Syngenta Group announced financial results for the third quarter and the first nine months of 2024. Sales for the third quarter 2024 were $6.8 billion, flat compared to the prior year period (up 4 percent at CER). In Q3 2024, EBITDA more than doubled to $0.7 billion (159% at CER), compared to a lower baseline in Q3 2023.

Sales for the first nine months of 2024 were $21.4 billion, down $3.0 billion or 12 percent year-on-year, compared to a strong first nine months in 2023. Sales were down 9 percent at constant exchange rates (CER).

EBITDA for the first nine months of the year was $2.7 billion, 23 percent lower (-12% at CER) year-on-year. The Group's EBITDA margin for the first nine months of 2024 was 12.9 percent, down 1.7 percentage points compared to 14.6 percent in the same period last year.

Adverse weather conditions across key markets affected applications of crop protection products. Sustained price pressure, particularly in the commoditized segments of the crop protection portfolio (and notably in Latin America), and reduced grower profitability had an impact on demand. Crop commodity prices have continued to decline, reducing farmer income and hampering demand for input materials.

The crop protection market is showing initial signs of recovery with channel inventories now closer to normal levels. Syngenta Group expects the market to further recover after the first half of 2025 with a market also less impacted by lower crop prices and overcapacity.

Syngenta Group has continued to implement further initiatives to drive profitability improvements, streamlining operations and improving cash flow, including optimizing working capital.

Syngenta Crop Protection Q3 sales of $3.3bn were down by 3 percent, driven by adverse currency effects in Brazil offsetting underlying volume growth as the market begins to stabilize. At a constant exchange rate sales were up 3 percent in the quarter. Biologicals delivered further growth. Customer buying behavior is shifting more towards a pre-pandemic pattern, which means products are being ordered closer to the time of application than in previous years where products were ordered earlier to account for extended delivery times.

ADAMA experienced a weaker Q3 of 2024, with a sales decrease of 10 percent amid a challenging environment for suppliers of post-patent active ingredients. Despite the decline in sales, ADAMA successfully improved its margins thanks to its ongoing business improvements and transformation plan.

The Seeds business delivered 3 percent year-on-year sales growth in the third quarter of 2024 (4% at CER). Growth was partially offset by lower sales in Argentina where the market was affected by weather and disease pressure.

In Q3 2024, Syngenta Group China sales increased 11 percent compared to the same period last year. Sales growth was boosted by the market introduction of new seeds varieties and a strong growth momentum for biologicals. In the first nine months of the year, sales declined 10 percent due to price headwinds in active ingredients and the proactive reduction of low-margin business.

The Group will continue to leverage its industry-leading R&D pipeline for sustainable innovation and focus on expanding its digital platforms to help growers manage weather changes and make better, data-based decisions.