ADAMA Reports Fourth Quarter and Full Year 2025 Results
Improvements in key financial metrics reflect success of business transformation plan
BEIJING, CHINA and TEL AVIV, ISRAEL, March 27, 2026 – ADAMA Ltd. (the “Company”) (SZSE
Fourth Quarter 2025 Highlights:
? Sales declined 8% (-9% in RMB) to $1,026 million, mainly reflecting decreases of 8% in volumes
and 2% in prices
? Adjusted gross profit up 12% to $314 million, with an improvement in gross margin from 25.2%
in Q4 2024 to 30.6% in Q4 2025, reflecting the benefits of lower costs
? Adjusted EBITDA up 14% to $157 million, with an improvement of EBITDA margin from 12.3%
in Q4 2024 to 15.3% in Q4 2025
? Reported net loss declined by $61 million to $88 million, compared to $149 million in Q4 2024;
Adjusted net loss reduced to $1 million from $58 million in Q4 2024;
? Improvement of $111 million in operating cash flow, reaching $237 million in Q4 2025 vs.
$126 million in Q4 2024
? Improvement of $118 million in free cash flow, reaching $156 million in Q4 2025 vs. $38
million in Q4 2024
Full Year 2025 Highlights:
? Sales declined 2% (-2% in RMB) to $4,051 million, reflecting 2% decrease in prices and stable
volumes
? Adjusted gross profit up 12% to $1,192 million, with an improvement in gross margin from
? Adjusted EBITDA up 25% to $587 million, with an improvement in EBITDA margin from 11.3%
in 2024 to 14.5% in the full year of 2025
? Reported net loss declined by $260 million to $147 million, compared to $407 million in 2024;
Adjusted net income turned positive to $28 million from a loss of $206 million in 2024;
? Improvement of $39 million in operating cash flow, reaching $567 million in the full year vs.
$528 million in 2024
? Improvement of $51 million in free cash flow, reaching $269 million in the full year vs. $217
million in 2024
Ga?l Hili, President and CEO of ADAMA, said, “ADAMA’s 2025 financial results show important
improvements in key financial metrics including continued growth in EBITDA and its margin;
increased cash generation; significantly reduced reported net loss; and an adjusted net profit. These
encouraging successes reflect the strong foundation we have built over the past two years through
our Fight Forward transformation plan, where we focused on improving cost competitiveness,
enhancing our commercial capabilities, and advancing our innovation portfolio and pipeline.”
“This foundation is now a healthy base on which to build profitable growth. ADAMA is committed to
maintaining the discipline and continuous improvement mindset that we built through Fight Forward.
I am confident that ADAMA's continued execution will deliver greater long- term value for our
customers and investors,” Hili concluded.
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q4 Q4 Q4 Q4 Q4 Q4
% Change % Change
Revenues 1,026 1,113 (8%) - - 1,026 1,113 (8%)
Gross profit 275 274 0% 39 5 314 280 12%
% of sales 26.8% 24.7% 30.6% 25.2%
Operating income (loss) (EBIT) 26 (45) 66 120 92 75 23%
% of sales 2.6% (4.1%) 9.0% 6.7%
Income (loss) before taxes (40) (95) 58% 74 109 34 14 152%
% of sales (3.9%) (8.6%) 3.3% 1.2%
Net loss (88) (149) 41% 87 91 (1) (58) 98%
% of sales (8.6%) (13.4%) (0.1%) (5.2%)
EPS
- USD (0.0378) (0.0639) (0.0005) (0.0247)
- RMB (0.2674) (0.4572) (0.0035) (0.1767)
EBITDA 137 117 18% 19 20 157 137 14%
% of sales 13.4% 10.5% 15.3% 12.3%
As Reported Adjustments Adjusted
USD (m) FY FY FY FY FY FY
% Change % Change
Revenues 4,051 4,141 (2%) - - 4,051 4,141 (2%)
Gross profit 1,067 946 13% 125 115 1,192 1,061 12%
% of sales 26.3% 22.9% 29.4% 25.6%
Operating income (loss) (EBIT) 182 (45) 147 256 329 212 55%
% of sales 4.5% (1.1%) 8.1% 5.1%
Income (loss) before taxes (98) (298) 67% 166 225 68 (74)
% of sales (2.4%) (7.2%) 1.7% (1.8%)
Net income (loss) (147) (407) 64% 175 201 28 (206)
% of sales (3.6%) (9.8%) 0.7% (5.0%)
EPS
- USD (0.0631) (0.1749) 0.0122 (0.0885)
- RMB (0.4488) (1.2461) 0.0875 (0.6302)
EBITDA 515 369 40% 72 100 587 469 25%
% of sales 12.7% 8.9% 14.5% 11.3%
Notes:
• “As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the
implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of
Finance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE
guidelines [IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS.
Please see the appendix to this release for further information.
• Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of
a transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way the
Company’s management and the Board of Directors view the performance of the Company internally. The Company believes that
excluding the effects of these items from its operating results allows management and investors to effectively compare the true
underlying financial performance of its business from period to period and against its global peers. A detailed summary of these
adjustments appears in the appendix below.
