安道麦B:2026年第三季度报告附件(英文版)

ADAMA Reports Third Quarter & First Nine Months 2026 Results

Record heat and drought in Europe impacted sales in addition to price pressure

across all regions in off-patent products

BEIJING, CHINA and TEL AVIV, ISRAEL, October 29, 2026 – ADAMA Ltd. (the “Company”)
(SZSE 000553), today reported its financial results for the third quarter & first nine-months ended
September 30, 2026.
Third Quarter 2026 Highlights:

 Sales declined 4% (-9% in RMB) to $897 million

 Adjusted gross profit declined 11% to $228 million (margin of 25.4%) in Q3 2026 vs. $257
million (margin of 27.6%) in Q3 2025

 Adjusted EBITDA declined 22% to $93 million (margin of 10.4%) vs. $120 million (margin of
12.9%) in Q3 2025

 Reported net loss reached $115 million vs. $48 million in Q3 2025; Adjusted net loss reached
$74 million vs. $20 million in Q3 2025

 Operating cash inflow increased to $94 million in Q3 2026 vs. $89 million in Q3 2025

 Free cash inflow was $33 million in Q3 2026 vs. $22 million in Q3 2025

First Nine Months 2026 Highlights:

 Sales declined 1% (-5% in RMB) reaching $2,997 million

 Adjusted gross profit declined 2% to $860 million (margin of 28.7%) in 9M 2026 vs. $878
million (margin of 29.0%) in 9M 2025

 Adjusted EBITDA declined 8% to $395 million (margin of 13.2%) vs $430 million (margin of
14.2%) in 9M 2025

 Reported net loss reduced to $53 million from $59 million in 9M 2025; Adjusted net profit
declined to a loss of $11 million from a profit of $29 million in 9M 2025

 Operating cash inflow was $194 million in 9M 2026 vs. $331 million in 9M 2025

 Free cash inflow was $87 million in 9M 2026 vs. $112 million in 9M 2025

Gaël Hili, President and CEO of ADAMA, said "ADAMA continues to advance its strategic
priorities, strengthening its portfolio, sharpening its market focus, and building the operational
foundation required to improve performance and efficiency. While pricing pressure continues across
all regions in off-patent products, and the third quarter was marked by more challenging than
expected market conditions with extreme weather in Europe, we are encouraged by the promising
progress achieved in our strategic markets and product categories. Despite these challenging
conditions, I am pleased to see the differentiated products' volumes growing in key markets as well
as the discipline of the team in keeping its operating costs down to offset headwinds.

"As of November, I will be stepping away from the CEO position and continue to support ADAMA
from the role of Chairman of the Board. As I make this transition, I do so with strong confidence in
ADAMA's strategic direction, and in Dr. Zhigang Hao's leadership to build on this foundation and
unlock the company's full potential while creating long-term value for its shareholders."

Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q3 Q3 % Change Q3 Q3 Q3 Q3 % Change
2026 2025 2026 2025 2026 2025

Revenues 897 933 -4% 0 0 897 933 -4%

Gross profit 204 236 -14% 24 22 228 257 -11%
% of sales 22.7% 25.2% 25.4% 27.6%

Operating income (loss) (EBIT) (10) 30 41 26 31 56 -45%
% of sales (1.2%) 3.2% 3.4% 6.0%

Loss before taxes (68) (41) -65% 42 29 (26) (11) -128%
% of sales (7.5%) (4.4%) (2.9%) (1.2%)

Net loss (115) (48) 41 28 (74) (20)

% of sales (12.8%) (5.1%) (8.2%) (2.1%)

EPS

- USD (0.0492) (0.0206) (0.0317) (0.0086)

- RMB (0.3337) (0.1470) (0.2150) (0.0611)

EBITDA 87 104 -16% 6 16 93 120 -22%
% of sales 9.7% 11.2% 10.4% 12.9%

As Reported Adjustments Adjusted

USD (m) 9M 9M % Change 9M 9M 9M 9M % Change
2026

2025 2026 2025 2026 2025

Revenues 2,997 3,025 -1% 0 0 2,997 3,025 -1%

Gross profit 777 792 -2% 83 86 860 878 -2%
% of sales 25.9% 26.2% 28.7% 29.0%

Operating income (EBIT) 163 155 5% 44 81 207 237 -12%
% of sales 5.4% 5.1% 6.9% 7.8%

Income (loss) before taxes (11) (58) 81% 44 91 33 33 -1%
% of sales (0.4%) (1.9%) 1.1% 1.1%

Net profit (loss) (53) (59) 42 89 (11) 29

% of sales (1.8%) (2.0%) (0.4%) 1.0%

EPS

- USD (0.0226) (0.0254) (0.0046) 0.0127

- RMB (0.1480) (0.1815) (0.0269) 0.0910

EBITDA 417 378 10% (22) 53 395 430 -8%
% of sales 13.9% 12.5% 13.2% 14.2%

Notes:

“As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the
implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of
Finance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE
guidelines [IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS.
Please see the appendix to this release for further information.

Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of
a transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and 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. A detailed summary of these
adjustments appears in the appendix below.

The number of shares used to calculate both basic and diluted earnings per share in both Q3 & 9M 2026 and 2025 is 2,329.8 million
shares.

