Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q1 2026 Earnings Presentation
45 slides from Archer-daniels-midland's earnings presentation, May 5, 2026
Slide 1: Unlocking Nature. Enriching Life.
Unlocking Nature. Enriching Life. As of December 31, 2024
Slide 2: Safe Harbor Statement
2 Safe Harbor Statement Some of our comments and materials in this presentation constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. These statements and materials
Slide 3: Table of Contents
3 Table of Contents Unlock Enrich Invest The ADM Vision What We Do Financial Results Why Invest in ADM? How We Do It The ADM Edge Corporate Responsibility The ADM Plan
Slide 4: Unlock
4 Unlock The ADM Vision The ADM Edge The ADM Plan
Slide 5: Food is Fundamental.
5 The ADM Vision Food is It sustains us, fulfills us and fuels our well-being. It’s the most basic need with the most critical impact. ADM is Fundamental. devoted to that impact every single day. We believe… Everyone has the right to Food derived from nature is Access to nutrition has the the food t
Slide 6: ADM by the Numbers
6 The ADM Edge ADM by the Numbers FUNDAMENTALS FINANCIALS CREDENTIALS ~700 68 $85.5B ~$39B 1902 Facilities Innovation CY24 Revenue Market Cap Founded Centers as of 12/31/2024 ~325 >180 $4.2B 93 ADM Food & Feed Countries Served Total Segment Years of Consecutive NYSE Since 1924 Processing Locations O
Slide 7: Transforming the Portfolio
7 The ADM Plan Transforming the Portfolio Acquisitions and JVs Gleadell Morocco Eaststarch SA Texoma Groundnut Peanut Co 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Lactic Brazil GrainCorp Cocoa Sugar Crop Risk Bolivia CIP Divestitures Acid Services Oilseeds Fertilizer Chocolate New Hope
Slide 8: Enrich
8 Enrich What We Do How We Do It Corporate Responsibility
Slide 9: Enduring Global Trends
9 What We Do Enduring Global Trends Food Health and Security Well-being Sustainability
Slide 10: Serve Customers Across the Value Chain with Unmatched Products & Services
10 What We Do Serve Customers Across the Value Chain with Unmatched Products & Services Origination of Crops Processing Specialties Ag Services Oilseeds Nutrition Oilseeds Procure/Store Grain Vegetable Other Meal Flavors Specialty Oil Products Ingredients Carbohydrate Solutions Animal Nutrition Heal
Slide 11: Ag Services and Oilseeds
11 Ag Services and Oilseeds
Slide 12: Ag Services and Oilseeds Overview
12 How We Do It: Ag Services and Oilseeds Ag Services and Oilseeds Overview Refined Products Ag Services Crushing & Other Wilmar Drivers of Profitability Drivers of Profitability Drivers of Profitability Drivers of Profitability Procure, store, dry/blend, transport and Crush a diverse set of oilseed
Slide 13: Ag Services and Oilseeds Footprint
13 How We Do It: Ag Services and Oilseeds Ag Services & Oilseeds Footprint Daily Grain Storage 400 ~20M MT Capacity (MMT) GERMANY Procurement and Global NETHERLANDS Storage Facilities Storage Capacity 1 Processing 12 Processing UKRAINE 1 Procurement 3 Procurement POLAND 1 Processing EMEA 2 42 3 Proc
Slide 14: Segment Operating Profit
14 How We Do It: Ag Services and Oilseeds Segment Operating Profit $4,500 $2,016 $1,723 $1,215 $1,229 $2,020 $1,935 $2,105 $2,799 $4,401 $4,067 $2,447 $554 $4,000 $303 $3,500 $837 $3,000 $1,306 Millions $2,500 $378 $336 $1,636 $2,000 $652 $183 $343 $372 $552 $267 $1,290 $376 $200 $1,500 $370 $439 $2
Slide 15: Carbohydrate Solutions
15 Carbohydrate Solutions
Slide 16: Carbohydrate Solutions Overview
16 How We Do It: Carbohydrate Solutions Carbohydrate Solutions Overview Starches & Sweeteners Vantage Corn Processors Starches Sweeteners Flours Corn Dry Mills Drivers of Profitability Drivers of Profitability Drivers of Profitability Drivers of Profitability Industrial starches Glucose, high fructo
Slide 17: Carbohydrate Solutions Footprint
17 How We Do It: Carbohydrate Solutions Footprint Annual Corn Grind (MMT) Carbohydrate Solutions ~90 Different Products EMEA 2 CANADA Owned Processing 8 Processing 1 Procurement 24 Plants UNITED KINGDOM 6 Processing 16 39 NA Corn Wheat 4 Procurement 22 Additional Joint Venture Facilities in BULGARIA
