• 1H FY26 underlying EBITDA between $239m and $244m, up 17% on prior year
• Net debt reduced by $130m to $1.23b, with net debt to EBITDA down 20%
• Strategy refresh targets an additional $50m in cost savings by end of FY27

Nufarm Limited (ASX: NUF) has provided a trading update for the first half of the 2026 financial year (1H FY26). The company has reported strong performance, with underlying EBITDA (uEBITDA) expected to be between $239 million and $244 million, representing a 17% increase compared to the prior corresponding period. This improvement was driven by higher margins in Crop Protection, growth in Hybrid Seeds, and a stronger performance in the company's emerging omega-3 and bioenergy platforms. Net debt as of 31 March 2026 was approximately $1.23 billion, down $130 million compared to the prior year, with net debt to uEBITDA for the last twelve months reducing by 20% to approximately 3.6x. The reduction in net debt was predominantly due to improved cash generation from lower capital expenditure requirements and disciplined working capital management. Nufarm is also progressing a strategy refresh following the appointment of Rico Christensen as CEO and Managing Director in January 2026. The strategy refresh is focused on quality of earnings, prioritization of markets and portfolio activities, strengthening cash generation, and reducing debt and leverage. As part of this, Nufarm has initially targeted an additional $50 million of gross cost savings, relating to the optimization of the company's assets, including footprint and products, manufacturing costs, and SG&A. Cash implementation costs are expected to be approximately $15 million, weighted towards FY27, with the full run-rate of savings to be realized by the end of FY27. Nufarm has also reported positive trading momentum continuing into April.

Nufarm is continuing to see positive trading momentum across all regions in April, managing increases in the cost of active ingredients, freight, and energy through disciplined inventory management and pricing actions. Supply chains are currently operating largely normally, and the company's teams are seeing growers continue with typical seasonal activity as they navigate higher fuel and fertilizer costs.