In this table and all tables in this release numbers may not sum due to rounding.

The general crop protection (CP) market environment

During the first nine months of 2026, crop protection market volumes saw weaker than anticipated
growth due to elevated farmer costs and just-in-time purchasing patterns, despite low channel
inventories supporting healthy underlying crop protection demand. Additionally, crop protection pricing,
particularly in the off-patent market, continued to remain under pressure, mainly due to lower farmer
profitability, as well as persistently low active ingredient prices resulting from structural production
overcapacity in China.

Overall market conditions varied across regions and crops, while farmer margins remained under
pressure in many markets due to higher borrowing costs as well as higher fertilizer and fuel costs.

Geopolitical tensions and weather-related disruption continued to create uncertainty along the entire
value chain from crop production, input costs and grower profitability.1

Strategy execution

The Company is focused on turning stabilization into profitable growth and sustained value creation.
Its strategy prioritizes selective growth in markets, segments and offerings where ADAMA can
create clear value for customers and generate attractive returns. Execution is focused on four
sources of value: (i) driving portfolio differentiation that meets grower needs; (ii) enhancing
commercial capabilities to support profitable growth; (iii) shifting to a more competitive, flexible and
asset-light supply and manufacturing network; and (iv) improving organizational design, processes,
and systems to support better decisions and create additional value across the business. Across
these areas, ADAMA remains focused on improving margins, generating cash, maintaining cost
control and directing investment toward the highest-return opportunities.

Portfolio development update

During Q3

2026 ADAMA continued to register and launch multiple new products in markets across
the globe, adding on to its differentiated product portfolio. The Company continued to focus on
advanced, value‑driven formulations supporting optimization of its product portfolio. In the first nine
months of 2026, ADAMA launched 31 new products and received 70 new product registrations.

Key launches of differentiated products during Q3 2026 included:

 REXARO® (India): A Suspension Concentrate (SC) fungicide combining Fluopicolide and
Cymoxanil, providing preventive and early curative control of Oomycete diseases for long-
lasting protection, reduced spray frequency and improved crop safety in F&V crops.

 ACTAGON™ (India): A ready-mix pre-emergence wheat herbicide combining Pyroxasulfone
and Metribuzin for control of Phalaris minor and other key weeds. This easy mix liquid
formulation helps growers reduce operational complexity by eliminating on-farm tank mixing
and supporting fewer herbicide applications.

1 Sources: Agbioinvestor, The CP Industry report - Market review: 2025. June 2026, internal sources

 RAVARI® (Mexico): Combines the complementary strengths of Novaluron and CTPR,
offering two distinct modes of action in a water-based Suspension Concentrate (SC)
formulation powered by ADAMA’s Ayalon™ Formulation Technology. This combination
provides growers with a valuable resistance-management tool for integrated pest-
management programs and delivers long-lasting control of lepidopteran larvae in avocado
and vegetable crops.

 PORAFAM® Titan kit (Germany): Combines a novel Aminopyralid and Quinmerac SC
formulation with Metazachlor, this premium solution delivers improved broad-spectrum
control of broad-leaved weeds and grasses in Oilseed rape.

Notable differentiated product registrations included:

 SPARTA® (Brazil): 3-way mixture, combining a leading rust-control molecule with high-
efficacy actives to broaden the disease control spectrum in a proprietary ADAMA formulation,
providing value for growers and supporting more sustainable, high-performing soybean
production.

 PARAMER® SC (Argentina): A unique high-load liquid Pyroxasulfone herbicide powered by
ADAMA's Sesgama™ formulation technology, delivering long-lasting residual weed control in
soybean, corn, and cereals. With 40% more active ingredient than standard liquid
formulations, it offers greater operational efficiency and application convenience.

 FERRABAIT® (Latvia): An innovative molluscicide based on the novel, low-risk active
ingredient Feralla®, providing growers with a highly effective new solution for slug and snail
control. This first EU registration marks the beginning of a broader rollout.

Geopolitical Situation

ADAMA is a global company with manufacturing and formulation facilities in several locations
around the world, principally in Israel, China and Brazil. It is headquartered and has three
manufacturing sites in Israel. Despite regional tensions that have escalated on February 28, 2026,
the Company’s Israeli production sites and supply chain, including ports, continued to operate
without significant delays allowing the Company to support its markets, and ongoing activities.

During March and early April 2026, the Company's Neot Hovav site suffered limited and localized
damage caused by falling debris following missile interceptions in the southern region of Israel. No
bodily injuries were reported, and an immediate safety-driven closure of the facilities was carried out,
followed by a phased shutdown, also for safety reasons. The Company initiated comprehensive
damage assessments. The direct damage to its core production facilities was not meaningful and
was primarily limited to a finished goods warehouse, certain ancillary equipment and systems and
an open storage area. Thereafter, the Company undertook certain restoration activities, and as of
the date of this release Neot Hovav site has returned to normal operational status. The Company
expects the overall impact of these occurrences to be non-material, also due to appropriate
compensation from governmental authorities.

Additionally, in respect to changes in global tariff policies, despite the uncertainty regarding
changes to trade and tariff policies around the world, the Company currently expects that the
impact on its operations and business results will continue to be immaterial.

