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FMC Corporation 2025 ANNUAL REPORT
A Message to Our Shareholders In 2025, we took decisive steps to reposition FMC for growth. The year brought continued market challenges which we expect to see continuing in 2026. In response we continued to lower our operating cost and adjust our strategy to strengthen the company. Business Performance Our financial performance in 2025 reflected the challenging market environment and the strategic reset we undertook. Revenue was $3.47 billion, down 18 percent compared to 2024. Excluding our India commercial business, which we announced plans to divest in July, revenue declined 8 percent.* Adjusted EBITDA* was $843 million, down 7 percent versus the prior year, and adjusted earnings* were $2.96 per diluted share, down 15 percent compared to 2024. We maintained strong Adjusted EBITDA margin* of 22% despite the revenue decline, reflecting the quality of our portfolio and our focus on cost discipline. Strategic Actions Throughout 2025, we executed several critical initiatives to strengthen FMC s foundation and improve our competitive position. We announced our decision to divest FMC s commercial business in India. The market s unexpected, intense generic competition, complex regulatory environment and substantial working capital requirements made this the right strategic choice. Following the sale, which is anticipated to close in 2026, we expect to participate in India through a supply agreement with the buyer for our patented and data-protected portfolio, including our new active ingredients and advanced diamide technologies. We will retain our global active ingredients manufacturing operations and research capabilities in India. We launched Project Foundation, a program to optimize our manufacturing footprint and reduce structural costs. The program focuses on exiting high-cost production sites, improving sourcing and consolidating operations. In 2025, we moved production of two active ingredients to lower-cost manufacturing locations, improving our ability to compete in the post-patent market. We expanded our routes to market in Brazil, establishing a new sales and technical service organization to sell directly to large corn and soybean growers. This gives us access to market segments where we previously had limited presence and creates a potential multi-hundred-milliondollar growth opportunity. Innovation and New Products Our three newest active ingredients delivered strong commercial momentum in 2025. Sales of fluindapyr, Isoflex active and Dodhylex active reached approximately $200 million, up 54 percent from 2024. Dodhylex active achieved a significant milestone with our first product registration in Peru under the brand name Keenali herbicide. As the first new mode of action herbicide in over 30 years, Dodhylex active addresses critical challenges in rice cultivation, particularly herbicide resistance. We expect meaningful contribution from Dodhylex active as we secure additional registrations. Our growth portfolio extends well beyond these three products. Rimisoxafen, the first herbicide ever classified as a dual mode of action, advanced through the regulatory process in 2025. This pre-emergent herbicide will give corn and soybean growers a new solution to Palmer Amaranth, a weed now resistant to eight herbicide classes. At maturity, the combined sales potential of these four new active ingredients is expected, over time, to exceed $2 billion. Beyond these four molecules, we have two additional active ingredients in development, with sales expected to begin in the early 2030s. Finally, within our Plant Health business, we received the registration of Sofero Fall pheromone in Brazil and registered our first sales. Managing Our Core Portfolio We made significant progress on our post-patent strategy for Rynaxypyr . We are offering basic solo formulations under trusted FMC brand names at competitive prices while also providing higher-value versions through new, often patented, formulations and mixtures. In 2025, we launched several new-generation Rynaxypyr products, including a mixture with bifenthrin for enhanced pest spectrum, a high-load formulation for ease of use and lower grower cost, and an effervescent granule tablet for rice applications. We completed the first phase of significant manufacturing cost reductions for our diamide products, positioning us to better compete effectively and fully deploy our post-patent IP strategy. Project Foundation is also focused on improving the competitiveness of our non-diamide core portfolio. These actions are intended to create a costcompetitive structure that enables FMC s products to better compete with generics while fully leveraging our innovative technology portfolio. Looking Ahead The work we did in 2025 built a stronger foundation. We have a more competitive cost structure, clearer strategic focus and an expanding lineup of differentiated products. Our new active ingredients solve some of agriculture s toughest problems and open market segments where FMC hasn t competed before. As these products gain registrations and scale, they will drive our growth. Throughout our 140-year history, FMC has adapted and innovated in response to changing markets. We believe we have the strategy, portfolio and team to deliver sustainable growth and create value for our shareholders in the coming years. Fluindapyr, our patented fungicide, is now registered and launched in all major markets including the United States, Brazil and Argentina. The product gives us access to important corn and soybean segments where we previously had limited presence. Isoflex active, a group 13 herbicide with a novel mode of action in cereal crops, expanded to multiple countries including Great Britain. Sales are expected to increase in 2026 due to a full growing season of sales in Great Britain and as we continue to pursue additional registrations to expand market access. Pierre Brondeau Chairman of the Board, Chief Executive Officer and President FMC Corporation *For a discussion of these non-GAAP (Generally Accepted Accounting Principles) financial measures, as well as a reconciliation of these items to the most directly comparable financial measures calculated and presented in accordance with GAAP, refer to pages 28, 29, and 30 of the Form 10-K within this report. Adjusted EBITDA margin is not included in the Form 10-K. See inside back cover for chart that reconciles it to the closest GAAP term.
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FMC Shareholder/Stockholder Letter Transcript:

