Upstream Ag Professional - August 10th 2025

Welcome to the 105th edition of Upstream Ag Professional

Index

1. Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien, Mosaic, and ICL

2. Precision, Platform, Performance: Inside Meristem’s BIO-CAPSULE

3. Unlocking the black box of plant biostimulants

4. Interest in biostimulants ‘extraordinary’ despite 86% funding drop to category

5. 2025: Year of the Replacement

6. Ag distribution at a crossroads: 5 strategic moves to make before 2030

7. Power and Paralysis: Why Hierarchies Hate Innovation

8. Other Interesting Ag Articles (8 this week)

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This week’s audio edition can be found here and covers the following:

1. Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien & Mosaic

2. Precision, Platform, Performance: Inside Meristem’s BIO-CAPSULE

3. Interest in biostimulants ‘extraordinary’ despite 86% funding drop to category

4. 2025: Year of the Replacement

1. Q2 2025 Agribusiness Results Summary: Bayer, Corteva, Nutrien, Mosaic, and ICL - Upstream Ag Professional

For the full breakdown, including more detailed highlights, executive commentary and images from the presentations, check out the link above.

Q2 2025 Highlights

Bayer Crop Science

• Total Crop Science Revenue – €4.8 billion (down 3.7% YoY; up 0.3% currency/portfolio adjusted)

• Revenue by Segment

  • Seeds & Traits – up 11% (Corn up 30%; Soy down 18%; Cotton down 26%; Vegetables up 1%)

  • Core Crop Protection – down 6% (Insecticides down 13%; Fungicides weaker in North America; Herbicides excluding glyphosate modest growth in Latin America and EMEA)

  • Glyphosate-based herbicides – flat (Prices down, Volumes up)

• EBITDA (before special items) – €700 million

• EBITDA Margin – 14.5% (vs. 10.5% in Q2 2024)

• Executive Insights from Call

  • CP prices expected to stabilize but remain competitive due to generic pressure in H2.

  • Corn acreage recovery in Latin America and North America driving strong first-half growth; concern over sustaining growth in 2026 when corn acres may decline.

  • Regulatory impact significant: Movento expiry reduced CP sales by ~3 percentage points in EU; dicamba challenges in US.

  • Optimistic on dicamba re-registration.

  • Strong seed production lowering costs

  • Uncommon €840 M impairment reversal primarily because of improved corn business outlook.

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