ADAMAReportsThirdQuarterandFirstNineMonths2025ResultsBEIJING,CHINAandTELAVIV,ISRAEL,October29,2025–ADAMALtd.(the“Company”)(SZSE000553),todayreporteditsfinancialresultsforthethirdquarterandfirstninemonthsof2025thatendedSeptember30,2025.ThirdQuarter2025Highlights:
?StableSales(0%inUSD,1%inRMB)of$933million,reflectingthecombinedresultsofa1%
increaseinvolumeanda1%decreaseinprices
?Adjustedgrossprofitup14%to$257million,representinganimprovementofgrossmarginto
27.6%from24.2%lastyear,reflectingthebenefitsoflowercostsandhighervolumes
?AdjustedEBITDAup50%to$120million,representinganimprovementofEBITDAmarginto
12.9%from8.6%lastyear
?Adjustednetlossreducedto$20millionfrom$78millionlastyear;Reportednetloss
improvedby$85millionto$48millioncomparedto$133millionlastyearFirstNineMonths2025Highlights:
?StableSales(0%inUSD,1%inRMB)of$3,025million,reflectingthecombinedresultsofa3%
increaseinvolumeanda3%decreaseinprices?Adjustedgrossprofitup12%to$878million,representinganimprovementofgrossmarginto
29.0%from25.8%lastyear,reflectingthebenefitsoflowercostsandhighervolumes
?AdjustedEBITDAup30%to$430million,representinganimprovementofEBITDAmarginto
14.2%from11.0%lastyear?Adjustednetincometurnedpositiveto$29millioncomparedtoalossof$149millionlastyear;
Reportednetlossimprovedby$200millionto$59millioncomparedto$259millionlastyear
?Operatingcashflowof$331milliongeneratedvs.$402millionlastyear?Freecashflowof$112millionvs.$179millionlastyear
Ga?lHili,PresidentandCEOofADAMA,said,“Inthethirdquarter,wecontinuedtodeliverimprovedfinancialresultswithstablesalesandoursixthconsecutivequarterofyear-over-yearEBITDAgrowth,clearindicatorsthatourFightForwardtransformationplanisdeliveringresultsinsupportofourvalueinnovationstrategy.Weremainfocusedonstrengtheningouroperationalfoundations,enhancingcommercialexecution,anddrivinginnovationacrossourportfolio,deliveringmeaningfulimpactforfarmersandpositioningADAMAforsustainable,long-termprofitablegrowth.”
Table1.FinancialPerformanceSummary
| USD(m) | AsReported | Adjustments | Adjusted | ||||||
| Q32025 | Q32024 | %Change | Q32025 | Q32024 | Q32025 | Q32024 | %Change | ||
| Revenues | 933 | 929 | 0% | - | - | 933 | 929 | 0% | |
| Grossprofit | 236 | 188 | 25% | 22 | 37 | 257 | 225 | 14% | |
| %ofsales | 25.2% | 20.2% | 27.6% | 24.2% | |||||
| Operatingincome(loss)(EBIT) | 30 | (34) | 26 | 46 | 56 | 13 | 343% | ||
| %ofsales | 3.2% | (3.6%) | 6.0% | 1.4% | |||||
| Lossbeforetaxes | (41) | (122) | 67% | 29 | 51 | (11) | (72) | 84% | |
| %ofsales | (4.4%) | (13.2%) | (1.2%) | (7.7%) | |||||
| Netloss | (48) | (133) | 64% | 28 | 55 | (20) | (78) | 74% | |
| %ofsales | (5.1%) | (14.3%) | (2.1%) | (8.4%) | |||||
| EPS | |||||||||
| -USD | (0.0206) | (0.0569) | (0.0086) | (0.0335) | |||||
| -RMB | (0.1470) | (0.4049) | (0.0611) | (0.2382) | |||||
| EBITDA | 104 | 56 | 87% | 16 | 24 | 120 | 80 | 50% | |
| %ofsales | 11.2% | 6.0% | 12.9% | 8.6% | |||||
USD(m)
| USD(m) | AsReported | Adjustments | Adjusted | ||||||
| 9M2025 | 9M2024 | %Change | 9M2025 | 9M2024 | 9M2025 | 9M2024 | %Change | ||
| Revenues | 3,025 | 3,028 | 0% | - | - | 3,025 | 3,028 | 0% | |
| Grossprofit | 792 | 672 | 18% | 86 | 110 | 878 | 782 | 12% | |
| %ofsales | 26.2% | 22.2% | 29.0% | 25.8% | |||||
| Operatingincome(EBIT) | 155 | 1 | 81 | 136 | 237 | 137 | 73% | ||
| %ofsales | 5.1% | 0.0% | 7.8% | 4.5% | |||||
| Income(loss)beforetaxes | (58) | (203) | 71% | 91 | 116 | 33 | (87) | ||
| %ofsales | (1.9%) | (6.7%) | 1.1% | (2.9%) | |||||
| Netincome(loss) | (59) | (259) | 77% | 89 | 110 | 29 | (149) | ||
| %ofsales | (2.0%) | (8.5%) | 1.0% | (4.9%) | |||||
| EPS | |||||||||
| -USD | (0.0254) | (0.1110) | 0.0127 | (0.0638) | |||||
| -RMB | (0.1815) | (0.7890) | 0.0910 | (0.4535) | |||||
| EBITDA | 378 | 252 | 50% | 53 | 80 | 430 | 332 | 30% | |
| %ofsales | 12.5% | 8.3% | 14.2% | 11.0% | |||||
Notes:
“AsReported”denotestheCompany’sfinancialstatementsaccordingtotheAccountingStandardsforBusinessEnterprisesandtheimplementationguidance,interpretationsandotherrelevantprovisionsissuedorrevisedsubsequentlybytheChineseMinistryofFinance(the“MoF)(collectivelyreferredtoas“ASBE”).Notethatinthereportedfinancialstatements,accordingtotheASBEguidelines[IAS37],certainitems(specificallycertaintransportationcostsandcertainidlenesscharges)areclassifiedunderCOGS.Pleaseseetheappendixtothisreleaseforfurtherinformation.Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitemsthatareofatransitoryornon-cash/non-operationalnaturethatdonotimpacttheongoingperformanceofthebusinessandreflectthewaytheCompany’smanagementandtheBoardofDirectorsviewtheperformanceoftheCompanyinternally.TheCompanybelievesthatexcludingtheeffectsoftheseitemsfromitsoperatingresultsallowsmanagementandinvestorstoeffectivelycomparethetrueunderlyingfinancialperformanceofitsbusinessfromperiodtoperiodandagainstitsglobalpeers.Adetailedsummaryoftheseadjustmentsappearsintheappendixbelow.ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinbothQ3and9M
5and2024is2,329.8millionshares.Inthistableandalltablesinthisreleasenumbersmaynotsumduetorounding.
