安道麦B:2026年三季度报告(英文版)

Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.40

The Company and all members of its board of directors hereby confirm that all
information disclosed herein is true, accurate and complete with no false or misleading
statement or material omission.

ADAMA LTD.

THIRD QUARTER REPORT 2026

Please see important additional information and further details included in the Annex.
October 2026

Important Notice

The Company’s Board of Directors, directors and senior managers confirm that the
content of the Report is true, accurate and complete and contains no false statements,
misleading presentations or material omissions, and assume joint and several legal
liability arising therefrom.

Gaël Hili, the person leading the Company (President and Chief Executive Officer as
well as its legal representative, and Samuel Asher Leibowitz, the person leading the
accounting function (Chief Financial Officer), hereby assert and confirm the
truthfulness, accuracy and completeness of the Financial Report.

The Third Quarter Report has not been audited.

Items of qualified opinion by the auditor

□Applicable √Not applicable

This Report has been prepared in both Chinese and English. Should there be any
discrepancy between the two versions, the Chinese version shall prevail.

I. Main accounting and financial results

1. Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data
of last year due to change in accounting policies or correction of accounting errors

□ Yes √ No

July - September +/- (%) January - +/- (%)
2026 September 2026

Operating revenues (RMB’000) 6,087,025 -8.52% 20,563,565 -5.14%

Net loss attributable to shareholders of the Company (777,419) -127.01% (344,852) 18.44%
(RMB’000)

Net loss attributable to shareholders of the Company (828,774) -122.49% (748,137) -43.25%
excluding non-recurring profit and loss (RMB’000)

Net cash flow from operating activities (RMB’000) 635,343 0.01% 1,305,252 -45.02%

Basic EPS (RMB/share) (0.3337) -127.00% (0.1480) 18.46%

Diluted EPS (RMB/share) NA NA NA NA

Weighted average return on net assets (4.53%) -2.71% (2.01%) 0.25%

End of Reporting End of last +/- (%)

Period year

Total assets (RMB’000) 44,792,845 48,463,962 -7.57%

Net assets attributable to shareholders (RMB’000) 16,719,285 17,575,426 -4.87%

2. Non-Recurring profit/loss
√ Applicable □ Not applicable

Unit: RMB’000
July - January -

Item September September Note

2026 2026

Gains from disposal of fixed
Gains/losses on the disposal of non-current assets 24,500 330,850 assets, including a logistic

(including the offset part of asset impairment provisions) center in Israel in H1 and old
dismantled facilities in China

Government grants recognized through profit or loss

(excluding government grants closely related to

business of the Company and given at a fixed quota or 32 3,972 -

amount in accordance with government’s uniform

standards)

Custodian fees earned from entrusted operation 1,051 2,797 -

Recovery or reversal of provision for bad debts which is 14,379 42,206 -

assessed individually during the years

Other non-operating income and expenses other than 939 6,471 -

the above

Mainly compensation received
related to limited and localized
damage to one of the

Other profit or loss that meets the definition of non- 15,477 32,579 Company’s Israeli manufacturing
recurring profit or loss

sites caused by falling debris

following missile interceptions

and compensation related to

product liabilities

Less: Income tax effects 5,023 15,590 -

Total 51,355 403,285 -

Explanation of other profit or loss that meets the definition of non-recurring profit or loss

√ Applicable □ Not applicable

Mainly compensation received related to limited and localized damage caused by falling debris following
missile interceptions at one of the Company’s Israeli manufacturing sites and compensation related to
product liabilities as explained above in the note.

Explanation of non-recurring items of profit or loss listed in "Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering their Securities to the Public-Non-Recurring Profit and
Loss" reclassified as recurring items of profit or loss.

□ Applicable √ Not applicable

No such cases in the Reporting Period.

3. Changes in main accounting statement items and financial indicators in the Reporting Period, as well
as reasons for the changes
√ Applicable □ Not applicable

General Crop Protection (CP) Market Environment1

During the first nine months of 2026, crop protection market volumes saw weaker than anticipated growth
due to elevated farmer costs and just-in-time purchasing patterns, despite low channel inventories
supporting healthy underlying crop protection demand. Additionally, crop protection pricing, particularly in
the off-patent market, continued to remain under pressure, mainly due to lower farmer profitability, as well
as persistently low active ingredient prices resulting from structural production overcapacity in China.

