ADAMA Reports Third Quarter and First Nine Months 2025 Results

BEIJING CHINA and TEL AVIV ISRAEL October 29 2025 – ADAMA Ltd. (the “Company”)

(SZSE 000553) today reported its financial results for the third quarter and first nine months of 2025

that ended September 30 2025.Third Quarter 2025 Highlights:

* Stable Sales (0% in USD 1% in RMB) of $933 million reflecting the combined results of a 1%

increase in volume and a 1% decrease in prices

* Adjusted gross profit up 14% to $257 million representing an improvement of gross margin to

27.6% from 24.2% last year reflecting the benefits of lower costs and higher volumes

* Adjusted EBITDA up 50% to $120 million representing an improvement of EBITDA margin to

12.9% from 8.6% last year

* Adjusted net loss reduced to $20 million from $78 million last year; Reported net loss

improved by $85 million to $48 million compared to $133 million last year

First Nine Months 2025 Highlights:

* Stable Sales (0% in USD 1% in RMB) of $3025 million reflecting the combined results of a 3%

increase in volume and a 3% decrease in prices

* Adjusted gross profit up 12% to $878 million representing an improvement of gross margin to

29.0% from 25.8% last year reflecting the benefits of lower costs and higher volumes

* Adjusted EBITDA up 30% to $430 million representing an improvement of EBITDA margin to

14.2% from 11.0% last year

* Adjusted net income turned positive to $29 million compared to a loss of $149 million last year;

Reported net loss improved by $200 million to $59 million compared to $259 million last year

* Operating cash flow of $331 million generated vs. $402 million last year

* Free cash flow of $112 million vs. $179 million last yearGa?l Hili President and CEO of ADAMA said “In the third quarter we continued to deliverimproved financial results with stable sales and our sixth consecutive quarter of year-over-year

EBITDA growth clear indicators that our Fight Forward transformation plan is delivering results in

support of our value innovation strategy. We remain focused on strengthening our operational

foundations enhancing commercial execution and driving innovation across our portfolio deliveringmeaningful impact for farmers and positioning ADAMA for sustainable long-term profitable growth.”

1Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q3 Q3 Q3 Q3 Q3 Q3

2025 2024 % Change 2025 2024 2025 2024 % Change

Revenues 933 929 0% - - 933 929 0%

Gross profit 236 188 25% 22 37 257 225 14%

% of sales 25.2% 20.2% 27.6% 24.2%

Operating income (loss) (EBIT) 30 (34) 26 46 56 13 343%

% of sales 3.2% (3.6%) 6.0% 1.4%

Loss before taxes (41) (122) 67% 29 51 (11) (72) 84%

% of sales (4.4%) (13.2%) (1.2%) (7.7%)

Net loss (48) (133) 64% 28 55 (20) (78) 74%

% of sales (5.1%) (14.3%) (2.1%) (8.4%)

EPS

- USD (0.0206) (0.0569) (0.0086) (0.0335)

- RMB (0.1470) (0.4049) (0.0611) (0.2382)

EBITDA 104 56 87% 16 24 120 80 50%

% of sales 11.2% 6.0% 12.9% 8.6%

As Reported Adjustments Adjusted

USD (m) 9M 9M % Change 9M 9M 9M 9M2025 2024 2025 2024 2025 2024 % Change

Revenues 3025 3028 0% - - 3025 3028 0%

Gross profit 792 672 18% 86 110 878 782 12%

% of sales 26.2% 22.2% 29.0% 25.8%

Operating income (EBIT) 155 1 81 136 237 137 73%

% of sales 5.1% 0.0% 7.8% 4.5%

Income (loss) before taxes (58) (203) 71% 91 116 33 (87)

% of sales (1.9%) (6.7%) 1.1% (2.9%)

Net income (loss) (59) (259) 77% 89 110 29 (149)

% of sales (2.0%) (8.5%) 1.0% (4.9%)

EPS

- USD (0.0254) (0.1110) 0.0127 (0.0638)

- RMB (0.1815) (0.7890) 0.0910 (0.4535)

EBITDA 378 252 50% 53 80 430 332 30%

% of sales 12.5% 8.3% 14.2% 11.0%

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 Q3 and 9M 2025 and 2024 is 2329.8 million

shares.In this table and all tables in this release numbers may not sum due to rounding.