• The number of shares used to calculate both basic and diluted earnings per share in both Q4 & FY 2025 and 2024 is 2,329.8 million
shares.
• In this table and all tables in this release numbers may not sum due to rounding.
The General Crop Protection (CP) Market Environment
Through 2025, channel inventory returned to pre-pandemic levels in most countries, following crop
protection demand recovery. Pricing pressures remain high, driven by production over-capacity of
active ingredients (AI). Crop commodity prices remain stably low, while farmer profitability remains
tight leading to just-in-time purchasing patterns.1
ADAMA’s Strategy Execution
In early 2024, ADAMA launched its Fight Forward transformation plan to strengthen the company’s
foundations and improve profit and cash performance. The plan sharpened ADAMA’s focus on priority
countries and products, enhanced cost competitiveness, and established a more agile and
streamlined operating model. These actions contributed to meaningful improvements in the company’s
financial metrics and operational discipline.
Building on Fight Forward’s foundation, in 2026 ADAMA continues to advance its strategy, with a focus
on enhancing its commercial capabilities to better serve customers, developing its differentiated
portfolio and innovation pipeline, supporting a reliable and competitive supply of essential products,
and pursuing a more efficient and responsive global manufacturing and supply network.
Sustainability
In 2025, ADAMA achieved higher ESG ratings across multiple agencies, including EcoVadis,
GreenEye in Israel and Wind ESG Rating in China, reflecting the continued strengthening of the
Company’s ESG practices and the growing integration of sustainability considerations across its
operations.
Portfolio Development Update
During 2025 ADAMA continued to register and launch multiple new products in markets across the
globe, adding on to its differentiated product portfolio. The Company prioritized advanced, value-
driven formulations and focused on new product introductions in segments where performance,
reliability and cost competitiveness matter most. Alongside new launches, ADAMA maintained
disciplined portfolio management to enhance overall product quality and relevance.
Sources: AgbioInvestor Quarterly Briefing Service Q4 2025 (December 2025), peer quarterly financial results, internal
sources
There were 139 new product launches in 20252. Several products were highlighted in the
Company’s earlier 2025 quarterly reports, and in Q4 2025 launches of differentiated products
included:
? EDAPTIS (Italy) and PULIMAISI(China): Two innovative post-emergence herbicides
combining both Pinoxaden and Mesosulfuron-methyl to provide effective control of a broad
spectrum of grasses, including resistant populations, with patented formulations that ensures
stable and reliable performance.
? BELLALI (France): A robust, triazole-free fungicide combining Folpet and Azoxystrobin to
deliver a dual mode of action, including a unique multi-site defense, designed to combat
resistance and protect yields across wheat, barley and rye.
? COSAYR (France): A long-lasting Chlorantraniliprole-based suspension, to deliver fast and
effective control of chewing insects across a wide range of horticultural and field crops.
Registrations of differentiated products during Q4 2025 included:
? BREVIS, BREVIS SG, METAMITRON AI (Canada): A fruit thinner for managing
flowering and fruiting in pome fruits such as apples and pears
? EDAPTIS (Ireland): This innovative post-emergence herbicide combines Pinoxaden and
Mesosulfuron-methyl to provide effective control of a broad spectrum of grasses, including
resistant populations, with a patented formulation that ensures stable and reliable
performance.
? Registration of Prothioconazole based products, part of ADAMA's comprehensive portfolio of
innovative solutions for cereal fungicides, including:
o AVASTEL in Hungary, Austria and Netherlands
o SORATEL in Estonia
? PORAFAM TITAN (Germany): A novel and unique herbicide combination for the control of
broad-leaved weeds in winter oilseed rape, representing the first Aminopyralid based
solution that ADAMA is registering in Europe.
? TELAVEX (Czech Republic): A powerful OD formulation for corn that combines
Mesotrione and Thiencarbazone-methyl with a safener to deliver robust control of grass and
broad-leaf weeds for both pre- and early post-emergence application.
? ATEKA (USA): A powerful Spirotetramat-based insecticide with full systemic action,
designed to protect high-value crops from difficult to control sucking pests
? IZAVIA (India): A high-performance SC formulation combining Chlorantraniliprole and
Emamectin Benzoate. This dual-action product delivers both rapid knockdown and long-
lasting residual control against the toughest Lepidopteran pests
? DOMAGO (India): A formulation combining Penoxsulam, Pretilachlor and the safener
Fenclorim offering an effective weed control while guaranteeing a high safety to rice.
? MASTERCOP 25 SC (Thailand): A broad-spectrum fungicide and bactericide based on
copper sulfate pentahydrate, providing effective control of a wide range of fungal and
bacterial diseases in range of crops including: berries, cucurbits, grapes, fruiting vegetables,
pome fruits, potatoes, and tree nuts.
? CUTLASS (Australia): A powerful, selective herbicide for the control of difficult broadleaf
weeds in cereals, maize, pasture and waste areas.
This refers to products launched for the first time in a particular country.
