ADAMA Reports Third Quarter and First Nine Months 2025 Results

ADAMA Ltd. (the “Company”) (SZSE: 000553), today reported its financial resultsfor the third quarter and first nine months of 2025 that ended September30, 2025.

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Third Quarter 2025Highlights:

— StableSales(0% in USD, 1% in RMB)of$933million, reflecting the combined results of a 1% increase in volume and a1% decrease in prices

— Adjusted gross profitup 14% to $257 million, representing an improvement of gross margin to 27.6% from 24.2% last year, reflecting the benefits of lower costs and higher volumes

— Adjusted EBITDAup 50% to $120 million, representing an improvement of EBITDA margin to 12.9% from 8.6% last year

— Adjusted netlossreduced to$20million from$78million last year; Reportednet lossimproved by $85 million to $48million compared to $133million last year

First Nine Months 2025 Highlights:

— Stable Sales(0% in USD, 1% in RMB)of $3,025million, reflecting the combined results of a 3%increase in volume and a 3% decrease in prices

— Adjusted gross profitup 12% to $878million, representing an improvement of gross margin to 29.0% from 25.8% last year, reflecting the benefits of lower costs and higher volumes

— Adjusted EBITDAup 30% to $430million, representing an improvement of EBITDA margin to 14.2% from 11.0% last year

— Adjusted net incometurned positive to $29million compared toa loss of $149million last year; Reportednet lossimproved by $200 million to $59million compared to $259million last year

— Operating cash flowof $331million generated vs.$402million last year

— Free cash flowof $112 million vs. $179million last year

Gaël Hili, President and CEO of ADAMA, said, “In the third quarter, we continued to deliver improved financial results with stable sales and our sixth consecutive quarter of year-over-year EBITDA growth, clear indicators that our Fight Forward transformation plan is delivering results in support of our value innovation strategy. We remain focused on strengthening our operational foundations, enhancing commercial execution, and driving innovation across our portfolio, delivering meaningful impact for farmers and positioning ADAMA for sustainable, long-term profitable growth.”

Table 1. Financial Performance Summary

USD (m) As Reported Adjustments Adjusted Q3 Q3 % Change Q3 Q3 Q3 Q3 % Change 2025 2024 2025 2024 2025 2024Revenues 933 929 0% – – 933 929 0%Gross profit 236 188 25% 22 37 257 225 14%% of sales 25.2% 20.2% 27.6% 24.2%Operating income (loss) (EBIT) 30 (34) 26 46 56 13 343%% of sales 3.2% (3.6%) 6.0% 1.4%Loss before taxes (41) (122) 67% 29 51 (11) (72) 84%% of sales (4.4%) (13.2%) (1.2%) (7.7%)Net loss (48) (133) 64% 28 55 (20) (78) 74%% of sales (5.1%) (14.3%) (2.1%) (8.4%)EPS- USD (0.0206) (0.0569) (0.0086) (0.0335)- RMB (0.1470) (0.4049) (0.0611) (0.2382)EBITDA 104 56 87% 16 24 120 80 50%% of sales 11.2% 6.0% 12.9% 8.6%
USD (m) As Reported Adjustments Adjusted 9M 9M % Change 9M 9M 9M 9M % Change 2025 2024 2025 2024 2025 2024Revenues 3,025 3,028 0% – – 3,025 3,028 0%Gross profit 792 672 18% 86 110 878 782 12%% of sales 26.2% 22.2% 29.0% 25.8%Operating income (EBIT) 155 1 81 136 237 137 73%% of sales 5.1% 0.0% 7.8% 4.5%Income (loss) before taxes (58) (203) 71% 91 116 33 (87)% of sales (1.9%) (6.7%) 1.1% (2.9%)Net income (loss) (59) (259) 77% 89 110 29 (149)% of sales (2.0%) (8.5%) 1.0% (4.9%)EPS- USD (0.0254) (0.1110) 0.0127 (0.0638)- RMB (0.1815) (0.7890) 0.0910 (0.4535)EBITDA 378 252 50% 53 80 430 332 30%% of sales 12.5% 8.3% 14.2% 11.0%

Notes:

“As Reported” denotes the Company's financial statements according to the Accounting Standards for Business Enterprises and the implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the ChineseMinistryof Finance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE guidelines [IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS. Please see the appendix to this release for further information.

Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of a transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business and reflect the way the Company's management and the Board of Directors view the performance of the Company internally. The Company believes that excluding the effects of these items from its operating results allows management and investors to effectively compare the true underlying financial performance of its business from period to period and against its global peers. A detailed summary of these adjustments appears in the appendix below.

The number of shares used to calculate both basic and diluted earnings per share in both Q3 and 9M 2025 and 2024is 2,329.8 million shares.

In this table and all tables in this release numbers may not sum due to rounding.

