ADM

Significant increases in the cost or access of these items, including any consequences of inflationary impacts, regulation or taxation of greenhouse gases, has and could in the future adversely affect the Company’s production costs and operating results

In the Crushing and the Refined Products and Other (RPO) subsegments, the postponement of the implementation of European Union Deforestation Regulation and the deferral of U

Treasury and IRS of proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z credits”), the Clean Fuel Production Credit, enacted under the Inflation Reduction Act of 2022, amended by the One Big Beautiful Bill Act of 2025

workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse and inclusive global workforce; employee engagement; and compliance with applicable labor and employment laws. ADM provides market-competitive pay, benefits, and offerings that promote employee well‑being, including health, wellness, and retirement programs. The Company invests in training and development programs designed to enhance technical, leadership, and professional skills and support intern

accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X

to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended March 31, 2026

Significant increases in the cost or access of these items, including any consequences of inflationary impacts, regulation or taxation of greenhouse gases, has and could in the future adversely affect the Company’s production costs and operating results

Treasury and IRS of proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z credits”), the Clean Fuel Production Credit, enacted under the Inflation Reduction Act of 2022, amended by the One Big Beautiful Bill Act of 2025

accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X

In the Crushing and the Refined Products and Other (RPO) subsegments, the postponement of the implementation of European Union Deforestation Regulation and the deferral of U

to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended March 31, 2026

workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse and inclusive global workforce; employee engagement; and compliance with applicable labor and employment laws. ADM provides market-competitive pay, benefits, and offerings that promote employee well‑being, including health, wellness, and retirement programs. The Company invests in training and development programs designed to enhance technical, leadership, and professional skills and support intern

Competition The Company has significant competition in the markets in which it operates based principally on price, foreign exchange rates, quality, global supply, and alternative products, some of which are made from different raw materials than those utilized by the Company

Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business

is the functional currency

and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets, as well as operational and other disruptions, and compliance and regulatory exposures

Foreign currency translation adjustment 72 ( 133 ) Tax effect ( 14 ) 38 Net of tax amount 58 ( 95 ) Deferred (loss) on hedging activities ( 52 ) ( 5 ) Tax effect 17 ( 1 ) Net of tax amount ( 35 ) ( 6 ) Pension and other postretirement benefit liabilities adjus

is the functional currency

and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets, as well as operational and other disruptions, and compliance and regulatory exposures

Competition The Company has significant competition in the markets in which it operates based principally on price, foreign exchange rates, quality, global supply, and alternative products, some of which are made from different raw materials than those utilized by the Company

Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business

Foreign currency translation adjustment 72 ( 133 ) Tax effect ( 14 ) 38 Net of tax amount 58 ( 95 ) Deferred (loss) on hedging activities ( 52 ) ( 5 ) Tax effect 17 ( 1 ) Net of tax amount ( 35 ) ( 6 ) Pension and other postretirement benefit liabilities adjus

in Part I. Item 1A. Risk Factors in this Annual Report on Form 10-K. The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold. The Company's Nutrition segment primarily utilizes ag

FINANCIAL CONDITION AND RESULTS OF OPERATIONS Operating Performance Indicators The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both Revenues and Cost of products sold. Mark-to-market and timing impacts represent changes i

manner. The Company relies on access to navigable rivers and waterways in order to fulfill its transportation obligations more effectively. In addition, if certain non-agricultural commodity raw materials, such as water or certain chemicals used in the Company’s processing operations, are not available, the Company’s business could be disrupted. Any major lack of available water for use in certain of the Company’s processing operations could have a material adverse impact on operating results. Certain f

related to the origination, merchandising, transportation, and storage of agricultural raw materials, as well as the crushing and processing of oilseeds, including soybeans and soft seeds such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed. The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers. Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further pro

