ADAMA Reports Second Quarter and First Half Year 2025 Results

Year-over-year quarterly sales grew for first time since Q3 2022 with improvements in key

financial metrics for both the quarter and half year periods

BEIJING CHINA and TEL AVIV ISRAEL August 26 2025 – ADAMA Ltd. (the “Company”) (SZSE

000553) today reported its financial results for the second quarter and first half of 2025 that ended

June 30 2025.Second Quarter 2025 Highlights:

* Sales up 5% (6% in RMB) to $1092 million driven by an 8% increase in volume which more

than offset a 3% decrease in prices

* Adjusted gross profit up 18% to $318 million representing an improvement of gross margin to

29.1% from 25.8% last year reflecting the benefits of lower costs and higher volumes

* Adjusted EBITDA up 25% to $150 million representing an improvement of EBITDA margin to

13.7% from 11.5% last year

* Adjusted net income turned positive to $6 million from a loss of $61 million last year; Reported

net loss improved by $62 million to $32 million compared to $94 million last year

First Half Year 2025 Highlights:

* Stable Sales (0% in USD 1% in RMB) of $2091 million mainly reflecting volume growth of 4%

offset by a 3% decrease in prices

* Adjusted gross profit up 11% to $620 million representing an improvement of gross margin to

29.7% from 26.5% last year reflecting the benefits of lower costs and higher volumes

* Adjusted EBITDA up 23% to $310 million representing an improvement of EBITDA margin to

14.8% from 12.0% last year

* Adjusted net income turned positive to $49 million compared to a loss of $71 million last year;

Reported net loss improved by $115 million to $11 million compared to $126 million last year

* Operating cash flow of $242 million generated vs. $243 million last year

* Free cash flow increased to $90 million vs. $51 million last yearGa?l Hili President and CEO of ADAMA said “As we reach the midpoint of 2025 I amencouraged by the tangible progress we are making through our Fight Forward transformation plan.In the second quarter ADAMA returned to year-over-year revenue growth for the first time since Q3

2022 while also achieving our fifth consecutive quarter of year-over-year EBITDA growth. We

strengthened our capital structure through improved cash generation and disciplined inventory

management. Operationally we have sharpened our geographic focus and centralized key support

functions enabling greater agility enhanced customer proximity and improved focus on commercial

execution. These strategic shifts aim to create the conditions for sustainable growth and allow us to

concentrate on delivering differentiated high-value solutions to our Value Innovation customer

segment. We remain committed to advancing a portfolio of innovative formulations and technologies

that provide real value to farmers — improving performance ease of use and return on investmentfor our customers and other stakeholders.”

1Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q2 Q2 Q2 Q2 Q2 Q2

2025 2024 % Change 2025 2024 2025 2024 % Change

Revenues 1092 1041 5% - - 1092 1041 5%

Gross profit 284 227 25% 33 41 318 269 18%

% of sales 26.0% 21.8% 29.1% 25.8%

Operating income (loss) (EBIT) 55 (16) 29 69 85 52 63%

% of sales 5.1% (1.6%) 7.8% 5.0%

Income (loss) before taxes (36) (59) 39% 39 42 3 (17)

% of sales (3.3%) (5.7%) 0.3% (1.7%)

Net income (loss) (32) (94) 66% 38 33 6 (61)

% of sales (2.9%) (9.0%) 0.5% (5.8%)

EPS

- USD (0.0138) (0.0403) 0.0024 (0.0261)

- RMB (0.0994) (0.2864) 0.0171 (0.1855)

EBITDA 130 76 71% 20 44 150 120 25%

% of sales 11.9% 7.3% 13.7% 11.5%

As Reported Adjustments Adjusted

USD (m) H1 H1

2025 2024 % Change

H1 H1 H1 H1

2025 2024 2025 2024 % Change

Revenues 2091 2098 0% - - 2091 2098 0%

Gross profit 556 484 15% 65 73 620 557 11%

% of sales 26.6% 23.0% 29.7% 26.5%

Operating income (EBIT) 125 34 264% 55 89 181 124 46%

% of sales 6.0% 1.6% 8.6% 5.9%

Income (loss) before taxes (17) (80) 78% 62 65 45 (16)

% of sales (0.8%) (3.8%) 2.1% (0.7%)

