ADAMA Reports Second Quarter & First Half 2026 Results

Resilient performance amid challenging market conditions

BEIJING CHINA and TEL AVIV ISRAEL August 18 2026 – ADAMA Ltd. (the “Company”) (SZSE

000553) today reported its financial results for the second quarter & first half year ended June 30

2026.

Second Quarter 2026 Highlights:

* Sales declined 3% (-7% in RMB) to $1063 million

* Adjusted gross profit declined 1% to $315 million with an improvement in gross margin to

29.6% in Q2 2026 from 29.1% in Q2 2025

* Adjusted EBITDA increased 1% to $152 million (margin of 14.3%) vs. $150 million (margin of

13.7%) in Q2 2025

* Reported net loss reduced to $20 million vs. $32 million in Q2 2025; Adjusted net profit

reached $4 million vs. $6 million in Q2 2025

* Operating cash inflow was $242 million in Q2 2026 vs. $271 million in Q2 2025

* Free cash inflow increased to $193 million in Q2 2026 vs. $176 million in Q2 2025

First Half 2026 Highlights:

* Sales remained stable (-4% in RMB) reaching $2100 million

* Adjusted gross profit up 2% to $632 million with an improvement in gross margin to 30.1% in

H1 2026 from 29.7% in H1 2025

* Reported net profit reached $62 million vs. a net loss of $11 million in H1 2025; Adjusted net

profit increased 28% to $63 million from $49 million in H1 2025

* Adjusted EBITDA amounted to $302 million (margin of 14.4%) vs $310 million (margin of 14.8%)

in H1 2025

* Operating cash inflow was $100 million in H1 2026 vs. $242 million in H1 2025

* Free cash inflow was $54 million in H1 2026 vs. $90 million in H1 2025

Gal Hili President and CEO of ADAMA said "Over the past two years we have built a stronger

and more resilient foundation for ADAMA by restoring financial discipline and enhancing operational

efficiency. In the second quarter we see volume growth across most regions while competitive

market conditions low farmer profitability and overcapacity continue to create pricing pressure.ADAMA's pricing discipline supported improved price capture in a number of markets compared with

earlier in the year.Despite this challenging industry environment we remain focused on selective growth disciplined

execution improving profitability and generating cash. With a stronger foundation in place we are

advancing our strategy to deliver sustainable growth and long-term value for our shareholders."

1Table 1. Financial Performance Summary

As Reported Adjustments Adjusted

USD (m) Q2 Q2 Q2 Q2 Q2 Q2

2026 2025 % Change 2026 2025 2026 2025 % Change

Revenues 1063 1092 -3% 0 0 1063 1092 -3%

Gross profit 286 284 1% 29 33 315 318 -1%

% of sales 26.9% 26.0% 29.6% 29.1%

Operating income (EBIT) 63 55 14% 25 29 89 85 4%

% of sales 6.0% 5.1% 8.3% 7.8%

Income (loss) before taxes (4) (36) 90% 24 39 21 3 582%

% of sales (0.4%) (3.3%) 1.9% 0.3%

Net profit (loss) (20) (32) 38% 24 38 4 6 -25%

% of sales (1.9%) (2.9%) 0.4% 0.5%

EPS

- USD (0.0085) (0.0138) 0.0018 0.0024

- RMB (0.0587) (0.0994) 0.0121 0.0171

EBITDA 148 130 14% 4 20 152 150 1%

% of sales 13.9% 11.9% 14.3% 13.7%

As Reported Adjustments Adjusted

USD (m) H1 H1 H1 H1 H1 H1

2026 2025 % Change 2026 2025 2026 2025 % Change

Revenues 2100 2091 0% 0 0 2100 2091 0%

Gross profit 573 556 3% 59 65 632 620 2%

% of sales 27.3% 26.6% 30.1% 29.7%

Operating income (EBIT) 173 125 38% 3 55 176 180 -2%

% of sales 8.2% 6.0% 8.4% 8.6%

Income (loss) before taxes 56 (17) 2 62 59 45 32%

% of sales 2.7% (0.8%) 2.8% 2.1%

Net profit (loss) 62 (11) 1 61 63 49 28%

% of sales 3.0% (0.5%) 3.0% 2.4%

EPS

- USD 0.0266 (0.0048) 0.0271 0.0212

- RMB 0.1857 (0.0345) 0.1880 0.1521

EBITDA 330 273 21% (28) 36 302 310 -3%

% of sales 15.7% 13.1% 14.4% 14.8%

Notes:

