ADAMA Reports Fourth Quarter and Full Year 2024 ResultsStrategic transformation plan launched in 2024, with initial success reflected incertain key metrics including improved free cash flow and adjusted financial

results

BEIJING, CHINA and TEL AVIV, ISRAEL, March 13, 2025 – ADAMA Ltd. (the “Company”) (SZSE000553), today reported its financial results for the fourth quarter and full year ended December 31,2024.Fourth Quarter 2024 Highlights:

? Sales down 2% (-2% in RMB; +2% in CER) to $1,113 million, mainly reflecting an increase of 7%in volumes more than offset by a decrease of 4% in prices and negative foreign exchange impacts

? Adjusted gross profit up 14% to $280 million, representing an improvement of gross marginfrom 21.5% in Q4 2023 to 25.2% in Q4 2024, reflecting lower costs and improved product mix? Adjusted EBITDA up 45% to $137 million representing an improvement of EBITDA margin from

8.3% in Q4 2023 to 12.3% in Q4 2024

? Adjusted net loss narrowed 43% to $58 million from $101 million in Q4 2023; Reported net loss

of $149 million, including one-time restructuring costs associated with the Company’stransformation plan, compared to $79 million in Q4 2023? Operating cash flow reached $126 million in Q4 2024 vs. $293 million in Q4 2023? Free cash flow reached $38 million in Q4 2024 vs. $130 million in Q4 2023

Full Year 2024 Highlights:

? Sales down 11% to $4,141 million (-10% in RMB; -8% in CER), mainly reflecting 8% decrease inprices and stable volumes? Adjusted gross profit reached $1,061 million (margin of 25.6%) from $1,060 million (margin of

22.7%) in the full year of 2023, reflecting lower costs and improved product mix? Adjusted EBITDA up 15% to $469 million, reflecting an improvement of EBITDA margin from 8.7%

in 2023 to 11.3% in 2024, demonstrating an improvement in business quality? Adjusted net loss narrowed by 13% to $206 million from $236 million in the full year of 2023;

Reported net loss of $407 million, including one-time restructuring costs associated with the

company’s transformation plan, compared to $225 million in 2023.

? Improvement of $172 million in operating cash flow reaching $528 million in 2024 vs. $356

million in 2023? Improvement of $364 million in free cash flow reaching an inflow of $217 million vs. an outflow

of $147 million in 2023

Ga?l Hili, President and CEO of ADAMA, said, "In 2024 we launched our Fight Forward strategictransformation plan. Our Fight Forward plan includes improving the way we work to win in the valueinnovation segment where the market is looking for high-quality solutions with a strong return oninvestment. As part of the plan, we are streamlining our operations, focusing on products andterritories where we can maximize value for all stakeholders, and prioritizing support for our countriesto deliver value to our channel partners and to end-customers. I’m pleased to report that we’re alreadyseeing tangible results, including improved operational and free cash flow, and growth of adjusted

gross profit and EBITDA and their margins vs. last year. As well, sales volumes in the second half of2024 were up compared to the previous year. I’m optimistic Fight Forward’s early accomplishmentsprovide momentum towards further successes in 2025."

Table 1. Financial Performance Summary

Revenues

Revenues

Notes:

? “As Reported” denotes the Company’s financial statements according to the Accounting Standards for Business Enterprises and the

implementation guidance, interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry ofFinance (the “MoF) (collectively referred to as “ASBE”). Note that in the reported financial statements, according to the ASBE guidelines[IAS 37], certain items (specifically certain transportation costs and certain idleness charges) are classified under COGS. Please seethe appendix to this release for further information.

? Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude items that are ofa transitory or non-cash/non-operational nature that do not impact the ongoing performance of the business, and reflect the way theCompany’s management and the Board of Directors view the performance of the Company internally. The Company believes thatexcluding the effects of these items from its operating results allows management and investors to effectively compare the trueunderlying financial performance of its business from period to period and against its global peers. A detailed summary of theseadjustments appears in the appendix below.? The number of shares used to calculate both basic and diluted earnings per share in both Q4 & FY 2024 and 2023 is 2,329.8 millionshares.? In this table and all tables in this release numbers may not sum due to rounding.

