Nufarm Limited · ASX:NUF
Nufarm — HY26 Earnings Presentation
36 slides from Nufarm's earnings presentation, May 27, 2026
Slide 1: Nufarm HY26 results presentation
© 2025 Nufarm Limited ASX Release – Company Announcement 27 May 2026 Nufarm HY26 results presentation Attached is Nufarm Limited’s (ASX:NUF) (Nufarm) HY26 results presentation which will be delivered by CEO, Rico Christensen and CFO, Brendan Ryan to investors via audio webcast at 10:00am AEST today.
Slide 2: Nufarm FY26 Half Year Results
For personal use only Nufarm FY26 Half Year Results
Slide 3: Disclaimer
Disclaimer 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 27 May 2026 . The information contained in this presentation is not investment or financial product advic
Slide 4: CEO Overview
CEO Overview Rico Christensen For personal use only 3 Nufarm Limited | FY26 Half Year Results
Slide 5: Strong first half result - FY26 outlook reaffirmed
Strong first half result - FY26 outlook reaffirmed Improved earnings and cashflow and reduced leverage. Outlook for FY26 uEBITDA and Leverage 2.0x by end of FY26 reaffirmed. For personal use only uGross Profit Revenue uEBITDA uNPAT margin $1.7b 33% $243m $52m (5%) y/y +3.7 ppt y/y +18% y/y +35% y/y
Slide 6: Delivering on the priorities set for FY26
Delivering on the priorities set for FY26 Focus on profitable growth, disciplined capital allocation and free cash generation FY26 Priorities Progress in 1H As stated in November 20251 For personal use only • $193m y/y improvement in free cash flow Cost and • 20% reduction in leverage capital discip
Slide 7: Crop Protection
Crop Protection Improved earnings quality and margin expansion driven by mix and cost discipline CROP PROTECTION ($m) HY26 HY25¹ Change y/y Crop Protection For personal use only uEBITDA 223 216 3% • 1.6ppt margin expansion driven by cost discipline and improved product mix - uEBITDA (Constant Curren
Slide 8: Seed Technologies
Seed Technologies Hybrid Seeds growth, repositioned Emerging Platforms with reduced capital requirements For personal use only SEED TECHNOLOGIES ($m) HY26 HY25¹ Change y/y Hybrid Seeds Revenue 243 215 13% • uEBITDA +7% y/y was supported by favourable demand conditions for edible uEBITDA 58 27 113% o
Slide 9: Financial Performance
Financial Performance Brendan Ryan For personal use only 8 Nufarm Limited | FY26 Half Year Results
Slide 10: Profit and Loss Summary
Profit and Loss Summary Strong growth in profitability driven by improved mix and cost discipline NUF GROUP ($m) HY26 HY25 Change y/y For personal use only Revenue 1,714 1,811 (5)% • Revenue lower with increased focus on improving sales mix and Underlying Gross profit 567 532 7% quality Underlying G
Slide 11: Balance Sheet Summary
Balance Sheet Summary Strong reduction in leverage reflecting improving balance sheet efficiency and free cash flow NUF GROUP ($m) HY26 HY25 Change y/y For personal use only Capex 66 148 (56)% • Reflects sustaining capital expenditure following a period of peak Net Working Capital 1,366 1,560 (12)%
Slide 12: 2025 cost savings program
2025 cost savings program We are delivering on the 2025 cost savings program1 Cost savings achieved ($m) For personal use only • $32m cumulative 50 • Europe performance improvement program • Reduction in commercial, portfolio and support 18 spend • On plan for $50m savings by end of FY26 32 • Outcom
Slide 13: Cash flow bridge
Cash flow bridge Cash flow improvement driven by improved profitability and disciplined capital management Cash Flow ($m) For personal use only 243 1 Free cash flow improved by $193m year on year 1• Improved profitability driving stronger operating cash flow (528) (65) (66) (23) (439) 2• Disciplined
Slide 14: Net working capital
Net working capital Continued year on year improvement in net working capital Net Working Capital HY26 HY25 Movement For personal use only Average Receivable Days (Sales) 91 98 7 • 6-day improvement in cash conversion cycle Average Inventory Days (COGS) 193 188 (5) primarily driven by reduction in r
Slide 15: Capital expenditure
Capital expenditure Past peak capex in PP&E and have reduced capex in emerging platforms Capital expenditure focus For personal use only • Transitioning to sustaining capex following a period of peak investment Capital Expenditure ($m) • More disciplined capital allocation, aligned to a refocused st
Slide 16: Net debt
Net debt Continued improvements in Net Debt and Leverage For personal use only Leverage • Leverage reduced 20% y/y (0.9x) 4.5x 3.6x 3.6x 2.7x • Net debt $135m below pcp 2.0x HY24 FY24 HY25 FY25 HY26 • Reduction in Net debt and leverage driven by: • Improved earnings • Efficient management of NWC Net
Slide 17: Strategy update and Outlook
Strategy update and Outlook Rico Christensen For personal use only 16 Nufarm Limited | FY26 Half Year Results
Slide 18: Strategy refresh
Strategy refresh Sharper focus on where we win, capital-efficiency and profitable growth 1 Capital prioritization and 2 Improving Crop Protection 3 Two seeds platforms to grow For personal use only efficiency quality of earnings and returns and to focus capital deployment Capital reprioritised to
Slide 19: Financial outcomes
