Nufarm Overview
Nufarm is a mid-cap, Australia-domiciled agricultural inputs company that sits in the "second tier" of global crop protection, below the R&D-led majors (Syngenta, Bayer, Corteva, BASF) and alongside differentiated off-patent specialists such as UPL, ADAMA and Albaugh. Roughly 90% of its A$3.4 billion FY25 revenue comes from crop protection — principally post-patent herbicides (notably phenoxies such as 2,4-D and MCPA, where it is vertically integrated through synthesis plants at Laverton, Australia, and Wyke, UK), fungicides and insecticides, increasingly upgraded through proprietary formulations, mixtures, licensed actives and biologicals. The remaining ~10% is Seed Technologies: a profitable hybrid seeds franchise (canola, sorghum, sunflower) with a southern-hemisphere bias, plus two emerging platforms — plant-based omega-3 canola oil and carinata biofuel feedstock — that are strategically distinctive but have been capital-hungry. After a difficult FY24–FY25, the company is executing a cost, capital and portfolio reset under a new CEO.
Company's own description (paraphrased from AR25)
Nufarm describes itself as a global crop protection and seed technologies company helping farmers and businesses meet the challenges of food, feed, fibre and fuel production, leveraging agility, capabilities and partnerships. It cites a 3,000+ workforce across nearly 50 countries and partnerships with universities, suppliers and innovation partners. Customers are primarily agricultural distributors and growers, and more recently the aquaculture, nutrition and bioenergy industries (AR25, "About us"). Crop protection comprises the majority of the business.
The AR25 "Where we play" framework organises the company into:
Crop protection platforms: core crop protection, integrated solutions, biologicals, emerging solutions.
Seed technologies platforms: hybrid seeds, nutritional (omega-3), bioenergy (carinata, energy cane).
Core crops: cereals; trees, nuts, vines & vegetables (TNV); corn; soybean; pasture, turf & ornamental.
Core seeds: sorghum, sunflower, canola, carinata, energy cane.
Key regions: North America, Europe, APAC, South America (the latter now seeds-only following the 2020 sale of South American crop protection to Sumitomo).
Independent characterisation
Nufarm is best characterised as a formulator-marketer of predominantly off-patent crop protection chemistry with selective backward integration (phenoxy herbicide synthesis) and a capital-light innovation model that relies on licensing and co-development (e.g., Sumitomo Chemical, FarmHannong, ISK, KingAgroot, Agrauxine) rather than discovery of new active ingredients. Its competitive edge rests on regulatory dossiers and registrations (a significant barrier, especially in the EU), channel relationships, formulation know-how and route-to-market density in Australia, North America and Europe.
The seeds business is structurally different: IP-rich hybrid genetics with licensing revenue, and two speculative platforms that depend on regulatory deregulation (omega-3 canola for consumption in the EU and China, targeted 2028) and policy-driven biofuel demand (SAF / renewable diesel mandates and GHG credit values).
Revenue model
| Revenue stream | Description | Approx. weight | Source |
|---|---|---|---|
| Product sales — crop protection | Herbicides, fungicides, insecticides, seed treatments, biologicals sold to distributors and retailers | ~90% of FY25 revenue (A$3,107m of A$3,443m) | AR25 segment note |
| Product sales — seeds and oils | Hybrid seed (canola, sorghum, sunflower), omega-3 oil, carinata seed and grain/oil | Majority of Seed Technologies' A$336m | AR25 |
| Services, licences and royalties | Seed IP licensing (including carinata licence fees), trait/genetics royalties | Not separately quantified; licence revenue fell in FY25 | AR25 |
| Subscription | — | 0% | — |
Value-chain position
Upstream: Procures active ingredients and intermediates, heavily from China (global procurement hub in Shanghai). Synthesises select actives (phenoxies at Laverton and Wyke).
Midstream: Formulates at 11 manufacturing sites globally (being reduced via the Kwinana and Alsip closures).
Downstream: Sells through distributors and retailers; Croplands sells spray application equipment in Australia/NZ; the Turf & Ornamental channel serves golf courses, landscapers and specialty users in North America.
Seeds: Breeding and trait development (innovation centres in Horsham, Sacramento and Venado Tuerto); seed production; carinata grower contracting in South America with oil offtake to bp.
Customer types and end-markets
| Customer type | End-market | Comment |
|---|---|---|
| Agricultural distributors and retailers | Broadacre cereals, oilseeds, pasture | Core channel in all regions |
| Growers (via channel) | Row crops (corn, soybean), TNV | Indirect relationship |
| Turf & ornamental professionals | Golf, sports turf, landscape, nurseries | Record FY25 in North America |
| Aquaculture feed producers | Salmon/shrimp feed | Omega-3 (Aquaterra) |
| Nutrition / FMCG | Human nutrition supplements | Omega-3 (Nutriterra); 2024 Unilever partnership |
| Energy majors / biofuel processors | SAF, renewable diesel, biodiesel | Carinata oil offtake with bp to 2050 |
Strategy
Stated strategy themes
Paraphrased from AR25 and the 1H26 presentation strategy refresh.
FY26 priorities (set November 2025):
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Drive profitable growth in Crop Protection.
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Cost and capital discipline.
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Deliver the reprioritised Seeds strategy.
April 2026 strategy refresh — three pillars:
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Improving Crop Protection quality of earnings and returns: a more focused portfolio (cereals, soybeans, TNV plus regionally significant crops); capital redirected to markets where returns can consistently exceed the cost of capital; greater emphasis on value and margin over volume; leveraging innovation through partnerships.
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Two seeds platforms to grow, with focused capital: Hybrid Seeds (sorghum, canola, sunflower; southern-hemisphere focus) as the core growth platform; Emerging Platforms (carinata, omega-3) funded with disciplined, return-led investment.
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Capital prioritisation and efficiency: selective asset and portfolio exits; alignment of cost base and capex with the market footprint.
The "Evolving Ag" tagline features in corporate communications.
