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Q3 2025 Earnings PresentationFMC CORPORATION1 Q3 2025 Earnings PresentationOctober 30, 2025
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Q3 2025 Earnings PresentationFMC CORPORATION2 Safe Harbor Statement 2FMC CORPORATIONNon-GAAP Financial TermsThese 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, revenue excluding India 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, our India held for sale business 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. 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.
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Q3 2025 Earnings PresentationFMC CORPORATION3 Q3 2025 ResultsQ3 2025 HIGHLIGHTS COGS favorability led to higher Adjusted EBITDA marginDecline in GAAP revenue and net income due to significant one-time actions taken in India to better position the commercial business for sale as well as asset impairmentAdjusted EPS improvement driven by higher EBITDALower pricing driven by competitive market, particularly by genericsFX a mild tailwind to revenue and a headwind to Adjusted EBITDAHigher volume driven by growth portfolio with new active ingredient sales nearly doubling 2025 VS. 20243Q3 2024Q3 2025(49)%(10)%$1,065$542$961GAAP RevenueRevenue ex. India1,2$(634)$66$(569)GAAP Net Income17%$201$236Adjusted EBITDA1 565 bps18.9%24.6%% Revenue (ex. ’25 India)$(5.04)$0.52$(4.52)GAAP EPS30%$0.69$0.89Adjusted EPS1 3FMC 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 presentation.2. Q3 2024 Revenue included India results3. Variances may not sum due to rounding
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Q3 2025 Earnings PresentationFMC CORPORATION4 Q3 2025 Regional Revenue DriversLower revenue ex. India driven by lower pricing India(Q3 2024)FXPRICEVOLUME-6%1%-6%2%-10%Total:-11%Organic1: • Increased pressure from generics led to lower volume and a mid-to-high-single digit price decline for branded products• Strong growth of Isoflex® herbicide and fluindapyr-based fungicide Onsuva®• Low liquidity led to constrained credit for customers in Brazil and Argentina• Higher volume driven by growth portfolio including branded Cyazypyr®• Low-single digit price decline for branded products• Successful launch of Isoflex® herbicide in Great Britain• Higher volume including Adastrio® fungicide based on fluindapyr• Branded price gain in mid-single digits• Subdued row crop commodity prices leading to cautious customer purchasing• Lower volume due in part to unfavorable weather in Australia, Pakistan and the Philippines• Low-single digit price decline for branded productsLatinAmerica$463 million(-8% YOY, -9% ex-FX)Asia3$99 million(-47% YOY, -46% ex-FX) North America$244 million(4% YOY)EMEA$155 million(11% YOY, 7% ex-FX) Q3 2025 REVENUE DRIVERS (Excluding India)2($20)$15 $1,065 ($67)$998 $9 ($41)$961 Q3 '24 '24 India '24 Ex. India NA LATAM Asia EMEA Q3 '25 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation.2. Variance components do not sum due to rounding3. Excludes 2025 India, includes 2024 India; on a like-for-like basis sales were down 17% year-over-year REGIONAL REVENUE BRIDGE (Excluding India)1Note: Amounts in millions of USD; “Asia” column excludes IndiaLower global diamide partner pricing
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Q3 2025 Earnings PresentationFMC CORPORATION5 Q3 2025 Adjusted EBITDA1DriversNote: Amounts in millions of USDAdjusted EBITDA1BRIDGEKEY DRIVERS AT A GLANCECostVolume, Mix, Launches• Strong COGS favorability from lower raw materials, improved fixed cost absorption and restructuring• Volume growth mainly in growth portfolio with sales of new active ingredients nearly doubling• Successful launch of Isoflex® in Great BritainFXPrice• FX headwind• Half from increased pressure, particularly from generics• Half from adjustments in “cost-plus” contracts with diamide partners($9)$25 ($12)$201$192 ($68)$99 $236Q3 '24IndiaQ3 '24 ex. IndiaVolume, Mix, …PriceCostFXQ3 '251. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. Adjusted EBITDA1up 17% 5FMC CORPORATIONQ3 ‘24IndiaQ3 ‘24 ex. India Volume, Mix, LaunchesPrice Cost FXQ3 ‘25
