安道麦B:2026年一季度报告（英文版）

ADAMA Ltd. First Quarter Report 2026

Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2026-13

The Company and all members of its board of directors hereby confirm that all information

disclosed herein is true accurate and complete with no false or misleading statement or

material omission.ADAMA LTD.FIRST QUARTER REPORT 2026

April 2026

1ADAMA Ltd. First Quarter Report 2026

Important Notice

The Company’s Board of Directors directors and senior managers confirm that the

content of the Report is true accurate and complete and contains no false statements

misleading presentations or material omissions and assume joint and several legal

liability arising therefrom.Ga?l Hili the person leading the Company (President and Chief Executive Officer) as

well as its legal representative and Efrat Nagar the person leading the accounting

function and the accounting body (Chief Financial Officer) hereby assert and confirm

the truthfulness accuracy and completeness of the financial information contained

in the Report.The First Quarter Report has not been audited.Items of qualified opinion by the auditor

□Applicable √Not applicable

This Report has been prepared in both Chinese and English. Should there be any

discrepancy between the two versions the Chinese version shall prevail.

2ADAMA Ltd. First Quarter Report 2026

I. Main Financial Data

1. Main accounting and financial results

Whether the Company performs any retroactive adjustments to or restatements of its accounting data

of last year

□ Yes √ No

January - March 2026 January - March 2025 YoY +/- (%)

Operating revenues (RMB’000) 7205681 7172735 0.46%

Net profit attributable to shareholders of the

569228151131276.65%

Company (RMB’000)

Net profit attributable to shareholders of the

Company excluding non-recurring profit and loss 300017 101535 195.48%

(RMB’000)

Net cash flow from operating activities

(983244)(206868)-375.30%

(RMB’000)

Basic EPS (RMB/share) 0.244 0.065 276.43%

Diluted EPS (RMB/share) NA NA NA

Weighted average return on net assets 3.21% 0.79% 2.42 pp

End of Reporting Period End of last year +/- (%)

Total assets (RMB’000) 49102247 48463962 1.32%

Net assets attributable to shareholders

17915269175754261.93%

(RMB’000)

2. Non-Recurring profit/loss

√ Applicable □ Not applicable

Unit: RMB’000

January-March

Item Note

2026

Gains/losses on the disposal of non-current assets (including the Capital gain from sale of a

256872

write-off of asset impairment provisions accrued during the period) logistics center in Israel

Government grants recognized through profit or loss (excluding

government grants closely related to business of the Company

3057-

and given at a fixed quota or amount in accordance with

government’s uniform standard)

Reversal of provision for receivables and contract assets that are

18141-

subject to specific provision

Custodian fees earned from entrusted operation 938

Other non-operating income and expenses other than the above (5048) -

Other profit or loss that meets the definition of non-recurring profit

or loss

Less: Income tax effects 4749 -

Total 269211 -

Explanation of other profit or loss that meets the definition of non-recurring profit or loss

□ Applicable √ Not applicable

No such cases during the Reporting Period.

3ADAMA Ltd. First Quarter Report 2026

Explanation of why the Company classified an item as non-recurring profit/loss according to the definition

in the First Explanatory Announcement on Information Disclosure for Companies Offering their Securities

to the Public. Non-recurring Profit and Loss and reclassified any non-recurring profit/loss item given as

an example in the said explanatory announcement to recurrent profit/loss

□ Applicable √ Not applicable

No such cases during the Reporting Period.

3. Changes in main accounting statement items and financial indicators in the Reporting

Period as well as reasons for the changes

√ Applicable □ Not applicable

General Crop Protection Market Environment1

Recent geopolitical developments are introducing market volatilities that could prove either transitory or

structural as events unfold with higher oil prices posing a potential inflationary pressure on the market

and potentially pressuring farmer profitability.While channel demand has rebounded in 2025 and inventory levels have largely returned to

pre-pandemic norms in the first quarter of 2026 pricing pressures remain elevated due to persistent

oversupply and production over-capacity of active ingredients. Crop commodity prices are stabilizing at

relatively low levels but remain sensitive to geopolitical risks limiting upside for farmer income. As a result

ongoing pressure on farmer profitability continues to drive just-in-time purchasing behavior even as

volumes normalize across most markets after growth achieved in the market in 2025.Strategy execution