? HIGHCARD (Spain): Rice Cropping Solution for control of troublesome weeds, providing
rotation flexibility and superior crop safety.
In addition, patents granted during Q4 2025 included a SORATEL formulation patent in the
United States and Israel, and U.S. patents for Saflufenacil SL and the Fipronil & Imidacloprid mixture.
Geopolitical Situation
ADAMA is headquartered and has three manufacturing sites in Israel. Regional tensions escalated
on October 7, 2023, and more recently widened on February 28, 2026. The Company’s Israeli
production sites and supply chain, including ports, continue to operate without significant delays. As
of this publication date, the events have not had nor are expected to have material impact on the
Company's ability to support its markets, its ongoing activities, or its consolidated financial results.
ADAMA is a global company with manufacturing and formulation facilities in several locations
around the world, principally in Israel, China and Brazil. The Company’s management appointed a
dedicated task force to analyze implications of global tariff policies on ADAMA and its sector, and to
closely monitor and manage the situation and the potential impact on ADAMA’s global network.
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.
Financial Highlights
Revenues in the fourth quarter declined by approximately 8% (-9% in RMB; -10% in CER)
compared to the fourth quarter of 2024 to $1,026 million, reflecting decreases of 8% in volumes
and 2% in prices, partially offset by positive foreign exchange impacts. In the fourth quarter, lower
volumes were recorded, mainly reflecting the Company’s strategic decisions to pivot away from
selling some basic chemical products as well as phasing and the channel’s just-in-time purchasing
patterns. Prices remained weak in most regions mainly due to low prices of active ingredients in
light of overcapacity, as well as low commodity prices, which put pressure on farmers.
Revenues for the full year were $4,051 million, a decline of approximately 2% (-2% in RMB; -2% in
CER) compared to the full year of 2024, reflecting a decrease of 2% in prices attributable to the
reasons stated above. Volumes in the full year were stable as demand recovery due to inventory
improvement in several regions was offset by the impacts of extreme weather conditions in some
key countries, the Company’s strategic decisions to optimize its portfolio and geographical presence
and reduce selling some basic chemical products, and significant declines in Turkey in Q1.
Table 2. Regional Sales Performance
Q4 2025 Q4 2024 Change Change FY 2025 FY 2024 Change Change
$m $m USD CER $m $m USD CER
Europe, Africa & Middle East 233 257 (9%) (15%) 1,136 1,167 (3%) (5%)
North America 283 279 2% 2% 942 851 11% 11%
Latin America 331 348 (5%) (9%) 1,006 1,035 (3%) (2%)
Asia Pacific 178 229 (22%) (21%) 967 1,088 (11%) (10%)
Of which China 64 102 (37%) (38%) 464 486 (5%) (5%)
Total 1,026 1,113 (8%) (10%) 4,051 4,141 (2%) (2%)
Notes:
CER: Constant Exchange Rates
Numbers may not sum due to rounding
Europe, Africa & Middle East (EAME): Volumes decreased in the fourth quarter compared to
Q4’24 mainly due to the impacts of phasing and just-in-time purchasing by customers in Europe,
though prices stabilized. For the year, significant Q1 declines in Turkey impacted results.
Excluding Turkey, volumes increased. Intense competition and farmer pressures continued.
Foreign exchange rates had positive impact.
North America: In the North America Ag market, volumes were up on the year with new product
launch of CAZADOTM well received by the market. Prices were slightly higher both for Q4 and the
full year, while Q4 volumes were stable as demand adjusted to just-in-time purchasing.
Consumer & Professional Solutions experienced flat prices and increased volumes following
improved market penetration for both the fourth quarter and full year.
Latin America: Brazil experienced lower volumes and prices in Q4 compared to Q4’24 due to
phasing and climate effects. However, revenues were up for the full year on the back of higher
volumes in light of demand improvement and supported by new product introductions such as
APRESA, though partially offset by lower prices. In the rest of LATAM lower volumes and
prices were reported for the year, particularly in Argentina and Mexico. Market decline was mainly
driven by channel partners focused on working capital and inventory discipline in light of high
interest rates. However, fourth quarter volumes improved compared to Q4’24 as the channel
adapted to just-in-time purchasing.
Asia-Pacific (APAC): India experienced significant declines throughout the year primarily due to
lower volumes driven by extreme weather conditions. Similarly, the rest of APAC (excluding
India and China) experienced lower sales and volumes on the year, mainly attributable to
unfavorable weather conditions in parts of Australia.
In China, sales in Q4 and the full year declined, primarily as the Company decided to pivot away
from manufacturing some basic chemicals (non-ag business). In Q4, the decline was also due to
phasing of customized AI products. For the full year, the decline was partially compensated by
higher AI sales mainly due to the expansion of new distribution channels, while branded
formulations still faced market and product competition.
Reported gross profit in the fourth quarter remained stable despite a decline in sales and reached
$275 million (gross margin of 26.8%) compared to $274 million (gross margin of 24.7%) in the same
quarter last year and increased 13% to $1,067 million (gross margin of 26.3%) in the full year
compared to $946 million (gross margin of 22.9%) last year.
