Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q3 2026 Earnings Presentation
22 slides from Archer-daniels-midland's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
Third Quarter 2026 Earnings Conference Call November 3, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 Proprietary business information of ADM. Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning (3) risks related to compliance with, and changes in, government programs, of the Private Securities Litigation Reform Act of 199
Slide 3: Non-GAAP Financial Measures
3 Non-GAAP Financial Measures Proprietary business information of ADM. The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance not defined by accounting principles generally accepted in the United States (GAAP), a
Slide 4: Financial Highlights
4 Financial Highlights Proprietary business information of ADM. 3Q26 (Unless Otherwise Stated) 3Q26 3Q26 TRAILING 4-QUARTER Reported Earnings Per Share5 Total Segment Operating Profit1,3 Adjusted ROIC1 $1.70 $1.4B 9.0% Up 230 bps relative to prior year Up $1.48 relative to prior year quarter Up 64%
Slide 5: 2026 Priorities
Proprietary business information of ADM. 5 2026 Priorities Focus on Organic Growth with Rigorous Discipline Around Cash, Cost, and Capital Continuing Reducing Generating Strong Investing in High- Developing Talent to Improve Transaction Costs Cash Flow Growth Opportunities and Capabilities Manufactu
Slide 6: Value Creation Over the Long Term
Proprietary business information of ADM. 6 Value Creation Over the Long Term Leveraging technology, existing assets and expertise to deliver the next wave of growth Biology + Technology: Value Creation Spotlight: Advancing the next generation of food innovation at scale Precision Precision fermentat
Slide 7: Ag Services & Oilseeds Segment Performance
7 Ag Services & Oilseeds Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) $778 3Q26 Segment Overview: Operating profit increased 105% in 3Q26 vs 3Q25, driven $77 largely by continued robust execution in a constructive biofuels environment
Slide 8: Carbohydrate Solutions Segment Performance
8 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) $470 $146 $336 3Q26 Segment Overview: Operating profit increased 40% in $43 3Q26 vs 3Q25. VCP S&S $324 $293 Starches and Sweeteners: Operating profit increased by 1
Slide 9: Nutrition Segment Performance
9 Nutrition Segment Performance Proprietary business information of ADM. Revenue and Segment Operating Profit (in millions of dollars) Segment Revenue 3Q26 Segment Overview: Revenue decreased by 4% for 3Q26 vs 3Q25, and operating profit increased 3%. $1,916 $1,837 $5,726 $5,544 $849 $795 $2,500 $2,3
Slide 10: Cash Flows and Cash Deployment
10 Cash Flows and Cash Deployment Proprietary business information of ADM. YTD 2026 versus YTD 2025 Strong YTD cash flow from operating activities before working capital driven by higher earnings period over period Cash from Operating Activities Before Cash flows from operating activities before wor
Slide 11: Full-year 2026 Outlook - Updated
11 Full-year 2026 Outlook - Updated Proprietary business information of ADM. Guidance raise underpinned by continued robust execution in a constructive biofuels environment Previous Outlook Updated Outlook Adjusted Earnings Per Share1 $5.15 - $5.60 $5.50 - $5.80 Updated Outlook Assumptions: • Contin
Slide 12: Long-term Value Creation
12 Proprietary business information of ADM. Long-term Value Creation Delivering on growth in a constructive operating environment Reducing Transaction Continuing to Improve Costs Through Manufacturing Costs Digitization and AI Generating Strong Cash Flow Investing in High-Growth Developing Talent an
Slide 13: Appendix
Proprietary business information of ADM. 13 Appendix Image features an ADM team member operating a fermenter in one of the Company's research centers
Slide 14: Total Segment Operating Profit Reconciliation and Corporate Results
14 Total Segment Operating Profit Reconciliation and Corporate Results Proprietary business information of ADM. Quarter Ended Sep. 30 Nine Months Ended Sep. 30 (Amounts in millions) 2026 2025 Change 2026 2025 Change Earnings before income taxes $ 997 $ 147 $ 850 $ 2,469 $ 779 $ 1,690 Other Business
Slide 15: Balance Sheet Highlights
15 Balance Sheet Highlights Proprietary business information of ADM. September 30, (Amounts in millions) 2026 2025 Cash $ 711 $ 1,235 Short-term marketable securities 45 — Net property, plant, and equipment 11,025 11,092 Operating working capital (1) 9,678 7,176 - Total inventories 11,675 8,700 Tota
Slide 16: Cash Flow Highlights
16 Cash Flow Highlights Proprietary business information of ADM. Nine Months Ended September 30, (Amounts in millions) 2026 2025 Cash from operations before working capital changes(1,2) $ 3,013 $ 2,087 Changes in working capital (1,225) 3,678 Purchases of property, plant, and equipment (773) (892) N
Slide 17: GAAP Statement of Earnings Summary
17 GAAP Statement of Earnings Summary Proprietary business information of ADM. Quarter ended September 30, Nine months ended September 30, (Amounts in millions except per share data) 2026 2025 Change 2026 2025 Change Revenues $ 22,335 $ 20,372 $ 1,963 $ 65,506 $ 61,713 $ 3,793 Cost of products sold
Slide 18: Reconciliation of Adjusted Net Earnings and Adjusted EPS
18 Reconciliation of Adjusted Net Earnings and Proprietary business information of ADM. Adjusted Earnings Per Share (EPS)(1) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 In millions Per share In millions Per share In millions Per share In millions Per share Ne
Slide 19: ROIC versus WACC
19 ROIC versus WACC Q3 Proprietary business information of ADM. CY26 Trailing 4Q Average ROIC (1) 8.9 % LT Adjusted ROIC Objective: 10% Trailing 4Q Average Adjusted ROIC(1) 9.0 % Annual WACC 7.5 % Long-Term WACC 6.5 % Trailing 4Q Average Adjusted EVA $0.5B 14% 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% Q3 Q3
Slide 20: Reconciliation of ROIC and Adjusted ROIC
20 Reconciliation of ROIC and Adjusted ROIC Proprietary business information of ADM. ROIC Earnings (Amounts in millions) Four Quarters Quarter Ended Ended Dec. 31, 2025 Mar. 31, 2026 Jun. 30, 2026 Sep. 30, 2026 Sep. 30, 2026 Net earnings attributable to ADM $ 456 $ 298 $ 908 $ 821 $ 2,483 Adjustment
Slide 21: Reconciliation of Adjusted EBITDA
21 Reconciliation of Adjusted Earnings Before Interest, Taxes, Proprietary business information of ADM. Depreciation, and Amortization (EBITDA)(1) (Amounts in millions) Four Quarters Four Quarters Quarter Ended Ended Ended Dec. 31, 2025 Mar. 31, 2026 Jun. 30, 2026 Sep. 30, 2026 Sep. 30, 2026 Sep. 30
Slide 22: Reconciliation of Adjusted Net Debt to Total Debt and Adjusted EBITDA
22 Reconciliation of Adjusted Net Debt(1) to Total Debt and Proprietary business information of ADM. Adjusted Net Debt(1) / Adjusted EBITDA(1) Adjusted Net Debt September 30 (Amounts in millions) 2026 2025 Short-term debt $ 1,156 $ 246 Current maturities of long-term debt 153 1,001 Long-term debt 7,
Archer-Daniels-Midland Company — Q3 2026 Earnings Presentation on 6ix