[三季报]安道麦B(200553):2025年三季度报告（英文版）
Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2025-33 ADAMA LTD. THIRD QUARTER REPORT 2025 ADAMA Ltd. (hereinafter referred to as “the Company”) is a global leader in crop protection, providing solutions to farmers across the world to combat weeds, insects and disease. ADAMA has one of the widest and most diverse portfolios of active ingredients in the world, state-of-the art R&D, manufacturing and formulation facilities, together with a culture that empowers our people in markets around the world to listen to farmers and ideate from the field. This uniquely positions ADAMA to offer a vast array of distinctive mixtures, formulations and high-quality differentiated products, delivering solutions that meet local farmer and customer needs in dozens of countries globally, with direct presence in all top 20 markets. Please see important additional information and further details included in the Annex. October 2025 Important Notice The Company’s Board of Directors, Board of Supervisors, directors, supervisors 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 Efrat Nagar, 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. 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
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the Company’s performance is based on the USD results, following explanations and analysis are based on USD- denominated numbers as listed above.
Note: the numbers in this table may not sum due to rounding. Europe, Africa & Middle East (EAME): Volumes and revenue in EAME increased in the third quarter, though significant declines in Turkey in the first quarter impacted the year-to-date results. Pricing continued to decline in light of intense competition. Foreign exchange rates had positive impact in the third quarter. North America: In the US Ag market, though slightly down in the third quarter, was significantly up in the first nine months following improvements in volumes and prices. Similarly in Canada, while the third quarter was flat with an increase in volume offset by a decrease by prices, for the nine months volumes are significantly up. Consumer & Professional Solutions experienced increased volumes and flat prices for both the third quarter and year-to-date. Latin America: In Brazil, revenues were significantly up in the third quarter, resulting in higher revenues also for the first nine months compared to the previous year. Growth was driven by increased volumes, while the third quarter also experienced modest pricing increases. In the rest of LATAM lower volumes, prices, and revenues were reported in the third quarter and the first nine months, primarily in Paraguay and Argentina, due to channel destocking and just-in-time purchasing behavior. Asia-Pacific: India experienced significant declines in the third quarter revenues, primarily due to lower volumes driven by extreme weather conditions and lower prices. In the rest of APAC (excluding India and China), sales and volumes were 2 As part of ADAMA’s business optimization program, on January 1, 2025, South Africa was reclassified from the APAC region to EAME. To enable meaningful comparisons, the 2024 data presented here includes South Africa under EAME. slightly up for the quarter, despite ongoing pricing pressures. In China, sales in the third quarter mainly reflected the impacts of lower non-ag sales, partially compensated by the increase of AI sales. Non-ag sales declined following implementation of the Company’s strategic decision to pivot away from manufacturing some basic chemical products, and weaker market demands. Higher AI sales were driven by volume growth due to the expansion of new distribution channels and supported by the recovery of global demand. Sales of the formulations business stabilized, still reflecting relatively high channel inventories and severe market competition. Supported by the growth in the first half, sales in China in the first nine months increased compared to last year. (2) Cost of Goods and Gross Profit The higher gross profit and margin in the third quarter and first nine months mainly reflected the positive impacts of lower costs due to improved operational efficiency and lower costs of inventory sold as well as higher volume, more than compensating for lower prices. (3) Operating Expenses: Operating expenses include Sales and Marketing, General and Administration and R&D. The operating expenses in both the third quarter and first nine months were lower mainly because last year there were one-off expenses related to a legal claim of product liabilities which offset the higher restructuring and advisory costs in 2025. In the third quarter, the benefits were offset by the increase in expenses attributed to company success-based employee compensation due to improved 2025 results to-date. In the first nine months, the positive impacts following implementation of the Fight Forward plan in 2025 and that in H1 last year an update of registration amortization was recorded contributed to the decrease in operating expenses. In addition to that, for Q3 and 9M of both 2024 and 2025, 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, with no impact on the ongoing performance of the companies acquired. Non-operational charges affected the Company’s reported operating expenses amounting to RMB 176 million ($25 million) in Q3 2025 in comparison to RMB 167 million ($23 million) in Q3 2024, and RMB 519 million ($73 million) in 9M 2025 in comparison to RMB 639 million ($90 million) in 9M 2024. 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. The impact of Financial Expenses (before hedging) is an expense of RMB 1,544 million ($215 million) for the nine months of 2025 compared with an expense of RMB 1,220 million ($172 million) for the corresponding period in 2024. 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 net gain of RMB 5 million ($0.6 million) in the first nine months of 2025, compared with a net loss of RMB 236 million ($33 million) in the corresponding period in 2024.
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 V. Financial Statements i. Financial Statements 1. Consolidated balance sheet Prepared by ADAMA Ltd. 30 September 2025 Unit: RMB’000
Gael Hili Efrat Nagar Efrat Nagar 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 Efrat Nagar Efrat Nagar 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, 2025 中财网
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