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Second Quarter 2026 Earnings Conference Call August 4, 2026
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2Proprietary business information of ADM. Cautionary Note Regarding Forward-Looking Statements This presentation 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 presentation, 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 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.
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3Proprietary business information of ADM. 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 presentation. 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 on borrowings and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding redeemable and non-redeemable 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. EBITDA. EBITDA is defined as earnings before interest on borrowings, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA by removing the impact of specified items and adding back the amounts of income tax expense, interest expense on borrowings, and depreciation and amortization to net earnings. Management believes that EBITDA and Adjusted EBITDA are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure. Cash flows from operations before working capital. Cash flows from operations before working capital is defined as cash flows from operating activities adjusted for changes in operating assets and liabilities as presented in the Company’s consolidated statement of cash flows. Management believes that cash flows 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 directly comparable GAAP financial measure. Forecasted GAAP Earnings Reconciliation. ADM is not presenting forecasted GAAP earnings per diluted share, forecasted net earnings, forecasted total debt, or forecasted effective tax rate, or a quantitative reconciliation of those metrics to forecasted adjusted earnings per diluted share, forecasted adjusted EBITDA, forecasted net debt, or forecasted adjusted effective tax rate, respectively, 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. Non-GAAP Financial Measures
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4Proprietary business information of ADM. Financial Highlights 2Q26 (Unless Otherwise Stated) 2Q26 Reported Earnings Per Share5 2Q26 Total Segment Operating Profit1,3 TRAILING 4-QUARTER Adjusted ROIC1 $1.87 $1.5B 7.8% 2Q26 Adjusted Earnings Per Share1,2,5 1H26 Return of Cash to Shareholders 1H26 Cash Flows From Operations Before Working Capital1,4 $1.84 $510M $1.8B 1. Non-GAAP measures - see notes on page 3 2. See reconciliation to earnings per share, the most directly comparable GAAP measure, on page 18 3. See reconciliation to earnings before income taxes, the most directly comparable GAAP measure, on page 14 4. Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $1.8 billion, calculated as cash flows provided by operating activities of $1.3 billion, adjusted for changes in working capital of $(460) million. Cash flows from operations before working capital year-to-date 2025 was $1.2 billion, calculated as cash flows provided by operating activities of $4.0 billion, adjusted for changes in working capital of $2.7 billion 5. All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis Up $1.42 relative to prior year quarter Up $0.91 relative to prior year quarter Up 75% relative to prior year quarter Up due to higher operating profit Up $526 million due to higher operating profit Paid 378th consecutive dividend
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Proprietary business information of ADM. 5 Continuing to Improve Manufacturing Costs Investing in High- Growth Opportunities Developing Talent and Capabilities 2026 Priorities Focus on Organic Growth with Rigorous Discipline Around Cash, Cost, and Capital Generating Strong Cash Flow 2Q26 Highlights: • Delivered robust commercial and operational execution, supported by a constructive biofuels environment and momentum in Nutrition, led by Flavors: • Global crush volume throughput increased by close to 5% compared to prior year quarter • Ethanol margin strength driven by higher domestic demand, continued export demand, and policy incentives • Flavors operating profit achieved second quarter record results, driven by increased sales in all key regions, particularly EMEA • Advanced transaction-cost reduction through process streamlining, automation, and digitization initiatives • Generated strong cash from operations before working capital driven by higher year-over-year earnings • Progressed investment opportunities to expand crushing and ethanol capacity at existing plants, including debottlenecking projects; announced investments in precision fermentation capabilities at Clinton, Iowa facility, and modernization of key facilities in Decatur, Illinois • Received workplace safety awards at two North American facilities from the Corn Refiners Association Reducing Transaction Costs Through Digitization and AI