The General Crop Protection (CP) Market Environment

Key commodity crop prices remained subdued in 2024, pressuring farmer income, despite some easein the prices of inputs. Global crop protection industry sales are estimated to have declined in 2024

.While channel inventory levels continue to ease following pandemic-era stockpiling, the high-interestrate environment, coupled with ample product supply (driven by significant over-capacity production ofactive ingredients (“AIs”) in China) contributing to low AI prices, continue to drive a just-in-timepurchasing approach by the channel.

‘Fight Forward’ Transformation PlanIn early 2024, ADAMA launched 'Fight Forward', a strategic transformation plan aimed at graduallydelivering improved profit and cash targets over a three-year period.This plan has three main pillars:

1. Optimize financial management: With a focus on improving the company’s financial fitness in

both the short and long term through cost reduction, as well as commercial and manufacturingexcellence. Improvements in certain key metrics, including free cash flow and adjusted financialresults in 2024 reflect the plan's early impact.

2. Streamline ADAMA’s operating model: Focus on key geographies and centralize global

functions to leverage expertise in order to enable the Company’s commercial unit resources toprimarily focus on customer needs to maximize ROI for all stakeholders.

3. Focus on the Value Innovation segment, where value is provided by using off-patent AIs

enhanced by proprietary formulation technologies that are designed to address farmers’ needsand improve their efficiency by delivering tangible benefits such as rainfastness, improved leafpenetration, ease of use, as well as enhancing ROI.

Sustainability

In 2024, ADAMA remained committed to developing innovative formulations that enhance bothfarmers' productivity and sustainability, while also advancing sustainable manufacturing practices.

Sources: AgbioInvestor Market Insight – Crop Protection and Seed Markets 2024 (February 2025); AgbioInvestor, Crop Protection andTraded Seed Market 2028 Forecast; CCPIA (China Crop Protection Industry Association), peer quarterly financial reports, internal sources

Sustainability in Products:

? In 2024 ADAMA launched EDAPTIS

?

, a unique formulation which not only expands thespectrum of efficacy but also improves the effectiveness in combating resistant weedpopulations. In addition, the product is formulated as an oil dispersion using refined rapeseedoil, a renewable resource, thus eliminating use of hydrocarbons found in conventional oildispersion formulations.? Feralla

?

a novel molluscicide active ingredient, achieved a key milestone with EFSA’spositive assessment towards EU approval. Its unique and patented formulation, powered byADAMA’s Desidro

?

Technology, enhances pest palatability, while its low active ingredientconcentration supports farmers in achieving their sustainability goals.? ADAMA continued to grow the market presence of Sesgama? based products. Sesgama?is ADAMA's proprietary formulation technology platform addressing high-load and otherwisechallenging formulations enabling less use of co-formulants, transport and packagingmaterials per acre treated with a resulting improved product sustainability profile.? During 2024, ADAMA continued to register and launch products based on its proprietaryAsorbital

?

formulation technology platform that improves the leaf penetration and systemicmovement of the AI in the plant. This technology provides greater efficacy and sustainabilityand can be used to reduce application rates.Sustainability in manufacturing:

? Opening of the new energy-efficient chloralkali production facility – The advancedtechnology utilized in the facility allows ADAMA Makhteshim to produce chlorine up to 40%more efficiently, reducing energy consumption and ensuring a safer, more sustainableprocess. The chloralkali plant utilizes cutting-edge membrane cell technology, replacing thecompany's mercury-based system. This transition not only eliminates the risks associatedwith mercury, but also significantly improves energy efficiency.? Installment of Regenerative Thermal Oxidizer (RTO) – In 2024, an RTO system wasinstalled in ADAMA Agan’s wastewater treatment plant to effectively manage odor andpollutant emissions. This initiative aims to enhance air quality for both site employees andneighboring communities. The system is scheduled to become operational in the secondquarter of 2025.

Portfolio Development UpdateDuring 2024 ADAMA continued to register and launch multiple new products in markets across theglobe, adding on to its differentiated product portfolio. As part of the Fight Forward plan, the Companyis focused on improving its overall portfolio mix, particularly by targeting the Value Innovation segment,with the intent of improving value delivered to all stakeholders.New Product Introductions (NPI) percentage out of the full year sales of 2024 reached 22%, referringto products launched over the past 5 years.Several products were highlighted in the Company’s previous 2024 quarterly reports. In Q4 2024,launches of differentiated products included:

? Forpido

?

in India. A new GR-type innovative insecticide formulation. CombiningChlorantraniliprole, Fipronil, and Zinc, it effectively controls resistant rice stem borer whileenhancing early crop establishment, ensuring healthier rice cultivation. The formulationincorporates a patent-pending technology that delivers a prominent phytotonic effect, clearlyevident in the field.? Edaptis

?

in Poland, Italy and Greece, with plans to expand across other Europeannations.This innovative post-emergence herbicide combines the actives Pinoxaden andMesosulfuron-methyl, providing effective control over a very broad spectrum of grasses,including enhanced performance in the presence of resistant populations. Its advancedformulation, protected by a patent, stabilizes this unique combination ensuring efficacy andreliability.