The General Crop Protection (CP) Market Environment

Through the first nine months of 2025, channel inventory returned to pre-pandemic levels in most countries, allowing crop protection demand recovery. Pricing pressure remains high, driven by production over-capacity of active ingredients. Crop commodity prices remain stably low and coupled with the high-interest rate environment, farmer profitability remains tight leading to just-in-time purchasing patterns.[1]

Portfolio Development Update

In the third quarter 2025, ADAMA continued to register and launch multiple new products in markets across the globe, adding on to its differentiated product portfolio. As part of the Fight Forwardtransformation plan, the Company is focused on improving its overall portfolio mix, particularly by targeting the Value Innovation segment, with the intent of improving value delivered to all stakeholders.

In Q3 2025,launchesof differentiated products included:

— FERRABAIT®, a patented molluscicide composition based on the active ingredient FERALLA®, has been launched in New Zealand for use in arable, horticultural, and ornamental crops.

— COSAYR®,a long-lasting Chlorantraniliprole-based suspension, has been launched in Canada, Hungary, and Argentina (as CARTADO®), to deliver fast and effective control of chewing insects across a wide range of horticultural and field crops.

Notable differentiated product registrations during Q3 2025 included:

— PORAFAM®, an herbicide aqueous solution with Aminopyralid as the active ingredient, has been registered in Germany. This marks ADAMA's first registration of an Aminopyralid-based formulation in Europe.

— The active substance FERALLA® was registered UK

— COSAYR® was registered inAustria, France, Spain and Greece

— AVASTEL®a broad-spectrum fungicide utilizing Asorbital Formulation Technology and combining the active ingredients Prothioconazole and Fluxapyroxad, has been officially registered in Germany.

— EDAPTIS®has been registered in Germany. This innovative post-emergence herbicide combines Pinoxaden and Mesosulfuron-methyl to provide effective control of a broad spectrum of grasses, including resistant populations, with a patented formulation that ensures stable and reliable performance.

— REXARO® a fungicide suspension containing Cymoxanil and Fluopicolide, has been registered in Ghana.

— ETHOSAT®,an herbicide suspension based on Ethofumesate active ingredient, has been registered in Finland.

In addition,patentsgranted during Q3 2025 included GILBOA® mixtures patents in multiple countries including Europe and US, and Gilboa formulation patents in the US and Columbia. Gilboa is a proprietary fungicide having a new mode of action for use in cereals. As well, BAROZ™,a unique granular formulation for reliable rice stem borer control, waspatented in Colombia and Indonesia.

Geopolitical Situation

ADAMA is headquartered and has three manufacturing sites in Israel. The regional tensions which escalated on October 7, 2023, continuedto have no material impact to-date on the Company's ability to support its markets or its consolidated financial results.

ADAMA is a global company with manufacturing and formulation facilities in severallocations around the world, principally in Israel, China and Brazil. The Company's management appointed a dedicated task force to analyze implications of US tariff policies and to closely monitor and manage the situation and the potential impact on its global network. Despite the uncertainty regarding the US tariff policies, the Company currently expects that the impact on its operations and business results will be immaterial.

'Fight Forward' Transformation Plan

In early 2024, ADAMA launched 'Fight Forward', a strategic transformation plan designed to deliver improved profit and cash targets over a three-year period. The plan optimizes financial management, streamlining ADAMA's operating model in order to increase focus on the Value Innovation segment in which differentiated, high-impact solutions are developed to deliver greater value to farmers.

Financial Highlights

Revenues in the third quarter were stable (1% in RMB; 0%in CER) reaching$933million, mainly reflectingthe combined results of a1% increase in volumeand a1% decrease in prices. The higher volumesreflectedthe gradual recovery of market demands and improvement of channel inventories in most regions. Prices remained weak mainly due to low prices of active ingredients in light of overcapacity, as well as a high interest rate ‎environment and low commodity prices, which put pressure on distributors and farmers.

Revenues in the first nine months were also stable (1% in RMB; 1% in CER) reaching $3,025 million. The stabilization of revenues in the first nine months was driven by volume growth of 3% offsetting a decrease in prices of 3%.

Table 2. Regional Sales Performance

Q32025 Q32024 Change Change 9M2025 9M2024 Change Change $m $m USD CER $m $m USD CEREurope, Africa & Middle East 233 216 8% 3% 903 911 (1%) (2%)North America 164 158 4% 4% 659 572 15% 16%Latin America 312 287 9% 8% 675 687 (2%) 1%Asia Pacific 225 269 (16%) (15%) 789 859 (8%) (7%)Of which China 91 109 (17%) (16%) 400 384 4% 4%Total 933 929 0% (0%) 3,025 3,028 (0%) 1%

Notes:

‒ CER: Constant Exchange Rates

‒ As part of ADAMA's business optimization program, on January 1, 2025, ADAMA's South Africa business was reclassified from APAC operations to EAME operations. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME.

‒ Numbers may not sum due to rounding

Europe, Africa & Middle East (EAME): Volumes and revenue in EAME increased in the third quarter, though significant Q1 declines in Turkey impacted the year-to-date results. Pricing continued to decline in light of intense competition. Foreign exchange rates had positive impact in the third quarter.

