The following is a summary of the Nufarm Limited (NUFMF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Nufarm reported underlying EBITDA of $217 million and statutory NPAT of $49 million for H1 of 2024.

• The company predicts EBITDA of between $350 million and $390 million for FY 2024.

• An interim dividend of $0.04 per share was declared.

• Despite higher average working capital, commitment remains towards efficient capital use, with a predicted return of average net working capital to the target range.

• Expectations for underlying EBITDA between $350 million and $390 million in FY 2024 represent a 16% reduction from FY '23

• The projection for strong growth in H2 '24, with the guidance midpoint indicating EBITDA growth of 25% YoY.

Business Progress:

• Significant progress made in reducing inventory, now 20% lower YoY.

• Continued support for Omega-3 and Carinata plantings with expected revenue growth in 2025. Reaffirmed 2024 Omega-3 revenue projection of $50 million to $70 million.

• Growth plans include geo-expansion of Carinata planting and continued discussions with potential Nutriterra segment partners in the U.S.

• The targeted Crop Protection business revenue is between $3.8 billion and $3.9 billion by FY '26.

• A strong future is anticipated for the biofuels platform, expanding in Southern U.S.A., Argentina, Brazil, France, and Spain.

• Through 2025 and '26, Omega-3 production is expected to be scaled, and a strengthening of position in phenoxy herbicides and new product introductions is aimed for.

• Completed strategic actions include factory closures, performance improvement programs, portfolio acquisitions, and a state-of-the-art formulation facility launch.

• Nufarm plans to achieve its 2026 targets with a roughly 20% price recovery and contributions from NPIs.

• The company continues to monitor the supply chain situation in China for their Herbicide production, anticipating that restocking and replenishment needs should cause a price increase as demand increases.

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