? Matos

?

in South Korea as the first country, with expansion plans targeting additional markets.This innovative SC insecticide formulation, powered by Spirotetramat, offers effective controlof sucking pests across various fruits and vegetables crops as Apples Cabbage Peppersetc. The formulation leverages the patent-pending Ayalon formulation technology forenhanced efficacy.? ADAMA continued to expand the Prothioconazol based products into new regions. Forapro

?,combining Prothioconazole with Fenpropidin, was introduced in France and Malta; Maganic,featuring a blend with Difenoconazole, expanded to Italy. Both products leverage ADAMA’sunique Asorbital

?

Formulation Technology, delivering enhanced uptake and exceptionalsystemic performance.? Paramer, a pre-emergence WG herbicide featuring Pyroxasulfone, was launched in Argentina.Designed to control grass and broadleaf weeds, effective in key crops such as wheat, soy,corn, and barley.

Registrations of differentiated products during Q4 2024 included:

? Cazado, a new innovative OD herbicide formulation, has been registered in Canada.Combining Pinoxaden and Thiencarbazone-methyl for a dual mode of action, it offers wheatgrowers the first in-crop solution to effectively control wild oats and proactively combat grassyweed resistance.? Expanded registrations of Prothioconazol based products, all powered by ADAMA’sproprietary Asorbital

?

Formulation Technology, into new regions, including Soratel inNetherland and Romania, Maganic in Belgium, UK and France, Avastel in Greece, UK,Ireland and Czech Republic, and Forapro in Germany, Spain and Romania.? Gilboa?, an innovative proprietary fungicide, submitted to the Fungicide Resistance Action

Committee (FRAC) for classification as new mode of action for cereals.

In addition, patents granted during Q4 2024 included:

? China: Approval was secured for a patent covering the formulation of Saflufenacil in a soluble

liquid form.? Australia: A patent was granted for the proprietary formulation of Quadrant

?.

Geopolitical Situation: No Material Impact

ADAMA is headquartered and has three manufacturing sites in Israel. The regional tensions whichescalated on October 7, 2023 have had no material impact to-date on the Company's ability to supportits markets or its consolidated financial results.

Financial Highlights

Revenues in the fourth quarter declined by approximately 2% (-2% in RMB; +2% in CER) to $1,113million, reflecting an increase of 7% in volumes more than offset by a decrease of 4% in prices andnegative foreign exchange impacts. Volumes were up compared with Q4 2023 driven by demandrecovery in many regions due to improved channel inventory levels, while the Company hascontinued shifting away from selected low profit products, marking the second consecutive quarterof volume growth. However, the positive impacts were more than offset by lower prices due to just-in-time purchasing patterns of the channel in light of overcapacity and a higher interest rateenvironment, and negative foreign exchange impacts, primarily depreciation of the Brazilian Real.These results brought the revenues in the full year of 2024 to $4,141 million, a decline of approximately11% (-10% in RMB; -8% in CER), reflecting a decrease of 8% in prices attributable to reasons statedabove and stable volumes.

Table 2. Regional Sales Performance

Notes:

CER: Constant Exchange RatesNumbers may not sum due to rounding

Europe, Africa & Middle East (EAME): Revenues in Q4 2024 were similar to those of Q4 2023,with an increase in volumes offset by a similar decrease in pricing. Throughout 2024, pricingpressure remained strong, but channel stock levels began to normalize after two years of highlevels.North America

Consumer & Professional Solutions: Fourth quarter and full year 2024 sales grew in everysector of its market, and margins remained strong. Demand was fueled by a growth indisposable income.ADAMA’s US Ag market enjoyed positive volume growth, only partially offset by pricing

