Archer-Daniels-Midland Co

Previous wording

The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company believes the following priorities will help create value for its shareholders:

Current wording

The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company established the following priorities to help achieve its goal:

Previous wording

Sustainability is a pillar of ADM’s growth strategy. For 120 years, its business has been deeply connected to the land, farmers, and responsible stewardship. The crops ADM turns into an unparalleled array of products depend on healthy soil, water and air, and as ADM looks to the future, it is advancing efforts that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.

Current wording

For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a core driver of ADM’s growth strategy, powering innovation, improving resilience, and unlocking new value across the global food system. The crops that ADM turns into an expansive array of products depend on healthy soil, water and air, and as the Company looks to the future, it is advancing efforts that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.

Previous wording

•The closure of the Tres Corações facility based in Brazil, in July 2025. Preparation for the closure resulted in exit and restructuring costs, including impairment of certain assets. See Note 14. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements.

Current wording

•The closure of the Tres Corações facility based in Brazil, in July 2025. Preparation for the closure resulted in exit and restructuring costs, including impairment of certain assets.

Previous wording

•A definitive agreement with PYCO Industries, Inc., a leader in the local agricultural communities it serves, to launch a joint venture combining their Lubbock, Texas, cottonseed processing capabilities.

Current wording

•The launch in September 2025 of a joint venture with PYCO Industries, Inc., a leader in the local agricultural communities it serves, combining its and ADM’s Lubbock, Texas, cottonseed processing capabilities.

Previous wording

As previously disclosed, the Company had identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures which has now been remediated. For more information, see “Controls and Procedures” in Part I. Item 4 herein.

Current wording

As previously disclosed, the Company had identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures which has been remediated. For more information, see “Controls and Procedures” in Part I. Item 4 herein.

Previous wording

The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, return on invested capital, adjusted economic value added, and operating cash flows before working capital. Some of these metrics are not defined by generally accepted accounting principles in the United States (GAAP) and should be considered in addition to, and not in lieu of, GAAP financial measures. For further information, see the “Non-GAAP Financial Measures” section below.

Current wording

The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA. Some of these metrics are not defined by generally accepted accounting principles in the United States (GAAP) and should be considered in addition to, and not in lieu of, GAAP financial measures. For further information, see the “Non-GAAP Financial Measures” section below.

Previous wording

Market Factors Influencing Operations, Results, and Comparability in the Three and Six Months Ended June 30, 2025

Current wording

Market Factors Influencing Operations, Results, and Comparability in the Three and Nine Months Ended September 30, 2025

Previous wording

In the Carbohydrate Solutions segment, strong export demand for ethanol helped offset higher industry production, which helped minimize the imbalance between production and domestic demand. For Starches and Sweeteners, North America saw demand softness in the paper and corrugated markets. EMEA saw higher corn costs and increased competition.

Current wording

In the Carbohydrate Solutions segment, solid domestic and export demand for ethanol along with lower industry production, helped improve the imbalance between production and domestic demand. For Starches and Sweeteners, North America saw demand softness in the sweeteners, paper, and corrugated markets. Europe, the Middle East, and Africa (EMEA) saw higher corn costs and increased competition.

Previous wording

In the Nutrition segment, Human Nutrition demand was mixed across food and beverage categories as affordability remains a primary concern for consumers. In Animal Nutrition, declining commodity markets continue to support feed ration commodities as well as additive markets.

Current wording

In the Nutrition segment, Human Nutrition continued to see growth trends in Flavors market as high value categories such as energy drinks and ready to drink beverages continue to perform strongly. Similarly, the Dietary Supplements market continues to grow in line with historical rates and shows expansion opportunities as customer acceptance of postbiotics (heat-stable version of probiotics) allows sales in a larger variety of segments (food and beverage). While tariffs and inflation continue to pose challenges to the Human Nutrition market, clean label and healthier categories are outpacing the broader industry. In Animal Nutrition, declining commodity prices continue to support feed ration commodities as well as additive markets.