2The General Crop Protection (CP) Market Environment

Through the first nine months of 2025 channel inventory returned to pre-pandemic levels in most

countries allowing crop protection demand recovery. Pricing pressure remains high driven by

production over-capacity of active ingredients. Crop commodity prices remain stably low and coupled

with the high-interest rate environment farmer profitability remains tight leading to just-in-time

purchasing patterns.1

Portfolio Development Update

In the third quarter 2025 ADAMA continued to register and launch multiple new products in markets

across the globe adding on to its differentiated product portfolio. As part of the Fight Forward

transformation plan the Company is focused on improving its overall portfolio mix particularly by

targeting the Value Innovation segment with the intent of improving value delivered to all

stakeholders.In Q3 2025 launches of differentiated products included:

FERRABAIT a patented molluscicide composition based on the active ingredient

FERALLA has been launched in New Zealand for use in arable horticultural and

ornamental crops.COSAYR a long-lasting Chlorantraniliprole-based suspension has been launched in

Canada Hungary and Argentina (as CARTADO) to deliver fast and effective control of

chewing insects across a wide range of horticultural and field crops.Notable differentiated product registrations during Q3 2025 included:

PORAFAM an herbicide aqueous solution with Aminopyralid as the active ingredient has

been registered in Germany. This marks ADAMA’s first registration of an Aminopyralid-based

formulation in Europe.The active substance FERALLA was registered UK

COSAYRwas registered in Austria France Spain and Greece

AVASTEL a broad-spectrum fungicide utilizing Asorbital Formulation Technology and

combining the active ingredients Prothioconazole and Fluxapyroxad has been officially

registered in Germany.EDAPTIS has been registered in Germany. 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.REXARO a fungicide suspension containing Cymoxanil and Fluopicolide has been

registered in Ghana.ETHOSAT an herbicide suspension based on Ethofumesate active ingredient has been

registered in Finland.

1Sources: AgbioInvestor Quarterly report (September 2025) peer quarterly financial results internal sources

3In addition patents granted during Q3 2025 included GILBOA mixtures patents in multiple

countries including Europe and US and Gilboa formulation patents in the US and Columbia. Gilboa

is a proprietary fungicide having a new mode of action for use in cereals. As well BAROZ a

unique granular formulation for reliable rice stem borer control was patented in Colombia and

Indonesia.Geopolitical Situation

ADAMA is headquartered and has three manufacturing sites in Israel. The regional tensions which

escalated on October 7 2023 continued to have no material impact to-date on the Company's

ability to support its markets 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 US tariff policies and to

closely monitor and manage the situation and the potential impact on its global network. Despite the

uncertainty regarding the US tariff policies the Company currently expects that the impact on its

operations and business results will be immaterial.‘Fight Forward’ Transformation Plan

In early 2024 ADAMA launched 'Fight Forward' a strategic transformation plan designed to deliver

improved profit and cash targets over a three-year period. The plan optimizes financial management

streamlining ADAMA’s operating model in order to increase focus on the Value Innovation segment

in which differentiated high-impact solutions are developed to deliver greater value to farmers.Financial Highlights

Revenues in the third quarter were stable (1% in RMB; 0% in CER) reaching $933 million mainly

reflecting the combined results of a 1% increase in volume and a 1% decrease in prices. The

higher volumes reflected the gradual recovery of market demands and improvement of channel

inventories in most regions. Prices remained weak mainly due to low prices of active ingredients in

light of overcapacity as well as a high interest rate environment and low commodity prices which

put pressure on distributors and farmers.Revenues in the first nine months were also stable (1% in RMB; 1% in CER) reaching $3025

million. The stabilization of revenues in the first nine months was driven by volume growth of 3%

offsetting a decrease in prices of 3%.