Strategic initiatives (last 24 months)
| Initiative | Announced | Description / target | Status | Source |
|---|---|---|---|---|
| 2025 cost savings program | FY24 result (Nov 2024) | A$50m run-rate savings, including the Europe performance improvement plan and reduced commercial, portfolio and support spend | A$32m cumulative at 1H26; on plan for A$50m by end FY26 | 1H26 Pres |
| April 2026 cost savings program | 15 Apr 2026 | Further A$50m run-rate savings by end FY27 (full benefit FY28); ~60% COGS / ~40% SG&A; A$15m cash implementation cost weighted to FY27 | On track (Sep-26 Update) | 1H26 Pres; Sep-26 Update |
| Seed Technologies review | May 2025; concluded Nov 2025 | Board considered alternative capital structures; concluded continued ownership offers best value. Four priorities: cut cash costs; grow Hybrid Seeds (Australia, South America, NA sorghum); grow Bioenergy capital-light with bp; manage omega-3 to cash-flow neutral and reposition production | Implemented | FY25 Release |
| Site rationalisation | 1H26–Sep 2026 | Kwinana closure/sale; Wyke Butyrics unit closure; Alsip closure; further options assessed | In progress | 1H26 Pres; Sep-26 Update |
| SKU / portfolio rationalisation | FY26 | Accelerated SKU cuts; North America portfolio rationalisation | In progress | Sep-26 Update |
| Capex reset | FY26 | Below A$200m in FY26 (FY25: A$246m); similar level in FY27 | 1H26 capex A$66m | 1H26 Pres |
| North American cloud ERP | FY25 | New ERP for North American crop protection (~A$9.1m FY25 cost) | Implementation | AR25 |
| bp carinata expansion | 26 Mar 2026 | Offtake to 2050; milestone-based funding for seed technology | Done | Nufarm release |
| Omega-3 deregulation | Ongoing | Japan achieved; EU and China targeted FY28 | Underway | 1H26 Pres |
| Omega-3 production relocation | FY26 | Establish production in South America (first regulated trials in Argentina) and Australia | Underway | 1H26 Pres; AR25 |
| Biologicals expansion | FY24–FY26 | Trunemco/Evolvance, Simpell/Exsolant, Nuxine | Ongoing | 1H26 Pres |
| OTCQX US quotation | Jul 2026 | Broadens US investor access | Done | GlobeNewswire |
Sustainability commitments
(VOC, hazardous waste, ISO 14001, Scope 1+2 -30% by FY30, 40:40:20 gender target).
Medium-term financial targets (through the cycle; 1H26 Pres)
| Target | Level |
|---|---|
| Free cash flow | Positive |
| ROFE | Above cost of capital on average through the cycle |
| Average NWC to sales | 35–40% |
| Leverage at financial year end | 1.5–2.0x |
| FY26 uEBITDA | A$370–380m (Sep-26 Update) |
| FY26 leverage | ~2.0x |
| FY26 capex | Below A$200m |
| Dividend policy | Aligned to FCF, subject to leverage within 1.5–2.0x and insufficient growth opportunities (AR25) |
The earlier "FY26 revenue aspiration" (group revenue of A$4.6bn+, set c.2022) was conditional on a return to long-term average pricing and has been superseded by the returns-focused framework.
Products & Services
Pricing models are not publicly disclosed product by product. Products are sold at per-unit/per-litre distributor prices, and seed traits carry licence/royalty components. Launch years are given where disclosed.
Crop Protection — Herbicides
| Product / franchise | Description & capability | Target customer / crop | Region | Launch / status | Source |
|---|---|---|---|---|---|
| 2,4-D (phenoxy) portfolio | Selective broadleaf herbicide; Nufarm is vertically integrated (Laverton synthesis). Pipeline project to extend the 2,4-D formulation lifecycle (est. US$900m market, launches 2023–30) | Cereals, pasture, corn/soy burndown | Global | Long-established | 1H26 Pres App. 8; AR25 |
| MCPA | Phenoxy herbicide produced at Wyke (UK); FY25 pricing remained challenging | Cereals, pasture | Europe | Long-established | AR25 |
| Duplosan® (dichlorprop-p) family | Herbicide incorporating dichlorprop-p against resistant weeds (e.g., kochia); brands Oxbow® and Blackhawk EVO® (Canada, FY24), Scorch EXT® (CO/KS/TX), Armatus® (Europe, dual-mode cereal herbicide). US$200m market opportunity; 3-year sales CAGR 44%; gross margin above group average | Cereals, fallow | NA, Europe | 2024 onwards | 1H26 Pres App. 7 |
| SU broadleaf cereal herbicide | Sulfonylurea mixture (pipeline) — est. US$210m market, launches 2022–31 | Cereals | Multi | Pipeline | 1H26 Pres App. 8 |
| Grass & broadleaf herbicide | Pipeline — est. US$500m market, launches 2024–30 | Row crops | Multi | Pipeline | 1H26 Pres App. 8 |
| Residual non-selective herbicide | Pipeline — est. US$215m market, launches 2027–33 | Non-crop/burndown | Multi | Pipeline | 1H26 Pres App. 8 |
| Patented non-selective herbicide | New broad-spectrum herbicide; exclusivity for Australia under KingAgroot agreement; ~2030 | Broadacre | Australia | Pipeline (~2030) | AR25; 1H26 Pres |
| Terrad'or® (tiafenacil; licensed from FarmHannong) | PPO herbicide; label extension on wheat in Australia, new pack size in Indonesia | Broadacre, plantations | APAC | Expanding FY26 | 1H26 Pres App. 9 |
| Dictate® | Herbicide launched in Vietnam | Rice/field crops | Asia | FY26 | 1H26 Pres App. 9 |
| Glyphosate and other generics | Commodity non-selective herbicides | Broadacre | Global | Mature | Industry knowledge |
Crop Protection — Fungicides
| Product | Description | Target | Region | Status | Source |
|---|---|---|---|---|---|
| Joust® / Joust Pro® | Triazole straights and mixtures; est. US$1,315m addressable market; Joust Pro registered in Poland, Turkey and France; Joust in Denmark and Estonia | Cereals | Europe | Launched 2023; expanding | 1H26 Pres |
| Cruzade® | Cereal registration in Canada for broad-spectrum disease control | Cereals | Canada | FY26 | 1H26 Pres |
| Nando® | Fungicide launched in Vietnam | Rice/vegetables | Asia | FY26 | 1H26 Pres |
| Curator | Turf fungicide for pythium control on golf courses | Turf & Ornamental | USA | FY26 launch | 1H26 Pres |
| Broad-spectrum fungicide | Pipeline — est. US$433m market | Multi | Multi | 2028–29 | 1H26 Pres |
| Soybean fungicide mixture | Pipeline — est. US$375m market | Soybean | Americas | 2,031 | 1H26 Pres |
| Pavecto® / Indiflin® (Sumitomo proprietary) | Preferred commercialisation partner in Germany, Poland and UK under 2019 agreements | Cereals | Europe | Since 2020 | Australian Manufacturing (2019) |
Crop Protection — Insecticides
| Product | Description | Target | Region | Status | Source |