(reversals), net 8 2 Write-offs against allowance ( 6 ) ( 14 ) Recoveries and other — 3 Closing balance, March 31 $ 162 $ 158 Inventories Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the first-in, first-out (“FIFO”) method at the lower of cost and net realizable value. The following table sets forth the Company’s inventories as of

to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold. The Company's Nutrition segment primarily utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily strongly correlate to changes in cost of products sold. As a result, ch

on organic and inorganic growth and its success in achieving growth could be adversely affected by a broad range of risks that could result in increased costs, decreased revenues, and delayed synergies. ADM’s growth also depends in part on innovation in products, processes and services. The Company’s ability to realize the anticipated benefits of its R&D efforts and other investments depends on a variety of factors, and may not result in new products and services at a rate or of a quality sufficient to gain

increased certain renewable fuel blending requirements. • U.S. Treasury and IRS of proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z credits”), the Clean Fuel Production Credit, enacted under the Inflation Reduction Act of 2022, amended by the One Big Beautiful Bill Act of 2025. Section 45Z policy incentives provides for credits for clean transportation fuels produced and sold between January 1, 2025 and December 31, 2029. These developments ha

TS (UNAUDITED) ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) Three Months Ended March 31, 2026 2025 (In millions, except per share amounts) Revenues $ 20,490 $ 20,175 Cost of products sold 19,268 18,995 Gross Profit 1,222 1,180 Selling, general, and administrative expenses 961 932 Asset impairment, exit, and restructuring costs 12 38 Equity in (earnings) of unconsolidated affiliates ( 89 ) ( 144 ) Interest and investment (income) ( 125 ) ( 138 ) Interest expense 149 158 Other (inco

Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments

plants are powered principally by electricity, natural gas, and coal

Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments

plants are powered principally by electricity, natural gas, and coal

The Company’s processing plants are powered principally by electricity, natural gas, and coal

The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits

The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits

The Company’s processing plants are powered principally by electricity, natural gas, and coal

as well as any sanctions or embargoes resulting from these events. These events can disrupt trade flows, damage infrastructure, limit access to raw materials, reduce customer demand, or impede the Company’s ability to operate facilities or move product. They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions. Further, compliance with rapidly evolving

as well as any sanctions or embargoes resulting from these events. These events can disrupt trade flows, damage infrastructure, limit access to raw materials, reduce customer demand, or impede the Company’s ability to operate facilities or move product. They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions. Further, compliance with rapidly evolving

availability may not be sufficient to effectively support global operations. ADM’s global operations function with skilled individuals necessary for the processing, warehousing, and shipping of raw materials for products used in other areas of manufacturing or sold as inputs or products to third-party customers. The availability of skilled trade and production workers has been a specific focus for the manufacturing industry. The inability to properly staff manufacturing facilities with skilled trades and hourl

availability may not be sufficient to effectively support global operations. ADM’s global operations function with skilled individuals necessary for the processing, warehousing, and shipping of raw materials for products used in other areas of manufacturing or sold as inputs or products to third-party customers. The availability of skilled trade and production workers has been a specific focus for the manufacturing industry. The inability to properly staff manufacturing facilities with skilled trades and hourl

and reputational risks related to these investments. 13 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY PART I The Company faces risks related to health epidemics, pandemics, and similar outbreaks. The Company could be materially impacted in the future if a health epidemic, pandemic, or similar outbreak would arise causing severe disruptions. In such circumstances, ADM may be unable to perform fully on its contractual obligations, critical global supply chain and logistical networks may be affected, and c

and reputational risks related to these investments. 13 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY PART I The Company faces risks related to health epidemics, pandemics, and similar outbreaks. The Company could be materially impacted in the future if a health epidemic, pandemic, or similar outbreak would arise causing severe disruptions. In such circumstances, ADM may be unable to perform fully on its contractual obligations, critical global supply chain and logistical networks may be affected, and c

subsegment results were higher compared to the prior year, driven by cost optimization efforts and improved margins due to higher margin in feed additives and lower raw material costs. Other Business and Corporate Results Other Business contribution of operating profit increased 21% from $247 million to $298 million, Captive insurance results improved, driven by lower claim settlements. Current year results included claim payments to segments of $41 million to other segments for the Decatur East and West i

likely to have a material impact on ADM’s financial condition and results of operations. Management has discussed with the Company’s Audit Committee the development, selection, disclosure, and application of these critical accounting estimates. Following are the accounting estimates management considers critical to the Company’s financial statements. Fair Value Measurements - Inventories and Commodity Derivatives Description: Certain of the Company’s inventory, inventory-related payables, and commodity d

