2025年二季度Agtech公共资产负债表和估值指南（英）2025

EMERGINGTECHRESEARCH AgtechPublicCompSheetandValuationGuide Q2 2025 PitchBookData,Inc. NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence PaulCondraGlobalHeadofPrivateMarketsResearch JamesUlanDirectorofEmergingTechnologyResearch InstitutionalResearchGroup Analysis AlexFrederick SeniorResearchAnalyst,AgtechandFoodtechalex.frederick@pitchbook.com BenRiccio AssociateResearchAnalystben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.comPublishedonAugust1,2025 Contents Keytakeaways2 Stockreturns4 Valuations5 Revenue6 EBITDA8 PitchBookclientscanaccessthefullExceldatapackforthisreportviatheDetailstabinthedocumentviewer. Keytakeaways Trumpadministrationtradeandtariffpolicies:SeveralsignificanttradepolicydevelopmentsinQ22025directlyimpactedagriculturalsectors.USPresidentDonaldTrump’stariffnegotiationscreatedsubstantialuncertaintyforagriculturalexports,particularlyaffectingsoybeanfarmerswhofaced“paralyzing”marketconditionsduetotradeuncertainty.1Theadministrationimplementeda15%tariffonNorwegiansalmoneffectiveinApril2025,directlybenefitingcompanieslikeAtlanticSapphirewithitsUS-basedproductionplatform.Thesetariffsmadeimportedsalmonmoreexpensive,providingacompetitiveadvantagetodomesticland-basedsalmonproducers. Newfarmbillcreatesmixedimplicationsforagtechinnovation:TheOneBigBeautifulBillAct—signedintolawonJuly4,2025,byPresidentTrump—extendsmany2017tax-cutprovisionsandinjectsmorethan$65billionintofarmsafetynets,chieflythroughhigherreferenceprices,expandedcrop-insurancesubsidies,andupto30millionnewbaseacres.Foragtechcompanies,thebillisadouble-edgedsword:Onthepositiveside,itpermanentlyrestoresimmediateexpensingfordomesticresearch&developmentandreinstates100%bonusdepreciationandahigher$2.5millionSection179cap,sharplyimprovingcashflowforfirmsinvestinginrobotics,sensors,andothercapital-intensivetools.Yetthesebenefitsareoffsetbythebill’ssubsidystructure,whichchannelsmostsupporttofewerthan0.3%oflargecommodityproducers;thatconcentrationreducescompetitivepressuretoadoptnewtechnologiesandshrinksthepracticalcustomerbaseforsolutionsaimedatsmallandmidsizedfarms,limitingnear-termmarketgrowthformanyagtechventures.Readmoreabouttheimplicationsinourrecentlypublishedanalystnote:TheOneBigBeautifulBillAct’sImpactonAgtech. Agtechlagswhileanimalagriculturesurges:AgtechstocksbroadlyunderperformedbroadermarketindexesinQ22025,risingamedianof6%QoQcomparedwiththeS&P500’s10%gain.Bycontrast,animalagriculturenamesdeliveredarobust16%medianQoQincrease,ledbyAtlanticSapphire,whosestockmorethandoubled—up109%—afternewCEOPedroCourardorchestrateda sweepingoperationalturnaround.Courard’simprovementsinbiologicalperformancereducedfishmortality,boostedharvestweights,andsecuredhighersaleprices,reinvigoratingthecompany’sUSland-basedsalmonplatform.Structuraladvantages—proximitytoconsumers,favorabletariffsonimportedsalmon,recentinfrastructureinvestments,andsuccessfulcapitalraises—combinedwithastrengthenedleadershipteamandsurgingdemandforsustainableaquaculturedroveinvestorenthusiasmandshare-priceappreciation. Disclaimer:Any-0valuesarenegativevaluesthathavebeenroundedupto0. 1:“Tariffs,Uncertainty‘Paralyzing’forFarmers,”UnitedPressInternational,JoeFisher,July22,2025. Q22025AGTECHPUBLICCOMPSHEETANDVALUATIONGUIDE2 Livestockcommoditypricesurge:Animalproteinswerethesecond-bestperformingcommoditysectorinQ22025,rising12.3%forthequarterand21.7%forthefirsthalfoftheyear.Livecattlefuturesreachedrecordhighsof$2.2005perpound,whileleanhogfuturesgained25.5%inQ2.Thisstrongcommoditypriceperformanceprovidedthefinancialfoundationfortherobustanimalagriculturestockperformance(16%medianQoQgain). Animalagriculturerevenuerecoveryandmarginexpansion:Lookingahead,animalagriculturecompaniesareexpectedtodeliveryear-over-yearrevenuegrowthof13%onaveragein2025and20%in2026.Afterrevenuedeclinesin2024of8%and9%forSalMarandArcticFishHolding,respectively,thecompaniesareprojectedtoreboundstrongly:SalMarwith20%growthin2025,andArcticFishHoldingwith19%in2025and36%in2026.Acrossthesegment,mediangrossprofitmargin—steadyat26%inboth2023and2024—isforecasttoexpandto34%in2025and42%in2026,reflectingscalebenefitsanddisciplinedcostmanagement. AnimalbiotechEBITDAgrowthacceleration:Animalbiotechcompaniesregisteredjust2%medianEBITDAgrowthin2024,butanalystsforeseeaccelerationto8%in2025and14%in2026,accompaniedbymarginexpansion.ThemedianEBITDAmarginisprojectedtowidenfrom14%in2024to16%in2025and19%in2026.Genusexemplifiesthistrend,withexpected23%YoYEBITDAgrowthandmarginimprovementfrom16%to18%in2025,underscoringimprovingprofitabilityandoperationalleverage. Cashflowgenerationsetformajorimprovement:Freecashflow(FCF)intheanimalbiotechsegmentispoisedforamajorinflection:MedianYoYFCFgrowthshouldjumpfrom4%in2024to44%in2025beforemoderatingto37%in2026and12%in2027.Meanwhile,themedianFCFmarginisprojectedtoclimbfrom3%in2024to10%by2027,signalingthatthesecompanieswillincreasinglyfundoperations,investingrowth,andservicedebtwithoutresortingtoequityraises.Notably,ElancoAnimalHealthisexpectedtoliftitsFCFmarginfrom5%in2024t