Q1 2025 Agribusiness Earnings Summary: FMC, Syngenta, BASF, CNH Industrial and AGCO

Index:

1. FMC

   a. Overview

   b. Tariffs

   c. Farmer Driven Demand Generation

   d. Q2 Orders and Outlook

   e. Diamides

2. Syngenta Group

   a. Overview

   b. Segments

   c. Notable Comments from Release

3. BASF

   a. Overview

   b. H2 Outlook

   c. Executive Commentary and Glufosinate Ammonium

4. CNH Industrial

   a. Overview

   b. Financial Services

   c. Tariffs

   d. Production Hours and Inventory

   e. Outlook for H2 and 2026

5. AGCO

   a. Overview

   b. Production Hours and Inventory

   c. 2025 Outlook

   d. Tariffs

   e. Fendt in the America’s

   f. PTx Trimble

If you are interested in how FMC, CNH and AGCO are handling tariffs, there are detailed overviews based on executive commentary, publicly available images that help lay the foundation for understanding the impacts and management approaches to tariffs under their segments.

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, I shrewdly analyze publicly traded agribusiness earnings, cutting through the noise to highlight the key takeaways that matter for those of us 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.

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FY 2024 Ag Equipment Manufacturer Earnings Highlights and Analysis - Upstream Ag Professional

FY 2024 Crop Protection & Seed Company Results: A Deep Dive into Themes, Highlights and Analysis - Upstream Ag Professional

FY 2024 Fertilizer Company Highlights and Analysis - Upstream Ag Professional

Access the financials I have compiled to be able to effectively look at major agribusinesses in detail here: Agribusiness Financial Data Q4 2022 to Q4 2024 (Excel Workbooks)

1. FMC Q1 2025 Results - FMC

Key Takeaways

• Revenue declined 14% YoY (10% organically) to $791M, with EBITDA down 25%. Executives expressed “very high” confidence in achieving growth in H2, driven by demand normalization and new market routes.

• Sales in North America fell 28% due to delayed U.S. purchasing and trade friction, while Latin America grew 10% (+17% ex-FX).

• While modest in scale, the Plant Health segment—led by biologicals—was the only segment to show YoY growth (+1%).

• FMC is lowering Rynaxypyr pricing to compete with generics while driving volume. They expect cost parity with generics on the molecule by end of the year thanks to initiatives undertaken at the end of 2024. New combinations (e.g., Rynaxypyr + Bifenthrin) and high-load formulations are helping maintain differentiation and grow market share.

• FMC clarified that margins are effectively neutral between retail and direct-to-grower channels in Brazil. While SG&A costs differ slightly, pricing and payment terms are comparable.

Overview

FMC delivered Q1 results at the higher end of guidance, yet financial performance remains challenged amid pricing pressures, destocking, and global trade dynamics. The company is focused on inventory normalization and positions itself for a stronger second half.

• Revenue declined 14% (10% organically) to $791 million

• Adjusted EBITDA declined 25% to $120 million

Regions

• North America - Sales declined 28% due to U.S. purchasing delays and trade headwinds. FMC is prioritizing demand generation to move product from the channel to the farm with lower shipping into the channel.

• Latin America - Sales up 10% (17% without FX), driven by strong direct-to-grower demand in Brazil— especially cotton.

  • “We expect to enter the next growing season in Latin America without the destocking headwinds we faced over the last two seasons.”

• EMEA - Sales down 11%, impacted by volume loss and triflusulfuron registration expiration.

Other

• Plant Health Growth — Outpaced the broader portfolio with 1% sales growth, driven by biologicals.

• Tariff Cost Exposure — FY25 includes $15–$20 million in expected incremental tariffs, which FMC aims to offset with cost savings.

• Second Half Recovery —  FMC expects +7% revenue, +11% EBITDA growth in H2 vs. H2 2024, backed by new market routes in Brazil and stronger demand from its growth portfolio. When CEO Pierre Brondeau was asked about his confidence level in H2, he stated that “I think I would qualify the level of confidence in H2 as very high.”

• Crop Protection Pricing — Pricing comparisons will ease in the second half of 2025, as most of FMC’s 2024 price corrections occurred in Q2–Q4, leading to a more favorable comparison base and greater price stability moving forward.

• FMC Focus Areas

For more on their focus areas, check out the FMC FY 2024 Analysis.

Tariffs

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