a branding refresh

In 2025, the Olymel brand was boldly refreshed in the marketplace. Sporting a more modern and more visible design, our brand is now positioned with the profile it deserves. We have introduced our new identity and are proud to see our products with the updated Olymel branding in an ever-growing number of points of sale. This branding refresh strategy is producing tangible results, with stronger product recognition and a brand that customers trust.

Innovation was the driving force behind our endeavours throughout the year. We launched new products attuned to consumer trends and retailer expectations. The market for ready‑to-cook products has seen outstanding growth, meeting rising consumer demand for convenient options. Introducing new cuts and recipes has raised the profile of pork, chicken and turkey products. For fresh pork, we launched the new Angel Craft brand for the Japanese market and added the well‑known Nagano brand to our portfolio.

Our sales rose across Asian markets, including Japan, South Korea and Taiwan, while our value‑added products carved out new markets in Canada. 

We are pleased to see some Canadian customers enthusiastically embracing the “Buy Canadian” movement amid the current U.S. tensions. A number of retailers have expanded our shelf space, significantly strengthening our presence and footprint here at home.

Preparing for a leadership transition

After 25 years with our wonderful organization, including 15 years at La Fernandière and 10 years at Olymel, I recently announced my decision to leave my current role in July. It has been a tremendous honour to lead a major Québec business that is recognized worldwide. Olymel will always hold a special place in my heart. 

In my everyday work, I have brought steadfast commitment to the success of our organization for the employees who drive it, the producers who own it and the people we serve. I am proud of all we’ve accomplished and fully confident that under the leadership of our next CEO, Daniel Rivest, Olymel will scale new heights in its development journey.

Since its launch one year ago, the transition plan has been, and will continue to be, implemented in a structured manner to ensure continuity, stability and a highly efficient handover of responsibilities without disrupting the organization’s performance. With this in mind, I will remain engaged with Olymel over the next year, supporting management on specific initiatives or projects.

Conclusion

Fiscal 2025 marked a turning point in Olymel’s journey. Our unwavering execution and clear priorities were evident in the results we delivered, the strides we made on key projects and the agility our teams showed in a demanding environment. 

As we turn to the future, these achievements afford us a confident outlook. In 2026, we will double down with a renewed focus on operational excellence and continuous business optimization. 

I extend my heartfelt thanks to all the teams for their commitment and dedication. Thank you to our partners, the Olymel Board and everyone who helps bring Olymel’s success to life. I would also like to thank Sollio Cooperative Group Chief Executive Officer Pascal Houle and Olymel Chair Richard Ferland for their support. 

As Olymel celebrates its 35th anniversary in 2026, this milestone will be a unique opportunity to reflect on just how far we’ve come and continue pursuing our mission to feed the world with the same blend of passion and responsibility.