Overall market conditions varied across regions and crops, while farmer margins remained under pressure
in many markets due to higher borrowing costs as well as higher fertilizer and fuel costs.

Geopolitical tensions and weather-related disruption continued to create uncertainty along the entire value
chain from crop production, input costs and grower profitability.

Geopolitical Situation

ADAMA is a global company with manufacturing and formulation facilities in several locations around
the world, principally in Israel, China and Brazil. It is headquartered and has three manufacturing sites
in Israel. Despite regional tensions that have escalated on February 28, 2026, the Company’s Israeli
production sites and supply chain, including ports, continued to operate without significant delays
allowing the Company to support its markets, and ongoing activities.

During March and early April 2026, the Company's Neot Hovav site suffered limited and localized damage
caused by falling debris following missile interceptions in the southern region of Israel. No bodily injuries
were reported, and an immediate safety-driven closure of the facilities was carried out, followed by a
phased shutdown, also for safety reasons. The Company initiated comprehensive damage assessments.
1 Sources: AgbioInvestor The CP Industry report - Market review: 2025. June 2026, internal sources.

The direct damage to its core production facilities was not meaningful and was primarily limited to a
finished goods warehouse, certain ancillary equipment and systems and an open storage area.
Thereafter, the Company undertook certain restoration activities, and as of the date of this release Neot
Hovav site has returned to normal operational status. The Company expects the overall impact of these
occurrences to be non-material, also due to appropriate compensation from governmental authorities.

Additionally, in respect to changes in global tariff policies, despite the uncertainty regarding changes to
trade and tariff policies around the world, the Company currently expects that the impact on its operations
and business results will continue to be immaterial.

January - January - Same period

September Same period +/-% September last year +/-%

2026 last year (000’RMB) 2026 (000’USD)

(000’RMB) (000’USD)

Operating income 20,563,565 21,678,425 -5.14% 2,997,084 3,024,742 -0.91%
(Revenues)

Cost of goods sold 15,229,293 16,004,956 -4.85% 2,220,067 2,233,171 -0.59%

Sales & Marketing 2,901,505 2,950,375 -1.66% 422,878 411,737 2.71%
expenses

General & Administrative 912,333 1,089,510

-16.26% 133,068 152,041 -12.48%
expenses

R&D expenses 286,881 307,417 -6.68% 41,790 42,890 -2.56%

Financial Expenses 1,186,445 1,544,466 -23.18% 172,881 215,373 -19.73%

Gain (Loss) from (15,125) 4,781 -416.36% (2,490) 574 -533.80%
Changes in Fair Value

Total Net Financial 1,201,570 1,539,685 -21.96% 175,371 214,799 -18.36%
Expenses

Total loss (66,250) (417,446) 84.13% (11,160) (58,307) 80.86%

Income tax expenses 278,602 5,360 5097.80% 41,483 801 5078.90%

Net loss attributable to

shareholders of the (344,852) (422,806) 18.44% (52,643) (59,108) 10.94%
Company

EBITDA 2,866,402 2,706,104 5.92% 416,945 377,526 10.44%

Q3 2026 Q3 2025 +/-% Q3 2026 Q3 2025 +/-%
(000’RMB) (000’RMB) (000’USD) (000’USD)

Operating income 6,087,025 6,654,225 -8.52% 897,492 933,411 -3.85%
(Revenues)

Cost of goods sold 4,705,963 4,974,783 -5.40% 693,866 697,816 -0.57%

Sales & Marketing 863,442 974,707 -11.42% 127,308 136,724 -6.89%
expenses

General & Administrative 310,294 354,643 -12.51% 45,750 49,739 -8.02%
expenses

Q3 2026 Q3 2025 +/-% Q3 2026 Q3 2025 +/-%
(000’RMB) (000’RMB) (000’USD) (000’USD)

R&D expenses 75,531 90,624 -16.65% 11,136 12,713 -12.40%

Financial Expenses 162,739 520,126 -68.71% 24,006 72,943 -67.09%

Gain (Loss) from (228,576) 11,274 -2127.46% (33,702) 1,581 -2231.69%
Changes in Fair Value

