ADAMA Ltd. First Quarter Report 2026
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2026-13
The Company and all members of its board of directors hereby confirm that all information
disclosed herein is true, accurate and complete with no false or misleading statement or
material omission.
ADAMA LTD.
FIRST QUARTER REPORT 2026
April 2026
ADAMA Ltd. First Quarter Report 2026
Important Notice
The Company’s Board of Directors, directors and senior managers confirm that the
content of the Report is true, accurate and complete and contains no false statements,
misleading presentations or material omissions, and assume joint and several legal
liability arising therefrom.
Ga?l Hili, the person leading the Company (President and Chief Executive Officer) as
well as its legal representative, and Efrat Nagar, the person leading the accounting
function and the accounting body (Chief Financial Officer), hereby assert and confirm
the truthfulness, accuracy and completeness of the financial information contained
in the Report.
The First Quarter Report has not been audited.
Items of qualified opinion by the auditor
□Applicable √Not applicable
This Report has been prepared in both Chinese and English. Should there be any
discrepancy between the two versions, the Chinese version shall prevail.
ADAMA Ltd. First Quarter Report 2026
I. Main Financial Data
Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data
of last year
□ Yes √ No
January - March 2026 January - March 2025 YoY +/- (%)
Operating revenues (RMB’000) 7,205,681 7,172,735 0.46%
Net profit attributable to shareholders of the
Company (RMB’000)
Net profit attributable to shareholders of the
Company excluding non-recurring profit and loss 300,017 101,535 195.48%
(RMB’000)
Net cash flow from operating activities
(983,244) (206,868) -375.30%
(RMB’000)
Basic EPS (RMB/share) 0.244 0.065 276.43%
Diluted EPS (RMB/share) NA NA NA
Weighted average return on net assets 3.21% 0.79% 2.42 pp
End of Reporting Period End of last year +/- (%)
Total assets (RMB’000) 49,102,247 48,463,962 1.32%
Net assets attributable to shareholders
(RMB’000)
√ Applicable □ Not applicable
Unit: RMB’000
January-March
Item Note
Gains/losses on the disposal of non-current assets (including the Capital gain from sale of a
write-off of asset impairment provisions accrued during the period) logistics center in Israel
Government grants recognized through profit or loss (excluding
government grants closely related to business of the Company
and given at a fixed quota or amount in accordance with
government’s uniform standard)
Reversal of provision for receivables and contract assets, that are
subject to specific provision
Custodian fees earned from entrusted operation 938
Other non-operating income and expenses other than the above (5,048) -
Other profit or loss that meets the definition of non-recurring profit
- -
or loss
Less: Income tax effects 4,749 -
Total 269,211 -
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
□ Applicable √ Not applicable
No such cases during the Reporting Period.
ADAMA Ltd. First Quarter Report 2026
Explanation of why the Company classified an item as non-recurring profit/loss according to the definition
in the First Explanatory Announcement on Information Disclosure for Companies Offering their Securities
to the Public. Non-recurring Profit and Loss, and reclassified any non-recurring profit/loss item given as
an example in the said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases during the Reporting Period.
Period, as well as reasons for the changes
√ Applicable □ Not applicable
General Crop Protection Market Environment1
Recent geopolitical developments are introducing market volatilities that could prove either transitory or
structural as events unfold, with higher oil prices posing a potential inflationary pressure on the market
and potentially pressuring farmer profitability.
While channel demand has rebounded in 2025 and inventory levels have largely returned to
pre-pandemic norms, in the first quarter of 2026 pricing pressures remain elevated due to persistent
oversupply and production over-capacity of active ingredients. Crop commodity prices are stabilizing at
relatively low levels but remain sensitive to geopolitical risks, limiting upside for farmer income. As a result,
ongoing pressure on farmer profitability continues to drive just-in-time purchasing behavior, even as
volumes normalize across most markets, after growth achieved in the market in 2025.
