ADAMA Reports Fourth Quarter and Full Year 2025 Results

Improvements in key financial metrics reflect success of business transformation plan

BEIJING CHINA and TEL AVIV ISRAEL March 27 2026 – ADAMA Ltd. (the “Company”) (SZSE

000553) today reported its financial results for the fourth quarter and full year ended December 31

2025.

Fourth Quarter 2025 Highlights:

* Sales declined 8% (-9% in RMB) to $1026 million mainly reflecting decreases of 8% in volumes

and 2% in prices

* Adjusted gross profit up 12% to $314 million with an improvement in gross margin from 25.2%

in Q4 2024 to 30.6% in Q4 2025 reflecting the benefits of lower costs

* Adjusted EBITDA up 14% to $157 million with an improvement of EBITDA margin from 12.3%

in Q4 2024 to 15.3% in Q4 2025

* Reported net loss declined by $61 million to $88 million compared to $149 million in Q4 2024;

Adjusted net loss reduced to $1 million from $58 million in Q4 2024;

* Improvement of $111 million in operating cash flow reaching $237 million in Q4 2025 vs.$126 million in Q4 2024

* Improvement of $118 million in free cash flow reaching $156 million in Q4 2025 vs. $38

million in Q4 2024

Full Year 2025 Highlights:

* Sales declined 2% (-2% in RMB) to $4051 million reflecting 2% decrease in prices and stable

volumes

* Adjusted gross profit up 12% to $1192 million with an improvement in gross margin from

25.6% in 2024 to 29.4% in the full year of 2025 reflecting the benefits of lower costs

* Adjusted EBITDA up 25% to $587 million with an improvement in EBITDA margin from 11.3%

in 2024 to 14.5% in the full year of 2025

* Reported net loss declined by $260 million to $147 million compared to $407 million in 2024;

Adjusted net income turned positive to $28 million from a loss of $206 million in 2024;

* Improvement of $39 million in operating cash flow reaching $567 million in the full year vs.$528 million in 2024

* Improvement of $51 million in free cash flow reaching $269 million in the full year vs. $217

million in 2024Ga?l Hili President and CEO of ADAMA said “ADAMA’s 2025 financial results show importantimprovements in key financial metrics including continued growth in EBITDA and its margin;

increased cash generation; significantly reduced reported net loss; and an adjusted net profit. These

encouraging successes reflect the strong foundation we have built over the past two years through

our Fight Forward transformation plan where we focused on improving cost competitivenessenhancing our commercial capabilities and advancing our innovation portfolio and pipeline.”“This foundation is now a healthy base on which to build profitable growth. ADAMA is committed tomaintaining the discipline and continuous improvement mindset that we built through Fight Forward.

1I am confident that ADAMA's continued execution will deliver greater long- term value for ourcustomers and investors” Hili concluded.Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q4 Q4

2025 2024 % Change

Q4 Q4 Q4 Q4

2025 2024 2025 2024 % Change

Revenues 1026 1113 (8%) - - 1026 1113 (8%)

Gross profit 275 274 0% 39 5 314 280 12%

% of sales 26.8% 24.7% 30.6% 25.2%

Operating income (loss) (EBIT) 26 (45) 66 120 92 75 23%

% of sales 2.6% (4.1%) 9.0% 6.7%

Income (loss) before taxes (40) (95) 58% 74 109 34 14 152%

% of sales (3.9%) (8.6%) 3.3% 1.2%

Net loss (88) (149) 41% 87 91 (1) (58) 98%

% of sales (8.6%) (13.4%) (0.1%) (5.2%)

EPS

- USD (0.0378) (0.0639) (0.0005) (0.0247)

- RMB (0.2674) (0.4572) (0.0035) (0.1767)

EBITDA 137 117 18% 19 20 157 137 14%

% of sales 13.4% 10.5% 15.3% 12.3%

As Reported Adjustments Adjusted

USD (m) FY FY

2025 2024 % Change

FY FY FY FY

2025 2024 2025 2024 % Change

Revenues 4051 4141 (2%) - - 4051 4141 (2%)

Gross profit 1067 946 13% 125 115 1192 1061 12%

% of sales 26.3% 22.9% 29.4% 25.6%

Operating income (loss) (EBIT) 182 (45) 147 256 329 212 55%

% of sales 4.5% (1.1%) 8.1% 5.1%

Income (loss) before taxes (98) (298) 67% 166 225 68 (74)

% of sales (2.4%) (7.2%) 1.7% (1.8%)

Net income (loss) (147) (407) 64% 175 201 28 (206)

% of sales (3.6%) (9.8%) 0.7% (5.0%)

EPS

- USD (0.0631) (0.1749) 0.0122 (0.0885)

- RMB (0.4488) (1.2461) 0.0875 (0.6302)

EBITDA 515 369 40% 72 100 587 469 25%

% of sales 12.7% 8.9% 14.5% 11.3%

Notes:

* “As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the

implementation guidance interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of

Finance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements according to the ASBE

guidelines [IAS 37] certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS.Please see the appendix to this release for further information.