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

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

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

guidelines [IAS 37] certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS.Please see the appendix to this release for further information.* Relevant income statement items contained in this release are also presented on an “Adjusted” basis which exclude items that are of

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

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

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

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

adjustments appears in the appendix below.* The number of shares used to calculate both basic and diluted earnings per share in both Q2 & H1 2026 and 2025 is 2329.8 million

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

2The general crop protection (CP) market environment

Despite healthy underlying crop protection demand supported by low channel inventories crop

protection pricing remains under pressure in H1 2026. This is mainly due to lower farmer profitability

as well as persistently low active ingredient prices resulting from structural production overcapacity in

China.Farmer profitability remains low despite some easing in input costs supporting continued just-in-time

purchasing behavior. This is mainly due to crop commodity prices expected to remain broadly stable at

relatively normal levels although still sensitive to geopolitical and weather-related risks (e.g El Nio)

limiting upside to farmer income. While geopolitical tensions continue to contribute to market

uncertainties inflation and energy prices have stabilized towards more normal levels.1

Strategy execution

ADAMA continues to advance the next phase of its strategy execution building on the foundation

established through the Fight Forward program. With a more resilient operating foundation 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 Q2 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 valuedriven formulations supporting optimization of its product portfolio. In the first half of

2026 ADAMA launched 23 new products and received 54 new product registrations.

Q2 2026 launches of differentiated products included:

* GALIL Nano (Brazil): An Bifenthrin and Imidacloprid SC2 insecticide engineered to optimize

spray droplet distribution and coverage across leaf surfaces accelerating the absorption of

active ingredients. GALIL Nano provides reliable control of stink bugs and corn leafhoppers

in soybean and corn crops even under challenging weather conditions.* 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 Lepidopteran pests.

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

2 SC – Suspension Concentrate

3* FERRABAIT (UK): The innovative molluscicide technology delivers long-lasting protection

through superior pellet integrity in the field. Patened formulation powered by the new active

ingredient FERALLA it helps growers protect crop establishment and maximize crop

potential across arable horticultural and ornamental crops.* DOMAGO (India): An advanced rice herbicide combining effective weed control with a high

level of crop safety through the unique combination of Penoxsulam Pretilachlor and the

safener Fenclorim. This innovative solution helps farmers establish cleaner fields and unlock

the full potential of their rice crop.* NOVALI (US): Novali combines Pyroxasulfone with ADAMA's innovative Sesgama

formulation technology aiming at residual weed control for soybean and corn growers.Notable differentiated product registrations included:

* BROVALIS (India): An advanced fungicide formulation combining Fluxapyroxad and

Azoxystrobin in a SC formulation providing effective control of major diseases including

powdery mildew sheath blight anthracnose leaf spot and fruit rot in grapes rice and chilli

crops.* REXARO (India): A high-performance SC fungicide combining Cymoxanil and Fluopicolide.This dual-action solution delivers effective control of Oomycete diseases providing disease

management in fruit and vegetable crops.* ACTAVAN (Australia and New Zealand): A novel biological fungicide that delivers effective

fruit rot protection while improving fruit quality and supporting sustainable farming practices.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.

4Financial Highlights

Revenues in the second quarter decreased by approximately 3% (-7% in RMB; -5% in CER) to

$1063 million compared to last year reflecting a decline of 1% in volumes and 3% in prices

partially compensated by positive foreign exchange impacts.The lower volumes resulted from the Company’s strategic decision to reduce the manufacture and

sale of certain basic chemicals and low-margin products partially compensated by new product

introductions and healthy demand in the market. Lower prices reflected the overall lower market

pricing and weaker farmer purchasing power.These results brought the revenues in the first half of 2026 to $2100 million flat compared to last

year (-4% in RMB terms; -3% in CER terms) reflecting a decrease of 4% in prices offset by a 1%

increase in volumes and positive foreign exchange impacts.Excluding the Company's decision to reduce the manufacture and sale of certain basic chemicals

sales would have decreased by 1% in the second quarter and in the first half year period increased

by 3% in comparison to the corresponding periods in 2025.Table 2. Regional Sales Performance

Q2 2026 Q2 2025 Change Change H1 2026 H1 2025 Change Change

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

Europe Africa & Middle East 324 314 3% (2%) 731 670 9% 2%

North America 281 276 2% 2% 518 495 5% 4%

Latin America 209 216 (3%) (8%) 353 363 (3%) (7%)