Strategy execution
In 2026 ADAMA entered the next phase of its strategy execution, building on the achievements of the
Fight Forward program. With a stronger cost base, better operational efficiency, and enhanced
capabilities, the Company is now focused on driving profitable top-line growth while continuing to improve
business quality. ADAMA aims to deliver this by strengthening commercial capabilities, accelerating
differentiated innovation, improving portfolio quality, and shaping a tighter and competitive global supply
and manufacturing network.
Geopolitical Situation
ADAMA is a global company with manufacturing and formulation facilities in several locations around the
world, principally in Israel, China and Brazil. It is headquartered and has three manufacturing sites in
Israel. Despite regional tensions that have escalated more recently on February 28, 2026, the Company’s
Israeli production sites and supply chain, including ports, continued to operate without significant delays
allowing the Company to support its markets, and ongoing activities.
During March and early April 2026, the Company's Neot Hovav site suffered limited and localized damage
caused by falling debris following missile interceptions in the southern region of Israel. No bodily injuries
were reported, and an immediate safety-driven closure of the facilities was carried out, followed by a
phased shutdown, also for safety reasons. The Company initiated comprehensive damage assessments.
The direct damage to its core production facilities was not meaningful and was primarily limited to a
finished goods warehouse, certain ancillary equipment and systems and an open storage area. Thereafter,
results, internal sources.
ADAMA Ltd. First Quarter Report 2026
the Company undertook certain restoration activities, and as of the date of this release Neot Hovav site
has mostly returned to normal operational status with the remaining facilities undergoing a safe and
orderly repair process, expected to be completed within the next few weeks, with full restoration to optimal
production capacity anticipated soon thereafter. The Company currently expects the overall impact of
these occurrences to be non-material. ADAMA’s global production operations have continued largely
uninterrupted, except for the abovementioned occurrences, with no material impact expected on
production or business continuity.
Additionally, in respect to changes in global tariff policies, 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.
Same period Same period
Q1 2026 Q1 2026
last year +/-% last year +/-%
(000’RMB) (000’USD)
(000’RMB) (000’USD)
Revenues 7,205,681 7,172,735 0.46% 1,036,714 999,540 3.72%
Cost of goods
sold
Gross Profits 1,997,582 1,949,104 2.49% 287,421 271,612 5.82%
Sales &
Marketing 1,024,045 951,363 7.64% 147,337 132,571 11.14%
expenses
General &
Administrative 298,337 372,765 -19.97% 42,925 51,944 -17.36%
expenses
R&D
expenses
Financial
Expenses
Loss from
Changes in (3,955) (351,503) -98.87% (569) (48,983) -98.84%
Fair Value
Total Net
Financial 350,459 373,654 -6.21% 50,437 52,086 -3.17%
Expenses
Total Profits 418,533 131,999 217.07% 60,217 18,383 227.57%
Income tax
expenses (150,695) (19,132) 687.66% (21,681) (2,666) 713.24%
(income)
Net profit
attributable to
shareholders 569,228 151,131 276.65% 81,898 21,049 289.08%
of the
Company
EBITDA 1,267,935 1,030,712 23.02% 182,445 143,635 27.02%
ADAMA Ltd. First Quarter Report 2026
Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review of
the Company’s performance is based on the USD results, following explanations and analysis are based on USD-
denominated numbers as listed above.
In this table and all tables in this report numbers may not sum due to rounding.
Analysis of Financial Highlights
(1) Revenues
Revenues in the first quarter increased by approximately 4% (0.5% in RMB; -1% in CER) to $1,037 million
compared to last year, reflecting 3% increase in volumes and positive foreign exchange impacts, partially
offset by 4% decrease in prices.
In the first quarter, sales increased reflecting higher volumes and improved demand in the market,
supported by new product introductions, while the Company reduced the manufacturing and sale of
certain basic chemicals and low-margin products. Lower prices reflected the overall lower market pricing
and weaker farmer purchasing power.
