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Analysts See 'Historic Dislocation' Between Gold Prices and Miner Valuations

Analysts See 'Historic Dislocation' Between Gold Prices and Miner Valuations

USA News Group News Commentary
Issued on behalf of RUA GOLD Inc.
VANCOUVER, BC, June 6, 2025 /PRNewswire/ — USA News Group News Commentary – Gold mining stocks are still too cheap, according to analysts at JP Morgan. In their latest note, JP Morgan tentatively sees $4,100 per ounce gold prices for 2026, and based on that estimate foresees plenty of value in gold mining shares from larger producers all the way down the chain to small- and mid-cap companies. Analysts at Jefferies still think things are out of balance, pointing to a historic valuation gap, with many gold equities still priced as if bullion were stuck at $2,500 an ounce. As gold rises, other analysts are calling for a mining equities breakout, leading to extra attention on miners of all sizes, including RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF), Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF), 1911 Gold Corporation (TSXV: AUMB) (OTCBB: AUMBF), Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI), and Seabridge Gold (NYSE: SA) (TSX: SEA).
According to analysts at Goldman Sachs, it's the central banks acting as a driving purchasing force behind the current record-breaking gold bull market, accumulating roughly 80 metric tons of gold a month worth ~$8.5 billion at current prices. With all the global uncertainty and turbulence, it's no surprise to analysts like George Milling-Stanley from State Street Global Advisors that gold will continue to make sense for investors for its attributes and potential.
RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF) is advancing a portfolio of high-grade, district-scale gold projects in New Zealand—an emerging exploration hotspot with deep historical roots and modern infrastructure. The company recently announced new high-grade intercepts from its Cumberland project, including 1 metre at 26.9 g/t gold and another at 16.2 g/t, building on a previously returned 62.2 g/t gold, including a standout prior result of 1 metre at 1,911 g/t gold. These hits confirm the near-surface continuity of the Gallant vein system, which became RUA's first drill-tested target generated via VRIFY's AI-powered targeting platform.
'From the very first drill holes, we intersected significant, wide quartz veins hosting high-grade gold, confirming historical intercepts,' said Robert Eckford, CEO of RUA GOLD. 'This marks an exciting start, validating the effectiveness of the VRIFY AI targeting process and confirming near-surface mineralization with the potential to extend the envelope of known mineralization across a 2km structural zone.. It's a major step forward for our hub-and-spoke strategy in Reefton… The Gallant prospect represents the first VRIFY AI target that we have drilled so far. This structure is traceable on surface for over 600m and remains largely untested along strike and at depth.'
Gallant sits just 3 km from the historic Globe Progress mine and features steeply dipping quartz veins up to 14 metres thick. Historic drill data from the area includes 20.7 metres of quartz with gold grades reaching 1,911 g/t near surface—highlighting the potential for a shallow, high-grade resource. RUA has now launched a follow-up program stepping 100 metres to the south, with assays pending.
Beyond Gallant, RUA GOLD holds commanding control of the Reefton Goldfield, covering roughly 95% of a district that historically produced more than 2 million ounces of gold at grades between 9 and 50 g/t. The Auld Creek project continues to deliver encouraging results as well, with recent intercepts of 9.0 metres at 5.9 g/t gold equivalent and 1.25 metres at 48.3 g/t. Notably, only two of the four known mineralized shoots are currently included in the working model. Previous drilling has returned 12 metres at 12.2 g/t gold equivalent, including a 2-metre stretch at 54.8 g/t.
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Auld Creek also hosts significant antimony mineralization—an increasingly strategic metal trading above US$50,000 per tonne. Surface samples have shown grades above 40% antimony, and drill holes have returned multiple intercepts over 8%. The New Zealand government's early 2025 declaration of antimony as a critical mineral further elevates the project's dual-metal value proposition.
On the North Island, RUA GOLD is progressing its Glamorgan project in the Hauraki Goldfield, where a second surface campaign outlined three distinct gold-arsenic anomalies across a 4-kilometre corridor. Rock chip sampling returned up to 43 g/t gold, and CSAMT geophysical surveys identified resistive zones typical of quartz-rich vein systems. Drill access is in the final stages of approval, with targets prioritized through VRIFY's DORA AI engine.
Backed by $5.75 million in capital and led by a leadership team with over $11 billion in past mining exits, RUA GOLD is aiming to uncover high-grade discoveries in underexplored terrain. With multiple active programs, AI-guided targeting, and a pipeline of assays and agreements on the horizon, the company is positioning itself as one of New Zealand's most advanced early-stage gold explorers heading into 2025.
CONTINUED… Read this and more news for RUA GOLD at: https://usanewsgroup.com/2025/04/02/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/
In other industry developments and happenings in the market include:
Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) recently intersected 7.0 metres grading 10.3 g/t gold equivalent (including 2.0 metres at 14.3 g/t AuEq) at its Wild Dog project in Papua New Guinea.
