FMC Corporation Q1 FY2026 earnings call

• Progress on 2026 operational priorities: Targeting $1B debt reduction, with India commercial business sale near closing, licensing of new active ingredients in advanced talks, and non-core asset sales in process. • Optimizing manufacturing cost structure, shifting production to lower-cost Asia plants by Q1 2027. • Advancing post-patent transition for Renax APR, seeing positive reaction to price repositioning and early share gains. • New active ingredients saw sales double in Q1, with Isoflex active getting EU approval and potential EU launches in 2027

First quarter sales were $762 million, $12 million above the midpoint of guidance. Sales were 4% lower than prior year but up 1% like-for-like excluding India. FMC brand sales grew 6% like-for-like. EBITDA was $72 million, $17 million higher than high end of guidance. Growth portfolio outperformed core portfolio. Second quarter revenue expected $850M - $900M, adjusted EBITDA $130M - $150M. Full year 2026 sales $3.6B - $3.8B, EBITDA $670M - $730M, adjusted EPS $1.63 - $1.89

• Second quarter revenue expected $850M - $900M, adjusted EBITDA $130M - $150M, adjusted EPS $0.16 - $0.26. • Full year 2026 sales $3.6B - $3.8B, EBITDA $670M - $730M, adjusted EPS $1.63 - $1.89. • Maintaining four-year guidance despite uncertainties related to Iran conflict and tariffs, expecting updated outlook at next earnings call

• Uncertainties around duration of Iran conflict and potential U.S. trade actions affecting product costs, tariff impact/recoveries. • Difficulty in forecasting product costs and magnitude/timing of tariff impact/recoveries due to these uncertainties

Q: Where do the biggest challenges lie to hit the second half outlook, especially on Brazil and new sales organization?

A: Mike Sison's question was answered by Pierre explaining key drivers for H2 including non-diamide core, Renax APR, new active ingredients, with new sales organization in Brazil contributing to higher orders.

Q: How to reconcile partner sales and price decline?

A: Duffy Fisher's question was addressed by Pierre explaining that partner sales size has decreased, with Renex APR sales forecasted to be $700M in 2026 with branded sales flat and partner sales decreasing.

Q: Views on input costs and generics?

A: Josh Spector's question was answered by Pierre stating impact of Iran war and generics pricing not factored in forecast yet.

Q: Potential assets for sale?

A: Vincent Andrews' question was answered by Pierre mentioning India deal closing soon, licensing of active ingredients in advanced talks, molecule negotiations, and real estate deals with $700M line of sight.

Q: Share gains of Renaxapyr from other insecticide classes?

A: Mike Harrison's question was answered by Pierre stating share gains seen in North America, with mix shift to high-end part of portfolio being positive.

Q: New product pipeline approvals?

A: Lawrence Alexander's question was answered by Pierre and Andrew stating focus on Fluendapyr, Isoflex, and Dodilex with registrations in process.

Q: Tariffs and Renaxpeer 2H success?

A: Matthew Dale's question was answered by Pierre stating tariffs being watched and Renaxpeer success dependent on high-end mix sales growth