Total Net Financial 391,315 508,852 -23.10% 57,708 71,362 -19.13%
Expenses

Total loss (458,635) (291,867) -57.14% (67,632) (40,903) -65.35%

Income tax expenses 318,784 50,587 530.17% 47,002 7,096 562.37%

Net loss attributable to

shareholders of the (777,419) (342,454) -127.01% (114,634) (47,999) -138.83%
Company

EBITDA 589,742 741,865 -20.51% 86,956 104,087 -16.46%

Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review of
the Company’s performance is based on the USD results, following explanations and analysis are based on USD-
denominated numbers as listed above.
Analysis of Financial Highlights
(1) Revenues

Revenues in the third quarter decreased by approximately 4% (-9% in RMB; -6% in CER) to $897
million compared to last year, reflecting a decline of 4% in volumes and 2% in prices, partially
compensated by positive impact of foreign exchange rates.

The lower volumes resulted from lower market demand in certain regions due to higher farmer
costs and weather conditions, partially compensated by new product introductions. Lower prices
reflected the overall lower market pricing and weaker farmer purchasing power.

These results brought the revenues in the first nine months of 2026 to $2,997 million, 1% lower
than last year (-5% in RMB terms; -4% in CER terms), reflecting a decrease of 3% in prices and 1%
in volumes, partially moderated positive impact of foreign exchange rates.

Excluding the Company's decision in Q3 2025 to reduce the manufacture and sale of certain basic
chemicals, sales would have increased in the first nine months period by 1% in comparison to the
corresponding period in 2025. Third quarter sales are on a comparable basis.

Regional Sales Performance

Q3 2026 Q3 2025 Change 9M 2026 9M 2025 Change

$m $m USD $m $m USD

Europe, Africa & Middle East (EAME) 203 233 -13% 933 903 3%

North America 174 164 6% 692 659 5%

Q3 2026 Q3 2025 Change 9M 2026 9M 2025 Change

$m $m USD $m $m USD

Latin America 286 312 -8% 639 675 -5%

Asia Pacific 235 225 4% 732 789 -7%

Of which China 99 91 9% 337

400 -16%

Total 897 933 -4% 2,997 3,025 -1%

Note: the numbers in this table may not sum due to rounding.

Europe, Africa & Middle East (EAME): Sales declined in the third quarter, reflecting significantly weaker
market consumption and lower crop-protection applications across several European markets due to
weather impacts creating channel inventory build-up and due to elevated farmer input costs. Market-
share gains partly mitigated the decline, while competitive and pricing pressure remained high,
concentrated in specific off-patent active ingredients.

North America: Sales increased supported by growth across Professional Solutions, Consumer and
Canada. US Ag was impacted by lower market prices mainly in commodity categories, while continuing
to present growth in key products and customer segments. Pricing pressure and elevated inventories
affected several US agricultural products.

Latin America: In Brazil, sales declined despite intensified commercial execution ahead of the soybean
season particularly across fungicides and insecticides. This was offset by continued pricing pressure,
farmer liquidity constraints and intense competition, particularly in commodity products. In the rest of
LATAM, sales increased supported by higher volumes, particularly in Argentina, following disciplined
implementation of its strategic growth priorities across the region, despite continued competitive and
pricing pressure and El-Niño impact in certain countries.

Asia-Pacific: Sales increased supported by growth in Pacific and India more than offsetting a decline in
other South-East Asia sales. Pacific benefited from fungicide demand in Southern and Western Australia
supported by new product introductions. South-East Asia sales were impacted by El-Niño impact on
demand.

In China, sales reflected the Company’s decision to reduce manufacturing and sale of certain basic
chemicals since Q3 2025 and low-margin products, leading to a decline in sales in the nine-month period
while in the third quarter sales were on a comparable basis and increased, reflecting higher sales of brand
formulations driven by new product launches and higher non-ag sales following better utilization rates.
(2) Cost of Goods and Gross Profit

The decline in gross profit in the third quarter and first nine months was mainly due to the decline
in sales and negative cost impact. The impacts were slightly moderated by the improvement in the
Company’s sales mix of higher margin products, positive impact of exchange rates.

(3) Operating Expenses:

Operating expenses include Sales and Marketing, General and Administration and R&D.

