FMC Corp.

Overview Key strengths Key risks Favorable geographic diversity with exposure to North America, Latin America, Europe, and Asia. Concentration in a single end market (agriculture). Favorable long-term demand prospects in its agricultural end market. Inherent volatility in its key agriculture market, which is subject to seasonality, weather-related event risks, and government policy. We expect the company's EBITDA for the year will be weaker than we previously expected. However, we anticipate FMC's slightly stronger-than-expected cash flow generation and lower-than-anticipated debt levels will offset its weaker EBITDA. We also believe the company will significantly improve its EBITDA in the fourth quarter on a sequential and year-over-year basis, which will set the tone for stronger 2025 earnings (subject to typical seasonal fluctuations). Our

...S&P Global Ratings expects FMC will generate weak EBITDA in 2024, though we anticipate it will improve its cash flow and reduce its debt. We expect the company's EBITDA for the year will be weaker than we previously expected. However, we anticipate FMC's slightly stronger- than-expected cash flow generation and lower-than-anticipated debt levels will offset its weaker EBITDA. We also believe the company will significantly improve its EBITDA in the fourth quarter on a sequential and year-over-year basis, which will set the tone for stronger 2025 earnings (subject to typical seasonal fluctuations). Our estimate of FMC's EBITDA incorporates the restructuring costs it has incurred without realizing the full benefits of the operating cost savings stemming from its 2024 restructuring. In 2025, we expect improved market conditions, along with the absence of restructuring costs, will contribute to an improvement in the company's EBITDA....

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