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1Q1 2025 Earnings PresentationFMC CORPORATION Q1 2025 Earnings PresentationMay 1, 2025
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2Q1 2025 Earnings PresentationFMC CORPORATION Safe Harbor Statement Non-GAAP Financial Terms2FMC CORPORATION Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made in this presentation are forward-looking statements that are based on our current views and assumptions regarding future events, future business conditions and the outlook for our company based on currently available information. In some cases, you can identify these forward-looking statements by such words or phrases as “outlook”, "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2024 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.These slides contain certain “non-GAAP financial terms”. Such non-GAAP financial terms include adjusted EBITDA, adjusted EPS, adjusted tax rate, free cash flow ("FCF"), organic revenue growth and return on invested capital. Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website investors.fmc.com. Although we provide forecasts for these non-GAAP financial measures, we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided. All references herein to “EBITDA” are shorthand references to Adjusted EBITDA and do not signify EBITDA before adjustments.
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3Q1 2025 Earnings PresentationFMC CORPORATION 2025 Focus AreasAlign inventory• Correct FMC inventory in the channel to align with customer target levels• Expect to be completed by end of Q2 in all regions excluding Asia Rynaxypyr® strategy• Implement strategy for Rynaxypyr®active• Take advantage of lower manufacturing costs to grow solo formulations• Provide higher-value products through new formulations and mixtures Brazil routes to market • Establish additional route to market in Brazil – selling directly to large corn and soybean growers• Structure in place with sales expected in H2Growth portfolio • Ensure appropriate resources in place for growth portfolio to deliver full potential
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4Q1 2025 Earnings PresentationFMC CORPORATION Q1 2025 ResultsQ1 2025 HIGHLIGHTS Lower costs driven by COGS favorabilityLower volume with focus on reducing level of FMC products in distribution channelsStrong growth in “product-on-the-ground” (P.O.G.2) Price decline mainly from “cost-plus” contract adjustments to diamide partnersFX headwind to sales and EBITDA1Plant Health sales out-performed overall portfolio driven by growth in biologicals 2025 VS. 2024Q1 2024Q1 2025(14)%$918$791Revenue$(13)$(3)$(16)GAAP Net Income (Loss)(25)%$161$120Adjusted EBITDA1 (240) bps17.5%15.1%% Revenue$(0.10)$(0.02)$(0.12)GAAP EPS(50)%$0.36$0.18Adjusted EPS1 4FMC CORPORATIONNote: Amounts in millions of USD except for EPS1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation2. Product-on-the-ground (P.O.G.) refers to crop protection product currently at farm level expected to be applied
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5Q1 2025 Earnings PresentationFMC CORPORATION FXPRICEVOLUME-4%-9%-1%-14%Total:-10%Organic1: Q1 2025 Regional Revenue DriversNote: Amounts in millions of USD; parts may not sum due to roundingRevenue down 10 percent organically1REGIONAL REVENUE BRIDGE• Volume growth driven by increased P.O.G.2as well as higher direct sales to cotton growers• High-single digit price decline on branded products• Significant FX headwind• Lower volume driven by expected loss of registration for triflusulfuron• Price of branded products flat to prior year• Moderate FX headwind• Lower volume due to cautious purchasing patterns• Mid-single digit price decline on branded products • Strong growth in biologicals• Price down high-single digits on branded products• Prudent sales into channel led to lower volume• Moderate FX headwindLatinAmerica$207 million(10% YOY, 17% ex-FX)Asia$125 million(-24% YOY, -21% ex-FX) North America$186 million(-28% YOY, -27% ex-FX)EMEA$273 million(-11% YOY, -7% ex-FX) Q1 2025 REVENUE DRIVERS ($73)$19 $918 ($39)($34)$791 Q1 '24 NA LATAM Asia EMEA Q1 '25 ($69)$33 $918 ($35)($21)$825 Q1 '24 NA LATAM Asia EMEA Q1 '25REGIONAL REVENUE BRIDGE (ex-FX)1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation2. Product-on-the-ground (P.O.G.) refers to crop protection product currently at farm level expected to be appliedLower diamide partner pricing in all regions
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6Q1 2025 Earnings PresentationFMC CORPORATION Q1 2025 Adjusted EBITDA1DriversNote: Amounts in millions of USDAdjusted EBITDA1BRIDGEKEY DRIVERS AT A GLANCECostVolume, Mix, Launches• Favorability in COGS • Increased investment in SG&A and R&D• Prudent sales into the channel in many countries and cautious customer purchasingFXPrice• Moderate headwind• Over half of decline due to adjustments to certain “cost-plus” contracts for specific diamide partners• Lower branded product pricing in all regions except EMEA6FMC CORPORATION ($7)($80)$161$63 ($17)$120Q1 '24 Volume, Mix, Launches Price Cost FX Q1 '25Adjusted EBITDA1down 25% 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation
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7Q1 2025 Earnings PresentationFMC CORPORATION Q2 2025 Financial Outlook 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation 2. Outlook for EPS assumes weighted average diluted shares outstanding (WADSO) of 125.6 millionNote:Year-over-year growth noted at mid-point of guidance range$202 million$175 million –$205 million• Lower costs driven by COGS favorability• Higher volume• FX headwind• Lower pricing-6% YoY$0.63$0.52 – $0.68 Q2 2024Q2 2025 Guidance -5% YoY• Modest increase in volume as prudent sales into channel continues• Price decline in low-to-mid single digits primarily from contract adjustments to specific diamide partners• Low single digit FX headwind$940 million –$1.10 billion-2% YoY$1.04 billion• Lower EBITDA1• Lower interest expense• Lower tax rateREVENUEADJ. EBITDA1ADJ. EPS1,2REVENUE DRIVERSADJ. EPS1,2DRIVERSADJ. EBITDA1DRIVERS
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8Q1 2025 Earnings PresentationFMC CORPORATION FY 2025 Financial Outlook 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation. 2. Outlook for EPS assumes weighted average diluted shares outstanding (WADSO) of 125.6 millionNote:Year-over-Year growth percentages noted at mid-point of guidance range.$903 million$870 million –$950 million• Lower costs as COGS favorability partially offset by increased SG&A investment• $15 million - $20 million of incremental tariff costs offset by improved cost favorability and additional volume• Higher volume• Lower price• FX headwind1% YoY,4% ex. GSS$3.48$3.26 – $3.70 FY 2024FY 2025 Guidance• Higher volume as increase in growth portfolio offsets channel correction actions taken in many countries• Cautious customer purchasing behavior• Low-to-mid single digit price decline Includes adjustments in certain “cost-plus” contracts for significant diamide partners to account for lower manufacturing costs• Low-to-mid single digit FX headwind$4.15 billion –$4.35 billionFlat YoY,3% ex. GSS$4.25 billion• Higher EBITDA1• Lower interest• Higher tax rate• Higher D&A REVENUEADJ. EBITDA1ADJ. EPS1,2REVENUE DRIVERSADJ. EPS1,2DRIVERSADJ. EBITDA1DRIVERSFlat YoY
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9Q1 2025 Earnings PresentationFMC CORPORATION Evolving Tariff Environment Note:Tariff policy is evolving rapidly and is complex as countries respond to each other’s policy moves. This analysis represents FMC’s expectations based on an analysis of tariff policies communicated as of April 29, 2025. Tariffs initially implemented on imports from China in 2018/2019 already included in FMC’s ongoing cost structure.Section 301Tariff TypesTariffs implemented under International Emergency Economic Powers Act (IEEPA) that were announced in February and March 2025.IEEPA(Initial)Tariffs customized for each U.S. trading partner by the current administration and announced in April 2025.IEEPA (Reciprocal)Certain products and materials are not subject to IEEPA tariffs because they are expressly excluded for reasons such as they are not readily available from alternate sources.ExemptionsKey ConceptsA refund of import duties that were paid on materials that are later exported from the U.S., either in the same form or as part of a finished product.Duty Drawback
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10Q1 2025 Earnings PresentationFMC CORPORATION Recent Tariffs and Expected Impact to FMC MaterialsEstimate $15 million – $20 million of direct incremental costs in 2025 IEEPA TOTAL(Before exemptions and drawback)ExemptionsDrawbackEligible?IEEPA(Reciprocal)ExemptionsDrawbackEligible?IEEPA(Initial)CHINA TO US20%N/AN/A0%NoNo20%Annex II145%Most FMC materialsYes125%NoNo20%Non-Annex IICANADA / MEXICO TO US25%N/AN/AN/AMost FMC materialsNo25%Non-USMCA(1) 10%ManyFMC materialsYes10%N/AN/AN/AALL OTHERS TO US(full reciprocal paused until Jul 9)Note:Tariff policy is evolving rapidly and is complex as countries respond to each other’s policy moves. This analysis represents FMC’s expectations based on an analysis of tariff policies communicated as of April 29, 2025.1. USCMA means the United States – Mexico – Canda Agreement, the free trade agreement among those countries that replaced the prior NAFTA agreement. From a detailed, bottoms-up analysis of key materials imported by FMC applying current rules and utilizing available exemptions and drawback, we estimate $15 million - $20 million of direct incremental costs in 2025 from tariffs From a detailed, bottoms-up analysis of key materials imported by FMC applying current rules and utilizing available exemptions and drawback, we estimate $15 million - $20 million of direct incremental costs in 2025 from tariffs
