ADAMA Reports Third Quarter & First Nine Months 2026 Results

Record heat and drought in Europe impacted sales in addition to price pressure

across all regions in off-patent products

BEIJING CHINA and TEL AVIV ISRAEL October 29 2026 – ADAMA Ltd. (the “Company”)

(SZSE 000553) today reported its financial results for the third quarter & first nine-months ended

September 30 2026.Third Quarter 2026 Highlights:

* Sales declined 4% (-9% in RMB) to $897 million

* Adjusted gross profit declined 11% to $228 million (margin of 25.4%) in Q3 2026 vs. $257

million (margin of 27.6%) in Q3 2025

* Adjusted EBITDA declined 22% to $93 million (margin of 10.4%) vs. $120 million (margin of

12.9%) in Q3 2025

* Reported net loss reached $115 million vs. $48 million in Q3 2025; Adjusted net loss reached

$74 million vs. $20 million in Q3 2025

* Operating cash inflow increased to $94 million in Q3 2026 vs. $89 million in Q3 2025

* Free cash inflow was $33 million in Q3 2026 vs. $22 million in Q3 2025

First Nine Months 2026 Highlights:

* Sales declined 1% (-5% in RMB) reaching $2997 million

* Adjusted gross profit declined 2% to $860 million (margin of 28.7%) in 9M 2026 vs. $878

million (margin of 29.0%) in 9M 2025

* Adjusted EBITDA declined 8% to $395 million (margin of 13.2%) vs $430 million (margin of

14.2%) in 9M 2025

* Reported net loss reduced to $53 million from $59 million in 9M 2025; Adjusted net profit

declined to a loss of $11 million from a profit of $29 million in 9M 2025

* Operating cash inflow was $194 million in 9M 2026 vs. $331 million in 9M 2025

* Free cash inflow was $87 million in 9M 2026 vs. $112 million in 9M 2025

Ga?l Hili President and CEO of ADAMA said "ADAMA continues to advance its strategic

priorities strengthening its portfolio sharpening its market focus and building the operational

foundation required to improve performance and efficiency. While pricing pressure continues across

all regions in off-patent products and the third quarter was marked by more challenging than

expected market conditions with extreme weather in Europe we are encouraged by the promising

progress achieved in our strategic markets and product categories. Despite these challenging

conditions I am pleased to see the differentiated products' volumes growing in key markets as well

as the discipline of the team in keeping its operating costs down to offset headwinds."As of November I will be stepping away from the CEO position and continue to support ADAMA

from the role of Chairman of the Board. As I make this transition I do so with strong confidence in

ADAMA's strategic direction and in Dr. Zhigang Hao's leadership to build on this foundation and

unlock the company's full potential while creating long-term value for its shareholders."

Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q3 Q3 Q3 Q3 Q3 Q3

2026 2025 % Change 2026 2025 2026 2025 % Change

Revenues 897 933 -4% 0 0 897 933 -4%

Gross profit 204 236 -14% 24 22 228 257 -11%

% of sales 22.7% 25.2% 25.4% 27.6%

Operating income (loss) (EBIT) (10) 30 41 26 31 56 -45%

% of sales (1.2%) 3.2% 3.4% 6.0%

Loss before taxes (68) (41) -65% 42 29 (26) (11) -128%

% of sales (7.5%) (4.4%) (2.9%) (1.2%)

Net loss (115) (48) 41 28 (74) (20)

% of sales (12.8%) (5.1%) (8.2%) (2.1%)

EPS

- USD (0.0492) (0.0206) (0.0317) (0.0086)

- RMB (0.3337) (0.1470) (0.2150) (0.0611)