In 2026 ADAMA entered the next phase of its strategy execution building on the achievements of the

Fight Forward program. With a stronger cost base better operational efficiency and enhanced

capabilities the Company is now focused on driving profitable top-line growth while continuing to improve

business quality. ADAMA aims to deliver this by strengthening commercial capabilities accelerating

differentiated innovation improving portfolio quality and shaping a tighter and competitive global supply

and manufacturing network.Geopolitical Situation

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

world principally in Israel China and Brazil. It is headquartered and has three manufacturing sites in

Israel. Despite regional tensions that have escalated more recently on February 28 2026 the Company’s

Israeli production sites and supply chain including ports continued to operate without significant delays

allowing the Company to support its markets and ongoing activities.During March and early April 2026 the Company's Neot Hovav site suffered limited and localized damage

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

were reported and an immediate safety-driven closure of the facilities was carried out followed by a

phased shutdown also for safety reasons. The Company initiated comprehensive damage assessments.The direct damage to its core production facilities was not meaningful and was primarily limited to a

finished goods warehouse certain ancillary equipment and systems and an open storage area. Thereafter

1 Sources: AgbioInvestor Crop protection 2025 Summary and 2026 outlook (November 2025) peer quarterly financial

results internal sources.

4ADAMA Ltd. First Quarter Report 2026

the Company undertook certain restoration activities and as of the date of this release Neot Hovav site

has mostly returned to normal operational status with the remaining facilities undergoing a safe and

orderly repair process expected to be completed within the next few weeks with full restoration to optimal

production capacity anticipated soon thereafter. The Company currently expects the overall impact of

these occurrences to be non-material. ADAMA’s global production operations have continued largely

uninterrupted except for the abovementioned occurrences with no material impact expected on

production or business continuity.Additionally in respect to changes in global tariff policies the Company’s management appointed a

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

closely monitor and manage the situation and the potential impact on ADAMA’s global network. Despite

the uncertainty regarding changes to trade and tariff policies around the world the Company currently

expects that the impact on its operations and business results will continue to be immaterial.Same period Same period

Q1 2026 Q1 2026

last year +/-% last year +/-%

(000’RMB) (000’USD)

Revenues 7205681 7172735 0.46% 1036714 999540 3.72%

Cost of goods

52080995223631-0.30%7492917279282.93%

sold

Gross Profits 1997582 1949104 2.49% 287421 271612 5.82%

Sales &

Marketing 1024045 951363 7.64% 147337 132571 11.14%

expenses

General &

Administrative 298337 372765 -19.97% 42925 51944 -17.36%

expenses

R&D

1053641038441.46%15159144694.77%

expenses

Financial

346504221511464.28%4986831031507.09%

Expenses

Loss from

Changes in (3955) (351503) -98.87% (569) (48983) -98.84%

Fair Value

Total Net

Financial 350459 373654 -6.21% 50437 52086 -3.17%

Expenses

Total Profits 418533 131999 217.07% 60217 18383 227.57%

Income tax

expenses (150695) (19132) 687.66% (21681) (2666) 713.24%

(income)

Net profit

attributable to

shareholders 569228 151131 276.65% 81898 21049 289.08%

of the

Company

EBITDA 1267935 1030712 23.02% 182445 143635 27.02%

5ADAMA Ltd. First Quarter Report 2026

Note: Since the functional currency of main overseas subsidiaries is the USD and the Company’s management review of

the Company’s performance is based on the USD results following explanations and analysis are based on USD-

denominated numbers as listed above.In this table and all tables in this report numbers may not sum due to rounding.Analysis of Financial Highlights

(1) Revenues

Revenues in the first quarter increased by approximately 4% (0.5% in RMB; -1% in CER) to $1037 million

compared to last year reflecting 3% increase in volumes and positive foreign exchange impacts partially

offset by 4% decrease in prices.In the first quarter sales increased reflecting higher volumes and improved demand in the market

supported by new product introductions while the Company reduced the manufacturing and sale of

certain basic chemicals and low-margin products. Lower prices reflected the overall lower market pricing

and weaker farmer purchasing power.Regional Sales Performance

Q1 2026 Q1 2025 Change %

$m $m USD

Europe Africa & Middle East (EAME) 406 356 14%

North America 237 219 8%

Latin America 144 147 (2%)

