ADM Q3 Report 2023

• Net earnings of $0.8 billion, adjusted net earnings of $0.9 billion
• Trailing four-quarter average adjusted ROIC of 13.2%

Q3 2023 EPS as reported of $1.52 includes a $0.10 per share net charge related to impairments and restructuring, net of a contingency loss reversal and a $0.01 per share charge related to acquisition expenses. Adjusted EPS, which excludes these items, was $1.63.

Quarterly Results of Operations

Nutrition results were significantly lower year-over-year.

• Human Nutrition results were much lower than the third quarter of 2022. Flavors results were substantially higher than the prior year, driven by pricing actions in EMEA and strong win rates in North America. Specialty Ingredients results were much lower year-over-year due to continued lower market demand for plant-based proteins in meat alternatives, inventory adjustments, and unplanned down time resulting from the recent Decatur incident. In Health & Wellness, a favorable impact related to the revised commercial agreement with Spiber, as well as stronger probiotics sales, led to higher results versus the prior year.