TheGeneralCropProtection(CP)MarketEnvironmentThroughthefirstninemonthsof2025,channelinventoryreturnedtopre-pandemiclevelsinmostcountries,allowingcropprotectiondemandrecovery.Pricingpressureremainshigh,drivenbyproductionover-capacityofactiveingredients.Cropcommoditypricesremainstablylowandcoupledwiththehigh-interestrateenvironment,farmerprofitabilityremainstightleadingtojust-in-timepurchasingpatterns.
PortfolioDevelopmentUpdate
Inthethirdquarter2025,ADAMAcontinuedtoregisterandlaunchmultiplenewproductsinmarketsacrosstheglobe,addingontoitsdifferentiatedproductportfolio.AspartoftheFightForwardtransformationplan,theCompanyisfocusedonimprovingitsoverallportfoliomix,particularlybytargetingtheValueInnovationsegment,withtheintentofimprovingvaluedeliveredtoallstakeholders.InQ32025,launchesofdifferentiatedproductsincluded:
?FERRABAIT
?
,apatentedmolluscicidecompositionbasedontheactiveingredientFERALLA
?
,hasbeenlaunchedinNewZealandforuseinarable,horticultural,andornamentalcrops.
?COSAYR
?
,along-lastingChlorantraniliprole-basedsuspension,hasbeenlaunchedinCanada,Hungary,andArgentina(asCARTADO
?
),todeliverfastandeffectivecontrolofchewinginsectsacrossawiderangeofhorticulturalandfieldcrops.NotabledifferentiatedproductregistrationsduringQ32025included:
?PORAFAM
?,anherbicideaqueoussolutionwithAminopyralidastheactiveingredient,hasbeenregisteredinGermany.ThismarksADAMA’sfirstregistrationofanAminopyralid-basedformulationinEurope.?TheactivesubstanceFERALLA
?
wasregisteredUK?COSAYR
?wasregisteredinAustria,France,SpainandGreece?AVASTEL
?abroad-spectrumfungicideutilizingAsorbitalFormulationTechnologyandcombiningtheactiveingredientsProthioconazoleandFluxapyroxad,hasbeenofficiallyregisteredinGermany.?EDAPTIS
?
hasbeenregisteredinGermany.Thisinnovativepost-emergenceherbicidecombinesPinoxadenandMesosulfuron-methyltoprovideeffectivecontrolofabroadspectrumofgrasses,includingresistantpopulations,withapatentedformulationthatensuresstableandreliableperformance.?REXARO
?
afungicidesuspensioncontainingCymoxanilandFluopicolide,hasbeenregisteredinGhana.
?ETHOSAT
?
,anherbicidesuspensionbasedonEthofumesateactiveingredient,hasbeenregisteredinFinland.
Sources:AgbioInvestorQuarterlyreport(September2025),peerquarterlyfinancialresults,internalsources
Inaddition,patentsgrantedduringQ32025includedGILBOA
?mixturespatentsinmultiplecountriesincludingEuropeandUS,andGilboaformulationpatentsintheUSandColumbia.Gilboaisaproprietaryfungicidehavinganewmodeofactionforuseincereals.Aswell,BAROZ
?
,auniquegranularformulationforreliablericestemborercontrol,waspatentedinColombiaandIndonesia.
GeopoliticalSituation
ADAMAisheadquarteredandhasthreemanufacturingsitesinIsrael.TheregionaltensionswhichescalatedonOctober7,2023,continuedtohavenomaterialimpactto-dateontheCompany'sabilitytosupportitsmarketsoritsconsolidatedfinancialresults.ADAMAisaglobalcompanywithmanufacturingandformulationfacilitiesinseverallocationsaroundtheworld,principallyinIsrael,ChinaandBrazil.TheCompany’smanagementappointedadedicatedtaskforcetoanalyzeimplicationsofUStariffpoliciesandtocloselymonitorandmanagethesituationandthepotentialimpactonitsglobalnetwork.DespitetheuncertaintyregardingtheUStariffpolicies,theCompanycurrentlyexpectsthattheimpactonitsoperationsandbusinessresultswillbeimmaterial.
‘FightForward’TransformationPlan
Inearly2024,ADAMAlaunched'FightForward',astrategictransformationplandesignedtodeliverimprovedprofitandcashtargetsoverathree-yearperiod.Theplanoptimizesfinancialmanagement,streamliningADAMA’soperatingmodelinordertoincreasefocusontheValueInnovationsegmentinwhichdifferentiated,high-impactsolutionsaredevelopedtodelivergreatervaluetofarmers.
FinancialHighlights
Revenuesinthethirdquarterwerestable(1%inRMB;0%inCER)reaching$933million,mainlyreflectingthecombinedresultsofa1%increaseinvolumeanda1%decreaseinprices.Thehighervolumesreflectedthegradualrecoveryofmarketdemandsandimprovementofchannelinventoriesinmostregions.Pricesremainedweakmainlyduetolowpricesofactiveingredientsinlightofovercapacity,aswellasahighinterestrateenvironmentandlowcommodityprices,whichputpressureondistributorsandfarmers.Revenuesinthefirstninemonthswerealsostable(1%inRMB;1%inCER)reaching$3,025million.Thestabilizationofrevenuesinthefirstninemonthswasdrivenbyvolumegrowthof3%offsettingadecreaseinpricesof3%.