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Proprietary business information of ADM. 6 Advanced Nutrition Spotlight: U.S. Transition to Natural Colors • U.S. transition from artificial to natural colors is underway, driven by consumer demand for clean label products and a supportive regulatory environment • Estimated ~$1 billion of U.S. total addressable market revenue, based on management estimates • ADM targeting $80 - $100 million uplift in operating profit over time; timing depends on cadence of new product launches by customers • ADM has well-established global colors business, and helped solve transition to natural colors with European customers over a decade ago • Transition involves full reformulation across color, flavor, and functionality, with ADM well-suited to provide full suite of solutions for customers • Recently secured new customer wins, including two contracts to convert artificial red, yellow, and orange shades to natural alternatives • Currently investing in Kentucky facilities to expand naturally derived color production Value Creation over the Long Term Leveraging technology, assets and expertise to deliver the next wave of growth Expanding current markets, extending reach into new markets, and deploying our capabilities to capture enduring value over the short, medium, and long-term Decarbonization Precision Fermentation Functional Health Biosolutions Advanced Nutrition Value Creation Pathways
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7Proprietary business information of ADM. Ag Services & Oilseeds Segment Performance Segment Operating Profit (in millions of dollars) 1 1 ADM owns a 22.5% equity interest in Wilmar International Limited 2 Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business. Mark-to-market and timing impacts represent the estimated net unrealized gain and loss impacts of market factor changes on the valuation of certain of our merchandisable commodity inventories (including certain commodity inventories valued at the lower of cost or market), cash purchase and sales contracts, and futures and foreign currency contracts. The final mark-to-market and timing impacts will be realized when the underlying inventory, cash purchase and sales contracts, and futures and foreign currency contracts are settled. 2Q26 Segment Overview: Operating profit increased 129% in 2Q26 vs 2Q25, driven by robust commercial and operational execution, and a constructive biofuels margin environment which contributed to strong executed crush margins and volume production. Net positive mark-to-market and timing impacts2 for 2Q26 were around $100 million, primarily attributable to Crushing, with a modest benefit attributable to Ag Services, partially offset by a net negative impact attributable to Refined Products and Other. Ag Services: Operating profit increased 159% in 2Q26 vs 2Q25, 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 America benefited from a strong soybean export program supported by active farmer selling and the Barcarena, Brazil export terminal returning to full operations. Crushing: Operating profit increased $330 million in 2Q26 vs 2Q25, driven by global crush volumes increasing by close to 5%, combined with a constructive margin environment; favorable margins were supported by the U.S. Renewable Volume Obligation (RVO) policy, elevated global energy prices, strong meal demand, and positive mark-to-market and timing impacts. RPO: Operating profit declined by 3% in 2Q26 vs 2Q25, reflecting around $50 million of net negative mark-to-market and timing impacts and mixed regional performance. Benefits from improved North American and European biodiesel margins resulting from the RVO and higher global energy prices were partially offset by pressure on South American margins. $379 $867 $113 $293$33 $363 $156 $151 $77 $60 Wilmar RPO Crushing Ag Services 2Q25 2Q26 $791 $1,140 $272 $493$79 $284 $291 $237 $149 $126 Wilmar RPO Crushing Ag Services YTD25 YTD26
