Slide 1: Q2 2024 Earnings Presentation
Q2 2024 Earnings Presentation August 1, 2024 Q2 2024 Earnings Presentation FMC CORPORATION 1
Slide 2: Safe Harbor Statement and Non-GAAP Financial Terms
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: Q2 2024 Results
Q2 2024 Results Q2 2024 Q2 2023 2024 VS. 2023 Revenue $1,038 $1,015 2% GAAP Net Income $295 $32 811% Adjusted EBITDA1 $202 $188 8% % Revenue 19.4% 18.5% 93 bps GAAP EPS $2.35 $0.24 879% Adjusted EPS1 $0.63 $0.50 26% Note: Amounts in millions of USD except for EPS Q2 2024 HIGHLIGHTS ❖ EBITDA margin e
Slide 4: Q2 2024 Regional Revenue Drivers
Q2 2024 Regional Revenue Drivers Revenue up 2%, up 4% organically1 REGIONAL REVENUE BRIDGE North $339 million Latin $307 million (14% YOY, America (24% YOY) America 15% ex-FX) • Higher sales driven by volume • Volume growth driven by Brazil • Strong herbicide growth driven by • Lower price from comp
Slide 5: Q2 2024 Adjusted EBITDA Drivers
Q2 2024 Adjusted EBITDA1 Drivers Adjusted EBITDA1 up 8% Adjusted EBITDA1 BRIDGE Note: Amounts in millions of USD KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Volume growth with strongest results in U.S, Brazil and • Strong contribution from restructuring actions Germany • COGS headwind as se
Slide 6: Global Restructuring and Cost Reduction Plan
Global Restructuring and Cost Reduction Plan Company increases restructuring benefit target to a range of $75 million to $100 million of adjusted EBITDA1 net benefit $75 - $100 million in 2024 (net savings vs. 2023) >$150 million by end of 2025 (run rate savings) DIVEST OPERATING MODEL CHANGES REDUC
Slide 7: FY 2024 Financial Outlook Update
FY 2024 Financial Outlook Update Demand expected to improve as year progresses FY 2023 FY 2024 Guidance REVENUE DRIVERS • Demand improves as year progresses • High channel inventory in India expected to be REVENUE $4.49 $4.30 - $4.50 • Strong growth from NPI3 headwind for duration of year billion bi
Slide 8: Q3 2024 Financial Outlook
Q3 2024 Financial Outlook Q3 2023 Q3 2024 Guidance REVENUE DRIVERS • Volume growth from improving demand and strength of new products (NPI3) REVENUE $0.98 $1.00 billion - • Price decline low-single digits billion $1.09 billion • Low-single digit FX headwind 6% YoY ADJ. EBITDA1 DRIVERS ADJ. EBITDA1 •
Slide 9: Q4 2024 Financial Outlook
Q4 2024 Financial Outlook Q4 2023 Q4 2024 Guidance REVENUE DRIVERS • Strong volume growth due to NPI3 and improving market demand REVENUE $1.15 $1.34 billion - • Low-single digit price decline billion $1.45 billion • Low-single digit FX headwind 22% YoY ADJ. EBITDA1 DRIVERS ADJ. EBITDA1 • Higher sal
Slide 10: Volume Recovery Key Driver for Expected H2 Sales and EBITDA Growth
Volume Recovery Key Driver for Expected H2 Sales and EBITDA1 Growth +15% YoY H2 REVENUE $2.13 • Volume growth from improving • Price decline less pronounced than $2.44 demand H1 as one-time customer incentives billion do not continue; in line with Q2 billion • Strong growth in NPI2 including new act
Slide 11: Q2 & FY 2024 Cash Flow Generation and Deployment
Q2 & FY 2024 Cash Flow Generation and Deployment Improved working capital led to year-over-year increase in Adjusted Cash from Operations1 in Q2 Q2 Q2 H1 H1 FY 2024 2024 2023 Q2 2024 Commentary 2024 2023 Guidance FY 2024 Commentary Actual Actual Actual Actual Range GAAP Cash from Operations $292 $13
Slide 12: Our Growth Story is One of Innovation
Our Growth Story is One of Innovation Components Driving Growth of FMC’s Portfolio New Evolving the New active formulations of diamide ingredients and Biologicals non-diamide franchise pheromones products Q2 2024 Earnings Presentation FMC CORPORATION 12
Slide 13: Strategies to Maximize the Diamides
Strategies to Maximize the Diamides Emphasis on formulations and deep product knowledge places FMC in unique position to generate and capture value Rynaxypyr® active Cyazypyr® active (chlorantraniliprole) (cyantraniliprole) Composition of Matter Patent Expired Jan 2024; longer in Brazil, Japan, Taiw
Slide 14: R&D Pipeline Expected To Deliver Significant Sales Growth
R&D Pipeline Expected To Deliver Significant Sales Growth • Collectively, we expect new active ingredients 2033 Sales sales of $2B by 2033 • Plant Health sales of $2B expected by 2033 including $1B from pheromones ~$2B ~$2B from new AI ~$1B Pheromones ~$1B Biologicals 2024 2025 2026 2027 2028 2029 2
Slide 15: Q2 2024 Earnings Presentation FMC CORPORATION
Q2 2024 Earnings Presentation FMC CORPORATION 15
Slide 16: Modeling Assumptions for 2024
Modeling Assumptions for 2024 Appendix $235 – $240 14 – 17 $2 – $6 million percent million INTEREST EXPENSE ADJUSTED TAX RATE1 NON-CONTROLLING INTEREST ~125.3 $172 – $177 $400 – $500 $80 – $90 million million million million FULL-YEAR WEIGHTED AVG. DILUTED SHARES DEPRECIATION & CAPITAL ADDITIONS AND
Slide 17: Q2 2024 Adjusted EPS Variance
Q2 2024 Adjusted EPS1 Variance Appendix $0.50 $0.10 $0.01 $0.00 $0.02 $0.63 Q2 ‘23 Adj. EBITDA1 INT. EXPENSE TAXES OTHER Q2 ‘24 • Higher • Lower interest • No impact • D&A, minority EBITDA1 expense from interest reduced debt levels 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial Ter
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: Q2 2024 Earnings Presentation FMC CORPORATION
Copyright © 2024, FMC Corporation. All Rights Reserved. Q2 2024 Earnings Presentation FMC CORPORATION 19