Nine-month revenue falls 1% to US$2.997 billion; adjusted EBITDA declines 8% to US$395 million as the company reports weaker demand and lower prices across key markets
30 October 2026, Tel Aviv: ADAMA Ltd. reported a 4% decline in revenue to US$897 million for the third quarter of 2026, compared with US$933 million in the corresponding quarter last year. The company attributed the decline to weaker market demand, adverse weather conditions in Europe and continued pricing pressure across off-patent crop protection products.
For the first nine months of 2026, revenue stood at US$2.997 billion, down 1% from US$3.025 billion in the same period of 2025. In Chinese yuan terms, revenue declined 5%.
Financial performance summary
Financial indicator
Q3 2026
Q3 2025
Change
Revenue
$897 million
$933 million
-4%
Adjusted gross profit
$228 million
$257 million
-11%
Adjusted gross margin
25.4%
27.6%
-2.2 pp
Adjusted EBITDA
$93 million
$120 million
-22%
Adjusted EBITDA margin
10.4%
12.9%
-2.5 pp
Reported net loss
$115 million
$48 million
Increased loss
Adjusted net loss
$74 million
$20 million
Increased loss
Operating cash inflow
$94 million
$89 million
+6%
Free cash flow
$33 million
$22 million
+50%
Revenue by business segment
Business segment
Q3 2026
Q3 2025
9M 2026
9M 2025
Crop Protection
$819 million
$867 million
$2,779 million
$2,771 million
Intermediates and Ingredients
$78 million
$67 million
$218 million
$254 million
Total
$897 million
$933 million
$2,997 million
$3,025 million
The company’s adjusted gross profit for Q3 declined 11% to US$228 million, compared with US$257 million a year earlier. Adjusted gross margin contracted to 25.4% from 27.6%. Adjusted EBITDA fell 22% to US$93 million, against US$120 million in Q3 2025, while the adjusted EBITDA margin declined to 10.4% from 12.9%.
ADAMA reported a net loss of US$115 million for the quarter, compared with US$48 million in the corresponding period last year. Adjusted net loss widened to US$74 million from US$20 million.
For the first nine months, adjusted gross profit declined 2% to US$860 million, while adjusted EBITDA fell 8% to US$395 million. The company recorded a reported net loss of US$53 million, compared with US$59 million in the same period last year. Adjusted net loss stood at US$11 million, against an adjusted net profit of US$29 million in the previous year.
ADAMA said crop protection market volumes recorded weaker-than-expected growth during the first nine months of 2026. Higher input costs for farmers and just-in-time purchasing patterns affected demand, although low channel inventories continued to support underlying market requirements.
Pricing remained under pressure, particularly in off-patent products, due to lower farmer profitability and continued production overcapacity in China, which kept active ingredient prices low.
Farmer margins remained under pressure in several markets because of higher borrowing, fertiliser and fuel costs. Geopolitical tensions and weather-related disruptions also affected crop production, input costs and grower profitability.
In Europe, Africa and the Middle East, Q3 sales declined 13% to US$203 million. The company attributed the decline to weaker market consumption and reduced crop protection applications in several European markets following extreme weather conditions, including record heat and drought. Market share gains partly offset the decline.
North American sales increased 6% to US$174 million during the quarter, supported by growth in Professional Solutions, Consumer and Canada. In the US agricultural business, lower prices in commodity categories affected performance, although key products and customer segments continued to record growth.
In Latin America, sales declined 8% to US$286 million. In Brazil, performance was affected by pricing pressure, farmer liquidity constraints and competition, despite increased commercial activity ahead of the soybean season. Other Latin American markets recorded higher sales, supported by volume growth, particularly in Argentina.
Asia-Pacific sales increased 4% to US$235 million in Q3. Growth in India and the Pacific region offset lower sales in parts of Southeast Asia. In China, sales increased during the quarter, supported by higher sales of branded formulations following new product launches and improved utilisation rates in non-agricultural products.
Product Launches and Registrations
ADAMA continued to expand its differentiated crop protection portfolio during the third quarter. In the first nine months of 2026, the company launched 31 new products and secured 70 new product registrations across global markets.
In India, the company introduced REXARO, a suspension concentrate fungicide combining fluopicolide and cymoxanil for the management of oomycete diseases in fruits and vegetables. It also launched ACTAGON, a pre-emergence wheat herbicide combining pyroxasulfone and metribuzin for the control of Phalaris minor and other weeds.
Other product launches during the quarter included RAVARI in Mexico, a combination of novaluron and CTPR for lepidopteran pest management in avocado and vegetable crops, and PORAFAM Titan in Germany for broad-spectrum weed control in oilseed rape.
New registrations included SPARTA in Brazil, a fungicide combination for soybean disease management; PARAMER SC in Argentina, a pyroxasulfone-based herbicide for soybean, corn and cereals; and FERRABAIT in Latvia, a molluscicide based on the active ingredient Feralla for slug and snail control.
CEO Transition
Gaël Hili, President and CEO of ADAMA, said the company continued to advance its strategic priorities through portfolio development, market focus and operational improvements, despite pricing pressure and challenging market conditions.
He highlighted volume growth in differentiated products across key markets and the company’s efforts to manage operating costs.
Hili also announced that he would step down as CEO in November 2026 and continue with the company as Chairman of the Board. Dr. Zhigang Hao will take over the CEO position.
ADAMA said its strategy remains focused on profitable growth through portfolio differentiation, stronger commercial capabilities, a more competitive and flexible manufacturing and supply network, and improvements in organisational processes and systems.
Cash Flow and Financial Position
ADAMA generated operating cash inflow of US$94 million during Q3 2026, compared with US$89 million in the same quarter last year. Free cash flow increased to US$33 million from US$22 million.
For the first nine months, operating cash inflow declined to US$194 million from US$331 million in 2025. Free cash flow stood at US$87 million, compared with US$112 million in the previous year.
The company attributed the lower nine-month operating cash inflow primarily to reduced collections from basic chemicals and timing differences, partly offset by lower procurement.
ADAMA said it continues to prioritise investments in infrastructure, product portfolio development and innovation, while optimising its existing asset base and maintaining cost discipline.
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