Interim report
Page 1
ADAMA Ltd. Third Quarter Report 2026 1 ADAMA LTD. THIRD QUARTER REPORT 2026 Please see important additional information and further details included in the Annex. October 2026 Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No. 40 The Company and all members of its board of directors hereby confirm that all information disclosed herein is true, accurate and complete with no false or misleading statement or material omission.
Page 2
ADAMA Ltd. Third Quarter Report 2026 2 Important Notice The Company’s Board of Directors, directors and senior managers confirm that the content of the Report is true, accurate and complete and contains no false statements, misleading presentations or material omissions, and assume joint and several legal liability arising therefrom. Gaë l Hili, the person leading the Company (President and Chief Executive Officer as well as its legal representative , and Samuel Asher Leibowitz, the person leading the accounting function (Chief Financial Officer), hereby assert and confirm the truthfulness, accuracy and completeness of the Financial Report. The Third Quarter Report has not been audited. Items of qualified opinion by the auditor □Applicable √Not applicable This Report has been prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Page 3
ADAMA Ltd. Third Quarter Report 2026 3 I. Main accounting and financial results 1. Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data of last year due to change in accounting policies or correction of accounting errors □ Yes √ No July - September 2026 +/- (%) January - September 2026 +/- (%) Operating revenues (RMB’000) 6,087,025 -8.52% 20,563,565 -5.14% Net loss attributable to shareholders of the Company (RMB’000) (777,419) -127.01% (344,852) 18.44% Net loss attributable to shareholders of the Company excluding non-recurring profit and loss (RMB’000) (828,774) -122.49% (748,137) -43.25% Net cash flow from operating activities (RMB’000) 635,343 0.01% 1,305,252 -45.02% Basic EPS (RMB/share) (0.3337) -127.00% (0.1480) 18.46% Diluted EPS (RMB/share) NA NA NA NA Weighted average return on net assets (4.53%) -2.71% (2.01%) 0.25% End of Reporting Period End of last year +/- (%) Total assets (RMB’000) 44,792,845 48,463,962 -7.57% Net assets attributable to shareholders (RMB’000) 16,719,285 17,575,426 -4.87% 2. Non-Recurring profit/loss √ Applicable □ Not applicable Unit: RMB’000 Item July - September 2026 January - September 2026 Note Gains/losses on the disposal of non -current assets (including the offset part of asset impairment provisions) 24,500 330,850 Gains from disposal of fixed assets, including a logistic center in Israel in H1 and old dismantled facilities in China Government grants recognized through profit or loss (excluding government grants closely related to business of the Company and given at a fixed quota or amount in accordance with government’s uniform standards) 32 3,972 - Custodian fees earned from entrusted operation 1,051 2,797 - Recovery or reversal of provision for bad debts which is assessed individually during the years 14,379 42,206 - Other non -operating income and expenses other than the above 939 6,471 - Other profit or loss that meets the definition of non - recurring profit or loss 15,477 32,579 Mainly compensation received related to limited and localized damage to one of the Company’s Israeli manufacturing sites caused by falling debris following missile interceptions and compensation related to product liabilities Less: Income tax effects 5,023 15,590 - Total 51,355 403,285 -
Page 4
ADAMA Ltd. Third Quarter Report 2026 4 Explanation of other profit or loss that meets the definition of non-recurring profit or loss √ Applicable □ Not applicable Mainly compensation received related to limited and localized damage caused by falling debris following missile interceptions at one of the Company’s Israeli manufacturing sites and compensation related to product liabilities as explained above in the note. Explanation of non -recurring items of profit or loss listed in " Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public -Non-Recurring Profit and Loss" reclassified as recurring items of profit or loss. □ Applicable √ Not applicable No such cases in the Reporting Period. 3. Changes in main accounting statement items and financial indicators in the Reporting Period, as well as reasons for the changes √ Applicable □ Not applicable General Crop Protection (CP) Market Environment1 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. 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 esc alated 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. 1 Sources: AgbioInvestor The CP Industry report - Market review: 2025. June 2026, internal sources.