Previous wording

Total segment operating profit (a non-GAAP measure) decreased $95 million from $925 million to $830 million driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the three months ended June 30, 2025 excluded asset impairment, exit and restructuring costs, and net settlement contingencies of $224 million, a gain on contract termination of $69 million, and gains of sales of assets of $8 million. Total segment operating profit (a non-GAAP measure) in the three months ended June 30, 2024 excluded asset impairment charges of $7 million.

Current wording

Total segment operating profit (a non-GAAP measure) decreased $192 million from $1.0 billion to $845 million driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2025 excluded specified items of $220 million that were primarily comprised of portfolio optimization and impairment charges, as well as the non-recurring penalty charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2024 excluded asset impairment charges of $504 million.

Previous wording

Processed volumes by certain products for the three months ended June 30, 2025 and 2024 were as follows (in metric tons).

Current wording

Processed volumes by certain products for the three months ended September 30, 2025 and 2024 were as follows (in thousand metric tons).

Previous wording

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year quarter was primarily related to improved EMEA crush volumes due to improved utilization, in addition to higher volumes in South America due to increased plant reliability. The increase in processed corn volumes was primarily related to an increase in plant reliability and utilization in the current year quarter due to decreased unplanned plant downtime when compared to the prior year quarter.

Current wording

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year quarter was primarily related to improved North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability. The decrease in processed corn volumes was primarily related to lower utilization in the current year quarter due to increased unplanned plant downtime when compared to the prior year quarter.

Previous wording

Revenues decreased $1.1 billion to $21.2 billion driven by lower sales prices ($1.1 billion). Lower sales prices of soybeans, meal, and biodiesel were partially offset by higher sales volumes of soybeans and meal and higher sales prices of oils. Ag Services and Oilseeds revenues decreased 6% to $16.3 billion driven by lower sales prices ($1.1 billion), partially offset by higher sales volumes ($45 million). Carbohydrate Solutions revenues decreased 4% to $2.8 billion driven by lower sales prices ($97 million). Nutrition revenues increased 4% to $2.0 billion driven by higher sales prices ($29 million) and the benefit of a contract cancellation in Health and Wellness ($55 million).

Current wording

Revenues increased $435 million to $20.4 billion, driven by higher sales prices ($285 million) and higher sales volumes ($150 million). Higher sales prices of corn and oils were partially offset by lower sales prices of meal and soybeans. Higher sales volumes of soybeans were partially offset by lower sales volumes of corn, farming materials, sorghum and milo. Ag Services and Oilseeds revenues increased 3% to $15.6 billion, driven by higher sales prices ($320 million) and higher sales volumes ($203 million). Carbohydrate Solutions revenues decreased 6% to $2.7 billion, driven by lower sales prices ($111 million) and lower sales volumes ($62 million). Nutrition revenues increased 5% to $1.9 billion, driven by higher sales prices ($42 million) and foreign exchange gains ($34 million). Foreign exchange gains accounted for approximately $23 million of the increase in Human Nutrition revenue, and approximately $11 million of the increase in Animal Nutrition revenue.

Previous wording

Cost of products sold decreased $1.1 billion to $19.8 billion primarily driven by lower average commodity costs. Manufacturing expenses increased $58 million to $1.9 billion, driven by higher employee compensation costs, higher insurance costs and an increase in energy costs due to higher EMEA natural gas pricing, partially offset by lower maintenance expenses.

Current wording

Cost of products sold increased $530 million to $19.1 billion primarily driven by higher average commodity costs. Manufacturing expenses increased $23 million to $1.9 billion, driven by higher employee compensation costs and an increase in energy costs due to higher EMEA natural gas pricing, partially offset by lower maintenance expenses.

Previous wording

Gross profit decreased $26 million, or 2%, to $1.4 billion primarily driven by a decrease in margins of $92 million for Ag Services and Oilseeds, partially offset by a margin increase of $48 million in Nutrition.

Current wording

Gross profit decreased $95 million, or 7%, to $1.3 billion primarily driven by a decrease in margins of $85 million for Ag Services and Oilseeds and $51 million for Carbohydrate Solutions, partially offset by an increase in margins of $46 million in Nutrition.

