Slide 1: Q1 2024 Earnings Presentation
Q1 2024 Earnings Presentation May 7, 2024 Q1 2024 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: Q1 2024 Results
Q1 2024 Results Q1 2024 Q1 2023 2024 VS. 2023 Revenue $918 $1,344 (32)% GAAP Net Income (Loss) $(3) $196 (102)% Adjusted EBITDA1 $161 $362 (56)% % Revenue 17.5% 26.9% (940) bps GAAP EPS $(0.02) $1.55 (101)% Adjusted EPS1 $0.36 $1.77 (80)% Note: Amounts in millions of USD except for EPS Q1 2024 HIGHL
Slide 4: Q1 2024 Regional Revenue Drivers
Q1 2024 Regional Revenue Drivers Revenue down 31% organically1 REGIONAL REVENUE BRIDGE North $259 million Latin $188 million (-48% YOY, (-20% YOY, America -48% ex-FX) America -22% ex-FX) • Lower volume versus record- • Price decline in mid-teens, mostly in breaking prior-year performance Brazil • Pr
Slide 5: Q1 2024 Adjusted EBITDA Drivers
Q1 2024 Adjusted EBITDA1 Drivers Adjusted EBITDA1 down 56% Adjusted EBITDA1 BRIDGE Note: Amounts in millions of USD KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Lower volume in all regions due to channel destocking and • Strong contribution from restructuring actions purchases delayed to clo
Slide 6: Global Restructure and Cost Reduction Plan
Global Restructure and Cost Reduction Plan Company tracking to deliver 2024 expected savings net of inflation to operating costs $50 - $75 million in 2024 (net savings vs. 2023) $150 million by end of 2025 (run rate savings) DIVEST OPERATING MODEL CHANGES REDUCE SPEND NON-CORE ASSETS ACTIONS STATUS
Slide 7: Q2 2024 Financial Outlook
Q2 2024 Financial Outlook Q2 2023 Q2 2024 Guidance REVENUE DRIVERS • Volume growth across all regions except Asia • Strong growth from new products including REVENUE $1.02 $1.00 billion - • Mid-single digit pricing pressure Coragen® eVo insecticide in Argentina and the $1.15 billion U.S., Premio® St
Slide 8: FY 2024 Financial Outlook Update
FY 2024 Financial Outlook Update FY 2023 FY 2024 Guidance REVENUE DRIVERS • Market conditions expected to improve as year • High channel inventory in India expected to be REVENUE $4.49 $4.50 billion - progresses headwind for duration of year billion $4.70 billion • Strong growth from NPI3 • Minor FX
Slide 9: Volume and Cost Actions Expected to Deliver Adjusted EBITDA Growth in H2
Volume and Cost Actions Expected to Deliver Adjusted EBITDA1 Growth in H2 +$0.5 billion (+23%) YoY H2 REVENUE $2.13 • Expect improving market conditions • Pricing in line with prior year $2.61 billion as year progresses • FX neutral billion • NPI expected to contribute 2 H2 2023 significantly to vol
Slide 10: Potential Range of Outcomes for 2024 Adjusted EBITDA
Potential Range of Outcomes for 2024 Adjusted EBITDA1 • UPSIDE Outsized improvement in market conditions in H2 $1.05 • Stronger than expected NPI2 growth billion • Above high end of restructuring benefits • Channel destocking well-advanced by end of H1 • MID-POINT Improving market conditions in H2 $
Slide 11: Q1 & FY 2024 Cash Flow Generation and Deployment
Q1 & FY 2024 Cash Flow Generation and Deployment $748 million expected improvement in Adjusted Cash from Operations1 Q1 2024 Q1 2023 FY 2024 Actual Actual Q1 2024 Commentary Guidance FY 2024 Commentary (M) (M) Range (M) GAAP Cash from Operations $(143) $(851) Favorable versus prior year primarily fr
Slide 12: FMC Corporation
Q1 2024 Earnings Presentation FMC CORPORATION 12
Slide 13: Modeling Assumptions for 2024
Modeling Assumptions for 2024 Appendix $225 – $235 14 – 17 $1 – $3 million percent million INTEREST EXPENSE ADJUSTED TAX RATE1 NON-CONTROLLING INTEREST ~125.5 $172 – $180 $400 – $600 $95 – $105 million million million million FULL-YEAR WEIGHTED AVG. DILUTED SHARES DEPRECIATION & CAPITAL ADDITIONS AN
Slide 14: Adjusted EPS Variance
Q1 2024 Adjusted EPS1 Variance Appendix $1.77 -$1.36 -$0.07 $0.00 +$0.02 $0.36 Q1 ‘23 Adj. EBITDA1 INT. EXPENSE TAXES OTHER Q1 ‘24 • EBITDA1 • Higher • Noncontrolling commercial interest, share paper count and D&A borrowings and higher interest rates 1. Denotes non-GAAP financial term. Refer to non-
Slide 15: 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 16: Q1 2024 Earnings Presentation FMC CORPORATION
Copyright © 2024, FMC Corporation. All Rights Reserved. Q1 2024 Earnings Presentation FMC CORPORATION 16