EBITDA 87 104 -16% 6 16 93 120 -22%

% of sales 9.7% 11.2% 10.4% 12.9%

As Reported Adjustments Adjusted

USD (m) 9M 9M % Change 9M 9M 9M 9M2026 2025 2026 2025 2026 2025 % Change

Revenues 2997 3025 -1% 0 0 2997 3025 -1%

Gross profit 777 792 -2% 83 86 860 878 -2%

% of sales 25.9% 26.2% 28.7% 29.0%

Operating income (EBIT) 163 155 5% 44 81 207 237 -12%

% of sales 5.4% 5.1% 6.9% 7.8%

Income (loss) before taxes (11) (58) 81% 44 91 33 33 -1%

% of sales (0.4%) (1.9%) 1.1% 1.1%

Net profit (loss) (53) (59) 42 89 (11) 29

% of sales (1.8%) (2.0%) (0.4%) 1.0%

EPS

- USD (0.0226) (0.0254) (0.0046) 0.0127

- RMB (0.1480) (0.1815) (0.0269) 0.0910

EBITDA 417 378 10% (22) 53 395 430 -8%

% of sales 13.9% 12.5% 13.2% 14.2%

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 & 9M 2026 and 2025 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

During the first nine months of 2026 crop protection market volumes saw weaker than anticipated

growth due to elevated farmer costs and just-in-time purchasing patterns despite low channel

inventories supporting healthy underlying crop protection demand. Additionally crop protection pricing

particularly in the off-patent market continued to remain under pressure mainly due to lower farmer

profitability as well as persistently low active ingredient prices resulting from structural production

overcapacity in China.Overall market conditions varied across regions and crops while farmer margins remained under

pressure in many markets due to higher borrowing costs as well as higher fertilizer and fuel costs.Geopolitical tensions and weather-related disruption continued to create uncertainty along the entire

value chain from crop production input costs and grower profitability.1

Strategy execution

The Company is focused on turning stabilization into profitable growth and sustained value creation.Its strategy prioritizes selective growth in markets segments and offerings where ADAMA can

create clear value for customers and generate attractive returns. Execution is focused on four

sources of value: (i) driving portfolio differentiation that meets grower needs; (ii) enhancing

commercial capabilities to support profitable growth; (iii) shifting to a more competitive flexible and

asset-light supply and manufacturing network; and (iv) improving organizational design processes

and systems to support better decisions and create additional value across the business. Across

these areas ADAMA remains focused on improving margins generating cash maintaining cost

control and directing investment toward the highest-return opportunities.Portfolio development update

During Q3 2026 ADAMA continued to register and launch multiple new products in markets across

the globe adding on to its differentiated product portfolio. The Company continued to focus on

advanced value?driven formulations supporting optimization of its product portfolio. In the first nine

months of 2026 ADAMA launched 31 new products and received 70 new product registrations.Key launches of differentiated products during Q3 2026 included:

REXARO (India): A Suspension Concentrate (SC) fungicide combining Fluopicolide and

Cymoxanil providing preventive and early curative control of Oomycete diseases for long-

lasting protection reduced spray frequency and improved crop safety in F&V crops.ACTAGON (India): A ready-mix pre-emergence wheat herbicide combining Pyroxasulfone

and Metribuzin for control of Phalaris minor and other key weeds. This easy mix liquid

formulation helps growers reduce operational complexity by eliminating on-farm tank mixing

and supporting fewer herbicide applications.

1 Sources: Agbioinvestor The CP Industry report - Market review: 2025. June 2026 internal sources

RAVARI (Mexico): Combines the complementary strengths of Novaluron and CTPR

offering two distinct modes of action in a water-based Suspension Concentrate (SC)

formulation powered by ADAMA’s Ayalon Formulation Technology. This combination

provides growers with a valuable resistance-management tool for integrated pest-

management programs and delivers long-lasting control of lepidopteran larvae in avocado

and vegetable crops.PORAFAM Titan kit (Germany): Combines a novel Aminopyralid and Quinmerac SC

formulation with Metazachlor this premium solution delivers improved broad-spectrum

control of broad-leaved weeds and grasses in Oilseed rape.Notable differentiated product registrations included:

SPARTA (Brazil): 3-way mixture combining a leading rust-control molecule with high-

efficacy actives to broaden the disease control spectrum in a proprietary ADAMA formulation

providing value for growers and supporting more sustainable high-performing soybean

production.PARAMER SC (Argentina): A unique high-load liquid Pyroxasulfone herbicide powered by