Financial Highlights

Revenues in the third quarter decreased by approximately 4% (-9% in RMB; -6% in CER) to $897
million compared to last year, reflecting a decline of 4% in volumes and 2% in prices, partially
compensated by positive impact of foreign exchange rates.

The lower volumes resulted from lower market demand in certain regions due to higher farmer
costs and weather co

nditions, partially compensated by new product introductions. Lower prices
reflected the overall lower market pricing and weaker farmer purchasing power.

These results brought the revenues in the first nine months of 2026 to $2,997 million, 1% lower
than last year (-5% in RMB terms; -4% in CER terms), reflecting a decrease of 3% in prices and 1%
in volumes, partially moderated positive impact of foreign exchange rates.

Excluding the Company's decision in Q3 2025 to reduce the manufacture and sale of certain basic
chemicals, sales would have increased in the first nine months period by 1% in comparison to the
corresponding period in 2025. Third quarter sales are on a comparable basis.

Table 2. Regional Sales Performance

Q3 2026 Q3 2025 Change Change 9M 2026 9M 2025 Change Change
$m $m USD CER $m $m USD CER

Europe, Africa & Middle East 203 233 (13%) (16%) 933 903 3% (3%)

North America 174 164 6% 6% 692 659 5% 5%

Latin America 286 312 (8%) (12%) 639 675 (5%) (10%)

Asia Pacific 235 225 4% 4% 732 789 (7%) (8%)

Of which China2 99 91 9% 2% 337 400 (16%) (19%)

Total 897 933 (4%) (6%) 2,997 3,025 (1%) (4%)

Notes:
CER: Constant Exchange Rates

Numbers may not sum due to rounding

In EAME, sales declined in the third quarter reflecting significantly weaker market consumption and
lower crop-protection applications across several European markets due to weather impacts
creating channel inventory build-up and due to elevated farmer input costs. Market-share gains
partly mitigated the decline, while competitive and pricing pressure remained high, concentrated in
specific off-patent active ingredients.

2 Excluding the manufacture and sale of certain basic chemicals, sales in China decreased by 5% in 9M 2026

North America sales increased supported by growth across Professional Solutions, Consumer and
Canada. US Ag was impacted by lower market prices mainly in commodity categories, while
continuing to present growth in key products and customer segments. Pricing pressure and elevated
inventories affected several US agricultural products.

Latin America: In Brazil, sales declined despite intensified commercial execution ahead of the
soybean season particularly across fungicides and insecticides. This was offset by continued pricing
pressure, farmer liquidity constraints and intense competition, particularly in commodity products.

In the rest of LATAM, sales increased supported by higher volumes, particularly in Argentina,
following disciplined implementation of its strategic growth priorities across the region, despite
continued competitive and pricing pressure and El-Niño impact in certain countries.

Asia-Pacific (APAC) excluding China: Sales increased supported by growth in Pacific and India
more than offsetting a decline in other South-East Asia sales. Pacific benefited from fungicide
demand in Southern and Western Australia supported by new product introductions. South-East
Asia sales were impacted by El-Niño impact on demand.

In China, sales reflected the Company’s decision to reduce manufacturing and sale of certain basic
chemicals since Q3 2025 and low-margin products, leading to a decline in sales in the nine-month
period while in the third quarter sales were on a comparable basis and increased, reflecting higher
sales of brand formulations driven by new product launches and higher non-ag sales following better
utilization rates.

Reported gross profit in the third quarter declined 14% to $204 million (gross margin of 22.7%)
compared to $236 million (gross margin of 25.2%) last year. In the first nine months, reported gross
profit declined 2% to $777 million (gross margin of 25.9%) compared to $792 million (gross margin
of 26.2%) last year.

Adjustments to reported results: The adjusted gross profit includes mainly

reclassification of inventory impairment, taxes and surcharge and excludes certain

transportation costs (classified under operating expenses).

Adjusted gross profit in the third quarter declined 11% to $228 million (gross margin of 25.4%)
compared to $257 million (gross margin of 27.6%) last year. In the first nine months, adjusted gross
profit declined 2% to $860 million (gross margin of 28.7%) compared to $878 million (gross margin
of 29.0%) last year.

The decline in gross profit in the third quarter and first nine-month period was due to the decline in
sales, as described above and negative cost impact. These impacts were slightly moderated by the
improvement in the Company's sales m

ix of higher margin products and positive impact of exchange
rates.

Reported operating expenses3 in the third quarter were $214 million (23.8% of sales) compared to
$205 million (22.0% of sales) last year. In the first nine months of 2026 reported operating expenses
declined to $614 million (20.5% of sales) compared to $636 million (21.0% of sales) last year.

3 Reported operating expenses include Sales and Marketing, General and Administration and R&D and include credit and
other asset impairments (not inventory), other operating income and expenses as well as income from disposal of

assets.

Adjustments to reported results: Please refer to the explanation regarding adjustments to the gross
profit in respect to certain transportation costs, taxes and surcharges and inventory impairment.

