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Q4 2025 Earnings Presentation FMC CORPORATION 1 Q4 2025 Earnings Presentation February 5, 2026
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Q4 2025 Earnings Presentation FMC CORPORATION 2 Safe Harbor Statement 2FMC CORPORATION Non-GAAP Financial Terms These slides contain certain “non-GAAP financial terms”. Such non-GAAP financial terms include adjusted EBITDA, adjusted EBITDA margin ex. India, 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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Q4 2025 Earnings Presentation FMC CORPORATION 3 CEO Key Messages Overview • Subdued 2025 crop protection market due to excess industry capacity and weak grower margins • Ag conditions expected to remain challenging in 2026 • FMC portfolio largely off-patent; expected to change in the next three years as new active ingredients scale up through launches and expansion Exploring Strategic Options • The FMC Board of Directors has authorized the exploration of strategic options, including but not limited to, the sale of the company • Company remains highly focused on 2026 operational priorities while exploring strategic options Operational Priorities • Strengthen balance sheet through asset sales and licensing • Improve competitiveness of core portfolio • Continue Rynaxypyr® post-patent strategy • Support growth of new active ingredients
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Q4 2025 Earnings Presentation FMC CORPORATION 4 2026 Priorities Strengthen Balance Sheet: Targeting $1B of Debt Paydown Improve Competitiveness of Core Portfolio Grow Sales of New Active Ingredients Complete sale of India commercial business Active discussions for active ingredient licensing including upfront payment Planning additional asset sales Lower manufacturing costs of non-diamide core products Adjust Asia cost structure to account for smaller size following India commercial sale Sales expected to reach $300M to $400M in 2026 Commercial licensing agreements accelerate growth Continue strategy to increase direct-to-grower sales in Brazil Continue Post-Patent Rynaxypyr® Strategy Offer advanced mixtures and formulations to differentiate from solo generic offerings Lower price and grow volume by capturing market share from other, older insecticides New formulations and mixtures to address resistance challenges
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Q4 2025 Earnings Presentation FMC CORPORATION 5 FY 2026 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 125.7 million 3. Includes H1 ’25 India contribution Note: Year-over-year growth noted at mid-point of guidance range $670 million – $730 million • Lower price • Favorable manufacturing costs • ~$20M tariff headwind (full year tariff impact almost entirely in Q1) • Higher SG&A costs • FX headwind (17)% YoY3 $1.63 – $1.89 (41)% YoY3 • Price down mid-single digits mainly due to Rynaxypyr® • Excluding India, volume is modestly higher • India represents a 2 percent headwind • FX neutral $3.60 billion – $3.80 billion (5)% YoY3 • Lower EBITDA1 • Higher interest expense REVENUE excl. India1ADJ. EBITDA1ADJ. EPS1,2 REVENUE (excl. India)1 DRIVERS ADJ. EPS1,2 DRIVERS ADJ. EBITDA1 DRIVERS FY 2026 Guidance
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Q4 2025 Earnings Presentation FMC CORPORATION 6 2026 Full Year Adjusted EBITDA 1 Bridge 2025A FY EBITDA Legacy Core Rynaxypyr All Other Incl. Tariffs Growth Portfolio 2026 EBITDA Guidance Midpoint $843M $700M Lower volume and pricing Expected lower partner sales with branded earnings flat Strong contribution from fluindypyr and Isoflex® Includes $20M tariff headwind 1) Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation 2) Net of cost savings *No impact from India removal 1 1®2 2
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Q4 2025 Earnings Presentation FMC CORPORATION 7 Q1 2026 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 125.7 million 3. Includes prior year contribution from India Note: Year-over-year growth noted at mid-point of guidance range $45 million – $55 million • Lower price • Unfavorable manufacturing costs • ~$20M tariff headwind (full year tariff impact expected almost entirely in Q1) • SG&A costs in line with prior year • FX neutral (58)% YoY3 $(0.44) – $(0.32) $(0.56) YoY3 • Price down mid-single digits • Volume up slightly with modest growth in most regions • India represents a 5 percent headwind • Low-single digit FX tailwind $725 million – $775 million (5)% YoY3 • Lower EBITDA1 • Higher interest expense REVENUE excl. India1ADJ. EBITDA1ADJ. EPS1,2 Q1 REVENUE (excl. India)1 DRIVERS Q1 ADJ. EPS1,2 DRIVERS Q1 ADJ. EBITDA1 DRIVERS Q1 2026 Guidance