North America:In the US Ag market, though slightly down in the third quarter, was significantly up in the first nine months following improvements in volumes and prices. Similarly in Canada, while the third quarterwas flat with an increase in volume offset by a decrease by prices, for the nine months volumes are significantly up. Consumer & Professional Solutions experienced increased volumes and flat prices for both the third quarter and year-to-date.

Latin America: In Brazil, revenues were significantly up in the third quarter, resulting in higher revenues also for the first nine monthscompared to the previous year. Growth was driven by increased volumes, while the third quarter also experienced modest pricing increases. In the rest of LATAM lower volumes, prices, and revenues were reported in the third quarter and the first nine months, primarily in Paraguay and Argentina, due to channel destocking and just-in-time purchasing behavior.

Asia-Pacific (APAC):India experienced significant declines in the third quarter revenues, primarily due to lower volumes driven by extreme weather conditions and lower prices. In the rest of APAC (excluding India and China), sales and volumes were slightly up for the quarter, despite ongoing pricing pressures.

In China, sales in the third quarter mainly reflected the impacts of lower non-ag sales, partially compensated by the increase of AI sales. Non-ag sales declined following implementation of the company's strategic decision to pivot away from manufacturing some basic chemical products, and weaker market demands. Higher AI sales weredriven by volume growth due to the expansion of new distribution channels and supported by the recovery of global demand. Sales of the formulations business stabilized, still reflecting relatively high channel inventories and severe market competition. Supported by the growth in the first half, sales in China in the first nine months increased compared to last year.

Reported gross profitin the third quarter increased 25% to $236 million (gross margin of 25.2%) from$188 million (gross margin of20.2%) last year, and increased 18% to$792 million (gross margin of 26.2%) in the first nine monthsfrom$672 million (gross margin of 22.2%) last year.

Adjustments to reported results: The adjusted gross profit mainly includes reclassification of inventory impairment, taxes and surcharge, and excludes certain transportation costs (classified under operating expenses)and the remediation costs by a wholly owned subsidiary for its plant in Israel.

Adjustedgross profit in the third quarter increased14% to $257 million (gross margin of 27.6%) from $225million (gross margin of 24.2%) last year, and increased 12% to$878million (gross margin of 29.0%) in the first nine monthsfrom$782 million (gross margin of 25.8%) last year.

The higher adjusted gross profit and margin in the quarter and first nine months mainly reflected the positive impacts of lower costs due to improved operational efficiency and lower costs of inventory soldas well as higher volume, more than compensating for lower prices.

Operating expensesreported in the third quarter were$205million (22.0% of sales), compared to $222million (23.9% of sales) last year, and were $636million (21.0% of sales) in the first nine monthscompared to $671million (22.2% of sales) last year.

Adjustments to reported results: Please refer to the explanation above regarding adjustments to the gross profit in respect to certain transportation costs, taxes and surcharges and inventory impairment. Non-operating income and expenses are also reclassified into adjusted operating expenses.

The Company recorded certain non-operational items within its reported operating expenses amounting to $26 million in the third quarter of2025in comparison to $37million in the third quarter of 2024 and$73 million in the first nine months 2025 in comparison to $113million in the first nine months 2024. These items in 2025 mainly include: i.non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition;ii.non-cash amortization net charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions;and iii. restructuring and advisory costs incurred as part of the implementation of the Fight Forward transformation plan. For further details on these non-operational items, please see the appendix to this release.

Adjustedoperating expenses in the third quarter were $201million (21.5%of sales), compared to $212 million (22.8% of sales) last year, and were $641million (21.2% of sales) in the first nine monthscompared to $645million (21.3% of sales) last year.

The lower operating expenses in the third quarter was mainly due to a credit loss recordedlast year, which compensated for an increase in expenses attributed to company success-based employee compensation due to improved 2025 results to-date. For the first nine months, the positive impacts following implementation of the Fight Forward plan more than compensated for expected credit lossesdue to liquidity issues of some local distributors in certain countries.

Reported operating income in the third quarter was$30million (3.2% of sales) compared toa loss of $34million (-3.6% of sales) last year, and increasedto $155 million (5.1% of sales) in the first nine months from$1 million (0.0% of sales) last year.

Adjustedoperating income in the third quarter increased to $56million (6.0% of sales) from $13million (1.4%of sales) last year, and increased to $237million (7.8% of sales) in the first nine monthsfrom$137million (4.5% of sales) last year. The increase in operating income was a combined result of higher gross profit and lower operating expenses.

Reported EBITDAin the third quarter increased to $104million (11.2% of sales) from $56million (6.0% of sales) last year, and increased to $378 million (12.5% of sales) in the first nine months from$252million (8.3% of sales) last year.

AdjustedEBITDA in the third quarter increased to $120million (12.9% of sales) from $80million (8.6% of sales) last year, and increased to $430million (14.2% of sales) in the first nine months from$332million (11.0% of sales) last year.

