Archer Daniels Midland : First Quarter 2024 Presentation

First Quarter 2024

Earnings Conference Call

April 30, 2024

Cautionary Note Regarding Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.

These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "outlook," "will," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, without limitation, those that are described in the Company's most recent Annual Report on Form 10-K and in other documents that the Company files or furnishes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated or anticipated by such forward-looking statements.

Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, ADM does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this announcement, whether as a result of new information, future events, changes in assumptions or otherwise.

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Non-GAAP Financial Measures

The Company uses certain "Non-GAAP" financial measures as defined by the Securities and Exchange Commission. 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. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation.

1. Adjusted net earnings and Adjusted earnings per share (EPS): Adjusted net earnings reflects ADM's reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables. Adjusted EPS reflects ADM's fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM's performance because they provide investors additional information about ADM's operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.
2. Segment operating profit and adjusted segment operating profit: Segment operating profit is ADM's consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM's performance because they provide investors information about ADM's business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered alternatives to income before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under U.S. GAAP.
3. Adjusted Return on Invested Capital (ROIC): Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM's net earnings adjusted for the after-tax effects of interest expense on borrowings, changes in the LIFO reserve and other specified items. Adjusted invested capital is the sum of ADM's equity (excluding noncontrolling interests) and interest-bearing liabilities adjusted for the after-tax effect of the LIFO reserve, and other specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM's returns excluding the impacts of LIFO inventory reserves and other specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM's performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.
4. Average ROIC: Average ROIC is ADM's trailing 4-quarter net earnings adjusted for the after-tax effects of interest expense on borrowings, and changes in the LIFO reserve divided by the sum of ADM's equity (excluding non- controlling interests) and interest-bearing liabilities adjusted for the after-tax effect of the LIFO reserve. Management uses average ROIC for investors as additional information about ADM's returns. Average ROIC is a non- GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures.
5. Adjusted Economic Value Added: Adjusted economic value added is ADM's trailing 4-quarter economic value added adjusted for specified items. The Company calculates economic value added by comparing ADM's trailing 4- quarter adjusted returns to its Annual WACC multiplied by adjusted invested capital. Adjusted economic value added is a non-GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures.
6. Adjusted EBITDA: Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense on borrowings and depreciation and amortization to earnings before income taxes. Management believes that adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure.
7. Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.

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Financial Highlights

Q1 2024 (Unless otherwise stated)

Adjusted Earnings	Adjusted Segment
Per Share1,2	Operating Profit1,3
$1.46	$1.3B

Reported Earnings	Cash Flow from
Per Share	Operations Before Working
$1.42	Capital4
	$0.9B

TRAILING 4-QUARTER Adjusted ROIC1

11.2%

Return of Cash to Shareholders

$1.6B

1. Non-GAAPmeasures - see notes on page 3
2. See earnings per share, the most directly comparable GAAP measure, on page 21
3. See segment operating profit as reported on page 17
4. Cash from operations before working capital is total operating activities of $0.7 billion plus the changes in working capital of $0.2 billion

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Making Progress on Our Value Creation Priorities for the Year

Q1 2024 Accomplishments

Strategic Initiatives

• Delivered 10% volume growth in BioSolutions
• Exceeded 2023 regenerative ag acre target and increasing 2025 goal from 4M to 5M acres

New Capacities

• Increased volume and utilization rate at Green Bison JV

Drive for Excellence

• Nearly 1,200 initiatives in the pipeline focused on $500M in cost reduction over 2 years

Operational Changes

• Debottlenecked EMEA demand fulfillment challenges post-1ADMgo-live

Simplification

• Continuing SKU reduction efforts

Portfolio Optimization

• M&A integration playbook driving results ahead of model in new acquisitions

Demand Creation

• Fine-tunedgo-to-market teams to better align to customer demand and drive stronger pipeline wins and conversion rates

Enhanced Return of Cash to Shareholders

• Completed $1B in share repurchases through the Accelerated Share Repurchase program announced in March
• Plan to complete over $2B in share repurchases in 2024

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Total Consolidated Operating Profit and Earnings Per Share

Q1 2024 versus Prior Year Quarter

Earnings declined due to lower margins partially offset by improvements in processed volumes and costs

Adjusted Segment Operating Profit1,2

(in millions of dollars)

Adjusted Earnings Per Share1

(dollars per share)

• AS&O margin normalization
• Carb Sol lower on pressured domestic ethanol margins

• Nutrition down due headwinds in Specialty Ingredients
• Other business up on higher captive insurance

• Lower pricing and execution margins, primarily in AS&O
• Improvement in AS&O volumes

• Lower manufacturing costs in AS&O and Carb Sol
• Share repurchases drove improvement in other

1. Non-GAAP measures - see notes on page 3

2.

See segment operating profit as reported on page 17

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Ag Services & Oilseeds Operating Profit

Q1 2024 versus Prior Year Quarter

Higher processed volumes and improved manufacturing costs partially supported earnings as margins declined

Segment Operating Profit

(in millions of dollars)

Risk
management	~$205M timing
Global Trade
impacts
margins	Global soy crush	~$75M timing
SA origination	margins	impacts
volumes and		NA biodiesel
margins	Manufacturing
	costs	margins
	Processed
	volumes

1

• Stabilization of trade flows have led to lower risk management results and Global Trade margins compared to an outsized 1Q 2023
• Lower South American origination volumes and margins in Ag Services
• Improved cost position and processed volumes in Crushing
• Lower global soy crush margins partially offset by improved processed oilseeds volumes
• Significant negative year-over-year timing impacts in Crushing and RPO
• Higher equity earnings results in Wilmar

1. 2023 Ag Services & Oilseeds segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit. See Note 13, Segment Information of the Company's consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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Carbohydrate Solutions Operating Profit

Q1 2024 versus Prior Year Quarter

Lower manufacturing costs partially offset lower domestic ethanol margins and lower EMEA margins

Segment Operating Profit

(in millions of dollars)

Manufacturing costs	Export ethanol
volumes and margins

Domestic ethanol margins

EMEA margins

• In S&S, lower domestic ethanol margins and moderating margins in EMEA were partially offset by lower manufacturing and input costs
• In VCP, strong export demand for sustainably certified ethanol supported strong volumes and improved margins

1

1. 2023 Carbohydrate Solutions segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit. See Note 13, Segment Information of the Company's consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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Nutrition Revenue

Q1 2024 versus Prior Year Quarter

Nutrition revenue declined due to headwinds in Specialty Ingredients and lower pricing in Animal Nutrition

Segment Revenue

(in millions of dollars)

M&A contributions
Plant-based protein	Price/mix
volumes	FX
Texturants pricing
Flavors price/mix and
volumes

• Overall, Nutrition revenue declined ~1%
• In Human Nutrition, recent M&A and strong Flavors performance more than offset lower volumes in plant-based proteins and lower texturants pricing
• In Animal Nutrition, lower price and mix was partially offset by currency benefits

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Nutrition Operating Profit

Q1 2024 versus Prior Year Quarter

Headwinds from Specialty Ingredients business led to significant decline in operating profit

Segment Operating Profit

(in millions of dollars)

Unplanned downtime	Margins
at Decatur East	Volumes
Texturants pricing

• Flavors operating profit was down slightly relative to last year as demand fulfillment challenges in EMEA offset volume and price improvement in NA
• In Specialty Ingredients, unplanned downtime at Decatur East resulted in higher fixed cost absorption
• Lower texturants pricing due to market normalization was a headwind to Specialty Ingredients operating profit in the quarter
• In Animal Nutrition, cost optimization actions and lower commodity prices supported improved margins, partially offsetting lower volumes

1

1. 2023 Nutrition segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit. See Note 13, Segment Information of the Company's consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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