Net income (loss) (11) (126) 91% 61 55 49 (71)

% of sales (0.5%) (6%) 2.4% (3.4%)

EPS

- USD (0.0048) (0.0541) 0.0212 (0.0303)

- RMB (0.0345) (0.3841) 0.1521 (0.2152)

EBITDA 273 196 39% 36 55 310 252 23%

% of sales 13.1% 9.4% 14.8% 12.0%

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 Q2 and H1 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

In H1 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 Q2 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 Q2 2025 launches of differentiated products included:

Brevis SC (USA): A fruit thinner for managing flowering and fruiting in pome fruits such as

apples and pears.Prothioconazole-Based Portfolio Expansion including Maxentis in Argentina and

Forapro in Latvia

Upturn (India): Officially launched following its soft introduction in 2024 this blend of

Fomesafen and Propaquizafop offers broad-spectrum control of hard-to-kill weeds.Jumbo (Brazil): A herbicide combining Sulfentrazone and Tebuthiuron offering broad-

spectrum high-efficiency weed control in sugarcane.Temper More (USA): A herbicide developed with ADAMA’s SESGAMA technology

combining Glufosinate-ammonium and S-metolachlor for dual-action burndown and residual

control of grasses and small-seeded broadleaf weeds.Notable differentiated product registrations during Q2 2025 included:

COSAYR: Chlorantraniliprole suspension registered in Croatia Germany and Slovakia; In

Czech Republic registered under the name RYNO-A.Prothioconazole-Based Formulations Registrations MAGANIC AVASTEL VAZANTI in

several European countries.MAXENTIS (Azoxystrobin + Prothioconazole SC) in Bulgaria Canada and Denmark and

in Poland under the name BODEGA

FORAPRO (Fenpropidin + Prothioconazole EC) – Latvia

DOMAGO (China): A formulation combining Penoxsulam and Pretilachlor for effective

weed control in rice.MATTOK (Mexico): A unique combination of Azoxystrobin and Tebuconazole enriched with

a biostimulant for fungal disease control and boosting plant health and crop quality in

cereals cotton and corn.

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

3 RAVARI (Mexico): A combination of Chlorantraniliprole and Novaluron offering superior

control of Spodoptera and other caterpillars with extended residual protection for row crop

growers.FERALLA: The active substance FERALLA was approved in the EU as a low-risk active

substance.In addition Gilboa a proprietary fungicide was recognized by the Fungicide Resistance Action

Committee (FRAC) for having a new mode of action for use in cereals. As well a patent was

allowed in the EU for the proprietary stabilization of the Edaptis formulation and in Australia a

patent was granted for deploying carbetamide before or during sowing.ESG

In July ADAMA achieved a fifth consecutive year of improved ESG performance ratings from

EcoVadis a leading global sustainability assessment platform. The Company placed among the top

23% of companies in its sector and in the top 14% for environmental performance. This recognition

reflects ADAMA’s ongoing commitment to responsible business practices and continuous

improvement across key ESG areas.Geopolitical Situation

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

escalated on October 7 2023 and briefly escalated in June 2025 continued to have no material

impact to-date on the Company's ability to support its markets or its consolidated financial results.Regarding US tariff policies ADAMA’s management appointed a dedicated task force to analyze

implications of US tariff policies and to closely monitor the situation and the potential impact on its

global network.‘Fight Forward’ Transformation Plan

In early 2024 ADAMA launched 'Fight Forward' a strategic transformation plan aimed at gradually

delivering improved profit and cash targets over a three-year period. The plan aims to optimize

financial management and to streamline 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 second quarter increased by approximately 5% (6% in RMB; 5% in CER) to

$1092 million reflecting a volume growth of 8% more than offsetting a decrease of 3% in prices.The higher volumes reflected the gradual recovery of market demands and improvement of

channel inventories in most regions while the Company has been shifting away from selected low

profit products and businesses. Prices were weak mainly due to low prices of active ingredients in

