ADAMA Ltd. reported full year 2025 revenue of $4,051 million, down 2% year-over-year, as price pressure weighed on top-line results. However, adjusted EBITDA surged 25% to $587 million and adjusted net income turned positive at $28 million versus a loss of $206 million in 2024. Q4 2025 adjusted EPS came in at -$0.0005 (USD). After-hours and post-announcement stock movement showed a +10.02% single-day gain on the Shenzhen Stock Exchange (SZSE: 000553) on March 27, 2026.
About ADAMA Ltd.
ADAMA Ltd. (SZSE: 000553) is one of the world’s leading crop protection companies, providing practical, affordable solutions to farmers combating weeds, insects, and disease. Originally founded in 1945 in what is now Israel under the name Makhteshim-Agan, the company rebranded as ADAMA and is now headquartered in Airport City, Israel with a significant operational center in Beijing, China. ADAMA operates as a subsidiary of the Syngenta Group, which is part of ChemChina, and is listed on the Shenzhen Stock Exchange with both A Shares (CNY-denominated) and B Shares (HKD-denominated).
The company employs approximately 7,819 people globally and serves customers in over 100 countries, with direct presence in all top 20 agricultural markets. Its portfolio spans more than 300 active ingredients and over 1,000 end-use products, covering herbicides, insecticides, fungicides, plant growth regulators, and seed treatments. ADAMA reported full year 2025 revenues of $4,051 million, representing a roughly 2% decline from 2024, primarily due to lower active ingredient prices amid ongoing industry overcapacity.
Top Financial Highlights
Q4 2025 Key Metrics:
- Sales declined to $1,026 million in Q4 2025, down 8% year-over-year (-9% in RMB), driven by 8% lower volumes and 2% lower prices
- Adjusted gross profit rose 12% to $314 million, with gross margin improving from 25.2% in Q4 2024 to 30.6% in Q4 2025
- Adjusted EBITDA up 14% to $157 million, with EBITDA margin improving from 12.3% to 15.3%
- Reported net loss narrowed by $61 million to $88 million, compared to a loss of $149 million in Q4 2024
- Adjusted net loss reduced to $1 million from $58 million in Q4 2024
- Operating cash flow improved $111 million, reaching $237 million vs. $126 million in Q4 2024
- Free cash flow reached $156 million, up $118 million from $38 million in Q4 2024
- Adjusted EPS (Q4 2025) came in at -$0.0005 USD vs. -$0.0247 USD in Q4 2024
Full Year 2025 Key Metrics:
- Full year revenues declined 2% to $4,051 million, reflecting stable volumes and a 2% price decrease
- Adjusted gross profit rose 12% to $1,192 million, with full year gross margin improving from 25.6% to 29.4%
- Adjusted EBITDA up 25% to $587 million with EBITDA margin rising from 11.3% in 2024 to 14.5% in 2025
- Reported net loss improved by $260 million to $147 million vs. $407 million in 2024
- Adjusted net income turned positive at $28 million, a swing of over $234 million from a loss of $206 million in 2024
- Full year operating cash flow rose to $567 million (+$39 million vs. 2024)
- Free cash flow for the full year reached $269 million, up from $217 million in 2024
- Cash on hand (December 31, 2025): $491 million (vs. $505 million at end of 2024)
- Adjusted EPS (FY 2025): +$0.0122 USD vs. -$0.0885 USD in 2024 – turning positive
Beat or Miss?
| Metric | Reported (FY 2025) | Prior Estimate / FY 2024 Actual | Difference / Analysis |
| Total Revenue | $4,051M | ~$3,972M–$4,100M (est. -1% to -4% guidance range) | Beat midpoint; revenue decline landed at lower end of guided range |
| Adjusted Net Income | $28M | $4M–$54M (est. range) | Met guidance range; midpoint of $29M closely matched |
| Adjusted EBITDA | $587M (14.5% margin) | $469M in FY 2024 | 25% improvement, above internal expectations |
| Reported Net Loss | -$147M | -$407M in FY 2024 | Improved by $260M, significant beat vs. prior year |
| Q4 Revenues | $1,026M | $1,113M in Q4 2024 | -8% YoY; in line with deteriorating pricing environment |
| Q4 Adj. EBITDA | $157M (15.3% margin) | $137M in Q4 2024 | +14% improvement, strong profitability recovery |
| Operating Cash Flow (FY) | $567M | $528M in FY 2024 | +7.4% improvement, above expectations |
| Adj. EPS (FY) | +$0.0122 USD | -$0.0885 USD (FY 2024)p | Positive turn; better than the January 2026 midpoint estimate |
What Leadership Is Saying?
