• Nufarm's 1H25 EBITDA within 10% of analyst consensus
• Revenue within 3% of analyst consensus
• EBIT and NPAT not considered key metrics for assessing performance
• Adjustment to omega 3 inventory valuation led to 10% variance in EBITDA

Nufarm Limited (ASX: NUF) responds to ASX's Aware Letter, providing details on its 1H25 earnings and how it determined market expectations. Nufarm did not publish earnings guidance for 1H25, and used sell-side analyst forecasts to estimate market expectations. Nufarm calculated a consensus estimate based on forecasts from eight analysts, with EBITDA being the key metric used by analysts and Nufarm's management. Nufarm expected its 1H25 EBITDA to be within 3% of analyst consensus until 16 May 2025, when an adjustment to its omega 3 inventory valuation led to a 10% variance. Revenue was within 3% of analyst consensus, while EBIT and NPAT were not considered key metrics. Nufarm did not believe the variance was of a magnitude that would require disclosure under Listing Rules 3.1 and 3.1A. The company also provides details on the post-balance sheet events and circumstances that led to the inventory valuation adjustment.