Asia Pacific 248 286 (13%) (12%) 498 564 (12%) (12%)

Of which China3 104 143 (28%) (30%) 238 309 (23%) (25%)

Total 1063 1092 (3%) (5%) 2100 2091 0% (3%)

Notes:

CER: Constant Exchange Rates

Numbers may not sum due to rounding

In EAME sales increased in the second quarter and first half of 2026 despite extremely dry weather

low disease pressure and a difficult spring season. Competitive pressure farmer liquidity constraints

and selective application decisions contributed to lower market consumption and higher channel

inventories. Against this backdrop ADAMA outperformed the underlying market supported by

strong channel execution and favorable foreign exchange conditions.North America sales increased both in the second quarter and first half year presenting mixed

performance across the businesses.

3 Excluding the manufacture and sale of certain basic chemicals sales in China decreased by 13% in Q2 2026 and by 8%

in H1 2026

5In US Ag sales slightly declined in a competitive and price-sensitive crop protection market as

disciplined inventory management and leaner customer inventories continued to weigh on channel

replenishment. Canada delivered sales growth supported by a balanced portfolio. In the

Professional Solutions business unit sales increased in the second quarter and first half year

supported by higher volumes favorable spring weather despite continuous price erosion in weed

control segments. In the Consumer business overall sales declined in the second quarter and

increased in the first half year following lower pricing and lower private label demand while

supported by favorable spring weather across the US and improved distribution in key channels.Latin America: In Brazil higher volumes reflected solid commercial execution across key crop

seasons including soybean and corn. However sales in the second quarter and first half year were

impacted by lower market prices which more than offset the benefit from higher volumes as lower

farmer profitability and increased competition particularly in commodity products weighed on

pricing.In the rest of LATAM sales in the second quarter and first half year increased mainly driven by

higher volumes and continued commercial momentum offset by weak pricing in a highly competitive

market. Growth was supported by deeper market penetration and strengthened positions in key

markets and was partly tempered by El Nio impacts and the normalization of channel inventories

in parts of the region.Asia-Pacific (APAC): The sales in India in the second quarter and first half year increased in CER

terms driven by higher volume and pricing reflecting continued commercial momentum despite

uneven seasonal conditions including delayed monsoon rainfall and El Nio-related effects on crop

protection demand. Significant adverse foreign exchange impacts led to broadly stable sales in

dollar terms.In Pacific sales in the second quarter and first half year increased despite the continued impact of

El Nio-related weather conditions particularly in Northern Australia where dry conditions affected

planting decisions and crop protection demand. Stronger demand in Southern and Western

Australia helped offset regional weakness demonstrating resilient commercial performance in a

challenging market environment. Retailers and growers continued to favor just-in-time purchasing

patterns amid intense market competition.In China sales declined reflecting the Company’s decision to reduce manufacturing and sale of

certain basic chemicals and low-margin products and time-phasing of customized products. The

decline was partially compensated by higher sales of brand formulations driven by product launches

and improved market penetration.Reported gross profit in the second quarter increased 1% to $286 million (gross margin of 26.9%)

compared to $284 million (gross margin of 26.0%) last year. In the first half reported gross profit

increased 3% to $573 million (gross margin of 27.3%) compared to $556 million (gross margin of

26.6%) 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 second quarter declined 1% to $315 million (gross margin of 29.6%)

compared to $318 million (gross margin of 29.1%) last year. In the first half adjusted gross profit

6increased 2% to $632 million (gross margin of 30.1%) compared to $620 million (gross margin of

29.7%) last year.

Despite lower sales in the second quarter gross margin improved in both the second quarter and

first half mainly reflecting favorable foreign exchange impacts and improved quality of the business

more than compensating for lower prices and mild cost increases (only in the first half). The higher

gross profit in the first half was also attributed to higher volumes.Reported operating expenses4 in the second quarter were $223 million (20.9% of sales) compared

to $229 million (21.0% of sales) last year. In the first half of 2026 reported operating expenses

reached $400 million (19.1% of sales) compared to $431 million (20.6% of sales) 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 an expense of $22 million in Q2 2026 and an income of $1

million in H1 2026 in comparison to expenses of $22 million in Q2 2025 and $47 million