The Company recorded certain non-operational items within its reported operating

expenses amounting to an expense of $37 million in Q3 2026 and an income of $36

million in 9M 2026 in comparison to expenses of $26 million in Q3 2025 and $73 million

in 9M 2025. These items in 2026 mainly include: (i) non-cash amortization charges in

respect of transfer assets received from Syngenta related to the 2017 ChemChina-

Syngenta acquisition; (ii) non-cash amortization net charges related to intangible assets

created as part of the Purchase Price Allocation (PPA) on acquisitions; (iii) capital gain

from sale of a subsidiary's logistics center in Israel; (iv) fixed asset impairment related to

improvement of operational efficiency; and (v) restructuring costs. For further details on

these non-operational items, please see the appendix to this release.

Adjusted operating expenses in the third quarter decreased to $197 million (21.9% of sales)
compared to $201 million (21.5% of sales) last year. In the first nine months, adjusted operating
expenses reached $653 million (21.8% of sales) compared to $641 million (21.2% of sales) last year.
In the third quarter operating expenses decreased despite the negative impact of exchange rates
following tight expense discipline. In the nine-month period operating expenses were still higher
reflecting the negative impact of exchange rates, an increase in employee compensation and an
increase in H1 2026 in expenses supporting business growth, partially offset by capital gain from the
disposal of fixed assets.

Reported operating income was a loss of $10 million (-1.2% of sales) in the third quarter
compared to an income of $30 million (3.2% of sales) last year. In the first nine months, reported
operating income increased 5% to $163 million (5.4% of sales) compared to $155 million (5.1% of
sales) last year.

Adjusted operating income in the third quarter declined 45% to $31 million (operating margin of
3.4%) from $56 million (operating margin of 6.0%) last year. In the first nine months, adjusted
operating income declined 12% to $207 million (operating margin of 6.9%) compared to $237 million
(operating margin of 7.8%) last year.

The lower operating income in the third quarter reflected the lower gross profit, partially
compensated by lower operating expenses. In the first nine months, the decline in operating income
reflected lower gross profit and higher operating expenses.

Reported EBITDA in the third quarter declined by 16% to $87 million (EBITDA margin of 9.7%) from
$104 million (EBITDA margin of 11.2%) last year. EBITDA reported in the first nine months
increased 10% to $417 million (EBITDA margin of 13.9%) from $378 million (EBITDA margin of
12.5%) last year.

Adjusted EBITDA in the third quarter declined 22% to $93 million (EBITDA margin of 10.4%) from
$120 million (EBITDA margin of 12.9%) last year. Adjusted EBITDA in the first nine months declined
8% to $395 million (EBITDA margin of 13.2%) from $430 million (EBITDA margin of 14.2%) last year.
Adjusted financial expenses decreased to $57 million in the third quarter compared to $68 million
last year and in the first nine months decreased to $174 million compared to $204 million last year.

The lower financial expenses in the third quarter of 2026 reflected the positive impact of the CPI,
improved overall loan terms, the benefit of the continued positive cash flow and lower hedging costs.
In the first nine months of 2026 the lower financial expenses also reflected the better debt structure,
following the buyback of bonds in Q2 2025.

Adjusted taxes on income amounted to an expense of $48 million in the third quarter compared to
$8 million last year, and in the first nine months amounted to an expense of $44 million compared to
$4 million last year. The Company recorded higher tax expense in the first nine months of 2026
comparing to 2025 mainly due to lower tax income compared to last year, recognized according to
the accounting method of calculation of tax assets related to unrealized profits and due to lower tax
income comp

ared to last year from foreign exchange impact of the stronger BRL. In addition, during
the third quarter of 2026 the company adjusted the tax asset in Brazil according to the projected
statutory profit before tax.

Reported net loss reached $115 million in the third quarter compared to $48 million last year.
Reported net loss in the first nine months reached $53 million compared to $59 million last year.

After reflecting the impact of the above-mentioned extraordinary and non-operational charges,
adjusted net loss in the third quarter reached $74 million compared to $20 million last year.
Adjusted net loss in the first nine months reached $11 million compared to an income of $29 million
last year.

Trade working capital as of September 30, 2026, was $2,183 million compared to $2,093 million as
of September 30, 2025. The increase in working capital was due to higher receivables which
reflected lower sales with short collection terms, and a decrease in account payables and a slight
decrease in inventory levels, both due to lower procurement compared to last year.

Cash Flow: Operating cash inflow of $94 million and $194 million was generated in the third quarter
and first nine months period respectively, compared to an inflow of $89 million and $331 million in
the respective periods in 2025. In the first nine months, lower operating cash inflow was mainly due
to lower collections of basic chemicals and timing differences mainly in Q1 2025, partially offset by
lower procurement in comparison to last year, in which the Company increased procurement and
inventory in order to provide business continuity during the merging of entities in Israel.

Net cash used in investing activities was $35 million in the third quarter and $16 million in the first
nine months, compared to $43 million and $131 million in the respective periods in 2025. The
Company continued the execution of its strategy to prioritize the most critical investments in
infrastructure, portfolio and innovation. Additionally, part of optimization of its existing asset base,
the Company disposed fixed assets primarily in the first nine months, including a logistics center in
Israel and old dismantled facilities in China. The higher cash used in investing activities in the first
nine months last year also reflected the payment for earn out related to Agrinova, a controlled
subsidiary of the Company.

