Alex Amarant

Alex Amarant asked about the relative contributions of different product groups (Rynaxypyr, Cyazypyr, new product sales, biologicals, and legacy core) to the targeted $700 million EBITDA for 2026, seeking clarity on the components given recent volatility. Alex also inquired about the drivers and confidence behind the projected mid-teens EBITDA growth for 2027 and 2028.

Answer

Andrew Sandifer, EVP and CFO, stated that profitability is not broken out by product line but highlighted the core portfolio as a significant contributor, branded Rynaxypyr earnings expected to be flat, and growth from Cyazypyr, new AIs, and plant health. Pierre Brondeau, Chairman, CEO and President, expressed high confidence in the growth portfolio and branded Rynaxypyr, identifying manufacturing cost competitiveness of the core portfolio and Rynaxypyr partner sales as key challenges for 2026. For 2027-2028, Pierre attributed growth to the continued strong performance of the growth platform, the correction of core portfolio manufacturing costs by late 2026/early 2027, and the diminishing impact of Rynaxypyr partner contract price reductions.

Alex Amarant asked about the relative contributions of different product groups to FMC's targeted $700 million EBITDA for 2026, seeking clarity on the profitability components given recent volatility.

Answer

Andrew Sandifer, EVP and CFO, stated that profitability is not broken out by product line but highlighted the core portfolio's significant contribution and the expectation for flat branded Rynaxypyr earnings. Pierre Brondeau, Chairman, CEO and President, expressed high confidence in the growth portfolio and branded Rynaxypyr, identifying the non-Rynaxypyr core portfolio and partner sales as the primary challenges creating headwinds in 2026.