2* Relevant income statement items contained in this release are also presented on an “Adjusted” basis which exclude items that are of

a transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business and reflect the way the

Company’s management and the Board of Directors view the performance of the Company internally. The Company believes that

excluding the effects of these items from its operating results allows management and investors to effectively compare the true

underlying financial performance of its business from period to period and against its global peers. A detailed summary of these

adjustments appears in the appendix below.* The number of shares used to calculate both basic and diluted earnings per share in both Q4 & FY 2025 and 2024 is 2329.8 million

shares.* In this table and all tables in this release numbers may not sum due to rounding.The General Crop Protection (CP) Market Environment

Through 2025 channel inventory returned to pre-pandemic levels in most countries following crop

protection demand recovery. Pricing pressures remain high driven by production over-capacity of

active ingredients (AI). Crop commodity prices remain stably low while farmer profitability remains

tight leading to just-in-time purchasing patterns.1

ADAMA’s Strategy Execution

In early 2024 ADAMA launched its Fight Forward transformation plan to strengthen the company’s

foundations and improve profit and cash performance. The plan sharpened ADAMA’s focus on priority

countries and products enhanced cost competitiveness and established a more agile and

streamlined operating model. These actions contributed to meaningful improvements in the company’s

financial metrics and operational discipline.Building on Fight Forward’s foundation in 2026 ADAMA continues to advance its strategy with a focus

on enhancing its commercial capabilities to better serve customers developing its differentiated

portfolio and innovation pipeline supporting a reliable and competitive supply of essential products

and pursuing a more efficient and responsive global manufacturing and supply network.Sustainability

In 2025 ADAMA achieved higher ESG ratings across multiple agencies including EcoVadis

GreenEye in Israel and Wind ESG Rating in China reflecting the continued strengthening of the

Company’s ESG practices and the growing integration of sustainability considerations across its

operations.Portfolio Development Update

During 2025 ADAMA continued to register and launch multiple new products in markets across the

globe adding on to its differentiated product portfolio. The Company prioritized advanced value-

driven formulations and focused on new product introductions in segments where performance

reliability and cost competitiveness matter most. Alongside new launches ADAMA maintained

disciplined portfolio management to enhance overall product quality and relevance.

1 Sources: AgbioInvestor Quarterly Briefing Service Q4 2025 (December 2025) peer quarterly financial results internal

sources

3There were 139 new product launches in 20252. Several products were highlighted in the

Company’s earlier 2025 quarterly reports and in Q4 2025 launches of differentiated products

included:

EDAPTIS (Italy) and PULIMAISI(China): Two innovative post-emergence herbicides

combining both Pinoxaden and Mesosulfuron-methyl to provide effective control of a broad

spectrum of grasses including resistant populations with patented formulations that ensures

stable and reliable performance.BELLALI (France): A robust triazole-free fungicide combining Folpet and Azoxystrobin to

deliver a dual mode of action including a unique multi-site defense designed to combat

resistance and protect yields across wheat barley and rye.COSAYR (France): A long-lasting Chlorantraniliprole-based suspension to deliver fast and

effective control of chewing insects across a wide range of horticultural and field crops.Registrations of differentiated products during Q4 2025 included:

BREVIS BREVIS SG METAMITRON AI (Canada): A fruit thinner for managing

flowering and fruiting in pome fruits such as apples and pears

EDAPTIS (Ireland): This innovative post-emergence herbicide combines Pinoxaden and

Mesosulfuron-methyl to provide effective control of a broad spectrum of grasses including

resistant populations with a patented formulation that ensures stable and reliable

performance.Registration of Prothioconazole based products part of ADAMA's comprehensive portfolio of

innovative solutions for cereal fungicides including:

o AVASTEL in Hungary Austria and Netherlands

o SORATEL in Estonia

PORAFAM TITAN (Germany): A novel and unique herbicide combination for the control of

broad-leaved weeds in winter oilseed rape representing the first Aminopyralid based

solution that ADAMA is registering in Europe.TELAVEX (Czech Republic): A powerful OD formulation for corn that combines

Mesotrione and Thiencarbazone-methyl with a safener to deliver robust control of grass and

broad-leaf weeds for both pre- and early post-emergence application.ATEKA (USA): A powerful Spirotetramat-based insecticide with full systemic action

designed to protect high-value crops from difficult to control sucking pests

IZAVIA (India): A high-performance SC formulation combining Chlorantraniliprole and

Emamectin Benzoate. This dual-action product delivers both rapid knockdown and long-

lasting residual control against the toughest Lepidopteran pests

DOMAGO (India): A formulation combining Penoxsulam Pretilachlor and the safener

Fenclorim offering an effective weed control while guaranteeing a high safety to rice.MASTERCOP 25 SC (Thailand): A broad-spectrum fungicide and bactericide based on

copper sulfate pentahydrate providing effective control of a wide range of fungal and

bacterial diseases in range of crops including: berries cucurbits grapes fruiting vegetables

pome fruits potatoes and tree nuts.CUTLASS (Australia): A powerful selective herbicide for the control of difficult broadleaf

weeds in cereals maize pasture and waste areas.