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8Proprietary business information of ADM. Carbohydrate Solutions Segment Performance Segment Operating Profit (in millions of dollars) 2Q26 Segment Overview: Operating profit increased 22% in 2Q26 vs 2Q25, as continued ethanol margin strength, supported by policy incentives, more than offset pressure primarily in North American liquid sweeteners. Starches and Sweeteners: Operating profit increased by 7% in 2Q26 vs 2Q25, as robust ethanol margins more than offset softness in liquid sweetener volumes and margins. Further, starch demand stabilized, while global wheat milling volumes remained relatively stable in a more competitive environment. Vantage Corn Processors: Operating profit increased by $52 million in 2Q26 vs 2Q25, driven by robust ethanol margins, policy incentives, and effective risk management. $337 $411 $304 $326 $33 $85 VCP S&S 2Q25 2Q26 $576 $767 $511 $555 $65 $212 VCP S&S YTD25 YTD26
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9Proprietary business information of ADM. Nutrition Segment Performance Revenue and Segment Operating Profit (in millions of dollars) 2Q26 Segment Overview: Revenue decreased by 5% in 2Q26 vs 2Q25, inclusive of foreign exchange gains. Prior year results included a $55 million benefit from a contract cancellation in Health and Wellness. Operating profit increased 51% in 2Q26 vs 2Q25. Human Nutrition: Revenue decreased by 4% year-over-year due to the prior year period reporting the $55 million pretax benefit related to a contract cancellation in Health and Wellness, as noted above. Operating profit increased by 51% in 2Q26 vs 2Q25, driven by record second quarter results in Flavors and ongoing Decatur East progress. Animal Nutrition: Revenue decreased by 6% primarily due to the formation of the Akralos joint venture and portfolio actions taken in 2025. Operating profit increased by 50% in 2Q26 vs 2Q25, driven by ongoing operational improvements and benefits from portfolio actions taken in 2025. Segment Revenue Segment Operating Profit $114 $172 $92 $139 $22 $33 Animal Nutrition Human Nutrition 2Q25 2Q26 $1,993 $1,902 $1,161 $1,118 $832 $784 Animal Nutrition Human Nutrition 2Q25 2Q26 $3,810 $3,707 $2,159 $2,142 $1,651 $1,565 Animal Nutrition Human Nutrition YTD25 YTD26 $210 $307 $168 $243 $42 $64 Animal Nutrition Human Nutrition YTD25 YTD26
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10Proprietary business information of ADM. Cash Flows and Cash Deployment 1H26 versus 1H25 Cash from Operating Activities Before Working Capital1 Delivered solid cash flow from operating activities before working capital in 1H26 driven by higher earnings period over period $1.2B $1.8B 1H25 1H26 1. Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $1.8 billion, calculated as cash flows provided by operating activities of $1.3 billion, adjusted for changes in working capital of $(460) million. Cash flows from operations before working capital year-to-date 2025 was $1.2 billion, calculated as cash flows provided by operating activities of $4.0 billion, adjusted for changes in working capital of $2.7 billion 2. Non-GAAP measures - see notes on page 3. See reconciliation to total debt / net earnings, the most comparable GAAP measures, on pages 21 and 22. Cash flows from operating activities before working capital: Cash flows from operations before working capital increased in 1H26 vs 1H25 as a result of higher earnings period over period Cash flows from investing activities: Invested $466 million in 1H26 Cash flows from financing activities: Returned $510 million in cash to shareholders through dividends during 1H26 Leverage Ratio: Leverage ratio (Adjusted Net Debt / Adjusted EBITDA) was 1.6x2 at June 30, 2026, with year-end target of ~2.0x maintained
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11Proprietary business information of ADM. Full-year 2026 Outlook - Updated Guidance raise underpinned by strong execution, constructive biofuels environment, and momentum in Nutrition Previous Outlook Updated Outlook Adjusted Earnings Per Share1 $4.15 - $4.70 $5.15 - $5.60 Updated Outlook Assumptions: • Continuing progress on company priorities and delivering on expected year-over-year earnings improvement in ADM's crushing and ethanol businesses, with the expectation that the ADM team continues to capitalize on the constructive margin environment through disciplined execution. The constructive environment stems primarily from the finalized 2026 and 2027 RVO, supported by global trade dynamics and elevated energy prices • Continuing to monitor external factors across the macroeconomic, geopolitical, policy, and trade environments • Guidance does not include estimates for new mark-to-market and timing impacts, and additional impacts could occur in future reporting periods • Capital expenditures continue to be projected to be in the range of $1.3 billion to $1.5 billion 1. Non-GAAP measures - see notes on page 3 Multi-year Cost Savings Program: • Continuing to execute on cost savings program initiated last year and remain on track to achieve targeted aggregate cost savings of $500 - $750 million over the three-to-five year period which commenced in 2025 Capital Allocation Priorities: • Organic projects and dividends continue to be core capital allocation priorities • Growth plan focuses on accretive, organic investments across ADM's platform, such as expanding domestic crushing and ethanol capacity at existing facilities, building out precision fermentation capabilities, and growing natural colors footprint