Free cash inflow of $33 million was generated in the third quarter and $87 million in the first nine
months compared to $22 million and $112 million in the respective periods in 2025, reflecting the
aforementioned operating and investing cash flow dynamics.

Table 3. Revenues by operating segment

Sales by segment

Q3 2026 % Q3 2025 % 9M 2026 % 9M 2025 %

USD (m) USD (m) USD (m) USD (m)

Crop Protection 819 91% 867 93% 2,779 93% 2,771 92%
Intermediates and 78 9% 67 7% 218 7% 254 8%
Ingredients

Total 897 100% 933 100% 2,997 100% 3,025 100%

Sales by product category

Q3 2026 % Q3 2025 % 9M 2026 % 9M 2025 %

USD (m) USD (m) USD (m) USD (m)

Herbicides 364 41% 369 40% 1,308 44% 1,288 43%
Insecticides 299 33% 311 33% 888 30% 857 28%
Fungicides 156 17% 187 20% 583 19% 626 21%
Intermediates and 78 9% 67 7% 218 7% 254 8%
Ingredients

Total 897 100% 933 100% 2,997 100% 3,025 100%

Notes:

 The sales split by product category is provided for convenience purposes only and is not representative of the way the Company is
managed or in which it makes its operational decisions.

 Numbers may not sum due to rounding.

Further Information

All filings of the Company, together with a presentation of the key financial highlights of the period,
can be accessed through the Company website at www.adama.com.

About ADAMA

ADAMA Ltd. is a global leader in crop protection, providing practical solutions to farmers across the
world to combat weeds, insects and disease. Our culture empowers ADAMA's people to actively
listen to farmers and ideas from the field. ADAMA's diverse portfolio of existing active ingredients,
coupled with its leading formulation capabilities and proprietary formulation technology platforms,
uniquely position the company to develop high-quality, innovative and sustainable products, to
address the many challenges farmers and customers face today. ADAMA

serves customers in
dozens of countries globally, with direct presence in all top 20 markets. For more information, visit
us at www.ADAMA.com.
Contact

Rivka Neufeld Zhujun Wang

Investor Relations & Finance Governance Manager China Investor Relations

Email: ir@adama.com Email: irchina@adama.com
Abridged Adjusted Consolidated Financial Statements

The following abridged consolidated financial statements and notes have been prepared as described in Note 1 in this
appendix. While prepared based on the principles of Chinese Accounting Standards (ASBE), they do not contain all of the
information which either ASBE or IFRS would require for a complete set of financial statements, and should be read in
conjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filed
with the Shenzhen and Tel Aviv Stock Exchanges, respectively.

Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items
that are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business, and
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.

Abridged Consolidated Income Statement for the Third Quarter

Adjusted4 Q3 2026 Q3 2025 Q3 2026 Q3 2025

USD (m) USD (m) RMB (m) RMB (m)

Revenues 897 933 6,087 6,654

Cost of Sales 660 670 4,477 4,776

Other costs 10 6 65 43

Gross profit 228 257 1,545 1,835

% of revenue 25.4% 27.6% 25.4% 27.6%

Selling & Distribution expenses 149 152 1,013 1,085

General & Administrative expenses 39 37 263 265

Research & Development expenses 11 13 76 90

Other operating expenses (2) (1) (16) (7)

Total operating expenses 197 201 1,336 1,434

% of revenue 21.9% 21.5% 21.9% 21.5%

Operating income (EBIT) 31 56 209 401

% of revenue 3.4% 6.0% 3.4% 6.0%

Financial expenses 57 68 386 483

Loss before taxes (26) (11) (177) (82)

Taxes on Income 48 8 324 61

Net loss (74) (20) (501) (142)

% of revenue (8.2%) (2.1%) -8.2% (2.1%)

Adjustments 41 28 277 200

Reported net loss (115) (48) (777) (342)

% of revenue (12.8%) (5.1%) -12.8% (5.1%)

Adjusted EBITDA 93 120 632 856

% of revenue 10.4% 12.9% 10.4% 12.9%

Adjusted EPS5 – Basic (0.0317) (0.0086) (0.2150) (0.0611)

– Diluted (0.0317) (0.0086) (0.2150) (0.0611)

Reported EPS6 – Basic (0.0492) (0.0206) (0.3337) (0.1470)

– Diluted (0.0492) (0.0206) (0.3337) (0.1470)

4 For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
5The number of shares used to calculate both basic and di

luted earnings per share in both Q3 2026 and 2025 is 2,329.8 million shares.

