Company Reports

Nufarm is a major producer of crop-protection products, including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to the growing demand for crops for biofuels and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer-service-focused strategy. However, the global crop-protection markets are competitive, and earnings are cyclical, given a reliance on seasonal conditions.

Nufarm guided fiscal 2026 underlying EBITDA to AUD 370 million to AUD 380 million before lease depreciation, up about 25% at the midpoint. Shares fell around 6%.

Nufarm grew underlying first-half fiscal 2026 NPAT 35% to AUD 52 million. There was a strong turnaround from Seed Technologies, with underlying EBIT up 77% to AUD 34 million. Europe and North America were also up 42% and 27%. Shares rose 14%.

Nufarm is a major producer of crop-protection products, including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to the growing demand for crops for biofuels and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer-service-focused strategy. However, the global crop-protection markets are competitive, and earnings are cyclical, given a reliance on seasonal conditions.

Nufarm announced guidance for the first half fiscal 2026 of underlying EBITDA of AUD 239 million-AUD 244 million, a 17% increase on first half fiscal 2025. The market cheered the turnaround, with shares up 11% on the day. First-half fiscal 2026 earnings will be reported on May 27, 2026.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions.

Agricultural innovator Nufarm reports first-half fiscal 2026 earnings on May 27, 2026. We forecast underlying NPAT of AUD 77 million, or AUD 0.15 EPS, a 110% increase on the first half of fiscal 2025. We assume no dividend as per the prior period.

Agricultural innovator Nufarm's fiscal 2025 net loss after tax of AUD 23 million was worse than last year's AUD 4 million loss. Crop protection EBITDA jumped 27% to AUD 349 million, but seed technologies EBITDA fell 90% to AUD 8 million. There was no dividend; however, shares are up significantly.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions.

We revise some assumptions critical to our fair value for agricultural innovator Nufarm. Key among these is the likely lower growth trajectory for omega-3 canola within the seed technologies segment. We also temper margin expectations for the crop protection segment.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into all major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions. Sumitomo Chemical's investment in Nufarm endorses the quality of its global distribution. Collaboration broadens product portfolios and adds distribution in Asia.

Agricultural innovator Nufarm reported a 25% decline in first-half fiscal 2025 underlying earnings to AUD 38 million. Crop Protection EBITDA increased 20% to AUD 203 million but Seed Technologies EBITDA halved to AUD 41 million, with oversupply of fish oil affecting omega-3 Canola prices.

Agricultural innovator Nufarm says it's on track with several initiatives announced with fiscal 2024 results last November, including cost savings and inventory efficiency. The start to fiscal 2025 has also seen strong demand for crop protection products, although prices haven't moved.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into all major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions. Sumitomo Chemical's investment in Nufarm endorses the quality of its global distribution. Collaboration broadens product portfolios and adds distribution in Asia.

Agricultural innovator no-moat Nufarm reported a 31% decline in underlying fiscal 2024 EBITDA to AUD 287 million, in line with our expectations. No great surprises there, as the firm only recently downgraded guidance. However, underlying net profit after tax fell 103% to negative AUD 4 million, worse than our expectations due to higher-than-anticipated depreciation.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into all major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions. Sumitomo Chemical's investment in Nufarm endorses the quality of its global distribution. Collaboration broadens product portfolios and adds distribution in Asia.

Our AUD 7.70 fair value estimate for no-moat Nufarm stands. That’s despite the agricultural innovator downgrading fiscal 2024 earnings guidance in a trading update. Our fiscal 2024 underlying net profit after tax forecast declines 30% to AUD 52 million or AUD 0.09 per share. But the time value of money is an offset, and we see no implication for our midcycle estimates. Nufarm still anticipates strong revenue growth in fiscal 2025.

Nufarm is a major producer of crop-protection products including herbicides, fungicides, and pesticides, selling into all major world markets. The company is leveraged to growing demand for crops for biofuels, and food from rapidly industrializing markets such as China and India. Growth should come from astute brand and offshore business investments and from a customer service-focused strategy. However, the global crop-protection markets are competitive and earnings are cyclical, given a reliance on seasonal conditions. Sumitomo Chemical's investment in Nufarm endorses the quality of its global distribution. Collaboration broadens product portfolios and adds distribution in Asia.