Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q3 2025 Earnings Presentation
21 slides from Archer-daniels-midland's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Proprietary business information of ADM. Third Quarter 2025 Earnings Conference Call November 4, 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. Q3 and YTD 2025 (Unless Otherwise Stated) Q3 2025 Q3 2025 TRAILING 4-QUARTER Adjusted Earnings Per Share1,2,5 Total Segment Operating Profit1,3 Adjusted ROIC1 $0.92 $845M Down 19% relative to prior year 6.7% Down 16% relative to prior y
Slide 5: Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline
Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline 5 On-track to deliver $200 - $300 million of cost savings in 2025 Proprietary business information of ADM. Execution Simplification Targeted Organic Capital and Cost Focus Focus Growth Investment Discipline 3Q Actions and
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) 3Q25 Segment Overview: Operating profit declined 21% in 3Q25 vs 3Q24, primarily due to delayed demand signals as a result of deferred biofuel policy and a challengi
Slide 7: Carbohydrate Solutions Segment Performance
7 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) 3Q25 Segment Overview: Operating profit decreased 26% in 3Q25 vs 3Q24, driven primarily by lower Starches and Sweeteners volumes and margins, which were partially o
Slide 8: Nutrition Segment Performance
8 Nutrition Segment Performance Proprietary business information of ADM. Revenue and Segment Operating Profit (in millions of dollars) Segment Revenue 3Q25 Segment Overview: Achieved 5% increase in revenue, inclusive of foreign exchange gains, and 24% increase in operating profit in 3Q25 vs 3Q24 Hum
Slide 9: Cash Flows from Operations and Cash Deployment
9 Cash Flows from Operations and Cash Deployment Proprietary business information of ADM. YTD 2025 versus YTD 2024 Solid cash position despite challenging commodities environment, with same period year-over-year decline in cash from operations before working capital offset by working capital improve
Slide 10: Full-year 2025 Outlook - Revised
Full-year 2025 Outlook - Revised 10 Deferral of U.S. biofuel policy and evolving global trade landscape have weakened expected AS&O performance Proprietary business information of ADM. Previous Outlook1 Revised Outlook Adjusted Earnings Per Share2,3 ~$4.00 $3.25 - $3.50 (dollars per share) 2H25 Adju
Slide 11: Our balanced self-help agenda
11 Proprietary business information of ADM. Our balanced self-help agenda centers around ADM focusing on actions within its control and strengthening our business for long-term success Manage through Nutrition Recovery Capital Allocation the Cycle: Productivity + Innovation
Slide 12: Appendix
12 Proprietary business information of ADM. Appendix
Slide 13: Total Segment Operating Profit Reconciliation and Corporate Results
13 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) 2025 2024 Change 2025 2024 Change Earnings before income taxes $ 147 $ 108 $ 39 $ 779 $ 1,588 $ (809) Other Business (
Slide 14: Balance Sheet Highlights
14 Balance Sheet Highlights Proprietary business information of ADM. September 30, (Amounts in millions) 2025 2024 Cash $ 1,235 $ 784 Net property, plant, and equipment 11,092 10,828 Operating working capital (1) 7,176 9,297 - Total inventories 8,700 10,476 Total debt 7,856 10,051 - CP outstanding 1
Slide 15: Cash Flow Highlights
15 Cash Flow Highlights Proprietary business information of ADM. Nine Months Ended September 30, (Amounts in millions) 2025 2024 Cash from operations before working capital changes(1,2) $ 2,087 $ 2,341 Changes in working capital 3,678 127 Purchases of property, plant, and equipment (892) (1,071) Net
Slide 16: GAAP Statement of Earnings Summary
16 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) 2025 2024 Change 2025 2024 Change Revenues $ 20,372 $ 19,937 $ 435 $ 61,713 $ 64,032 $ (2,319) Cost of products sold
Slide 17: Reconciliation of Adjusted Net Earnings and Adjusted EPS
17 Reconciliation of Adjusted Net Earnings and Proprietary business information of ADM. Adjusted Earnings Per Share (EPS)(1) Quarter ended September 30, Nine months ended September 30, 2025 2024 2025 2024 In millions Per share In millions Per share In millions Per share In millions Per share Net ear
Slide 18: ROIC versus WACC
18 ROIC versus WACC Q3 CY25 Proprietary business information of ADM. Trailing 4Q Average ROIC (1) 4.8 % LT Adjusted ROIC Objective: 10% Trailing 4Q Average Adjusted ROIC(1) 6.7 % Annual WACC 8.3 % Long-Term WACC 7.0 % Trailing 4Q Average Adjusted EVA $(0.5)B 1. Non-GAAP measure - see notes on page 3
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 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Sep. 30, 2025 Net earnings attributable to ADM $ 567 $ 295 $ 219 $ 108 $ 1,189 Adjustment
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 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Sep. 30, 2025 Sep. 30
Slide 21: Reconciliation of Adjusted Net Debt to Total Debt and Adjusted EBITDA
21 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) 2025 2024 Short-term debt $ 246 $ 1,733 Current maturities of long-term debt 1,001 725 Long-term debt 6,
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