Operating expenses in the third quarter and first nine months decreased despite the negative
impact of exchange rates following tight expense discipline and due to less restructuring and
advisory costs. In the nine months, the positive impacts were partially offset by an increase in

employee compensation and an increase in H1 in expenses supporting business growth.

In the third quarter and first nine months of both 2025 and 2026, the Company continued recording
following charges in its sales and marketing expenses at a similar amount, which incurred due to
mergers and acquisitions in recent years, mainly: (i) non-cash amortization charges in respect of
transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; and
(ii) non-cash amortization net charges related to intangible assets created as part of the Purchase
Price Allocation (PPA) on acquisitions.

Non-operational charges affected the Company’s reported operating expenses amounting to RMB
101 million ($15 million) in Q3 2026, in comparison to RMB 176 million ($25 million) in Q3 2025,
and RMB 267 million ($39 million) in 9M 2026 in comparison to RMB 519 million ($73 million) in
9M 2025. For details of the non-operational charges, please refer to the Annex to the Report.

(4) Financial Expenses

“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans
as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities
before the Company carries out any hedging. Financial Expenses (before hedging) were RMB
1,186 million ($173 million) for the nine months of 2026, in comparison to RMB 1,544 million ($215
million) for the nine months of 2025.

Given the global nature of its operational activities and the composition of its assets and liabilities,
the Company, in the ordinary course of its business, uses foreign currency derivatives (forwards
and options) to hedge the cash flow risks associated with existing monetary assets and liabilities
that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value”

which recorded the hedging costs and impacts among others amounted to a loss of RMB 15 million
($2 million) for the nine months of 2026, in comparison to a net gain of RMB 5 million ($0.6 million)
in the first nine months of 2025.

The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter
as “Total Net Financial Expenses”), which more comprehensively reflects the financial expenses of
the Company in supporting its main business and protecting its monetary assets/liabilities, amounts
to RMB 1,202 million ($175 million) in the nine months of 2026, in comparison to RMB 1,540 million
($215 million) in the nine months of 2025.

The lower Total Net Financial Expenses in the first nine months reflected the better debt structure
following the buyback of bonds in Q2 2025, positive impact of the Israeli CPI, the benefit of the
continued positive cash flow and lower hedging costs. The Total Net Financial Expenses were
higher in 2025 also because an expense was recorded in the bond buyback.

(5) Income Tax Expenses

The Company recorded higher tax expense in the first nine months of 2026 comparing to 2025
mainly due to lower tax income compared to last year, recognized according to the accounting
method of calculation of tax assets related to unrealized profits and due to lower tax income
compared to last year from foreign exchange impact of the stronger BRL. In addition, during the
third quarter of 2026 the Company adjusted the tax asset in Brazil according to the projected
statutory profit before tax.

Changes in main assets and liabilities

Unit: RMB’000
End of End of last

Assets and liabilities Reporting year +/- (%) Explanation

Period

Cash at bank and on 2,443,585 3,450,300 -29.18% Mainly due to repayment of loans

hand

Derivative financial 130,035 449,379 -71.06% Change due to realization and revaluation of

assets derivatives

Other receivables 774,896 1,076,164 -27.99% Mainly decrease in receivables in respect of

securitization transaction

Other payables 1,924,637 1,418,093 35.72% Mainly increase in liabilities in respect of

securitization transaction

Long-term loans 1,077,409 1,507,514 -28.53% Mainly due to repayment of loans

II. Use of Raised Funds

□ Applicable √ Not applicable

No such cases in the Reporting Period.

III. Information regarding the Shareholders

1. Total number of ordinary shareholders and preference shareholders who had resumed their

voting rights, and shareholdings of top 10 shareholders at the period-end

Unit: share

Total Number of Common 38,882 (the number of ordinary A Total Number of Preference

Shareholders as of the End of the share shareholders is 27,847; the Shareholders with Vote Right 0

Reporting Period number of B share shareholders is Restored (if any) as of the End

11,035) of the Reporting Period

Shareholding of Top 10 Shareholders (Excluding the Shares Lent through Refinancing)

Number of Number of Common Pledged, Marked or
Name of Nature of Holding Percentage Shareholding at Shares Held Frozen Shares

