Syngenta: Syngenta Group Reports $28.8 Billion Sales and $3.9 Billion EBITDA in 2024

Syngenta Group reports $28.8 billion sales and $3.9 billion EBITDA in 2024 Resilient seed market, strong growth in new products, and robust performance in China helped offset an overall challenging crop protection market with continued channel destocking; strong cash generation and double-digit EBITDA improvement in Q4 FY 2024 Group sales at $28.8 billion, -10% versus prior year Q4 Group sales of $7.5 billion, -5% versus prior year FY 2024 EBITDA at $3.9 billion, -15% versus prior year Q4 EBITDA of $1.1 billion +11% versus prior year Sales impacted by prolonged channel destocking throughout the year, adverse weather conditions and weaker emerging market currencies Strong demand for new crop protection technologies and biological products Resilient seed market and strong performance for Syngenta Group in China Continued investments in R&D to drive innovation and long-term growth Significantly higher cash flow driven by working capital improvement and further inventory level reductions EBITDA margin improvement expected in 2025 as productivity gains, raw material cost savings and restructuring initiatives continue to materialize Crop protection market stabilization expected in 2025 BASEL, Switzerland & SHANGHAI, March 26, 2025 --( BUSINESS WIRE )--Syngenta Group today announced its financial results for the full year and fourth quarter 2024. Syngenta Group reported full-year sales 2024 of $28.8 billion, down 10% year-on-year or -7% at constant exchange rates (CER). Sales were impacted by adverse weather conditions and the reduction of channel inventories in crop protection across multiple markets, a process that is now largely complete. Price pressure, particularly in the commoditized segments of the crop protection portfolio, and lower grower profitability also affected demand. Group sales were also adversely impacted by weaker emerging market currencies. The global biologicals business, new product innovations, and the branded crop protection business in China sustained robust growth momentum. EBITDA for the full year decreased by 15% to $3.9 billion (-1% CER). In the fourth quarter, Syngenta Group generated sales of $7.5 billion, down 5% (-1% CER). EBITDA for the fourth quarter grew by 11% (+38% CER) to $1.1 billion. Syngenta Group reacted to the challenging market environment with productivity and restructuring initiatives across its business units, positioning the company for margin recovery and a return to profitable growth. The initial effects of these initiatives have already materialized, and together with raw material cost savings, contributed to EBITDA improvement in Q4 despite sales price pressures. Syngenta Group reports $28.8 billion sales and $3.9 billion EBITDA in 2024 Full Year 2024 FY 2024 FY 2023 Change Change (CER) $bn $bn % % Sales 28.8 32.2 -10 -7 EBITDA 3.9 4.6 -15 -1 Q4 2024 Q4 2024 Q4 2023 Change Change (CER) $bn $bn % % Sales 7.5 7.9 -5 -1 EBITDA 1.1 1.0 11 38 Syngenta Crop Protection reported full-year 2024 sales of $13.2 billion, reflecting a 13% decrease (-9% CER). The global crop protection market continued to undergo channel inventory corrections following the inventory build-up in prior years and efforts, as farmers and suppliers sought to reduce working capital in a higher interest rate environment. Increased generic capacity exerted price pressure on commoditized segments of the crop protection portfolio. However, with channel destocking largely complete entering 2025, Syngenta Group anticipates further market recovery after the first half of 2025, supported by reduced pressure from both lower crop prices and overcapacity. ADAMA faced a challenging 2024, with sales decreasing by 11% to $4.1 billion (-8% CER) amid a difficult environment for generic active ingredient suppliers. Q4 showed signs of recovery as sales grew by 2% after adjusting for currency effects. In addition, ADAMA continued to improve its financial results through its strategic transformation plan launched in 2024. The seeds business remained more resilient in 2024, despite softer commodity prices and disease impacts in Argentina. Syngenta Seeds sales remained flat at $4.8 billion in 2024, growing by 2% at constant exchange rates. Syngenta Group China sales decreased by 9% (-7% CER) to $9.6 billion in 2024. Despite the lower topline, the business unit demonstrated resilience, achieving double-digit growth in formulated crop protection and seeds markets. Throughout the year, the proactive reduction of low-margin business continued. Syngenta Group EBITDA margin in 2024 stood at 13.5%, down 0.7 percentage points from 2023, with cost savings and lower raw material costs partly offsetting the adverse impact of lower sales prices and volumes, particularly in the crop protection business in North America. In 2024, Syngenta Group successfully implemented measures to enhance operational efficiency and productivity, mitigating the effects of lower volumes and pricing pressures