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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-44

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)


Delaware		41-0129150
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

77 West Wacker Drive, Suite 4600
Chicago,	Illinois	60601
(Address of principal executive offices)		(Zip Code)

(312) 634-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ADM	NYSE
1.000% Notes due 2025		NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Emerging Growth Company

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value – ~~478~~480,~~533~~450,~~520~~015 shares

(~~November~~April 1228, ~~2024~~2025)

SAFE HARBOR STATEMENT

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results and operations, growth opportunities, pending litigation and investigations, and timing of the remediation of the Company’s material weakness in the Company’s internal control over financial reporting are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, without limitation, those that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, ~~2023~~2024, as may be updated in subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, Archer-Daniels-Midland Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.

ARCHER-DANIELS-MIDLAND COMPANY

FORM 10-Q FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

Statements of Earnings

Statements of Comprehensive Income (Loss)

Balance Sheets

Statements of Cash Flows

Statements of Shareholders’ Equity

Notes to Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

3734

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

5744

Item 4.

Controls and Procedures

5845

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

5946

Item 1A.

Risk Factors

5946

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

6146

Item 5.

Other Information

6146

Item 6.

Exhibits

6247

Signatures

6348

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024		2023		2024		2023
	2025		2024
	(In millions, except per share amounts)
Revenues	$	1920,~~937~~175	$	21,~~695~~847	$	~~64,032~~	$	~~70,957~~
Cost of products sold	18,~~572~~995		1920,~~885~~188		~~59,612~~		~~65,184~~
Gross Profit	1,~~365~~180		1,~~810~~659		~~4,420~~		~~5,773~~
Selling, general, and administrative expenses	~~905~~932		~~815~~951		~~2,763~~		~~2,537~~
Asset impairment, exit, and restructuring costs	~~507~~38		7918		~~532~~		~~146~~
Equity in earnings of unconsolidated affiliates	(134)		(83)		(498)		(408)
Equity in (earnings) of unconsolidated affiliates	(144)		(212)
Interest and investment income	(137)		(152)		(400)		(428)
Interest and investment (income)	(138)		(123)
Interest expense	~~174~~158		~~155~~166		~~527~~		~~482~~
Other (income) expense – net	(58)		(35)		(92)		(116)
Other (income) – net	(19)		(26)
Earnings Before Income Taxes	~~108~~353		~~1,031~~885		~~1,588~~		~~3,560~~
Income tax expense	9061		~~207~~166		~~370~~		~~636~~
Net Earnings Including Non-controlling Interests	18292		~~824~~719		~~1,218~~		~~2,924~~
Less: Net earnings (losses) attributable to non-controlling interests	—		3		(15)		6
Net (losses) attributable to non-controlling interests	(3)		(10)
Net Earnings Attributable to Archer-Daniels-Midland Company	$	18295	$	~~821~~729	$	~~1,233~~	$	~~2,918~~
Average number of shares outstanding – basic	~~482~~483		~~540~~513		~~496~~		~~545~~
Average number of shares outstanding – diluted	483		~~540~~514		~~497~~		~~546~~
Basic earnings per common share	$	0.0461	$	1.5242	$	~~2.49~~	$	~~5.36~~
Diluted earnings per common share	$	0.0461	$	1.5242	$	~~2.48~~	$	~~5.35~~
Dividends per common share	$	0.5051	$	0.4550	$	~~1.50~~	$	~~1.35~~

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024		2023		2024		2023
	2025		2024
	(In millions)
Net Earnings Including Non-controlling Interests	$	18292	$	~~824~~719	$	~~1,218~~	$	~~2,924~~
Other comprehensive income (loss):
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	2(133)		~~(245)~~4		~~(255)~~		~~(57)~~
Tax effect	3438		(3620)		8		~~(8)~~
Net of tax amount	36(95)		(~~281~~16)		~~(247)~~		~~(65)~~
Pension and other postretirement benefit liabilities adjustment	(8)		—		(15)		(32)
Deferred (loss) on hedging activities	(5)		(69)
Tax effect	2(1)		~~(3)~~10		4		~~(12)~~
Net of tax amount	(6)		(359)		~~(11)~~		~~(44)~~
Deferred gain (loss) on hedging activities	3		128		(115)		(13)
Pension and other postretirement benefit liabilities adjustment	(22)		(4)
Tax effect	86		~~(28)~~1		25		4
Net of tax amount	11(16)		~~100~~(3)		~~(90)~~		~~(9)~~
Unrealized gain (loss) on investments	—		5		(7)		13
Unrealized (loss) on investments	(3)		(7)
Tax effect	—		—(1)		~~(1)~~		~~(2)~~
Net of tax amount	—(3)		5(8)		~~(8)~~		11
Other comprehensive income (loss)	41		(179)		(356)		(107)
Total other comprehensive (loss), net of tax	(120)		(86)
Comprehensive income (loss)	59		645		862		2,817
Total comprehensive income	172		633
Less: Comprehensive income (loss) attributable to non-controlling interests	1		2		(18)		1
Less: Comprehensive (loss) attributable to non-controlling interests	(3)		(13)
Comprehensive income (loss) attributable to Archer-Daniels-Midland Company	$	58	$	643	$	880	$	2,816
Comprehensive income attributable to Archer-Daniels-Midland Company	$	175	$	646

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
	(In millions)
Assets
Current Assets
Cash and cash equivalents	$	~~784~~864	$	~~1,368~~611
Segregated cash and investments	7,077		7,228
Short-term marketable securities	33		246
Trade receivables - net	3,770		4,232
Segregated cash and investments	6,870		7,212
Inventories	10,746		11,957
Trade receivables - net	4,419		3,708
Other current assets	4,249		4,982
Inventories	11,550		11,572
Total Current Assets	26,626		29,767
Other current assets	4,146		4,369
Investments and Other Assets
Total Current Assets	27,882		27,718
Investments in affiliates	5,142		5,500
Non-Current Assets
Goodwill and other intangible assets	6,999		6,341
Investments in affiliates	5,022		5,276
Right of use assets	1,291		1,211
Goodwill	4,623		4,509
Other assets	1,313		1,304
Intangible assets	2,252		2,260
Total Investments and Other Assets	14,745		14,356
Right of use assets	1,334		1,358
Property, Plant, and Equipment
Other non-current assets	1,289		1,313
Land and land improvements	578		573
Property, plant, and equipment, net	11,000		10,837
Buildings	6,119		5,876
Total Non-Current Assets	25,520		25,553
Machinery and equipment	20,659		20,223
Total Assets	$	53,402	$	53,271
Construction in progress	1,559		1,360
	28,915		28,032
Accumulated depreciation	(18,087)		(17,524)
Net Property, Plant, and Equipment	10,828		10,508
Total Assets	$	52,199	$	54,631
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt	$	12,~~733~~765	$	~~105~~1,903
Trade payables	4,911		6,313
Current maturities of long-term debt	704		674
Payables to brokerage customers	7,669		7,867
Trade payables	5,151		5,535
Accrued expenses and other payables	3,671		4,076
Payables to brokerage customers	7,726		7,772
Current lease liabilities	294		300
Accrued expenses and other payables	3,511		3,730
Current maturities of long-term debt	725		1
Current lease liabilities	314		324
Total Current Liabilities	1920,~~003~~171		1819,~~662~~938
Long-Term Liabilities
Long-term debt	7,~~578~~596		87,~~259~~580
Deferred income taxes	1,~~278~~185		1,~~309~~268
Non-current lease liabilities	1,~~019~~044		~~931~~1,057
Other	1,~~054~~024		~~1,005~~997
Total Long-Term Liabilities	10,~~929~~849		1110,~~504~~902
Temporary Equity - Redeemable non-controlling interest	~~283~~255		~~320~~253
Shareholders’ Equity
Common stock	3,~~208~~246		3,~~154~~223
Reinvested earnings	21,~~606~~981		2321,~~465~~933
Accumulated other comprehensive income (loss)	(2,840)		(2,487)
Accumulated other comprehensive (loss)	(3,108)		(2,988)
Non-controlling interests	108		1310
Total Shareholders’ Equity	2122,~~984~~127		2422,~~145~~178
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	5253,~~199~~402	$	5453,~~631~~271

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024		2023
	2025		2024
	(In millions)
Operating Activities
Cash flows from operating activities
Net Earnings Including Non-controlling Interests	$	1,218	$	2,924
Net earnings including non-controlling interests	$	292	$	719
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	~~854~~287		~~782~~280
Asset impairment charges	~~517~~—		~~120~~3
Deferred income taxes	(~~107~~42)		17(64)
Equity in earnings of affiliates, net of dividends	(~~151~~28)		(64136)
Stock compensation expense	7450		9866
Deferred cash flow hedges	(115)		(13)
(Gain) Loss on sales / investment revaluation	(26)		14
Loss (Gain) on sales/revaluation of assets	9		(33)
Other – net	(94)		—
Other – net	42		(27)
Changes in operating assets and liabilities
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments	220		(159)
Segregated investments	(257)		(1,183)
Trade receivables	(655)		61
Trade receivables	476		443
Inventories	137		295
Inventories	1,233		3,501
Other current assets	263		163
Other current assets	745		126
Trade payables	(423)		(713)
Trade payables	(1,418)		(2,561)
Payables to brokerage customers	(79)		319
Payables to brokerage customers	(249)		(1,580)
Accrued expenses and other payables	(244)		(148)
Accrued expenses and other payables	(403)		(659)
Net cash (used in) provided by operating activities	(342)		700
Net Cash Provided by Operating Activities	2,468		1,891
Cash flows from investing activities
Investing Activities
Capital expenditures	(291)		(328)
Capital expenditures	(1,071)		(1,055)
Net assets of businesses acquired	(90)		(915)
Net assets of businesses acquired	(936)		(11)
Proceeds from sales of assets	10		6
Proceeds from sales of assets	31		21
Purchases of marketable securities	(11)		—
Investments in affiliates	(44)		(8)
Proceeds from sales of marketable securities	248		—
Cost method investments	—		(5)
Other – net	5		7
Other – net	18		(3)
Net cash used in investing activities	(129)		(1,230)
Net Cash Used by Investing Activities	(2,002)		(1,061)
Cash flows from financing activities
Financing Activities
Net borrowings under lines of credit agreements	863		1,619
Long-term debt borrowings	—		500
Share repurchases, net of tax	—		(1,327)
Long-term debt payments	—		(963)
Cash dividends	(247)		(257)
Net borrowings (payments) under lines of credit agreements	1,627		(379)
Other – net	(29)		(37)
Share repurchases, net of tax	(2,327)		(1,118)
Net cash provided by (used in) financing activities	587		(2)
Cash dividends	(744)		(738)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	16		(13)
Other – net	(21)		(102)
Increase (Decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	132		(545)
Net Cash Used by Financing Activities	(1,465)		(2,800)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	3,924		5,390
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	6		(22)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$	4,056	$	4,845
Decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(993)		(1,992)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	5,390		7,033
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$	4,397	$	5,041
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	$	784	$	1,498
Restricted cash and restricted cash equivalents included in segregated cash and investments	3,613		3,543
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	4,397	$	5,041

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

	Equity Attributable to Archer-Daniels-Midland Company
	Common Stock			ReinvestedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterests		TotalShareholders’Equity
(In millions, except per share amounts)	Shares	Amount
Balance, June 30, 2024	478	$	3,200	$	21,828	$	(2,880)	$	11	$	22,159
Comprehensive income
Net earnings				18				—
Other comprehensive income (loss)						40		1
Total comprehensive income										59
Cash dividends paid - $0.50 per share				(240)						(240)
Stock compensation expense	—	(10)								(10)
Stock option exercises net of taxes	—	18								18
Other	—	—		—		—		(2)		(2)
Balance, September 30, 2024	478	3,208		$	21,606	$	(2,840)	$	10	$	21,984
Balance, December 31, 2023	513	$	3,154	$	23,465	$	(2,487)	$	13	$	24,145
Comprehensive income
Net earnings				1,233				(15)
Other comprehensive income (loss)						(353)		(3)
Total comprehensive income										862
Cash dividends paid - $1.50 per share				(744)						(744)
Share repurchases	(37)			(2,348)						(2,348)
Stock compensation expense	2	74								74
Stock option exercises net of taxes	—	(23)								(23)
Other	—	3		—		—		15		18
Balance, September 30, 2024	478	$	3,208	$	21,606	$	(2,840)	$	10	$	21,984
Balance, June 30, 2023	536	$	3,128	$	24,244	$	(2,433)	$	36	$	24,975
Comprehensive income
Net earnings				821				3
Other comprehensive income (loss)						(178)		(1)
Total comprehensive income										645
Cash dividends paid - $0.45 per share				(244)						(244)
Share repurchases	(1)			(122)						(122)
Stock compensation expense	—	12								12
Stock option exercises net of taxes	—	(3)								(3)
Other	—	3		—		—		(1)		2
Balance, September 30, 2023	535	$	3,140	$	24,699	$	(2,611)	$	37	$	25,265
Balance, December 31, 2022	547	$	3,147	$	23,646	$	(2,509)	$	33	$	24,317
Comprehensive income
Net earnings				2,918				6
Other comprehensive income (loss)						(102)		(5)
Total comprehensive income										2,817
Cash dividends paid - $1.35 per share				(738)						(738)
Share repurchases	(14)			(1,127)						(1,127)
Stock compensation expense	3	98								98
Stock option exercises net of taxes	(1)	(110)								(110)
Other	—	5		—		—		3		8
Balance, September 30, 2023	535	$	3,140	$	24,699	$	(2,611)	$	37	$	25,265

(UNAUDITED)


	Equity Attributable to Archer-Daniels-Midland Company
	Common Stock			Reinvested Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Shareholders’ Equity
(In millions, except per share amounts)	Shares	Amount

Balance, December 31, 2024	478	$	3,223	$	21,933	$	(2,988)	$	10	$	22,178
Comprehensive income
Net earnings				295				(1)		294
Other comprehensive loss						(120)		—		(120)
Cash dividends paid - $0.51 per share				(247)						(247)
Share repurchases	—			—						—

Stock compensation expense	2	50								50
Stock option exercises, net of taxes	—	(30)						—		(30)

Other	—	3		—		—		(1)		2
Balance, March 31, 2025	480	$	3,246	$	21,981	$	(3,108)	$	8	$	22,127

Balance, Balance December 31, 2023	513	$	3,154	$	23,465	$	(2,487)	$	13	$	24,145
Comprehensive income
Net earnings				729				(10)		719
Other comprehensive loss						(83)		(3)		(86)
Cash dividends paid - $0.50 per share				(257)						(257)
Share repurchases	(13)			(868)						(868)
Share repurchases prepayment		(462)								(462)
Stock compensation expense	3	66								66
Stock option exercises, net of taxes	(1)	(41)								(41)
Other	—	3		—		—		13		16
Balance March 31, 2024	502	2,720		23,069		(2,570)		13		23,232

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Basis of Presentation

The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results that may be expected for the year ending December 31, ~~2024~~2025. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K/A for the year ended December 31, ~~2023~~2024.

Certain prior period data has been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All ~~significant~~ intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee ~~and impairments determined to be other than temporary in nature~~. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year -end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the Consolidated Statements of Cash Flows.

~~Receivables~~Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the Consolidated Statements of Cash Flows.

The ~~Company~~following ~~records~~represents ~~receivables~~a atreconciliation ~~net~~of ~~realizable~~cash ~~value in trade receivables, other current assets,~~ and ~~other~~cash ~~assets. These~~equivalents ~~amounts~~in ~~include allowances for estimated uncollectible accounts to reflect any loss anticipated on~~ the ~~accounts~~Consolidated ~~receivable~~Balance ~~balances~~Sheets ~~including any accrued interest thereon. The Company estimates uncollectible accounts by pooling receivables according~~ to ~~type,~~total ~~region~~cash, ~~credit~~cash ~~risk rating~~equivalents, ~~and~~restricted ~~age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted~~cash, ~~as needed, for regional, economic,~~ and ~~other~~restricted ~~forward-looking~~cash ~~factors.~~equivalents ~~The~~in ~~Company minimizes credit risk due to~~ the ~~large~~Consolidated ~~and~~Statements ~~diversified nature~~ of ~~its~~Cash ~~worldwide~~Flows ~~customer~~as ~~base.~~of ~~ADM manages its exposure to counter-party credit risk through credit analysis and approvals~~March 31, ~~credit~~2025 ~~limits,~~ and ~~monitoring~~2024 ~~procedures. Long-term receivables recorded~~ (in ~~other assets were not material to the Company’s overall receivables portfolio~~millions).


	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	864	$	830
Restricted cash and restricted cash equivalents included in segregated cash and investments	3,192		4,015
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	4,056	$	4,845

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Receivables

The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including any accrued interest receivables thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.

Changes to the allowance for estimated uncollectible accounts were as follows (in millions).

	Three Months Ended September 30
	Three Months Ended March 31,
	2024		2023
	2025				2024
Opening balance, June 30	$	194	$	174
Opening balance, January 1	$	167			$	215
Reversals, net	(21)		(11)
Provisions (reversals), net	2				5
Recoveries	1		—
Write-offs against allowance	(14)				(13)
Write-offs against allowance	(4)		(3)
Recoveries and other	3				9
Foreign exchange translation adjustment	1		(2)
Closing balance, March 31	$	158			$	216
Closing balance, September 30	$	171	$	158
	Nine Months Ended September 30
	2024		2023
Opening balance, December 31	$	215	$	199
Provisions (reversals), net	(28)		2
Recoveries	9		1
Write-offs against allowance	(20)		(43)
Foreign exchange translation adjustment	1		(1)
Other	(6)		—
Closing balance, September 30	$	171	$	158

Provisions (reversals), net in the three and nine months ended September 30, 2024 and 2023 included reversals of prior general provisions for economic factors related to the pandemic. Write-offs against allowance in the nine months ended September 30, 2024 were primarily related to a long-term receivable related to a processing location that was sold in a prior year and trade receivables. Write-offs against allowance in the nine months ended September 30, 2023 were primarily related to a customer in Brazil and allowance on receivables that were subsequently sold.

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 or net realizable value.

The following table sets forth the Company’s inventories as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 (in millions).

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Raw materials and supplies	$	1,892	$	1,944
Raw materials and supplies (1)	$	1,776	$	1,922
Finished goods	2,~~766~~753		32,~~026~~689
Market inventories	67,~~088~~021		6,~~987~~961
Total inventories	$	1011,~~746~~550	$	11,~~957~~572

~~Included~~(1) inIncludes ~~raw materials and supplies are~~ work in process inventories which were not material as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

Cost Method Investments

Cost method investments represent investments in private companies and private equity funds for strategic purposes or to diversify the overall investment portfolio. These investments are generally in the startup or development stages and the markets for products these companies are developing are typically in the early stages. The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Cost method investments of $436 million and $439 million as of March 31, 2025 and December 31, 2024, respectively, were included in Other Assets in the Company’s Consolidated Balance Sheets.

Revaluation gains and losses are recorded in interest and investment income in the Company’s Consolidated Statements of Earnings. As of March 31, 2025, the lifetime cumulative amounts of upward and downward adjustments were $118 million and $75 million, respectively. Any year-to-date upward and downward adjustments were immaterial to the Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Cost Method Investments

Cost method investments of $441 million and $438 million as of September 30, 2024 and December 31, 2023, respectively, were included in Other Assets in the Company’s Consolidated Balance Sheets.

Revaluation losses of $18 million in the nine months ended September 30, 2024 were related to an investment in alternative protein and precision fermentation, partially offset by an upward adjustment of $2 million in the nine months ended September 30, 2024. There were no revaluation gains or losses in the three months ended September 30, 2024 and the three and nine months ended September 30, 2023.

Revaluation gains and losses are recorded in interest and investment income in the Company’s Consolidated Statements of Earnings. As of September 30, 2024, the cumulative amounts of upward and downward adjustments were $115 million and $94 million, respectively.

Investments in Affiliates

The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence~~, including its 22~~.5% ~~investment in Wilmar International Limited (“Wilmar”).~~

InThe ~~the~~Company ~~three~~had ~~months~~a ~~ended~~22.5% ~~September~~share 30ownership in Wilmar International Limited (“Wilmar”) as of March 31, ~~2024~~2025 and December 31, ~~the~~2024. The Company’s investment in Wilmar ~~was~~had ~~written~~a ~~down~~carrying ~~to its fair~~ value of $3.76 billion as of March 31, 2025, and a ~~Level~~market 1value ~~valuation~~of $3.5 billion based on the quoted Singapore Exchange market price ~~as of September 30~~, ~~2024,~~converted ~~resulting~~to inU.S. adollars ~~pre-tax~~at ~~impairment~~the ~~charge~~applicable ofexchange ~~$461 million~~rate, ~~recorded~~at ~~in asset impairment~~March 31, ~~exit, and restructuring costs within the Consolidated Statement of Earnings~~2025.

In accordance with its accounting policy, as of March 31, 2025, the Company evaluated several factors in its determination of whether an other-than-temporary impairment inof its investment in Wilmar had occurred as of ~~September 30,~~that ~~2024~~date. This included consideration of the ~~severity~~short ~~and~~ duration of the ~~decline~~carrying invalue being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, ~~relative~~latest toconsensus ~~the~~analyst ~~carrying~~forecasts, ~~value~~Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board. The Company considers its investment ~~(including~~in Wilmar a ~~continued~~significant ~~deterioration~~and ~~subsequent~~strategic relationship and has the intent and ability to ~~September 30,~~retain ~~2024),~~its ~~latest~~investment ~~consensus~~in ~~analyst~~Wilmar ~~forecasts~~for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the ~~most~~Company ~~recent~~does ~~earnings~~not ~~announcement~~consider ~~from~~the investment to be other-than temporarily impaired at March 31, 2025. The Company will continue to reassess its investment in Wilmar, ~~and~~which may result in the recognition of an other-than-temporary ~~factors.~~impairment in the future.

~~Based~~As ~~on the Company’s consideration~~ of ~~available~~March 31, ~~information~~2025, the Company ~~determined~~also ~~that~~held ~~its~~equity ~~investment~~method investments in ~~Wilmar~~Pacificor ~~was~~(32.2%), ~~other-than-temporarily~~Stratas ~~impaired~~Foods atLLC ~~September 30~~(50.0%), ~~2024~~Edible Oils Limited (50.0%), ~~and~~Olenex as(37.5%), aSoyVen ~~result~~(50.0%), ~~recorded~~Hungrana aLtd ~~pre-tax~~(50.0%), ~~impairment~~Almidones ~~charge~~Mexicanos ofS.A. ~~$461 million~~de inC.V. ~~the~~(50.0%), ~~three~~Terminal ~~months~~de ~~ended~~Grãos ~~September~~Ponta 30da Montanha S.A. (50.0%), ~~2024~~Gradable, LLC (50.0%), ~~The~~Aston ~~Company~~Foods ~~will~~and ~~continue~~Food toIngredients ~~monitor~~(50.0%), ~~Wilmar’s~~Red ~~stock~~Star ~~price~~Yeast asCompany, ~~quoted~~LLC on(40.0%), ~~the~~LSCP, ~~Singapore~~LLLP ~~Exchange~~(22.1%), ~~latest~~Vimison ~~consensus~~S.A. ~~analyst~~de ~~forecasts~~C.V. (45.3%), ~~and~~ADM ~~other~~Matsutani ~~trends~~LLC to(50%), ~~determine~~Matsutani ifSingapore ~~future~~Pte. ~~downward~~Ltd. ~~adjustments~~(50%), ~~are~~Dusial ~~necessary~~S.A. (42.8%), and Vitafort ZRT (34.3%).

~~Note~~Property, ~~2. New~~Plant, ~~Accounting~~and ~~Pronouncements~~Equipment

~~Adoption~~The Company’s net property, plant, and equipment consisted of ~~new~~the ~~accounting~~following ~~pronouncements~~as of March 31, 2025 and December 31, 2024 (in millions).

The Company has adopted the amended guidance of Accounting Standards Codification (ASC) 848, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ADM has completed the transition of its financing, funding, and hedging portfolios from LIBOR to alternative reference rates. The transition did not have an impact on the Company’s Consolidated Financial Statements.


	March 31, 2025		December 31, 2024
Land	$	585	$	566
Buildings	6,250		6,143
Machinery and equipment	20,963		20,636
Construction in progress	1,545		1,553
	29,343		28,898
Accumulated depreciation	(18,343)		(18,061)
Net Property, Plant, and Equipment	$	11,000	$	10,837

New accounting pronouncements not yet adopted

Effective December 31, 2024, the Company will be required to adopt the amended guidance of ASC 280, Segment Reporting, which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amended guidance improves

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~reportable~~Redeemable ~~segment~~Non-controlling disclosure requirements primarily through enhanced disclosures about significant segment expenses and permits entities to disclose more than one measure of a reportable segment’s profitability used by the Chief Operating Decision Maker. The adoption of the amended guidance will result in expanded disclosures in the Company’s segment information footnote but will not have an impact on the Consolidated Financial Statements.Interests

~~Effective~~The ~~December 31, 2025, the~~ Company ~~will~~presents beany ~~required~~redeemable tonon-controlling ~~adopt~~interests ~~the~~in ~~amended~~temporary ~~guidance~~equity ofwithin ~~ASC 740, Income Taxes, which enhances~~ the ~~transparency~~Consolidated ~~and~~Balance ~~decision~~Sheets ~~usefulness~~at ofredemption ~~income~~value ~~tax~~with ~~disclosures.~~period ~~The~~changes ~~amendments~~recorded ~~address~~in ~~investor~~reinvested ~~requests for more transparency about income tax information~~earnings. The ~~adoption~~Company ofreports the ~~amended~~portion ~~guidance~~of ~~will~~its ~~result~~earnings inor ~~expanded~~loss ~~disclosures~~for inredeemable ~~the~~non-controlling ~~Company’s~~interests ~~income~~as ~~taxes~~net ~~footnote~~earnings ~~but~~(losses) ~~will~~attributable ~~not~~to ~~have~~non-controlling aninterests ~~impact~~in on the Consolidated ~~Financial~~ Statements of Earnings.

~~Note~~Changes ~~3. Revenues~~to the Company's redeemable non-controlling interests for the three months ended March 31, 2025 and 2024 were as follows (in millions):

Revenue Recognition


	Three Months Ended March 31,
	2025		2024
Opening balance, January 1	$	253	$	320
Net (loss) attributable to redeemable non-controlling interests	(2)		(10)

Currency translation adjustments and other	4		(3)
Closing balance, March 31	$	255	$	307

~~The~~Note Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition2. New ~~Revenue~~Accounting is measured based on the consideration specified in the contract with a customer. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers, (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Pronouncements

~~For~~Effective ~~transportation~~December ~~service~~31, ~~contracts~~2025, the Company ~~recognizes~~will ~~revenue~~be ~~over~~required ~~time~~to asadopt ~~the~~Accounting ~~mode~~Standards ofUpdate ~~transportation~~(ASU) ~~moves~~2023-09, ~~towards~~Income ~~its~~Taxes ~~destination~~(Topic in740): ~~accordance~~Improvements ~~with~~to Income Tax Disclosures, which enhances the ~~transfer~~transparency ofand ~~control~~decision ~~guidance~~usefulness of ~~Topic~~income ~~606~~tax disclosures. The ~~Company~~amendments ~~recognized~~address ~~revenue~~investor ~~from~~requests ~~transportation~~for ~~service~~more ~~contracts~~transparency ofabout ~~$249~~income ~~million~~tax ~~and~~information ~~$694 million~~through ~~for~~improvements to income tax disclosures primarily related to the ~~three~~rate reconciliation and ~~nine~~income ~~months~~taxes ~~ended~~paid ~~September 30,~~information. ~~2024,~~The ~~respectively~~amendments in this ASU are required to be applied on a prospective basis, and ~~$174 million~~retrospective ~~and~~adoption ~~$552 million~~is ~~for~~permitted. The adoption of the ~~three~~amended ~~and~~guidance ~~nine~~will ~~months~~result ~~ended~~in ~~September 30,~~expanded ~~2023,~~disclosures ~~respectively.~~in the Company’s income taxes footnote but is not expected to have an impact on the Company's Consolidated Financial Statements.

~~For~~Effective ~~physically~~December ~~settled~~31, ~~derivative~~2027, ~~sales~~the ~~contracts~~Company ~~that~~will ~~are~~be ~~outside~~required ~~the~~to ~~scope~~adopt ofASU ~~Topic 606~~2024-03, ~~the~~Income ~~Company~~Statement—Reporting ~~recognizes~~Comprehensive ~~revenue~~Income ~~when~~— ~~control~~Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of ~~the~~income ~~inventory~~statement isexpenses, ~~transferred~~which ~~within~~will ~~the~~require ~~meaning~~tabular disclosure of ~~Topic~~certain ~~606~~operating expenses disaggregated into categories, such as ~~required~~purchases byof ~~ASC~~inventory, ~~610-20~~employee compensation, ~~Gains~~depreciation, and ~~Losses~~intangible ~~from~~asset ~~the~~amortization. ~~Derecognition~~The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The adoption of ~~Nonfinancial~~the ~~Assets~~amended ~~(Topic~~guidance ~~610-20)~~will result in expanded disclosures in the Company’s footnotes but is not expected to have an impact on the Company's Consolidated Financial Statements.

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

Contract Liabilities

Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Contract liabilities of $365 million and $626 million as of September 30, 2024 and December 31, 2023, respectively, were recorded in accrued expenses and other payables in the Consolidated Balance Sheets. Revenues recognized in the three and nine months ended September 30, 2024 related to the December 31, 2023 contract liabilities were $145 million and $500 million, respectively.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~Disaggregation~~Note of 3. Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions).

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Topic 606 Revenue

Topic 815~~(1)~~

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

~~824~~1,041

~~249~~207

1,~~073~~248

89,~~580~~288

910,~~653~~536

Crushing

97100

—

97100

2,~~772~~539

2,~~869~~639

Refined Products and Other

~~529~~851

—

~~529~~851

21,~~038~~649

2,~~567~~500

Total Ag Services and Oilseeds

1,~~450~~992

~~249~~207

12,~~699~~199

13,~~390~~476

15,~~089~~675

Carbohydrate Solutions

Starches and Sweeteners

1,~~633~~384

—

1,~~633~~384

~~559~~553

21,~~192~~937

Vantage Corn Processors

~~716~~634

—

~~716~~634

—

~~716~~634

Total Carbohydrate Solutions

2,~~349~~018

—

2,~~349~~018

~~559~~553

2,~~908~~571

Nutrition

Human Nutrition

~~1,004~~998

—

~~1,004~~998

—

~~1,004~~998

Animal Nutrition

~~827~~819

—

~~827~~819

—

~~827~~819

Total Nutrition

1,~~831~~817

—

1,~~831~~817

—

1,~~831~~817

Total Segment Revenues

5,~~630~~827

~~249~~207

56,~~879~~034

1314,~~949~~029

1920,~~828~~063

Other Business

~~109~~112

—

~~109~~112

—

~~109~~112

Total Revenues

5,~~739~~939

~~249~~207

56,~~988~~146

1314,~~949~~029

1920,~~937~~175

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2024

Topic 606 Revenue

Topic 815~~(1)~~

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

21,~~772~~022

~~694~~193

31,~~466~~215

299,~~131~~982

3211,~~597~~197

Crushing

~~317~~117

—

~~317~~117

83,~~729~~210

93,~~046~~327

Refined Products and Other

~~1,599~~548

—

~~1,599~~548

62,~~400~~147

72,~~999~~695

Total Ag Services and Oilseeds

41,~~688~~687

~~694~~193

51,~~382~~880

4415,~~260~~339

4917,~~642~~219

Carbohydrate Solutions

Starches and Sweeteners

41,~~881~~593

—

41,~~881~~593

~~1,678~~563

62,~~559~~156

Vantage Corn Processors

~~1,925~~527

—

~~1,925~~527

—

~~1,925~~527

Total Carbohydrate Solutions

62,~~806~~120

—

62,~~806~~120

~~1,678~~563

82,~~484~~683

Nutrition

Human Nutrition

~~3,029~~964

—

~~3,029~~964

—

~~3,029~~964

Animal Nutrition

~~2,546~~872

—

~~2,546~~872

—

~~2,546~~872

Total Nutrition

51,~~575~~836

—

51,~~575~~836

—

51,~~575~~836

Total Segment Revenues

175,~~069~~643

~~694~~193

175,~~763~~836

4515,~~938~~902

6321,~~701~~738

Other Business

~~331~~109

—

~~331~~109

—

~~331~~109

Total Revenues

175,~~400~~752

~~694~~193

185,~~094~~945

4515,~~938~~902

6421,~~032~~847

	Three Months Ended September 30, 2023
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
Ag Services and Oilseeds
Ag Services	$	980	$	174	$	1,154	$	9,044	$	10,198
Crushing	118		—		118		3,234		3,352
Refined Products and Other	527		—		527		2,402		2,929
Total Ag Services and Oilseeds	1,625		174		1,799		14,680		16,479
Carbohydrate Solutions
Starches and Sweeteners	1,831		—		1,831		617		2,448
Vantage Corn Processors	877		—		877		—		877
Total Carbohydrate Solutions	2,708		—		2,708		617		3,325
Nutrition
Human Nutrition	900		—		900		—		900
Animal Nutrition	884		—		884		—		884
Total Nutrition	1,784		—		1,784		—		1,784
Total Segment Revenues	6,117		174		6,291		15,297		21,588
Other Business	107		—		107		—		107
Total Revenues	$	6,224	$	174	$	6,398	$	15,297	$	21,695

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain. LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement. The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions. The net return related to structured trade finance activities is included in Ag Services revenue and was not significant for the three months ended March 31, 2025 and 2024.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Nine Months Ended September 30, 2023
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
Ag Services and Oilseeds
Ag Services	$	3,068	$	552	$	3,620	$	31,639	$	35,259
Crushing	341		—		341		10,174		10,515
Refined Products and Other	1,730		—		1,730		7,398		9,128
Total Ag Services and Oilseeds	5,139		552		5,691		49,211		54,902
Carbohydrate Solutions
Starches and Sweeteners	5,787		—		5,787		1,873		7,660
Vantage Corn Processors	2,583		—		2,583		—		2,583
Total Carbohydrate Solutions	8,370		—		8,370		1,873		10,243
Nutrition
Human Nutrition	2,802		—		2,802		—		2,802
Animal Nutrition	2,688		—		2,688		—		2,688
Total Nutrition	5,490		—		5,490		—		5,490
Total Segment Revenues	18,999		552		19,551		51,084		70,635
Other Business	322		—		322		—		322
Total Revenues	$	19,321	$	552	$	19,873	$	51,084	$	70,957

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities. Revenue is measured based on the consideration specified in the contract. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price, which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract, which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Nutrition

The Nutrition segment ~~generates~~sells ~~revenue from the sale of~~ ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed.

Other Business also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

Note 4. Acquisitions

On January 31, 2025, the Company acquired Vandamme Hugaria Kft (“Vandamme”), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $123 million. This acquisition adds capabilities to the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments.

The aggregate cash consideration, net of $33 million cash acquired, was allocated as follows, subject to final measurement period adjustments (in millions).


	Vandamme
Working capital, net of cash acquired	$	17
Property, plant, and equipment	31
Goodwill	31
Other intangible assets(1)	14

Deferred tax liabilities	(3)
Aggregate cash consideration, net of cash acquired	$	90

(1) Primarily represents customer lists with expected useful lives of 10 years to 18 years.

Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Company’s acquisition of the business. This goodwill is not expected to be deductible for tax purposes.

The Company’s Consolidated Statements of Earnings for the three months ended March 31, 2025 includes the post-acquisition results of the acquired business which were immaterial.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~food~~Note ~~and feed ingredients~~5. Fair ~~Revenue~~Value is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer. Measurements

~~Other~~The ~~Business~~Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.

~~Other~~Three ~~Business~~levels ~~includes the Company’s futures commission business whose primary sources of revenue~~ are ~~commissions~~established ~~and~~within ~~brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on~~ the ~~date~~fair ~~the~~value ~~transaction~~hierarchy isthat ~~executed.~~may ~~Other~~be ~~Business~~used ~~also~~to ~~includes~~report ~~the~~fair ~~Company’s~~value: captive insurance business, which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

~~Note~~Level 41: Quoted prices (unadjusted) in active markets for identical assets or liabilities. ~~Acquisitions~~ The fair value hierarchy gives the highest priority to Level 1 inputs.

~~During~~Level ~~the~~2: ~~nine~~Observable ~~months ended September 30~~inputs, ~~2024,~~including ~~the~~Level ~~Company~~1 ~~acquired~~prices ~~Revela~~that ~~Foods,~~have ~~LLC~~been ~~(“Revela”),~~adjusted; aquoted ~~Wisconsin-based~~prices ~~developer~~for ~~and~~similar ~~manufacturer~~assets ofor ~~innovative~~liabilities; ~~dairy~~quoted ~~flavor~~prices ~~ingredients~~in ~~and~~markets ~~solutions,~~that ~~Fuerst~~are ~~Day~~less ~~Lawson~~active ~~Ltd.~~than ~~(“FDL”),~~traded aexchanges; ~~UK-based leading developer~~ and ~~producer~~other ofinputs ~~premium~~that ~~flavor~~are ~~and~~observable ~~functional~~or ~~ingredient~~can ~~systems,~~be PTsubstantially ~~Trouw~~corroborated ~~Nutrition~~by ~~Indonesia~~observable ~~(“PT”),~~market ~~a leading provider of functional and nutritional solutions for livestock farming in Indonesia, and Totally Natural Solutions Ltd~~data. ~~(“TNS”), a UK-based hops flavoring producer, for an aggregate cash consideration of $948 million.~~

~~The~~Level ~~aggregate~~3: ~~cash~~Unobservable ~~consideration~~inputs ofthat ~~these~~are ~~acquisitions,~~supported ~~net~~by little or no market activity and that are a significant component of ~~$12 million~~the infair ~~cash~~value ~~acquired,~~of ~~was~~the ~~allocated~~assets asor ~~follows,~~liabilities. The ~~subject~~fair tovalue ~~final~~hierarchy ~~measurement~~gives ~~period~~the ~~adjustments~~lowest ~~(in~~priority ~~millions)~~to Level 3 inputs.

	Revela		FDL		PT		TNS		Total
Working capital, net of cash acquired	$	50	$	10	$	5	$	2	$	67
Property, plant, and equipment	38		34		5		2		79
Goodwill	410		138		5		8		561
Other intangible assets	166		93		—		10		269
Other long-term assets	28		11		—		—		39
Long-term liabilities	(43)		(36)		—		—		(79)
Aggregate cash consideration, net of cash acquired	$	649	$	250	$	15	$	22	$	936

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in millions).

During the three months ended September 30, 2024, the Company recorded certain measurement period adjustments to its initial allocation of the purchase price related to the FDL acquisition, resulting in an increase to goodwill of $10 million. There was no impact on the Consolidated Statements of Earnings from this measurement period adjustment.


	Fair Value Measurements at March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,918	$	3,103	$	7,021
Unrealized derivative gains:
Commodity contracts	—		274		508		782
Foreign currency contracts	—		145		—		145
Interest rate contracts	—		15		—		15

Cash equivalents	413		—		—		413
Marketable securities	33		—		—		33
Segregated investments	1,899		—		—		1,899
Total Assets	$	2,345	$	4,352	$	3,611	$	10,308

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	381	$	352	$	733
Foreign currency contracts	—		114		—		114


Inventory-related payables	—		1,400		52		1,452
Total Liabilities	$	—	$	1,895	$	404	$	2,299

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses. Of the $561 million allocated to goodwill, $373 million is expected to be deductible for tax purposes.

These acquisitions add capabilities to the Company’s Nutrition segment. The Company’s Consolidated Statements of Earnings for the three and nine months ended September 30, 2024 includes the post-acquisition results of the acquired businesses which were immaterial.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the fair values and the useful lives of the other intangible assets acquired.


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,930	$	3,031	$	6,961
Unrealized derivative gains:
Commodity contracts	—		404		427		831
Foreign currency contracts	—		272		—		272
Interest rate contracts	—		5		—		5
Cash equivalents	70		—		—		70
Marketable securities	246		—		—		246
Segregated investments	1,681		—		—		1,681
Total Assets	$	1,997	$	4,611	$	3,458	$	10,066

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	355	$	405	$	760
Foreign currency contracts	—		212		—		212


Inventory-related payables	—		654		88		742
Total Liabilities	$	—	$	1,221	$	493	$	1,714

	Useful Lives			Revela		FDL		TNS		Total
	(In years)			(In millions)
Intangible assets with finite lives:
Customer lists	10	to	18	$	124	$	73	$	8	$	205
Recipes and others	10	to	21	42		20		2		64
Total other intangible assets acquired				$	166	$	93	$	10	$	269

Inventories Carried at Market and Inventory-Related Payables

~~Note~~Estimated 5fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. ~~Fair~~ ~~Value~~Market ~~Measurements~~valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

The ~~Company~~basis ~~measures~~adjustments ~~certain~~are ~~assets~~generally ~~and~~determined ~~liabilities~~using inthe ~~accordance~~inputs ~~with~~from ~~ASC~~competitor ~~Topic~~and ~~820,~~broker ~~Fair~~quotations ~~Value~~or ~~Measurements~~market transactions and ~~Disclosures,~~are ~~which~~considered ~~defines~~observable. ~~fair~~Basis ~~value~~adjustments asare ~~the~~impacted ~~price~~by ~~that~~specific ~~would~~local besupply ~~received~~and ~~from~~demand ~~the~~characteristics ~~sale~~at ofeach anfacility ~~asset~~and orthe ~~paid~~overall tomarket. ~~transfer~~Factors asuch ~~liability~~as insubstitute anproducts, ~~orderly~~weather, ~~transaction~~fuel ~~between~~costs, ~~market~~contract ~~participants~~terms, onand ~~the~~futures ~~measurement~~prices ~~date.~~also Inimpact ~~addition,~~the itmovement ~~establishes~~of athese ~~fair~~basis ~~value~~adjustments. ~~hierarchy~~In ~~that~~some ~~prioritizes~~cases, ~~observable~~the ~~and~~basis adjustments are unobservable ~~inputs~~because ~~used~~they toare ~~measure~~supported ~~fair~~by ~~value~~little ~~into~~to ~~three~~no ~~broad~~market ~~levels:~~activity.

~~Level~~When 1unobservable —inputs ~~Quoted~~have ~~prices~~a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in ~~active~~Level ~~markets~~3. ~~that~~Changes in the fair value of inventories and inventory-related payables are ~~accessible~~recognized atin the ~~measurement~~Consolidated ~~date~~Statements ~~for~~of ~~identical~~Earnings ~~assets~~as ~~and~~a ~~liabilities.~~component of cost of products sold.

~~The~~Unrealized ~~fair~~Derivative ~~value~~Gains ~~hierarchy~~and ~~gives the highest priority to Level 1 inputs.~~Losses

~~Level~~Derivative 2contracts —include ~~Significant~~exchange-traded ~~other~~commodity ~~observable~~futures ~~inputs~~and ~~other~~options ~~than~~contracts, ~~quoted~~forward ~~prices~~commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in ~~active~~these ~~markets~~tables.

~~Level~~Fair 3value —for ~~Significant~~forward ~~unobservable~~commodity ~~inputs~~purchase ~~for~~and ~~which~~sale ~~there~~contracts is ~~little~~estimated orbased noon ~~market~~exchange-quoted ~~data~~prices ~~available~~adjusted for differences in local markets. Market ~~The~~valuations ~~fair~~for ~~value~~the ~~hierarchy~~Company’s ~~gives~~forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

the lowest priority to Level 3 inputs.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The ~~following~~basis ~~tables~~adjustments ~~set~~are ~~forth,~~generally bydetermined ~~level,~~using ~~the~~inputs ~~Company’s~~from ~~assets~~competitor and ~~liabilities~~broker ~~that~~quotations ~~were~~or ~~accounted~~market ~~for~~transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at ~~fair~~each ~~value~~facility onand athe ~~recurring~~overall ~~basis~~market. Factors such as ofsubstitute ~~September 30~~products, ~~2024~~weather, fuel costs, contract terms, and ~~December 31~~futures prices also impact the movement of these basis adjustments. In some cases, ~~2023~~the ~~(in~~basis ~~millions)~~adjustments are unobservable because they are supported by little to no market activity.

	Fair Value Measurements at September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,466	$	2,628	$	6,094
Unrealized derivative gains:
Commodity contracts	—		488		476		964
Foreign currency contracts	—		167		—		167
Interest rate contracts	—		28		—		28
Cash equivalents	218		—		—		218
Segregated investments	1,595		—		—		1,595
Total Assets	$	1,813	$	4,149	$	3,104	$	9,066
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	452	$	474	$	926
Foreign currency contracts	—		222		—		222
Inventory-related payables	—		774		27		801
Total Liabilities	$	—	$	1,448	$	501	$	1,949

When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of cost of products sold.

	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	4,274	$	2,713	$	6,987
Unrealized derivative gains:
Commodity contracts	—		628		731		1,359
Foreign currency contracts	—		187		—		187
Cash equivalents	209		—		—		209
Segregated investments	1,362		—		—		1,362
Total Assets	$	1,571	$	5,089	$	3,444	$	10,104
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	500	$	457	$	957
Foreign currency contracts	—		144		—		144
Inventory-related payables	—		1,219		101		1,320
Total Liabilities	$	—	$	1,863	$	558	$	2,421

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) - net, depending upon the purpose of the contract.

~~Inventories~~The ~~and~~changes ~~inventory-related~~in ~~payables~~the ~~carried~~fair atvalue ~~market~~of derivatives designated as effective cash flow hedges are recognized in the Consolidated Balance Sheets as a component of accumulated other comprehensive income (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

~~Estimated~~Cash fair values for inventories and inventory-related payables carried at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for Equivalents

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

Marketable Securities

The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.

Segregated Investments

The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using the inputs from competitor and broker quotations or market transactions and are considered observable. 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. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3. ~~Changes~~Assets ~~in the fair value of inventories~~ and ~~inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of cost of products sold.~~Liablities

~~Unrealized~~The ~~derivative~~following ~~gains~~table ~~and~~presents ~~losses~~a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. 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. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of cost of products sold. Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) expense - net, depending upon the purpose of the contract. The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the Consolidated Balance Sheets as a component of accumulated other comprehensive income (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.


	Level 3 Fair Value Asset Measurements at
	March 31, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458
Total increase in net realized/unrealized gains included in cost of products sold*	152		213		365
Purchases	4,086		—		4,086
Sales	(4,578)		—		(4,578)
Settlements	—		(228)		(228)
Transfers into Level 3	571		113		684
Transfers out of Level 3	(159)		(17)		(176)
Closing Balance, March 31, 2025	$	3,103	$	508	$	3,611

~~Cash~~* ~~equivalents~~Includes increase in unrealized gains of $311 million relating to Level 3 assets still held at March 31, 2025.

The ~~Company’s~~following ~~cash~~table ~~equivalents~~presents ~~are~~a ~~comprised~~roll forward of ~~money~~liabilities ~~market~~measured ~~funds~~at ~~valued~~fair ~~using~~value ~~quoted~~on ~~market~~a ~~prices~~recurring ~~and~~basis ~~are~~using ~~classified~~significant asunobservable inputs (Level 13) during the three months ended March 31, 2025 (in millions).

Segregated investments


	Level 3 Fair Value Liability Measurements at
	March 31, 2025
	Inventory- related Payables		Commodity Derivative Contracts Losses		Total
Opening balance, January 1, 2025	$	88	$	405	$	493
Total (decrease) increase in net realized/unrealized losses included in cost of products sold*	(3)		194		191
Purchases	3		—		3
Sales	(36)		—		(36)
Settlements	—		(277)		(277)
Transfers into Level 3	—		35		35
Transfers out of Level 3	—		(5)		(5)
Closing Balance, March 31, 2025	$	52	$	352	$	404

~~The~~* ~~Company’s~~Includes ~~segregated~~increase ~~investments~~in ~~are~~unrealized ~~comprised~~losses of ~~U.S.~~$193 ~~Treasury~~million ~~securities.~~relating ~~U.S.~~to ~~Treasury~~Level ~~securities~~3 ~~are~~liabilities ~~valued~~still ~~using~~held ~~quoted~~at ~~market~~March 31, ~~prices and are classified in Level 1~~2025.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended ~~September~~March 3031, 2024 (in millions).

	Level 3 Fair Value Asset Measurements at
	September 30, 2024
	March 31, 2024
	Inventories Carried at Market		CommodityDerivativeContractsGains		Total ~~Assets~~
Opening balance, June 30, 2024	$	2,546	$	395	$	2,941
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(92)		215		123
Total (decrease) increase in net realized/unrealized gains included in cost of products sold*	(97)		375		278
Purchases	43,~~174~~789		—		43,~~174~~789
Sales	(3,~~736~~883)		—		(3,~~736~~883)
Settlements	—		(~~288~~352)		(~~288~~352)
Transfers into Level 3	~~265~~516		~~158~~28		~~423~~544
Transfers out of Level 3	(~~529~~90)		(418)		(~~533~~108)
Closing Balance, September 30, 2024	$	2,628	$	476	$	3,104
Closing balance, March 31, 2024	$	2,948	$	764	$	3,712

* Includes increase in unrealized gains of $~~436~~ 564 million relating to Level 3 assets still held at ~~September~~March 3031, 2024.

The following table presents a roll forward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended ~~September~~March 3031, 2024 (in millions).

	Level 3 Fair Value Liability Measurements at
	September 30, 2024
	March 31, 2024
	Inventory- related Payables		CommodityDerivativeContractsLosses		Total		~~Total Liabilities~~
Opening balance, June 30, 2024	$	34	$	367			$	401
Opening balance, January 1, 2024	$	101	$	457	$	558
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(3)		343				340
Total (decrease) increase in net realized/unrealized losses included in cost of products sold and interest expense*	(3)		329		326
Purchases	81		—		1		8
Sales	(1238)		—		(38)		~~(12)~~
Settlements	—		(~~251~~290)		(290)		~~(251)~~
Transfers into Level 3	—1		2213		14		22
Transfers out of Level 3	—		(774)		(74)		~~(7)~~
Closing Balance, September 30, 2024	$	27	$	474			$	501
Closing balance, March 31, 2024	$	62	$	435	$	497

* Includes increase in unrealized losses of $~~346~~ 338 million relating to Level 3 liabilities still held at ~~September~~March 3031, 2024.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2023 (in millions).

	Level 3 Fair Value Asset Measurements at
	September 30, 2023
	Inventories Carried at Market		CommodityDerivativeContractsGains		Total Assets
Opening balance, June 30, 2023	$	2,859	$	886	$	3,745
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	135		330		465
Purchases	6,615		—		6,615
Sales	(6,539)		—		(6,539)
Settlements	—		(356)		(356)
Transfers into Level 3	336		49		385
Transfers out of Level 3	(534)		(19)		(553)
Closing balance, September 30, 2023	$	2,872	$	890	$	3,762

* Includes increase in unrealized gains of $438 million relating to Level 3 assets still held at September 30, 2023.

	Level 3 Fair Value Liability Measurements at
	September 30, 2023
	Inventory- related Payables		CommodityDerivativeContractsLosses		Debt Conversion Option		Total Liabilities
Opening balance, June 30, 2023	$	65	$	791	$	—	$	856
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(3)		290		—		287
Purchases	29		—		—		29
Settlements	—		(529)		—		(529)
Transfers into Level 3	—		10		—		10
Transfers out of Level 3	(4)		(13)		—		(17)
Closing balance, September 30, 2023	$	87	$	549	$	—	$	636

* Includes increase in unrealized losses of $297 million relating to Level 3 liabilities still held at September 30, 2023.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2024 (in millions).

	Level 3 Fair Value Asset Measurements at
	September 30, 2024
	Inventories Carried at Market		CommodityDerivativeContractsGains		Total Assets
Opening Balance, December 31, 2023	$	2,713	$	731	$	3,444
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(3)		788		785
Purchases	11,600		—		11,600
Sales	(11,813)		—		(11,813)
Settlements	—		(1,077)		(1,077)
Transfers into Level 3	1,339		214		1,553
Transfers out of Level 3	(1,208)		(180)		(1,388)
Closing Balance, September 30, 2024	$	2,628	$	476	$	3,104

The following table presents a roll forward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2024 (in millions).

	Level 3 Fair Value Liability Measurements at
	September 30, 2024
	Inventory- related Payables		CommodityDerivativeContractsLosses		Total Liabilities
Opening Balance, December 31, 2023	$	101	$	457	$	558
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9)		875		866
Purchases	10		—		10
Sales	(75)		—		(75)
Settlements	—		(823)		(823)
Transfers into Level 3	—		50		50
Transfers out of Level 3	—		(85)		(85)
Closing Balance, September 30, 2024	$	27	$	474	$	501

* Includes increase in unrealized losses of $892 million relating to Level 3 liabilities still held at September 30, 2024.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Level 3 Fair Value Asset Measurements at
	September 30, 2023
	Inventories Carried at Market		CommodityDerivativeContractsGains		Total Assets
Opening balance, December 31, 2022	$	2,760	$	541	$	3,301
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	499		1,282		1,781
Purchases	25,190		—		25,190
Sales	(25,439)		—		(25,439)
Settlements	(4)		(1,195)		(1,199)
Transfers into Level 3	1,488		339		1,827
Transfers out of Level 3	(1,622)		(77)		(1,699)
Closing balance, September 30, 2023	$	2,872	$	890	$	3,762

* Includes increase in unrealized gains of $1.8 billion relating to Level 3 assets still held at September 30, 2023.

	Level 3 Fair Value Liability Measurements at
	September 30, 2023
	Inventory- related Payables		CommodityDerivativeContractsLosses		Debt Conversion Option		Total Liabilities
Opening balance, December 31, 2022	$	89	$	603	$	6	$	698
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(1)		1,068		(6)		1,061
Purchases	36		—		—		36
Settlements	(34)		(1,236)		—		(1,270)
Transfers into Level 3	1		135		—		136
Transfers out of Level 3	(4)		(21)		—		(25)
Closing balance, September 30, 2023	$	87	$	549	$	—	$	636

* Includes increase in unrealized losses of $1.1 billion relating to Level 3 liabilities still held at September 30, 2023.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined 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 unobservable price components.

2017

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.

	Weighted Average % of Total Price
	September 30, 2024				December 31, 2023
	March 31, 2025				December 31, 2024
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	3625.27	%	8127.0	%	2524.09	%	3331.23	%
Transportation cost	3115.74	%	—	%	1110.58	%	—	%
Commodity Derivative Contracts
Basis	2526.67	%	3221.45	%	2421.28	%	2423.94	%
Transportation cost	21.68	%	—23.8	%	910.38	%	310.28	%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

Note 6. Derivative Instruments and Hedging Activities

Derivatives Not Designated As Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded ~~commodity futures~~ and OTC ~~option~~commodity ~~contracts~~instruments to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. The Company also uses exchange-traded futures and options and OTC swaps and options as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

The Company also uses exchange-traded and OTC commodity instruments as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

~~The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2024 and December 31, 2023 (in millions).~~ 18

	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	166	$	186	$	187	$	122
Commodity Contracts	959		926		1,343		957
Total	$	1,125	$	1,112	$	1,530	$	1,079

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~The~~Fair ~~following~~Value ~~tables~~of ~~set~~Derivatives ~~forth~~Not ~~the~~Designated ~~pre-tax gains (losses) on derivatives not designated~~ as ~~hedging~~Hedging ~~instruments that have been included in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2024 and 2023 (in millions).~~Instruments

			Cost of		Other (income) expense - net		Interest
	Revenues		products sold				expense		Total
Three Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(7)	$	20	$	(63)	$	—
Commodity Contracts	—		(17)		—		—
Total gain (loss) recognized in earnings	$	(7)	$	3	$	(63)	$	—	$	(67)
Three Months Ended September 30, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	1	$	(38)	$	96	$	—
Commodity Contracts	—		168		—		—
Total gain (loss) recognized in earnings	$	1	$	130	$	96	$	—	$	227

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2025 and December 31, 2024 (in millions).

			Cost of		Other (income) expense - net		Interest
	March 31, 2025				December 31, 2024
	Revenues		products sold				expense		Total
	Assets		Liabilities		Assets		Liabilities
Nine Months Ended September 30, 2024
Foreign Currency Contracts	$	117	$	61	$	272	$	102
Pre-tax gains (losses) on:
Commodity Contracts	782		733		828		760
Foreign Currency Contracts	$	11	$	(197)	$	(2)	$	—
Total	$	899	$	794	$	1,100	$	862
Commodity Contracts	—		158		—		—
Total gain (loss) recognized in earnings	$	11	$	(39)	$	(2)	$	—	$	(30)
Nine Months Ended September 30, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(25)	$	210	$	123	$	—
Commodity Contracts	—		643		—		—
Debt Conversion Option	—		—		—		6
Total gain (loss) recognized in earnings	$	(25)	$	853	$	123	$	6	$	957

~~Changes~~The infollowing ~~the~~table ~~market~~sets ~~value~~forth ofthe ~~inventories~~pre-tax ofgains ~~certain~~(losses) ~~merchandisable~~on ~~agricultural~~derivatives ~~commodities,~~not ~~inventory-related~~designated ~~payables,~~as ~~forward~~hedging ~~cash~~instruments ~~purchase~~that ~~and~~have ~~sales~~been ~~contracts,~~included ~~exchange-traded~~in ~~futures~~the ~~and~~Consolidated ~~exchange-traded~~Statements ~~and~~of ~~OTC~~Earnings ~~options~~for ~~contracts~~the ~~are~~three ~~recognized~~months inended ~~earnings~~March 31, ~~immediately~~2025 asand a2024 ~~component~~(in ~~of cost of products sold~~millions).

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) expense - net depending on the purpose of the contract.


			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Three Months Ended March 31, 2025


Pre-tax gains (losses) on:





Foreign Currency Contracts	$	(25)	$	150	$	(68)
Commodity Contracts	—		112		—

Total gain (loss) recognized in earnings	$	(25)	$	262	$	(68)	$	169

Three Months Ended March 31, 2024


Pre-tax gains (losses) on:
Foreign Currency Contracts	$	1	$	(63)	$	54
Commodity Contracts	—		197		—

Total gain recognized in earnings	$	1	$	134	$	54	$	189

~~Derivatives~~Changes ~~Designated~~in Asthe ~~Hedging~~fair ~~Instruments~~value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) - net, depending on the purpose of the contract.

~~The~~Changes ~~Company~~in ~~had~~the ~~certain~~market ~~derivatives~~value ~~designated~~of asinventories ~~cash~~of ~~flow~~certain ~~and~~merchandisable ~~net~~agricultural ~~investment~~commodities, ~~hedges~~inventory-related aspayables, offorward ~~September 30,~~cash ~~2024~~purchase and ~~December 31~~sales contracts, ~~2023.~~and Inexchange-traded ~~addition,~~and ~~the~~OTC ~~Company~~instruments ~~had~~are ~~certain~~recognized ~~derivatives~~in ~~designated~~earnings immediately as ~~fair~~a ~~value~~component ~~hedges~~of ascost of ~~September~~products ~~30, 2024~~sold.

2219

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Derivatives Designated As Hedging Instruments

The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of March 31, 2025 and December 31, 2024.

Cash Flow Hedges

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of AOCI and as an operating activity in the Consolidated Statements of Cash Flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness, if any, and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the ~~current~~relevant period.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges. The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either revenues or cost of products sold, as applicable.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants normally grind approximately 59 million bushels of corn per month. During the past 12 months, the Company hedged between 1213% and 3331% of its monthly grind. At ~~September~~March 3031, ~~2024~~2025, the Company had designated hedges representing between 31% and 30% of its anticipated monthly grind of corn for the next 12 months.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses futures and options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 76% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities. At ~~September~~March 3031, ~~2024~~2025, the Company had designated hedges representing between 70% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months.

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. During the past 12 months, the Company hedged between 39% and 7074% of the anticipated monthly natural gas consumption at the designated facilities. At ~~September~~March 3031, ~~2024~~2025, the Company had designated hedges representing between 294% and 4340% of the anticipated monthly natural gas consumption over the next 12 months.

As of ~~September~~March 3031, ~~2024~~2025, ~~and~~the Company had after-tax gains of $10 million in AOCI related to gains from these programs. As of December 31, ~~2023~~2024, the Company had after-tax ~~gains~~losses of $3913 million ~~and $42 million~~ in AOCI, ~~respectively,~~ related to ~~gains and~~ losses from these programs. The Company expects to recognize $3910 million of the ~~September~~March 3031, ~~2024~~2025 after-tax gains in its Consolidated Statements of Earnings during the next 12 months.

Fair Value Hedges

The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the Consolidated Statements of Earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt. ~~The~~As ~~Company executed fixed to floating rate interest swaps with an aggregate notional amount~~ of ~~$500~~March ~~million as of September 30~~31, ~~2024.~~2025 Asand ~~of September 30~~December 31, 2024, the Company had pre-tax gains of $2815 million and $5 million, respectively, in other current assets ~~and~~related ato interest rate swaps with an aggregate notional amount of $500 million. A corresponding offset to the underlying debt is recorded for the same amount, with no net impact to earnings.

~~Net Investment Hedges~~ 20

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in foreign subsidiaries against changes in foreign currency exchange rates. The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $400 million and $800 million as of September 30, 2024 and December 31, 2023, respectively and foreign exchange forwards with an aggregate notional amount of

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~$1.9 billion~~Net ~~and~~Investment $2.1 billion as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had after-tax losses of $27 million and $5 million in AOCI, respectively, related to foreign exchange gains and losses from net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.Hedges

The ~~following~~Company ~~table~~uses ~~sets~~cross-currency ~~forth~~swaps and foreign exchange forwards designated as net investment hedges to protect the ~~fair~~Company’s ~~value~~investment in foreign subsidiaries against changes in foreign currency exchange rates. The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of ~~derivatives~~$411 million ~~designated~~and $394 million as ~~hedging~~of ~~instruments~~March 31, 2025 and December 31, 2024, respectively, and foreign exchange forwards with an aggregate notional amount of $2.4 billion and $2.1 billion as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, ~~(in millions)~~respectively.

	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	6	$	—	$	16	$	—
Foreign Currency Contracts	—		36		—		22
Interest Rate Contracts	28		—		—		—
Total	$	34	$	36	$	16	$	22

As of March 31, 2025 and December 31, 2024, the Company had after-tax gains of $10 million and $99 million in AOCI, respectively, related to foreign exchange gains and losses from net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

The ~~following~~Company ~~tables~~has ~~set~~designated ~~forth~~its ~~the~~€650 million ~~pre~~outstanding long-~~tax~~term ~~gains~~debt ~~(losses)~~and oncommercial ~~derivatives~~paper ~~designated~~borrowings asat ~~hedging~~each ~~instruments~~of ~~that~~March 31, ~~have~~2025 ~~been~~and ~~included~~December 31, 2024 as hedges of its net investment in ~~the~~a ~~Consolidated~~foreign ~~Statements~~subsidiary. As of ~~Earnings~~March 31, ~~for~~2025 ~~the~~and December ~~three~~31, 2024, the Company had after-tax gains of $222 million and ~~nine~~$251 ~~months~~million ~~ended~~in ~~September 30~~AOCI, ~~2024~~respectively, related to foreign exchange gains and ~~2023~~losses (from the net investment hedge transactions. The amount is deferred in ~~millions)~~AOCI until the underlying investment is divested.

Cost of products sold

Three Months Ended September 30, 2024

Pre-tax gains (losses) on:

Commodity Contracts

(49)

Three Months Ended September 30, 2023

Pre-tax gains (losses) on:

Commodity Contracts

(132)

Fair Value of Derivatives Designated as Hedging Instruments

Cost of products sold

Nine Months Ended September 30, 2024

Pre-tax gains (losses) on:

Commodity Contracts

(52)

Nine Months Ended September 30, 2023

Pre-tax gains (losses) on:

Commodity Contracts

(277)

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2025 and December 31, 2024 (in millions).


	March 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	—	$	—	$	3	$	—
Foreign Currency Contracts	28		53		—		110
Interest Rate Contracts	15		—		5		—
Total	$	43	$	53	$	8	$	110

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024 (in millions).

Cost of products sold

Three Months Ended March 31, 2025

Pre-tax gains on:

Commodity Contracts

Three Months Ended March 31, 2024

Pre-tax gains on:

Commodity Contracts

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company has designated $725 million (€650 million) of its outstanding long-term debt and commercial paper borrowings at September 30, 2024 and December 31, 2023 as hedges of its net investment in a foreign subsidiary. As of September 30, 2024 and December 31, 2023, the Company had after-tax gains of $204 million and $212 million in AOCI, respectively, related to foreign exchange gains and losses from the net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

Note 7. Other Current Assets

The following table sets forth the items in other current assets (in millions).

	September 30,		December 31,
	March 31,		December 31,
	2024		2023
	2025		2024
Unrealized gains on derivative contracts	$	~~1,159~~942	$	1,~~546~~108
Margin deposits and grain accounts	563		560
Customer omnibus receivable	1,129		872
Customer omnibus receivable	894		1,052
Margin deposits and grain accounts	571		516
Financing receivables - net (1)	~~214~~176		~~237~~258
Insurance premiums receivable	9537		6176
Prepaid expenses	~~341~~274		~~445~~279
Biodiesel tax credit	~~219~~12		~~119~~104
Tax receivables	~~424~~459		~~491~~539
Non-trade receivables	~~282~~346		~~304~~393
Other current assets	58200		~~167~~224
	$	4,~~249~~146	$	4,~~982~~369

(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $5 million and $6 million at September 30, 2024 and December 31, 2023, respectively. Interest earned on financing receivables was $35 million ~~and~~for ~~$13 million~~each ~~for~~of the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024,~~2025 ~~respectively,~~ and ~~$4 million and $14 million for the three and nine months ended September 30~~2024, ~~2023, respectively,~~ and is included in interest and investment income in the Consolidated Statements of Earnings.

Note 8. Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables (in millions).

	September 30,		December 31,
	March 31,		December 31,
	2024		2023
	2025		2024
Unrealized losses on derivative contracts	$	~~1,148~~847	$	~~1,101~~972
Accrued compensation	~~350~~288		~~439~~346
Income tax payable	~~161~~248		~~284~~167
Other taxes payable	~~218~~204		~~172~~138
Insurance claims payable	92		73
Insurance liabilities	89		172
Contract liability	365		626
Accrued interest payable	112		153
Other accruals and payables	1,337		1,381
Other deferred income	137		156
	$	3,671	$	4,076
Contract liabilities (1)	480		534
Other accruals and payables	1,106		1,092
	$	3,511	$	3,730

~~Note~~(1) 9Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. ~~Debt~~ Revenues recognized in the three months ended March 31, 2025 and ~~Financing~~2024 ~~Arrangements~~from contract liabilities as of December 31, 2024 and 2023 were $280 million and $235 million, respectively.

At September 30, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $7.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $7.6 billion. 22

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

AtNote ~~September 30, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12~~9.5 Debt ~~billion, of which $8.7 billion was unused. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S.~~ and ~~European~~Financing ~~commercial paper borrowing programs, against which there was $1.5 billion of commercial paper outstanding at September 30, 2024.~~ Arrangements

~~The~~At ~~Company~~March 31, ~~has~~2025 ~~accounts~~and ~~receivable~~December 31, ~~securitization~~2024, ~~programs (~~the ~~“Programs”).~~fair ~~The~~value ~~Programs~~of ~~provide~~ the Company’s ~~with~~long-term updebt, toexcluding current portion, was $7.2 billion and $7.81 billion, inrespectively, ~~funding~~as ~~resulting~~estimated ~~from~~using ~~the~~market ~~sale~~values ofthat ~~accounts~~utilize ~~receivable~~observable inputs, ~~with~~where ~~$0.7~~available ~~billion~~(a ~~unused~~Level ~~capacity~~2 asmeasurement ofunder ~~September 30~~applicable accounting standards), ~~2024.~~compared ~~See~~to ~~Note~~a ~~15.~~carrying ~~Sale~~value of ~~Accounts~~$7.6 ~~Receivable~~billion ~~for~~as ~~further~~of ~~information~~each onsuch ~~the Programs~~date.

At March 31, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.4 billion and $13.0 billion, respectively, of which $7.6 billion and $9.1 billion, respectively, was unused.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.9 billion in funding resulting from the sale of accounts receivable. As of March 31, 2025 and December 31, 2024, the Company utilized $2.1 billion and $2.0 billion, respectively, of its facility under the Programs. See Note 15. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at March 31, 2025 and December 31, 2024, were 4.5% and 4.7%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $2.6 billion of commercial paper outstanding at March 31, 2025.

Note 10. Income Taxes

The Company’s effective tax rate was 8317.3% ~~and 23.3%~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, ~~respectively,~~ compared to 2018.18% ~~and 17.9%~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2023, respectively~~2024. The ~~increase~~decrease in the effective tax rate ~~in each period~~ was primarily due to the ~~impairment~~impact of ~~the~~discrete ~~Company’s~~tax ~~investment~~items in ~~Wilmar~~the prior year quarter.

The Organization for Economic Cooperation and Development’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis that has been enacted in certain jurisdictions in which the Company operates, with effective dates starting in 2024. In most of the jurisdictions in which the Company operates, the effective tax rates are above the 15% global minimum tax threshold. Global minimum tax did not have a significant impact for the three and nine months ended September 30, 2024 and is not expected to have a significant impact for the year ending December 31, 2024.

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due. These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various tax jurisdictions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. The Company does not anticipate the total amount of unrecognized tax benefits will change significantly over the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect the recognition of unrecognized tax benefits will have a material impact on the Company’s effective tax rate in any given period.

In the year ended December 31, 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment of $122 million, including interest, from the Netherlands tax authority challenging the transfer pricing aspects of a business reorganization implemented in the year ended December 31, 2009. On July 11, 2024, the Tax Court of Appeals issued a ruling decreasing the assessment to $52 million, including interest. The Company decided not to appeal the decision further, and therefore the Tax Court of Appeals order is final. As of September 30, 2024, the Company has accrued the final assessed amount.

Note 11. Shareholders’ Equity

~~Accelerated~~The ~~Share~~Company ~~Repurchase~~has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued.

OnTreasury March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement (“ASR Agreement”) with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion (the “Prepayment Amount”) of ADM common stock ~~(“Common Stock”). The ASR transaction is part of ADM’s existing share repurchase program to repurchase up to 200 million shares through December 31, 2024.~~

~~Under~~At ~~the terms of the ASR Agreement~~March 31, on2025 ~~March~~and 13December 31, 2024, the Company ~~paid~~had ~~the~~approximately ~~Prepayment~~235.7 million ~~Amount~~shares and ~~received~~237.6 nomillion ~~upfront~~ shares, respectively, of ~~Common~~its ~~Stock.~~common ~~The~~shares ~~total~~in ~~number~~treasury. Treasury stock of ~~shares~~$4.8 billion ofand ~~Common~~$4.8 ~~Stock~~billion ~~repurchased~~at ~~under~~March 31, ~~the~~2025 ~~ASR~~and ~~Agreement~~December 31, ~~were~~2024, ~~determined~~respectively, ~~based~~is onrecorded ~~volume~~at ~~weighted-average~~cost ~~prices~~as ofa ~~the~~reduction ~~Common~~of ~~Stock~~common ~~during~~stock, ~~the~~and ~~term~~treasury stock of ~~the~~$2.3 billion ~~ASR~~at ~~transaction~~each ~~less~~of aMarch 31, ~~discount~~2025 and ~~subject~~December 31, to2024 ~~certain~~is ~~adjustments~~recorded ~~pursuant~~at tocost ~~the~~as ~~terms~~a reduction of ~~the~~reinvested ~~ASR Agreement~~earnings.

OnRepurchase ~~March~~Program 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.596 or $538 million in aggregate. The Prepayment Amount initially recorded in additional paid in capital was partially reclassified to

26On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement (“ASR Agreement”) with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion (the “Prepayment Amount”) of ADM common stock. The ASR transaction was part of ADM’s existing share repurchase program to repurchase up to 200 million shares through December 31, 2024, which was later increased and extended, as described below.

Under the terms of the ASR Agreement, on March 13, 2024, the Company paid the Prepayment Amount and received no upfront shares of common stock. The total number of shares of common stock repurchased under the ASR Agreement were determined based on volume weighted-average prices of the common stock during the term of the ASR transaction less a discount and subject to certain adjustments pursuant to the terms of the ASR Agreement.

On March 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.60 or $538 million in aggregate. The Prepayment Amount initially recorded in additional paid in capital was partially reclassified to reinvested earnings for the $538 million amount repurchased. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.05, or $462 million in aggregate, as final settlement of the ASR transaction and the amount was reclassified to reinvested earnings.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~reinvested earnings for the $538 million amount repurchased.~~ On ~~April~~December 1511, 2024, the Company's ~~received~~Board of Directors approved a ~~final~~second ~~delivery~~extension of ~~7,325,733~~the ~~shares~~stock atrepurchase anprogram ~~average~~through ~~share~~December ~~price~~31, 2029 and the repurchase of ~~$63.045,~~up orto ~~$462~~ an additional 100 million inshares ~~aggregate,~~under asthe ~~final~~extended ~~settlement~~program. As of March 31, 2025, the ~~ASR~~Company ~~transaction~~had ~~and~~115 million ~~the~~shares ~~amount~~remaining ~~was~~under ~~reclassified~~its toshare ~~reinvested~~repurchase ~~earnings~~program until December 31, 2029.

As of September 30, 2024, the Company had 14.8 million remaining shares under its existing share repurchase program.

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions).

	Three Months Ended September 30, 2024
	Three Months Ended March 31, 2025
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension ~~Liability~~and ~~Adjustment~~Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		~~Total~~Accumulated Other Comprehensive Income (Loss)
Balance at June 30, 2024	$	(2,818)	$	57	$	(113)	$	(6)	$	(2,880)
Balance at January 1, 2025	$	(2,999)	$	126	$	(100)	$	(15)	$	(2,988)
Other comprehensive income (loss) before reclassifications	~~143~~25		~~(46)~~12		(520)		—(3)		9214
Gain (loss) on net investment hedges	(~~142~~158)		—		—		—		(~~142~~158)
Amounts reclassified from AOCI	—		49(17)		(32)		—		46(19)
Tax effect	3438		8(1)		26		—		4443
Net of tax amount	35(95)		11(6)		(616)		—(3)		40(120)
Balance at September 30, 2024	$	(2,783)	$	68	$	(119)	$	(6)	$	(2,840)
Balance at March 31, 2025	$	(3,094)	$	120	$	(116)	$	(18)	$	(3,108)
	Nine Months Ended September 30, 2024
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
Balance at December 31, 2023	$	(2,539)	$	158	$	(108)	$	2	$	(2,487)
Other comprehensive income (loss) before reclassifications	(219)		(167)		(6)		(7)		(399)
Gain (loss) on net investment hedges	(33)		—		—		—		(33)
Amounts reclassified from AOCI	—		52		(9)		—		43
Tax effect	8		25		4		(1)		36
Net of tax amount	(244)		(90)		(11)		(8)		(353)
Balance at September 30, 2024	$	(2,783)	$	68	$	(119)	$	(6)	$	(2,840)


	Three months ended March 31, 2024
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2024	$	(2,539)	$	158	$	(108)	$	2	$	(2,487)
Other comprehensive (loss) before reclassifications	(77)		(50)		(2)		(7)		(136)
Gain on net investment hedges	84		—		—		—		84
Amounts reclassified from AOCI	—		(19)		(2)		—		(21)
Tax effect	(20)		10		1		(1)		(10)
Net of tax amount	(13)		(59)		(3)		(8)		(83)
Balance at March 31, 2024	$	(2,552)	$	99	$	(111)	$	(6)	$	(2,570)

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Three Months Ended September 30, 2023
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
Balance at June 30, 2023	$	(2,402)	$	39	$	(63)	$	(7)	$	(2,433)
Other comprehensive income (loss) before reclassifications	(393)		(4)		3		5		(389)
Gain (loss) on net investment hedges	149		—		—		—		149
Amounts reclassified from AOCI	—		132		(3)		—		129
Tax effect	(36)		(28)		(3)		—		(67)
Net of tax amount	(280)		100		(3)		5		(178)
Balance at September 30, 2023	$	(2,682)	$	139	$	(66)	$	(2)	$	(2,611)
	Nine Months Ended September 30, 2023
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
Balance at December 31, 2022	$	(2,622)	$	148	$	(22)	$	(13)	$	(2,509)
Other comprehensive income (loss) before reclassifications	(71)		(290)		6		13		(342)
Gain (loss) on net investment hedges	19		—		—		—		19
Amounts reclassified from AOCI	—		277		(38)		—		239
Tax effect	(8)		4		(12)		(2)		(18)
Net of tax amount	(60)		(9)		(44)		11		(102)
Balance at September 30, 2023	$	(2,682)	$	139	$	(66)	$	(2)	$	(2,611)

The following table sets forth the reclassifications out of AOCI for the three months ended March 31, 2025 and 2024 (in millions).


	Amount reclassified from AOCI				Affected line item in the Consolidated Statements of Earnings
	Three Months Ended March 31,
Details about AOCI components	2025		2024





Deferred (Gain) Loss on Hedging Activities

	$	(17)	$	(19)		Cost of products sold


	(17)		(19)			Earnings before income tax
	4		4			Income tax expense
	$	(13)	$	(15)		Net earnings

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the reclassifications out of AOCI for the three and nine months ended September 30, 2024 and 2023 (in millions).

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line item in the Consolidated Statements of Earnings
Details about AOCI components	2024		2023		2024		2023
Deferred Gain (Loss) on Hedging Activities
	$	48	$	132	$	52	$	277	Cost of products sold
	48		132		52		277		Earnings before income tax
	(14)		(29)		(14)		(55)		Income tax expense
	$	34	$	103	$	38	$	222	Net earnings
Pension Liability Adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)	$	(4)	$	(4)	$	(14)	$	(21)	Other (income) expense-net
Actuarial losses	1		1		5		(17)		Other (income) expense-net
	(3)		(3)		(9)		(38)		Earnings before income tax
	—		(3)		2		(12)		Income tax expense
	$	(3)	$	(6)	$	(7)	$	(50)	Net earnings

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

Note 12. Other (Income) ~~Expense~~ – Net

The following table sets forth the items in other (income) ~~expense~~- net for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions).

	Three Months Ended				~~Nine Months Ended~~
	September 30,				September 30,
	March 31,
	2024		2023		2024		2023
	2025		2024
Gains on sale of assets	$	—(8)	$	(12)	$	~~(7)~~	$	~~(33)~~
Other – net	(5811)		(3424)		~~(85)~~		~~(83)~~
Other (Income) Expense – Net	$	(58)	$	(35)	$	(92)	$	(116)
Other Income – Net	$	(19)	$	(26)

~~Gains~~Note on sale of assets in the three and nine months ended September 30, 2024 and 2023 consisted of gains on sales of certain assets and disposals of individually insignificant assets in the ordinary course of business13. Segment Information

~~Other~~The –Company’s ~~net~~operations inare ~~the three and nine months ended September 30~~organized, ~~2024 included the non-service components of net pension benefit income of $4 million and $14 million~~managed, ~~respectively, net foreign exchange gains,~~ and ~~net~~classified ~~other~~into ~~income. Other – net in the~~ three ~~and~~reportable ~~nine~~segments: ~~months~~Ag ~~ended~~Services ~~September 30, 2023 included the non-service components of net pension benefit income of $4 million~~ and ~~$13 million,~~Oilseeds ~~respectively~~(AS&O), ~~net~~Carbohydrate ~~foreign exchange gains~~Solutions, and ~~net other income~~Nutrition.

29Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~Note~~The 13Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. ~~Segment~~ ~~Information~~Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, deodorizing, bleaching, and blending, as applicable, into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, Stratas Foods LLC, Edible Oils Limited, Olenex Holdings BV, SoyVen Holding BV, and Gradable, LLC.

The ~~Company’s~~Carbohydrate ~~operations~~Solutions ~~are~~segment ~~organized,~~is ~~managed,~~engaged in corn and ~~classified~~wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into ~~three~~products ~~reportable~~and ~~segments:~~ingredients Agused ~~Services~~in the food and ~~Oilseeds~~beverage ~~(AS&O)~~industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and ~~Nutrition~~other food and animal feed ingredients. ~~Each~~Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of ~~these~~the ~~segments~~wet milling process, is ~~organized~~further ~~based~~processed ~~upon~~into ~~the~~vegetable ~~nature~~oil ofand protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and ~~services~~industrial ~~offered~~products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s ~~remaining~~share ~~operations~~of ~~are~~the ~~not~~results ~~reportable~~of ~~segments,~~its asequity ~~defined~~investments byin ~~the~~Hungrana ~~applicable~~Ltd., ~~accounting~~Almidones ~~standard~~Mexicanos S.A. de C.V., Aston Foods and ~~are~~Food ~~classified~~Ingredients, asRed ~~Other~~Star ~~Business~~Yeast Company, LLC, and LSCP, LLP.

~~Intersegment~~The ~~sales~~Nutrition ~~have~~segment ~~been~~serves ~~recorded~~various ~~using~~end ~~principles~~markets ~~consistent~~including ~~with~~food, ~~Topic~~beverages, ~~606.~~and ~~Operating~~nutritional ~~profit~~supplements for ~~each~~humans, ~~reportable~~and ~~segment~~complete isfeed, ~~based~~feed onpremix ~~net~~and ~~sales~~additives, ~~less~~petfood ~~identifiable~~and ~~operating~~pet ~~expenses~~treats for livestock, aquaculture, and pets. ~~Also~~The ~~included~~segment engages in ~~operating~~the ~~profit~~creation, ~~for~~manufacturing, ~~each~~sale, ~~segment~~and isdistribution ~~equity~~of ina ~~earnings~~wide array of ~~affiliates~~ingredients and solutions including plant-based onproteins, ~~the~~natural ~~equity~~flavors, ~~method~~flavor ofsystems, ~~accounting.~~natural ~~Specified~~colors, ~~items~~emulsifiers, ~~and~~soluble ~~certain~~fiber, ~~corporate~~polyols, ~~items~~hydrocolloids, ~~are~~probiotics, ~~not~~prebiotics, ~~allocated~~postbiotics, toenzymes, ~~the~~botanical ~~Company’s~~extracts, ~~individual~~and ~~reportable~~other ~~segments~~specialty ~~because~~food ~~operating~~and ~~performance~~feed ofingredients ~~each~~and ~~reportable~~systems. ~~segment~~The isNutrition ~~evaluated~~segment byalso ~~management~~includes ~~exclusive~~activities ofrelated ~~these~~to ~~items.~~the ~~Corporate~~procurement, ~~results~~processing, ~~principally~~and ~~include~~distribution ~~unallocated~~of ~~corporate~~edible ~~expenses~~beans, ~~interest~~the ~~cost~~processing ~~net~~and distribution of ~~interest~~formula ~~income,~~feeds and ~~revaluation~~animal ~~gains~~health and ~~losses~~nutrition onproducts ~~cost~~and ~~method~~the ~~investments~~manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in ~~early-stage~~Vimison ~~start-up~~S.A. ~~companies~~de C.V., ADM Matsutani LLC, Matsutani Singapore Pte. Ltd., Dusial S.A., and Vitafort ZRT.

~~Restatement~~Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of ~~Certain~~interest ~~Segment-Specific~~income, ~~Historical~~and ~~Financial~~revaluation ~~Information~~gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.

AsIntersegment ~~previously~~sales ~~disclosed~~have in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, the Company has restated its Consolidated Financial Statements as of December 31, 2023 and for the year then ended. As a result, previously reported financial information as of September 30, 2023 and for the three and nine months ended September 30, 2023 in this Note 13. Segment Information, has been ~~updated~~recorded tousing ~~reflect~~principles ~~the~~consistent ~~restatements.~~with ~~These~~ASC ~~restatements do not impact ADM’s Consolidated Statements of Earnings~~606, ~~Consolidated~~Revenue ~~Statements~~from ofContracts ~~Comprehensive~~with ~~Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Shareholders’ Equity as of and for the periods presented~~Customers.

The following tables set forth the impact of the restatements on intersegment sales and segment operating profit for each of the Company’s three reportable segments for the three and nine months ended September 30, 2023. 26

Intersegment pricing adjustments include restatements related to intersegment sales that were not in accordance with prior disclosures about presenting such sales at amounts approximating market. Intersegment classification adjustments include restatements related to intrasegment sales (resulting from sales within the segment) previously misclassified and reported as intersegment sales (resulting from sales from one segment to another).

In the course of testing new controls implemented as part of the Company’s material weakness remediation plan in the third quarter of 2024, ADM identified additional intrasegment sales previously misclassified and reported as intersegment sales. The Company also identified some intersegment sales that were not accounted for consistently in accordance with revenue recognition and segment reporting standards and should not have been reported as intersegment sales. These amounts are presented in the table below as Additional intersegment classification adjustments.

The Company also is correcting certain segment disclosure presentation errors in prior year periods. In this report, the Company is revising its reconciliation and calculation of total segment operating profit. The revised reconciliation in this Note 13. Segment Information and elsewhere in this report presents a subtotal for total segment operating profit that is equal to the sum of the segment operating profit reported for each of the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments. Amounts for other business and specified items, which previously were reflected in the calculation of total segment operating profit, are now reflected as reconciling items, similar to Corporate, between total segment operating profit and earnings before income taxes.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~The~~Segment ~~following~~Information ~~tables present adjustments to intersegment sales and segment operating profit amounts~~ for the ~~three~~Three ~~and~~Months ~~nine months~~ ended ~~September 30~~March 31, ~~2023~~2025 ~~for~~and ~~each reportable segment.~~2024

~~Impact~~The offollowing ~~the~~tables ~~Restatement~~present ondata ~~the~~by Agreportable ~~Services~~segment ~~and~~(in ~~Oilseeds Segment~~millions).

			Three Months Ended				Nine Months Ended
	Three Months Ended March 31, 2025
(In millions)			September 30, 2023(Restated)				September 30, 2023(Restated)
	Ag Servicesand Oilseeds				CarbohydrateSolutions		Nutrition		Total
Intersegment revenues, as originally reported			$	1,164			$	3,519
Revenue from external customers	$	15,675			$	2,571	$	1,817	$	20,063
Intersegment pricing adjustments			—				2
Other Business									112
Intersegment classification adjustments			(532)				(1,447)
Total consolidated revenue									$	20,175
Additional intersegment classification adjustments			(38)				(388)
Less:
Intersegment revenues, as restated			$	594			$	1,686
Cost of materials	14,339				1,602		1,139
Segment operating profit, as originally reported			$	848			$	3,112
Manufacturing costs	881				677		319
Intersegment pricing adjustments			—				1
Selling, general, and administrative expenses	193				82		278
Segment operating profit, as restated			$	848			$	3,113
Other segment items(1)	(150)				(30)		(14)
Segment operating profit	$	412			$	240	$	95	$	747
Reconciliation of segment operating profit
Other Business									96
Corporate									(441)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(2)									(49)
Earnings before income taxes									$	353

~~Impact~~(1) ofOther ~~the~~segment ~~Restatement~~items onfor ~~the~~each ~~Carbohydrate~~reportable ~~Solutions~~segment ~~Segment~~include:

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2023(Restated)		September 30, 2023(Restated)
Intersegment revenues, as originally reported	$	159	$	1,336
Intersegment pricing adjustments	8		30
Intersegment classification adjustments	278		(12)
Additional intersegment revenue classifications	(213)		(628)
Intersegment revenues, as restated	$	232	$	726
Segment operating profit, as originally reported	$	460	$	1,036
Intersegment pricing adjustments	8		30
Segment operating profit, as restated	$	468	$	1,066

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense, and other income/expense.

31Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.

(2) These charges were related to restructuring and a contingent loss settlement provision.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Impact of the Restatement on the Nutrition Segment


	Three Months Ended March 31, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	17,219	$	2,683	$	1,836	$	21,738
Other Business							109
Total consolidated revenue							$	21,847

Less:
Cost of materials	15,482		1,732		1,164
Manufacturing costs	833		641		298
Selling, general, and administrative expenses	242		92		296
Other segment items(1)	(202)		(30)		(6)
Segment operating profit	$	864	$	248	$	84	$	1,196

Reconciliation of segment operating profit
Other Business							121
Corporate							(426)
Specified items:
Gains on sales of assets and businesses							—
Impairment, exit, restructuring charges, and settlement contingencies(2)							(6)
Earnings before income taxes							$	885

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2023(Restated)		September 30, 2023(Restated)
Intersegment revenues, as originally reported	$	67	$	231
Intersegment pricing adjustments	—		—
Intersegment classification adjustments	(47)		(141)
Additional intersegment classification adjustments	(9)		(55)
Intersegment revenues, as restated	$	11	$	35
Segment operating profit, as originally reported	$	138	$	468
Intersegment pricing adjustments	(8)		(31)
Segment operating profit, as restated	$	130	$	437

(1) Other segment items for each reportable segment include:

~~For~~Ag ~~more~~Services ~~information about the Company’s reportable segments, refer to Note 17 of “Notes to Consolidated Financial Statements” included in Item 8, “Financial Statements~~ and ~~Supplementary~~Oilseeds: ~~Data”~~Equity ~~included~~ in the ~~Company’s~~earnings ~~Annual~~of ~~Report~~affiliates; oninterest ~~Form~~and ~~10-K~~investment income/Aexpense; ~~for~~and ~~the~~other ~~year ended December 31, 2023~~income/expense.

32Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.

(2) These charges were related to the impairment of certain long-lived assets and restructuring.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Segment Information for the Three and Nine Months ended September 30, 2024 and 2023


(In millions)	Three Months Ended March 31,
	2025		2024
Intersegment revenue
Ag Services and Oilseeds	$	421	$	426
Carbohydrate Solutions	199		208
Nutrition	19		13
Total intersegment revenue	$	639	$	647

Depreciation expense
Ag Services and Oilseeds	$	100	$	92
Carbohydrate Solutions	75		75
Nutrition	37		36
Total segment depreciation expense	212		203
Other Business	2		2
Corporate	10		9
Total depreciation expense	$	224	$	214

Amortization expense
Ag Services and Oilseeds	$	3	$	3
Carbohydrate Solutions	1		2
Nutrition	39		39
Total segment amortization expense	43		44

Corporate	20		22
Total amortization expense	$	63	$	66








Interest and investment income
Ag Services and Oilseeds	$	21	$	9


Total segment interest and investment income	21		9
Other Business	97		119
Corporate	20		(5)
Total interest and investment income	$	138	$	123



Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	110	$	180
Carbohydrate Solutions	29		32
Nutrition	7		5
Total segment equity in earnings of unconsolidated affiliates	146		217

Corporate	(2)		(5)
Total equity in earnings of unconsolidated affiliates	$	144	$	212

~~The following table reflects results of operations of the Company’s reportable segments (in millions).~~ 29

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2024		2023		2024		2023
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	9,653	$	10,198	$	32,597	$	35,259
Crushing	2,869		3,352		9,046		10,515
Refined Products and Other	2,567		2,929		7,999		9,128
Total Ag Services and Oilseeds	15,089		16,479		49,642		54,902
Carbohydrate Solutions
Starches and Sweeteners	2,192		2,448		6,559		7,660
Vantage Corn Processors	716		877		1,925		2,583
Total Carbohydrate Solutions	2,908		3,325		8,484		10,243
Nutrition
Human Nutrition	1,004		900		3,029		2,802
Animal Nutrition	827		884		2,546		2,688
Total Nutrition	1,831		1,784		5,575		5,490
Total segment revenues from external customers	19,828		21,588		63,701		70,635
Other Business	109		107		331		322
Total revenues from external customers	$	19,937	$	21,695	$	64,032	$	70,957
Intersegment revenues(1)
Ag Services and Oilseeds	$	463	$	594	$	1,320	$	1,686
Carbohydrate Solutions	247		232		680		726
Nutrition	23		11		55		35
Total intersegment revenues	$	733	$	837	$	2,055	$	2,447
Segment operating profit(1)
Ag Services and Oilseeds	$	480	$	848	$	1,803	$	3,113
Carbohydrate Solutions	452		468		1,057		1,066
Nutrition	105		130		298		437
Total segment operating profit	1,037		1,446		3,158		4,616
Other Business (loss) earnings	(17)		46		200		229
Corporate(2)	(409)		(390)		(1,254)		(1,105)
Specified items:
(Gain) loss on sales of assets	1		(2)		1		10
Impairment and restructuring charges	(504)		(69)		(517)		(190)
Earnings before income taxes	$	108	$	1,031	$	1,588	$	3,560

(1)Amounts presented for Intersegment revenues and Segment operating profit for the three and nine months ended September 30, 2023 reflect the restatements described above.

(2)Includes restructuring costs of $12 million and $5 million for the nine months ended September 30, 2024 and 2023, respectively. Includes restructuring costs of $2 million for the three months ended September 30, 2023.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 14. Asset Impairment, Exit, and Restructuring Costs

~~Asset~~The ~~impairment~~following ~~and~~table ~~exit~~sets ~~costs~~forth in the ~~three~~charges and nine months ended September 30, 2024 were $507 million and $517 million, respectively. These costs primarily include a $461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment, and a $43 million impairment charge related to the discontinued animal nutrition trademarks, within the Nutrition segment, presented as specified items for the three ~~and nine~~ months ended ~~September 30,~~March ~~2024. Restructuring charges for the nine months ended September 30~~31, ~~2024~~2025 ~~were $15 million~~ and ~~primarily~~2024 ~~related to employee severance. No restructuring charges were recognized~~ (in ~~the three months ended September 30, 2024~~millions).

Asset impairment and exit costs in the three and nine months ended September 30, 2023 were $74 million and $120 million, respectively. These costs primarily include impairment charges of $37 million and $62 million for the three and nine months ended September 30, 2023, respectively. Impairment charges primarily related to discontinued animal nutrition trademarks in the Nutrition segment and are presented as specified items. Restructuring charges for the three and nine months ended September 30, 2023 were $5 million and $26 million, respectively, and primarily related to employee severance.


	Three Months Ended March 31,
	2025		2024
Restructuring and exit costs (1)	$	38	$	15

Impairment charge - other long-lived assets (2)	—		3
Total asset impairment, exit, and restructuring costs	$	38	$	18

(1)On February 4, 2025, the Company announced a restructuring program that is expected to deliver in excess of $500 million of cost savings by fiscal 2029. The restructuring program has several initiatives including improvements in manufacturing costs, reductions in purchased materials and services, and targeted workforce reductions, and is designed to help the Company achieve cost efficiencies. The three months ended March 31, 2025 included restructuring charges (primarily employee termination benefits) of $23 million, $5 million, $4 million, and $4 million within the Ag Services and Oilseeds segment, Carbohydrate Solutions segment, Nutrition segment, and Corporate, respectively, presented as specified items. The three months ended March 31, 2024 included restructuring charges of $3 million and $12 million within the Nutrition segment and Corporate, respectively, both presented as specified items.

(2)The three months ended March 31, 2024 included impairments related to certain long-lived assets of $3 million within the Nutrition segment, presented as a specified item.

Note 15. Sale of Accounts Receivable

The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 16, 2025, unless extended.

The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $1.12 billion (€1.01 billion) for the accounts receivables transferred. The Second Program terminates on ~~April~~May 1819, 2025, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales of accounts receivable. The Company acts as a servicer for the transferred receivables. At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.

~~As of September~~ 30, 2024 and December 31, 2023, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $2.1 billion and $1.6 billion, respectively. Total receivables sold were $34.9 billion and $41.2 billion for the nine months ended September 30, 2024 and 2023, respectively. Cash collections from customers on receivables sold were $34.0 billion and $40.7 billion for the nine months ended September 30, 2024 and 2023, respectively. All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and the collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. As of September 30, 2024 and December 31, 2023, receivables pledged as collateral to the Purchasers was $0.7 billion and $1.1 billion, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $22 million and $76 million for the three and nine months ended September 30, 2024, respectively, and $11 million and $45 million for the three and nine months ended September 30, 2023, respectively, which is classified as selling, general, and administrative expenses in the Consolidated Statements of Earnings.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of March 31, 2025 and December 31, 2024, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $2.1 billion and $2.0 billion, respectively. Total receivables sold were $11.3 billion and $12.3 billion for the three months ended March 31, 2025 and 2024, respectively. Cash collections from customers on receivables sold were $11.3 billion and $11.8 billion for the three months ended March 31, 2025 and 2024, respectively. All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and the collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. As of March 31, 2025 and December 31, 2024, receivables pledged as collateral to the Purchasers was $625 million and $693 million, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $20 million and $27 million for the three months ended March 31, 2025 and 2024, respectively, which is classified as selling, general, and administrative expenses in the Consolidated Statements of Earnings.

Note 16. Supplier Finance Programs

The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 90 days of the invoice date. As of September 30, 2024 and December 31, 2023, the Company’s outstanding payment obligations that suppliers had elected to sell to the financial institutions were $293 million and $274 million, respectively.

Changes to the outstanding payment obligations were as follows (in millions).

	Nine Months Ended
	Three Months Ended March 31,
	September 30, 2024
	2025		2024
Opening balance, December 31, 2023	$	274
Opening balance, January 1	$	222	$	274
Obligations confirmed	~~799~~275		257
Obligations paid	(~~780~~221)		(256)
Closing balance, September 30, 2024	$	293
Closing balance, March 31	$	276	$	275

Note 17. Legal Proceedings

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability ~~(see Note 10. Income Taxes for information on income tax matters)~~, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues.

In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.

Commodities Class Actions

On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC (“UWGP”) and five other ethanol producers filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. On May 17, 2024, the court stayed MRE’s case pending a decision in UWGP’s appeal, described below. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP has appealed the dismissal to the United States Court of Appeals for the Seventh Circuit. On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. The case was transferred back to the Central District of Illinois, and on December 30, 2022, the court dismissed GP’s complaint with prejudice. GP appealed the dismissal, and on January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings. On March 8, 2024, GP filed an amended complaint, which ADM moved to dismiss. On December 3, 2024, the court issued a decision on ADM’s motion to dismiss GP’s amended complaint, denying one ground for dismissal and certifying a question of law to the Nebraska Supreme Court before deciding the other ground.

35The Company denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Government Investigations

As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.

Shareholder Litigation

As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S. District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”). On March 12, 2025, the court denied Defendants’ motions to dismiss. The Company intends to continue to vigorously defend against these claims. However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

~~named~~Also, ~~plaintiff~~as ~~Maize~~previously ~~Capital Group~~disclosed, ~~LLC~~beginning ~~(“Maize”).~~on ~~AOT~~March ~~and~~29, ~~Maize~~2024, ~~allege~~purported ~~that~~stockholders ~~members~~ of the ~~putative~~Company ~~class~~filed ~~collectively~~a ~~suffered~~number ~~damages~~of ~~calculated~~related toderivative belawsuits ~~between~~against ~~approximately~~certain ~~$500 million~~current toand ~~over~~former ~~$2.0 billion~~officers asand adirectors ~~result~~ of the Company~~’s alleged actions. On July 14~~, ~~2020,~~seeking ~~Green~~unspecified ~~Plains Inc~~damages. ~~and~~The ~~its~~initial ~~related~~actions ~~entities~~were ~~(“GP”)~~consolidated ~~filed~~in athe ~~putative~~U.S. ~~class~~District ~~action~~Court ~~lawsuit,~~for ~~alleging substantially~~ the ~~same~~District ~~operative facts, in federal court in Nebraska, seeking to represent sellers~~ of ~~ethanol~~Delaware. OnSeparately, ~~July~~on ~~23,~~March ~~2020~~28, ~~Midwest Renewable Energy~~2025, ~~LLC (“MRE”) filed~~ a ~~putative~~purported ~~class~~stockholder action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC (“UWGP”) and five other ethanol producers filed a derivative lawsuit in ~~federal court in Illinois alleging substantially~~ the ~~same~~Chancery ~~facts~~Court ~~and~~of ~~asserting~~Delaware ~~claims~~against ~~under~~certain ~~the~~current ~~Sherman Act~~ and ~~Illinois,~~former ~~Iowa,~~officers and ~~Wisconsin~~directors ~~law.~~of ~~The court granted ADM’s motion to dismiss~~ the ~~MRE and UWGP complaints without prejudice on August 9~~Company, ~~2021~~seeking ~~and~~unspecified ~~September 28, 2021, respectively~~damages. On ~~August~~April 1614, ~~2021~~2025, ~~the~~a ~~court~~purported ~~granted~~stockholder ~~ADM’s~~filed ~~motion~~a toderivative ~~dismiss~~lawsuit ~~the~~in ~~GP complaint, dismissing one claim with prejudice and declining jurisdiction over~~ the ~~remaining state law claim~~U. ~~MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021~~S. ~~The~~District court denied ADM’s motion to dismiss on September 26, 2023. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP has appealed the dismissal to the United States Court ~~of Appeals~~ for the ~~Seventh~~Northern Circuit. On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. On March 18, 2022, the Nebraska federal district court granted ADM’s motion to transfer the GP case back to the Central District of Illinois ~~for~~against ~~further~~certain ~~proceedings.~~current ~~ADM~~and ~~moved~~former toofficers ~~dismiss the complaint on May 20, 2022~~ and ondirectors ~~December~~of ~~30, 2022,~~ the ~~court dismissed GP’s complaint with prejudice. GP appealed the dismissal. On January 12~~Company, ~~2024,~~seeking ~~the~~unspecified ~~appellate~~damages; ~~court~~that ~~vacated~~action ~~the~~has ~~dismissal~~been ~~and~~transferred ~~remanded the case~~ to the ~~district court for further proceedings~~U.S. OnDistrict ~~March~~Court 8,for ~~2024,~~the GPDistrict ~~filed~~of ~~an amended complaint, which ADM has moved to dismiss~~Delaware. The Company ~~denies liability, and~~ is ~~vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is~~ unable ~~at this time~~ to predict the final outcome of these proceedings with any reasonable degree of certainty~~, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows~~.

~~Intersegment Sales Investigations~~ 33

On June 30, 2023, the Company received a voluntary document request from the United States Securities and Exchange Commission (“SEC”) relating to intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments, and subsequently received additional document requests from the SEC. In response, the Company engaged external counsel, assisted by a forensic accounting firm, to conduct an internal investigation, overseen by the Audit Committee of the Company’s Board of Directors, which is separately advised by external counsel (the “Investigation”). The Company is cooperating with the SEC. Following the Company’s January 21, 2024 announcement of the Investigation, the Company received document requests from the Department of Justice (“DOJ”) focused primarily on the same subject matter, and the DOJ directed grand jury subpoenas to certain current and former Company employees. The Company is cooperating with the DOJ. The Company is unable to predict the final outcome of these investigations with any reasonable degree of certainty.

Shareholder Litigation

On January 24, 2024, following the Company’s January 21, 2024 announcement of the investigation relating to intersegment sales, a purported stockholder of the Company filed a putative class action in the U.S. District Court for the Northern District of Illinois against the Company and its Chief Executive Officer, as well as Vikram Luthar and Ray Young. On June 24, 2024, the court-appointed lead plaintiffs filed an amended putative class action complaint against the Company, its Chief Executive Officer, as well as Vikram Luthar, Ray Young, and Vince Macciocchi. Plaintiffs allege false and misleading statements in the Company’s disclosures related to ADM’s Nutrition segment and seek unspecified compensatory and punitive damages. Defendants filed motions to dismiss the amended complaint on August 23, 2024. Beginning on March 29, 2024, purported stockholders of the Company filed four derivative lawsuits in the U.S. District Court for the Northern District of Illinois and the U.S. District Court for the District of Delaware, against the Chief Executive Officer, Vikram Luthar, Ray Young, and certain individual current and former ADM Directors, alleging false and misleading statements in the Company’s proxy statements, breach of fiduciary duty, and corporate waste, among other claims, and seeking unspecified damages. The plaintiffs voluntarily dismissed one of the derivative complaints; the remainder have been consolidated in the U.S. District Court for the District of Delaware. Plaintiffs filed a consolidated shareholder derivative complaint on September 13, 2024. Defendants filed a motion to dismiss the consolidated complaint on November 12, 2024. The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying unaudited Consolidated Financial Statements, which can be found in Part I. Item 1. Consolidated Financial Statements.

Restatement of Previously Issued Consolidated Financial Statements

As described in the Part I, Item 1, Note 13 to the Consolidated Financial Statements, the Company has restated its Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023. As a result, the previously reported financial information as of September 30, 2023 and for the three and nine months ended September 30, 2023, in this MD&A has been updated to reflect the restatements. See Item 1, Note 13. Segment Information, in the Consolidated Financial Statements for additional information related to the restatements, including descriptions of the adjustments and the impacts on the Consolidated Financial Statements, as well as a description of certain segment disclosure presentation errors that are being corrected in this report.

Company Overview

Archer-Daniels-Midland Company and its subsidiaries (~~“ADM”~~the "Company" or "ADM") unlock the “power of nature to enrich the quality of life. The Company”) is an essential global agricultural supply chain manager and processor;, aproviding ~~premier~~food ~~human~~security ~~and~~by ~~animal~~connecting ~~nutrition~~local ~~provider;~~needs awith ~~trailblazer~~global incapabilities. ~~groundbreaking~~ADM ~~solutions~~is toa ~~support~~premier ~~healthier~~human ~~living; an industry-leading innovator in replacing petroleum-based products;~~ and aanimal ~~leader~~nutrition inprovider, ~~sustainability.~~offering ~~The Company is~~ one of the ~~world~~industry’s ~~leading~~broadest ~~producers~~portfolios of ingredients ~~for~~and ~~sustainable~~solutions ~~nutrition~~from nature. The Company ~~uses~~is ~~its~~a ~~significant~~trailblazer ~~global~~in ~~asset~~health ~~base to originate~~ and ~~transport agricultural commodities~~well-being, ~~connecting~~with toan ~~markets~~industry-leading inrange ~~over~~of ~~190~~products ~~countries. The~~for ~~Company~~consumers ~~also~~looking ~~processes corn, oilseeds, and wheat into products~~ for ~~food,~~new ~~animal~~ways ~~feed,~~to ~~industrial,~~live ~~and~~healthier ~~energy uses~~lives. ~~The~~ ~~Company~~ADM ~~also~~is ~~engages~~a incutting-edge ~~the manufacturing~~innovator, ~~sale,~~guiding ~~and~~the ~~distribution~~way ofto a ~~wide~~future ~~array~~ of ~~ingredients~~new ~~and solutions including plant~~bio-based ~~proteins,~~consumer ~~natural~~and ~~flavors,~~industrial ~~flavor~~solutions. ~~systems,~~ADM ~~natural~~is ~~colors,~~a ~~emulsifiers,~~leader ~~soluble~~in ~~fiber,~~business-driven ~~polyols,~~sustainability ~~hydrocolloids,~~efforts ~~probiotics,~~that ~~prebiotics,~~support ~~enzymes,~~a ~~botanical~~strong ~~extracts~~agricultural sector, ~~and~~resilient ~~other~~supply ~~specialty food and feed ingredients. The Company uses its global asset network~~chains, ~~business acumen,~~ and ~~its~~a ~~relationships~~vast ~~with suppliers~~ and ~~customers~~growing tobioeconomy. ~~efficiently~~Around ~~connect~~ the ~~harvest~~globe, to the ~~home~~Company’s ~~thereby~~expertise ~~generating~~and ~~returns~~innovation ~~for~~are ~~its~~meeting ~~shareholders,~~critical ~~principally~~needs from ~~margins~~harvest ~~earned~~to ~~on these activities~~home.

~~The~~Reportable Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these reportable segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other Business. Financial information with respect to the Company’s reportable segments is set forth in Note 13. Segment Information of “Notes to Consolidated Financial Statements” included in Item 1 “Financial Statements”.Segments

~~ADM~~The Company’s ~~recent~~operations ~~significant~~are ~~portfolio~~organized, ~~actions~~managed, and ~~announcements~~classified ~~include~~into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

~~•the~~See ~~acquisitions~~Part inI. ~~January~~Item 2024 of Revela Foods, a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions and FDL, a UK-based leading developer and producer of premium flavor and functional ingredient systems1. ~~See~~ Note 413. ~~Acquisitions~~Segment Information of “Notes to Consolidated Financial Statements” ~~included~~for infurther ~~Item~~details 1on ~~“Financial~~the ~~Statements”~~nature ~~for~~of ~~further~~our ~~information~~business and our reportable operating segments.

2025 Strategy

The Company’s goal is to continue to build and sustain long-term value for our shareholders and customers. The Company believes the following mid-term priorities will help create value for its shareholders:

•Focus on execution and cost management – ADM seeks to prioritize operational excellence and driving targeted cost reductions through: (1) boosting plant efficiencies and restoring operations at the Decatur East plant; (2) optimizing operating leverage within the Nutrition segment; and (3) reducing third party spend and selling, general, and administrative expenses.

•Strategic simplification – ADM seeks to enhance returns on invested capital by executing a pipeline of simplification opportunities to optimize our portfolio and organizational structure, including: (1) addressing performance, demand, and capacity challenges; (2) reducing capital expenditures that do not meet the Company’s return objectives; and (3) reducing capability overlaps through synergies, closures, and divestitures.

•Targeted growth investment – ADM seeks to prioritize organic investment in key strategic initiatives, while also ensuring our businesses are ready for the future, including: (1) plant modernization investments; (2) cost optimization investments; and (3) enterprise system and process enhancements.

•Deploy capital with discipline – ADM seeks to prudently invest in opportunities. The Company also expects to continue returning cash to shareholders through dividends and share repurchases as appropriate.

Sustainability

Sustainability is a key driver in ADM’s expanding portfolio of environmentally responsible, plant-derived products. Consumers today increasingly expect their food and drink to come from sustainable ingredients, produced by companies that share their values, and ADM is continually finding new ways to meet those needs through its portfolio actions.

~~The Company’s strategic transformation is focused on three strategic pillars: Productivity, Innovation, and Culture.~~ 34

The Productivity pillar includes (1) partnering across various global teams including procurement, supply chain, operations, and commercial to optimize costs and improve production volumes across the enterprise; (2) continued roll out of the 1ADM business transformation program and implementation of improved standardized business processes; and (3) increased use of

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~technology,~~Significant ~~data~~Portfolio ~~analytics, and automation at production facilities, in offices, and with customers to improve efficiencies and customer service.~~Actions

~~The~~ADM’s ~~Innovation~~recent ~~pillar~~significant ~~includes~~portfolio ~~expansions~~actions and ~~investments~~announcements, in ~~(1) improving~~ the ~~customer experience by leveraging producer relationships and enhancing the use of state-of-the-art digital technology; (2) sustainability-driven innovation~~quarter, which encompasses the full range of products, solutions, capabilities, and commitments to serve customers’ needs; and (3) growth initiatives, including organic growth with additional capacity to meet growing market demand and strategic objectives.include:

•The ~~Culture~~acquisition ~~pillar~~in ~~focuses~~January on2025 ~~building~~of ~~capabilities~~Vandamme ~~and~~Hugaria ~~enabling collaboration~~Kft, ~~teamwork,~~a ~~and~~700 ~~agility~~metric ~~from~~ton/day ~~process~~non-genetically ~~standardization~~modified crush and ~~digitalization~~extraction ~~and~~facility ~~ADM’s~~based ~~diversity,~~in ~~equity,~~Hungary. ~~and~~See ~~inclusion~~Note ~~initiatives,~~4. ~~which~~Acquisitions ~~bring~~of ~~new~~“Notes ~~perspectives~~to ~~and~~Consolidated ~~expertise~~Financial toStatements” ~~the~~included ~~Company’s~~in ~~decision-making~~Item 1. Consolidated Financial Statements for further information.

~~ADM~~Restructuring ~~plans to support the three pillars with investments in technology, which include expanding digital capabilities and investing further in research and development.~~Program

~~Environmental~~On February 4, 2025, the Company announced a restructuring program that is expected to deliver in excess of $500 million of annual cost savings by fiscal 2029. The restructuring program has several initiatives including improvements in manufacturing costs, targeted workforce reductions, divestitures of non-strategic businesses, and ~~Social~~monetization ~~Responsibility~~of investments, and is designed to help the Company achieve cost efficiencies. See Note 14. Asset Impairment, Exit, and Restructuring Costs in the notes to the consolidated financial statements included in Part I, Item 1, "Financial Statements" of this Report on Form 10-Q for additional information regarding restructuring related charges.

~~The~~Government ~~Company’s~~Investigation policy to protect forests, biodiversity, and communities includes provisions that promote conservation of water resources and biodiversity in agricultural landscapes, promote solutions to reduce climate change and greenhouse gas emissions, and support agriculture as a means to advance sustainable development by reducing poverty and increasing food security. Additionally, the policy confirms ADM’s commitment to protect human rights defenders, whistleblowers, complainants, and community spokespersons; ADM’s aspiration to cooperate with all parties necessary to enable access to fair and just remediation; and the Company’s non-compliance protocol for suppliers. In 2022, the Company achieved full traceability of its direct and indirect sourcing throughout its soy supply chains in Brazil, Paraguay, and Argentina. ADM is committed to eliminating deforestation from all of the Company’s supply chains by end of 2025. In 2023, after a strategic investigation of the impact of conversion of native habitats in its key supply chains, the Company announced its commitment to eliminate conversion of native habitats in high risk areas in South America for direct suppliers of all commodities by end of 2025 and indirect suppliers by 2027, with a December 31, 2025 cutoff date (a date after which conversion of primary native vegetation renders a given area or production unit non-compliant) for both direct and indirect suppliers.

~~The~~As ~~Company’s~~previously ~~environmental goals~~disclosed, ~~collectively~~the ~~called~~Company ~~“Strive~~is ~~35”~~under –investigation ~~an ambitious plan to,~~ by ~~2035,~~the ~~reduce~~United ~~absolute~~States ~~Scope~~Securities 1 and 2Exchange ~~greenhouse~~Commission ~~gas~~ (~~GHG~~“SEC”) ~~emissions~~and bythe 25Department ~~percent~~of ~~from~~Justice a(“DOJ”) ~~2019~~relating ~~baseline~~to, ~~reduce~~among ~~Scope~~other ~~3 emissions by 25% from a 2021 baseline~~things, ~~reduce~~intersegment ~~energy~~sales ~~intensity~~between bythe 15Company’s ~~percent~~Nutrition ~~from~~reporting asegment ~~2019~~and ~~baseline,~~the ~~reduce~~Company’s ~~water~~Ag ~~intensity~~Services byand 10Oilseeds ~~percent from a 2019 baseline,~~ and ~~achieve~~Carbohydrate aSolutions 90reporting ~~percent landfill diversion rate~~segments. InThe ~~2023,~~Company ~~ADM~~is ~~refined~~continuing ~~two of its Strive 35 commitments~~ to ~~more~~cooperate ~~meaningfully~~with ~~drive~~the ~~progress:~~SEC ~~ADM~~and ~~aims~~DOJ toinvestigations ~~reduce its absolute water withdrawal by 10%, from a 2019 baseline, by 2035,~~ and ~~ADM~~is ~~aims~~unable to ~~increase~~predict ~~its~~the ~~use~~outcome of ~~low-carbon~~these ~~energy sources to 25% of total energy used by 2035~~investigations.

Material Weakness

As previously disclosed, the Company identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures. For more information, see “Controls and Procedures” in Part I. Item 4 herein.

Operating Performance Indicators

The Company’s isAg ~~exposed~~Services toand ~~certain~~Oilseeds ~~risks~~and ~~inherent~~Carbohydrate toSolutions ansegments are principally agricultural commodity-based ~~commodity~~businesses ~~business.~~where ~~These~~changes ~~risks~~in ~~are~~selling ~~further~~prices ~~described~~move in ~~Part~~relationship Ito ~~Item~~changes ~~1A,~~in ~~“Risk~~prices ~~Factors”~~of ~~included~~the commodity-based agricultural raw materials. As a result, changes in ~~the~~agricultural ~~Company’s~~commodity ~~Annual~~prices ~~Report~~have relatively equal impacts on ~~Form~~both ~~10-K/A~~revenues ~~for~~and ~~the~~cost ~~year~~of ~~ended~~products ~~December 31~~sold. Therefore, ~~2023~~margins per volume or metric ton generally are meaningful as performance indicators in these businesses.

The ~~Company’s~~Nutrition Agsegment ~~Services~~also ~~and~~utilizes ~~Oilseeds~~agricultural ~~and~~commodities ~~Carbohydrate~~(or ~~Solutions~~products ~~segments~~derived ~~are~~from ~~principally~~ agricultural ~~commodity-based~~commodities) ~~businesses~~as ~~where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural~~ raw materials. ~~As a result~~However, ~~changes~~ in these operations, agricultural commodity ~~prices~~market ~~have~~price ~~relatively~~changes ~~equal~~do ~~impacts~~not onnecessarily ~~both~~correlate ~~revenues~~to ~~and~~changes in cost of products sold. Therefore, changes in revenues of these businesses domay ~~not necessarily~~ correspond to changes in margins ~~or gross profit~~. ~~Thus~~Therefore, ~~gross~~ margins ~~per~~rates ~~volume~~generally ~~or metric ton~~ are ~~more~~ meaningful ~~than~~as ~~gross~~a ~~margins~~performance asindicator ~~percentage~~in ofthese ~~revenues~~businesses.

The ~~Nutrition~~Company ~~segment~~has ~~also~~consolidated ~~utilizes~~subsidiaries ~~agricultural~~in ~~commodities~~approximately ~~(or~~78 ~~products~~countries. ~~derived~~For ~~from~~the ~~agricultural~~majority ~~commodities)~~of asthe ~~raw~~Company’s ~~materials.~~subsidiaries ~~However~~located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in ~~these~~Switzerland ~~operations~~where Euro is the functional currency, ~~agricultural~~and ~~commodity~~Brazil ~~market~~and ~~price~~Argentina ~~changes~~where doU.S. ~~not~~dollar ~~necessarily~~is ~~correlate~~the tofunctional ~~changes~~currency. Revenues and expenses denominated in ~~cost~~foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of ~~products~~the ~~sold~~Company’s business activities in Brazil and Argentina, the functional currency is the U.S. ~~Therefore~~dollar; however, ~~changes~~certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues ofare ~~these~~expected ~~businesses~~to ~~may~~be ~~correspond~~correlated to changes in ~~margins~~expenses orreported ~~gross~~by ~~profit.~~the ~~Thus,~~Company ~~gross~~caused ~~margins~~by fluctuations in the exchange rates ~~are~~of ~~more~~foreign ~~meaningful~~currencies, asprimarily athe ~~performance~~Euro, ~~indicator~~British inpound, ~~these~~Canadian ~~businesses~~dollar, and Brazilian real, as compared to the U.S. dollar.

The Company has consolidated subsidiaries in more than 70 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in Switzerland 35

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MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~where~~The ~~Euro~~Company ismeasures ~~the~~its ~~functional~~performance ~~currency,~~using ~~and~~key ~~Brazil~~financial ~~and~~metrics ~~Argentina~~including ~~where~~net ~~U.S.~~earnings, ~~dollar~~adjusted isdiluted ~~the~~earnings ~~functional~~per ~~currency.~~share ~~Revenues~~(EPS), ~~and~~margins, ~~expenses~~segment ~~denominated~~operating inprofit, ~~foreign~~total ~~currencies~~segment ~~are~~operating ~~translated~~profit, ~~into~~earnings ~~U.S.~~before ~~dollars~~interest, attaxes, ~~the~~depreciation, ~~weighted~~and ~~average~~amortization ~~exchange~~(EBITDA), ~~rates~~adjusted ~~for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina~~EBITDA, ~~the~~return ~~functional~~on ~~currency~~invested ~~is the U.S. dollar; however~~capital, ~~certain~~adjusted ~~transactions,~~economic ~~including~~value ~~taxes~~added, ~~occur in local currency~~ and ~~require~~operating ~~remeasurement~~cash toflows ~~the~~before ~~functional~~working ~~currency~~capital. ~~Changes~~Some inof ~~revenues~~these metrics are ~~expected~~not todefined ~~be correlated to changes in expenses reported~~ by ~~the~~generally ~~Company~~accepted ~~caused~~accounting byprinciples ~~fluctuations~~ in the ~~exchange~~United ~~rates~~States of(GAAP) ~~foreign~~and ~~currencies,~~should ~~primarily~~be ~~the~~considered ~~Euro,~~in ~~British~~addition ~~pound~~to, ~~Canadian~~and ~~dollar,~~not ~~and~~in ~~Brazilian~~lieu ~~real~~of, asGAAP ~~compared~~financial ~~to the U~~measures.S. ~~dollar.~~For ~~Effective~~further ~~April 1~~information, ~~2022,~~see the ~~Company~~“Non-GAAP ~~changed~~Financial ~~the~~Measures” ~~functional~~section ~~currency of its Turkish entities to the U~~below.S. ~~dollar which did not and is not expected to have a material impact on the Company’s Consolidated Financial Statements.~~

The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), gross margins, segment operating profit, total segment operating profit, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, return on invested capital, adjusted economic value added, and operating cash flows before working capital. Some of these metrics are not defined by generally accepted accounting principles in the United States (GAAP) and should be considered in addition to, and not in lieu of, GAAP financial measures. For more information, see “Non-GAAP Financial Measures” on page 44.

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 no responsibility for updating any forward-looking information contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Three Months Ended ~~September~~March 3031, ~~2024~~2025 Compared to Three Months Ended ~~September~~March 3031, ~~2023~~2024

Market Factors Influencing Operations or Results in the Three Months Ended ~~September~~March 3031, ~~2024~~2025

The Company is subject to a variety of market factors which affect the Company's operating results.

In the Ag Services and Oilseeds segment, Agincreased ~~Services~~global ~~experienced~~supplies ~~lower~~of ~~margins~~grains ~~in South America that were negatively impacted by take or pay contracts with railroads~~ and ~~smaller crops in places~~oilseeds, ~~strong~~higher ~~corn~~projected ~~volumes~~ending ~~in North America on pre~~stocks-~~harvest~~to-use ~~inventory liquidations~~ratios, and ~~solid~~tariff ~~volumes~~ and ~~margins~~trade inpolicy ~~Global~~uncertainty ~~Trade.~~resulted ~~Low river water levels and hurricanes caused some operational disruptions~~ in ~~North~~compressed ~~America. Global crushing~~ margins were pressured from more global competition than in previous years. Crushing saw low North American industry run rates that included annual maintenance shutdowns in advance of the US harvest that kept meal values firm, and ~~pressured~~limited ~~margins~~forward incommitments ~~Europe~~by ~~on reduced demands for EU produced crude oils~~customers. InAg ~~Refined~~Services ~~Products~~was ~~and~~negatively ~~Other,~~impacted ~~oil values~~ in North America ~~were~~by ~~under~~a ~~pressure~~decrease in exports due to ~~low~~a ~~carbon~~large ~~intensity~~South ~~feedstocks~~American ~~competing~~harvest, ~~in the renewable diesel~~ market ~~and~~trade ~~uncertainty around Biodiesel industry policy changes~~uncertainties, ~~while~~including ~~Europe results were driven by solid spot margins. Based on~~ the ~~Company’s~~absence ~~consideration~~ of ~~available~~a ~~information,~~milo ~~the~~export ~~Company~~program ~~determined~~with ~~that~~China, ~~its~~and ~~investment~~a reduction in ~~Wilmar~~exportable ~~was~~surplus ~~other-than-temporarily~~from ~~impaired~~Europe, atMiddle ~~September 30~~East, ~~2024,~~ and asAfrica ~~a result~~(EMEA), ~~recorded~~and aIndia. ~~pre-tax~~In ~~impairment~~Crushing ~~charge~~and ofRefined ~~$461~~Products ~~million~~and inOther ~~the three months ended September 30~~(RPO), ~~2024.~~increased ~~The~~industry ~~Company~~capacity ~~will~~lowered ~~continue~~margins tofor ~~monitor~~North ~~Wilmar’s~~American ~~stock~~soy ~~price~~and ~~as quoted on the Singapore Exchange~~canola, ~~latest~~while ~~consensus~~EMEA ~~analyst~~biodiesel ~~forecasts,~~margins ~~and~~declined ~~other~~due ~~trends~~ to ~~determine~~biofuel ifand ~~future~~trade ~~downward~~policy ~~adjustments are necessary~~uncertainty.

In the Carbohydrate Solutions segment, strong export demand for ~~starches~~ethanol ~~and~~helped ~~sweeteners~~offset ~~remained~~higher ~~solid~~industry ~~with~~production, ~~margins~~which ~~remaining~~helped ~~steady~~minimize ~~across~~ the ~~entire~~imbalance ~~portfolio.~~between ~~Demand~~production ~~for~~and ~~ethanol~~domestic ~~was~~demand. ~~solid~~For ~~supported~~Starches byand ~~the~~Sweeteners, ~~summer~~North ~~driving~~America ~~season.~~saw ~~Strong~~lower ~~ethanol~~starch ~~export~~margins ~~demand was~~ due to ~~higher~~demand ~~mandates~~softness in ~~certain~~the ~~jurisdictions~~paper and ~~discretionary~~corrugated ~~blending~~markets. ofEMEA ~~ethanol~~saw ~~as compared to~~ higher ~~priced~~corn ~~oxygenate~~costs ~~alternatives.~~and ~~Higher~~increased ~~industry production rates kept ethanol stocks relatively unchanged~~competition.

In the Nutrition segment, Human Nutrition demand was ~~softer~~mixed inacross ~~a few~~ food and beverage ~~product~~ categories ~~driven~~as byaffordability ~~shifts~~remains ina ~~consumer~~primary ~~discretionary~~concern ~~spend.~~for ~~Human Nutrition was impacted by inflation which drove lower demand and decreased volumes in alternative proteins~~consumers. ~~Demand started to recover in the food, beverage, and dietary supplement categories.~~ In Animal Nutrition, adeclining ~~soft~~commodity ~~amino~~markets ~~acids~~led ~~market~~to ~~driven~~decreased ~~by price weakness in North America was partially offset by a slightly improved market in Europe~~spending, ~~Middle~~although ~~East,~~additive ~~and~~markets ~~Africa~~experienced ~~(EMEA). The global feed market saw some~~ modest ~~improvement with continued price weakness of main feed ration commodities, while key livestock prices remained steady~~growth. ~~The feed additives market was~~

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

impacted by volatility on vitamins due to supply disruptions, however overall modestly improving, following the improvement in the feed sector.

Analysis of Results of Operations

Earnings before income taxes decreased $~~923~~532 million from $1885 ~~billion~~million to $~~108~~353 million primarily driven by ~~a $461 million impairment charge related to the Company’s investment in Wilmar,~~ lower pricing and execution margins, asin ~~well~~addition asto ~~unplanned~~lower ~~downtime~~equity atin ~~key~~earnings ~~facilities~~of unconsolidated affiliates.

Total segment operating profit (a non-GAAP measure) decreased $~~409~~449 million from $1.42 billion to $~~1.0~~747 ~~billion~~million ~~due~~driven toby lower results in ~~Refined~~the ~~Products and Other,~~ Ag Services, ~~Vantage Corn Processors, Crushing,~~ and ~~Human~~Oilseeds ~~Nutrition, partially offset by higher results in Starches and Sweeteners, Wilmar, and Animal Nutrition~~segment. Total segment operating profit (a non-GAAP measure) ~~excluded~~in ~~asset~~the ~~impairment~~three ~~and~~months ~~restructuring~~ended ~~charges~~March ~~totaling~~31, ~~$504~~2025 ~~million,~~excluded ~~driven~~restructuring byand ~~the~~net ~~impairment~~settlement contingencies of $~~461 million~~49 ~~of the Company’s investment in Wilmar~~million. ~~Excluded~~Total ~~from total~~ segment operating profit (a non-GAAP measure) in the ~~year-ago~~three ~~quarter~~months ~~was~~ended aMarch ~~net~~31, ~~charge~~2024 ofexcluded ~~$71~~asset ~~million consisting of~~ impairment and restructuring charges ~~totaling $69 million and a loss on the sale~~ of ~~certain assets of~~ $2 6 million.

~~Corporate~~Total ~~results~~segment inoperating ~~the~~profit ~~current~~(a ~~year~~non-GAAP ~~quarter~~measure) ~~were~~is areconciled ~~net~~to ~~charge~~earnings ofbefore ~~$409~~income ~~million.~~taxes, ~~Charges~~the ~~consisted~~most ofdirectly ~~$113 million~~comparable ofGAAP ~~net~~measure, ~~interest~~in ~~expense~~the ~~and~~"Non-GAAP ~~$306 million~~Financial ofMeasures" ~~unallocated~~section ~~costs~~below.

Income tax expense decreased $117 million to $90 million. The effective tax rate for the three months ended September 30, 2024 was 83.3% compared to 20.1% for the three months ended September 30, 2023. The increase in the effective tax rate was primarily due to the impairment of the Company’s investment in Wilmar. 36

Processed volumes by product for the three months ended September 30, 2024 and 2023 were as follows (in metric tons).

	Three Months Ended
	September 30,
(In thousands)	2024	2023	Change
Oilseeds	8,410	8,648	(238)
Corn	4,943	4,507	436
Total	13,353	13,155	198

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The overall decrease in processed oilseeds volumes was primarily related to lower North America and South America crush volumes in the current year quarter. The overall increase in processed corn volumes was primarily related to increased plant reliability in the current period compared to the year-ago period due to unplanned downtime at the Decatur, Illinois plant and the Cedar Rapids, Iowa dry mill.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Revenues~~Processed volumes by ~~segment~~certain products for the three months ended ~~September~~March 3031, 2025 and 2024, were as follows (in ~~millions~~metric tons).

	Three Months Ended
	September 30,
	March 31,
	2024		2023		Change
(In thousands)	2025		2024		Change
Ag Services and Oilseeds
Oilseeds	9,091		9,387		(296)
Ag Services	$	9,653	$	10,198	$	(545)
Corn	4,581		4,407		174
Crushing	2,869		3,352		(483)
Refined Products and Other	2,567		2,929		(362)
Total Ag Services and Oilseeds	15,089		16,479		(1,390)
Carbohydrate Solutions
Starches and Sweeteners	2,192		2,448		(256)
Vantage Corn Processors	716		877		(161)
Total Carbohydrate Solutions	2,908		3,325		(417)
Nutrition
Human Nutrition	1,004		900		104
Animal Nutrition	827		884		(57)
Total Nutrition	1,831		1,784		47
Total Segment Revenues	19,828		21,588		(1,760)
Other Business	109		107		2
Total Revenues	$	19,937	$	21,695	$	(1,758)

~~Revenues~~The ~~and~~Company ~~cost~~generally ofoperates ~~products~~its ~~sold~~production infacilities, aon ~~commodity~~an ~~merchandising~~overall ~~and~~basis, ~~processing~~at ~~business~~or ~~are~~near ~~significantly~~capacity, ~~correlated~~adjusting facilities individually, as needed, to react to the ~~underlying~~current ~~commodity~~margin ~~prices~~environment and ~~volumes.~~seasonal ~~During~~local ~~periods~~supply ofand ~~significant~~demand ~~changes~~conditions. The overall decrease in ~~commodity~~processed ~~prices,~~oilseeds ~~the~~volumes ~~underlying~~was ~~performance~~primarily ofrelated ~~the~~to ~~Company~~lower isNorth ~~better~~America ~~evaluated~~crush byvolumes ~~looking~~in atthe ~~margins.~~current ~~Revenues~~year ~~and~~quarter ~~cost~~due ofto ~~products~~unplanned ~~sold,~~plant ~~particularly~~downtime. The overall increase in ~~the~~processed Agcorn ~~Services~~volumes ~~and~~was ~~Oilseeds~~primarily ~~segment,~~related ~~generally~~to ~~have~~increased aplant ~~relatively~~reliability ~~equal~~and ~~impact~~utilization ~~from~~in ~~market~~the ~~price~~current ~~changes,~~year ~~which~~quarter ~~generally~~due ~~result~~to indecreased anunplanned ~~insignificant~~plant ~~impact~~downtime when compared to ~~gross~~the ~~profit.~~prior year quarter.

Revenues ~~decreased~~for ~~$1.8~~the ~~billion~~three tomonths ~~$19.9~~ended ~~billion driven by lower sales prices ($3.5~~March ~~billion)~~31, ~~partially~~2025 ~~offset~~and ~~by higher sales volumes ($1.7 billion). Lower sales prices of alcohol~~2024, ~~biodiesel, corn, soybeans, and wheat~~ were ~~partially~~as ~~offset~~follows ~~by higher sales volumes of corn, sorghum and milo, wheat, and soybeans. Ag Services and Oilseeds revenues decreased 8% to $15.1 billion driven by lower sales prices~~ (~~$3.0 billion),~~in ~~partially offset by higher sales volumes ($1.6 billion~~millions). Carbohydrate Solutions revenues decreased 13% to $2.9 billion driven by lower sales prices ($524 million), partially offset by higher sales volumes ($106 million). Nutrition revenues increased 3% to $1.8 billion driven by higher sales volumes ($65 million), partially offset by lower sales prices ($18 million). :

Cost of products sold decreased $1.3 billion to $18.6 billion due principally to lower average commodity costs. Manufacturing expenses increased $124 million to $1.9 billion driven by increases in maintenance expenses due to work performed at Ag Services & Oilseeds facilities in Decatur, Illinois and Spiritwood, North Dakota, among others, increased salaries and benefits due to salary increases, higher depreciation expenses, and higher operating supplies driven by increases in EMEA, partially offset by decreases in energy costs particularly driven by lower energy pricing in EMEA.


	Three Months Ended
	March 31,
	2025		2024		Change













Ag Services and Oilseeds
Ag Services	$	10,536	$	11,197	$	(661)
Crushing	2,639		3,327		(688)
Refined Products and Other	2,500		2,695		(195)
Total Ag Services and Oilseeds	15,675		17,219		(1,544)

Carbohydrate Solutions
Starches and Sweeteners	1,937		2,156		(219)
Vantage Corn Processors	634		527		107
Total Carbohydrate Solutions	2,571		2,683		(112)

Nutrition
Human Nutrition	998		964		34
Animal Nutrition	819		872		(53)
Total Nutrition	1,817		1,836		(19)

Total Segment Revenues	20,063		21,738		(1,675)

Other Business	112		109		3

Total Revenues	$	20,175	$	21,847	$	(1,672)

~~Foreign~~Revenues ~~currency~~and ~~translation~~cost ~~decreased~~of ~~revenues~~products bysold ~~$102 million~~in agricultural merchandising and ~~decreased~~processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, byparticularly ~~$86 million~~in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.

Gross profit decreased $445 million, or 25%, to $1.4 billion driven by lower margins in Ag Services and Oilseeds ($360 million), Vantage Corn Processors ($65 million) and Starches and Sweeteners ($33 million), partially offset by higher 37

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~margins~~Revenues indecreased ~~Human~~$1.7 ~~Nutrition~~billion to $20.2 billion driven by lower sales prices ($2.0 ~~million~~billion), ~~Animal~~partially ~~Nutrition~~offset by higher sales volumes ($8291 million). Lower sales prices of meal, soybeans, and ~~Other~~biodiesel ~~Business~~and lower sales volumes of sorghum were partially offset by higher sales volumes of corn, oils, flavors, and ethanol. Ag Services and Oilseeds revenues decreased 9% to $15.7 billion driven by lower sales prices ($81.7 billion), partially offset by higher sales volumes ($143 million). ~~See~~Carbohydrate ~~the~~Solutions ~~segment~~revenues ~~operating~~decreased ~~profit~~4% ~~discussion~~to on$2.6 ~~page~~billion 43driven ~~for~~by ~~further~~lower ~~information~~sales prices ($138 million), partially offset by higher sales volumes ($26 million). Nutrition revenues decreased 1% to $1.8 billion driven by lower sales prices ($141 million), partially offset by higher sales volumes ($122 million).

~~Selling,~~Cost ~~general,~~of ~~and~~products ~~administrative~~sold ~~expenses~~decreased ~~increased~~ $901.2 ~~million~~billion to $~~905~~19.0 ~~million~~billion primarily driven by ~~higher~~lower ~~legal~~average ~~and~~commodity ~~financing~~costs. ~~fees,~~Manufacturing ~~higher~~expenses ~~salary~~increased ~~and~~$113 million ~~benefit costs due~~ to ~~increased~~$1.9 ~~employee headcount~~billion, ~~and~~driven ~~increased~~by ~~amortization~~increases ofin ~~intangibles~~maintenance expenses due to ~~the~~work ~~Company’s~~performed ~~previous~~at ~~investment~~Ag inServices ~~computer~~& ~~software~~Oilseeds ~~and~~facilities ~~intangibles acquired~~ in ~~business combinations~~Decatur, ~~which~~Illinois ~~were~~and ~~partially~~higher ~~offset~~grind byat ~~decreased~~Carbohydrates ~~incentive~~Solutions ~~compensation~~facilities ~~driven by lower Company performance~~ and ~~reduced~~increases ~~provisions~~in ~~for~~energy ~~bad~~pricing ~~debt.~~in EMEA.

~~Asset~~Gross ~~impairment,~~profit ~~exit,~~decreased ~~and restructuring costs increased~~ $~~428~~479 million, or 29%, to $~~507 million~~1.2 ~~Charges~~billion indriven ~~the~~by ~~current~~a ~~year~~decrease ~~quarter~~in margins of $~~507~~286 million, ~~primarily included a~~ $~~461~~ 123 million, ~~impairment charge related to the Company’s investment in Wilmar and a~~ $43 64 million ~~impairment charge related to discontinued animal nutrition trademarks~~, ~~presented~~and ~~as specified items. Charges in the year-ago quarter consisted of~~ $7442 million offor ~~impairments~~Crushing, ~~related~~Ag toServices, ~~certain~~Starches ~~long-lived~~and ~~assets~~Sweeteners, and ~~intangibles~~Refined Products and ~~$3 million~~Other, ~~of restructuring~~respectively, ~~presented~~partially asoffset ~~specified~~by ~~items,~~a ~~and~~margin ~~restructuring~~increase of $245 million in ~~Corporate~~Vantage Corn Processors.

~~Equity~~Selling, ingeneral, ~~earnings~~and ofadministrative ~~unconsolidated~~expenses ~~affiliates~~decreased ~~increased~~ $5119 million to $~~134~~ 932 million, driven by ~~higher~~decreased ~~earnings~~employee ~~from~~compensation ~~the~~costs ~~Company’s investments in Wilmar, Almidones Mexicanos S.A.,~~ and ~~Skyland~~lower ~~Grain,~~financing ~~LLC~~fees, partially offset by ~~lower~~higher ~~earnings~~legal ~~from the Company’s investment in Olenex Sarl~~fees.

~~Interest~~Asset impairment, exit, and ~~investment~~restructuring ~~income~~costs ~~decreased~~increased $15 20 million to $~~137~~ 38 million. Charges in the current year quarter were driven by ~~lower~~the ~~interest~~Company’s ~~income~~restructuring ~~for~~program ~~ADM~~announced ~~Investor~~in ~~Services~~February ~~due~~2025, and included $34 million of reportable segment specific restructuring charges and $4 million of restructuring in Corporate. Charges in the prior year quarter consisted of $3 million of impairments related to ~~lower~~certain ~~customer~~long-lived ~~balances~~assets and $3 million of restructuring charges within reportable segments, and restructuring of $12 million in Corporate.

~~Interest~~Equity ~~expense~~in ~~increased~~earnings of unconsolidated affiliates decreased $1968 million to $~~174~~144 million driven by lower earnings from the ~~increased~~Company’s ~~use~~investments ofin Wilmar, partially offset by higher earnings from the Company’s ~~commercial~~investment ~~paper~~in ~~borrowing~~Olenex ~~programs~~Sarl and SoyVen.

~~Other~~Interest ~~income~~and —investment ~~net~~income increased $2315 million to $58 138 million, primarily driven by ~~higher~~investment ~~net~~valuation ~~foreign exchange~~ gains, anin ~~absence~~the ofcurrent ayear ~~contingent~~quarter ~~loss~~of ~~adjustment~~$1 million ~~when~~ compared to ~~the~~prior year~~-ago~~ ~~period,~~quarter ~~partially~~investment ~~offset~~valuation bylosses ~~lower gains on sales~~ of ~~individually insignificant assets in the ordinary course of business than the year-ago period~~$16 million.

42Interest expense decreased $8 million to $158 million driven by lower interest rates.

Other income — net decreased $7 million to $19 million, driven by provisions for contingent losses of $23 million, partially offset by gains on sales of marketable securities of $17 million.

Income tax expense decreased $105 million to $61 million. The Company’s effective tax rate for three months ended March 31, 2025 was 17.3% compared to 18.8% for the three months ended March 31, 2024. The decrease in the effective tax rate was primarily due to the impact of discrete tax items in the prior year quarter.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Total~~Segment ~~segment~~ operating profit ~~(a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure,~~ for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 was as follows (in millions).

	Three Months Ended
	September 30,
	March 31,
	2024		2023		Change
	2025		2024		Change
Earnings before income taxes	$	108	$	1,031	$	(923)
Segment Operating Profit (1)
Other Business (earnings) loss	17		(46)		63
Corporate	409		390		19
Specified Items:
(Gain) loss on sale of assets	(1)		2		(3)
Impairment and restructuring charges	504		69		435
Total Segment Operating Profit	$	1,037	$	1,446	$	(409)
Segment Operating Profit
Ag Services and Oilseeds
Ag Services	$	~~107~~159	$	~~226~~232	$	(~~119~~73)
Crushing	~~187~~47		~~250~~313		(63266)
Refined Products and Other	~~124~~134		~~337~~170		(~~213~~36)
Wilmar	6272		35149		27(77)
Total Ag Services and Oilseeds	$	~~480~~412	$	~~848~~864	$	(~~368~~452)
Carbohydrate Solutions
Starches and Sweeteners	$	~~455~~207	$	~~403~~261	$	52(54)
Vantage Corn Processors	~~(3)~~33		65(13)		~~(68)~~46
Total Carbohydrate Solutions	$	~~452~~240	$	~~468~~248	$	(168)
Nutrition
Human Nutrition	$	8675	$	~~118~~76	$	(321)
Animal Nutrition	1920		128		712
Total Nutrition	$	~~105~~95	$	~~130~~84	$	~~(25)~~11

In(1) For the Agfirst ~~Services~~quarter ~~and~~ended ~~Oilseeds~~March 31, ~~segment~~2025, ~~the~~ segment operating profit ~~decreased~~for ~~43%,~~the ~~driven by more stable global supply and demand conditions and continued low commodity pricing, leading to tighter margins and lower operating profits.~~ Ag Services ~~results were lower year-over-year. In South America, results were driven by lower origination volumes~~ and margin compression due to the industry's concern about fulfilling the take or pay agreements and slow farmer selling. North American results were comparatively reduced by lower insurance proceeds received in the current year and decreased export demand. Crushing results were lower than the high previous year as North America saw significant planned and unplanned downtimesOilseeds, ~~limiting~~Carbohydrate ~~execution~~Solutions ~~opportunities,~~ and ~~lower~~Nutrition ~~oil~~segments ~~values~~included ~~caused~~a inpositive ~~part~~impact ~~by an increase in imports~~ of ~~used cooking oil used as low carbon intensity renewable diesel feedstock. During the current year quarter, negative mark-to-market~~ timing ~~impacts in Crushing were significantly lower than in the year~~-~~ago~~related ~~quarter.~~adjustments ~~EMEA~~for ~~soy~~incentive ~~crush~~compensation ~~margins~~payouts ~~were improved, driven by delays~~ of ~~imports from South America. South American soy crush margins were also higher~~$45 million, ~~supported by increased oil prices due to strong demand. The current quarter also included~~ $2412 million, ~~of insurance proceeds for the partial settlement of the Decatur East~~ and ~~West insurance claims related to incidents in 2023. Refined Products and Other (RPO) results were lower~~$20 million, ~~as the margin structure in North America and EMEA has normalized from historically high levels in the year-ago quarter~~respectively. ~~Mark-to-market~~The ~~timing~~offsetting ~~impacts~~adjustment ~~affected~~of ~~current~~$77 million ~~year~~was ~~quarter~~recorded ~~RPO results versus positive impacts~~ in ~~the~~Corporate ~~year-ago~~with ~~quarter.~~no ~~Prior~~net ~~year~~impact ~~benefited significantly from positive biodiesel timing effects. Equity earnings from Wilmar increased compared~~ to the ~~year-ago~~Consolidated ~~quarter.~~Financial Statements.

43In the Ag Services and Oilseeds segment, segment operating profit decreased 52%. The Ag Services subsegment had lower operating profit compared to the prior year quarter, driven by a decrease in volumes and margins, primarily due to increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, and tariff and trade policy uncertainty. Margins were also impacted by negative mark-to-market timing impacts during the quarter and the impact of certain export duties. These impacts were partially offset by higher destination marketing volumes and related margins in the quarter. The Ag Services subsegment had approximately $30 million of net negative mark-to-market timing impacts during the quarter, compared to approximately $18 million of net positive impacts in the prior year quarter. The Crushing subsegment had lower operating profit versus the prior year quarter, driven by lower margins due to increased industry capacity, competitive meal exports from Argentina, higher manufacturing costs, and lower vegetable oil demand due to biofuel and trade policy uncertainty; these were partially offset by improved margins and volumes in South American Crushing. The Crushing subsegment had approximately $4 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $40 million of net positive impacts in the prior year quarter. The RPO subsegment operating profit was lower than the prior year quarter, as lower vegetable oil demand and biofuel and trade policy uncertainty negatively impacted biodiesel margins in Europe and North America. Softer oil demand in North America and increased crush capacity also negatively impacted refining margins compared to the prior year quarter. RPO had approximately $4 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $30 million of net negative impacts in the prior year quarter. Wilmar earnings decreased by $77 million to $72 million in the current year quarter.

In the Carbohydrate Solutions segment, segment operating profit decreased 3% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year quarter driven by lower North American starch margins, lower EMEA Starches and Sweeteners volumes and margins, and higher manufacturing costs. North American liquid sweetener margins and global wheat milling margins and volumes improved relative to the prior year quarter. The Vantage Corn Processors subsegment operating profit increased compared to the prior year quarter, driven by higher ethanol volumes and improved margins.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In the ~~Carbohydrate~~Nutrition ~~Solutions~~ segment, ~~the~~ segment operating profit ~~decreased~~increased 313%. ~~Starches~~Human ~~and~~Nutrition ~~Sweeteners~~ results were ~~higher~~flat ~~year-over-year~~compared ~~driven~~to bythe ~~strong~~prior ~~starches~~year ~~and~~quarter. ~~sweeteners~~Flavors ~~margins,~~results were higher ~~volumes~~compared ~~supported~~to bythe ~~high~~prior ~~utilization~~year ~~rates~~quarter ~~across~~driven ~~the~~by ~~network,~~higher volumes and ~~$47 million~~margins. ofSpecialty ~~insurance~~Ingredients ~~proceeds~~results ~~for~~were ~~the~~lower ~~partial~~compared ~~settlement~~to of the ~~Decatur~~prior ~~West~~year ~~insurance~~quarter ~~claims~~driven ~~related~~by tolower anmargins. ~~incident~~In ~~that~~Health ~~occurred~~and ~~in 2023~~Wellness, ~~partially~~lower ~~offset~~operating profit was driven by ~~lower~~certain ~~corn~~negative ~~oil~~valuation ~~margins~~adjustments. ~~Vantage~~Animal ~~Corn~~Nutrition ~~Processors~~operating ~~results~~profit ~~declined~~was ~~year-over-year~~higher ascompared ~~ethanol~~to ~~inventory~~the ~~values~~prior ~~declined~~year ~~throughout~~quarter, ~~the~~driven ~~quarter~~by onimproved ~~higher~~market ~~industry~~conditions, ~~inventories~~leading to higher margins, and ~~production~~cost optimization efforts.

InOther ~~the~~Business ~~Nutrition segment, the segment operating profit decreased 19%. Human Nutrition results were lower than the year-ago quarter. In Flavors, higher sales volumes in EMEA~~ and ~~contributions~~Corporate from acquisitions led to higher results. In Specialty Ingredients, lower soy protein sales volumes due to the 2023 Decatur East incident led to lower profits, partially offset by $25 million of insurance proceeds for the partial settlement of the 2023 Decatur East incident insurance claims and changes in inventory adjustments compared to the prior year quarter. In Health and Wellness, lower profits were driven by inventory reserve adjustments due primarily to changes in customer demand fulfillment, non-recurring benefits in the year-ago quarter, costs associated with the closure of a joint venture, and softer margins within prebiotics, offset by stronger growth in biotics and botanicals. Animal Nutrition results were higher compared to the year-ago quarter as cost optimization efforts and lower input costs bolstered margins.Results

In Other Business, ~~the~~contribution of operating profit decreased 21% from $63121 million. ~~Captive insurance results were lower due~~ to $~~112~~ 96 million. inLower ~~claim~~net ~~settlements,~~interest ~~which~~income ~~included~~due ~~partial~~to ~~settlements~~lower ofcustomer ~~$96 million~~deposit ~~for~~balances ~~the~~drove ~~Decatur~~decreased ~~East~~operating ~~and~~profit ~~West~~in ~~insurance claims.~~ ADM Investor Services. Captive insurance results were lower ~~due~~driven toby decreased interest income.

Corporate results for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 were as follows (in millions).:

	Three Months Ended
	September 30,
	March 31,
	2024		2023		Change
	2025		2024		Change
Interest expense-net	(113)		$	(98)	$	(15)
Interest expense-net (1)	(100)		(110)		10
Unallocated corporate function costs	(306)		(298)		$	(8)
Unallocated corporate function costs (2)	(352)		(304)		(48)
Expenses related to acquisitions	—		(3)		3
Restructuring charges (3)	(5)		(12)		7
Restructuring charges	—		(2)		2
Other income — net (4)	16		—		16
Other income — net	10		11		(1)
Total Corporate	$	(441)	$	(426)	$	(15)
Total Corporate	$	(409)	$	(390)	$	(19)

(1)Interest expense-net ~~increased~~decreased, ~~$15 million~~ driven by higher ~~financing~~interest costs due to increased commercial paper balances. Unallocated corporate function costs increased $8 million driven by increases in legal and professional fees and securitization fees, partially offset by a decrease in incentive compensation. Other income —on ~~net~~tax inreceivables ~~the current year quarter included foreign exchange gains of $39 million~~ and ~~the~~higher ~~non-service~~capitalized ~~components of net pension benefit income of $4 million~~interest, partially offset by ~~railroad~~higher ~~maintenance~~interest ~~expenses~~costs ofon ~~$28 million.~~outstanding Other income — net in the prior-year quarter included foreign exchange gains and the non-service components of net pension benefit income of $4 million, partially offset by railroad maintenance expenses of $26 milliondebt.

(2)Unallocated corporate function costs increased, primarily driven by timing-related incentive compensation adjustments, partially offset by lower technological spend.

(3)Restructuring charges decreased, driven by lower severance charges.

(4)Other income includes foreign exchange gains and losses. The prior year quarter also included valuation losses related to an ADM Ventures investment.

Non-GAAP Financial Measures

The Company uses ~~adjusted~~certain ~~net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit,~~ “non-GAAP” financial measures as defined by the SEC~~, to evaluate the Company’s financial performance~~. These ~~performance~~are measures ~~are~~of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, ~~and~~ not in lieu of, GAAP ~~financial~~reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

~~Adjusted~~The ~~net~~Company ~~earnings~~uses ~~is defined as net earnings~~ adjusted ~~for the effects on~~ net earnings, ~~of specified items. Adjusted diluted EPS is defined as diluted EPS~~ adjusted ~~for the effects on reported~~ diluted EPS, ~~of specified items.~~ EBITDA ~~is defined as earnings before interest on borrowings~~, ~~taxes,~~adjusted ~~and depreciation and amortization. Adjusted~~ EBITDA ~~is defined as earnings before interest on borrowings~~, ~~taxes, depreciation,~~ and ~~amortization,~~total ~~adjusted~~segment ~~for~~operating ~~specified~~profit, ~~items.~~non-GAAP ~~The~~financial ~~Company~~measures ~~calculates~~as ~~adjusted~~defined ~~EBITDA~~ by ~~removing~~ the ~~impact~~SEC, ofto ~~specified~~evaluate ~~items and adding back~~ the ~~amounts~~Company’s offinancial ~~income~~performance. ~~tax expense, interest expense on~~

44Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.

EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.

Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~borrowings~~Management ~~and~~believes ~~depreciation~~that ~~and~~adjusted ~~amortization to~~ net earnings., ~~Total~~adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit isare ~~defined~~useful asmeasures ~~ADM~~of the Company’s ~~consolidated~~performance ~~earnings~~because ~~before~~they ~~income~~provide ~~taxes,~~investors ~~adjusted~~additional ~~for~~information ~~Other~~about the Company’s operations allowing better evaluation of underlying business, ~~Corporate,~~performance and ~~specified~~better ~~items~~period-to-period comparability.

Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP. ~~The table on page 43 provides a reconciliation of total segment operating profit to earnings before income taxes for the three months ended September 30, 2024 and 2023.~~

InThe ~~this~~table ~~report,~~below ~~the~~provides ~~Company~~a ~~is revising its~~ reconciliation ~~and calculation~~ of ~~total~~net ~~segment~~earnings ~~operating~~(the ~~profit.~~most ~~The~~directly ~~revised~~comparable ~~reconciliation~~GAAP inmeasure) ~~Note~~to ~~13.~~adjusted ~~Segment~~net ~~Information~~earnings ~~presents~~ (a ~~subtotal~~non-GAAP ~~for~~measure) ~~total~~and ~~segment~~diluted ~~operating~~EPS ~~profit that is equal to~~ (the ~~sum~~most ofdirectly ~~the~~comparable ~~segment~~GAAP ~~operating~~measure) ~~profit~~to ~~reported~~adjusted ~~for~~diluted ~~each~~EPS of(a ~~the~~non-GAAP Agmeasure) ~~Services and Oilseeds, Carbohydrate Solutions and Nutrition segments. Amounts~~ for ~~other business and specified items, which previously were reflected in~~ the ~~calculation~~three ofmonths ~~total~~ended ~~segment operating profit~~March 31, ~~are~~2025 ~~now reflected as reconciling items, similar to Corporate, between total segment operating profit~~ and ~~earnings before income taxes~~2024.

The table below provides a reconciliation of net earnings to adjusted net earnings and diluted EPS to adjusted diluted EPS for the three months ended September 30, 2024 and 2023.


	Three Months Ended March 31,
	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	483				514
Net earnings and reported EPS (diluted)	$	295	$	0.61	$	729	$	1.42
Adjustments:

Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $11 million in 2025 and $0 million in 2024) (1)	43		0.09		18		0.03

Certain discrete tax adjustments	—		—		3		0.01
Total adjustments	43		0.09		21		0.04
Adjusted net earnings and adjusted diluted EPS	$	338	$	0.70	$	750	$	1.46

	Three Months Ended September 30,
	2024				2023
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	483				540
Net earnings and reported EPS (fully diluted)	$	18	$	0.04	$	821	$	1.52
Adjustments:
(Gain) Loss on sale of assets and businesses	(1)		—		2		—
Impairment and restructuring charges and contingency provisions - net of tax of $4 million in 2024 and $17 million in 2023 (1)	500		1.03		54		0.10
Expenses related to acquisitions	—		—		3		0.01
Certain discrete tax adjustments	13		0.02		—		—
Total adjustments	512		1.05		59		0.11
Adjusted net earnings and adjusted diluted EPS	$	530	$	1.09	$	880	$	1.63

(1) Tax effected using the U.S. and other applicable tax rates.

45The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the three months ended March 31, 2025 and 2024 (in millions).


	Three Months Ended
	March 31,
	2025		2024
Net Earnings Attributable to Archer-Daniels-Midland Company	$	295	$	729
Net (losses) attributable to non-controlling interests	(3)		(10)
Income tax expense	61		166
Earnings Before Income Taxes	353		885
Interest expense (1)	116		115
Depreciation and amortization (2)	284		280
EBITDA	753		1,280

Impairment, exit, restructuring charges and settlement contingencies	54		—

Expenses related to acquisitions	—		18
Adjusted EBITDA	$	807	$	1,298

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