Shareholder Shareholder (%) the End of the Subject to Trading Status of Status of
Reporting Period Moratorium Shares Shares

Syngenta Group State-owned 78.47% 1,828,137,961 -- -- --

Co., Ltd. Legal Person

China Structural State-owned 1.44% 33,557,046 -- -- --

Reform Fund Legal Person

Hong Kong

Securities Clearing Overseas 0.56% 12,965,482 -- -- --

Company Ltd. Legal Person

(HKSCC)

Domestic

Zhu Shenglan Natural 0.29% 6,700,000 -- -- --

Person

Domestic

Wu Feng Natural 0.29% 6,670,912 -- -- --

Person

Qichun County State-owned

State-owned Legal Person 0.18% 4,169,266

Assets Center

Domestic

Liu Minqin

Natural 0.17% 3,906,760 -- -- --

Person

Hunan Yuanjiang Domestic 0.15% 3,434,600 -- -- --

Chifeng General

Agrochemical Co., Legal Person
Ltd.

Domestic

Fu Kelv Natural 0.14% 3,187,692 -- -- --

Person

CHINA
INTERNATIONAL

CAPITAL Overseas 0.13% 2,959,641 -- -- --

CORPORATION Legal Person
HONG KONG
SECURITIES LTD

Shares Held by Top 10 Shareholders Not Subject to Trading Moratorium

(Excluding the Shares Lent through Refinancing and Restricted Shares of Executives)

Number of Shares Held Not Subject Type of Shares

Name of Shareholders to Trading Moratorium at the End of Type of Shares Amount

the Period

Syngenta Group Co., Ltd. 1,828,137,961 RMB Ordinary Share 1,828,137,961

China Structural Reform 33,557,046 RMB Ordinary Share 33,557,046

Fund
Hong Kong Securities

Clearing Company Ltd. 12,965,482 RMB Ordinary Share 12,965,482

(HKSCC)

Zhu Shenglan 6,700,000 RMB Ordinary Share 6,700,000

Wu Feng 6,670,912 RMB Ordinary Share 6,670,912

Qichun County State- 4,169,266 RMB Ordinary Share 4,169,266

owned Assets Center

Liu Minqin 3,906,760 RMB Ordinary Share 3,906,760

Hunan Yuanjiang Chifeng 3,434,600 RMB Ordinary Share 3,434,600

Agrochemical Co., Ltd.

Fu Kelv 3,187,692 RMB Ordinary Share 3,187,692

CHINA INTERNATIONAL

CAPITAL CORPORATION 2,959,641 Domestically Listed Shares in 2,959,641

HONG KONG Foreign Currencies

SECURITIES LTD

Explanation on associated Syngenta Group Co., Ltd. is neither a related party to any other shareholders listed above,
relationship among the nor any acting-in-concert party as prescribed in the Administrative Methods for Acquisition of
above-mentioned Listed Companies. It is unknown whether the other shareholders are related parties or

shareholders, or acting-in-concert parties as prescribed in the Administrative Methods for Acquisition of Listed
explanation on acting-in- Companies.
concert

Shareholder Wu Feng held 4,067,986 shares of the Company through a common securities
Particular about the top account and 2,602,926 shares of the Company through a credit collateral securities trading
ten shareholder account, altogether 6,670,912 shares. Shareholder Liu Minqin held 478,060 shares of the
participating in the Company through a common securities account of the Company and 3,428,700 shares of

securities financing the Company through a credit collateral securities trading account, altogether 3,906,760

business (if any) shares. Shareholder Fu Kelv held 3,187,692 shares of the Company through a credit

collateral securities trading account.

Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with

unlimited shares in circulation participating in the shares lending through refinancing arrangement

□Applicable √ Not applicable

Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the
previous period due to the shares lending/returning through refinancing arrangement

□ Applicable √ Not applicable

2. Total number of preference shareholders and shareholdings of the top 10 of such at the period-
end
□ Applicable √ Not applicable

IV. Other Significant Events
√Applicable □Not applicable

The Company disclosed the Announcement on the Indirect Controlling Shareholder Sinochem Holdings
Corporation Ltd.’s Performance of Its Undertaking to Avoid Horizontal Competition (Announcement No.
2026-38) on CNINFO on September 19, 2026. Sinochem has performed, within the committed period, its
Letter of Undertaking to Avoid Horizontal Competition with ADAMA Ltd. and has effectively addressed
the impact of horizontal competition on the Company through various measures. The Company
periodically reviews overlapping products with Syngenta AG and Yangnong Chemical. In 2025 and the
first half of 2026, the sales of the Company’s overlapping products between the Company and Syngenta
AG and Yangnong Chemical accounted for less than 15% of the Company’s total principal business
revenue and

did not constitute a material adverse effect on the Company.

