Slide 1: Q3 2023 Earnings Presentation
Q3 2023 Earnings Presentation October 31, 2023 Q3 2023 Earnings Presentation FMC CORPORATION 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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
Slide 3: Q3 2023 Results
Q3 2023 Results Q3 2023 Q3 2022 2023 VS. 2022 Revenue $982 $1,377 -29% GAAP Net Income (Loss) -$4 $118 -103% Adjusted EBITDA1 $175 $261 -33% % Revenue 17.8% 19.0% -120 Bps GAAP Earnings (Loss) Per Share -$0.03 $0.95 -103% Adjusted Earnings Per Share1 $0.44 $1.23 -64% Note: Amounts in millions of USD
Slide 4: Q3 2023 Regional Revenue Drivers
Q3 2023 Regional Revenue Drivers Revenue down 29% REGIONAL REVENUE BRIDGE1 North $160 million Latin $466 million (-34% YOY, (-33% YOY, America -34% ex-FX) America -36% ex-FX) • Volume headwind from continued • Significant destocking in Brazil from channel destocking channel partners and growers • Dr
Slide 5: Q3 2023 Adjusted EBITDA Drivers
Q3 2023 Adjusted EBITDA1 Drivers EBITDA1 BRIDGE Note: Amounts in millions of USD KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Lower volumes in all regions mainly caused by destocking • Favorable input costs from channel customers and partners • Diligent cost management in SG&A and R&D • Posi
Slide 6: FY 2023 and Q4 2023 Financial Outlook
FY 2023 and Q4 2023 Financial Outlook Full Year 2023 Full Year Adj. EBITDA1 • Significantly lower volume in all • Input cost tailwind as inflation impacts REVENUE ADJ. EBITDA1 ADJ. EPS1,2 regions from channel destocking ease $1,407 • Positive mix as sales of products • Cost controls, mainly in H2, k
Slide 7: Q3 & FY 2023 Cash Flow Generation and Deployment
Q3 & FY 2023 Cash Flow Generation and Deployment CAPITAL ADDITIONS & CASH FROM ADJ. CASH FROM LEGACY & OTHER INVESTING FREE CASH FLOW1 OPERATIONS OPERATIONS1 TRANSFORMATION COSTS ACTIVITIES Q3 2023 Results2 $102 million $102 million $35 million $34 million $32 million Q3 YTD 2023 Results $(618) mill
Slide 8: Diamides - Update
Diamides - Update Q3 2023 Earnings Presentation FMC CORPORATION 8
Slide 9: Diamides Continue to Gain Share in Global Insecticide Market
Diamides Continue to Gain Share in Global Insecticide Market Leading Insecticide Active Ingredient Classes by Revenue at the Manufacturer Level (2016-2022) Highlights* Global Active Ingredient Class Value * • Diamides made up 15% of the global 2016 2017 2018 2019 2020 2021 2022 insecticide market in
Slide 10: FMC's Diamide Revenues are Diversified
FMC’s Diamide Revenues are Diversified FMC Diamide Revenue FMC Diamide Revenue Highlights by Active Ingredient* (2022) Partners vs Branded* (2022) Cyazypyr® Partners • Cyazypyr® makes up $2.1 $2.1 billion billion more than 20% of overall FMC diamide sales Branded • Partner sales make up Rynaxypyr® 3
Slide 11: FMC's Diamides Lifecycle Strategy has Six Pillars
FMC’s Diamides Lifecycle Strategy has Six Pillars Operations Commercial IP & Innovation Expansion Partnerships Supply Chain & Strong, local, Market Driven Label and Formulations and Procurement decision making, Regulatory Formulations and Geographical Tech supply globally aligned Technology Expansio
Slide 12: Branded Diamides Portfolio is Segmented with New Patented Innovations Driving Growth
Branded Diamides Portfolio is Segmented with New Patented Innovations Driving Growth Core products and New Product Introductions (NPIs) by Formulation Highlights $1,600,000 • Core diamide sales diversified across: Verimark®; Circaden® • 90+ countries $1,400,000 Cyazypyr® Exirel® Core • 20+ different
Slide 13: Patent & Regulatory Timelines for Key Markets – Rynaxypyr Active
Patent & Regulatory Timelines for Key Markets – Rynaxypyr® Active 2022 2023 2024 2025 2026 2027 Highlights 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 0
Slide 14: Patent & Regulatory Timelines for Key Markets – Cyazypyr Active
Patent & Regulatory Timelines for Key Markets – Cyazypyr® Active 2022 2023 2024 2025 2026 2027 2028 Highlights 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03
Slide 15: Q3 2023 Earnings Presentation FMC CORPORATION
Q3 2023 Earnings Presentation FMC CORPORATION 15
Slide 16: Modeling Assumptions for 2023
Modeling Assumptions for 2023 Appendix $240 – $245 14 – 16 $3 – $5 million percent million INTEREST EXPENSE ADJUSTED TAX RATE1 NON-CONTROLLING INTEREST ~125.7 $183 – $185 $(860) – $(640) $135 – $145 million million million million FULL-YEAR WEIGHTED AVG. DILUTED SHARES DEPRECIATION & CAPITAL ADDITIO
Slide 17: Q3 2023 Adjusted EPS Variance
Q3 2023 Adjusted EPS1 Variance Appendix $1.23 -$0.59 -$0.15 -$0.03 -$0.02 $0.44 Q3 ’22 Adj. EBITDA1 INTEREST EXPENSE D&A OTHER Q3 ’23 • EBITDA1 lower • Higher interest • Depreciation & • Minority 33% rate Amortization Interest, Taxes, environment Share Count 1. Denotes non-GAAP financial term. Refer
Slide 18: Additional Disclaimers
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 t
Slide 19: Q3 2023 Earnings Presentation FMC CORPORATION
Copyright © 2023, FMC Corporation. All Rights Reserved. Q3 2023 Earnings Presentation FMC CORPORATION 19