ADAMA's Sesgama formulation technology delivering long-lasting residual weed control in

soybean corn and cereals. With 40% more active ingredient than standard liquid

formulations it offers greater operational efficiency and application convenience.FERRABAIT (Latvia): An innovative molluscicide based on the novel low-risk active

ingredient Feralla providing growers with a highly effective new solution for slug and snail

control. This first EU registration marks the beginning of a broader rollout.Geopolitical Situation

ADAMA is a global company with manufacturing and formulation facilities in several locations

around the world principally in Israel China and Brazil. It is headquartered and has three

manufacturing sites in Israel. Despite regional tensions that have escalated on February 28 2026

the Company’s Israeli production sites and supply chain including ports continued to operate

without significant delays allowing the Company to support its markets and ongoing activities.During March and early April 2026 the Company's Neot Hovav site suffered limited and localized

damage caused by falling debris following missile interceptions in the southern region of Israel. No

bodily injuries were reported and an immediate safety-driven closure of the facilities was carried out

followed by a phased shutdown also for safety reasons. The Company initiated comprehensive

damage assessments. The direct damage to its core production facilities was not meaningful and

was primarily limited to a finished goods warehouse certain ancillary equipment and systems and

an open storage area. Thereafter the Company undertook certain restoration activities and as of

the date of this release Neot Hovav site has returned to normal operational status. The Company

expects the overall impact of these occurrences to be non-material also due to appropriate

compensation from governmental authorities.Additionally in respect to changes in global tariff policies 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 third quarter decreased by approximately 4% (-9% in RMB; -6% in CER) to $897

million compared to last year reflecting a decline of 4% in volumes and 2% in prices partially

compensated by positive impact of foreign exchange rates.The lower volumes resulted from lower market demand in certain regions due to higher farmer

costs and weather conditions partially compensated by new product introductions. Lower prices

reflected the overall lower market pricing and weaker farmer purchasing power.These results brought the revenues in the first nine months of 2026 to $2997 million 1% lower

than last year (-5% in RMB terms; -4% in CER terms) reflecting a decrease of 3% in prices and 1%

in volumes partially moderated positive impact of foreign exchange rates.Excluding the Company's decision in Q3 2025 to reduce the manufacture and sale of certain basic

chemicals sales would have increased in the first nine months period by 1% in comparison to the

corresponding period in 2025. Third quarter sales are on a comparable basis.Table 2. Regional Sales Performance

Q3 2026 Q3 2025 Change Change 9M 2026 9M 2025 Change Change

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

Europe Africa & Middle East 203 233 (13%) (16%) 933 903 3% (3%)

North America 174 164 6% 6% 692 659 5% 5%

Latin America 286 312 (8%) (12%) 639 675 (5%) (10%)

Asia Pacific 235 225 4% 4% 732 789 (7%) (8%)

Of which China2 99 91 9% 2% 337 400 (16%) (19%)

Total 897 933 (4%) (6%) 2997 3025 (1%) (4%)

Notes:

CER: Constant Exchange Rates

Numbers may not sum due to rounding

In EAME sales declined in the third quarter reflecting significantly weaker market consumption and

lower crop-protection applications across several European markets due to weather impacts

creating channel inventory build-up and due to elevated farmer input costs. Market-share gains

partly mitigated the decline while competitive and pricing pressure remained high concentrated in

specific off-patent active ingredients.

2 Excluding the manufacture and sale of certain basic chemicals sales in China decreased by 5% in 9M 2026

North America sales increased supported by growth across Professional Solutions Consumer and

Canada. US Ag was impacted by lower market prices mainly in commodity categories while

continuing to present growth in key products and customer segments. Pricing pressure and elevated

inventories affected several US agricultural products.Latin America: In Brazil sales declined despite intensified commercial execution ahead of the

soybean season particularly across fungicides and insecticides. This was offset by continued pricing

pressure farmer liquidity constraints and intense competition particularly in commodity products.In the rest of LATAM sales increased supported by higher volumes particularly in Argentina

following disciplined implementation of its strategic growth priorities across the region despite

continued competitive and pricing pressure and El-Ni?o impact in certain countries.Asia-Pacific (APAC) excluding China: Sales increased supported by growth in Pacific and India

more than offsetting a decline in other South-East Asia sales. Pacific benefited from fungicide

demand in Southern and Western Australia supported by new product introductions. South-East

