Archer Daniels Midland Company (ADM) investor relations material

Executive summary

• Q2 2026 net earnings were $908 million, with adjusted EPS of $1.84 and reported EPS of $1.87, both showing significant year-over-year growth.

• Segment operating profit rose 75% year-over-year to $1.5 billion, with broad-based growth across Ag Services & Oilseeds, Carbohydrate Solutions, and Nutrition.

• Earnings before income taxes for Q2 2026 reached $1.1 billion, up from $279 million in Q2 2025, driven by improved operational execution and favorable pricing.

• Revenues for Q2 2026 were $22.7 billion, up $1.5 billion year-over-year, primarily due to higher sales prices in Ag Services and Oilseeds.

• Achieved strong operational and commercial execution, supported by constructive biofuels environment and Nutrition momentum, especially in Flavors.

Financial highlights

• Q2 2026 adjusted EPS was $1.84, up $0.91 year-over-year; reported EPS was $1.87.

• Total segment operating profit reached $1.5 billion, up 75% from Q2 2025.

• Cash flow from operations before working capital for H1 2026 was $1.8 billion, up $526 million year-over-year.

• Adjusted EBITDA for the trailing four quarters was $4.2 billion.

• Gross profit for Q2 2026 was $1.9 billion, up 41% year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance raised to $5.15–$5.60, up from $4.15–$4.70, reflecting strong H1 performance and constructive margin outlook for crushing and ethanol.

• Capital expenditures projected at $1.3–$1.5 billion for 2026.

• Multi-year cost savings program on track to achieve $500–$750 million in aggregate savings over 3–5 years starting 2025.

• Second half expected to deliver more than half of 2026 operating profit, with Q3 potentially higher than Q4.

• Raised 45Z net benefit guidance to $250 million for 2026, up from $150 million.