Adjusted EBITDA

FY 2025

grow by 1% at the midpoint "

1% higher at the midpoint "

no change

Adjusted EPS

FY 2025

flat compared to the prior year at the midpoint "

flat to the prior year at the midpoint "

no change

Free Cash Flow

FY 2025

in the range of $200 million to $400 million "

in the range of $200 million to $400 million, reflecting a decrease of $313 million at the midpoint "

no change

Interest Expense

FY 2025

$210 million to $230 million "

$215 million to $235 million "

raised

Revenue Growth

FY 2025

Expected to grow by 7% in the second half "

no current guidance

no current guidance

Effective Tax Rate

FY 2025

13% to 15% "

no current guidance

no current guidance

FX Headwind

FY 2025

low to mid-single-digit headwind "

no current guidance

no current guidance

Tariff Impact

FY 2025

$15 million to $20 million "

no current guidance

no current guidance

Revenue (excluding India)

FY 2025

no prior guidance

Expected to be down 2% versus prior reported results " "

no prior guidance

Depreciation and Amortization

FY 2025

no prior guidance

$170 million to $180 million "

no prior guidance

Cost Efficiency

Q1 emphasized ongoing cost‐saving plans and cost reductions through lower raw material costs and restructuring actions, with detailed restructuring and fixed cost absorption improvements mentioned in Q3 and Q4 " " "

Q2 focused on achieving cost efficiency via lower raw material costs, better fixed cost absorption and continued benefits from restructuring actions "

Consistent emphasis on cost management with stronger tailwind expectations in Q2 " "

EBITDA Growth

Q1 noted a 25% EBITDA decline with expectations for an 11% H2 rebound; Q3/Q4 highlighted robust EBITDA margins and growth driven by cost savings and higher volumes " " "

Q2 reported a 2% year‐over‐year EBITDA increase with optimistic guidance for 14% growth in Q3 and 4% in Q4 " "

Improved sentiment with recovery and clearer guidance after earlier volatility " "

Pricing Pressure

Q1 described high single‐digit pricing declines and strategic pricing adjustments; Q3 and Q4 detailed a 3% decline with region‐specific pressures in Latin America and Asia " " "

Q2 reported a 3% decline in prices, with continued challenges in Asia and adjustments for branded products like Rynaxypyr " " "

Persistent pricing challenges remain, with ongoing regional nuances and gradual strategic management " "

Inventory Management & Order Momentum

Q1 focused on aggressive destocking, while Q3 and Q4 discussed elevated inventories in regions such as India, Brazil, and Eastern Europe with proactive reduction plans " "

Q2 highlighted that channel inventories have normalized in most countries, with destocking largely completed and order momentum supported by 6% volume growth " "

Improved inventory normalization and positive order momentum reflecting effective channel management " "

New Product Pipeline & Innovation

Q1 emphasized multiple new launches (new mixtures, a tablet for rice, high-load products) and future product introductions; Q3/Q4 underscored new active ingredients like fluindapyr, Isoflex and a robust innovation pipeline " " "

Q2 showcased strong demand for new actives such as Fundatis (Isoflex), BodyLex with sales underway, and the WLX launch, reinforcing the company’s innovative drive " " "

Ongoing robust pipeline with a consistent focus on innovative products and new active ingredients " "

Market Execution & Direct Sales Strategies (Brazil Focus)

Q1 introduced a new direct sales route targeting large growers; Q3/Q4 discussed shifts in Brazil driven by distribution consolidation and direct engagement with growers " "

Q2 reiterated the direct sales strategy in Brazil with early customer engagements and expectations for positive results starting in Q3 " " "

Consistent execution with growing emphasis on the direct sales model in Brazil, supported by evolving market dynamics " "

FX and Tariff Headwinds

Q1 reported a 4% FX headwind and noted tariff cost headwinds of $15–20 million; Q3 and Q4 noted FX headwinds at 3–5% with tariff concerns discussed in Q1 and earlier calls " " "

Q2 highlighted that FX is only a 1% headwind, and there was no mention of tariffs in the current discussion " "

FX challenges appear moderated in Q2 while tariff issues have dropped from the discussion " "

Generic Competition

Q1 detailed a post‐patent strategy including lower-priced basic formulations and cost parity improvements; Q4 highlighted generic penetration (e.g. for Rynaxypyr) and Q3 noted competitive pressures without dramatic impact " " " "

Q2 focused on significant challenges in India with accelerated generic penetration and noted that branded Rynaxypyr pricing is expected to decrease while the company pursues higher-tech formulations " " "

Ongoing risk with evolving regional dynamics—especially in India—necessitating continuous strategic adjustments " "

India Business Risks

Q4 discussed high channel inventories, generic competition, and patent enforcement challenges, while Q3 noted persistent inventory issues and pricing pressures in India " " "

Q2 emphasized India’s fragmented channel, intense generic competition, and increased working capital needs that have led to the divestment of the India commercial business "

Increased emphasis on India risks, prompting a strategic shift through divestment and a focus on differentiated products "

Pheromones Pilot Uncertainty (No Longer Mentioned)

Q1, Q3, and Q4 did not mention any pilot uncertainty related to pheromones [N/A]

Q2 introduced the first full‐scale commercial pheromones pilot, with results expected to clarify the path toward a $1 billion revenue target by 2030 "

An emerging topic in Q2, marking a new area of focus compared to prior periods "

R&D Spending Cuts & Future Innovation Concerns (Emerging)

Q3 addressed sustainable R&D spending cuts, highlighting improved screening tools and governance to maintain innovation despite lower expenditures "

Q2 did not mention R&D spending cuts or concerns about future innovation [N/A]

Discussed previously in Q3; absence in Q2 indicates the topic may have receded from current discussions "

Distributor Bankruptcy & Channel Risks (Emerging)

Q3 mentioned distributor bankruptcy in Brazil and associated channel risks affecting pricing and sales, especially in Latin America " "

Q2 did not mention distributor bankruptcy or emerging channel risks [N/A]

The topic was prominent in earlier periods but is not a focus in Q2, suggesting a reduced immediate concern "

GSS Business Sale Impact

Q3 and Q4 discussed the sale of the GSS business, noting revenue and EBITDA adjustments and significant debt reduction impacts " " " "

Q2 contrasted the GSS sale with the divestment of the India commercial business, noting that GSS was not excluded from guidance unlike the latter "

The treatment of asset sales is evolving, with previous impacts being re-framed alongside new divestiture strategies "