4Table 2. Regional Sales Performance

Q3 2025 Q3 2024 Change Change 9M 2025 9M 2024 Change Change

$m $m USD CER $m $m USD CER

Europe Africa & Middle East 233 216 8% 3% 903 911 (1%) (2%)

North America 164 158 4% 4% 659 572 15% 16%

Latin America 312 287 9% 8% 675 687 (2%) 1%

Asia Pacific 225 269 (16%) (15%) 789 859 (8%) (7%)

Of which China 91 109 (17%) (16%) 400 384 4% 4%

Total 933 929 0% (0%) 3025 3028 (0%) 1%

Notes:

? CER: Constant Exchange Rates

? As part of ADAMA’s business optimization program on January 1 2025 ADAMA’s South Africa business was reclassified from

APAC operations to EAME operations. To enable meaningful comparisons the 2024 data presented here includes South Africa

under EAME.? Numbers may not sum due to rounding

Europe Africa & Middle East (EAME): Volumes and revenue in EAME increased in the third

quarter though significant Q1 declines in Turkey impacted the year-to-date results. Pricing

continued to decline in light of intense competition. Foreign exchange rates had positive impact in

the third quarter.North America: In the US Ag market though slightly down in the third quarter was significantly

up in the first nine months following improvements in volumes and prices. Similarly in Canada

while the third quarter was flat with an increase in volume offset by a decrease by prices for the

nine months volumes are significantly up. Consumer & Professional Solutions experienced

increased volumes and flat prices for both the third quarter and year-to-date.Latin America: In Brazil revenues were significantly up in the third quarter resulting in higher

revenues also for the first nine months compared to the previous year. Growth was driven by

increased volumes while the third quarter also experienced modest pricing increases. In the rest

of LATAM lower volumes prices and revenues were reported in the third quarter and the first

nine months primarily in Paraguay and Argentina due to channel destocking and just-in-time

purchasing behavior.Asia-Pacific (APAC): India experienced significant declines in the third quarter revenues

primarily due to lower volumes driven by extreme weather conditions and lower prices. In the rest

of APAC (excluding India and China) sales and volumes were slightly up for the quarter

despite ongoing pricing pressures.In China sales in the third quarter mainly reflected the impacts of lower non-ag sales partially

compensated by the increase of AI sales. Non-ag sales declined following implementation of the

company’s strategic decision to pivot away from manufacturing some basic chemical products

and weaker market demands. Higher AI sales were driven by volume growth due to the

expansion of new distribution channels and supported by the recovery of global demand. Sales of

the formulations business stabilized still reflecting relatively high channel inventories and severe

market competition. Supported by the growth in the first half sales in China in the first nine

months increased compared to last year.Reported gross profit in the third quarter increased 25% to $236 million (gross margin of 25.2%)

from $188 million (gross margin of 20.2%) last year and increased 18% to $792 million (gross

margin of 26.2%) in the first nine months from $672 million (gross margin of 22.2%) last year.

5Adjustments to reported results: The adjusted gross profit mainly includes reclassification of

inventory impairment taxes and surcharge and excludes certain transportation costs

(classified under operating expenses) and the remediation costs by a wholly owned subsidiary

for its plant in Israel.Adjusted gross profit in the third quarter increased 14% to $257 million (gross margin of 27.6%)

from $225 million (gross margin of 24.2%) last year and increased 12% to $878 million (gross

margin of 29.0%) in the first nine months from $782 million (gross margin of 25.8%) last year.The higher adjusted gross profit and margin in the quarter and first nine months mainly reflected the

positive impacts of lower costs due to improved operational efficiency and lower costs of inventory

sold as well as higher volume more than compensating for lower prices.Operating expenses reported in the third quarter were $205 million (22.0% of sales) compared to