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Classification: Confidential Proprietary business information of ADM. 12 Delivering on growth in a constructive operating environment Long-term Value Creation Investing in High-Growth Opportunities Continuing to Improve Manufacturing Costs Reducing Transaction Costs Through Digitization and AI Generating Strong Cash Flow Developing Talent and Capabilities
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Proprietary business information of ADM. 13 Appendix
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14Proprietary business information of ADM. Total Segment Operating Profit Reconciliation and Corporate Results Quarter Ended June 30 Six Months Ended June 30 (Amounts in millions) 2026 2025 Change 2026 2025 Change Earnings before income taxes $ 1,088 $ 279 $ 809 $ 1,472 $ 632 $ 840 Other Business (earnings) (80) (94) 14 (133) (190) 57 Corporate 460 498 (38) 883 939 (56) Specified items: (Gain) on sales of assets and businesses (21) (8) (13) (83) (8) (75) Impairment, exit, restructuring charges, and settlement contingencies 3 224 (221) 20 273 (253) (Gain) on contract termination — (69) 69 — (69) 69 ADM's share of equity method investment non-recurring charges — — — 55 — 55 Total Segment Operating Profit(1) $ 1,450 $ 830 $ 620 $ 2,214 $ 1,577 $ 637 Ag Services and Oilseeds $ 867 $ 379 $ 488 $ 1,140 $ 791 $ 349 Ag Services 293 113 180 493 272 221 Crushing 363 33 330 284 79 205 Refined Products and Other 151 156 (5) 237 291 (54) Wilmar 60 77 (17) 126 149 (23) Carbohydrate Solutions $ 411 $ 337 $ 74 $ 767 $ 576 $ 191 Starches and Sweeteners 326 304 22 555 511 44 Vantage Corn Processors 85 33 52 212 65 147 Nutrition $ 172 $ 114 $ 58 $ 307 $ 210 $ 97 Human Nutrition 139 92 47 243 168 75 Animal Nutrition 33 22 11 64 42 22 Corporate $ (460) $ (498) $ 38 $ (883) $ (939) $ 56 Interest expense – net (103) (112) 9 (208) (212) 4 Unallocated corporate function costs (374) (294) (80) (718) (647) (71) Other income – net 19 7 12 50 24 26 Specified items: Impairment, exit, restructuring charges, and settlement contingencies (2) (99) 97 (7) (104) 97 1. Non-GAAP measure - see notes on page 3
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15Proprietary business information of ADM. 1. Current assets (excluding cash and cash equivalents and short-term marketable securities) less current liabilities (excluding short-term debt and current maturities of long-term debt). Balance Sheet Highlights June 30, (Amounts in millions) 2026 2025 Cash $ 1,060 $ 1,057 Short-term marketable securities 33 9 Net property, plant, and equipment 10,979 11,142 Operating working capital (1) 8,254 8,377 - Total inventories 10,586 9,723 Total debt 8,011 9,228 - Commercial paper outstanding 30 721 Shareholders’ equity 23,580 22,438 Memos: Available credit capacity June 30 - Commercial paper $5.1 bil $4.4 bil - Other $4.9 bil $5.0 bil Readily marketable inventory $6.6 bil $5.4 bil
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16Proprietary business information of ADM. Cash Flow Highlights Six Months Ended June 30, (Amounts in millions) 2026 2025 Cash from operations before working capital changes(1,2) $ 1,759 $ 1,233 Changes in working capital (460) 2,723 Purchases of property, plant, and equipment (466) (596) Net assets of businesses acquired — (95) Other investing activities 87 44 Marketable securities 6 256 Debt (decrease) (394) (1,057) Dividends (510) (495) Other (70) 7 (Decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents $ (48) $ 2,020 1. Non-GAAP measure - see notes on page 3 2. Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $1.8 billion, calculated as cash flows provided by operating activities of $1.3 billion, adjusted for changes in working capital of $(460) million. Cash flows from operations before working capital year-to-date 2025 was $1.2 billion, calculated as cash flows provided by operating activities of $4.0 billion, adjusted for changes in working capital of $2.7 billion for year-to-date 2025.