in H1 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; and (iii) capital

gain from sale of a subsidiary's logistics center in Israel. For further details on these non-

operational items please see the appendix to this release.Adjusted operating expenses in the second quarter declined to $226 million (21.2% of sales)

compared to $233 million (21.3% of sales) last year. In the first half adjusted operating expenses

reached $456 million (21.7% of sales) compared to $440 million (21.0% of sales) last year.In the second quarter and first half operating expenses reflected the negative impact of exchange

rates an increase in employee compensation and an increase in expenses supporting business

growth. In the second quarter operating expenses decreased mainly due to capital gain from the

disposal of fixed assets and credit impairment in the second quarter in 2025.Reported operating income increased 14% to $63 million (6.0% of sales) in the second quarter

compared to $55 million (5.1% of sales) last year. In the first half reported operating income

increased 38% to $173 million (8.2% of sales) compared to $125 million (6.0% of sales) last year.Adjusted operating income in the second quarter increased 4% to $89 million (operating margin of

8.3%) from $85 million (operating margin of 7.8%) last year. In the first half adjusted operating

income declined 2% to $176 million (operating margin of 8.4%) compared to $180 million (operating

margin of 8.6%) last year.The higher operating income in the second quarter was attributed to lower operating expenses

which more than compensate for lower gross profit. In the first half the decline in operating income

reflected the results of higher gross profit more than offset by higher operating expenses.

4 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.

7Reported EBITDA reported in the second quarter increased 14% to $148 million (EBITDA margin of

13.9%) from $130 million (EBITDA margin of 11.9%) last year. EBITDA reported in the first half

increased 21% to $330 million (EBITDA margin of 15.7%) from $273 million (EBITDA margin of

13.1%) last year.

Adjusted EBITDA in the second quarter increased 1% to $152 million (EBITDA margin of 14.3%)

from $150 million (EBITDA margin of 13.7%) last year. Adjusted EBITDA in the first half declined 3%

to $302 million (EBITDA margin of 14.4%) from $310 million (EBITDA margin of 14.8%) last year.Adjusted financial expenses decreased to $68 million in the second quarter compared to $82

million last year and in the first half year decreased to $118 million compared to $136 million last

year.The lower financial expenses in the second quarter and first half of 2026 mainly reflected the better

debt structure which also reflects the buyback of bonds in Q2 2025 lower hedging costs related to

foreign exchange positive impact of the CPI (only in the first half period) and the benefits of

continued positive cash flow.Adjusted taxes on income amounted to an expense of $17 million in the second quarter compared

to an income of $3 million last year and in the first half amounted to an income of $4 million

compared to an income of $5 million last year. The Company recorded tax income in the first half of

both 2026 and 2025 mainly due to tax income recognized according to the accounting method of

calculation of tax assets related to unrealized profits and due to foreign exchange impact of the

stronger BRL. The effect of the stronger BRL and the accounting method of calculation of tax assets

related to unrealized profits in the second quarter of 2025 created a tax income.Reported net loss reduced 38% to $20 million in the second quarter compared to $32 million last

year. Reported net profit in the first half reached $62 million from a loss of $11 million last year.After reflecting the impact of the above-mentioned extraordinary and non-operational charges

adjusted net profit in the second quarter declined 33% to $4 million from $6 million last year.Adjusted net profit in the first half increased 28% to $63 million from $49 million last year.Trade working capital as of June 30 2026 was $2149 million compared to $2089 million as of

June 30 2025. The increase in working capital was due to higher receivables which reflected lower

sales of basic chemicals with shorter collection terms and lower collections due to timing differences

in Q1 2025 and an increase in the inventory level to provide business continuity during the merging

of entities in Israel.Cash Flow: Operating cash inflow of $242 million and $100 million was generated in the second

quarter and first half year period respectively compared to an inflow of $271 million and $242 million

in the respective periods in 2025. The lower operating cash flow in the second quarter was mainly

due to higher receivables which reflected lower sales of basic chemicals with shorter collection

terms and 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.