Interest expense decreased $9 million to $149 million, driven by lower interest rates and balances on the Company’s commercial paper programs

$115 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates

932 Asset impairment, exit, and restructuring costs 12 38 Equity in (earnings) of unconsolidated affiliates ( 89 ) ( 144 ) Interest and investment (income) ( 125 ) ( 138 ) Interest expense 149 158 Other (income) – net ( 70 ) ( 19 ) Earnings Before Income Taxes 384 353 Income tax expense 81 61 Net Earnings Including Non-controlling Interests 303 292 Net earnings (loss) attributable to non-controlling interests 5 ( 3 ) Net Earnings Attributable to Archer-Daniels-Midland Company $ 298 $ 295 Weighted average number

7 million and $115 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates

Interest expense decreased $9 million to $149 million, driven by lower interest rates and balances on the Company’s commercial paper programs

They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions

Commodity contracts — 333 540 873 Foreign currency contracts — 314 — 314 Interest rate contracts — 13 — 13 Cash equivalents 65 — — 65 Marketable securities 33 — — 33 Segregated investments and restricted cash equivalents 1,583 — — 1,583 Total Assets $ 1,681 $ 4,988 $ 3,782 $ 10,451 Liabilities: Unrealized derivative

Interest expense decreased $9 million to $149 million, driven by lower interest rates and balances on the Company’s commercial paper programs

7 million and $115 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates

Commodity contracts — 333 540 873 Foreign currency contracts — 314 — 314 Interest rate contracts — 13 — 13 Cash equivalents 65 — — 65 Marketable securities 33 — — 33 Segregated investments and restricted cash equivalents 1,583 — — 1,583 Total Assets $ 1,681 $ 4,988 $ 3,782 $ 10,451 Liabilities: Unrealized derivative

They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

In such circumstances, ADM may be unable to perform fully on its contractual obligations, critical global supply chain and logistical networks may be affected, and costs and working capital needs may increase

The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

In such circumstances, ADM may be unable to perform fully on its contractual obligations, critical global supply chain and logistical networks may be affected, and costs and working capital needs may increase

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities

The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets

due to the Russia-Ukraine conflict escalations. In the Crushing and the Refined Products and Other (RPO) subsegments, the postponement of the implementation of European Union Deforestation Regulation and the deferral of U.S. biofuel and trade policy evolution negatively impacted sales volumes and margins. 29 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In the Carbohydrate Solutions segment, solid domestic and export dem

essential industry and the critical job each employee has within the Company. The Company focuses on attracting, developing, and retaining a skilled, engaged, and diverse workforce aligned with its values and business objectives. The Company’s human capital priorities, which are managed by senior leadership and overseen by the Compensation and Succession Committee of the Board of Directors, include workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse a

pathways of advanced nutrition, functional health, biosolutions, precision fermentation and decarbonization. • Developing talent and capabilities - Ensuring our workforce has the skills and capabilities our business needs for today and for the future, including creating dedicated centers of capability in critical functional areas. Sustainability For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a core dr

amount of deductible expenditures, and the application of credits and incentives. The Organization for Economic Cooperation and Development (the “OECD”), the European Union, and other countries (including countries in which the Company operates) have enacted substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed. In particular, the OECD’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis. The U.S., u

essential industry and the critical job each employee has within the Company. The Company focuses on attracting, developing, and retaining a skilled, engaged, and diverse workforce aligned with its values and business objectives. The Company’s human capital priorities, which are managed by senior leadership and overseen by the Compensation and Succession Committee of the Board of Directors, include workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse a

amount of deductible expenditures, and the application of credits and incentives. The Organization for Economic Cooperation and Development (the “OECD”), the European Union, and other countries (including countries in which the Company operates) have enacted substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed. In particular, the OECD’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis. The U.S., u

due to the Russia-Ukraine conflict escalations. In the Crushing and the Refined Products and Other (RPO) subsegments, the postponement of the implementation of European Union Deforestation Regulation and the deferral of U.S. biofuel and trade policy evolution negatively impacted sales volumes and margins. 29 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In the Carbohydrate Solutions segment, solid domestic and export dem

pathways of advanced nutrition, functional health, biosolutions, precision fermentation and decarbonization. • Developing talent and capabilities - Ensuring our workforce has the skills and capabilities our business needs for today and for the future, including creating dedicated centers of capability in critical functional areas. Sustainability For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a core dr

