ADAMAReportsFourthQuarterandFullYear2025ResultsImprovementsinkeyfinancialmetricsreflectsuccessofbusinesstransformationplan
BEIJING,CHINAandTELAVIV,ISRAEL,March27,2026–ADAMALtd.(the“Company”)(SZSE000553),todayreporteditsfinancialresultsforthefourthquarterandfullyearendedDecember31,2025.FourthQuarter2025Highlights:
?Salesdeclined8%(-9%inRMB)to$1,026million,mainlyreflectingdecreasesof8%involumesand2%inprices?Adjustedgrossprofitup12%to$314million,withanimprovementingrossmarginfrom25.2%
inQ42024to30.6%inQ42025,reflectingthebenefitsoflowercosts
?AdjustedEBITDAup14%to$157million,withanimprovementofEBITDAmarginfrom12.3%
inQ42024to15.3%inQ42025
?Reportednetlossdeclinedby$61millionto$88million,comparedto$149millioninQ42024;Adjustednetlossreducedto$1millionfrom$58millioninQ42024;
?Improvementof$111millioninoperatingcashflow,reaching$237millioninQ42025vs.$126millioninQ42024
?Improvementof$118millioninfreecashflow,reaching$156millioninQ42025vs.$38millioninQ42024FullYear2025Highlights:
?Salesdeclined2%(-2%inRMB)to$4,051million,reflecting2%decreaseinpricesandstablevolumes?Adjustedgrossprofitup12%to$1,192million,withanimprovementingrossmarginfrom
25.6%in2024to29.4%inthefullyearof2025,reflectingthebenefitsoflowercosts?AdjustedEBITDAup25%to$587million,withanimprovementinEBITDAmarginfrom11.3%
in2024to14.5%inthefullyearof2025
?Reportednetlossdeclinedby$260millionto$147million,comparedto$407millionin2024;
Adjustednetincometurnedpositiveto$28millionfromalossof$206millionin2024;
?Improvementof$39millioninoperatingcashflow,reaching$567millioninthefullyearvs.
$528millionin2024?Improvementof$51millioninfreecashflow,reaching$269millioninthefullyearvs.$217
millionin2024Ga?lHili,PresidentandCEOofADAMA,said,“ADAMA’s2025financialresultsshowimportantimprovementsinkeyfinancialmetricsincludingcontinuedgrowthinEBITDAanditsmargin;increasedcashgeneration;significantlyreducedreportednetloss;andanadjustednetprofit.TheseencouragingsuccessesreflectthestrongfoundationwehavebuiltoverthepasttwoyearsthroughourFightForwardtransformationplan,wherewefocusedonimprovingcostcompetitiveness,enhancingourcommercialcapabilities,andadvancingourinnovationportfolioandpipeline.”“Thisfoundationisnowahealthybaseonwhichtobuildprofitablegrowth.ADAMAiscommittedtomaintainingthedisciplineandcontinuousimprovementmindsetthatwebuiltthroughFightForward.
IamconfidentthatADAMA'scontinuedexecutionwilldelivergreaterlong-termvalueforourcustomersandinvestors,”Hiliconcluded.Table1.FinancialPerformanceSummary
| USD(m) | AsReported | Adjustments | Adjusted | ||||||
| Q42025 | Q42024 | %Change | Q42025 | Q42024 | Q42025 | Q42024 | %Change | ||
| Revenues | 1,026 | 1,113 | (8%) | - | - | 1,026 | 1,113 | (8%) | |
| Grossprofit | 275 | 274 | 0% | 39 | 5 | 314 | 280 | 12% | |
| %ofsales | 26.8% | 24.7% | 30.6% | 25.2% | |||||
| Operatingincome(loss)(EBIT) | 26 | (45) | 66 | 120 | 92 | 75 | 23% | ||
| %ofsales | 2.6% | (4.1%) | 9.0% | 6.7% | |||||
| Income(loss)beforetaxes | (40) | (95) | 58% | 74 | 109 | 34 | 14 | 152% | |
| %ofsales | (3.9%) | (8.6%) | 3.3% | 1.2% | |||||
| Netloss | (88) | (149) | 41% | 87 | 91 | (1) | (58) | 98% | |
| %ofsales | (8.6%) | (13.4%) | (0.1%) | (5.2%) | |||||
| EPS | |||||||||
| -USD | (0.0378) | (0.0639) | (0.0005) | (0.0247) | |||||
| -RMB | (0.2674) | (0.4572) | (0.0035) | (0.1767) | |||||
| EBITDA | 137 | 117 | 18% | 19 | 20 | 157 | 137 | 14% | |
| %ofsales | 13.4% | 10.5% | 15.3% | 12.3% | |||||
USD(m)
| USD(m) | AsReported | Adjustments | Adjusted | ||||||
| FY2025 | FY2024 | %Change | FY2025 | FY2024 | FY2025 | FY2024 | %Change | ||
| Revenues | 4,051 | 4,141 | (2%) | - | - | 4,051 | 4,141 | (2%) | |
| Grossprofit | 1,067 | 946 | 13% | 125 | 115 | 1,192 | 1,061 | 12% | |
| %ofsales | 26.3% | 22.9% | 29.4% | 25.6% | |||||
| Operatingincome(loss)(EBIT) | 182 | (45) | 147 | 256 | 329 | 212 | 55% | ||
| %ofsales | 4.5% | (1.1%) | 8.1% | 5.1% | |||||
| Income(loss)beforetaxes | (98) | (298) | 67% | 166 | 225 | 68 | (74) | ||
| %ofsales | (2.4%) | (7.2%) | 1.7% | (1.8%) | |||||
| Netincome(loss) | (147) | (407) | 64% | 175 | 201 | 28 | (206) | ||
| %ofsales | (3.6%) | (9.8%) | 0.7% | (5.0%) | |||||
| EPS | |||||||||
| -USD | (0.0631) | (0.1749) | 0.0122 | (0.0885) | |||||
| -RMB | (0.4488) | (1.2461) | 0.0875 | (0.6302) | |||||
| EBITDA | 515 | 369 | 40% | 72 | 100 | 587 | 469 | 25% | |
| %ofsales | 12.7% | 8.9% | 14.5% | 11.3% | |||||
Notes:
?“AsReported”denotestheCompany’sfinancialstatementsaccordingtotheAccountingStandardsforBusinessEnterprisesandthe
implementationguidance,interpretationsandotherrelevantprovisionsissuedorrevisedsubsequentlybytheChineseMinistryofFinance(the“MoF)(collectivelyreferredtoas“ASBE”).Notethatinthereportedfinancialstatements,accordingtotheASBEguidelines[IAS37],certainitems(specificallycertaintransportationcostsandcertainidlenesscharges)areclassifiedunderCOGS.Pleaseseetheappendixtothisreleaseforfurtherinformation.
?Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitemsthatareof
atransitoryornon-cash/non-operationalnaturethatdonotimpacttheongoingperformanceofthebusiness,andreflectthewaytheCompany’smanagementandtheBoardofDirectorsviewtheperformanceoftheCompanyinternally.TheCompanybelievesthatexcludingtheeffectsoftheseitemsfromitsoperatingresultsallowsmanagementandinvestorstoeffectivelycomparethetrueunderlyingfinancialperformanceofitsbusinessfromperiodtoperiodandagainstitsglobalpeers.Adetailedsummaryoftheseadjustmentsappearsintheappendixbelow.?ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinbothQ4&FY2025and2024is2,329.8million
shares.?Inthistableandalltablesinthisreleasenumbersmaynotsumduetorounding.
