Nufarm (NUF) H2 2025 earnings summary

Executive summary

• Statutory net loss of AUD 165 million (USD 165.3 million), mainly due to AUD 142 million (USD 142.4 million) in non-cash material items from Seed Technologies review and performance improvement program.

• Underlying EBITDA was AUD 302 million (USD 302.5 million), down 3% year-over-year; excluding emerging platforms (Omega-3, Bioenergy), underlying EBITDA rose 10%.

• Crop Protection uEBITDA grew 18% year-over-year, with strong performance across all regions and record results in North America and Asia.

• Net debt reduced by AUD 538 million in the second half, ending with leverage at 2.7x.

• CEO transition announced, with Rico Christensen appointed as CEO and Managing Director.

Financial highlights

• Revenue grew 3% year-on-year to AUD 3.4 billion (USD 3,443 million); gross profit increased 7% with margin up 1 percentage point to 26.1%.

• Underlying EBITDA was AUD 302 million (USD 302.5 million), down 3% year-on-year; excluding emerging platforms, underlying EBITDA up 10%.

• Net financing costs down 6% to AUD 101 million.

• Free cash flow was negative AUD 131 million, mainly due to Omega 3 inventory and outflows on interest, tax, and CapEx.

• Net debt at year-end was AUD 824 million (USD 824 million); leverage ratio 2.7x.

Outlook and guidance

• Expecting strong underlying EBITDA growth in FY2026, assuming normal seasonal and market conditions; Crop Protection growth to moderate from FY25's 18%.

• Seed Technologies targeting USD 30 million underlying EBITDA improvement from Omega-3 and Bioenergy.

• Net debt and leverage expected to reduce, targeting leverage of 2.0x by end of FY2026.

• CapEx to be below AUD 200 million (USD 200 million) in FY2026, with first half CapEx significantly reduced.

• Positive free cash flow expected, supported by improved working capital and lower Omega 3 cash requirements.