ADAMA (000553) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $897m, down 4%; adjusted sales were $809m, down 5%, and adjusted EBITDA fell 31% to $66m amid weaker demand, pricing pressure, higher costs and European weather disruption.

• 9M reported sales were $2,997m, down 1%, while adjusted sales rose 2% to $2,740m; reported and adjusted figures reflect different bases.

• 9M reported EBITDA rose 10.4% in USD, while adjusted EBITDA fell 11% to $305m; adjusted net loss widened to $34m from $1m.

• Cost discipline and differentiated-product mix supported resilience; the next strategic phase targets profitable growth from the platform built through Fight Forward.

Financial highlights

• Q3 revenue was $897m, down 4% in USD; volume fell 4% and prices 2%, partly offset by FX. Adjusted sales were $809m, down 5%.

• Q3 adjusted gross profit fell 15% to $205m; adjusted gross margin was 25.3% versus 28.3%.

• Q3 adjusted net loss was $79m versus $22m; reported net loss was $117m versus $42m.

• 9M reported net loss narrowed to RMB 344.9m from RMB 422.8m, while adjusted net loss was $34m versus $1m.

• 9M adjusted gross profit fell 1% to $777m; adjusted gross margin was 28.4% versus 29.2%.

Outlook and guidance

• The next strategic phase, spanning 2026 and beyond into 2027, aims to convert a stable platform into profitable growth across differentiated products and commodities.

• Management planned to continue pursuing free cash flow, cost discipline and profitable growth in difficult market conditions.

• Regional recovery and El Niño impacts for 2027 remained uncertain; management declined to forecast the weather effect.

• The expected operational and financial impact of global tariff-policy changes was immaterial; Neot Hovav had returned to normal operations, with site-damage effects expected to be non-material.