Page 5
ADAMA Ltd. Third Quarter Report 2026 5 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. January - September 2026 (000’RMB) Same period last year (000’RMB) +/-% January - September 2026 (000’USD) Same period last year (000’USD) +/-% Operating income (Revenues) 20,563,565 21,678,425 -5.14% 2,997,084 3,024,742 -0.91% Cost of goods sold 15,229,293 16,004,956 -4.85% 2,220,067 2,233,171 -0.59% Sales & Marketing expenses 2,901,505 2,950,375 -1.66% 422,878 411,737 2.71% General & Administrative expenses 912,333 1,089,510 -16.26% 133,068 152,041 -12.48% R&D expenses 286,881 307,417 -6.68% 41,790 42,890 -2.56% Financial Expenses 1,186,445 1,544,466 -23.18% 172,881 215,373 -19.73% Gain (Loss) from Changes in Fair Value (15,125) 4,781 -416.36% (2,490) 574 -533.80% Total Net Financial Expenses 1,201,570 1,539,685 -21.96% 175,371 214,799 -18.36% Total loss (66,250) (417,446) 84.13% (11,160) (58,307) 80.86% Income tax expenses 278,602 5,360 5097.80% 41,483 801 5078.90% Net loss attributable to shareholders of the Company (344,852) (422,806) 18.44% (52,643) (59,108) 10.94% EBITDA 2,866,402 2,706,104 5.92% 416,945 377,526 10.44% Q3 2026 (000’RMB) Q3 2025 (000’RMB) +/-% Q3 2026 (000’USD) Q3 2025 (000’USD) +/-% Operating income (Revenues) 6,087,025 6,654,225 -8.52% 897,492 933,411 -3.85% Cost of goods sold 4,705,963 4,974,783 -5.40% 693,866 697,816 -0.57% Sales & Marketing expenses 863,442 974,707 -11.42% 127,308 136,724 -6.89% General & Administrative expenses 310,294 354,643 -12.51% 45,750 49,739 -8.02%
Page 6
ADAMA Ltd. Third Quarter Report 2026 6 Q3 2026 (000’RMB) Q3 2025 (000’RMB) +/-% Q3 2026 (000’USD) Q3 2025 (000’USD) +/-% R&D expenses 75,531 90,624 -16.65% 11,136 12,713 -12.40% Financial Expenses 162,739 520,126 -68.71% 24,006 72,943 -67.09% Gain (Loss) from Changes in Fair Value (228,576) 11,274 -2127.46% (33,702) 1,581 -2231.69% Total Net Financial Expenses 391,315 508,852 -23.10% 57,708 71,362 -19.13% Total loss (458,635) (291,867) -57.14% (67,632) (40,903) -65.35% Income tax expenses 318,784 50,587 530.17% 47,002 7,096 562.37% Net loss attributable to shareholders of the Company (777,419) (342,454) -127.01% (114,634) (47,999) -138.83% EBITDA 589,742 741,865 -20.51% 86,956 104,087 -16.46% Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review of the Company’s performance is based on the USD results , following explanations and analysis are based on USD - denominated numbers as listed above. Analysis of Financial Highlights (1) Revenues 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 conditions, 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. Regional Sales Performance Q3 2026 $m Q3 2025 $m Change USD 9M 2026 $m 9M 2025 $m Change USD Europe, Africa & Middle East (EAME) 203 233 -13% 933 903 3% North America 174 164 6% 692 659 5%
Page 7
ADAMA Ltd. Third Quarter Report 2026 7 Note: the numbers in this table may not sum due to rounding. Europe, Africa & Middle East (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. 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: 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. (2) Cost of Goods and Gross Profit The decline in gross profit in the third quarter and first nine months was mainly due to the decline in sales and negative cost impact. The impacts were slightly moderated by the improvement in the Company’s sales mix of higher margin products, positive impact of exchange rates. (3) Operating Expenses: Operating expenses include Sales and Marketing, General and Administration and R&D. Operating expenses in the third quarter and first nine months decreased despite the negative impact of exchange rates following tight expense discipline and due to less restructuring and advisory costs. In the nine months, the positive impacts were partially offset by an increase in Q3 2026 $m Q3 2025 $m Change USD 9M 2026 $m 9M 2025 $m Change USD Latin America 286 312 -8% 639 675 -5% Asia Pacific 235 225 4% 732 789 -7% Of which China 99 91 9% 337 400 -16% Total 897 933 -4% 2,997 3,025 -1%
Page 8
ADAMA Ltd. Third Quarter Report 2026 8 employee compensation and an increase in H1 in expenses supporting business growth. In the third quarter and first nine months of both 2025 and 2026, the Company continued recording following charges in its sales and marketing expenses at a similar amount, which incurred due to mergers and acquisitions in recent years, mainly: (i ) non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions. Non-operational charges affected the Company’s reported operating expenses amounting to RMB 101 million ($15 million) in Q3 2026, in comparison to RMB 176 million ($25 million) in Q3 2025, and RMB 267 million ($39 million) in 9M 2026 in comparison to RMB 519 million ($73 million) in 9M 2025. For details of the non-operational charges, please refer to the Annex to the Report. (4) Financial Expenses “Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any hedging. Financial Expenses (be fore hedging) were RMB 1,186 million ($173 million) for the nine months of 2026, in comparison to RMB 1,544 million ($215 million) for the nine months of 2025. Given the global nature of its operational activities and the composition of its assets and liabilities, the Company, in the ordinary course of its business, uses foreign currency derivatives (forwards and options) to hedge the cash flow risks associated w ith existing monetary assets and liabilities that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value” which recorded the hedging costs and impacts among others amounted to a loss of RMB 15 million ($2 million) for the nine months of 2026, in comparison to a net gain of RMB 5 million ($0.6 million) in the first nine months of 2025. The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total Net Financial Expenses”), which more comprehensively reflects the financial expenses of the Company in supporting its main business and protecting its monetary assets/liabilities, amounts to RMB 1,202 million ($175 million) in the nine months of 2026, in comparison to RMB 1,540 million ($215 million) in the nine months of 2025. The lower Total Net Financial Expenses in the first nine months reflected the better debt structure following the buyback of bonds in Q2 2025 , positive impact of the Israeli CPI, the benefit of the continued positive cash flow and lower hedging costs. The Total Net Financial Expenses were higher in 2025 also because an expense was recorded in the bond buyback. (5) Income Tax Expenses 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 du e to lower tax income compared 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.
Page 9
ADAMA Ltd. Third Quarter Report 2026 9 Changes in main assets and liabilities Unit: RMB’000 Assets and liabilities End of Reporting Period End of last year +/- (%) Explanation Cash at bank and on hand 2,443,585 3,450,300 -29.18% Mainly due to repayment of loans Derivative financial assets 130,035 449,379 -71.06% Change due to realization and revaluation of derivatives Other receivables 774,896 1,076,164 -27.99% Mainly decrease in receivables in respect of securitization transaction Other payables 1,924,637 1,418,093 35.72% Mainly increase in liabilities in respect of securitization transaction Long-term loans 1,077,409 1,507,514 -28.53% Mainly due to repayment of loans II. Use of Raised Funds □ Applicable √ Not applicable No such cases in the Reporting Period. III. Information regarding the Shareholders 1. Total number of ordinary shareholders and preference shareholders who had resumed their voting rights, and shareholdings of top 10 shareholders at the period-end Unit: share Total Number of Common Shareholders as of the End of the Reporting Period 38,882 (the number of ordinary A share shareholders is 27,847; the number of B share shareholders is 11,035) Total Number of Preference Shareholders with Vote Right Restored (if any) as of the End of the Reporting Period 0 Shareholding of Top 10 Shareholders (Excluding the Shares Lent through Refinancing) Name of Shareholder Nature of Shareholder Holding Percentage (%) Number of Shareholding at the End of the Reporting Period Number of Common Shares Held Subject to Trading Moratorium Pledged, Marked or Frozen Shares Status of Shares Status of Shares Syngenta Group Co., Ltd. State-owned Legal Person 78.47% 1,828,137,961 -- -- -- China Structural Reform Fund State-owned Legal Person 1.44% 33,557,046 -- -- -- Hong Kong Securities Clearing Company Ltd. (HKSCC) Overseas Legal Person 0.56% 12,965,482 -- -- -- Zhu Shenglan Domestic Natural Person 0.29% 6,700,000 -- -- -- Wu Feng Domestic Natural Person 0.29% 6,670,912 -- -- -- Qichun County State-owned Assets Center State-owned Legal Person 0.18% 4,169,266 Liu Minqin Domestic Natural Person 0.17% 3,906,760 -- -- -- Hunan Yuanjiang Chifeng Domestic General 0.15% 3,434,600 -- -- --
Page 10
ADAMA Ltd. Third Quarter Report 2026 10 Agrochemical Co., Ltd. Legal Person Fu Kelv Domestic Natural Person 0.14% 3,187,692 -- -- -- CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD Overseas Legal Person 0.13% 2,959,641 -- -- -- Shares Held by Top 10 Shareholders Not Subject to Trading Moratorium (Excluding the Shares Lent through Refinancing and Restricted Shares of Executives) Name of Shareholders Number of Shares Held Not Subject to Trading Moratorium at the End of the Period Type of Shares Type of Shares Amount Syngenta Group Co., Ltd. 1,828,137,961 RMB Ordinary Share 1,828,137,961 China Structural Reform Fund 33,557,046 RMB Ordinary Share 33,557,046 Hong Kong Securities Clearing Company Ltd. (HKSCC) 12,965,482 RMB Ordinary Share 12,965,482 Zhu Shenglan 6,700,000 RMB Ordinary Share 6,700,000 Wu Feng 6,670,912 RMB Ordinary Share 6,670,912 Qichun County State- owned Assets Center 4,169,266 RMB Ordinary Share 4,169,266 Liu Minqin 3,906,760 RMB Ordinary Share 3,906,760 Hunan Yuanjiang Chifeng Agrochemical Co., Ltd. 3,434,600 RMB Ordinary Share 3,434,600 Fu Kelv 3,187,692 RMB Ordinary Share 3,187,692 CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD 2,959,641 Domestically Listed Shares in Foreign Currencies 2,959,641 Explanation on associated relationship among the above-mentioned shareholders, or explanation on acting-in- concert Syngenta Group Co., Ltd. is neither a related party to any other shareholders listed above, nor any acting-in-concert party as prescribed in the Administrative Methods for Acquisition of Listed Companies. It is unknown whether the other shareholders are related parties or acting-in-concert parties as prescribed in the Administrative Methods for Acquisition of Listed Companies. Particular about the top ten shareholder participating in the securities financing business (if any) Shareholder Wu Feng held 4,067,986 shares of the Company through a common securities account and 2,602,926 shares of the Company through a credit collateral securities trading account, altogether 6,670,912 shares. Shareholder Liu Minqin held 478,060 shares of the Company through a common securities account of the Company and 3,428,700 shares of the Company through a credit collateral securities trading account, altogether 3,906,760 shares. Shareholder Fu Kelv held 3,187,692 shares of the Company through a credit collateral securities trading account. Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the shares lending through refinancing arrangement □Applicable √ Not applicable Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the previous period due to the shares lending/returning through refinancing arrangement □ Applicable √ Not applicable 2. Total number of preference shareholders and shareholdings of the top 10 of such at the period- end □ Applicable √ Not applicable
Page 11
ADAMA Ltd. Third Quarter Report 2026 11 IV. Other Significant Events √Applicable □Not applicable The Company disclosed the Announcement on the Indirect Controlling Shareholder Sinochem Holdings Corporation Ltd.’s Performance of Its Undertaking to Avoid Horizontal Competition (Announcement No. 2026-38) on CNINFO on September 19, 2026. Sinochem has performed, within the committed period, its Letter of Undertaking to Avoid Horizontal Competition with ADAMA Ltd. and has effectively addressed the impact of horizontal competition on the Company through various measures. The Company periodically reviews overlapping products with Syngenta AG and Yangnong Chemical. In 2025 and the first half of 2026, the sales of the Company’s overlapping products between the Company and Syngenta AG and Yangnong Chemical accounted for less than 15% of the Company’s total principal business revenue and did not constitute a material adverse effect on the Company.
Page 12
ADAMA Ltd. Third Quarter Report 2026 12 V. Financial Statements i. Financial Statements 1. Consolidated balance sheet Prepared by ADAMA Ltd. 30 September 2026 Unit: RMB’000 Item September 30, 2026 December 31, 2025 Item September 30, 2026 December 31, 2025 Current assets: Current liabilities: Cash at bank and on hand 2,443,585 3,450,300 Short-term loans 5,698,952 6,673,792 Financial assets held for trading 23,323 1,223 Derivative financial liabilities 169,119 189,581 Derivative financial assets 130,035 449,379 Bills payable 521,810 622,660 Bills receivable 285,122 358,489 Accounts payable 4,595,009 5,461,749 Accounts receivable 7,521,243 7,124,736 Contract liabilities 1,505,770 1,789,490 Receivables financing 106,685 30,767 Employee benefits payable 744,083 936,724 Prepayments 262,729 368,012 Taxes payable 448,722 539,168 Other receivables 774,896 1,076,164 Other payables 1,924,637 1,418,093 Inventories 11,163,086 11,607,842 Non-current liabilities due within one year 1,579,312 3,825,203 Other current assets 860,152 1,094,273 Other current liabilities 902,106 929,259 Total current assets 23,570,856 25,561,185 Total current liabilities 18,089,520 22,385,719 Non-current assets: Non-current liabilities: Long-term receivables 145,801 118,203 Long-term loans 1,077,409 1,507,514 Long-term equity investments 45,294 39,312 Debentures payable 4,986,361 4,894,076 Other equity investments 140,980 129,796 Lease liabilities 626,381 751,226 Investment properties 17,720 18,869 Long-term accounts payable 145,982 164,735 Fixed assets 9,254,985 10,073,551 Long-term employee benefits payables 549,336 536,895 Construction in progress 720,605 897,175 Provisions 421,648 424,347 Right-of-use assets 537,446 661,443 Deferred tax liabilities 183,334 224,024 Intangible assets 3,896,249 4,302,343 Other non-current liabilities 1,993,589 - Goodwill 4,762,320 4,964,450 Total non-current liabilities 9,984,040 8,502,817 Deferred tax assets 1,233,811 1,294,176 Total liabilities 28,073,560 30,888,536 Other non-current assets 466,778 403,459 Shareholders’ equity: Total non-current assets 21,221,989 22,902,777 Share capital 2,329,812 2,329,812 Total assets 44,792,845 48,463,962 Capital reserves 12,867,124 12,867,123 Other comprehensive income 1,078,625 1,570,748 Special reserves 9,190 6,156 Surplus reserves 298,610 298,610 Retained earnings 135,924 502,977 Total equity attributed to the shareholders of the company 16,719,285 17,575,426 Non-controlling interests - - Total equity 16,719,285 17,575,426 Total liabilities and equity 44,792,845 48,463,962 Gael Hili Legal representative Samuel Asher Leibowitz Chief of the accounting work Samuel Asher Leibowitz Chief of the accounting organ
Page 13
ADAMA Ltd. Third Quarter Report 2026 13 2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period Unit: RMB’000 Item January-September, 2026 January-September, 2025 1. Total operating Income 20,563,565 21,678,425 Less: Cost of sales 15,229,293 16,004,956 Taxes and surcharges 72,315 72,462 Selling and Distribution expenses 2,901,505 2,950,375 General and Administrative expenses 912,333 1,089,510 Research and Development expenses 286,881 307,417 Financial expenses 1,186,445 1,544,466 Including: Interest expense 671,473 527,096 Interest income 117,463 101,281 Add: Investment income, net 9,611 7,464 Including: Income from investment in associates and joint ventures 9,611 7,464 Gain (Loss) from changes in fair value (15,125) 4,781 Credit impairment losses (35,772) (108,746) Asset Impairment losses (345,277) (63,997) Gain from disposal of assets 330,850 14,599 2. Operating loss (80,920) (436,660) Add: Non-operating income 103,411 38,793 Less: Non-operating expense 88,741 19,579 3. Total loss (66,250) (417,446) Less: income tax expense 278,602 5,360 4. Net loss (344,852) (422,806) 4.1 Classified by nature of operations 4.1.1 Continuing operations (344,852) (422,806) 4.2 Classified by ownership 4.2.1 Shareholders of the Company (344,852) (422,806) 4.2.2 Non-controlling interests - - 5. Other comprehensive loss net of tax (492,123) (33,608) Other comprehensive loss net of tax attributable to shareholders of the Company (492,123) (33,608) 5.1 Items that will not be reclassified into profit/loss 1,104 (2,882) 5.1.1 Re-measurement of defined benefit plan liability 1,104 (2,882) 5.2 Items that were or will be reclassified to profit or loss (493,227) (30,726) 5.2.1 Effective portion of gains or loss of cash flow hedge 12,558 (35,542) 5.2.2 Translation differences of foreign financial statements (505,785) 4,816 Other comprehensive income net of tax attributable to Non-controlling interests - - 6. Total comprehensive loss for the period (836,975) (456,414) Total comprehensive loss attributable to shareholders of the Company (836,975) (456,414) Total comprehensive income attributable to Non-controlling interests - - 7. Earnings (loss) per share 7.1 Basic earnings (loss) per share (RMB/ share) (0.1480) (0.1815) 7.2 Diluted earnings per share (RMB/ share) N/A N/A Gael Hili Legal representative Samuel Asher Leibowitz Chief of the accounting work Samuel Asher Leibowitz Chief of the accounting organ
Page 14
ADAMA Ltd. Third Quarter Report 2026 14 3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting Period Unit: RMB’000 Item January-September, 2026 January-September, 2025 1. Cash flows from operating activities: Cash received from sale of goods and rendering of services 19,598,772 22,008,090 Refund of taxes and surcharges 96,558 167,870 Cash received relating to other operating activities 258,381 105,894 Sub-total of cash inflows from operating activities 19,953,711 22,281,854 Cash paid for goods and services 13,448,628 14,138,110 Cash paid to and on behalf of employees 3,070,922 2,906,459 Payments of taxes and surcharges 359,538 435,698 Cash paid relating to other operating activities 1,769,371 2,427,727 Sub-total of cash outflows from operating activities 18,648,459 19,907,994 Net cash flows from operating activities 1,305,252 2,373,860 2. Cash flows from investing activities: Cash receipts from disposal of investments 150,917 55,050 Cash received from investment income 6,381 3,301 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 489,613 46,283 Sub-total of cash inflows from investing activities 646,911 104,634 Cash paid to acquire fixed assets, intangible assets and other long-term assets 728,512 865,720 Net cash paid to acquire subsidiaries or other business units - 56,272 Cash paid for other investing activities 21,418 124,725 Sub-total of cash outflows from investing activities 749,930 1,046,717 Net cash flows from investing activities (103,019) (942,083) 3. Cash flows from financing activities: Cash received from borrowings 1,185,147 1,835,663 Cash received relating to other financing activities 2,836,169 1,652,577 Sub-total of cash inflows from financing activities 4,021,316 3,488,240 Cash repayment of borrowings 2,963,110 3,664,529 Cash payment for dividends, profit distributions or interest 646,270 698,885 Including: dividends paid to non-controlling interest 22,201 74,113 Cash paid relating to other financing activities 2,467,832 533,136 Sub-total of cash outflows from financing activities 6,077,212 4,896,550 Net cash flows from financing activities (2,055,896) (1,408,310) 4. Effect of foreign exchange rate changes on cash and cash equivalents (117,660) (27,731) 5. Net decrease in cash and cash equivalents (971,323) (4,264) Add: Cash and cash equivalents at the beginning of the period 3,353,326 3,583,963 6. Cash and cash equivalents at the end of the period 2,382,003 3,579,699
Page 15
ADAMA Ltd. Third Quarter Report 2026 15 ii. Impact of initial application of new accounting standards on the opening balances of current year □ Applicable √ Not applicable iii. Auditor’s report Is this Report audited? □ Yes √ No This Report is unaudited. Board of Directors ADAMA Ltd. October 30, 2026