Financial outcomes We expect our strategy to deliver improved profitability, with higher returns and cash generation FY26/27 Targets1 Through the Cycle Targets For personal use only FY26 FY27 Positive free cash flow $50m cost savings2 On plan $50m cost savings (announced in April ROFE > cost
Slide 20: April 2026 cost savings program
April 2026 cost savings program Our strategy refresh is highlighting new areas to reduce cost and improve efficiency. For personal use only April-2026 cost savings program1 Cost Savings Focus Implementation Costs Timeline for Delivery Asset and portfolio rationalisation $15m cash implementation
Slide 21: Crop Protection
Crop Protection We are making changes to reflect our new focus These actions are designed to redeploy capital to higher returning activities, reduce fixed cost, capital intensity and operational complexity, supporting higher and more resilient returns For personal use only Crop Protection Focus Init
Slide 22: Seed Technologies changes
Seed Technologies changes Seeds portfolio restructured to improve focus and capital discipline Seed Technologies Focus Initial Actions For personal use only Hybrid Seeds and Emerging Platforms Organisational changes made FY26 Aligned to reflect unique go to market, returns and capital requirements
Slide 23: Strategic priorities
Strategic priorities We will continue to focus on delivering our strategic priorities. For personal use only Priorities1 Expectations for FY26 and FY27 • Deliver the April-2026 $50m cost savings program Cost and capital • Reset capex to disciplined envelope and strategy allocation framework discipli
Slide 24: FY26 Outlook
FY26 Outlook We reaffirm our uEBITDA and leverage outlook for FY26. • Expecting strong growth in uEBITDA in FY26, assuming normal seasonal and market conditions • Positive momentum continued in April and May For personal use only • Continuing to manage increases in the cost of Active Ingredients , f
Slide 25: Q&A
Q&A For personal use only 24 Nufarm Limited | FY26 Half Year Results
Slide 26: Appendices
Appendices For personal use only 25 Nufarm Limited | FY26 Half Year Results
Slide 27: Appendix: Segment information and reconciliation
Appendix 1 : Segment information and reconciliation Restated Restated 6 m onths ended 6 months ended 6 m onths ended 6 months ended Revenue - Underlying 31 Mar 2026 31 Mar 2025 Change Change 31 Mar 2026 31 Mar 2025 Change Change ($000) $000 $000 $000 % ($000) $000 $000 $000 % Crop Protection Europe
Slide 28: Appendix: underlying and statutory profit
Appendix 2 : underlying and statutory profit 6 months ending 31 Mar 2026 6 months ending 31 Mar 2025 Underlying Material items Total Underlying Material items Total $000 $000 $000 $000 $000 $000 Revenue 1,714,317 - 1,714,317 1,810,881 - 1,810,881 Cost of sales (1,147,085) (2,259) (1,149,344) (1,278,
Slide 29: Appendix: Non-IFRS disclosures & definitions
Appendix 3 : Non-IFRS disclosures & definitions Term Definitions Gross profit margin Gross profit as a percentage of revenue Underlying gross profit Gross profit excluding the impact of material items Underlying gross profit margin Underlying gross profit as a percentage of revenue Underlying net op
Slide 30: Appendix 4: Revenue bridge
Appendix 4: Revenue bridge Revenue reflects mix and margin focus For personal use only Revenue ($m) • Revenue lower with sales and mix focused on improving portfolio quality • Modest benefit from price and headwind from currency translation • Growth in Seed Technologies driven by Canola and Sunflowe
Slide 31: Appendix 5: Debt maturity profile
Appendix 5: Debt maturity profile Flexible funding with headroom provided by undrawn facilities and cash For personal use only Gross Debt¹ drawn and headroom ($m) Principal Debt Facilities Available ($m) Limit Maturity High Yield USD Bond $350 US Jan-30 Asset Based Lending (ABL) Facility $800 Nov-27
Slide 32: Appendix 6: Seed Technologies highlights
Appendix 6: Seed Technologies highlights We are accelerating adoption of our proprietary hybrids leveraging our IP and strong southern hemisphere position Innovation rate1: 12% of Sales For personal use only Canola - First to market herbicide tolerance unlocking structural growth 3-year sales CAGR E
Slide 33: Appendix 7: Crop Protection highlights
Appendix 7: Crop Protection highlights Our solutions target real world problems to create tangible value for growers. Innovation Rate1: 13% of Sales For personal use only Expanding our Duplosan® powered herbicides • US$200m Market Opportunity Incorporating Dichlorprop-p to target herbicide resistant
Slide 34: Appendix 8: Global Crop Protection product development pipeline
Appendix 8: Global Crop Protection product development pipeline Crop Protection pipeline crops, segments and geographies – selected products Estimated Project Stage Evolution Estimated Global For personal use only Launch Market 3. Dossier 4. Registration & Year1 1. Business Case 2. Develop POC 5. La
Slide 35: Appendix 9: FY26 Portfolio Solutions Key Milestones & Updates
Appendix 9: FY26 Portfolio Solutions Key Milestones & Updates Foundational Innovative Biological Emerging Integrated Solutions Solutions Solutions Solutions Solutions For personal use only Joust®/Joust Pro® in Europe Terrad’or® new markets Simpell® expands in Europe First sales of Kilter AX-1 Evolva
Slide 36: Thank you
35 For personal use only Thank you