ADM Q1 Report 2022

Q1 2022 EPS as reported of $1.86 includes a $0.02 per share net charge related to impairments, restructuring, and settlement; a $0.03 per share loss related to the mark-to-market adjustment on the Wilmar exchangeable bond; and a $0.01 per share tax benefit related to certain discrete items. Adjusted EPS, which excludes these items, was $1.90.

Quarterly Results of Operations

Carbohydrate Solutions delivered results that were substantially higher year over year.

• Vantage Corn Processors delivered solid execution margins, but position losses on ethanol inventory as prices fell early in the quarter drove lower results versus the prior year. The prior-year quarter’s results also benefited from demand for USP-grade industrial alcohol from the Peoria facility, which was divested in Q4 2021.