Nufarm Limited · ASX:NUF
Nufarm — H1 2025 Earnings Presentation
35 slides from Nufarm's earnings presentation, May 21, 2025
Slide 1: Nufarm 1H FY25 Half Year Results
a obs Nufarr 1 FY25” Half jear Results oe
Slide 2: General and forward looking statements
General This presentation has been prepared by Nufarm Limited. The information contained in this presentation is for informational purposes only as at the date of this presentation on 21 May 2025 . The information contained in this presentation is not investment or financial product advice & is not
Slide 3: Seed Technologies
Slide 4: Seed Technologies growth platforms
• hybrid seeds omega-3 / • nutritional bioenergy • new & emerging technologies •
Slide 5: 1H25 Results Overview
ya: 1H25 Results Overview & Greg Hunt
Slide 6: Strong recovery in Crop Protection. Actions to improve returns and free cash flow
Strong recovery in Crop Protection. Actions to improve returns and free cash flow • • • • • • • • • • • 6
Slide 7: Strong performances on multiple fronts
Strong performances on multiple fronts. • Crop Protection • • • Seed Technologies • • • Balance sheet • • New and emerging • 7
Slide 8: Crop protection benefiting from normalising market conditions
Crop protection benefiting from normalising market conditions and improved cost of goods position • • • • • • • • • • • •
Slide 9: Seed Technologies performance
1. Includes a $28m impact from a net realisable value adjustment associated with omega 3 • • • • • • • • • • •
Slide 10: Clear actions to improve profitability, deliver higher returns and de-leverage
Clear actions to improve profitability, deliver higher returns and de-leverage the balance sheet • • • • • • • •
Slide 11: Financial Performance
Financial Performance | Brendan Ryan a. MT) Ass eee — = -— oe > = . ~ _—
Slide 12: Revenue +3% y/y; leverage at 4.5x
Revenue +3% y/y. aNWC to Sales 39%. Leverage at 4.5x impacted by lower omega 3 earnings and FX translation Refer to Appendix 1 for non-IFRS definitions and disclosures 12 1. uEBITDA and uEBIT for 1H24 restated to exclude Share of net profits/(losses) of equity accounted investees
Slide 13: Net Leverage
Net debt increased 12% YoY. Primarily driven by omega 3 funding, timing on Capex spend and FX translation. Net leverage 4.5x. Excluding omega 3 impacts and weaker AUD, leverage at 1H25 ~3.8x • Net Leverage • • Net debt $m The ABL is secured against Receivables and Inventory and accommodates seasonal
Slide 14: Actions underway to reduce net debt and leverage
Actions underway to reduce net debt and leverage Illustrative path to de-leveraging CONCEPTUAL BUILDING BLOCKS (not to scale) Structural Seasonal • • • Structural • • •
Slide 15: Strong Crop Protection volume growth and positive mix impact
Strong Crop Protection volume growth and positive mix impact • +53M +3% 36 • 99 1,811 1,758 (75) (7) • Seed Seed Tech. 249 Tech. 256 • • CP 1,502 CP 1,562 • • 1H24 CP - Volume CP -Mix CP - Price Seed Tech. 1H25
Slide 16: Operating cash flow reflects seasonal working capital build
Operating cash flow reflects the seasonal working capital build, with Net working capital down ~$100m YoY • • 16
Slide 17: Net working capital improved ~$100m year on year
Net working capital improved ~$100m year on year. Average net working capital to sales of 39% Trade & Other Receivables Inventories Trade & Other Payables 1,707 1,662 1,560 1,140 1,185 • 863 1,363 1,318 1,323 550 952 1,246 671 668 1,788 1,602 1,464 1,422 1,343 • 1,182 1,166 (772) • (882) (1,077) (1,
Slide 18: Inventory days
Half on half inventory days1 improvement of 22 Days. On target for 25 Year on Year inventory days reduction2 Change in Inventory Days (22) 217 • 195 • Inventory days 170 • • • 1H24 FY24 1H25
Slide 19: Significant lift in Capex from FY22
Significant lift in Capex from FY22 to support Seed Technologies, plant HSE and growth opportunities. Requirements expected to moderate from 2H FY25 and further into FY26 148 8 110 68 54 72 56 HY24 HY25 PP&E Intangibles Other Investments • • •
Slide 20: Omega-3 update
Omega-3 update Brent Zacharias
Slide 21: Omega-3 update
-15% -15% 1. company estimate • • • • •
Slide 22: Outlook
>) Outlook Greg Hunt
Slide 23: Well positioned, but several uncertainties could impact the second half
Well positioned, but several uncertainties could impact the second half • • • • • • • • • • 1. For forward looking statements refer to the disclaimer on page 2 of this presentation.
Slide 24: FY25 outlook
• • • • • • • • • • • 1. For forward looking statements refer to the disclaimer on page 2 of this presentation.
Slide 25: Q&A
Slide 26: Appendices
Appendices 28 “nufarm
Slide 27: Non-IFRS measures
1. Non-IFRS measures have not been subject to audit or review. Refer to the disclaimer on page 2 of this presentation .
Slide 28: Underlying revenue and EBITDA by segment
6 months ended 6 months ended Revenue - Underlying 31 Mar 2025 31 Mar 2024 Change Change ($000s) $000 $000 $000 % Crop protection APAC 462,059 458,873 3,186 1% North America 624,156 636,643 (12,487) (2%) Europe 475,443 406,468 68,975 17% Total Crop protection 1,561,658 1,501,984 59,674 4% Seed Techn
Slide 29: Continuing operations income statement
Continuing Operations 6 months ending 31 Mar 2025 6 months ending 31 Mar 2024 Underlying Material items Total Underlying Material items Total $000 $000 $000 $000 $000 $000 Revenue 1,810,881 - 1,810,881 1,758,042 - 1,758,042 Cost of sales (1,278,605) (7,648) (1,286,253) (1,249,903) (26,680) (1,276,58
Slide 30: Material items by category
6 months ended 6 months ended 6 months ended 6 months ended 31 March 2025 31 March 2025 31 March 2024 31 March 2024 $000 $000 $000 $000 pre-tax after-tax pre-tax after-tax Material items by category: Asset rationalisation and restructuring (10,764) (8,714) - - Idle plant capacity - - (26,680) (19,41
Slide 31: Cash flows
Underlying Material items Total group 6 months ended 31 March 2025 $000 $000 $000 Cash flows from operating activities Net operating cash flows (456,695) (2,340) (459,035) Cash flows from investing activities Net investing cash flows (148,073) - (148,073) Cash flows from financing activities Net fin
Slide 32: NWC outflow driven by seasonality
NWC outflow driven by seasonality & first half build than the pcp
Slide 33: Constant currency and exchange rates
6 months ended Mar 2025 Mar 2025 Mar 2024 Constant Reported Constant1 Reported currency A$ million currency % Change Revenue 1,810.9 1,807.5 1,758.0 3% Underlying EBITDA 205.9 206.7 218.6 -5% Underlying EBIT 102.7 104.7 120.6 -13% Average exchange rates HY25 v HY24 A$1 = HY25 HY24 % change USD 0.644
Slide 34: Our Crop Protection pipeline
Our Crop Protection pipeline crops, segments and geographies – selected products 1. The estimated launch year indicated is for the first country. For products launched in more than one country, the estimated launch date may fall in different years 2. This is selected products only and not the comple
Slide 35: Sources
Sources: Prof B Hankamer - Institute for Molecular Bioscience (IMB) UQ | Food & Agricultural Organisation of The United Nations; 35 United Nations Department of Economic & Social Affairs, Population Division: The World Population Prospects (2019), Phillips M