2025年三季度Agtech公共资产负债表和估值指南（英）2025

EMERGING TECH RESEARCH Agtech PublicComp Sheet andValuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Corteva announces seed business spin-off:At the start of Q4, Corteva Agriscience announced plans to separate its seedbusiness into a standalone company in 2026, leaving the legacy entity focused solely on crop protection. Shares fell sharplyfollowing the announcement, reflecting investor concerns over near-term operational risks and potential misalignments withthe split of its two product lines traditionally marketed together. The split comes amid a volatile year for medium-growth andincumbent plant biotechnology equities, with a median return of 8% YTD but -5% over Q3. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Alex FrederickLead Research Analyst,Agri-Foodtechalex.frederick@pitchbook.com •Agtech equities underperform in Q3:While major indexes reached record highs in Q3, agtech equities lagged the broadermarket. Lower commodity prices, elevated input costs, and persistent uncertainty around agricultural tariffs placed pressure onmargins and weighed on many of the sector’s incumbents. The fast-growth plant biotech and precision agriculture segmentsexperienced the steepest declines, with median share prices down 8% and 4% during the quarter, respectively. Animal agricultureequities, which had previously strongly outperformed, saw returns flatten as small- and mid-cap aquaculture companiesremained highly volatile. Ben RiccioAssociate Research Analystben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on October 27, 2025 •Animal biotech incumbents outperform:Incumbent animal health and genetics companies have outperformed the broaderagtech universe throughout 2025, supported by rising livestock prices and strong protein demand. Elanco’s shares climbed 37%in Q3 as both its companion-animal and production-animal segments posted strong revenue growth. Genus, focusing on animalgenetics, saw its share price rise 16% over the quarter and 63% YTD, driven by expanding EBITDA margins and FDA approval ofits gene-edited, disease-resistant pig—the fourth genetically engineered farm animal approved in the US. Amid elevated proteinprices and a focus on rebuilding cattle herd sizes in the US, established animal health incumbents are well positioned goinginto 2026. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. •Village Farms rallies following cannabis pivot:Village Farms International delivered the strongest equity performance inagtech, with shares rising 270% YTD. The gains followed the company’s divestiture from its indoor produce operations to solelycontrolled-environment cannabis cultivation. The pivot proved to be a success, with the company notching its highest quarterlygross profit in its more than two decades of operations and nearly tripling its market cap. The shift underscores the necessity forindoor ag companies to cut operational inefficiencies and direct capital toward high-margin products. The PitchBook agtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial data and company information into Excel for more than 110,000 public companies across the US andthe world, as well as PitchBook’s proprietary data on more than 6 million private companies. Stock returns Revenue EBITDA PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing hereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy anysecurity. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as suchor used in substitution for the exercise of independent judgment.