Adjustments to reported results: The adjusted gross profit includes mainly
reclassification of inventory impairment, taxes and surcharge and excludes certain
transportation costs (classified under operating expenses), inventory impairments, and
the remediation costs for certain plants.
Despite a decline in sales, adjusted gross profit in the fourth quarter increased 12% to $314
million (gross margin of 30.6%) compared to $280 million (gross margin of 25.2%) last year and
increased 12% to $1,192 million (gross margin of 29.4%) in the full year compared to $1,061 million
(gross margin of 25.6%) last year.
The Company improved the gross profit and its margin in both the fourth quarter and the full year,
mainly reflecting the positive impacts of lower costs due to improved operational efficiency and lower
costs of inventory sold, more than compensating for lower volumes and prices.
Reported operating expenses reported in the fourth quarter and full year were $249 million (24.3%
of sales) and $885 million (21.8% of sales), compared to $320 million (28.7% of sales) and $991
million (23.9% of sales) in the corresponding periods last year.
Adjustments to reported results: Please refer to the explanation regarding adjustments to the gross
profit in respect to certain transportation costs, taxes and surcharges and inventory impairment.
The Company recorded certain non-operational items within its reported operating
expenses amounting to $40 million in Q4 2025 in comparison to $118 million in Q4 2024
and $113 million in FY 2025 in comparison to $230 million in FY 2024. These items in
received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; ii. non-
cash amortization net charges related to intangible assets created as part of the
Purchase Price Allocation (PPA) on acquisitions; iii. restructuring and advisory costs
incurred as part of the implementation of the Fight Forward transformation plan; iv. fixed
asset impairments related to improvement of operational efficiency, as part of the Fight
Forward plan; and v. compensation related to product liability. For further details on
these non-operational items, please see the appendix to this release.
Adjusted operating expenses in the fourth quarter and full year were $222 million (21.6% of sales)
and $863 million (21.3% of sales), compared to $205 million (18.4% of sales) and $850 million
(20.5% of sales) in the corresponding periods last year.
The operating expenses were higher in the fourth quarter and the full year, reflecting an increase in
company performance-based employee compensation, and the negative impact of exchange rates.
In the full year, the increase is also attributed to credit losses provisions due to liquidity issues of
some local distributors in LATAM, but compensated by positive impacts of the Fight Forward plan.
Reported operating income turned positive to $26 million (2.6% of sales) in the fourth quarter
compared to a loss of $45 million (-4.1% of sales) last year and to $182 million (4.5% of sales) in the
full year compared to a loss of $45 million (-1.1% of sales) last year.
Adjusted operating income in the fourth quarter increased 23% to $92 million (9.0% of sales) from
$75 million (6.7% of sales) last year and increased 55% to $329 million (8.1% of sales) in the full
year from $212 million (5.1% of sales) last year. The increase in operating income in the fourth
quarter and the full year was attributed to higher gross profits which more than offset increase in
operating expenses.
EBITDA reported in the fourth quarter increased 18% to $137 million (13.4% of sales) from $117
million (10.5% of sales) last year, and increased 40% to $515 million (12.7% of sales) in the full year
compared to $369 million (8.9% of sales) last year.
Adjusted EBITDA in the fourth quarter increased 14% to $157 million (15.3% of sales) from $137
million (12.3% of sales) last year and increased 25% to $587 million (14.5% of sales) in the full year
from $469 million (11.3% of sales) last year.
Adjusted financial expenses decreased to $58 million in the fourth quarter and $261 million in the
full year, compared to $61 million and $285 million in the corresponding periods last year.
The lower financial expenses in both the fourth quarter and the full year were primarily positively
impacted by a bond buyback by a fully-owned subsidiary that was executed in late Q2 and the lower
hedging costs related to the Israeli Shekel and lower exposure to the Turkish Lira.
Adjusted taxes on income decreased to $35 million in the fourth quarter and to $39 million in the
full year, compared to $71 million and $133 million in the corresponding periods last year.
The Company recorded tax expenses mainly due to losses incurred by subsidiaries for which no
deferred tax asset was created. On the other hand, the subsidiaries that generated profit have a
higher tax rate.
The tax expenses in the full year of 2025 were lower compared to the full year of 2024 due to (1)
lower losses (improved profit allocation) in subsidiaries that did not create deferred tax assets; (2)
tax income raised by the accounting method of calculation of tax assets related to unrealized profits;
and (3) foreign exchange impact of the stronger BRL in 2025 compared with tax expenses due to
the weakness of the BRL in the full year of 2024.
Reported net loss declined to $88 million in the fourth quarter and to $147 million in the full year,
compared to $149 million and $407 million in the corresponding periods last year.
After reflecting the impact of the above-mentioned extraordinary and non-operational charges,
adjusted net loss in the fourth quarter decreased to $1 million from $58 million last year, and
adjusted net income in the full year turned positive to $28 million compared to a loss of $206 million
last year.