Asia Pacific 249 278 (10%)

Of which China 134 166 (19%)

Total 1037 1000 4%

Europe Africa & Middle East (EAME): Strong growth in sales led by higher volumes in Europe building

on the momentum gained in the close out to 2025. Higher sales were achieved following good market

positioning in an overall positive market mainly in off-patent products and despite varied weather

conditions and intense market competition.North America: In the North America Ag market higher sales volume in the first quarter was supported

by good market positioning in a price sensitive market with positive momentum on product launches (ex

CAZADOTM) and pre-seed presence despite pressured farmer profitability and high competition in

commodity products. In Consumer & Professional Solutions in the first quarter on the Consumer

side sales increased supported by favorable spring weather and low retailer inventories. On the

Professional side sales were impacted by just-in-time purchasing patterns and lower pricing mainly in

commoditized products.Latin America: In Brazil sales were slightly lower reflecting a major decline in market pricing against

the backdrop of lower farmer profitability and high competition in all segments and especially in

commodity products. The lower pricing was mostly offset by an increase in volumes due to seizing

market opportunities and experiencing good Soybean and the Winter Corn seasons.In the rest of LATAM sales in the first quarter were lower than prior year driven primarily by a decline

in market pricing against the backdrop of lower farmer profitability and oversupply in the market.Asia-Pacific (APAC): The sales in India increased in the first quarter supported by favorable weather

6ADAMA Ltd. First Quarter Report 2026

conditions. In the rest of APAC (excluding India and China) sales in the first quarter were impacted

by just-in-time purchasing patterns despite favorable weather as well as lower pricing and high

competition in commoditized products.In China sales declined mainly reflecting the Company’s decision to reduce manufacturing and sales

of certain basic chemicals and low-margin product as well as time-phasing of customized AI products.The decline was partially compensated by higher sales of brand formulations driven by new product

launches and improved market penetration.

(2) Cost of Goods and Gross Profit

Gross profit and its margin improved in the first quarter mainly reflecting favorable foreign

exchange impacts as well as higher sales and improved quality of the business more than

compensating for lower prices and cost increase in USD.

(3) Operating Expenses

Operating expenses include Sales and Marketing General and Administration and R&D.The operating expenses were higher in USD in the first quarter reflecting the negative impact of

exchange rates vs. USD an increase in employee compensation and an increase in expenses

supporting sales growth. On the other hand the restructuring expenses as part of the

implementation of the Fight Forward transformation plan significantly decreased compared to last

year.In addition in Q1 2025 and 2026 the Company continued to record following charges in its sales

and marketing expenses at a similar amount which incurred due to mergers and acquisitions in

recent years mainly: (i) non-cash amortization charges in respect of transfer assets received from

Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net

charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on

acquisitions with no impact on the ongoing performance of the companies acquired.Non-operational charges affected the Company’s reported OPEX amounting to RMB 89 million

($13 million) in Q1 2026 in comparison to RMB 177 million ($25 million) in Q1 2025.

(4) Financial Expenses

“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans

as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities

before the Company carries out any hedging. The impact of Financial Expenses net (before

hedging) is RMB 347 million ($50 million) for Q1 2026 compared with Financial Expenses net of

RMB 22 million ($3 million) for the corresponding period in 2025.Given the global nature of its operational activities and the composition of its assets and liabilities

the Company in the ordinary course of its business uses foreign currency derivatives (forwards

and options) to hedge the cash flow risks associated with existing monetary assets and liabilities

that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value”

which recorded the hedging impacts among others amounted to a net loss of RMB 4 million ($0.6

million) in Q1 2026 compared with a net loss of RMB 352 million ($49 million) in the corresponding

period in 2025.The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter

as “Total Net Financial Expenses”) which more comprehensively reflects the financial expenses

7ADAMA Ltd. First Quarter Report 2026

of the Company in supporting its main business and protecting its monetary assets/liabilities

amounted to RMB 350 million ($50 million) in Q1 2026 compared with RMB 374 million ($52 million)

in the corresponding period in 2025.The lower financial expenses in the first quarter mainly reflected the favorable Israeli CPI as well

as the better debt structure and despite higher hedging costs related to foreign exchange.