TheGeneralCropProtection(CP)MarketEnvironmentThrough2025,channelinventoryreturnedtopre-pandemiclevelsinmostcountries,followingcropprotectiondemandrecovery.Pricingpressuresremainhigh,drivenbyproductionover-capacityofactiveingredients(AI).Cropcommoditypricesremainstablylow,whilefarmerprofitabilityremainstightleadingtojust-in-timepurchasingpatterns.
ADAMA’sStrategyExecution
Inearly2024,ADAMAlauncheditsFightForwardtransformationplantostrengthenthecompany’sfoundationsandimproveprofitandcashperformance.TheplansharpenedADAMA’sfocusonprioritycountriesandproducts,enhancedcostcompetitiveness,andestablishedamoreagileandstreamlinedoperatingmodel.Theseactionscontributedtomeaningfulimprovementsinthecompany’sfinancialmetricsandoperationaldiscipline.BuildingonFightForward’sfoundation,in2026ADAMAcontinuestoadvanceitsstrategy,withafocusonenhancingitscommercialcapabilitiestobetterservecustomers,developingitsdifferentiatedportfolioandinnovationpipeline,supportingareliableandcompetitivesupplyofessentialproducts,andpursuingamoreefficientandresponsiveglobalmanufacturingandsupplynetwork.SustainabilityIn2025,ADAMAachievedhigherESGratingsacrossmultipleagencies,includingEcoVadis,GreenEyeinIsraelandWindESGRatinginChina,reflectingthecontinuedstrengtheningoftheCompany’sESGpracticesandthegrowingintegrationofsustainabilityconsiderationsacrossitsoperations.PortfolioDevelopmentUpdateDuring2025ADAMAcontinuedtoregisterandlaunchmultiplenewproductsinmarketsacrosstheglobe,addingontoitsdifferentiatedproductportfolio.TheCompanyprioritizedadvanced,value-drivenformulationsandfocusedonnewproductintroductionsinsegmentswhereperformance,reliabilityandcostcompetitivenessmattermost.Alongsidenewlaunches,ADAMAmaintaineddisciplinedportfoliomanagementtoenhanceoverallproductqualityandrelevance.
Sources:AgbioInvestorQuarterlyBriefingServiceQ42025(December2025),peerquarterlyfinancialresults,internal
sources
Therewere139newproductlaunchesin2025
.SeveralproductswerehighlightedintheCompany’searlier2025quarterlyreports,andinQ42025launchesofdifferentiatedproductsincluded:
?EDAPTIS
?(Italy)andPULIMAISI?(China):Twoinnovativepost-emergenceherbicidescombiningbothPinoxadenandMesosulfuron-methyltoprovideeffectivecontrolofabroadspectrumofgrasses,includingresistantpopulations,withpatentedformulationsthatensuresstableandreliableperformance.?BELLALI
?
(France):Arobust,triazole-freefungicidecombiningFolpetandAzoxystrobintodeliveradualmodeofaction,includingauniquemulti-sitedefense,designedtocombatresistanceandprotectyieldsacrosswheat,barleyandrye.?COSAYR
?
(France):Along-lastingChlorantraniliprole-basedsuspension,todeliverfastandeffectivecontrolofchewinginsectsacrossawiderangeofhorticulturalandfieldcrops.RegistrationsofdifferentiatedproductsduringQ42025included:
?BREVIS?,BREVIS?SG,METAMITRONAI(Canada):Afruitthinnerformanaging
floweringandfruitinginpomefruitssuchasapplesandpears?EDAPTIS
?
(Ireland):Thisinnovativepost-emergenceherbicidecombinesPinoxadenand
Mesosulfuron-methyltoprovideeffectivecontrolofabroadspectrumofgrasses,including
resistantpopulations,withapatentedformulationthatensuresstableandreliable
performance.?RegistrationofProthioconazolebasedproducts,partofADAMA'scomprehensiveportfolioof
innovativesolutionsforcerealfungicides,including:
oAVASTEL
?inHungary,AustriaandNetherlandsoSORATEL
?inEstonia?PORAFAM
?TITAN(Germany):Anovelanduniqueherbicidecombinationforthecontrolof
broad-leavedweedsinwinteroilseedrape,representingthefirstAminopyralidbased
solutionthatADAMAisregisteringinEurope.?TELAVEX?(CzechRepublic):ApowerfulODformulationforcornthatcombines
MesotrioneandThiencarbazone-methylwithasafenertodeliverrobustcontrolofgrassand
broad-leafweedsforbothpre-andearlypost-emergenceapplication.?ATEKA?(USA):ApowerfulSpirotetramat-basedinsecticidewithfullsystemicaction,
designedtoprotecthigh-valuecropsfromdifficulttocontrolsuckingpests?IZAVIA
?
(India):Ahigh-performanceSCformulationcombiningChlorantraniliproleand
EmamectinBenzoate.Thisdual-actionproductdeliversbothrapidknockdownandlong-
lastingresidualcontrolagainstthetoughestLepidopteranpests?DOMAGO
?
(India):AformulationcombiningPenoxsulam,Pretilachlorandthesafener
Fenclorimofferinganeffectiveweedcontrolwhileguaranteeingahighsafetytorice.?MASTERCOP
?
25SC(Thailand):Abroad-spectrumfungicideandbactericidebasedon
coppersulfatepentahydrate,providingeffectivecontrolofawiderangeoffungaland
bacterialdiseasesinrangeofcropsincluding:berries,cucurbits,grapes,fruitingvegetables,
pomefruits,potatoes,andtreenuts.?CUTLASS
?
(Australia):Apowerful,selectiveherbicideforthecontrolofdifficultbroadleaf
weedsincereals,maize,pastureandwasteareas.
Thisreferstoproductslaunchedforthefirsttimeinaparticularcountry.