2 This refers to products launched for the first time in a particular country.

4 HIGHCARD (Spain): Rice Cropping Solution for control of troublesome weeds providing

rotation flexibility and superior crop safety.In addition patents granted during Q4 2025 included a SORATEL formulation patent in the

United States and Israel and U.S. patents for Saflufenacil SL and the Fipronil & Imidacloprid mixture.Geopolitical Situation

ADAMA is headquartered and has three manufacturing sites in Israel. Regional tensions escalated

on October 7 2023 and more recently widened on February 28 2026. The Company’s Israeli

production sites and supply chain including ports continue to operate without significant delays. As

of this publication date the events have not had nor are expected to have material impact on the

Company's ability to support its markets its ongoing activities or its consolidated financial results.ADAMA is a global company with manufacturing and formulation facilities in several locations

around the world principally in Israel China and Brazil. The Company’s management appointed a

dedicated task force to analyze implications of global tariff policies on ADAMA and its sector and to

closely monitor and manage the situation and the potential impact on ADAMA’s global network.Despite the uncertainty regarding changes to trade and tariff policies around the world the

Company currently expects that the impact on its operations and business results will continue to

be immaterial.Financial Highlights

Revenues in the fourth quarter declined by approximately 8% (-9% in RMB; -10% in CER)

compared to the fourth quarter of 2024 to $1026 million reflecting decreases of 8% in volumes

and 2% in prices partially offset by positive foreign exchange impacts. In the fourth quarter lower

volumes were recorded mainly reflecting the Company’s strategic decisions to pivot away from

selling some basic chemical products as well as phasing and the channel’s just-in-time purchasing

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

light of overcapacity as well as low commodity prices which put pressure on farmers.Revenues for the full year were $4051 million a decline of approximately 2% (-2% in RMB; -2% in

CER) compared to the full year of 2024 reflecting a decrease of 2% in prices attributable to the

reasons stated above. Volumes in the full year were stable as demand recovery due to inventory

improvement in several regions was offset by the impacts of extreme weather conditions in some

key countries the Company’s strategic decisions to optimize its portfolio and geographical presence

and reduce selling some basic chemical products and significant declines in Turkey in Q1.Table 2. Regional Sales Performance

Q4 2025 Q4 2024 Change Change FY 2025 FY 2024 Change Change

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

Europe Africa & Middle East 233 257 (9%) (15%) 1136 1167 (3%) (5%)

North America 283 279 2% 2% 942 851 11% 11%

Latin America 331 348 (5%) (9%) 1006 1035 (3%) (2%)

Asia Pacific 178 229 (22%) (21%) 967 1088 (11%) (10%)

Of which China 64 102 (37%) (38%) 464 486 (5%) (5%)

5Total 1026 1113 (8%) (10%) 4051 4141 (2%) (2%)

Notes:

CER: Constant Exchange Rates

Numbers may not sum due to rounding

Europe Africa & Middle East (EAME): Volumes decreased in the fourth quarter compared to

Q4’24 mainly due to the impacts of phasing and just-in-time purchasing by customers in Europe

though prices stabilized. For the year significant Q1 declines in Turkey impacted results.Excluding Turkey volumes increased. Intense competition and farmer pressures continued.Foreign exchange rates had positive impact.North America: In the North America Ag market volumes were up on the year with new product

launch of CAZADOTM well received by the market. Prices were slightly higher both for Q4 and the

full year while Q4 volumes were stable as demand adjusted to just-in-time purchasing.Consumer & Professional Solutions experienced flat prices and increased volumes following

improved market penetration for both the fourth quarter and full year.Latin America: Brazil experienced lower volumes and prices in Q4 compared to Q4’24 due to

phasing and climate effects. However revenues were up for the full year on the back of higher

volumes in light of demand improvement and supported by new product introductions such as

APRESA though partially offset by lower prices. In the rest of LATAM lower volumes and

prices were reported for the year particularly in Argentina and Mexico. Market decline was mainly

driven by channel partners focused on working capital and inventory discipline in light of high

interest rates. However fourth quarter volumes improved compared to Q4’24 as the channel

adapted to just-in-time purchasing.Asia-Pacific (APAC): India experienced significant declines throughout the year primarily due to

lower volumes driven by extreme weather conditions. Similarly the rest of APAC (excluding

India and China) experienced lower sales and volumes on the year mainly attributable to

unfavorable weather conditions in parts of Australia.In China sales in Q4 and the full year declined primarily as the Company decided to pivot away

from manufacturing some basic chemicals (non-ag business). In Q4 the decline was also due to

phasing of customized AI products. For the full year the decline was partially compensated by

higher AI sales mainly due to the expansion of new distribution channels while branded

formulations still faced market and product competition.Reported gross profit in the fourth quarter remained stable despite a decline in sales and reached

