ADM Hamburg AG

Latest Results (02.09.2026):

ADM Hamburg AG — Second quarter 2026 (summary based on ADM’s corporate release): ADM reported strong Q2 2026 results with GAAP net earnings attributable to ADM of $908 million (GAAP diluted EPS $1.87) and adjusted net earnings of $895 million (adjusted diluted EPS $1.84). Total segment operating profit was $1.45 billion (up 75% year‑over‑year). Management raised full‑year 2026 adjusted EPS guidance to approximately $5.15–$5.60, citing strong commercial and operational execution, a constructive biofuels environment (RVO support and elevated energy prices), and momentum in Nutrition.

Quarter headline results

Q2 2026 GAAP EPS: $1.87; adjusted EPS: $1.84. Net earnings attributable to ADM: $908M; adjusted net earnings: $895M. Total segment operating profit: $1,450M (75% YoY increase).

Guidance update

Full‑year 2026 adjusted EPS raised to ~$5.15–$5.60 (previously $4.15–$4.70). Company cites expected YoY improvements in crushing and ethanol, continued Nutrition momentum, and constructive RVO and energy price drivers. Capex guidance remains $1.3–$1.5 billion.

Segment performance — at a glance

Ag Services & Oilseeds: $867M operating profit (+129% YoY). Carbohydrate Solutions: $411M (+22% YoY). Nutrition: $172M (+51% YoY). Year‑to‑date total segment operating profit: $2,214M (+40% YoY).

Agriculture Services & Oilseeds drivers

Crushing saw a major gain (Crushing op. profit $363M vs $33M prior year) driven by margin expansion, supportive RVO policy, higher energy prices and ~ $100M of net positive mark‑to‑market/timing impacts. Ag Services benefited from stronger export activity (including Brazil terminal recovery); Wilmar equity earnings were ~22% lower YoY.

Carbohydrate Solutions drivers

Higher ethanol margins (policy incentives, RVO, elevated energy prices and lower U.S. corn prices) lifted segment results. Starches & Sweeteners up modestly; Vantage Corn Processors posted large YoY improvement.

Nutrition drivers

Nutrition growth led by Human Nutrition (Flavors) and improved operations (Decatur East progress); both Human and Animal Nutrition subsegments posted ~50% YoY gains.

Cash flow, balance sheet and returns

Net cash provided by operating activities for the six months: $1,299M. Cash and cash equivalents at June 30, 2026: $5,457M (total consolidated net investment $35,075M). Adjusted ROIC reported at 7.8% (return on invested capital 6.7%).

Capital allocation & risks

Capex expectation $1.3–$1.5B for 2026; dividend payments continued (YTD cash dividends ~$510M). Management notes ongoing monitoring of macro, geopolitical, policy and trade risks that could affect outlook and cautions that GAAP forecast reconciliation is not provided due to uncertainty of reconciling items.