Trade working capital as of December 31, 2025, was $2,003 million compared to $2,111 million as
of December 31, 2024. The decrease in working capital was due to both lower receivables which
reflected intensive collections, and higher payables as a result of improved payable terms and
increase in procurement. Inventory levels increased to $1,652 million by end of 2025, compared to
$1,553 million by end of 2024, as the Company procured more in preparation to capture momentum
as the market recovers and to secure business continuity during merging of entities in Israel as part
of the Fight Forward plan.
Cash Flow: Operating cash flow of $237 million was generated in the fourth quarter and $567
million generated in the full year, compared to $126 million and $528 million in the corresponding
periods last year. The higher operating cash flow generated in both the fourth quarter and the full
year was mainly due to improvement in collections, which offset higher outflow reflecting increased
procurement payments.
Net cash used in investing activities was $38 million in the fourth quarter and $169 million in the full
year, compared to $40 million and $162 million in the corresponding periods last year. In the full
year, the Company strengthened execution of its strategic decision to prioritize the most critical
investments in infrastructure, portfolio and innovation while optimizing existing assets to enable new
growth projects. The decline in cash used in investing activities was more than offset by the
payment for earn-out of AgriNova, a controlled subsidiary in Q2 2025 while in Q3 2024 the Company
received proceeds from the sale of a real estate asset.
Free cash flow of $156 million was generated in the fourth quarter and $269 million in the full year,
compared to $38 million and $217 million generated in the corresponding periods last year,
reflecting the aforementioned operating and investing cash flow dynamics.
Table 3. Revenues by operating segment
Sales by segment
Q4 2025 Q4 2024 FY 2025 FY 2024
% % % %
USD (m) USD (m) USD (m) USD (m)
Crop Protection 959 93% 1,022 92% 3,730 92% 3,768 91%
Intermediates and
Ingredients
Total 1,026 100% 1,113 100% 4,051 100% 4,141 100%
Sales by product category
Q4 2025 Q4 2024 FY 2025 FY 2024
% % % %
USD (m) USD (m) USD (m) USD (m)
Herbicides 422 41% 436 39% 1,710 42% 1,649 40%
Insecticides 312 30% 338 30% 1,168 29% 1,233 30%
Fungicides 226 22% 248 22% 852 21% 886 21%
Intermediates and
Ingredients
Total 1,026 100% 1,113 100% 4,051 100% 4,141 100%
Notes:
? The sales split by product category is provided for convenience purposes only and is not representative of the way the Company is
managed or in which it makes its operational decisions.
? Numbers may not sum due to rounding.
Further Information
All filings of the Company, together with a presentation of the key financial highlights of the period,
can be accessed through the Company website at www.adama.com.
About ADAMA
ADAMA Ltd. is a global leader in crop protection, providing practical solutions to farmers across the
world to combat weeds, insects and disease. Our culture empowers ADAMA's people to actively
listen to farmers and ideas from the field. ADAMA's diverse portfolio of existing active ingredients,
coupled with its leading formulation capabilities and proprietary formulation technology platforms,
uniquely position the company to develop high-quality, innovative and sustainable products, to
address the many challenges farmers and customers face today. ADAMA serves customers in
dozens of countries globally, with direct presence in all top 20 markets. For more information, visit
us at www.ADAMA.com.
Contact
Joshua Phillipson Zhujun Wang
Global Investor Relations China Investor Relations
Email: ir@adama.com Email: irchina@adama.com
Abridged Adjusted Consolidated Financial Statements
The following abridged consolidated financial statements and notes have been prepared as described in Note 1 in this
appendix. While prepared based on the principles of Chinese Accounting Standards (ASBE), they do not contain all of the
information which either ASBE or IFRS would require for a complete set of financial statements, and should be read in
conjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filed
with the Shenzhen and Tel Aviv Stock Exchanges, respectively.
Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items
that are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business, and
reflect the way the Company’s management and the Board of Directors view the performance of the Company internally.
The Company believes that excluding the effects of these items from its operating results allows management and
investors to effectively compare the true underlying financial performance of its business from period to period and against
its global peers.
Abridged Consolidated Income Statement for the Fourth Quarter
Q4 2025 Q4 2024 Q4 2025 Q4 2024
Adjusted3
USD (m) USD (m) RMB (m) RMB (m)
Revenues 1,026 1,113 7,266 7,965
Cost of Sales 705 806 4,993 5,768
Other costs 7 27 51 193
Gross profit 314 280 2,223 2,003
% of revenue 30.6% 25.2% 30.6% 25.2%
Selling & Distribution expenses 166 153 1,174 1,092
General & Administrative expenses 41 40 294 284
Research & Development expenses 17 13 117 96
Other operating expenses (2) (1) (12) (6)
Total operating expenses 222 205 1,572 1,466
% of revenue 21.6% 18.4% 21.6% 18.4%
Operating income (EBIT) 92 75 651 537
% of revenue 9.0% 6.7% 9.0% 6.7%
Financial expenses 58 61 408 439
Income before taxes 34 14 243 98
Taxes on Income 35 71 251 510
Net loss (1) (58) (8) (412)
% of revenue (0.1%) (5.2%) (0.1%) (5.2%)
Adjustments 87 91 615 653
Reported net loss (88) (149) (623) (1,065)
% of revenue (8.6%) (13.4%) (8.6%) (13.4%)
Adjusted EBITDA 157 137 1,110 982
% of revenue 15.3% 12.3% 15.3% 12.3%
Adjusted EPS 4
– Basic (0.0005) (0.0247) (0.0035) (0.1767)
– Diluted (0.0005) (0.0247) (0.0035) (0.1767)
Reported EPS – Basic
– Diluted (0.0378) (0.0639) (0.2674) (0.4572)
For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
The number of shares used to calculate both basic and diluted earnings per share in both Q4 2025 and 2024 is 2,329.8 million shares.