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17Proprietary business information of ADM. GAAP Statement of Earnings Summary Quarter ended June 30, Six months ended June 30, (Amounts in millions except per share data) 2026 2025 Change 2026 2025 Change Revenues $ 22,681 $ 21,166 $ 1,515 $ 43,171 $ 41,341 $ 1,830 Cost of products sold $ 20,746 $ 19,796 $ 950 $ 40,014 $ 38,791 $ 1,223 Gross profit $ 1,935 $ 1,370 $ 565 $ 3,157 $ 2,550 $ 607 Selling, general and administrative expenses $ 1,026 $ 911 $ 115 $ 1,987 $ 1,843 $ 144 Asset impairment, exit, and restructuring charges $ 13 $ 137 $ (124) $ 25 $ 175 $ (150) Equity in loss (earnings) of unconsolidated affiliates $ (142) $ (134) $ (8) $ (231) $ (278) $ 47 Interest and investment (income) expense $ (116) $ 70 $ (186) $ (241) $ (68) $ (173) Interest expense $ 148 $ 159 $ (11) $ 297 $ 317 $ (20) Other (income) – net $ (82) $ (52) $ (30) $ (152) $ (71) $ (81) Earnings before income taxes $ 1,088 $ 279 $ 809 $ 1,472 $ 632 $ 840 Income tax expense $ 176 $ 62 $ 114 $ 257 $ 123 $ 134 Net earnings including non-controlling interests $ 912 $ 217 $ 695 $ 1,215 $ 509 $ 706 Less: Net earnings (loss) attributable to non-controlling interests $ 4 $ (2) $ 6 $ 9 $ (5) $ 14 Net earnings attributable to ADM $ 908 $ 219 $ 689 $ 1,206 $ 514 $ 692 Diluted earnings per common share $ 1.87 $ 0.45 $ 1.42 $ 2.49 $ 1.06 $ 1.43
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18Proprietary business information of ADM. Reconciliation of Adjusted Net Earnings and Adjusted Earnings Per Share (EPS)(1) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 In millions Per share In millions Per share In millions Per share In millions Per share Net earnings and reported EPS (diluted) $ 908 $ 1.87 $ 219 $ 0.45 $ 1,206 $ 2.49 $ 514 $ 1.06 Adjustments(2) (Gain) on sales of assets and businesses (19) (0.04) (6) (0.01) (66) (0.13) (6) (0.01) Impairment, exit, restructuring charges and settlement contingencies 6 0.01 291 0.60 35 0.07 334 0.69 ADM's share of equity method investment non-recurring charges — — — — 55 0.11 — — (Gain) on contract termination — — (52) (0.11) — — (52) (0.11) Certain discrete tax adjustment — — — — 10 0.02 — — Total adjustments (13) (0.03) 233 0.48 34 0.07 276 0.57 Adjusted net earnings and adjusted EPS (non-GAAP)(1) $ 895 $ 1.84 $ 452 $ 0.93 $ 1,240 $ 2.56 $ 790 $ 1.63 1. Non-GAAP measures - see notes on page 3 2. Tax effected using the U.S. and other applicable tax rates.
