Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q2 2026 Earnings Presentation
22 slides from Archer-daniels-midland's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call August 4, 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. 2Q26 (Unless Otherwise Stated) 2Q26 2Q26 TRAILING 4-QUARTER Reported Earnings Per Share5 Total Segment Operating Profit1,3 Adjusted ROIC1 $1.87 $1.5B 7.8% Up $1.42 relative to prior year quarter Up 75% relative to prior year quarter Up
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, assets and expertise to deliver the next wave of growth Value Creation Pathways • U.S. transition from artificial to natural colors is underway, driven by consumer demand for clean label products and
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) 2Q26 Segment Overview: Operating profit increased 129% in 2Q26 vs 2Q25, driven $867 by robust commercial and operational execution, and a constructive biofuels marg
Slide 8: Carbohydrate Solutions Segment Performance
8 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) $411 $337 $85 $33 2Q26 Segment Overview: Operating profit increased 22% in 2Q26 vs 2Q25, as continued ethanol margin strength, VCP supported by policy incentives, m
Slide 9: Nutrition Segment Performance
9 Nutrition Segment Performance Proprietary business information of ADM. Revenue and Segment Operating Profit (in millions of dollars) 2Q26 Segment Overview: Revenue decreased by 5% in 2Q26 vs Segment Revenue 2Q25, inclusive of foreign exchange gains. Prior year results included a $55 million benefi
Slide 10: Cash Flows and Cash Deployment
10 Cash Flows and Cash Deployment Proprietary business information of ADM. 1H26 versus 1H25 Delivered solid cash flow from operating activities before working capital in 1H26 driven by higher earnings period over period Cash from Operating Activities Before Working Capital1 Cash flows from operating
Slide 11: Full-year 2026 Outlook - Updated
11 Full-year 2026 Outlook - Updated Proprietary business information of ADM. Guidance raise underpinned by strong execution, constructive biofuels environment, and momentum in Nutrition Previous Outlook Updated Outlook Adjusted Earnings Per Share1 $4.15 - $4.70 $5.15 - $5.60 Updated Outlook Assumpti
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
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 June 30 Six Months Ended June 30 (Amounts in millions) 2026 2025 Change 2026 2025 Change Earnings before income taxes $ 1,088 $ 279 $ 809 $ 1,472 $ 632 $ 840 Other Business (
Slide 15: Balance Sheet Highlights
15 Balance Sheet Highlights Proprietary business information of ADM. June 30, (Amounts in millions) 2026 2025 Cash $ 1,060 $ 1,057 Short-term marketable securities 33 9 Net property, plant, and equipment 10,979 11,142 Operating working capital (1) 8,254 8,377 - Total inventories 10,586 9,723 Total d
Slide 16: Cash Flow Highlights
16 Cash Flow Highlights Proprietary business information of ADM. Six Months Ended June 30, (Amounts in millions) 2026 2025 Cash from operations before working capital changes(1,2) $ 1,759 $ 1,233 Changes in working capital (460) 2,723 Purchases of property, plant, and equipment (466) (596) Net asset
Slide 17: GAAP Statement of Earnings Summary
17 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) 2026 2025 Change 2026 2025 Change Revenues $ 22,681 $ 21,166 $ 1,515 $ 43,171 $ 41,341 $ 1,830 Cost of products sold $ 20,746 $
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 June 30, Six months ended June 30, 2026 2025 2026 2025 In millions Per share In millions Per share In millions Per share In millions Per share Net earnings
Slide 19: ROIC versus WACC
19 ROIC versus WACC Q2 Proprietary business information of ADM. CY26 Trailing 4Q Average ROIC (1) 6.7 % LT Adjusted ROIC Objective: 10% Trailing 4Q Average Adjusted ROIC(1) 7.8 % Annual WACC 7.5 % Long-Term WACC 6.5 % Trailing 4Q Average Adjusted EVA $0.1B 14% 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% Q2 Q2
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 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026 Net earnings attributable to ADM $ 108 $ 456 $ 298 $ 908 $ 1,770 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 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026 June 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 June 30 (Amounts in millions) 2026 2025 Short-term debt $ 407 $ 856 Current maturities of long-term debt 1,153 766 Long-term debt 6,451 7,6
Archer-Daniels-Midland Company — Q2 2026 Earnings Presentation on 6ix