Abridged Consolidated Income Statement for the First Nine Months

Adjusted6 9M 2026 9M 2025 9M 2026 9M 2025

USD (m) USD (m) RMB (m) RMB (m)

Revenues 2,997 3,025 20,564 21,678

Cost of Sales 2,111 2,129 14,481 15,260

Other costs 26 18 178 126

Gross profit 860 878 5,904 6,292

% of revenue 28.7% 29.0% 28.7% 29.0%

Selling & Distribution expenses 499 474 3,422 3,396

General & Administrative expenses 120 113 824 811

Research & Development expenses 42 43 287 306

Other operating expenses (8) 11 (55) 81

Total operating expenses 653 641 4,479 4,595

% of revenue 21.8% 21.2% 21.8% 21.2%

Operating income (EBIT) 207 237 1,425 1,698

% of revenue 6.9% 7.8% 6.9% 7.8%

Financial expenses 174 204 1,195 1,460

Income before taxes 33 33 230 238

Taxes on Income 44 4 293 26

Net profit (loss) (11) 29 (63) 212

% of revenue (0.4%) 1.0% (0.3%) 1.0%

Adjustments 42 89 282 635

Reported net loss (53) (59) (345) (423)

% of revenue (1.8%) (2.0%) (1.7%) (2.0%)

Adjusted EBITDA 395 430 2,712 3,082

% of revenue 13.2% 14.2% 13.2% 14.2%

Adjusted EPS7 – Basic (0.0046) 0.0127 (0.0269) 0.0910

– Diluted (0.0046) 0.0127 (0.0269) 0.0910

Reported EPS8 – Basic (0.0226) (0.0254) (0.1480) (0.1815)

– Diluted (0.0226) (0.0254) (0.1480) (0.1815)

6 For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
7The number of shares used to calculate both basic and diluted earnings per share in both 9M 2026 and 2025 is 2,329.8 million shares.
Abridged Consolidated Balance Sheet

Sep 30 Sep 30 Sep 30 Sep 30
2026 2025 2026 2025
USD (m) USD (m) RMB (m) RMB (m)

Assets
Current assets:

Cash at bank and on hand 363 526 2,444 3,734
Bills and accounts receivable 1,264 1,198 8,512 8,511
Inventories 1,657 1,684 11,163 11,969
Other current assets, receivables and 216 288 1,453 2,049
prepaid expenses

Total current assets 3,500 3,696 23,571 26,263

Non-current assets:

Fixed assets, net 1,481 1,600 9,976 11,370
Rights of use assets 80 77 537 548
Intangible assets, net 1,286 1,324 8,659 9,407
Deferred tax assets 183 204 1,234 1,453
Other non-current assets 121 125 817 890

Total non-current as

sets 3,151 3,331 21,222 23,668

Total assets 6,651 7,027 44,793 49,931

Liabilities
Current liabilities:

Loans and credit from banks and other 1,081 1,181 7,278 8,393
lenders

Bills and accounts payable 760 838 5,117 5,957
Other current liabilities 845 861 5,694 6,119

Total current liabilities 2,686 2,881 18,090 20,469

Long-term liabilities:

Loans and credit from banks and other 160 203 1,077 1,443
lenders

Debentures 740 743 4,986 5,281
Deferred tax liabilities 27 29 183 205
Employee benefits 82 76 549 537
Other long-term liabilities 473 499 3,188 3,543

Total long-term liabilities 1,482 1,549 9,984 11,009

Total liabilities 4,168 4,430 28,074 31,477

Equity

Total equity 2,482 2,597 16,719 18,453

Total liabilities and equity 6,651 7,027 44,793 49,931

Abridged Consolidated Cash Flow Statement for the Third Quarter

Q3 2026 Q3 2025 Q3 2026 Q3 2025
USD (m) USD (m) RMB (m) RMB (m)
Cash flow from operating activities:

Cash flow from operating activities 94 89 635 635

Cash flow from operating activities 94 89 635 635

Investing activities:

Acquisitions of fixed and intangible assets (37) (39) (249) (276)
Net cash received from sale of fixed assets, intangible 4 4 26 29
assets and others

Other investing activities (2) (8) (17) (60)

Cash flow from investing activities (35) (43) (240) (307)

Financing activities:

Receipt of loans from banks and other lenders 328 30 2,226 210
Repayment of loans from banks and other lenders (395) (78) (2,678) (557)
Interest payment and other (25) (24) (171) (172)
Other financing activities (27) 67 (182) 477

Cash flow from financing activities (119) (6) (805) (41)

Effects of exchange rate movement on cash and cash 0 0 (27) (23)
equivalents

Net change in cash and cash equivalents (60) 41 (437) 264

Cash and cash equivalents at the beginning of the period 414 463 2,819 3,316

Cash and cash equivalents at the end of the period 354 504 2,382 3,580

Free Cash Flow 33 22 224 157

Abridged Consolidated Cash Flow Statement for the First Nine Months

9M 2026 9M 2025 9M 2026 9M 2025
USD (m) USD (m) RMB (m) RMB (m)
Cash flow from operating activities:

Cash flow from operating activities 194 331 1,305 2,374

Cash flow from operating activities 194 331 1,305 2,374

Investing activities:

Acquisitions of fixed and intangible assets (106) (121) (729) (866)
Net cash received from sale of fixed assets, intangible 71 6 490 46
assets and others

Acquisition of subsidiaries 0 (8) 0 (56)
Other investing activities 20 (9) 136 (66)

Cash flow from investing activities (16) (131) (103) (942)

Financing activities:

Receipt of loans from banks and other lenders 467 366 3,186 2,625
Repayment of loans from banks a

nd other lenders (732) (510) (4,989) (3,665)
Interest payment and other (94) (97) (646) (699)
Other financing activities 57 47 394 330

Cash flow from financing activities (303) (196) (2,056) (1,408)

Effects of exchange rate movement on cash and cash 2 2 (118) (28)
equivalents

Net change in cash and cash equivalents (123) 5 (971) (4)

Cash and cash equivalents at the beginning of the period 477 499 3,353 3,584

Cash and cash equivalents at the end of the period 354 504 2,382 3,580

Free Cash Flow 87 112 578 807

Notes to Abridged Consolidated Financial Statements

Note 1: Basis of preparation

Basis of presentation and accounting policies: The abridged consolidated financial statements for the
quarters ended September 30, 2026 and 2025 incorporate the financial statements of ADAMA Ltd. and of all
of its subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its
subsidiaries.