Regional Sales Performance
Q1 2026 Q1 2025 Change %
$m $m USD
Europe, Africa & Middle East (EAME) 406 356 14%
North America 237 219 8%
Latin America 144 147 (2%)
Asia Pacific 249 278 (10%)
Of which China 134 166 (19%)
Total 1,037 1,000 4%
Europe, Africa & Middle East (EAME): Strong growth in sales led by higher volumes in Europe building
on the momentum gained in the close out to 2025. Higher sales were achieved following good market
positioning in an overall positive market, mainly in off-patent products, and despite varied weather
conditions and intense market competition.
North America: In the North America Ag market, higher sales volume in the first quarter was supported
by good market positioning in a price sensitive market with positive momentum on product launches (ex
CAZADOTM) and pre-seed presence despite pressured farmer profitability and high competition in
commodity products. In Consumer & Professional Solutions in the first quarter on the Consumer
side sales increased supported by favorable spring weather, and low retailer inventories. On the
Professional side, sales were impacted by just-in-time purchasing patterns and lower pricing mainly in
commoditized products.
Latin America: In Brazil, sales were slightly lower reflecting a major decline in market pricing against
the backdrop of lower farmer profitability and high competition in all segments and especially in
commodity products. The lower pricing was mostly offset by an increase in volumes due to seizing
market opportunities and experiencing good Soybean and the Winter Corn seasons.
In the rest of LATAM sales in the first quarter were lower than prior year, driven primarily by a decline
in market pricing against the backdrop of lower farmer profitability and oversupply in the market.
Asia-Pacific (APAC): The sales in India increased in the first quarter supported by favorable weather
ADAMA Ltd. First Quarter Report 2026
conditions. In the rest of APAC (excluding India and China), sales in the first quarter were impacted
by just-in-time purchasing patterns despite favorable weather as well as lower pricing and high
competition in commoditized products.
In China, sales declined mainly reflecting the Company’s decision to reduce manufacturing and sales
of certain basic chemicals and low-margin product, as well as time-phasing of customized AI products.
The decline was partially compensated by higher sales of brand formulations, driven by new product
launches and improved market penetration.
(2) Cost of Goods and Gross Profit
Gross profit and its margin improved in the first quarter, mainly reflecting favorable foreign
exchange impacts as well as higher sales and improved quality of the business, more than
compensating for lower prices and cost increase in USD.
(3) Operating Expenses
Operating expenses include Sales and Marketing, General and Administration and R&D.
The operating expenses were higher in USD in the first quarter reflecting the negative impact of
exchange rates vs. USD, an increase in employee compensation and an increase in expenses
supporting sales growth. On the other hand, the restructuring expenses as part of the
implementation of the Fight Forward transformation plan significantly decreased compared to last
year.
In addition, in Q1 2025 and 2026 the Company continued to record following charges in its sales
and marketing expenses at a similar amount, which incurred due to mergers and acquisitions in
recent years, mainly: (i) non-cash amortization charges in respect of transfer assets received from
Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net
charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on
acquisitions, with no impact on the ongoing performance of the companies acquired.
Non-operational charges affected the Company’s reported OPEX amounting to RMB 89 million
($13 million) in Q1 2026 in comparison to RMB 177 million ($25 million) in Q1 2025.
(4) Financial Expenses
“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans
as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities
before the Company carries out any hedging. The impact of Financial Expenses, net (before
hedging) is RMB 347 million ($50 million) for Q1 2026, compared with Financial Expenses, net of
RMB 22 million ($3 million) for the corresponding period in 2025.
Given the global nature of its operational activities and the composition of its assets and liabilities,
the Company, in the ordinary course of its business, uses foreign currency derivatives (forwards
and options) to hedge the cash flow risks associated with existing monetary assets and liabilities
that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value”,
which recorded the hedging impacts among others amounted to a net loss of RMB 4 million ($0.6
million) in Q1 2026, compared with a net loss of RMB 352 million ($49 million) in the corresponding
period in 2025.