4light of overcapacity as well as a high interest rate environment and low commodity prices which

put pressure on distributors and farmers.Supported by the growth of revenues in the second quarter ADAMA reported flat sales for the first

half of 2025 (0% in USD 1% in RMB 1% in CER) compared to the first half of 2024. The

stabilization of revenues in the first half was driven by volume growth of 4% offsetting a decrease in

prices of 3%.Table 2. Regional Sales Performance

Q2 2025 Q2 2024 Change Change H1 2025 H1 2024 Change Change

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

Europe Africa & Middle East 314 318 (1%) (4%) 670 695 (4%) (4%)

North America 276 223 24% 25% 495 414 19% 20%

Latin America 216 209 3% 7% 363 400 (9%) (4%)

Asia Pacific 286 292 (2%) (1%) 564 590 (4%) (3%)

Of which China 143 121 18% 18% 309 275 12% 13%

Total 1092 1041 5% 5% 2091 2098 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 Europe have generally

improved year-over-year in H1 and were similar in Q2 though EAME results were negatively

impacted by significant Q1 declines in Turkey which also impacted H1. Pricing continued to

decline in light of intense competition. Weather challenges in Northern Europe were offset by

good conditions in France and other countries.North America: In the US Ag market reduction of stock in the channel and good weather

conditions in key markets such as corn and soybean led to volume increases. Just-in-time

purchasing behavior continues with slight improvements in prices. Similarly in Canada while AI

pricing pressures remain volumes for ADAMA’s overall portfolio have improved significantly in

Q2 and H1. Consumer & Professional Solutions experienced flat Q2 revenues with a slight

increase in volume offset by a slight decline in prices. However for the half-year revenues

increased with declining prices more than offset by higher volumes. End users did not consume

as much inventory as normal due to rain and adverse weather conditions.Latin America: In Brazil volumes are up resulting in Q2 revenue improvements partially

offsetting a weaker Q1. Competition remains strong resulting in lower pricing. In the rest of

LATAM pricing pressures continue in light of generics competition and just-in-time purchasing

behaviors with lower volumes and revenues reported in Q2 and H1.Asia-Pacific (APAC): Sales continue to experience pricing pressure with declines in Q2 and H1.These declines reflect both ample oversupply and the Company’s decision to optimize regional

layouts. In India irregular weather including flooding in some regions and deficient rainfall in

others impacted sales though volumes increased in both the quarter and half year.

5In China sales increased both in the second quarter and first half. Non-ag sales increased led

by strong chlor-alkali markets with stronger margin due to higher operational efficiency. AI sales

also increased driven by volume growth due to the expansion of new distribution channels and

supported by the recovery of global demand. Lower prices and volumes of branded formulations

reflected the impacts of market competition.Reported gross profit in the second quarter increased 25% to $284 million (gross margin of 26.0%)

from $227 million (gross margin of 21.8%) last year and increased 15% to $556 million (gross

margin of 26.6%) in the half year period from $484 million (gross margin of 23.0%) last year.Adjustments 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 second quarter increased 18% to $318 million (gross margin of 29.1%)

from $269 million (gross margin of 25.8%) last year and increased 11% to $620 million (gross

margin of 29.7%) in the half year period from $557 million (gross margin of 26.5%) last year.The higher adjusted gross profit and margin in the quarter and half year mainly reflected the positive

impacts of higher volume as well as lower costs due to improved operational efficiency and lower

costs of inventory sold more than compensating for lower prices.Operating expenses reported in the second quarter were $229 million (21.0% of sales) compared

to $244 million (23.4% of sales) last year and reached $431 million (20.6% of sales) in the half year

period compared to $449 million (21.4% 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 $22 million in Q2 2025 in comparison to $56 million in Q2 2024 and $47 million

in H1 2025 in comparison to $76 million in H1 2024. These items in 2025 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 second quarter were $233 million (21.3% of sales) compared

to $216 million (20.8% of sales) last year and were $440 million (21.0% of sales) in the half year

period compared to $433 million (20.6% of sales) last year.In the first half there was positive impact in adjusted operating expenses following implementation

of the Fight Forward plan and the positive impacts of exchange rates. These benefits were offset

mainly by expected credit loss in Q2 in LATAM due to liquidity issues of some local distributors.Reported operating income in Q2 was $55 million (5.1% of sales) compared to a loss of $16

million (-1.6% of sales) last year and increased 264% to $125 million (6.0% of sales) in H1 from $34

million (1.6% of sales) last year.Adjusted operating income in Q2 increased 63% to $85 million (7.8% of sales) from $52 million

(5.0% of sales) last year and increased 46% to $181 million (8.6% of sales) in H1 from $124 million

(5.9% of sales) last year. The increase in operating income was a combined result of higher gross

profit partially offset by higher operating expenses.