Table2.RegionalSalesPerformance
Notes:
?CER:ConstantExchangeRates?AspartofADAMA’sbusinessoptimizationprogram,onJanuary1,2025,ADAMA’sSouthAfricabusinesswasreclassifiedfromAPACoperationstoEAMEoperations.Toenablemeaningfulcomparisons,the2024datapresentedhereincludesSouthAfricaunderEAME.?Numbersmaynotsumduetorounding
Europe,Africa&MiddleEast(EAME):VolumesandrevenueinEAMEincreasedinthethirdquarter,thoughsignificantQ1declinesinTurkeyimpactedtheyear-to-dateresults.Pricingcontinuedtodeclineinlightofintensecompetition.Foreignexchangerateshadpositiveimpactinthethirdquarter.NorthAmerica:IntheUSAgmarket,thoughslightlydowninthethirdquarter,wassignificantlyupinthefirstninemonthsfollowingimprovementsinvolumesandprices.SimilarlyinCanada,whilethethirdquarterwasflatwithanincreaseinvolumeoffsetbyadecreasebyprices,fortheninemonthsvolumesaresignificantlyup.Consumer&ProfessionalSolutionsexperiencedincreasedvolumesandflatpricesforboththethirdquarterandyear-to-date.LatinAmerica:InBrazil,revenuesweresignificantlyupinthethirdquarter,resultinginhigherrevenuesalsoforthefirstninemonthscomparedtothepreviousyear.Growthwasdrivenbyincreasedvolumes,whilethethirdquarteralsoexperiencedmodestpricingincreases.IntherestofLATAMlowervolumes,prices,andrevenueswerereportedinthethirdquarterandthefirstninemonths,primarilyinParaguayandArgentina,duetochanneldestockingandjust-in-timepurchasingbehavior.Asia-Pacific(APAC):Indiaexperiencedsignificantdeclinesinthethirdquarterrevenues,primarilyduetolowervolumesdrivenbyextremeweatherconditionsandlowerprices.IntherestofAPAC(excludingIndiaandChina),salesandvolumeswereslightlyupforthequarter,despiteongoingpricingpressures.InChina,salesinthethirdquartermainlyreflectedtheimpactsoflowernon-agsales,partiallycompensatedbytheincreaseofAIsales.Non-agsalesdeclinedfollowingimplementationofthecompany’sstrategicdecisiontopivotawayfrommanufacturingsomebasicchemicalproducts,andweakermarketdemands.HigherAIsalesweredrivenbyvolumegrowthduetotheexpansionofnewdistributionchannelsandsupportedbytherecoveryofglobaldemand.Salesoftheformulationsbusinessstabilized,stillreflectingrelativelyhighchannelinventoriesandseveremarketcompetition.Supportedbythegrowthinthefirsthalf,salesinChinainthefirstninemonthsincreasedcomparedtolastyear.Reportedgrossprofitinthethirdquarterincreased25%to$236million(grossmarginof25.2%)from$188million(grossmarginof20.2%)lastyear,andincreased18%to$792million(grossmarginof26.2%)inthefirstninemonthsfrom$672million(grossmarginof22.2%)lastyear.
| Q32025$m | Q32024$m | ChangeUSD | ChangeCER | 9M2025$m | 9M2024$m | ChangeUSD | ChangeCER | |||
| Europe,Africa&MiddleEast | 233 | 216 | 8% | 3% | 903 | 911 | (1%) | (2%) | ||
| NorthAmerica | 164 | 158 | 4% | 4% | 659 | 572 | 15% | 16% | ||
| LatinAmerica | 312 | 287 | 9% | 8% | 675 | 687 | (2%) | 1% | ||
| AsiaPacific | 225 | 269 | (16%) | (15%) | 789 | 859 | (8%) | (7%) | ||
| OfwhichChina | 91 | 109 | (17%) | (16%) | 400 | 384 | 4% | 4% | ||
| Total | 933 | 929 | 0% | (0%) | 3,025 | 3,028 | (0%) | 1% |
Adjustmentstoreportedresults:Theadjustedgrossprofitmainlyincludesreclassificationofinventoryimpairment,taxesandsurcharge,andexcludescertaintransportationcosts(classifiedunderoperatingexpenses)andtheremediationcostsbyawhollyownedsubsidiaryforitsplantinIsrael.Adjustedgrossprofitinthethirdquarterincreased14%to$257million(grossmarginof27.6%)from$225million(grossmarginof24.2%)lastyear,andincreased12%to$878million(grossmarginof29.0%)inthefirstninemonthsfrom$782million(grossmarginof25.8%)lastyear.Thehigheradjustedgrossprofitandmargininthequarterandfirstninemonthsmainlyreflectedthepositiveimpactsoflowercostsduetoimprovedoperationalefficiencyandlowercostsofinventorysoldaswellashighervolume,morethancompensatingforlowerprices.Operatingexpensesreportedinthethirdquarterwere$205million(22.0%ofsales),comparedto$222million(23.9%ofsales)lastyear,andwere$636million(21.0%ofsales)inthefirstninemonthscomparedto$671million(22.2%ofsales)lastyear.
Adjustmentstoreportedresults:Pleaserefertotheexplanationaboveregardingadjustmentstothegrossprofitinrespecttocertaintransportationcosts,taxesandsurchargesandinventoryimpairment.Non-operatingincomeandexpensesarealsoreclassifiedintoadjustedoperatingexpenses.TheCompanyrecordedcertainnon-operationalitemswithinitsreportedoperatingexpensesamountingto$26millioninthethirdquarterof2025incomparisonto$37millioninthethirdquarterof2024and$73millioninthefirstninemonths2025incomparisonto$113millioninthefirstninemonths2024.Theseitemsin2025mainlyinclude:i.non-cashamortizationchargesinrespectoftransferassetsreceivedfromSyngentarelatedtothe2017ChemChina-Syngentaacquisition;ii.non-cashamortizationnetchargesrelatedtointangibleassetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions;andiii.restructuringandadvisorycostsincurredaspartoftheimplementationoftheFightForwardtransformationplan.Forfurtherdetailsonthesenon-operationalitems,pleaseseetheappendixtothisrelease.Adjustedoperatingexpensesinthethirdquarterwere$201million(21.5%ofsales),comparedto$212million(22.8%ofsales)lastyear,andwere$641million(21.2%ofsales)inthefirstninemonthscomparedto$645million(21.3%ofsales)lastyear.Theloweroperatingexpensesinthethirdquarterwasmainlyduetoacreditlossrecordedlastyear,whichcompensatedforanincreaseinexpensesattributedtocompanysuccess-basedemployeecompensationduetoimproved2025resultsto-date.Forthefirstninemonths,thepositiveimpactsfollowingimplementationoftheFightForwardplanmorethancompensatedforexpectedcreditlossesduetoliquidityissuesofsomelocaldistributorsincertaincountries.Reportedoperatingincomeinthethirdquarterwas$30million(3.2%ofsales)comparedtoalossof$34million(-3.6%ofsales)lastyear,andincreasedto$155million(5.1%ofsales)inthefirstninemonthsfrom$1million(0.0%ofsales)lastyear.Adjustedoperatingincomeinthethirdquarterincreasedto$56million(6.0%ofsales)from$13million(1.4%ofsales)lastyear,andincreasedto$237million(7.8%ofsales)inthefirstninemonthsfrom$137million(4.5%ofsales)lastyear.Theincreaseinoperatingincomewasacombinedresultofhighergrossprofitandloweroperatingexpenses.ReportedEBITDAinthethirdquarterincreasedto$104million(11.2%ofsales)from$56million(6.0%ofsales)lastyear,andincreasedto$378million(12.5%ofsales)inthefirstninemonthsfrom$252million(8.3%ofsales)lastyear.