Asia sales were impacted by El-Ni?o impact on demand.In China sales reflected the Company’s decision to reduce manufacturing and sale of certain basic

chemicals since Q3 2025 and low-margin products leading to a decline in sales in the nine-month

period while in the third quarter sales were on a comparable basis and increased reflecting higher

sales of brand formulations driven by new product launches and higher non-ag sales following better

utilization rates.Reported gross profit in the third quarter declined 14% to $204 million (gross margin of 22.7%)

compared to $236 million (gross margin of 25.2%) last year. In the first nine months reported gross

profit declined 2% to $777 million (gross margin of 25.9%) compared to $792 million (gross margin

of 26.2%) 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).Adjusted gross profit in the third quarter declined 11% to $228 million (gross margin of 25.4%)

compared to $257 million (gross margin of 27.6%) last year. In the first nine months adjusted gross

profit declined 2% to $860 million (gross margin of 28.7%) compared to $878 million (gross margin

of 29.0%) last year.The decline in gross profit in the third quarter and first nine-month period was due to the decline in

sales as described above and negative cost impact. These impacts were slightly moderated by the

improvement in the Company's sales mix of higher margin products and positive impact of exchange

rates.Reported operating expenses3 in the third quarter were $214 million (23.8% of sales) compared to

$205 million (22.0% of sales) last year. In the first nine months of 2026 reported operating expenses

declined to $614 million (20.5% of sales) compared to $636 million (21.0% of sales) last year.

3 Reported operating expenses include Sales and Marketing General and Administration and R&D and include credit and

other asset impairments (not inventory) other operating income and expenses as well as income from disposal of

assets.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 an expense of $37 million in Q3 2026 and an income of $36

million in 9M 2026 in comparison to expenses of $26 million in Q3 2025 and $73 million

in 9M 2025. These items in 2026 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; (iii) capital gain

from sale of a subsidiary's logistics center in Israel; (iv) fixed asset impairment related to

improvement of operational efficiency; and (v) restructuring costs. For further details on

these non-operational items please see the appendix to this release.Adjusted operating expenses in the third quarter decreased to $197 million (21.9% of sales)

compared to $201 million (21.5% of sales) last year. In the first nine months adjusted operating

expenses reached $653 million (21.8% of sales) compared to $641 million (21.2% of sales) last year.In the third quarter operating expenses decreased despite the negative impact of exchange rates

following tight expense discipline. In the nine-month period operating expenses were still higher

reflecting the negative impact of exchange rates an increase in employee compensation and an

increase in H1 2026 in expenses supporting business growth partially offset by capital gain from the

disposal of fixed assets.Reported operating income was a loss of $10 million (-1.2% of sales) in the third quarter

compared to an income of $30 million (3.2% of sales) last year. In the first nine months reported

operating income increased 5% to $163 million (5.4% of sales) compared to $155 million (5.1% of

sales) last year.Adjusted operating income in the third quarter declined 45% to $31 million (operating margin of

3.4%) from $56 million (operating margin of 6.0%) last year. In the first nine months adjusted

operating income declined 12% to $207 million (operating margin of 6.9%) compared to $237 million

(operating margin of 7.8%) last year.The lower operating income in the third quarter reflected the lower gross profit partially

compensated by lower operating expenses. In the first nine months the decline in operating income

reflected lower gross profit and higher operating expenses.Reported EBITDA in the third quarter declined by 16% to $87 million (EBITDA margin of 9.7%) from

$104 million (EBITDA margin of 11.2%) last year. EBITDA reported in the first nine months

increased 10% to $417 million (EBITDA margin of 13.9%) from $378 million (EBITDA margin of

12.5%) last year.

Adjusted EBITDA in the third quarter declined 22% to $93 million (EBITDA margin of 10.4%) from

$120 million (EBITDA margin of 12.9%) last year. Adjusted EBITDA in the first nine months declined

8% to $395 million (EBITDA margin of 13.2%) from $430 million (EBITDA margin of 14.2%) last year.

