FMC Corp 2025年度报告

ANNUALREPORT A Message to Our Shareholders Dodhylex® active achieved a significant milestone with our first productregistration in Peru under the brand name Keenali® herbicide. As thefirst new mode of action herbicide in over 30 years, Dodhylex® activeaddresses critical challenges in rice cultivation, particularly herbicideresistance. We expect meaningful contribution from Dodhylex® activeas we secure additional registrations. In 2025, we took decisive steps to reposition FMC for growth. Theyear brought continued market challenges which we expect to seecontinuing in 2026. In response we continued to lower our operatingcost and adjust our strategy to strengthen the company. Business Performance Our financial performance in 2025 reflected the challenging marketenvironment and the strategic reset we undertook. Revenue was$3.47 billion, down 18 percent compared to 2024. Excluding ourIndia commercial business, which we announced plans to divest inJuly, revenue declined 8 percent.* Adjusted EBITDA* was $843 million,down 7 percent versus the prior year, and adjusted earnings* were$2.96 per diluted share, down 15 percent compared to 2024. Wemaintained strong Adjusted EBITDA margin* of 22% despite therevenue decline, reflecting the quality of our portfolio and our focuson cost discipline. Our growth portfolio extends well beyond these three products.Rimisoxafen, the first herbicide ever classified as a dual mode of action,advanced through the regulatory process in 2025. This pre-emergentherbicide will give corn and soybean growers a new solution to PalmerAmaranth, a weed now resistant to eight herbicide classes. At maturity,the combined sales potential of these four new active ingredients isexpected, over time, to exceed $2 billion. Beyond these four molecules,we have two additional active ingredients in development, with salesexpected to begin in the early 2030s. Finally, within our Plant Health business, we received the registrationof Sofero® Fall pheromone in Brazil and registered our first sales. Strategic Actions Throughout 2025, we executed several critical initiatives to strengthenFMC’s foundation and improve our competitive position. Managing Our Core Portfolio We made significant progress on our post-patent strategy for Rynaxypyr®.We are offering basic solo formulations under trusted FMC brandnames at competitive prices while also providing higher-value versionsthrough new, often patented, formulations and mixtures. In 2025,we launched several new-generation Rynaxypyr® products, includinga mixture with bifenthrin for enhanced pest spectrum, a high-loadformulation for ease of use and lower grower cost, and an effervescentgranule tablet for rice applications. We announced our decision to divest FMC’s commercial business inIndia. The market’s unexpected, intense generic competition, complexregulatory environment and substantial working capital requirementsmade this the right strategic choice. Following the sale, which isanticipated to close in 2026, we expect to participate in India througha supply agreement with the buyer for our patented and data-protectedportfolio, including our new active ingredients and advanced diamidetechnologies. We will retain our global active ingredients manufacturingoperations and research capabilities in India. We completed the first phase of significant manufacturing costreductions for our diamide products, positioning us to better competeeffectively and fully deploy our post-patent IP strategy. ProjectFoundation is also focused on improving the competitiveness of ournon-diamide core portfolio. These actions are intended to create a cost-competitive structure that enables FMC’s products to better competewith generics while fully leveraging our innovative technology portfolio. We launched Project Foundation, a program to optimize ourmanufacturing footprint and reduce structural costs. The programfocuses on exiting high-cost production sites, improving sourcingand consolidating operations. In 2025, we moved production of twoactive ingredients to lower-cost manufacturing locations, improvingour ability to compete in the post-patent market. Looking Ahead We expanded our routes to market in Brazil, establishing a new sales andtechnical service organization to sell directly to large corn and soybeangrowers. This gives us access to market segments where we previouslyhad limited presence and creates a potential multi-hundred-million-dollar growth opportunity. The work we did in 2025 built a stronger foundation. We have a morecompetitive cost structure, clearer strategic focus and an expandinglineup of differentiated products. Our new active ingredients solve someof agriculture’s toughest problems and open market segments whereFMC hasn’t competed before. As these products gain registrations andscale, they will drive our growth. Throughout our 140-year history,FMC has adapted and innovated in response to changing markets. Webelieve we have the strategy, portfolio and team