FMC Annual Meeting Highlights 2025 Results, Cost Cuts, and Strategic Alternatives Review

Key Points

• FMC reported full-year 2025 revenue of $3.47 billion (down 18% vs. 2024), adjusted EBITDA of $843 million and adjusted EPS of $2.96, and launched Project Foundation to reduce structural costs — including shifting some production to lower‑cost sites and moving to sell its India commercial business, a transaction expected to close in 2026.
• In February the board authorized a process to explore strategic alternatives, including a potential sale of the company, while management says it will continue executing the 2026 operational plan to maximize shareholder value.
• FMC’s innovation pipeline showed momentum: sales of its three newest active ingredients reached about $200 million in 2025 (up 54% year‑over‑year), and the combined long‑term sales potential of four new molecules is expected to exceed $2 billion.

FMC NYSE: FMC shareholders heard an overview of the company’s 2025 performance and strategic priorities for 2026 during the company’s 97th annual meeting, led by Chairman, CEO and President Pierre Brondeau. The virtual meeting also included voting on director elections and a series of governance and compensation-related proposals.

Leadership remarks and board updates

Brondeau opened the meeting by noting that shareholders could submit questions through the virtual meeting website, with pertinent questions addressed at the end of the meeting and posted later to the company’s investor relations site.

He introduced the board members in attendance and paused to remember Dirk A. Kempthorne, a director since 2009, who recently died. Brondeau also recognized three retiring directors: C. Scott Greer, Margareth Øvrum, and Robert C. Pallash.

Brondeau introduced representatives from KPMG LLP, including Audit Partner John Walker and Managing Director Steven Venn, who joined the meeting.

2025 financial results and actions taken

Brondeau characterized 2025 as “a pivotal year” in which FMC faced continued market challenges while taking steps to reposition the company and advance its innovation pipeline. He noted his remarks referenced non-GAAP measures, with reconciliations available on FMC’s website.

For full-year 2025, Brondeau reported:

• Revenue of $3.47 billion, down 18% versus 2024 and down 8% excluding Civil Health USL
• Adjusted EBITDA of $843 million, down 7%
• Adjusted earnings per share of $2.96, down 15%
• Adjusted EBITDA margin of 22%

Brondeau said the company launched “Project Foundation,” a program intended to optimize FMC’s manufacturing footprint and reduce structural costs across the portfolio. He said FMC took an initial step in 2025 by moving production of two active ingredients to lower-cost manufacturing locations, which he said improved competitiveness in a “post-patent market.”

He also highlighted a decision announced in July 2025 to divest FMC’s commercial business in India, citing “intense generic competition, complex dynamics, and high working capital requirements.” Brondeau said the sale is expected to close in 2026. Following the sale, FMC expects to continue participating in India through a supply agreement with the buyer for the company’s patented and data-protected portfolio, while retaining global IT ingredients manufacturing operations and research capability in India.

Innovation pipeline and product portfolio highlights

Brondeau said the company’s innovation pipeline delivered “strong commercial momentum.” He reported that sales of FMC’s three newest active ingredients—fluindapyr, Isoflex, and Rinskor—reached approximately $200 million in 2025, up 54% from 2024.

He said fluindapyr is now registered and launched in all major markets, and Isoflex expanded into multiple countries including Great Britain. He also noted that Rudilex reached a milestone with its first product registration in Peru under the brand name Keenali Herbicide.

Brondeau pointed to Rimisoxafen as “the first herbicide ever classified as a dual mode of action,” rounding out FMC’s portfolio of four new active ingredients. At maturity, he said, the combined sales potential of the four molecules is expected over time to exceed $2 billion.

In the core portfolio, Brondeau said FMC made progress implementing a post-patent strategy, including launching several new-generation products in 2025 and completing the first phase of manufacturing cost reductions for diamide products. He said additional actions are planned for 2026.

Strategic direction for 2026 and strategic alternatives review

Brondeau told shareholders that in February the board authorized a process to explore strategic alternatives, “including a potential sale of the company.” He said FMC remains “fully committed” to executing its 2026 operational plan while the process continues, adding that pursuing both tracks simultaneously is intended to maximize shareholder value.

Voting results and shareholder proposals

Corporate Secretary Sara Ponessa reported that proxies representing 85.26% of total issued and outstanding shares had been received, establishing a quorum. The meeting included the election of nine directors; Kempthorne, originally listed as a nominee in the proxy statement, was no longer a nominee due to his death and any votes cast for him were to be disregarded.

Inspectors of election provided preliminary voting results. Brondeau said each director nominee received at least 63,756,491 votes, representing 74.98% of votes cast in the director election. Shareholders also voted to ratify KPMG as independent registered public accountant for 2026, with 95.89% of shares represented and entitled to vote cast in favor.

On other items, Brondeau said preliminary reports showed:

• The advisory vote on executive compensation received 63.17% support of shares represented and entitled to vote.
• Multiple governance amendments related to eliminating supermajority voting provisions and establishing a 25% threshold for calling special meetings received affirmative vote totals in the mid-60% range of outstanding shares.
• The FMC Corporation 2026 Incentive Stock Plan received 96.41% support of shares represented and entitled to vote.

Brondeau later stated that, based on preliminary results, shareholders approved the director slate, KPMG’s ratification, the executive compensation advisory vote, certain miscellaneous charter amendments, and the 2026 incentive stock plan, while not approving the proposals related to eliminating certain supermajority provisions and creating a 25% threshold for shareholders to call special meetings. He added that final results would be reported in a Form 8-K after taking into account any votes cast during the meeting.

During the Q&A portion, Ponessa read a question regarding transition planning on hazardous products. Brondeau said FMC continues to phase out highly hazardous pesticides using the Food and Agriculture Organization’s criteria, reviewing products where effective alternatives exist. He said such products represented about 0.1% of revenue last year and that, in limited cases without alternatives, FMC applies risk assessments and stewardship programs to support “reasonable use,” with additional details available in sustainability reports.

About FMC NYSE: FMC

FMC Corporation is a global agricultural sciences company specializing in the development, manufacture and marketing of crop protection products. Its portfolio includes herbicides, insecticides, fungicides and plant nutrition solutions designed to enhance crop yield, quality and sustainability. In addition to core crop protection, FMC delivers solutions for turf management and pest control in urban and industrial environments.

Founded in 1883 as the Bean Spray Pump Company and later known as Food Machinery Corporation, the business adopted the FMC name in 1948 and has since evolved through strategic acquisitions and divestitures.

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