'The first drill results from our Phase 1 drill program at Wild Dog did not disappoint,' said Greg McCunn, CEO of Great Pacific Gold. 'We now have a drill rig on the ground, a highly experienced technical team, and the infrastructure support in place to explore the potential of this system.'
The intercept came from WDG-02, drilled beneath a historic pit, confirming the presence of high-grade sulphide mineralization near surface. The current 2,500-metre drill campaign spans 16 planned holes across a 3-kilometre segment of a 15-kilometre target zone. Assays are pending from WDG-03, and hole WDG-04 is now in progress.
1911 Gold Corporation (TSXV: AUMB) (OTCBB: AUMBF) continues to expand its San Antonio West target at the True North project, returning standout grades such as 1.0 metre at 62.40 g/t gold and 2.1 metres at 8.81 g/t.
'These follow-up holes at the San Antonio West target show evidence of several shear structures and also higher grades as we extend drilling to depth,' said Shaun Heinrichs, CEO and President of 1911 Gold. 'The results continue to show another parallel ore shoot to the San Antonio Mine vein system, similar to what we are seeing on the San Antonio Southeast target.'
The zone, hosted within the historically productive San Antonio gabbro, now shows gold mineralization across three parallel vein systems traced over 500 metres laterally and 260 metres vertically. The program supports the presence of a new ore shoot west of the historic San Antonio Mine, bridging toward the Cartwright resource. With 39 holes drilled to date and a 30,000-metre campaign planned, the company is prioritizing underground access and resource expansion.
Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) is advancing its Diamba Sud Project with fresh intercepts from the Southern Arc prospect, where drilling returned 13.6 meters at 8.6 g/t gold and 11.8 meters at 9.3 g/t. Infill drilling at nearby deposits also yielded high-grade intervals, such as 113.7 g/t gold over 6.4 meters at Area D and 28.8 meters at 3.0 g/t at Area A.
'Our exploration work at Diamba Sud continues to yield strong results, particularly from areas with limited historical drilling,' said Paul Weedon, Senior Vice President of Exploration at Fortuna Mining Corp. 'These results further reinforce the project's potential for near-term resource growth.'
Exploration remains active across several zones, including Moungoundi and Western Splay, where mineralization appears open along strike and at depth. All results will be included in the next resource update.
Seabridge Gold (NYSE: SA) (TSX: SEA) has begun drilling at Snip North, a new copper-gold porphyry discovery at its Iskut Project in northwest British Columbia.
'Last year's discovery at Snip North has given us clear direction on where to focus to deliver new resources in this year's program,' said Rudi Fronk, Chairman and CEO of Seabridge Gold. 'We are also targeting the source intrusion for this prospective resource which we expect to be rooted in a district-scale structural trend, named the Bronson Trend.'
The company plans to complete 8,000 metres of core drilling using three helicopter-portable rigs, targeting a maiden resource estimate and deeper source intrusions. Exploration will also assess other porphyry prospects within the district-scale Bronson Trend, where recent geophysics and mapping indicate multiple mineralized systems. The $13.4 million program builds on last year's success and reflects Seabridge's broader strategy to uncover large-scale porphyry systems beyond KSM.
Article Source: https://usanewsgroup.com/2025/04/02/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/
CONTACT:
USA NEWS GROUPinfo@usanewsgroup.com(604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ('MIQ'). This article is being distributed for Baystreet.ca media corp, who has been paid a fee for an advertising contract with RUA Gold Inc. (forty five thousand dollars Canadian for a three month contract subject to the terms and conditions of the agreement from the company direct). MIQ has not been paid a fee for RUA Gold Inc. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ('BAY') There may also be 3rd parties who may have shares of RUA Gold Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY does not own any shares of RUA Gold Inc. but reserve the right to buy and sell, and will buy and sell shares of RUA Gold Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by RUA Gold Inc. Technical information relating to RUA GOLD Inc. has been reviewed and approved by Simon Henderson, CP, AUSIMM, a Qualified Person as defined by National Instrument 43-101. Mr. Henderson is Chief Operational Officer of RUA GOLD Inc., and therefore is not independent of the Company; this is a paid advertisement, we currently do not own any shares of RUA Gold Inc. but will likely buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles.