The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter
as “Total Net Financial Expenses”), which more comprehensively reflects the financial expenses
ADAMA Ltd. First Quarter Report 2026
of the Company in supporting its main business and protecting its monetary assets/liabilities,
amounted to RMB 350 million ($50 million) in Q1 2026 compared with RMB 374 million ($52 million)
in the corresponding period in 2025.
The lower financial expenses in the first quarter mainly reflected the favorable Israeli CPI as well
as the better debt structure and despite higher hedging costs related to foreign exchange.
(5) Income Tax Expenses
The tax income in the first quarter of 2026 was higher compared to the first quarter of 2025 mainly
due to higher tax income, recognized according to the accounting method of calculation of tax
assets related to unrealized profits.
Changes in main assets and liabilities
Unit: 000 RMB
End of Reporting End of last
Assets and liabilities +/- (%) Explanation
Period year
Realization and
Derivative financial assets 192,352 449,379 -57.20%
revaluation of derivatives
Increase mainly due to
Other receivables 1,987,030 1,076,164 84.64%
securitization programs
More customer contracts
Long term receivables 258,405 118,203 118.61% were under long-term
payment terms
ADAMA Ltd. First Quarter Report 2026
II. Utilization of Raised Funds
□ Applicable √ Not applicable
The Company had no utilization of raised funds during the reporting period.
III. Information regarding Shareholders
right and shareholdings of top 10 shareholders at the period-end
Unit: share
Total number of preference
Total number of ordinary shareholders shareholders who had resumed
shareholders is 28,140; the number of B 0
at the end of the Reporting Period their voting right at the end of
share shareholders is 11,152)
the Reporting Period (if any)
Shareholdings of top 10 shareholders (not including Shares Lent for the Relending Financing)
Number Pledged or frozen
Nature of Shareholding Number of restricted shares
Name of shareholder of shares
shareholder percentage shares held
held Status Status
State-owned 1,828,137,96
Syngenta Group Co., Ltd. 78.47% -- -- --
legal person 1
State-owned
China Structural Reform Fund 33,557,046 1.44% -- -- --
legal person
Hong Kong Securities Clearing Overseas
Company Ltd. (HKSCC) legal person 13,942,658 0.60% -- -- --
Domestic
Wu Feng 7,891,212 0.34% -- -- --
Individual
Domestic
Zhu Shenglan 7,800,000 0.33% -- -- --
Individual
Qichun County State-owned Assets State-owned
Operation Center 4,169,266 0.18% -- -- --
legal person
Domestic
Liu Minqin 3,878,546 0.17% -- -- --
Individual
GUOTAI JUNAN SECURITIES Overseas
(HONG KONG) LIMITED legal person 3,013,397 0.13% -- -- --
CHINA INTERNATIONAL CAPITAL
Overseas
CORPORATION HONG KONG 2,966,041 0.13% -- -- --
legal person
SECURITIES LTD I
Domestic
Cai Wenxi 2,796,000 0.12% -- -- --
Individual
Shareholdings of top 10 non-restricted shareholders (not including Shares Lent for the Relending Financing and Lock-
up Shares of Senior Management)
Name of shareholder Number of non-restricted shares held at Types of Shares
the period-end Type Number
Syngenta Group Co., Ltd. 1,828,137,961 RMB ordinary share 1,828,137,961
China Structural Reform Fund 33,557,046 RMB ordinary share 33,557,046
Hong Kong Securities Clearing
Company Ltd. (HKSCC)
Wu Feng 7,891,212 RMB ordinary share 7,891,212
Zhu Shenglan 7,800,000 RMB ordinary share 7,800,000
Qichun County State-owned Assets
Operation Center
Liu Minqin 3,878,546 RMB ordinary share 3,878,546
Domestically listed
GUOTAI JUNAN SECURITIES
(HONG KONG) LIMITED
currencies
ADAMA Ltd. First Quarter Report 2026
CHINA INTERNATIONAL CAPITAL Domestically listed
CORPORATION HONG KONG 2,966,041 shares in foreign 2,966,041
SECURITIES LTD currencies
Cai Wenxi 2,796,000 RMB ordinary share 2,796,000
Syngenta Group Co., Ltd. is not related party or acting-in-concert party as
prescribed in the Administrative Methods for Acquisition of Listed Companies to
Explanation on associated
other shareholders. It is unknown to the Company whether shareholders above
relationship or/and persons are related parties or acting-in-concert parties as prescribed in the Administrative
Methods for Acquisition of Listed Companies.