V. Financial Statements
i. Financial Statements
1. Consolidated balance sheet
Prepared by ADAMA Ltd.

30 September 2026

Unit: RMB’000

Item September 30, December 31, Item September 30, December 31,
2026 2025 2026 2025

Current assets: Current liabilities:

Cash at bank and on hand 2,443,585 3,450,300 Short-term loans 5,698,952 6,673,792

Financial assets held for 23,323 1,223 Derivative financial liabilities 169,119 189,581
trading

Derivative financial assets 130,035 449,379 Bills payable 521,810 622,660

Bills receivable 285,122 358,489 Accounts payable 4,595,009 5,461,749

Accounts receivable 7,521,243 7,124,736 Contract liabilities 1,505,770 1,789,490

Receivables financing 106,685 30,767 Employee benefits payable 744,083 936,724

Prepayments 262,729 368,012 Taxes payable 448,722 539,168

Other receivables 774,896 1,076,164 Other payables 1,924,637 1,418,093

Inventories 11,163,086 11,607,842 Non-current liabilities due 1,579,312 3,825,203
within one year

Other current assets 860,152 1,094,273 Other current liabilities 902,106 929,259

Total current assets 23,570,856 25,561,185 Total current liabilities 18,089,520 22,385,719

Non-current assets: Non-current liabilities:

Long-term receivables 145,801 118,203 Long-term loans 1,077,409 1,507,514

Long-term equity investments 45,294 39,312 Debentures payable 4,986,361 4,894,076

Other equity investments 140,980 129,796 Lease liabilities 626,381 751,226

Investment properties 17,720 18,869 Long-term accounts payable 145,982 164,735

Fixed assets 9,254,985 10,073,551 Long-term employee benefits 549,336 536,895
payables

Construction in progress 720,605 897,175 Provisions 421,648 424,347

Right-of-use assets 537,446 661,443 Deferred tax liabilities 183,334 224,024

Intangible assets 3,896,249 4,302,343 Other non-current liabilities 1,993,589 -

Goodwill 4,762,320 4,964,450 Total non-current liabilities 9,984,040 8,502,817

Deferred tax assets 1,233,811 1,294,176 Total liabilities 28,073,560 30,888,536

Other non-current assets 466,778 403,459 Shareholders’ equity:

Total non-current assets 21,221,989 22,902,777 Share capital 2,329,812 2,329,812

Total assets 44,792,845 48,463,962 Capital reserves 12,867,124 12,867,123

Other comprehensive 1,078,625 1,570,748
income

Special reserves 9,190 6,156

Surplus reserves 298,610 298,610

Retained earnings 135,924 502,977

Total equity attributed to the 16,719,285 17,575,426
shareholders of the company

Non-controlling interests - -

Total equity 16,719

,285 17,575,426

Total liabilities and equity 44,792,845 48,463,962

Gael Hili Samuel Asher Leibowitz Samuel Asher Leibowitz

Legal representative Chief of the accounting work Chief of the accounting organ

2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period
Unit: RMB’000

Item January-September, January-September,
2026 2025

1. Total operating Income 20,563,565 21,678,425

Less: Cost of sales 15,229,293 16,004,956

Taxes and surcharges 72,315 72,462

Selling and Distribution expenses 2,901,505 2,950,375

General and Administrative expenses 912,333 1,089,510

Research and Development expenses 286,881 307,417

Financial expenses 1,186,445 1,544,466

Including: Interest expense 671,473 527,096

Interest income 117,463 101,281

Add: Investment income, net 9,611 7,464

Including: Income from investment in associates 9,611 7,464
and joint ventures

Gain (Loss) from changes in fair value (15,125) 4,781

Credit impairment losses (35,772) (108,746)

Asset Impairment losses (345,277) (63,997)