6Reported EBITDA in Q2 increased 71% to $130 million (11.9% of sales) from $76 million (7.3% of

sales) last year and increased 39% to $273 million (13.1% of sales) in H1 from $196 million (9.4%

of sales) last year.Adjusted EBITDA in Q2 increased 25% to $150 million (13.7% of sales) from $120 million (11.5%

of sales) last year and increased 23% to $310 million (14.8% of sales) in H1 from $252 million

(12.0% of sales) last year.

Adjusted financial expenses were $82 million in Q2 compared to $70 million last year and were

$136 million in H1 compared to $139 million last year.The higher financial expenses in the second quarter were largely attributable to higher hedging

costs on exchange rates in LATAM primarily Brazil and lower deposit income as the Company

prioritized repaying debts for better cash management. In the first half financial expenses were

slightly lower compared to last year following strengthening of our debt structure also through

improved cash generation.As part of strengthening debt structure a subsidiary of the Company repurchased a significant part

of its bond principal in the second quarter for the purpose of improving financing structure and

efficiency. As the repurchase was completed late in the quarter the impacts on improving the

financial costs were minor during the reporting periods.Adjusted taxes on income in the second quarter were an income of $3 million compared to

expenses of $43 million in the corresponding period last year and amounted to an income of $5

million in the half year period compared to expenses of $55 million last year. The tax income in 2025

was mainly due to the accounting method of calculation of tax assets related to unrealized profits

and the non-cash impact of the stronger BRL.In the 2024 periods despite reaching losses before tax the Company recorded tax expenses mainly

because (1) the losses were primarily incurred by subsidiaries with relatively lower tax rates while

some of them did not create deferred tax assets on the losses and on the other hand the

subsidiaries that generated profit have a higher tax rate and (2) non-cash impact of the weaker

BRL.Net loss reported in the second quarter was narrowed by 66% to $32 million from $94 million last

year and narrowed by 91% to $11 million in the first half from $126 million last year.After reflecting the impact of the aforementioned extraordinary and non-operational charges

adjusted net income in the second quarter turned positive to $6 million from a loss of $61 million

last year and in the first half to $49 million from a loss of $71 million last year.Trade working capital as of June 30 2025 was $2089 million compared to $2289 million as of

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

inventory to $1622 million as of June 30 2025 from $1728 million as of June 30 2024. The decline

of inventories was a result of continued implementation of selective procurement enhanced

inventory management and lower AI and raw material costs. The slight decrease in receivables

reflected the intensive collections and similar sales in the same period. Trade payables increased as

the Company increased procurement in preparation to capture momentum as the market recovers.Cash Flow: Operating cash flow of $271 million and $242 million was generated in the second

quarter and first half year periods respectively compared to $347 million and $243 million generated

in the corresponding periods last year. The lower operating cash flow generated in the second

quarter was mainly due to higher procurement payment in preparation to capture growth momentum

which exceeded the positive impacts from improved business earnings. The dynamics in the half-

year period reflected an improvement in collection offsetting higher outflow due to higher

procurement payments.

7Net cash used in investing activities was $52 million in the second quarter and $88 million in the first

half period compared to $48 million and $115 million in the corresponding periods last year

respectively. The higher cash used in investing activities in the second quarter was mainly payment

for earn out related to Agrinova a controlled subsidiary of the Company. Other than that cash used

in investing activities in both the quarter and the first half was lower reflecting continued

prioritization of investments in ADAMA’s manufacturing facilities and portfolio optimization.Free cash flow of $176 million was generated in the second quarter and $90 million generated in the

half-year period compared to $245 million and $51 million in the corresponding periods last year

respectively reflecting the aforementioned operating and investing cash flow dynamics.Table 3. Revenues by operating segment