$275 million (gross margin of 26.8%) compared to $274 million (gross margin of 24.7%) in the same

quarter last year and increased 13% to $1067 million (gross margin of 26.3%) in the full year

compared to $946 million (gross margin of 22.9%) last year.Adjustments to reported results: The adjusted gross profit includes mainly

reclassification of inventory impairment taxes and surcharge and excludes certain

transportation costs (classified under operating expenses) inventory impairments and

the remediation costs for certain plants.Despite a decline in sales adjusted gross profit in the fourth quarter increased 12% to $314

million (gross margin of 30.6%) compared to $280 million (gross margin of 25.2%) last year and

increased 12% to $1192 million (gross margin of 29.4%) in the full year compared to $1061 million

(gross margin of 25.6%) last year.The Company improved the gross profit and its margin in both the fourth quarter and the full year

mainly reflecting the positive impacts of lower costs due to improved operational efficiency and lower

costs of inventory sold more than compensating for lower volumes and prices.

6Reported operating expenses reported in the fourth quarter and full year were $249 million (24.3%

of sales) and $885 million (21.8% of sales) compared to $320 million (28.7% of sales) and $991

million (23.9% of sales) in the corresponding periods last year.Adjustments to reported results: Please refer to the explanation regarding adjustments to the gross

profit in respect to certain transportation costs taxes and surcharges and inventory impairment.The Company recorded certain non-operational items within its reported operating

expenses amounting to $40 million in Q4 2025 in comparison to $118 million in Q4 2024

and $113 million in FY 2025 in comparison to $230 million in FY 2024. These items in

2025 include mainly: 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; iii. restructuring and advisory costs

incurred as part of the implementation of the Fight Forward transformation plan; iv. fixed

asset impairments related to improvement of operational efficiency as part of the Fight

Forward plan; and v. compensation related to product liability. For further details on

these non-operational items please see the appendix to this release.Adjusted operating expenses in the fourth quarter and full year were $222 million (21.6% of sales)

and $863 million (21.3% of sales) compared to $205 million (18.4% of sales) and $850 million

(20.5% of sales) in the corresponding periods last year.

The operating expenses were higher in the fourth quarter and the full year reflecting an increase in

company performance-based employee compensation and the negative impact of exchange rates.In the full year the increase is also attributed to credit losses provisions due to liquidity issues of

some local distributors in LATAM but compensated by positive impacts of the Fight Forward plan.Reported operating income turned positive to $26 million (2.6% of sales) in the fourth quarter

compared to a loss of $45 million (-4.1% of sales) last year and to $182 million (4.5% of sales) in the

full year compared to a loss of $45 million (-1.1% of sales) last year.Adjusted operating income in the fourth quarter increased 23% to $92 million (9.0% of sales) from

$75 million (6.7% of sales) last year and increased 55% to $329 million (8.1% of sales) in the full

year from $212 million (5.1% of sales) last year. The increase in operating income in the fourth

quarter and the full year was attributed to higher gross profits which more than offset increase in

operating expenses.EBITDA reported in the fourth quarter increased 18% to $137 million (13.4% of sales) from $117

million (10.5% of sales) last year and increased 40% to $515 million (12.7% of sales) in the full year

compared to $369 million (8.9% of sales) last year.Adjusted EBITDA in the fourth quarter increased 14% to $157 million (15.3% of sales) from $137

million (12.3% of sales) last year and increased 25% to $587 million (14.5% of sales) in the full year

from $469 million (11.3% of sales) last year.Adjusted financial expenses decreased to $58 million in the fourth quarter and $261 million in the

full year compared to $61 million and $285 million in the corresponding periods last year.The lower financial expenses in both the fourth quarter and the full year were primarily positively

impacted by a bond buyback by a fully-owned subsidiary that was executed in late Q2 and the lower

hedging costs related to the Israeli Shekel and lower exposure to the Turkish Lira.Adjusted taxes on income decreased to $35 million in the fourth quarter and to $39 million in the

full year compared to $71 million and $133 million in the corresponding periods last year.

7The Company recorded tax expenses mainly due to losses incurred by subsidiaries for which no

deferred tax asset was created. On the other hand the subsidiaries that generated profit have a

higher tax rate.The tax expenses in the full year of 2025 were lower compared to the full year of 2024 due to (1)

lower losses (improved profit allocation) in subsidiaries that did not create deferred tax assets; (2)

tax income raised by the accounting method of calculation of tax assets related to unrealized profits;

and (3) foreign exchange impact of the stronger BRL in 2025 compared with tax expenses due to

the weakness of the BRL in the full year of 2024.Reported net loss declined to $88 million in the fourth quarter and to $147 million in the full year

compared to $149 million and $407 million in the corresponding periods last year.After reflecting the impact of the above-mentioned extraordinary and non-operational charges

adjusted net loss in the fourth quarter decreased to $1 million from $58 million last year and

adjusted net income in the full year turned positive to $28 million compared to a loss of $206 million

last year.Trade working capital as of December 31 2025 was $2003 million compared to $2111 million as

of December 31 2024. The decrease in working capital was due to both lower receivables which

reflected intensive collections and higher payables as a result of improved payable terms and

increase in procurement. Inventory levels increased to $1652 million by end of 2025 compared to