?HIGHCARD
?(Spain):RiceCroppingSolutionforcontroloftroublesomeweeds,providingrotationflexibilityandsuperiorcropsafety.Inaddition,patentsgrantedduringQ42025includedaSORATEL?formulationpatentintheUnitedStatesandIsrael,andU.S.patentsforSaflufenacilSLandtheFipronil&Imidaclopridmixture.GeopoliticalSituationADAMAisheadquarteredandhasthreemanufacturingsitesinIsrael.RegionaltensionsescalatedonOctober7,2023,andmorerecentlywidenedonFebruary28,2026.TheCompany’sIsraeliproductionsitesandsupplychain,includingports,continuetooperatewithoutsignificantdelays.Asofthispublicationdate,theeventshavenothadnorareexpectedtohavematerialimpactontheCompany'sabilitytosupportitsmarkets,itsongoingactivities,oritsconsolidatedfinancialresults.ADAMAisaglobalcompanywithmanufacturingandformulationfacilitiesinseverallocationsaroundtheworld,principallyinIsrael,ChinaandBrazil.TheCompany’smanagementappointedadedicatedtaskforcetoanalyzeimplicationsofglobaltariffpoliciesonADAMAanditssector,andtocloselymonitorandmanagethesituationandthepotentialimpactonADAMA’sglobalnetwork.Despitetheuncertaintyregardingchangestotradeandtariffpoliciesaroundtheworld,theCompanycurrentlyexpectsthattheimpactonitsoperationsandbusinessresultswillcontinuetobeimmaterial.FinancialHighlights
Revenuesinthefourthquarterdeclinedbyapproximately8%(-9%inRMB;-10%inCER)comparedtothefourthquarterof2024to$1,026million,reflectingdecreasesof8%involumesand2%inprices,partiallyoffsetbypositiveforeignexchangeimpacts.Inthefourthquarter,lowervolumeswererecorded,mainlyreflectingtheCompany’sstrategicdecisionstopivotawayfromsellingsomebasicchemicalproductsaswellasphasingandthechannel’sjust-in-timepurchasingpatterns.Pricesremainedweakinmostregionsmainlyduetolowpricesofactiveingredientsinlightofovercapacity,aswellaslowcommodityprices,whichputpressureonfarmers.Revenuesforthefullyearwere$4,051million,adeclineofapproximately2%(-2%inRMB;-2%inCER)comparedtothefullyearof2024,reflectingadecreaseof2%inpricesattributabletothereasonsstatedabove.Volumesinthefullyearwerestableasdemandrecoveryduetoinventoryimprovementinseveralregionswasoffsetbytheimpactsofextremeweatherconditionsinsomekeycountries,theCompany’sstrategicdecisionstooptimizeitsportfolioandgeographicalpresenceandreducesellingsomebasicchemicalproducts,andsignificantdeclinesinTurkeyinQ1.Table2.RegionalSalesPerformance
| Q42025$m | Q42024$m | ChangeUSD | ChangeCER | FY2025$m | FY2024$m | ChangeUSD | ChangeCER | ||
| Europe,Africa&MiddleEast | 233 | 257 | (9%) | (15%) | 1,136 | 1,167 | (3%) | (5%) | |
| NorthAmerica | 283 | 279 | 2% | 2% | 942 | 851 | 11% | 11% | |
| LatinAmerica | 331 | 348 | (5%) | (9%) | 1,006 | 1,035 | (3%) | (2%) | |
| AsiaPacific | 178 | 229 | (22%) | (21%) | 967 | 1,088 | (11%) | (10%) | |
| OfwhichChina | 64 | 102 | (37%) | (38%) | 464 | 486 | (5%) | (5%) |
Notes:
CER:ConstantExchangeRatesNumbersmaynotsumduetorounding
Europe,Africa&MiddleEast(EAME):VolumesdecreasedinthefourthquartercomparedtoQ4’24mainlyduetotheimpactsofphasingandjust-in-timepurchasingbycustomersinEurope,thoughpricesstabilized.Fortheyear,significantQ1declinesinTurkeyimpactedresults.ExcludingTurkey,volumesincreased.Intensecompetitionandfarmerpressurescontinued.Foreignexchangerateshadpositiveimpact.NorthAmerica:IntheNorthAmericaAgmarket,volumeswereupontheyearwithnewproductlaunchofCAZADO
TM
wellreceivedbythemarket.PriceswereslightlyhigherbothforQ4andthefullyear,whileQ4volumeswerestableasdemandadjustedtojust-in-timepurchasing.Consumer&ProfessionalSolutionsexperiencedflatpricesandincreasedvolumesfollowingimprovedmarketpenetrationforboththefourthquarterandfullyear.LatinAmerica:BrazilexperiencedlowervolumesandpricesinQ4comparedtoQ4’24duetophasingandclimateeffects.However,revenueswereupforthefullyearonthebackofhighervolumesinlightofdemandimprovementandsupportedbynewproductintroductionssuchasAPRESA
?
,thoughpartiallyoffsetbylowerprices.IntherestofLATAMlowervolumesandpriceswerereportedfortheyear,particularlyinArgentinaandMexico.Marketdeclinewasmainlydrivenbychannelpartnersfocusedonworkingcapitalandinventorydisciplineinlightofhighinterestrates.However,fourthquartervolumesimprovedcomparedtoQ4’24asthechanneladaptedtojust-in-timepurchasing.Asia-Pacific(APAC):Indiaexperiencedsignificantdeclinesthroughouttheyearprimarilyduetolowervolumesdrivenbyextremeweatherconditions.Similarly,therestofAPAC(excludingIndiaandChina)experiencedlowersalesandvolumesontheyear,mainlyattributabletounfavorableweatherconditionsinpartsofAustralia.InChina,salesinQ4andthefullyeardeclined,primarilyastheCompanydecidedtopivotawayfrommanufacturingsomebasicchemicals(non-agbusiness).InQ4,thedeclinewasalsoduetophasingofcustomizedAIproducts.Forthefullyear,thedeclinewaspartiallycompensatedbyhigherAIsalesmainlyduetotheexpansionofnewdistributionchannels,whilebrandedformulationsstillfacedmarketandproductcompetition.Reportedgrossprofitinthefourthquarterremainedstabledespiteadeclineinsalesandreached$275million(grossmarginof26.8%)comparedto$274million(grossmarginof24.7%)inthesamequarterlastyearandincreased13%to$1,067million(grossmarginof26.3%)inthefullyearcomparedto$946million(grossmarginof22.9%)lastyear.
Adjustmentstoreportedresults:Theadjustedgrossprofitincludesmainlyreclassificationofinventoryimpairment,taxesandsurchargeandexcludescertaintransportationcosts(classifiedunderoperatingexpenses),inventoryimpairments,andtheremediationcostsforcertainplants.Despiteadeclineinsales,adjustedgrossprofitinthefourthquarterincreased12%to$314million(grossmarginof30.6%)comparedto$280million(grossmarginof25.2%)lastyearandincreased12%to$1,192million(grossmarginof29.4%)inthefullyearcomparedto$1,061million(grossmarginof25.6%)lastyear.TheCompanyimprovedthegrossprofitanditsmargininboththefourthquarterandthefullyear,mainlyreflectingthepositiveimpactsoflowercostsduetoimprovedoperationalefficiencyandlowercostsofinventorysold,morethancompensatingforlowervolumesandprices.
| Total | 1,026 | 1,113 | (8%) | (10%) | 4,051 | 4,141 | (2%) | (2%) |
Reportedoperatingexpensesreportedinthefourthquarterandfullyearwere$249million(24.3%ofsales)and$885million(21.8%ofsales),comparedto$320million(28.7%ofsales)and$991million(23.9%ofsales)inthecorrespondingperiodslastyear.Adjustmentstoreportedresults:Pleaserefertotheexplanationregardingadjustmentstothegrossprofitinrespecttocertaintransportationcosts,taxesandsurchargesandinventoryimpairment.