AdjustedEBITDAinthethirdquarterincreasedto$120million(12.9%ofsales)from$80million(8.6%ofsales)lastyear,andincreasedto$430million(14.2%ofsales)inthefirstninemonthsfrom$332million(11.0%ofsales)lastyear.Adjustedfinancialexpensesdecreasedto$68millioninthethirdquartercomparedto$84millionlastyear,anddecreasedto$204millioninthefirstninemonthscomparedto$224millionlastyear.ThelowerfinancialexpensesinboththethirdquarterandthefirstninemonthswereprimarilypositivelyimpactedbyabondbuybackthatwasexecutedinlateQ2,aswellasthelowerhedgingcostsrelatedtotheIsraeliShekel.Adjustedtaxesonincomeinthethirdquarterwereanexpenseof$8million,comparedtoexpensesof$6millioninthecorrespondingperiodlastyear,andamountedtoanexpenseof$4millioninthefirstninemonthscomparedtoexpensesof$61millionlastyear.TheCompanyrecordedtaxexpensesmainlybecauselossesthatwereprimarilyincurredbysubsidiarieswithrelativelylowertaxrates,whilesomeofthemdidnotcreatedeferredtaxassetsonthelosses.Ontheotherhand,thesubsidiariesthatgeneratedprofithaveahighertaxrate.Thetaxexpensesinfirstninemonthsof2025arelowercomparedtothefirstninemonthsof2024dueto(1)lowerlossesinsubsidiariesthatdidnotcreatedeferredtaxassets;(2)taxincomeraisedbytheaccountingmethodofcalculationoftaxassetsrelatedtounrealizedprofits;and(3)foreignexchangeimpactofthestrongerBRLin2025comparedwithtaxexpensesduetotheweaknessoftheBRLinthefirstninemonthof2024.Netlossreportedinthethirdquarternarrowedto$48millionfrom$133millionlastyear,andnarrowedto$59millioninthefirstninemonthsfrom$259millionlastyear.Afterreflectingtheimpactoftheaforementionedextraordinaryandnon-operationalcharges,adjustednetlossinthethirdquarterwasreducedto$20millionfromalossof$78millionlastyear,andadjustednetincomeinthefirstninemonthsturnedpositiveto$29millionfromalossof$149millionlastyear.TradeworkingcapitalasofSeptember30,2025,was$2,093millioncomparedto$2,218millionasofSeptember30,2024.Thedecreaseinworkingcapitalwasmainlyduetothedeclineinthelevelofinventoryto$1,685millionasofSeptember30,2025,from$1,740millionasofSeptember30,2024.Thedeclineofinventorieswasaresultofcontinuedimplementationofenhancedinventorymanagement,morethanoffsettingincreasedprocurementinpreparationtocapturemomentumasthemarketrecovers,whichalsoledtoanincreaseintradepayables.CashFlow:Operatingcashflowof$89millionand$331millionwasgeneratedinthethirdquarterandFirstNineMonthsrespectively,comparedto$159millionand$402milliongeneratedinthecorrespondingperiodslastyear.Theloweroperatingcashflowgeneratedinthethirdquarterwasmainlyduetohigherprocurementpaymentsinpreparationtocapturegrowthmomentum.Thedynamicsinthefirstninemonthsreflectedanimprovementincollectionoffsettinghigheroutflowduetoincreasedprocurementpayments.Netcashusedininvestingactivitieswas$43millioninthethirdquarterand$131millionintheFirstNineMonths,comparedto$7millionand$122millioninthecorrespondingperiodslastyear,respectively.Thehighercashusedininvestingactivitiesinthethirdquarterwasmainlyduetoinflowfromlastyear’ssaleofarealestateasset.Forthefirstninemonths,themildincreasewasalsoduetothepaymentforearnoutrelatedtoAgriNova,acontrolledsubsidiaryoftheCompanyinQ2,morethanoffsettingprioritizationofinvestmentsinmanufacturingfacilitiesandportfoliooptimization.Freecashflowof$22millionwasgeneratedinthethirdquarterand$112milliongeneratedintheFirstNineMonthscomparedto$128millionand$179millioninthecorrespondingperiodslastyear,respectively,reflectingtheaforementionedoperatingandinvestingcashflowdynamics.
Table3.Revenuesbyoperatingsegment
Salesbysegment
| Q32025USD(m) | % | Q32024USD(m) | % | 9M2025USD(m) | % | 9M2024USD(m) | % | |
| CropProtection | 867 | 93% | 840 | 90% | 2,771 | 92% | 2,746 | 91% |
| IntermediatesandIngredients | 67 | 7% | 89 | 10% | 254 | 8% | 282 | 9% |
| Total | 933 | 100% | 929 | 100% | 3,025 | 100% | 3,028 | 100% |
Salesbyproductcategory
| Q32025USD(m) | % | Q32024USD(m) | % | 9M2025USD(m) | % | 9M2024USD(m) | % | |
| Herbicides | 369 | 40% | 345 | 37% | 1,288 | 43% | 1,213 | 40% |
| Insecticides | 311 | 33% | 302 | 33% | 857 | 28% | 896 | 30% |
| Fungicides | 187 | 20% | 193 | 21% | 626 | 21% | 638 | 21% |
| IntermediatesandIngredients | 67 | 7% | 89 | 10% | 254 | 8% | 282 | 9% |
| Total | 933 | 100% | 929 | 100% | 3,025 | 100% | 3,028 | 100% |
Notes:
ThesalessplitbyproductcategoryisprovidedforconveniencepurposesonlyandisnotrepresentativeofthewaytheCompanyismanagedorinwhichitmakesitsoperationaldecisions.Numbersmaynotsumduetorounding.