$1553 million by end of 2024 as the Company procured more in preparation to capture momentum

as the market recovers and to secure business continuity during merging of entities in Israel as part

of the Fight Forward plan.Cash Flow: Operating cash flow of $237 million was generated in the fourth quarter and $567

million generated in the full year compared to $126 million and $528 million in the corresponding

periods last year. The higher operating cash flow generated in both the fourth quarter and the full

year was mainly due to improvement in collections which offset higher outflow reflecting increased

procurement payments.Net cash used in investing activities was $38 million in the fourth quarter and $169 million in the full

year compared to $40 million and $162 million in the corresponding periods last year. In the full

year the Company strengthened execution of its strategic decision to prioritize the most critical

investments in infrastructure portfolio and innovation while optimizing existing assets to enable new

growth projects. The decline in cash used in investing activities was more than offset by the

payment for earn-out of AgriNova a controlled subsidiary in Q2 2025 while in Q3 2024 the Company

received proceeds from the sale of a real estate asset.Free cash flow of $156 million was generated in the fourth quarter and $269 million in the full year

compared to $38 million and $217 million generated in the corresponding periods last year

reflecting the aforementioned operating and investing cash flow dynamics.

8Table 3. Revenues by operating segment

Sales by segment

Q4 2025 % Q4 2024 FY 2025 FY 2024USD (m) USD (m) % USD (m) % USD (m) %

Crop Protection 959 93% 1022 92% 3730 92% 3768 91%

Intermediates and

Ingredients 67 7% 91 8% 321 8% 373 9%

Total 1026 100% 1113 100% 4051 100% 4141 100%

Sales by product category

Q4 2025 % Q4 2024USD (m) USD (m) %

FY 2025 FY 2024

USD (m) % USD (m) %

Herbicides 422 41% 436 39% 1710 42% 1649 40%

Insecticides 312 30% 338 30% 1168 29% 1233 30%

Fungicides 226 22% 248 22% 852 21% 886 21%

Intermediates and

Ingredients 67 7% 91 8% 321 8% 373 9%

Total 1026 100% 1113 100% 4051 100% 4141 100%

Notes:

The sales split by product category is provided for convenience purposes only and is not representative of the way the Company is

managed or in which it makes its operational decisions.Numbers may not sum due to rounding.Further Information

All filings of the Company together with a presentation of the key financial highlights of the period

can be accessed through the Company website at www.adama.com.About ADAMA

ADAMA Ltd. is a global leader in crop protection providing practical solutions to farmers across the

world to combat weeds insects and disease. Our culture empowers ADAMA's people to actively

listen to farmers and ideas from the field. ADAMA's diverse portfolio of existing active ingredients

coupled with its leading formulation capabilities and proprietary formulation technology platforms

uniquely position the company to develop high-quality innovative and sustainable products to

address the many challenges farmers and customers face today. ADAMA serves customers in

dozens of countries globally with direct presence in all top 20 markets. For more information visit

us at www.ADAMA.com.Contact

Joshua Phillipson Zhujun Wang

Global Investor Relations China Investor Relations

9Email: ir@adama.com Email: irchina@adama.com

10Abridged Adjusted Consolidated Financial Statements

The following abridged consolidated financial statements and notes have been prepared as described in Note 1 in this

appendix. While prepared based on the principles of Chinese Accounting Standards (ASBE) they do not contain all of the

information which either ASBE or IFRS would require for a complete set of financial statements and should be read in

conjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filed

with the Shenzhen and Tel Aviv Stock Exchanges respectively.Relevant income statement items contained in this release are also presented on an “Adjusted” basis which exclude items

that are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business and

reflect the way the Company’s management and the Board of Directors view the performance of the Company internally.The Company believes that excluding the effects of these items from its operating results allows management and

investors to effectively compare the true underlying financial performance of its business from period to period and against

its global peers.Abridged Consolidated Income Statement for the Fourth Quarter

Adjusted3 Q4 2025 Q4 2024 Q4 2025 Q4 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 1026 1113 7266 7965

Cost of Sales 705 806 4993 5768

Other costs 7 27 51 193

Gross profit 314 280 2223 2003

% of revenue 30.6% 25.2% 30.6% 25.2%

Selling & Distribution expenses 166 153 1174 1092

General & Administrative expenses 41 40 294 284

Research & Development expenses 17 13 117 96

Other operating expenses (2) (1) (12) (6)

Total operating expenses 222 205 1572 1466

% of revenue 21.6% 18.4% 21.6% 18.4%

Operating income (EBIT) 92 75 651 537

% of revenue 9.0% 6.7% 9.0% 6.7%

Financial expenses 58 61 408 439

Income before taxes 34 14 243 98

Taxes on Income 35 71 251 510

Net loss (1) (58) (8) (412)

% of revenue (0.1%) (5.2%) (0.1%) (5.2%)

Adjustments 87 91 615 653

Reported net loss (88) (149) (623) (1065)

% of revenue (8.6%) (13.4%) (8.6%) (13.4%)

Adjusted EBITDA 157 137 1110 982

% of revenue 15.3% 12.3% 15.3% 12.3%

Adjusted EPS4 – Basic (0.0005) (0.0247) (0.0035) (0.1767)

– Diluted (0.0005) (0.0247) (0.0035) (0.1767)

Reported EPS4 – Basic (0.0378) (0.0639) (0.2674) (0.4572)

– Diluted (0.0378) (0.0639) (0.2674) (0.4572)

3 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”.