Shareholder Wu Feng held 4,906,486 shares of the Company through a common
Particular about shareholder securities account and 2,984,726 shares of the Company through a credit
collateral securities trading account, altogether 7,891,212 shares. Shareholder Liu
participate in the securities lending
Minqin held 449,846 shares of the Company through a common securities account
and borrowing business (if any) and 3,428,700 shares of the Company through a credit collateral securities trading
account, altogether 3,878,546 shares.
Involvement of Shareholders holding more than 5% of shares, Top 10 Shareholders and Top 10 Non-
restricted Shareholders in Lending of Shares in the Relending Financing of Funds and Securities
□ Applicable √ Not applicable
Change from the Previous Reporting Period to the Top 10 Shareholders and Top 10 Non-restricted
Shareholders due to the Lending/Returning of Shares in the Relending Financing of Funds and
Securities
□ Applicable √ Not applicable
□ Applicable √ Not applicable
IV. Other Significant Events
□ Applicable √ Not applicable
ADAMA Ltd. First Quarter Report 2026
V. Financial Statements
i. Financial statements
Prepared by ADAMA Ltd.
Unit: RMB’000
March 31, December 31, March 31, December 31,
Item Item
Current assets: Current liabilities:
Cash at bank and on hand 3,238,219 3,450,300 Short-term loans 7,204,713 6,673,792
Financial assets held for trading 1,198 1,223 Derivative financial liabilities 229,704 189,581
Derivative financial assets 192,352 449,379 Bills payable 717,580 622,660
Bills receivable 327,385 358,489 Accounts payable 5,236,226 5,461,749
Accounts receivable 7,670,199 7,124,736 Contract liabilities 1,635,133 1,789,490
Receivables financing 52,849 30,767 Employee benefits payable 1,020,374 936,724
Prepayments 309,343 368,012 Taxes payable 699,729 539,168
Other receivables 1,987,030 1,076,164 Other payables 1,505,718 1,418,093
Non-current liabilities due
Inventories 11,672,036 11,607,842 3,835,078 3,825,203
within one year
Other current assets 970,192 1,094,273 Other current liabilities 859,890 929,259
Total current assets 26,420,803 25,561,185 Total current liabilities 22,944,145 22,385,719
Non-current assets: Non-current liabilities:
Long-term receivables 258,405 118,203 Long-term loans 1,381,937 1,507,514
Long-term equity investments 42,555 39,312 Debentures payable 4,850,581 4,894,076
Other equity investments 128,635 129,796 Lease liabilities 647,326 751,226
Investment properties 18,462 18,869 Long-term accounts payable 157,057 164,735
Long-term employee benefits
Fixed assets 9,937,881 10,073,551 552,975 536,895
payables
Construction in progress 728,571 897,175 Provisions 438,520 424,347
Right-of-use assets 571,407 661,443 Deferred tax liabilities 214,437 224,024
Intangible assets 4,140,666 4,302,343 Total non-current liabilities 8,242,833 8,502,817
Goodwill 4,889,153 4,964,450 Total liabilities 31,186,978 30,888,536
Deferred tax assets 1,535,573 1,294,176 Shareholders’ equity:
Other non-current assets 430,136 403,459 Share capital 2,329,812 2,329,812
Total non-current assets 22,681,444 22,902,777 Capital reserves 12,867,123 12,867,123
Total assets 49,102,247 48,463,962 Other comprehensive income 1,342,489 1,570,748
Special reserves 7,725 6,156
Surplus reserves 298,610 298,610
Retained earnings 1,069,510 502,977
Total equity attributed to the
shareholders of the company
Non-controlling interests - -
Total equity 17,915,269 17,575,426
Total liabilities and equity 49,102,247 48,463,962
Ga?l Hili Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