|---|---|---|---|---|---|
| Carnadine® (acetamiprid & mixtures) | Neonicotinoid franchise from the 2018 European acquisition; cited as a standout FY25 margin contributor; registrations in UK and Finland, emergency use in Austria, label extensions in Poland and Lithuania. Est. US$895m market | Oilseed rape, cereals, horticulture | Europe | Expanding | AR25; 1H26 Pres |
| OpteraPro® / NaxyPro | Chewing-pest insecticides; est. US$1,890m market; registrations in Romania and Czech Republic; approved in USA for T&O and crops | Row crops, T&O | Europe, USA | 2024–28 | 1H26 Pres |
| Teppan® (licensed from ISK) | Sucking-pest insecticide; launched in Vietnam, registered in Malaysia, label extension in Australia (tree fruit, vegetables) | TNV | APAC | FY26 | 1H26 Pres |
| Xenon® | Insecticide launched in Indonesia | Plantations/field | Asia | FY26 | 1H26 Pres |
| Sucking-pest foliar & seed treatments | Pipeline — est. US$75m market | Multi | Multi | 2,032 | 1H26 Pres |
Biologicals
| Product | Description | Target | Region | Status | Source |
|---|---|---|---|---|---|
| Trunemco® / Evolvance® | Biological seed-treatment bionematicide (corn, soybean, cotton); US label expanded to cereals, vegetables and specialty crops; launched as Evolvance® in Brazil; US$270m market; 3-year sales CAGR 46%; gross margin well above group average | Row crops | Americas | Growing | 1H26 Pres App. 7 & 9 |
| Simpell® / Exsolant® / Exsolant XHL (spinosad) | Naturally derived insecticides; registrations in Belgium, Spain and Montenegro; US brand family launched for specialty, row crops and T&O; est. US$280m market | Specialty, T&O | Europe, USA | 2024–27 | 1H26 Pres |
| Nuxine® (Cerevisane) | Yeast-cell-wall biofungicide distributed in partnership with Agrauxine; registered in Austria | Specialty crops | Europe | New | 1H26 Pres |
| Botector® (licensed, SAN Agrow) | Biofungicide; New Zealand label extension for Psa in kiwifruit | Horticulture | NZ | FY26 | 1H26 Pres |
| NuBio (brand) | European biologicals brand introduced in FY21 | Specialty | Europe | 2,021 | AR 2021 summary |
Seed treatment & safeners
| Product | Description | Source |
|---|---|---|
| Sorpro® | Herbicide safener included in the sorghum seed-treatment package in Brazil | 1H26 Pres |
| Seed treatment portfolio | Reported within Crop Protection regions since FY25 | AR25 |
Application technology & digital (Croplands / "Emerging Solutions")
| Offering | Description | Source |
|---|---|---|
| Croplands | Spray equipment business (Australia/NZ); footprint rationalised in FY25 | AR25 |
| Kilter AX-1 | Precision spot-spraying system; first commercial sales in Australia via Croplands; R&D collaboration with Hort Innovation | 1H26 Pres |
| Green-on-green collaboration | With Croplands and GRDC, evaluating three non-OEM green-on-green technology partners in wheat, barley and canola | 1H26 Pres |
| Robotics Plus partnership | Application technology collaboration with the NZ company (FY24) | FY24 Release |
Seed Technologies — Hybrid Seeds
| Product | Description | Key data | Source |
|---|---|---|---|
| Hybrid canola (incl. IMI-tolerant; IMI plus triazine tolerant) | First to introduce IMI-tolerant hybrids in Brazil, Argentina, Paraguay and Uruguay; recent Brazilian launch of the market's first IMI plus triazine tolerant hybrid; strong Australian canola franchise | South America 3-year sales CAGR 57% | 1H26 Pres App. 6 |
| Hybrid sorghum (incl. IMI-tolerant) | Proprietary hybrids for second-season (safrinha) systems in Brazil; North American sorghum retained as a focus | South America 3-year sales CAGR 30% | 1H26 Pres; FY25 Release |
| Hybrid sunflower | New genetics gaining share in Argentina; European sunflower scaled back (moving to a licensing model) owing to the Russia/Ukraine conflict | South America 3-year sales CAGR -4% | 1H26 Pres; AR25 |
| Innovation rate | 12% of seed sales from varieties launched in the last three years | — | 1H26 Pres |
Seed Technologies — Emerging Platforms
| Platform | Description | Status | Source |
|---|---|---|---|
| Omega-3 canola (Aquaterra® for aquaculture; Nutriterra® for human nutrition) | First company to develop and commercialise plant-based omega-3 (DHA/EPA) canola oil, developed with CSIRO and GRDC. Value tied to fish-oil prices, which fell sharply in FY25 and roughly doubled by 1H26 | Production being repositioned to South America (first regulated trials in Argentina); Japan consumption deregulation achieved; EU and China targeted for 2028; North American canola plantings scaled back | AR25; 1H26 Pres; Bell Potter via Motley Fool |
| Omega-3 camelina (Yield10 technology) | Exclusive licence (Jul 2024), followed by acquisition of Yield10 assets in 1H25 | Integrated into omega-3 platform | FY24 Release; 1H26 Pres (capex note) |
| Nufarm Carinata | Non-food intermediate (cover) crop whose oil is a feedstock for SAF, renewable diesel and biodiesel; grown in Argentina, Brazil, Paraguay and Uruguay, with an Australian pilot | Offtake and market development agreement with bp extended to 2050 with milestone-based funding | Nufarm release 26 Mar 2026 |
| Energy cane | Bioenergy feedstock referenced in the AR25 seeds framework | Early-stage | AR25 |
| Biomass oil (with bp, CSIRO) | R&D programme for oil accumulation in plant biomass for bioenergy | R&D | AR25; Biofuels Digest |
Financial Narrative
Income statement
Sources and notes: FY25/FY24: AR25 summary table (FY24 uEBITDA restated to A$312.7m from A$313m reported). FY23: FY23 Release (revenue A$3.48bn per Simply Wall St; underlying gross margin 29.3% gives underlying gross profit of ~A$1,019m, derived; FY23 operating profit A$240m derived from FY24's reported 73% fall to A$65m, Capital Brief). FY22: revenue derived from FY23's reported 7.7% decline (Farm Online cites "almost A$3.8bn"); uEBITDA A$447m and NPAT A$107.4m (Farm Online, FY23 Release); uEBIT and uNPAT derived from FY23 growth rates (+6% and -8%); underlying gross profit derived from a 27.6% margin (FY23 margin less 170bp). FY21: revenue ~A$3.2bn and uEBITDA A$370m per company release (an annual-report summary cites A$361m, likely on a restated basis — discrepancy noted); uNPAT A$61m (FinNews); statutory NPAT ~A$65m derived from FY22's reported 65% increase. Dividends: FY21 final 4c; FY22 4c interim + 6c final; FY23 5c + 5c; FY24 4c interim, no final; FY25 nil (1H25 interim report; AR25).