FurtherInformationAllfilingsoftheCompany,togetherwithapresentationofthekeyfinancialhighlightsoftheperiod,canbeaccessedthroughtheCompanywebsiteatwww.adama.com.AboutADAMAADAMALtd.isagloballeaderincropprotection,providingpracticalsolutionstofarmersacrosstheworldtocombatweeds,insectsanddisease.OurcultureempowersADAMA'speopletoactivelylistentofarmersandideatefromthefield.ADAMA'sdiverseportfolioofexistingactiveingredients,coupledwithitsleadingformulationcapabilitiesandproprietaryformulationtechnologyplatforms,uniquelypositionthecompanytodevelophigh-quality,innovativeandsustainableproducts,toaddressthemanychallengesfarmersandcustomersfacetoday.ADAMAservescustomersindozensofcountriesglobally,withdirectpresenceinalltop20markets.Formoreinformation,visitusatwww.ADAMA.com.Contact
JoshuaPhillipsonZhujunWangGlobalInvestorRelationsChinaInvestorRelationsEmail:ir@adama.comEmail:irchina@adama.com
AbridgedAdjustedConsolidatedFinancialStatements
ThefollowingabridgedconsolidatedfinancialstatementsandnoteshavebeenpreparedasdescribedinNote1inthisappendix.WhilepreparedbasedontheprinciplesofChineseAccountingStandards(ASBE),theydonotcontainalloftheinformationwhicheitherASBEorIFRSwouldrequireforacompletesetoffinancialstatements,andshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsofbothADAMALtd.andAdamaAgriculturalSolutionsLtd.asfiledwiththeShenzhenandTelAvivStockExchanges,respectively.Relevantincomestatementitemscontainedinthisreleasearealsopresentedonan“Adjusted”basis,whichexcludeitemsthatareofaone-timeornon-cash/non-operationalnaturethatdonotimpacttheongoingperformanceofthebusiness,andreflectthewaytheCompany’smanagementandtheBoardofDirectorsviewtheperformanceoftheCompanyinternally.TheCompanybelievesthatexcludingtheeffectsoftheseitemsfromitsoperatingresultsallowsmanagementandinvestorstoeffectivelycomparethetrueunderlyingfinancialperformanceofitsbusinessfromperiodtoperiodandagainstitsglobalpeers.
AbridgedConsolidatedIncomeStatementfortheThirdQuarter
| Adjusted2 | Q32025USD(m) | Q32024USD(m) | Q32025RMB(m) | Q32024RMB(m) |
| Revenues | 933 | 929 | 6,654 | 6,613 |
| CostofSales | 670 | 702 | 4,776 | 4,994 |
| Othercosts | 6 | 2 | 43 | 20 |
| Grossprofit | 257 | 225 | 1,835 | 1,600 |
| %ofrevenue | 27.6% | 24.2% | 27.6% | 24.2% |
| Selling&Distributionexpenses | 152 | 162 | 1,085 | 1,151 |
| General&Administrativeexpenses | 37 | 33 | 265 | 236 |
| Research&Developmentexpenses | 13 | 14 | 90 | 102 |
| Otheroperatingexpenses(income) | (1) | 3 | (7) | 21 |
| Totaloperatingexpenses | 201 | 212 | 1,434 | 1,509 |
| %ofrevenue | 21.5% | 22.8% | 21.5% | 22.8% |
| Operatingincome(EBIT) | 56 | 13 | 401 | 90 |
| %ofrevenue | 6.0% | 1.4% | 6.0% | 1.4% |
| Financialexpenses | 68 | 84 | 483 | 600 |
| Lossbeforetaxes | (11) | (72) | (82) | (510) |
| TaxesonIncome | 8 | 6 | 61 | 45 |
| NetLoss | (20) | (78) | (142) | (555) |
| %ofrevenue | (2.1%) | (8.4%) | (2.1%) | (8.4%) |
| Adjustments | 28 | 55 | 200 | 388 |
| Reportednetloss | (48) | (133) | (342) | (943) |
| %ofrevenue | (5.1%) | (14.3%) | (5.1%) | (14.3%) |
| AdjustedEBITDA | 120 | 80 | 856 | 569 |
| %ofrevenue | 12.9% | 8.6% | 12.9% | 8.6% |
| AdjustedEPS3–Basic | (0.0086) | (0.0335) | (0.0611) | (0.2382) |
| –Diluted | (0.0086) | (0.0335) | (0.0611) | (0.2382) |
| ReportedEPS2–Basic | (0.0206) | (0.0569) | (0.1470) | (0.4049) |
| –Diluted | (0.0206) | (0.0569) | (0.1470) | (0.4049) |
Forananalysisofthedifferencesbetweentheadjustedincomestatementitemsandtheincomestatementitemsasreportedinthefinancialstatements,seebelow“AnalysisofGapsbetweenAdjustedIncomeStatementandIncomeStatementinFinancialStatements”.
ThenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinbothQ32025and2024is2,329.8millionshares.