The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministry
of Finance (the "MoF") and the implementation guidance, interpretations and other relevant provisions issued
or revised subsequently by the MoF (collectively referred to as “ASBE”).

The abridged consolidated financial statements contained in this release are presented in both Chinese
Renminbi (RMB), as the Company’s shares are traded on the Shenzhen Stock Exchange, as well as in United
States dollars ($) as this is the major currency in which the Company’s business is conducted. For the
purposes of this release, a customary convenience translation has been used for the translation from RMB to
US dollars, with Income Statement and Cash Flow items being translated using the quarterly average
exchange rate, and Balance Sheet items being translated using the exchange rate at the end of the period.

The preparation of financial statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimated.

Note 2: Abridged Financial Statements

For ease of use, the financial statements shown in this release have been abridged as follows:

Abridged Consolidated Income Statement:

 “Gross profit” in this release is revenue less costs of goods sold, taxes and surcharges, inventory
impairment and other idleness charges (in addition to those already included in costs of goods sold);
part of the idleness charges is removed in the Adjusted financial statements

 “Other operating expenses” includes impairment losses (not including inventory impairment); gain
(loss) from sale of assets and non-operating income and expenses

 “Operating expenses” in this release differ from those in the formally reported financial statements in
that certain transportation costs have been reclassified from COGS to Operating Expenses.

 “Financial expenses” includes net financing expenses and gains/losses from changes in fair value.

Abridged Consolidated Balance Sheet:

 “Other current assets, receivables and prepaid expenses” includes financial assets held for trading;
financial assets in respect of derivatives; prepayments; other receivables; and other current assets

 “Fixed assets, net” includes fixed assets and construction in progress

 “Intangible assets, net” includes intangible assets and goodwill

 “Other non-current assets” includes other equity investments; long-term equity investments; long-term
receivables; investment property; and other non-current assets

 “Loans and credit from banks and other lenders” includes short-term loans and non-current liabilities
due within one year

 “Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee
benefits, taxes, interest, dividends and others; advances from customers and other current liabilities
 “Other long-term liabilities” includes long-term payables, provisions, deferred income and other non-
current liabilities

Income Statement Adjustments

Q3 2026 Q3 2025 Q3 2026 Q3 2025
USD (m) USD (m) RMB (m) RMB (m)

Reported Net Loss

(115) (48) (777) (342)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related 4 4 24 25
costs

2. Amortization of Transfer assets received and written-up due to 2017 5 6 37 39
ChemChina-Syngenta transaction (non-cash)

3. ASBEs classifications COGS impact (20) (22) (139) (154)
4. ASBEs classifications OPEX impact 20 22 139 154
5. Fixed asset impairments related to improvement of operational 23 1 154 9
efficiency

7. Restructuring and advisory costs 7 16 46 112
8. Other 3 0 20 1
Total Adjustments to Operating Income (EBIT) 41 26 280 186
Total Adjustments to EBITDA 6 16 42 114
Adjustments to Financing Expenses:

9. Non-cash adjustment related to put options revaluation 0 4 2 28
12.Other financing expenses 0 (1) 0 (4)
Adjustments to Taxes:

Taxes impact (1) (1) (5) (10)

Total Adjustments to Net Loss 41 28 277 200

Adjusted Net Loss (74) (20) (501) (142)

9M 2026 9M 2025 9M 2026 9M 2025
USD (m) USD (m) RMB (m) RMB (m)

Reported Net Loss (53) (59) (345) (423)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related 11 11 74 77
costs

2. Amortization of Transfer assets received and written-up due to 2017 16 16 113 117
ChemChina-Syngenta transaction (non-cash)

3. ASBEs classifications COGS impact (75) (78) (512) (559)
4. ASBEs classifications OPEX impact 75 78 512 559
5. Fixed asset impairments related to improvement of operational 35 1 236 9
efficiency

6. Capital gain from sale of a subsidiary's logistics center in Israel (37) - (254) -
7. Restructuring and advisory costs 13 45 90 321
8. Other 6 8 41 59
Total Adjustments to Operating Income (EBIT) 44 81 300 583
Total Adjustments to EBITDA (22) 53 (154) 375
Adjustments to Financing Expenses:

9. Non-cash adjustment related to put options revaluation (1) 7 (4) 48
10.Repurchase of debentures by a controlled subsidiary - 9 - 68
11.Arbitration decision related to a controlled subsidiary - (4) - (32)

12.Other financing expenses - (2) - (12)
Adjustments to Taxes:

Taxes impact (2) (3) (14) (21)

Total Adjustments to Net Loss 42 89 282 635

Adjusted Net Profit (loss) (11) 29 (63) 212

Notes:

1. Amortization of acquisition-related PPA and other acquisition related costs: Amortization of acquisition-related PPA (non-cash)
and other acquisition-related costs: Related mainly to the non-cash amortization of intangible assets created as part of the
Purchase Price Allocation (PPA) on acquisitions, with no impact on the ongoing performance of the companies acquired, as well
as other M&A-related costs.