Europe, Africa & Middle East

North America

Latin America

Asia Pacific

Of which China

Total

pressures. While channel inventory levels returned to post-pandemic normal, high interestrates and lower crop commodity prices continue to result in just-in-time purchasing patterns.In Canada, the 2024 crop season had good growing conditions, leading to high usage ratesof herbicides and fungicides. However, lower insect pressure resulted in a smaller insecticidemarket.Latin America: In Brazil, ADAMA’s sales in FY and Q4 2024 enjoyed strong growth in fungicides(e.g., ALMADA, BLINDADO TOV) and insecticides (e.g., MAGNUM), with a decline in non-selective herbicides. However, pricing pressures and the weak currency negatively impactedperformance. In the rest of LATAM, sales were weaker in FY and Q4 2024 as compared to FYand Q4 2023, mostly due to increased competition and just-in-time purchasing patterns.Asia-Pacific (APAC): Sales in APAC, excluding China, continued to experience pricingpressure throughout 2024, with sales declining compared to FY and Q4 2023. Ample over supplyof Chinese generics contributed to the declines. Sales in 2024 were also impacted byunpredictable weather in India. However, pricing in some key markets such as Australia seem tohave stabilized. And new product registrations in India such as Bazak

?, Forpido

?and the softintroduction of Upturn

?in Q4 were well received.In China, the sales in the fourth quarter increased mainly driven by volume growth of the activeingredient (AI) business and higher pricing of the non-ag business. The fourth quarter is an offseason for branded formulations. The AI sales increased driven by demand recovery in manyregions globally and enhanced management of key customers, while the non-ag sales wereaffected by lower sales partially offset by higher prices. Sales in the full year still reflected weakdemand and prices. In response to the sluggish markets, the branded formulations businessproactively promoted differentiated and high-margin products, and the non-ag business adjustedsales of certain low-profit products, both achieving business quality improvement.

Reported gross profit in the fourth quarter increased 25% to $274 million (gross margin of 24.7%)compared to $220 million (gross margin of 19.4%) in the same quarter last year and reached $946million (gross margin of 22.9%) in the full year compared to $968 million (gross margin of 20.8%) lastyear.Adjustments to reported results: The adjusted gross profit includes reclassification ofinventory impairment, taxes and surcharge and excludes certain transportation costs(classified under operating expenses), as well as a provision related to the soil & watercleanup and remediation regarding the Company's different sites, mainly in Israel.Adjusted gross profit in the fourth quarter increased 14% to $280 million (gross margin of 25.2%)compared to $245 million (gross margin of 21.5%) in the same quarter last year and reached $1,061million (gross margin of 25.6%) in the full year compared to $1,060 million (gross margin of 22.7%)last year.The Company improved the gross margin in the fourth quarter and the full year, mainly reflecting thepositive impact of lower costs of new inventory sold, and an improved sales mix towards higher marginproducts following management's focus on the quality of business. The gross profit increased in thefourth quarter compared to Q4 2023, also attributable to volume growth which started in the thirdquarter and got stronger in the fourth quarter. The positive impacts were moderated by lower pricesand the negative impact of exchange rates.Operating expenses reported in the fourth quarter and full year of 2024 were $320 million (28.7% ofsales) and $991 million (23.9% of sales), compared to $247 million (21.8% of sales) and $906 million(19.4% of sales) in the corresponding periods last year, respectively.

Adjustments to reported results: please refer to the explanation regarding adjustments to the grossprofit in respect to certain transportation costs, taxes and surcharges and inventory impairment.

The Company recorded certain non-operational items within its reported operatingexpenses amounting to $118 million in Q4 2024 in comparison to $49 million in Q4 2023and $230 in FY 2024 in comparison to $75 in FY 2023. These include mainly: i. non-cashamortization charges in respect of transfer assets received from Syngenta related to the2017 ChemChina-Syngenta acquisition; ii. non-cash amortization net charges related tointangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions,with no impact on the ongoing performance of the companies acquired; iii. expensesrelated to legal claims; iv. restructuring and advisory costs incurred as part of theimplementation of the Fight Forward transformation plan; v. fixed asset impairment relatedto improvement of operational efficiency, as part of the Fight Forward plan; vi. registrationimpairment and update of registration depreciation. For further details on these non-operational items, please see the appendix to this release.Adjusted operating expenses in the fourth quarter and full year were $205 million (18.4% of sales)and $850 million (20.5% of sales), compared to $220 million (19.4% of sales) and $918 million (19.7%of sales) in the corresponding periods last year, respectively.The operating expenses were lower in the fourth quarter and full year of 2024, following undertakingtight OPEX management measures, including initiatives included in the Company's transformationplan, lower transportation and logistics costs and the positive impact of exchange rates.Operating income reported in the fourth quarter reached a loss of $45 million (-4.1% of sales)compared to a loss of $27 million (-2.4% of sales) in the same quarter last year and amounted to aloss of $45 million (-1.1% of sales) in the full year compared to an income of $62 million (1.3% of sales)last year.Adjusted operating income in the fourth quarter increased 208% to $75 million (6.7% of sales) from$24 million (2.1% of sales) in the same quarter last year, and increased to $212 million (5.1% of sales)in the full year from $141 million (3.0% of sales) in the same period last year. The increase in operatingincome during the fourth quarter and for the full year of 2024 was a combined result of higher grossprofit and lower operating expenses.EBITDA reported in the fourth quarter increased 36% to $117 million (10.5% of sales) from $86 million(7.5% of sales) in the same quarter last year, and reached $369 million (8.9% of sales) in the full yearcompared to $400 million (8.6% of sales) last year.Adjusted EBITDA in the fourth quarter increased 45% to $137 million (12.3% of sales) from $95million (8.3% of sales) in the same quarter last year and increased 15% to $469 million (11.3% ofsales) in the full year from $407 million (8.7% of sales) last year.Adjusted financial expenses amounted to $61 million in the fourth quarter and $285 million in thefull year, compared to $89 million and $348 million in the corresponding periods last year, respectively.In both the fourth quarter and the full year of 2024, financial expenses were lower mainly due to (i)lower net CPI impact; (ii) lower interest paid on loans following a decrease in loans and improvedefficiency of cash management in light of the positive cash flow achieved and, for the full year, betterloan mix; and (iii) lower put options expenses related to minority stake in subsidiaries.Adjusted taxes on income in the fourth quarter amounted to an expense of $71 million and $133million in the full year, compared to $36 million and $30 million in the corresponding periods last year.Despite reaching losses before tax, the Company recorded tax expenses in the fourth quarter and fullyear of 2024 mainly because the losses were primarily incurred by subsidiaries with relatively lowertax rates, while some of them did not create deferred tax assets on the losses. On the other hand, thesubsidiaries that generated profit have a higher tax rate.

In the fourth quarter and full year of 2024 the company recorded tax expenses due to the non-cashimpact of the weakness of the BRL compared with tax income due to stronger BRL in the fourth quarterand full year of 2023.Net loss reported in the fourth quarter was $149 million and $407 million in the full year, compared to$79 million and $225 million in the corresponding periods last year, respectively.After reflecting the impact of the abovementioned extraordinary and non-operational charges,adjusted net loss in the fourth quarter was $58 million, and $206 million in the full year, compared to$101 million, and $236 million in the corresponding periods last year, respectively.Trade working capital as of December 31, 2024, was $2,111 million compared to $2,421 million asof December 31, 2023. The decrease in working capital was mainly because of the decline in the levelof inventory, including that of finished goods, from $1,848 million by end of 2023 to $1,553 million asof end of 2024. The decline of inventories resulted from continued implementation of selectiveprocurement practices, which started in 2023. As the Company improved its payable terms followingimplementation of initiatives as part of the Company's transformation plan, trade payables remainedflat while procurement was strictly managed. The decrease in receivables reflected the intensivecollections and the lower sales.

Cash Flow: Operating cash flow of $126 million was generated in the fourth quarter and $528 milliongenerated in the full year of 2024, compared to $293 million and $356 million in the fourth quarter andfull year period of 2023, respectively. The operating cash flow was lower in the fourth quarter mainlydue to lower sales and one-time legal claims-related payments. In the full year, despite lower sales,the operating cash flow significantly improved due to the company maintaining strict procurementpractices, intensive collections and an improvement in supplier terms, reflecting implementation ofinitiatives taken as part of the company's transformation plan.Net cash used in investing activities was $40 million in the fourth quarter and $162 million in the fullyear of 2024, compared to $108 million and $339 million in the corresponding periods last year,respectively. The lower cash used in investing activities in the fourth quarter and the full year reflectedprioritization of investments in its manufacturing facilities and the decision to increase focus onproducts in line with the optimization of the Company's portfolio. The difference in the full year alsoreflected proceeds from the sale of a real estate asset in the third quarter of 2024 and the payment ofthe acquisition of AgriNova New Zealand in the first quarter of 2023.Free cash flow of $38 million was generated in the fourth quarter and $217 million generated in thefull year of 2024 compared to $130 million generated in the fourth quarter and $147 million consumedin the corresponding periods in 2023, respectively, reflecting the aforementioned operating andinvesting cash flow dynamics.