Margins
Derived from 6.1: Revenue CAGR FY21–FY25: ~2.0% p.a. (A$3,186m to A$3,443m). uEBITDA CAGR FY21–FY25: ~-4.9% p.a.
Balance sheet
Sources: AR25 balance sheet management table (FY25/FY24). FY23 net debt derived from the FY24 Release statement that net debt fell 25% to A$635m; FY23 NWC derived from the FY24 statement that NWC fell A$411m. Equity derived from the reported gearing ratio.
Debt structure (AR25; 1H26 Pres, 31 Mar 2026):
At 31 March 2026, gross drawn debt (ex-leases) was A$1,456m, with A$199m undrawn and A$358m total headroom including cash (1H26 Pres App. 5).
Cash flow
Sources: AR25 cash flow table; FY25 capex A$246m from 1H26 Pres (capex slide); FY21 free cash flow of A$257m from Kalkine citing the company. No buybacks were identified in the period.
Ratios
Sources: AR25 (leverage, gearing, ROFE); FY23 leverage from FY23 Release; interest cover derived from AR25. ROE derived (statutory NPAT / derived equity). Net-days CCC is the 1H25 figure of 159 days, improving to 153 days in 1H26 (receivable days 91, inventory days 193, payable days 132; 1H26 Pres). ROIC: company uses ROFE as its return metric (1H26 ROFE excl. material items 4.4%, up from 3.2%).
Half-year 1H FY2026 snapshot (to 31 Mar 2026)
Source: 1H26 Pres: ### Commentary on trends, inflections and drivers
FY21–FY22: cyclical upswing. The FY21–FY22 period coincided with a post-COVID agricultural commodity boom, Chinese supply disruptions and channel restocking. Revenue rose ~18% in FY22 to roughly A$3.8bn and uEBITDA reached a record A$447m, with North America uEBITDA up 42% to A$148m (Farm Online). The balance sheet had been reset by the A$1,188m sale of South American crop protection to Sumitomo (completed 2020), enabling dividend reinstatement in FY21.
FY23: plateau. Pricing began to normalise. uEBITDA slipped 2% to A$438m, but mix improvements lifted underlying gross margin by 170bp to 29.3%. Seed Technologies revenue grew 33% to A$393m and uEBITDA reached ~A$98m — the high-water mark for the seeds narrative (FY23 Release).
FY24: destocking trough. Industry-wide channel destocking and Chinese generic oversupply drove "historically low" 2,4-D prices (1H24 commentary). uEBITDA fell 29% to A$313m; guidance was cut in August 2024 from A$350–390m to A$300–330m; the group swung to a statutory loss of A$5.6m. Management responded with a 30% NWC reduction (A$411m), cutting net debt 25% to A$635m and holding leverage at 2.0x (FY24 Release).
FY25: crop protection recovers; seeds disappoints. Crop protection uEBITDA rose 18% to A$370m with growth in every region (Europe +22%, North America +19%, APAC +10%) on better mix, lower cost of goods and the first A$50m cost program. Emerging Platforms swung to a ~A$53m loss as fish-oil prices collapsed, dragging Seed Technologies uEBITDA from A$62.6m to A$13.9m. Material items of A$142.4m post-tax (sunflower/canola IP impairments of ~A$58.7m, seed inventory write-downs of ~A$45.7m, redundancies, ERP and advisory costs) drove a A$165.3m statutory loss. Net debt rose 30% to A$824m and leverage to 2.7x, reflecting manufacturing capex and the omega-3 inventory build (AR25).