TheCompanyrecordedcertainnon-operationalitemswithinitsreportedoperatingexpensesamountingto$40millioninQ42025incomparisonto$118millioninQ42024and$113millioninFY2025incomparisonto$230millioninFY2024.Theseitemsin2025includemainly:i.non-cashamortizationchargesinrespectoftransferassetsreceivedfromSyngentarelatedtothe2017ChemChina-Syngentaacquisition;ii.non-cashamortizationnetchargesrelatedtointangibleassetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions;iii.restructuringandadvisorycostsincurredaspartoftheimplementationoftheFightForwardtransformationplan;iv.fixedassetimpairmentsrelatedtoimprovementofoperationalefficiency,aspartoftheFightForwardplan;andv.compensationrelatedtoproductliability.Forfurtherdetailsonthesenon-operationalitems,pleaseseetheappendixtothisrelease.Adjustedoperatingexpensesinthefourthquarterandfullyearwere$222million(21.6%ofsales)and$863million(21.3%ofsales),comparedto$205million(18.4%ofsales)and$850million(20.5%ofsales)inthecorrespondingperiodslastyear.Theoperatingexpenseswerehigherinthefourthquarterandthefullyear,reflectinganincreaseincompanyperformance-basedemployeecompensation,andthenegativeimpactofexchangerates.Inthefullyear,theincreaseisalsoattributedtocreditlossesprovisionsduetoliquidityissuesofsomelocaldistributorsinLATAM,butcompensatedbypositiveimpactsoftheFightForwardplan.Reportedoperatingincometurnedpositiveto$26million(2.6%ofsales)inthefourthquartercomparedtoalossof$45million(-4.1%ofsales)lastyearandto$182million(4.5%ofsales)inthefullyearcomparedtoalossof$45million(-1.1%ofsales)lastyear.Adjustedoperatingincomeinthefourthquarterincreased23%to$92million(9.0%ofsales)from$75million(6.7%ofsales)lastyearandincreased55%to$329million(8.1%ofsales)inthefullyearfrom$212million(5.1%ofsales)lastyear.Theincreaseinoperatingincomeinthefourthquarterandthefullyearwasattributedtohighergrossprofitswhichmorethanoffsetincreaseinoperatingexpenses.EBITDAreportedinthefourthquarterincreased18%to$137million(13.4%ofsales)from$117million(10.5%ofsales)lastyear,andincreased40%to$515million(12.7%ofsales)inthefullyearcomparedto$369million(8.9%ofsales)lastyear.AdjustedEBITDAinthefourthquarterincreased14%to$157million(15.3%ofsales)from$137million(12.3%ofsales)lastyearandincreased25%to$587million(14.5%ofsales)inthefullyearfrom$469million(11.3%ofsales)lastyear.Adjustedfinancialexpensesdecreasedto$58millioninthefourthquarterand$261millioninthefullyear,comparedto$61millionand$285millioninthecorrespondingperiodslastyear.Thelowerfinancialexpensesinboththefourthquarterandthefullyearwereprimarilypositivelyimpactedbyabondbuybackbyafully-ownedsubsidiarythatwasexecutedinlateQ2andthelowerhedgingcostsrelatedtotheIsraeliShekelandlowerexposuretotheTurkishLira.Adjustedtaxesonincomedecreasedto$35millioninthefourthquarterandto$39millioninthefullyear,comparedto$71millionand$133millioninthecorrespondingperiodslastyear.
TheCompanyrecordedtaxexpensesmainlyduetolossesincurredbysubsidiariesforwhichnodeferredtaxassetwascreated.Ontheotherhand,thesubsidiariesthatgeneratedprofithaveahighertaxrate.Thetaxexpensesinthefullyearof2025werelowercomparedtothefullyearof2024dueto(1)lowerlosses(improvedprofitallocation)insubsidiariesthatdidnotcreatedeferredtaxassets;(2)taxincomeraisedbytheaccountingmethodofcalculationoftaxassetsrelatedtounrealizedprofits;and(3)foreignexchangeimpactofthestrongerBRLin2025comparedwithtaxexpensesduetotheweaknessoftheBRLinthefullyearof2024.Reportednetlossdeclinedto$88millioninthefourthquarterandto$147millioninthefullyear,comparedto$149millionand$407millioninthecorrespondingperiodslastyear.Afterreflectingtheimpactoftheabove-mentionedextraordinaryandnon-operationalcharges,adjustednetlossinthefourthquarterdecreasedto$1millionfrom$58millionlastyear,andadjustednetincomeinthefullyearturnedpositiveto$28millioncomparedtoalossof$206millionlastyear.TradeworkingcapitalasofDecember31,2025,was$2,003millioncomparedto$2,111millionasofDecember31,2024.Thedecreaseinworkingcapitalwasduetobothlowerreceivableswhichreflectedintensivecollections,andhigherpayablesasaresultofimprovedpayabletermsandincreaseinprocurement.Inventorylevelsincreasedto$1,652millionbyendof2025,comparedto$1,553millionbyendof2024,astheCompanyprocuredmoreinpreparationtocapturemomentumasthemarketrecoversandtosecurebusinesscontinuityduringmergingofentitiesinIsraelaspartoftheFightForwardplan.CashFlow:Operatingcashflowof$237millionwasgeneratedinthefourthquarterand$567milliongeneratedinthefullyear,comparedto$126millionand$528millioninthecorrespondingperiodslastyear.Thehigheroperatingcashflowgeneratedinboththefourthquarterandthefullyearwasmainlyduetoimprovementincollections,whichoffsethigheroutflowreflectingincreasedprocurementpayments.Netcashusedininvestingactivitieswas$38millioninthefourthquarterand$169millioninthefullyear,comparedto$40millionand$162millioninthecorrespondingperiodslastyear.Inthefullyear,theCompanystrengthenedexecutionofitsstrategicdecisiontoprioritizethemostcriticalinvestmentsininfrastructure,portfolioandinnovationwhileoptimizingexistingassetstoenablenewgrowthprojects.Thedeclineincashusedininvestingactivitieswasmorethanoffsetbythepaymentforearn-outofAgriNova,acontrolledsubsidiaryinQ22025whileinQ32024theCompanyreceivedproceedsfromthesaleofarealestateasset.Freecashflowof$156millionwasgeneratedinthefourthquarterand$269millioninthefullyear,comparedto$38millionand$217milliongeneratedinthecorrespondingperiodslastyear,reflectingtheaforementionedoperatingandinvestingcashflowdynamics.
