Vylor (VYLR) Q3 2026 earnings summary

Executive summary

• Separation completed Oct. 1 on time and under budget; 9M adjusted pro forma operating EBITDA grew 8%, with margin up 133 bps despite weather-related volume pressure.

• 9M pro forma net sales rose 4% reported and 2% organic; FY26 guidance was reaffirmed.

• A $19B pipeline includes 12 technology platforms planned across corn, soybeans and wheat over the next decade.

Financial highlights

• Q3 pro forma net sales were $938M, down 1% YoY; organic sales declined 3%, with price/mix up 6% and volume down 9%.

• Q3 adjusted pro forma operating EBITDA was a loss of $269M vs. $202M; adjusted operating EPS was -$0.42 vs. -$0.41.

• 9M pro forma net sales were $8.531B, up 4% reported and 2% organic; adjusted operating EBITDA was $2.663B, up 8%.

• 9M adjusted operating EPS was $2.37 vs. $2.23; GAAP EPS from continuing operations was $1.50 vs. $1.80.

• YTD EBITDA benefited ~$150M from net licensing and ~$55M from productivity; higher freight, warehousing and production costs were offsets.

Outlook and guidance

• FY26 guidance reaffirmed: net sales growth ~3%, adjusted operating EBITDA of ~$2.8B, up ~10% at midpoint, margin ~27%, and adjusted EPS of $2.25–$2.35, up ~5% at midpoint.

• FY26 net licensing income is expected to reach ~$180M, with net royalties more than $60M positive; operating EBITDA growth is partly offset by higher exchange losses, taxes and net interest expense.

• 2027–29 framework targets annual sales growth of 3%–4%, EBITDA growth of 7%–8%, ~30% EBITDA margin by 2029 and ~60% average FCF conversion.

• 2029 targets include net sales of ~$11.2B–$11.9B and operating EBITDA of ~$3.3B–$3.7B; 2027 growth is expected from pricing and licensing against relatively stable global acreage.

• FY26 modeling includes capex of ~$360M, amortization of ~$520M, net interest expense of $130M–$140M and a base tax rate of 24%–26%.