FY26: the inflection. 1H26 delivered the highest gross margin in roughly 20 years (33.1%, per the earnings call), flat operating costs, a 56% capex reduction and a A$193m year-on-year FCF improvement. The September 2026 update guided FY26 uEBITDA at A$370–380m (+25% at the midpoint) and leverage of ~2.0x. However, the composition shifted: Crop Protection is now expected to be broadly flat year on year (FX headwinds, manufacturing disruptions, softer North America), with growth coming from Seed Technologies (hybrid seeds and better omega-3 pricing). Statutory profit will again be diluted by A$90–110m of post-tax material items linked to site closures (Kwinana, Alsip) and SKU rationalisation.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Management basis |
|---|---|---|
Crop Protection — APAC | Australia, New Zealand and parts of Asia (incl. Indonesia, Malaysia, Vietnam); Croplands equipment; seed treatment (from FY25) | Geographic |
Crop Protection — North America | USA, Canada, Mexico; Ag and Turf & Ornamental | Geographic |
Crop Protection — Europe | UK, EU, other Europe, Middle East and Africa; Wyke synthesis and Linz/Gaillon formulation | Geographic |
Seed Technologies | Hybrid Seeds (canola, sorghum, sunflower) plus Emerging Platforms (Omega-3, Bioenergy/carinata); managed worldwide | Global |
Corporate | Head office costs | — |
Segment revenue (AUD Mn)
| Segment revenue (AUD Mn) | FY2024 | FY2025 |
|---|---|---|
APAC | 866.5 | 865.7 |
North America | 1,300.8 | 1,320.0 |
Europe | 830.1 | 921.6 |
Total Crop Protection | 2,997.4 | 3,107.3 |
Seed Technologies | 348.5 | 336.1 |
Nufarm Group | 3,345.9 | 3,443.4 |
Revenue by Segment
| Segment uEBITDA (AUD Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
APAC | 135 | — | 89.0 | 97.8 |
North America | 148 | — | 93.0 | 110.9 |
Europe | 171 | — | 132.7 | 161.3 |
Total Crop Protection | — | — | 314.8 | 370.0 |
Seed Technologies | 60 | 98 | 62.6 | 13.9 |
Corporate | — | — | -64.6 | -81.5 |
Nufarm Group | 447 | 438 | 312.7 | 302.5 |
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View Subscription PlansSegment Overview — APAC
| Segment | Revenue AUD Mn | uEBITDA AUD Mn | uEBITDA margin % | uEBIT AUD Mn | uEBIT margin % | Revenue YoY % | uEBITDA YoY % | % of group revenue |
|---|---|---|---|---|---|---|---|---|
APAC | 865.7 | 97.8 | 11.3 | 79.6 | 9.2 | 0 | 10 | 25.1 |
North America | 1,320.0 | 110.9 | 8.4 | 70.1 | 5.3 | 1 | 19 | 38.3 |
Europe | 921.6 | 161.3 | 17.5 | 53.2 | 5.8 | 11 | 22 | 26.8 |
Total Crop Protection | 3,107.3 | 370.0 | 11.9 | 202.9 | 6.5 | 4 | 18 | 90.2 |
Seed Technologies | 336.1 | 13.9 | 4.1 | -35.4 | -10.5 | -4 | -78 | 9.8 |
Corporate | 0 | -81.5 | n/m | -85.5 | n/m | n/m | 26 | 0 |
Group | 3,443.4 | 302.5 | 8.8 | 82.0 | 2.4 | 3 | -3 | 100 |
Revenue by Segment (1H2025–1H2026)
| Segment (1H, AUD Mn) | 1H2025 | 1H2026 |
|---|---|---|
APAC revenue | 460.7 | 403.1 |
North America revenue | 637.9 | 583.2 |
Europe revenue | 497.5 | 484.6 |
Seed Technologies revenue | 214.7 | 243.4 |
Hybrid Seeds revenue | 174 | 209 |
Emerging Platforms revenue | 41 | 34 |
APAC uEBITDA | 65.4 | 55.5 |
North America uEBITDA | 55.6 | 54.9 |
Europe uEBITDA | 95.3 | 113.0 |
Seed Technologies uEBITDA | 27.3 | 58.2 |
Hybrid Seeds uEBITDA | 58 | 62 |
Emerging Platforms uEBITDA | -30 | -4 |
Corporate uEBITDA | -37.7 | -38.8 |
Group uEBITDA | 205.9 | 242.7 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (AUD Mn) | 3,186 | 3,767 | 3,477 | 3,346 | 3,443 |
Revenue growth (%) | 10 | 18 | -8 | -4 | 3 |
Underlying gross profit (AUD Mn) | — | 1,040 | 1,019 | 895 | 950 |
Statutory gross profit (AUD Mn) | — | — | — | 840 | 900 |
Underlying R&D expense (AUD Mn) | — | — | — | 49.6 | 59.2 |
Underlying SG&A (AUD Mn) | — | — | — | 741.8 | 813.3 |
Underlying EBITDA (AUD Mn) | 370 | 447 | 438 | 312.7 | 302.5 |
Underlying EBIT (AUD Mn) | — | 236 | 250 | 107.3 | 82.0 |
Depreciation & amortisation, underlying (AUD Mn) | — | — | — | 205.4 | 220.5 |
Operating profit, statutory (AUD Mn) | — | — | 240 | 64.7 | -73.7 |
Net financing costs, statutory (AUD Mn) | — | — | — | 108.2 | 101.3 |
Underlying NPAT (AUD Mn) | 61 | 133 | 122 | -3.7 | -22.9 |
Statutory NPAT (AUD Mn) | 65 | 107.4 | 111 | -5.6 | -165.3 |
Basic EPS, statutory (A cents) | — | — | — | -6.8 | -48.8 |
Basic EPS, excl. material items (A cents) | — | — | — | -6.3 | -11.6 |
Dividends per share (A cents) | 4 | 10 | 10 | 4 | 0 |
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View Subscription PlansMargin Analysis (%)
| Metric (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Underlying gross margin | — | 27.6 | 29.3 | 26.7 | 27.6 |
Underlying EBITDA margin | 11.6 | 11.9 | 12.6 | 9.3 | 8.8 |
Underlying EBIT margin | — | 6.3 | 7.2 | 3.2 | 2.4 |
Statutory net margin | 2.0 | 2.9 | 3.2 | -0.2 | -4.8 |
Liquidity & Coverage Ratios and Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net debt incl. leases (AUD Mn) | 847 | 634.8 | 824.2 |
Net working capital (AUD Mn) | 1,363 | 952.1 | 888.9 |
Average NWC to sales (%) | — | 42.6 | 38.2 |
Total equity (AUD Mn) | — | 2,212 | 2,109 |
Gearing ND/(ND+E) (%) | — | 22.3 | 28.1 |
Debt Facilities
| Facility | Limit | Maturity | Comment |
|---|---|---|---|
US$ senior unsecured high-yield notes | US$350m | January 2030 | Issued January 2022 |
Asset-based lending (ABL) facility | A$800m | November 2027 | Secured on receivables/inventory in Australia, USA and Canada |
Standby Liquidity Facility (SLF) | A$210m | A$50m Nov 2026; A$160m Nov 2027 | — |
Amortising Loan Facility (ALF) | A$90m | September 2027 | Refinanced the omega-3 loan post-FY25; A$45m repayments in Sep 2026 and Sep 2027 |
Other facilities | A$222m | Various | — |
Nufarm Step-up Securities (hybrid) | Not stated | Perpetual | NZDX-listed; semi-annual distributions of ~8.3–8.5% (1H25 interim report) |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net operating cash flow (AUD Mn) | — | — | — | 472.4 | 162.8 |
Underlying net operating cash flow (AUD Mn) | — | — | — | 519.6 | 192.6 |
Net investing cash flow (AUD Mn) | — | — | — | -207.5 | -245.6 |
Capex incl. intangibles (AUD Mn) | — | — | — | — | 246 |
Operating plus investing cash flow (AUD Mn) | 257 | — | — | 264.9 | -82.8 |
Share buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Financial Ratios (x) and Margin Analysis (%)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net debt / uEBITDA (x) | 1.9 | 2.0 | 2.7 |
Interest cover, uEBITDA / underlying net external interest (x) | — | 3.2 | 2.9 |
ROFE, underlying (%) | — | 3.6 | 2.8 |
ROE, statutory (%) | — | -0.3 | -7.7 |
Debt / equity, net (x) | — | 0.29 | 0.39 |
Cash conversion cycle, net days | — | — | 159 |
Income Statement and Margin Analysis (%) (1H2025–1H2026)
| Metric (AUD Mn unless stated) | 1H2025 | 1H2026 |
|---|---|---|
Revenue | 1,811 | 1,714 |
Underlying gross profit | 532 | 567 |
Underlying gross margin (%) | 29.4 | 33.1 |
Underlying net operating expenses | 433 | 435 |
uEBITDA | 206 | 243 |
uEBIT | 103 | 136 |
Underlying net financing cost | 48 | 57 |
Underlying NPAT | 38 | 52 |
Statutory NPAT | 30 | 38 |
Capex | 148 | 66 |
Free cash flow | -632 | -439 |
Net debt | 1,362 | 1,227 |
Leverage (x) | 4.5 | 3.6 |
Region revenue (AUD Mn)
| Region revenue (AUD Mn) | FY2024 | FY2025 |
|---|---|---|
APAC (Crop Protection) | 866.5 | 865.7 |
North America (Crop Protection) | 1,300.8 | 1,320.0 |
Europe incl. MEA (Crop Protection) | 830.1 | 921.6 |
Seed Technologies (global) | 348.5 | 336.1 |
Region revenue growth (%)
| Region revenue growth (%) | FY2025 | 1H2026 |
|---|---|---|
APAC | 0 | -13 |
North America | 1 | -9 |
Europe | 11 | -3 |
Seed Technologies | -4 | 13 |
Share Price History
| Date | Price (AUD) | Event | Source |
|---|---|---|---|
17 Nov 2021 | 4.54 | FY21 result day | FinNews Network |
24 May 2022 | ~5.0 | Sumitomo exit (block at 5.38) | Market Matters |
23 May 2024 | 4.84 | 1H24 result | Kalkine Media |
14 Nov 2024 | 3.99 | FY24 result day | Capital Brief |
21 May 2025 | ~2.81 | 1H25 result (-30%) | Gurufocus |
19 Nov 2025 | 2.37 | FY25 result (+10.75%; -34.5% YTD) | Capital Brief |
Feb 2026 | 1.55 | CEO purchase price | InvestSmart |
27 May 2026 | ~3.0 | 1H26 result (+13.6%) | Market Index |
10 Jul 2026 | 2.72 | — | InvestSmart |
22 Sep 2026 | 3.20 | Pre-update close | Motley Fool AU |
23 Sep 2026 | ~2.93–3.00 | FY26 update (-6% to -8%) | Motley Fool AU |
Early Oct 2026 | ~3.0–3.3 | Market cap ~US$0.83bn | companiesmarketcap |
Approx. Move by Period
| Period | Approx. move | Basis |
|---|---|---|
1-year | ~+40% | companiesmarketcap 1-year change of 40.85% (Oct 2026) |
3-year | ~-35% to -40% | From ~A$4.8–5.0 (late 2023/mid-2024) to ~A$3.0–3.2 |
5-year | ~-30% to -35% | From A$4.54 (Nov 2021) to ~A$3.0–3.2 |
Valuation Multiples
| Multiple | Nufarm | Peer reference | Basis |
|---|---|---|---|
EV / uEBITDA (FY26E) | ~5.0–5.5x | Global peers ~9.2x (Macquarie, Apr 2026); Nufarm ~5.7x at that time | Derived: market cap ~A$1.15–1.25bn plus FY26E net debt ~A$750m (2.0x × A$375m) |
EV / Sales (FY25) | ~0.55x | — | Derived |
P/E (statutory) | Not meaningful (FY25 loss; FY26 statutory diluted by material items) | — | — |
P/B | ~0.55–0.6x | — | Derived: equity ~A$2.1bn (FY25) |
Discount to peers | ~25% (Bell Potter) | — | Motley Fool AU / Webull |
Analyst Ratings & Targets
| Broker | Rating | Target (AUD) | Date | Source |
|---|---|---|---|---|
UBS | Buy (from Neutral) | 3.50 | May 2026 | Market Index |
RBC Capital Markets | Outperform (from Sector Perform) | 3.60 | May 2026 | Market Index |
Bell Potter | Buy | 3.90 (from 3.75) | 24 Sep 2026 | Motley Fool AU |
Morgans | — | 4.15 | Sep 2026 | Motley Fool AU |
Citi | Neutral | — | Feb 2026 | Reuters brief |
Morningstar | Positive / undervalued view | — | May 2026 | Reuters brief |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (A cents) | 4 | 10 | 10 | 4 | 0 |
Analyst Conclusions
Management guidance (Sep-26 Update)
| Item | FY2026 guidance |
|---|---|
| Underlying EBITDA | A$370–380m (+25% at midpoint vs. A$302.5m) |
| Crop Protection uEBITDA | Broadly in line with FY25 (A$370m) |
| Seed Technologies uEBITDA | Strong growth (Hybrid Seeds; omega-3 pricing); Emerging Platforms uplift ~A$40m |
| Leverage | ~2.0x at 30 Sep 2026 (FY25: 2.7x) |
| Free cash flow | Positive |
| Capex | Below A$200m |
| Material items (post-tax) | A$90–110m |
| Cost savings | A$50m run-rate (2025 program) by end FY26; further A$50m by end FY27 |
Implied seeds swing. If Crop Protection holds at ~A$370m and Corporate costs run at ~A$80m, the A$375m midpoint implies Seed Technologies uEBITDA of roughly A$80–90m, versus A$13.9m in FY25 (derived). FY26 earnings growth is therefore almost entirely a seeds and omega-3 recovery story.
Consensus expectations
Broker commentary points to stronger FY27–FY28 earnings growth as cost programs outpace inflation (UBS) and improving ROIC from mix (RBC).
