Upstream Ag Professional - March 1st 2026

Welcome to the 133rd edition of Upstream Ag Professional

Index

1. Agribusiness Results Highlights and Analysis: BASF and Mosaic

2. Nutrien, Corteva and FMC Executive Commentary Analysis from Investor Conferences

3. UPL Global and the End of the Ag Conglomerate Era

4. FMC Receives Dual Mode of Action Herbicide Classification for Rimisoxafen

5. Pivot Bio Releases 2025 Performance Data

6. Quick Hits (9 this week)

7. How Metrics Change Your Values and Behaviour

8. Other Interesting Ag Articles (7 this week)

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This week’s audio edition can be found here and covers the following:

• Agribusiness Highlights: Nutrien, Corteva, FMC, Mosaic and BASF

1. Agribusiness Results: BASF and Mosaic - Upstream Ag Professional

Highlights

BASF Agricultural Solutions

• Revenue was €9.6 billion, down 2.2% YoY (from €9.8 billion in 2024)

• New Glufosinate-P drove growth as the North American launch made herbicides the only growing product category (+3.2%) and was the primary EBITDA margin driver.

• Revenue by Product Category

• The IPO is on schedule for 2027 with the spin-out progressing as expected. ERP changes remain underway (they spent ~€156M in 2025 on the change), with Frankfurt listing as the target.

• R&D expenditure jumped from 9.3% to 10.3% of revenue. They invested €990 million in 2025, up from €911 million in 2024.

• The Ag Solutions division is by far the largest single segment by EBITDA , contributing nearly one-third of (31.7%) BASF total EBITDA.

• Notably, they shared some of their key spending and two 2025 expenditures stood out: Traceability of crop protection products based on digital identification initiatives in Europe, along with an investment in fermentation assets for "sustainable crop protection products.” BASF notably acquired AgBiTech earlier this year, and has stated that they aspire to drive bio-based growth in the future. Regarding the AgBiTech acquisition, it is expected to close in H1 2026. No price was released surrounding the acquisition, but there is potential for it to be shared in public documents once the deal closes.

Mosaic

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