8In the first half lower operating cash inflow also reflected lower collections due to timing differences

mainly in Q1 2025.Net cash used in investing activities was $3 million in the second quarter and an inflow of $20 million

in the first half compared to the outflow of $52 million and $88 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. Meanwhile as part of optimizing its existing assets to

enable new growth projects the Company disposed fixed assets in both the second quarter and the

first half resulting into the proceeds from asset disposal mainly a logistics center in Israel. The

higher cash used in investing activities last year also reflected the payment for earn out related to

Agrinova a controlled subsidiary of the Company.Free cash inflow of $193 million was generated in the second quarter and $54 million in the first half

compared to $176 million and $90 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

Q2 2026 Q2 2025 H1 2026 H1 2025

USD (m) % USD (m) % USD (m) % USD (m) %

Crop Protection 988 93% 998 91% 1960 93% 1904 91%

Intermediates and

Ingredients 75 7% 94 9% 140 7% 187 9%

Total 1063 100% 1092 100% 2100 100% 2091 100%

Sales by product category

Q2 2026 Q2 2025 H1 2026

USD (m) % USD (m) % USD (m) %

H1 2025

USD (m) %

Herbicides 483 45% 474 43% 943 45% 919 44%

Insecticides 315 30% 302 28% 589 28% 546 26%

Fungicides 190 18% 222 20% 427 20% 439 21%

Intermediates and

Ingredients 75 7% 94 9% 140 7% 187 9%

Total 1063 100% 1092 100% 2100 100% 2091 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

9All 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

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 Second Quarter

Adjusted5 Q2 2026 Q2 2025 Q2 2026 Q2 2025USD (m) USD (m) RMB (m) RMB (m)

Revenues 1063 1092 7271 7851

Cost of Sales 739 765 5053 5503

Other costs 10 9 67 64

Gross profit 315 318 2151 2285

% of revenue 29.6% 29.1% 29.6% 29.1%

Selling & Distribution expenses 177 166 1211 1196

General & Administrative expenses 41 39 279 279

Research & Development expenses 16 16 107 113

Other operating expenses (8) 12 (52) 86

Total operating expenses 226 233 1545 1674

% of revenue 21.2% 21.3% 21.2% 21.3%

Operating income (EBIT) 89 85 606 611

% of revenue 8.3% 7.8% 8.3% 7.8%

Financial expenses 68 82 465 589

Income before taxes 21 3 141 22

Taxes on Income 17 (3) 113 (18)

Net profit 4 6 28 40

% of revenue 0.4% 0.5% 0.4% 0.5%

Adjustments 24 38 165 271

Reported net loss (20) (32) (137) (231)

% of revenue (1.9%) (2.9%) (1.9%) (2.9%)

Adjusted EBITDA 152 150 1039 1078

% of revenue 14.3% 13.7% 14.3% 13.7%

Adjusted EPS6 – Basic 0.0018 0.0024 0.0121 0.0171

– Diluted 0.0018 0.0024 0.0121 0.0171

Reported EPS6 – Basic (0.0085) (0.0138) (0.0587) (0.0994)

– Diluted (0.0085) (0.0138) (0.0587) (0.0994)

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 both Q2 2026 and 2025 is 2329.8 million shares.

11Abridged Consolidated Income Statement for the First Half

Adjusted7 H1 2026 H1 2025 H1 2026 H1 2025USD (m) USD (m) RMB (m) RMB (m)

Revenues 2100 2091 14477 15024

Cost of Sales 1451 1459 10004 10484

Other costs 16 12 113 83

Gross profit 632 620 4359 4457

% of revenue 30.1% 29.7% 30.1% 29.7%

Selling & Distribution expenses 349 322 2409 2311

General & Administrative expenses 81 76 561 546

Research & Development expenses 31 30 212 216

Other operating expenses (6) 12 (38) 88

Total operating expenses 456 440 3143 3161

% of revenue 21.7% 21.0% 21.7% 21.0%

Operating income (EBIT) 176 180 1216 1297

% of revenue 8.4% 8.6% 8.4% 8.6%

Financial expenses 118 136 809 976

Income before taxes 59 45 407 320

Taxes on Income (4) (5) (31) (34)

Net profit 63 49 438 354

% of revenue 3.0% 2.4% 3.0% 2.4%

Adjustments 1 61 6 435

Reported net profit (loss) 62 (11) 433 (80)

% of revenue 3.0% (0.5%) 3.0% (0.5%)

Adjusted EBITDA 302 310 2080 2226

% of revenue 14.4% 14.8% 14.4% 14.8%

Adjusted EPS8 – Basic 0.0271 0.0212 0.1880 0.1521

– Diluted 0.0271 0.0212 0.1880 0.1521

Reported EPS8 – Basic 0.0266 (0.0048) 0.1857 (0.0345)

– Diluted 0.0266 (0.0048) 0.1857 (0.0345)

7 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”.