Slide 18: Segment Operating Profit
18 How We Do It: Carbohydrate Solutions Segment Operating Profit $1,340 $823 $1,000 $1,083 $945 $644 $717 $1,318 $1,413 $1,375 $1,376 $37 $33 $1,400 $46 $370 $1,000 $155 $40 $719 $129 Millions $136 $1,376 $1,329 $1,343 $600 $928 $905 $948 $871 $753 $762 $686 $621 $200 Vantage Corn Processors (VCP) S
Slide 19: Nutrition
19 Nutrition
Slide 20: Nutrition Overview
20 How We Do It: Nutrition Nutrition Overview Human Nutrition Animal Nutrition Flavors & Colors Specialty Ingredients Health & Wellness Drivers of Profitability Drivers of Profitability Drivers of Profitability Drivers of Profitability Natural flavors portfolio Specialty soy and pea proteins Nutriti
Slide 21: Nutrition Footprint
21 How We Do It: Nutrition Footprint Nutrition Human Nutrition CANADA UNITED 68 3 Processing KINGDOM NETHERLANDS Customer Innovation Centers DENMARK 7 Processing 2 Processing 1 Processing BELGIUM GERMANY POLAND 78 1 Processing 5 Processing 1 Processing Processing Facilities FRANCE 4 11 Processing SP
Slide 22: Unique Opportunity, Powered by Seed to Fork Integration Across Food and Ag Value Chain
22 How We Do It: Nutrition Unique Opportunity, Powered by Seed to Fork Integration Across Food and Ag Value Chain Vertically integrated back to the farm Regenerative Agriculture Seed Technology Farmer Network Traceability Complete Pantry Systems Innovation Integrated Solutions Taste Proteins Beverag
Slide 23: Revenue and Segment Operating Profit
23 How We Do It: Nutrition Revenue and Segment Operating Profit Revenue Segment Operating Profit $3,590 $3,530 $3,530 $3,790 $5,680 $5,799 $6,712 $7,636 $7,211 $7,349 $323 $273 $311 $339 $418 $574 $632 $668 $427 $386 $8,000 $800 $7,000 $700 $6,000 $600 $111 $3,867 $3,405 $112 Millions Millions $3,57
Slide 24: Sustainability and Corporate Responsibility
24 Sustainability and Corporate Responsibility
Slide 25: Scope 3 Greenhouse Gas Emissions Goal
25 Sustainability and Corporate Responsibility Scope 3 Emissions Goal Scope 3 greenhouse gas emissions 25% reduction by 2035 from a 2021 baseline
Slide 26: Goals and Key Performance Indicators
26 Sustainability and Corporate Responsibility Goals and Key Performance Indicators
Slide 27: Building a More Sustainable Value Chain
27 Sustainability and Corporate Responsibility Building a More Sustainable Value Chain We are the foundation of food on tables the world over – flavoring culture, forwarding health and wellness, and venturing into new possibilities and discoveries for human and animal nutrition. Creating value throu
Slide 28: Helping Our Employees and Communities
28 Sustainability and Corporate Responsibility Helping Our Employees and Communities ADM continuously works to improve the lives of our stakeholders, including the communities in which we operate as well as our vast and diverse employee base. Helping Communities Promoting Ensuring Through ADM Cares
Slide 29: ADM's Independent and Diverse Board
29 Sustainability and Corporate Responsibility ADM’s Independent and Diverse Board Juan Luciano Terrell Crews Michael Burke Theodore Colbert Age 63 Age 69 Age 62 Age 51 Appointed 2014 Appointed 2011 Appointed 2018 Appointed 2021 Board Chair, President & CEO, ADM Fmr. CFO & Divisional CEO, Monsanto F
Slide 30: ADM's Independent and Diverse Board
30 Sustainability and Corporate Responsibility ADM’s Independent and Diverse Board Statistics Responsibilities Nominating and Compensation and Succession Corporate Governance • Assesses potential risks associated 64% 91% • Authority to assign oversight of specific areas of risk to other committees w
Slide 31: Invest
Invest [ Financial Results ADM BY _ C—O LE
Slide 32: Total Segment Operating Profit and Adjusted EPS
32 Financial Results Total Segment Operating Profit Adjusted Earnings Per Share $2.8 $2.5 $2.6 $3.3 $3.0 $3.3 $4.8 $6.4 $5.8 $4.2 $7.85 $8.00 $7.0 $7.50 $6.98 $7.00 $6.0 $0.7 $6.50 $0.4 $5.0 $1.4 $6.00 $1.4 $5.50 $0.7 $5.19 $4.74 $4.0 $0.4 $5.00 Billions $1.3 $4.50 $3.0 $0.3 $0.6 $1.4 $0.4 $4.00 $0.