Adjusted financial expenses decreased to $68 million in the third quarter compared to $84million last year, and decreased to $204million in the first nine months compared to $224million last year.

The lower financial expenses inboth the third quarter and the first nine months were primarily positively impacted by a bond buyback that was executed in late Q2, as well as the lower hedging costs related to the Israeli Shekel.

Adjusted taxes on incomein the third quarter were an expense of $8 million, compared to expenses of $6 million in the corresponding period last year, and amounted to an expense of $4 million in the first nine months compared to expenses of $61 million last year.

The Company recorded tax expenses mainly ‎because losses that were primarily incurred by subsidiaries with relatively lower tax rates, while some ‎of them did not create deferred tax assets on the losses. On the other hand, the subsidiaries that ‎generated profit have a higher tax rate. ‎

The tax expenses in first nine months of 2025 are lower compared to the first nine months of 2024 due to (1) lower losses in subsidiaries that did not create deferred tax assets; (2) tax income raised by the accounting method of calculation of tax assets related to unrealized profits; and (3) foreign exchange impact of the stronger BRL in 2025 compared with tax expenses due to the weakness of the BRL in the first nine month of 2024.

Net loss reported in the third quarter narrowed to $48 million from$133million last year, and narrowed to $59 millionin the first nine months from$259 millionlast year.

After reflecting the impact of the aforementioned extraordinary and non-operational charges, adjusted net lossin the third quarter was reduced to $20millionfroma loss of $78million last year, and adjusted net income in the first nine months turned positive to $29million from a loss of$149 millionlast year.

Trade working capitalas of September 30, 2025, was $2,093million compared to $2,218 million as of September 30, 2024. The decrease in working capital was mainly due to the decline in the level of inventoryto $1,685million as of September30, 2025, from$1,740million as of September 30, 2024. The decline of inventories was a result of continued implementation of enhanced inventory management, more than offsetting increased procurement in preparation to capture momentum as the market recovers, which also led to an increase in trade payables.

Cash Flow: Operating cash flow of $89million and $331million was generated in the third quarter and First Nine Months respectively, compared to $159million and $402million generated in the correspondingperiodslast year. The lower operating cash flowgenerated in the third quarter was mainly due to higher procurement payments in preparation to capture growth momentum. The dynamics in the first nine months reflected an improvement in collection offsetting higher outflow due to increased procurement payments.

Net cash used in investing activities was $43million in the third quarter and $131million in the First Nine Months, compared to $7 million and $122million in the corresponding periods last year, respectively. The highercash used in investing activities in the third quarter was mainly due to inflow from last year's sale of a real estate asset. For the first nine months, the mild increase was also due to the payment for earn out related to AgriNova, a controlled subsidiary of the Company in Q2, more than offsetting prioritization of investments in manufacturing facilities and portfolio optimization.

Free cash flow of $22 million was generated in the third quarter and $112million generated in the First Nine Months compared to $128million and $179million in the corresponding periods last year, respectively, reflecting the aforementioned operating and investing cash flow dynamics.

Table 3. Revenues by operating segment

Sales by segment

Q32025 % Q32024 % 9M2025 % 9M2024 % USD (m) USD (m) USD (m) USD (m)Crop Protection 867 93% 840 90% 2,771 92% 2,746 91%Intermediates and Ingredients 67 7% 89 10% 254 8% 282 9%Total 933 100% 929 100% 3,025 100% 3,028 100%

Sales by product category

Q32025 % Q32024 % 9M2025 % 9M2024 % USD (m) USD (m) USD (m) USD (m)Herbicides 369 40% 345 37% 1,288 43% 1,213 40%Insecticides 311 33% 302 33% 857 28% 896 30%Fungicides 187 20% 193 21% 626 21% 638 21%Intermediates and Ingredients 67 7% 89 10% 254 8% 282 9%Total 933 100% 929 100% 3,025 100% 3,028 100%

Notes:

The sales split by product category is provided for convenience purposes only and is not representative of the way the Company is managed or in which it makes its operational decisions.

Numbers may not sum due to rounding.

Further Information

All filings of the Company, together with a presentation of the key financial highlights of the period, can be accessed through the Company website at www.adama.com.

About ADAMA

ADAMA Ltd. is a global leader in crop protection, providing practical solutions to farmers across the world to combat weeds, insects and disease. Our culture empowers ADAMA's people to actively listen to farmers and ideate from the field. ADAMA's diverse portfolio of existing active ingredients, coupled with its leading formulation capabilities and proprietary formulation technology platforms, uniquely position the company to develop high-quality, innovative and sustainable products, to address the many challenges farmers and customers face today. ADAMA serves customers in dozens of countries globally, with direct presence in all top 20 markets. For more information, visit us at www.ADAMA.com.

Abridged Adjusted Consolidated Financial Statements

The following abridged consolidated financial statements and notes have been prepared as described in Note 1 in this appendix. While prepared based on the principles of Chinese Accounting Standards (ASBE), they do not contain all of the information which either ASBE or IFRS would require for a complete set of financial statements,and should be read in conjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filed with the Shenzhen and Tel Aviv Stock Exchanges, respectively.

Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way the Company's management and the Board of Directors view the performance of the Company internally. The Company believes that excluding the effects of these items from its operating results allows management and investors to effectively compare the true underlying financial performance of its business from period to period and against its global peers.

Abridged Consolidated Income Statement for the Third Quarter

Adjusted[2] Q32025 Q32024 Q32025 Q32024 USD (m) USD (m) RMB (m) RMB (m)Revenues 933 929 6,654 6,613Cost of Sales 670 702 4,776 4,994Other costs 6 2 43 20Gross profit 257 225 1,835 1,600% of revenue 27.6% 24.2% 27.6% 24.2%Selling & Distribution expenses 152 162 1,085 1,151General & Administrative expenses 37 33 265 236Research & Development expenses 13 14 90 102Other operating expenses(income) (1) 3 (7) 21Total operating expenses 201 212 1,434 1,509% of revenue 21.5% 22.8% 21.5% 22.8%Operating income (EBIT) 56 13 401 90% of revenue 6.0% 1.4% 6.0% 1.4%Financial expenses 68 84 483 600Loss before taxes (11) (72) (82) (510)Taxes on Income 8 6 61 45Net Loss (20) (78) (142) (555)% of revenue (2.1%) (8.4%) (2.1%) (8.4%)Adjustments 28 55 200 388Reported net loss (48) (133) (342) (943)% of revenue (5.1%) (14.3%) (5.1%) (14.3%)Adjusted EBITDA 120 80 856 569% of revenue 12.9% 8.6% 12.9% 8.6%Adjusted EPS[3] – Basic (0.0086) (0.0335) (0.0611) (0.2382)- Diluted (0.0086) (0.0335) (0.0611) (0.2382)Reported EPS[2] – Basic (0.0206) (0.0569) (0.1470) (0.4049)- Diluted (0.0206) (0.0569) (0.1470) (0.4049)

Abridged Consolidated Income Statement for the First Nine Months of 2025

Adjusted[4] 9M2025 9M2024 9M2025 9M2024 USD (m) USD (m) RMB (m) RMB (m)Revenues 3,025 3,028 21,678 21,523Cost of Sales 2,129 2,238 15,260 15,909Other costs 18 8 126 59Gross profit 878 782 6,292 5,555% of revenue 29.0% 25.8% 29.0% 25.8%Selling & Distribution expenses 474 500 3,396 3,552General & Administrative expenses 113 102 811 723Research & Development expenses 43 45 306 320Other operating expenses(income) 11 (1) 81 (9)Total operating expenses 641 645 4,595 4,585% of revenue 21.2% 21.3% 21.2% 21.3%Operating income (EBIT) 237 137 1,698 970% of revenue 7.8% 4.5% 7.8% 4.5%Financial expenses 204 224 1,460 1,590Income (loss) before taxes 33 (87) 238 (620)Taxes on Income 4 61 26 436Net income (loss) 29 (149) 212 (1,057)% of revenue 1.0% (4.9%) 1.0% (4.9%)Adjustments 89 110 635 782Reported net loss (59) (259) (423) (1,838)% of revenue (2.0%) (8.5%) (2.0%) (8.5%)Adjusted EBITDA 430 332 3,082 2,357% of revenue 14.2% 11.0% 14.2% 11.0%Adjusted EPS[5] – Basic 0.0127 (0.0638) 0.0910 (0.4535)- Diluted 0.0127 (0.0638) 0.0910 (0.4535)Reported EPS[4] – Basic (0.0254) (0.1110) (0.1815) (0.7890)- Diluted (0.0254) (0.1110) (0.1815) (0.7890)

Abridged Consolidated Balance Sheet

September30 September30 September30 September30 2025 2024 2025 2024 USD (m) USD (m) RMB (m) RMB (m)AssetsCurrent assets:Cash at bank and on hand 526 596 3,734 4,178Bills and accounts receivable 1,198 1,219 8,511 8,539Inventories 1,684 1,740 11,969 12,192Other current assets, receivables and prepaid expenses 288 278 2,049 1,946Total current assets 3,696 3,832 26,263 26,855Non-current assets:Fixed assets, net 1,600 1,746 11,370 12,233Rights of use assets 77 79 548 555Intangible assets, net 1,324 1,386 9,407 9,714Deferred tax assets 204 208 1,453 1,460Other non-current assets 125 100 890 702Total non-current assets 3,331 3,520 23,668 24,665Total assets 7,027 7,352 49,931 51,519LiabilitiesCurrent liabilities:Loans and credit from banks and other lenders 1,181 938 8,393 6,574Bills and accounts payable 838 760 5,957 5,325Other current liabilities 861 836 6,119 5,859Total current liabilities 2,881 2,534 20,469 17,758Long-term liabilities:Loans and credit from banks and other lenders 203 380 1,443 2,666Debentures 743 944 5,281 6,613Deferred tax liabilities 29 43 205 304Employee benefits 76 81 537 570Other long-term liabilities 499 547 3,543 3,830Total long-term liabilities 1,549 1,995 11,009 13,982Total liabilities 4,430 4,530 31,477 31,741EquityTotal equity 2,597 2,823 18,453 19,779Total liabilities and equity 7,027 7,352 49,931 51,519