4The number of shares used to calculate both basic and diluted earnings per share in both Q4 2025 and 2024 is 2329.8 million shares.

11Abridged Consolidated Income Statement for the Full Year

Adjusted5 FY 2025 FY 2024 FY 2025 FY 2024USD (m) USD (m) RMB (m) RMB (m)

Revenues 4051 4141 28945 29488

Cost of Sales 2834 3044 20253 21677

Other costs 25 35 177 252

Gross profit 1192 1061 8515 7558

% of revenue 29.4% 25.6% 29.4% 25.6%

Selling & Distribution expenses 640 652 4570 4643

General & Administrative expenses 155 141 1104 1006

Research & Development expenses 59 58 423 416

Other operating expenses 10 (2) 69 (15)

Total operating expenses 863 850 6166 6051

% of revenue 21.3% 20.5% 21.3% 20.5%

Operating income (EBIT) 329 212 2349 1507

% of revenue 8.1% 5.1% 8.1% 5.1%

Financial expenses 261 285 1868 2029

Income (loss) before taxes 68 (74) 481 (522)

Taxes on Income 39 133 277 946

Net income (loss) 28 (206) 204 (1468)

% of revenue 0.7% (5.0%) 0.7% (5.0%)

Adjustments 175 201 1250 1435

Reported net loss (147) (407) (1046) (2903)

% of revenue (3.6%) (9.8%) (3.6%) (9.8%)

Adjusted EBITDA 587 469 4193 3340

% of revenue 14.5% 11.3% 14.5% 11.3%

Adjusted EPS6 – Basic 0.0122 (0.0885) 0.0875 (0.6302)

– Diluted 0.0122 (0.0885) 0.0875 (0.6302)

Reported EPS6 – Basic (0.0631) (0.1749) (0.4488) (1.2461)

– Diluted (0.0631) (0.1749) (0.4488) (1.2461)

5 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”.

6The number of shares used to calculate both basic and diluted earnings per share in FY 2025 and 2024 is 2329.8 million shares.

12Abridged Consolidated Balance Sheet

December 31 December 31 December 31 December 31

2025202420252024

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

Assets

Current assets:

Cash at bank and on hand 491 505 3450 3631

Bills and accounts receivable 1201 1283 8440 9223

Inventories 1651 1553 11608 11165

Other current assets receivables and

prepaid expenses 294 264 2063 1899

Total current assets 3637 3605 25561 25917

Non-current assets:

Fixed assets net 1561 1636 10971 11760

Rights of use assets 94 78 661 557

Intangible assets net 1318 1373 9267 9871

Deferred tax assets 184 180 1294 1292

Other non-current assets 101 92 710 663

Total non-current assets 3258 3359 22903 24142

Total assets 6895 6964 48464 50060

Liabilities

Current liabilities:

Loans and credit from banks and other

lenders 1494 971 10499 6979

Bills and accounts payable 866 748 6084 5374

Other current liabilities 825 787 5802 5660

Total current liabilities 3185 2506 22386 18013

Long-term liabilities:

Loans and credit from banks and other

lenders 214 301 1508 2167

Debentures 696 879 4894 6320

Deferred tax liabilities 32 39 224 283

Employee benefits 76 76 537 544

Other long-term liabilities 191 520 1340 3742

Total long-term liabilities 1210 1816 8503 13056

Total liabilities 4395 4322 30889 31069

Equity

Total equity 2501 2642 17575 18991

Total liabilities and equity 6895 6964 48464 50060

13Abridged Consolidated Cash Flow Statement for the Fourth Quarter

Q4 2025 Q4 2024 Q4 2025 Q4 2024

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

Cash flow from operating activities:

Cash flow from operating activities 236 126 1675 898

Cash flow from operating activities 236 126 1675 898

Investing activities:

Acquisitions of fixed and intangible assets (49) (49) (348) (349)

Net cash received from disposal of fixed assets

intangible assets and others 3 4 22 30

Other investing activities 8 4 59 31

Cash flow used for investing activities (38) (40) (266) (288)

Financing activities:

Receipt of loans from banks and other lenders 91 56 641 399

Repayment of loans from banks and other lenders (223) (174) (1577) (1245)

Interest payment and other (51) (47) (359) (338)

Other financing activities (43) (10) (306) (72)

Cash flow used for financing activities (226) (176) (1601) (1256)

Effects of exchange rate movement on cash and cash

equivalents 1 0 (33) 100

Net change in cash and cash equivalents (27) (91) (226) (545)

