Index
ADAMA
BASF
FMC
Stepan
Syngenta Group
CNH
1. ADAMA Q1 2026 Results - ADAMA
Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
Revenue | $1.037 Billion | $1 Billion | +4% |
Adjusted gross profit | $318 million | $303 million | +5% |
Adjusted gross margin | 30.6% | 30.3% | +30 bps |
Adjusted EBITDA | $150 million | $160 million | -6% |
Adjusted EBITDA margin | 14.5% | 16.0% | -150 bps |
Adjusted operating income | $88 million | $96 million | -8% |
Adjusted net profit | $59 million | $44 million | +35% |
Reported net profit | $82 million | $21 million | +289% |
Operating cash flow | -$141 million | -$29 million | -$112M |
Trade working capital | $2.3 Billion | $2.26 Billion | +$41M |
Volumes were up 3%, while prices were down 4%, and FX was positive. The growth was almost entirely volume.
Regional Overview
EAME
$406 million, +14% USD / +5% CER. Best performing region of the quarter. Volume-led, with strength in off-patent products despite competitive intensity.
North America
$237 million, +8% USD and CER. Volume-led on product launches including CAZADO and pre-season positioning.
Latin America
$144 million, -2% USD / -7% CER. Brazil saw "major decline in market pricing" partially offset by good soybean and winter corn season volumes. Rest of LATAM down on pricing.
Margin
30.6% adjusted gross margin is roughly flat YoY (+30 bps) and the company calls out FX, volume, and business quality as the drivers. But adjusted EBITDA margin compressed down to 14.5% because operating expenses rose to 22.2% of sales from 20.7%. ADAMA attributes the OpEx increase to FX (Israel and EU translation working against them on the cost side), employee compensation, and growth-supporting investment.
Portfolio & innovation
Strong product launch and registration efforts in Q1 with notable items including CAZADO insecticide expansion in NA, ATEKA spirotetramat-based insecticide in the US (with proprietary Ayalon formulation tech), Brazil GALIL nano registration, and continued Prothioconazole portfolio expansion across the EU.
Patents granted on Chlorantraniliprole process in Brazil, Korea, and Israel are notable given the post-Rynaxypyr patent landscape FMC is navigating.
Geopolitical Impacts
“Recent geopolitical developments are introducing market volatilities that could prove either transitory or structural as events unfold, with higher oil prices posing a potential inflationary pressure on the market and potentially pressuring farmer profitability. While channel demand has rebounded in 2025 and inventory levels have largely returned to prepandemic norms, in the first quarter of 2026 pricing pressures remain elevated due to persistent oversupply and production overcapacity of active ingredients.”
ADAMA acknowledges the Neot Hovav site in southern Israel suffered "limited and localized damage" in March/early April 2026 from missile interception debris, with phased shutdown for safety. Management says direct damage was non-material, mostly limited to a finished goods warehouse, ancillary equipment, and open storage. The site has "mostly returned to normal operational status" with full restoration expected in coming weeks.
Financials
Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
Sales | €3,104M | €3,203M | -3.1% |
EBITDA before special items | €1,102M | €1,204M | -8.5% |
EBITDA margin before special items | 35.5% | 37.6% | -210 bps |
Investments incl. acquisitions | €191M | €72M | +166% |
R&D | €224M | €221M | +1.7% |
Special items in EBITDA | -€24M | -€15M | ERP conversion |
AgBiTech Acquisition
In Q1 2026 BASF announced the acquisition of AgBiTech.
One thing to note is the “Investments” line.
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