Numbers may not sum due to rounding

Abridged Consolidated Cash Flow Statement for the Third Quarter of 2025

Q32025 Q32024 Q32025 Q32024 USD (m) USD (m) RMB (m) RMB (m)Cash flow from operating activities:Cash flow from operating activities 89 159 635 1,131Cash flow from operating activities 89 159 635 1,131Investing activities:Acquisitions of fixed and intangible assets (39) (38) (276) (274)Net cash received from disposal of fixed assets, intangible assets and others 4 30 29 212Other investing activities (8) 1 (60) 10Cash flow used for investing activities (43) (7) (307) (51)Financing activities:Receipt of loans from banks and other lenders 30 42 210 297Repayment of loans from banks and other lenders (78) (112) (557) (796)Interest payment and other (24) (28) (172) (202)Other financing activities 67 (22) 477 (157)Cash flow used for financing activities (6) (121) (41) (853)Effects of exchange rate movement on cash and cash equivalents 0 1 (23) (63)Net change in cash and cash equivalents 41 32 264 158Cash and cash equivalents at the beginning of the period 463 557 3,316 3,971Cash and cash equivalents at the end of the period 504 589 3,580 4,129Free Cash Flow 22 128 157 912

Abridged Consolidated Cash Flow Statement for the First Nine Months of 2025

9M2025 9M2024 9M2025 9M2024 USD (m) USD (m) RMB (m) RMB (m)Cash flow from operating activities:Cash flow from operating activities 331 402 2,374 2,862Cash flow from operating activities 331 402 2,374 2,862Investing activities:Acquisitions of fixed and intangible assets (121) (151) (866) (1,074)Net cash received from disposal of fixed assets, intangible assets and others 6 34 46 242Payment in respect of business combination (8) – (56) -Other investing activities (9) (5) (66) (35)Cash flow used for investing activities (131) (122) (942) (866)Financing activities:Receipt of loans from banks and other lenders 366 235 2,625 1,666Repayment of loans from banks and other lenders (510) (505) (3,665) (3,589)Interest payments and other (97) (111) (699) (789)Other financing activities 47 1 330 8Cash flow used for financing activities (196) (380) (1,408) (2,703)Effects of exchange rate movement on cash and cash equivalents 2 3 (28) (21)Net change in cash and cash equivalents 5 (97) (4) (728)Cash and cash equivalents at the beginning of the period 499 686 3,584 4,857Cash and cash equivalents at the end of the period 504 589 3,580 4,129Free Cash Flow 112 179 807 1,276

Numbers may not sum due to rounding

Notes to Abridged Consolidated Financial Statements

Note 1: Basis of preparation

Basis of presentation and accounting policies: The abridged consolidated financial statements for the quarters ended September 30, 2025and 2024incorporate the financial statements of ADAMA Ltd. and of all of its subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries.

The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministry of Finance (the “MoF”) and the implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the MoF (collectively referred to as “ASBE”).

The abridged consolidated financial statements contained in this release are presented in both Chinese Renminbi (RMB), as the Company's shares are traded on the Shenzhen Stock Exchange, as well as in United States dollars ($) as this is the major currency in which the Company's business is conducted. For the purposes of this release, a customary convenience translation has been used for the translation from RMB to US dollars, with Income Statement and Cash Flow items being translated using the quarterly average exchange rate, and Balance Sheet items being translated using the exchange rate at the end of the period.

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Note 2: Abridged Financial Statements

For ease of use, the financial statements shown in this release have been abridged as follows:

Abridged Consolidated Income Statement:

— “Gross profit” in this release is revenue less costs of goods sold, taxes and surcharges, inventory impairment and other idleness charges (in addition to those already included in costs of goods sold); part of the idleness charges is removed in the Adjusted financial statements

— “Other operating expenses” includes impairment losses (not including inventory impairment); gain (loss) from disposal of assets and non-operating income and expenses

— “Operating expenses” in this release differ from those in the formally reported financial statements in that certain transportation costs have been reclassified from COGS to Operating Expenses.

— “Financial expenses” includes net financing expenses and gains/losses from changes in fair value.

