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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-K


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

For the fiscal year ended December 31, ~~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)


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

77 West Wacker Drive, Suite 4600
Chicago,	IL	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


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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒

No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No ☒

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 ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1 (b). ☐

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Common Stock, no par value—$2825.82 billion

(Based on the closing sale price of Common Stock as reported on the New York Stock Exchange

as of June 2830, ~~2024~~2025)

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

Common Stock, no par value—~~479~~481,~~707~~201,~~071~~844 shares

(as of February 1410, ~~2025~~2026)

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement relating to its ~~2025~~2026 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

SAFE HARBOR STATEMENT

This Annual Report on Form 10-K 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 or current fact included in this Annual Report on Form 10-K, 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,” “goals,” “objectives,” 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~~of operations, liquidity, growth opportunities, ~~pending~~operational ~~litigation~~improvements, ~~and~~changes ~~investigations~~to the margin environment, ~~and~~future ~~timing~~demand, ofpolicy ~~the~~changes, ~~remediation~~global oftrade ~~the~~clarity, ~~Company’s~~potential ~~material~~benefits ~~weakness~~available inunder ~~the~~biodiesel ~~Company’s~~tax ~~internal~~incentives, ~~control~~expected ~~over~~capital ~~financial~~expenditures, ~~reporting~~and other expected uses of cash 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 those expressed or implied in the forward-looking statements., ~~These~~including, ~~forward-looking~~without ~~statements~~limitation, ~~are~~(1) ~~not~~operational ~~guarantees~~risks related to equipment failure, natural disasters, epidemics, pandemics, severe weather conditions, accidents, explosions, fires, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of ~~future~~agricultural ~~performance~~commodities, agricultural commodity products, other raw materials and ~~involve~~energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand; (3) risks related to compliance with, ~~assumptions~~and changes in, government programs, policies, laws, and ~~uncertainties~~regulations, including trade policies, ~~without~~tariffs, ~~limitation~~the U.S. federal government shutdown, ~~those~~sustainability regulatory compliance and reporting requirements, environmental regulations, tax laws and regulations, financial market regulations and biofuels policies and rules; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions; (5) the outcome of pending, threatened and future legal proceedings, investigations and other contingencies; (6) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; and (7) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in this Annual Report on Form 10-K, as may be updated in subsequent Quarterly Reports on Form 10-Q. ~~Should~~For ~~one or more of~~ these ~~risks or uncertainties materialize~~statements, orthe ~~should~~Company ~~underlying~~claims ~~assumptions~~the ~~prove~~protection ~~incorrect,~~of ~~actual~~the ~~outcomes~~safe ~~may~~harbor ~~vary~~for ~~materially~~forward-looking ~~from~~statements ~~those~~in ~~indicated~~the orPrivate ~~anticipated~~Securities byLitigation ~~such~~Reform ~~forward-looking statements~~Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, ~~Archer-Daniels-Midland~~the 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-K FOR THE YEAR ENDED DECEMBER 31, ~~2024~~2025

TABLE OF CONTENTS

PART I.
	Item 1.	Business	5
	Item 1A.	Risk Factors	1612
	Item 1B.	Unresolved Staff Comments	2622
	Item 1C.	Cybersecurity	2622
	Item 2.	Properties	2824
	Item 3.	Legal Proceedings	2824
	Item 4.	Mine Safety Disclosures	2924
PART II.
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	3025
	Item 6.	Reserved	3126
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3227
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4842
	Item 8.	Financial Statements and Supplementary Data	5044
	Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	~~113~~109
	Item 9A.	Controls and Procedures	~~113~~109
	Item 9B.	Other Information	~~114~~110
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~114~~110
PART III.
	Item 10.	Directors, Executive Officers and Corporate Governance	~~115~~111
	Item 11.	Executive Compensation	~~115~~111
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~115~~111
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~115~~111
	Item 14.	Principal Accounting Fees and Services	~~115~~111
PART IV.
	Item 15.	Exhibits and Financial Statement Schedules	~~116~~112
	Item 16.	Form 10-K Summary	~~120~~116
		Signatures	~~121~~117

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

PART I


Item 1.			BUSINESS

Company Overview

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, ~~offering~~as ~~one~~well ofas ~~the industry's broadest portfolios of ingredients and solutions from nature. The Company is~~ a ~~trailblazer~~leader in health and well-being, ~~with an industry-leading range of~~ products ~~for consumers looking for new ways to live healthier lives~~. ADM is a cutting-edge innovator, guiding the way to a future of new consumer and industrial solutions. ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves. Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet.

The Company ~~works~~partners with thousands of ~~growers~~farmers inaround the world’s ~~most productive agricultural regions~~ to purchase their crops. ~~The~~and ~~Company~~ uses its integrated global origination, logistics, and manufacturing network to transform many of ~~elevators~~those raw commodities into an expansive array of products serving the food, ~~trucks~~feed, ~~railcars~~fuel, ~~barges~~and industrial and ~~ships~~consumer toproducts ~~move~~sectors. ~~those~~The ~~crops~~Company ~~from~~offers ~~areas~~a broad portfolio of ~~supply~~food and beverage products, from staple foods to ~~areas~~innovative alternatives, such as natural colors and flavors, plant-based proteins, and lower-sugar, fat, and salt solutions. ADM provides human and animal nutrition ingredients and solutions that support health, productivity, and sustainability. It offers a wide range of ~~demand~~health and well-being products, such as probiotics, enzymes, and ~~transforms~~supplements ~~many~~to meet the needs of ~~those~~consumers ~~raw~~looking ~~commodities~~for ~~into~~new ways to live healthier lives. ADM is a ~~broad~~key ~~array~~producer of ~~products~~biofuels, ~~serving~~converting ~~customers~~agricultural ~~spanning~~feedstocks ~~food~~into renewable fuels used in transportation and industrial applications. ADM is a cutting-edge innovator, ~~feed~~investing in research, ~~fuel~~application development, ~~industrial~~and process improvement to deliver value-added products, enhance supply chain efficiency, and advance sustainable agricultural and nutrition solutions. It continues to develop a broad range of new bio-based consumer ~~products~~and industrial solutions as well as advance and scale its carbon capture and sequestration capabilities and other initiatives. ADM is a leader in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, ADM's expertise and innovation are meeting critical needs from harvest to home.

ADM isalso ahas ~~pillar~~significant ofinvestments ~~the global food supply system, playing a critical role~~ in ~~helping~~certain ~~billions~~entities ~~of people to obtain access to the fundamental nutrition they need. From staple foods, such as flour, oils,~~ and ~~sweeteners,~~joint toventure ~~innovative~~arrangements ~~alternatives~~that ~~like~~aim plant-based meat and dairy and lower-sugar, fat and salt solutions, ADM offers the industry’s broadest portfolio of food and beverage solutions. The Company is also a leader in animal nutrition, innovating in a world where more and more people want to ~~feed~~expand ~~their~~or ~~pets~~enhance ~~with~~ the ~~same~~market ~~kind~~for ofits ~~clean, simple, and healthy~~ products ~~that~~or ~~they~~offer ~~eat~~other ~~themselves~~benefits including, ~~and~~but ~~consumers~~not ~~expect~~limited ~~livestock and poultry~~ to ~~be fed and raised naturally~~, ~~humanely,~~geographic ~~and~~or ~~sustainably~~product-line expansion.

ADM is a global leader in health and well-being, with an industry-leading range of probiotics, enzymes, supplements, and more to meet the needs of consumers looking for new ways to live healthier lives.

The Company is also leading the way to a future of new consumer and industrial solutions from nature. With unparalleled expertise and capacity in precision fermentation, ADM is reimagining the world of lubricants, adhesives, home and personal care products, and more.

ADM also has significant investments and joint ventures that aim to expand or enhance the market for its products or offer other benefits including, but not limited to, geographic or product-line expansion.

The continued demand from customers for sustainably sourced products is a growth driver for ADM, and the Company invests in and supports sustainability efforts to enhance the long-term resilience of farmers, agriculture and critical supply chains, including the global food system. ADM’s Board of Directors actively oversees the Company’s sustainability strategy through a board-level Sustainability and Technology Committee (Sustainability Committee), and ADM’s Chief Sustainability Officer is part of the core strategy team and reports to the Chief Executive Officer and Chair of the Board.

Utilizing ADM’s unique position in the agricultural value chain, including relationships with farmers around the globe and an unparalleled origination, transportation, and processing network, the Company works with growers by supporting them with personalized services and innovative technologies and partnering with them to develop and enhance conservation practices, including a goal of enrolling five million regenerative agriculture acres by the end of 2025. The Company is actively working to improve the efficiency of its facilities and vehicles, finding alternative uses for waste, reusing and recycling water, and sequestering carbon at its onsite capture and storage facility. These efforts are helping advance ADM’s Strive 35 commitments to, by 2035, reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 25% from a 2019 baseline, reduce absolute Scope 3 GHG emissions by 25% from a 2021 baseline, increase use of low-carbon energy sources to 25% of total energy used, reduce absolute water withdrawal by 10%, and achieve a 90% landfill diversion rate.

As a global organization, the Company is strongly committed to a culture of inclusion and belonging. ADM fundamentally values the differences between individuals and believes a variety of perspectives and backgrounds support innovation, growth, and value creation.

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The Company’s innovation and expertise are helping people live healthier lives and support a stronger future. The Company’s globally-integrated footprint combines with local insights to give ADM capabilities few other companies have to meet critical global needs.

Segment Descriptions

The Company’s operations are organized, managed, and classified into three reportable ~~business~~ segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable ~~business~~ segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business. Financial information with respect to the Company’s reportable ~~business~~ segments is set forth in Part II. Item 8. Note 17. Segment and Geographic Information.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, ~~and~~as well as the crushing and ~~further~~ processing of oilseeds, ~~such~~including as soybeans and soft seeds (such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed). ~~into~~The ~~vegetable~~segment ~~oils~~produces and ~~protein~~markets ~~meals.~~vegetable ~~Oilseeds~~oils ~~products produced~~ and ~~marketed~~oilseed byprotein ~~the~~meals ~~segment~~used ~~include~~by ~~ingredients for~~ food, feed, ~~fuel~~energy, and industrial customers. Crude ~~vegetable~~and ~~oils~~partially ~~produced~~refined byvegetable ~~the~~oils ~~segment’s crushing activities~~ are sold ~~“as is”~~ to ~~manufacturers~~third ofparties, including renewable diesel ~~and~~manufacturers, ~~other customers~~ or ~~are~~ further processed ~~by refining, blending, bleaching, and deodorizing~~ 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, orand ~~are sold to~~ other ~~manufacturers~~food ~~for use in chemicals, paints,~~ and ~~other~~ industrial products. Oilseed protein meals are ~~principally~~primarily sold ~~to third parties to be used~~ as ingredients infor 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~~manufactures ~~markets. In North America,~~ cotton cellulose pulp isin ~~manufactured~~North ~~and~~America ~~sold~~for ~~to the~~ chemical, paper, and other industrial markets. ~~The~~In Agaddition, ~~Services~~its ~~and~~integrated ~~Oilseeds segment’s~~ grain sourcing, handling, and multimodal transportation network ~~(including~~supports ~~barge,~~global ~~ocean-going vessel~~import, ~~truck~~export, ~~rail,~~ and ~~container~~distribution ~~freight~~activities ~~services)~~and provides ~~reliable~~essential ~~and efficient~~ services to customers and the Company’s ~~customers and agricultural~~ processing operations. The AgCompany ~~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 through this segment to leverage its global trade flows.

The Company has a 22.5% equity interest in Wilmar International Limited ("Wilmar"), a Singapore publicly listed company. Wilmar is a leading global agribusiness group headquartered in Asia engaged in the businesses of packaged oils and packaged foods, oil palm cultivation, oilseeds crushing, edible oils refining, sugar milling and refining, specialty fats, oleo chemicals, biodiesel and fertilizers manufacturing, and grains processing.

~~The Company has a 32.2% equity interest in Pacificor. Pacificor owns and operates grain export elevators in Kalama, Washington and Portland, Oregon.~~5

The Company has a 50.0% equity interest in SoyVen, a joint venture between ADM and Cargill to provide soybean meal and oil for customers in Egypt.

The Company has a 37.5% equity interest in Olenex Sarl ("Olenex"), a joint venture between ADM and Wilmar that produces and sells a comprehensive portfolio of edible oils and fats to customers around the globe. In addition, Olenex markets refined oils and fats from the Company’s plants in the Czech Republic, Germany, the Netherlands, Poland, and the U.K.

The Company has a 50.0% equity interest in Stratas Foods LLC, a joint venture between ADM and ACH Jupiter, LLC, a subsidiary of Associated British Foods, that procures, packages, and sells edible oils in North America.

The Company has a 50.0% equity interest in Edible Oils Limited, a joint venture between ADM and Princes Limited to procure, package, and sell edible oils in the United Kingdom. The Company also formed a joint venture with Princes Limited in Poland to procure, package, and sell edible oils in Poland, the Czech Republic, Slovakia, Hungary, and Austria.

The Company has a 50.0% equity interest in Terminal de Grãos Ponta da Montanha S.A., a joint venture between ADM and Viterra, that provides grain receiving, storage, and shipping services for the Agribusiness segment in Brazil.

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The Company also has aequity ~~50.0%~~interests ~~equity~~in ~~interest~~the following entities that engage in ~~Gradable,~~activities ~~LLC,~~that afall ~~joint~~within ~~venture~~the ~~between~~Ag ~~ADM~~Services and ~~Farmers~~Oilseeds ~~Business~~segment: ~~Network~~Pacificor, ~~offering~~SoyVen aHolding ~~digital~~B.V., ~~grain~~Olenex ~~procurement~~Holdings ~~platform~~B.V., ~~that~~Edible ~~enables~~Oils ~~farmers~~Limited, ~~and~~Stratas ~~buyers~~Foods toLLC, ~~confidently~~Terminal ~~pursue~~de ~~and~~Grãos ~~derive~~Ponta ~~value~~da ~~from~~Montanha ~~grain~~S.A., ~~produced~~Gradable, ~~using~~LLC, ~~sustainable~~ and ~~regenerative~~Plainsman ~~practices.~~Company, LLC.

The Company is a supplier of raw materials to Wilmar, ~~Stratas~~SoyVen, ~~Foods~~Olenex ~~LLC~~Sarl, Edible Oils Limited, ~~SoyVen,~~ and ~~Olenex~~Stratas Foods LLC.

Carbohydrate Solutions

The Carbohydrate Solutions segment isengages ~~engaged~~ in corn and wheat wet and dry milling and ~~other~~related processing activities. The ~~Carbohydrate Solutions~~ segment converts corn and wheat into products and ingredients used in ~~the~~ food and beverage ~~industry~~applications, including sweeteners, ~~corn and wheat~~ starches, ~~syrup~~syrups, glucose, wheat flour, and dextrose. Dextrose and ~~starch~~starches are ~~used~~also byutilized ~~the Carbohydrate Solutions segment~~ as feedstocks in ~~other~~ downstream processes., Byincluding fermentation ofto ~~dextrose,~~produce ~~the Carbohydrate Solutions segment produces~~ alcohol and other food and animal feed ingredients. ~~Ethyl~~Ethanol ~~alcohol~~ is produced ~~by the Company~~ for ~~industrial~~ use ~~in products such~~ as ~~hand~~an ~~sanitizers~~octane enhancer and ~~ethanol~~oxygenate ~~for use~~ in gasoline. ~~due~~In toaddition, ~~its~~the ~~ability~~segment toproduces ~~increase~~distillers’ ~~octane~~grains, ascorn angluten ~~extender~~feed, and ~~oxygenate.~~corn ~~Corn~~ gluten ~~feed and~~ meal, ~~as well as distillers’ grains, are produced~~ for use as animal feed ingredients. Corn germ, a by-‑product of ~~the~~ wet milling ~~process~~, is further processed into vegetable oil and protein meal., ~~Other~~and ~~Carbohydrate Solutions products include~~ citric acids, ~~which~~ are ~~used~~produced infor ~~various~~ food and industrial ~~products~~applications. The Carbohydrate Solutions segment isalso aadvances ~~leader in~~ carbon capture and sequestration. ~~By continuing to advance additional carbon capture~~ and ~~sequestration~~other emissions‑reduction initiatives, ~~and~~positioning ~~projects~~the ~~aimed~~business atto ~~replacing~~support ~~coal~~lower‑carbon ~~power~~operations and ~~steam generation with lower emissions power,~~ the ~~Carbohydrate~~growing ~~Solutions~~use ~~segment~~of isplant‑based ~~well~~alternatives ~~positioned~~ to ~~benefit from the replacement of essential materials historically made from~~ fossil‑derived ~~fuels with plant-based alternatives~~materials.

The Company has aequity ~~50.0%~~interests ~~equity~~in ~~interest~~the following entities that engage in activities that fall within the Carbohydrate Solutions segment: Hungrana Ltd, Almidones Mexicanos S.A. ~~which~~de ~~operates~~CV, aAston ~~corn~~Foods ~~wet~~and ~~milling~~Food ~~plant~~Ingredients, inRed ~~Hungary~~Star Yeast Company, LLC, and LSCP, LLC.

The Company has a 50.0% equity interest in Almidones Mexicanos S.A. which operates a corn wet milling plant in Mexico.

The Company has a 50.0% equity interest in Aston Foods and Food Ingredients, a Russian-based sweeteners and starches business.

The Company has a 40.0% equity interest in Red Star Yeast Company, LLC, which produces and sells fresh and dry yeast in the U.S. and Canada.

The Company has a 22.1% equity interest in LSCP, LLLP, which operates an ethanol plant facility in the U.S.

Nutrition

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods.

The Company has aequity ~~45.3%~~interests ~~equity~~in ~~interest~~the following entities that engage in activities that fall within the Nutrition segment: Vimison S.A. de C.V., aVitafort ~~leader~~ZRT, inDusial ~~the~~S.A., ~~animal~~Novial ~~nutrition~~SAS, ~~industry~~ADM inMatsutani ~~Mexico~~LLC and Matsutani Singapore Pte. Ltd.

The Company has 50% equity interests in ADM Matsutani LLC and Matsutani Singapore Pte. Ltd., joint ventures for the worldwide sales and marketing of Fibersol.

The Company has a 50% equity interest in ADM Vland Biotech Shandong Co., Ltd., which manufactures and commercializes human probiotics in Greater China. As of December 31, 2024, this joint venture ceased operations and has started liquidation actions.

The Company has a 42.8% equity interest in Dusial S.A., a leader in the complete feed industry in Southwest of France.

The Company has a 34.3% equity interest in Vitafort ZRT, a leading company in the Hungarian animal feed market.

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Corporate

Corporate includes the activities related to cost and equity method investments in early-stage start-up companies within ADM Ventures. In addition to identifying companies to invest in, ADM Ventures also works on select high-potential, new product development projects and alternative business models, all with the objective of supporting the Company’s strategic objectives.

Other Business

Other Business includes the Company’s remaining operations as described below.

ADM Investor Services, Inc., a wholly owned subsidiary of the Company, is a registered futures commission merchant and a clearing member of all principal commodities exchanges in the U.S. ADM Investor Services International Limited, a member of several derivative and commodity exchanges and clearing houses in Europe, ADMIS Singapore Pte. Limited, a clearing member of the Singapore exchange, and ADMIS Hong Kong Limited, are wholly owned subsidiaries of ADM offering brokerage services in Europe and Asia.

~~Insurance activities include~~ Agrinational Insurance Company (Agrinational) ~~and its subsidiaries. Agrinational~~, a wholly owned subsidiary of ADM, ~~provides~~and its subsidiaries, provide insurance coverage for certain property, casualty, marine, medical, and other miscellaneous risks of the Company. Agrinational also participates in certain third-party reinsurance arrangements.

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Methods of Distribution

The Company’s ~~products are distributed mainly in bulk from processing plants or storage facilities directly to customers’ facilities. The Company~~ has developed a comprehensive transportation capability that it uses to efficiently ~~move~~distribute both commodities and processed products ~~virtually~~nearly anywhere in the world. The Company owns or leases trucks, trailers, railroad tank and hopper cars, river barges, towboats, and ocean-going vessels used to transport the Company’s products to its customers, co-manufacturers and distributors.

Concentration of Revenues by Product

The following products accounted for 10% or more of revenues for the following periods:

	% of Revenues
	Year Ended December 31
	2024	2023	2022
	2025	2024	2023
Soybeans	1917%	1819%	1718%
Soybean Meal	1211%	1312%	1213%
Corn	1213%	12%	1412%

Status of New Products

The Company continues to expand its market footprint and business growth through the continuous development of its portfolio and optimization of production systems. Internal capabilities and acquisitions expand the Company’s ability to unlock the potential of nature and serve customers’ evolving and expanding needs through its offerings of innovative ingredients for all segments.

Source and Availability of Raw Materials

A significant majority of the Company’s raw materials are agricultural commodities. In addition, the Company sources specific fruits, vegetables, and nuts for extracts to make flavors and colors. In any single year, the availability and price of these commodities are subject to factors such as changes in weather conditions, plantings, government programs and policies, competition, changes in global demand, changes in standards of living, and global production of similar and competitive crops. The Company’s raw materials are procured from thousands of growers, grain elevators, and wholesale merchants in North America, South America, Europe, Middle East, and Africa (EMEA), ~~Asia,~~ and ~~Australia~~Asia-Pacific, pursuant primarily to short-term (less than one year) agreements or on a spot basis. The Company is not dependent upon any particular grower, elevator, or merchant as a source for its raw materials.

8Some of the principal crops that ADM sources and processes present specific climate change risks. For example, South American soy and global palm present risks of deforestation due to their proximity to the forest and other high-carbon-value landscapes. In addition, when not managed appropriately, row crops such as corn, soy, wheat, and canola present environmental risks such as water quality impairment, erosion, soil degradation, and GHG emissions. However, these crops also present an opportunity to combat climate change through their ability to sequester carbon in the soil using regenerative agricultural practices. ADM has a regenerative agricultural program to engage and encourage growers in its supply chain to implement regenerative agriculture practices.

Under the stewardship of its Board of Directors, the Company has established several key social and environmental policies that collectively outline expectations for its employees, business partners and contractors, and the Company, as a whole with respect to its sourcing operations. These policies set the standards that govern the Company’s approach to environmental stewardship, employee conduct, and raw material sourcing, among other areas, and are available on the Company’s website. See Available Information section below for more information.

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Some of the principal crops that ADM sources and processes present specific climate change risks. For example, South American soy and global palm present risks of deforestation due to their proximity to the forest and other high-carbon-value landscapes. In addition, when not managed appropriately, row crops such as corn, soy, wheat, and canola present environmental risks such as water quality impairment, erosion, soil degradation, and GHG emissions. However, these crops also present an opportunity to combat climate change through their ability to sequester carbon in the soil using regenerative agricultural practices. In 2022, ADM launched its “re: generations” program to engage and encourage growers in its supply chain to implement regenerative agriculture practices. In the first year of the program, the Company exceeded its goal to enroll one million acres. The Company has since expanded its regenerative agriculture program to cover more than 2.8 million acres across 18 U.S. states and Canada and has also extended the program into new geographies, launching regenerative agriculture projects in Europe and South America, with a goal to enroll five million acres globally by the end of 2025.

Under the stewardship of ADM’s Board of Directors, the Company has established several key social and environmental policies that collectively outline expectations for its employees, business partners and contractors, and the Company as a whole with respect to its sourcing operations. These policies set the standards that govern the Company’s approach to environmental stewardship, employee conduct, and raw material sourcing, among other areas, and outline ADM’s positions on issues of widespread public interest. These standards are included in, among others, the Company’s Code of Conduct; Environment, Health, and Safety Policy; Human Rights Policy; Commitment to Protect Forests, Biodiversity, and Communities; Statement on Genetically Modified Organisms; Statement on Animal Testing; Commitment to Anti-Corruption Compliance; Protocol for Managing Supplier Non-Compliance and ADM Supplier Expectations, all of which are available on the Company’s website (see Item 1, Business - Available Information).

In addition to policies, a portion of the Company’s commodity sourcing is conducted using third-party certification programs including ADM Responsible Soy, Biomass Biofuel Sustainability Voluntary Scheme, Round Table for Responsible Soy, International Sustainability and Carbon Certification, Round Table on Sustainable Palm Oil, and U.S. Soy Sustainability Assurance Protocol. These programs have standards that are established to provide transparency on specific sustainability-related criteria. ADM procures canola, soybeans, and palm under these programs.

Trademarks, Brands, Recipes, and other Intellectual Property

The Company owns trademarks, brands, recipes, and other intellectual property including patents, with a net book value of $~~660~~579 million as of December 31, ~~2024~~2025. More than 9095% of these intangibles are in the Nutrition segment which is not materially dependent upon any individual trademark, brand, recipe or other intellectual property.

Seasonality, Working Capital Needs, and Significant Customers

There is a degree of seasonality in the growing cycles, procurement, and transportation of the Company’s principal raw materials: oilseeds, corn, wheat, and other grains. The Company has seasonal financing arrangements with farmers in certain countries around the world. Typically, advances on these financing arrangements occur during the planting season and are repaid at harvest.

The prices of agricultural commodities, which may fluctuate significantly and change quickly, directly affect the Company’s working capital requirements. Because the Company has a higher portion of its operations in the northern hemisphere, principally North America and Europe, relative to the southern hemisphere, primarily South America, inventory levels typically peak after the northern hemisphere fall harvest and are generally lower during the northern hemisphere summer months. Working capital requirements have historically trended with inventory levels.

No material part of the Company’s business is dependent upon a single customer or very few customers.

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Competition

The Company has significant competition in the markets in which it operates based principally on price, foreign exchange rates, quality, global supply, and alternative products, some of which are made from different raw materials than those utilized by the Company. Given the commodity-based nature of many of its businesses, the Company, on an ongoing basis, focuses on managing unit costs and improving efficiency through technology improvements, productivity enhancements, and regular evaluation of the Company’s asset portfolio. The Company’s Nutrition business is a vertically integrated business that provides ingredients and solutions for humans, ~~animals,~~ and ~~pets~~animals in a highly competitive environment with a variety of companies offering the same products and services. The industry includes ingredient suppliers, contract manufacturers, global fast moving consumer goods companies, and private label brands, as well as smaller companies that specialize in specific niche markets. The Company focuses on staying ahead of the curve in terms of innovation and science-based solutions, building direct-to-consumer sales channels and focusing on consumer needs, expanding into new markets, building strategic partnerships, leveraging data and technology, and building a strong distribution network.

Research, ~~Creation, Design,~~ and Development (R&D)

R&D expense, net of reimbursements of government grants, for the year ended December 31, ~~2024~~2025 was $~~269~~246 million.

The Company ~~is committed to global health and sustainable products, recognizing the interconnectedness of human, animal, and environmental health. ADM~~’s R&D efforts focus on creating science-based products, solutions, and technologies aligned with macro trends in food security, sustainable processes, health, and personalized nutrition. Within innovation centers across three continents, the R&D team is closely connected to customers and the global markets. The Company strategically invests in R&D across the entire nutrition value chain by leveraging its access to innovative processes and product optimization. Its targeted product development leverages innovative ingredients and ADM's existing portfolio across different segments. The R&D team is also engaged in BioSolutions initiatives which are a key part of ADM’s commitment to utilize its value chain to reduce its carbon footprint, redesign core products with sustainable alternatives, and explore new markets.

The Company is dedicated to transforming aspirations into solutions and brand innovation. The integration of interdisciplinary experts in biology, chemistry, physiology, nutrition, agronomy, and product development provides a competitive edge.8

R&D teams are closely connected to customers and the global markets. Targeted product development leverages innovative ingredients and ADM’s existing portfolio across different segments. R&D innovation centers across three continents enable the rapid transformation of ideas into products. An external network of collaborators, including customers, key opinion leaders, start-ups, and academia amplifies the Company’s scientific excellence.

The scope and application of the Company’s technical capabilities reinforce its commitment to global health and sustainable products. High-throughput screening and characterization facilities strengthen ADM’s extensive ingredient database. Formulation platforms enable rapid upscaling or downscaling for cost-effective innovation. Resources dedicated to functional ingredient characterization enhance the Company’s capacity to deliver on the science behind each product.

ADM’s R&D strategy prioritizes fulfilling customer expectations and supporting the Company’s growth. The Company’s future strategy aims to deliver world-class solutions more efficiently and sustainably, and to capitalize on ADM’s full potential.

Environmental, Social, and Governance (ESG)

The Company knows that the health of our natural resources is critical to our future, and that its commitment to sustainable practices will result in a stronger ADM and a better world. ADM is committed to being a force for change in developing innovative, sustainable solutions in agriculture, food and nutrition, industrial and consumer products, energy, and packaging materials while pursuing ways to continually improve the Company’s efforts in both protecting the environment and enhancing environmental sustainability. The United Nations Development Programme created the Sustainable Development Goals (SDG) blueprint as a universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity. ADM focuses its efforts toward goals that align with its business objectives and allow the Company to make the greatest contribution towards the achievement of the SDGs, specifically Zero Hunger, Clean Water and Sanitation, Decent Work and Economic Growth, Climate Action, and Life On Land.

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Environmental, Social, and Governance (ESG)

The ~~Sustainability~~Company ~~and~~recognizes ~~Technology~~that ~~Committee of~~ the ~~Board~~health ~~actively~~of ~~oversees~~our ~~the~~natural ~~Company’s~~resources ~~objectives,~~is ~~goals,~~important ~~strategies,~~for ~~and~~our ~~activities~~future ~~relating to sustainability. The Sustainability Committee also oversees the Company’s compliance with sustainability laws~~ and ~~regulations,~~it ~~assesses~~endeavors ~~performance relating~~ to ~~industry~~implement ~~benchmarks,~~sustainable ~~and~~practices ~~assists~~that ~~the~~will ~~Board~~result ~~of Directors~~ in ~~overseeing the Company’s operations as~~ a ~~sustainable~~stronger ~~organization~~ADM and ~~responsible~~a ~~corporate~~more ~~citizen~~resilient inglobal ~~order~~food tosystem. ~~enhance shareholder value and protect~~ ADM’s ~~reputation.~~aims ~~The~~to ~~Company’s~~drive ~~Chief~~change ~~Sustainability~~in ~~Officer,~~developing ~~Senior Vice President of Global Operations~~innovative, ~~and~~sustainable ~~Chief~~solutions ~~Technology~~in ~~Officer regularly attend committee meetings as management representatives. The Executive Council of ADM~~agriculture, ~~the~~food ~~Company’s highest strategic~~ and ~~operational body~~nutrition, ~~provides~~industrial ~~close supervision of the Company’s ESG efforts~~ and ~~in-depth~~consumer ~~review of sustainability issues. Furthermore~~products, ~~regional sustainability teams~~energy, ~~along~~and ~~with~~packaging ~~the~~materials. ~~corporate~~The ~~sustainability team, support the Chief Sustainability Officer to drive sustainability efforts in the~~ Company’'s ~~facilities and supply chains around the world. ADM’s~~ sustainability ~~efforts~~initiatives are ~~also~~managed ~~supported~~ by ~~functional~~senior ~~expertise~~leadership ~~throughout the Company such as in Operations~~ and ~~Utilities,~~overseen ~~Supply~~by ~~Chain~~the ~~and~~Sustainability ~~Procurement, Agricultural Services~~ and ~~Oilseeds,~~Technology ~~and~~Committee ~~Environmental~~of ~~Health~~the ~~and~~Board ~~Safety~~of ~~(EHS)~~Directors.

~~Strategy~~The Company aims to support agricultural resilience and biodiversity to create business value through renewable product and process innovations, supply chain efforts, and a strategic approach with a focus on enhancing the efficiency of ADM’s production plants throughout its global operations. Further, ADM’s strategic growth plan leverages the trends and technologies in sustainability to help the Company grow and create value for its stakeholders. The Ag Services and Oilseeds segment focuses on traceability of sourcing and differentiation and working with growers on low carbon agricultural practices and products. The Carbohydrate Solutions segment is focused on decarbonization efforts that are aimed at positioning the reportable segment to offer low-carbon intensity feedstocks for biosolutions and biomaterials, including fuel solutions, to replace petroleum-based products. The Nutrition segment is working with suppliers and customers to identify nature positive solutions that can potentially reduce environmental impact in supply chains.

~~The~~Moreover, ~~Company~~ADM ~~aims~~has toa ~~mitigate~~large ~~climate~~industrial ~~change~~footprint and ~~protect~~believes ~~biodiversity~~it ~~through~~is ~~renewable~~important ~~product~~to reduce GHG emissions related to its business activities and ~~process~~the ~~innovations,~~agricultural supply chain ~~efforts~~to ~~including~~support asustainable ~~commitment~~growth. toThe ~~no-deforestation~~Company orcontinues ~~native~~to ~~vegetation~~use ~~conversion~~internal and ~~regenerative~~external ~~agriculture,~~resources ~~and~~to aidentify ~~strategic~~opportunities ~~approach~~and take action to ~~operational~~reduce ~~excellence~~its ~~with~~GHG aemissions ~~focus~~globally onto ~~enhancing~~meet its goals to mitigate the ~~efficiency~~effects of ~~ADM’s~~climate ~~production~~change ~~plants~~and ~~throughout~~help ~~its~~safeguard the global ~~operations~~food system.

~~ADM~~Program ~~believes~~updates, ~~sustainability~~scenario isanalysis, ~~critical~~and togoals ~~its~~and ~~future~~objectives ~~growth~~are ~~strategy.~~available in ADM’s ~~strategic~~Corporate ~~plan~~Sustainability of sustainable growth leverages the trends and technologies in sustainability to help the Company grow and create value for its stakeholders. Agricultural Services and Oilseeds is focused on traceability of sourcing and differentiation and working with growers on low carbon agricultural practices and products. Carbohydrate Solutions is focused on decarbonization efforts that increasingly position the segment to offer low-carbon intensity feedstocks for biosolutions and biomaterialsReport, ~~including~~which ~~fuel solutions, to replace petroleum-based products. Nutrition is working with suppliers and customers to identify nature positive solutions that~~ can ~~reduce environmental impact in supply chains. The growth of these projects and businesses will~~ be ~~integral~~accessed tothrough ~~supporting~~its ~~the~~website ~~objective~~at ~~of helping the planet limit total global warming to the 1~~http://www.~~5°C threshold indicated by the United Nations~~adm. ~~Additionally, the Company has incorporated the achievement of GHG emission goals and water reuse goals to executive performance measurement to reflect the strategic importance of ESG to its business~~com.

Moreover, ADM has a large industrial footprint and believes it is important to reduce GHG emissions related to its business activities and the entire agricultural supply chain. The Company continues to use internal and external resources to identify opportunities and take action to reduce its GHG emissions globally to meet its continued commitment to mitigate the effects of climate change.