Slide 33: Total Segment Operating Profit
33 Financial Results Total Segment Operating Profit Total Segment CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 Operating Profit Total (in millions) $2,622 $3,574 $2,997 $3,396 $4,749 $6,482 $5,869 $4,209 Ag Services & Oilseeds $1,229 $2,020 $1,935 $2,105 $2,775 $4,386 $4,067 $2,447 Ag Services 451 657 50
Slide 34: Processed Volumes
34 Financial Results Processed Volumes By Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total (000’s of metric tons) 56,943 56,061 57,433 58,651 58,350 54,450 54,251 51,510 52,966 54,260 Oilseeds 33,817 33,788 34,733 36,308 36,271 36,565 35,125 32,952 34,899 35,719 Corn 23,126 22,273 22,700
Slide 35: ROIC vs WACC
35 Financial Results ROIC vs WACC LT ROIC Objective: 10% 14% 13% CY24 12% 11% Trailing 4Q Average 8.3% Adjusted ROIC 10% 9% Trailing 4Q 8.0% 8% 8.3% Average ROIC 7% 6.7% Annual WACC 8% 6% 5% Trailing 4Q Average $0.1B 4% Adjusted EVA Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Long-Term WAC
Slide 36: Strong Balance Sheet
36 Financial Results Strong Balance Sheet Balance Sheet Highlights (in millions) Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Other Key Data 2020 2021 2022 2023 2024 Net Investment In: Book Value Cash & Cash Equivalents $667 $943 $1,037 $1,368 $856 $22.2B $44.98 Operating Working Capital $10,481 $10,546 $11,6
Slide 37: Cash from Operations Before Working Capital
37 Financial Results Cash from Operations Before Working Capital $6.0 $5.4 $5.0 $4.7 $4.8 $4.2 $3.9 $3.6 $3.3 $3.1 Billions $3.0 $2.7 $2.3 $2.4 $2.2 $2.1 $1.9 $1.8 $1.2 $0.6 $0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 38: Financial Framework for Shareholder Value Creation
38 Financial Results Financial Framework for Shareholder Value Creation Reinvestment in Capex to Generate Value 30%-40% Strategic Growth Operating Opportunities Share Value Creation Cash Repurchases for ADM Flows Shareholders Available for Strategic Growth or Dividends Distributions to Distributions
Slide 39: Capital Expenditures and M&A
39 Financial Results Capital Expenditures and M&A $2.0 Capex and D&A M&A $3.0 $2.8 $1.5 $2.5 $2.0 $1.1 $1.1 $2.0 $1.0 Billions $1.0 $1.0 $1.0 Billions $1.0 $1.6 $0.9 $0.9 $0.9 $0.9 $0.9 $0.9 $0.9 $0.9 $0.8 $1.5 $1.0 $0.9 $0.5 $0.5 $0.5 $1.6 $1.2 $1.5 $0.9 $0.9 $1.1 $0.9 $1.0 $0.8 $0.8 $0.8 $1.2 $1.3
Slide 40: 50 Consecutive Years of Dividend Increases
40 Financial Results 50 Consecutive Years of Dividend Increases Annual Dividends Per Share Dividends & Share Repurchases $2.5 $2.7 $2.3 Dividend Payout Ratio: Historical: 20-30% Medium Term: 30-40% $2.0 $2.0 $1.5 $1.5 Billions USD $2.00 $1.80 $1.0 $1.0 $1.0 $1.60 $1.0 $0.9 $1.44 $1.48 $0.8 $0.8 $1.4
Slide 41: Balance Sheet Strength-Solid Investment Grade
41 Financial Results Balance Sheet Strength-Solid Investment Grade Debt Metrics Available Liquidity (Billions) 50% 5.0 $25.0 4.0 3.0 16.7 $15.0 25% 22% 2.0 9.7 1.0 $5.0 0% 0.0 Q4'13 Q4'14 Q3'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'2
Slide 42: Appendix
42 Appendix
Slide 43: Summary of Specified Items Excluded in Adjusted Earnings
43 Financial Results Summary of Specified Items Excluded in Adjusted Earnings 1 Year Ended Year Ended Year Ended Year Ended CY CY CY CY CY CY CY CY CY CY CY CY CY 2009 2010 2011 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Earnings as Reported 1,684 1,930 2,036 1,223 1,375 1
Slide 44: Notes: Non-GAAP Reconciliation
44 Financial Results Notes: Non-GAAP Reconciliation 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, and should be considered in
Slide 45: Thank You
Thank You
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