Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q2 2025 Earnings Presentation
21 slides from Archer-daniels-midland's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Proprietary business information of ADM. Second Quarter 2025 Earnings Conference Call August 5, 2025 Proprietary business information of ADM.
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 Cautionary Note Regarding Forward-Looking Statements Proprietary business information of ADM. 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 3. Adjusted Return on Invested Capital (ROIC): Adjusted ROIC is Adjusted 7. Adjusted EBITDA: Adjusted EBITDA is defined as earnings before interest the Securiti
Slide 4: Financial Highlights
4 Financial Highlights Proprietary business information of ADM. Q2 and 1H 2025 (Unless Otherwise Stated) Q2 2025 Q2 2025 TRAILING 4-QUARTER Adjusted Earnings Per Share1,2,5 Total Segment Operating Profit1,3 Adjusted ROIC1 $0.93 $830M 6.9% Down 10% relative to prior year quarter Down 10% relative to
Slide 5: Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline
5 Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline Proprietary business information of ADM. Execution Simplification Targeted Organic Capital and Cost Focus Focus Growth Investment Discipline 2Q Actions and Results: • Drove targeted network optimization • Continue to mak
Slide 6: Ag Services & Oilseeds Segment Performance
6 Ag Services & Oilseeds Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) 2Q25 Segment Overview: Operating Profit declined 17% in 2Q25 vs 2Q24, primarily due to heightened trade and policy uncertainty, which continued to pressure global m
Slide 7: Carbohydrate Solutions Segment Performance
7 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) $605 2Q25 Segment Overview: Operating Profit decreased 6% in $576 2Q25 vs 2Q24, driven primarily by Starches & Sweeteners $21 $65 international volumes and margins
Slide 8: Nutrition Segment Performance
8 Nutrition Segment Performance Proprietary business information of ADM. Revenue and Segment Operating Profit (in millions of dollars) 2Q25 Segment Overview: Achieved ~5% increase in both revenue and operating profits in 2Q25 vs 2Q24. The revenue increase includes a $55M benefit from a contract canc
Slide 9: Cash Flows from Operations and Cash Deployment
9 Cash Flows from Operations and Cash Deployment Proprietary business information of ADM. 1H 2025 versus 1H 2024 Solid cash position despite decline in cash from operations before working capital; cash deployment focused on targeted organic investment and dividends Cash from Operations Before Workin
Slide 10: Full-year 2025 Outlook
Full-year 2025 Outlook 10 Proprietary business information of ADM. • Tightened previously provided outlook based on first half performance coupled with a weaker than Adjusted Earnings Per Share2,3 ~$4.00 anticipated 3Q25 but improved projections for 4Q25 (dollars per share) • 3Q24 reported sizeable
Slide 11: Our balanced self-help agenda positions ADM for continued success
11 Proprietary business information of ADM. Our balanced self-help agenda positions ADM for continued success Manage through Nutrition Recovery Capital Allocation the Cycle: Productivity + Innovation
Slide 12: Appendix
12 Appendix
Slide 13: Total Segment Operating Profit Reconciliation and Corporate Results
13 Total Segment Operating Profit Reconciliation and Proprietary business information of ADM. Corporate Results Quarter Ended June 30 Six Months Ended June 30 (Amounts in millions) 2025 2024 Change 2025 2024 Change Earnings before income taxes $ 279 $ 596 $ (317) $ 632 $ 1,481 $ (849) Other Business
Slide 14: Balance Sheet Highlights
14 Balance Sheet Highlights Proprietary business information of ADM. June 30, (Amounts in millions) 2025 2024 Cash $ 1,057 $ 764 Short-term marketable securities 9 — Net property, plant, and equipment 11,142 10,628 Operating working capital (1) 8,377 9,827 - Total inventories 9,723 10,443 Total debt
Slide 15: Cash Flow Highlights
15 Cash Flow Highlights Proprietary business information of ADM. Six Months Ended June 30, (Amounts in millions) 2025 2024 Cash from operations before working capital changes(1,2) $ 1,233 $ 1,692 Changes in working capital 2,723 (524) Purchases of property, plant, and equipment (596) (690) Net asset
Slide 16: GAAP Statement of Earnings Summary
16 GAAP Statement of Earnings Summary Proprietary business information of ADM. Quarter ended June 30, Six months ended June 30, (Amounts in millions except per share data) 2025 2024 Change 2025 2024 Change Revenues $ 21,166 $ 22,248 $ (1,082) $ 41,341 $ 44,095 $ (2,754) Cost of products sold 19,796
Slide 17: Reconciliation of Adjusted Net Earnings and Adjusted Earnings Per Share (EPS)
17 Reconciliation of Adjusted Net Earnings and Proprietary business information of ADM. Adjusted Earnings Per Share (EPS)(1) Quarter ended June 30, Six months ended June 30, 2025 2024 2025 2024 In millions Per share In millions Per share In millions Per share In millions Per share Net earnings and r
Slide 18: ROIC versus WACC CY25
18 Q2 ROIC versus WACC CY25 Proprietary business information of ADM. Trailing 4Q Average ROIC (1) 4.5 % LT ROIC Objective: 10% Trailing 4Q Average Adjusted ROIC(1) 6.9 % Annual WACC 8.3 % Long-Term WACC 7.0 % Trailing 4Q Average Adjusted EVA $(0.4)B 14% 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% Q2 Q2 Q2 Q2
Slide 19: Reconciliation of ROIC and Adjusted ROIC
19 Reconciliation of ROIC and Adjusted ROIC Proprietary business information of ADM. ROIC Earnings (Amounts in millions) Four Quarters Quarter Ended Ended Sep. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June 30, 2025 June 30, 2025 Net earnings attributable to ADM $ 18 $ 567 $ 295 $ 219 $ 1,099 Adjustments
Slide 20: Reconciliation of Adjusted EBITDA
20 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 Sep. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June 30, 2025 June 30, 2025 June 30
Slide 21: Reconciliation of Adjusted Net Debt and Adjusted EBITDA
21 (1) Reconciliation of Adjusted Net Debt to Total Debt and Proprietary business information of ADM. Adjusted Net Debt(1) / Adjusted EBITDA(1) Adjusted Net Debt June 30 (Amounts in millions) 2025 2024 Short-term debt $ 856 $ 2,312 Current maturities of long-term debt 766 1 Long-term debt 7,606 8,24
Archer-Daniels-Midland Company — Q2 2025 Earnings Presentation on 6ix