Table 3. Revenues by operating segmentSales by segment

Crop Protection

Intermediates andIngredients

Total

Sales by product category

Herbicides

Insecticides

Fungicides

Intermediates andIngredients

Total

Notes:

The sales split by product category is provided for convenience purposes only and is not representative of the way the Company ismanaged or in which it makes its operational decisions.Numbers may not sum due to rounding.

Further InformationAll filings of the Company, together with a presentation of the key financial highlights of the period,can be accessed through the Company website at www.adama.com.About ADAMAADAMA Ltd. is a global leader in crop protection, providing practical solutions to farmers across theworld to combat weeds, insects and disease. Our culture empowers ADAMA's people to actively listento farmers and ideate from the field. ADAMA's diverse portfolio of existing active ingredients, coupledwith its leading formulation capabilities and proprietary formulation technology platforms, uniquelyposition the company to develop high-quality, innovative and sustainable products, to address themany challenges farmers and customers face today. ADAMA serves customers in dozens of countriesglobally, with direct presence in all top 20 markets. For more information, visit us at www.ADAMA.comand follow us on X at @ADAMAAgri.ContactJoshua Phillipson Zhujun WangGlobal Investor Relations China Investor RelationsEmail: ir@adama.com Email: irchina@adama.com

Abridged Adjusted Consolidated Financial StatementsThe following abridged consolidated financial statements and notes have been prepared as described in Note 1 in thisappendix. While prepared based on the principles of Chinese Accounting Standards (ASBE), they do not contain all of theinformation which either ASBE or IFRS would require for a complete set of financial statements, and should be read inconjunction with the consolidated financial statements of both ADAMA Ltd. and Adama Agricultural Solutions Ltd. as filedwith the Shenzhen and Tel Aviv Stock Exchanges, respectively.Relevant income statement items contained in this release are also presented on an “Adjusted” basis, which exclude itemsthat are of a one-time or non-cash/non-operational nature that do not impact the ongoing performance of the business, andreflect the way the Company’s management and the Board of Directors view the performance of the Company internally.The Company believes that excluding the effects of these items from its operating results allows management and investorsto effectively compare the true underlying financial performance of its business from period to period and against its globalpeers.Abridged Consolidated Income Statement for the Fourth Quarter

Revenues

Cost of Sales

Other costs

Gross profit

Selling & Distribution expenses

General & Administrative expenses

Research & Development expenses

Total operating expenses

% of revenue

Operating income (EBIT)

% of revenue

Financial expenses

Income (loss) before taxes

Taxes on Income

Net loss

% of revenue

Adjustments

Reported net loss

% of revenue

Adjusted EBITDA

% of revenue

Adjusted EPS

– Basic

Reported EPS

– Basic

– Diluted

For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financialstatements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.

The number of shares used to calculate both basic and diluted earnings per share in both Q4 2024 and 2023 is 2,329.8 million shares.

Abridged Consolidated Income Statement for the Full Year

Revenues

Cost of Sales

Other costs

Gross profit

% of revenue

Selling & Distribution expenses

General & Administrative expenses

Research & Development expenses

Other operating expenses

Total operating expenses

% of revenue

Operating income (EBIT)

% of revenue

Financial expenses

Loss before taxes

Taxes on Income

Net loss

% of revenue

Adjustments

Reported net loss

% of revenue

Adjusted EBITDA

% of revenue

Adjusted EPS

– Basic

– Diluted

Reported EPS

– Basic

– Diluted

For an analysis of the differences between the adjusted income statement items and the income statement items as reported in the financialstatements, see below “Analysis of Gaps between Adjusted Income Statement and Income Statement in Financial Statements”.

The number of shares used to calculate both basic and diluted earnings per share in FY 2024 and 2023 is 2,329.8 million shares.