Previous wording

Equity in earnings of unconsolidated affiliates decreased $18 million to $134 million driven by lower earnings from the Company’s investments in Hungrana Ltd, SoyVen, Stratas Foods, and Terminal de Grãos Ponta da Montanha S.A., partially offset by higher earnings from the Company’s investment in Wilmar International Limited (“Wilmar”).

Current wording

Equity in loss (earnings) of unconsolidated affiliates decreased $175 million to a loss of $41 million driven by lower earnings from the Company’s investments in Wilmar, due to the $163 million penalty charge, and in Almidones Mexicanos S.A. de C.V., Terminal de Grãos Ponta da Montanha S.A., and Stratas Foods, partially offset by higher earnings from the Company’s investment in Olenex.

Previous wording

Interest and investment (income) expense decreased $210 million to $70 million, primarily driven by revaluation losses, including impairment losses of $99 million and $88 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates.

Current wording

Interest and investment income decreased $16 million to $121 million, primarily driven by lower interest income at ADM Investor Services due to lower interest rates.

Previous wording

Income tax expense decreased $53 million to $62 million. The Company’s effective tax rate for the quarter ended June 30, 2025 was 22.2% compared to 19.3% for the quarter ended June 30, 2024. The increase in the effective tax rate was primarily due to impairment losses, partially offset by the impact of discrete tax items.

Current wording

Income tax expense decreased $53 million to $37 million. The Company’s effective tax rate for the quarter ended September 30, 2025 was 25.2% compared to 83.3% for the quarter ended September 30, 2024. The decrease in the effective tax rate for the three months ended September 30, 2025 compared to the prior year quarter is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year quarter and other discrete tax items specific to each period.

Previous wording

In the Ag Services and Oilseeds segment, segment operating profit decreased 17%, driven by increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, and biofuel and trade policy uncertainty. The Ag Services subsegment had lower operating profit compared to the prior year quarter, driven primarily by lower Global Trade and South American Origination results, partially offset by improved North American Origination results. Global Trade had lower operating profits, largely due to lower trading volumes, partially related to trade policy uncertainty, as well as lower margins, due to lower commodity prices, negative freight timing, and currency impacts. South American Origination results were lower primarily due to lower volumes and margins from the temporary disruption at a key port facility in Brazil and currency impacts. North American origination results improved in the current year quarter due to higher margins and volumes, as well from a timing benefit associated with receiving $19 million in proceeds from a United States Department of Agriculture grant earlier this year. The Ag Services subsegment had approximately $10 million of net negative mark-to-market timing impacts during the quarter, compared to approximately $17 million of net positive impacts in the prior year quarter. The Crushing subsegment had lower operating profit versus the prior year quarter, driven by lower margins due to increased industry capacity. North America Crushing results were lower, as soy and canola margins were negatively impacted by lower oil demand stemming from biofuel and trade policy uncertainty, competitive meal exports from Argentina and higher manufacturing costs. The Crushing subsegment had approximately $21 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $16 million of net positive impacts in the prior year quarter. The Refined Products and Other (RPO) subsegment operating profit was higher than the prior year quarter, as timing benefits offset lower vegetable oil demand and biofuel and trade policy uncertainty negatively impacted biodiesel margins in Europe and North America. Softer oil demand in North America and increased crush capacity also negatively impacted refining margins compared to the prior year quarter. RPO had approximately $28 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $91 million of net negative impacts in the prior year quarter. Wilmar earnings increased by $9 million to $77 million in the current year quarter.