Bull case
-
Operating leverage from self-help. A further A$50m of run-rate savings by FY27, on top of the first A$50m, is worth roughly 13% of FY26E uEBITDA. Combined with the capex reset (below A$200m), this could lift FCF and drive leverage toward 1.5x, opening the door to reinstated dividends.
-
Emerging platforms turn from drag to contributor. Fish-oil prices roughly doubled, omega-3 losses narrowed from -A$30m to -A$4m in 1H26, the bp contract runs to 2050, and EU/China omega-3 deregulation (FY28) could unlock premium nutrition markets.
-
Valuation gap. At ~5–5.5x FY26E EV/uEBITDA versus ~9x for global peers, partial re-rating on delivery would offer material upside, consistent with the A$3.50–4.15 broker target range.
Bear case
-
Crop protection has stalled. After +18% in FY25, FY26 Crop Protection is guided flat, with FX headwinds, manufacturing disruption and soft North America. The structural uplift may be partly cyclical.
-
Chronic "below-the-line" charges. Material items of A$142m (FY25) plus A$90–110m (FY26) suggest underlying earnings overstate economic returns; FY25 ROFE was only 2.8%.
-
Leverage and working capital remain fragile. Half-year leverage of 3.6x, inventory days of 193, the ABL/SLF refinancing in 2027, and exposure to Australian drought and Middle East input-cost inflation leave limited margin for error.
Catalysts and monitorables (next 12 months)
| Date / timing | Catalyst |
|---|---|
| 19 Nov 2026 | FY26 result: delivery vs. A$370–380m; leverage vs. ~2.0x; FY27 outlook; dividend decision |
| Dec 2026 | AR26 with first AASB S2 climate disclosures |
| Feb 2027 | AGM trading update |
| 1H FY27 (May 2027) | Australian winter-crop season, North American spring demand, EU registration outcomes, A$50m program progress |
| FY27 | Refinancing of ABL/SLF ahead of Nov 2027 |
| Ongoing | Fish-oil price trajectory; omega-3 South American production; EU/China deregulation milestones; carinata hectares and bp milestone payments; GHG credit prices |
| Ongoing | Kwinana sale and Alsip closure execution; further footprint decisions |
| Ongoing | US tariff and anti-dumping developments affecting 2,4-D and imported actives |
Analyst verdict
Nufarm enters FY27 at a genuine but incomplete inflection. The evidence for operational improvement is concrete. Crop protection uEBITDA rose 18% in FY25 with every region contributing. Europe has posted consecutive periods of roughly 20% earnings growth that management attributes to permanent cost and mix changes. 1H26 gross margin reached a two-decade high of 33.1%. Capex has been cut by more than half, and FCF improved by A$193m year on year. Under Rico Christensen — a turnaround-oriented operator from Cheminova, Arysta and UPL — the strategy has pivoted decisively from volume and "aspirational revenue" to returns, cash and portfolio focus. That is the right prescription for a business whose FY25 ROFE was below 3%.
The quality of the FY26 recovery, however, is more fragile than the headline 25% uEBITDA growth suggests. Crop Protection is now guided flat, so the growth rests on hybrid seeds and an omega-3 rebound that is highly sensitive to fish-oil prices. Meanwhile, a second consecutive year of A$90–110m in post-tax material items will keep statutory earnings depressed and invites scepticism about recurring "one-offs." Leverage remains structurally seasonal (3.6x at the half). A 2027 refinancing of the A$800m ABL and the SLF will test lender appetite, although bonds are termed out to 2030 and covenants are light.
At roughly 5–5.5x FY26E EV/uEBITDA and around 0.6x book, the market is pricing in persistent sub-cost-of-capital returns. Delivering ~2.0x leverage at FY26, a credible FY27 outlook embedding the second A$50m program, and visible progress on omega-3 deregulation would justify a re-rating toward the A$3.50–4.15 broker target range. Failure on any of these — particularly another year of flat crop protection combined with heavy restructuring charges — would likely keep the discount intact. The FY26 result on 19 November 2026 is the critical proof point.
End of dossier. "Derived" denotes arithmetic on disclosed figures. This document is not investment advice.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Independence | Background | Location |
|---|---|---|---|---|---|
John Gillam (BCom, MAICD, FAIM) | Chair | Director 31 Jul 2020; chair 24 Sep 2020 | Independent | ~20 years at Wesfarmers incl. CEO Bunnings Group, MD CSBP, chair Officeworks | Australia |
Rico Christensen (MSc Econ, Bus Admin & Intl Marketing) | CEO & Managing Director | Board 1 Dec 2025; CEO 1 Jan 2026 | Executive | Joined Nufarm 2021 (Group Executive Portfolio Solutions); previously CMO UPL (2019–20), President NA & ANZ Arysta LifeScience (2015–19), President & CEO North America Cheminova (2004–15) | USA (relocating to Australia late 2026/early 2027) |
Alexandra Gartmann (BSc Hons) | NED; chair Sustainability & Environment Committee | 23 Sep 2022 | Independent | Former CEO Rural Bank; former CEO FRRR and Birchip Cropping Group | Australia |
Dr David Jones (BA Hons, PhD) | NED; chair Innovation Committee | 23 Jun 2021 | Independent | Former Head of Business Development, Syngenta; former chair Zeneca China, Arysta LifeScience, Plant Impact | Switzerland |
Marie McDonald (LLB Hons, BSc Hons) | NED; chair People, Safety & Remuneration Committee | 22 Mar 2017 | Independent | Former Senior Partner, Ashurst (M&A, governance); Takeovers Panel 2001–10 | Australia |
Prof. Adrian Percy (BSc, MSc, PhD) | NED | 1 Jul 2023 | Independent | Executive director, NC Plant Sciences Initiative (NC State); former CTO UPL; former head of R&D, Bayer Crop Science; venture partner DYDX Capital | USA |