Table3.RevenuesbyoperatingsegmentSalesbysegment
| Q42025USD(m) | % | Q42024USD(m) | % | FY2025USD(m) | % | FY2024USD(m) | % | |
| CropProtection | 959 | 93% | 1,022 | 92% | 3,730 | 92% | 3,768 | 91% |
| IntermediatesandIngredients | 67 | 7% | 91 | 8% | 321 | 8% | 373 | 9% |
| Total | 1,026 | 100% | 1,113 | 100% | 4,051 | 100% | 4,141 | 100% |
Salesbyproductcategory
| Q42025USD(m) | % | Q42024USD(m) | % | FY2025USD(m) | % | FY2024USD(m) | % | |
| Herbicides | 422 | 41% | 436 | 39% | 1,710 | 42% | 1,649 | 40% |
| Insecticides | 312 | 30% | 338 | 30% | 1,168 | 29% | 1,233 | 30% |
| Fungicides | 226 | 22% | 248 | 22% | 852 | 21% | 886 | 21% |
| IntermediatesandIngredients | 67 | 7% | 91 | 8% | 321 | 8% | 373 | 9% |
| Total | 1,026 | 100% | 1,113 | 100% | 4,051 | 100% | 4,141 | 100% |
Notes:
?ThesalessplitbyproductcategoryisprovidedforconveniencepurposesonlyandisnotrepresentativeofthewaytheCompanyismanagedorinwhichitmakesitsoperationaldecisions.?Numbersmaynotsumduetorounding.FurtherInformationAllfilingsoftheCompany,togetherwithapresentationofthekeyfinancialhighlightsoftheperiod,canbeaccessedthroughtheCompanywebsiteatwww.adama.com.AboutADAMAADAMALtd.isagloballeaderincropprotection,providingpracticalsolutionstofarmersacrosstheworldtocombatweeds,insectsanddisease.OurcultureempowersADAMA'speopletoactivelylistentofarmersandideasfromthefield.ADAMA'sdiverseportfolioofexistingactiveingredients,coupledwithitsleadingformulationcapabilitiesandproprietaryformulationtechnologyplatforms,uniquelypositionthecompanytodevelophigh-quality,innovativeandsustainableproducts,toaddressthemanychallengesfarmersandcustomersfacetoday.ADAMAservescustomersindozensofcountriesglobally,withdirectpresenceinalltop20markets.Formoreinformation,visitusatwww.ADAMA.com.ContactJoshuaPhillipsonZhujunWangGlobalInvestorRelationsChinaInvestorRelations
Email:ir@adama.comEmail:irchina@adama.com
AbridgedAdjustedConsolidatedFinancialStatementsThefollowingabridgedconsolidatedfinancialstatementsandnoteshavebeenpreparedasdescribedinNote1inthisappendix.WhilepreparedbasedontheprinciplesofChineseAccountingStandards(ASBE),theydonotcontainalloftheinformationwhicheitherASBEorIFRSwouldrequireforacompletesetoffinancialstatements,andshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsofbothADAMALtd.andAdamaAgriculturalSolutionsLtd.asfiledwiththeShenzhenandTelAvivStockExchanges,respectively.Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitemsthatareofaone-timeornon-cash/non-operationalnaturethatdonotimpacttheongoingperformanceofthebusiness,andreflectthewaytheCompany’smanagementandtheBoardofDirectorsviewtheperformanceoftheCompanyinternally.TheCompanybelievesthatexcludingtheeffectsoftheseitemsfromitsoperatingresultsallowsmanagementandinvestorstoeffectivelycomparethetrueunderlyingfinancialperformanceofitsbusinessfromperiodtoperiodandagainstitsglobalpeers.
AbridgedConsolidatedIncomeStatementfortheFourthQuarter
| Adjusted3 | Q42025USD(m) | Q42024USD(m) | Q42025RMB(m) | Q42024RMB(m) |
| Revenues | 1,026 | 1,113 | 7,266 | 7,965 |
| CostofSales | 705 | 806 | 4,993 | 5,768 |
| Othercosts | 7 | 27 | 51 | 193 |
| Grossprofit | 314 | 280 | 2,223 | 2,003 |
| %ofrevenue | 30.6% | 25.2% | 30.6% | 25.2% |
| Selling&Distributionexpenses | 166 | 153 | 1,174 | 1,092 |
| General&Administrativeexpenses | 41 | 40 | 294 | 284 |
| Research&Developmentexpenses | 17 | 13 | 117 | 96 |
| Otheroperatingexpenses | (2) | (1) | (12) | (6) |
| Totaloperatingexpenses | 222 | 205 | 1,572 | 1,466 |
| %ofrevenue | 21.6% | 18.4% | 21.6% | 18.4% |
| Operatingincome(EBIT) | 92 | 75 | 651 | 537 |
| %ofrevenue | 9.0% | 6.7% | 9.0% | 6.7% |
| Financialexpenses | 58 | 61 | 408 | 439 |
| Incomebeforetaxes | 34 | 14 | 243 | 98 |
| TaxesonIncome | 35 | 71 | 251 | 510 |
| Netloss | (1) | (58) | (8) | (412) |
| %ofrevenue | (0.1%) | (5.2%) | (0.1%) | (5.2%) |
| Adjustments | 87 | 91 | 615 | 653 |
| Reportednetloss | (88) | (149) | (623) | (1,065) |
| %ofrevenue | (8.6%) | (13.4%) | (8.6%) | (13.4%) |
| AdjustedEBITDA | 157 | 137 | 1,110 | 982 |
| %ofrevenue | 15.3% | 12.3% | 15.3% | 12.3% |
| AdjustedEPS4–Basic | (0.0005) | (0.0247) | (0.0035) | (0.1767) |
| –Diluted | (0.0005) | (0.0247) | (0.0035) | (0.1767) |
| ReportedEPS4–Basic | (0.0378) | (0.0639) | (0.2674) | (0.4572) |
| –Diluted | (0.0378) | (0.0639) | (0.2674) | (0.4572) |
Forananalysisofthedifferencesbetweentheadjustedincomestatementitemsandtheincomestatementitemsasreportedinthefinancialstatements,seebelow“AnalysisofGapsbetweenAdjustedIncomeStatementandIncomeStatementinFinancialStatements”.
ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinbothQ42025and2024is2,329.8millionshares.
AbridgedConsolidatedIncomeStatementfortheFullYear
| Adjusted5 | FY2025USD(m) | FY2024USD(m) | FY2025RMB(m) | FY2024RMB(m) |
| Revenues | 4,051 | 4,141 | 28,945 | 29,488 |
| CostofSales | 2,834 | 3,044 | 20,253 | 21,677 |
| Othercosts | 25 | 35 | 177 | 252 |
| Grossprofit | 1,192 | 1,061 | 8,515 | 7,558 |
| %ofrevenue | 29.4% | 25.6% | 29.4% | 25.6% |
| Selling&Distributionexpenses | 640 | 652 | 4,570 | 4,643 |
| General&Administrativeexpenses | 155 | 141 | 1,104 | 1,006 |
| Research&Developmentexpenses | 59 | 58 | 423 | 416 |
| Otheroperatingexpenses | 10 | (2) | 69 | (15) |
| Totaloperatingexpenses | 863 | 850 | 6,166 | 6,051 |
| %ofrevenue | 21.3% | 20.5% | 21.3% | 20.5% |
| Operatingincome(EBIT) | 329 | 212 | 2,349 | 1,507 |
| %ofrevenue | 8.1% | 5.1% | 8.1% | 5.1% |
| Financialexpenses | 261 | 285 | 1,868 | 2,029 |
| Income(loss)beforetaxes | 68 | (74) | 481 | (522) |
| TaxesonIncome | 39 | 133 | 277 | 946 |
| Netincome(loss) | 28 | (206) | 204 | (1,468) |
| %ofrevenue | 0.7% | (5.0%) | 0.7% | (5.0%) |
| Adjustments | 175 | 201 | 1,250 | 1,435 |
| Reportednetloss | (147) | (407) | (1,046) | (2,903) |
| %ofrevenue | (3.6%) | (9.8%) | (3.6%) | (9.8%) |
| AdjustedEBITDA | 587 | 469 | 4,193 | 3,340 |
| %ofrevenue | 14.5% | 11.3% | 14.5% | 11.3% |
| AdjustedEPS6–Basic | 0.0122 | (0.0885) | 0.0875 | (0.6302) |
| –Diluted | 0.0122 | (0.0885) | 0.0875 | (0.6302) |
| ReportedEPS6–Basic | (0.0631) | (0.1749) | (0.4488) | (1.2461) |
| –Diluted | (0.0631) | (0.1749) | (0.4488) | (1.2461) |
Forananalysisofthedifferencesbetweentheadjustedincomestatementitemsandtheincomestatementitemsasreportedinthefinancialstatements,seebelow“AnalysisofGapsbetweenAdjustedIncomeStatementandIncomeStatementinFinancialStatements”.
ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinFY2025and2024is2,329.8millionshares.
AbridgedConsolidatedBalanceSheet
| December312025USD(m) | December312024USD(m) | December312025RMB(m) | December312024RMB(m) | |
| Assets | ||||
| Currentassets: | ||||
| Cashatbankandonhand | 491 | 505 | 3,450 | 3,631 |
| Billsandaccountsreceivable | 1,201 | 1,283 | 8,440 | 9,223 |
| Inventories | 1,651 | 1,553 | 11,608 | 11,165 |
| Othercurrentassets,receivablesandprepaidexpenses | 294 | 264 | 2,063 | 1,899 |
| Totalcurrentassets | 3,637 | 3,605 | 25,561 | 25,917 |
| Non-currentassets: | ||||
| Fixedassets,net | 1,561 | 1,636 | 10,971 | 11,760 |
| Rightsofuseassets | 94 | 78 | 661 | 557 |
| Intangibleassets,net | 1,318 | 1,373 | 9,267 | 9,871 |
| Deferredtaxassets | 184 | 180 | 1,294 | 1,292 |
| Othernon-currentassets | 101 | 92 | 710 | 663 |
| Totalnon-currentassets | 3,258 | 3,359 | 22,903 | 24,142 |
| Totalassets | 6,895 | 6,964 | 48,464 | 50,060 |
Liabilities
| Liabilities | ||||
| Currentliabilities: | ||||
| Loansandcreditfrombanksandotherlenders | 1,494 | 971 | 10,499 | 6,979 |
| Billsandaccountspayable | 866 | 748 | 6,084 | 5,374 |
| Othercurrentliabilities | 825 | 787 | 5,802 | 5,660 |
| Totalcurrentliabilities | 3,185 | 2,506 | 22,386 | 18,013 |
| Long-termliabilities: | ||||
| Loansandcreditfrombanksandotherlenders | 214 | 301 | 1,508 | 2,167 |
| Debentures | 696 | 879 | 4,894 | 6,320 |
| Deferredtaxliabilities | 32 | 39 | 224 | 283 |
| Employeebenefits | 76 | 76 | 537 | 544 |
| Otherlong-termliabilities | 191 | 520 | 1,340 | 3,742 |
| Totallong-termliabilities | 1,210 | 1,816 | 8,503 | 13,056 |
| Totalliabilities | 4,395 | 4,322 | 30,889 | 31,069 |
Equity
| Equity | ||||
| Totalequity | 2,501 | 2,642 | 17,575 | 18,991 |
| Totalliabilitiesandequity | 6,895 | 6,964 | 48,464 | 50,060 |
AbridgedConsolidatedCashFlowStatementfortheFourthQuarter
| Q42025USD(m) | Q42024USD(m) | Q42025RMB(m) | Q42024RMB(m) | |
| Cashflowfromoperatingactivities: | ||||
| Cashflowfromoperatingactivities | 236 | 126 | 1,675 | 898 |
| Cashflowfromoperatingactivities | 236 | 126 | 1,675 | 898 |
Investingactivities:
| Investingactivities: | ||||
| Acquisitionsoffixedandintangibleassets | (49) | (49) | (348) | (349) |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandothers | 3 | 4 | 22 | 30 |
| Otherinvestingactivities | 8 | 4 | 59 | 31 |
| Cashflowusedforinvestingactivities | (38) | (40) | (266) | (288) |
Financingactivities:
| Financingactivities: | ||||
| Receiptofloansfrombanksandotherlenders | 91 | 56 | 641 | 399 |
| Repaymentofloansfrombanksandotherlenders | (223) | (174) | (1,577) | (1,245) |
| Interestpaymentandother | (51) | (47) | (359) | (338) |
| Otherfinancingactivities | (43) | (10) | (306) | (72) |
| Cashflowusedforfinancingactivities | (226) | (176) | (1,601) | (1,256) |
| Effectsofexchangeratemovementoncashandcashequivalents | 1 | 0 | (33) | 100 |
| Netchangeincashandcashequivalents | (27) | (91) | (226) | (545) |
| Cashandcashequivalentsatthebeginningoftheperiod | 504 | 589 | 3,580 | 4,129 |
| Cashandcashequivalentsattheendoftheperiod | 477 | 499 | 3,353 | 3,584 |
FreeCashFlow
| FreeCashFlow | 156 | 38 | 1,107 | 272 |
AbridgedConsolidatedCashFlowStatementfortheFullYear
| FY2025USD(m) | FY2024USD(m) | FY2025RMB(m) | FY2024RMB(m) | |
| Cashflowfromoperatingactivities: | ||||
| Cashflowfromoperatingactivities | 567 | 528 | 4,049 | 3,761 |
| Cashflowfromoperatingactivities | 567 | 528 | 4,049 | 3,761 |
Investingactivities:
| Investingactivities: | ||||
| Acquisitionsoffixedandintangibleassets | (170) | (200) | (1,214) | (1,424) |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandothers | 10 | 38 | 69 | 273 |
| Acquisitionofsubsidiaries | (8) | 0 | (56) | - |
| Otherinvestingactivities | (1) | 0 | (7) | (3) |
| Cashflowusedforinvestingactivities | (169) | (162) | (1,209) | (1,154) |
Financingactivities:
| Financingactivities: | ||||
| Receiptofloansfrombanksandotherlenders | 456 | 290 | 3,266 | 2,066 |
| Repaymentofloansfrombanksandotherlenders | (733) | (679) | (5,242) | (4,834) |
| Interestpaymentandother | (148) | (158) | (1,058) | (1,127) |
| Otherfinancingactivities | 3 | (9) | 25 | (64) |
| Cashflowusedforfinancingactivities | (422) | (556) | (3,010) | (3,959) |
| Effectsofexchangeratemovementoncashandcashequivalents | 2 | 3 | (61) | 79 |
| Netchangeincashandcashequivalents | (21) | (187) | (231) | (1,273) |
| Cashandcashequivalentsatthebeginningoftheperiod | 499 | 686 | 3,584 | 4,857 |
| Cashandcashequivalentsattheendoftheperiod | 477 | 499 | 3,353 | 3,584 |
FreeCashFlow
| FreeCashFlow | 269 | 217 | 1,914 | 1,549 |
NotestoAbridgedConsolidatedFinancialStatementsNote1:BasisofpreparationBasisofpresentationandaccountingpolicies:TheabridgedconsolidatedfinancialstatementsforthequartersendedDecember31,2025and2024incorporatethefinancialstatementsofADAMALtd.andofallofitssubsidiaries(the“Company”),includingAdamaAgriculturalSolutionsLtd.(“Solutions”)anditssubsidiaries.TheCompanyhasadoptedtheAccountingStandardsforBusinessEnterprises(ASBE)issuedbytheMinistryofFinance(the"MoF")andtheimplementationguidance,interpretationsandotherrelevantprovisionsissuedorrevisedsubsequentlybytheMoF(collectivelyreferredtoas“ASBE”).TheabridgedconsolidatedfinancialstatementscontainedinthisreleasearepresentedinbothChineseRenminbi(RMB),astheCompany’ssharesaretradedontheShenzhenStockExchange,aswellasinUnitedStatesdollars($)asthisisthemajorcurrencyinwhichtheCompany’sbusinessisconducted.Forthepurposesofthisrelease,acustomaryconveniencetranslationhasbeenusedforthetranslationfromRMBtoUSdollars,withIncomeStatementandCashFlowitemsbeingtranslatedusingthequarterlyaverageexchangerate,andBalanceSheetitemsbeingtranslatedusingtheexchangerateattheendoftheperiod.Thepreparationoffinancialstatementsrequiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentassetsandliabilitiesatthedateofthefinancialstatements,andthereportedamountsofrevenuesandexpensesduringthereportingperiod.Actualresultscoulddifferfromthoseestimated.Note2:AbridgedFinancialStatementsForeaseofuse,thefinancialstatementsshowninthisreleasehavebeenabridgedasfollows:
AbridgedConsolidatedIncomeStatement:
?“Grossprofit”inthisreleaseisrevenuelesscostsofgoodssold,taxesandsurcharges,inventory
impairmentandotheridlenesscharges(inadditiontothosealreadyincludedincostsofgoodssold);partoftheidlenesschargesisremovedintheAdjustedfinancialstatements?“Otheroperatingexpenses”includesimpairmentlosses(notincludinginventoryimpairment);gain
(loss)fromdisposalofassetsandnon-operatingincomeandexpenses?“Operatingexpenses”inthisreleasedifferfromthoseintheformallyreportedfinancialstatementsinthatcertaintransportationcostshavebeenreclassifiedfromCOGStoOperatingExpenses.?“Financialexpenses”includesnetfinancingexpensesandgains/lossesfromchangesinfairvalue.AbridgedConsolidatedBalanceSheet:
?“Othercurrentassets,receivablesandprepaidexpenses”includesfinancialassetsheldfortrading;
financialassetsinrespectofderivatives;prepayments;otherreceivables;andothercurrentassets?“Fixedassets,net”includesfixedassetsandconstructioninprogress?“Intangibleassets,net”includesintangibleassetsandgoodwill?“Othernon-currentassets”includesotherequityinvestments;long-termequityinvestments;long-term
receivables;investmentproperty;andothernon-currentassets?“Loansandcreditfrombanksandotherlenders”includesshort-termloansandnon-currentliabilities
duewithinoneyear?“Othercurrentliabilities”includesfinancialliabilitiesinrespectofderivatives;payablesforemployee
benefits,taxes,interest,dividendsandothers;advancesfromcustomersandothercurrentliabilities?“Otherlong-termliabilities”includeslong-termpayables,provisions,deferredincomeandothernon-
currentliabilities
IncomeStatementAdjustments
| Q42025USD(m) | Q42024USD(m) | Q42025RMB(m) | Q42024RMB(m) | |
| ReportedNetLoss | (88) | (149) | (623) | (1,065) |
| AdjustmentstoCOGS&OperatingExpenses: | ||||
| 1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts | 4 | 4 | 25 | 26 |
| 2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngentatransaction(non-cash) | 6 | 5 | 39 | 38 |
| 3.Cleanupandremediationcostsforsomeplants | 8 | 1 | 54 | 10 |
| 4.ASBEsclassificationsCOGSimpact | (13) | (3) | (89) | (20) |
| 5.ASBEsclassificationsOPEXimpact | 13 | 3 | 89 | 20 |
| 6.Restructuringandadvisorycosts | 17 | 19 | 122 | 134 |
| 7.Fixedassetsandinventoryimpairments | 55 | 90 | 387 | 644 |
| 8.Compensationfromproductliabilities | (25) | - | (178) | - |
| 9.Registrationimpairmentandupdateofregistrationdepreciation | 2 | - | 14 | - |
| 10.Other | - | 1 | 1 | 10 |
| TotalAdjustmentstoOperatingIncome(EBIT) | 66 | 120 | 464 | 861 |
| TotalAdjustmentstoEBITDA | 19 | 20 | 138 | 142 |
| AdjustmentstoFinancingExpenses: | ||||
| 11.Non-cashadjustmentrelatedtoputoptionsrevaluations | 9 | (10) | 63 | (71) |
| 14.Otherfinancingexpenses | 0 | (1) | (2) | (10) |
| AdjustmentstoTaxes: | ||||
| Taxesimpact | 13 | (18) | 90 | (126) |
| TotaladjustmentstoNetloss | 87 | 91 | 615 | 653 |
| AdjustedNetLoss | (1) | (58) | (8) | (412) |
| FY2025USD(m) | FY2024USD(m) | FY2025RMB(m) | FY2024RMB(m) | |
| ReportedNetloss | (147) | (407) | (1,046) | (2,903) |
| AdjustmentstoCOGS&OperatingExpenses: | ||||
| 1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts | 14 | 19 | 102 | 132 |
| 2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngentatransaction(non-cash) | 22 | 21 | 156 | 147 |
| 3.Cleanupandremediationcostsforsomeplants | 14 | 18 | 102 | 131 |
| 4.ASBEsclassificationsCOGSimpact | (91) | (90) | (649) | (637) |
| 5.ASBEsclassificationsOPEXimpact | 91 | 90 | 649 | 637 |
| 6.Restructuringandadvisorycosts | 62 | 40 | 443 | 289 |
| 7.Fixedassetsandinventoryimpairments | 55 | 90 | 387 | 644 |
| 8.Compensationrelatedtoproductliabilities | (25) | 36 | (178) | 255 |
| 9.Registrationimpairmentandupdateofregistrationdepreciation | 3 | 28 | 23 | 196 |
| 10.Other | 2 | 4 | 12 | 32 |
| TotalAdjustmentstoOperatingIncome(EBIT) | 147 | 256 | 1,047 | 1,826 |
| TotalAdjustmentstoEBITDA | 72 | 100 | 514 | 712 |
| AdjustmentstoFinancingExpenses: | ||||
| 11.Non-cashadjustmentrelatedtoputoptionsrevaluation | 16 | (40) | 111 | (282) |
| 12.Repurchaseofdebenturesbyacontrolledsubsidiary | 9 | - | 68 | - |
| 13.Arbitrationdecisionrelatedtoacontrolledsubsidiary | (4) | - | (32) | - |
| 14.Otherfinancingexpenses | (2) | 8 | (14) | 59 |
| AdjustmentstoTaxes: | ||||
| Taxesimpact | 10 | (23) | 69 | (167) |
| TotaladjustmentstoNetloss | 175 | 201 | 1,250 | 1,435 |
| AdjustedNetincome(loss) | 28 | (206) | 204 | (1,468) |
Notes:
1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts:
a.AmortizationofLegacyPPAof2011acquisitionofSolutions(non-cash):UnderASBE,sincethethirdcombinedreportingfor
Q32017,theCompanyhasinheritedthehistorical“legacy”amortizationchargethatChemChinapreviouslywasincurringinrespectofitsacquisitionofSolutionsin2011.Thisamortizationisdoneinalinearmanneronaquarterlybasis,mostofwhichwillhavebeencompletedbytheendof2020.b.Amortizationofacquisition-relatedPPA(non-cash)andotheracquisition-relatedcosts:Relatedmainlytothenon-cash
amortizationofintangibleassetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions,withnoimpactontheongoingperformanceofthecompaniesacquired,aswellasotherM&A-relatedcosts.