(5) Income Tax Expenses

The tax income in the first quarter of 2026 was higher compared to the first quarter of 2025 mainly

due to higher tax income recognized according to the accounting method of calculation of tax

assets related to unrealized profits.Changes in main assets and liabilities

Unit: 000 RMB

End of Reporting End of last

Assets and liabilities +/- (%) Explanation

Period year

Realization and

Derivative financial assets 192352 449379 -57.20%

revaluation of derivatives

Increase mainly due to

Other receivables 1987030 1076164 84.64%

securitization programs

More customer contracts

Long term receivables 258405 118203 118.61% were under long-term

payment terms

8ADAMA Ltd. First Quarter Report 2026

II. Utilization of Raised Funds

□ Applicable √ Not applicable

The Company had no utilization of raised funds during the reporting period.III. Information regarding Shareholders

1. Total number of ordinary shareholders and preference shareholders who had resumed their voting

right and shareholdings of top 10 shareholders at the period-end

Unit: share

Total number of preference

39292 (the number of ordinary A share

Total number of ordinary shareholders shareholders who had resumed

shareholders is 28140; the number of B 0

at the end of the Reporting Period their voting right at the end of

share shareholders is 11152)

the Reporting Period (if any)

Shareholdings of top 10 shareholders (not including Shares Lent for the Relending Financing)

Number Pledged or frozen

Nature of Shareholding Number of restricted

Name of shareholder of shares shares

shareholder percentage shares held

held Status Status

State-owned 182813796

Syngenta Group Co. Ltd. 78.47% -- -- --

legal person 1

State-owned

China Structural Reform Fund 33557046 1.44% -- -- --

legal person

Hong Kong Securities Clearing Overseas

Company Ltd. (HKSCC) legal person 13942658 0.60% -- -- --

Domestic

Wu Feng

Individual 7891212 0.34% -- -- --

Domestic

Zhu Shenglan

Individual 7800000 0.33% -- -- --

Qichun County State-owned Assets State-owned

Operation Center 4169266 0.18% -- -- -- legal person

Domestic

Liu Minqin

Individual 3878546 0.17% -- -- --

GUOTAI JUNAN SECURITIES Overseas

(HONG KONG) LIMITED legal person 3013397 0.13% -- -- --

CHINA INTERNATIONAL CAPITAL

Overseas

CORPORATION HONG KONG

legal person 2966041 0.13% -- -- --

SECURITIES LTD I

Domestic

Cai Wenxi

Individual 2796000 0.12% -- -- --

Shareholdings of top 10 non-restricted shareholders (not including Shares Lent for the Relending Financing and Lock-

up Shares of Senior Management)

Name of shareholder Number of non-restricted shares held at Types of Shares

the period-end Type Number

Syngenta Group Co. Ltd. 1828137961 RMB ordinary share 1828137961

China Structural Reform Fund 33557046 RMB ordinary share 33557046

Hong Kong Securities Clearing

13942658 RMB ordinary share 13942658

Company Ltd. (HKSCC)

Wu Feng 7891212 RMB ordinary share 7891212

Zhu Shenglan 7800000 RMB ordinary share 7800000

Qichun County State-owned Assets

4169266 RMB ordinary share 4169266

Operation Center

Liu Minqin 3878546 RMB ordinary share 3878546

Domestically listed

GUOTAI JUNAN SECURITIES

3013397 shares in foreign 3013397

(HONG KONG) LIMITED

currencies

9ADAMA Ltd. First Quarter Report 2026

CHINA INTERNATIONAL CAPITAL Domestically listed

CORPORATION HONG KONG 2966041 shares in foreign 2966041

SECURITIES LTD currencies

Cai Wenxi 2796000 RMB ordinary share 2796000

Syngenta Group Co. Ltd. is not related party or acting-in-concert party as

prescribed in the Administrative Methods for Acquisition of Listed Companies to

Explanation on associated

other shareholders. It is unknown to the Company whether shareholders above

relationship or/and persons are related parties or acting-in-concert parties as prescribed in the Administrative

