FMC (FMC) Wolfe Research Materials of the Future Conference summary

Leadership and management changes

• CEO transition: Mark Douglas stepped down, Pierre Brondeau returned as CEO, ensuring continuity and operational focus.

• Mark Douglas remains as executive advisor through September 1 to support a smooth transition.

• Leadership transition expected to be seamless due to Brondeau's deep familiarity with the company and management team.

Market and industry environment

• Crop protection chemical consumption by growers remains steady and growing globally, despite recent industry corrections.

• Inventory normalization is underway, with the U.S. most advanced, Brazil healthy, Europe improving, and Asia mixed, especially India.

• Transition from correction to recovery is evident, but volatility is expected in the next few quarters.

Regional performance and demand trends

• U.S. and Brazil show improved inventory levels and renewed customer engagement compared to 2023.

• Brazil's agricultural sector remains resilient, with healthy planting intentions and good acreage expected for the next season.

• Asia faces inventory challenges, particularly in India, due to less favorable monsoon seasons.