while driving cash flow improvements. Anticipating further stabilization in the crop protection and seeds markets, the Group will maintain a balanced focus on investments in R&D and innovation, cost discipline, and cash flow generation to drive long-term profitable growth. Highlights Sales by Business Units Full Year 2024 FY 2024 FY 2023 Change Change (CER) $bn $bn % % Syngenta Group 28.8 32.2 -10 -7 Syngenta Crop Protection 13.2 15.3 -13 -9 ADAMA 4.1 4.7 -11 -8 Syngenta Seeds 4.8 4.8 0 2 Syngenta Group China 9.6 10.5 -9 -7 Eliminations -2.9 -3.1 n/a n/a Q4 2024 Q4 2024 Q4 2023 Change Change (CER) $bn $bn % % Syngenta Group 7.5 7.9 -5 -1 Syngenta Crop Protection 3.7 4.0 -6 1 ADAMA 1.1 1.1 -2 2 Syngenta Seeds 1.5 1.5 4 7 Syngenta Group China 1.9 2.1 -7 -8 Eliminations -0.7 -0.8 n/a n/a Syngenta Crop Protection Syngenta Crop Protection reported full-year sales of $13.2 billion, down 13% (-9% CER). Sales in Europe decreased by 12%, North America sales were 24% lower, while sales in Latin America declined by 10%. In Asia, the Middle East & Africa (excluding China) sales recorded a 13% decline. In contrast, China demonstrated strong resilience, with sales increasing by 7%. In 2024, continued channel destocking and market contraction were the key drivers of volume decline. The pricing challenges were largely mitigated by operational efficiencies and lower raw material costs. New products continued to perform strongly, with sales of products featuring PLINAZOLIN ® technology, a breakthrough insecticide with a novel mode of action, doubling. ADEPIDYN ® technology, a revolutionary broad-spectrum fungicide, continued its strong performance in Brazil and China and obtained a key registration in Europe in the UK as well as India, now selling in 60 countries around the world. TYMIRIUM ® technology, used for nematode and fungal disease control, was successfully launched in additional countries, including China, Australia and Peru. Across all regions the sale of biologicals continued to perform strongly. Sales of agricultural technologies, which include biocontrols, biostimulants and nutrient efficiency products, were particularly strong in Brazil, China and India. Syngenta Biologicals entered several collaborations to accelerate product development, addressing key crop challenges at every growing stage and providing appropriate biological solutions for farmers worldwide. In 2024, Syngenta Crop Protection successfully launched CROPWISE ® AI, a generative AI system designed to help growers increase crop yields using advanced AI-technology. The digital farming platform CROPWISE ® grew further, now digitally connecting 70 million hectares of farmland. The platform empowers farmers to make data-informed decisions that optimize crop yields, improve sustainability, and enhance profitability. ADAMA ADAMA sales decreased by 11% (-8% CER) to $4.1 billion for the full year 2024, reflecting the challenging environment for suppliers of post-patent active ingredients. Sales in Europe, Africa and the Middle East were 9% lower, while sales in Latin America decreased by 20%. Sales in Asia Pacific (excluding China) dropped by 15%, and in China sales decreased by 12% due to continued price pressure, increased generic capacity coming on stream and just-in-time purchasing patterns in a higher interest rate environment. In contrast, sales in North America increased by 4% to $0.9 billion, driven by volume growth and strong demand across all Consumer & Professional Solutions sectors. Signs of recovery emerged in Q4 with sales increasing by 2% after adjusting for currency effects. In early 2024, ADAMA launched a strategic transformation plan aimed at improving earnings and cash delivery over a three-year period. This initiative began to show results, with EBITDA growth year-on-year and margin improvements for three consecutive quarters. The plan focuses on enhancing financial fitness through cost reductions and operational excellence, streamlining ADAMA's operating model with a focus on key geographies and delivering products based on off-patent molecules combined with proprietary formulation technologies that improve efficiency. ADAMA successfully introduced new formulations in India (FORPIDO ® ), effectively controlling resistant rice stem borer, while enhancing early crop establishment, ensuring healthier rice cultivation. ADAMA also submitted GILBOA ® , an innovative proprietary fungicide, to the Fungicide Resistance Action Committee (FRAC) for classification as a new mode of action for cereals. ADAMA continued to expand prothioconazol-based products, a leading fungicide used to effectively treat a variety of diseases in key crops including wheat, barley, and oil-seed rape, into new regions. Syngenta Seeds The seeds market remained resilient in 2024 despite softer commodity prices and significant disease impact in Argentina. Syngenta Seeds sales remained flat at $4.8 billion for the full year. At constant exchange rates (CER), sales increased by 2% for the full year and by 7% in t