Vylor (VYLR) Investor Day 2026 summary

Strategic position and growth agenda

• Shift from seed seller to genetics and IP platform; third-party licensing expands technology reach and reduces capital intensity.

• 2025 revenue was ~$10B; 2026E net sales are ~$10.4B ($10.0B product sales, $0.4B licensing sales; pro forma). Core operating EBITDA more than doubled and margin expanded >1,000 bps over five years.

• Traditional row-crop seed market projected to grow from ~$60B in 2025 to ~$75B by 2035, with added opportunity in hybrid wheat, gene editing and adjacent genetics.

• Biofuel demand is on track to double over the next decade; crop feedstocks and partnerships including Etlas and Bunge Chevron Ag Renewables support the opportunity.

Financial framework and capital allocation

• 2029 targets: net sales of $11.2B-$11.9B, or 3%-4% annual growth at midpoint; operating EBITDA of $3.3B-$3.7B, or 7%-8% CAGR at midpoint.

• Operating EBITDA margin expected to rise from ~27% in 2026 to 30% by 2029; average free cash flow conversion target is ~60% or better.

• 2026E operating EBITDA is ~$2.8B at ~27% margin; 2027-2029 framework assumes stable seed plant area, crop commodity prices, on-farm demand, competition, trade policy and export access, with no regulatory approvals needed for targets.

• 2027-2029 cash flow from operations forecast at $7.0B-$8.0B and cumulative free cash flow at $5.5B-$6.5B; expected cash uses are ~20% CapEx, ~15% dividends and ~65% M&A and buybacks. R&D investment planned at ~10% of sales.

• Proposed three-year $3B share repurchase program; repurchases intended at ~$1B annually absent strategic M&A. Dividends planned to grow with earnings, with disciplined, capability-focused M&A in wheat, adjacent crops and gene editing.

Licensing and IP monetization

• Licensing revenue expected to grow from ~$300M in 2025 to ~$750M in 2030, ~$1.2B in 2035 and ~$2B in 2040; gross income expected to exceed $500M in 2027.

• Net licensing position expected to turn royalty-positive in 2026, reach ~$300M by 2030 and exceed $1B by 2035, versus ~$120M net licensing expense in 2025.

• More than 120 global licensees; U.S. triple-stack corn licensing platform launching from 2027 expected to add ~$40M licensing income by 2029.

• 2027-2029 framework includes $200M net licensing improvement: ~$300M added revenue and ~$100M added expense during the transition to corn licensing.