AbridgedConsolidatedIncomeStatementfortheFirstNineMonthsof2025
| Adjusted4 | 9M2025USD(m) | 9M2024USD(m) | 9M2025RMB(m) | 9M2024RMB(m) |
| Revenues | 3,025 | 3,028 | 21,678 | 21,523 |
| CostofSales | 2,129 | 2,238 | 15,260 | 15,909 |
| Othercosts | 18 | 8 | 126 | 59 |
| Grossprofit | 878 | 782 | 6,292 | 5,555 |
| %ofrevenue | 29.0% | 25.8% | 29.0% | 25.8% |
| Selling&Distributionexpenses | 474 | 500 | 3,396 | 3,552 |
| General&Administrativeexpenses | 113 | 102 | 811 | 723 |
| Research&Developmentexpenses | 43 | 45 | 306 | 320 |
| Otheroperatingexpenses(income) | 11 | (1) | 81 | (9) |
| Totaloperatingexpenses | 641 | 645 | 4,595 | 4,585 |
| %ofrevenue | 21.2% | 21.3% | 21.2% | 21.3% |
| Operatingincome(EBIT) | 237 | 137 | 1,698 | 970 |
| %ofrevenue | 7.8% | 4.5% | 7.8% | 4.5% |
| Financialexpenses | 204 | 224 | 1,460 | 1,590 |
| Income(loss)beforetaxes | 33 | (87) | 238 | (620) |
| TaxesonIncome | 4 | 61 | 26 | 436 |
| Netincome(loss) | 29 | (149) | 212 | (1,057) |
| %ofrevenue | 1.0% | (4.9%) | 1.0% | (4.9%) |
| Adjustments | 89 | 110 | 635 | 782 |
| Reportednetloss | (59) | (259) | (423) | (1,838) |
| %ofrevenue | (2.0%) | (8.5%) | (2.0%) | (8.5%) |
| AdjustedEBITDA | 430 | 332 | 3,082 | 2,357 |
| %ofrevenue | 14.2% | 11.0% | 14.2% | 11.0% |
| AdjustedEPS5–Basic | 0.0127 | (0.0638) | 0.0910 | (0.4535) |
| –Diluted | 0.0127 | (0.0638) | 0.0910 | (0.4535) |
| ReportedEPS4–Basic | (0.0254) | (0.1110) | (0.1815) | (0.7890) |
| –Diluted | (0.0254) | (0.1110) | (0.1815) | (0.7890) |
Forananalysisofthedifferencesbetweentheadjustedincomestatementitemsandtheincomestatementitemsasreportedinthefinancialstatements,seebelow“AnalysisofGapsbetweenAdjustedIncomeStatementandIncomeStatementinFinancialStatements”.
Thenumberofsharesusedtocalculatebothbasicanddilutedearningspershareinboth9M2025and2024is2,329.8millionshares.
AbridgedConsolidatedBalanceSheet
| September302025USD(m) | September302024USD(m) | September302025RMB(m) | September302024RMB(m) | |
| Assets | ||||
| Currentassets: | ||||
| Cashatbankandonhand | 526 | 596 | 3,734 | 4,178 |
| Billsandaccountsreceivable | 1,198 | 1,219 | 8,511 | 8,539 |
| Inventories | 1,684 | 1,740 | 11,969 | 12,192 |
| Othercurrentassets,receivablesandprepaidexpenses | 288 | 278 | 2,049 | 1,946 |
| Totalcurrentassets | 3,696 | 3,832 | 26,263 | 26,855 |
| Non-currentassets: | ||||
| Fixedassets,net | 1,600 | 1,746 | 11,370 | 12,233 |
| Rightsofuseassets | 77 | 79 | 548 | 555 |
| Intangibleassets,net | 1,324 | 1,386 | 9,407 | 9,714 |
| Deferredtaxassets | 204 | 208 | 1,453 | 1,460 |
| Othernon-currentassets | 125 | 100 | 890 | 702 |
| Totalnon-currentassets | 3,331 | 3,520 | 23,668 | 24,665 |
| Totalassets | 7,027 | 7,352 | 49,931 | 51,519 |
Liabilities
| Liabilities | ||||
| Currentliabilities: | ||||
| Loansandcreditfrombanksandotherlenders | 1,181 | 938 | 8,393 | 6,574 |
| Billsandaccountspayable | 838 | 760 | 5,957 | 5,325 |
| Othercurrentliabilities | 861 | 836 | 6,119 | 5,859 |
| Totalcurrentliabilities | 2,881 | 2,534 | 20,469 | 17,758 |
| Long-termliabilities: | ||||
| Loansandcreditfrombanksandotherlenders | 203 | 380 | 1,443 | 2,666 |
| Debentures | 743 | 944 | 5,281 | 6,613 |
| Deferredtaxliabilities | 29 | 43 | 205 | 304 |
| Employeebenefits | 76 | 81 | 537 | 570 |
| Otherlong-termliabilities | 499 | 547 | 3,543 | 3,830 |
| Totallong-termliabilities | 1,549 | 1,995 | 11,009 | 13,982 |
| Totalliabilities | 4,430 | 4,530 | 31,477 | 31,741 |
Equity
| Equity | ||||
| Totalequity | 2,597 | 2,823 | 18,453 | 19,779 |
| Totalliabilitiesandequity | 7,027 | 7,352 | 49,931 | 51,519 |
Numbersmaynotsumduetorounding
AbridgedConsolidatedCashFlowStatementfortheThirdQuarterof2025
| Q32025USD(m) | Q32024USD(m) | Q32025RMB(m) | Q32024RMB(m) | |
| Cashflowfromoperatingactivities: | ||||
| Cashflowfromoperatingactivities | 89 | 159 | 635 | 1,131 |
| Cashflowfromoperatingactivities | 89 | 159 | 635 | 1,131 |
Investingactivities:
| Investingactivities: | ||||
| Acquisitionsoffixedandintangibleassets | (39) | (38) | (276) | (274) |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandothers | 4 | 30 | 29 | 212 |
| Otherinvestingactivities | (8) | 1 | (60) | 10 |
| Cashflowusedforinvestingactivities | (43) | (7) | (307) | (51) |
Financingactivities:
| Financingactivities: | ||||
| Receiptofloansfrombanksandotherlenders | 30 | 42 | 210 | 297 |
| Repaymentofloansfrombanksandotherlenders | (78) | (112) | (557) | (796) |
| Interestpaymentandother | (24) | (28) | (172) | (202) |
| Otherfinancingactivities | 67 | (22) | 477 | (157) |
| Cashflowusedforfinancingactivities | (6) | (121) | (41) | (853) |
| Effectsofexchangeratemovementoncashandcashequivalents | 0 | 1 | (23) | (63) |
| Netchangeincashandcashequivalents | 41 | 32 | 264 | 158 |
| Cashandcashequivalentsatthebeginningoftheperiod | 463 | 557 | 3,316 | 3,971 |