FMC Corporation
2025
ANNUAL
REPORT

A Message to Our Shareholders
In 2025, we took decisive steps to reposition FMC for growth. The
year brought continued market challenges which we expect to see
continuing in 2026. In response we continued to lower our operating
cost and adjust our strategy to strengthen the company.
Business Performance
Our financial performance in 2025 reflected the challenging market
environment and the strategic reset we undertook. Revenue was
$3.47 billion, down 18 percent compared to 2024. Excluding our
India commercial business, which we announced plans to divest in
July, revenue declined 8 percent.* Adjusted EBITDA* was $843 million,
down 7 percent versus the prior year, and adjusted earnings* were
$2.96 per diluted share, down 15 percent compared to 2024. We
maintained strong Adjusted EBITDA margin* of 22% despite the
revenue decline, reflecting the quality of our portfolio and our focus
on cost discipline.
Strategic Actions
Throughout 2025, we executed several critical initiatives to strengthen
FMC   s foundation and improve our competitive position.
We announced our decision to divest FMC   s commercial business in
India. The market   s unexpected, intense generic competition, complex
regulatory environment and substantial working capital requirements
made this the right strategic choice. Following the sale, which is
anticipated to close in 2026, we expect to participate in India through
a supply agreement with the buyer for our patented and data-protected
portfolio, including our new active ingredients and advanced diamide
technologies. We will retain our global active ingredients manufacturing
operations and research capabilities in India.
We launched Project Foundation, a program to optimize our
manufacturing footprint and reduce structural costs. The program
focuses on exiting high-cost production sites, improving sourcing
and consolidating operations. In 2025, we moved production of two
active ingredients to lower-cost manufacturing locations, improving
our ability to compete in the post-patent market.
We expanded our routes to market in Brazil, establishing a new sales and
technical service organization to sell directly to large corn and soybean
growers. This gives us access to market segments where we previously
had limited presence and creates a potential multi-hundred-milliondollar growth opportunity.
Innovation and New Products
Our three newest active ingredients delivered strong commercial
momentum in 2025. Sales of fluindapyr, Isoflex   active and Dodhylex  
active reached approximately $200 million, up 54 percent from 2024.
Dodhylex   active achieved a significant milestone with our first product
registration in Peru under the brand name Keenali   herbicide. As the
first new mode of action herbicide in over 30 years, Dodhylex   active
addresses critical challenges in rice cultivation, particularly herbicide
resistance. We expect meaningful contribution from Dodhylex   active
as we secure additional registrations.
Our growth portfolio extends well beyond these three products.
Rimisoxafen, the first herbicide ever classified as a dual mode of action,
advanced through the regulatory process in 2025. This pre-emergent
herbicide will give corn and soybean growers a new solution to Palmer
Amaranth, a weed now resistant to eight herbicide classes. At maturity,
the combined sales potential of these four new active ingredients is
expected, over time, to exceed $2 billion. Beyond these four molecules,
we have two additional active ingredients in development, with sales
expected to begin in the early 2030s.
Finally, within our Plant Health business, we received the registration
of Sofero   Fall pheromone in Brazil and registered our first sales.
Managing Our Core Portfolio
We made significant progress on our post-patent strategy for Rynaxypyr  .
We are offering basic solo formulations under trusted FMC brand
names at competitive prices while also providing higher-value versions
through new, often patented, formulations and mixtures. In 2025,
we launched several new-generation Rynaxypyr   products, including
a mixture with bifenthrin for enhanced pest spectrum, a high-load
formulation for ease of use and lower grower cost, and an effervescent
granule tablet for rice applications.
We completed the first phase of significant manufacturing cost
reductions for our diamide products, positioning us to better compete
effectively and fully deploy our post-patent IP strategy. Project
Foundation is also focused on improving the competitiveness of our
non-diamide core portfolio. These actions are intended to create a costcompetitive structure that enables FMC   s products to better compete
with generics while fully leveraging our innovative technology portfolio.
Looking Ahead
The work we did in 2025 built a stronger foundation. We have a more
competitive cost structure, clearer strategic focus and an expanding
lineup of differentiated products. Our new active ingredients solve some
of agriculture   s toughest problems and open market segments where
FMC hasn   t competed before. As these products gain registrations and
scale, they will drive our growth. Throughout our 140-year history,
FMC has adapted and innovated in response to changing markets. We
believe we have the strategy, portfolio and team to deliver sustainable
growth and create value for our shareholders in the coming years.
Fluindapyr, our patented fungicide, is now registered and launched in
all major markets including the United States, Brazil and Argentina.
The product gives us access to important corn and soybean segments
where we previously had limited presence.
Isoflex   active, a group 13 herbicide with a novel mode of action in
cereal crops, expanded to multiple countries including Great Britain.
Sales are expected to increase in 2026 due to a full growing season
of sales in Great Britain and as we continue to pursue additional
registrations to expand market access.
Pierre Brondeau
Chairman of the Board, Chief Executive Officer and President
FMC Corporation
*For a discussion of these non-GAAP (Generally Accepted Accounting Principles) financial measures, as well as a reconciliation of these items to the most directly
comparable financial measures calculated and presented in accordance with GAAP, refer to pages 28, 29, and 30 of the Form 10-K within this report. Adjusted
EBITDA margin is not included in the Form 10-K. See inside back cover for chart that reconciles it to the closest GAAP term.


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