Sales by segment

Q2 2025 % Q2 2024USD (m) USD (m) %

H1 2025 H1 2024

USD (m) % USD (m) %

Crop Protection 998 91% 945 91% 1904 91% 1906 91%

Intermediates and

Ingredients 94 9% 96 9% 187 9% 192 9%

Total 1092 100% 1041 100% 2091 100% 2098 100%

Sales by product category

Q2 2025 % Q2 2024 H1 2025 H1 2024USD (m) USD (m) % USD (m) % USD (m) %

Herbicides 474 43% 414 40% 919 44% 868 41%

Insecticides 302 28% 304 29% 546 26% 594 28%

Fungicides 222 20% 227 22% 439 21% 444 21%

Intermediates and

Ingredients 94 9% 96 9% 187 9% 192 9%

Total 1092 100% 1041 100% 2091 100% 2098 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.

8About 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

Joshua 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 Second Quarter

Adjusted2 Q2 2025 Q2 2024 Q2 2025 Q2 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 1092 1041 7851 7401

Cost of Sales 765 769 5503 5466

Other costs 9 3 64 26

Gross profit 318 269 2285 1910

% of revenue 29.1% 25.8% 29.1% 25.8%

Selling & Distribution expenses 166 169 1196 1203

General & Administrative expenses 39 33 279 233

Research & Development expenses 16 15 113 106

Other operating expenses (income) 12 (1) 86 (4)

Total operating expenses 233 216 1674 1538

% of revenue 21.3% 20.8% 21.3% 20.8%

Operating income (EBIT) 85 52 611 371

% of revenue 7.8% 5.0% 7.8% 5.0%

Financial expenses 82 70 589 495

Income (loss) before taxes 3 (17) 22 (123)

Taxes on Income (3) 43 (18) 309

Net income (loss) 6 (61) 40 (432)

% of revenue 0.5% (5.8%) 0.5% (5.8%)

Adjustments 38 33 271 235

Reported net loss (32) (94) (232) (667)

% of revenue (2.9%) (9%) (2.9%) (9%)

Adjusted EBITDA 150 120 1078 851

% of revenue 13.7% 11.5% 13.7% 11.5%

Adjusted EPS3 – Basic 0.0024 (0.0261) 0.0171 (0.1855)

– Diluted 0.0024 (0.0261) 0.0171 (0.1855)

Reported EPS2 – Basic (0.0138) (0.0403) (0.0994) (0.2864)

– Diluted (0.0138) (0.0403) (0.0994) (0.2864)

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 Q2 2025 and 2024 is 2329.8 million shares.

10Abridged Consolidated Income Statement for the First Half of 2025

Adjusted4 H1 2025 H1 2024 H1 2025 H1 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 2091 2098 15024 14910

Cost of Sales 1459 1536 10484 10915

Other costs 12 6 83 39

Gross profit 620 557 4457 3956

% of revenue 29.7% 26.5% 29.7% 26.5%

Selling & Distribution expenses 322 338 2311 2401

General & Administrative expenses 76 69 546 487

Research & Development expenses 30 31 216 218

Other operating expenses (income) 12 (4) 88 (30)

Total operating expenses 440 433 3161 3076

% of revenue 21.0% 20.6% 21.0% 20.6%

Operating income (EBIT) 181 124 1297 880

% of revenue 8.6% 5.9% 8.6% 5.9%

Financial expenses 136 139 977 990

Income (loss) before taxes 45 (16) 320 (110)

Taxes on Income (5) 55 -34 391

Net income (loss) 49 (71) 354 (501)

% of revenue 2.4% (3.4%) 2.4% (3.4%)

Adjustments 61 55 435 393

Reported net loss (11) (126) (80) (895)

% of revenue (0.5%) (6%) (0.5%) (6%)

Adjusted EBITDA 310 252 2226 1789

% of revenue 14.8% 12.0% 14.8% 12.0%

Adjusted EPS5 – Basic 0.0212 (0.0303) 0.1521 (0.2152)

– Diluted 0.0212 (0.0303) 0.1521 (0.2152)

Reported EPS4 – Basic (0.0048) (0.0541) (0.0345) (0.3841)

– Diluted (0.0048) (0.0541) (0.0345) (0.3841)

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 H1 2025 and 2024 is 2329.8 million shares.