Tariff Uncertainty On February 20, 2026, the U

While tariffs and inflation continue to pose challenges to the Human Nutrition subsegment, clean label and healthier categories are outpacing the broader industry

taxes and trade tariffs

taxes and trade tariffs

Tariff Uncertainty On February 20, 2026, the U

While tariffs and inflation continue to pose challenges to the Human Nutrition subsegment, clean label and healthier categories are outpacing the broader industry

Federal Clean Fuel Production Credits and Federal Blenders’ and Producers’ Credits Biodiesel tax incentives have been provided through various U.S. statutes. The Inflation Reduction Act of 2022 introduced the Clean Fuel Production Credit (IRC Section 45Z or "45Z"). The 45Z credit is effective for fuel produced and sold between January 1, 2025 and December 31, 2029 and replaces prior incentives such as the Blenders’ Tax Credit ("BTC") for qualifying fuels. For the year ended December 31, 2025, the Comp

regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z credits”), the Clean Fuel Production Credit, enacted under the Inflation Reduction Act of 2022, amended by the One Big Beautiful Bill Act of 2025. Section 45Z policy incentives provides for credits for clean transportation fuels produced and sold between January 1, 2025 and December 31, 2029. These developments have provided additional visibility into renewable fuel demand and incentive frameworks and are

markets, building strategic partnerships, leveraging data and technology, and building a strong distribution network. Research and Development (R&D) R&D expense, net of reimbursements of government grants, for the year ended December 31, 2025 was $246 million. The Company ’ s R&D efforts focus on creating science-based products, solutions, and technologies aligned with macro trends in food security, sustainable processes, health, and personalized nutrition. Within innovation centers across three continents

market areas are subject to impacts of economic downturns, including decreased demand for the Company’s products, and reduced availability of credit, or declining credit quality of the Company’s suppliers, customers, and other counterparties. In addition, emerging market areas could be subject to more volatile operating conditions including, but not limited to, logistics limitations or delays, labor-related challenges, epidemic outbreaks and economic recovery, limitations or regulations affecting trade

Adoption of New Accounting Pronouncements Effective January 1, 2026, the Company adopted Accounting Standards Update (“ASU”) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers . The adoption of the guidance di

Transportation benefited from higher freight rates, which more than offset volume constraints

adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages

The Company is accelerating its data journey while continuing to invest in cybersecurity and network and application resilience

“ Non-GAAP Financial Measures ” section below. The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes

Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. Inventory is classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases the inventory is

“ Non-GAAP Financial Measures ” section below. The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes

and nuts for extracts to make flavors and colors. In any single year, the availability and price of these commodities are subject to factors such as changes in weather conditions, plantings, government programs and policies, competition, changes in global demand, changes in standards of living, and global production of similar and competitive crops. The Company’s raw materials are procured from thousands of growers, grain elevators, and wholesale merchants in North America, South America, Europe, Mi

which are beyond the Company’s control. These events and factors include, but are not limited to, equipment failure, raw material shortages, natural disasters, adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages. These events could result in personal injury, loss of life, and environmental damage. In some cases, the Company is dependent on a single plant or fa

trade policy uncertainty, though it benefited from the partial return of soybean exports in the fourth quarter of the current year from North America to China

trade with China, as well as the deferral of U

North America benefited from higher urea prices, strong domestic demand from crush producers and continued sales to China

The Company is subject to a variety of laws and regulations in the United States and other jurisdictions regarding artificial intelligence (AI), privacy, data protection, and data security, including those related to the 20 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY PART I collection, storage, handling, use, disclosure, transfer, and security of personal data

• Reducing transaction costs through digitalization and Artificial Intelligence - Targeting reductions in the cost of executing transactions across our global footprint, including further digitizing workflows to reduce manual touchpoints, errors and cycle times, optimizing freight and logistics networks, and enhanc