2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngentatransaction(non-cash):TheproceedsfromtheDivestmentofcropprotectionproductsinconnectionwiththeapprovalbytheEUCommissionoftheacquisitionofSyngentabyChemChina,netoftaxesandtransactionexpenses,werepaidtoSyngentainreturnforthetransferofaportfolioofproductsinEuropeofsimilarnatureandeconomicvalue.SincetheproductsacquiredfromSyngentaareofthesamenatureandwiththesameneteconomicvalueasthosedivested,andsincein2018theCompanyadjustedfortheone-timegainthatitmadeonthedivestedproducts,theadditionalamortizationchargeincurredduetothewritten-upvalueoftheacquiredassetsisalsoadjustedtopresentaconsistentviewofDivestmentandTransfertransactions,whichhadnonetimpactontheunderlyingeconomicperformanceoftheCompany.Theseadditionalamortizationchargeswillcontinueuntil2032butatareducingrate,yetwillstillbeatameaningfulleveluntil2028.
3.Cleanupandremediationcostsforsomeplants:wholly-ownedindirectsubsidiariesoftheCompanyrecordedremediationcostsforitsplantsinIsraelin2025andinIsraelandBrazilin2024.
4.&5.ASBEsclassificationsCOGSandOPEXimpact:accordingtotheASBEguidelines[IAS37],certainitems(specificallycertaintransportationcosts)areclassifiedunderCOGS.
6.Restructuringandadvisorycosts:TheCompanyinitiateditsFightForwardtransformationplaninearly2024.Partoftheplan
includesrestructuringitsorganizationalstructure,workforceandmanagerialprocesses,andasaresultthereof,theCompanyrecordedrestructuringandadvisorycosts.
7.Fixedassetsandinventoryimpairments:AspartoftheCompany’sstrategicdirectiontoenhanceoperationalefficiency,theCompanydecidedtofocusonhigh-performingfacilities.Consequently,afterevaluatingtheirnetbookvalueandrecoverableamount,theCompanyrecordedimpairmentsforcertainfacilitieswithloweroperationalefficiency.Relatedtotheclosingofthesefacilities,theCompanyrecordedinventoryimpairmentsassomeofthedefectiveinventoriescouldnolongerbereprocessed.
8.Compensationrelatedtoproductliabilities.
9.Registrationimpairmentandupdateofregistrationdepreciation:Thisismainlyrelatedtothemanagement'sstrategicdecisionto
increasefocusonproductsinlinewiththeoptimizationoftheCompany'sportfolio,andhencetofocusonthequalityofbusinesstoachieveabettersalesmixofhighermarginproducts.
10.Other:Mainlyattributabletoaccelerateddepreciationassociatedwithfacilitiesupgrade.
11.Non-cashadjustmentrelatedtoputoptionsrevaluation:expenses/incomeduetorevaluationofputoptionsattributedtominoritystakeinsubsidiaries12.Repurchaseofbondsbyacontrolledsubsidiary:Aspartofstrengtheningitsdebtstructure,asubsidiaryoftheCompanyrepurchasedasignificantpartofitsbondprincipalinthesecondquarterforthepurposeofimprovingitslong-termfinancingstructureandefficiency.Alosswasrecordedduetothepremiumbetweenthebuybackpriceanditsissuanceprice.
13.Arbitrationdecisionrelatedtoacontrolledsubsidiary:Anarbitrationcaserelatedtoacontrolledsubsidiaryincurredaone-time
income.
ExchangeRateDatafortheCompany'sPrincipalFunctionalCurrencies
| December31 | Q4Average | FYAverage | |||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2025 | 2024 | Change | |||
| EUR/USD | 1.174 | 1.041 | 12.8% | 1.164 | 1.067 | 9.1% | 1.127 | 1.082 | 4.2% | ||
| USD/BRL | 5.502 | 6.192 | 11.1% | 5.395 | 5.843 | 7.7% | 5.588 | 5.390 | (3.7%) | ||
| USD/PLN | 3.602 | 4.101 | 12.2% | 3.642 | 4.037 | 9.8% | 3.761 | 3.981 | 5.5% | ||
| USD/ZAR | 16.611 | 18.762 | 11.5% | 17.131 | 17.858 | 4.1% | 17.884 | 18.326 | 2.4% | ||
| AUD/USD | 0.668 | 0.621 | 7.6% | 0.656 | 0.652 | 0.6% | 0.644 | 0.660 | (2.3%) | ||
| GBP/USD | 1.345 | 1.254 | 7.2% | 1.329 | 1.282 | 3.7% | 1.317 | 1.278 | 3.1% | ||
| USD/ILS | 3.190 | 3.647 | 12.5% | 3.251 | 3.698 | 12.1% | 3.453 | 3.701 | 6.7% | ||
| USDL3M | 3.65% | 4.31% | (15.2%) | 3.82% | 4.50% | (15.2%) | 4.15% | 5.06% | (17.9%) | ||
December31
| December31 | Q4Average | FYAverage | |||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2025 | 2024 | Change | |||
| USD/RMB | 7.029 | 7.483 | (6.1%) | 7.080 | 7.632 | (7.2%) | 7.144 | 7.702 | (7.2%) | ||
| EUR/RMB | 8.253 | 7.188 | 14.8% | 8.241 | 7.156 | 15.2% | 8.054 | 7.120 | 13.1% | ||
| RMB/BRL | 0.783 | 0.861 | 9.1% | 0.762 | 0.817 | 6.7% | 0.782 | 0.757 | (3.3%) | ||
| RMB/PLN | 0.512 | 0.571 | 10.2% | 0.514 | 0.564 | 8.8% | 0.526 | 0.559 | 5.9% | ||
| RMB/ZAR | 2.363 | 2.610 | 9.5% | 2.420 | 2.496 | 3.0% | 2.503 | 2.574 | 2.7% | ||
| AUD/RMB | 4.697 | 4.463 | 5.3% | 4.647 | 4.669 | (0.5%) | 4.604 | 4.697 | (2.0%) | ||
| GBP/RMB | 9.453 | 9.016 | 4.8% | 9.411 | 9.172 | 2.6% | 9.408 | 9.098 | 3.4% | ||
| RMB/ILS | 0.454 | 0.507 | 10.5% | 0.459 | 0.517 | 11.1% | 0.483 | 0.520 | 7.0% | ||
| RMBL3M | 1.60% | 1.69% | (5.1%) | 1.59% | 1.81% | (12.5%) | 1.66% | 1.99% | (16.4%) | ||