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19Proprietary business information of ADM. ROIC versus WACC LT Adjusted ROIC Objective: 10% Q2 CY26 Trailing 4Q Average ROIC (1) 6.7 % Trailing 4Q Average Adjusted ROIC(1) 7.8 % Annual WACC 7.5 % Long-Term WACC 6.5 % Trailing 4Q Average Adjusted EVA $0.1B 1. Non-GAAP measure - see notes on page 3 and reconciliations on page 20. Trailing 4Q Average ROICTrailing 4Q Average Adjusted ROIC Q2 CY22 Q2 CY23 Q2 CY24 Q2 CY25 Q2 CY26 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14%
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20Proprietary business information of ADM. Reconciliation of ROIC and Adjusted ROIC 1. Non-GAAP measure – see notes on page 3 2. Excludes non-controlling interests 3. Includes short-term debt, long-term debt and finance lease obligations 4. Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense ROIC Earnings (Amounts in millions) Four Quarters Quarter Ended Ended Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026 Net earnings attributable to ADM $ 108 $ 456 $ 298 $ 908 $ 1,770 Adjustments: Interest expense(4) 106 108 111 107 $ 432 Tax on interest (25) (26) (26) (25) $ (102) Total ROIC Earnings 189 538 383 990 $ 2,100 Other adjustments, net of tax 341 $ (35) 47 $ (13) $ 340 Total Adjusted ROIC Earnings (1) $ 530 $ 503 $ 430 $ 977 $ 2,440 Invested Capital (Amounts in millions) Trailing Quarter Ended Four Quarter Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 Average Equity(2) $ 22,494 $ 22,733 $ 22,804 $ 23,573 $ 22,901 + Interest-bearing liabilities(3) 7,956 8,509 9,426 8,107 8,500 Total Invested Capital $ 30,450 $ 31,242 $ 32,230 $ 31,680 $ 31,401 + Other adjustments, net of tax 341 $ (35) 47 (13) 85 Total Adjusted Invested Capital(1) $ 30,791 $ 31,207 $ 32,277 $ 31,667 $ 31,486 Return on Invested Capital1 6.7 % Adjusted Return on Invested Capital1 7.8 %
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21Proprietary business information of ADM. Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)(1) 1. Non-GAAP measure – see notes on page 3 2. Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense 3. Excludes $3 million, $9 million, $4 million, and $1 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, respectively. (Amounts in millions) Four Quarters Four Quarters Quarter Ended Ended Ended Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026 June 30, 2025 Net earnings $ 108 $ 456 $ 298 $ 908 $ 1,770 $ 1,099 Net earnings (loss) attributable to non-controlling interests 2 (2) 5 4 9 (11) Income tax expense 37 22 81 176 316 319 Interest expense(2) 106 108 111 107 432 488 Depreciation and amortization(3) 295 296 289 292 1,172 1,145 EBITDA(1) 548 880 784 1,487 3,699 3,040 (Gain) on sales of assets and businesses (31) — (62) (21) (114) (19) Impairment, exit, restructuring charges, and settlement contingencies 261 293 35 5 594 865 ADM's share of equity method investment non-recurring charges and (gains), net 163 (254) 55 — (36) (Gain) on contract termination — — — — — (69) Expenses related to acquisitions — — — — — 3 Railroad maintenance expense 12 47 — 1 60 64 Adjusted EBITDA(1) $ 954 $ 965 $ 812 $ 1,472 $ 4,203 $ 3,884
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22Proprietary business information of ADM. Reconciliation of Adjusted Net Debt(1) to Total Debt and Adjusted Net Debt(1) / Adjusted EBITDA(1) 1. Non-GAAP measure - see notes on page 3 2. See net earnings, the most directly comparable GAAP measure, reconciliation on page 21 Adjusted Net Debt June 30 (Amounts in millions) 2026 2025 Short-term debt $ 407 $ 856 Current maturities of long-term debt 1,153 766 Long-term debt 6,451 7,606 Total Debt 8,011 9,228 Cash and cash equivalents 1,060 1,057 Net Debt(1) $ 6,951 $ 8,171 Adjustments: Readily marketable inventories (RMI) $ (6,584) $ (5,359) x RMI factor 40 % 40 % RMI adjustment (2,634) (2,144) Accounts receivable transferred against the securitization programs facility 2,235 2,212 Total adjustments $ (399) $ 68 Adjusted Net Debt(1) $ 6,552 $ 8,239 Trailing Four Quarters Adjusted EBITDA (1,2) $ 4,203 $ 3,884 Adjusted Net Debt(1) / Adjusted EBITDA(1,2) 1.6x 2.1x