Methods for Acquisition of Listed Companies.Shareholder Wu Feng held 4906486 shares of the Company through a common

Particular about shareholder securities account and 2984726 shares of the Company through a credit

collateral securities trading account altogether 7891212 shares. Shareholder Liu

participate in the securities lending

Minqin held 449846 shares of the Company through a common securities account

and borrowing business (if any) and 3428700 shares of the Company through a credit collateral securities trading

account altogether 3878546 shares.Involvement of Shareholders holding more than 5% of shares Top 10 Shareholders and Top 10 Non-

restricted Shareholders in Lending of Shares in the Relending Financing of Funds and Securities

□ Applicable √ Not applicable

Change from the Previous Reporting Period to the Top 10 Shareholders and Top 10 Non-restricted

Shareholders due to the Lending/Returning of Shares in the Relending Financing of Funds and

Securities

□ Applicable √ Not applicable

2. Total number of preference shareholders and shareholdings of the top 10 of such at the period-end

□ Applicable √ Not applicable

IV. Other Significant Events

□ Applicable √ Not applicable

10ADAMA Ltd. First Quarter Report 2026

V. Financial Statements

i. Financial statements

1. Consolidated balance sheet

Prepared by ADAMA Ltd.

31 March 2026

Unit: RMB’000

March 31 December 31 March 31 December 31

Item Item

2026202520262025

Current assets: Current liabilities:

Cash at bank and on hand 3238219 3450300 Short-term loans 7204713 6673792

Financial assets held for trading 1198 1223 Derivative financial liabilities 229704 189581

Derivative financial assets 192352 449379 Bills payable 717580 622660

Bills receivable 327385 358489 Accounts payable 5236226 5461749

Accounts receivable 7670199 7124736 Contract liabilities 1635133 1789490

Receivables financing 52849 30767 Employee benefits payable 1020374 936724

Prepayments 309343 368012 Taxes payable 699729 539168

Other receivables 1987030 1076164 Other payables 1505718 1418093

Non-current liabilities due

Inventories 11672036 11607842 3835078 3825203

within one year

Other current assets 970192 1094273 Other current liabilities 859890 929259

Total current assets 26420803 25561185 Total current liabilities 22944145 22385719

Non-current assets: Non-current liabilities:

Long-term receivables 258405 118203 Long-term loans 1381937 1507514

Long-term equity investments 42555 39312 Debentures payable 4850581 4894076

Other equity investments 128635 129796 Lease liabilities 647326 751226

Investment properties 18462 18869 Long-term accounts payable 157057 164735

Long-term employee benefits

Fixed assets 9937881 10073551 552975 536895

payables

Construction in progress 728571 897175 Provisions 438520 424347

Right-of-use assets 571407 661443 Deferred tax liabilities 214437 224024

Intangible assets 4140666 4302343 Total non-current liabilities 8242833 8502817

Goodwill 4889153 4964450 Total liabilities 31186978 30888536

Deferred tax assets 1535573 1294176 Shareholders’ equity:

Other non-current assets 430136 403459 Share capital 2329812 2329812

Total non-current assets 22681444 22902777 Capital reserves 12867123 12867123

Total assets 49102247 48463962 Other comprehensive income 1342489 1570748

Special reserves 7725 6156

Surplus reserves 298610 298610

Retained earnings 1069510 502977

Total equity attributed to the

1791526917575426

shareholders of the company

Non-controlling interests - -

Total equity 17915269 17575426

Total liabilities and equity 49102247 48463962

Ga?l Hili Efrat Nagar Efrat Nagar

Legal representative Chief of the accounting work Chief of the accounting organ

11ADAMA Ltd. First Quarter Report 2026

2. Consolidated income statement

Unit: RMB’000

Item January-March 2026 January-March 2025

1. Total operating Income 7205681 7172735

Less: Cost of sales 5208099 5223631

Taxes and surcharges 24676 28684

Selling and Distribution expenses 1024045 951363

General and Administrative expenses 298337 372765

Research and Development expenses 105364 103844

Financial expenses 346504 22151

Including: Interest expense 213044 249298

Interest income 21136 50057

Add: Investment income net 5978 4671

Including: Income from investment in associates

59784671

and joint ventures

Loss from changes in fair value (3955) (351503)