Adjusted financial expenses decreased to $57 million in the third quarter compared to $68 million

last year and in the first nine months decreased to $174 million compared to $204 million last year.The lower financial expenses in the third quarter of 2026 reflected the positive impact of the CPI

improved overall loan terms the benefit of the continued positive cash flow and lower hedging costs.In the first nine months of 2026 the lower financial expenses also reflected the better debt structure

following the buyback of bonds in Q2 2025.Adjusted taxes on income amounted to an expense of $48 million in the third quarter compared to

$8 million last year and in the first nine months amounted to an expense of $44 million compared to

$4 million last year. The Company recorded higher tax expense in the first nine months of 2026

comparing to 2025 mainly due to lower tax income compared to last year recognized according to

the accounting method of calculation of tax assets related to unrealized profits and due to lower tax

income compared to last year from foreign exchange impact of the stronger BRL. In addition during

the third quarter of 2026 the company adjusted the tax asset in Brazil according to the projected

statutory profit before tax.Reported net loss reached $115 million in the third quarter compared to $48 million last year.Reported net loss in the first nine months reached $53 million compared to $59 million last year.After reflecting the impact of the above-mentioned extraordinary and non-operational charges

adjusted net loss in the third quarter reached $74 million compared to $20 million last year.Adjusted net loss in the first nine months reached $11 million compared to an income of $29 million

last year.Trade working capital as of September 30 2026 was $2183 million compared to $2093 million as

of September 30 2025. The increase in working capital was due to higher receivables which

reflected lower sales with short collection terms and a decrease in account payables and a slight

decrease in inventory levels both due to lower procurement compared to last year.Cash Flow: Operating cash inflow of $94 million and $194 million was generated in the third quarter

and first nine months period respectively compared to an inflow of $89 million and $331 million in

the respective periods in 2025. In the first nine months lower operating cash inflow was mainly due

to lower collections of basic chemicals and timing differences mainly in Q1 2025 partially offset by

lower procurement in comparison to last year in which the Company increased procurement and

inventory in order to provide business continuity during the merging of entities in Israel.Net cash used in investing activities was $35 million in the third quarter and $16 million in the first

nine months compared to $43 million and $131 million in the respective periods in 2025. The

Company continued the execution of its strategy to prioritize the most critical investments in

infrastructure portfolio and innovation. Additionally part of optimization of its existing asset base

the Company disposed fixed assets primarily in the first nine months including a logistics center in

Israel and old dismantled facilities in China. The higher cash used in investing activities in the first

nine months last year also reflected the payment for earn out related to Agrinova a controlled

subsidiary of the Company.Free cash inflow of $33 million was generated in the third quarter and $87 million in the first nine

months compared to $22 million and $112 million in the respective periods in 2025 reflecting the

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

Sales by segment

Q3 2026 % Q3 2025 % 9M 2026 % 9M 2025USD (m) USD (m) USD (m) USD (m) %

Crop Protection 819 91% 867 93% 2779 93% 2771 92%

Intermediates and

Ingredients 78 9% 67 7% 218 7% 254 8%

Total 897 100% 933 100% 2997 100% 3025 100%

Sales by product category

Q3 2026 % Q3 2025 % 9M 2026 % 9M 2025USD (m) USD (m) USD (m) USD (m) %

Herbicides 364 41% 369 40% 1308 44% 1288 43%

Insecticides 299 33% 311 33% 888 30% 857 28%

Fungicides 156 17% 187 20% 583 19% 626 21%

Intermediates and

Ingredients 78 9% 67 7% 218 7% 254 8%

Total 897 100% 933 100% 2997 100% 3025 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

Rivka Neufeld Zhujun Wang

Investor Relations & Finance Governance Manager China Investor Relations

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

Abridged Adjusted Consolidated Financial Statements

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

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

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

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

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

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

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

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

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

Adjusted4 Q3 2026 Q3 2025 Q3 2026 Q3 2025USD (m) USD (m) RMB (m) RMB (m)

