Nufarm (ASX:NUF) has completed its review of the Seeds division, but with a "disappointing" outcome of no value realization, according to a Thursday Jefferies note.

The company reported on Wednesday a fiscal year 2025 loss of AU$0.116 per share, excluding material items.

Jefferies noted that fiscal year 2025 group earnings before interest, tax, depreciation, and amortization were in line with both consensus and Jefferies' estimates, with a "strong" fiscal year 2026 guidance, but still broadly consistent with what the market was already expecting.

As a result of the Seeds review, Nufarm now needs to cut costs and reduce capital use to rebuild earnings, the note added.

Jefferies kept an underperform rating on NUF with a price target of AU$2.07.