11Abridged Consolidated Balance Sheet

June 30 June 30 June 30 June 30

2025202420252024

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

Assets

Current assets:

Cash at bank and on hand 489 561 3497 3995

Bills and accounts receivable 1249 1314 8942 9368

Inventories 1622 1728 11613 12316

Other current assets receivables and

prepaid expenses 355 279 2542 1986

Total current assets 3715 3882 26595 27665

Non-current assets:

Fixed assets net 1610 1754 11522 12499

Rights of use assets 74 81 528 576

Intangible assets net 1346 1407 9635 10027

Deferred tax assets 212 203 1518 1449

Other non-current assets 127 89 906 638

Total non-current assets 3368 3534 24109 25189

Total assets 7083 7416 50703 52854

Liabilities

Current liabilities:

Loans and credit from banks and other

lenders 1187 928 8498 6611

Bills and accounts payable 831 761 5946 5424

Other current liabilities 856 794 6132 5659

Total current liabilities 2873 2483 20576 17695

Long-term liabilities:

Loans and credit from banks and other

lenders 244 406 1746 2892

Debentures 719 960 5147 6844

Deferred tax liabilities 36 41 251 292

Employee benefits 77 80 542 572

Other long-term liabilities 494 502 3536 3578

Total long-term liabilities 1569 1989 11222 14177

Total liabilities 4442 4472 31798 31872

Equity

Total equity 2641 2944 18905 20982

Total liabilities and equity 7083 7416 50703 52854

Numbers may not sum due to rounding

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

Q2 2025 Q2 2024 Q2 2025 Q2 2024

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

Cash flow from operating activities:

Cash flow from operating activities 271 347 1946 2466

Cash flow from operating activities 271 347 1946 2466

Investing activities:

Acquisitions of fixed and intangible assets (38) (47) (273) (332)

Net cash received from disposal of fixed assets 1 4 4 27

intangible assets and others

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

Other investing activities (7) (5) (48) (37)

Cash flow used for investing activities (52) (48) (373) (342)

Financing activities:

Receipt of loans from banks and other lenders 200 21 1435 151

Repayment of loans from banks and other lenders (366) (198) (2635) (1410)

Interest payment and other (53) (59) (381) (419)

Other financing activities (43) (26) (309) (184)

Cash flow used for financing activities (263) (262) (1890) (1861)

Effects of exchange rate movement on cash and cash

equivalents 1 2 (3) 29

Net change in cash and cash equivalents (43) 39 (321) 292

Cash and cash equivalents at the beginning of the period 507 519 3637 3679

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

Free Cash Flow 176 245 1266 1740

13Abridged Consolidated Cash Flow Statement for the First Half of 2025

H1 2025 USD H1 2024 H1 2025 H1 2024

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

Cash flow from operating activities:

Cash flow from operating activities 242 243 1739 1731

Cash flow from operating activities 242 243 1739 1731

Investing activities:

Acquisitions of fixed and intangible assets (82) (113) (590) (800)

Net cash received from disposal of fixed assets

intangible assets and others 2 4 17 30

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

Other investing activities (1) (6) (6) (45)

Cash flow used for investing activities (88) (115) (635) (815)

Financing activities:

Receipt of loans from banks and other lenders 336 193 2415 1369

Repayment of loans from banks and other lenders (432) (393) (3107) (2792)

Interest payments and other (73) (83) (527) (587)

Other financing activities (20) 23 (147) 165

Cash flow used for financing activities (190) (260) (1367) (1845)

Effects of exchange rate movement on cash and cash

equivalents 1 2 (5) 42

Net change in cash and cash equivalents (35) (129) (268) (886)

Cash and cash equivalents at the beginning of the

period 499 686 3584 4857

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

Free Cash Flow 90 51 651 364

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 June 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

Q2 2025 Q2 2024 Q2 2025 Q2 2024

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

Reported Net Loss (32) (94) (232) (667)

Adjustments to COGS & Operating Expenses:

1.Amortization of acquisition-related PPA and other

acquisition related costs 4 4 26 28

2.Amortization of Transfer assets received and written-up

due to 2017 ChemChina-Syngenta transaction (non- 5 5 39 36

cash)

3.Cleanup and remediation costs for plants in Israel 7 11 48 78

4.ASBEs classifications COGS impact (26) (29) (190) (208)