ADAMA Ltd. First Quarter Report 2026
Unit: RMB’000
Item January-March, 2026 January-March, 2025
Less: Cost of sales 5,208,099 5,223,631
Taxes and surcharges 24,676 28,684
Selling and Distribution expenses 1,024,045 951,363
General and Administrative expenses 298,337 372,765
Research and Development expenses 105,364 103,844
Financial expenses 346,504 22,151
Including: Interest expense 213,044 249,298
Interest income 21,136 50,057
Add: Investment income, net 5,978 4,671
Including: Income from investment in associates
and joint ventures
Loss from changes in fair value (3,955) (351,503)
Credit impairment losses (16,110) (7,004)
Asset Impairment (losses)/reversal (21,876) 4,131
Gain from disposal of assets 256,872 3,792
Add: Non-operating income 48,202 12,584
Less: Non-operating expense 49,234 4,969
Less: income tax expense (income) (150,695) (19,132)
Other comprehensive income net of tax attributable to shareholders
(228,259) (8,510)
of the Company
Other comprehensive income net of tax attributable to Non-controlling
- -
interests
Total comprehensive income attributable to shareholders
of the Company
Total comprehensive income attributable to Non-controlling interests - -
Ga?l Hili Efrat Nagar Efrat Nagar
Legal representative Chief of the accounting work Chief of the accounting organ
ADAMA Ltd. First Quarter Report 2026
Unit: RMB’000
Item January-March, 2026 January-March, 2025
Cash received from sale of goods and rendering of services 4,976,017 6,064,603
Refund of taxes and surcharges 38,281 41,487
Cash received relating to other operating activities 92,750 33,806
Sub-total of cash inflows from operating activities 5,107,048 6,139,896
Cash paid for goods and services 4,435,897 4,640,270
Cash paid to and on behalf of employees 900,337 906,531
Payments of taxes and surcharges 95,699 140,943
Cash paid relating to other operating activities 658,359 659,020
Sub-total of cash outflows from operating activities 6,090,292 6,346,764
Net cash flows from operating activities (983,244) (206,868)
Cash received from disposal of investments 75,566 41,370
Cash received from returns of investments 2,325 -
Net cash received from disposal of fixed assets, intangible assets
and other long-term assets
Sub-total of cash inflows from investing activities 428,185 54,955
Cash paid to acquire fixed assets, intangible assets and other
long-term assets
Cash paid for other investing activities 631 -
Sub-total of cash outflows from investing activities 271,352 317,242
Net cash flows from investing activities 156,833 (262,287)
Cash received from borrowings 676,012 190,500
Cash received relating to other financing activities 433,111 1,075,454
Sub-total of cash inflows from financing activities 1,109,123 1,265,954
Cash repayment of borrowings 185,424 471,926
Cash payment for dividends, profit distributions or interest 139,497 146,297
Including: dividends paid to non-controlling interest 2,695 -
Cash paid relating to other financing activities 131,943 124,533
Sub-total of cash outflows from financing activities 456,864 742,756
Net cash flows from financing activities 652,259 523,198
(47,083) (1,445)
equivalents
Add: Cash and cash equivalents at the beginning of the period 3,353,326 3,583,963
ADAMA Ltd. First Quarter Report 2026
ii. Impacts of Initial Application of Accounting Standards for Business Enterprises on the
Opening Balances of the Current Period
□ Applicable √ Not applicable
iii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.
ADAMA Ltd.
Board of Directors
April 30, 2026
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