1. It's like Bayer for crop protection products.

2. It's like BASF for agricultural solutions.

• Insecticides: Chemicals designed to control a range of insects that damage crops.
• Herbicides: Chemicals developed to control weeds that compete with crops.
• Fungicides: Chemicals used to control diseases affecting crops.
• Biologicals: Products derived from natural sources used to enhance crop yield and quality.
• Crop Nutrition Products: Solutions that provide essential nutrients to plants, improving growth and health.
• Seed Treatment Products: Formulations applied to seeds to protect them from pests and diseases and improve germination.
• Professional Pest and Turf Management Products: Products used in non-agricultural settings for pest control and maintaining turf health.

FMC Corporation (FMC) sells its products primarily to other companies, specifically through a global network of independent distributors, alliance partners, and sales representatives. However, no specific major customer companies are individually identified or publicly disclosed by FMC due to the fragmented nature of its distribution network. Therefore, focusing on the ultimate end-users of FMC's products provides the clearest understanding of its customer base. These major categories of customers include:

1. Agricultural Businesses: This category primarily consists of farmers and large-scale agricultural operations that utilize FMC's insecticides, herbicides, fungicides, biologicals, crop nutrition, and seed treatment products to enhance crop yield and quality.

2. Professional Pest Control Operators: Businesses in this segment use FMC's products for pest management in various non-agricultural settings, such as commercial buildings, residential properties, and public spaces.

3. Turf and Ornamental Management Companies: These customers include golf courses, sports arenas, landscaping companies, and other businesses responsible for maintaining turfgrass and ornamental plants, using FMC's specialized products for pest and disease control, and plant health.

Pierre R. Brondeau, Ph. D. Chairman, Chief Executive Officer and President

Dr. Brondeau became Chief Executive Officer of FMC in June 2024 and was appointed President in December 2025. He has served as chairman of the board since October 2010, and previously held the roles of Chief Executive Officer from January 2010 until June 2020 and President from January 2010 until May 2018. Before joining FMC as president and CEO in January 2010, Dr. Brondeau served as president and CEO of the Dow Advanced Materials Division until his retirement in September 2009.

Andrew D. Sandifer Executive Vice President and Chief Financial Officer

Mr. Sandifer is the Executive Vice President and Chief Financial Officer of FMC Corporation. Before joining FMC, he was vice president, Strategic Initiatives, for ARAMARK Corporation. Prior to ARAMARK, he spent seven years with Rohm and Haas Company, where he held roles in Strategic Planning, Sales, Marketing, Investor Relations, and General Management. Earlier in his career, Mr. Sandifer spent five years with the Boston Consulting Group and held engineering, operations and technical roles with International Paper and James River Paper companies.

Seva Rostovtsev, Ph. D. Executive Vice President and Chief Technology Officer

Dr. Rostovtsev assumed the role of vice president and Chief Technology Officer in April 2023 and was elected Executive Vice President in February 2024. In this role, he oversees FMC's global network of over 800 scientists. Previously, he served as FMC's director of Discovery Chemistry for Agricultural Solutions. Prior to FMC, Dr. Rostovtsev held research and technical leadership roles throughout DuPont beginning in 2003, including Process Chemistry and Engineering, Emerging Technologies, and Fungicide Discovery Chemistry. As a post-doctoral scholar at The Scripps Research Institute, he was a co-inventor of copper-catalyzed Click Chemistry, which earned the 2022 Nobel Prize in Chemistry.

Jacqueline Scanlan Executive Vice President and Chief Human Resources Officer

Ms. Scanlan joined FMC as Executive Vice President and Chief Human Resources Officer in September 2023. She has more than 25 years of experience in HR management, including senior leadership roles at companies such as Axalta Coating Systems, Haemonetics Corporation, Novo Nordisk, and Campbell Soup Company. Her career has covered various HR disciplines, with a significant focus on change and talent management, leadership development, organization culture, and functional HR excellence.

Nicholas L. Pfeiffer Vice President, Corporate Controller and Chief Accounting Officer

Mr. Pfeiffer has served as Vice President, Corporate Controller, and Chief Accounting Officer at FMC Corporation since November 1, 2015. He joined FMC in 2004 as a manager and was later named a director of External Reporting, then assistant corporate controller, and corporate controller and chief accounting officer in 2013. Prior to FMC, he worked in various audit, controller, and financial reporting roles at KPMG LLP, Safeguard Scientifics, and Comcast Corporation.

1. Patent Expirations and Generic Competition: FMC faces significant challenges from the expiration of patents on its core products, particularly Rynaxypyr and Cyazypyr, which are major revenue generators. This leads to increased competition from generic agrochemical producers, especially from China, resulting in pricing pressure and erosion of market share.

2. High Financial Leverage and Deteriorating Financial Profile: The company is exposed to high financial leverage, characterized by significant debt relative to equity and rising debt. This has contributed to increased borrowing costs, potential limitations on access to capital, and reduced financial flexibility. Recent financial setbacks include negative free cash flow, a dividend cut, and a substantial decrease in revenue, further indicating a weakened financial profile.

3. Market Competition, Pricing Pressure, and Agricultural Sector Volatility: FMC operates in an intensely competitive agricultural sciences sector with major global players. This competitive landscape, combined with ongoing price declines, challenging economic conditions for farmers, and widespread inventory destocking in the agricultural sector, directly impacts FMC's sales volumes and profitability.

