FMC reported +6% higher FY revenues (to USD16,738m) and the gross profit margin rose 30bp to 31.9%. EBITDA saw a +3% improvement (to USD3,044m), but the respective margin dropped from 18.7% to 18.2%. Net income attributable to shareholders came in at USD1,029m. Operating CF improved +5% to USD1,960m, driven by higher net income and lower NWC outflow. Investing CF dropped from USD-2,690m to USD-1,001m primarily due to lower acquisition costs (USD—317m after USD1,779m). FCF swung from USD