Credit impairment losses (16110) (7004)

Asset Impairment (losses)/reversal (21876) 4131

Gain from disposal of assets 256872 3792

2. Operating profit 419565 124384

Add: Non-operating income 48202 12584

Less: Non-operating expense 49234 4969

3. Total profit 418533 131999

Less: income tax expense (income) (150695) (19132)

4. Net profit 569228 151131

4.1 Classified by nature of operations

4.1.1 Continuing operations 569228 151131

4.2 Classified by ownership

4.2.1 Shareholders of the Company 569228 151131

4.2.2 Non-controlling interests - -

5. Other comprehensive income net of tax (228259) (8510)

Other comprehensive income net of tax attributable to shareholders

(228259)(8510)

of the Company

5.1 Items that will not be reclassified into profit/loss (2416) (1190)

5.1.1 Re-measurement of defined benefit plan liability (2416) (1190)

5.2 Items that were or will be reclassified to profit or loss (225843) (7320)

5.2.1 Effective portion of gains or loss of cash flow hedge 29971 (50324)

5.2.2 Translation differences of foreign financial statements (255814) 43004

Other comprehensive income net of tax attributable to Non-controlling

interests

6. Total comprehensive income for the period 340969 142621

Total comprehensive income attributable to shareholders

340969142621

of the Company

Total comprehensive income attributable to Non-controlling interests - -

7. Earnings per share

7.1 Basic earnings (loss) per share (RMB/ share) 0.244 0.065

7.2 Diluted earnings (loss) per share (RMB/ share) N/A N/A

Ga?l Hili Efrat Nagar Efrat Nagar

Legal representative Chief of the accounting work Chief of the accounting organ

12ADAMA Ltd. First Quarter Report 2026

3. Consolidated cash flow statement

Unit: RMB’000

Item January-March 2026 January-March 2025

1. Cash flows from operating activities:

Cash received from sale of goods and rendering of services 4976017 6064603

Refund of taxes and surcharges 38281 41487

Cash received relating to other operating activities 92750 33806

Sub-total of cash inflows from operating activities 5107048 6139896

Cash paid for goods and services 4435897 4640270

Cash paid to and on behalf of employees 900337 906531

Payments of taxes and surcharges 95699 140943

Cash paid relating to other operating activities 658359 659020

Sub-total of cash outflows from operating activities 6090292 6346764

Net cash flows from operating activities (983244) (206868)

2. Cash flows from investing activities:

Cash received from disposal of investments 75566 41370

Cash received from returns of investments 2325 -

Net cash received from disposal of fixed assets intangible assets

35029413585

and other long-term assets

Sub-total of cash inflows from investing activities 428185 54955

Cash paid to acquire fixed assets intangible assets and other

270721317242

long-term assets

Cash paid for other investing activities 631 -

Sub-total of cash outflows from investing activities 271352 317242

Net cash flows from investing activities 156833 (262287)

3. Cash flows from financing activities:

Cash received from borrowings 676012 190500

Cash received relating to other financing activities 433111 1075454

Sub-total of cash inflows from financing activities 1109123 1265954

Cash repayment of borrowings 185424 471926

Cash payment for dividends profit distributions or interest 139497 146297

Including: dividends paid to non-controlling interest 2695 -

Cash paid relating to other financing activities 131943 124533

Sub-total of cash outflows from financing activities 456864 742756

Net cash flows from financing activities 652259 523198

4. Effect of foreign exchange rate changes on cash and cash

(47083)(1445)

equivalents

5. Net Increase (decrease) in cash and cash equivalents (221235) 52598

Add: Cash and cash equivalents at the beginning of the period 3353326 3583963

6. Cash and cash equivalents at the end of the period 3132091 3636561

13ADAMA Ltd. First Quarter Report 2026

ii. Impacts of Initial Application of Accounting Standards for Business Enterprises on the

行情