Current wording

In the Ag Services and Oilseeds segment, segment operating profit decreased 21%. The Ag Services subsegment had higher operating profit compared to the prior year quarter, primarily driven by improved North America and South America Origination results. North American Origination results improved in the current year quarter due to strong corn exports. South American Origination results improved primarily due to lower costs related to logistics take-or-pay contracts, partially offset by the temporary disruption at a key port facility in Brazil. Global Trade results improved driven by higher ocean freight margins. The Ag Services subsegment had approximately $4 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $50 million of net negative impacts in the prior year quarter. The Crushing subsegment had lower operating profit compared to prior year quarter, driven by lower soybean and canola crush margins in North America and EMEA and higher manufacturing costs. The prior year quarter benefitted from the receipt of $24 million of insurance proceeds for the partial settlement of the Decatur East and West insurance claims. The Crushing subsegment had approximately $41 million of net positive mark-to-market timing impacts during the quarter, compared to approximately zero of net impacts in the prior year quarter. The Refined Products and Other (RPO) subsegment operating profit decreased (3)% when compared to the prior year quarter, as U.S. biofuel and trade policy evolution negatively impacted biodiesel and refining margins in North America. RPO had approximately $8 million of net negative mark-to-market timing impacts during the quarter, compared to approximately $20 million of net negative impacts in the prior year quarter. Wilmar earnings decreased by $6 million to $56 million in the current year quarter.

Previous wording

In the Carbohydrate Solutions segment, segment operating profit decreased 6% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year quarter. In EMEA, lower Starches and Sweeteners volumes and margins were driven by higher corn costs due to crop quality issues. In North America, results were driven by higher liquid sweetener and corn co-products margins, offset by lower starch margins and volumes and lower wet mill ethanol margins. Global Wheat Milling margins and volumes improved relative to the prior year quarter, largely due to volume growth with key customers. The Vantage Corn Processors subsegment operating profit was in line with the prior year quarter, as improved risk management and higher ethanol volumes largely offset lower ethanol margins.

Current wording

In the Carbohydrate Solutions segment, segment operating profit decreased 26% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year quarter. In North America, results were driven by lower liquid sweetener and starch volumes and margins and lower wet mill ethanol margins. North American prior year quarter results benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, lower Starches and Sweeteners volumes and margins were driven by persistent high corn costs due to crop quality issues. Global Wheat Milling margins and volumes were fairly stable relative to the prior year quarter. The Vantage Corn Processors subsegment operating profit was higher than the prior year quarter as improved ethanol volumes and margins were partially offset by certain mark-to-market positions.

Previous wording

In the Nutrition segment, segment operating profit increased 5%. Human Nutrition results were down compared to the prior year quarter. Specialty Ingredients results were lower compared to the prior year quarter driven by higher raw material and insurance costs due to the recommissioning of operations at Decatur East. In Health and Wellness, results were lower, as reduced tolling margins due to a contract cancellation were partially offset by higher margins from Biotics and improved product mix. Flavors saw a significant increase in operating profit compared to prior year quarter due to an increase in sales among existing key customers across multiple product categories. Animal Nutrition operating profit was higher compared to the prior year quarter, driven by improved market conditions, leading to higher margins, and cost optimization efforts.

Current wording

In the Nutrition segment, segment operating profit increased 24%. Human Nutrition subsegment operating profit was 12% higher compared to prior year quarter, mainly due to Flavors, which continued to see strong sales growth among multiple product categories. Health and Wellness results were also higher due to revenue and margin growth, led by the Biotics business, partially offset by reduced tolling margins due to a contract cancellation. Specialty Ingredients results were lower, with higher raw material and insurance costs due to the restoration of operations at the Company’s Decatur, Illinois facility. The prior year quarter also benefited from approximately $25 million of insurance proceed gains as compared to $9 million in the current year quarter. Animal Nutrition subsegment operating profit was 79% higher compared to the prior year quarter due to higher margin product mix, cost optimization, and progress with on-going portfolio streamlining initiatives.

Previous wording

Other Business contribution of operating profit decreased 2%, from $96 million to $94 million, driven by lower net interest income in ADM Investor Services, partially offset by improved Captive insurance results driven by increased premiums and lower claim settlements.

Current wording

Other Business contribution of operating profit increased from a loss of $17 million to a profit of $55 million, driven by improved Captive Insurance results driven by lower claim settlements.

Previous wording

(1)Interest expense-net decreased, primarily driven by favorable settlements of international tax audits.

Current wording

(1)Interest expense - net decreased, primarily driven by lower balances of outstanding commercial paper and lower interest rates.

Previous wording

Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability.

Current wording

Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.

Previous wording

(2) Excludes $5 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended June 30, 2025.

Current wording

(2) Excludes $3 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025.