ADAMA : reports Q3 and 9M 2025 Results

Q3 & 9M 2025

Demand led volume rebound as channel return to pre-pandemic levels

Raw material oversupply keeping prices under pressure

High interest rates

sustaining just in time purchasing

Crop prices stabilizing at low levels, but sensitive to

geopolitical risks

Farmer profitability pressures remain

3

Q3 & 9M 2025

Financial Highlights

• With stable sales for both periods:

  • Q3 Gross Profits up 14% above Q3'24;

    9M GP up 12% above 9M'24

  • Q3 EBITDA up 50% above Q3'24;

    9M EBITDA up 30% above 9M'24

• Improved quality of business ingross margin andEBITDA margin in both Q3 & 9M, attributable to:

  • Lower costs due to improved operational efficiency and costs of inventory sold (+$35m in Q3 and +$180m in 9M) as part of ADAMA's Fight Forward strategic transformation plan

  • Lower OPEX and its ratio

• Maintained positive free cash flow of $22m in Q3 and$112m in 9M, while the Company has been increasing procurements to capture growth momentum

4

Highlights

• Stable Sales reaching $933 million

  • 1% volume growth, offsetting 1% lower prices vs. PY

  • Recovery of market demands and improvement of channel inventories in

    most regions

  • Weak prices due to low active ingredient and commodity prices

• Gross Profit 14% above Q3'24;Improved Gross Margin of 27.6%

  vs. 24.2% PY

  • Attributable to lower costs due to improved operational efficiency following implementation of the Fight Forward Plan and lower costs of inventory sold, as well as higher volume, more than compensating for lower prices

• EBITDA 50% above Q3'24;Improved EBITDA Margin of 12.9%, vs. 8.6% PY

  • Lower OPEX mainly due to a credit loss PY which compensated for an increase in expenses attributed to company success-based employee compensation due to improved 2025 results to-date

• Lower Adjusted Net loss to $20m from -$78m PY; Reported Net Loss narrowed to -$48m from -$133m PY

  • Lower financial expenses positively impacted by a bond buyback in late Q2, and lower hedging costs related to the Israeli Shekel

    5 * CER - constant exchange rates

    There may be some difference in percentages due to rounding

    ADAMA LTD 9M 2025 Profit Improvement and Volume Growth while Pricing Pressures Remain

    Adjusted $ million	9M 2025	9M 2024	%▲
    Sales	3,025	3,028	0%
    Gross Profit % of Sales	878	782	12%
    	29.0%	25.8%
    EBITDA % of Sales	430	332	30%
    	14.2%	11.0%
    Net Income (Loss) % of Sales	29	(149)
    	1.0%	(4.9%)
    Reported Net Loss	(59)	(259)	77%
    	(2.0%)	(8.5%)

    Highlights

• Stable sales reaching $3,025 million

  • 3% volume growth offsetting 3% decrease in prices

  • Gradual recovery of market demands in most regions, despite declines in Turkey (Q1) and non-Ag (reduced basic chemical production)

  • Weak prices due to low active ingredient and commodity prices

• Gross Profit 12% above 9M'24;Improved Gross Margin of 29.0% vs 25.8% PY

  • Attributable to lower costs due to improved operational efficiency following implementation of the Fight Forward Plan and lower costs of inventory sold, as well as higher volume, more than compensating for lower prices

• EBITDA 30% above 9M'24;Improved EBITDA Margin of 14.2%

  vs 11.0% PY

  • Lower OPEX following implementation of the Fight Forward plan, more than compensated for expected credit losses due to liquidity issues of some local distributors in certain countries

• Adjusted Positive Net Profit up to $29m from -$149m PY;

  Reported Net Loss narrowed to -$59m from -$259m PY

  • Lower financial expenses positively impacted by a bond buyback in late Q2, and lower hedging costs related to the Israeli Shekel

6 * CER - constant exchange rates

There may be some difference in percentages due to rounding