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Q2 2025 Agribusiness Results Summary: ICL, Bayer, Mosaic, Corteva, Nutrien, and CF Industries

Essential news and analysis for agribusiness leaders.

Author

Shane Thomas
August 09, 2025 • Read Time: 6 minutes

Index

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, I analyze publicly traded agribusiness results 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— giving them an inside track in negotiations, conversations and anticipating what they should do next.

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.

Other Related Breakdowns:

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)

Bayer’s Crop Science division had some growth in Q2 2025, with net sales up 2% to €4.8 billion.

Seeds & Traits led, rising 11% on the back of a 30% surge in Corn sales, driven by increased U.S. acreage, and volume phasing from Q1. This growth offset regulatory-driven declines in Soybean (–18%) and Cotton (–26%) sales tied to the U.S. dicamba label vacatur.

Crop Protection declined 6%, with insecticide sales down 13% following the EU expiry of Movento’s registration, and fungicides pressured by lower prices and volumes in North America. Herbicides excluding glyphosate saw modest growth from higher demand in LATAM and EMEA. Glyphosate sales were flat year-on-year, with price declines balanced by volume recovery from Q1.

Bayer posted €700 million in EBITDA before special items (14.5% margin).

On litigation, Bayer continues a multi-pronged strategy to contain glyphosate liabilities. Recent steps include settling thousands of cases at low per-case cost, engaging in U.S. Supreme Court proceedings (with a decision expected by summer 2026), and supporting legislation to reaffirm EPA authority.

Overview

  • Revenue – €4.8 billion. Down 3.7% compared to Q2 2024 (currency- and portfolio-adjusted)

  • EBITDA before special items – €700 million. Up 1.9% year-over-year

  • EBITDA margin before special items – 14.5% up from 10.5% in Q2 2024

Segment Overview

Seeds & Traits grew 11%, led by a 30% increase in corn from higher U.S. planted area, timing shifts, and global price gains. Soybean (–18%) and cotton (–26%) declined due to the dicamba label vacatur in North America and reduced acreage. Vegetable seeds were up 1% on pricing.

Core Crop Protection fell 6% as lower fungicide prices and volumes in North America, and weaker insecticide sales in EMEA from the Movento registration expiry, outweighed herbicide gains in LATAM and EMEA.

Glyphosate-based herbicides were flat, with higher North American volumes offset by lower prices.

Regional

North America

  • Revenue - €2.26 billion

    • Reported change: –4.2%

    • Fx & portfolio adjusted change: +0.7%

  • Strong performance in soybean and corn seeds

  • Offsetting weakness in fungicides due to pricing pressure.

Latin America

  • Revenue - €907 million

    • Reported change: –0.8%

    • Fx & portfolio adjusted change: +12.2%

  • Mixed results

  • Insecticides and soybean seed performed well

EMEA

  • Revenue - €1.21 billion

    • Reported change: –6.8%

    • Fx & portfolio adjusted change: –3.7%

  • Pricing supported profitability despite market headwinds

Asia-Pacific

  • Revenue - €598 million

    • Reported change: –2.1%

    • Fx & portfolio adjusted change: +3.8%

  • Modest sales performance

  • Continued weakness in glyphosate pricing and some channel destocking

Other

Leaps by Bayer:

Our impact investment arm Leaps by Bayer announced investments in two new companies in the first half of 2025. Leaps invested in the biotech firm Decibel Bio, Inc., United States, which develops epigenetic technologies to alter crop traits without affecting DNA sequences. These technologies can take the form of seed treatments or “sprayable traits,” allowing growers to select seeds and traits separately in a first-of-its-kind solution for agriculture. Additionally, Leaps announced its participation in the last round of financing for Aferna, Inc., United States, a crop science enterprise co-founded by Leaps in 2022. Aferna targets the epigenome of plants, developing novel technologies to increase yields and improve stress resilience.

Executive Commentary

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