Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q1 2026 Earnings Presentation
22 slides from Archer-daniels-midland's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
Classification: Confidential First Quarter 2026 Earnings Conference Call May 5, 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. 1Q26 (Unless Otherwise Stated) 1Q26 1Q26 TRAILING 4-QUARTER Reported Earnings Per Share5 Total Segment Operating Profit1,3 Adjusted ROIC1 $0.62 $764M 6.4% Down due to lower total segment Up 2% relative to prior year quarter operating pr
Slide 5: 2026 Priorities
Classification: Confidential Proprietary business information of ADM. 5 2026 Priorities Focus on 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 C
Slide 6: Value Creation over the Long Term
Classification: Confidential Proprietary business information of ADM. 6 Value Creation over the Long Term Leveraging technology, assets and expertise to deliver the next wave of growth Advanced Precision Functional Health Biosolutions Decarbonization Nutrition Fermentation Strengthening capabilities
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) 1Q26 Segment Overview: Operating profit declined 34% in 1Q26 vs 1Q25, primarily due to net negative mark-to-market and timing impacts2 of approximately $275 million
Slide 8: Carbohydrate Solutions Segment Performance
8 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) 1Q26 Segment Overview: Operating profit increased 48% for 1Q26 vs 1Q25, driven by strengthening ethanol margins, effective risk management, and policy incentives. S
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 1Q26 Segment Overview: Revenue decreased by 1% 1Q26 vs 1Q25, inclusive of foreign exchange gains; operating profit increased 42% for 1Q26 vs 1Q25, as
Slide 10: Cash Flows from Operating Activities and Cash Deployment
10 Cash Flows from Operating Activities and Cash Deployment Proprietary business information of ADM. 1Q26 versus 1Q25 Cash flows from operating activities before working capital in current year quarter remained consistent with prior year quarter Cash from Operating Activities Before Working Capital1
Slide 11: Full-year 2026 Outlook - Updated
11 Full-year 2026 Outlook - Updated Proprietary business information of ADM. Balancing biofuel tailwinds with evolving global landscape Previous Outlook Updated Outlook Adjusted Earnings Per Share1 $3.60 - $4.25 $4.15 - $4.70 Updated Outlook: • Assumes successful advancement of company priorities an
Slide 12: Long-term Value Creation
Classification: Confidential 12 Proprietary business information of ADM. Long-term Value Creation Positioned for growth in a constructive operating environment Reducing Transaction Continuing to Improve Costs Through Manufacturing Costs Digitization and AI Generating Strong Cash Flow Investing in Hi
Slide 13: Appendix
Proprietary business information of ADM. 13 Appendix
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 Mar. 31 (Amounts in millions) 2026 2025 Change Earnings before income taxes $ 384 $ 353 $ 31 Other Business (earnings) (53) (96) 43 Corporate 423 441 (18) Specified items: (G
Slide 15: Balance Sheet Highlights
15 Balance Sheet Highlights Proprietary business information of ADM. March 31, (Amounts in millions) 2026 2025 Cash $ 591 $ 864 Short-term marketable securities 33 33 Net property, plant, and equipment 10,972 11,000 Operating working capital (1) 9,363 10,283 - Total inventories 11,741 11,550 Total d
Slide 16: Cash Flow Highlights
16 Cash Flow Highlights Proprietary business information of ADM. Three Months Ended March 31, (Amounts in millions) 2026 2025 Cash from operations before working capital changes(1,2) $ 442 $ 439 Changes in working capital (292) (781) Purchases of property, plant, and equipment (194) (291) Net assets
Slide 17: GAAP Statement of Earnings Summary
17 GAAP Statement of Earnings Summary Proprietary business information of ADM. Quarter ended March 31, (Amounts in millions except per share data) 2026 2025 Change Revenues $ 20,490 $ 20,175 $ 315 Cost of products sold $ 19,268 $ 18,995 $ 273 Gross profit $ 1,222 $ 1,180 $ 42 Selling, general and ad
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) Quarter ended March 31, 2026 2025 In millions Per share In millions Per share Net earnings and reported EPS (diluted) $ 298 $ 0.62 $ 295 $ 0.61 Adjustments(2) (Gain) on sales
Slide 19: ROIC versus WACC
19 ROIC versus WACC Q1 Proprietary business information of ADM. CY26 Trailing 4Q Average ROIC (1) 4.5 % LT Adjusted ROIC Objective: 10% Trailing 4Q Average Adjusted ROIC(1) 6.4 % Annual WACC 7.5 % Long-Term WACC 6.5 % Trailing 4Q Average Adjusted EVA $(0.6)B 1. Non-GAAP measure - see notes on page 3
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 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 Mar. 31, 2026 Net earnings attributable to ADM $ 219 $ 108 $ 456 $ 298 $ 1,081 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 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 Mar. 31, 2026 Mar. 31
Slide 22: Reconciliation of Adjusted Net Debt and Adjusted Net Debt / 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 March 31 (Amounts in millions) 2026 2025 Short-term debt $ 1,719 $ 2,765 Current maturities of long-term debt 1,153 704 Long-term debt 6,45
Archer-Daniels-Midland Company — Q1 2026 Earnings Presentation on 6ix