2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash): The
proceeds from the Divestment of crop protection products in connection with the approval by the EU Commission of the
acquisition of Syngenta by ChemChina, net of taxes and transaction expenses, were paid to Syngenta in return for the transfer of
a portfolio of products in Europe of similar nature and economic value. Since the products acquired from Syngenta are of the
same nature and with the s

ame net economic value as those divested, and since in 2018 the Company adjusted for the one-time
gain that it made on the divested products, the additional amortization charge incurred due to the written-up value of the acquired
assets is also adjusted to present a consistent view of Divestment and Transfer transactions, which had no net impact on the
underlying economic performance of the Company. These additional amortization charges will continue until 2032 but at a
reducing rate, yet will still be at a meaningful level until 2028.

3. & 4. ASBEs classifications COGS and OPEX impact: according to the ASBE guidelines [IAS 37], certain items (specifically
certain transportation costs) are classified under COGS.

5. Fixed assets and inventory impairments: As part of the Company’s strategic direction to enhance operational efficiency, the
Company decided to focus on high-performing facilities. Consequently, after evaluating their net book value and recoverable
amount, the Company recorded impairments for certain facilities with lower operational efficiency. Related to the closing of these
facilities, the Company recorded inventory impairments as some of the defective inventories could no longer be reprocessed.

6. Capital gain from sale of a subsidiary's logistics center in Israel: A subsidiary of the Company sold a logistic center in Israel as
part of optimizing its asset base and received capital gain

7. Restructuring and advisory costs: The Company initiated its Fight Forward transformation plan in early 2024. Part of the plan
includes restructuring its organizational structure, workforce and managerial processes, and as a result thereof, the Company
recorded restructuring and advisory costs.

8. Other: included accelerated depreciation associated with operational efficiency improvement project, soil clean-up and
remediation and litigation settlements.

9. Non-cash adjustment related to put options revaluation: expenses/income due to revaluation of put options attributed to minority
stake in subsidiaries.

10. Repurchase of debentures by a controlled subsidiary: As part of strengthening its debt structure, a subsidiary of the Company
repurchased a significant part of its bond principal in Q2 2025 for the purpose of improving its long-term financing structure and
efficiency. A loss was recorded due to the premium between the buyback price and its issuance price.

11. Arbitration decision related to a controlled subsidiary: An arbitration case related to a controlled subsidiary incurred a one-time
income in 2025.

Exchange Rate Data for the Company's Principal Functional Currencies

September 30 Q3 Average 9M Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

EUR/USD 1.135 1.174 -3.30% 1.151 1.168 -1.47% 1.161 1.116 4.09%

USD/BRL 5.181 5.319 -2.59% 5.136 5.447 -5.71% 5.151 5.653 -8.88%
USD/PLN 3.845 3.632 5.88% 3.758 3.647 3.05% 3.678 3.800 -3.22%
USD/ZAR 16.447 17.301 -4.94% 16.290 17.627 -7.59% 16.257 18.135 -10.35%
AUD/USD 0.697 0.661 5.44% 0.706 0.654 7.96% 0.703 0.641 9.79%

GBP/USD 1.326 1.343 -1.27% 1.344 1.348 -0.30% 1.344 1.313 2.38%

USD/ILS 3.063 3.306 -7.35% 3.019 3.363 -10.22% 3.035 3.520 -13.78%
USD L 3M 4.08% 4.00% +0.08pp 3.78% 4.19% -0.41pp 3.71% 4.26% -0.55pp

September 30 Q3 Average 9M Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

USD/RMB 6.735 7.106 -5.21% 6.782 7.129 -4.86% 6.858 7.165 -4.29%
EUR/RMB 7.641 8.341 -8.38% 7.806 8.326 -6.25% 7.963 7.995 -0.41%
RMB/BRL 0.769 0.749 2.77% 0.757 0.764 -0.89% 0.751 0.789 -4.79%
RMB/PLN 0.571 0.511 11.70% 0.554 0.512 8.31% 0.536 0.530 1.12%

RMB/ZAR 2.442 2.435 0.29% 2.402 2.473 -2.86% 2.371 2.531 -6.33%
AUD/RMB 4.695 4.696 -0.03% 4.790 4.663 2.72% 4.822 4.590 5.07%

GBP/RMB 8.928 9.545 -6.46% 9.118 9.611 -5.12% 9.220 9.407 -1.98%
RMB

/ILS 0.455 0.465 -2.26% 0.445 0.472 -5.64% 0.443 0.491 -9.92%
RMB Shibor 3M 1.430% 1.58% -0.15pp 1.430% 1.56% -0.13pp 1.474% 1.68% -0.206pp