• Statutory net profit after tax was $29.8 million, down 39% on the prior corresponding period
• Underlying Net Profit After Tax was $38.5 million, down 24% on the prior corresponding period
• Revenue increased 3% on the prior corresponding period due to growth in Crop Protection volume

Nufarm Ltd reported a 39% decline in statutory net profit after tax to $29.8 million for the half year ended 31 March 2025. Underlying Net Profit After Tax fell 24% to $38.5 million, largely due to net realisable value adjustments taken against omega-3 inventories due to fish oil pricing pressures and higher sales, marketing and distribution, general and administrative and research and development expenses. Revenue increased 3% on the prior corresponding period due to growth in Crop Protection volume, though Crop Protection average selling prices had a negative impact. Gross profit increased 9%, with underlying gross profit margin expanding by 50 basis points. However, this was offset by a decrease in profit margin in Seed Technologies. Underlying SG&A and research and development expenditure increased, while net financing costs were 9% below the prior corresponding period. The group's total net operating and investing cash flow for the half was a cash outflow of $607.1 million, due to a seasonal build in working capital and expansion in working capital for the Seed Technologies business. Net debt increased to $1.4 billion, with leverage at 4.5 times. The board has determined not to pay an interim dividend.