ADAMA : Third Quarter 2025 Presentation EN

Q3 & 9M 2025 FINANCIAL SUMMARY

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

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Q3 & 9M 2025

Financial Highlights

• Q3 Sales up 2.4% above Q3'24, second consecutive year-over-year quarterly growth; Stable 9M sales.

  • Q3 Gross Profits up 18% above Q3'24; 9M GP up 11% above 9M'24

  • Q3 EBITDA up 59% above Q3'24; 9M EBITDA

    up 29% above 9M'24

• Improved quality of business in gross margin and EBITDA margin in both Q3 & 9M, attributable to:

  • Lower costs due to improved operational efficiency and costs of inventory sold as part of ADAMA's Fight Forward strategic transformation plan

• Maintained positive free cash flow of $5m in Q3 and $74m in 9M, while the Company has been increasing procurements to capture growth momentum

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ADAMA Solutions Q3 2025

Second consecutive quarter YoY Sales Growth, with Improvement in Key Financial Metrics

Highlights

• Sales up 2% to $853 million

  • 3% volume growth, offset by 1% lower prices vs. PY;

  • Recovery of market demands and improvement of channel inventories in most regions

  • Weak prices due to low prices of active ingredients and commodities

• Gross Profit 18% above Q3'24; Gross Margin of 28.3% vs 24.6% 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 59% above Q3'24; EBITDA Margin 11%, vs. 7% PY

  • Flat 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

• Adjusted Net Loss improved by $51m from -$73m PY to -$22m; Reported Net Loss narrowed to -$42m from -$124m PY

  • Lower financial expenses positively impacted by a bond buyback in late

Q2, and lower hedging costs related to the Israeli Shekel

1. * CER - constant exchange rates

   There may be some difference in percentages due to rounding

   ADAMA Solutions 9M 2025

   Profit Improvement and Volume Growth while Pricing Pressures Remain

   Adjusted $ million	9M 2025	9M 2024	%▲
   Sales	2,698	2,719	-0.8%
   Gross Profit % of Sales	788	710	10.9%
   	29.2%	26.1%
   EBITDA % of Sales	341	264	28.9%
   	12.6%	9.7%
   Net Loss % of Sales	(1)	(142)
   	0.0%	-5.2%
   Reported Net Loss	(76)	(278)	-72.7%
   	-2.8%	-10.2%

   Highlights

   • Stable sales reaching $2,698 million

     • 3% volume growth offsetting 3% decrease in prices

     • Gradual recovery of market demands in most regions, despite declines in Turkey mainly in Q1

     • Weak prices due to low prices of active ingredients and commodities

   • Gross Profit 11% above PY; Improvement in Gross Margin of 29.2% vs

     26.1% 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 29% above PY; Improvement in EBITDA Margin 12.6% vs 9.7%

     PY

     • Flat OPEX following implementation of the Fight Forward plan but offset by expected credit losses due to liquidity issues of some local distributors in certain countries

   • Adjusted Net Loss of $0.8m up $141.6m from loss of $142.4m PY;

     Reported Net Loss narrowed to -$76m from -$278m PY

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

2. * CER - constant exchange rates

There may be some difference in percentages due to rounding

Regional Sales Performance

9M 2025 vs. 9M 2024

% Sales growth by region Total sales & absolute change in sales ($m)

Europe, Africa & Middle East

Latin America

(2%)

1%

(6)

(12)

893

675

North America

16%

87 651

APAC

Total

(14%)

0%

CER USD

(89)

(21)

478

2,698

• CER - Constant Exchange Rates

• APAC includes ADAMA India; LATAM includes Brazil

• As part of ADAMA's business optimization program, on January 1, 2025, ADAMA's South Africa business was reclassified from APAC operations to EAME operations. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME.

• Higher volume due to the gradual recovery of market demands in most regions, despite declines in Turkey

  mainly in Q1

• Weak prices due to low prices of active ingredients and commodities

9M 2025

FX

∆ Prices

∆ Volumes

9M 2024

0.8%

2.5%

2.6%

0.8%

2,698

-23

-69

71

2,719

Sales bridge analysis

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Gross Profit bridge analysis

Improvement in Gross Profit and Gross Margin

The gross profit was impacted by the contribution of lower costs, higher volumes, and lower prices

710 20

-69

145 788

-19

9M 2024 ∆ Volumes ∆ Prices ∆ Cost FX 9M 2025

EBITDA bridge analysis

Improvement in EBITDA and EBITDA Margin

Positive OPEX impact in following implementation of the Fight Forward plan offset mainly by expected credit loss in Q2 in LATAM due to liquidity issues of

265 20

-69

146

-4 -17

341

some local distributors

9M 2024 ∆ Volumes ∆ Prices ∆ Cost ∆ Opex FX 9M 2025

9

Numbers may not sum due to rounding

Focus on Cash Flow Management

9M'25 vs 9M'24: Maintaining Positive Cash Flow while Increasing Procurement to Capture Growth Momentum