Abridged Consolidated Income Statement for the Full Year
FY 2025 FY 2024 FY 2025 FY 2024
Adjusted5
USD (m) USD (m) RMB (m) RMB (m)
Revenues 4,051 4,141 28,945 29,488
Cost of Sales 2,834 3,044 20,253 21,677
Other costs 25 35 177 252
Gross profit 1,192 1,061 8,515 7,558
% of revenue 29.4% 25.6% 29.4% 25.6%
Selling & Distribution expenses 640 652 4,570 4,643
General & Administrative expenses 155 141 1,104 1,006
Research & Development expenses 59 58 423 416
Other operating expenses 10 (2) 69 (15)
Total operating expenses 863 850 6,166 6,051
% of revenue 21.3% 20.5% 21.3% 20.5%
Operating income (EBIT) 329 212 2,349 1,507
% of revenue 8.1% 5.1% 8.1% 5.1%
Financial expenses 261 285 1,868 2,029
Income (loss) before taxes 68 (74) 481 (522)
Taxes on Income 39 133 277 946
Net income (loss) 28 (206) 204 (1,468)
% of revenue 0.7% (5.0%) 0.7% (5.0%)
Adjustments 175 201 1,250 1,435
Reported net loss (147) (407) (1,046) (2,903)
% of revenue (3.6%) (9.8%) (3.6%) (9.8%)
Adjusted EBITDA 587 469 4,193 3,340
% of revenue 14.5% 11.3% 14.5% 11.3%
Adjusted EPS6 – Basic 0.0122 (0.0885) 0.0875 (0.6302)
– Diluted 0.0122 (0.0885) 0.0875 (0.6302)
Reported EPS 6
– Basic (0.0631) (0.1749) (0.4488) (1.2461)
– Diluted (0.0631) (0.1749) (0.4488) (1.2461)
For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the
financial statements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.
The number of shares used to calculate both basic and diluted earnings per share in FY 2025 and 2024 is 2,329.8 million shares.
Abridged Consolidated Balance Sheet
December 31 December 31 December 31 December 31
USD (m) USD (m) RMB (m) RMB (m)
Assets
Current assets:
Cash at bank and on hand 491 505 3,450 3,631
Bills and accounts receivable 1,201 1,283 8,440 9,223
Inventories 1,651 1,553 11,608 11,165
Other current assets, receivables and 294 264 2,063 1,899
prepaid expenses
Total current assets 3,637 3,605 25,561 25,917
Non-current assets:
Fixed assets, net 1,561 1,636 10,971 11,760
Rights of use assets 94 78 661 557
Intangible assets, net 1,318 1,373 9,267 9,871
Deferred tax assets 184 180 1,294 1,292
Other non-current assets 101 92 710 663
Total non-current assets 3,258 3,359 22,903 24,142
Total assets 6,895 6,964 48,464 50,060
Liabilities
Current liabilities:
Loans and credit from banks and other 1,494 971 10,499 6,979
lenders
Bills and accounts payable 866 748 6,084 5,374
Other current liabilities 825 787 5,802 5,660
Total current liabilities 3,185 2,506 22,386 18,013
Long-term liabilities:
Loans and credit from banks and other 214 301 1,508 2,167
lenders
Debentures 696 879 4,894 6,320
Deferred tax liabilities 32 39 224 283
Employee benefits 76 76 537 544
Other long-term liabilities 191 520 1,340 3,742
Total long-term liabilities 1,210 1,816 8,503 13,056
Total liabilities 4,395 4,322 30,889 31,069
Equity
Total equity 2,501 2,642 17,575 18,991
Total liabilities and equity 6,895 6,964 48,464 50,060
Abridged Consolidated Cash Flow Statement for the Fourth Quarter
Q4 2025 Q4 2024 Q4 2025 Q4 2024
USD (m) USD (m) RMB (m) RMB (m)
Cash flow from operating activities:
Cash flow from operating activities 236 126 1,675 898
Cash flow from operating activities 236 126 1,675 898
Investing activities:
Acquisitions of fixed and intangible assets (49) (49) (348) (349)
Net cash received from disposal of fixed assets, 3 4 22 30
intangible assets and others
Other investing activities 8 4 59 31
Cash flow used for investing activities (38) (40) (266) (288)
Financing activities:
Receipt of loans from banks and other lenders 91 56 641 399
Repayment of loans from banks and other lenders (223) (174) (1,577) (1,245)
Interest payment and other (51) (47) (359) (338)
Other financing activities (43) (10) (306) (72)
Cash flow used for financing activities (226) (176) (1,601) (1,256)
Effects of exchange rate movement on cash and cash (33) 100
equivalents
Net change in cash and cash equivalents (27) (91) (226) (545)
Cash and cash equivalents at the beginning of the period 504 589 3,580 4,129
Cash and cash equivalents at the end of the period 477 499 3,353 3,584
Free Cash Flow 156 38 1,107 272
Abridged Consolidated Cash Flow Statement for the Full Year
FY 2025 FY 2024 FY 2025 FY 2024
USD (m) USD (m) RMB (m) RMB (m)
Cash flow from operating activities:
Cash flow from operating activities 567 528 4,049 3,761
Cash flow from operating activities 567 528 4,049 3,761
Investing activities:
Acquisitions of fixed and intangible assets (170) (200) (1,214) (1,424)
Net cash received from disposal of fixed assets, 10 38 69 273
intangible assets and others
Acquisition of subsidiaries (8) 0 (56) -
Other investing activities (1) 0 (7) (3)
Cash flow used for investing activities (169) (162) (1,209) (1,154)
Financing activities:
Receipt of loans from banks and other lenders 456 290 3,266 2,066
Repayment of loans from banks and other lenders (733) (679) (5,242) (4,834)
Interest payment and other (148) (158) (1,058) (1,127)
Other financing activities 3 (9) 25 (64)