| Cashandcashequivalentsattheendoftheperiod | 504 | 589 | 3,580 | 4,129 |
FreeCashFlow
| FreeCashFlow | 22 | 128 | 157 | 912 |
AbridgedConsolidatedCashFlowStatementfortheFirstNineMonthsof2025
| 9M2025USD(m) | 9M2024USD(m) | 9M2025RMB(m) | 9M2024RMB(m) | |
| Cashflowfromoperatingactivities: | ||||
| Cashflowfromoperatingactivities | 331 | 402 | 2,374 | 2,862 |
| Cashflowfromoperatingactivities | 331 | 402 | 2,374 | 2,862 |
Investingactivities:
| Investingactivities: | ||||
| Acquisitionsoffixedandintangibleassets | (121) | (151) | (866) | (1,074) |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandothers | 6 | 34 | 46 | 242 |
| Paymentinrespectofbusinesscombination | (8) | - | (56) | - |
| Otherinvestingactivities | (9) | (5) | (66) | (35) |
| Cashflowusedforinvestingactivities | (131) | (122) | (942) | (866) |
Financingactivities:
| Financingactivities: | ||||
| Receiptofloansfrombanksandotherlenders | 366 | 235 | 2,625 | 1,666 |
| Repaymentofloansfrombanksandotherlenders | (510) | (505) | (3,665) | (3,589) |
| Interestpaymentsandother | (97) | (111) | (699) | (789) |
| Otherfinancingactivities | 47 | 1 | 330 | 8 |
| Cashflowusedforfinancingactivities | (196) | (380) | (1,408) | (2,703) |
| Effectsofexchangeratemovementoncashandcashequivalents | 2 | 3 | (28) | (21) |
| Netchangeincashandcashequivalents | 5 | (97) | (4) | (728) |
| Cashandcashequivalentsatthebeginningoftheperiod | 499 | 686 | 3,584 | 4,857 |
| Cashandcashequivalentsattheendoftheperiod | 504 | 589 | 3,580 | 4,129 |
FreeCashFlow
| FreeCashFlow | 112 | 179 | 807 | 1,276 |
Numbersmaynotsumduetorounding
NotestoAbridgedConsolidatedFinancialStatements
Note1:BasisofpreparationBasisofpresentationandaccountingpolicies:TheabridgedconsolidatedfinancialstatementsforthequartersendedSeptember30,2025and2024incorporatethefinancialstatementsofADAMALtd.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
| Q32025USD(m) | Q32024USD(m) | Q32025RMB(m) | Q32024RMB(m) | |||
| ReportedNetLoss | (48) | (133) | (342) | (943) | ||
| AdjustmentstoCOGS&OperatingExpenses: | ||||||
| 1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts | 4 | 6 | 25 | 42 | ||
| 2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngentatransaction(non-cash) | 5 | 5 | 39 | 37 | ||
| 3.CleanupandremediationcostsforplantsinIsrael | - | 6 | - | 43 | ||
| 4.ASBEsclassificationsCOGSimpact | (22) | (27) | (154) | (195) | ||
| 5.ASBEsclassificationsOPEXimpact | 22 | 27 | 154 | 195 | ||
| 6.Restructuringandadvisorycosts | 16 | 8 | 112 | 59 | ||
| 7.Other | - | 1 | 1 | 10 | ||
| 8.Provisionssuchaslegalclaims,registrationimpairmentandupdateofregistrationdepreciation | 1 | 19 | 9 | 139 | ||
| TotalAdjustmentstoOperatingIncome(EBIT) | 26 | 46 | 186 | 330 | ||
| TotalAdjustmentstoEBITDA | 16 | 24 | 114 | 173 | ||
| AdjustmentstoFinancingExpenses: | ||||||
| 9.Non-cashadjustmentrelatedtoputoptionsrevaluation | 4 | 3 | 28 | 21 | ||
| 12.Otherfinancingexpenses | (1) | 1 | (4) | 11 | ||
| AdjustmentstoTaxes: | ||||||
| Taxesimpact | (1) | 4 | (10) | 27 | ||
| TotaladjustmentstoNetLoss | 28 | 55 | 200 | 388 | ||
| AdjustedNetLoss | (20) | (78) | (142) | (555) | ||
| 9M2025USD(m) | 9M2024USD(m) | 9M2025RMB(m) | 9M2024RMB(m) | |
| ReportedNetloss | (59) | (259) | (423) | (1,838) |
| AdjustmentstoCOGS&OperatingExpenses: | ||||
| 1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts | 11 | 14 | 77 | 97 |
| 2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngentatransaction(non-cash) | 16 | 15 | 117 | 109 |
| 3.CleanupandremediationcostsforplantsinIsrael | 7 | 17 | 48 | 121 |
| 4.ASBEsclassificationsCOGSimpact | (78) | (87) | (559) | (617) |
| 5.ASBEsclassificationsOPEXimpact | 78 | 87 | 559 | 617 |
| 6.Restructuringandadvisorycosts | 45 | 23 | 321 | 166 |
| 7.Other | 2 | 3 | 11 | 22 |
| 8.Provisionssuchaslegalclaims,registrationimpairmentandupdateofregistrationdepreciation | 1 | 63 | 9 | 451 |
| TotalAdjustmentstoOperatingIncome(EBIT) | 81 | 136 | 583 | 965 |
| TotalAdjustmentstoEBITDA | 53 | 80 | 375 | 567 |
| AdjustmentstoFinancingExpenses: | ||||
| 9.Non-cashadjustmentrelatedtoputoptionsrevaluation | 7 | (30) | 48 | (212) |
| 10.Repurchaseofdebenturesbyacontrolledsubsidiary | 9 | - | 68 | - |
| 11.Arbitrationdecisionrelatedtoacontrolledsubsidiary | (4) | - | (32) | - |
| 12.Otherfinancingexpenses | (2) | 10 | (12) | 69 |
| AdjustmentstoTaxes: | ||||
| Taxesimpact | (3) | (6) | (21) | (41) |
| TotaladjustmentstoNetloss | 89 | 110 | 635 | 782 |
| AdjustedNetIncome(Loss) | 29 | (149) | 212 | (1,057) |
Notes:
1.Amortizationofacquisition-relatedPPAandotheracquisitionrelatedcosts:Relatedmainlytothe
non-cashamortizationofintangibleassetscreatedaspartofthePurchasePriceAllocation(PPA)onacquisitions,withnoimpactontheongoingperformanceofthecompaniesacquired,aswellasotherM&A-relatedcosts.