$222 million (23.9% of sales) last year and were $636 million (21.0% of sales) in the first nine

months compared to $671 million (22.2% of sales) last year.Adjustments to reported results: Please refer to the explanation above regarding adjustments

to the gross profit in respect to certain transportation costs taxes and surcharges and

inventory impairment. Non-operating income and expenses are also reclassified into adjusted

operating expenses.The Company recorded certain non-operational items within its reported operating expenses

amounting to $26 million in the third quarter of 2025 in comparison to $37 million in the third

quarter of 2024 and $73 million in the first nine months 2025 in comparison to $113 million in

the first nine months 2024. These items in 2025 mainly include: i. non-cash amortization

charges in respect of transfer assets 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; and iii. restructuring

and advisory costs incurred as part of the implementation of the Fight Forward transformation

plan. For further details on these non-operational items please see the appendix to this

release.Adjusted operating expenses in the third quarter were $201 million (21.5% of sales) compared to

$212 million (22.8% of sales) last year and were $641 million (21.2% of sales) in the first nine

months compared to $645 million (21.3% of sales) last year.The lower operating expenses in the third quarter was mainly due to a credit loss recorded last year

which compensated for an increase in expenses attributed to company success-based employee

compensation due to improved 2025 results to-date. For the first nine months the positive impacts

following implementation of the Fight Forward plan more than compensated for expected credit

losses due to liquidity issues of some local distributors in certain countries.Reported operating income in the third quarter was $30 million (3.2% of sales) compared to a loss

of $34 million (-3.6% of sales) last year and increased to $155 million (5.1% of sales) in the first

nine months from $1 million (0.0% of sales) last year.Adjusted operating income in the third quarter increased to $56 million (6.0% of sales) from $13

million (1.4% of sales) last year and increased to $237 million (7.8% of sales) in the first nine

months from $137 million (4.5% of sales) last year. The increase in operating income was a

combined result of higher gross profit and lower operating expenses.Reported EBITDA in the third quarter increased to $104 million (11.2% of sales) from $56 million

(6.0% of sales) last year and increased to $378 million (12.5% of sales) in the first nine months from

$252 million (8.3% of sales) last year.

6Adjusted EBITDA in the third quarter increased to $120 million (12.9% of sales) from $80 million

(8.6% of sales) last year and increased to $430 million (14.2% of sales) in the first nine months from

$332 million (11.0% of sales) last year.Adjusted financial expenses decreased to $68 million in the third quarter compared to $84 million

last year and decreased to $204 million in the first nine months compared to $224 million last year.The lower financial expenses in both the third quarter and the first nine months were primarily

positively impacted by a bond buyback that was executed in late Q2 as well as the lower hedging

costs related to the Israeli Shekel.Adjusted taxes on income in the third quarter were an expense of $8 million compared to

expenses of $6 million in the corresponding period last year and amounted to an expense of $4

million in the first nine months compared to expenses of $61 million last year.The Company recorded tax expenses mainly because losses that were primarily incurred by

subsidiaries with relatively lower tax rates while some of them did not create deferred tax assets on

the losses. On the other hand the subsidiaries that generated profit have a higher tax rate.The tax expenses in first nine months of 2025 are lower compared to the first nine months of 2024

due to (1) lower losses 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 first nine month of 2024.Net loss reported in the third quarter narrowed to $48 million from $133 million last year and

narrowed to $59 million in the first nine months from $259 million last year.After reflecting the impact of the aforementioned extraordinary and non-operational charges

adjusted net loss in the third quarter was reduced to $20 million from a loss of $78 million last year

and adjusted net income in the first nine months turned positive to $29 million from a loss of $149

million last year.Trade working capital as of September 30 2025 was $2093 million compared to $2218 million as

of September 30 2024. The decrease in working capital was mainly due to the decline in the level of

inventory to $1685 million as of September 30 2025 from $1740 million as of September 30 2024.The decline of inventories was a result of continued implementation of enhanced inventory

management more than offsetting increased procurement in preparation to capture momentum as

the market recovers which also led to an increase in trade payables.Cash Flow: Operating cash flow of $89 million and $331 million was generated in the third quarter

and First Nine Months respectively compared to $159 million and $402 million generated in the

corresponding periods last year. The lower operating cash flow generated in the third quarter was

mainly due to higher procurement payments in preparation to capture growth momentum. The

dynamics in the first nine months reflected an improvement in collection offsetting higher outflow due

to increased procurement payments.Net cash used in investing activities was $43 million in the third quarter and $131 million in the First