9M 2024

9M 2025

9M 2024 △Inflow* △Outflow* 9M 2025

10 Unit: million USD

* △ in comparison to 9M 2024

Adjusted without sale of subsidiary NFC

Total debt as of 30.9.2025: $2,204m

ST

Bonds 37%

Long Term Bank Loans

11% CP

2%

Syngenta 22%

LT

Syngenta 15%

Short term bank loans

13%

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Net Debt/EBITDA ratio

887

405

Net Debt/EBITDA ratio

2.2X

Net Debt* 30/9/25 Last 12 mo. EBITDA

* Net Debt for bank covenant purposes excludes securitization and SG loans

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THANK

Regional Highlights

C&P Solutions:

• Increased volumes and flat prices for both Q3 and 9M

  US Ag:

• Sales slightly down in Q3, but significantly up in 9M

• Improvements in both volumes and prices

  Canada Ag:

• Flat Q3 sales with an increase in volume offset by a decrease by prices

• Volumes significantly up for 9M

  China

• Non-ag sales declined in Q3 mainly due to strategic pivot from manufacturing some basic chemical products and weaker market demands

• Partially compensated by higher AI sales, driven by volume growth due to the expansion of new distribution channels and supported by the recovery of global demand

• Sales of formulations business stabilized in Q3, still reflecting relatively high channel

  inventories and severe market competition

  India

• Significant declines in Q3 sales, primarily due to lower volumes driven by extreme

  LATAM

  9%

  9%

  -2%

  1%

  
  
  

  Q3 $ CER

  9M $

  CER

  weather conditions and lower prices

  Brazil:

  • Sales significantly up in Q3, resulting in higher revenues also for 9M.

    Rest of APAC

  • Sales and volumes slightly up in Q3, despite ongoing pricing pressures

    • Growth driven by increased volumes, while Q3 also experienced modest pricing increases

      Rest of LATAM:

      Q3 $ CER

      9M $

      CER

      EAME

      7%

      2%

      -1%

      -2%

      
      
      

    • Lower volumes, prices, and sales in Q3 and 9M, primarily in Paraguay and

  Argentina, due to channel destocking and just-in-time purchasing behavior

• Volumes and sales increased in Q3, though significant Q1 declines in Turkey impacted

  the year-to-date results

• Pricing continued to decline in light of intense competition

• Positive impacts from foreign exchange rates in Q3

  • CER - Constant Exchange Rates

    14

  • APAC - Asia Pacific

  • EAME - Europe, Africa & Middle East

  • LATAM - Latin America

  • C&P - Consumer & Professional

  • As part of ADAMA's business optimization program, on January 1, 2025, ADAMA's South Africa business was reclassified from APAC operations to EAME operations. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME.

    Regional Sales Performance

    Q3 2025 vs. Q3 2024

    
    
    

    % Sales growth by region Total sales & absolute change in sales ($m)

    2%

    Europe, Africa & Middle East

    9%

    Latin America

    16 231

    25 312

    5%

    North America

    7 163

    APAC

    (13%)

    (28)

    148

    Total

    2%

    CER USD

    20 853

    • CER - Constant Exchange Rates

    • APAC includes ADAMA India; LATAM includes Brazil

    • As part of ADAMA's business optimization program, on January 1, 2025, ADAMA's South Africa business was reclassified from APAC operations to EAME operations. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME.

• Higher volume mainly due to the gradual recovery of market demands and improvement of channel

  inventories in most regions;

• Weak prices due to low prices of active ingredients and commodities

Q3 2025

FX

∆ Prices

∆ Volumes

Q3 2024

1%

1%

3%

3.0%

853

7

-8

21

833

Sales bridge analysis

16

Gross Profit bridge analysis

Improvement in Gross Profit and Gross Margin

The gross profit was impacted by the contribution of lower costs, higher volumes, and lower prices

205 5

-8

31 8 242

Q3 2024 ∆ Volumes ∆ Prices ∆ Cost FX Q3 2025

EBITDA bridge analysis

Improvement in EBITDA and EBITDA Margin

Lower OPEX mainly due to expected credit loss in

LATAM due to liquidity issues of some local

61 5

31 5 3 97

-8

distributors

Q3 2024 ∆ Volumes ∆ Prices ∆ Cost ∆ Opex FX Q3 2025

17

Numbers may not sum due to rounding

Adjusted vs. Reported P&L

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Adjusted vs. Reported Financial Results

The financial results in this presentation are presented on an "Adjusted" basis, and differ to some extent from the "Reported" financials contained in

the formal financial statements of the Company.

ADAMA's approach on the use of adjustments:

• Adjusted results:

  • Exclude items that are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business

  • Reflect the way the Company's management and the Board of Directors view the performance of the Company internally

• The Company believes that excluding the effects of these items from its operating results allows management and investors to

effectively compare the true underlying financial performance of its business from period to period and against its global peers

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