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Q4 2025 Earnings Presentation FMC CORPORATION 8 2026 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 include liquidation of India held for sale business working capital, normal course working capital changes, cash taxes, interest, etc. In Millions FY ’26 guidance FY ’25 actual ’26 midpoint vs. ’25 actual Adjusted EBITDA1 $670 - 730 $843 $(143) Cash from Operations (GAAP) $90 - $260 $(6) $181 Capital Additions & Other Investing Activities $(90) - $(110) $(85) $(15) Discontinued Operations $(65) - $(85) $(74) $(1) Free Cash Flow1 $(65) - $65 $(165) $165 2025 FCF Adj. EBITDA Capex Working Capital, Other Cash from Ops 2026 FCF1 1 Note: Restructuring transformation costs of $103 million in 2025 full year and approximately ~$130 million in 2026 estimate included in GAAP Cash from Operations $(165)M $0M 12
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Q4 2025 Earnings Presentation FMC CORPORATION 9 Looking Ahead: Strength of Active Ingredient Pipeline Key to Sales Growth Expect at least $2B of base sales from new actives with additional upside from crop expansion Dodhylex® herbicide: • First new mode of action herbicide in decades; Controls herbicide resistant grass weeds primarily in rice • Emergency registrations provided in two countries in 2025; significant sales expected to begin in 2027 Rimisoxafen herbicide: • Dual mode of action pre-emergent herbicide for resistant broadleaf weeds including Palmer Amaranth (i.e. water hemp, pigweed) in row crops • First registrations expected in 2028 Fluindapyr fungicide: • New SDHI fungicide controlling a variety of diseases including tar spot, southern rust and gray leaf spot in row and specialty crops • Multiple launches including US, Brazil and Argentina Isoflex® herbicide: • New mode of action primarily for cereals that controls difficult grasses and key broadleaf weeds • Higher sales expected in 2026 with full growing season in Great Britain • EU product registration expected in 2027 with active ingredient recently approved2024 2025 2026 2027 2028 2030 2035 Base Sales Expectations of Four New Actives Two additional actives launching in 2030s (not included in graph) $300M- $400M ~$800M ~$1B ~$2B Potential Crop Expansion
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Q4 2025 Earnings Presentation FMC CORPORATION 10 Key Dynamics for 2027 & 2028 Stabilize Core Portfolio • Execute Rynaxypyr® post-patent strategy • Return Legacy Core to growth following implementation of actions to improve competitiveness Re-Leverage SG&A and R&D Spend • 200+ basis point margin improvement opportunity with SG&A and R&D spend growing much more slowly than top-line sales Advance Growth Portfolio • Steady growth of Cyazypyr® and Plant Health • Accelerating growth from new active ingredients, with improving margins as volumes scale up Mid-Teens percent EBITDA growth in both 2027 and 2028 independent of market recovery
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Q4 2025 Earnings Presentation FMC CORPORATION 11 APPENDIX
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Q4 2025 Earnings Presentation FMC CORPORATION 12 Q4 2025 Results Q4 2025 HIGHLIGHTS ❖ Lower pricing driven by Rynaxypyr®, competitive market ❖ Maintained strong EBITDA1 margin ❖ GAAP net income decline mainly due to goodwill impairment triggered by stock decline ❖ FX tailwind to adjusted EBITDA1 and revenue ❖ >30% growth in new active ingredients ❖ Adjusted EPS1 decline due to lower earnings, higher interest costs Q4 2025 Q4 20242 2025 VS. 20243 GAAP Revenue Revenue ex. India1 $1,083 $1,086 $1,224 (12)% (11)% GAAP Net Income $(1,721) $(16) $(1,705) Adjusted EBITDA1 $280 $339 (17)% % Revenue (ex. ’25 India) 25.8% 27.7% (190) bps GAAP EPS $(13.74) $(0.13) $(13.61) Adjusted EPS1 $1.20 $1.79 (33)% 12FMC CORPORATION Note: Amounts in millions of USD except for EPS 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. 2. Q4 2024 Revenue included India results 3. Includes prior year contribution from India