Nine Months compared to $7 million and $122 million in the corresponding periods last year

respectively. The higher cash used in investing activities in the third quarter was mainly due to inflow

from last year’s sale of a real estate asset. For the first nine months the mild increase was also due

to the payment for earn out related to AgriNova a controlled subsidiary of the Company in Q2 more

than offsetting prioritization of investments in manufacturing facilities and portfolio optimization.Free cash flow of $22 million was generated in the third quarter and $112 million generated in the

First Nine Months compared to $128 million and $179 million in the corresponding periods last year

respectively reflecting the aforementioned operating and investing cash flow dynamics.

7Table 3. Revenues by operating segment

Sales by segment

Q3 2025 % Q3 2024 % 9M 2025 % 9M 2024USD (m) USD (m) USD (m) USD (m) %

Crop Protection 867 93% 840 90% 2771 92% 2746 91%

Intermediates and

Ingredients 67 7% 89 10% 254 8% 282 9%

Total 933 100% 929 100% 3025 100% 3028 100%

Sales by product category

Q3 2025

USD (m) %

Q3 2024

USD (m) %

9M 2025 9M 2024

USD (m) % USD (m) %

Herbicides 369 40% 345 37% 1288 43% 1213 40%

Insecticides 311 33% 302 33% 857 28% 896 30%

Fungicides 187 20% 193 21% 626 21% 638 21%

Intermediates and

Ingredients 67 7% 89 10% 254 8% 282 9%

Total 933 100% 929 100% 3025 100% 3028 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 ideate 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

8Joshua Phillipson Zhujun Wang

Global Investor Relations China Investor Relations

Email: ir@adama.com Email: irchina@adama.com

9Abridged 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 Third Quarter

Adjusted2 Q3 2025 Q3 2024 Q3 2025 Q3 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 933 929 6654 6613

Cost of Sales 670 702 4776 4994

Other costs 6 2 43 20

Gross profit 257 225 1835 1600

% of revenue 27.6% 24.2% 27.6% 24.2%

Selling & Distribution expenses 152 162 1085 1151

General & Administrative expenses 37 33 265 236

Research & Development expenses 13 14 90 102

Other operating expenses (income) (1) 3 (7) 21

Total operating expenses 201 212 1434 1509

% of revenue 21.5% 22.8% 21.5% 22.8%

Operating income (EBIT) 56 13 401 90

% of revenue 6.0% 1.4% 6.0% 1.4%

Financial expenses 68 84 483 600

Loss before taxes (11) (72) (82) (510)

Taxes on Income 8 6 61 45

Net Loss (20) (78) (142) (555)

% of revenue (2.1%) (8.4%) (2.1%) (8.4%)

Adjustments 28 55 200 388

Reported net loss (48) (133) (342) (943)

% of revenue (5.1%) (14.3%) (5.1%) (14.3%)

Adjusted EBITDA 120 80 856 569

% of revenue 12.9% 8.6% 12.9% 8.6%

Adjusted EPS3 – Basic (0.0086) (0.0335) (0.0611) (0.2382)

– Diluted (0.0086) (0.0335) (0.0611) (0.2382)

Reported EPS2 – Basic (0.0206) (0.0569) (0.1470) (0.4049)

– Diluted (0.0206) (0.0569) (0.1470) (0.4049)

2 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”.

3The number of shares used to calculate both basic and diluted earnings per share in both Q3 2025 and 2024 is 2329.8 million shares.