Cash flow used for financing activities (422) (556) (3,010) (3,959)
Effects of exchange rate movement on cash and cash 2 3 (61) 79
equivalents
Net change in cash and cash equivalents (21) (187) (231) (1,273)
Cash and cash equivalents at the beginning of the period 499 686 3,584 4,857
Cash and cash equivalents at the end of the period 477 499 3,353 3,584
Free Cash Flow 269 217 1,914 1,549
Notes to Abridged Consolidated Financial Statements
Note 1: Basis of preparation
Basis of presentation and accounting policies: The abridged consolidated financial statements for the
quarters ended December 31, 2025 and 2024 incorporate the financial statements of ADAMA Ltd. and of all of
its subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries.
The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministry
of Finance (the "MoF") and the implementation guidance, interpretations and other relevant provisions issued
or revised subsequently by the MoF (collectively referred to as “ASBE”).
The abridged consolidated financial statements contained in this release are presented in both Chinese
Renminbi (RMB), as the Company’s shares are traded on the Shenzhen Stock Exchange, as well as in United
States dollars ($) as this is the major currency in which the Company’s business is conducted. For the
purposes of this release, a customary convenience translation has been used for the translation from RMB to
US dollars, with Income Statement and Cash Flow items being translated using the quarterly average
exchange rate, and Balance Sheet items being translated using the exchange rate at the end of the period.
The preparation of financial statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimated.
Note 2: Abridged Financial Statements
For ease of use, the financial statements shown in this release have been abridged as follows:
Abridged Consolidated Income Statement:
? “Gross profit” in this release is revenue less costs of goods sold, taxes and surcharges, inventory
impairment and other idleness charges (in addition to those already included in costs of goods sold);
part of the idleness charges is removed in the Adjusted financial statements
? “Other operating expenses” includes impairment losses (not including inventory impairment); gain
(loss) from disposal of assets and non-operating income and expenses
? “Operating expenses” in this release differ from those in the formally reported financial statements in
that certain transportation costs have been reclassified from COGS to Operating Expenses.
? “Financial expenses” includes net financing expenses and gains/losses from changes in fair value.
Abridged Consolidated Balance Sheet:
? “Other current assets, receivables and prepaid expenses” includes financial assets held for trading;
financial assets in respect of derivatives; prepayments; other receivables; and other current assets
? “Fixed assets, net” includes fixed assets and construction in progress
? “Intangible assets, net” includes intangible assets and goodwill
? “Other non-current assets” includes other equity investments; long-term equity investments; long-term
receivables; investment property; and other non-current assets
? “Loans and credit from banks and other lenders” includes short-term loans and non-current liabilities
due within one year
? “Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee
benefits, taxes, interest, dividends and others; advances from customers and other current liabilities
? “Other long-term liabilities” includes long-term payables, provisions, deferred income and other non-
current liabilities
Income Statement Adjustments
Q4 2025 Q4 2024 Q4 2025 Q4 2024
USD (m) USD (m) RMB (m) RMB (m)
Reported Net Loss (88) (149) (623) (1,065)
Adjustments to COGS & Operating Expenses:
costs
ChemChina-Syngenta transaction (non-cash)
Total Adjustments to Operating Income (EBIT) 66 120 464 861
Total Adjustments to EBITDA 19 20 138 142
Adjustments to Financing Expenses:
Adjustments to Taxes:
Taxes impact 13 (18) 90 (126)
Total adjustments to Net loss 87 91 615 653
Adjusted Net Loss (1) (58) (8) (412)
FY 2025 FY 2024 FY 2025 FY 2024
USD (m) USD (m) RMB (m) RMB (m)
Reported Net loss (147) (407) (1,046) (2,903)
Adjustments to COGS & Operating Expenses:
ChemChina-Syngenta transaction (non-cash)
Total Adjustments to Operating Income (EBIT) 147 256 1,047 1,826
Total Adjustments to EBITDA 72 100 514 712
Adjustments to Financing Expenses:
Adjustments to Taxes:
Taxes impact 10 (23) 69 (167)
Total adjustments to Net loss 175 201 1,250 1,435
Adjusted Net income (loss) 28 (206) 204 (1,468)
Notes:
a. Amortization of Legacy PPA of 2011 acquisition of Solutions (non-cash): Under ASBE, since the third combined reporting for
Q3 2017, the Company has inherited the historical “legacy” amortization charge that ChemChina previously was incurring in
respect of its acquisition of Solutions in 2011. This amortization is done in a linear manner on a quarterly basis, most of
which will have been completed by the end of 2020.
