Archer Daniels Midland Company (ADM) Bank of America 2026 Global Agriculture and Materials Conference summary

Business performance and operational highlights

• Achieved five consecutive years of steady earnings in Carbohydrate Solutions, supported by strong ethanol margins and operational execution.

• Integrated the Columbus, Nebraska biorefinery into the Trailblazer Pipeline, making it the largest CCS-enabled biorefinery globally.

• Focused on growth platforms: decarbonization, precision fermentation, and BioSolutions, with ongoing investments and new partnerships.

• Leveraged network synergies between Ag Services, Oilseeds, and Carbohydrate Solutions for competitive advantage.

Ag Services and Oilseeds segment updates

• Overcame external challenges in 2025, including trade wars and biofuels policy uncertainty, while achieving record safety and production metrics.

• Exited over a dozen underperforming grain elevators and formed joint ventures to address industry challenges.

• Improved working capital discipline, setting up for stronger performance in 2026.

Crush margins and industry trends

• Cash crush margins have lagged board crush due to weaker product basis values and increased crush capacity in North America and Brazil.

• Expectation that improved biofuels policy clarity and rising basis levels will narrow the gap between cash and board crush.