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

Cash and cash equivalents at the end of the period 477 499 3353 3584

Free Cash Flow 156 38 1107 272

14Abridged Consolidated Cash Flow Statement for the Full Year

FY 2025 FY 2024 FY 2025 FY 2024

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

Cash flow from operating activities:

Cash flow from operating activities 567 528 4049 3761

Cash flow from operating activities 567 528 4049 3761

Investing activities:

Acquisitions of fixed and intangible assets (170) (200) (1214) (1424)

Net cash received from disposal of fixed assets 10 38 69 273

intangible assets and others

Acquisition of subsidiaries (8) 0 (56) -

Other investing activities (1) 0 (7) (3)

Cash flow used for investing activities (169) (162) (1209) (1154)

Financing activities:

Receipt of loans from banks and other lenders 456 290 3266 2066

Repayment of loans from banks and other lenders (733) (679) (5242) (4834)

Interest payment and other (148) (158) (1058) (1127)

Other financing activities 3 (9) 25 (64)

Cash flow used for financing activities (422) (556) (3010) (3959)

Effects of exchange rate movement on cash and cash

equivalents 2 3 (61) 79

Net change in cash and cash equivalents (21) (187) (231) (1273)

Cash and cash equivalents at the beginning of the period 499 686 3584 4857

Cash and cash equivalents at the end of the period 477 499 3353 3584

Free Cash Flow 269 217 1914 1549

15Notes to Abridged Consolidated Financial Statements

Note 1: Basis of preparation

Basis of presentation and accounting policies: The abridged consolidated financial statements for the

quarters ended December 31 2025 and 2024 incorporate the financial statements of ADAMA Ltd. and of all of

its subsidiaries (the “Company”) including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries.The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministry

of Finance (the "MoF") and the implementation guidance interpretations and other relevant provisions issued

or revised subsequently by the MoF (collectively referred to as “ASBE”).The abridged consolidated financial statements contained in this release are presented in both Chinese

Renminbi (RMB) as the Company’s shares are traded on the Shenzhen Stock Exchange as well as in United

States dollars ($) as this is the major currency in which the Company’s business is conducted. For the

purposes of this release a customary convenience translation has been used for the translation from RMB to

US dollars with Income Statement and Cash Flow items being translated using the quarterly average

exchange rate and Balance Sheet items being translated using the exchange rate at the end of the period.The preparation of financial statements requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of

the financial statements and the reported amounts of revenues and expenses during the reporting period.Actual results could differ from those estimated.Note 2: Abridged Financial Statements

For ease of use the financial statements shown in this release have been abridged as follows:

Abridged Consolidated Income Statement:

“Gross profit” in this release is revenue less costs of goods sold taxes and surcharges inventory

impairment and other idleness charges (in addition to those already included in costs of goods sold);

part of the idleness charges is removed in the Adjusted financial statements

“Other operating expenses” includes impairment losses (not including inventory impairment); gain

(loss) from disposal of assets and non-operating income and expenses

“Operating expenses” in this release differ from those in the formally reported financial statements in

that certain transportation costs have been reclassified from COGS to Operating Expenses.“Financial expenses” includes net financing expenses and gains/losses from changes in fair value.Abridged Consolidated Balance Sheet:

“Other current assets receivables and prepaid expenses” includes financial assets held for trading;

financial assets in respect of derivatives; prepayments; other receivables; and other current assets

“Fixed assets net” includes fixed assets and construction in progress

“Intangible assets net” includes intangible assets and goodwill

“Other non-current assets” includes other equity investments; long-term equity investments; long-term

receivables; investment property; and other non-current assets

“Loans and credit from banks and other lenders” includes short-term loans and non-current liabilities

due within one year

“Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee

benefits taxes interest dividends and others; advances from customers and other current liabilities

“Other long-term liabilities” includes long-term payables provisions deferred income and other non-

current liabilities

16Income Statement Adjustments

Q4 2025 Q4 2024 Q4 2025 Q4 2024

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

Reported Net Loss (88) (149) (623) (1065)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related

costs 4 4 25 26

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

ChemChina-Syngenta transaction (non-cash) 6 5 39 38

3. Cleanup and remediation costs for some plants 8 1 54 10

4. ASBEs classifications COGS impact (13) (3) (89) (20)

5. ASBEs classifications OPEX impact 13 3 89 20

6. Restructuring and advisory costs 17 19 122 134

7. Fixed assets and inventory impairments 55 90 387 644

8. Compensation from product liabilities (25) - (178) -

9. Registration impairment and update of registration depreciation 2 - 14 -

10.Other - 1 1 10

Total Adjustments to Operating Income (EBIT) 66 120 464 861

Total Adjustments to EBITDA 19 20 138 142

Adjustments to Financing Expenses:

11.Non-cash adjustment related to put options revaluations 9 (10) 63 (71)

14.Other financing expenses 0 (1) (2) (10)

Adjustments to Taxes:

Taxes impact 13 (18) 90 (126)

Total adjustments to Net loss 87 91 615 653

Adjusted Net Loss (1) (58) (8) (412)

17FY 2025 FY 2024 FY 2025 FY 2024

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

Reported Net loss (147) (407) (1046) (2903)

