安道麦B:2025年第一季度报告附件(英文版)

ADAMA Reports First Quarter 2025 Results
Positive net profit reported for Q1 2025
BEIJING, CHINA and TEL AVIV, ISRAEL, April 28, 2025 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the first quarter ended March 31st, 2025.
First Quarter 2025 Highlights:
Sales down 5% (-4% in RMB; -3% in CER) to $1,000 million, mainly reflecting stable volume and
4% decrease in prices
Adjusted gross profit up 5% to $303 million, representing an improvement of gross margin from
27.2% in Q1 2024 to 30.3% in Q1 2025, mainly reflecting the benefits of lower costs
Adjusted EBITDA up 21% to $160 million representing an improvement of EBITDA margin from
12.5% in Q1 2024 to 16.0% in Q1 2025
Adjusted net income of $44 million compared to a loss of $10 million in Q1 2024; Reported net
income up to $21 million from a loss of $32 million in Q1 2024
Operating cash flow improved by $75 million; -$29 million in Q1 2025 vs. -$103 million in Q1
2024
Free cash flow improved by $108 million, -$86 million in Q1 2025 vs. -$194 million in Q1 2024
Gal Hili, President and CEO of ADAMA, said, “I’m encouraged to see additional positive data,
which can be attributed to the ongoing implementation of ADAMA’s Fight Forward strategic
transformation plan. In addition to improved operational and free cash flow and continued growth of
adjusted gross profit and EBITDA and their margins, in Q1 2025 we saw a positive quarterly net profit.
I congratulate ADAMA’s team for their efforts to improve operational efficiencies. Despite challenging
market conditions, I’m optimistic our recent achievements provide momentum towards further success
as we focus on providing long-term value both to our investors and to farmers throughout the world.”
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q1 Q1 Q1 Q1 Q1 Q1 %
2025 2024 % Change 2025 2024 2025 2024 Change
Revenues 1,000 1,057 (5%) - - 1,000 1,057 (5%)
Gross profit 272 256 6% 31 32 303 288 5%
% of sales 27.2% 24.2% 30.3% 27.2%
Operating income (EBIT) 70 51 38% 26 21 96 72 34%
% of sales 7.0% 4.8% 9.6% 6.8%
Income (loss) before taxes 18 (21) 23 23 42 2 2189%
% of sales 1.8% (2.0%) 4.2% 0.2%
Net Income (loss) 21 (32) 23 22 44 (10)
% of sales 2.1% (3.0%) 4.4% (0.9%)
EPS
- USD 0.0090 (0.0138) 0. 0188 (0.0042)
- RMB 0.0649 (0.0977) 0.1350 (0.0297)
EBITDA 144 120 19% 16 12 160 132 21%
% of sales 14.4% 11.4% 16.0% 12.5%
Notes:
“As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and t he
implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of
Finance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE guidelines
[IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS. Please see
the appendix to this release for further information.
Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are of
a transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way the
Company’s management and the Board of Directors view the performance of the Company internally. The Company believes that
excluding the effects of these items from its operating results allows management and investors to effectively compare the true
underlying financial performance of its business from period to period and against its global peers. A detailed summary of these
adjustments appears in the appendix below.
The number of