8The number of shares used to calculate both basic and diluted earnings per share in both H1 2026 and 2025 is 2329.8 million shares.

12Abridged Consolidated Balance Sheet

June 30 June 30 June 30 June 30

2026202520262025

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

Assets

Current assets:

Cash at bank and on hand 427 489 2906 3497

Bills and accounts receivable 1293 1249 8806 8942

Inventories 1656 1622 11281 11613

Other current assets receivables and

prepaid expenses 234 355 1592 2542

Total current assets 3610 3715 24585 26595

Non-current assets:

Fixed assets net 1520 1610 10349 11522

Rights of use assets 83 74 563 528

Intangible assets net 1291 1346 8796 9635

Deferred tax assets 224 212 1526 1518

Other non-current assets 122 127 831 906

Total non-current assets 3239 3368 22064 24109

Total assets 6849 7083 46649 50703

Liabilities

Current liabilities:

Loans and credit from banks and other

lenders 1403 1187 9558 8498

Bills and accounts payable 830 831 5653 5946

Other current liabilities 806 857 5493 6132

Total current liabilities 3040 2874 20704 20576

Long-term liabilities:

Loans and credit from banks and other

lenders 169 244 1152 1746

Debentures 754 719 5138 5147

Deferred tax liabilities 34 35 231 251

Employee benefits 82 76 559 542

Other long-term liabilities 180 494 1228 3536

Total long-term liabilities 1220 1568 8309 11222

Total liabilities 4260 4442 29013 31798

Equity

Total equity 2589 2641 17636 18905

Total liabilities and equity 6849 7083 46649 50703

13Abridged Consolidated Cash Flow Statement for the Second Quarter

Q2 2026 Q2 2025 Q2 2026 Q2 2025

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

Cash flow from operating activities:

Cash flow from operating activities 242 271 1653 1945

Cash flow from operating activities 242 271 1653 1945

Investing activities:

Acquisitions of fixed and intangible assets (31) (38) (209) (273)

Net cash received from sale of fixed assets intangible

assets and others 17 1 114 4

Acquisition of subsidiaries 0 (8) 0 (56)

Other investing activities 11 (7) 75 (48)

Cash flow from investing activities (3) (52) (20) (373)

Financing activities:

Receipt of loans from banks and other lenders 41 200 284 1435

Repayment of loans from banks and other lenders (311) (366) (2126) (2635)

Interest payment and other (49) (53) (336) (381)

Other financing activities 40 (43) 275 (309)

Cash flow from financing activities (278) (263) (1903) (1890)

Effects of exchange rate movement on cash and cash

equivalents 1 1 (43) (3)

Net change in cash and cash equivalents (39) (43) (313) (321)

Cash and cash equivalents at the beginning of the period 453 507 3132 3637

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

Free Cash Flow 193 176 1317 1266

14Abridged Consolidated Cash Flow Statement for the First Half

H1 2026 H1 2025 H1 2026 H1 2025

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

Cash flow from operating activities:

Cash flow from operating activities 100 242 670 1739

Cash flow from operating activities 100 242 670 1739

Investing activities:

Acquisitions of fixed and intangible assets (69) (82) (479) (590)

Net cash received from sale of fixed assets intangible

assets and others 67 2 464 17

Acquisition of subsidiaries 0 (8) 0 (56)

Other investing activities 22 (1) 153 (6)

Cash flow from investing activities 20 (88) 137 (635)

Financing activities:

Receipt of loans from banks and other lenders 139 336 960 2415

Repayment of loans from banks and other lenders (337) (432) (2312) (3107)

Interest payment and other (69) (73) (475) (527)

Other financing activities 84 (21) 576 (147)

Cash flow from financing activities (184) (190) (1251) (1367)

Effects of exchange rate movement on cash and cash

equivalents 1 1 (90) (5)

Net change in cash and cash equivalents (63) (35) (534) (268)

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

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

Free Cash Flow 54 90 354 651

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 June 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

16Income Statement Adjustments

Q2 2026 Q2 2025 Q2 2026 Q2 2025

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

Reported Net Loss (20) (32) (137) (231)

