Archer Daniels Midland Co.

Beat + guidance raise (strong upside momentum): ADM reported Q2’26 adjusted EPS of $1.84 and total segment operating profit of ~$1.5B. Trailing four-quarter adjusted ROIC: 7.8%. Cash flow from operations before working capital changes: $1.8B for the first half. Full-year 2026 adjusted EPS guidance raised to $5.15–$5.60 (from $4.15–$4.70), driven by (1) strong execution, (2) supportive biofuels margin environment, (3) higher global energy prices, and (4) improving Nutrition, especially Flavors.

Segment performance: very strong AS&O and improving Nutrition; mixed Carb Solutions: - Ag Services & Oilseeds (AS&O) operating profit: $867M, up 129% YoY, including ~$100M of net positive mark-to-market/timing impacts. Ag Services: $293M (+159% YoY) helped by asset utilization and Brazil export terminal performance (Barcarena returning to full operation). Crushing: $363M benefiting from constructive biofuels margins and ~5% YoY global crush volume growth. Refined products & other: $151M (-3% YoY) due to negative MTM/timing as refining margins improved and oversupply pressured South America. - Carbohydrate Solutions: $411M (+22% YoY)—improved ethanol margins offset pressure in liquid sweeteners volumes/margins. - Nutrition: operating profit $172M (+51% YoY) despite revenues down ~5% YoY (FX and prior-year items). Profit growth led by Human Nutrition/Flavors plus progress at Decatur East and portfolio actions in Animal Nutrition.

Cash flow, dividends, leverage: shareholder returns supported; buybacks considered: First-half operating cash flow (before working capital): ~$1.8B. CapEx H1: $466M; full-year CapEx guidance: $1.3B–$1.5B. Dividends: $256M in Q2; 378th consecutive quarterly dividend. Net leverage at June 30: 1.6x with year-end expectation ~2.0x. Company is evaluating return to opportunistic share repurchases later in 2026 given balance sheet strength.