Abridged Consolidated Balance Sheet

Assets

Current assets:

Cash at bank and on hand

Bills and accounts receivable

Inventories

Other current assets, receivables andprepaid expenses

Total current assets

Non-current assets:

Fixed assets, net

Rights of use assets

Intangible assets, net

Deferred tax assets

Other non-current assets

Total non-current assets

Total assets

Liabilities

Current liabilities:

Loans and credit from banks and otherlenders

Bills and accounts payable

Other current liabilities

Total current liabilities

Long-term liabilities:

Loans and credit from banks and otherlenders

Debentures

Deferred tax liabilities

Employee benefits

Other long-term liabilities

Total long-term liabilities

Total liabilities

Equity

Total equity

Abridged Consolidated Cash Flow Statement for the Fourth Quarter

Abridged Consolidated Cash Flow Statement for the Full Year

Notes to Abridged Consolidated Financial StatementsNote 1: Basis of preparationBasis of presentation and accounting policies: The abridged consolidated financial statements for thequarters ended December 31, 2024 and 2023 incorporate the financial statements of ADAMA Ltd. and of all ofits subsidiaries (the “Company”), including Adama Agricultural Solutions Ltd. (“Solutions”) and its subsidiaries.The Company has adopted the Accounting Standards for Business Enterprises (ASBE) issued by the Ministryof Finance (the "MoF") and the implementation guidance, interpretations and other relevant provisions issuedor revised subsequently by the MoF (collectively referred to as “ASBE”).The abridged consolidated financial statements contained in this release are presented in both ChineseRenminbi (RMB), as the Company’s shares are traded on the Shenzhen Stock Exchange, as well as in UnitedStates dollars ($) as this is the major currency in which the Company’s business is conducted. For the purposesof this release, a customary convenience translation has been used for the translation from RMB to US dollars,with Income Statement and Cash Flow items being translated using the quarterly average exchange rate, andBalance Sheet items being translated using the exchange rate at the end of the period.The preparation of financial statements requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements, and the reported amounts of revenues and expenses during the reporting period. Actualresults could differ from those estimated.Note 2: Abridged Financial StatementsFor ease of use, the financial statements shown in this release have been abridged as follows:

Abridged Consolidated Income Statement:

? “Gross profit” in this release is revenue less costs of goods sold, taxes and surcharges, inventory

impairment and other idleness charges (in addition to those already included in costs of goods sold);part of the idleness charges is removed in the Adjusted financial statements? “Other operating expenses” includes impairment losses (not including inventory impairment); gain (loss)

from disposal of assets and non-operating income and expenses? “Operating expenses” in this release differ from those in the formally reported financial statements in

that certain transportation costs have been reclassified from COGS to Operating Expenses.? “Financial expenses” includes net financing expenses and gains/losses from changes in fair value.

Abridged Consolidated Balance Sheet:

? “Other current assets, receivables and prepaid expenses” includes financial assets held for trading;

financial assets in respect of derivatives; prepayments; other receivables; and other current assets? “Fixed assets, net” includes fixed assets and construction in progress? “Intangible assets, net” includes intangible assets and goodwill? “Other non-current assets” includes other equity investments; long-term equity investments; long-term

receivables; investment property; and other non-current assets? “Loans and credit from banks and other lenders” includes short-term loans and non-current liabilities

due within one year? “Other current liabilities” includes financial liabilities in respect of derivatives; payables for employee

benefits, taxes, interest, dividends and others; advances from customers and other current liabilities? “Other long-term liabilities” includes long-term payables, provisions, deferred income and other non-

current liabilities

Income Statement Adjustments

Reported Net Loss

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related

costs

2. Amortization of Transfer assets received and written-up due to 2017

ChemChina-Syngenta transaction (non-cash)

3. Accelerated depreciation

4. Incentive plans

5. ASBEs classifications COGS impact

6. ASBEs classifications OPEX impact

7. Restructuring and advisory costs

8. Fixed assets impairment

9. Soil and water cleanup and remediation

Total Adjustments to Operating Income (EBIT)

Total Adjustments to EBITDA

Adjustments to Financing Expenses:

12. Non-cash adjustment related to put option revaluations and release of

holdback

13.Other financing expenses

Adjustments to Taxes:

Taxes impact

Total adjustments to Net loss

Adjusted Net Loss

Reported Net loss

Adjustments to COGS & Operating Expenses:

1. Amortization of acquisition-related PPA and other acquisition related costs

2. Amortization of Transfer assets received and written-up due to 2017

ChemChina-Syngenta transaction (non-cash)

3. Accelerated depreciation

4. Incentive plans

5. ASBEs classifications COGS impact

6. ASBEs classifications OPEX impact

7. Restructuring and advisory costs

8. Fixed assets impairment

9. Soil and water cleanup and remediation

10. Expenses related to legal claims

11. Registration impairment and update of registration depreciation

Total Adjustments to Operating Income (EBIT)

