EX-99.1 2 adm-ex991_20260630xq2.htm EX-99.1 Document Exhibit 99.1 ADM Reports Second Quarter 2026 Results Reports second quarter 2026 EPS 2 of $1.87 and adjusted EPS 1,2 of $1.84 Raises full-year 2026 adjusted EPS guidance on strong commercial and operational execution, constructive biofuels environment, and momentum in Nutrition CHICAGO, August 4, 2026—ADM (NYSE: ADM) today reported financial results for the quarter ended June 30, 2026 and updated its full-year 2026 outlook. 2Q26 Key Takeaways : • Net earnings of $908 million, with adjusted net earnings 1 of $895 million • EPS 2 of $1.87, with adjusted EPS 1,2 of $1.84 2026 Outlook 3 : • ADM now expects 2026 adjusted EPS 1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS 1,2 guidance range of $4.15 to $4.70 • The updated outlook reflects expected year-over-year earnings improvement in ADM's crushing and ethanol businesses, as the Company expects to continue capitalizing on the constructive margin environment through disciplined execution. That environment stems primarily from the finalized 2026 and 2027 renewable volume obligations ("RVO") under the U.S. Renewable Fuel Standard in March 2026, supported by global trade dynamics and elevated energy prices. Additionally, performance continues to improve in Nutrition • Continuing to monitor external factors across the macroeconomic, geopolitical, policy, and trade environments • Capital expenditures continue to be projected to be in the range of $1.3 billion to $1.5 billion "ADM delivered robust second-quarter financial and operating results," said Juan Luciano, Chair of the Board and CEO. "Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments—driven by strong commercial and operational execution by the team, a constructive biofuels environment, and momentum in Nutrition, led by Flavors. These results, and the expectations we have into the back half of this year, give us confidence to again raise our 2026 earnings outlook.” _____________________________ 1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. 2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis. 3 Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.                                                              1 Second Quarter and Year-to-Date 2026 Results 2Q26 Results Overview ($ in millions except per share amounts) GAAP Measures Earnings Before Income Taxes EPS 2 (as reported) 2Q26 $1,088 $1.87 Percent change vs. 2Q 2025 NM 3 NM 3 Non-GAAP Measures Total Segment Operating Profit 1 Adjusted EPS 1,2 2Q26 $1,450 $1.84 Percent change vs. 2Q 2025 75% 98% YTD 2026 Results Overview ($ in millions except per share amounts) GAAP Measures Earnings Before Income Taxes EPS 2 (as reported) YTD 2026 $1,472 $2.49 Percent change vs. YTD 2025 133% 135% Non-GAAP Measures Total Segment Operating Profit 1 Adjusted EPS 1,2 YTD 2026 $2,214 $2.56 Percent change vs. YTD 2025 40% 57% 1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. 2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis. 3 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful. Summary of Second Quarter and Year-to-Date 2026 For the second quarter of 2026, earnings before income taxes were $1.1 billion, compared to the prior year quarter of $279 million. EPS 2 on a GAAP basis was $1.87, representing an increase of $1.42 compared to the prior year quarter EPS of $0.45. Adjusted EPS 1,2 was $1.84, an increase of $0.91 compared to the prior year quarter of $0.93. Total second quarter segment operating profit 1 was $1.5 billion, an increase of 75% compared to the prior year quarter. This excludes net specified item gains of $18 million. Earnings before income taxes were $1.5 billion year-to-date in 2026, compared to the prior year period of $632 million. Total segment operating profit 1 was $2.2 billion year-to-date in 2026, up 40% versus the prior year period. EPS 2 on a GAAP basis was $2.49, up $1.43 versus the prior year period, and adjusted EPS 1,2 was $2.56, up $0.93 versus the prior year period.                                                              2 2Q26 Segment Overview ($ in millions) 2Q 2026 2Q 2025 % Change Total Segment Operating Profit 1 $1,450 $830 75% Segment Operating Profit: Ag Services & Oilseeds 867 379 129% Carbohydrate Solutions 411 337 22% Nutrition 172 114 51% YTD 2026 Segment Overview ($ in millions) YTD 2026 YTD 2025 % Change Total Segment Operating Profit 1 $2,214 $1,577 40% Segment Operating Profit: Ag Services & Oilseeds 1,140 791 44% Carbohydrate Solutions 767 576 33% Nutrition 307 210 46% 1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. 2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis. Agriculture Services and Oilseeds Summary (AS&O) AS&O segment operating profit was $867 million for the second quarter of 2026, an increase of 129% compared to the prior year quarter. The increase was primarily due to margin expansion across the segment, most notably in Ag Services and North American crushing, which was supported by the RVO and elevated global energy prices. Current quarter results included around $100 million of net positive mark-to-market and timing impacts, primarily attributable to the Crushing subsegment, with a modest benefit attributable to the Ag Services subsegment, partially offset by a net negative impact attributable to Refined Products and Other subsegment. Ag Services subsegment operating profit was 159% higher compared to the prior year quarter, primarily as a result of strategically leveraging ADM's global asset network in a complex operating environment to deliver value across the agricultural supply chain . Further, South American operations benefited from the grain export terminal in Barcarena, Brazil, returning to full operations, and increased soybean exports which were supported by higher farmer selling. Crushing subsegment operating profit increased by $330 million compared to the prior year quarter. The increase was attributable to strong execution by the team in an improved margin environment. Global oilseed volumes increased by approximately 5% compared to the prior year quarter, in part due to improved asset utilization. Margin strength was supported by a constructive environment for biofuels, which was underpinned by the RVO, higher global energy prices, and positive net mark-to-market and timing impacts. Further, stable soybean meal prices supported strong global meal demand, resulting in record meal exports from Brazil and the U.S. Refined Products and Other subsegment operating profit was 3% lower compared to the prior year quarter. The decrease largely resulted from net negative mark-to-market and timing impacts in the second quarter of 2026. Underlying regional performance was mixed, with strong North American and European biodiesel margins partially offset by net negative mark-to-market timing impacts and supply and demand imbalances in South America impacting local margins.                                                              3 Equity earnings from the company’s investment in Wilmar were approximately 22% lower compared to the prior year quarter. 