[三季报]安道麦B(200553):2026年三季度报告（英文版）
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.40 ADAMA LTD. THIRD QUARTER REPORT 2026 Please see important additional information and further details included in the Annex. October 2026 Important Notice The Company’s Board of Directors, directors and senior managers confirm that the content of the Report is true, accurate and complete and contains no false statements, misleading presentations or material omissions, and assume joint and several legal liability arising therefrom. Ga?l Hili, the person leading the Company (President and Chief Executive Officer as well as its legal representative, and Samuel Asher Leibowitz, the person leading the accounting function (Chief Financial Officer), hereby assert and confirm the truthfulness, accuracy and completeness of the Financial Report. The Third Quarter Report has not been audited. Items of qualified opinion by the auditor □Applicable √Not applicable This Report has been prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail. I. Main accounting and financial results 1. Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data of last year due to change in accounting policies or correction of accounting errors □ Yes √ No
Explanation of other profit or loss that meets the definition of non-recurring profit or loss √ Applicable □ Not applicable Mainly compensation received related to limited and localized damage caused by falling debris following missile interceptions at one of the Company’s Israeli manufacturing sites and compensation related to product liabilities as explained above in the note. Explanation of non-recurring items of profit or loss listed in "Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public-Non-Recurring Profit and Loss" reclassified as recurring items of profit or loss. □ Applicable √ Not applicable No such cases in the Reporting Period. 3. Changes in main accounting statement items and financial indicators in the Reporting Period, as well as reasons for the changes √ Applicable □ Not applicable 1 General Crop Protection (CP) Market Environment During the first nine months of 2026, crop protection market volumes saw weaker than anticipated growth due to elevated farmer costs and just-in-time purchasing patterns, despite low channel inventories supporting healthy underlying crop protection demand. Additionally, crop protection pricing, particularly in the off-patent market, continued to remain under pressure, mainly due to lower farmer profitability, as well as persistently low active ingredient prices resulting from structural production overcapacity in China. Overall market conditions varied across regions and crops, while farmer margins remained under pressure in many markets due to higher borrowing costs as well as higher fertilizer and fuel costs. Geopolitical tensions and weather-related disruption continued to create uncertainty along the entire value chain from crop production, input costs and grower profitability. Geopolitical Situation ADAMA is a global company with manufacturing and formulation facilities in several locations around the world, principally in Israel, China and Brazil. It is headquartered and has three manufacturing sites in Israel. Despite regional tensions that have escalated on February 28, 2026, the Company’s Israeli production sites and supply chain, including ports, continued to operate without significant delays allowing the Company to support its markets, and ongoing activities. During March and early April 2026, the Company's Neot Hovav site suffered limited and localized damage caused by falling debris following missile interceptions in the southern region of Israel. No bodily injuries were reported, and an immediate safety-driven closure of the facilities was carried out, followed by a phased shutdown, also for safety reasons. The Company initiated comprehensive damage assessments. 1
Note: the numbers in this table may not sum due to rounding. Europe, Africa & Middle East (EAME): Sales declined in the third quarter, reflecting significantly weaker market consumption and lower crop-protection applications across several European markets due to weather impacts creating channel inventory build-up and due to elevated farmer input costs. Market-share gains partly mitigated the decline, while competitive and pricing pressure remained high, concentrated in specific off-patent active ingredients. North America: Sales increased supported by growth across Professional Solutions, Consumer and Canada. US Ag was impacted by lower market prices mainly in commodity categories, while continuing to present growth in key products and customer segments. Pricing pressure and elevated inventories affected several US agricultural products. Latin America: In Brazil, sales declined despite intensified commercial execution ahead of the soybean season particularly across fungicides and insecticides. This was offset by continued pricing pressure, farmer liquidity constraints and intense competition, particularly in commodity products. In the rest of LATAM, sales increased supported by higher volumes, particularly in Argentina, following disciplined implementation of its strategic growth priorities across the region, despite continued competitive and pricing pressure and El-Ni?o impact in certain countries. Asia-Pacific: Sales increased supported by growth in Pacific and India more than offsetting a decline in other South-East Asia sales. Pacific benefited from fungicide demand in Southern and Western Australia supported by new product introductions. South-East Asia sales were impacted by El-Ni?o impact on demand. In China, sales reflected the Company’s decision to reduce manufacturing and sale of certain basic chemicals since Q3 2025 and low-margin products, leading to a decline in sales in the nine-month period while in the third quarter sales were on a comparable basis and increased, reflecting higher sales of brand formulations driven by new product launches and higher non-ag sales following better utilization rates. (2) Cost of Goods and