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11Q1 2025 Earnings PresentationFMC CORPORATION H2 Adjusted EBITDA1 Versus Prior Year Note: Amounts in millions of USD Growth Expected in H2 from Favorable Costs and Higher Sales of New Products KEY DRIVERS AT A GLANCECostVolume, Mix, Launches• Favorable COGS from lower raw materials and improved fixed cost absorption• Increased investment in SG&A and R&D• Launch and expansion of new active ingredients fluindapyrand Isoflex® active• Growth in Plant Health driven by biologicals• Additional route to market in BrazilTariffsPrice & FX• Incremental expected tariff cost of $15M to $20M planned to be offset by additional cost favorability and modest volume increase• Price mostly due to adjustments in certain “cost-plus” contracts for significant diamide partners • FX headwind11FMC CORPORATIONH2 2024 Adj. EBITDA Volume, Mix, Launches Price & FX Cost H2 2025 Adj. EBITDA1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation $540$600$60 - $70$(95) – $(105)$90 - $1001 1
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12Q1 2025 Earnings PresentationFMC CORPORATION Q1 Cash Results and 2025 Cash Flow Guidance 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation.2. Other Cash from Operations items includes cash taxes, interest, etc.FY 2025 GuidanceQ1 ’25 vs. Q1 ’24Q1 ‘24Q1 ‘25In Millions$870 - $950$(41)$161$120Adjusted EBITDA1 $400 - $570$(402)$(143)$(545)Cash from Operations (GAAP)$105 - $115$(14)$(23)$(37)Capital Additions & Other Investing Activities$65 - $85$8$(22)$(13)Discontinued Operations$200 - $400$(408)$(188)$(596)Free Cash Flow12024 FCF Adj. EBITDA Working Capital, Other CFO Capex Disc. Ops. 2025 FCF11Note: Restructuring transformation costs of $40 million in Q1 2024, $56 million in Q1 2025 and an estimate of $75 million for the full year are included in GAAP Cash from Operations. Bridge between Cash from Operations and Free Cash Flow, as well as quarterly variances, may not sum due to rounding. $614M$300M12 Lower Cash from Operations primarily due to lower inventory reduction than prior year period
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13Q1 2025 Earnings PresentationFMC CORPORATION
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14Q1 2025 Earnings PresentationFMC CORPORATION14 14 Protection Timelines for Cyazypyr® Active in Key Markets• Key solo formulations have patent protection extending beyond 2028 in certain markets, for example Exirel®(2029) and Benevia®(2030) in the U.S.oPatented formulations have established high efficacy performance and unrivalled crop safety profilesoEnforcement of formulation patents is well-established globally, similar to enforcement of composition of matter patents• Supplemental Protection Certificate (SPC) protection for cyantraniliprole in certain EU countries remain in place into Jan. 2029• Registration grace periods remain barriers in some major markets into 2028-2029 Highlights 2025202620272028Registration U.S.Patent Protection| Key Process Steps and Intermediate CompoundsPatented FormulationsData ProtectionEUROPEPatent Protection| Key Process Steps and Intermediate CompoundsData ProtectionPatented Mixtures and FormulationsSupplemental Protection Certificate (SPC) Protection1 1SPC protection in countries including Austria, Belgium, Bulgaria, Cyprus, Czech. Rep., France, Germany, Ireland, Italy, Netherlands, Poland, Slovenia, Spain, Sweden, Great Britain.Registration BRAZILPatent Protection| Key Process Steps and Intermediate CompoundsPatented Mixtures and FormulationsData ProtectionINDIAPatent Protection| Key Process Steps and Intermediate CompoundsPatented Mixtures and Formulations
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15Q1 2025 Earnings PresentationFMC CORPORATION Appendix Revenue: ($110) millionEBITDA: ($25) million 13 – 15percent $210 million –$230 million $175 million –$185 million ~125.6million $200 million –$400 million $105 – $115 million 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation. Modeling Assumptions for 2025 INTEREST EXPENSE ADJUSTED TAX RATE1 2025 EXPECTED GSS LOSS OF CONTRIBUTION FULL-YEAR WEIGHTED AVG. DILUTED SHARES OUTSTANDING (WADSO)DEPRECIATION & AMORTIZATION FREE CASH FLOW1 CAPITAL ADDITIONS AND OTHER INVESTING ACTIVITIES 15Q1 2025 Earnings PresentationFMC CORPORATION $1 million – $2million NON-CONTROLLING INTEREST
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16Q1 2025 Earnings PresentationFMC CORPORATION OTHERD&AINT. EXPENSEAdj. EBITDA1 Q1 ‘25Q1 ‘24 Q1 2025 Adjusted EPS1VarianceAppendix$0.36 $0.18 $(0.28) $0.08 $0.01$0.01 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation
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17Q1 2025 Earnings PresentationFMC CORPORATION Additional DisclaimersAlways read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. No offer for sale, sale, or use of any such products is permitted prior to the issuance of the required U.S. EPA and state registrations, or other applicable regulatory authority restrictions. FMC, the FMC logo, Benevia, Cyazypyr, Exirel, Isoflex and Rynaxypyr are trademarks of FMC Corporation or an affiliate. 17FMC CORPORATION
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18Q1 2025 Earnings PresentationFMC CORPORATION Copyright © 2025, FMC Corporation. All Rights Reserved.