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Q4 2025 Earnings Presentation FMC CORPORATION 13 Q4 2025 Regional Revenue Drivers Lower revenue ex. India driven by lower price VOLUME PRICE FX India (Q4 2024) Total: -11% -1% -6% 2% -6% Organic1: -13% • Branded price down high-single digits • Lower volumes as competitive pressure for core products remains elevated • Higher sales in Brazil including contributions from additional route to market (direct sales to corn/soy growers) • Lower volumes primarily in Türkiye from adverse weather and weak grower economics • Branded price flat to prior year • FX gain driven by Euro • Higher volumes driven by herbicides and fungicides • Low-single digit branded price decline • Strong growth of fluindapyr • Lower volumes driven by weather, CTPR resistance • Branded price down mid-single digits • Immaterial India sales in advance of commercial business sale Latin America $371 million (-5% YOY, -10% ex-FX) Asia2 $181 million (-41% YOY, -41% ex-FX) North America $351 million (3% YOY, 3% ex-FX) EMEA $184 million (-2% YOY, -6% ex-FX) Q4 2025 REVENUE DRIVERS (Excluding India)1 ($51) ($4) $1,224 ($75) $1,149 $11 ($19) $1,086 Q4 '24 '24 India '24 Ex. India NA LATAM Asia EMEA Q4 '25 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. 2. Excludes 2025 India, includes 2024 India; on a like-for-like basis sales were down 22% year-over-year REGIONAL REVENUE BRIDGE (Excluding India)1 Note: Amounts in millions of USD; “Asia” column excludes India Lower global diamide partner pricing 2
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Q4 2025 Earnings Presentation FMC CORPORATION 14 Q4 2025 Adjusted EBITDA1 Drivers Note: Amounts in millions of USD Adjusted EBITDA1 BRIDGE KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Headwind from competitive market and challenged grower margins • Successful launches of new active ingredients primarily in LATAM and North America • Lower manufacturing costs • Disciplined SG&A and R&D spending Price FX • Lower Rynaxypyr® pricing • Competitive market for core portfolio products • Favorability driven by BRL ($32) ($41) $34 $339 $307 ($76) $56 $280 Q4 '24 India Q4 '24 ex. India Volume, Mix, … Price Cost FX Q4 '25 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. Adjusted EBITDA1 down 17% 14FMC CORPORATION Q4 ‘24 India Q4 ‘24 ex. India Volume, Mix, Launches Price Cost FX Q4 ‘25
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Q4 2025 Earnings Presentation FMC CORPORATION 15 FY 2025 Results FY 2025 HIGHLIGHTS ❖ Commercial actions taken in India to position the business for sale led to lower GAAP revenue ❖ Strong cost favorability driven by lower manufacturing costs ❖ Excluding India, lower sales mainly due to price adjustments to diamide partners and lower price from competitive market ❖ Adjusted EBITDA1 margin (ex. India) in-line with prior year ❖ 54% growth of new active ingredients ❖ GAAP Net Income negatively impacted by goodwill impairment and India charges and adjustments FY 2025 FY 2024 2025 VS. 20243 GAAP Revenue Revenue ex. H2 ’25 India1,2 $3,467 $3,889 $4,246 (18)% (8)% GAAP Net Income $(2,237) $342 $(2,579) Adjusted EBITDA1 $843 $903 (7)% % Revenue (ex. H2 ’25 India) 21.7% 21.3% 40 bps GAAP EPS $(17.88) $2.72 $(20.60) Adjusted EPS1 $2.96 $3.48 (15)% 15FMC CORPORATION Note: Amounts in millions of USD except for EPS 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. 2. FY 2024 Revenue included India results
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Q4 2025 Earnings Presentation FMC CORPORATION 16 FY 2025 Regional Revenue Drivers VOLUME PRICE FX India (H2 2024) Total: -8% 1% -6% (0)% -3% Organic1: -8% • Volume growth driven by new product launches and additional route to market in Brazil • Branded price decline in mid-single digits • Volume growth in high load Rynaxypyr formulation • Higher volume as herbicides and Cyazypyr® growth outpaced planned registration losses • Branded price essentially in-line with prior year • Volume growth led by new product launches, primarily fluindapyr • Branded price decline in low-single digits • India sales removed for H2 2025, included in FY 2024 • Lower core product volume due to competitive markets • Branded price decline in mid-single digits Latin America $1,351 million (-3% YOY, -3% ex-FX) Asia2 $564 million (-33% YOY, -32% ex-FX) North America $1,102 million (-6% YOY) EMEA $872 million (4% YOY, 4% ex-FX) FY 2025 REVENUE DRIVERS (Excluding India)2 ($142) $36 $4,246 ($142) $4,104 ($71) ($38) $3,889 FY '24 '24 India '24 Ex. India NA LATAM Asia EMEA FY '25 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. 2. Excludes H2 2025 India, includes FY 2024 India; on a like-for-like basis sales were down 20% year-over-year REGIONAL REVENUE BRIDGE (Excluding India)1 Note: Amounts in millions of USD; “Asia” column excludes India Lower global diamide partner pricing 2
