Q3 2025 Crop Protection Manufacturer Results: Themes, Highlights and Analysis

Index

1. Financial Overview

2. Themes

   1. Farmer economics are lousy

   2. Crop Protection Stabilization

   3. Biologicals continue to be emphasized, but not positive for all

   4. Margin Growth

   5. Seed and traits very positive

3. ADAMA

4. Bayer

5. BASF

6. Corteva

7. FMC

8. Syngenta

9. UPL

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, we analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry — that means looking at the intersection of financials with product details, competitive dynamics, executive commentar, external factors and strategic considerations that are often missing in the financial results.

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

Financial Overview

Themes

1. Farmer economics are lousy, but Crop Protection and Seed demand remains.

One overarching (and unsurprising) theme among all the earnings call was the challenged farm economic environment.

• BASF talked about commodity prices are below historical averages and “farmers still faced elevated financing costs,” leading to “challenging economics”.

• Syngenta Group described a “challenging global agricultural market, where farmer profitability remains under pressure across most regions.”

• UPL noted row-crop prices remain low, pressuring farm margins and creating liquidity stress for retailers and distributors, particularly in Latin America.

• Corteva emphasized “pressured commodity prices and farmer margins” despite strong demand and production.

2. Crop Protection Price Stabilization

All the major public crop protection companies emphasized demand stability:

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