The accelerating global shift towards sustainable and regenerative agricultural practices poses a clear emerging threat to FMC. This includes increasing regulatory pressure to drastically reduce synthetic chemical pesticide use (exemplified by the EU's Farm to Fork strategy targeting a 50% reduction by 2030), growing consumer demand for organic and residue-free produce, and the rapid development and adoption of non-chemical crop protection alternatives. These alternatives encompass advanced biologicals, precision agriculture technologies (such as robotic weeding and targeted spraying based on AI-driven identification), and gene-edited crops engineered for intrinsic pest and disease resistance. These trends collectively aim to reduce reliance on broad-spectrum chemical inputs, which constitute a significant portion of FMC's core business.

FMC Corporation operates in several large addressable markets within the agricultural sciences industry globally.

• Insecticides: The global insecticides market was valued at approximately USD 21.38 billion in 2024 and is projected to reach about USD 36.43 billion by 2034. Other estimates place the market at USD 38.33 billion in 2025, growing to USD 47.34 billion by 2031.
• Herbicides: The global herbicides market was valued at USD 32.47 billion in 2025 and is projected to grow to USD 51.89 billion by 2034. Another report indicates the market was USD 46.97 billion in 2025 and is predicted to reach USD 100.07 billion by 2035.
• Fungicides: The global fungicides market was estimated at USD 19.40 billion in 2025 and is projected to reach USD 25.67 billion by 2034. Another estimate places the global market at USD 25.34 billion in 2024, expected to reach around USD 43.73 billion by 2034.
• Agricultural Biologicals (including biopesticides, biostimulants, and biofertilizers): The global agricultural biologicals market was valued at USD 17.16 billion in 2025 and is projected to grow to USD 57.84 billion by 2034. Another source estimates the market at USD 17.51 billion in 2025, expected to reach approximately USD 48.08 billion by 2035.
• Crop Nutrition Products: The global crop nutrition products market was valued at USD 210.9 billion in 2024 and is expected to grow to USD 280 billion by 2035. Another report valued this market at USD 132.88 billion in 2024, projected to reach USD 241.20 billion by 2033.
• Seed Treatment Products: The global seed treatment market is estimated at USD 18.03 billion in 2025 and is predicted to increase to approximately USD 39.23 billion by 2034.

Here are the expected drivers of future revenue growth for FMC Corporation (FMC) over the next 2-3 years:

1. Launch and Commercialization of New Active Ingredients and Products: FMC is heavily focused on introducing new active ingredients and advanced product formulations. The company anticipates generating approximately $2 billion in revenue from four new active ingredients by 2033. For 2026, sales of new active ingredients, including Isoflex® active, fluindapyr, Dodhylex® active, and rimisoxafen, are projected to reach $300-400 million, representing over 75% growth at the midpoint compared to 2025. New products like Xyway® and Adastrio® fungicides have already shown resilience, particularly in Latin America.
2. Expansion of the Plant Health Business and Biological Solutions: FMC is dedicated to expanding its Plant Health segment, which includes biological solutions, with a goal to achieve roughly $2 billion in revenue from this area by 2033. The Plant Health business demonstrated 1% sales growth in Q1 2025 and is projected to grow at a mid-20% annual rate through 2027. This segment saw significant growth of 33% in Q4 2024, primarily from Biologicals.
3. Recovery in Market Demand and Volumes following Channel Destocking: After a period of channel destocking, FMC anticipates a resumption of historical low single-digit percentage growth in the global market during the second half of 2024. The second quarter of 2024 is expected to mark the first quarter with an improvement in year-over-year volume since the start of global destocking, with volume growth largely driven by new products. The full-year 2024 revenue outlook indicates a 2.5% increase at the midpoint compared to 2023.
4. Strategic Management of Rynaxypyr® and Advanced Formulations: FMC's operational priorities for 2026 include managing its post-patent Rynaxypyr® active strategy. Branded Rynaxypyr® earnings are expected to remain flat in 2026, with the company aiming to offset price declines through higher volumes and the introduction of advanced formulations. This strategy is crucial for maintaining and growing revenue from this key product line amidst evolving market dynamics.

Share Repurchases

• In February 2022, FMC's Board of Directors authorized the repurchase of up to $1 billion of the company's common stock.
• FMC anticipated repurchasing between $350 million and $450 million of shares in 2021.
• However, due to credit agreement amendments in November 2023 and February 2025, FMC agreed not to repurchase shares under its publicly announced program until December 31, 2028, with the exception of those under equity compensation plans. Approximately $825 million of the authorized program remained unused as of December 31, 2025.

Outbound Investments

• FMC launched FMC Ventures in 2021, a venture capital arm focused on small, seed-type strategic investments in start-ups and early-stage agricultural technology companies.
• In 2025, FMC expanded its routes to market in Brazil by establishing a new sales and technical service organization to directly serve large corn and soybean growers, representing a potential multi-hundred-million-dollar growth opportunity.

Capital Expenditures

• FMC's capital expenditures for the trailing twelve months ending September 2025 were approximately $-91.90 million.
• As of December 31, 2025, capital expenditures amounted to $-96.3 million.
• The company's capital expenditures are primarily focused on research and development for new active ingredients (herbicides, insecticides, and fungicides) and optimizing its manufacturing footprint and reducing structural costs through initiatives like "Project Foundation."