10Abridged Consolidated Income Statement for the First Nine Months of 2025

Adjusted4 9M 2025 9M 2024 9M 2025 9M 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 3025 3028 21678 21523

Cost of Sales 2129 2238 15260 15909

Other costs 18 8 126 59

Gross profit 878 782 6292 5555

% of revenue 29.0% 25.8% 29.0% 25.8%

Selling & Distribution expenses 474 500 3396 3552

General & Administrative expenses 113 102 811 723

Research & Development expenses 43 45 306 320

Other operating expenses (income) 11 (1) 81 (9)

Total operating expenses 641 645 4595 4585

% of revenue 21.2% 21.3% 21.2% 21.3%

Operating income (EBIT) 237 137 1698 970

% of revenue 7.8% 4.5% 7.8% 4.5%

Financial expenses 204 224 1460 1590

Income (loss) before taxes 33 (87) 238 (620)

Taxes on Income 4 61 26 436

Net income (loss) 29 (149) 212 (1057)

% of revenue 1.0% (4.9%) 1.0% (4.9%)

Adjustments 89 110 635 782

Reported net loss (59) (259) (423) (1838)

% of revenue (2.0%) (8.5%) (2.0%) (8.5%)

Adjusted EBITDA 430 332 3082 2357

% of revenue 14.2% 11.0% 14.2% 11.0%

Adjusted EPS5 – Basic 0.0127 (0.0638) 0.0910 (0.4535)

– Diluted 0.0127 (0.0638) 0.0910 (0.4535)

Reported EPS4 – Basic (0.0254) (0.1110) (0.1815) (0.7890)

– Diluted (0.0254) (0.1110) (0.1815) (0.7890)

4 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”.

5The number of shares used to calculate both basic and diluted earnings per share in both 9M 2025 and 2024 is 2329.8 million shares.

11Abridged Consolidated Balance Sheet

September 30 September 30 September 30 September 30

2025202420252024

USD (m) USD (m) RMB (m) RMB (m)

Assets

Current assets:

Cash at bank and on hand 526 596 3734 4178

Bills and accounts receivable 1198 1219 8511 8539

Inventories 1684 1740 11969 12192

Other current assets receivables and

prepaid expenses 288 278 2049 1946

Total current assets 3696 3832 26263 26855

Non-current assets:

Fixed assets net 1600 1746 11370 12233

Rights of use assets 77 79 548 555

Intangible assets net 1324 1386 9407 9714

Deferred tax assets 204 208 1453 1460

Other non-current assets 125 100 890 702

Total non-current assets 3331 3520 23668 24665

Total assets 7027 7352 49931 51519

Liabilities

Current liabilities:

Loans and credit from banks and other

lenders 1181 938 8393 6574

Bills and accounts payable 838 760 5957 5325

Other current liabilities 861 836 6119 5859

Total current liabilities 2881 2534 20469 17758

Long-term liabilities:

Loans and credit from banks and other

lenders 203 380 1443 2666

Debentures 743 944 5281 6613

Deferred tax liabilities 29 43 205 304

Employee benefits 76 81 537 570

Other long-term liabilities 499 547 3543 3830

Total long-term liabilities 1549 1995 11009 13982

Total liabilities 4430 4530 31477 31741

Equity

Total equity 2597 2823 18453 19779

Total liabilities and equity 7027 7352 49931 51519

Numbers may not sum due to rounding

12Abridged Consolidated Cash Flow Statement for the Third Quarter of 2025

Q3 2025 Q3 2024 Q3 2025 Q3 2024

USD (m) USD (m) RMB (m) RMB (m)

Cash flow from operating activities:

Cash flow from operating activities 89 159 635 1131

Cash flow from operating activities 89 159 635 1131

Investing activities:

Acquisitions of fixed and intangible assets (39) (38) (276) (274)

Net cash received from disposal of fixed assets 4 30 29 212

intangible assets and others

Other investing activities (8) 1 (60) 10

Cash flow used for investing activities (43) (7) (307) (51)

Financing activities:

Receipt of loans from banks and other lenders 30 42 210 297

Repayment of loans from banks and other lenders (557) (796)(78) (112)

Interest payment and other (24) (28) (172) (202)

Other financing activities 67 (22) 477 (157)

Cash flow used for financing activities (6) (121) (41) (853)

Effects of exchange rate movement on cash and cash

equivalents 0 1 (23) (63)