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related costs 14 19 102 132

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

ChemChina-Syngenta transaction (non-cash) 22 21 156 147

3. Cleanup and remediation costs for some plants 14 18 102 131

4. ASBEs classifications COGS impact (91) (90) (649) (637)

5. ASBEs classifications OPEX impact 91 90 649 637

6. Restructuring and advisory costs 62 40 443 289

7. Fixed assets and inventory impairments 55 90 387 644

8. Compensation related to product liabilities (25) 36 (178) 255

9. Registration impairment and update of registration depreciation 3 28 23 196

10. Other 2 4 12 32

Total Adjustments to Operating Income (EBIT) 147 256 1047 1826

Total Adjustments to EBITDA 72 100 514 712

Adjustments to Financing Expenses:

11. Non-cash adjustment related to put options revaluation 16 (40) 111 (282)

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

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

14. Other financing expenses (2) 8 (14) 59

Adjustments to Taxes:

Taxes impact 10 (23) 69 (167)

Total adjustments to Net loss 175 201 1250 1435

Adjusted Net income (loss) 28 (206) 204 (1468)

Notes:

1. Amortization of acquisition-related PPA and other acquisition related costs:

a. Amortization of Legacy PPA of 2011 acquisition of Solutions (non-cash): Under ASBE since the third combined reporting for

Q3 2017 the Company has inherited the historical “legacy” amortization charge that ChemChina previously was incurring in

respect of its acquisition of Solutions in 2011. This amortization is done in a linear manner on a quarterly basis most of

which will have been completed by the end of 2020.b. Amortization of acquisition-related PPA (non-cash) and other acquisition-related costs: Related mainly to the non-cash

amortization of intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions with no impact on

the ongoing performance of the companies acquired as well as other M&A-related costs.

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.

183. Cleanup and remediation costs for some plants: wholly-owned indirect subsidiaries of the Company recorded remediation costs

for its plants in Israel in 2025 and in Israel and Brazil in 2024.

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

certain transportation costs) are classified under COGS.

6. 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. Fixed assets and inventory impairments: As part of the Company’s strategic direction to enhance operational efficiency the

Company decided to focus on high-performing facilities. Consequently after evaluating their net book value and recoverable

amount the Company recorded impairments for certain facilities with lower operational efficiency. Related to the closing of these

facilities the Company recorded inventory impairments as some of the defective inventories could no longer be reprocessed.

8. Compensation related to product liabilities.

9. Registration impairment and update of registration depreciation: This 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

to achieve a better sales mix of higher margin products.

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

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

stake in subsidiaries

12. Repurchase of bonds 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.

13. Arbitration decision related to a controlled subsidiary: An arbitration case related to a controlled subsidiary incurred a one-time

income.

19Exchange Rate Data for the Company's Principal Functional Currencies

December 31 Q4 Average FY Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

EUR/USD 1.174 1.041 12.8% 1.164 1.067 9.1% 1.127 1.082 4.2%

USD/BRL 5.502 6.192 11.1% 5.395 5.843 7.7% 5.588 5.390 (3.7%)

USD/PLN 3.602 4.101 12.2% 3.642 4.037 9.8% 3.761 3.981 5.5%

USD/ZAR 16.611 18.762 11.5% 17.131 17.858 4.1% 17.884 18.326 2.4%

AUD/USD 0.668 0.621 7.6% 0.656 0.652 0.6% 0.644 0.660 (2.3%)

GBP/USD 1.345 1.254 7.2% 1.329 1.282 3.7% 1.317 1.278 3.1%

USD/ILS 3.190 3.647 12.5% 3.251 3.698 12.1% 3.453 3.701 6.7%

USD L 3M 3.65% 4.31% (15.2%) 3.82% 4.50% (15.2%) 4.15% 5.06% (17.9%)

December 31 Q4 Average FY Average

2025 2024 Change 2025 2024 Change 2025 2024 Change

USD/RMB 7.029 7.483 (6.1%) 7.080 7.632 (7.2%) 7.144 7.702 (7.2%)

EUR/RMB 8.253 7.188 14.8% 8.241 7.156 15.2% 8.054 7.120 13.1%

RMB/BRL 0.783 0.861 9.1% 0.762 0.817 6.7% 0.782 0.757 (3.3%)

RMB/PLN 0.512 0.571 10.2% 0.514 0.564 8.8% 0.526 0.559 5.9%

RMB/ZAR 2.363 2.610 9.5% 2.420 2.496 3.0% 2.503 2.574 2.7%

AUD/RMB 4.697 4.463 5.3% 4.647 4.669 (0.5%) 4.604 4.697 (2.0%)

GBP/RMB 9.453 9.016 4.8% 9.411 9.172 2.6% 9.408 9.098 3.4%

RMB/ILS 0.454 0.507 10.5% 0.459 0.517 11.1% 0.483 0.520 7.0%

RMB L 3M 1.60% 1.69% (5.1%) 1.59% 1.81% (12.5%) 1.66% 1.99% (16.4%)

20