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Q4 2025 Earnings Presentation FMC CORPORATION 17 FY 2025 Adjusted EBITDA1 Drivers Note: Amounts in millions of USD Adjusted EBITDA1 BRIDGE KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Ample industry capacity and challenged grower margins led to volume declines of core portfolio products • Successful launches of new active ingredients • Highly favorable manufacturing costs including lower raw materials, improved fixed cost absorption and restructuring benefits • Operating costs essentially flat Price FX • Roughly half due to adjustments for certain diamide partners on “cost-plus” contracts • Competitive market for core portfolio products • Reductions in branded Rynaxypyr® • FX headwind ($41) ($28) ($18) $903 $862 ($260) $287 $843 FY '24 India FY '24 ex. India Volume, Mix, … Price Cost FX FY '25 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. Adjusted EBITDA1 down 7%, mostly driven by India 17FMC CORPORATION FY ‘24 India FY ‘24 ex. India Volume, Mix, Launches Price Cost FX FY ‘25
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Q4 2025 Earnings Presentation FMC CORPORATION 18 2025 Cash From Operations and Free Cash Flow 1 181. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Terms” at the beginning of this presentation. 2. All Other Cash From Operations items including cash taxes, interest, etc. 3. Components do not sum due to rounding In Millions Q4 ‘25 FY ‘25 FY ‘243 Adjusted EBITDA1 $280 $843 $903 Cash from Operations (GAAP) $657 $(6) $737 Capital Additions & Other Investing Activities $(14) $(85) $(72) Discontinued Operations $(20) $(74) $(66) Divestiture Transaction Costs $0 $0 $14 Free Cash Flow1 $623 $(165) $614 2024 FCF Adj. EBITDA AR Inventory Payables Capex All Other CFO 2025 FCF1 Note: Restructuring transformation costs of $17 million in Q4 2025, $16M in Q4 2024, $103 million in full year 2025 and $106 million in full year 2024 included in GAAP Cash from Operations. $613M $(165)M 1 12
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Q4 2025 Earnings Presentation FMC CORPORATION 19 Adj. EBITDA1 TAXES INTEREST EXPENSE OTHER • EBITDA1 lower • Higher rate • Reflects higher debt, higher rates • Minority Interest, D&A Q4 ’25Q4 ’24 Adjusted EPS1 Variance $1.79 $1.20$(0.43) $(0.07) $(0.09) $0.00 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation. Adj. EBITDA1 TAXES INTEREST EXPENSE OTHER • Lower EBITDA1 • Higher rate • Higher debt levels, increased rates • Lower D&A partially offset by increased minority interest FY ’25FY ’24 $3.48 $2.96$(0.43) $(0.07) $(0.03) $0.01
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Q4 2025 Earnings Presentation FMC CORPORATION 20 Appendix Revenue: ~$90 million EBITDA: $0 million 16 – 18 percent $255 million – $275 million $160 million – $170 million ~125.7 million $(65) million – $65 million $90 – $110 million 1. Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation. Modeling Assumptions for 2026 INTEREST EXPENSE ADJUSTED TAX RATE1 2026 EXPECTED INDIA LOSS OF CONTRIBUTION FULL-YEAR WEIGHTED AVG. DILUTED SHARES OUTSTANDING (WADSO) DEPRECIATION & AMORTIZATION FREE CASH FLOW1 CAPITAL ADDITIONS AND OTHER INVESTING ACTIVITIES 20Q4 2025 Earnings Presentation FMC CORPORATION $1 million – $3 million NON-CONTROLLING INTEREST
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Q4 2025 Earnings Presentation FMC CORPORATION 21 Additional Disclaimers Always 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 andstate registrations, or other applicable regulatory authority restrictions. FMC, Cyazypyr, Dodhylex, Isoflex, Rynaxypyr and the FMC logo are trademarks of FMC Corporation or an affiliate.
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Q4 2025 Earnings Presentation FMC CORPORATION 22 Copyright © 2026, FMC Corporation. All Rights Reserved.