2Q 2026 AS&O Overview ($ in millions) 2Q 2026 2Q 2025 % Change Segment Operating Profit $867 $379 129% Ag Services 293 113 159% Crushing 363 33 NM 1 Refined Products and Other 151 156 (3)% Wilmar 60 77 (22)% YTD 2026 AS&O Overview ($ in millions) YTD 2026 YTD 2025 % Change Segment Operating Profit $1,140 $791 44% Ag Services 493 272 81% Crushing 284 79 NM 1 Refined Products and Other 237 291 (19)% Wilmar 126 149 (15)% 1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful. Carbohydrate Solutions Summary Carbohydrate Solutions segment operating profit was $411 million for the second quarter of 2026, an increase of 22% compared to the prior year quarter. The increase primarily reflected robust North American ethanol margins, including policy incentives. The RVO, elevated global energy prices, and lower U.S. corn prices together gave ethanol an economic advantage over competing blendstocks, driving both higher domestic blend rates and favorable industry-wide exports. Starches and Sweeteners subsegment operating profit increased by 7% compared to the prior year quarter, primarily due to higher ethanol margins related to ADM’s corn wet-milling ethanol operations, including policy incentives. This strength was partially offset by lower liquid sweetener volumes and margins, most notably in North America, while global starch volumes and margins stabilized. Vantage Corn Processors subsegment operating profit increased by $52 million compared to the prior year quarter, as ADM’s corn dry-milling ethanol operations benefited from strengthening ethanol margins, supported by policy incentives and effective risk management.                                                              4 2Q26 Carbohydrate Solutions Overview ($ in millions) 2Q 2026 2Q 2025 % Change  Segment Operating Profit $411 $337 22% Starches and Sweeteners 326 304 7% Vantage Corn Processors 85 33 158% YTD 2026 Carbohydrate Solutions Overview ($ in millions) YTD 2026 YTD 2025 % Change Segment Operating Profit $767 $576 33% Starches and Sweeteners 555 511 9% Vantage Corn Processors 212 65 NM 1 1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful Nutrition Summary Nutrition segment operating profit was $172 million for the second quarter of 2026, representing a 51% increase compared to the prior year quarter. The year-over-year increase was attributable to improved performance in both the Human Nutrition and Animal Nutrition subsegments. Human Nutrition subsegment operating profit was 51% higher compared to the prior year quarter, largely driven by Flavors growth, supported by seasonal momentum, and continued progress at the Decatur East plant. Animal Nutrition subsegment operating profit was 50% higher compared to the prior year quarter, due to operational improvements and benefits from portfolio actions taken during 2025. 2Q26 Nutrition Overview ($ in millions) 2Q 2026 2Q 2025 % Change Segment Operating Profit $172 $114 51% Human Nutrition 139 92 51% Animal Nutrition 33 22 50% YTD 2026 Nutrition Overview ($ in millions) YTD 2026 YTD 2025 % Change Segment Operating Profit $307 $210 46% Human Nutrition 243 168 45% Animal Nutrition 64 42 52% Corporate and Other Business Summary For the second quarter of 2026, Corporate results improved, reflecting the non-recurrence of prior-year quarter impairment losses and lower financing costs, partially offset by higher performance-based compensation. Other Business’s contribution to operating profit decreased in the current year quarter primarily due to lower captive insurance results.                                                              5 Conference Call Information ADM will host a webcast today, August 4, 2026, at 7:30 a.m. Central Time to discuss financial results and outlook. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast. About ADM ADM unlocks the power of nature to enrich the quality of life. We’re an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. We’re a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. We’re a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. We’re a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. And we're leading in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, our expertise and innovation are meeting critical needs from harvest to home. Learn more at www.adm.com. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this press release, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “forecast”, “will,” “should,” “can have,” “likely,” “goals,” “objectives,” “priorities,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations and underlying assumptions, as well as growth opportunities, operational execution and improvements, progress on Company priorities, changes to the margin environment, earnings improvements, future demand, future investments, policy changes, capital allocation priorities and actions, the biofuels environment, global trade and tariff conditions, energy prices, and global market volatility are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, adverse weather conditions, accidents, explosions, fires, war or acts of terrorism, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand, as well as risks relating to global and regional economic downturns; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including those related to trade, tariffs, sanctions, biofuels, sustainability, food safety and quality, the environment, tax, and financial markets; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions, as well as other risks related to the disruption of global markets and trade flows; (5) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; (6) risks relating to the Company’s execution of its strategic priorities, including achieving cost reductions and operational improvements, organic and inorganic growth and innovation in its products and services; (7) risks related to the Company’s technology systems and cybersecurity incidents; and (8) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated in subsequent Quarterly Reports                                                              6 on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise. Non-GAAP Financial Measures 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), and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables below. Adjusted EPS reflects ADM’s diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables below. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item. Total segment operating profit. Total segment operating profit is ADM’s consolidated earnings before income taxes adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables below. Management believes that total segment operating profit is a useful measure of ADM’s performance because it provides investors information about ADM’s reportable segment performance excluding Other Business, Corporate overhead costs as well as specified items. Total segment operating profit is not a measure of consolidated operating results under GAAP and should not be considered an alternative to earnings before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under GAAP. Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense o