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Unlocking Nature.Enriching Life.As of December 31, 2024
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Safe Harbor Statement Some of our comments and materials in this presentation constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation, and you should carefully review the assumptions and factors in our SEC reports. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events. 2
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EnrichWhat We DoHow We Do ItCorporate Responsibility InvestFinancial ResultsUnlockThe ADM VisionWhy Invest in ADM?The ADM EdgeThe ADM Plan 3Table of Contents
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UnlockThe ADM VisionThe ADM EdgeThe ADM Plan 4
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Food is Fundamental.We believe… Everyone has the right to the food they need to sustain their lives.Food derived from nature is an important driver of health and wellness.Access to nutrition has the power to solve many of the world’s challenges. It sustains us, fulfills us and fuels our well-being. It’s the most basic need with the most critical impact. ADM is devoted to that impact every single day. This is why we exist…To unlock the power of nature to enrich the quality of life. The ADM Vision 5
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ADM by the NumbersCREDENTIALS ADMNYSE Since 1924 ACredit Rating 1902Founded Crop Procurement Locations~380 ~325Food & Feed Processing Locations >180Countries Served 68InnovationCenters FUNDAMENTALSFINANCIALS CY24 Revenue$85.5B Total Segment OPfor CY24$4.2B $4.5Bof Adjusted EBITDA in CY24 Years ofConsecutive Dividendsand 50 years of Increasing Dividends93 ~$39BMarket Capas of 12/31/2024 Adjusted EPSin CY24$4.74 ~700Facilities 44,000Employees The ADM Edge 6
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Transforming the PortfolioAcquisitions and JVsDivestitures The ADM Plan 7 New Hope Ag Fund Sale GrainCorpCocoaFertilizerLactic AcidChocolateBrazilSugarCrop RiskServicesBolivia Oilseeds 20142015201620172018201920202021 SAGroundnut TexomaPeanut Co EaststarchMorocco CIP Gleadell 20222023 2024
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EnrichWhat We DoHow We Do ItCorporate Responsibility 8
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Food SecurityHealth and Well-beingSustainability Enduring Global TrendsWhat We Do 9
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Origination of CropsAg Services LocalSales Exports DestinationMarketing Meal Vegetable Oil Other Products OilseedsOilseedsProcessing Carbohydrate Solutions Starches &SweetenersFlourBioSolutionsOtherProducts SpecialtiesNutrition Health &WellnessIngredients CustomerFood • Feed • Fuel • Industrial Procure/Store Grain AnimalNutritionIngredients Serve Customers Across the Value Chainwith Unmatched Products & Services What We Do Transportation 10 CustomerFood • Feed • Fuel • Industrial FlavorsSpecialtyIngredients
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Ag Services and Oilseeds 11
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Ag Services Risk managementMarket intelligence Drivers of ProfitabilityProcure, store, dry/blend, transport and export grains and oilseedsValue-added services (Destination Marketing, Stevedoring, Structured Trade Finance, Fertilizer)MarketsInternal processingExport destinationsGrain & oilseeds processorsLivestock industry Crushing Arbitrage grain and freightFarmer relationships Drivers of ProfitabilityCrush a diverse set of oilseeds to produce meal and oil productsMarketsAnimal feed producersAlternative protein producersCrude vegetable oil processors Diversified product portfolioDiversified regional footprint Refined Products& OtherDrivers of ProfitabilityRefine and distribute bulk and packaged food oils and biodieselBlend specialty oils for food and industrial usesPeanut and treenut procurement, shelling and specialty productsMarketsFood processing, bakery and industrial customersRenewable fuels WilmarDrivers of Profitability22.5% ownership stake in Wilmar International, a leading agricultural company with a strong presence in Asia and AfricaDiversified portfolioReported under equity methodMarketsGrains, oilseeds, sugar, palm oil, food processing and consumer products Ag Services and Oilseeds Overview ADM ADVANTAGEOperational expertise and efficiencySupply chain transparencyFacility scaleIntegrated facilities How We Do It: Ag Services and Oilseeds 12
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AgServices & Oilseeds400Procurement and Storage Facilities~20M MT GlobalStorage Capacity 9,500Owned Railcars1,210Owned Semi-Trailers3Owned Oceangoing Vessels1,900Owned River Barges 114Processing Facilities 52Oilseed Crush Facilities~43MMTOilseeds Crushing Capacity ~60Different Products Used in Food, Animal Feed, Renewable Fuels and Industrial Products1617Processing Facilities in Countries andProcurement/Storage Locations in FootprintDaily Grain StorageCapacity (MMT) Annual Crush Capacity (MMT) EMEA2SA2 NA14 18 EMEA13 SA7 NA2343 42Owned &Leased Port Facilities ~75% Soy, 25% Softseeds UNITEDSTATESProcessingProcurement51228 CANADAProcessingProcurement76 PERUProcessing16 ARGENTINAProcessingProcurement13 NETHERLANDSProcessingProcurement11 BELGIUMProcessing1 UNITED KINGDOMProcessingProcurement52IRELANDProcurement3 BRAZILProcessingProcurement1835 PARAGUAYProcessingProcurement112 GERMANYProcessingProcurement123 CZECH REPUBLICProcessing2 ROMANIAProcurement9 INDIAProcessingProcurement323 POLANDProcessingProcurement72 UKRAINEProcessingProcurement13 How We Do It: Ag Services and Oilseeds 13 MEXICOProcessingProcurement 11 SERBIAProcessing1DOMINICAN REPUBLICProcurement1 AUSTRALIAProcurement2 NEW ZEALANDProcurement4
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Prior periods have been restated to conform to current-year presentation. Millions Segment Operating Profit $792$597$464$451$657$502$828$770$1,374$1,168$715 $664$652$298$204$650$580$466$999 $1,636$1,290 $844$376$274$298$244 $370$586$439$652 $837$1,306 $552$183$200$154$329 $343$267$372 $378 $554$303 $336 $0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500 CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $2,016$1,723$1,215$1,229$2,020$1,935 WilmarRP&OCrushingAg Services How We Do It: Ag Services and Oilseeds 14 $2,105$2,799$4,401$4,067$2,447
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Carbohydrate Solutions 15
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Carbohydrate Solutions Overview StarchesDrivers of ProfitabilityIndustrial starchesFood starchesBioSolutionsMarketsFood and beverage customersPaper products and other industrial uses Product optionality at wet millsDiversified regional footprintFacility scaleIntegrated facilitiesOperational expertise and efficiency Drivers of ProfitabilityWheat flours—bulk and packaged for bakery Other specialty floursand bakery mixesMarketsFood processing and bakery customers FloursDrivers of ProfitabilityEthanol and byproduct (DDGs)Beverage grade alcoholDe-natured alcohol MarketsFuel companiesLivestock industryBeverage companiesIndustrial uses SweetenersDrivers of ProfitabilityGlucose, high fructose corn syrup, corn syrups, crystalline dextrose, maltodextrin and other sweeteners Feedstock for distillers, brewers and other fermentation companiesSustainable materialsMarketsFood and beverage customersIndustrial usesADM ADVANTAGERisk managementMarket intelligenceArbitrage grain and freight Starches & SweetenersVantage Corn Processors How We Do It: Carbohydrate Solutions Corn Dry Mills 16
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910,000Bushels per Day Wheat Processing Capacity 12Countries with Processing Plants3 of 5Largest Corn Millsin the World ~2.6MBushels per Day ~90Different Products 16Corn39Wheat Owned Processing Plants FootprintCarbohydrate SolutionsAnnual CornGrind (MMT) Annual Wheat MillingCapacity (MMT) EMEA2 NA22 24 International1 Americas6 7 Additional Joint Venture Facilities in Mexico, Hungary, Russia and U.S.UNITEDSTATESProcessingProcurement369 BELIZEProcessing1 GRENADAProcessing1 BARBADOSProcessing1 MOROCCOProcessing1 FRANCEProcessing1 BULGARIAProcessing1 TURKEYProcessing1 GREATER CHINAProcessing1 How We Do It: Carbohydrate Solutions Corn Grind Capacity 17 CANADAProcessingProcurement81 UNITEDKINGDOMProcessingProcurement64 JAMAICAProcessingProcurement11
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Segment Operating Profit Millions $0 How We Do It: Carbohydrate Solutions Vantage Corn Processors (VCP)Starches & Sweeteners 18 $621$686$871$928$905$753$762$948$1,376$1,329$1,343 $719 $136 $129 $155 $40 ($109)($45) $370 $37 $46 $33 ($200) $200 $600 $1,000 $1,400 CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $1,340$823$1,000$1,083$945$644$717$1,318$1,413$1,375$1,376 CY18 -CY21 presented under VCP segmentation, CY14 -CY17 presented under prior segmentation.
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Nutrition 19
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NutritionOverview Flavors & ColorsDrivers of ProfitabilityNatural flavors portfolioNaturallyderived color portfolioVertical integration in mint, vanillaand citrus Specialty IngredientsDrivers of ProfitabilitySpecialty soy and pea proteinsEdible beans, peas, nuts, seeds andancient grainsPolyols, hydrocolloidsand emulsifiersMarketsFood and beverage customersIndustrial customersPersonal care customers Drivers of ProfitabilityComplete feed and premix solutionsAmino acidsSpecialty nutritional ingredients MarketsLivestock industryPet food industryAquaculture Drivers of ProfitabilityNutritional supplements—probiotics, prebiotics, enzymes, vitamins, DHA, and other nutritional ingredientsFiberFermentation technology and capacityMarketsFood and beverage customersAnimal nutrition customersSupplement customersDirect-to-Consumer products Health & Wellness MarketsFood and beverage customersPersonal care customers Supplement customersAnimal nutrition customersADM ADVANTAGEConsumer insightsUnrivaled portfolio of flavors andingredients Global footprintInnovation centers on all continentsDeep technical expertiseSupply management expertise Human Nutrition Systems-based approachTurnkey product developmentVertical integration of key raw materials Animal Nutrition How We Do It: Nutrition 20
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4Procurement Centers Human Nutrition68Customer Innovation Centers78Processing Facilities 81Processing Facilities Animal Nutrition FootprintNutrition CANADAProcessing3 UNITEDSTATESProcessingProcurement714 MEXICOProcessing8 COLOMBIAProcessing2ECUADORProcessing1 BRAZILProcessing11 TRINIDAD AND TOBAGOProcessing1 PUERTO RICOProcessing2 PORTUGALProcessing1 SPAINProcessing4 FRANCEProcessing11 UNITEDKINGDOMProcessing7 BELGIUMProcessing1 NETHERLANDSProcessing2 GERMANYProcessing5 POLANDProcessing1 TURKEYProcessing1 MADAGASCARProcessing2SOUTH AFRICAProcessing1 INDIAProcessing1 VIETNAMProcessing5 GREATER CHINAProcessing9 How We Do It: Nutrition 21 DENMARKProcessing1 SERBIAProcessing1 PANAMAProcessing1 2ProcurementFacilities PHILIPPINESProcessingProcurement31 INDONESIAProcessing2 NIGERIAProcessingProcurement11
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Unique Opportunity, Powered by Seed to Fork Integration Across Food and Ag Value ChainHow We Do It: Nutrition 22 Proteins BindersFlavors Color Taste TextureFunctionality NutritionFats and Oils BeverageSavory FoodSweet Food & DairyHealth & WellnessAnimal NutritionH&W Vertically integrated back to the farm Integrated SolutionsSystems InnovationComplete PantrySeed TechnologyFarmer NetworkTraceabilityRegenerative Agriculture
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Revenue and SegmentOperating Profit Millions $2,450$2,470$2,370$2,570$2,750$2,811$3,189$3,769$3,634$3,944 $1,140$1,060$1,160$1,220 $2,930$2,988$3,523$3,867$3,577$3,405 $0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $3,590$3,530$3,530$3,790$5,680 Animal NutritionHuman Nutrition Revenue Millions $323$273$311$339$418 Segment Operating Profit How We Do It: Nutrition Animal NutritionHuman Nutrition $5,799 23 $296$272$278$318$376$462$520$557$417$327 $27$1$33$21$42$112$112$111 $10 $59 $0$100$200$300$400$500$600$700$800 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $574 $6,712 $632$7,636 $668$7,211 $427$7,349 $386 Prior periods have been restated to conform to current-yearpresentation.
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Sustainability and Corporate Responsibility 24
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Scope 3 Emissions GoalSustainability and Corporate Responsibility25 25%Scope 3 greenhouse gas emissions reductionby 2035 from a 2021 baseline
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Goals and Key Performance Indicators26Sustainability and Corporate Responsibility
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Building a More Sustainable Value Chain27Sustainability and Corporate Responsibility We are the foundation of food on tables the world over –flavoring culture, forwarding health and wellness, and venturing into new possibilities and discoveries for human and animal nutrition. Creating value through the entire supply chain gives us the opportunity to help build a more sustainable food system.
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11% 31%43% 13%2% ADM continuously works to improve the lives of our stakeholders, including the communities in which we operate as well as ourvast and diverse employee base.Helping Our Employees and Communities28Sustainability and Corporate Responsibility Helping Communities ThroughADM CaresPromotingEmployee DiversityWe believe diversity, equity, inclusion & belonging (DEIB) are key business priorities that enable us to continue innovating, driving growth, through customer focus and delivering outstanding performance for shareholders.We have evolved our DEIB strategy to focus on three main pillars: Recruit; Develop, Advance & Retain; and Culture.In support of ADM’s commitment to a productive, diverse and inclusive workplace, it is a signatory to the CEO Action for Diversity & InclusionTMand a member of Paradigm for Parity®.ADM has been a key partner in the establishment of Together We Grow, a consortium of agriculture industry leaders united in a shared belief that American agriculture’s best days are yet to come. Emphasizing diversity, equity, inclusion, Together We Grow works to build a modern workforce with the skills, experience and capabilities needed to keep pace with the growing world. EnsuringEmployee SafetyADM is committed to fostering a safe working environment for all of our employees and contractors, and we have set an ambitious goal of reducing our Total Recordable Incident Rate (TRIR) year over year to achieve a 25% improvement.With a 2023 ADM rate of 0.67, we are well poised to achieve our 2028 goal of 0.52.In 2024, we are refocusing our efforts in both occupational and process safety in support of our vision ofSafe or We Don’t Do It.Current initiatives supporting our performance goals:•Safe Work Permit and Last Minute Risk Assessment: Safe Work Permit is an ADM authorization process used to ensure colleagues and contractors are aware of hazards and safeguardsduring work activity. Last Minute Risk Assessments supplement the Safe Work Permit to ensure colleagues and contractors identify and mitigate hazards specific to their own work activity.•Focus on learning, awareness, and commitment to our Life Critical Standards: While all safety and health programs are important, our Life Critical Standards stand out and require excellence across thecompany to prevent serious injury and fatality.•Process Safety Fundamentals training: This training allows for learning from experience and is designed to build skills in identifying risk and managing risk•Establishment of a Global Safety Council: The Global Safety Council brings together representatives of all regions and functions of ADM for safety related conversation and action. •Enhanced New Site EHS Integration Program: This program is designed to quickly and effectively deliver ADM’s standardsand programs to newly acquired facilities At ADM, we believe in the concept of shared value creation. Our corporate social investment program, ADM Cares, aligns corporate giving with our business strategies and sustainability objectives. Through the program, we work to sustain and strengthen our commitment to communities where we work, live and operate by directing funding to initiatives and organizations driving meaningful social, economic and environmental progress.Our goal is to bolster the communities where ADM employees reside and work by allocating resources, volunteer efforts and industry expertise to projects and organizations that drive meaningful progress. ADM Cares maximizes our societal impact across the globe, and by collaborating with partners, we magnify the effect of our philanthropic endeavors, making a difference in the lives of individuals worldwide.In 2023, ADM Cares grants were focused on three key areas in line with our mission of unlocking nature to enrich lives: sustainability, food security, and health and well-being. The ADM Cares team assesses potential projects to ensure they meet specific criteria and contribute to our objectives in these focal areas. The impact of projects supported by ADM Cares is evaluated through annual reports to continually assess community needs and address pressing issues. By concentrating on these areas, ADM Cares initiatives further our sustainability goals, particularly by partnering with entities that align with the United Nations Sustainable Development Goals (SDGs) relevant to our sustainability and business targets. SustainabilityFoodSecurityHealth & Well-beingColleagueGivingOther 2023ADMCaresspending$20.1million
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ADM’s Independent and Diverse Board 29Sustainability and Corporate Responsibility Michael BurkeAge 62Appointed 2018Fmr. Chairman & CEO, AECOMAudit (Chair), N&CG Committees Terrell CrewsAge 69Appointed 2011Fmr. CFO & Divisional CEO, MonsantoLead Independent DirectorOther Boards: Smurfit WestRock Suzan Harrison Age 67Appointed 2017Fmr. Divisional President, ColgateS&T (Chair), AuditCommitteesOther Boards: Smurfit WestRock, Ashland Patrick MooreAge 70Appointed 2003President & CEO, PJM AdvisorsN&G (Chair), Audit CommitteesOther Boards: Energizer Debra SandlerAge 65Appointed 2016President & CEO, LaGrenadeGroupAudit, N&CG CommitteesOther Boards: Gannett, Dollar General, Keurig Dr Pepper Juan LucianoAge 63Appointed 2014Board Chair, President & CEO, ADMOther Boards: Eli LillyCompany Ellen de BrabanderAge 61Appointed 2023Executive Vice President, Elanco Animal HealthAudit, S&T Committees Kelvin WestbrookAge 69Appointed 2003President & CEO, KRW AdvisorsC&S (Chair), N&CG CommitteesOther Boards: T-Mobile, Mosaic,Camden Property Lei Zhang SchlitzAge 58Appointed 2019VP & President,Johnson Controls International PLCC&S, S&T Committees N&CGNominating andCorporate GovernanceC&SCompensation and SuccessionS&CRSustainability andCorporate ResponsibilityLegend As of March 2025 Theodore ColbertAge 51Appointed 2021Fmr. Executive Vice President, BoeingC&S, S&T, C/S Committees Jim CollinsAge 62Appointed 2022Frm. Chairman & CEO, Corteva, and Executive Vice President& COO, DuPontAudit, C&S Committees David McAtee IIAge 56Appointed 2024Executive Vice President & GC, AT&TC&S, N&CG
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ADM’s Independentand Diverse Board 30Sustainability and Corporate Responsibility StatisticsNominating andCorporate Governance•Authority to assign oversight of specific areas of risk to other committees•Recommends Director nominees who appear capable to assess and monitor risksAudit•Oversees Enterprise Risk Management process•Discusses management efforts to monitor and control risk•Regularly reports regarding any significant risk issues Responsibilities 5are African American, Asian or Hispanic 91%Independent64%Overall Diversity 63Average Age8YearsAverage Tenure Compensation andSuccession•Assesses potential risks associated with compensation decisions•Engages independent consultants to assess compensation programsSustainability andTechnology•Oversight responsibility for sustainability and corporate responsibility matters•Reviews sustainability-related risks quarterly through the Enterprise Risk Management process For additional information about ADM's Board and the company, please review our annual report located at: https://investors.adm.com/financials/annual-reports 4areFemale
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InvestFinancial Results 31
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$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00$5.50$6.00$6.50$7.00$7.50$8.00 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 TotalSegmentOperating ProfitAdjusted Earnings Per Share Ag Services & OilseedsCarbohydrate SolutionsNutrition Billions $2.61 $2.16 $2.43 $3.50 $3.24 Financial Results 32 $1.7$1.2$1.2$2.0$1.9$2.1$2.8$4.4$4.0$2.4 $0.8$1.0$1.1$0.9$0.6$0.7 $1.3 $1.4$1.4 $1.4$0.3$0.3$0.3$0.3$0.4$0.6 $0.7 $0.7$0.4 $0.4 $0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $3.59 $2.6$3.3$3.0$3.3$2.5$2.8 $4.2 $4.8 $5.19 $7.85$6.4 $6.98 $4.74 $5.8
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TotalSegment Operating Profit Financial Results Total SegmentOperating ProfitCY17CY18CY19CY20 CY21CY22CY23CY24Total (in millions)$2,622 $3,574$2,997 $3,396$4,749$6,482$5,869$4,209Ag Services & Oilseeds$1,229 $2,020 $1,935 $2,105 $2,775$4,386$4,067$2,447Ag Services451 657 502 828 7701,3741,168715Crushing204 650 580 466 9751,6211,290844RP&O244 370 586 439 6528371,306552Wilmar329 343 267 372 378554303336Carbohydrate Solutions$1,083 $945 $644 717 $1,283$1,360$1,375$1,376Starches & Sweeteners928 905 753 762 9131,3231,3291,343Bioproducts/VCP155 40 (109)(45)370374633Nutrition$311 $339 $418 $574 $ 691$736$427$386Human Nutrition278 318 376 462 537566417327Animal Nutrition33 21 42 112 1541701059 33
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Processed VolumesFinancial Results 2015201620172018201920202021202220232024Total (000’s of metric tons)56,943 56,061 57,433 58,651 58,350 54,450 54,25151,51052,96654,260Oilseeds33,817 33,788 34,733 36,308 36,271 36,565 35,12532,95234,89935,719Corn23,126 22,273 22,700 22,343 22,079 17,885 19,21618,55818,06718,541 By Year CY22 CY23 CY24Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Total (000’s of metric tons)13,30312,98412,06913,15413,02113,23113,15513,55913,79413,35413,35313,758Oilseeds8,4918,2087,6888,6568,6278,7838,6488,8419,3878,8728,4109,050Corn4,8124,7764,3814,5894,3944,4484,5074,7184,4074,4824,9434,708 By Quarter 34
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Trailing 4Q Average ROICTrailing 4Q Adjusted ROICLong-term WAACLong-term ROIC Target 4%5%6%7%8%9%10%11%12%13%14% Q4'16Q4'17Q4'18Q4'19Q4'20Q4'21Q4'22Q4'23Q4'24 6.7%8.3% LT ROIC Objective: 10%ROIC vs WACC Financial Results CY24Trailing 4Q AverageAdjusted ROICTrailing 4QAverage ROICAnnual WACCTrailing 4Q AverageAdjusted EVALong-Term WACC 8.3% 8.0% 8%$0.1B 7.0% 35
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Strong Balance SheetBalance Sheet Highlights (in millions)Net Investment In:Cash & Cash EquivalentsOperating Working CapitalProperty, Plant, & EquipmentInvestments in and Advances to AffiliatesGoodwill and Other IntangiblesOther Non-Current Assets Financed By:Short-Term DebtLong-Term Debt, Incl. Current MaturitiesDeferred LiabilitiesTemporary EquityShareholder’s Equity Book Value$22.2BBook Valueas of 12/31/24 Other Key Data$44.98Book Value Per Shareas of 12/31/24Credit RatingsAS&P GlobalA2Moody’sAFitch Wilmar Investment$3.2BEquity InvestmentBalance as of 12/31/24$3.9BMarket Value of Sharesas of 12/31/24 $7.0BReadily Marketable Inventoryas of 12/31/24$9.1BAvailable Credit Capacity as of 12/31/24 Credit Capacity Financial Results Dec 312020$667$10,481$9,951$4,913$2,156$33,581$5,413 $2,042$7,887$3,556$75$33,581$20,022 36 Dec 312021$943$10,546$9,890$5,285$2,392$35,716$6,660 $958$8,581$3,401$259$35,716$22,508 Dec 312022$1,037$11,627$9,933$5,467$2,420$37,028$6,544 $503$8,677$3,232$299$37,028$24,317 Dec 312023$1,368$9,843$10,508$5,500$2,515$36,075$6,341 $105$8,260$3,245$320$36,075$24,145 Dec 312024$856$9,501$10,837$5,276$2,671$35,910$6,769 $1,903$8,254$3,322$253$35,910$22,178
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Cash from Operations Before Working CapitalBillions Financial Results 37 $2.2$2.1$1.9 $2.7$2.3 $3.1$3.9 $5.0$4.7 $3.3 $0.0$0.6$1.2$1.8$2.4$3.0$3.6$4.2$4.8$5.4$6.0 2015201620172018201920202021202220232024
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Financial Framework for Shareholder Value CreationFinancial Results 38 Operating Cash Flows Reinvestment in Capex to Generate Value30%-40% Available for Strategic Growth or Distributions60%-70% Strategic Growth Opportunities Distributions to Shareholders Value Creation for ADM ShareholdersDividends30%-40%of Earnings Share Repurchases
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$0.0 $0.5 $1.0 $1.5 $2.0 FY10FY11FY12CY13 CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24D&ACapex M&ACapex and D&A $1.6$1.6$1.2$1.5$0.9$0.9$1.1$0.9$1.0$0.8$0.8 $0.9$0.9$0.9$0.9$0.9$0.9$0.9 $1.0 $1.1$0.9$0.8 Capital Expenditures and M&ABillions Billions Financial Results $0.8 39 $1.0 $1.0 $1.2 $0.1$0.2$0.2$0.0 $2.8 $0.5$0.1$0.2$0.5 $2.0 $0.0 $1.6 $0.0$0.0 $0.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 FY10FY11FY12CY13 CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $1.3 $1.0 $1.5 $1.1
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$0.7$0.7$0.7$0.8$0.8$0.8$0.8$0.9$1.0$1.0 $2.0 $1.0$0.8 $0.1$0.2$0.1$0.0 $1.5 $2.7$2.3 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24 $1.12$1.20$1.28$1.34$1.40$1.44$1.48$1.60$1.80$2.00 CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24Dividends PaidShare Repurchases Dividends & Share RepurchasesAnnual Dividends Per ShareDividend Payout Ratio:Historical: 20-30%Medium Term: 30-40% Billions USD 50 Consecutive Years of Dividend IncreasesFinancial Results 40
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Net Debt / Total CapitalNet Debt to EBITDA Liquidity AvailableTotal Liquidity with RMI 0% 25% 50% 0. 0 1. 0 2. 0 3. 0 4. 0 5. 0 Q4'13Q4'14Q3'15Q4'16Q4'17Q4'18Q4'19Q4'20Q4'21Q4'22Q4'23Q4'24 2.022% Debt MetricsAvailable Liquidity (Billions)Balance Sheet Strength-Solid Investment GradeFinancial Results ($5.0) $5.0 $15.0 $25.0 Q4'13Q4'14Q4'15Q4'16Q4'17Q4'18Q4'19Q4'20Q4'21Q4'22Q4'23Q4'24 41 9.7 16.7
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Appendix 42
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Summary of Specified Items Excluded in Adjusted EarningsYear EndedYear EndedYear EndedYear EndedCYCY CYCYCYCYCYCYCYCYCYCYCY20092010201120122012201320142015201620172018201920202021202220232024Earnings as Reported1,684 1,930 2,036 1,223 1,375 1,342 2,248 1,849 1,279 1,595 1,810 1,379 1,772 2,7094,3403,4831,800Specified Items:LIFO Credit/(Charge)322 26 (229)6 2 140 152 1 (12)1 14 (28)69FX gain/(loss) (25)(63) (3)Acquisition expenses (3)(11)(3)(5)(1)(6)5GrainCorp-related items (164)FCPA charge (37)Start-up Costs (68)(59)Debt Buyback/Exchange Costs(47)(9)(7) (118)(7) (310) (27)Golden Peanut Gain 44 GrumaBank Disposal 49 Gain/(Loss) on Interest Rate Swaps(37)19 (17)1996(8)Legal settlement -Gieseker (39)Asset impairment, exit, restructuring and settlement charges(274)(161)(88)(67)(172)(38)(144)(137)(249)(69)(237)(115)(310)512Out of period discretes (82)(15)60 (24)739 33 (39)3(33)(7)(4) 30Repattax (373)Bioblenders' credit 55 Interest exp adj related to If-converted method(13)Tax on remeasurement (change in fiscal year)(14)(61)Pension settlement (44) (89)U.S. Retiree medical curtailment 24 Gain on GrainCorp 49 Gain on sale/revaluation of assets24 6 514 92 (10)13 (124)80573312Wilmar Tax (158)Gruma Derivatives(171)GP Inventory writedown (4)Sugar contingent losses (45)HFCS settlement (9)Fertilizer gain 83 Kalama Gain 97 Total Specified Items(7)(126)(198)(275)(144)(201)132 227 3 206 (172)(451)(247)(226)(81)(302)539Earnings Excluding Specified Items1,691 2,056 2,234 1,498 1,519 1,543 2,116 1,622 1,276 1,389 1,982 1,830 2,019 2,9354,4213,7852,339EPS Adjusted for Specified Items2.633.193.412.252.292.333.232.612.162.433.503.243.595.197.856.984.74Early Debt Remarketing Dilution Impact0.04Adjusted EPS -YOY 2.633.193.452.252.292.333.232.612.162.433.503.243.595.197.856.98Shares Outstanding644644654666662663656621591572567565563566563542493 1Financial Results 43