Lynne Saint (BCom, FCPA, FAICD) | NED; chair Audit & Risk Committee | 18 Dec 2020 | Independent | 19+ years at Bechtel incl. chief audit executive and CFO Mining & Metals GBU | Australia |
Federico Tripodi (BAgEng, MBA) | NED | 19 Jun 2023 | Independent | CEO/founder Blacktop Holdings; co-founder Sipli; former CEO Calyxt (2016–18); ~20 years at Monsanto | USA |
Greg Hunt | Former CEO & MD | Board 5 May 2015; stepped down 1 Jan 2026 | Executive (former) | Joined Nufarm 2012; former MD Elders Australia (2001–07) | Australia |
Executive Leadership Team
| Name | Title | Tenure / background | Source |
|---|---|---|---|
Rico Christensen | CEO & MD | See above | AR25 |
Brendan Ryan (BBA, FCA) | Chief Financial Officer | Joined 2025; previously Fonterra, Bonlac Foods, Pfizer, BDO; succeeded Paul Townsend | AR25 |
David Allen (MBA) | Group Executive, Supply Chain Operations | Joined 2022; manufacturing, procurement, S&OP, logistics, IT | AR25 |
Brent Zacharias | Group Executive, Seed Technologies | Long-serving seeds executive (presented at 1H25 and FY23) | 1H25 transcript; FY23 Pres |
Grant Saligari | GM Investor Relations & Corporate Development | — | Releases |
Directors' Remuneration
| Attribute | Detail |
|---|---|
Size | 7 NEDs plus 2 executives at 12 Dec 2025; 7 NEDs plus 1 executive after Greg Hunt's departure on 1 Jan 2026 |
Independence | All NEDs independent during FY25 |
Chair/CEO separation | Yes; chair must be an independent NED |
Female NED representation | 43% (FY25, unchanged on FY24) |
Board meetings | 12 in FY25 |
Tenure policy | NEDs retire after 9 years (12 for a chair serving less than 6 years as chair) |
Board evaluation | Last external review FY23; next planned FY26 |
Committee | Chair |
Audit & Risk | Lynne Saint |
People, Safety & Remuneration | Marie McDonald |
Sustainability & Environment | Alexandra Gartmann |
Innovation | David Jones |
Nomination | John Gillam |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
| 2025 | Brendan Ryan appointed CFO | Replaced Paul Townsend |
19 Nov 2025 | Rico Christensen announced as CEO successor | Planned succession after ~10 years under Hunt |
1 Dec 2025 | Christensen joins board | — |
1 Jan 2026 | Christensen becomes CEO & MD; Hunt retires | Focus on cost, capital discipline and portfolio |
FY25–FY26 | Organisational changes in Seed Technologies; workforce reductions | Seed review; cost programs |
Major Shareholders
| Holder category | Detail | Source |
|---|---|---|
Former strategic holder | Sumitomo Chemical held ~20% from 2010 (later 15.9%); exited fully in May 2022 at ~A$5.38/share. Commercial alliance continues | Nufarm release 24 May 2022 |
Insider transactions (2026) | CEO Christensen bought 10,000 shares at A$1.55 (18 Feb 2026); Tripodi bought 8,300 at A$2.205 (1 Jun 2026) and 13,500 at A$2.152 (2 Jun 2026); Gartmann bought 18,000 at A$2.74 (30 Jun 2026) | InvestSmart director-trades data |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Positioning vs. Nufarm |
|---|---|---|
Syngenta Group (incl. ADAMA) | Crop protection (all regions); seeds | R&D major plus ADAMA off-patent; far larger scale; Chinese state ownership |
ADAMA (Syngenta Group) | Off-patent crop protection | Closest business-model peer; competes in phenoxies, triazoles and Europe |
Bayer Crop Science | Crop protection; seeds and traits | Discovery-led major; Nufarm competes on generics such as glyphosate |
Corteva Agriscience | Crop protection; seeds (incl. canola, sorghum, sunflower) | Major in seeds; Enlist (2,4-D-tolerant) system intersects Nufarm's 2,4-D business |
BASF Agricultural Solutions | Crop protection; canola seeds (InVigor) | Major; competes in Australian canola via InVigor hybrids |
FMC Corporation | Insecticides, herbicides, biologicals | Discovery-led mid-cap; under its own restructuring |
UPL (incl. Advanta Seeds) | Off-patent crop protection; seeds (sorghum, sunflower, canola via Pacific Seeds) | Key generic and seeds rival, especially in Australia and South America |
Albaugh LLC (private) | Off-patent herbicides incl. 2,4-D (USA, Brazil) | Direct phenoxy/glyphosate competitor |
Sumitomo Chemical / Valent | Crop protection, biologicals | Partner and competitor |
Chinese generic producers (e.g., Wynca, Yangnong, Shandong Rainbow) | Low-cost actives and formulations | Drive price deflation; also suppliers |
Indian generics (PI Industries, Rallis/Tata, Dhanuka, Gharda) | Actives and formulations | Cost competitors; anti-dumping context |
S&W Seed, Pacific Seeds (Advanta), Corteva Pioneer | Sorghum and canola seeds | Seeds competitors in Australia and the Americas |
Fish-oil producers; DSM-Firmenich/Evonik (Veramaris algal omega-3) | Omega-3 for aquaculture | Substitutes setting the price for Aquaterra |
Biofuel feedstock providers (camelina, used cooking oil, tallow) | Carinata | Feedstock substitutes |
Key Competitors by Company
| Company | Fiscal year | Revenue (local) | Comment |
|---|---|---|---|
Nufarm | FY25 (Sep) | A$3.44bn (~US$2.2bn) | AR25 |
Syngenta Group | CY2024 | ~US$29bn (group) | Includes seeds and ADAMA |
Bayer Crop Science | CY2024 | ~€22bn | Includes seeds and traits |
Corteva | CY2024 | ~US$17bn | Seed plus crop protection |
BASF Agricultural Solutions | CY2024 | ~€10bn | — |
UPL | FY25 (Mar) | ~₹46,000 crore (~US$5.5bn) | — |
ADAMA | CY2024 | ~US$4bn | — |
FMC | CY2024 | ~US$4.2bn | — |
Albaugh | Private | — | — |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Nufarm FY25 | FMC CY24 | UPL FY25 | Corteva CY24 |
|---|---|---|---|---|
Revenue (USD Bn, approx.) | 2.2 | 4.2 | 5.5 | 16.9 |
Revenue growth (%) | 3 | -5 | — | -2 |
EBITDA margin (%, approx.) | 8.8 | ~21 | ~18 | ~20 |
R&D % of revenue (expensed) | 1.7 | ~7 | ~2 | ~8 |
Recent Developments
Workforce:** redundancies under FY25–FY26 cost programs (FY25 crop protection redundancy cost ~A$7.3m; Seed Technologies redundancy and restructuring ~A$14.4m).