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Q3 2025 Earnings PresentationFMC CORPORATION6 Q4 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$339 million$265 million –$305 million• Lower price• Lower costs from COGS favorability• Higher volume• Higher volume• Minor FX tailwind• Removal of India(16)% YoY$1.79$1.14 – $1.36 As reportedExcludes India (30)% YoY• Mid-to-high-single digit price decline due to diamide partner contract adjustments, competitive pricing• Higher volume driven by growth portfolio• Low-single digit FX tailwind • Negative impact of 6% due to removal of India$1.12 billion –$1.22 billion(4)% YoY$1.22 billion• Lower EBITDA1• Higher interest expense• Higher tax rateREVENUEADJ. EBITDA1ADJ. EPS1,2REVENUE DRIVERSADJ. EPS1,2DRIVERSADJ. EBITDA1DRIVERSQ4 2024Q4 2025 Guidance
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Q3 2025 Earnings PresentationFMC CORPORATION7 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$830 million –$870 million• Lower costs as COGS favorability partially offset by increased SG&A investment• Higher volume• Lower price• FX headwind• Removal of India(6)% YoY$3.48$2.92 – $3.14• Higher volume driven by growth portfolio• Cautious customer purchasing behavior• FX flat to down low-single digits• Removal of India• Mid-single digit price decline Includes adjustments in certain “cost-plus” contracts for significant diamide partners to account for lower manufacturing costsCompetitive pricing for legacy products$3.92 billion –$4.02 billion(7)% YoY$4.25 billion• Lower EBITDA1• Interest flat• Higher tax rateREVENUEADJ. EBITDA1ADJ. EPS1,2REVENUE DRIVERSADJ. EPS1,2DRIVERSADJ. EBITDA1DRIVERS(13)% YoY As reportedExcludes India in Q3, Q4FY 2024FY 2025 Guidance
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Q3 2025 Earnings PresentationFMC CORPORATION8 Q3 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 GuidanceYTD VarianceQ3 ’24 YTDQ3 ’25 YTDQ3 VarianceQ3 ‘24Q3 ‘25In Millions$830 - $870$(1)$564$562$35$201$236Adjusted EBITDA1 $(10) - $160$(972)$309$(663)$(344)$160$(184)Cash from Operations (GAAP)$95 - $105$(20)$(52)$(72)$(11)$(14)$(24)Capital Additions & Other Investing Activities$65 - $85$(17)$(37)$(54)$(6)$(18)$(24)Discontinued Operations$0$(5)$5$0$(5)$5$0Divestiture transaction costs$(200) - $0$(1,014)$225$(789)$(365)$132$(233)Free Cash Flow12024 FCF Adj. EBITDA Working Capital, Other CFO Capex Transaction Costs Disc. Ops. 2025 FCF11Note: Restructuring transformation costs of $26 million in Q3 2024, $6 million in Q3 2025 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. $614M$(100)M12 Lower Cash from Operations in Q3 primarily due to pressures in working capital$0
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Q3 2025 Earnings PresentationFMC CORPORATION9
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Q3 2025 Earnings PresentationFMC CORPORATION10 Appendix Revenue: ($110) millionEBITDA: ($25) million 12 – 14percent $230 million –$240 million $170 million –$180 million ~125.6million $(200) million – $0 million $95 – $105 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 ACTIVITIES10Q3 2025 Earnings PresentationFMC CORPORATION $1 million – $2million NON-CONTROLLING INTEREST
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Q3 2025 Earnings PresentationFMC CORPORATION11 Taxes & Minority InterestD&AINT. EXPENSEAdj. EBITDA1 Q3 ‘25Q3 ‘24 Q3 2025 Adjusted EPS1VarianceAppendix$0.69 $0.89 $0.24 $(0.04) $0.00$0.00 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation
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Q3 2025 Earnings PresentationFMC CORPORATION12 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, Adastrio, Cyazypyr, Isoflex, Onsuva and Rynaxypyr are trademarks of FMC Corporation or an affiliate.
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Q3 2025 Earnings PresentationFMC CORPORATION13 Copyright © 2025, FMC Corporation. All Rights Reserved.