b. Amortization of acquisition-related PPA (non-cash) and other acquisition-related costs: Related mainly to the non-cash
amortization of intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on
the ongoing performance of the companies acquired, as well as other M&A-related costs.
proceeds from the Divestment of crop protection products in connection with the approval by the EU Commission of the
acquisition of Syngenta by ChemChina, net of taxes and transaction expenses, were paid to Syngenta in return for the transfer of
a portfolio of products in Europe of similar nature and economic value. Since the products acquired from Syngenta are of the
same nature and with the same net economic value as those divested, and since in 2018 the Company adjusted for the one-time
gain that it made on the divested products, the additional amortization charge incurred due to the written-up value of the acquired
assets is also adjusted to present a consistent view of Divestment and Transfer transactions, which had no net impact on the
underlying economic performance of the Company. These additional amortization charges will continue until 2032 but at a
reducing rate, yet will still be at a meaningful level until 2028.
for its plants in Israel in 2025 and in Israel and Brazil in 2024.
certain transportation costs) are classified under COGS.
includes restructuring its organizational structure, workforce and managerial processes, and as a result thereof, the Company
recorded restructuring and advisory costs.
Company decided to focus on high-performing facilities. Consequently, after evaluating their net book value and recoverable
amount, the Company recorded impairments for certain facilities with lower operational efficiency. Related to the closing of these
facilities, the Company recorded inventory impairments as some of the defective inventories could no longer be reprocessed.
increase focus on products in line with the optimization of the Company's portfolio, and hence to focus on the quality of business
to achieve a better sales mix of higher margin products.
stake in subsidiaries
repurchased a significant part of its bond principal in the second quarter for the purpose of improving its long-term financing
structure and efficiency. A loss was recorded due to the premium between the buyback price and its issuance price.
income.
Exchange Rate Data for the Company's Principal Functional Currencies
December 31 Q4 Average FY Average
EUR/USD 1.174 1.041 12.8% 1.164 1.067 9.1% 1.127 1.082 4.2%
USD/BRL 5.502 6.192 11.1% 5.395 5.843 7.7% 5.588 5.390 (3.7%)
USD/PLN 3.602 4.101 12.2% 3.642 4.037 9.8% 3.761 3.981 5.5%
USD/ZAR 16.611 18.762 11.5% 17.131 17.858 4.1% 17.884 18.326 2.4%
AUD/USD 0.668 0.621 7.6% 0.656 0.652 0.6% 0.644 0.660 (2.3%)
GBP/USD 1.345 1.254 7.2% 1.329 1.282 3.7% 1.317 1.278 3.1%
USD/ILS 3.190 3.647 12.5% 3.251 3.698 12.1% 3.453 3.701 6.7%
USD L 3M 3.65% 4.31% (15.2%) 3.82% 4.50% (15.2%) 4.15% 5.06% (17.9%)
December 31 Q4 Average FY Average
USD/RMB 7.029 7.483 (6.1%) 7.080 7.632 (7.2%) 7.144 7.702 (7.2%)
EUR/RMB 8.253 7.188 14.8% 8.241 7.156 15.2% 8.054 7.120 13.1%
RMB/BRL 0.783 0.861 9.1% 0.762 0.817 6.7% 0.782 0.757 (3.3%)
RMB/PLN 0.512 0.571 10.2% 0.514 0.564 8.8% 0.526 0.559 5.9%
RMB/ZAR 2.363 2.610 9.5% 2.420 2.496 3.0% 2.503 2.574 2.7%
AUD/RMB 4.697 4.463 5.3% 4.647 4.669 (0.5%) 4.604 4.697 (2.0%)
GBP/RMB 9.453 9.016 4.8% 9.411 9.172 2.6% 9.408 9.098 3.4%
RMB/ILS 0.454 0.507 10.5% 0.459 0.517 11.1% 0.483 0.520 7.0%
RMB L 3M 1.60% 1.69% (5.1%) 1.59% 1.81% (12.5%) 1.66% 1.99% (16.4%)
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