5.ASBEs classifications OPEX impact 26 29 190 208

6.Restructuring and advisory costs 13 4 94 26

7.Other 1 1 5 6

8.Provisions such as legal claims registration impairment

and update of registration depreciation - 44 - 312

Total Adjustments to Operating Income (EBIT) 29 69 212 488

Total Adjustments to EBITDA 20 44 144 312

Adjustments to Financing Expenses:

9.Non-cash adjustment related to put options revaluation 0 (34) (3) (238)

10. Repurchase of debentures by a controlled

subsidiary 9 - 68 -

12. Other financing expenses 0 7 3 48

Adjustments to Taxes:

Taxes impact (1) (9) (8) (62)

Total adjustments to Net Loss 38 33 271 235

Adjusted Net Income (Loss) 6 (61) 40 (432)

16H1 H1 H1

2025 H1 2024 2025 2024

USD USD (m) RMB RMB

(m) (m) (m)

Reported Net loss (11) (126) (80) (895)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition

related costs 7 8 52 54

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

2017 ChemChina-Syngenta transaction (non-cash) 11 10 78 72

3. Cleanup and remediation costs for plants in Israel 7 11 48 78

4. ASBEs classifications COGS impact (56) (59) (405) (421)

5. ASBEs classifications OPEX impact 56 59 405 421

6. Restructuring and advisory costs 29 15 209 107

7. Other 1 2 10 12

8. Provisions such as legal claims registration impairment and

update of registration depreciation - 44 - 312

Total Adjustments to Operating Income (EBIT) 55 89 397 635

Total Adjustments to EBITDA 36 55 262 394

Adjustments to Financing Expenses:

9. Non-cash adjustment related to put option revaluation 3 (33) 20 (233)

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

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

12. Other financing expenses (1) 8 (8) 59

Adjustments to Taxes:

Taxes impact (2) (10) (11) (68)

Total adjustments to Net loss 61 55 435 393

Adjusted Net Income (Loss) 49 (71) 354 (501)

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 in 2024 to 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.

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. As the repurchase was completed late in the

quarter the impacts on improving the financial costs were minor during the reporting periods.

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

June 30 Q2 Average H1 Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

EUR/USD 1.173 1.069 9.67% 1.134 1.08 5.41% 1.091 1.081 0.96%

USD/BRL 5.457 5.559 1.83% 5.666 5.22 -8.61% 5.756 5.085 -13.19%

USD/PLN 3.616 4.032 10.31% 3.757 4.00 6.01% 3.877 3.994 2.94%

USD/ZAR 17.794 18.448 3.55% 18.285 18.58 1.57% 18.388 18.736 1.86%

AUD/USD 0.653 0.663 -1.49% 0.641 0.66 -2.78% 0.634 0.658 -3.71%

GBP/USD 1.371 1.264 8.50% 1.335 1.26 5.81% 1.296 1.265 2.43%

USD/ILS 3.372 3.759 10.30% 3.584 3.73 3.95% 3.599 3.696 2.63%

USD L 3M 4.30% 5.32% -19.33% 4.30% 5.33% -19.37% 4.30% 5.32% -19.25%

June 30 Q2 Average H1 Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

USD/RMB 7.159 7.127 0.45% 7.191 7.108 1.18% 7.840 7.105 10.34%

EUR/RMB 8.397 7.622 10.16% 8.158 7.650 6.65% 7.840 7.681 2.07%

RMB/BRL 0.762 0.780 2.27% 0.788 0.762 -3.36% 0.801 0.716 -11.95%

RMB/PLN 0.505 0.568 11.11% 0.522 0.596 12.37% 0.540 0.619 12.77%

RMB/ZAR 0.402 0.386 -4.14% 0.393 0.383 -2.79% 0.391 0.381 -2.63%

AUD/RMB 4.677 4.727 -1.05% 4.607 4.683 -1.63% 4.554 4.678 -2.64%

GBP/RMB 9.816 9.007 8.98% 9.602 8.969 7.06% 9.309 8.989 3.56%

RMB/ILS 0.471 0.527 10.69% 0.498 0.525 5.07% 0.501 0.520 3.70%

RMB L 3M 1.630% 1.92% -14.97% 1.700% 1.991% -14.63% 1.754% 2.135% -17.83%

19