Abridged Consolidated Balance Sheet:

— “Other current assets, receivables and prepaid expenses” includes financial assets held for trading; financial assets in respect of derivatives; prepayments; other receivables; and other current assets

— “Fixed assets, net” includes fixed assets and construction in progress

— “Intangible assets, net” includes intangible assets and goodwill

— “Other non-current assets” includes other equity investments; long-term equity investments; long-term receivables; investment property; and other non-current assets

— “Loans and credit from banks and other lenders” includes short-term loans and non-current liabilities due within one year

— “Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee benefits, taxes, interest, dividends and others; advances from customers and other current liabilities

— “Other long-term liabilities” includes long-term payables, provisions, deferred income and other non-current liabilities

Income Statement Adjustments

Q3 2025 Q3 2024 Q3 2025 Q3 2024 USD (m) USD (m) RMB (m) RMB (m)Reported Net Loss (48) (133) (342) (943)Adjustments to COGS & Operating Expenses:1. Amortization of acquisition-related PPA and other acquisition related costs 4 6 25 422. Amortization of Transfer assets received and written-up due to 2017 5 5 39 37ChemChina-Syngenta transaction (non-cash)3. Cleanup and remediation costs for plants in Israel – 6 – 434. ASBEs classifications COGS impact (22) (27) (154) (195)5. ASBEs classifications OPEX impact 22 27 154 1956. Restructuring and advisory costs 16 8 112 597. Other – 1 1 108. Provisions such as legal claims, registration impairment and ‎update of 1 19 9 139registration depreciationTotal Adjustments to Operating Income (EBIT) 26 46 186 330Total Adjustments to EBITDA 16 24 114 173Adjustments to Financing Expenses:9. Non-cash adjustment related to put options revaluation 4 3 28 2112.Other financing expenses (1) 1 (4) 11Adjustments to Taxes:Taxes impact (1) 4 (10) 27Total adjustments to Net Loss 28 55 200 388Adjusted Net Loss (20) (78) (142) (555)
9M 2025 9M 2024 9M 2025 9M 2024 USD (m) USD (m) RMB (m) RMB (m)Reported Net loss (59) (259) (423) (1,838)Adjustments to COGS & Operating Expenses:1. Amortization of acquisition-related PPA and other acquisition related costs 11 14 77 972. Amortization of Transfer assets received and written-up due to 2017 16 15 117 109ChemChina-Syngenta transaction (non-cash)3. Cleanup and remediation costs for plants in Israel 7 17 48 1214. ASBEs classifications COGS impact (78) (87) (559) (617)5. ASBEs classifications OPEX impact 78 87 559 6176. Restructuring and advisory costs 45 23 321 1667. Other 2 3 11 228. Provisions such as legal claims, registration impairment and ‎update of 1 63 9 451registration depreciationTotal Adjustments to Operating Income (EBIT) 81 136 583 965Total Adjustments to EBITDA 53 80 375 567Adjustments to Financing Expenses:9. Non-cash adjustment related to put options revaluation 7 (30) 48 (212)10.Repurchase of debentures by a controlled subsidiary 9 – 68 -11.Arbitration decision related to a controlled subsidiary (4) – (32) -12.Other financing expenses (2) 10 (12) 69Adjustments to Taxes:Taxes impact (3) (6) (21) (41)Total adjustments to Net loss 89 110 635 782Adjusted Net Income (Loss) 29 (149) 212 (1,057)

Notes:

1. Amortization of acquisition-related PPA and other acquisition related costs: Related mainly to the non-cash amortization of intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on the ongoing performance of the companies acquired, as well as other M&A-related costs.

2. Amortization of Transfer assets received and written-up due to 2017ChemChina-Syngenta transaction (non-cash):The proceeds from the Divestment of crop protection products in connection with the approval by the EU Commission of the acquisition of Syngenta by ChemChina, net of taxes and transaction expenses, were paid to Syngenta in return for the transfer of a portfolio of products in Europe of similar nature and economic value. Since the products acquired from Syngenta are of the same nature and with the same net economic value as those divested, and since in 2018 the Company adjusted for the one-time gain that it made on the divested products, the additional amortization charge incurred due to the written-up value of the acquired assets is also adjusted to present a consistent view of Divestment and Transfer transactions, which had no net impact on the underlying economic performance of the Company. These additional amortization charges will continue until 2032 but at a reducing rate, yet will still be at a meaningful level until 2028.

3. Cleanup and remediation costs for plants in Israel: a wholly-owned indirect subsidiary of the Company recorded remediation costs for its plants in Israel in 2025 and 2024.

4. & 5.ASBEs classifications COGS impact: according to the ASBE guidelines [IAS 37], certain items (specifically certain transportation costs) are classified under COGS.

6. Restructuring and advisory costs:The Company initiated its Fight Forward transformation plan in early 2024. Part of the plan includes restructuring its organizational structure, workforce and managerial processes, and as a result thereof, the Company recorded restructuring and advisory costs.

7. Other: Mainly attributable to accelerated depreciation associated with facilities upgrade.

8. Provisions such as legal claims, registration impairment and ‎update of registration depreciation: Legal claims related to product liabilities was settled and incurred expenses in 2024. Registration impairment and ‎update of registration depreciationis mainly related to the management's strategic decision to increase focus on products in line with the optimization of the Company's portfolio, and hence to focus on the quality of business.

9. Non-cash adjustment related to put options revaluation: expenses/incomedue to revaluation of put options attributed to minority stake in subsidiaries

10. Repurchase of debentures by a controlled subsidiary: As part of strengthening its debt structure, a subsidiary of the Company repurchased a significant part of its bond principal in the second quarter for the purpose of improving its long-term financing structure and efficiency. A loss was recorded due to the premium between the buyback price and its issuance price.