Revenues 897 933 6087 6654

Cost of Sales 660 670 4477 4776

Other costs 10 6 65 43

Gross profit 228 257 1545 1835

% of revenue 25.4% 27.6% 25.4% 27.6%

Selling & Distribution expenses 149 152 1013 1085

General & Administrative expenses 39 37 263 265

Research & Development expenses 11 13 76 90

Other operating expenses (2) (1) (16) (7)

Total operating expenses 197 201 1336 1434

% of revenue 21.9% 21.5% 21.9% 21.5%

Operating income (EBIT) 31 56 209 401

% of revenue 3.4% 6.0% 3.4% 6.0%

Financial expenses 57 68 386 483

Loss before taxes (26) (11) (177) (82)

Taxes on Income 48 8 324 61

Net loss (74) (20) (501) (142)

% of revenue (8.2%) (2.1%) -8.2% (2.1%)

Adjustments 41 28 277 200

Reported net loss (115) (48) (777) (342)

% of revenue (12.8%) (5.1%) -12.8% (5.1%)

Adjusted EBITDA 93 120 632 856

% of revenue 10.4% 12.9% 10.4% 12.9%

Adjusted EPS5 – Basic (0.0317) (0.0086) (0.2150) (0.0611)

– Diluted (0.0317) (0.0086) (0.2150) (0.0611)

Reported EPS6 – Basic (0.0492) (0.0206) (0.3337) (0.1470)

– Diluted (0.0492) (0.0206) (0.3337) (0.1470)

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 Q3 2026 and 2025 is 2329.8 million shares.

Abridged Consolidated Income Statement for the First Nine Months

Adjusted6 9M 2026 9M 2025 9M 2026 9M 2025USD (m) USD (m) RMB (m) RMB (m)

Revenues 2997 3025 20564 21678

Cost of Sales 2111 2129 14481 15260

Other costs 26 18 178 126

Gross profit 860 878 5904 6292

% of revenue 28.7% 29.0% 28.7% 29.0%

Selling & Distribution expenses 499 474 3422 3396

General & Administrative expenses 120 113 824 811

Research & Development expenses 42 43 287 306

Other operating expenses (8) 11 (55) 81

Total operating expenses 653 641 4479 4595

% of revenue 21.8% 21.2% 21.8% 21.2%

Operating income (EBIT) 207 237 1425 1698

% of revenue 6.9% 7.8% 6.9% 7.8%

Financial expenses 174 204 1195 1460

Income before taxes 33 33 230 238

Taxes on Income 44 4 293 26

Net profit (loss) (11) 29 (63) 212

% of revenue (0.4%) 1.0% (0.3%) 1.0%

Adjustments 42 89 282 635

Reported net loss (53) (59) (345) (423)

% of revenue (1.8%) (2.0%) (1.7%) (2.0%)

Adjusted EBITDA 395 430 2712 3082

% of revenue 13.2% 14.2% 13.2% 14.2%

Adjusted EPS7 – Basic (0.0046) 0.0127 (0.0269) 0.0910

– Diluted (0.0046) 0.0127 (0.0269) 0.0910

Reported EPS8 – Basic (0.0226) (0.0254) (0.1480) (0.1815)

– Diluted (0.0226) (0.0254) (0.1480) (0.1815)

6 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”.

7The number of shares used to calculate both basic and diluted earnings per share in both 9M 2026 and 2025 is 2329.8 million shares.

Abridged Consolidated Balance Sheet

Sep 30 Sep 30 Sep 30 Sep 30

2026 2025 2026 2025

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

Assets

Current assets:

Cash at bank and on hand 363 526 2444 3734

Bills and accounts receivable 1264 1198 8512 8511

Inventories 1657 1684 11163 11969

Other current assets receivables and

prepaid expenses 216 288 1453 2049

Total current assets 3500 3696 23571 26263

Non-current assets:

Fixed assets net 1481 1600 9976 11370

Rights of use assets 80 77 537 548

Intangible assets net 1286 1324 8659 9407

Deferred tax assets 183 204 1234 1453

Other non-current assets 121 125 817 890

Total non-current assets 3151 3331 21222 23668

Total assets 6651 7027 44793 49931

Liabilities

Current liabilities:

Loans and credit from banks and other

lenders 1081 1181 7278 8393

Bills and accounts payable 760 838 5117 5957

Other current liabilities 845 861 5694 6119

Total current liabilities 2686 2881 18090 20469

Long-term liabilities:

Loans and credit from banks and other

lenders 160 203 1077 1443

Debentures 740 743 4986 5281

Deferred tax liabilities 27 29 183 205

Employee benefits 82 76 549 537

Other long-term liabilities 473 499 3188 3543

Total long-term liabilities 1482 1549 9984 11009

Total liabilities 4168 4430 28074 31477

Equity

Total equity 2482 2597 16719 18453

Total liabilities and equity 6651 7027 44793 49931

Abridged Consolidated Cash Flow Statement for the Third Quarter

Q3 2026 Q3 2025 Q3 2026 Q3 2025

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

Cash flow from operating activities:

Cash flow from operating activities 94 89 635 635

Cash flow from operating activities 94 89 635 635

Investing activities:

Acquisitions of fixed and intangible assets (37) (39) (249) (276)

Net cash received from sale of fixed assets intangible

assets and others 4 4 26 29

Other investing activities (2) (8) (17) (60)

Cash flow from investing activities (35) (43) (240) (307)

Financing activities:

Receipt of loans from banks and other lenders 328 30 2226 210

Repayment of loans from banks and other lenders (395) (78) (2678) (557)

Interest payment and other (25) (24) (171) (172)

Other financing activities (27) 67 (182) 477

Cash flow from financing activities (119) (6) (805) (41)

Effects of exchange rate movement on cash and cash

equivalents 0 0 (27) (23)

Net change in cash and cash equivalents (60) 41 (437) 264

Cash and cash equivalents at the beginning of the period 414 463 2819 3316

Cash and cash equivalents at the end of the period 354 504 2382 3580

Free Cash Flow 33 22 224 157

Abridged Consolidated Cash Flow Statement for the First Nine Months

9M 2026 9M 2025 9M 2026 9M 2025

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

Cash flow from operating activities:

Cash flow from operating activities 194 331 1305 2374

Cash flow from operating activities 194 331 1305 2374

Investing activities:

Acquisitions of fixed and intangible assets (106) (121) (729) (866)

Net cash received from sale of fixed assets intangible

assets and others 71 6 490 46

Acquisition of subsidiaries 0 (8) 0 (56)

Other investing activities 20 (9) 136 (66)

Cash flow from investing activities (16) (131) (103) (942)

Financing activities:

Receipt of loans from banks and other lenders 467 366 3186 2625

Repayment of loans from banks and other lenders (732) (510) (4989) (3665)

Interest payment and other (94) (97) (646) (699)

Other financing activities 57 47 394 330

Cash flow from financing activities (303) (196) (2056) (1408)

Effects of exchange rate movement on cash and cash

equivalents 2 2 (118) (28)

Net change in cash and cash equivalents (123) 5 (971) (4)

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

Cash and cash equivalents at the end of the period 354 504 2382 3580

Free Cash Flow 87 112 578 807

Notes to Abridged Consolidated Financial Statements

Note 1: Basis of preparation

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

quarters ended September 30 2026 and 2025 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 sale of assets and non-operating income and expenses

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

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

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

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

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

“Intangible assets net” includes intangible assets and goodwill

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

receivables; investment property; and other non-current assets

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

due within one year

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

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

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

current liabilities

Income Statement Adjustments

Q3 2026 Q3 2025 Q3 2026 Q3 2025

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

Reported Net Loss (115) (48) (777) (342)

Adjustments to COGS & Operating Expenses:

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

costs 4 4 24 25

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

ChemChina-Syngenta transaction (non-cash) 5 6 37 39

3. ASBEs classifications COGS impact (20) (22) (139) (154)

4. ASBEs classifications OPEX impact 20 22 139 154

5. Fixed asset impairments related to improvement of operational

efficiency 23 1 154 9

7. Restructuring and advisory costs 7 16 46 112

8. Other 3 0 20 1

Total Adjustments to Operating Income (EBIT) 41 26 280 186

Total Adjustments to EBITDA 6 16 42 114

Adjustments to Financing Expenses:

9. Non-cash adjustment related to put options revaluation 0 4 2 28

12.Other financing expenses 0 (1) 0 (4)

Adjustments to Taxes:

Taxes impact (1) (1) (5) (10)

Total Adjustments to Net Loss 41 28 277 200

Adjusted Net Loss (74) (20) (501) (142)

9M 2026 9M 2025 9M 2026 9M 2025

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

Reported Net Loss (53) (59) (345) (423)

Adjustments to COGS & Operating Expenses:

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

costs 11 11 74 77

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

ChemChina-Syngenta transaction (non-cash) 16 16 113 117

3. ASBEs classifications COGS impact (75) (78) (512) (559)

4. ASBEs classifications OPEX impact 75 78 512 559

5. Fixed asset impairments related to improvement of operational

efficiency 35 1 236 9

6. Capital gain from sale of a subsidiary's logistics center in Israel (37) - (254) -

7. Restructuring and advisory costs 13 45 90 321

8. Other 6 8 41 59

Total Adjustments to Operating Income (EBIT) 44 81 300 583

Total Adjustments to EBITDA (22) 53 (154) 375

Adjustments to Financing Expenses:

9. Non-cash adjustment related to put options revaluation (1) 7 (4) 48

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) - (12)

Adjustments to Taxes:

Taxes impact (2) (3) (14) (21)

Total Adjustments to Net Loss 42 89 282 635

Adjusted Net Profit (loss) (11) 29 (63) 212

Notes:

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

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

certain transportation costs) are classified under COGS.

5. 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.

6. Capital gain from sale of a subsidiary's logistics center in Israel: A subsidiary of the Company sold a logistic center in Israel as

part of optimizing its asset base and received capital gain

7. 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.

8. Other: included accelerated depreciation associated with operational efficiency improvement project soil clean-up and

remediation and litigation settlements.

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 Q2 2025 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 in 2025.Exchange Rate Data for the Company's Principal Functional Currencies

September 30 Q3 Average 9M Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

EUR/USD 1.135 1.174 -3.30% 1.151 1.168 -1.47% 1.161 1.116 4.09%

USD/BRL 5.181 5.319 -2.59% 5.136 5.447 -5.71% 5.151 5.653 -8.88%

USD/PLN 3.845 3.632 5.88% 3.758 3.647 3.05% 3.678 3.800 -3.22%

USD/ZAR 16.447 17.301 -4.94% 16.290 17.627 -7.59% 16.257 18.135 -10.35%

AUD/USD 0.697 0.661 5.44% 0.706 0.654 7.96% 0.703 0.641 9.79%

GBP/USD 1.326 1.343 -1.27% 1.344 1.348 -0.30% 1.344 1.313 2.38%

USD/ILS 3.063 3.306 -7.35% 3.019 3.363 -10.22% 3.035 3.520 -13.78%

USD L 3M 4.08% 4.00% +0.08pp 3.78% 4.19% -0.41pp 3.71% 4.26% -0.55pp

September 30 Q3 Average 9M Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

USD/RMB 6.735 7.106 -5.21% 6.782 7.129 -4.86% 6.858 7.165 -4.29%

EUR/RMB 7.641 8.341 -8.38% 7.806 8.326 -6.25% 7.963 7.995 -0.41%

RMB/BRL 0.769 0.749 2.77% 0.757 0.764 -0.89% 0.751 0.789 -4.79%

RMB/PLN 0.571 0.511 11.70% 0.554 0.512 8.31% 0.536 0.530 1.12%

RMB/ZAR 2.442 2.435 0.29% 2.402 2.473 -2.86% 2.371 2.531 -6.33%

AUD/RMB 4.695 4.696 -0.03% 4.790 4.663 2.72% 4.822 4.590 5.07%

GBP/RMB 8.928 9.545 -6.46% 9.118 9.611 -5.12% 9.220 9.407 -1.98%

RMB/ILS 0.455 0.465 -2.26% 0.445 0.472 -5.64% 0.443 0.491 -9.92%

RMB Shibor 3M 1.430% 1.58% -0.15pp 1.430% 1.56% -0.13pp 1.474% 1.68% -0.206pp