ADM — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net earnings for Q3 2026 were $821 million, compared to $108 million in Q3 2025.
• Adjusted net earnings for Q3 2026 were $858 million, compared to $448 million in Q3 2025.
• Diluted EPS was $1.70 for Q3 2026, an increase of $1.48 versus $0.22 in Q3 2025.
• Adjusted diluted EPS was $1.77 for Q3 2026, an increase of $0.85 versus $0.92 in Q3 2025.
• Earnings before income taxes were $997 million for Q3 2026, compared to $147 million in Q3 2025.
• Total segment operating profit was $1,382 million for Q3 2026, a 64% increase from $845 million in Q3 2025.
• Year-to-date (YTD) 2026 net earnings were $2,027 million, compared to $622 million YTD 2025.
• YTD 2026 adjusted net earnings were $2,098 million, compared to $1,238 million YTD 2025.
• YTD 2026 diluted EPS was $4.18, an increase of $2.89 versus $1.29 YTD 2025.
• YTD 2026 adjusted diluted EPS was $4.33, an increase of $1.77 versus $2.56 YTD 2025.
• YTD 2026 earnings before income taxes were $2,469 million, compared to $779 million YTD 2025.
• YTD 2026 total segment operating profit was $3,595 million, a 48% increase from $2,422 million YTD 2025.
• Revenues were $22,335 million for Q3 2026, compared to $20,372 million in Q3 2025.
• YTD 2026 revenues were $65,506 million, compared to $61,713 million YTD 2025.
• Cash flows from operating activities were $1,788 million for the nine months ended September 30, 2026, compared to $5,765 million in the same period in 2025.
• Cash flows from operations before working capital were $3.0 billion for the nine months ended September 30, 2026, compared to $2.1 billion in the prior year period.
• Capital expenditures were $773 million for the nine months ended September 30, 2026, compared to $892 million in the prior year period.
• Share repurchases, net of tax, were $358 million for the nine months ended September 30, 2026.
• Cash dividends paid were $764 million for the nine months ended September 30, 2026, compared to $743 million in the prior year period.
• Cash and cash equivalents were $711 million as of September 30, 2026, compared to $1,235 million as of September 30, 2025.
• Short-term debt was $1,156 million as of September 30, 2026, compared to $246 million as of September 30, 2025.
• Long-term debt, including current maturities, was $7,582 million as of September 30, 2026, compared to $7,610 million as of September 30, 2025.
• Adjusted ROIC was 9.0% for the four quarters ended September 30, 2026, compared to 8.9% for the four quarters ended September 30, 2025.
• Adjusted EBITDA was $1,526 million for Q3 2026 and $4,776 million for the four quarters ended September 30, 2026.

Guidance and Future Outlook:

• ADM raised full-year 2026 adjusted EPS guidance to approximately $5.50 to $5.80, up from the prior range of $5.15 to $5.60.
• The updated outlook reflects expected year-over-year operating profit improvement for the fourth quarter in all segments.
• Capital expenditures for 2026 are now projected to be in the range of $1.2 to $1.3 billion, revised from the prior range of $1.3 to $1.5 billion.
• The revision to capital expenditures reflects the company's continued prioritization of high-return investments.
• External factors across the macroeconomic, geopolitical, policy, and trade environments continue to be monitored.

Business Segments and Product Lines:

• Ag Services & Oilseeds: Operating profit was $778 million for Q3 2026, a 105% increase from $379 million in Q3 2025.
  • Ag Services operating profit was $172 million, 9% lower than the prior year quarter, reflecting lower results in certain markets, partially offset by higher corn and soybean exports from North America.
  • Crushing operating profit was $311 million, an increase of $298 million from the prior year quarter, driven by a constructive North American biofuels margin environment, higher domestic demand from the Renewable Volume Obligation (RVO) policy, and higher global energy prices. Global crush production volumes increased 1.6% year-over-year.
  • Refined Products and Other operating profit was $218 million, an 82% increase from the prior year quarter, driven by favorable North American biodiesel margins and mark-to-market impacts.
  • Equity earnings from the investment in Wilmar were $77 million, 38% higher than the prior year quarter.
• Carbohydrate Solutions: Operating profit was $470 million for Q3 2026, a 40% increase from $336 million in Q3 2025.
  • Starches and Sweeteners operating profit was $324 million, an 11% increase, driven by strong ethanol margins and policy incentives offsetting softness in liquid sweetener margins and volumes.
  • Vantage Corn Processors operating profit was $146 million, an increase of $103 million, driven by robust North American ethanol margins, policy incentives, increased domestic demand, and strong industry-wide exports.
• Nutrition: Operating profit was $134 million for Q3 2026, a 3% increase from $130 million in Q3 2025.
  • Human Nutrition operating profit was $93 million, 3% lower, as progress in Flavors and recovery of the Decatur East plant were offset by unplanned downtime, inflation pressures, market softness in Biotics, and a prior year quarter benefit of approximately $10 million in insurance proceeds.
  • Animal Nutrition operating profit was $41 million, 21% higher, driven by operational improvements and benefits from 2025 portfolio actions.
• Corporate and Other: Corporate results improved compared to the prior year quarter due to the non-recurrence of prior year impairment losses. Other Business results were higher due to a one-time benefit from the release of certain insurance reserves.

Market and Competitive Landscape:

• The constructive biofuels environment is driven by higher domestic demand resulting from the RVO policy finalized in March 2026 and higher global energy prices.
• South America crush margins were pressured by the delay in Brazil's biofuels policy changes.
• Global wheat milling volumes remained stable in a competitive pricing environment.
• Soybean meal demand remained strong throughout the quarter.

Risks and Challenges:

• The company monitors external factors including macroeconomic, geopolitical, policy, and trade environments.
• Risks include operational risks (equipment failure, natural disasters, cybersecurity), commodity price volatility, regulatory changes (trade, tariffs, biofuels, sustainability), and international conflicts.
• Specific items impacting results include impairment charges, restructuring costs, and settlement contingencies.
• The company noted that forecasted GAAP earnings per share and related reconciliations are not presented due to the inability to predict with reasonable certainty the impact of impairment, restructuring, acquisition expenses, and regulatory/legal matters.

Management Commentary and Tone:

• Juan Luciano, Chair of the Board and CEO, stated that ADM delivered strong third-quarter results with earnings up significantly from the prior year and operating profit growth across all segments.
• Management attributed results to a constructive biofuels environment, significant access to premium markets via the North American footprint, and good execution by the team.
• Management expressed confidence that year-to-date performance and the fourth-quarter outlook support the increase to full-year adjusted EPS guidance.

Other Key Points:

• The company reported approximately $35 million of net positive mark-to-market and timing impacts in Q3 2026, led by a $45 million net positive impact in Refined Products and Other.
• Specified items for Q3 2026 included $36 million in net charges, primarily driven by contingency provisions, inventory adjustments, and severance charges.
• YTD 2026 specified items included $102 million in charges, with prior year YTD 2025 charges totaling $638 million.
• ADM's share of equity method investment non-recurring charges for YTD 2026 was $55 million, driven by provisions recorded by Wilmar.
• The company paid $764 million in cash dividends for the nine months ended September 30, 2026.
• The company conducted share repurchases of $358 million for the nine months ended September 30, 2026.
• A conference call and webcast were hosted on November 3, 2026, to discuss the results.