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acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts; business, economic, geopolitical, and capital market conditions, including foreign trade tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, and investments; the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity; disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed; the actions of credit rating agencies and the effects of such actions; the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources; 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the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to NSR provisions of the Clean Air Act, carbon dioxide, nitrogen oxides, sulfur dioxide, and other emissions and discharges, Illinois emission standards, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit, terminate or otherwise modify the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois; the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs; Ameren Illinois' ability to achieve the performance standards applicable to its electric distribution business and electric customer energy-efficiency goals and the resulting impact on its allowed ROE; labor disputes, workforce reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions; the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about company policies or practices; the impact of adopting new accounting and reporting guidance; the effects of strategic initiatives, including mergers, acquisitions, and divestitures; legal and administrative proceedings; pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and the impacts of the Russian invasion of Ukraine and conflicts in the Middle East, related sanctions imposed by the United States and other governments, and any broadening of these or other global conflicts, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services. New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events. AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating Revenues: Electric $ 2,038 $ 1,521 $ 3,660 $ 2,885 Natural gas 183 172 658 624 Total operating revenues 2,221 1,693 4,318 3,509 Operating Expenses: Fuel and purchased power 794 327 1,296 655 Natural gas purchased for resale 39 33 208 184 Other operations and maintenance 460 465 945 935 Depreciation and amortization 386 376 753 737 Taxes other than income taxes 131 131 275 266 Total operating expenses 1,810 1,332 3,477 2,777 Operating Income 411 361 841 732 Other Income, Net 96 103 181 192 Interest Charges 187 165 362 319 Income Before Income Taxes 320 299 660 605 Income Taxes 43 39 93 83 Net Income 277 260 567 522 Less: Net Income Attributable to Noncontrolling Interests 2 2 3 3 Net Income Attributable to Ameren Common Shareholders $ 275 $ 258 $ 564 $ 519 Earnings per Common Share – Basic $ 1.02 $ 0.97 $ 2.09 $ 1.95 Earnings per Common Share – Diluted $ 1.01 $ 0.97 $ 2.08 $ 1.95 Weighted-average Common Shares Outstanding – Basic 270.3 266.7 270.1 266.5 Weighted-average Common Shares Outstanding – Diluted 271.6 266.8 271.5 266.8 AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions) June 30,2025 December 31,2024 ASSETS Current Assets: Cash and cash equivalents $ 11 $ 7 Accounts receivable – trade (less allowance for doubtful accounts) 567 525 Unbilled revenue 467 346 Miscellaneous accounts receivable 101 96 Inventories 738 762 Current regulatory assets 332 366 Other current assets 258 162 Total current assets 2,474 2,264 Property, Plant, and Equipment, Net 37,816 36,304 Investments and Other Assets: Nuclear decommissioning trust fund 1,414 1,342 Goodwill 411 411 Regulatory assets 2,666 2,397 Pension and other postretirement benefits 734 757 Other assets 1,110 1,123 Total investments and other assets 6,335 6,030 TOTAL ASSETS $ 46,625 $ 44,598 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term debt $ 29 $ 317 Short-term debt 1,141 1,143 Accounts and wages payable 882 1,059 Taxes accrued 155 60 Interest accrued 230 196 Customer deposits 240 223 Other current liabilities 410 415 Total current liabilities 3,087 3,413 Long-term Debt, Net 18,811 17,262 Deferred Credits and Other Liabilities: Accumulated deferred income taxes and tax credits, net 4,881 4,474 Regulatory liabilities 6,014 5,897 Asset retirement obligations 838 822 Other deferred credits and liabilities 551 487 Total deferred credits and other liabilities 12,284 11,680 Shareholders' Equity: Common stock 3 3 Other paid-in capital, principally premium on common stock 7,541 7,513 Retained earnings 4,784 4,604 Accumulated other comprehensive loss (14) (6) Total shareholders' equity 12,314 12,114 Noncontrolling Interests 129 129 Total equity 12,443 12,243 TOTAL LIABILITIES AND EQUITY $ 46,625 $ 44,598 AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) Six Months Ended June 30, 2025 2024 Cash Flows From Operating Activities: Net income $ 567 $ 522 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 793 760 Amortization of nuclear fuel 20 38 Amortization of debt issuance costs and premium/discounts 10 9 Deferred income taxes and tax credits, net 172 76 Allowance for equity funds used during construction (39) (25) Stock-based compensation costs 14 14 Other 10 13 Changes in assets and liabilities (254) (358) Net cash provided by operating activities 1,293 1,049 Cash Flows From Investing Activities: Capital expenditures (2,130) (1,892) Nuclear fuel expenditures (19) (37) Purchases of securities – nuclear decommissioning trust fund (244) (323) Sales and maturities of securities – nuclear decommissioning trust fund 223 309 Other 59 11 Net cash used in investing activities (2,111) (1,932) Cash Flows From Financing Activities: Dividends on common stock (384) (356) Dividends paid to noncontrolling interest holders (3) (3) Short-term debt, net (2) 156 Maturities and extinguishment of long-term debt (324) (350) Issuances of long-term debt 1,599 1,470 Issuances of common stock 25 21 Employee payroll taxes related to stock-based compensation (13) (8) Debt issuance costs (14) (18) Net cash provided by financing activities 884 912 Net change in cash, cash equivalents, and restricted cash 66 29 Cash, cash equivalents, and restricted cash at beginning of year(a) 328 272 Cash, cash equivalents, and restricted cash at end of period(b) $ 394 $ 301 (a) Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024. (b) Includes $11 million of cash and cash equivalents and $383 million of restricted cash as of June 30, 2025. AMEREN CORPORATION (AEE) OPERATING STATISTICS Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Electric Sales – kilowatthours (in millions): Ameren Missouri Residential 2,812 2,995 6,676 6,472 Commercial 3,349 3,386 6,716 6,657 Industrial 1,037 1,046 1,996 2,005 Street lighting and public authority 13 14 30 33 Ameren Missouri retail load subtotal 7,211 7,441 15,418 15,167 Off-system 662 1,484 1,876 2,615 Ameren Missouri total 7,873 8,925 17,294 17,782 Ameren Illinois Electric Distribution Residential 2,435 2,582 5,408 5,333 Commercial 2,758 2,791 5,578 5,547 Industrial 2,511 2,712 5,002 5,390 Street lighting and public authority 95 100 198 198 Ameren Illinois Electric Distribution total 7,799 8,185 16,186 16,468 Ameren Total 15,672 17,110 33,480 34,250 Electric Revenues (in millions): Ameren Missouri Residential $ 405 $ 395 $ 781 $ 736 Commercial 344 324 617 583 Industrial 84 77 150 138 Other, including street lighting and public authority 11 21 9 45 Ameren Missouri retail load subtotal $ 844 $ 817 $ 1,557 $ 1,502 Off-system sales and capacity 471 47 651 76 Ameren Missouri total $ 1,315 $ 864 $ 2,208 $ 1,578 Ameren Illinois Electric Distribution Residential $ 321 $ 311 $ 663 $ 608 Commercial 181 163 361 328 Industrial 48 47 98 92 Other, including street lighting and public authority 23 (12) 23 (13) Ameren Illinois Electric Distribution total $ 573 $ 509 $ 1,145 $ 1,015 Ameren Transmission Ameren Illinois Transmission(a) $ 152 $ 136 $ 306 $ 267 ATXI 56 55 113 110 Eliminate affiliate revenues — — (1) (1) Ameren Transmission total $ 208 $ 191 $ 418 $ 376 Other and intersegment eliminations(a) (58) (43) (111) (84) Ameren Total $ 2,038 $ 1,521 $ 3,660 $ 2,885 (a) Includes $40 million, $27 million, $77 million and $55 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment. AMEREN CORPORATION (AEE) OPERATING STATISTICS Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Gas Sales – dekatherms (in millions): Ameren Missouri 3 3 12 11 Ameren Illinois Natural Gas 30 28 95 88 Ameren Total 33 31 107 99 Gas Revenues (in millions): Ameren Missouri $ 25 $ 24 $ 89 $ 85 Ameren Illinois Natural Gas 158 148 569 539 Ameren Total $ 183 $ 172 $ 658 $ 624 June 30, December 31, 2025 2024 Common Stock: Shares outstanding (in millions) 270.4 269.9 Book value per share $ 45.54 $ 44.88

FMC Corporation Reports Second Quarter Results at High End of Guidance Range
FMC Corporation Reports Second Quarter Results at High End of Guidance Range

Malaysian Reserve

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  • Malaysian Reserve

FMC Corporation Reports Second Quarter Results at High End of Guidance Range

Maintains full year adjusted EBITDA and adjusted EPS guidance; announces sale of India commercial business Second Quarter 2025 Highlights Revenue of $1.05 billion, up 1 percent versus Q2 2024, up 2 percent organically1 Consolidated GAAP net income of $67 million, a decline of 77 percent versus Q2 2024 Adjusted EBITDA of $207 million, up 2 percent versus Q2 2024 Consolidated GAAP net income of $0.53 per diluted share, down 77 percent versus Q2 2024 Adjusted earnings per diluted share of $0.69, an increase of 10 percent versus Q2 2024 Full-Year Outlook2 Revenue outlook of $4.08 billion to $4.28 billion, excluding India, down 2 percent at the midpoint versus 2024 reported results, which included India Maintains adjusted EBITDA outlook of $870 million to $950 million, an increase of 1 percent versus prior year at the midpoint Adjusted earnings per diluted share outlook unchanged at $3.26 to $3.70, flat at the midpoint to prior year Free cash flow forecast remains $200 million to $400 million, reflecting a decline of 51 percent at the midpoint from prior year PHILADELPHIA, July 30, 2025 /PRNewswire/ — FMC Corporation (NYSE:FMC) today reported second quarter 2025 revenue of $1.05 billion, up 1 percent versus second quarter 2024, and up 2 percent organically. On a GAAP basis, the company reported net income of $0.53 per diluted share in the second quarter, a decrease of 77 percent versus second quarter 2024 due to gains related to tax incentives recorded in the prior year. Second quarter adjusted earnings were $0.69 per diluted share, up 10 percent versus second quarter 2024. Higher second quarter revenue was driven by volume growth of 6 percent as customers in most countries appear to