Gain from disposal of assets 330,850 14,599

2. Operating loss (80,920) (436,660)

Add: Non-operating income 103,411 38,793

Less: Non-operating expense 88,741 19,579

3. Total loss (66,250) (417,446)

Less: income tax expense 278,602 5,360

4. Net loss (344,852) (422,806)

4.1 Classified by nature of operations

4.1.1 Continuing operations (344,852) (422,806)

4.2 Classified by ownership

4.2.1 Shareholders of the Company (344,852) (422,806)

4.2.2 Non-controlling interests - -

5. Other comprehensive loss net of tax (492,123) (33,608)

Other comprehensive loss net of tax attributable to shareholders of (492,123) (33,608)
the Company

5.1 Items that will not be reclassified into profit/loss 1,104 (2,882)

5.1.1 Re-measurement of defined benefit plan liability 1,104 (2,882)

5.2 Items that were or will be reclassified to profit or loss (493,227) (30,726)

5.2.1 Effective portion of gains or loss of cash flow hedge 12,558 (35,542)

5.2.2 Translation differences of foreign financial statements (505,785) 4,816

Other comprehensive income net of tax attributable to Non-controlling - -
interests

6. Total comprehensive loss for the period (836,975) (456,414)

Total comprehensive loss attributable to shareholders (836,975) (456,414)
of the Company

Total comprehensive income attributable to Non-controlling interests - -

7. Earnings (loss) per share

7.1 Basic earnings (loss) per share (RMB/ share) (0.1480) (0.

1815)

7.2 Diluted earnings per share (RMB/ share) N/A N/A

Gael Hili Samuel Asher Leibowitz Samuel Asher Leibowitz

Legal representative Chief of the accounting work Chief of the accounting organ

3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting
Period

Unit: RMB’000

Item January-September, January-September,
2026 2025

1. Cash flows from operating activities:

Cash received from sale of goods and rendering of services 19,598,772 22,008,090

Refund of taxes and surcharges 96,558 167,870

Cash received relating to other operating activities 258,381 105,894

Sub-total of cash inflows from operating activities 19,953,711 22,281,854

Cash paid for goods and services 13,448,628 14,138,110

Cash paid to and on behalf of employees 3,070,922 2,906,459

Payments of taxes and surcharges 359,538 435,698

Cash paid relating to other operating activities 1,769,371 2,427,727

Sub-total of cash outflows from operating activities 18,648,459 19,907,994

Net cash flows from operating activities 1,305,252 2,373,860

2. Cash flows from investing activities:

Cash receipts from disposal of investments 150,917 55,050

Cash received from investment income 6,381 3,301

Net cash received from disposal of fixed assets, intangible assets 489,613 46,283
and other long-term assets

Sub-total of cash inflows from investing activities 646,911 104,634

Cash paid to acquire fixed assets, intangible assets and other 728,512 865,720
long-term assets

Net cash paid to acquire subsidiaries or other - 56,272
business units

Cash paid for other investing activities 21,418 124,725

Sub-total of cash outflows from investing activities 749,930 1,046,717

Net cash flows from investing activities (103,019) (942,083)

3. Cash flows from financing activities:

Cash received from borrowings 1,185,147 1,835,663

Cash received relating to other financing activities 2,836,169 1,652,577

Sub-total of cash inflows from financing activities 4,021,316 3,488,240

Cash repayment of borrowings 2,963,110 3,664,529

Cash payment for dividends, profit distributions or interest 646,270 698,885

Including: dividends paid to non-controlling interest 22,201 74,113

Cash paid relating to other financing activities 2,467,832 533,136

Sub-total of cash outflows from financing activities 6,077,212 4,896,550

Net cash flows from financing activities (2,055,896) (1,408,310)

4. Effect of foreign exchange rate changes on cash and cash (117,660) (27,731)
equivalents

5. Net decrease in cash and cash equivalents (971,323) (4,264)

Add: Cash and cash equivalents at the beginning of the period 3,353,326 3,583,963

6. Cash and cash equivalents at the end of the period 2,382,003 3,579,699

ii. Impact of initial application of new accounting standards on the opening balances of
current year
□ Applicable √ Not applicable
iii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.

Board of Directors

ADAMA Ltd.
October 30, 2026