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Notes: Non-GAAP ReconciliationThe Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission.These are measuresof performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Financial Results 44 (1) 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. Adjusted EPS reflects ADM’s fully diluted EPS after removal of the effect on EPSas reported of specified items as more fully described in the reconciliation tables. Management believes that Adjusted net earnings and Adjusted EPS are usefulmeasures 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 orbe 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.(2) Total segment operating profit and adjusted segment operating profit Total segment operating profit is ADM’s consolidated earnings before income taxes excluding Other Business, corporate items and specified items. Management believes that total segment operating profit is a useful measure because it provides investors information about ADM’s reportable segment performance. Total segment operating profit is not a measure of consolidated operating results under U.S. 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 U.S. GAAP.(3) 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 on borrowings and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding redeemable and nonredeemable non-controlling interests) and interest-bearing liabilities (which totals invested capital), adjusted for specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.(4) Average ROICAverage ROIC is ADM’s trailing 4-quarter net earnings adjusted for the after-tax effects of interest expense on borrowings, and changes in the LIFO reserve divided by the sum of ADM’s equity (excluding non-controlling interests) and interest-bearing liabilities adjusted for the after-tax effect of the LIFO reserve. Management uses average ROIC for investors as additional information about ADM’s returns. AverageROIC is a non-GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures.(5) Adjusted Economic Value AddedAdjusted economic value added is ADM’s trailing 4-quarter economic value added adjusted for specified items. The Company calculates economic value added by comparing ADM’s trailing 4-quarter adjusted returns to its Annual WACC multiplied by adjusted invested capital. Adjusted economic value added is a non-GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures. (6) Adjusted EBITDAAdjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for specified items. TheCompany calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of income taxes, interest expense on borrowings and depreciation and amortization to net earnings. Management believes that adjusted EBITDA is a useful measure of the Company’sperformance because it provides investors additional information about the Company’s operations allowing better evaluation ofunderlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure.(7) Cash Flows From Operations Before Working CapitalCash flows from operations before working capital is defined as cash flows from operating activities excluding the changes inoperating assets and liabilities as presented in the Company’s consolidated statement of cash flows. Management believes that cashflows from operations before working capital is a useful measure of the Company’s cash generation. Cash flows from operations before working capital is a non-GAAP financial measure and is not intended to replace or be an alternative to cash from operating activities, the most directlycomparable GAAP financial measure.
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Thank You