have reached target channel inventory levels for FMC products. Price declined 3 percent, over half of which was attributed to price adjustments in certain 'cost-plus' contracts with specific diamide partners as a result of lower manufacturing costs. Foreign currency was a headwind of 1 percent3. The company's growth portfolio increased by high-single digits while core portfolio sales were essentially flat. Sales in North America declined 5 percent as solid branded growth in the U.S. was more than offset by lower volume from expected destocking in Canada. Latin America sales were 1 percent higher than prior year, 5 percent higher excluding currency impacts, aided by solid growth of new active ingredients fluindapyr and Isoflex™ active. In Asia, sales were lower by 17 percent, down 15 percent excluding currency impacts, due to lower pricing as well as reduced volume driven by ongoing destocking activity in India. EMEA sales increased 29 percent, 27 percent excluding currency impacts. Growth was driven by strong volume gains particularly for herbicides, diamide partners, and branded Cyazypyr® products. The Plant Health business grew 3 percent driven by gains in biologicals. FMC Revenue Q2 2025 Total Revenue Change (GAAP) 1 % Less FX Impact (1) % Organic1 Revenue Change (Non-GAAP) 2 % GAAP net income in the second quarter declined 77 percent due to gains related to tax incentives recorded in the prior year. FMC second quarter adjusted EBITDA was $207 million, an increase of 2 percent from the prior-year period as favorable costs were partially offset by price and FX headwinds. Adjusted EPS grew 10 percent driven mainly by higher adjusted EBITDA and lower interest expense. On a GAAP basis, cash from operations was $66 million, a decline of $226 million versus 2024 due primarily to a smaller reduction in inventory levels than in the prior year. Free cash flow was $40 million, a decline of $241 million versus Q2 2024 primarily due to lower cash from operations. Intention to Divest India Commercial Business In response to challenges in India, the FMC Board of Directors has approved divesting the company's commercial business in the country. FMC plans to continue to actively participate in the India market through a supply agreement with the eventual buyer of the business for its patented and data-protected portfolio, ranging from new diamide technologies to active ingredients and biologicals. The company will continue its active ingredient manufacturing operations in India. The sale process is underway and is expected to conclude within the next year. Outlook2 The India commercial business will be classified as held for sale beginning in the third quarter. Revenue generated by the India commercial business will be included in reported revenue, while revenue guidance for the company will exclude India. Earnings of the India commercial business will be excluded from adjusted EBITDA and adjusted EPS. The company reaffirms its full-year 2025 adjusted EBITDA, adjusted EPS and free cash flow guidance ranges. Revenue excluding India is expected to be $4.08 billion to $4.28 billion, down 2 percent at the midpoint versus prior year reported revenue. Other than the exclusion of India revenue, there is no change to revenue guidance. Third quarter revenue excluding India is expected to be in the range of $1.00 billion to $1.10 billion, down 1 percent at the midpoint versus reported third quarter 2024. Volume growth and a minor FX tailwind are expected to be more than offset by a mid-single digit price headwind, in part driven by diamide partner contract adjustments and higher rebates as customers purchase higher volumes. The India exclusion is a negative 6 percent impact. Adjusted EBITDA is forecasted to be in the range of $210 million to $250 million, an increase of 14 percent at the midpoint versus the prior year as lower costs and volume growth more than offset headwinds from pricing and FX. Lower costs are driven by COGS tailwinds from improved fixed cost absorption, lower raw material costs and restructuring benefits. FMC expects adjusted earnings per diluted share to be in the range of $0.78 to $0.98 in the third quarter, which represents a 28 percent increase at the midpoint versus third quarter 2024 driven mainly by higher adjusted EBITDA. Fourth quarter revenue excluding India is expected to be in the range of $1.24 billion to $1.34 billion, an increase of 5 percent at the midpoint versus reported fourth quarter 2024. The company expects strong volume growth driven by sales of new products as well as contributions from the additional route to market recently put in place in Brazil. Pricing is expected to be a low-single digit headwind, while FX is forecasted to be a minor tailwind. The India exclusion is negative 6 percent. Adjusted EBITDA is forecasted to be in the range of $334 million to $374 million, an increase of 4 percent at the midpoint versus the prior year as favorable costs and higher volumes are partially offset by lower price. FMC expects adjusted earnings per diluted share to be in the range of $1.62 to $1.84 in the fourth quarter, which represents a 3 percent decrease at the midpoint versus fourth quarter 2024. The unfavorable variance is mainly driven by an exceptionally low tax rate in the prior year. Full-Year 2025 Outlook2 Second-Half Outlook2 (excludes India in Q3 and Q4) Third Quarter Outlook2 (excludes India) Fourth Quarter Outlook2 (excludes India) Revenue $4.08 billion to $4.28 billion $2.24 billion to $2.44 billion $1.00 billion to $1.10 billion $1.24 billion to $1.34 billion Growth at midpoint vs. 2024 (2) % 2 % (1) % 5 % Adjusted EBITDA $870 million to $950 million $544 million to $624 million $210 million to $250 million $334 million to $374 million Growth at midpoint vs. 2024 1 % 8 % 14 % 4 % Adjusted EPS^ $3.26 to $3.70 $2.40 to $2.82 $0.78 to $0.98 $1.62 to $1.84 Growth at midpoint vs. 2024 0 % 5 % 28 % (3) % ^ EPS estimates assume 125.6 million diluted shares for full year and 125.6 million diluted shares for Q3 and Q4. Note that percentages are calculated using whole numbers. Minor differences may exist due to rounding. India has been excluded from second half, third quarter and fourth quarter outlooks. Variances are calculated versus 2024 results which include India. Supplemental Information The company will post supplemental information on the web at including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Isoflex are trademarks of FMC Corporation or an affiliate. About FMC FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit to learn more and follow us on LinkedIn®. Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are 'forward-looking' and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders. In some cases, FMC has identified these forward-looking statements by such words or phrases as 'outlook', 'will likely result,' 'is confident that,' 'expect,' 'expects,' 'should,' 'could,' 'may,' 'will continue to,' 'believe,' 'believes,' 'anticipates,' 'predicts,' 'forecasts,' 'estimates,' 'projects,' 'potential,' 'intends' or similar expressions identifying 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the '2024 Form 10-K'), the section captioned 'Forward-Looking Information' in Part II of the 2024 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ('SEC'). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law. This press release contains certain 'non-GAAP financial terms' which are defined on our website Such terms include adjusted EBITDA, adjusted earnings, free cash flow, organic revenue growth and revenue excluding India. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP terms. Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes. Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, our India held for sale business, and discontinued operations. As a result, no GAAP outlook is provided. Starting with the third quarter 2025 guidance, we provide forecasts for revenue excluding India (non-GAAP financial measure). We are not able to forecast the GAAP revenue due to potential actions we may take during the held for sale period to prepare the business for a potential buyer and other uncertainties, including customer reaction to the announcement of our intention to sell our India commercial business. For all outlooks provided, variances are calculated versus 2024 results which include India. In certain instances, parts included in the variance explanations in the discussion may not sum to the total variance for the financial statement line item due to rounding. FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 1,050.5 $ 1,038.4 $ 1,841.9 $ 1,956.4 Costs of sales and services 644.2 640.3 1,118.9 1,218.6 Gross margin $ 406.3 $ 398.1 $ 723.0 $ 737.8 Selling, general and administrative expenses 176.8 164.8 348.8 328.7 Research and development expenses 66.4 75.9 135.1 136.8 Restructuring and other charges (income) 36.7 95.1 54.5 136.0 Total costs and expenses $ 924.1 $ 976.1 $ 1,657.3 $ 1,820.1 Income from continuing operations before non-operating pension, postretirement, and other charges (income), interest expense, net and income taxes $ 126.4 $ 62.3 $ 184.6 $ 136.3 Non-operating pension, postretirement, and other charges (income) 6.6 4.2 9.8 8.5 Interest expense, net 61.0 63.6 111.1 125.3 Income (loss) from continuing operations before income taxes $ 58.8 $ (5.5) $ 63.7 $ 2.5 Provision (benefit) for income taxes 14.4 (303.5) 27.9 (304.9) Income (loss) from continuing operations $ 44.4 $ 298.0 $ 35.8 $ 307.4 Discontinued operations, net of income taxes 23.4 (2.8) 16.4 (15.3) Net income (loss) $ 67.8 $ 295.2 $ 52.2 $ 292.1 Less: Net income (loss) attributable to noncontrolling interests 1.1 0.1 1.0 (0.3) Net income (loss) attributable to FMC stockholders $ 66.7 $ 295.1 $ 51.2 $ 292.4 Amounts attributable to FMC stockholders: Income (loss) from continuing operations $ 43.3 $ 297.9 $ 34.8 $ 307.7 Discontinued operations, net of tax 23.4 (2.8) 16.4 (15.3) Net income (loss) $ 66.7 $ 295.1 $ 51.2 $ 292.4 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 0.34 $ 2.37 $ 0.28 $ 2.45 Discontinued operations 0.19 (0.02) 0.13 (0.12) Basic earnings per common share $ 0.53 $ 2.35 $ 0.41 $ 2.33 Average number of shares outstanding used in basic earnings per share computations 125.2 125.0 125.1 125.0 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 0.34 $ 2.37 $ 0.28 $ 2.45 Discontinued operations 0.19 (0.02) 0.13 (0.12) Diluted earnings per common share $ 0.53 $ 2.35 $ 0.41 $ 2.33 Average number of shares outstanding used in diluted earnings per share computations 125.6 125.4 125.5 125.3 Other Data: Capital additions and other investing activities $ 9.8 $ 14.4 $ 47.2 $ 37.8 Depreciation and amortization expense 43.4 44.3 87.1 90.0 FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited and in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) attributable to FMC stockholders (GAAP) $ 66.7 $ 295.1 $ 51.2 $ 292.4 Corporate special charges (income): Restructuring and other charges (income) (a) 36.7 95.1 54.5 136.0 Non-operating pension, postretirement, and other charges (income) (b) 6.6 4.2 9.8 8.5 Income tax expense (benefit) on Corporate special charges (income) (c) (6.8) (13.8) (11.2) (23.4) Discontinued operations attributable to FMC stockholders, net of income taxes (d) (23.4) 2.8 (16.4) 15.3 Tax adjustment (e) 6.9 (304.3) 21.2 (304.3) Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) $ 86.7 $ 79.1 $ 109.1 $ 124.5 Diluted earnings per common share (GAAP) $ 0.53 $ 2.35 $ 0.41 $ 2.33 Corporate special charges (income) per diluted share, before tax: Restructuring and other charges (income) 0.29 0.76 0.43 1.09 Non-operating pension, postretirement, and other charges (income) 0.05 0.03 0.08 0.07 Income tax expense (benefit) on Corporate special charges (income), per diluted share (0.04) (0.11) (0.09) (0.19) Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share (0.19) 0.02 (0.13) 0.12 Tax adjustments per diluted share 0.05 (2.42) 0.17 (2.43) Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) $ 0.69 $ 0.63 $ 0.87 $ 0.99 Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations 125.6 125.4 125.5 125.3 ____________________ (1) Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a Non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. (a) Three Months Ended June 30, 2025: Restructuring and other charges (income) includes restructuring charges of $13.0 million primarily related to the previously announced global restructuring plan, referred to as 'Project Focus.' Charges incurred related to Project Focus consist of $4.9 million of professional service provider costs and other miscellaneous charges, $5.4 million of severance and employee separation costs, and accelerated depreciation of $2.5 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $23.7 million is comprised of $7.4 million of charges associated with our environmental sites, a charge of $11.9 million due to changes in our estimate for Furadan disposal costs at our Middleport site, and $4.4 million of other miscellaneous charges. Three Months Ended June 30, 2024: Restructuring and other charges (income) includes restructuring charges of $83.8 million primarily related to Project Focus. Charges incurred related to Project Focus consist of $53.3 million of non-cash asset write-off charges resulting from the contract termination with one of our third-party manufacturers, $18.6 million of severance and employee separation costs, including costs associated with the CEO transition, $6.5 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $5.9 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $11.3 million is comprised of $5.7 million of charges associated with our environmental sites and $5.6 million of other miscellaneous charges. Six Months Ended June 30, 2025: Restructuring and other charges (income) includes restructuring charges of $26.6 million primarily related to the previously announced global restructuring plan, referred to as 'Project Focus.' Charges incurred related to Project Focus consist of $11.5 million of professional service provider costs and other miscellaneous charges, $9.6 million of severance and employee separation costs, and accelerated depreciation of $5.6 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $27.9 million is comprised of $10.9 million of charges associated with our environmental sites, a charge of $11.9 million due to changes in our estimate for Furadan disposal costs at our Middleport site, and $5.1 million of other miscellaneous charges. Six Months Ended June 30, 2024: Restructuring and other charges (income) includes restructuring charges of $117.5 million primarily related Project Focus. Charges incurred in connection with Project Focus consist of $53.3 million of non-cash asset write off charges resulting from the contract termination with one of our third-party manufacturers, $37.5 million of severance and employee separation costs, including costs associated with the CEO transition, $18.7 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $8.2 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $18.5 million is comprised of $9.0 million of charges associated with our environmental sites and $9.5 million of other miscellaneous charges. (b) Our non-operating pension, postretirement and other charges (income) includes those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. The three and six months ended June 30, 2025 also includes other charges of $3.3 million incurred as a make-whole premium in connection with the early redemption of $500 million of the Senior Notes due May 18, 2026. (c) The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. (d) Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. We recorded a $34.5 million reduction in our legal reserve in discontinued operations for the three and six months ended June 30, 2025 as a result of a decrease in outstanding cases. (e) We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. In 2024 and 2023, we recorded significant deferred tax assets due to various tax incentives granted to the Company's Swiss subsidiaries (the 'Swiss Tax Incentives'). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives annually as the related benefits are realized, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2025 2024 2025 2024 Tax adjustments: Revisions to valuation allowances of historical deferred tax assets $ — $ — $ (1.2) $ (1.6) Net impact of Switzerland tax incentives 10.5 (300.0) 13.3 (300.0) Foreign currency remeasurement and other discrete items (3.6) (4.3) 9.1 (2.7) Total Non-GAAP tax adjustments $ 6.9 $ (304.3) $ 21.2 $ (304.3) RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) (Unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) (GAAP) $ 67.8 $ 295.2 $ 52.2 $ 292.1 Restructuring and other charges (income) 36.7 95.1 54.5 136.0 Non-operating pension, postretirement, and other charges (income) 6.6 4.2 9.8 8.5 Discontinued operations, net of income taxes (23.4) 2.8 (16.4) 15.3 Interest expense, net 61.0 63.6 111.1 125.3 Depreciation and amortization 43.4 44.3 87.1 90.0 Provision (benefit) for income taxes 14.4 (303.5) 27.9 (304.9) Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) $ 206.5 $ 201.7 $ 326.2 $ 362.3 ___________________ (1) Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income) and depreciation and amortization expense. RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) (Unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided (required) by operating activities of continuing operations (GAAP) (1) $ 65.9 $ 292.2 $ (479.1) $ 149.3 Capital expenditures (15.0) (9.9) (46.6) (30.6) Other investing activities 5.2 (4.5) (0.6) (7.2) Capital additions and other investing activities $ (9.8) $ (14.4) $ (47.2) $ (37.8) Cash provided (required) by operating activities of discontinued operations (16.4) 2.6 (29.7) (18.9) Free cash flow (Non-GAAP) (2) $ 39.7 $ 280.4 $ (556.0) $ 92.6 ___________________ (1) Includes cash payments made in connection with our Project Focus transformation program of $14.9 million and $23.6 million for the three months ended June 30, 2025 and 2024, respectively, and $70.6 million and $63.5 million for the six months ended June 30, 2025 and 2024, respectively. (2) Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our GSS business. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations, including to assess our our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited) Three Months Ended June 30, 2025 vs. 2024 Six Months Ended June 30, 2025 vs. 2024 Total Revenue Change (GAAP) 1 % (6) % Less: Foreign Currency Impact (1) % (2) % Organic Revenue Change (Non-GAAP) 2 % (4) % ___________________ (1) We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ('ROIC') NUMERATOR (NON-GAAP) AND ADJUSTED ROIC (USING NON-GAAP NUMERATOR)(1) (Unaudited) Twelve Months Ended June 30, 2025 Net income (loss) attributable to FMC stockholders (GAAP) $ 99.9 Interest expense, net, net of income taxes 195.2 Corporate special charges (income) 157.8 Income tax expense (benefit) on Corporate special charges (income) (24.9) Discontinued operations attributable to FMC stockholders, net of income taxes 30.1 Tax adjustments 158.0 ROIC numerator (Non-GAAP) $ 616.1 June 30, 2025 June 30, 2024 Total debt $ 4,163.3 $ 4,179.1 Total FMC stockholders' equity 4,397.0 4,559.4 Total debt and FMC stockholders' equity (GAAP) $ 8,560.3 $ 8,738.5 ROIC denominator (2 yr average total debt and FMC stockholders' equity) $ 8,649.4 ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator) 1.15 % Adjusted ROIC (using Non-GAAP numerator) 7.12 % ___________________ (1) We believe Adjusted ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric. FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) June 30, 2025 December 31, 2024 Cash and cash equivalents $ 438.2 $ 357.3 Trade receivables, net of allowance of $42.8 in 2025 and $39.4 in 2024 3,076.3 2,903.2 Inventories 1,395.7 1,201.6 Prepaid and other current assets 557.1 496.2 Total current assets $ 5,467.3 $ 4,958.3 Property, plant and equipment, net 890.7 849.7 Goodwill 1,527.0 1,507.0 Other intangibles, net 2,401.4 2,360.7 Deferred income taxes 1,549.5 1,523.8 Other long-term assets 461.2 453.8 Total assets $ 12,297.1 $ 11,653.3 Short-term debt and current portion of long-term debt $ 893.3 $ 337.4 Accounts payable, trade and other 906.0 768.5 Advanced payments from customers — 453.8 Accrued and other liabilities 819.8 755.2 Accrued customer rebates 812.0 489.9 Guarantees of vendor financing 61.5 85.5 Accrued pensions and other postretirement benefits, current 3.0 6.4 Income taxes 77.5 122.5 Total current liabilities $ 3,573.1 $ 3,019.2 Long-term debt, less current portion $ 3,270.0 $ 3,027.9 Long-term liabilities 1,025.9 1,097.4 Equity 4,428.1 4,508.8 Total liabilities and equity $ 12,297.1 $ 11,653.3 FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) Six Months Ended June 30, 2025 2024 Cash provided (required) by operating activities of continuing operations $ (479.1) $ 149.3 Cash provided (required) by operating activities of discontinued operations (29.7) (18.9) Cash provided (required) by investing activities of continuing operations (51.4) (39.6) Cash provided (required) by financing activities of continuing operations 628.7 84.7 Effect of exchange rate changes on cash 12.4 (6.4) Increase (decrease) in cash and cash equivalents $ 80.9 $ 169.1 Cash and cash equivalents, beginning of period $ 357.3 $ 302.4 Cash and cash equivalents, end of period $ 438.2 $ 471.5

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