FMC Corp.

This report does not constitute a rating action. 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 policies. . In the first quarter of 2025 EBITDA declined after three consecutive quarters of improvement, largely due to the company?s strategic decision to reduce channel inventories and pricing adjustments in certain cost-plus contracts reflecting lower manufacturing costs. Despite this setback we expect EBITDA to recover through the remainder of the year. A key related assumption we make is that one-time

...S&P Global Ratings expects FMC Corp. will generate modestly higher EBITDA in 2025, following the downturn that began in 2023. In the first quarter of 2025 EBITDA declined after three consecutive quarters of improvement, largely due to the company's strategic decision to reduce channel inventories and pricing adjustments in certain cost-plus contracts reflecting lower manufacturing costs. Despite this setback we expect EBITDA to recover through the remainder of the year. A key related assumption we make is that one-time restructuring and similar expenditures incurred in 2024 will decline in 2025. This is the most important contributory factor to our view for a slight improvement in 2025 EBITDA relative to the $785 million of S&P adjusted EBITDA in 2024....

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