Agribusiness Results: BASF and Mosaic

Index

1. BASF

2. Mosaic

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter Upstream Ag Professional analyzes publicly traded agribusiness results to highlight key takeaways that matter for those working in the agriculture industry.

By breaking down earnings results and executive commentary, I provide the strategic insights agribusiness professionals need to stay ahead of their competitors, their suppliers and ultimately their customers.

The below is just one portion. More deep dives on the most influential agribusinesses, their market positioning, and strategic initiatives will be published as results become available.

If you want to satiate your curiosity and be the best-informed in the industry, you’re in the right place.

1. BASF Agricultural Solutions FY 2025 Results - BASF

Revenue was €9.6 billion, down 2.2% YoY (from €9.8 million in 2024). The drop was almost entirely due to currency effects (-3.9%), which even offset volume growth (+3.0%). Pricing was slightly negative (-1.2%).

Ag Solutions represents 16.1% of total BASF Group sales.

EBITDA before special items was €2.08 billion, up 7.4% YoY (from €1.9 billion). The EBITDA margin improved to 21.7% from 19.8% in 2024. The improvement was from reducing manufacturing costs and the commercial launch of glufosinate-P-ammonium in North America. One notable special item was the ongoing ERP system conversion costs, which ran €156 million in EBITDA. Notably, cash flow was down 19% to €1.5 billion. Despite higher EBITDA, cash flow was challenged by an inventory buildup in 2025, compared to a significant inventory reduction in the prior year. Notably, EBITDA before special items for 2026 is expected to be slightly lower than 2025.

The Ag Solutions division is by far the largest single segment by EBITDA, contributing nearly one-third of (31.7%) BASF EBITDA.

R&D expenses were €990 million, up 7.8% YoY, consistent with BASF's stated innovation pipeline targeting >€7.5 billion in sales potential for products launched by 2034. That puts BASF at 10.3% of revenue going into R&D, and notably last year it was 9.3% of revenue.

Capex was €351 million, down 9.2% from €387 million. It is heading down across the entire business:

Notably, they shared some of their key spending and two 2025 expenditures stood out:

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