11. Arbitration decision related to a controlled subsidiary: An arbitration case related to a controlled subsidiary incurred a one-time income.

Exchange Rate Data for the Company's Principal Functional Currencies

September 30 Q3 Average 9M Average 2025 2024 Change 2025 2024 Change 2025 2024 ChangeEUR/USD 1.174 1.119 4.88% 1.168 1.098 6.33% 1.116 1.087 2.67%USD/BRL 5.319 5.448 2.38% 5.447 5.545 1.77% 5.653 5.238 -7.91%USD/PLN 3.632 3.819 4.92% 3.647 3.899 6.48% 3.800 3.963 4.10%USD/ZAR 17.301 17.094 -1.21% 17.627 17.971 1.91% 18.135 18.481 1.88%AUD/USD 0.661 0.692 -4.45% 0.654 0.670 -2.35% 0.641 0.662 -3.27%GBP/USD 1.343 1.341 0.18% 1.348 1.300 3.70% 1.313 1.277 2.84%USD/ILS 3.306 3.710 10.89% 3.363 3.713 9.42% 3.520 3.701 4.90%USD L 3M 4.00% 4.59% -0.59 bp 4.19% 5.08% -0.89 bp 4.26% 5.24% -0.98 bp
September 30 Q3 Average 9M Average 2025 2024 Change 2025 2024 Change 2025 2024 ChangeUSD/RMB 7.106 7.007 1.40% 7.129 7.115 0.20% 7.165 7.108 0.80%EUR/RMB 8.341 7.843 6.35% 8.326 7.816 6.53% 7.995 7.725 3.49%RMB/BRL 0.749 0.777 3.72% 0.764 0.779 1.96% 0.789 0.737 -7.05%RMB/PLN 0.511 0.545 6.23% 0.512 0.548 6.66% 0.530 0.557 4.86%RMB/ZAR 2.435 2.439 0.19% 2.473 2.526 2.11% 2.531 2.600 2.66%AUD/RMB 4.696 4.847 -3.11% 4.663 4.766 -2.16% 4.590 4.707 -2.49%GBP/RMB 9.545 9.396 1.58% 9.611 9.250 3.90% 9.407 9.074 3.67%RMB/ILS 0.465 0.529 12.12% 0.472 0.522 9.60% 0.491 0.521 5.66%RMB L 3M 1.58% 1.84% -0.26 bp 1.56% 1.86% -0.29 bp 1.68% 2.04% -0.39 bp

Forward looking statement:

This press release published by ADAMA Ltd. or ADAMA Agricultural Solutions Ltd. (together the “Company”) is for marketing and information purposes only, and contains forward-looking statements which are based on Company's management's beliefs and assumptions and on information currently available to the Company's management. By this press release, the Company does not intend to give, and the press release does not constitute, professional or business advice or an offer or recommendation to perform any transaction in the Company's securities. The accuracy, completeness and/or adequacy of the content of this press release, as well as any estimation and/or assessment included in this press release, if at all, is not warranted or guaranteed and the Company disclaims any intention and/or obligation to comply with such content. The Company shall not be liable for any loss, claim, liability or damage of any kind resulting from your reliance on, or reference to, any detail, fact or opinion presented herein. The Company's assessments are based on the information available to the Company as of the date hereof, and may not be realized or be realized in a different manner than the Company estimates, inter alia, due to factors out of the Company's control, including the risk factors listed in the Company's annual reports and changes in the industry or potential operations of the Company's competitors. Any content contained herein shall not constitute or be construed as any regulatory, valuation, legal, tax, accounting and investment advice or any advice of any kind or any part of it, nor shall they constitute or be construed as any recommendation, solicitation, offer or commitment (or any part of it) to buy, sell, subscribe for or underwrite any securities, provide any credit or insurance or engage in any transactions. Before entering into any transactions, you shall ensure that you fully understand the potential risks and returns of such transactions. Before making such decisions, you shall consult the advisors you think necessary, including your accountant, investment advisor and legal and tax specialists. The Company and its affiliates, controlling persons, directors, officials, partners, employees, agents, representatives or their advisors shall not assume any responsibilities of any kind (including negligence or others) for the use of and reliance on such information by you or any person to whom such information are provided.

[1] Sources: AgbioInvestor Quarterly report (September 2025), peer quarterly financial results, internal sources

[2] For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.

[3] The number of shares used to calculate both basic and diluted earnings per share in both Q3 2025and 2024is 2,329.8 million shares.

[4] For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.

[5] The number of shares used to calculate both basic and diluted earnings per share in both 9M 2025and 2024is 2,329.8 million shares.

ContactJoshua Phillipson Zhujun WangGlobal Investor Relations China Investor RelationsEmail: ir@adama.com Email: irchina@adama.com

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SOURCE ADAMA Ltd.

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