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ADM公司Archer Daniels Midland(ADM)2025年第四季度及全年财务业绩演示报告「NYSE」(英文版)(23页).pdf

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1、Fourth Quarter and Full Year 2025Earnings Conference CallFebruary 3,2026Proprietary business information of ADM.2This presentation contains“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties.All state

2、ments,other than statements of historical fact included in this release,are forward-looking statements.You can identify forward-looking statements by the fact they do not relate strictly to historical or current facts.These statements may include words such as“anticipate,”“estimate,”“expect,”“projec

3、t,”“plan,”“intend,”“believe,”“may,”“on track,”“outlook,”“will,”“should,”“can have,”“likely,”“forecasted,”“goals,”“guidance,”“assumes,”“objectives,”and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or ot

4、her events.For example,all statements the Company makes relating to its 2026 outlook and assumptions,as well as other future results and operations,growth opportunities,operational improvements,cost savings,changes to the margin environment,future demand,biofuel policy and global trade developments

5、and clarity and changes,are forward-looking statements.All forward-looking statements are subject to significant risks,uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements,including,without limitation:(1)oper

6、ational risks related to equipment failure,natural disasters,epidemics,pandemics,severe weather conditions,accidents,explosions,fires,cybersecurity incidents or other unexpected outages;(2)risks related to the availability and prices of agricultural commodities,agricultural commodity products,other

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1. **2025业绩表现**:全年调整后EPS为$3.43,同比下降23%;总部门运营利润$32.2亿,同比下降23%。 2. **分业务表现**: - 农业服务与油籽部门利润下滑34%,主因出口疲软及压榨 margins 弱化。 - 碳水化合物解决方案部门利润降12%,乙醇 margins 部分抵消淀粉甜eners 需求疲软。 - 营养部门利润增8%,人类营养风味业务增长驱动。 3. **现金流与资本**:运营现金流(调整营运资本)$27亿,资本支出$12亿;净负债/调整后EBITDA比率为1.9x。 4. **2026展望**:调整后EPS指引$3.60-$4.25,预计各业务利润改善,尤其油籽压榨 margins 及乙醇出口需求。
**ADM利润下滑原因?** **2026年增长预期如何?** **非GAAP指标有何意义?**
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