2.AmortizationofTransferassetsreceivedandwritten-updueto2017ChemChina-Syngenta
transaction(non-cash):TheproceedsfromtheDivestmentofcropprotectionproductsinconnectionwiththeapprovalbytheEUCommissionoftheacquisitionofSyngentabyChemChina,netoftaxesandtransactionexpenses,werepaidtoSyngentainreturnforthetransferofaportfolioofproductsinEuropeofsimilarnatureandeconomicvalue.SincetheproductsacquiredfromSyngentaareofthesamenatureandwiththesameneteconomicvalueasthosedivested,andsincein2018theCompanyadjustedfortheone-timegainthatitmadeonthedivestedproducts,theadditionalamortizationchargeincurredduetothewritten-upvalueoftheacquiredassetsisalsoadjustedtopresentaconsistentviewofDivestmentandTransfertransactions,whichhadnonetimpactontheunderlyingeconomicperformanceoftheCompany.Theseadditionalamortizationchargeswillcontinueuntil2032butatareducingrate,yetwillstillbeatameaningfulleveluntil2028.
3.CleanupandremediationcostsforplantsinIsrael:awholly-ownedindirectsubsidiaryofthe
CompanyrecordedremediationcostsforitsplantsinIsraelin2025and2024.
4.&5.ASBEsclassificationsCOGSimpact:accordingtotheASBEguidelines[IAS37],certainitems(specificallycertaintransportationcosts)areclassifiedunderCOGS.
6.Restructuringandadvisorycosts:TheCompanyinitiateditsFightForwardtransformationplaninearly2024.Partoftheplanincludesrestructuringitsorganizationalstructure,workforceandmanagerialprocesses,andasaresultthereof,theCompanyrecordedrestructuringandadvisorycosts.
7.Other:Mainlyattributabletoaccelerateddepreciationassociatedwithfacilitiesupgrade.
8.Provisionssuchaslegalclaims,registrationimpairmentandupdateofregistrationdepreciation:
Legalclaimsrelatedtoproductliabilitieswassettledandincurredexpensesin2024.Registrationimpairmentandupdateofregistrationdepreciationismainlyrelatedtothemanagement'sstrategicdecisiontoincreasefocusonproductsinlinewiththeoptimizationoftheCompany'sportfolio,andhencetofocusonthequalityofbusiness.
9.Non-cashadjustmentrelatedtoputoptionsrevaluation:expenses/incomeduetorevaluationofputoptionsattributedtominoritystakeinsubsidiaries
10.Repurchaseofdebenturesbyacontrolledsubsidiary:Aspartofstrengtheningitsdebtstructure,asubsidiaryoftheCompanyrepurchasedasignificantpartofitsbondprincipalinthesecondquarterforthepurposeofimprovingitslong-termfinancingstructureandefficiency.Alosswasrecordedduetothepremiumbetweenthebuybackpriceanditsissuanceprice.
11.Arbitrationdecisionrelatedtoacontrolledsubsidiary:Anarbitrationcaserelatedtoacontrolled
subsidiaryincurredaone-timeincome.
ExchangeRateDatafortheCompany'sPrincipalFunctionalCurrencies
| September30 | Q3Average | 9MAverage | |||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2025 | 2024 | Change | |||
| EUR/USD | 1.174 | 1.119 | 4.88% | 1.168 | 1.098 | 6.33% | 1.116 | 1.087 | 2.67% | ||
| USD/BRL | 5.319 | 5.448 | 2.38% | 5.447 | 5.545 | 1.77% | 5.653 | 5.238 | -7.91% | ||
| USD/PLN | 3.632 | 3.819 | 4.92% | 3.647 | 3.899 | 6.48% | 3.800 | 3.963 | 4.10% | ||
| USD/ZAR | 17.301 | 17.094 | -1.21% | 17.627 | 17.971 | 1.91% | 18.135 | 18.481 | 1.88% | ||
| AUD/USD | 0.661 | 0.692 | -4.45% | 0.654 | 0.670 | -2.35% | 0.641 | 0.662 | -3.27% | ||
| GBP/USD | 1.343 | 1.341 | 0.18% | 1.348 | 1.300 | 3.70% | 1.313 | 1.277 | 2.84% | ||
| USD/ILS | 3.306 | 3.710 | 10.89% | 3.363 | 3.713 | 9.42% | 3.520 | 3.701 | 4.90% | ||
| USDL3M | 4.00% | 4.59% | -0.59bp | 4.19% | 5.08% | -0.89bp | 4.26% | 5.24% | -0.98bp | ||
September30
| September30 | Q3Average | 9MAverage | |||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2025 | 2024 | Change | |||
| USD/RMB | 7.106 | 7.007 | 1.40% | 7.129 | 7.115 | 0.20% | 7.165 | 7.108 | 0.80% | ||
| EUR/RMB | 8.341 | 7.843 | 6.35% | 8.326 | 7.816 | 6.53% | 7.995 | 7.725 | 3.49% | ||
| RMB/BRL | 0.749 | 0.777 | 3.72% | 0.764 | 0.779 | 1.96% | 0.789 | 0.737 | -7.05% | ||
| RMB/PLN | 0.511 | 0.545 | 6.23% | 0.512 | 0.548 | 6.66% | 0.530 | 0.557 | 4.86% | ||
| RMB/ZAR | 2.435 | 2.439 | 0.19% | 2.473 | 2.526 | 2.11% | 2.531 | 2.600 | 2.66% | ||
| AUD/RMB | 4.696 | 4.847 | -3.11% | 4.663 | 4.766 | -2.16% | 4.590 | 4.707 | -2.49% | ||
| GBP/RMB | 9.545 | 9.396 | 1.58% | 9.611 | 9.250 | 3.90% | 9.407 | 9.074 | 3.67% | ||
| RMB/ILS | 0.465 | 0.529 | 12.12% | 0.472 | 0.522 | 9.60% | 0.491 | 0.521 | 5.66% | ||
| RMBL3M | 1.58% | 1.84% | -0.26bp | 1.56% | 1.86% | -0.29bp | 1.68% | 2.04% | -0.39bp | ||