Gross Profit The decline in gross profit in the third quarter and first nine months was mainly due to the decline in sales and negative cost impact. The impacts were slightly moderated by the improvement in the Company’s sales mix of higher margin products, positive impact of exchange rates. (3) Operating Expenses: Operating expenses include Sales and Marketing, General and Administration and R&D. Operating expenses in the third quarter and first nine months decreased despite the negative impact of exchange rates following tight expense discipline and due to less restructuring and advisory costs. In the nine months, the positive impacts were partially offset by an increase in employee compensation and an increase in H1 in expenses supporting business growth. In the third quarter and first nine months of both 2025 and 2026, the Company continued recording following charges in its sales and marketing expenses at a similar amount, which incurred due to mergers and acquisitions in recent years, mainly: (i) non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions. Non-operational charges affected the Company’s reported operating expenses amounting to RMB 101 million ($15 million) in Q3 2026, in comparison to RMB 176 million ($25 million) in Q3 2025, and RMB 267 million ($39 million) in 9M 2026 in comparison to RMB 519 million ($73 million) in 9M 2025. For details of the non-operational charges, please refer to the Annex to the Report. (4) Financial Expenses “Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any hedging. Financial Expenses (before hedging) were RMB 1,186 million ($173 million) for the nine months of 2026, in comparison to RMB 1,544 million ($215 million) for the nine months of 2025. Given the global nature of its operational activities and the composition of its assets and liabilities, the Company, in the ordinary course of its business, uses foreign currency derivatives (forwards and options) to hedge the cash flow risks associated with existing monetary assets and liabilities that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value” which recorded the hedging costs and impacts among others amounted to a loss of RMB 15 million ($2 million) for the nine months of 2026, in comparison to a net gain of RMB 5 million ($0.6 million) in the first nine months of 2025. The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total Net Financial Expenses”), which more comprehensively reflects the financial expenses of the Company in supporting its main business and protecting its monetary assets/liabilities, amounts to RMB 1,202 million ($175 million) in the nine months of 2026, in comparison to RMB 1,540 million ($215 million) in the nine months of 2025. The lower Total Net Financial Expenses in the first nine months reflected the better debt structure following the buyback of bonds in Q2 2025, positive impact of the Israeli CPI, the benefit of the continued positive cash flow and lower hedging costs. The Total Net Financial Expenses were higher in 2025 also because an expense was recorded in the bond buyback. (5) Income Tax Expenses The Company recorded higher tax expense in the first nine months of 2026 comparing to 2025 mainly due to lower tax income compared to last year, recognized according to the accounting method of calculation of tax assets related to unrealized profits and due to lower tax income compared to last year from foreign exchange impact of the stronger BRL. In addition, during the third quarter of 2026 the Company adjusted the tax asset in Brazil according to the projected statutory profit before tax.
II. Use of Raised Funds □ Applicable √ Not applicable No such cases in the Reporting Period. III. Information regarding the Shareholders 1. Total number of ordinary shareholders and preference shareholders who had resumed their voting rights, and shareholdings of top 10 shareholders at the period-end Unit: share
Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the shares lending through refinancing arrangement □Applicable √ Not applicable Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the previous period due to the shares lending/returning through refinancing arrangement □ Applicable √ Not applicable 2. Total number of preference shareholders and shareholdings of the top 10 of such at the period-end □ Applicable √ Not applicable IV. Other Significant Events √Applicable □Not applicable The Company disclosed the Announcement on the Indirect Controlling Shareholder Sinochem Holdings Corporation Ltd.’s Performance of Its Undertaking to Avoid Horizontal Competition (Announcement No. 2026-38) on CNINFO on September 19, 2026. Sinochem has performed, within the committed period, its Letter of Undertaking to Avoid Horizontal Competition with ADAMA Ltd. and has effectively addressed the impact of horizontal competition on the Company through various measures. The Company periodically reviews overlapping products with Syngenta AG and Yangnong Chemical. In 2025 and the first half of 2026, the sales of the Company’s overlapping products between the Company and Syngenta AG and Yangnong Chemical accounted for less than 15% of the Company’s total principal business revenue and did not constitute a material adverse effect on the Company. V. Financial Statements i. Financial Statements 1. Consolidated balance sheet Prepared by ADAMA Ltd. 30 September 2026 Unit: RMB’000
Gael Hili Samuel Asher Leibowitz Samuel Asher Leibowitz Legal representative Chief of the accounting work Chief of the accounting organ 2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period Unit: RMB’000
Gael Hili Samuel Asher Leibowitz Samuel Asher Leibowitz Legal representative Chief of the accounting work Chief of the accounting organ 3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting Period Unit: RMB’000
ii. Impact of initial application of new accounting standards on the opening balances of current year □ Applicable √ Not applicable iii. Auditor’s report Is this Report audited? □ Yes √ No This Report is unaudited. Board of Directors ADAMA Ltd. October 30, 2026 中财网
 |