Welcome to the 105th edition of Upstream Ag Professional
Index
Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien, Mosaic, and ICL
Precision, Platform, Performance: Inside Meristem’s BIO-CAPSULE
Unlocking the black box of plant biostimulants
Interest in biostimulants ‘extraordinary’ despite 86% funding drop to category
2025: Year of the Replacement
Ag distribution at a crossroads: 5 strategic moves to make before 2030
Power and Paralysis: Why Hierarchies Hate Innovation
Other Interesting Ag Articles (8 this week)
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This week’s audio edition can be found here and covers the following:
Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien & Mosaic
Precision, Platform, Performance: Inside Meristem’s BIO-CAPSULE
Interest in biostimulants ‘extraordinary’ despite 86% funding drop to category
2025: Year of the Replacement
1. Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien, Mosaic, and ICL - Upstream Ag Professional
For the full breakdown, including more detailed highlights, executive commentary and images from the presentations, check out the link above.
Q2 2025 Highlights
Bayer Crop Science
Total Crop Science Revenue – €4.8 billion (down 3.7% YoY; up 0.3% currency/portfolio adjusted)
Revenue by Segment
Seeds & Traits – up 11% (Corn up 30%; Soy down 18%; Cotton down 26%; Vegetables up 1%)
Core Crop Protection – down 6% (Insecticides down 13%; Fungicides weaker in North America; Herbicides excluding glyphosate modest growth in Latin America and EMEA)
Glyphosate-based herbicides – flat (Prices down, Volumes up)
EBITDA (before special items) – €700 million
EBITDA Margin – 14.5% (vs. 10.5% in Q2 2024)
Executive Insights from Call
CP prices expected to stabilize but remain competitive due to generic pressure in H2.
Corn acreage recovery in Latin America and North America driving strong first-half growth; concern over sustaining growth in 2026 when corn acres may decline.
Regulatory impact significant: Movento expiry reduced CP sales by ~3 percentage points in EU; dicamba challenges in US.
Optimistic on dicamba re-registration.
Strong seed production lowering costs
Uncommon €840 M impairment reversal primarily because of improved corn business outlook.
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