Net change in cash and cash equivalents 41 32 264 158

Cash and cash equivalents at the beginning of the period 463 557 3316 3971

Cash and cash equivalents at the end of the period 504 589 3580 4129

Free Cash Flow 22 128 157 912

13Abridged Consolidated Cash Flow Statement for the First Nine Months of 2025

9M 2025 9M 2024 9M 2025 9M 2024

USD (m) USD (m) RMB (m) RMB (m)

Cash flow from operating activities:

Cash flow from operating activities 331 402 2374 2862

Cash flow from operating activities 331 402 2374 2862

Investing activities:

Acquisitions of fixed and intangible assets (121) (151) (866) (1074)

Net cash received from disposal of fixed assets

intangible assets and others 6 34 46 242

Payment in respect of business combination (8) - (56) -

Other investing activities (9) (5) (66) (35)

Cash flow used for investing activities (131) (122) (942) (866)

Financing activities:

Receipt of loans from banks and other lenders 366 235 2625 1666

Repayment of loans from banks and other lenders (510) (505) (3665) (3589)

Interest payments and other (97) (111) (699) (789)

Other financing activities 47 1 330 8

Cash flow used for financing activities (196) (380) (1408) (2703)

Effects of exchange rate movement on cash and cash

equivalents 2 3 (28) (21)

Net change in cash and cash equivalents 5 (97) (4) (728)

Cash and cash equivalents at the beginning of the

period 499 686 3584 4857

Cash and cash equivalents at the end of the period 504 589 3580 4129

Free Cash Flow 112 179 807 1276

Numbers may not sum due to rounding

14Notes 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 September 30 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

15Income Statement Adjustments

Q3 2025 Q3 2024 Q3 2025 Q3 2024

USD (m) USD (m) RMB (m) RMB (m)

Reported Net Loss (48) (133) (342) (943)

Adjustments to COGS & Operating Expenses:

1.Amortization of acquisition-related PPA and other

acquisition related costs 4 6 25 42

2.Amortization of Transfer assets received and written-up

due to 2017 ChemChina-Syngenta transaction (non- 5 5 39 37

cash)

3.Cleanup and remediation costs for plants in Israel - 6 - 43

4.ASBEs classifications COGS impact (22) (27) (154) (195)

5.ASBEs classifications OPEX impact 22 27 154 195

6.Restructuring and advisory costs 16 8 112 59

7.Other - 1 1 10

8.Provisions such as legal claims registration impairment

and update of registration depreciation 1 19 9 139

Total Adjustments to Operating Income (EBIT) 26 46 186 330

Total Adjustments to EBITDA 16 24 114 173

Adjustments to Financing Expenses:

9.Non-cash adjustment related to put options revaluation 4 3 28 21

12. Other financing expenses (1) 1 (4) 11

Adjustments to Taxes:

Taxes impact (1) 4 (10) 27

Total adjustments to Net Loss 28 55 200 388

Adjusted Net Loss (20) (78) (142) (555)

169M 9M 9M

2025 9M 2024 2025 2024

USD USD (m) RMB RMB

(m) (m) (m)

Reported Net loss (59) (259) (183(423) 8)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition

related costs 11 14 77 97

2. Amortization of Transfer assets received and written-up due to

2017 ChemChina-Syngenta transaction (non-cash) 16 15 117 109

3. Cleanup and remediation costs for plants in Israel 7 17 48 121

4. ASBEs classifications COGS impact (78) (87) (559) (617)

5. ASBEs classifications OPEX impact 78 87 559 617

6. Restructuring and advisory costs 45 23 321 166

7. Other 2 3 11 22

8. Provisions such as legal claims registration impairment and

update of registration depreciation 1 63 9 451

Total Adjustments to Operating Income (EBIT) 81 136 583 965

Total Adjustments to EBITDA 53 80 375 567

Adjustments to Financing Expenses:

9. Non-cash adjustment related to put options revaluation 7 (30) 48 (212)

10. Repurchase of debentures by a controlled subsidiary 9 - 68 -

11. Arbitration decision related to a controlled subsidiary (4) - (32) -

12. Other financing expenses (2) 10 (12) 69

Adjustments to Taxes:

Taxes impact (3) (6) (21) (41)

Total adjustments to Net loss 89 110 635 782

Adjusted Net Income (Loss) 29 (149) 212 (1057)

Notes:

1. Amortization of acquisition-related PPA 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.

2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta

transaction (non-cash): The 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.