Total Adjustments to EBITDA

Adjustments to Financing Expenses:

12.Non-cash adjustment related to put options revaluation and release of

holdback

13.Other financing expenses

Adjustments to Taxes:

Taxes impact

Total adjustments to Net loss

Adjusted Net loss

Notes:

1. Amortization of acquisition-related PPA and other acquisition related costs:

a. Amortization of Legacy PPA of 2011 acquisition of Solutions (non-cash): Under ASBE, since the third combined reporting for Q3 2017,

the Company has inherited the historical “legacy” amortization charge that ChemChina previously was incurring in respect of its acquisitionof Solutions in 2011. This amortization is done in a linear manner on a quarterly basis, most of which will have been completed by the endof 2020.b. Amortization of acquisition-related PPA (non-cash) and other acquisition-related costs: Related mainly to the non-cash amortizationof intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on the ongoing performance ofthe companies acquired, as well as other M&A-related costs.

2. Amortization of Transfer assets received and written-up due to 2017 ChemChina-Syngenta transaction (non-cash): The proceeds fromthe Divestment of crop protection products in connection with the approval by the EU Commission of the acquisition of Syngenta by ChemChina,net of taxes and transaction expenses, were paid to Syngenta in return for the transfer of a portfolio of products in Europe of similar nature andeconomic value. Since the products acquired from Syngenta are of the same nature and with the same net economic value as those divested,and since in 2018 the Company adjusted for the one-time gain that it made on the divested products, the additional amortization charge incurreddue to the written-up value of the acquired assets is also adjusted to present a consistent view of Divestment and Transfer transactions, whichhad no net impact on the underlying economic performance of the Company. These additional amortization charges will continue until 2032 butat a reducing rate, yet will still be at a meaningful level until 2028.

3. Accelerated depreciation: These charges relate to accelerated depreciation attributed to the upgrade & relocation programs in China and Israel,in which production assets located in the old production sites in Huai’An and Beer-Sheva are in relocation process to new sites. Since some olderproduction assets may not be able to be relocated, or are not operational, these are depreciated over a shorter period.

4. Incentive plans: ADAMA granted certain of its employees, a long-term incentive (LTI) in the form of 'phantom' awards linked to the Company’sshare price. As such, the Company records an expense, or recognizes income, depending on the fluctuation in the Company’s share price,regardless of award exercises. To neutralize the impact of such share price movements on the measurement of the Company’s performance

and expected employee compensation and to reflect the existing phantom awards, in the Company’s adjusted financial performance, the LTI ispresented on an equity-settled basis in accordance with the value of the existing plan at the grant date.

5. & 6. ASBEs classifications COGS impact: according to the ASBE guidelines [IAS 37], certain items (specifically certain transportation costs)are classified under COGS.

7. Restructuring and advisory costs: The Company initiated its Fight Forward transformation plan in early 2024. Part of the plan includesrestructuring its organizational structure, workforce and managerial processes, and as a result thereof, the Company recorded restructuring andadvisory costs.

8. Fixed assets impairment: As part of the Company’s strategic direction to enhance operational efficiency, the Company decided to focus onhigh-performing facilities. Consequently, after evaluating their net book value and recoverable amount, the Company recorded impairmentsrelated to certain facilities. In 2023, the impairment was recorded for a subsidiary’s facilities due to changes in the markets and upgrade intechnology.

9. Soil and water cleanup and remediation: a wholly-owned indirect subsidiary of the Company filed with Israel's Ministry of EnvironmentalProtection a remediation plan regarding its plant in Be'er Sheva in Q2 2024. During Q3 and Q4 2024 additional expenses were recorded regardingthe Company's sites in Israel and Brazil.

10. Expenses related to legal claims: Legal claims related to product liabilities was settled in 2024 and incurred expenses.

11. Registration impairment and update of registration depreciation: This is mainly related to the management's strategic decision to increasefocus on products in line with the optimization of the Company's portfolio, and hence to focus on the quality of business to achieve a better salesmix of higher margin products.

12. Non-cash, non-recurring income due to revaluation of put options attributed to minority stake in subsidiaries in both 2024 and 2023 and releaseof holdback related to the original acquisition in 2023.

13. Other financing expenses: Expenses mainly deriving from tax claims surcharges and inflation.

Exchange Rate Data for the Company's Principal Functional Currencies