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) 5 5 37 39

3. ASBEs classifications COGS impact (26) (26) (175) (190)

4. ASBEs classifications OPEX impact 26 26 175 190

5. Fixed asset impairments related to improvement of operational

efficiency 12 0 82 0

7. Restructuring and advisory costs 3 13 20 94

8. Other 1 1 9 5

9. Cleanup and remediation costs in Israeli plants - 7 - 48

Total Adjustments to Operating Income (EBIT) 25 29 173 212

Total Adjustments to EBITDA 4 20 38 144

Adjustments to Financing Expenses:

10. Non-cash adjustment related to put option revaluation (1) 0 (6) 3

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

13.Other financing expenses - 0 - (3)

Adjustments to Taxes:

Taxes impact - (1) (3) (8)

Total Adjustments to Net Loss 24 38 165 271

Adjusted Net Profit 4 6 28 40

H1 2026 H1 2025 H1 2026 H1 2025

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

Reported Net Profit (Loss) 62 (11) 433 (80)

Adjustments to COGS & Operating Expenses:

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

costs 7 7 49 52

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

ChemChina-Syngenta transaction (non-cash) 11 11 76 78

3. ASBEs classifications COGS impact (54) (56) (373) (405)

4. ASBEs classifications OPEX impact 54 56 373 405

5. Fixed asset impairments related to improvement of operational

efficiency 12 - 82 -

6. Capital gain from sale of a subsidiary's logistics center in Israel (36) - (254) -

7. Restructuring and advisory costs 6 29 45 209

8. Other 3 1 21 9

9. Cleanup and remediation costs in Israeli plants - 7 - 48

Total Adjustments to Operating Income (EBIT) 3 55 20 396

Total Adjustments to EBITDA (28) 36 (196) 262

Adjustments to Financing Expenses:

1710. Non-cash adjustment related to put option revaluation (1) 3 (6) 20

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

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

13. Other financing expenses - (1) - (8)

Adjustments to Taxes:

Taxes impact (1) (2) (9) (11)

Total Adjustments to Net Profit (Loss) 1 61 6 435

Adjusted Net Profit 63 49 438 354

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: Mainly attributable to accelerated depreciation associated with operational efficiency improvement project.

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

costs for its plants in Israel in 2025.

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

stake in subsidiaries.

11. 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.

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

income in 2025.

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

June 30 Q2 Average H1 Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

EUR/USD 1.140 1.173 -2.82% 1.162 1.13 2.42% 1.166 1.09 6.86%

USD/BRL 5.177 5.457 5.14% 5.052 5.67 10.84% 5.158 5.76 10.37%

USD/PLN 3.771 3.616 -4.27% 3.657 3.76 2.65% 3.638 3.88 6.16%

USD/ZAR 16.420 17.794 7.72% 16.155 18.28 11.65% 16.241 18.39 11.68%

AUD/USD 0.689 0.653 5.42% 0.709 0.64 10.66% 0.702 0.63 10.69%

GBP/USD 1.323 1.371 -3.54% 1.341 1.34 0.45% 1.344 1.30 3.76%

USD/ILS 2.978 3.372 11.69% 2.963 3.58 17.34% 3.043 3.60 15.45%

USD L 3M 3.73% 4.30% -13.08% 3.67% 4.30% -14.56% 3.67% 4.30% -14.63%

June 30 Q2 Average H1 Average

2026 2025 Change 2026 2025 Change 2026 2025 Change

USD/RMB 6.811 7.159 -4.86% 6.841 7.191 -4.88% 6.896 7.840 -12.05%

EUR/RMB 7.763 8.397 -7.54% 7.949 8.158 -2.57% 8.042 7.840 2.57%

RMB/BRL 0.760 0.762 0.30% 0.738 0.788 6.27% 0.748 0.801 6.63%

RMB/PLN 0.554 0.505 -9.59% 0.535 0.522 -2.34% 0.528 0.540 2.24%

RMB/ZAR 0.415 0.402 -3.10% 0.423 0.393 -7.66% 0.425 0.391 -8.68%

AUD/RMB 4.691 4.677 0.30% 4.849 4.607 5.26% 4.839 4.554 6.25%

GBP/RMB 9.009 9.816 -8.22% 9.175 9.602 -4.45% 9.271 9.309 -0.40%

RMB/ILS 0.437 0.471 7.18% 0.433 0.498 13.10% 0.441 0.501 11.92%

RMB Shibor 3M 1.438% 1.63% -11.78% 1.428% 1.700% -16.01% 1.498% 1.754% -14.63%

19