ADM's Strive 35 plan is an ambitious plan to, by 2035, reduce absolute Scope 1 and 2 GHG emissions by 25% from a 2019 baseline, reduce absolute Scope 3 GHG emissions by 25% from a 2021 baseline, increase use of low-carbon energy sources to 25% of total energy used, reduce absolute water withdrawal by 10%, and achieve a 90% landfill diversion rate. To support the Company’s Strive 35 environmental goals, ADM developed a feasibility study with a leading engineering professional services firm that provides the technology pathway for absolute reduction of GHG emissions by 2035. The Company has also committed to develop a global strategy focused on improving community well-being in priority watersheds, including water-stressed areas, by the end of 2025.

As of December 31, 2023, the Company reduced absolute Scope 1 and 2 GHG emissions by 14.7% and reduced Scope 3 GHG emissions by 7.7%. The Company reduced absolute water withdrawal by 4.2%. The Company realized no increase in low carbon energy usage and achieved 86.1% of its waste diverted from landfill.

The Company anticipates spending between $400 million and $500 million on capital projects to achieve the Strive 35 targets. Through December 31, 2024, ADM has spent $297 million on projects in support of these goals since inception, of which $139 million was spent in 2024.

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The Company believes that protection of natural resources, habitats, and biodiversity are important to life and to the Company’s business. ADM is committed to eliminating deforestation from all of the Company’s supply chains in 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 in 2025 and indirect suppliers by 2027, with a 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.

During the year ended December 31, 2024, the Company spent $64 million specifically to improve equipment, facilities, and programs for pollution control and in light of requirements of various environmental agencies.

There have been no material effects upon the earnings and competitive position of the Company resulting from compliance with applicable laws or regulations enacted or adopted relating to the protection of the environment.

ADM’s corporate social investment program, ADM Cares, aligns the Company’s corporate giving with its business strategies and sustainability objectives. Through the program, ADM works to sustain and strengthen its commitment to communities where ADM colleagues work, live, and operate by directing funding to initiatives and organizations driving meaningful social, economic, and environmental progress. The ADM Cares team evaluates potential projects submitted for funding to ensure they meet eligibility criteria, such as initiatives that support food security, health and well-being, and sustainability around the world.

Additional Sustainability Disclosures

Program updates, scenario analysis, and metrics and targets are available in ADM’s Corporate Sustainability Report which can be accessed through its website at http://www.adm.com.

References to the Company’s website address in this report are provided as a convenience, and information contained on, or available through, the website is not incorporated by reference. See Available Information section below for more information.

Income Taxes

The Company has a responsibility to oversee that all ADM businesses within the Company follow responsible tax practices. ADM manages its tax affairs based upon the following key principles:

–a commitment to paying tax in compliance with all applicable laws and regulations in the jurisdictions in which the Company operates;

–a commitment to the effective, sustainable, and active management of the Company’s tax affairs; and

–developing and sustaining open and honest relationships with the governments and jurisdictions in which the Company operates regarding the formulation of tax laws.

Human Capital and Culture

ADM’s purpose of unlocking the power of nature to enrich the quality of life highlights the significant role ADM plays within an essential industry and the critical job each employee has within the Company. The Company focuses on attracting, developing, and retaining a skilled, engaged, and diverse workforce aligned with its values and business objectives. The Company’s human capital priorities, which are managed by senior leadership and overseen by the Compensation and Succession Committee of the Board of Directors, include workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse and inclusive global workforce; employee engagement; and compliance with applicable labor and employment laws.

ADM ~~has~~provides ~~long~~market-competitive ~~maintained~~pay, ~~its~~benefits, ~~Code~~and ofofferings ~~Conduct~~that topromote ~~help~~employee ~~the~~well‑being, including health, wellness, and retirement programs. The Company ~~achieve~~invests ~~the~~in ~~right~~training ~~results~~and development programs designed to enhance technical, ~~the~~leadership, ~~right~~and ~~way.~~professional ~~The~~skills ~~code~~and ~~establishes~~support ~~high~~internal ~~standards~~talent ofmobility ~~honesty~~and succession planning. These programs include in-person, virtual and ~~integrity~~on-demand ~~for~~training, ~~all~~such ~~ADM~~as ~~colleagues~~its leadership development program, Ability to Lead, which focuses on enabling innovation, driving productivity, developing talent, change leadership, building trust, and ~~business~~coaching ~~partners~~teams for engagement and performance, as well as early career programs focused on attracting and ~~sets~~cultivating ~~forth~~a ~~specific~~strong ~~policies~~pipeline of early career talent to ~~further~~become future leaders in the ~~Company~~organization. Part of ADM’s ~~commitment~~vision is to ~~conducting~~foster ~~business~~an ~~fairly~~inclusive culture with opportunities for all employees so that all members of its diverse, global workforce belong and ~~ethically~~make ~~everywhere~~meaningful itcontributions ~~operates~~to the success of each other and the Company. ADM also monitors workforce engagement, turnover, and other important people metrics to inform human capital priorities and drive continuous improvement.

~~The~~Safety ~~Company’s culture~~ is ~~grounded~~a incore ~~its~~operational ~~values~~priority, ofand ~~integrity,~~the ~~respect,~~Company ~~excellence,~~maintains ~~resourcefulness~~policies, ~~teamwork~~standards, and ~~responsibility.~~training ~~ADM~~intended isto apromote ~~truly~~safe ~~global company of approximately 44,000 employees~~ working ~~together~~conditions toacross ~~achieve~~its ~~extraordinary results~~operations. ~~Talented~~ADM ~~colleagues~~is ~~can~~focused beon ~~found~~efforts into acontinue ~~wide~~to ~~variety~~reduce ofserious ~~roles~~injuries –and ~~including~~its ~~front-line~~total ~~employees~~recordable ~~who~~incident ~~enable~~rate ~~the~~while ~~production~~strengthening ofits ~~ADM’s~~culture ~~products,~~of ~~supply~~safety ~~chain~~and ~~experts~~reliability. ~~who~~The ~~deliver~~Company tohas ~~customers~~made ~~all~~progress ~~over~~on ~~the~~implementing ~~world,~~best ~~engineering~~practices ~~teams~~and ~~who~~enhancing ~~continuously~~its ~~improve~~systems ~~the~~and ~~Company’s operations~~processes, ~~sales~~ and ~~commercial~~it ~~teams~~monitors ~~who~~leading ~~work~~and ~~closely~~lagging ~~with~~indicators ~~customers, information technology professionals who implement the technologies~~ to enable ~~the~~continuous ~~Company’s~~improvement. ~~processes,~~Through ~~and~~these soefforts, ~~many~~ADM ~~more.~~achieved ~~ADM~~a ~~continues~~2025 toTotal ~~develop~~Recordable ~~its~~Incident ~~workforce~~Rate, toas ~~remain~~defined ~~relevant~~by ~~and~~OSHA, ~~deliver~~that onwas the ~~Company’s~~lowest ~~growth~~in ~~aspirations~~recent Company history.

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The Company’s ~~believes that cultivating an inclusive~~ culture ~~of care and continuous learning for our colleagues~~ is agrounded ~~critical priority that assists ADM~~ in its ~~efforts~~values toof ~~continue~~integrity, ~~innovating~~respect, ~~driving~~excellence, ~~growth~~resourcefulness, ~~through customer focus~~teamwork, and ~~delivering outstanding performance for shareholders~~responsibility. ~~Part of~~ ADM’s ~~vision~~has islong tomaintained ~~foster~~its anCode ~~inclusive culture with opportunities for all employees so that all members~~ of ~~its~~Conduct ~~diverse, global workforce belong and make meaningful contributions~~ to ~~the~~help ~~success of each other and~~ the Company. ~~ADM~~achieve ~~holds~~the anright ~~annual Global Week of Understanding~~results, athe ~~signature~~right ~~week-long~~way. ~~investment~~The ~~focused~~code onestablishes ~~continuous~~high ~~learning~~standards ~~and strengthening ADM’s culture~~ of ~~belonging.~~honesty ~~The~~and ~~week~~integrity ~~features~~for ~~keynote~~all ~~presentations,~~ADM ~~training~~colleagues ~~programs,~~and ~~roundtable~~business ~~sessions~~partners, and ~~onsite~~sets ~~activities~~forth ~~that~~specific ~~foster~~policies anto ~~environment~~further ~~where~~the ~~all~~Company’s ~~can~~commitment ~~thrive,~~to ~~and~~conducting ~~diversity~~business offairly ~~perspectives~~and ~~are~~ethically ~~harnessed~~everywhere toit ~~fuel innovation and growth~~operates.

InThe ~~support~~following oftable ~~ADM’s~~sets ~~commitment~~forth toinformation aabout ~~productive,~~the diverse, and inclusive workforce, ADM supports Employee Resource Groups (ERGs). These ERGs are voluntary, employee-led groups where colleagues with shared experiences or interests can come together to build a sense of community and engage in personal and professional development. ADMCompany’s ~~ERGs are open to all~~ employees ~~and~~as ~~offer~~of ~~forums for fostering collaboration~~December 31, ~~connection and belonging~~2025.

The following tables set forth information about the Company’s employees as of December 31, 2024.

Number of Employees by Contract and Region

	Salaried	Hourly	Part-Time	Total
North America	108,~~034~~802	119,~~171~~904	~~215~~145	2118,~~420~~851
EMEA	5,985	4,658	540	11,183
Latin America (LATAM)	3,836	5,677	15	9,528
South America	2,904	4,511	873	8,288
Europe, the Middle East, and Africa (EMEA)	5,460	4,214	528	10,202
Asia Pacific	1,817	805	26	2,648
Asia-Pacific (APAC)	2,021	884	10	2,915
Central America/Caribbean	238	260	6	504
Total	20,119	20,679	698	41,496
Total	20,978	21,405	1,660	44,043

~~Number~~Available ~~of Employees by Type and Gender~~Information

	Male	%		Female	%		Total	%
Full-time	31,799	75	%	10,584	25	%	42,383	100	%
Part-time	672	40	%	988	60	%	1,660	100	%
Total	32,471	74	%	11,572	26	%	44,043	100	%

The Company’s website is http://www.adm.com. ADM’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available, free of charge, through its website, as soon as reasonably practicable after electronically filing such materials with, or furnishing them to, the SEC.

~~Percentage~~References ofto ~~Executive~~the ~~Council~~Company’s website address in this report are provided as a convenience and ~~Senior~~do ~~Leadership~~not constitute, and should not be viewed as, an incorporation by ~~Gender~~reference of the information contained on, or available through, the website. Therefore, such information should not be considered part of this report.

	Percentage
	2024						2023
	Male		Female		Total		Male		Female		Total
Executive Council	69	%	31	%	100	%	67	%	33	%	100	%
Senior Leadership	69	%	31	%	100	%	69	%	31	%	100	%

Compensation and Benefits

ADM offers market-competitive pay, benefits, and services that help meet the needs of its employees. The Company’s global rewards package includes base pay, short-term incentive plans, long-term equity grants, paid time-off, employee assistance programs, and benefits that meet the country-specific competitive markets in which ADM operates. ADM’s global bonus plan has clearly defined enterprise metrics and objectives which are the same for all eligible employees – creating a strong team spirit and fostering collaboration among colleagues.

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Employee Development

All ADM employees participate annually in training and development that further increases knowledge, skills, and awareness on important topics. In addition, ADM offers many voluntary training opportunities, including in-person, virtual and on-demand training. Among the offerings are an Ability to Connect Program that cultivates business language skills to foster collaboration and LinkedIn Learning Platform which offers access to over 16,000 courses in 7 languages to support career development. ADM’s leadership development program, Ability to Lead, focuses on enabling innovation, driving productivity, developing talent, change leadership, building trust, and coaching teams for engagement and performance. Additionally, first time and front line leaders are offered a Leadership Essentials program that cultivates effective communication, coaching, and the engagement and retention of talent.

ADM’s early career programs are focused on attracting and cultivating a strong pipeline of early career talent to become future leaders in the organization. Recruitment partnerships with a variety of organizations help ADM to engage with, support, recruit, and hire inclusively, from front line production associates, to interns, to college graduates that begin their career across ADM’s business units, functions and regions.

ADM prides itself in offering an array of career opportunities that include global assignments for its high potential talent, internal career growth for those who wish to learn more, and experiential learning through projects, mentorships, and on-the-job development.

Workplace Safety

ADM is committed to driving a safe and reliable culture that protects its people, its processes and the planet. By fostering a highly engaged workforce that is proactive and relentlessly focused on risk reduction, the Company aims to ensure every colleague returns home safely to their families and the things that matter most.

In 2024, approximately 76% of ADM’s sites completed the year with zero injuries and approximately 89% with no lost workday injuries. The Company’s Total Recordable Incident Rate and Lost Workday Incident Rate, based upon the number of incidents per 100 employees (or per 200,000 work hours), as defined by OSHA, for ADM colleagues (excluding unsupervised contractors) in 2024 were 0.68 and 0.23, respectively. Notably, the Decatur, Illinois complex achieved significant safety improvements in 2024, with zero fatalities or serious injuries.

In 2024, the Company had one ADM colleague fatality and nine serious injuries. The Company continues to take steps to further enhance the safety of its workplaces through occupational safety and process safety improvements and maintains a goal of zero fatalities. Through the guidance of the Environmental, Health, and Safety Technology Center, the Company is advancing impactful occupational and process safety initiatives, including:

–Driving excellence in Life-Critical Standards

–Encouraging proactive use of Stop Work Authority

–Expanding Total Process Safety training at all organizational levels

–Providing focused support to our highest-risk sites

Looking ahead to 2025, ADM is focused on efforts to continue to reduce serious injuries and its total recordable injury rate while strengthening its culture of safety and reliability.

Board Diversity

The Nominating and Corporate Governance Committee strives to recommend nominees who reflect a diversity of background and experience with the necessary skills to effectively perform the functions of the Board and its committees, including the Board's role in overseeing ADM’s strategy and operations. As of December 31, 2024, 58% of ADM’s 12 board members identified as members of underrepresented groups – five are African-American, Hispanic or Asian, and four are women.

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Available Information

The Company’s website is http://www.adm.com. ADM’s annual reports on Form 10-K; quarterly reports on Form 10-Q; current reports on Form 8-K; directors’ and officers’ Forms 3, 4, and 5; and amendments to those reports, if any, are available, free of charge, through its website, as soon as reasonably practicable after electronically filing such materials with, or furnishing them to, the SEC.

The Company’s Code of Conduct, Corporate Governance Guidelines, and the written charters of the Audit, Compensation and Succession, Nominating and Corporate Governance, and Sustainability and Technology Committees are also available through its website.

References to the Company’s website address in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on, or available through, the website. Therefore, such information should not be considered part of this report.

The SEC maintains a website which contains reports, proxy and information statements, and other information regarding issuers that file information electronically with the SEC. The SEC’s website is http://www.sec.gov.

Information about Our Executive Officers

Certain information with respect to executive officers of the Company as of the date of this filing is set forth below. Except as otherwise indicated, all positions are with the Company.

Name

Titles

Age

Juan R. Luciano

Chair of the Board of Directors since January 2016. Chief Executive Officer and President since January 2015.

6364

Monish Patolawala

Executive Vice President and Chief Financial Officer since August 2024. President and Chief Financial Officer of 3M Company from September 2023 to July 2024. Executive Vice President, Chief Financial and Transformation Officer of 3M from October 2021 to September 2023 and Senior Vice President and Chief Financial Officer of 3M from July 2020 to October 2021.

5556

Christopher M. Cuddy

Senior Vice President of the Company since May 2015. President, Carbohydrate Solutions business unit since March 2015.

5152

Regina B. Jones

Senior Vice President, ~~General~~and ~~Counsel~~Chief Legal Officer and Secretary since September 2023. Chief Legal Officer at Baker Hughes from April 2020 to September 2023. EVP, General Counsel and Corporate Secretary at Delek US Holdings, Inc. from May 2018 to April 2020.

5455

Gregory A. Morris

Senior Vice President of the Company since November 2014. President, Ag Services & Oilseeds business unit since July 2019. ~~President, Global Oilseeds Processing business unit from May 2015 to June 2019.~~

5354

Ian Pinner

Senior Vice President of the Company since January 2020. President, Nutrition business unit and Chief Sales and Marketing Officer since November 2023. Chief Strategy and Innovation Officer from January 2020 to November 2023. President, Health and Wellness from January 2020 to March 2021. ~~Vice President, Growth and Strategy from August 2018 to January 2020. Chief Growth Officer from July 2017 to August 2018.~~

5253

Jennifer L. Weber

Senior Vice President, and Chief People ~~and Diversity~~ Officer since August 2020. Executive Vice President - Human Resources at Lowe’s Companies, Inc. from March 2016 to April 2020.

5859

Molly Strader Fruit

Vice President, Corporate Controller since March 2021. Vice President, Global Financial Services from May 2019 to March 2021. Controller, Carbohydrate Solutions from August 2018 to May 2019. Vice President, Global Credit from April 2016 to June 2019. Controller, Americas for Agricultural Services from June 2015 to August 2018.

Carrie A. Nichol

Vice President and Chief Accounting Officer since March 2025. Senior Vice President, Chief Accounting Officer, and Global Process Leader at Cargill from December 2021 to February 2025. Vice President, Controller, and Chief Accounting Officer at Zimmer Biomet from October 2019 to December 2021.

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Item 1A.			RISK FACTORS

The risks described below, as well as the other information contained in this Annual Report on Form 10-K, should be carefully considered. Any one or more of such risks could materially and adversely affect the Company’s business, financial condition, results of operations, and stock price and could cause actual results of operations and financial condition to vary materially from past or anticipated future results of operations and financial condition. Additional risks and uncertainties not presently known to the Company or that the Company currently believes to be immaterial may also adversely affect the Company.

Operational Risks

The Company is exposed to potential business disruption risks which could adversely affect the Company’s operating results and could result in increased expenses and liabilities.

The ~~assets~~Company engages in manufacturing and ~~operations~~distribution ofactivities across numerous markets and geographies. As a result, the Company ~~could~~is be subject to risks inherent in such activities and from time to time has experienced unplanned downtime or extensive property damage and business disruption from various events and external factors, some of which are beyond the Company’s control. These events and factors include, but are not limited to, equipment failure, raw material shortages, natural disasters, ~~severe~~adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages. These events could result in personal injury, loss of life, and environmental damage. In some cases, the Company is dependent on a single plant or facility to manufacture or process certain products in a geographical region or otherwise. The Company may not be able to resolve ~~emergencies~~disruptions timely or effectively, and the associated liability which could result from these risks may not always be covered by or could exceed liability insurance, and any insurance proceeds may not be received for several years after an event occurrence. The impact of these events and factors has and could in the future require significant investments and expenditures to repair damaged facilities or equipment and require management attention and other resources, which has and could adversely impact the Company’s results of operations.

The Company’s operations rely on dependable and efficient transportation services, the disruption of which could result in difficulties supplying materials to the Company’s facilities and impair the Company’s ability to deliver products to its customers in a timely manner. The Company relies on access to navigable rivers and waterways in order to fulfill its transportation obligations more effectively. In addition, if certain non-agricultural commodity raw materials, such as water or certain chemicals used in the Company’s processing operations, are not available, the Company’s business could be disrupted. Any major lack of available water for use in certain of the Company’s processing operations could have a material adverse impact on operating results. Certain factors which may impact the availability of non-agricultural commodity raw materials are out of the Company’s control including, but not limited to, disruptions resulting from weather, high or low river water conditions, economic conditions, border closures, manufacturing delays or disruptions at suppliers, shortage of materials, interruption of energy supply, and unavailable or poor supplier credit conditions.

Transportation, inflationary impacts, and fluctuations in energy prices could affect the Company’s operating results.

The Company’s operating costs and the selling prices of certain finished products are sensitive to changes in energy prices, inflationary pressures, and certain logistic constraints. The Company’s processing plants are powered principally by electricity, natural gas, and coal. The Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based products, as well as on the availability and cost of ocean freight and port operations. Significant increases in the cost or access of these items, including any consequences of inflationary impacts, regulation or taxation of greenhouse gases, has and could in the future adversely affect the Company’s production costs and operating results.

Human capital availability may not be sufficient to effectively support global operations.

ADM’s global operations function with skilled individuals necessary for the processing, warehousing, and shipping of raw materials for products used in other areas of manufacturing or sold as inputs or products to third-party customers. The availability of skilled trade and production workers has been a specific focus for the manufacturing industry. The inability to properly staff manufacturing facilities with skilled trades and hourly labor due to a limited number of qualified resources could negatively impact operations.

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PART I

The Company may fail to realize the benefits of or experience delays in the execution of its ~~growth~~strategic ~~strategy~~priorities.

As ~~the~~part ~~Company~~of ~~executes~~ its ~~growth~~broader strategy, ~~through~~the ~~both~~Company ~~organic~~is ~~and~~focused ~~inorganic~~on ~~growth,~~operational itexcellence ~~may~~and ~~encounter~~driving ~~risks~~targeted ~~which~~cost ~~could~~reductions. ~~result~~The inCompany ~~increased~~has ~~costs,~~implemented ~~decreased~~plans ~~revenues,~~to ~~and~~improve ~~delayed~~the ~~synergies.~~performance ~~Growth~~of inits ~~new~~manufacturing ~~geographies~~and ~~outside~~production ~~the~~facilities, ~~U.S.~~increase ~~can~~operating ~~expose~~leverage within the ~~Company~~Nutrition ~~to volatile economic~~segment, ~~political,~~ and ~~regulatory~~reduce ~~risks~~third ~~that~~party ~~may~~spend ~~negatively~~and ~~impact~~selling, ~~its~~general, ~~operations~~ and ~~ability~~administrative toexpenses. ~~achieve~~The ~~its~~success ~~growth~~of ~~strategy.~~these ~~Expanding~~plans, ~~businesses~~and ~~where~~any ~~the~~future ~~Company~~related ~~has~~plans, ~~limited~~depend ~~presence~~on ~~may~~a ~~expose~~broad ~~the~~range ~~Company~~of tofactors. ~~risks~~The ~~related~~Company’s toability ~~the inability~~ to ~~identify~~improve anits ~~appropriate~~cost ~~partner~~structure ordepends ~~target~~on ~~and~~reducing ~~favorable~~its ~~terms~~manufacturing, ~~inability~~delivery toand ~~retain/hire~~administrative ~~strategic talent~~costs, oras ~~integration~~well ~~risks~~as ~~that~~having ~~may~~cost-effective ~~require~~purchasing ~~significant~~programs ~~management resources that would have otherwise been available~~ for ~~ongoing~~raw ~~growth~~materials, orenergy ~~operational~~and ~~initiatives.~~related ~~Acquisitions~~manufacturing ~~may involve unanticipated delays~~requirements, ~~costs,~~all ~~and~~of ~~other~~which ~~problems.~~are ~~Due~~subject ~~diligence~~to ~~performed~~risks ~~prior~~and touncertainties anand ~~acquisition~~ may not ~~identify~~be asuccessful. ~~material~~The ~~liability or issue that could impact the~~ Company’s ~~reputation~~working orcapital ~~adversely~~requirements ~~affect~~are ~~results~~directly ofaffected ~~operations~~by ~~resulting~~the inprice ~~a reduction~~ of ~~the~~global ~~anticipated acquisition benefits. Additionally~~commodities, ~~acquisitions~~which may ~~involve~~fluctuate ~~integration~~significantly ~~risks~~and ~~such~~change ~~as:~~quickly. ~~internal~~The ~~control~~implementation ~~effectiveness, system integration risks, the risk~~ of ~~impairment~~these ~~charges~~plans ~~related~~may tobe ~~goodwill~~more ~~and~~difficult, ~~other intangibles~~costly, ~~ability~~or totime-consuming ~~retain~~than ~~acquired employees~~expected, and ~~other unanticipated risks. The Company~~ may ~~fail~~not toresult ~~realize~~in ~~the~~any ~~operational~~ or ~~financial~~all ~~benefits~~of ~~expected~~the ~~from~~anticipated ~~acquisitions~~benefits, which ~~may~~could ~~impact~~adversely affect the Company’s ~~growth~~business, ~~strategy~~results of operations and financial condition.

~~The~~In ~~Company~~addition, ~~has~~ADM ~~limited~~proactively ~~control~~reviews ~~over~~its portfolio of businesses to identify opportunities to simplify and ~~may~~optimize ~~not~~its ~~realize~~portfolio and enhance shareholder value. As a result, from time to time, the ~~expected~~Company ~~benefits~~seeks to divest certain of its ~~equity~~assets ~~investments~~or ~~and~~businesses by selling them or entering into joint ventures. ~~and~~The ~~may~~Company’s ~~not~~ability beto ~~able~~successfully complete a divestiture or joint venture transaction will depend on, among other things, its ability to ~~monetize~~identify ~~the~~buyers ~~investments~~or atjoint anventure ~~attractive~~partners ~~value~~that ~~when~~are prepared to acquire and successfully operate such assets or businesses on acceptable terms, and on the Company's ~~decides~~ability to ~~exit~~adjust and optimize its retained businesses following the ~~investments~~divestiture. These transactions may involve unanticipated delays, costs, and other problems, and senior management may be required to divert attention away from other aspects of ADM’s businesses to address these problems.

The Company ~~has~~is ~~invested~~also infocused oron ~~advanced~~organic ~~funds~~and toinorganic ~~joint~~growth ~~ventures~~ and ~~investments~~its ~~over~~success ~~which~~in ~~the~~achieving ~~Company~~growth ~~has~~could ~~limited~~be ~~control~~adversely asaffected toby ~~governance~~a ~~and~~broad ~~management~~range ~~activities~~of ~~(see~~risks ~~Part~~that ~~II.~~could ~~Item~~result 8.in ~~Note~~increased 8.costs, ~~Investments~~decreased inrevenues, and ~~Advances~~delayed tosynergies. ~~Affiliates~~ADM’s ~~for~~growth ~~investment~~also ~~balances~~depends ~~and~~in ~~related~~part ~~net~~on ~~sales~~innovation ~~amounts). Risks~~in ~~related~~products, toprocesses ~~these~~and ~~investments~~services. ~~may~~The ~~include:~~Company’s ability to realize the ~~financial~~anticipated ~~strength~~benefits of ~~the~~its ~~investment~~R&D ~~partner;~~efforts ~~loss~~and other investments depends on a variety of ~~revenues~~factors, and ~~cash~~may ~~flows~~not toresult ~~the~~in ~~investment~~new ~~partner~~products and ~~related~~services ~~gross~~at ~~profit;~~a ~~the~~rate ~~inability~~or of a quality sufficient to ~~implement~~gain ~~beneficial~~market ~~management~~acceptance. ~~strategies~~In addition, ~~including~~the ~~risk~~markets ~~management~~for ~~and~~these ~~compliance~~products ~~monitoring,~~may ~~with~~not ~~respect~~develop toor grow as the ~~investment’s~~Company ~~activities;~~anticipates. Growth in new geographies outside the ~~risk~~U.S. ~~that~~can expose the Company to volatile economic, political, and regulatory risks that may ~~not~~negatively beimpact ~~able~~its operations and ability to ~~resolve~~achieve ~~disputes~~its ~~with~~growth ~~the~~strategy. ~~partners;~~Expanding ~~and~~businesses where the ~~risk~~Company ~~that~~has limited presence may expose the Company ~~may~~to ~~not~~risks ~~realize~~related to the ~~operational~~inability orto ~~financial~~identify ~~benefits~~an ~~expected~~appropriate ~~from~~partner ~~the~~or ~~investment. The~~target ~~Company~~and ~~may~~favorable ~~encounter~~terms, ~~unanticipated~~inability ~~operating~~to ~~issues,~~retain/hire ~~financial~~strategic ~~results~~talent, or ~~compliance~~integration ~~and~~risks ~~reputational~~that ~~risks~~may ~~related~~require tosignificant ~~these~~management ~~investments~~resources that would have otherwise been available for ongoing growth or operational initiatives.

Acquisitions may involve unanticipated delays, costs, and other problems. Due diligence performed prior to an acquisition may not identify a material liability or issue that could impact the Company’s reputation or adversely its affect results of operations resulting in a reduction of the anticipated acquisition benefits or an increase in unexpected liabilities. Additionally, acquisitions may involve integration risks such as: internal control effectiveness, system integration risks, the risk of impairment charges related to goodwill and other intangibles, ability to retain acquired employees, and other unanticipated risks. The Company may fail to realize the operational or financial benefits expected from acquisitions, which may impact the Company’s growth strategy.

The Company has limited control over, may not realize the expected benefits of, and may be required to write down, its equity investments and joint ventures, and may not be able to monetize the investments at an attractive value when the Company decides to exit the investments.

The Company has invested in or advanced funds to joint ventures and investments over which the Company has limited control as to governance and management activities (see Part II. Item 8. Note 8. Investments in and Advances to Affiliates for investment balances and related net sales amounts). Risks related to these investments may include: the financial strength of the investment partner; loss of revenues and cash flows, and related gross profit, to the investment partner; the inability to implement beneficial management strategies, including risk management and compliance monitoring, with respect to the investment’s activities; the risk that the Company may not be able to resolve disputes with the partners; the continued fit of such investments relative to the Company’s strategies; and the risk that the Company may not realize the operational or financial benefits expected from the investment. The Company may encounter unanticipated operating issues, financial results, or compliance and reputational risks related to these investments.

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ARCHER-DANIELS-MIDLAND COMPANY

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The Company faces risks related to health epidemics, pandemics, and similar outbreaks.

The Company could be materially impacted in the future if a health epidemic, pandemic, or similar outbreak would arise causing severe disruptions. In such circumstances, ADM may be unable to perform fully on its contractual obligations, critical global supply chain and logistical networks may be affected, and costs and working capital needs may increase. These cost increases may not be fully recoverable or adequately covered by insurance. In addition, demand for certain products that ADM produces, particularly biofuels and ingredients that go into food and beverages that support the food services channels, could be materially impacted from a prolonged regional or global outbreak, leading to government-imposed lockdowns, quarantines, or other restrictions.

Geopolitical Risks

The Company faces risks related to international conflicts, acts of terrorism, or war, or other geopolitical events, such as the ongoing Russia-Ukraine ~~war~~conflict, ~~Israel-Hamas war, sanctions,~~ maritime piracy, and other economic disruptions.

ADM’s assets and operations could be subject to extensive property damage, business disruption, loss in value, nationalization, and expropriation as a result of geopolitical conflicts, acts of terrorism (e.g. purposeful adulteration of the Company’s products), war, and piracy, as well as any sanctions or embargoes resulting from these events. ~~The~~These ~~assets~~events ~~and~~can ~~operations~~disrupt ~~located~~trade inflows, ~~the~~damage ~~region~~infrastructure, ~~affected~~limit byaccess ~~the~~to ~~war~~raw ~~between Russia and Ukraine are at an increased risk of property damage~~materials, ~~inventory~~reduce ~~loss,~~customer ~~business disruption~~demand, ~~and~~or ~~expropriation.~~impede ~~In addition,~~ the Company’s ~~may~~ability ~~not be able~~ to ~~realize~~operate ~~any~~facilities ~~financial~~ or ~~other~~move ~~benefits from its investments in Russia due to ongoing sanctions or actions of the Russian government~~product. ~~The~~They ~~Black~~also ~~Sea~~may ~~region~~trigger ismacroeconomic avolatility, ~~major~~including ~~exporter~~fluctuations ofin ~~wheat~~commodity ~~and~~prices, ~~corn~~interest ~~to the world~~rates, and ~~the~~foreign ~~disruption~~exchange ofrates, ~~supply~~which ~~may~~can ~~continue~~negatively toaffect ~~cause~~margins, ~~volatility~~inventory ~~in volumes~~values, ~~prices,~~ and ~~margins~~hedging ~~of these commodities and related products~~positions. Further, ~~there~~compliance iswith arapidly ~~risk~~evolving ~~that~~sanction ~~ADM~~regimes ~~and~~may ~~its~~require ~~related~~operational ~~parties~~adjustments and could ~~trade~~increase ~~with a sanctioned partner due to~~ the ~~number~~risk of ~~sanctions~~inadvertent ~~taken against Russia~~violations.

17For example, ADM’s assets and operations located in the region affected by the conflict between Russia and Ukraine are at an increased risk of property damage, inventory loss, business disruption, and expropriation. The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities and related products. Further, there is a risk that ADM and its related parties could trade with a sanctioned partner due to the number of sanctions taken against Russia. The Company could be materially impacted if, in the worst-case scenario, the conflict in Ukraine advances to other countries.

Geopolitical risks could disrupt global markets and negatively impact the Company’s business and financial results.

The Company is subject to geopolitical, economic and other risks of doing business globally. The Company’s operating results could be affected by political instability and by changes in monetary, fiscal, trade, and environmental policies, laws, regulations, and acquisition approval schemes, creating risks including, but not limited to: changes in a country’s or region’s economic or political conditions; burdensome local labor conditions and regulations, and safety and environmental regulations; reduced protection of intellectual property rights; changes in the regulatory or legal environment; restrictions on currency exchange activities; currency exchange fluctuations; burdensome taxes and trade tariffs; limited enforceability of legal agreements and judgments; adverse tax audit assessments, administrative agency or judicial outcomes; and regulation or taxation of greenhouse gases. International risks and uncertainties, including changing social and economic conditions as well as terrorism, political hostilities, and war, could limit the Company’s ability to transact business in these markets.

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Trade receivables may be at risk of higher defaults, and other third-party risks could affect ADM’s ability to obtain inputs if suppliers are unable to perform or face insolvency, as certain supplies may not be attainable due to sanctions and/or restrictions on cross-border payment transactions. The Company ~~could~~has behistorically ~~materially~~benefited ~~impacted~~from ~~if, in~~ the ~~worst-case~~free ~~scenario,~~flow ~~the~~of ~~conflict~~agricultural inand ~~Ukraine~~food ~~advances~~and tofeed ~~other~~ingredient ~~countries.~~products ~~The risk to ADM’s business~~ from the ~~war~~U.S. inand ~~Israel could increase if it expands into~~ other ~~countries.~~sources ~~As the Company continues~~ to ~~monitor~~markets ~~geopolitical~~around ~~developments,~~the ~~shipping routes are adjusted accordingly as increased use of technology, including drones, has provided pirates with enhanced capabilities to identify and target vessels~~world. ~~Most~~Increases ~~attacks on ships~~ in ~~high-risk~~tariff ~~areas result in boarding, which poses significant safety~~ and ~~security~~restrictive ~~risks~~trade topolicies ~~crew~~around ~~and~~the ~~cargo.~~world ~~Piracy~~has, and ~~related maritime threats~~ could, negatively impact the Company.’s ~~Crew~~ability ~~extractions,~~to ~~potential~~enter ~~ransom~~certain ~~payments,~~markets ~~lease~~or ~~obligations,~~the ~~and~~price ~~expenses~~of ~~related~~products tomay ~~rerouting~~become ~~vessels~~less tocompetitive ~~circumvent high-risk areas may result~~ in ~~financial~~those ~~loss~~markets. ~~Furthermore~~For example, ~~disruptions~~the inCompany’s ~~shipping~~results ~~schedules~~of ~~may~~operations bewere impacted ~~for~~by anchanges ~~extensive~~in ~~period. In these circumstances, trade policies~~ and ~~the~~uncertainty ~~Company’s~~relating ~~critical~~to global ~~supply~~trade ~~chain~~ and ~~logistical~~tariffs ~~networks~~in ~~could be affected~~2025, ~~impairing~~and the ~~Company’s~~resulting ~~ability~~trade toflow ~~satisfy~~disruptions, ~~contractual~~such ~~obligations,~~as ~~and~~U.S. ~~impacting~~soybean ~~working~~trade ~~capital~~with ~~requirements.~~China, ~~Insurance~~as ~~may~~well ~~not~~as ~~adequately~~the ~~cover~~deferral ~~these~~of ~~risks~~U.S. Inbiofuel ~~addition,~~policy ~~provisions~~with ~~for~~respect ~~certain~~to ~~products~~renewable ~~that~~volume ~~ADM~~obligations ~~produces~~(RVO), ~~particularly~~and ~~those~~the ~~that~~resulting ~~support~~uncertainty ~~the~~which ~~food~~impacted ~~services~~demand ~~channels,~~for ~~could~~soybean beoil ~~materially~~and ~~impacted~~other feedstocks.

Political instability and changes in trade policies could negatively impact the Company’s financial results.

The Company’s operating results could be affected by political instability and by changes in monetary, fiscal, trade, and environmental policies, laws, regulations, and acquisition approvals, creating risks including, but not limited to: changes in a country’s or region’s economic or political conditions; local labor conditions and regulations, and safety and environmental regulations; reduced protection of intellectual property rights; changes in the regulatory or legal environment; restrictions on currency exchange activities; currency exchange fluctuations; burdensome taxes and trade tariffs; enforceability of legal agreements and judgments; adverse tax, administrative agency or judicial outcomes; and regulation or taxation of greenhouse gases. International risks and uncertainties, including changing social and economic conditions as well as terrorism, political hostilities, and war, could limit the Company’s ability to transact business in these markets. The Company has historically benefited from the free flow of agricultural and food and feed ingredient products from the U.S. and other sources to markets around the world. Increases in tariff and restrictive trade policies around the world could negatively impact the Company’s ability to enter certain markets or the price of products may become less competitive in those markets.

Investigation Risks

The Investigation and related events have had and may continue to have a material adverse impact on the Company.

As previously disclosed, following a voluntary document request from the 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, the Company conducted an internal investigation into certain accounting practices and procedures with respect to its Nutrition reporting segment, including as related to certain intersegment sales (the “Investigation”).

The Company had historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market. In connection with the Investigation, the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market. The Company corrected those errors in its fiscal year 2023 Form 10-K, along with subsequently identified errors that the Company corrected in an amendment to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”), and its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment disclosures included in those filings.

As a result of the Investigation, correction of identified errors and related events, the Company has experienced, and may continue to experience, a number of adverse impacts and risks, including, but not limited to:

–the Company’s Board of Directors and senior management have been required to devote significant time to the Investigation, the correction of certain segment-specific historical financial information and related matters, resulting in potential management distraction from the operation of the business;

–the price of the Company’s common stock has declined significantly, has been subject to fluctuations and could continue to fluctuate upon further announcements or actions;

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–the Company is facing securities litigation and could face additional litigation under federal and state securities laws or other claims arising from the Investigation, such litigation can be costly to defend, and if decided against the Company, such litigation could require the Company to pay substantial judgments or settlements;

–the Company could discover additional material or immaterial errors in its financial statements; and

–the three major credit rating agencies have maintained the Company’s credit ratings at investment grade levels with a negative outlook; however, if the ratings are downgraded, the Company’s access to the credit markets and its ability to fund its working capital and capital expenditures may be affected.

The risks described above have had and may in the future have a material adverse effect on the Company’s business, results of operations, financial condition and liquidity.

In addition, although the Company has taken certain actions in response to the findings of the Investigation, the Company could take new or different actions in addition to those taken to date if it determines those actions are appropriate. Such actions are uncertain and could have a material adverse impact on the Company’s business and the price of its common stock.

The Company is subject to ongoing government investigations, and the timing for their resolution and outcome cannot be predicted.

As previously disclosed, and as described more fully in Part II. Item 8. Note 20. Legal Proceedings of this report, 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 reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company cannot predict when the SEC and DOJ investigations will be completed, nor can it predict the results of these investigations with any reasonable degree of certainty. Expenses incurred in connection with these investigations (which include substantial fees of lawyers and other professional advisors and potential obligations to indemnify officers and directors who are parties to these investigations) could adversely affect the Company’s results of operations and liquidity position. The Company may be required to pay material fines, consent to injunctions on future conduct or be subject to other penalties, each of which could have a material adverse effect on its business, results of operations, financial condition and liquidity. These government investigations also may adversely affect the Company’s ability to obtain, and/or increase the cost of obtaining, directors’ and officers’ liability insurance and/or other types of insurance. In addition, the findings and outcomes of the Investigation as well as the government investigations could result in additional litigation or actions taken by third parties against the Company. The effects and results of such other litigation or actions may have a materially adverse effect on the Company’s business, results of operations, financial condition and liquidity.

The Company identified a material weakness in the Company’s internal control over financial reporting, which could impact the Company’s ability to report its results of operations and financial condition accurately and in a timely manner.

During the fourth quarter of 2023, in connection with the Investigation, the Company identified a material weakness in its internal control over financial reporting related to the Company's accounting practices and procedures for segment disclosures. The material weakness resulted from inadequate controls that allowed for certain intersegment sales to be reported at amounts that were not in accordance with ASC 606, Revenue from Contracts with Customers. Specifically, the Company did not have adequate controls in place around measurement of certain intersegment sales between the Company’s reporting segments. In addition, appropriate controls were not in place for the reporting of intersegment sales and for the application of disclosure requirements within ASC 280, Segment Reporting. For a more detailed description of this material weakness, see Part II. Item 9A. Controls and Procedures of this report.

While the Company has implemented a remediation plan, the Company will not be able to conclude whether the steps the Company has taken will remediate the material weakness until a sustained period of time has passed to allow management to test the design and operational effectiveness of the new and enhanced controls.

The material weakness, if not fully addressed, could result in additional accounting errors, such as those resulting in the restatement of certain segment-specific historical financial information as described in the FY2023 10-K/A. The Company may be unable to remediate this material weakness in a timely manner, which could adversely impact the accuracy and timeliness of future reports and filings the Company makes with the SEC. Further, additional errors may be identified as a result of the Company's remediation efforts, or additional material weaknesses could be identified, any of which could result in additional corrections or adjustments, which may be material, or could impact the Company's ability to report its results of operations and financial condition in an accurate and timely manner.

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ARCHER-DANIELS-MIDLAND COMPANY

PART I

Negative publicity has and may continue to adversely affect the Company and the market price of its common stock.

The Company has become subject to negative publicity as a result of the Investigation and related events. Negative publicity and unfavorable perception of the Company has caused and could in the future cause significant declines in the price of the Company’s common stock. Negative publicity can also impact the terms under which some customers and suppliers are willing to continue to do business with the Company and affect the Company’s financial performance or financial condition. In addition, negative publicity or unfavorable perceptions make it more difficult for the Company and its employees to operate, resulting in reduced morale, a potential increase in employee turnover, and difficulty attracting talent. As a result, any new or ongoing negative publicity could have a material adverse effect on the Company’s business, results of operations and financial condition, and the market price of the Company's common stock.

Environmental, Social, and Governance Risks

The Company ~~may~~is besubject ~~impacted~~to bya ~~carbon~~wide ~~emission~~range ~~regulations~~of infood ~~multiple~~safety ~~regions~~and ~~throughout~~quality, manufacturing and labeling, occupational health and safety, environmental, and other regulatory requirements which may expose the ~~globe~~Company to certain regulatory or reputational risks.

The ~~production of the~~ Company’s ~~products~~business ~~uses~~depends ~~materials~~on ~~that~~the ~~can~~quality ~~create~~and ~~emissions~~safety of ~~certain~~the ~~regulated~~agricultural ~~substances~~commodities, ~~including~~ingredients, ~~GHG~~food, ~~emissions.~~feed, ~~Such~~nutritional ~~regulated~~products, ~~emissions~~and ~~also~~other ~~include~~products ~~indirect~~it ~~emissions~~sources, ~~that~~manufactures, ~~occur~~processes, instores, ~~the~~transports, ~~value~~and ~~chain~~sells. asAs ~~the~~a result, ofthe ~~activities~~Company ~~from~~is ~~assets~~exposed ~~now~~to ~~owned~~a orwide ~~controlled~~range byof ~~the~~food ~~Company.~~quality ~~Several~~and ~~jurisdictions~~safety ~~where~~risks. ~~the~~ADM ~~Company~~must ~~has~~comply ~~operations~~with ~~have~~U.S. ~~implemented~~and ornon-U.S. ~~are~~federal, instate, ~~the~~and ~~process~~local ofregulations ~~implementing~~on ~~carbon~~food ~~pricing~~safety, ~~programs~~quality, ormanufacturing ~~regulations~~and tolabeling. ~~reduce~~Certain ~~GHG~~of ~~emissions~~the ~~impacting~~Company’s ~~climate~~products ~~change~~may ~~and~~require ~~rising~~regulatory ~~sea~~approvals, ~~levels~~pre‑market ~~including~~notifications, ~~but~~or ~~not~~ongoing ~~limited~~compliance ~~to,~~with ~~the~~evolving ~~United~~or ~~States,~~uncertain ~~Canada,~~regulatory ~~Mexico,~~frameworks ~~the~~in ~~European~~multiple ~~Union~~jurisdictions. ~~and~~Further, ~~its~~regulatory ~~member~~scrutiny ~~states,~~and standards in the ~~United~~food, ~~Kingdom~~feed, and ~~China.~~nutrition Insectors ~~particular~~continue to evolve, ~~the~~such ~~State~~as ofthe ~~Illinois~~ongoing ~~enacted~~review ~~legislation~~by ~~intended~~regulatory toauthorities ~~eliminate~~in ~~carbon~~the ~~emissions~~EU byand ~~2050~~other ~~which~~jurisdictions ~~includes~~of the ~~mandate~~safety ~~for~~and ~~zero~~permitted ~~emissions~~uses of ~~carbon~~specified ~~dioxide~~chemicals. ~~equivalent~~Any ~~and~~failure ~~co-pollutants~~to ~~from~~comply ~~electric~~with ~~generation~~applicable ~~using~~laws ~~coal~~and byregulations ~~2030.~~or Itchanges isin ~~difficult~~regulatory atinterpretations, ~~this~~standards, ~~time~~or toenforcement ~~estimate~~priorities could restrict the ~~likelihood~~Company’s ofability ~~passage~~to manufacture, market, or ~~predict~~sell ~~the~~certain ~~potential impact~~products, ofincrease ~~any~~compliance ~~additional legislation~~costs, ~~regulations~~ or ~~agreements.~~require ~~Potential~~product ~~consequences~~reformulation ofor ~~new~~withdrawal ~~obligations~~from certain markets, and could ~~include~~subject ~~increased~~ADM ~~energy~~to substantial fines, ~~transportation~~administrative sanctions, ~~raw~~criminal ~~material~~penalties, litigation, and ~~administrative~~other ~~costs~~liabilities, as well as damage to its reputation. The Company’s liability which could result from noncompliance and other risks may ~~require~~not ~~the~~be ~~Company~~covered toby, ~~make~~or ~~additional~~could ~~investments~~exceed inliability ~~its~~insurance ~~facilities~~related to product liability and ~~equipment~~food safety matters.

~~Operations~~The ~~could~~Company bealso ~~impacted~~is bysubject ~~deforestation~~to extensive U.S. and non-U.S. federal, state, and local occupational health and safety, environmental and other regulatory requirements. Any failure to comply with applicable laws and regulations may subject ADM to substantial fines, ~~including~~administrative ~~the~~sanctions, ~~European~~criminal ~~Union~~penalties, ~~(EU)~~revocations ~~deforestation-free~~of ~~regulation~~operating aspermits ~~part~~and/or shutdowns of ~~the~~its EUfacilities, ~~Green~~litigation, ~~Deal~~and other liabilities, as well as damage to its reputation. Further, ADM may be subject to environmental liabilities for past operations at current facilities and byin ~~Brazil'~~some cases to liabilities for past operations at facilities that it no longer owns, operates or uses. The Company may also be subject to liabilities for operations of acquired companies. The Company’s ~~Amazon~~operational ~~soy~~activities ~~moratorium~~can also result in serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or require the expenditure of significant amounts to remediate safety issues or repair damaged facilities.

The EUCompany ~~deforestation-free~~is ~~regulation's~~subject ~~original~~to ~~effective~~various ~~date~~evolving ofregulations ~~December~~related ~~2024 was formally postponed for one year. Soybeans and palm oil are the primary commodities covered by the regulation that will impact ADM due~~ to ~~the~~ESG ~~volume~~matters ofwhich ~~those~~impacts ~~commodities that~~ the Company’s ~~imports~~business ~~into~~and ~~the EU. Failure to comply with the regulation could have serious consequences including civil~~strategies, ~~administrative,~~ and ~~criminal~~could ~~penalties,~~adversely asaffect ~~well~~its ~~as negative impact on the Company’s~~ reputation, business, ~~cash flows,~~ and results of operations. Adhering to these regulations is costly, and insufficient enforcement heightens operational risks. Removal or revisions of existing deforestation regulations creates risk due to ADM’s operational and technology costs incurred in its commitments to comply with such regulations, including ADM’s investment in Gradable.

The Company is ~~committed~~subject to ~~avoid~~various ~~sourcing~~evolving, ~~from~~and ~~deforested~~sometimes ~~areas~~inconsistent, United States federal, state, local and non-U.S. ~~However~~regulations ~~potential~~related ~~disruptions~~to ESG matters, including regulations related to the ~~Amazon~~production ~~soy~~of ~~moratorium~~greenhouse ~~due~~gas to(GHG) ~~changes~~emissions. inSome ~~Brazilian~~of ~~legislation~~these regulations establish specific metrics, targets, and disclosure frameworks for a variety of ESG issues, including environmental sustainability, supply chain labor practices, deforestation, workforce health and safety, proper handling of chemicals or materials, among others. Compliance with these changing and sometimes divergent ESG laws in a timely manner could, ~~render~~among other things, increase raw material, administrative, compliance or other costs, require the Company ~~less~~to ~~competitive~~make inchanges ~~the~~to ~~market~~its ~~and~~business operations or ~~damage~~strategies, or require the Company’s ~~reputation~~to make additional investments in its facilities or equipment. ~~The~~Further, ~~Company~~it is ~~working~~difficult to ~~source~~predict ~~responsibly~~the ~~while~~potential ~~maintaining~~impact ~~its~~and ~~market~~timing ~~position~~of any new or additional legislation, regulations or agreements related to climate change or other ESG matters.

~~Food~~The orCompany ~~feed~~has ~~risks~~programs ~~derived~~and ~~from~~policies ~~quality~~in ~~issues~~place orthat ~~off~~are ~~label~~aimed ~~product~~at ~~usage,~~expanding ~~occupational~~responsible ~~health~~practices ~~and~~while ~~safety~~reducing ~~issues,~~its environmental footprint. The Company has also established ESG related goals and ~~ineffective~~objectives. ~~diversification~~The ~~programs~~Company may ~~expose~~be ~~the~~required ~~Company~~to make investments and incur costs to ~~certain~~implement ~~regulatory~~these programs and policies that are significant or ~~reputational~~higher ~~risks.~~than anticipated,

The Company is subject to federal, state, and local regulations on manufacturing or labeling; socially acceptable and sustainable farming practices; environmental, health, and safety regulations; and customer product liability claims. The liability which could result from noncompliance and other risks may not always be covered by, or could exceed liability insurance related to product liability and food safety matters maintained by the Company. Risks to the Company’s reputation may exist due to potential negative publicity caused by product liability, food safety, occupational health and safety, workforce diversity, and environmental matters. 15

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~~The~~ADM ~~Company’s~~may ~~sustainable~~not ~~practices~~be ~~require~~able ~~oversight~~to achieve the goals and ~~robust~~objectives, ~~monitoring~~and ~~requirements.~~ADM ~~The~~may ~~lack~~not ofrealize, ~~unified~~on ~~reporting~~a ~~standards~~timely ~~increases~~basis ~~sustainability~~or ~~regulatory~~at ~~compliance~~all, the anticipated benefits of these investments and ~~reporting~~actions, ~~requirements.~~any of which could adversely impact the Company’s reputation and business.

The Company’s ~~has~~carbon ~~programs~~capture and ~~policies~~storage ~~in place~~ (~~e.g.~~CCS) operations, ~~Corporate~~through ~~Sustainability~~which ~~Program;~~ADM ~~Commitment~~is able to ~~Protecting~~capture ~~Forests, Biodiversity~~ and ~~Communities;~~store ~~Environmental~~CO2, ~~Policy;~~are ~~Strive~~also 35subject ~~environmental goals; etc.)~~ to ~~expand~~potential ~~responsible~~risks ~~practices while reducing its environmental footprint~~ and touncertainties, ~~help~~including ~~ensure~~complying ~~compliance~~ with ~~laws~~complex and evolving regulations., ~~Implementation~~obtaining ofand ~~these~~maintaining ~~programs~~permits and ~~policies~~regulatory ~~sometimes~~approvals, ~~requires~~and ~~the~~managing ~~acquisition~~operational ~~of technology or capital investments at a cost to the Company. Starting in 2026~~challenges, ~~the~~which ~~Corporate~~could ~~Sustainability~~have ~~Reporting~~an ~~Directive~~adverse ~~(CSRD)~~effect ~~will~~on ~~require~~its ~~companies within the European Union to report extensive climate-related information for the 2025 financial year. The reporting requirements of CSRD~~reputation, ~~along~~business ~~with~~and ~~the~~results ~~growing multitude~~ of ~~corporate~~operations. ~~sustainability~~ADM ~~reporting~~is ~~standards,~~currently ~~will~~diversifying ~~result in increased compliance costs~~ and ~~could~~scaling ~~result in regulatory reporting risks as each standard will have~~ its ~~own~~CCS ~~required~~operations ~~disclosures. Failure~~ to ~~comply~~capture ~~with laws~~ and ~~regulations~~store ~~can~~greater ~~have~~amounts ~~serious~~of ~~consequences~~CO2, ~~including~~which ~~civil,~~may ~~administrative,~~not ~~and~~be ~~criminal~~successful ~~penalties~~and asare ~~well~~subject asto asimilar ~~negative~~risks ~~impact on the Company’s reputation, business, cash flows,~~ and ~~results of operations~~uncertainties.

The Company’s ~~carbon~~goals ~~capture~~ and ~~sequestration~~stakeholder ~~operations~~expectations ~~are~~relating ~~also subject~~ to ~~potential~~ESG-related ~~risks~~matters and ~~uncertainties,~~sustainable ~~including~~practices ~~complying~~may ~~with~~expose ~~complex~~the ~~and~~Company ~~evolving~~to ~~regulations~~increased costs, ~~obtaining~~reputational ~~and~~harm ~~maintaining permits~~ and ~~regulatory~~other ~~approvals, and managing operational challenges~~risks.

The Company has established and publicly announced certain goals and strategies related to sustainable practices and other ESG-related issues, which may be refined in the future. The execution of the Company’s strategy to achieve these goals is subject to risks and uncertainties, many of which may be outside of ADM’s control and may prove to be more costly than anticipated. Any failure, or perceived failure, to achieve these goals or the setting or publication of certain goals or objectives could damage the Company’s reputation or may expose the Company to regulatory risks. Additionally, recent changes to governmental and investor perspectives on ESG matters could affect the Company's ability to pursue its sustainability and ESG-related goals and the Company may face criticism as a result of ‘anti-ESG’ sentiment among certain stakeholders, which may adversely impact the Company’s reputation, business, cash flows, and results of operations.

Financial Risks

Limitations on access to external financing could adversely affect the Company’s operating results due to its capital-intensive nature.

The Company requires significant capital, including continuing access to credit markets, to operate its current business and fund its growth strategy. The Company’s working capital requirements, including margin requirements on open positions on futures exchanges, are directly affected by the price of agricultural commodities, which may fluctuate significantly and change quickly. The Company also requires substantial capital to maintain and upgrade its extensive network of storage facilities, processing plants, refineries, mills, ports, transportation assets, and other facilities to keep pace with competitive developments, technological advances, regulations, and changing safety standards in the industry. Moreover, the expansion of the Company’s business and pursuit of acquisitions or other business opportunities may require significant amounts of capital. Access to credit markets and pricing of the Company’s capital is dependent upon maintaining sufficient credit ratings from credit rating agencies. Strong credit ratings allow the Company to access cost-competitive tier one commercial paper markets. As of December 31, ~~2024~~2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook. Further watches, reviews or downgrades could occur. If the Company is unable to maintain sufficiently high credit ratings, access to these commercial paper and other debt markets and costs of borrowings could be adversely affected. If the Company is unable to generate sufficient cash flow or maintain access to adequate external financing, including as a result of significant disruptions in the global credit markets, it could restrict the Company’s current operations and its growth opportunities.

Strategic and Economic Risks

Agricultural commodities, agricultural commodity products, and non-agricultural commodity raw materials the Company procures, transports, stores, processes, and merchandises can be affected by various factors beyond the Company’s control.

The availability and prices of agricultural commodities are subject to wide fluctuations, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, government programs and policies, including global trade, renewable energy/biofuel policies and other regulatory considerations, climate change, competition, and changes in global demand, which could adversely affect the Company’s operating results. Additionally, the Company depends globally on agricultural producers to ensure an adequate supply of the agricultural commodities.

21Reduced supply of agricultural commodities and rising costs of non-agricultural commodity raw materials could adversely affect the Company’s profitability by increasing the cost of raw materials and/or limiting the Company’s ability to procure, transport, store, process, and merchandise agricultural commodities and products in an efficient manner. High and volatile

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~~Reduced supply of agricultural commodities and rising costs of non-agricultural~~ commodity ~~raw materials could adversely affect the Company’s profitability by increasing the cost of raw materials~~ and~~/or~~ ~~limiting the Company’s ability to procure, transport, store, process, and merchandise agricultural commodities and products in an efficient manner. High and volatile commodity and~~ non-agricultural commodity prices can place more pressures on short-term working capital funding. Conversely, if supplies are abundant and crop production globally outpaces demand for more than one or two crop cycles, price volatility is somewhat diminished. This could result in reduced operating results due to the lack of supply chain dislocations and reduced market spread and basis opportunities.

The Company has certain finished products, such as ethanol and biodiesel, which are closely related to, or may be substituted for, petroleum products, or in the case of ethanol, blended into gasoline to increase octane content. Therefore, the selling prices of ethanol and biodiesel can be impacted by the selling prices of gasoline, diesel fuel, and other octane enhancers. A significant decrease in the price of gasoline, diesel fuel, or other octane enhancers could result in a significant decrease in the selling price of the Company’s ethanol and biodiesel. The Company may use derivative contracts as anticipatory hedges for both purchases and sales of commodities to protect itself in the near term against price changes and to protect and maximize processing margins, but there can be no assurance that any derivative contracts entered into by the Company will have those effects.

The Company is subject to ~~economic~~risks ~~downturns~~relating to global and regional economic ~~volatilities~~downturns, which could adversely affect the Company’s operating results.

~~The~~A ~~Company~~significant ~~conducts~~downturn ~~its~~in ~~business~~the ~~and~~global ~~has~~economy ~~substantial~~could ~~assets~~lead ~~located~~to inreduced ~~many~~demand ~~countries~~for agricultural commodities and ~~geographic~~food ~~areas.~~products, ~~While~~which ~~64%~~could ofadversely affect the Company’s ~~long-lived~~business ~~assets~~and ~~are~~results inof operations. Beyond the United States, the Company ~~also~~ has significant operations in both developed areas ~~(such as Western Europe~~ and ~~Canada) and~~ emerging market areas. One of the Company’s strategies is to expand the global reach of its core model, which may include expanding or developing its business in emerging market areas. Both developed and emerging market areas are subject to impacts of economic downturns, including decreased demand for the Company’s products, and reduced availability of credit, or declining credit quality of the Company’s suppliers, customers, and other counterparties. In addition, emerging market areas could be subject to more volatile operating conditions including, but not limited to, logistics limitations or delays, labor-related challenges, epidemic outbreaks and economic recovery, limitations or regulations affecting trade flows, local currency concerns, and other economic and political instability. Political fiscal instability could generate intrusive regulations in emerging markets, potentially creating unanticipated assessments of taxes, fees, increased risks of corruption, etc. Economic downturns and volatile market conditions could adversely affect the Company’s operating results and ability to execute its long-term business strategies~~, although the nature of many of the Company’s products (i~~.e. ~~food and feed ingredients) is less sensitive to demand reductions in any economic downcycle.~~

The Company has significant competition in the markets in which it operates and is subject to industry-specific risks which could adversely affect the Company’s operating results.

The Company faces significant competition in each of its businesses and has numerous competitors, who can be different depending upon each of the business segments in which it participates. ~~The~~ ~~Company competes for the acquisition of inputs such as raw materials, transportation services, and other materials and supplies, as well as for workforce and talent.~~ Competition impacts the Company’s ability to generate and increase its gross profit as a result of the following factors:

–Pricing of the Company’s products is partly dependent upon industry processing capacity, which is impacted by competitor actions to bring idled capacity on-line, build new production capacity or execute aggressive consolidation;

–Many of the products bought and sold by the Company are global commodities or are derived from global commodities that are highly price competitive and, in many cases, subject to substitution;

–Significant changes in exchange rates of foreign currencies versus the U.S. dollar, particularly the currencies of major crop growing countries, could also make goods and products of these countries more competitive than U.S. products;

–Improved yields in different crop growing regions may reduce the reliance on origination territories in which the Company has a significant presence; and

–Continued merger and acquisition activities resulting in further consolidations could result in greater cost competitiveness and global scale of certain players in the industry, especially when acquirers are state-owned and have profit and return objectives that may differ from private sector enterprises.

~~The~~In ~~Company~~addition, isthe ~~subject~~competitive todynamics ~~industry-specific~~of ~~risks~~the ~~which~~Company’s ~~include~~markets ~~but~~ are ~~not~~subject ~~limited~~ to: ~~launch~~geopolitical ofand ~~new~~related ~~products~~risks, byincluding ~~other~~the ~~industries~~governments ~~that~~of ~~can~~countries ~~replace~~and ~~the~~regions ~~functionalities~~working ofwith ~~the Company’~~ADM's ~~production;~~competitors ~~shifting~~to ~~consumer~~address ~~preferences;~~trade ~~and~~flow ~~product~~restrictions ~~safety~~or ~~and~~develop ~~quality~~their own local or regional capacity.

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The Company competes for the acquisition of inputs such as raw materials, transportation services, and other materials and supplies, as well as for workforce and talent. The Company is also subject to industry-specific risks which include but are not limited to: launch of new products by other industries that can replace the functionalities of the Company’s production; shifting consumer preferences; and product safety and quality. For example, changes in consumer health or dietary preferences could reduce demand for food products that contain sweeteners, such as high fructose corn syrup, edible oils, genetically modified products, and/or other processed ingredients, which could negatively impact our sales and profitability.

In the case of the Nutrition business, while maintaining efficient and cost-effective operations are important, the ability to drive innovation and develop quality nutritional and wellness solutions for human and animal needs are key factors to remain competitive in the nutrition market. Certain of the Company’s merchandised commodities and finished products are used as ingredients in livestock and poultry feed. The Company is subject to risks associated with economic, product quality, feed safety or other factors which may adversely affect the livestock and poultry businesses, including the outbreak of disease in livestock and poultry, for example African swine fever, which could adversely affect demand for the Company’s products used as ingredients in feed. In addition, ADM’s investment in the flavors and ingredients businesses exposes the Company to risks related to innovation, adaptation, and product claims to meet the changing requirements of its customers.

The Company’s risk management strategies may not be effective.

The Company has a Chief Risk Officer who oversees the Enterprise Risk Management (ERM) Program and regularly reports to the Board of Directors through the Audit Committee, which assists the Board in its oversight of the Company's ERM program, on the myriad of risks facing the Company and the Company’s strategies for mitigating those risks. The Company’s business is affected by, among other things, geopolitical and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets, as well as operational and other disruptions, and compliance and regulatory exposures. The Company’s risk ~~monitoring~~management efforts may not be successful at detecting a significant risk exposure, and such exposure could adversely affect the Company’s operating results.

Regulatory Risks

The Company is subject to numerous laws, regulations, and mandates globally which could adversely affect the Company’s operating results and forward strategy.

The Company does business globally, connecting crops and markets in over 180 countries, and is required to comply with laws and regulations administered by the United States federal government as well as state, local, and non-U.S. governmental authorities in numerous areas including: accounting and income taxes, anti-corruption, anti-bribery, global trade, trade sanctions, privacy and security, environmental, product compliance and safety, and handling and production of regulated substances. ~~The~~ ~~Company~~Any ~~frequently~~failure ~~faces challenges from U.S. and foreign tax authorities regarding the amount~~ of ~~taxes due including questions regarding~~ the ~~timing,~~Company ~~amount~~to ofcomply ~~deductions,~~with ~~the~~these ~~allocation~~laws ~~of income among various tax jurisdictions. Legislatures~~ and ~~taxing~~regulations ~~authorities~~could inimpact ~~many~~the ~~jurisdictions~~Company’s inreputation, ~~which~~subject ~~ADM~~the ~~operates~~Company ~~may enact changes~~ to ~~their~~significant ~~tax rules. The Organization for Economic Cooperation and Development (the “OECD”)~~liabilities, ~~the European Union,~~ and ~~other~~adversely ~~countries~~affect ~~(including countries in which~~ the Company’s ~~operates)~~business, ~~have~~results ~~committed~~of tooperations ~~enacting~~and ~~substantial~~financial ~~changes~~condition, toas ~~numerous~~well ~~long-standing~~as ~~tax~~its ~~principles~~overall ~~impacting how large multinational enterprises are taxed~~strategy.

InRisks ~~particular,~~relating ~~the~~to ~~OECD’s~~regulations ~~Pillar~~specifically ~~Two~~affecting ~~initiative introduces a 15% global minimum tax applied on a country-by-country basis. While it appears unlikely~~ the ~~United~~agricultural ~~States~~sector ~~will enact legislation to adopt Pillar Two, certain countries in which ADM operates have enacted legislation,~~ and ~~other~~related ~~countries are in the process of introducing draft legislation to implement the minimum tax directive. Certain aspects of Pillar Two were effective for ADM during the year ended December 31~~industries, ~~2024~~as ~~with~~well ~~additional components becoming effective beginning in the year ended December 31, 2025. In the U.S., under U.S. GAAP, Pillar Two taxes are considered an alternative minimum tax accounted for~~ as athose ~~period cost~~ that ~~will~~affect ~~impact~~ the ~~effective~~Company’s ~~tax~~other ~~rate~~business inand ~~the year the Pillar Two tax obligation arises. As such~~practices, ~~deferred~~could ~~taxes~~adversely ~~will~~affect ~~not be recognized or adjusted for~~ the ~~estimated~~Company’s ~~effects of future minimum taxes. While at this time we do not expect the impact of Pillar Two to be material to our consolidated financial statements in 2025~~business, ~~there~~reputation isand nooperating ~~assurance that it will not have an adverse effect on our effective tax rate, financial~~ results~~, or cash flows in future periods~~.

OnAgricultural ~~January~~production 20and trade flows are subject to government policies, ~~2025~~mandates, ~~President~~regulations, ~~Trump~~and ~~issued~~trade ~~executive~~agreements, ~~orders~~including ~~that~~taxes ~~the~~and ~~OECD~~tax ~~Global~~credits, ~~Tax~~tariffs, ~~Deal~~duties, ~~has~~subsidies, noincentives, ~~force~~foreign exchange rates, and ~~effect~~import inand ~~the~~export ~~U.S.~~restrictions, ~~and~~including policies related to ~~investigate~~genetically ~~foreign~~modified ~~countries’~~organisms, ~~compliance~~traceability ~~with~~standards, ~~tax~~sustainable ~~treaties~~practices, product safety and labeling, renewable fuels, low carbon fuel mandates, and technology related to ~~prepare~~energy aproduction ~~list~~and/or emissions reductions. These policies can influence the planting of ~~options~~certain ~~for~~crops; ~~protective~~the ~~measures~~location and size of crop production; whether unprocessed or processed commodity products are traded; the ~~U.S.~~volume ~~should~~and ~~adopt~~types inof ~~response.~~imports ~~Our~~and ~~analysis~~exports; isthe ~~ongoing~~availability and competitiveness of feedstocks as raw materials; the ~~OECD~~viability ~~continues~~and tovolume ~~release~~of ~~additional~~production ~~guidance~~of certain of the Company’s products; and industry profitability. For example, ~~countries~~changes ~~enact~~in ~~legislation~~government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the ~~potential~~Clean ~~U.S.~~Fuels ~~response.~~Production ToTax Credit and the ~~extent~~related ~~additional~~"45Z" ~~legislative~~tax ~~changes~~credit ~~take~~and ~~place~~the inRenewable Fuel Standard under the ~~countries~~Energy Independence and Security Act of 2007 in ~~which~~the weUnited ~~operate~~States, itincluding isthe ~~possible~~treatment ~~that~~of ~~these~~small ~~changes~~refinery ~~may~~exemptions, ~~yield~~can have an ~~adverse~~ impact on ~~our~~the ~~effective~~Company’s operating results. In particular, the Company's ability to generate significant 45Z tax ~~rate~~credits relating to its CCS operations and other initiatives, ~~financial~~is ~~results.~~subject to risks and ~~cash~~uncertainties, ~~flows.~~including CCS regulatory and

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operational challenges, and 45Z tax credit process and compliance risks, and could have an adverse effect on its reputation, business, and results of operations. International trade regulations can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions. Further, government regulations and/or policies relating to the type of fats, sugars, and grains consumed, as well as changes in customer preferences, can also negatively impact demand for the Company’s ingredients and/or products.

The Company is also subject to certain additional financial and commodities market and insurance-related regulations due to its futures commission merchant business, agricultural commodity risk management practices, and captive insurance provider. These regulations include customer protection, capital and financial responsibility requirements, transaction reporting, risk-management practices, margin and collateral standards, anti-money-laundering and sanctions compliance, and other requirements, such as those imposed by Commodity Futures Trading Commission regulations, the Dodd-Frank Act, Consumer Protection Act, and the European Market Infrastructure Regulation. These requirements are complex, evolving and differ in respects from the regulatory requirements to which the Company's other businesses are subject. Any failure of the Company to comply with these laws and regulations could impact the Company's reputation, and adversely affect the Company’s futures commission merchant business and its agricultural commodity risk management practices, or captive insurance provider. Future government policies may adversely affect the supply of, demand for, and prices of the Company’s products; adversely affect the Company’s ability to deploy adequate hedging programs; restrict the Company’s ability to do business in its existing and target markets; and adversely affect the Company’s revenues and operating results.

The Company’s strategy involves expanding the volume and diversity of crops it merchandises and processes, expanding the global reach of its core model, expanding its value-added product portfolio, and expanding the sustainable agriculture programs and partnerships in which it participates. Government policies including, but not limited to, antitrust and competition law, trade restrictions, food safety regulations, sustainability requirements, and traceability, can impact the Company’s ability to successfully execute this aspect of its strategy. Certain compliance and other risks to the Company may be heightened in emerging markets.

Changes in tax laws or exposure to additional tax liabilities could have a material impact on the Company’s financial condition and results of operations.

The Company is subject to income taxes as well as non-income taxes in various jurisdictions throughout the world. ADM’s effective tax rates could be adversely affected by changes in the mix of earnings by jurisdiction, changes in tax laws, tax rate changes in the valuation of deferred tax assets and liabilities and material adjustments from tax audits. The Company frequently faces challenges from U.S. and foreign tax authorities regarding the amount of taxes due including questions regarding the timing, amount of deductions, the allocation of income among various tax jurisdictions. The outcomes of these challenges could have a material impact on the Company’s results of operations and financial condition in the periods in which they are recognized.

Further, legislatures and taxing authorities in many jurisdictions in which ADM operates may enact changes to their tax rules. The U.S. One Big Beautiful Bill Act ("OBBBA"), which includes significant changes to corporate tax rules, deductions, expensing, and international tax provisions, may affect the Company’s tax position, the timing and amount of deductible expenditures, and the application of credits and incentives. The Organization for Economic Cooperation and Development (the “OECD”), the European Union, and other countries (including countries in which the Company operates) have enacted substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed. In particular, the OECD’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis. The U.S., under the current Administration, has opposed the adoption of Pillar Two and other OECD initiatives. While the OECD has reached an agreement with the G7 to exempt U.S. multinationals from certain impacts and it introduced certain related safe harbors, the ultimate impact on the Company remains uncertain due to whether all countries immediately adopt the safe harbors and whether certain Pillar Two reporting obligations remain applicable. Each country must enact the changes to their local laws in order for the rules to go in effect. The implementation of Pillar Two will result in additional mandatory disclosures, which will likely cause additional scrutiny of the Company's tax positions and potentially increased tax assessments.

Changes in administration or shifts in legislative priorities may lead to alterations in the U.S. tax code or may potentially influence the global tax landscape and the Company's compliance requirements related to tariffs and sanctions.

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The Company is subject to the EU Network and Information Security (NIS2) directive, which aims to enhance cybersecurity across the EU by establishing more stringent requirements for a broader range of sectors and entities. Although NIS2 has not yet been fully implemented, the Company is proactively working with relevant authorities and stakeholders in various countries as they enact the directive. NIS2 mandates that organizations implement robust cybersecurity measures, including formal business continuity (BC) and disaster recovery (DR) plans, to ensure resilience against cyber threats. Non-compliance with these regulations could result in significant fines, legal penalties, and operational disruptions.

Any failure to comply with applicable laws and regulations or appropriately resolve these challenges could subject the Company to administrative, civil, and criminal remedies, including fines, penalties, disgorgement, injunctions, and recalls of its products, and damage to its reputation.

Regulations specifically affecting the agricultural sector and related industries; regulatory policies or matters that affect a variety of businesses; and taxation polices could adversely affect the Company’s operating results.

Agricultural production and trade flows are subject to government policies, mandates, regulations, and trade agreements, including taxes and tax credits, tariffs, duties, subsidies, incentives, foreign exchange rates, and import and export restrictions, including policies related to genetically modified organisms, traceability standards, sustainable practices, product safety and labeling, renewable fuels, low carbon fuel mandates, and technology related to energy production and/or emissions reductions. These policies can influence the planting of certain crops; the location and size of crop production; whether unprocessed or processed commodity products are traded; the volume and types of imports and exports; the availability and competitiveness of feedstocks as raw materials; the viability and volume of production of certain of the Company’s products; and industry profitability. For example, changes in government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the Clean Fuels Production Tax Credit and the Renewable Fuel Standard under the Energy Independence and Security Act of 2007 in the United States, including the treatment of small refinery exemptions, can have an impact on the Company’s operating results. International trade regulations can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions. Regulations of financial markets and instruments, including the Dodd-Frank Act, Consumer Protection Act, and the European Market Infrastructure Regulation, create uncertainty and may lead to additional risks and costs, and could adversely affect the Company’s futures commission merchant business and its agricultural commodity risk management practices. Future government policies may adversely affect the supply of, demand for, and prices of the Company’s products; adversely affect the Company’s ability to deploy adequate hedging programs; restrict the Company’s ability to do business in its existing and target markets; and adversely affect the Company’s revenues and operating results.

The Company’s strategy involves expanding the volume and diversity of crops it merchandises and processes, expanding the global reach of its core model, expanding its value-added product portfolio, and expanding the sustainable agriculture programs and partnerships it participates in. Government policies including, but not limited to, antitrust and competition law, trade restrictions, food safety regulations, sustainability requirements, and traceability, can impact the Company’s ability to execute this strategy successfully.

Technological Risks

The Company’s inability to successfully ~~complete~~upgrade its ~~ongoing~~information ~~implementations of new enterprise resource planning (ERP) systems~~ and ~~upgrades~~operational ~~of its information~~ technology ~~(IT)~~ systems could have a material and adverse effect on the Company’s business, financial condition, and operational results.

The Company is currently upgrading its ITtechnology platforms, including certain ERP systems, ~~on a global scale,~~ with these upgrades expected to occur in phases over the next several years. These upgrades include making changes to legacy systems or acquiring new systems with new functionality, and building new policies, procedures, training programs and monitoring tools. ~~The~~ADM ~~Company~~has recently refined its digital strategy and is ~~also~~pivoting ~~engaged~~away infrom large global implementations ofand ~~new~~directing ~~ERP~~resources ~~systems~~to ~~which~~prioritize ~~has~~regional, more agile projects. While the Company expects that this recent pivot will expedite certain upgrades and enhance capabilities cost effectively, there can be no assurance that this approach will yield the expected benefits on a timely basis or at all, or that the Company will not continue to evolve its approach over time. Further, these projects may involve unanticipated delays, costs, and other problems. The Company’s efforts have required and will continue to require significant investments of human and financial resources. The Company’s strategy for pursuing these upgrades and implementations will likely evolve over time and may increase the time or expense involved in completing these projects.

24In implementing system upgrades, the Company may experience significant increases to inherent costs and risks associated with changing and acquiring these systems, policies, procedures and monitoring tools, including capital expenditures, additional operating expenses, demands on management time and other risks and costs of delays or difficulties in transitioning to or integrating new systems policies, procedures, or monitoring tools into its current systems. Any significant disruption or deficiency in the design and implementation of any of these systems may adversely affect the Company’s ability to operate its business, or to maintain effective disclosure controls and internal control over financial reporting. These implementations, modifications and upgrades may not result in productivity improvements at a level that outweighs the costs of implementation, or at all. In addition, difficulties with implementing new technology systems, such as ERPs, delays in the Company’s timeline for planned improvements, significant system failures or the Company’s inability to successfully modify its technology systems, policies, procedures or monitoring tools to respond to changes in its business needs in the past have caused and in the future may cause disruptions in the Company’s business operations, increase security risks, including the risk of cybersecurity breaches, and may have a material and adverse effect on the Company’s business, financial condition and results of operations.

Information and operational technology systems are subject to interruptions or failures which may affect the Company’s ability to conduct its business.

The Company’s operations rely on certain key technology systems, some of which are dependent on services provided by third parties, to provide critical data connectivity, information, and services for internal and external users. These interactions include, but are not limited to: ordering and managing materials from suppliers; risk management activities; converting raw materials to finished products; inventory management; shipping products to customers; processing transactions; summarizing and reporting financial results of operations; human resources benefits and payroll management; and complying with regulatory, legal or tax requirements. Additionally, a significant portion of the Company’s technology environment used to support significant business functions consists of legacy systems, some of which were implemented many years ago, are highly customized, or are integrated with newer technologies. The instability of aging legacy systems could diminish performance and elevate the risk of system failures, reduce compatibility with modern software, and impact growth initiatives.

The Company’s systems, processes, and sites are subject to cybersecurity and other incidents, which could expose the Company to operational and various regulatory risks.

Like other large multi-national corporations, the Company and third parties with which the Company conducts business are subject to a wide range of cybersecurity risks relating to their systems and data. The Company and these third parties regularly experience cyber-attacks and incidents, some of which (including email phishing attacks on email systems) have adversely impacted the Company, and the Company expects to continue to be subject to such attacks. These attacks may include phishing, state-sponsored cyber-attacks, industrial espionage, insider threats, computer denial-of-service attacks, computer viruses, ransomware and other malware, payment fraud or other cyber incidents. Increased IT security and social engineering threats and more sophisticated computer crime, including advanced persistent threats, pose a potential risk to the security of the Company’s technology systems, networks, and services, as well as the confidentiality, availability, and integrity of the Company’s third-party data. The Company is subject to a variety of laws and regulations in the United States and other jurisdictions regarding artificial intelligence (AI), privacy, data protection, and data security, including those related to the

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ARCHER-DANIELS-MIDLAND COMPANY

PART I

~~In implementing new ERPs~~collection, ~~the Company may experience significant increases to inherent costs and risks associated with changing and acquiring these systems~~storage, ~~policies~~handling, ~~procedures and monitoring tools~~use, ~~including capital expenditures~~disclosure, ~~additional operating expenses~~transfer, ~~demands~~and onsecurity ~~management~~of ~~time~~personal ~~and~~data. ~~other~~Compliance ~~risks~~with and ~~costs~~interpretation of ~~delays~~various ordata ~~difficulties~~privacy inregulations ~~transitioning~~continue to ~~or integrating new systems policies~~evolve, ~~procedures, or monitoring tools into its current systems. Any significant disruption or deficiency in the design~~ and ~~implementation of~~ any ~~ERP~~violation ~~may~~could ~~adversely~~subject ~~affect~~ the Company’s ~~ability~~ to ~~operate~~legal ~~its business~~claims, orregulatory ~~maintain effective disclosure controls and internal control over financial reporting. These implementations~~penalties, ~~modifications~~ and ~~upgrades~~damage may not result in productivity improvements at a level that outweighs the costs of implementation, or at all. In addition, difficulties with implementing new technology systems, such as ERPs, delays in the Company’s timeline for planned improvements, significant system failures or the Company’s inability to ~~successfully modify~~ its IT systems, policies, procedures or monitoring tools to respond to changes in its business needs in the past have caused and in the future may cause disruptions in the Company’s business operations, increase security risks, including the risk of cybersecurity breaches, and may have a material and adverse effect on the Company’s business, financial condition and results of operationsreputation.

~~Information~~If ~~technology~~the Company’s systems are ~~subject~~breached, damaged, or cease to function properly due to any number of causes, such as catastrophic events, power outages, security breaches, or cyber-based attacks, and the Company’s recovery efforts do not effectively mitigate the risks on a timely basis, the Company may suffer significant interruptions in its ability to manage its operations, loss of valuable data, actual or ~~failures~~threatened legal actions, and damage to its reputation, which may ~~affect~~adversely impact the Company’s ~~ability~~revenues, tooperating ~~conduct~~results, ~~its~~and ~~business~~financial condition.

The Company’s ~~operations~~is ~~rely~~subject ~~on certain key IT systems, some of which are dependent on services provided by third parties,~~ to ~~provide~~various ~~critical data connectivity~~technical, ~~information~~legal, and ~~services~~opportunistic-related ~~for~~risks ~~internal~~relating ~~and external users. These interactions include, but are not limited~~ to: ~~ordering~~use and managing materials from suppliers; risk management activities; converting raw materials to finished products; inventory management; shipping products to customers; processing transactions; summarizing and reporting financial results of ~~operations;~~artificial ~~human~~intelligence ~~resources benefits~~ and ~~payroll~~other ~~management;~~emerging ~~and~~digital ~~complying with regulatory, legal or tax requirements. Additionally, legacy~~ technologies ~~are used to support significant business functions~~. ~~The instability of aging legacy systems could diminish performance and elevate the risk of system failures, reduce compatibility with modern software, and impact growth initiatives.~~

The Company’s ITcontinues ~~systems,~~to ~~processes~~focus on leveraging digital technologies, including artificial intelligence (“AI”) and ~~sites~~advanced ~~may~~analytics ~~suffer~~across ~~cybersecurity~~its ~~breaches~~operations. The effective design, ~~which~~deployment, governance and oversight of these technologies involve risks and uncertainties that could ~~expose~~adversely affect the Company’s tobusiness, ~~operational~~reputation, financial condition and ~~various~~results ~~regulatory~~of ~~risks~~operations. The Company’s ability to realize the anticipated benefits of AI initiatives depends on a number of factors, many of which are outside of its control.

~~Increased~~AI ITsystems ~~security~~rely ~~and~~heavily ~~social~~on ~~engineering~~vast ~~threats~~amounts ~~and~~of ~~more~~data, ~~sophisticated~~so ~~computer~~they ~~crime,~~require ~~including~~significant ~~advanced~~investments ~~persistent~~in ~~threats~~data infrastructure, ~~pose~~high‑quality adata ~~potential~~inputs, ~~risk~~skilled topersonnel, ~~the~~cybersecurity ~~security~~safeguards, ofand ~~the~~ongoing ~~Company’s~~monitoring. ITIf ~~systems,~~not ~~networks,~~managed and ~~services~~protected properly, asAI ~~well~~systems ascould ~~the~~heighten ~~confidentiality~~risks for data breaches, ~~availability~~cybersecurity incidents, ~~and~~model ~~integrity~~manipulation, ofor the ~~Company’s~~unauthorized ~~third-party~~use ~~data.~~or ~~The~~disclosure ~~Company~~of isconfidential, ~~subject~~proprietary toor apersonal ~~variety~~information. ofAI ~~laws~~technology ~~and~~is ~~regulations~~evolving inrapidly ~~the~~with ~~United~~governments ~~States~~ and ~~other~~regulatory ~~jurisdictions~~bodies ~~regarding~~around ~~artificial~~the ~~intelligence~~world ~~(AI),~~continuing ~~privacy,~~to ~~data~~introduce ~~protection~~new requirements, ~~and data security~~guidelines, ~~including~~and ~~those~~frameworks related to the ~~collection,~~responsible ~~storage,~~use ~~handling,~~of ~~use,~~AI. ~~disclosure,~~Compliance ~~transfer,~~with ~~and~~these ~~security~~emerging ofand ~~personal~~changing ~~data.~~regulations ~~Compliance~~may ~~with~~require ~~and~~ADM ~~interpretation~~to ofincur ~~various~~substantial ~~data~~costs ~~privacy~~and ~~regulations~~make ~~continue~~changes to ~~evolve,~~its business practices and ~~any~~complex ~~violation~~adjustments ~~could~~to ~~subject~~its ~~the~~AI ~~Company~~systems. toFurthermore, legal ~~claims~~challenges related to intellectual property, ~~regulatory~~liability ~~penalties~~for AI-driven decisions, and ~~damage~~potential tomisuse ~~its~~of ~~reputation~~AI present significant risks.

IfAI ~~the~~systems ~~Company’s~~may ITfail ~~systems~~to ~~are~~perform ~~breached,~~as ~~damaged,~~expected orunder ~~cease~~certain toconditions ~~function~~or ~~properly~~become ~~due~~vulnerable to ~~any~~adversarial ~~number~~attacks ofthat ~~causes,~~manipulate ~~such~~the asAI’s ~~catastrophic~~output. ~~events,~~As ~~power~~AI ~~outages,~~becomes ~~security~~more ~~breaches,~~integrated orinto ~~cyber-based attacks, and~~ the Company’s ~~recovery~~operations, ~~efforts~~the dorisks ~~not~~of ~~effectively~~system ~~mitigate~~failure ~~the~~or ~~risks~~malfunction onincrease, awhich ~~timely~~could ~~basis,~~disrupt ~~the~~business ~~Company~~processes. ~~may~~The ~~suffer~~rapid ~~significant~~pace ~~interruptions~~of inAI ~~its~~development ~~ability~~requires tospecialized ~~manage~~talent ~~its~~and ~~operations,~~resources ~~loss~~to ofdesign, ~~valuable data~~implement, ~~actual~~and ormaintain ~~threatened~~AI ~~legal~~systems. ~~actions,~~The ~~and~~shortage ~~damage~~of toskilled ~~its~~AI ~~reputation,~~professionals ~~which~~presents ~~may~~a ~~adversely~~risk ~~impact~~to the Company’s ~~revenues~~ability to effectively develop and leverage AI technologies. Additionally, ~~operating~~the ~~results~~complexity of AI systems demands continuous investment, which could strain resources and ~~financial~~impact ~~condition~~other areas of the business.

~~Generative~~Further, the Company’s investments in AI ~~advancements~~may ~~are~~not ~~progressing~~achieve atexpected anreturns, ~~unprecedented~~may ~~pace~~take longer than anticipated to generate value, ~~which~~if ~~brings~~at ~~risks~~all, ~~that~~or ~~could~~may ~~subject~~become ~~the~~obsolete ~~Company~~due to ~~loss~~rapid ~~through~~technological ~~various~~change. ~~technical,~~In ~~legal~~addition, ADM may be adversely affected if it fails to keep pace with the adoption and ~~opportunistic-related~~effective ~~risks~~use of AI technologies by its competitors and other industry participants.

~~The~~Other ~~Company continues to advance in the development and integration of AI systems across its operations. AI technologies introduce a range of potential risks and challenges as detailed below.~~ Risks

~~Ethical~~The ~~and~~Company ~~Bias~~is ~~Risks~~involved in a number of legal proceedings that may result in adverse outcomes.

AIThe ~~systems~~Company ~~often~~is ~~rely~~involved onin ~~large~~a ~~datasets,~~number ~~which~~of ~~can~~legal ~~inadvertently~~proceedings ~~introduce~~that ~~bias~~arise iffrom ~~the~~time ~~data~~to istime. ~~not~~The ~~sufficiently~~outcome ~~diverse~~of orthese ~~representative~~proceedings ~~leading~~is subject to ~~AI-driven~~inherent ~~decisions~~uncertainties. ~~that~~The ~~may~~actual costs to be ~~unfair~~incurred depend upon many unknown factors and the outcome of some of these proceedings and other contingencies could adversely affect the Company’s operations or ~~discriminatory~~could result in excessive adverse verdicts, ~~potentially~~fines, ~~harming~~or ~~both~~results. ~~individuals~~Additionally, as the Company has seen in the past, involvement in such lawsuits, investigations and ~~our~~inquiries, ~~brand~~and other proceedings, as well as compliance with any settlements or consent decrees that result from those proceedings, could divert management’s attention and resources from other matters, impact the reputation. of the Company, and may have a material adverse effect on the Company’s business, financial position or operating results.

25For more information regarding pending legal proceedings, please see Part I, Item 3, Legal Proceedings and Part II, Item 8, Note 20, Legal Proceedings.

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ARCHER-DANIELS-MIDLAND COMPANY

PART I

~~Data~~Negative ~~Security~~publicity has in the past and ~~Privacy~~in the future may adversely affect the Company and the market price of its common stock.

AIThe ~~systems~~Company ~~rely~~has ~~heavily~~at ontimes ~~vast~~in ~~amounts~~the past been subject to negative publicity and may in the future face negative publicity. Negative publicity and unfavorable perceptions of ~~data,~~the ~~which~~Company have caused and could ~~include~~in ~~sensitive~~the ~~personal~~future orcause ~~proprietary~~significant ~~information~~declines in the price of the Company’s common stock. IfNegative ~~not~~publicity ~~managed~~can also impact the terms under which some customers and ~~protected~~suppliers ~~properly~~are willing to continue to do business with the Company and affect the Company’s financial performance or financial condition. In addition, AInegative ~~systems~~publicity ~~could~~or ~~become~~unfavorable ~~targets~~perceptions make it more difficult for ~~data~~the ~~breaches,~~Company ~~exposing~~and ~~critical~~its ~~information~~employees to ~~unauthorized~~operate, ~~access~~resulting in reduced morale, a potential increase in employee turnover, and difficulty attracting talent. As a result, any new or ongoing negative publicity could have a material adverse effect on the Company’s business, results of operations and financial condition, and the market price of the Company's common stock.

Regulatory and Legal Compliance

AI technology is evolving rapidly with governments and regulatory bodies around the world beginning to introduce new requirements, guidelines, and frameworks to ensure the responsible use of AI. There is a risk that emerging regulations may require costly and complex compliance adjustments to our AI systems. Furthermore, legal challenges related to intellectual property, liability for AI-driven decisions, and potential misuse of AI present significant risks.

Operational Risks and Reliability

AI systems may fail to perform as expected under certain conditions or become vulnerable to adversarial attacks that manipulate the AI’s output. As AI becomes more integrated into our operations, the risks of system failure or malfunction increase, potentially disrupting our business processes.

Talent and Resource Challenges

The rapid pace of AI development requires specialized talent and resources to ensure the successful design, implementation, and maintenance of AI systems. The shortage of skilled AI professionals presents a risk to our ability to effectively develop and leverage AI technologies. Additionally, the complexity of AI systems demands continuous investment in research and development, which could strain resources and impact other areas of the business.


Item 1B.			UNRESOLVED STAFF COMMENTS

The Company has no unresolved staff comments.


Item 1C.			CYBERSECURITY

Risk Management and Strategy

The Company faces significant and persistent cybersecurity risks due to: the breadth of geographies, networks, and systems ADM must defend against cybersecurity attacks, such as exploitation of vulnerabilities, ransomware, denial of service, supply chain attacks, or other similar threats; the attractiveness of the Company’s systems and processes to threat actors (including state-sponsored organizations) seeking to inflict harm on ADM or its customers; the substantial level of harm that could occur to the Company and its customers in case of a material cybersecurity incident; and ADM’s use of third-party products, services and components. During the year ended December 31, 2024, the Company has not identified risks from cybersecurity threats, including as a result of prior cybersecurity incidents, that have materially affected or are reasonably anticipated to materially affect the Company, including its business strategy, results of operations, or financial condition. Nevertheless, the Company recognizes cybersecurity threats are ongoing and evolving. For more information on the Company's cybersecurity risks, refer to Item 1A. Risk Factors. ADM is committed to supporting the governance and oversight of cybersecurity risks and to implementing mechanisms, controls, technologies, and processes designed to help the Company assess, identify, and manage these risks.

To date, the Company has not identified risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, the Company is subject to ongoing risks from cybersecurity threats that could materially affect the Company, including its business strategy, results of operations, or financial condition, as further described in Item 1A. Risk Factors.

Cybersecurity risks are included in the risk universe that the Company’s Enterprise Risk Management (ERM) function evaluates, with input from information security subject matter experts at the Company, to assess top risks to the enterprise. The ERM process provides input into our strategic planning process, such as development of action plans to address and mitigate identified risks. Integrating cybersecurity risk into the overall ERM process in this manner assists the Company in identifying, assessing, and managing material cybersecurity risks.

26The Company has a dedicated cybersecurity team that collaborates with compliance, privacy, legal, and other teams across the global organization to assess the risk landscape. ADM’s cybersecurity program is designed to be aligned with applicable industry standards and is assessed regularly by independent third-party auditors. The multifaceted nature of the Company’s cybersecurity measures includes aspects of prevention, detection, and response capabilities, employee training programs, threat intelligence monitoring, and the implementation of an array of technologies. The Company has established processes to oversee and identify cybersecurity risks associated with the use of third-party service providers, which include the completion of due diligence before engaging with any third party, controls for response to mitigate any significant risks, and assessments and reviews during the course of the relationship. Additionally, the Company has ongoing partnerships with government and commercial cybersecurity experts to understand emerging cybersecurity threats.

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The Company has a dedicated cybersecurity team that collaborates with compliance, privacy, legal, and other teams across the global organization to assess the risk landscape. ADM’s cybersecurity program is designed to be aligned with applicable industry standards and is assessed regularly by independent third-party auditors. The multifaceted nature of the Company’s cybersecurity measures includes aspects of prevention, detection, and response capabilities, employee training programs, threat intelligence monitoring, and the implementation of an array of technologies. The Company has established processes to oversee and identify cybersecurity risks associated with the use of third-party service providers, which include the completion of due diligence before engaging with any third party, controls for response to mitigate any significant risks, and assessments and reviews during the course of the relationship. Additionally, the Company has ongoing partnerships with government and commercial cybersecurity experts to understand emerging cybersecurity threats.

The Company has seen an increase in cyberattack volume, frequency, and sophistication. ADM seeks to detect and investigate unauthorized attempts and attacks against its network, products, and services, and to prevent their occurrence and recurrence where practicable through changes or updates to the Company’s internal processes and tools; however, ADM remains potentially vulnerable to known or unknown threats. The Company’s cyber incident response plan includes an escalation process if a cybersecurity incident meets specific rating criteria to trigger swift and effective action designed to minimize potential disruptions and protect the integrity of our operations. The Company also conducts periodic cybersecurity scenarios with senior management to enhance preparedness.

Governance

The Board of Directors has oversight of cybersecurity risk as part of the ERM program. The Board of Directors is assisted by the Sustainability and Technology Committee, which regularly reviews the cybersecurity program with management and reports to the Board of Directors. ~~and~~The ~~the~~Board ~~Audit~~is ~~Committee,~~also ~~which~~assisted ~~assists~~by the ~~Board~~Audit Committee in its oversight of the Company's ERM program. Cybersecurity reviews by the Sustainability and Technology Committee or the Board of Directors generally occur quarterly, or more frequently as determined to be necessary or advisable. In recent years, the Board added a director who had previously served as the Chief Information Officer for a large public company with ~~sensitive~~complex information security requirements to ~~assist~~enhance the Board's and Sustainability and Technology Committee's inoversight ~~overseeing~~of cybersecurity risks.

The Company’s cybersecurity program is led by the Chief Information Security Officer (CISO), who reports to the Senior Vice President and Chief ~~Technology~~Information and Digital Officer (~~CTO~~CIDO). The CISO ismonitors ~~informed~~the ~~about~~Company's ~~and monitors~~ prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, many of whom hold cybersecurity certifications in Information Systems Security or Information Security Management, and through the use of technological tools and software and results from third party audits. Additionally, the CISO directs the Company's Global Information and Cyber Security Council (the “Council”), which includes arepresentatives ~~diverse~~from ~~range~~key offunctions ~~relevant~~such ~~experts.~~as ~~The Council includes management from~~ global technology, compliance, privacy, controlling, operations, security, automation, ERM, and internal audit. The Council promotes alignment and communication of new and ongoing cybersecurity prevention techniques and provides a forum for staying current on the latest cybersecurity threats. The ~~CTO~~CISO and ~~CISO~~CIDO report information about such risks to the Board of Directors, the Sustainability and Technology Committee, or the Audit Committee during the regular cybersecurity reviews.

The CISO and ~~CTO~~CIDO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. The CISO has served in that position since 2018 and, was previously the Vice President, Head of Enterprise Security, Americas at Worldpay and a Security Principal/Strategist for Hewlett Packard Enterprises for a combined ~~cybersecurity~~20 ~~experience~~years of 20cybersecurity ~~years~~experience. The ~~CTO~~CIDO joined ~~ADM~~the inCompany ~~2016~~effective ~~and~~January ~~was~~14, ~~previously~~2026, ~~Senior~~replacing ~~Vice~~the ~~President~~Company's ~~and~~former Chief Technology Officer. Prior to joining ADM, the CIDO served as the Chief Information Technology and Data Officer atfor ~~Dow~~the ~~Corning~~Americas ~~Corporation~~& Global Sales Technology at Danone for approximately 6six years, and, prior to Danone, held senior IT and data leadership roles at Gillette, Procter & Gamble and Nike since 2007. Through these roles, the CIDO has extensive experience overseeing, managing, and working on cybersecurity programs.

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PART I


Item 2.			PROPERTIES

~~The~~A majority of the Company’s operations are such that most products are efficiently processed near the source of raw materials. Consequently, the Company has many plants strategically located in agricultural commodity producing areas. ~~The~~ ~~annual volume of commodities processed will vary depending upon availability of raw materials and demand for finished products.~~

The Company owns ~~approximately~~147 ~~150~~ warehouses and terminals primarily used as bulk storage facilities and has 6871 innovation centers. Processing plants and procurement facilities owned or leased by unconsolidated affiliates are not included in the tables below.

ToThe ~~enhance~~daily ~~the~~capacities ~~efficiency~~ of ~~transporting large quantities of raw materials and finished products between~~ the ~~Company’s~~processing ~~procurement~~ facilities and ~~processing plants and also~~ the ~~final~~storage ~~delivery~~capacities of ~~products~~the toprocurement ~~its~~facilities ~~customers~~that ~~around~~ the ~~world, the~~ Company owns ~~approximately~~or ~~1,900 barges, 9,500 rail cars, 360 trucks, 1,210 trailers, 140 boats, and 3 oceangoing vessels; and~~ leases, under operating leases, ~~approximately~~are ~~700~~as ~~barges, 22,450 rail cars, 250 trucks, 530 trailers, 31 boats, and 20 oceangoing vessels.~~follows:

The daily capacities of the processing plants and storage capacities of the procurement facilities that the Company owns or leases, under operating leases, are as follows:


	Processing Facilities (in '000 metric tons)
	Owned				Leased

	Ag Services	Carbohydrate			Ag Services	Carbohydrate
	and Oilseeds	Solutions	Nutrition	Total	and Oilseeds	Solutions	Nutrition	Total
North America	83	87	8	178	—	—	1	1
LATAM	33	1	4	38	1	—	—	1
EMEA	51	5	4	60	—	1	—	1
APAC	—	—	3	3	1	—	1	2
Total daily capacity	167	93	19	279	2	1	2	5

	Processing Facilities (in '000 metric tons)
	Procurement Facilities (in '000 metric tons)
	Owned				Leased
	Ag Services	Carbohydrate			Ag Services	Carbohydrate
	and Oilseeds	Solutions	Nutrition	Total	and Oilseeds	Solutions	Nutrition	Total
North America	8511,949	88541	~~101~~62	~~274~~12,552	—766	—68	74—	74834
South America	32	—	3	35	1	—	3	4
LATAM	2,107	—	—	2,107	231	—	—	231
Europe	50	6	13	69	—	1	—	1
EMEA	1,381	—	—	1,381	—	18	—	18
Asia-Pacific	1	—	31	32	1	—	10	11
APAC	75	—	—	75	81	—	4	85
Total daily capacity	168	94	148	410	2	1	87	90
Total storage capacity	15,512	541	62	16,115	1,078	86	4	1,168

	Procurement Facilities (in '000 metric tons)
	Owned				Leased
	Ag Services	Carbohydrate			Ag Services	Carbohydrate
	and Oilseeds	Solutions	Nutrition	Total	and Oilseeds	Solutions	Nutrition	Total
North America	12,922	589	62	13,573	766	68	—	834
South America	2,134	—	—	2,134	231	—	—	231
Europe	1,478	—	—	1,478	—	18	—	18
Asia-Pacific	75	—	—	75	81	—	4	85
Total storage capacity	16,609	589	62	17,260	1,078	86	4	1,168


Item 3.			LEGAL PROCEEDINGS

For information regarding certain legal proceedings involving the Company, see Part II. Item 8. Note 20. Legal Proceedings of this report, which is incorporated herein by reference.

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ARCHER-DANIELS-MIDLAND COMPANY

PART I


Item 4.			MINE SAFETY DISCLOSURES

None.

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ARCHER-DANIELS-MIDLAND COMPANY

PART II


Item 5.			MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock Market

The Company’s common stock is listed and traded on the New York Stock Exchange under the trading symbol “ADM”.

The number of registered stockholders of the Company’s common stock at February 1410, ~~2025~~2026, was 7,~~524~~228.

Issuer Purchases of Equity Securities

Period	Total Numberof Shares Purchased(1)	AveragePrice Paid per Share		Total Number ofShares Purchased asPart of Publicly Announced Program(2)	Number of SharesRemaining to bePurchased Under the Program(2)
October 1, 2024 toOctober 31, 2024	—	$	—	—	14,764,049
October 1, 2025 to October 31, 2025	183	$	67.628	—	114,764,049
November 1, 2024 toNovember 30, 2024	1,110	52.333		—	14,764,049
November 1, 2025 to November 30, 2025	797	57.306		—	114,764,049
December 1, 2024 toDecember 31, 2024	—	—		—	114,764,049
December 1, 2025 to December 31, 2025	—	—		—	114,764,049
Total	~~1,110~~980	$	5259.~~333~~233	—	114,764,049

(1)~~Total~~The shares ~~purchased~~shown ~~represent those shares purchased~~ in ~~the~~this ~~open~~column ~~market~~represent ~~as part of the Company’s publicly announced stock repurchase program described below,~~ shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During the three-month period ended December 31, 2024, there were 1,110 shares received as payments for the withholding taxes on vested restricted stock awards.

(2)On November 5, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2015 and ending December 31, 2019. On August 7, 2019, the Company’s Board of Directors approved the extension of the stock repurchase program through December 31, 2024 and the repurchase of up to an additional 100,000,000 shares under the extended program. On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100,000,000 shares under the extended program.

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PART II

Performance Graph

The graph below compares the Company’s common stock with those of the S&P ~~500~~100 Index and the S&P Consumer Staples Index. The graph assumes an initial investment of $100 on December 31, ~~2019~~2020 and assumes all dividends have been reinvested through December 31, ~~2024~~2025. The stock performance shown in the graph is not indicative of nor intended to forecast the potential future performance of ADM's common stock.

COMPARISON OF 605 ~~MONTH~~YEAR CUMULATIVE TOTAL RETURNS


Item 6.			RESERVED

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MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Item 7.			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 Consolidated Financial Statements, which can be found in Part II. Item 8. Financial Statements and Supplementary Data.

This MD&A generally discusses ~~2024~~2025 and ~~2023~~2024 items and year-to-year comparisons between ~~2024~~2025 and ~~2023~~2024. Discussions of ~~2022~~2023 items and year-to-year comparisons between ~~2023~~2024 and ~~2022~~2023 are not included in this Form 10-K and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II. Item 7 of the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, ~~2023~~2024, filed on ~~November~~February 1820, ~~2024~~2025.

Company Overview

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") ~~unlock~~unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, ~~offering~~as ~~one~~well ofas ~~the industry's broadest portfolios of ingredients and solutions from nature. The Company is~~ a ~~trailblazer~~leader in health and well-being, ~~with an industry-leading range of~~ products ~~for consumers looking for new ways to live healthier lives~~. ADM is a cutting-edge innovator, guiding the way to a future of new consumer and industrial solutions. ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves. Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet.

Reportable Segments

The Company’s operations are organized, managed, and classified 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. See Part II. Item 8. Financial Statements and Supplementary Data,. Note 17. Segment and Geographic Information for further ~~details~~information on the nature of our business and our reportable ~~operating~~ segments.

2025 Strategy

The Company’s ~~strategic~~goal ~~transformation~~ is ~~focused~~to oncontinue ~~three~~to ~~strategic~~build ~~pillars:~~and ~~Productivity,~~sustain ~~Innovation,~~long-term value for its shareholders and ~~Culture~~customers. The Company has established the following priorities to help achieve its goal:

~~The~~•Focus ~~Productivity~~on ~~pillar~~execution ~~includes~~and ~~(1)~~cost ~~partnering~~management ~~across~~– ~~various~~ADM ~~global~~seeks ~~teams including procurement, supply chain, operations, and commercial~~ to ~~optimize~~prioritize ~~costs~~operational ~~and~~excellence ~~improve both production volumes~~ and ~~demand~~drive ~~fulfillment~~targeted ~~across~~cost ~~the~~reductions ~~enterprise;~~through: (21) ~~implementation~~boosting ofplant ~~improved standardized business processes and aggressive management of selling, general, and administrative expenses and Corporate costs~~efficiencies; (32) ~~portfolio~~optimizing ~~simplification~~operating toleverage ~~improve~~within ~~operational~~the ~~performance~~Nutrition segment; and (43) ~~increased~~reducing ~~use~~third ofparty ~~technology,~~spend ~~data analytics,~~ and ~~automation at production facilities~~selling, ~~in offices~~general, and ~~with~~administrative ~~customers to improve efficiencies and customer service~~expenses.

~~The~~•Strategic ~~Innovation~~simplification ~~pillar~~– ~~includes~~ADM ~~expansions~~seeks ~~and~~to ~~investments~~enhance inreturns ~~(1)~~on ~~the~~invested ~~modernization~~capital ~~and~~by ~~digitization~~executing a pipeline of ~~our~~simplification ~~operations~~opportunities ~~network;~~to ~~(2)~~optimize ~~sustainability-driven~~our ~~innovation,~~portfolio ~~which~~and ~~encompasses~~organizational ~~the~~structure, ~~full~~including: ~~range~~(1) ofaddressing ~~products~~performance, ~~solutions~~demand, ~~capabilities,~~ and ~~commitments~~capacity tochallenges; ~~serve~~(2) ~~both~~reducing ~~customer~~capital ~~needs~~expenditures ~~and~~that ~~farmer~~do ~~resilience~~not meet the Company’s return objectives; and (3) ~~growth~~reducing ~~initiatives,~~capability ~~including~~overlaps ~~organic~~through ~~growth~~synergies, ~~with~~closures, ~~additional capacity to meet growing market demand~~ and ~~strategic objectives~~divestitures.

~~The~~•Targeted ~~Culture~~growth ~~pillar~~investment ~~focuses~~– onADM ~~building~~seeks ~~capabilities~~to ~~and~~prioritize ~~enabling~~organic ~~collaboration,~~investment ~~teamwork~~in key strategic initiatives, ~~and~~while ~~agility~~also ~~from~~ensuring ~~process~~our ~~standardization~~businesses ~~and~~are ~~digitalization~~ready for the future, ~~and~~including: ~~bringing~~(1) ~~new~~plant ~~perspectives~~modernization investments; (2) cost optimization investments; and ~~expertise~~(3) toenterprise ~~the~~system ~~Company’s~~and ~~decision-making~~process enhancements.

~~ADM~~•Deploy ~~plans~~capital towith ~~support~~discipline ~~the~~– ~~three~~ADM ~~pillars~~seeks ~~with~~to ~~investments~~prudently invest in ~~technology,~~opportunities ~~which~~while ~~include~~continuing ~~expanding~~to ~~digital~~return ~~capabilities~~value ~~and~~to ~~investing~~shareholders ~~further~~through ~~in research and development~~dividends.

32The successful execution of the above priorities is expected to afford ADM the ability to continue investing in future growth that creates value over the long-term. ADM is investing in several key areas such as enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization. Each of these development pathways has a different growth profile and timeline for value creation, and each complements our core business and presents the potential for compelling, enduring returns.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ADM has refined its digital strategy and has pivoted away from large global implementations and toward prioritizing regional, more agile projects. The Company is accelerating its data journey while continuing to invest in cybersecurity and network and application resilience. As a result of this strategy refinement, during the year ended December 31, 2025, the Company recognized an impairment charge of $179 million related to previously capitalized internal-use software. See Part II. Item 8. Financial Statements and Supplementary Data. Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.

Sustainability

~~Sustainability~~For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a ~~key~~core driver inof ADM’s ~~expanding~~growth ~~portfolio~~strategy, ofpowering ~~environmentally~~innovation, ~~responsible~~improving resilience, ~~plant-derived~~and ~~products.~~unlocking ~~Consumers~~new ~~today~~value ~~increasingly~~across ~~expect~~the ~~their~~global food ~~and~~system. ~~drink~~The tocrops ~~come~~that ~~from~~ADM ~~sustainable~~turns ~~ingredients,~~into ~~produced~~an byexpansive ~~companies~~array ~~that~~of ~~share~~products ~~their~~depend ~~values~~on healthy soil, water and ~~ADM~~air, isand ~~continually~~as ~~finding~~the ~~new~~Company ~~ways~~looks to ~~meet~~the ~~those~~future, ~~needs~~it ~~through~~is ~~its~~advancing ~~portfolio~~efforts ~~actions~~that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.

~~Significant~~ADM ~~Portfolio~~is ~~Actions~~focused on scaling regenerative practices in partnership with farmers, supporting them with tools, insights, and financial incentives to help their operations thrive. ADM is innovating to meet growing demand for sustainably sourced, bio-based products, creating new market opportunities for farmers whose crops deliver health, transparency, and environmental benefits. The Company is modernizing its own operations to improve efficiency, enhance competitiveness, reduce emissions, and help build a more resilient supply chain.

~~The~~Targeted ~~Company’s~~Actions ~~significant~~to ~~portfolio~~Deliver ~~actions~~Cost ~~and announcements during 2024 include the following acquisitions:~~Savings

~~•Revela~~On ~~Foods~~February 4, 2025, the Company announced targeted actions expected to deliver in excess of a ~~Wisconsin-based~~$500 million ~~developer~~of cumulative cost savings in the next 3 to 5 years. These include cost optimization and ~~manufacturer~~portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 18. Asset Impairment, Exit, and Restructuring Costs of ~~innovative~~“Notes ~~dairy~~to ~~flavor~~Consolidated ~~ingredients~~Financial Statements” included in Part II. Item 8. Financial Statements and ~~solutions;~~Supplementary Data for additional information regarding restructuring related charges.

~~•FDL,~~Recent aSignificant ~~UK-based~~Portfolio ~~leading developer and producer of premium flavor and functional ingredient systems;~~Actions

~~•PT~~ADM’s ~~Trouw~~recent ~~Nutrition~~significant ~~Indonesia,~~portfolio aactions ~~leading provider of functional~~ and ~~nutritional~~announcements ~~solutions for livestock farming in Indonesia; and~~ included:

•~~Totally~~The ~~Natural~~acquisition ~~Solutions~~in ~~Ltd.~~January 2025 of Vandamme Hugaria Kft, a UK700 metric ton/day non-genetically modified crush and extraction facility based ~~hops~~in ~~flavoring~~Hungary. ~~producer~~See Note 3. Acquisitions of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information.

~~See~~•The ~~Part~~closure ~~II.~~of ~~Item~~the 8.Tres ~~Note~~Corações 3.facility ~~Acquisitions~~based ofin ~~“Notes~~Brazil, toin ~~Consolidated~~July ~~Financial~~2025. ~~Statements”~~Preparation for ~~further~~the ~~information~~closure resulted in exit and restructuring costs, including impairment of certain assets.

~~Internal~~•The launch in September 2025 of a joint venture, Plainsman Company, with PYCO Industries, Inc., a leader in the local agricultural communities it serves, combining its and ~~Government~~ADM’s ~~Investigation~~Lubbock, Texas, cottonseed processing capabilities.

~~The~~•Entered ~~Company~~into ~~has~~a ~~historically~~definitive ~~disclosed~~agreement in ~~the~~September ~~footnotes~~2025 ~~to its financial statements that intersegment sales have been recorded at amounts approximating market. In connection~~ with ~~the~~Alltech ~~Company’s previously disclosed internal investigation regarding certain accounting practices and procedures with respect to its Nutrition reporting segment~~Inc., ~~including~~a asglobal ~~related~~leader to certain intersegment sales (the “Investigation”) the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market. The Company corrected those errors in ~~its fiscal year 2023 Form 10-K~~agriculture, ~~along~~to ~~with~~launch ~~subsequently~~a ~~identified~~North ~~errors~~American ~~that~~animal ~~the~~feed ~~Company~~joint ~~corrected~~venture ~~in an amendment~~ to ~~its~~offer ~~Annual~~an ~~Report~~industry-leading onrange ~~Form~~of ~~10‑K~~products ~~for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”),~~ and ~~its~~solutions ~~Form 10-Qs~~ for ~~the first and second quarters of 2024~~livestock, ~~all of which were filed on November 18~~equine, ~~2024,~~backyard toand ~~restate~~leisure ~~the segment information disclosure included in those filings~~animals.

As•Entered ~~previously~~into ~~disclosed,~~a ~~the~~definitive ~~Company~~agreement isin ~~under~~December ~~investigation~~2025 bywith ~~the~~Planters ~~United~~Cotton ~~States~~Oil ~~Securities~~Mill, ~~and~~Inc. ~~Exchange Commission~~ (~~“SEC”~~Planters), ~~and~~a ~~the~~premier ~~Department~~cottonseed ofprocessor, ~~Justice~~to ~~(“DOJ”)~~launch ~~relating~~a new cottonseed joint venture. Planters is expected to, ~~among~~contribute ~~other~~its ~~things,~~crush ~~intersegment~~plant ~~sales~~in ~~between~~Pine ~~the~~Bluff, ~~Company’s~~Arkansas, ~~Nutrition~~as ~~reporting~~well ~~segment~~as additional origination and storage facilities located in the ~~Company’s~~region, Agto ~~Services~~the ~~and~~joint ~~Oilseeds~~venture. ~~and~~ADM ~~Carbohydrate~~plans ~~Solutions~~to ~~reporting~~contribute ~~segments.~~its ~~The~~Memphis, ~~Company~~Tennessee, iscottonseed ~~continuing~~facility. ADM expects to ~~cooperate~~continue ~~with~~operating ~~the~~its ~~SEC~~Memphis ~~and~~oil ~~DOJ~~refinery ~~investigations~~as ~~and~~part isof ~~unable~~the tojoint ~~predict~~venture, while its crushing operations at the ~~outcome~~Memphis offacility ~~these~~are ~~investigations.~~expected to end.

~~Material Weakness~~ 28

In connection with the Investigation, 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 II, Item 9A herein.

Operating Performance Indicators

The Company is exposed to certain risks inherent to an agricultural-based commodity business. These risks are further described in Part I. Item 1A. Risk Factors in this Annual Report on Form 10-K.

The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold. Therefore, margins per volume or metric ton generally are meaningful as a performance indicator in these businesses.

The Company's Nutrition segment also utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily correlate to changes in cost of products sold. As a result, changes in revenues of these businesses may correspond to changes in margins. Therefore margin rates generally are meaningful as a performance indicator in these businesses.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~The~~Operating ~~Company~~Performance has consolidated subsidiaries in approximately 80 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 where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar. Indicators

The Company ~~measures~~is ~~its~~exposed ~~performance~~to ~~using~~certain ~~key~~risks ~~financial~~inherent ~~metrics~~to ~~including~~an ~~net~~agricultural-based ~~earnings,~~commodity adjusted diluted earnings per share (EPS), 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 capitalbusiness. ~~Some~~These ofrisks ~~these metrics~~ are ~~not~~further ~~defined~~described ~~by generally accepted accounting principles~~ in ~~the~~Part ~~United~~I. ~~States~~Item ~~(GAAP)~~1A. ~~and~~Risk ~~should~~Factors ~~be considered~~ in ~~addition~~this ~~to,~~Annual ~~and~~Report ~~not~~on inForm ~~lieu of, GAAP financial measures. For more information, see the “Non~~10-~~GAAP Financial Measures” section below~~K.

The Company's Nutrition segment primarily utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily strongly correlate to changes in cost of products sold. As a result, changes in revenues may correspond to changes in margins.

The Company has consolidated subsidiaries in 75 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 where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.

The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA. 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 the “Non-GAAP Financial Measures” section below.

The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes no responsibility for updating any forward-looking information contained within this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Year Ended December 31, ~~2024~~2025 Compared to Year Ended December 31, ~~2023~~2024

Market Factors Influencing Operations orand Results in the Twelve Months Ended December 31, ~~2024~~2025

The Company is subject to a variety of market factors which affect the Company’s ~~operating~~operations and results, including those discussed below related to ~~2024~~2025.

In the Ag Services and Oilseeds segment, ~~following~~increased ~~two~~global ~~years~~supplies of ~~very~~grains ~~favorable~~and ~~market conditions~~oilseeds, ~~several~~higher ~~headwinds~~projected inending stocks-to-use ratios, the ~~agriculture~~deferral ~~cycle,~~of ~~including~~U.S. ~~fewer~~biofuel ~~market~~policy, ~~dislocations~~the ~~and~~evolving ~~high~~global ~~cost~~trade ~~inflation~~landscape, ~~led~~and tologistical ~~more~~and ~~normalized~~weather ~~results~~challenges ~~throughout~~resulted ~~the~~in ~~entire~~compressed ~~value chain~~margins. The Ag Services ~~benefited~~subsegment ~~from~~in ~~improved~~North ~~river~~America ~~conditions~~was ~~and~~impacted anby ~~excellent~~global ~~crop~~trade inpolicy ~~North America~~uncertainty, ~~which~~though ~~improved~~it ~~export~~benefited ~~volumes,~~from ~~while~~the ~~South~~partial ~~America~~return ~~Origination~~of ~~margins~~soybean ~~were~~exports ~~negatively~~in ~~impacted~~the byfourth ~~take~~quarter orof ~~pay~~the ~~contracts~~current ~~with~~year ~~railroads.~~from ~~Global~~North ~~Trade~~America ~~market~~to ~~conditions~~China. ~~were~~Further, ~~driven~~low bywater ~~solid~~levels ~~trading~~slowed ~~and~~execution ~~continued~~pace; ~~structured~~South ~~trade~~America ~~finance~~Origination ~~opportunities.~~was ~~Crushing~~negatively ~~saw~~impacted ~~depressed~~by ~~vegetable~~slower ~~oil~~corn ~~demand~~farmer selling, and ~~lower~~the ~~prices~~Black ~~primarily~~Sea ~~driven~~business bywas ~~increased~~negatively ~~market~~impacted ~~supply,~~by ~~imports~~farmer ofretention ~~used~~and ~~cooking~~logistical ~~oil,~~issues ~~uncertainty~~due ~~with~~to the ~~Producer~~Russia-Ukraine ~~Tax~~conflict ~~Credit~~escalations. ~~policy~~In ~~change, and~~ the ~~delay~~Crushing ofand the ~~European Union's Deforestation Regulation requirements. In~~ Refined Products and Other, ~~North~~(RPO) ~~America~~subsegments, ~~margins~~the ~~were~~postponement ~~pressured~~of ~~by an increase in~~ the ~~supply~~implementation of ~~low~~European ~~carbon~~Union ~~intensity~~Deforestation ~~feedstock~~Regulation and ~~limited~~the ~~forward~~deferral ~~sales~~of ~~opportunities~~U.S. ~~caused~~biofuel byand ~~the~~trade ~~uncertainty~~policy ~~around~~evolution ~~Producers~~negatively ~~Tax~~impacted ~~Credit~~sales ~~policy~~volumes ~~transition~~and margins.

In the Carbohydrate Solutions segment, demand for starches and sweeteners remained solid with margins remaining steady across the entire portfolio. Strong export demand for ethanol helped offset higher industry production to minimize the imbalance between supply and demand. 29

In the Nutrition segment, demand was mixed in a few food and beverage product categories driven by shifts in consumer discretionary spend and preferences. Human Nutrition was impacted by inflation, which drove lower demand and decreased volumes for alternative proteins in some regions. Demand started to recover in the food, beverage, and dietary supplement categories. In Animal Nutrition, a soft amino acids market driven by price weakness in North America was partially offset by an improved market in EMEA. The global feed market saw some modest improvement with continued price weakness of main feed ration commodities, while key livestock prices remained steady. The feed additives market was impacted by volatility on vitamins due to supply disruptions, however overall it modestly improved, following the improvement in the feed sector.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Processed~~In ~~volumes~~the byCarbohydrate ~~product~~Solutions segment, solid domestic and export demand for ~~the~~ethanol, ~~years~~along ~~ended~~with ~~December 31~~lower industry production, ~~2024~~helped improve imbalances between production and ~~2023~~domestic ~~are~~demand. asFor ~~follows~~the (Starches and Sweeteners subsegment, North America saw demand softness in ~~metric~~the ~~tons~~sweeteners, paper, and corrugated markets. Europe, the Middle East, and Africa (EMEA): was impacted by higher corn costs and increased competition.

(In thousands)	2024	2023	Change
Oilseeds	35,719	34,899	820
Corn	18,541	18,067	474
Total	54,260	52,966	1,294

In the Nutrition segment, the Human Nutrition subsegment continued to see growth trends in the Flavors market, as high value categories such as energy drinks and ready to drink beverages continued to perform strongly. Similarly, the Dietary Supplements market continued to grow in line with historical rates and shows expansion opportunities as customer acceptance of postbiotics (heat-stable version of probiotics) allows sales in a larger variety of segments (food and beverage). While tariffs and inflation continue to pose challenges to the Human Nutrition subsegment, clean label and healthier categories are outpacing the broader industry. In the Animal Nutrition subsegment, declining commodity prices continued to support feed ration commodities as well as additive markets, while localized volume softness impacted demand.

~~The~~Processed 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 increase in oilseeds processed volumes ~~was primarily related to improved crush capacity in North America, driven~~ by ~~the~~product ~~Company's~~for ~~new facility in Spiritwood, North Dakota, and in EMEA in 2024 compared to lower crush rates in~~ the ~~previous~~years ~~year~~ended ~~due to inclement weather~~December 31, ~~unplanned~~2025 ~~downtime,~~ and ~~reduced capacity due to the Russian-Ukraine war. The overall increase in corn processed volumes was related to increased plant reliability in~~ 2024 ~~compared~~were toas ~~lower~~follows ~~volumes~~ (in ~~the~~metric ~~previous year driven by unplanned downtime at the Decatur, Illinois plant.~~ tons):

Federal Blenders’ and Producers’ Credits


(In thousands)	2025	2024	Change
Oilseeds	36,324	35,719	605
Corn	18,525	18,541	(16)

~~Biodiesel~~The ~~tax~~Company ~~incentives~~generally ~~have~~operates ~~been~~its ~~provided~~production ~~through~~facilities, ~~various~~on ~~U.S.~~an ~~statutes.~~overall ~~The~~basis, ~~Blenders'~~at ~~Tax~~or ~~Credit~~near ~~(BTC)~~capacity, isadjusting ~~the~~facilities ~~primary regulation~~individually, ~~applicable~~as needed, to ~~qualifying~~react ~~biodiesel.~~to ~~The~~the ~~BTC~~current ~~has~~margin ~~lapsed~~environment and ~~been~~seasonal ~~reinstated~~local ~~numerous~~supply ~~times~~and ~~over~~demand ~~the last decade~~conditions. The ~~Inflation~~increase ~~Reduction~~in ~~Act~~processed ofoilseeds ~~2022~~volumes ~~extended~~in ~~the~~2025 ~~BTC~~was ~~through~~primarily ~~December 31,~~related ~~2024~~to ~~and~~higher ~~established~~volumes ain ~~new~~South ~~Clean~~America ~~Fuel~~due ~~Production~~to ~~Credit~~improved ~~(CFPC)~~plant ~~effective January 1~~reliability, ~~2025.~~in ~~For~~addition ~~the~~to ~~year~~improved ~~ended~~North ~~December 31,~~America ~~2024,~~crush ~~the~~volumes ~~Company~~driven ~~recorded~~by aimproved ~~benefit~~utilization ofafter ~~$316 million related to~~ the ~~BTC.~~restoration ~~The~~of ~~Company~~operations ~~estimates~~at ~~a significant decrease in~~ the ~~CFPC~~Company’s ~~available in the year ending December 31~~Decatur, ~~2025~~Illinois ~~compared~~facility. ~~with~~The ~~the~~processed ~~BTC~~corn ~~claimed~~volumes ~~during~~were ~~the~~consistent year ~~ended~~over ~~December 31, 2024~~year.

~~Analysis~~Federal ofClean ~~Results~~Fuel ofProduction ~~Operations~~Credits and Federal Blenders’ and Producers’ Credits

~~Earnings~~Biodiesel ~~before~~tax ~~income~~incentives ~~taxes~~have ~~decreased~~been ~~47%~~provided orthrough $2various U.0S. ~~billion,~~statutes. toThe $2Inflation Reduction Act of 2022 introduced the Clean Fuel Production Credit (IRC Section 45Z or "45Z").3 ~~billion,~~The ~~primarily~~45Z ~~driven~~credit byis ~~lower~~effective ~~pricing~~for fuel produced and ~~execution~~sold ~~margins~~between January 1, as2025 ~~well~~and December 31, 2029 and replaces prior incentives such as athe ~~$461 million~~Blenders’ ~~impairment~~Tax ~~charge~~Credit ~~related~~("BTC") tofor qualifying fuels. For the year ended December 31, 2025, the Company’s ~~investment~~did not generate significant 45Z credits. The Company estimates that the total benefits available under 45Z will be higher in ~~Wilmar,~~future ~~partially~~periods ~~offset~~primarily bydue ~~increased~~to ~~sales~~changes ~~volumes~~enacted in the OBBBA.

~~Total~~The ~~segment~~BTC ~~operating~~was ~~profit~~previously (athe ~~non-GAAP~~primary ~~measure)~~regulation, inapplicable ~~2024~~to ~~decreased~~qualifying ~~28% or $1~~biodiesel.7 ~~billion,~~The toInflation ~~$4.2~~Reduction ~~billion,~~Act ~~driven~~of by2022 ~~lower~~extended ~~results in~~ the AgBTC ~~Services~~through ~~and~~December 31, ~~Oilseeds~~2024 ~~segment~~ and established the ~~Nutrition~~45Z ~~segment.~~effective ~~Total~~January ~~segment operating profit (a non-GAAP measure) in 2024 excluded asset impairment~~1, ~~restructuring and net settlement contingencies of $490 million~~2025, ~~and~~as adiscussed ~~gain~~above. onFor the ~~sale~~year ofended ~~certain assets of $10~~December ~~million. Total segment operating profit (a non-GAAP measure) in 2023 excluded asset impairment~~31, ~~restructuring~~2024, ~~and~~the ~~net~~Company ~~settlement~~recorded ~~contingencies~~benefits of $~~361~~316 million, ~~and~~related ato ~~gain on~~ the ~~sale of certain assets of $17 million~~BTC.

~~Total~~Results ~~segment~~of ~~operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.~~Operations

35Earnings before income taxes decreased 44% or $1.0 billion, to $1.3 billion. Results in the current year were primarily driven by lower pricing and execution margins. In 2025, the Company recorded $372 million of impairments driven by revaluation losses related to investments in the alternative protein market and the Company's updated investment strategy around startup and development stage companies, $283 million of asset impairment, exit, contingency, restructuring charges, and impairment charges of $179 million related to previously capitalized software, and Wilmar International Limited (“Wilmar”) equity earnings related impacts reflecting a one time remeasurement gain of $254 million and a $163 million penalty charge. In the prior year period, the Company recorded a $461 million impairment of its investment in Wilmar.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Revenues~~Total ~~for~~segment operating profit (a non-GAAP measure) in 2025 decreased 23% or $1.0 billion, to $3.2 billion, primarily driven by lower results in the ~~years~~Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the year ended December 31, ~~2024~~2025 excluded specified items of $236 million that were primarily comprised of asset impairment, exit, and ~~2023~~restructuring costs, ~~were~~as well as ~~follows~~net impacts related to Wilmar. Total segment operating profit (ina ~~millions~~non-GAAP measure): in the year ended December 31, 2024 excluded asset impairment, restructuring, and net settlement contingencies of $490 million.

	2024		2023		Change
Ag Services and Oilseeds
Ag Services	$	44,083	$	47,420	$	(3,337)
Crushing	11,836		14,020		(2,184)
Refined Products and Other	10,597		11,986		(1,389)
Total Ag Services and Oilseeds	66,516		73,426		(6,910)
Carbohydrate Solutions
Starches and Sweeteners	8,587		9,885		(1,298)
Vantage Corn Processors	2,647		2,989		(342)
Total Carbohydrate Solutions	11,234		12,874		(1,640)
Nutrition
Human Nutrition	3,944		3,634		310
Animal Nutrition	3,405		3,577		(172)
Total Nutrition	7,349		7,211		138
Total Segment Revenues	85,099		93,511		(8,412)
Other Business	431		424		7
Total Revenues	$	85,530	$	93,935	$	(8,405)

Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.

Revenues for the years ended December 31, 2025 and 2024, were as follows (in millions):


	2025		2024		Change





Ag Services and Oilseeds
Ag Services	$	40,363	$	44,083	$	(3,720)
Crushing	10,353		11,836		(1,483)
Refined Products and Other	10,855		10,597		258
Total Ag Services and Oilseeds	61,571		66,516		(4,945)

Carbohydrate Solutions
Starches and Sweeteners	7,982		8,587		(605)
Vantage Corn Processors	2,755		2,647		108
Total Carbohydrate Solutions	10,737		11,234		(497)

Nutrition
Human Nutrition	4,187		3,944		243
Animal Nutrition	3,325		3,405		(80)
Total Nutrition	7,512		7,349		163

Total Segment Revenues	79,820		85,099		(5,279)

Other Business	449		431		18


Total Revenues	$	80,269	$	85,530	$	(5,261)

Revenues and cost of products sold in agricultural merchandising and 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, particularly 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.

Revenues decreased $85.43 billion to $8580.53 billion driven by lower sales ~~prices~~volumes ($162.09 billion), ~~partially~~and ~~offset~~lower ~~by higher~~ sales ~~volumes~~prices ($72.63 billion). Lower sales ~~prices~~volumes of soybeans, corn, ~~meal, oils, wheat~~ and ~~alcohol,~~sorghum were partially offset by higher sales volumes of ~~soybeans,~~meal ~~corn,~~and oils,. ~~wheat~~Lower sales prices of meal, ~~alcohol~~soybeans, and ~~flavors~~wheat were partially offset by higher sales prices of corn and oils. Ag Services and Oilseeds revenues decreased 97% to $6661.56 billion driven by lower sales ~~prices~~volumes ($132.5 8 billion), ~~partially~~and ~~offset~~lower ~~by higher~~ sales ~~volumes~~prices ($62.6 1 billion). Carbohydrate Solutions revenues decreased 134% to $1110.27 billion driven by lower sales prices ($~~2.3~~330 ~~billion~~million), ~~partially~~and ~~offset~~lower ~~by higher~~ sales volumes ($~~612~~167 million). Nutrition revenues increased 2% to $7.35 billion driven by higher sales ~~volumes~~prices ($~~386~~68 million), ~~partially~~and ~~offset~~the bybenefit ~~lower~~of ~~sales~~a ~~prices~~contract cancellation in Health and Wellness ($~~248~~55 million).

Cost of products sold decreased $6.7 billion to $79.8 billion driven primarily by lower average commodity costs. Manufacturing expenses increased $288 million primarily driven by increased salaries and benefits driven by salary increases, higher depreciation expenses, increased legal, professional, and other fees, increased maintenance expenses due to work performed at Ag Services and Oilseeds facilities in Decatur, Illinois and the Company's new facility in Spiritwood, North Dakota, among others, partially offset by decreases in energy costs, particularly driven by lower energy pricing in North America and EMEA. 31

Foreign currency translation impacts decreased revenues by $335 million and cost of goods sold by $290 million, decreasing gross profit by $45 million.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Gross~~Cost ~~profit~~of products sold decreased $14.75 billion ~~or 23%,~~ to $575.82 billion driven by lower ~~margins~~sales involumes Agand ~~Services,~~lower ~~which~~average ~~decreased~~commodity ~~by $300 million to $1~~costs.~~2 billion,~~ ~~Crushing,~~Manufacturing ~~which~~expenses ~~decreased~~increased $~~518 million~~209 ~~to $991~~ million, ~~Refined~~primarily ~~Products~~driven ~~and~~by ~~Other,~~higher ~~which~~compensation ~~decreased $709 million to $554 million~~costs, ~~Starches~~insurance ~~and Sweeteners~~costs, ~~which decreased by $112 million to $1.4 billion,~~ and ~~Human~~EMEA ~~Nutrition,~~energy ~~which decreased by $77 million to $941 million~~costs, partially offset by ~~higher~~decreases ~~margins~~ in ~~Animal~~maintenance ~~Nutrition, which increased $62 million to $509 million~~costs.

~~Selling,~~Gross ~~general,~~profit ~~and~~decreased ~~administrative~~$745 ~~expenses~~million ~~increased~~or 713%, to $35.70 billion driven by ~~higher~~a ~~legal~~decrease ~~and~~in ~~financing~~margins ~~fees, higher salary and benefit costs, and increased amortization~~ of ~~intangibles,~~$865 million ~~driven by the Company’s investment~~ in ~~computer~~Ag ~~software~~Services and ~~intangibles acquired in business combinations~~Oilseeds, partially offset by ~~decreased~~a ~~incentive~~margin ~~compensation~~increase ~~reflecting~~of ~~lower~~$113 million ~~Company~~in ~~performance and reduced provisions for bad debt~~Nutrition.

~~Asset impairment~~Selling, ~~exit~~general, and ~~restructuring~~administrative ~~costs~~expenses ~~increased~~decreased ~~$203~~3% ~~million~~ to $~~545 million~~3.6 ~~Charges~~billion inprimarily ~~2024~~driven ~~included~~by adecreased ~~$461 million~~third ~~impairment~~party ~~related~~service ~~to the Company's Wilmar equity investment~~costs, ~~$43 million~~due ~~of impairments related~~ to ~~customer~~improved ~~lists~~cost ~~and discontinued trademarks in the Animal Nutrition subsegment~~management, ~~$4 million of reportable segment specific restructuring charges~~ and ~~$23 million~~lower offinancing ~~restructuring~~fees ~~in Corporate. Charges in 2023 consisted of $137 million of impairments~~ related to ~~goodwill in~~ the ~~Animal~~Company’s ~~Nutrition~~accounts ~~reporting~~receivable ~~unit,~~securitization ~~$108 million of impairments related to property~~programs, ~~plant,~~driven ~~and~~by ~~equipment~~the ~~and~~Company's ancash ~~equity~~management ~~method~~initiative. ~~investment,~~The ~~$64 million~~decrease ofwas ~~impairments~~partially ~~related~~offset toby ~~customer~~increased ~~list~~compensation ~~and~~costs ~~discontinued Animal Nutrition trademarks, $27 million of reportable segment specific restructuring charges,~~ and ~~$6 million~~provisions offor ~~restructuring~~bad ~~in Corporate~~debts.

~~Equity~~Asset inimpairment, ~~earnings~~exit, ofand ~~unconsolidated~~restructuring ~~affiliates~~costs ~~increased~~decreased $7072 million to $~~621~~473 million. ~~due~~Charges in the current year included $283 million of restructuring charges, primarily todriven ~~higher~~by ~~earnings~~$207 million ~~from~~and $46 million of charges within the ~~Company’s~~Nutrition ~~investments~~segment inand ~~Almidones~~the ~~Mexicanos~~Ag ~~S.A.,~~Services ~~Wilmar,~~and ~~Skyland~~Oilseeds ~~Grain~~segment, ~~LLC~~respectively, and ~~Hungrana~~an ~~Ltd.~~impairment charge of $179 million, ~~partially~~related ~~offset~~to bypreviously ~~lower~~capitalized ~~earnings~~software, ~~from~~within Corporate. Charges in the prior year included a $461 million impairment related to the Company’'s Wilmar equity investment, in$43 million ~~Olenex~~of ~~Sarl~~impairments related to customer lists and ~~SoyVen.~~discontinued Astrademarks ofin ~~December 31,~~the ~~2024~~Animal Nutrition subsegment, ~~the~~$4 million ~~Company~~of ~~had~~reportable ~~sold~~segment ~~its~~specific ~~interest~~restructuring incharges ~~Skyland~~and ~~Grain,~~$23 million ~~LLC~~of restructuring in Corporate.

~~Interest~~Equity ~~and~~in ~~investment~~earnings ~~income~~of unconsolidated affiliates increased $6327 million to $~~562~~648 million driven by ~~lower~~higher ~~investment~~earnings ~~valuation~~from ~~losses~~the Company’s investments in ~~2024~~Wilmar ofand ~~$16 million~~Olenex, apartially ~~decrease~~offset ofby ~~$60 million~~lower ~~when~~earnings ~~compared~~in toStratas ~~the~~Foods, ~~prior~~Terminal ~~year~~de Grãos Ponta da Montanha S.A., and ~~higher~~Mid-America ~~interest~~Biofuels. ~~income~~Current ~~within~~year AgWilmar ~~Services~~earnings ~~and~~included ~~Oilseeds~~the ~~($30 million,~~impact ~~compared~~of tothe Company's share of Wilmar's remeasurement gain of the ~~prior~~$254 million ~~year~~and penalty charge of $~~0),~~163 million. ~~driven~~See byNote ~~bond~~8. Investments ~~investments~~in ~~within~~and ~~South~~Advances ~~America,~~to ~~partially~~Affiliates ~~offset~~of by“Notes ~~lower~~to ~~net~~Consolidated ~~interest~~Financial ~~income~~Statements” ~~(decrease~~included ofin ~~$36 million)~~Part ~~for~~II. ~~ADM~~Item ~~Investor~~8. ~~Services~~Financial ~~due~~Statements toand ~~lower~~Supplementary ~~customer~~Data ~~balances~~for additional information.

Interest ~~expense~~and ~~increased~~investment income decreased $59444 million to $~~706~~118 million, primarily due to revaluation losses of $372 million, driven by ~~increased~~$257 million ~~use~~and of$115 million within Corporate and the ~~Company’s~~Nutrition ~~commercial~~segment, ~~paper~~respectively, ~~borrowing~~in ~~programs~~addition to lower interest income at ADM Investor Services due to lower interest rates.

~~Other~~Interest ~~income~~expense -decreased ~~net of~~ $~~251~~94 million ~~increased~~to $75612 million. ~~Current~~primarily ~~year~~due ~~income~~to ~~included~~improved ~~third~~cash ~~party insurance recoveries of $133 million~~management, ~~foreign~~driven ~~exchange~~by ~~gains~~decreased ofexpense ~~$46 million,~~within ~~and~~Corporate ~~net~~driven ~~gains~~by onlower ~~disposals~~use of ~~individually insignificant assets in~~ the ~~ordinary~~Company’s ~~course~~commercial ofpaper ~~business~~borrowing ofprograms, ~~$16 million.~~lower ~~Prior~~interest ~~year income included net gains on disposals of individually insignificant assets in the ordinary course of business of $38 million~~rates, ~~the~~and ~~non-service~~favorable ~~components~~settlements of ~~net~~international ~~pension~~tax ~~benefit income of $18 million~~audits, ~~net~~as ~~foreign~~well ~~exchange~~as ~~gains~~lower ofinterest ~~$85 million,~~rates ~~and~~at ~~net~~ADM ~~other~~Investor ~~income~~Services.

~~Income~~Other ~~taxes~~income - net of $~~476~~150 million decreased $~~352~~101 million., ~~The Company’s effective tax rate for 2024 was 21.1% compared to 19.3% for 2023. The increase in the effective rate was~~ driven ~~primarily~~ by ~~the~~lower ~~impairment~~third ofparty ~~the~~insurance ~~Company’s~~recoveries ~~investment~~related into ~~Wilmar~~Decatur East and ~~changes in the Company's geographic mix of earnings~~West.

37Income taxes of $182 million decreased $294 million. The Company’s effective tax rate for 2025 was 14.5% compared to 21.1% for 2024. The change in the effective rate was driven primarily by tax treatment of non-recurring items and the Company's geographic mix of earnings.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment Operating Profit

Segment operating profit for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 was as follows (in millions):

	2024		2023		Change
	2025		2024		Change
Segment Operating Profit
Segment Operating Profit (1)
Ag Services and Oilseeds
Ag Services	$	~~715~~636	$	~~1,168~~715	$	(~~453~~79)
Crushing	~~844~~159		~~1,290~~844		(~~446~~685)
Refined Products and Other	~~552~~529		~~1,306~~552		(~~754~~23)
Wilmar	~~336~~290		~~303~~336		33(46)
Total Ag Services and Oilseeds	$	21,~~447~~614	$	42,~~067~~447	$	(~~1,620~~833)
Carbohydrate Solutions
Starches and Sweeteners	$	1,~~343~~059	$	1,~~329~~343	$	14(284)
Vantage Corn Processors	33152		4633		~~(13)~~119
Total Carbohydrate Solutions	$	1,~~376~~211	$	1,~~375~~376	$	1(165)
Nutrition
Human Nutrition	$	~~327~~319	$	~~417~~327	$	(908)
Animal Nutrition	5998		1059		4939
Total Nutrition	$	~~386~~417	$	~~427~~386	$	~~(41)~~31

In(1) For the Agyear ~~Services~~ended ~~and~~December 31, ~~Oilseeds segment~~2025, segment operating profit ~~decreased~~for ~~40%.~~the ~~The~~ Ag Services ~~subsegment operating profit was lower than 2023. South America Origination margins decreased driven by lower origination volumes~~ and ~~margin compression due to slow farmer selling and higher industry rail freight take or pay agreements. North America grain exports were not competitive with South America~~Oilseeds, ~~leading~~Carbohydrate toSolutions ~~weak exports~~ and ~~costs~~Nutrition ~~from~~segments included a ~~carry~~positive ~~market~~impact ~~contributed~~of totiming-related ~~slow~~adjustments ~~farmer~~for ~~selling,~~incentive ~~limiting~~compensation ~~trade~~payouts ~~opportunities in the first half~~ of ~~the year. Execution in destination marketing as well as effective risk management continued to deliver strong Global Trade results in 2024~~$45 million, ~~though lower than 2023. The Crushing subsegment operating profit was lower than 2023~~$12 million, ~~particularly in North America. Increased industry capacity pressured Crushing margins~~ and ~~an increased supply of competing low carbon intensity feedstocks, and the European Union's Deforestation Regulation delay negatively affected margins. For 2024, there were approximately~~ $20 million ~~of net positive mark-to-market timing effects~~, ~~compared to approximately $185 million of net positive impacts in 2023~~respectively. The ~~Crushing~~offsetting ~~subsegment~~adjustment ~~current~~of ~~year operating results also included~~ $7677 million ofwas ~~insurance~~recorded ~~proceeds for the partial settlement of the Decatur East and West insurance claims related to incidents~~ in ~~2023.~~Corporate ~~The~~with ~~Refined~~no Products and Other (RPO) subsegment operating profit was lower than 2023 as increased pre-treatment capacity at renewable diesel facilities, higher imports of used cooking oil, aggressive competition among food suppliers to serve customer demand, and biofuel policy uncertainty negatively impacted margins. There were net ~~negative timing~~ impact ofto ~~approximately~~the ~~$430~~Consolidated ~~million~~Financial ~~year-over-year~~Statements.

In the ~~Carbohydrate~~Ag ~~Solutions~~Services and Oilseeds segment, segment operating profit ~~was~~decreased ~~flat~~34%. Ag Services subsegment had lower results compared to the prior year., ~~The~~primarily ~~Starches~~driven by lower Global Trade results, driven by lower margins due to negative freight timing and ~~Sweeteners~~lower trading results, and a decrease in sales volumes, partially offset by productivity actions, leading to decreased expenses, and improved Transportation results. Ag Services subsegment ~~operating~~results ~~profit~~were ~~was~~further ~~higher~~impacted ~~year-over-year~~by decreased North American volumes and margins, driven by ~~improved~~lower ~~cost~~soybean ~~position~~exports onand ~~higher~~the ~~utilization~~impact ~~rates~~of certain export duties, ~~higher~~improved ~~joint-venture~~results ~~earnings~~in South America, driven by lower costs related to logistics take or pay contracts that negatively impacted the prior year, partially offset by the temporary disruption at a key port facility in Brazil and lower investment income in South America. Ag Services had approximately $8437 million of ~~insurance~~net ~~proceeds~~negative ~~for~~mark-to-market timing impacts during the ~~partial~~current ~~settlement~~year, compared to approximately $34 million of net positive impacts in the ~~Decatur~~prior ~~East~~year. ~~and~~The ~~Decatur~~Crushing ~~West~~subsegment ~~insurance~~had ~~claims~~lower ~~related~~results toversus anthe ~~incident~~prior ~~that~~year, ~~occurred~~driven inby ~~2023.~~lower ~~Strong~~soy ~~margins~~and canola crush margins and ~~volumes~~higher manufacturing costs in North America ~~were~~and ~~offset~~EMEA; byin ~~weaker~~addition ~~domestic~~to ~~ethanol~~a ~~margins~~decrease in insurance proceeds in the current year of $32 million, codown from $76 million in the prior year, relating to the Decatur East insurance claim. South America Crushing results improved slightly on higher volumes. Crushing had approximately $46 million of net positive mark-~~product~~to-market ~~values~~timing impacts during the current year, ~~and~~compared ~~margins~~to approximately $20 million of net positive impacts in ~~EMEA~~the prior year. ~~The~~Refined ~~Vantage~~Products ~~Corn~~and ~~Processors~~Other subsegment results ~~decreased~~were lower than the prior year~~-over-year~~, driven by uncertain trade policy and lower ~~margins~~demand for vegetable oil and biodiesel, ~~due~~negatively toimpacting ~~higher~~biodiesel ~~industry~~and ~~production~~refining margins in Europe and ~~inventory~~North ~~levels~~America. The Refined Products and Other subsegment had approximately $46 million of net positive mark-to-market timing impacts during the current year, ~~partially~~compared ~~offset~~to byapproximately ~~higher~~$194 million ~~volumes~~of ~~driven~~net bynegative ~~increased~~impacts ~~exports~~in the prior year.

3833

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In the ~~Nutrition~~Carbohydrate Solutions segment, segment operating profit decreased 912%. ~~Human~~compared ~~Nutrition~~to ~~results were lower than~~ the prior year. ~~Specialty~~The ~~Ingredients~~Starches ~~was~~and ~~impacted~~Sweeteners bysubsegment ~~unplanned~~results ~~downtime~~were atlower ~~Decatur~~compared ~~East,~~to ~~higher~~the ~~costs~~prior ofyear ~~goods~~driven ~~sold~~by ~~associated~~lower ~~with~~wet ~~the~~mill ~~termination~~ethanol ofand anstarch ~~unfavorable~~margins ~~supply~~and ~~agreement,~~higher ~~and~~manufacturing acosts. ~~normalizing~~Prior ~~texturants~~year ~~market~~results ~~negatively~~in ~~impacted~~North ~~margins,~~America ~~partially~~benefitted ~~offset~~from bythe receipt of $7184 million of insurance proceeds ~~for~~from the ~~partial~~ settlement of ~~the~~Decatur ~~2023~~West and Decatur East ~~incident~~ insurance claims ~~and~~compared ~~changes~~to in$9 million ~~inventory~~of ~~adjustments~~proceeds ~~compared~~received toin the ~~prior~~current year. In ~~Health and Wellness~~EMEA, ~~lower~~results ~~profits~~ were driven by ~~inventory~~lower ~~reserve~~volumes ~~adjustments~~and margins due ~~primarily~~ to ~~changes in customer demand fulfillment, non-recurring benefits in~~ the ~~prior~~competitive ~~year,~~pricing environment and ~~softer~~crop ~~margins~~quality ~~within Vitamins, offset by stronger growth in biotics and botanicals~~issues. ~~The~~Global ~~prior~~Wheat ~~year~~Milling ~~was~~margins ~~impacted~~improved bydue ~~a revaluation loss of $19 million related~~ to anhigher ~~investment~~wheat inbasis ~~precision fermentation~~gains. ~~Flavors~~The ~~results~~Vantage ~~were~~Corn ~~higher~~Processors ~~than~~subsegment ~~the prior year driven by current year acquisitions, and a prior year $45 million negative impact primarily related to the deconsolidation and write-down of a joint venture. Animal Nutrition~~ results ~~were~~increased ~~higher~~ compared to the prior year, asdriven ~~amino~~by ~~acids~~improved ~~market~~ethanol ~~recovery,~~volumes ~~cost optimization efforts~~ and ~~lower input costs bolstered~~ margins.

In the Nutrition segment, segment operating profit increased 8%. Human Nutrition subsegment results were lower than the prior year. Flavors results were higher compared to the prior year, driven by higher volumes and margins in North America due to an increase in sales among existing key customers across multiple product categories. Specialty Ingredients results were lower, driven by higher raw material and manufacturing costs due to the resumption of operations at the Decatur East facility. The prior year also benefitted from approximately $71 million of insurance proceeds related to the Decatur East claim as compared to no proceeds in the current year. In Health and Wellness, results were lower as decreased margins, driven by certain negative inventory valuation adjustments and reduced tolling margins due to a contract cancellation, partially offset by higher Biotics margins. Animal Nutrition subsegment results were higher compared to the prior year, driven by cost optimization efforts and improved margins due to higher margin in feed additives and lower raw material costs.

Other Business and Corporate Results

Other Business contribution of operating profit ~~decreased~~increased 3421% from $~~375~~247 million to $~~247~~298 million, Captive insurance results improved, driven by lower claim settlements. ~~Lower~~Current ~~net~~year ~~interest~~results ~~income~~included ~~from~~claim ~~reduced~~payments ~~trading~~to ~~activity~~segments ~~levels~~of ~~drove~~$41 million ~~decreased~~to ~~earnings~~other insegments ~~ADM~~for ~~Investor~~the ~~Services.~~Decatur ~~Captive~~East ~~insurance~~and ~~results~~West ~~decreased~~insurance claims, ~~driven~~of bywhich ~~higher~~$39 million ~~claim~~was ~~settlements~~from reinsurers, ~~which~~compared ~~included~~to prior year results including partial settlements to segments of $231 million for the Decatur East and West insurance claims, of which $133 million was from reinsurers. ~~during~~ADM ~~the~~Investor ~~fourth~~Services ~~quarter~~results were lower due to lower interest rates.

Corporate results were as follows (in millions):

	2024		2023		Change
	2025		2024		Change
Interest expense - net (1)	$	(~~482~~408)	$	(~~431~~482)	$	~~(51)~~74
Unallocated corporate costs (2)	(1,205)		(1,144)		(61)
Unallocated corporate function costs (2)	(1,146)		(1,205)		59
Expenses related to acquisitions	~~(7)~~—		(7)		—7
Gain on debt conversion option	—		6		(6)
Revaluation losses, including impairment, contingency and restructuring charges(3)	(495)		(23)		(472)
Restructuring charges (3)	(23)		(6)		(17)
Other income - net	—		(4)		4
Other expense - net (4)	(4)		(24)		20
Total Corporate	$	(2,049)	$	(1,721)	$	(328)
Total Corporate	$	(1,721)	$	(1,606)	$	(115)

(1)Interest expense - net ~~increased~~decreased $5174 million, driven by ~~increased~~reduced short-term borrowings, ~~and~~lower ~~higher~~ interest rates on the Company’s commercial paper borrowing programs, and ~~increased~~favorable ~~interest~~settlements ~~expense~~of ~~relating~~international ~~to uncertain~~ tax ~~positions~~audits.

(2)Unallocated corporate function costs ~~increased~~decreased $6159 million, driven by ~~increases~~decreases in ~~legal~~financing ~~and~~fees ~~professional~~related ~~fees~~to ~~and~~the Company’s accounts receivable securitization ~~fees~~programs, ~~offset~~due byto ~~decreased~~improved ~~incentive~~cash ~~compensation~~management, ~~driven~~in byaddition to lower ~~Company~~third ~~performance~~party service costs and lower corporate function costs, due to cost management initiatives, partially offset by increased incentive compensation.

(3)~~Restructuring~~Revaluation losses, including impairment, contingency and restructuring charges increased $17 472 million driven by $10257 million ~~relating~~of impairment charges related to ~~foreign~~market ~~restructuring~~dynamics and the Company's updated investment strategy around startup and development stage companies, an impairment charge of $179 million related to previously capitalized software, and $40 million of charges relating to a legal reserve, all presented as specified items.

(4)Other expense in the current year included railroad maintenance expenses of $64 million and net valuation losses of approximately $16 million in the Company’s ADM Ventures portfolio. Other income in the current year also included foreign exchange gains of $78 million and the non-service components of net pension benefit income of $18 million. Other expense in the prior year included the non-service components of net pension benefit income of $18 million and foreign exchange gains, partially offset by railroad maintenance expenses of $67 million and investment revaluation losses of $57 million.34

Non-GAAP Financial Measures

The Company uses certain “Non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

The Company uses adjusted 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.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Financial Measures

The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

Adjusted 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.

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.

~~Adjusted~~The table below provides a reconciliation of net earnings, ~~adjusted~~(the ~~diluted~~most ~~EPS,~~directly ~~EBITDA,~~comparable ~~adjusted~~GAAP ~~EBITDA,~~measure) ~~and~~to ~~total~~adjusted ~~segment~~net ~~operating~~earnings ~~profit~~(a ~~are~~non-GAAP ~~not~~measure) ~~intended~~and todiluted ~~replace~~EPS or(the bemost andirectly ~~alternative~~comparable toGAAP ~~net~~measure) ~~earnings,~~to adjusted diluted EPS, ~~and~~(a ~~earnings~~non-GAAP ~~before~~measure) ~~income~~for ~~taxes,~~ the ~~most~~years ~~directly~~ended ~~comparable~~December ~~amounts~~31, ~~reported~~2025 ~~under~~and ~~GAAP~~2024.

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS to adjusted diluted EPS (a non-GAAP measure) for the years ended December 31, 2024 and 2023.


	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	484				493

Net earnings and diluted EPS	$	1,078	$	2.23	$	1,800	$	3.65
Adjustments: (1)
(Gain) on sale of assets and businesses (net of tax of $9 million in 2025 and $3 million in 2024)	(30)		(0.06)		(8)		(0.02)
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $154 million in 2025 and $1 million in 2024)	776		1.60		512		1.04
ADM's share of equity method investment non-recurring (gains) and charges, net	(91)		(0.18)		—		—
Expenses related to acquisitions (net of tax of $2 million in 2024)	—		—		5		0.01
(Gain) on contract termination (net of tax of $17 million in 2025)	(52)		(0.11)		—		—

Certain discrete tax adjustments	(21)		(0.05)		30		0.06
Total adjustments	582		1.20		539		1.09
Adjusted net earnings and adjusted diluted EPS	$	1,660	$	3.43	$	2,339	$	4.74

	2024				2023
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	493				542
Net earnings and reported EPS (fully diluted)	$	1,800	$	3.65	$	3,483	$	6.43
Adjustments:
Gains on sale of assets (net of tax of $3 million in 2024 and $5 million in 2023) (1)	(8)		(0.02)		(12)		(0.03)
Asset impairment, restructuring, and net settlement contingencies (net of tax of $1 million in 2024 and $57 million in 2023) (1)	512		1.04		310		0.57
Expenses related to acquisitions (net of tax of $2 million in 2024 and $1 million in 2023) (1)	5		0.01		6		0.01
Gain on debt conversion option (net of tax of $0) (1)	—		—		(6)		(0.01)
Certain discrete tax adjustments (2)	30		0.06		4		0.01
Adjusted net earnings and adjusted diluted EPS	$	2,339	$	4.74	$	3,785	$	6.98

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

~~(1) Tax effected using the U.S. and applicable tax rates.~~35

(2) Includes impact of changes in tax law, valuation allowances, and the Company's indefinite reinvestment of foreign earnings. Management believes these adjustments are helpful to understand distortion in GAAP effective tax rates created by non-recurring items.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The 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 years ended December 31, ~~2024~~2025 and ~~2023~~2024 (in millions).

	2024		2023		Change
	2025		2024		Change
Net earnings	$	1,~~800~~078	$	31,~~483~~800	$	(~~1,683~~722)
Net earnings (losses) attributable to non-controlling interests	(21)		(17)		(4)
Net loss attributable to non-controlling interests	(5)		(21)		16
Income tax expense	~~476~~182		~~828~~476		(~~352~~294)
Earnings Before Income Taxes	21,255		42,~~294~~255		(21,~~039~~000)
Interest expense	506		430		76
Interest expense (1)	446		506		(60)
Depreciation and amortization	1,141		1,059		82
Depreciation and amortization (2)	1,161		1,141		20
EBITDA	32,~~902~~862		53,~~783~~902		(1,~~881~~040)
Gains on sale of assets	(11)		(17)		6
(Gains) on sale of assets and businesses	(39)		(11)		(28)
Asset impairment, restructuring, and contingency provisions	513		367		146
Impairment, exit, restructuring charges, and settlement contingencies	930		513		417
Railroad maintenance expense	64		67		(3)
ADM's share of equity method investment non-recurring (gains) and charges, net	(91)		—		(91)
Expenses related to acquisitions	7		7		—
(Gain) on contract termination	(69)		—		(69)
Adjusted EBITDA	$	4,476	$	6,207	$	(1,731)
Expenses related to acquisitions	—		7		(7)
Railroad maintenance expense	63		64		(1)
Adjusted EBITDA	$	3,657	$	4,476	$	(819)

~~The table below provides a reconciliation of earnings before income taxes~~ (~~the most directly comparable GAAP measure~~1) toRepresents ~~total~~interest ~~segment~~expense ~~operating~~on ~~profit~~borrowings (aand ~~non-GAAP~~therefore ~~measure)~~excludes ~~for~~ADM ~~the~~Investor ~~years~~Services ~~ended~~related ~~December 31,~~interest ~~2024 and 2023 (in millions)~~expense.

	2024		2023		Change
Earnings Before Income Taxes	$	2,255	$	4,294	$	(2,039)
Other Business (earnings) loss	(247)		(375)		128
Corporate	1,721		1,606		115
Specified Items:
Gains on sale of assets	(10)		(17)		7
Impairment, restructuring, and net settlement contingencies	490		361		129
Total Segment Operating Profit	$	4,209	$	5,869	$	(1,660)

(2) Excludes $20 million of accelerated depreciation recorded within restructuring charges as a specified item for the year ended December 31, 2025.

~~Liquidity~~The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the years ended December 31, 2025 and ~~Capital~~2024 ~~Resources~~(in millions).

The Company's objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.


	2025		2024		Change
Earnings Before Income Taxes	$	1,255	$	2,255	$	(1,000)
Other Business (earnings)	(298)		(247)		(51)
Corporate	2,049		1,721		328
Specified Items:
(Gains) on sale of assets and businesses	(39)		(10)		(29)
Impairment, exit, restructuring charges, and settlement contingencies	435		490		(55)
ADM's share of equity method investment non-recurring (gains) and charges, net	(91)		—		$	(91)
(Gain) on contract termination	(69)		—		$	(69)
Total Segment Operating Profit	$	3,242	$	4,209	$	(967)

The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.36

At December 31, 2024, the Company’s capital resources included shareholders’ equity of $22.2 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $13.0 billion, of which $9.1 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the commercial paper borrowing programs, against which there was $1.7 billion of commercial paper outstanding at December 31, 2024.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AsLiquidity ~~of December 31, 2024, the Company had $611 million of cash~~ and ~~cash~~Capital equivalents, $354 million of which is cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $4.5 billion, the Company has asserted these funds are indefinitely reinvested outside the U.S. Resources

AsThe ofCompany's ~~December 31,~~objective ~~2024,~~is ~~the~~to ~~Company~~have ~~has~~sufficient ~~total~~liquidity, ~~available~~balance ~~liquidity~~sheet ofstrength, ~~$9.7 billion~~and ~~comprised~~financial offlexibility ~~cash~~to ~~and~~fund ~~cash~~the ~~equivalents~~operating and ~~unused~~capital ~~lines~~requirements of ~~credit.~~a capital intensive agricultural commodity-based business. The Company ~~believes~~depends ~~that~~on ~~cash~~access ~~flows~~to ~~from~~credit ~~operations~~markets, ~~cash~~which ~~and~~can ~~cash~~be ~~equivalents~~impacted onby ~~hand,~~its credit rating and ~~unused~~factors ~~lines~~outside of ~~credit~~the ~~will~~Company’s becontrol, ~~sufficient~~ to ~~meet~~fund its ~~ongoing~~working ~~liquidity~~capital ~~requirements~~needs ~~for~~and atcapital ~~least the next twelve months~~expenditures.

At December 31, 2025, the Company’s capital resources included shareholders’ equity of $22.7 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.3 billion, of which $9.4 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the commercial paper borrowing programs, against which there was $715 million of commercial paper outstanding at December 31, 2025.

As of December 31, 2025, the Company had $1.0 billion of cash and cash equivalents, $312 million of which is cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $5.1 billion, the Company has asserted these funds are indefinitely reinvested outside the U.S.

As of December 31, 2025, the Company has total available liquidity of $10.4 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.

Operating Cash Flows

Net cash provided by operating activities was $25.85 billion, $42.58 billion, and $34.5 billion for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

The ~~decrease~~increase in cash provided by operating activities in ~~2024~~2025 compared to ~~2023~~2024 was ~~primarily~~due ~~driven~~to bychanges ~~lower~~in ~~earnings~~net inworking ~~the~~capital, ~~current~~partially ~~year~~offset ~~and~~by ~~changes~~lower earnings in ~~net~~the ~~working~~current ~~capital~~year. Changes in net working capital were driven by changes in ~~segregated investments, changes in~~ inventory, ~~changes in trade~~ payables ~~and changes in payables~~ to brokerage customers. ~~Segregated~~and ~~investments~~segregated ~~increased $693 million in the current year compared to an increase of $194 million in the prior year~~investments, ~~driven~~partially ~~by higher interest rates. Inventories decreased $162 million in the current year reflecting lower commodity pricing,~~ offset by ~~increased~~changes ~~volumes of on-hand inventories compared to a decrease of $2.9 billion~~ in ~~the~~accrued ~~prior-year,~~expenses ~~reflecting~~and ~~lower~~other ~~commodity pricing. Trade~~ payables ~~decreased $719 million in the current year compared to a decrease of $1~~.5 billion in the prior year, reflecting lower commodity pricing. Brokerage payables decreased $78 million in the current year compared to a decrease of $2.1 billion in the prior year which was driven by decreased trading activity in the Company’s futures commission and brokerage business.

Changes in inventories resulted in cash inflow of $1.5 billion in the current year reflecting lower commodity pricing and reductions driven by working capital reduction initiatives, compared to an inflow of $162 million in the prior-year, reflecting lower commodity pricing.

Changes in payables to brokerage customers resulted in cash inflow of $1.1 billion in the current year compared to an outflow of $78 million in the prior year. The inflow in the current year is driven by increased trading activity in the Company’s futures commission and brokerage business.

Change in segregated investments resulted in an outflow of $43 million in the current year compared to an outflow of $693 million in the prior year, driven by brokerage customer trading activity.

Changes in accrued expenses and other payables resulted in an outflow of $823 million in the current year period compared to an outflow of $276 million in the prior year period, primarily driven by the valuation of derivative contracts.

Investing Cash Flows

Net cash used in investing activities was $21.70 billion, $12.57 billion, and $1.45 billion for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

Net cash used in investing activities for the year ended December 31, 2024 included additions to property, plant and equipment of $1.6 billion, business acquisitions, net of cash acquired of $927 million, and purchases of short-term investments, primarily driven by purchases within South America, of $308 million. 37

Net cash used in investing activities for the year ended December 31, 2023 included additions to property, plant and equipment of $1.5 billion.

Financing Cash Flows

Net cash used in financing activities was $1.5 billion, $4.6 billion, and $2.5 billion for the years ended December 31, 2024, 2023, and 2022, respectively.

Net cash used in financing activities for the year ended December 31, 2024 included net borrowings on short-term credit agreements of $1.8 billion.

Net cash used in financing activities for the year ended December 31, 2023, was driven by net borrowings of short-term credit agreements of $390 million, corporate bond repayments of $963 million, which consisted of the €600 million aggregate principal amount of 1.750% Notes due 2023 and $300 million aggregate principal amount of zero coupon exchangeable bonds due 2023, partially offset by proceeds from debt of $501 million.

Cash paid for share repurchases for the years ended December 31, 2024, 2023, and 2022 were $2.3 billion, $2.7 billion, and $1.5 billion, respectively.

Dividends paid for the years ended December 31, 2024, 2023, and 2022 were $985 million, $977 million, and $899 million, respectively.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Financial~~Net ~~Ratios~~cash used in investing activities for the year ended December 31, 2025 primarily included additions to property, plant and equipment of $1.2 billion, business acquisitions, net of cash acquired of $108 million, proceeds from sales of marketable securities of $277 million, and proceeds from sales of assets, businesses and investments of $111 million.

AtNet ~~December 31,~~cash ~~2024~~used ~~and~~in ~~2023,~~investing ~~the~~activities ~~Company~~for ~~had~~the ayear ~~current~~ended ~~ratio~~December 31, ~~defined~~2024 asincluded ~~current~~additions ~~assets~~to ~~divided~~property, byplant ~~current~~and ~~liabilities,~~equipment of $1.~~4 to 1 and 1.~~6 ~~to 1~~billion, ~~respectively.~~businesses ~~Included~~acquired, innet ~~working~~of ~~capital~~cash ~~was~~acquired ~~$7.0 billion~~ of ~~readily~~$927 ~~marketable~~million ~~commodity~~and ~~inventories at~~purchase ~~each~~ of ~~December 31,~~marketable ~~2024~~securities ~~and~~of ~~2023~~$308 million.

~~The~~Financing ~~Company’s~~Cash ratio of long-term debt to total capital (the sum of long-term debt of $7.6 billion and shareholders’ equity of $22.2 billion in 2024 and the sum of long-term debt of $8.3 billion and shareholders’ equity of $24.1 billion in 2023) was 25% at each of December 31, 2024 and 2023. Flows

~~The~~Net ~~Company’s~~cash ~~ratio~~used ofin ~~net~~financing ~~debt~~activities ~~(the~~was ~~sum of short-term debt of~~ $12.9 billion, ~~current maturities of long-term debt of~~ $~~674 million, and long-term debt of $7~~1.65 billion ~~less the sum of cash and cash equivalents of $611 million and short-term marketable securities of $246 million in 2024~~, and ~~the sum of short-term debt of~~ $~~105 million, current maturities of long-term debt of $1 million, and long-term debt of $8.3 billion less the sum of cash and cash equivalents of $1.~~4 ~~billion and short-term marketable securities of none in 2023) to capital (the sum of net debt of $9~~.36 billion ~~and~~for ~~shareholders’ equity of $22.2 billion in 2024 and~~ the ~~sum~~years ofended ~~net debt of $7.0 billion and shareholders' equity of $24.1 billion in 2023) was 30% and 22% at~~ December 31, 2025, 2024, and 2023, respectively.

In the year ended December 31, 2025, the Company repaid in full €650 million of 1.000% notes, previously included within Current maturities of long-term debt.

Net cash used in financing activities for the year ended December 31, 2025 and 2024 included net repayments for short-term credit agreements of $1.1 billion and net borrowings of $1.8 billion, respectively.

Dividends paid for the years ended December 31, 2025, 2024, and 2023 were $987 million, $985 million, and $977 million, respectively.

No share repurchases were made in the twelve months ended December 31, 2025. Cash paid for share repurchases for the year ended December 31, 2024 was $2.3 billion. As of December 31, 2025, the Company had 115 million shares remaining that may be repurchased under its stock repurchase program until December 31, 2029.

Credit Ratings

As of December 31, ~~2024~~2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.

Stock Repurchase Program

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

On March 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. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.045, or $462 million in aggregate, as final settlement of the ASR transaction.

On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100,000,000 shares under the extended program. As of December 31, 2024, the Company had 115 million shares remaining that may be repurchased under its stock repurchase program until December 31, 2029.

Accounts Receivable Securitization Program

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $23.80 billion in funding against accounts receivable transferred into the Programs and expand the Company’s access to liquidity through efficient use of its balance sheet assets (see Part II. Item 8. Note 19. Sale of Accounts Receivable for more information and disclosures on the Programs). As of December 31, ~~2024~~2025, the Company utilized $2.01 billion of its facility under the Programs.

Contractual Obligations and Commercial Commitments

In ~~2025~~2026, the Company expects capital expenditures of approximately $1.54 billion and ~~additional~~dividend ~~cash~~payments ~~outlays~~ of ~~approximately~~ $1.0 billion ~~in dividends and up to $155 million in share repurchases~~, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year. The Company’s other material cash requirements within the next 12 months include current maturities of long-term debt of $1.0 billion, interest payments of $527 million, operating lease payments of $357 million, and pension, other postretirement, and defined contribution plan contributions of $119 million.

The Company’s purchase obligations as of December 31, ~~2024~~2025 and ~~2023~~2024 were $1213.48 billion and $1412.04 billion, respectively. The ~~decrease~~increase is primarily related to aan ~~decrease~~increase in obligations for commodities. As of December 31, 2025, the Company expects to ~~energy~~make ~~commitments~~payments related to purchase obligations of $12.5 billion within the next twelve months. The Company expects to make payments related to debt and interest, operating leases, purchase obligations and other material cash requirements beyond the next twelve months of approximately $15.3 billion.

4338

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AsThe ~~of December 31, 2024, the~~ Company’s ~~expects~~credit tofacilities ~~make~~and ~~payments~~certain ~~related~~debentures torequire ~~purchase obligations of $11.8 billion within~~ the ~~next twelve months. The~~ Company’s ~~other~~to ~~material~~comply ~~cash~~with ~~requirements~~specified ~~within~~financial ~~the~~and ~~next~~non-financial 12covenants ~~months~~including ~~include~~maintenance ~~current maturities~~ of ~~long-term~~minimum ~~debt~~tangible ofnet ~~$674 million,~~worth ~~interest~~as ~~payments~~well ofas ~~$325 million,~~limitations ~~operating~~related ~~lease~~to ~~payments~~incurring ofliens, ~~$377~~secured ~~million~~debt, ~~transition~~and ~~tax~~certain ~~liability~~other offinancing ~~$61~~arrangements. ~~million,~~The ~~and~~Company ~~pension,~~was ~~other~~in ~~postretirement,~~compliance ~~and~~with ~~defined~~these ~~contribution~~covenants ~~plan~~as ~~contributions~~ of ~~$114~~December ~~million.~~31, 2025.

The Company expects to make payments related to purchase obligations and other material cash requirements beyond the next twelve months of $15.9 billion.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2024.

Critical Accounting Estimates

The process of preparing financial statements requires management to make estimates and judgments that affect the carrying values of the Company’s assets and liabilities as well as the recognition of revenues and expenses. These estimates and judgments are based on the Company’s historical experience and management’s knowledge and understanding of current facts and circumstances. Certain of the Company’s accounting estimates are considered critical, as these estimates are important to the depiction of the Company’s financial statements and require significant or complex judgment by management. Critical accounting estimates are those estimates made in accordance with GAAP which involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on ADM’s financial condition and results of operations. Management has discussed with the Company’s Audit Committee the development, selection, disclosure, and application of these critical accounting estimates. Following are the accounting estimates management considers critical to the Company’s financial statements.

Certain of the Company’s accounting estimates are considered critical, as these estimates are important to the depiction of the Company’s financial statements and require significant or complex judgment by management. Critical accounting estimates are those estimates made in accordance with GAAP which involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on ADM’s financial condition and results of operations.

Management has discussed with the Company’s Audit Committee the development, selection, disclosure, and application of these critical accounting estimates. Following are the accounting estimates management considers critical to the Company’s financial statements.

Fair Value Measurements - Inventories and Commodity Derivatives

Description: Certain of the Company’s inventory, inventory-related payables, and commodity derivative assets and liabilities as of December 31, ~~2024~~2025 are valued at estimated fair values, including $76.02 billion of merchandisable agricultural commodity inventories, $~~0.8~~822 ~~billion~~million of commodity derivative assets, $~~0.8~~613 ~~billion~~million of commodity derivative liabilities, and $~~0.7~~730 ~~billion~~million of inventory-related payables. Commodity derivative assets and liabilities include forward purchase and sales contracts for agricultural commodities. Merchandisable agricultural commodities are freely traded, have quoted market prices, and may be sold without significant additional processing.

Judgments and Uncertainties: Management estimates fair value for its commodity-related assets and liabilities based on exchange-quoted prices, adjusted for differences in local markets. The Company’s inventory, inventory-related payables, and commodity derivative fair value measurements are mainly based on observable market quotations without significant adjustments and are therefore reported as Level 2 within the fair value hierarchy. Level 3 fair value measurements of approximately $3.52 billion of assets and $~~0.5~~329 ~~billion~~million of liabilities represent fair value estimates where unobservable price components represent 10% or more of the total fair value price. For more information concerning amounts reported as Level 3, see Part II. Item 8. Note 4. Fair Value Measurements.

Sensitivity of Estimate to Change: Changes in the market values of these inventories and commodity contracts are recognized in the ~~statement~~Consolidated Statements of ~~earnings~~Earnings as a component of cost of products sold. If management used different methods or factors to estimate market value, amounts reported could differ materially. Additionally, if market conditions change subsequent to year-end, amounts reported in future periods could differ materially.

Income Taxes

Description: The Company accounts for income taxes in accordance with the applicable accounting standards which prescribe a minimum threshold a tax position is required to meet before being recognized in the Consolidated Financial Statements. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur.

44Judgments and Uncertainties: ADM calculates its provision for income taxes based on the statutory tax rates and tax attributes available to the Company in the various jurisdictions in which it operates. The Company uses judgment in evaluating the Company’s tax positions and determining its annual tax provision.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Judgments and Uncertainties: ADM calculates its provision for income taxes based on the statutory tax rates and tax attributes available to the Company in the various jurisdictions in which it operates. The Company uses judgment in evaluating the Company’s tax positions and determining its annual tax provision.

Sensitivity of Estimate to Change: While ADM considers all of its tax positions fully supportable, the Company faces challenges from U.S. and foreign tax authorities regarding the amount of taxes due. The Company recognizes a tax position in its Consolidated Financial Statements when it is determined to be more likely than not to be sustained upon examination, based on its technical merits. The position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

Business Combinations

Description: The Company’s acquisitions are accounted for in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations, as amended. The consideration transferred is allocated to various assets acquired and liabilities assumed at their estimated fair values as of the acquisition date with the residual allocated to goodwill. ~~The Company accounts for any redeemable non-controlling interest in temporary equity - redeemable non-controlling interest at redemption value with periodic changes recorded in retained earnings.~~

Judgments and Uncertainties: Fair values allocated to assets acquired and liabilities assumed in business combinations require management to make significant judgments, estimates, and assumptions, especially with respect to intangible assets. Management makes estimates of fair values based upon assumptions it believes to be reasonable. These estimates are based upon historical experience and information obtained from the management of the acquired companies and are inherently uncertain. The estimated fair values related to intangible assets primarily consist of customer relationships, trademarks, and developed technology which are determined primarily using discounted cash flow models. Estimates in the discounted cash flow models include, but are not limited to, certain assumptions that form the basis of the forecasted results (e.g. revenue growth rates, customer attrition rates, and royalty rates). These significant assumptions are forward looking and could be affected by future economic and market conditions.

Sensitivity of Estimate to Change: During the measurement period, which may take up to one year from the acquisition date, adjustments due to changes in the estimated fair value of assets acquired and liabilities assumed may be recorded as adjustments to the consideration transferred and related allocations. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any such adjustments are charged to the Consolidated Statements of Earnings.

Goodwill Impairment

Description: Goodwill represents the aggregate of the excess consideration paid for acquired businesses over the fair value of the net assets acquired. At December 31, ~~2024~~2025, the Company had goodwill of $4.58 billion. The Company evaluates goodwill for impairment at the reporting unit level annually on October 1 or more frequently whenever there are indicators that the carrying value may not be fully recoverable, utilizing either the qualitative or quantitative testing method. The Company has seven reporting units with goodwill identified at one level below the operating segment using the criteria in ASC 350, Intangibles - Goodwill and Other (Topic 350). Two reporting units do not have any recorded goodwill. During the year ended December 31, ~~2024~~2025, the Company evaluated goodwill for impairment using a qualitative assessment for ~~two~~six reporting units and using a quantitative assessment for ~~five~~the Animal Nutrition reporting ~~units~~unit. See Part II. Item 8. Note 9. Goodwill and Other Intangible Assets for further information.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Judgments and Uncertainties: The Company has the option to first qualitatively assess factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company elects not to use this option, or it is determined that qualitative factors alone are not sufficient to conclude whether it is more likely than not that the fair value of the reporting unit is less than its carrying value, or it is determined from the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs the quantitative goodwill impairment test. As part of the Company’s impairment analysis, the fair value of a reporting unit is generally determined using both the income and market approaches. Critical estimates in the determination of the fair value, when using a discounted cash flow analysis, of each reporting unit require management to make assumptions including, but not limited to, future expected cash flows of the reporting unit utilizing appropriate revenue growth, EBITDA margins, and discount rates. A decline in the actual cash flows of a reporting unit in future periods, as compared to the projected cash flows used in the discounted cash flow analysis, could result in the carrying value of the reporting unit exceeding its fair value. Further, a change in the discount rate, as a result of a change in economic conditions or otherwise, could result in the carrying values of the reporting units exceeding their respective fair values. Although the Company believes its estimates of fair value are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates.

Sensitivity of Estimate to Change: Per the results of the impairment testing within the Ag Services and Oilseeds (AS&O) reportable segment for the year ended December 31, 2024, the estimated fair value of the Ag Services, Crushing, and RPO reporting units evaluated for impairment using a quantitative assessment was in excess of 128%, 191% and 209% of its carrying value, respectively, and no impairment was recorded for any of the AS&O reporting units. Per the results of the impairment testing within the Nutrition reportable segment for the year ended December 31, 2024, the estimated fair value of the Animal Nutrition and Human Nutrition reporting units evaluated for impairment using a quantitative assessment was in excess of 7% and 32% of its carrying value, respectively, and no impairment was recorded for either of the Nutrition reporting units. 40

The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and thus considers short-term and long-term cash flow expectations for the business. The market approach was weighted less heavily at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known.

The income approach is predicated upon the value of the estimated future cash flows that a business will generate going forward. The Company used the Discounted Cash Flow (DCF) method under the income approach for the analysis of Animal Nutrition.

The market approach assumes that companies operating in the same industry will share similar characteristics and that values will correlate to those characteristics. Therefore, under the market approach, a comparison of the reporting unit to similar companies whose financial information is publicly available may provide a reasonable basis to estimate the fair value of the reporting unit. The two forms of the market approach most commonly applied are the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method. The Company utilized the GPC method to estimate the fair value of the Animal Nutrition reporting unit under the market approach. The GMAC method was also considered, but ultimately was not relied upon due to the lack of recent transactions that were directly comparable. In the selection of the appropriate market multiples, the Company considered the performance of the business, the size, risks, opportunities, and a comparison of the margins and growth of the Animal Nutrition business compared to the guideline public companies. The estimated fair value calculated by the GPC method was within 5% of the estimated fair value calculated by the income approach.

The Company performed a sensitivity analysis for the significant assumptions used in the goodwill impairment testing analysis for the Animal Nutrition reporting unit. The sensitivities were calculated in isolation using the income approach and keeping all other assumptions constant. The sensitivities for revenue growth and EBITDA growth do not consider the offsetting impact of a lower discount rate assumption to reflect the reduced risk in estimated future cash flow growth used under the income approach or the related impacts on pricing multiples used under the market approach.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AsSensitivity of ~~December~~Estimate ~~31,~~to ~~2024,~~Change: ~~goodwill~~The ~~allocated~~estimated tofair value of the Animal Nutrition reporting unit ~~totaled~~was ~~$887~~evaluated ~~million.~~to ~~For~~be ~~Animal~~approximately ~~Nutrition~~15% ~~impairment~~in ~~testing,~~excess ~~certain~~of ~~hypotheticals~~its ~~would~~carrying ~~have~~value ~~the~~and ~~following~~no ~~results:~~impairment was recorded.

–AThe ~~hypothetical~~Company ~~increase~~used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and thus considers short-term and long-term cash flow expectations for the business. The market approach was weighted at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known. The income approach is predicated upon the value of the estimated future cash flows that a business will generate going forward. The Company used the Discounted Cash Flow (DCF) method under the income approach for the analysis of Animal Nutrition. The market approach assumes that companies operating in the same industry will share similar characteristics and that values will correlate to those characteristics. Therefore, under the ~~discount~~market ~~rate~~approach, a comparison of ~~approximately~~the ~~100~~reporting unit to similar companies whose financial information is publicly available may provide a reasonable basis ~~points~~to ~~would~~estimate ~~result~~the infair value of the reporting unit. The two forms of the market approach most commonly applied are the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method. The Company utilized the GPC method to estimate the fair value of the Animal Nutrition reporting unit under the market approach. The GMAC method was also considered, but ultimately was not relied upon due to the lack of recent transactions that were directly comparable. In the selection of the appropriate market multiples, the Company considered the performance of the business, the size, risks, opportunities, and a ~~goodwill~~comparison ~~impairment~~of the margins and growth of ~~approximately~~the ~~$68~~Animal ~~million;~~Nutrition business compared to the guideline public companies. The estimated fair value calculated by the GPC method was within 10% of the estimated fair value calculated by the income approach.

–AThe ~~hypothetical~~Company ~~decrease~~performed toa ~~forecasted~~sensitivity analysis for the significant assumptions used in the goodwill impairment testing analysis for the Animal Nutrition reporting unit. The sensitivities were calculated in isolation using the income approach and keeping all other assumptions constant. The sensitivities for revenue growth and EBITDA margins do not consider the offsetting impact of ~~approximately~~a 50lower ~~basis~~discount ~~points~~rate ~~would~~assumption ~~result~~to reflect the reduced risk in ~~goodwill~~estimated ~~impairment~~future ofcash ~~approximately~~flow ~~$5 million;~~growth ~~and~~used under the income approach or the related impacts on pricing multiples used under the market approach.

–AAs ~~hypothetical~~of ~~decrease~~December in31, 2025, goodwill allocated to the ~~expected~~Animal ~~annual~~Nutrition ~~revenue~~reporting ~~growth~~unit ~~rate~~totaled ~~over~~$958 million. ~~the~~For ~~entire~~Animal ~~forecast~~Nutrition ofreporting ~~approximately~~unit ~~250~~impairment ~~basis~~testing, ~~points~~below ~~would~~are ~~result~~certain inhypotheticals where a ~~goodwill~~change ~~impairment~~would ofresult ~~approximately~~in ~~$69~~an ~~million.~~impairment:

–Increase to the discount rate of approximately 175 basis points would result in a goodwill impairment of approximately $29 million;

–Decrease to forecasted EBITDA margins of approximately 150 basis points would result in goodwill impairment of approximately $69 million

–Decrease in the forecasted revenue growth rate of approximately 290 basis points would result in goodwill impairment of approximately $1 million.; and

–Increase in the expected capital expenditures as a percentage of revenue over the entire forecast of approximately 100 basis points would result in a goodwill impairment of approximately $181 million.

Investments in Affiliates

Description: The Company applies the equity method of accounting for investments over which the Company has the ability to exercise significant influence, including its 22.5% investment in Wilmar. These investments in affiliates are carried at cost plus equity in undistributed earnings and are adjusted, where appropriate, for amortizable basis differences between the investment balance and the underlying net assets of the investee. Generally, the minimum ownership threshold for asserting significant influence is 20% ownership of the investee. However, the Company considers all relevant factors in determining its ability to assert significant influence including but not limited to, ownership percentage, board membership, customer and vendor relationships, and other arrangements.

Judgments and Uncertainties: The Company has evaluated its investments in affiliates as of December 31, 2024 to be appropriately stated at carrying values. The Company also periodically compares the book value of its investment in Wilmar against its market value as determined through quoted market prices, and evaluates any potential other-than-temporary impairment. The Company’s investment in Wilmar had a carrying value of $3.9 billion as of December 31, 2024, and a market value of $3.2 billion based on the quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at December 31, 2024. The Company evaluated several factors in its determination of whether an other-than-temporary impairment had occurred. This included consideration of the short duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, latest consensus analyst forecasts, Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other-than temporarily impaired at December 31, 2024. 41

Sensitivity of Estimate to Change: The performance of impairment tests involves the use of estimates and assumptions, which may change period to period. If the Company management used different assumptions in the evaluation of its equity method investments, including its investment in Wilmar, the Company may conclude that the investment is other-than-temporarily impaired.

Recent accounting pronouncements

See “New Accounting Pronouncements Not Yet Adopted” within Note 1. Summary of significant accounting policies, to the Consolidated Financial Statements included in Part II. Item 8 for information regarding recent accounting pronouncements.

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ARCHER-DANIELS-MIDLAND COMPANY

~~PART~~MANAGEMENT’S IIDISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Judgments and Uncertainties: The Company has evaluated its investments in affiliates as of December 31, 2025 to be appropriately stated at carrying values. The Company also periodically compares the book value of its investment in Wilmar against its market value as determined through quoted market prices, and evaluates for any potential other-than-temporary impairment. The Company’s investment in Wilmar had a carrying value of $4.0 billion as of December 31, 2025, and a market value of $3.4 billion based on the quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at December 31, 2025. The Company evaluated several factors in its determination of whether an other-than-temporary impairment had occurred. This included consideration of the severity and duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, including stock price performance subsequent to the balance sheet date, Wilmar's financial condition and near-term performance prospects, latest consensus analyst forecasts, Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other-than temporarily impaired at December 31, 2025.

Sensitivity of Estimate to Change: The performance of impairment tests involves the use of estimates and assumptions, which may change period to period. If the Company used different assumptions in the evaluation of its equity method investments, including its investment in Wilmar, the Company may conclude that investments are other-than-temporarily impaired.

Recent accounting pronouncements

See “New Accounting Pronouncements Not Yet Adopted” within Note 1. Summary of Significant Accounting Policies, to the Consolidated Financial Statements included in Part II. Item 8 for information regarding recent accounting pronouncements.


Item 7A.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, and interest rates as described below.

Commodity Price Risk

The availability and prices of agricultural commodities are subject to wide fluctuations due to factors such as changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in customer preferences and standards of living, and global production of similar and competitive crops.

The Company manages its exposure to adverse price movements of agricultural commodities used for, and produced in, its business operations, by entering into derivative and non-derivative contracts which reduce the Company’s overall short or long commodity position. Additionally, the Company uses exchange-traded ~~futures~~ and ~~exchange-traded~~OTC ~~and~~commodity ~~over-the-counter~~instruments ~~option contracts as components of merchandising strategies designed~~ to ~~enhance~~manage ~~margins. The~~its ~~results~~net ofposition ~~these strategies can be significantly impacted by factors such as the correlation between the value~~ of ~~exchange-traded~~merchandisable ~~commodities~~agricultural ~~futures~~product ~~contracts~~inventories and ~~the~~forward cash ~~prices~~purchase ~~of the underlying commodities, counterparty contract defaults,~~ and ~~volatility~~sales ~~of freight markets. In addition, the Company, from time-to-time, enters into derivative~~ contracts which are designated as hedges of specific volumes of commodities that will be purchased and processed, or sold, in a future month. The changes in the market value of such futures contracts have historically been, and are expected to ~~continue~~reduce ~~to be, highly effective at offsetting changes in~~ price ~~movements~~risk ofcaused ~~the~~by ~~hedged~~market ~~item.~~fluctuations ~~Gains and losses arising from open and closed designated hedging transactions are deferred~~ in ~~other~~agricultural ~~comprehensive~~commodities ~~income, net of applicable taxes,~~ and ~~recognized~~foreign ~~as a component of cost of products sold or revenues in the statement of earnings when the hedged item is recognized~~currencies.

The Company’s also uses exchange-traded and OTC commodity ~~position~~instruments ~~consists~~as components of ~~merchandisable~~merchandising ~~agricultural~~strategies ~~commodity~~designed ~~inventories,~~to ~~related~~enhance ~~purchase~~margins. The ~~and~~results ~~sales~~of ~~contracts,~~these ~~energy~~strategies ~~and~~can ~~freight~~be ~~contracts,~~significantly ~~and~~impacted by factors such as the correlation between the value of exchange-traded commodities futures and ~~exchange-traded~~the ~~and~~value ~~over-~~of the~~-counter~~ ~~option~~underlying ~~contracts~~commodities, ~~including~~counterparty ~~contracts~~contract ~~used~~defaults, toand ~~hedge~~volatility ~~anticipated~~of ~~transactions~~freight markets.

~~The~~In ~~fair~~addition, ~~value of~~ the Company’s ~~commodity~~enters ~~position~~into isfutures acontracts ~~summation~~and of over-the-counter ~~fair~~swaps ~~values~~which ~~calculated~~are ~~for~~designated ~~each~~as ~~commodity~~hedges byof ~~valuing~~specific ~~all~~volumes of ~~the~~commodities ~~commodity~~that ~~positions~~will atbe ~~quoted~~purchased ~~market~~and ~~prices for the period~~processed, ~~where~~or ~~available~~sold, orin ~~utilizing~~ a ~~close~~future ~~proxy~~month. The ~~Company~~changes ~~has~~in ~~established~~the ~~metrics~~market tovalue ~~monitor~~of ~~the~~such ~~amount~~futures ofcontracts ~~market~~have ~~risk~~historically ~~exposure~~been, ~~which~~and ~~consist~~are ofexpected ~~volumetric~~to ~~limits~~continue to be, ~~and~~highly ~~value-~~effective at~~-risk~~ ~~(VaR)~~offsetting ~~limits.~~changes ~~VaR~~in ~~measures~~price movements of the ~~potential~~hedged ~~loss,~~item. atGains aand ~~95%~~losses ~~confidence~~arising ~~level~~from open and closed designated hedging transactions are deferred in other comprehensive income, ~~that~~net ~~could~~of beapplicable ~~incurred~~taxes, ~~over~~and recognized as a ~~one~~component ~~year~~of ~~period. Volumetric~~cost ~~limits~~of ~~are~~products ~~monitored~~sold ~~daily~~or ~~and~~revenues ~~VaR~~in ~~calculations~~the ~~and~~statement ~~sensitivity~~of ~~analysis~~earnings ~~are~~when ~~monitored~~the ~~weekly~~hedged item is recognized.

The Company performs sensitivity analyses measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices. The highest, lowest, and average weekly long (short) position for the years ended December 31, 2024 and 2023 together with the market risk from a hypothetical 10% adverse price change is as follows (in millions):42

	December 31, 2024				December 31, 2023
	Fair Value		Market Risk		Fair Value		Market Risk
Highest position	$	543	$	54	$	498	$	50
Lowest position	(265)		(27)		(6)		(1)
Average position	168		17		125		13

The change in fair value of the average position was due to the overall decrease in average quantities of certain commodities.

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ARCHER-DANIELS-MIDLAND COMPANY

PART II

The Company’s commodity position consists of merchandisable agricultural commodity inventories, related purchase and sales contracts, energy and freight contracts, and exchange-traded and over-the-counter commodity instruments, including contracts used to hedge anticipated transactions. The fair value of the Company’s commodity position is a summation of the fair values calculated for each commodity by valuing all of the commodity positions at quoted market prices for the period, where available, or utilizing a close proxy. The weekly highest, lowest, and average long (short) positions, for the years ended December 31, 2025 and 2024 together with a risk of a hypothetical 10% adverse price change in market prices is as follows (in millions):


	December 31, 2025				December 31, 2024
	Fair Value		Market Risk		Fair Value		Market Risk
Highest position	$	541	$	54	$	543	$	54
Lowest position	(37)		(4)		(265)		(27)
Average position	279		28		168		17

The Company monitors market risk exposure through various metrics such as volumetric limits and the value-at-risk (VaR) limits. Volumetric limits are monitored on a daily basis. VaR and related sensitivity analysis, measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices, is monitored on a weekly basis.

Foreign Currency Exchange Risk

The Company has consolidated subsidiaries in more than 8075 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. To reduce the risks associated with foreign currency exchange rate fluctuations, the Company enters into currency exchange contracts to minimize its foreign currency position related to transactions denominated primarily in Euro, British pound, Canadian dollar, and Brazilian real currencies. These currencies represent the major functional or local currencies in which recurring business transactions occur. The Company also uses currency exchange contracts and foreign currency denominated debt as hedges against amounts indefinitely invested in foreign subsidiaries and affiliates. The currency exchange contracts used are forward contracts, swaps with banks, exchange-traded futures contracts, and over-the-counter options. The changes in market value of such contracts have a high correlation to the price changes in the currency of the related transactions. The potential loss in fair value for such net currency position resulting from a hypothetical 10% adverse change in foreign currency exchange rates is not material.

Interest Rate Risk

The fair value of the Company’s long-term debt is estimated using quoted market prices, where available, and discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Market risk is estimated as the potential increase in fair value resulting from a hypothetical 50 basis points decrease in interest rates. Actual results may differ.

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
	(In millions)
Fair value of long-term debt	$	76,~~055~~309	$	87,~~557~~055
Fair value amount over (under) carrying value	(501)		298
Fair value amount (under) carrying value	(271)		(501)
Market risk	~~271~~317		~~378~~271

~~The decrease in the fair value of long-term debt at December 31, 2024 is due to an increase in corporate bond interest rates.~~43

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ARCHER-DANIELS-MIDLAND COMPANY


Item 8.			FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial Statements

Page No.

Consolidated Statements of Earnings

5145

Consolidated Statements of Comprehensive Income (Loss)

5246

Consolidated Balance Sheets

5347

Consolidated Statements of Cash Flows

5448

Consolidated Statements of Shareholders’ Equity

5549

Notes to Consolidated Financial Statements

5650

Reports of Independent Registered Public Accounting Firm

PCAOB ID:

~~108~~104

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

	Year Ended
	December 31
	2024		2023		2022
	2025		2024		2023
	(In millions, except per share amounts)
Revenues	$	8580,~~530~~269	$	9385,~~935~~530	$	~~101~~93,~~556~~935
Cost of products sold	7975,~~752~~236		8679,~~422~~752		9386,~~986~~422
Gross Profit	5,~~778~~033		75,~~513~~778		7,~~570~~513
Selling, general, and administrative expenses	3,~~706~~609		3,~~456~~706		3,~~358~~456
Asset impairment, exit, and restructuring costs	~~545~~473		~~342~~545		66342
Equity in earnings of unconsolidated affiliates	(621)		(551)		(832)
Equity in (earnings) of unconsolidated affiliates	(648)		(621)		(551)
Interest and investment income	(562)		(499)		(293)
Interest and investment (income)	(118)		(562)		(499)
Interest expense	~~706~~612		~~647~~706		~~396~~647
Other (income) expense - net	(251)		(176)		(358)
Other (income) - net	(150)		(251)		(176)
Earnings Before Income Taxes	21,255		42,~~294~~255		54,~~233~~294
Income tax expense	~~476~~182		~~828~~476		~~868~~828
Net Earnings Including Non-controlling Interests	1,~~779~~073		31,~~466~~779		43,~~365~~466
Net earnings (losses) attributable to non-controlling interests	(21)		(17)		25
Net loss attributable to non-controlling interests	(5)		(21)		(17)
Net Earnings Attributable to Controlling Interests	$	1,~~800~~078	$	31,~~483~~800	$	43,~~340~~483
Weighted average number of shares outstanding – basic	~~492~~484		~~541~~492		~~562~~541
Weighted average number of shares outstanding – diluted	~~493~~484		~~542~~493		~~563~~542
Basic earnings per common share	$	32.6623	$	63.4466	$	76.7244
Diluted earnings per common share	$	32.6523	$	63.4365	$	76.7143

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

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended
	December 31
	2024		2023		2022
	2025		2024		2023
	(In millions)
Net earnings including non-controlling interests	$	1,779	$	3,466	$	4,365
Net Earnings Including Non-controlling Interests	$	1,073	$	1,779	$	3,466
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	~~(415)~~340		48(415)		~~(301)~~48
Tax effect	~~(45)~~110		32(45)		~~(93)~~32
Net of tax amount	~~(460)~~450		80(460)		~~(394)~~80
Pension and other postretirement benefit liabilities adjustment	1524		~~(88)~~15		~~140~~(88)
Tax effect	(76)		2(7)		~~(15)~~2
Net of tax amount	818		~~(86)~~8		~~125~~(86)
Deferred gain (loss) on hedging activities	(41)		15		(84)
Deferred (loss) on hedging activities	(7)		(41)		15
Tax effect	9—		~~(5)~~9		7(5)
Net of tax amount	(327)		10(32)		~~(77)~~10
Unrealized gain (loss) on investments	(16)		16		(12)
Unrealized (loss) on investments	(4)		(16)		16
Tax effect	~~(1)~~—		(1)		(1)
Net of tax amount	(174)		15(17)		~~(11)~~15
Total other comprehensive income (loss), net of tax	~~(501)~~457		19(501)		~~(357)~~19
Comprehensive income (loss)	1,278		3,485		4,008
Total comprehensive income	1,530		1,278		3,485
Comprehensive income (loss) attributable to non-controlling interests	(21)		(20)		5
Less: Comprehensive (loss) attributable to non-controlling interests	(4)		(21)		(20)
Comprehensive income (loss) attributable to controlling interests	$	1,299	$	3,505	$	4,003
Comprehensive income attributable to Archer-Daniels-Midland-Company	$	1,534	$	1,299	$	3,505

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

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED BALANCE SHEETS

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
	(In millions)
Assets
Current Assets
Cash and cash equivalents	$	~~611~~1,015	$	~~1,368~~611
Short-term marketable securities	~~246~~32		—246
Segregated cash and investments	78,~~212~~432		7,~~228~~212
Trade receivables - net	3,~~708~~021		43,~~232~~708
Inventories	1110,~~572~~369		11,~~957~~572
Other current assets	43,~~369~~796		4,~~982~~369
Total Current Assets	2726,~~718~~665		2927,~~767~~718
Investments and Other Assets
Non-Current Assets
Investments in and advances to affiliates	5,276		5,500
Investments in affiliates	5,560		5,276
Goodwill and other intangible assets	6,769		6,341
Goodwill	4,769		4,509
Right-of-use assets	1,358		1,211
Intangible assets, net	1,976		2,260
Other assets	1,313		1,304
Right of use assets	1,322		1,358
Total Investments and Other Assets	14,716		14,356
Other non-current assets	918		1,313
Property, Plant, and Equipment, net
Property, plant, and equipment, net	11,179		10,837
Land and land improvements	566		573
Total Non-Current Assets	25,724		25,553
Buildings	6,143		5,876
Total Assets	$	52,389	$	53,271
Machinery and equipment	20,636		20,223
Construction in progress	1,553		1,360
	28,898		28,032
Accumulated depreciation	(18,061)		(17,524)
Net Property, Plant, and Equipment	10,837		10,508
Total Assets	$	53,271	$	54,631
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt	$	~~1,903~~798	$	~~105~~1,903
Trade payables	5,535		6,313
Current maturities of long-term debt	1,006		674
Payables to brokerage customers	7,772		7,867
Trade payables	5,195		5,535
Current lease liabilities	324		300
Payables to brokerage customers	8,919		7,772
Accrued expenses and other payables	3,~~730~~313		43,~~076~~730
Current maturities of long-term debt	674		1
Current lease liabilities	303		324
Total Current Liabilities	19,~~938~~534		1819,~~662~~938
Long-Term Liabilities
Long-term debt	76,~~580~~606		87,~~259~~580
Deferred income taxes	1,~~268~~135		1,~~309~~268
Non-current lease liabilities	1,~~057~~045		~~931~~1,057
Other	~~997~~1,042		~~1,005~~997
Total Long-Term Liabilities	109,~~902~~828		1110,~~504~~902
Commitments and contingencies (See Note 20)
Temporary Equity - Redeemable non-controlling interest	~~253~~287		~~320~~253
Shareholders’ Equity
Common stock	3,~~223~~281		3,~~154~~223
Reinvested earnings	21,~~933~~983		2321,~~465~~933
Accumulated other comprehensive income (loss)	(2,~~988~~531)		(2,~~487~~988)
Non-controlling interests	107		1310
Total Shareholders’ Equity	22,~~178~~740		2422,~~145~~178
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	5352,~~271~~389	$	5453,~~631~~271

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

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)	Year Ended December 31
	2024		2023		2022
	2025		2024		2023
Cash flows from operating activities
Net earnings including non-controlling interests	$	1,~~779~~073	$	31,~~466~~779	$	43,~~365~~466
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	1,~~141~~181		1,~~059~~141		1,~~028~~059
Impairment of goodwill, intangibles, long-lived assets, and investments	519		309		37
Asset impairment charges	361		519		309
Deferred income taxes	(~~130~~45)		(23130)		(8923)
Equity in earnings of affiliates, net of dividends	(180)		(143)		(457)
Equity in earnings of unconsolidated affiliates, net of dividends	(224)		(180)		(143)
Stock compensation expense	7483		~~112~~74		~~147~~112
Deferred cash flow hedges	(40)		15		(84)
(Gain) loss on asset sales / investment revaluations, net	285		(12)		38
(Gain) loss on sales of assets and businesses/investment revaluation	(12)		38		(115)
Other – net	(25)		91		(91)
Other – net	131		(106)		178
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments	(~~693~~43)		(~~194~~693)		(~~1,512~~194)
Trade receivables	~~447~~855		~~737~~447		~~(1,682)~~737
Inventories	~~162~~1,511		~~2,889~~162		~~(295)~~2,889
Other current assets	~~665~~672		~~694~~665		~~(279)~~694
Trade payables	(~~719~~473)		(~~1,544~~719)		(1,~~389~~544)
Payables to brokerage customers	~~(78)~~1,064		(~~2,059~~78)		~~891~~(2,059)
Accrued expenses and other payables	(~~276~~823)		(~~790~~276)		(44790)
Net cash provided by operating activities	25,~~790~~452		42,~~460~~790		34,~~478~~460
Cash flows from investing activities
Capital expenditures	(1,~~563~~248)		(1,~~494~~563)		(1,~~319~~494)
Net assets of businesses acquired	(~~927~~108)		(23927)		(2223)
Proceeds from sales of assets, businesses and investments	66111		6066		~~131~~60
Investments in affiliates	(58)		(18)		(77)
Purchases of marketable securities	(43)		(308)		—
Purchases of marketable securities	(308)		—		—
Proceeds from sales of marketable securities	277		84		—
Proceeds from sales of marketable securities	84		—		—
Other – net	(6)		(54)		(39)
Cost method investments	—		—		(155)
Net cash used in investing activities	(1,017)		(2,702)		(1,496)
Other – net	4		(21)		42
Net cash used in investing activities	(2,702)		(1,496)		(1,400)
Cash flows from financing activities
Long-term debt borrowings	2711		~~501~~27		~~752~~501
Long-term debt payments	(1772)		(~~963~~1)		(~~482~~963)
Net change in short-term debt	1,800		(390)		(428)
Net (repayments) borrowings under lines of credit agreements	(1,114)		1,800		(390)
Share repurchases	(2,327)		(2,673)		(1,450)
Share repurchases, net of tax	—		(2,327)		(2,673)
Cash dividends	(~~985~~987)		(~~977~~985)		(~~899~~977)
Acquisition of non-controlling interests	(84)		—(8)		—
Other – net	(3621)		(~~102~~36)		8(102)
Net cash used in financing activities	(12,~~530~~887)		(41,~~604~~530)		(24,~~499~~604)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	~~(24)~~33		(324)		—(3)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(1,~~466)~~581		(1,~~643~~466)		(~~421~~1,643)
Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year	53,~~390~~924		75,~~033~~390		7,~~454~~033
Cash, cash equivalents, restricted cash, and restricted cash equivalents – end of year	$	35,~~924~~505	$	53,~~390~~924	$	75,~~033~~390
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	$	611	$	1,368	$	1,037
Restricted cash and restricted cash equivalents included in segregated cash and investments	3,313		4,022		5,996
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	3,924	$	5,390	$	7,033
Cash paid for interest and income taxes were as follows:
Interest	$	~~710~~629	$	~~711~~710	$	~~409~~711
Income taxes	$	~~658~~389	$	~~742~~658	$	~~708~~742

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

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

						AccumulatedOther		Non-controlling		Total
	Common Stock			Reinvested		Comprehensive				Shareholders’
(In millions, except per share amounts)	Shares	Amount		Earnings		Income (Loss)		Interests		Equity
Balance, December 31, 2021	560	$	2,994	$	21,655	$	(2,172)	$	31	$	22,508
Net earnings				4,340				25		4,365
Other comprehensive (loss), net of tax						(337)		(20)		(357)
Cash dividends paid-$1.60 per share				(899)						(899)
Share repurchases	(17)			(1,450)						(1,450)
Stock compensation expense	3	147								147
Stock option exercises, net of taxes	1	4								4
Other	—	2		—				(3)		(1)
Balance, December 31, 2022	547	$	3,147	$	23,646	$	(2,509)	$	33	$	24,317
Comprehensive income
Net earnings				3,483				(17)		3,466
Other comprehensive income (loss), net of tax						22		(3)		19
Other comprehensive income (loss)						22		(3)		19
Cash dividends paid-$1.80 per share				(977)						(977)
Cash dividends paid - $1.80 per share				(977)						(977)
Share repurchases	(36)			(2,697)						(2,697)
Stock compensation expense	3	112								112
Stock option exercises, net of taxes	(1)	(110)								(110)
Other	—	5		10				—		15
Balance, December 31, 2023	513	$	3,154	$	23,465	$	(2,487)	$	13	$	24,145
Net earnings				1,800						1,800
Comprehensive income
Other comprehensive income (loss), net of tax						(501)		—		(501)
Net earnings				1,800				—		1,800
Cash dividends paid-$2.00 per share				(985)						(985)
Other comprehensive income (loss)						(501)		—		(501)
Cash dividends paid - $2.00 per share				(985)						(985)
Share repurchases	(37)			(2,347)						(2,347)
Stock compensation expense	2	74								74
Stock option exercises, net of taxes	—	(23)								(23)
Acquisition of non-controlling interests		(3)						(1)		(4)
Acquisition of noncontrolling interests		(3)						(1)		(4)
Other	—	21		—				(2)		19
Balance, December 31, 2024	478	$	3,223	$	21,933	$	(2,988)	$	10	$	22,178
Comprehensive income
Net earnings				1,078				(2)		1,076
Other comprehensive income (loss)						457		—		457
Cash dividends paid - $2.04 per share				(987)						(987)
Share repurchases	—			1						1
Stock compensation expense	2	83								83
Stock option exercises, net of taxes		(31)								(31)
Other	—	6		(42)				(1)		(37)
Balance, December 31, 2025	480	$	3,281	$	21,983	$	(2,531)	$	7	$	22,740

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

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

Company Overview

ADM has three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. See Note 17. Segment and Geographic Information for further ~~details~~information on the nature of the Company's business and its reportable ~~operating~~ segments.

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 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. 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.

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. 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.

Use of Estimates

The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in its Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

~~Segregated~~Short-Term ~~Cash~~Marketable ~~and Investments~~Securities

~~The~~Short-term ~~Company~~marketable ~~segregates~~securities ~~certain~~include ~~cash,~~foreign ~~cash~~government ~~equivalents,~~securities ~~and investment balances in accordance~~ with ~~regulatory~~maturities ~~requirements,~~greater ~~commodity~~than ~~exchange~~three ~~requirements,~~months and ~~insurance~~less ~~arrangements.~~than ~~These~~one ~~balances~~year ~~represent~~and ~~deposits~~are ~~received~~recorded ~~from~~at ~~customers~~fair ofvalue ~~the~~with ~~Company’s~~gains ~~registered futures commission merchant~~ and ~~commodity~~losses ~~brokerage~~on ~~services,~~these ~~cash~~investments ~~margins~~included ~~and~~in ~~securities~~Other ~~pledged~~income toin ~~commodity~~the ~~exchange~~Consolidated ~~clearinghouses,~~Statements ~~and~~of ~~cash pledged as security under certain insurance arrangements~~Earnings.

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 restricted cash equivalents on the statement of cash flows.50

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~Short-Term~~Segregated ~~Marketable~~Cash ~~Securities~~and Investments

~~Short-term~~The ~~marketable~~Company ~~securities~~segregates ~~include~~certain ~~foreign~~cash, ~~government~~cash ~~securities~~equivalents, and investment balances in accordance with ~~maturities~~regulatory ~~greater~~requirements, ~~than~~commodity ~~three~~exchange ~~months~~requirements, and ~~less~~insurance ~~than~~arrangements. ~~one~~These ~~year~~balances include deposits received from customers of the Company’s registered futures commission merchants and ~~are~~brokerage ~~recorded~~services, atand ~~fair~~includes ~~value~~cash ~~with~~margins, ~~gains~~securities held and ~~losses~~pledged onto ~~these~~commodity ~~investments~~exchange ~~included~~clearinghouses inor ~~Other~~other ~~income~~brokers, and cash pledged as security under certain insurance arrangements. The payables to brokerage customers have a corresponding balance in ~~the~~segregated ~~Consolidated~~cash ~~Statements~~and ofinvestments ~~Earnings~~and segregated customer omnibus receivable in other current assets.

To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and restricted cash equivalents on the Consolidated Statements of Cash Flows.

Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business.

Reconciliation of Total Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).


	December 31,
	2025		2024		2023
Cash and cash equivalents	$	1,015	$	611	$	1,368
Restricted cash and restricted cash equivalents (included in segregated cash and investments)	4,490		3,313		4,022
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	5,505	$	3,924	$	5,390

Revenue Recognition

The 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 nutrition.

The Company’s revenue that is generated from physically settled derivative sales contracts is accounted for under ASC 815, Derivatives and Hedging (Topic 815), and revenue from sales of other products and services is accounted for under ASC 606, Revenue from Contracts with Customers (Topic 606).

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a ~~derivatives~~derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, ~~similar~~consistent towith ~~revenue~~the ~~recognized~~recognition ~~from~~principles ~~contracts with customers~~ under Topic 606. Prior to settlement, these contracts are recognized at fair value within current assets and liabilities, with the unrealized gains or losses primarily recorded within Cost of ~~products~~Products ~~sold~~Sold. See Note 4. Fair Value Measurements and Note 5. Derivative Instruments & Hedging Activities for further information.

Revenue from sales of other products and services is measured based on the consideration specified in the contract with a customer, in accordance with Topic 606. 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. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. 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. 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 Topic 606, and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 51

See Note 2. Revenues for further information.

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 transactions prices or as a component of revenues and cost of products sold.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue from sales of other products and services is measured based on the consideration specified in the contract with a customer, in accordance with Topic 606. 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. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed 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. 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 Topic 606, and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

See Note 2. Revenues for further information.

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

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~~rate to arrive at a general reserve ~~based~~derived onfrom 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. The Company recorded bad debt provisions (reversals) ~~expense~~ in selling, general, and administrative expenses of $~~(16)~~27 million, $6 (16) million, and $886 million in the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

Changes to the allowance for estimated uncollectible accounts for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 are as follows (in millions):

	Year Ended December 31
	2024		2023
	2025		2024
Opening balance, January 1	$	~~215~~167	$	~~199~~215
Provisions (reversals), net	~~(16)~~27		6(16)
Recoveries	9		2
Write-offs against allowance	(39)		(32)
Write-offs against allowance	(32)		(28)
Recoveries and other	5		—
Other	(9)		36
Closing balance, December 31	$	160	$	167
Closing balance, December 31	$	167	$	215

Provisions (reversals), net in the years ended December 31, 2024 and 2023 included reversals of prior general provisions for economic factors related to the COVID pandemic. Write-offs against allowance in the year ended December 31, 2024 were primarily related to uncollectable trade receivables in the normal course of business. Write-offs against allowance in the year ended December 31, 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 December 31, 2024 and 2023 (in millions).~~52

	December 31, 2024		December 31, 2023
Raw materials and supplies (1)	$	1,922	$	1,944
Finished goods	2,689		3,026
Market inventories	6,961		6,987
Total inventories	$	11,572	$	11,957

(1) Includes work in process inventories which were not material as of December 31, 2024 and 2023.

Fair Value Measurements

The 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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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


	December 31, 2025		December 31, 2024
Raw materials and supplies (1)	$	1,740	$	1,922
Finished goods	2,407		2,689
Market inventories	6,222		6,961
Total inventories	$	10,369	$	11,572

(1) Includes work in process inventories which were not material as of December 31, 2025 and 2024.

Fair Value Measurements

Three levels are established within the fair value hierarchy that may be used to report fair value:

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

Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities.

Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view non-performance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the non-performance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the measurement in Level 3.

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.

~~Derivatives~~53

The Company recognizes its financial and non-financial derivative instruments, excluding exchange traded instruments, as either assets or liabilities at fair value in its Consolidated Balance Sheets. Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. Exchange traded instruments are cash-settled daily with the settlement reflected within Other current assets.

The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The majority of the Company’s derivatives have not been designated as hedging instruments, and as such, changes in fair value of these derivatives are recognized in earnings immediately, within revenue or cost of products sold, as appropriate.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge or a net investment hedge. 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 flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (loss) (AOCI) and as an operating activity in the statement of cash flows and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the current period. For derivative instruments that are designated and qualify as net investment hedges, foreign exchange gains and losses related to changes in foreign currency exchange rates are deferred in AOCI until the underlying investment is divested. For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the hedged item are recognized in the Consolidated Statements of Earnings in the same financial statement caption as the hedged items.Derivatives

The Company recognizes its financial and non-financial derivative instruments, excluding exchange-traded instruments, as either assets or liabilities at fair value in its Consolidated Balance Sheets. Unrealized gains are reported as Other current assets and unrealized losses are reported as Accrued expenses and other payables.

See Note 5. Derivative Instruments & Hedging Activities for further information.

Equity Method Investments

The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in consolidated net earnings. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, the legal form of the investee, any representation on the board of directors, and any participation in policy-making decisions.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than- temporary is recognized in the period identified.

See Note 8. Investments in and Advances to Affiliates for further information.

Cost Method Investments

Cost method investments ofrepresent ~~$439 million~~investments in private companies and ~~$438 million~~private asequity offunds ~~December 31,~~to ~~2024~~diversify ~~and~~the ~~2023,~~overall ~~respectively,~~investment portfolio. These investments are ~~included~~generally in ~~other~~companies ~~assets~~in the startup or development stages and the markets for products these companies are developing are typically in the early stages. The Company’s ~~Consolidated~~evaluation ~~Balance~~of ~~Sheets~~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.

~~Revaluation~~Cost ~~losses~~method investments of $16143 million ~~for the year ended December 31, 2024 were related to an investment in alternative protein~~ and ~~precision fermentation. Revaluation losses of~~ $76439 million ~~for~~as ~~the~~of ~~year ended~~ December 31, ~~2023~~2025 ~~were related to investments in the alternative protein category~~ and ~~precision~~2024, ~~fermentation. Revaluation gains of $37 million for the year ended December 31~~respectively, ~~2022~~are ~~were~~included in ~~connection~~other ~~with observable third~~non-~~party~~current ~~transactions~~assets (ain ~~Level~~the 2Company’s ~~measurement~~Consolidated ~~under~~Balance ~~applicable accounting standards)~~Sheets.

Revaluation ~~gains~~losses ~~and~~of ~~losses~~$372 million ~~are~~for ~~recorded~~the inyear ~~Interest~~ended ~~and~~December 31, ~~investment~~2025 ~~income~~were inprimarily ~~the~~related ~~Company’s~~to ~~Consolidated~~investments ~~Statements~~in ofalternative ~~Earnings~~protein. AsRevaluation losses of $16 million for the year ended December 31, 2024, ~~the~~were ~~annual~~related ~~and~~to ~~cumulative~~an ~~amounts~~investment ofin ~~upward~~alternative protein and ~~downward~~precision ~~adjustments~~fermentation. ~~were~~Revaluation losses of $276 million ~~and~~for ~~$18~~the year ended December ~~million~~31, ~~and~~2023 ~~$113 million~~investments in the alternative protein category and ~~$75 million,~~precision ~~respectively~~fermentation.

~~Property~~Revaluation gains and losses are recorded in Interest and investment income in the Company’s Consolidated Statements of Earnings. As of December 31, ~~Plant~~2025, the annual upward and ~~Equipment~~downward adjustments were $1 million and $373 million, respectively. As of December 31, 2025, the cumulative of upward and downward adjustments were $114 million and $448 million, respectively.

Property, plant, and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. The Company uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. 54

The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 15 to 40 years; and machinery and equipment - 3 to 40 years. The Company capitalized interest on major construction projects in progress of $32 million, $32 million, and $20 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Property, Plant, and Equipment

The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: Buildings - 15 to 40 years; and Machinery and equipment - 3 to 40 years.

The Company capitalized interest on major construction projects in progress of $35 million, $32 million, and $32 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. In addition, assets are written down to fair value after consideration of the Company’s ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. Fair value is generally based on a discounted cash flow analysis which relies on management’s estimate of market participant assumptions or estimated selling price for assets considered held for sale (a Level 3 measurement under applicable accounting standards).

The Company’s property, plant, and equipment consisted of the following as of December 31, 2025 and 2024 (in millions).


	December 31, 2025		December 31, 2024
Land	$	607	$	566
Buildings	6,440		6,143
Machinery and equipment	22,042		20,636
Construction in progress	1,110		1,553
	30,199		28,898
Accumulated depreciation	(19,020)		(18,061)
Property, Plant, and Equipment, Net	$	11,179	$	10,837

Leases

The Company leases certain transportation equipment, plant equipment, office equipment, land, buildings, and storage facilities. Most leases include options to renew, with renewal terms that can extend the lease term from 61 ~~months~~month to 95 years. The renewal options are not included in the measurement of the right of use assets and lease liabilities unless the Company is reasonably certain to exercise the optional renewal periods. Certain leases also include index and non-index escalation clauses and options to purchase the leased property. Leases accounted for as finance leases were immaterial at December 31, ~~2024~~2025.

As an accounting policy election, the Company does not apply the recognition requirements of ASC Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. The Company also combines lease and non-lease contract components in all of its underlying asset categories as an accounting policy election.

Income Taxes

The Company accounts for income taxes in accordance with the liability method. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the Consolidated Financial Statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the Consolidated Financial Statements. The Company recognizes in its Consolidated Financial Statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.

The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general, and administrative expenses. Income tax effects from AOCI are released when the individual units of account are sold, terminated, or extinguished. 55

Goodwill and Other Intangible Assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets, including capitalized expenses related to the Company’s 1ADM program such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 50 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.

The Company’s accounting policy is to evaluate goodwill and other intangible assets with indefinite lives for impairment on October 1 of each fiscal year or whenever there are indicators the carrying value of the assets may not be fully recoverable. See Note 9. Goodwill and Other Intangible Assets for further information.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Goodwill and Other Intangible Assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets, including previously capitalized software such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 65 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.

Supplier Payable 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 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 are classified as trade payables in the Company’s Consolidated Balance Sheets and in operating activities in the 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 December 31, ~~2024~~2025 and ~~2023~~2024, the Company's outstanding payment obligations that suppliers had elected to sell to the financial institutions were $~~222~~301 million and $~~274~~222 million, respectively.

Changes to the outstanding payment obligations for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 were as follows (in millions):

	Year Ended December 31,
	2024		2023
	2025		2024
Opening balance, January 1	$	~~274~~222	$	~~196~~274
Obligations confirmed	~~948~~974		~~1,100~~948
Obligations paid	(~~1,000~~895)		(1,~~022~~000)
Closing balance, December 31	$	~~222~~301	$	~~274~~222

Payables to Brokerage Customers

Payables to brokerage customers represent the total of customer accounts at the Company’s futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purposes as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments ~~and customer omnibus receivable in other current assets~~.

Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards), performance stock units (PSUs), and stock options. The fair values of stock options are estimated at the date of grant using the Black-Scholes option valuation model, which requires the input of subjective assumptions. The fair values of Restricted Stock Awards and PSUs are determined based on the market value of the Company's shares on the grant date. Measured compensation cost, net of forfeitures, is recognized ratably over the vesting period of the related stock compensation award.

Compensation expense for stock option grants, Restricted Stock Awards, and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant. Certain of the Company’s option grants, Restricted Stock Awards, and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Compensation expense for PSUs is based on the probability of meeting the performance criteria. The Company recognizes forfeitures as they occur.56

Research and Development

Costs associated with research and development are expensed as incurred and recorded within selling, general, and administrative expenses. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $269 million, $256 million, and $216 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Research and Development

Costs associated with research and development are expensed as incurred and recorded within selling, general, and administrative expenses. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $246 million, $269 million, and $256 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Earnings Per Share

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding. In computing diluted earnings per common share, the average number of common shares outstanding is increased by dilutive potential common shares, including unvested restricted stock units, PSUs and common shares underlying stock options outstanding with exercise prices lower than the average market price of common shares using the treasury stock method.

Business Combinations

The Company’s acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations, as amended. The consideration transferred is allocated to various assets acquired and liabilities assumed at their estimated fair values as of the acquisition date with the residual allocated to goodwill.

Fair values allocated to assets acquired and liabilities assumed in business combinations require management to make significant judgments, estimates, and assumptions, especially with respect to intangible assets. Management makes estimates of fair values based upon assumptions it believes to be reasonable. These estimates are based upon historical experience and information obtained from the management of the acquired companies and are inherently uncertain. The estimated fair values related to intangible assets primarily consist of customer relationships, trademarks, and developed technology which are determined primarily using discounted cash flow models. Estimates in the discounted cash flow models include, but are not limited to, certain assumptions that form the basis of the forecasted results (e.g. revenue growth rates, customer attrition rates, and royalty rates). These significant assumptions are forward looking and could be affected by future economic and market conditions.

During the measurement period, which may take up to one year from the acquisition date, adjustments due to changes in the estimated fair value of assets acquired and liabilities assumed may be recorded as adjustments to the consideration transferred and the related allocations. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any such adjustments are charged to the Consolidated Statements of Earnings.

~~Redeemable Non-controlling Interests~~57

The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings.

Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2024, 2023, and 2022 are as follows (in millions):

	Year Ended December 31,
	2024		2023		2022
Opening balance, January 1	$	320	$	299	$	259
Net income (loss) attributable to redeemable non-controlling interests	(21)		(6)		21
Acquisition of redeemable non-controlling interests	(18)		—		—
Currency translation adjustments and other	(28)		27		19
Closing balance, December 31 (1)	$	253	$	320	$	299

(1) As of December 31, 2024, redeemable non-controlling interests includes $136 million related to the 25% non-controlling interest for PetDine, LLC. The Company has the option to acquire this remaining 25% interest in PetDine, LLC by March 31, 2025. The non-controlling interest holders also have the option to put the 25% interest to the Company by the same date.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Redeemable Non-controlling Interests

The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as Net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings.

Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Opening balance, January 1	$	253	$	320	$	299
Net income (loss)	(3)		(21)		(6)
Acquisitions	—		(18)		—
Remeasurement	42		—		—
Currency translation adjustments and other	(5)		(28)		27
Closing balance, December 31	$	287	$	253	$	320

Adoption of New Accounting Pronouncements

Effective ~~January~~December 131, ~~2024~~2025, the Company adopted ~~the amended guidance of~~ Accounting Standards ~~Codification~~Update (~~ASC~~ASU) ~~848~~2023-09, ~~Reference~~Income ~~Rate~~Taxes ~~Reform,~~(Topic ~~which~~740): ~~provides~~Improvements ~~optional expedients and exceptions for applying GAAP~~ to ~~contracts,~~Income ~~hedging~~Tax ~~relationships~~Disclosures, ~~and~~on ~~other~~a ~~transactions~~prospective ~~affected by reference rate reform if certain criteria are met~~basis. ~~The~~This ~~guidance~~ASU ~~applies~~enhances ~~only~~the totransparency ~~contracts, hedging relationships,~~ and ~~other~~decision ~~transactions~~usefulness ~~that reference LIBOR or another reference rate expected to be discontinued because~~ of ~~reference~~income ~~rate~~tax ~~reform~~disclosures. The ~~expedients~~amendments ~~and~~address ~~exceptions~~investor ~~provided~~requests ~~by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except~~ for ~~hedging~~more ~~relationships~~transparency ~~existing~~about asincome oftax ~~December~~information ~~31,~~through ~~2024,~~improvements ~~that~~to anincome ~~entity~~tax ~~has~~disclosures ~~elected~~primarily ~~certain~~related ~~optional~~to ~~expedients~~the ~~for~~rate reconciliation and ~~that~~income ~~are~~taxes ~~retained~~paid ~~through~~information. ~~the~~The ~~end~~adoption of the ~~hedging~~amended ~~relationship.~~guidance ~~ADM~~resulted ~~has~~in ~~completed~~expanded ~~the~~disclosures ~~transition~~in ofNote. ~~its~~13 ~~financing,~~Income ~~funding,~~Taxes ~~and~~in ~~hedging~~this ~~portfolios~~report ~~from~~but ~~LIBOR to alternative reference rates. The transition~~ did not have ana significant impact on the Company’'s Consolidated Financial Statements.

Effective December 31, 2024, the Company adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, 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 reportable segment 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 resulted in expanded disclosures in Note 17. Segment and Geographic Information in this report but did not have an impact on the Company's Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

Effective ~~December~~January 311, ~~2025~~2026, the Company will be required to adopt ASU ~~2023~~2025-0905, ~~Income~~Financial ~~Taxes~~Instruments-Credit Losses (Topic ~~740~~326): ~~Improvements~~Measurement toof ~~Income~~Credit ~~Tax~~Losses ~~Disclosures,~~for ~~which~~Accounts ~~enhances~~Receivable ~~the~~and ~~transparency~~Contract ~~and~~Assets, ~~decision~~which ~~usefulness~~simplifies ofthe ~~income~~application ~~tax~~of ~~disclosures.~~the ~~The~~current ~~amendments~~expected ~~address~~credit ~~investor~~loss ~~requests~~model for ~~more~~current ~~transparency~~accounts ~~about~~receivable ~~income~~and ~~tax~~current ~~information~~contract ~~through~~assets ~~improvements~~under toAccounting ~~income~~Standards ~~tax~~Codification ~~disclosures~~(ASC) ~~primarily~~606, ~~related~~Contracts towith ~~the rate reconciliation and income taxes paid information~~Customers. The adoption of the amended guidance ~~will result in expanded disclosures in the Company’s income taxes footnote but~~ is not expected to have ana significant impact on the Company'’s Consolidated Financial Statements and related disclosures.

Effective ~~December~~January 311, 2027, the Company will be required to adopt ASU ~~2024~~2025-0307, ~~Income~~Derivatives ~~Statement—Reporting~~Scope ~~Comprehensive~~Refinements ~~Income~~and —Scope ~~Expense~~Clarification ~~Disaggregation~~for ~~Disclosures~~Share-Based ~~(Subtopic~~Noncash ~~220-40):~~Consideration ~~Disaggregation~~from ofa ~~income~~Customer ~~statement~~in ~~expenses~~a Revenue Contract, which ~~will~~expands ~~require~~the ~~tabular~~scope ~~disclosure~~ of ~~certain~~contracts ~~operating~~that ~~expenses~~are ~~disaggregated~~excluded ~~into~~from ~~categories,~~derivative ~~such~~accounting asto ~~purchases~~include ofcertain ~~inventory,~~non-exchange ~~employee~~traded ~~compensation~~contracts, ~~depreciation,~~with ~~and~~limited ~~intangible asset amortization~~exceptions. ~~The~~It ~~adoption~~also ofclarifies that the ~~amended~~noncash consideration guidance ~~will~~in ~~result~~ASC in606, ~~expanded~~Contracts ~~disclosures~~with inCustomers, applies to share-based noncash consideration received from a customer for the ~~Company’s~~transfer ~~footnotes~~of ~~but~~goods isor ~~not~~services. ~~expected~~The toCompany ~~have~~is anevaluating the impact of the adoption of this guidance on the Company'’s Consolidated Financial Statements. and related disclosures.

64Effective January 1, 2027, the Company will be required to adopt ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the existing framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805-10, Business Combination-Overall, when the transaction is primarily effected by the exchange of equity interests. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Effective January 1, 2027, the Company will be required to adopt ASU 2025-09, Derivatives and Hedging (Topic 815): Targeted Improvements to Hedge Accounting. The amended guidance within this ASU is intended to simplify cash flow hedge accounting and enhance the hedging of variable price-components of nonfinancial forecasted transactions. Among other changes, the amendments eliminate the requirement for contractually specified price components in order to qualify for risk componentization for a cash flow hedge program for forecasted nonfinancial transactions. The Company is considering early adopting the amendments in the first quarter of 2026 in accordance with the transition guidance. The Company expects the amendments to better align hedge accounting with the Company’s commodity risk management activities and improving the operability of its commodity cash flow hedge program. The Company does not expect the adoption to have a material effect on its financial position or results of operations.

Effective December 31, 2027, the Company will be required to adopt ASU 2024-03, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The adoption of the amended guidance will result in expanded disclosures in the Company’s footnotes but is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Effective January 1, 2028, the Company will be required to adopt ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods and providing new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance under U.S. GAAP for the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under this ASU, government grants are recognized when it is probable that the entity will comply with the grant’s conditions and will receive the grant. Grants related to income may be presented either as a separate line item or as a reduction of the related expenses. Grants related to assets may reduce the carrying amount of the related asset or be presented as deferred income. This ASU also requires disclosure of the nature and terms of grants, the accounting policies applied, and significant conditions. The amendments in this ASU can be applied on a modified prospective or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 2. Revenues

The following tables present revenue disaggregated by timing of recognition and ~~major~~reportable ~~product~~segments ~~lines~~and subsegments for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 (in millions).

Year Ended December 31, 2024

Year Ended December 31, 2025

Topic 606 Revenue

Topic 815 (1)

Total

Point in Time

Over Time

Total

Revenue

Revenues

Ag Services and Oilseeds

Ag Services

3,~~779~~797

~~923~~775

4,~~702~~572

3935,~~381~~791

4440,~~083~~363

Crushing

~~462~~375

—

~~462~~375

119,~~374~~978

1110,~~836~~353

Refined Products and Other

23,~~447~~545

—

23,~~447~~545

87,~~150~~310

10,~~597~~855

Total Ag Services and Oilseeds

67,~~688~~717

~~923~~775

78,~~611~~492

5853,~~905~~079

6661,~~516~~571

Carbohydrate Solutions

Starches and Sweeteners

65,~~335~~748

—

65,~~335~~748

2,~~252~~234

87,~~587~~982

Vantage Corn Processors

2,~~647~~755

—

2,~~647~~755

—

2,~~647~~755

Total Carbohydrate Solutions

8,~~982~~503

—

8,~~982~~503

2,~~252~~234

1110,~~234~~737

Nutrition

Human Nutrition

34,~~944~~187

—

34,~~944~~187

—

34,~~944~~187

Animal Nutrition

3,~~405~~325

—

3,~~405~~325

—

3,~~405~~325

Total Nutrition

7,~~349~~512

—

7,~~349~~512

—

7,~~349~~512

Total Segment Revenues

23,~~019~~732

~~923~~775

2324,~~942~~507

6155,~~157~~313

8579,~~099~~820

Other Business

~~431~~449

—

~~431~~449

—

~~431~~449

Total Revenues

2324,~~450~~181

~~923~~775

24,~~373~~956

6155,~~157~~313

8580,~~530~~269

6560

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2023

Year Ended December 31, 2024

Topic 606 Revenue

Topic 815 (1)

Total

Point in Time

Over Time

Total

Revenue

Revenues

Ag Services and Oilseeds

Ag Services

$3,779

~~4,110~~

~~761~~923

4,~~871~~702

4239,~~549~~381

4744,~~420~~083

Crushing

~~470~~462

—

~~470~~462

1311,~~550~~374

1411,~~020~~836

Refined Products and Other

2,~~295~~447

—

2,~~295~~447

98,~~691~~150

1110,~~986~~597

Total Ag Services and Oilseeds

6,~~875~~688

~~761~~923

7,~~636~~611

6558,~~790~~905

7366,~~426~~516

Carbohydrate Solutions

Starches and Sweeteners

76,~~431~~335

—

76,~~431~~335

2,~~454~~252

98,~~885~~587

Vantage Corn Processors

2,~~989~~647

—

2,~~989~~647

—

2,~~989~~647

Total Carbohydrate Solutions

108,~~420~~982

—

108,~~420~~982

2,~~454~~252

1211,~~874~~234

Nutrition

Human Nutrition

3,~~634~~944

—

3,~~634~~944

—

3,~~634~~944

Animal Nutrition

3,~~577~~405

—

3,~~577~~405

—

3,~~577~~405

Total Nutrition

7,~~211~~349

—

7,~~211~~349

—

7,~~211~~349

Total Segment Revenues

2423,~~506~~019

~~761~~923

2523,~~267~~942

6861,~~244~~157

9385,~~511~~099

Other Business

~~424~~431

—

~~424~~431

—

~~424~~431

Total Revenues

2423,~~930~~450

~~761~~923

2524,~~691~~373

6861,~~244~~157

9385,~~935~~530

Year Ended December 31, 2022

Year Ended December 31, 2023

Topic 606 Revenue

Topic 815 (1)

Total

Point in Time

Over Time

Total

Revenue

Revenues

Ag Services and Oilseeds

Ag Services

4,~~053~~110

~~818~~761

4,871

4842,~~310~~549

5347,~~181~~420

Crushing

~~573~~470

—

~~573~~470

1213,~~566~~550

1314,~~139~~020

Refined Products and Other

2,~~724~~295

—

2,~~724~~295

109,~~519~~691

1311,~~243~~986

Total Ag Services and Oilseeds

76,~~350~~875

~~818~~761

87,~~168~~636

7165,~~395~~790

7973,~~563~~426

Carbohydrate Solutions

Starches and Sweeteners

7,~~696~~431

—

7,~~696~~431

2,~~555~~454

109,~~251~~885

Vantage Corn Processors

32,~~710~~989

—

32,~~710~~989

—

32,~~710~~989

Total Carbohydrate Solutions

1110,~~406~~420

—

1110,~~406~~420

2,~~555~~454

1312,~~961~~874

Nutrition

Human Nutrition

3,~~769~~634

—

3,~~769~~634

—

3,~~769~~634

Animal Nutrition

3,~~867~~577

—

3,~~867~~577

—

3,~~867~~577

Total Nutrition

7,~~636~~211

—

7,~~636~~211

—

7,~~636~~211

Total Segment Revenues

2624,~~392~~506

~~818~~761

2725,~~210~~267

7368,~~950~~244

~~101~~93,~~160~~511

Other Business

~~396~~424

—

~~396~~424

—

~~396~~424

Total Revenues

2624,~~788~~930

~~818~~761

2725,~~606~~691

7368,~~950~~244

~~101~~93,~~556~~935

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

6661

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from ~~the~~commodity ~~sale of commodities~~sales, ~~from~~ service fees ~~for~~related to the transportation of goods, ~~from~~sales ~~the sale~~ of products manufactured in its global processing facilities, and ~~from its~~ structured trade finance activities. Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606.

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 revenue and was not significant for the years ended December 31, 2024, 2023, and 2022.

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.

Nutrition

The Nutrition segment sells 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 merchant business whose primary sources of revenue are commissions and brokerage income generated from ~~executing~~trade ~~orders~~execution and clearing settlement of 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~~provides ~~third~~captive ~~party~~insurance ~~revenue~~services ~~through~~to ~~its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over~~ the ~~period~~Company's ~~underlying~~reportable ~~the policy~~segments.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 3. Acquisitions

During the year ended December 31, ~~2024~~2025, the Company acquired ~~Revela~~Vandamme ~~Foods,~~Hugaria ~~LLC~~Kft (“~~Revela~~Vandamme”), a ~~Wisconsin-based~~700 ~~developer~~metric ~~and~~ton/day ~~manufacturer~~non-genetically ofmodified ~~innovative~~crush ~~dairy flavor ingredients~~ and ~~solutions,~~extraction ~~Fuerst~~facility ~~Day~~based ~~Lawson~~in ~~Ltd.~~Hungary ~~(“FDL”),~~for aan ~~UK-based~~aggregate ~~leading~~cash ~~developer~~consideration ~~and producer~~ of ~~premium~~$125 million. ~~flavor~~This ~~and~~acquisition ~~functional~~adds ~~ingredient~~capabilities ~~systems,~~to PTthe ~~Trouw~~Company’s ~~Nutrition~~Ag ~~Indonesia~~Services ~~(“PT”), a leading provider of functional~~ and ~~nutritional~~Oilseeds ~~solutions for livestock farming in Indonesia,~~ and ~~Totally~~Carbohydrate ~~Natural~~ Solutions ~~Ltd~~segments. ~~(“TNS”), a UK-based hops flavoring producer, for an aggregate cash consideration of $948 million.~~

The aggregate cash consideration ~~of these acquisitions~~, net of $2128 million in cash acquired, was allocated as follows, ~~subject to final measurement period adjustments~~ (in millions).:

	Revela		FDL		PT		TNS		Total
	Vandamme
Working capital, net of cash acquired	$	4924	$	10	$	6	$	2	$	67
Property, plant, and equipment	3827		33		6		2		79
Goodwill	~~409~~26		~~136~~		3		9		~~557~~
Other intangible assets	166		93		—		10		269
Other intangible assets (1)	23
Other long-term assets	28		10		—		—		38
Deferred tax liabilities	(3)
Long-term liabilities	(42)		(41)		—		—		(83)
Aggregate cash consideration, net of cash acquired	$	97
Aggregate cash consideration, net of cash acquired	$	648	$	241	$	15	$	23	$	927

~~Goodwill~~(1) ~~recorded~~Primarily inrepresents ~~connection~~customer lists with ~~the~~an ~~acquisitions is primarily attributable to the synergies~~ expected touseful ~~arise~~life ~~after the Company’s acquisition~~ of ~~the~~13 ~~businesses~~years. ~~Of the $557 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 year ended December 31, 2024 includes the post-acquisition results of the acquired businesses which were immaterial.62

The following table sets forth the fair values and the useful lives of the other intangible assets acquired as of December 31, 2024.

	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

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 year ended December 31, 2025 includes the post-acquisition results of the acquired business which were insignificant.

Note 4. Fair Value Measurements

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 December 31, ~~2024~~2025 and ~~2023~~2024 (in millions).

	Fair Value Measurements at December 31, 2024
	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,~~930~~549	$	32,~~031~~673	$	6,~~961~~222
Unrealized derivative gains:
Commodity contracts	—		~~404~~310		~~427~~512		~~831~~822
Foreign exchange contracts	—		~~272~~108		—		~~272~~108
Interest rate contracts	—		517		—		517
Cash equivalents	70280		—		—		70280
Marketable securities	~~246~~32		—		—		~~246~~32
Segregated investments	1,681		—		—		1,681
Segregated investments and restricted cash equivalents	1,771		—		—		1,771
Total Assets	$	12,~~997~~083	$	43,~~611~~984	$	3,~~458~~185	$	109,~~066~~252
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	~~355~~300	$	~~405~~313	$	~~760~~613
Foreign exchange contracts	—		~~212~~144		—		~~212~~144
Inventory-related payables	—		~~654~~714		8816		~~742~~730
Total Liabilities	$	—	$	1,~~221~~158	$	~~493~~329	$	1,~~714~~487

	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

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	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 and restricted cash equivalents	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

Inventories Carried at Market and Inventory-Related Payables

Estimated fair values of 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. Market valuations for the Company’s inventories are adjusted for location and quality (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~~certain 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 as Level 3.

~~When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3.~~ Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of ~~cost~~Cost of products sold.

Unrealized Derivative Gains and Losses

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. 64

~~When~~Table ~~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 AOCI until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In certain 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.

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.

Cash 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. ~~Government~~These securities are valued using quoted market prices and are classified as Level 1.

70Segregated Investments and Restricted Cash Equivalents

The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~Segregated~~Level ~~Investments~~3 Assets and Liabilities

The ~~Company’s~~following ~~segregated~~tables ~~investments~~present ~~are~~a ~~comprised~~rollforward of ~~U.S.~~the ~~Treasury~~activity ~~securities.~~of ~~U.S.~~all ~~Treasury~~assets ~~securities~~and ~~are~~liabilities ~~valued~~measured ~~using~~at ~~quoted~~fair ~~market~~value ~~prices~~on ~~and~~a ~~are~~recurring ~~classified~~basis asusing significant unobservable inputs (Level 1.3) during the years ended December 31, 2025 and 2024 (in millions).

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2024 and 2023 (in millions).

Assets

Liabilities

December 31, 2025

Filing Compare · Archer-Daniels-Midland Co