3. Cleanup and remediation costs for plants in Israel: a wholly-owned indirect subsidiary of the

Company recorded remediation costs for its plants in Israel in 2025 and 2024.

4. & 5. ASBEs classifications COGS impact: according to the ASBE guidelines [IAS 37] certain items

(specifically certain transportation costs) are classified under COGS.

176. Restructuring and advisory costs: The Company initiated its Fight Forward transformation plan in early

2024. Part of the plan includes restructuring its organizational structure workforce and managerial

processes and as a result thereof the Company recorded restructuring and advisory costs.

7. Other: Mainly attributable to accelerated depreciation associated with facilities upgrade.

8. Provisions such as legal claims registration impairment and update of registration depreciation:

Legal claims related to product liabilities was settled and incurred expenses in 2024. Registration

impairment and update of registration depreciation is mainly related to the management's strategic

decision to increase focus on products in line with the optimization of the Company's portfolio and hence

to focus on the quality of business.

9. Non-cash adjustment related to put options revaluation: expenses/income due to revaluation of put

options attributed to minority stake in subsidiaries

10.Repurchase of debentures by a controlled subsidiary: As part of strengthening its debt structure a

subsidiary of the Company 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.

11.Arbitration decision related to a controlled subsidiary: An arbitration case related to a controlled

subsidiary incurred a one-time income.

18Exchange Rate Data for the Company's Principal Functional Currencies

September 30 Q3 Average 9M Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

EUR/USD 1.174 1.119 4.88% 1.168 1.098 6.33% 1.116 1.087 2.67%

USD/BRL 5.319 5.448 2.38% 5.447 5.545 1.77% 5.653 5.238 -7.91%

USD/PLN 3.632 3.819 4.92% 3.647 3.899 6.48% 3.800 3.963 4.10%

USD/ZAR 17.301 17.094 -1.21% 17.627 17.971 1.91% 18.135 18.481 1.88%

AUD/USD 0.661 0.692 -4.45% 0.654 0.670 -2.35% 0.641 0.662 -3.27%

GBP/USD 1.343 1.341 0.18% 1.348 1.300 3.70% 1.313 1.277 2.84%

USD/ILS 3.306 3.710 10.89% 3.363 3.713 9.42% 3.520 3.701 4.90%

USD L 3M 4.00% 4.59% -0.59 bp 4.19% 5.08% -0.89 bp 4.26% 5.24% -0.98 bp

September 30 Q3 Average 9M Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

USD/RMB 7.106 7.007 1.40% 7.129 7.115 0.20% 7.165 7.108 0.80%

EUR/RMB 8.341 7.843 6.35% 8.326 7.816 6.53% 7.995 7.725 3.49%

RMB/BRL 0.749 0.777 3.72% 0.764 0.779 1.96% 0.789 0.737 -7.05%

RMB/PLN 0.511 0.545 6.23% 0.512 0.548 6.66% 0.530 0.557 4.86%

RMB/ZAR 2.435 2.439 0.19% 2.473 2.526 2.11% 2.531 2.600 2.66%

AUD/RMB 4.696 4.847 -3.11% 4.663 4.766 -2.16% 4.590 4.707 -2.49%

GBP/RMB 9.545 9.396 1.58% 9.611 9.250 3.90% 9.407 9.074 3.67%

RMB/ILS 0.465 0.529 12.12% 0.472 0.522 9.60% 0.491 0.521 5.66%

RMB L 3M 1.58% 1.84% -0.26 bp 1.56% 1.86% -0.29 bp 1.68% 2.04% -0.39 bp

19