CEO Gaël Hili on strategy and the “Fight Forward” transformation plan:
“ADAMA’s 2025 financial results show important improvements in key financial metrics including continued growth in EBITDA and its margin; increased cash generation; significantly reduced reported net loss; and an adjusted net profit. These encouraging successes reflect the strong foundation we have built over the past two years through our Fight Forward transformation plan, where we focused on improving cost competitiveness, enhancing our commercial capabilities, and advancing our innovation portfolio and pipeline.”
CEO Gaël Hili on the outlook for profitable growth:
“This foundation is now a healthy base on which to build profitable growth. ADAMA is committed to maintaining the discipline and continuous improvement mindset that we built through Fight Forward. I am confident that ADAMA’s continued execution will deliver greater long-term value for our customers and investors.”
ADAMA’s Q4 2025 earnings press release contained statements exclusively from CEO Gaël Hili. No separate CFO financial commentary was included in the official release. CFO Efrat Nagar, who has led the Company’s finance function since February 2023, is responsible for the financial reporting and has been central to executing the cost and margin improvements highlighted in the results.
Historical Performance
Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $1,026M | $1,113M | -8% |
| Reported Gross Profit | $275M | $274M | 0% |
| Gross Margin (Reported) | 26.80% | 24.70% | +210 bps |
| Adjusted Gross Profit | $314M | $280M | 12% |
| Adjusted EBITDA | $157M | $137M | 14% |
| EBITDA Margin (Adj.) | 15.30% | 12.30% | +300 bps |
| Reported Operating Income (Loss) | $26M | -$45M | Turned positive |
| Adjusted Operating Income | $92M | $75M | 23% |
| Reported Net Loss | -$88M | -$149M | -41% (improved) |
| Adjusted Net Loss | -$1M | -$58M | -98% (improved) |
| Operating Cash Flow | $237M | $126M | 88% |
| Free Cash Flow | $156M | $38M | 311% |
| Adj. EPS (USD) | ($0.00) | ($0.02) | +98% (improved) |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $4,051M | $4,141M | -2% |
| Reported Gross Profit | $1,067M | $946M | 13% |
| Adjusted Gross Profit | $1,192M | $1,061M | 12% |
| Adjusted EBITDA | $587M | $469M | 25% |
| EBITDA Margin (Adj.) | 14.50% | 11.30% | +320 bps |
| Reported Operating Income (Loss) | $182M | -$45M | Turned positive |
| Adjusted Operating Income | $329M | $212M | 55% |
| Reported Net Income (Loss) | -$147M | -$407M | -64% (improved) |
| Adjusted Net Income (Loss) | $28M | -$206M | Turned positive |
| Operating Cash Flow | $567M | $528M | 7% |
| Free Cash Flow | $269M | $217M | 24% |
| Adj. EPS (USD) | $0.01 | ($0.09) | Turned positive |
Competitor Comparison (FY 2025)
The table below compares ADAMA’s full year 2025 performance against select crop protection peers. Note that fiscal year end dates and reporting standards differ across companies.
| Company | FY Revenue (USD) | YoY Revenue Change | EBITDA / Margin | Net Income (Loss) |
| ADAMA Ltd. (SZSE: 000553) | $4,051M | -2% | $587M adj. / 14.5% | +$28M adj. / -$147M reported |
| FMC Corporation (NYSE: FMC) | $3,470M | -18% | $843M adj. / ~24% | Net loss (strategic reset underway) |
| Nufarm Ltd. (ASX: NUF) | Revenue +3% YoY | 3% | $302M underlying EBITDA | -$165M (non-cash impairments) |
| UPL Ltd. (NSE: UPL) | INR 466.4Bn (~$5.6B) | 8% | INR 81.2Bn / 17.4% | INR 9Bn (~$108M) |
| Syngenta Crop Protection | $9.8B (9M 2025) | +3% (9M) | EBITDA margin expanding | N/A (private, part of Syngenta Group) |
| Corteva (NYSE: CTVA) | ~$17.7-17.9B (FY guidance) | 2.96 | $3.85B Oper. EBITDA | $1.20B GAAP |
Key observations
ADAMA’s revenue decline was modest compared to FMC (-18%) and reflects sector-wide pricing headwinds from oversupply of active ingredients. ADAMA’s margin recovery stood out as a positive differentiator, with adjusted EBITDA margin improving 320 basis points to 14.5% in FY 2025. Peers such as UPL and Corteva benefited from volume-led recovery; ADAMA chose to exit some basic chemical product lines to prioritize margin discipline.
Regional Sales Performance (FY 2025)
| Region | FY 2025 Revenue | FY 2024 Revenue | Change (USD) | Change (CER) |
| Europe, Africa and Middle East | $1,136M | $1,167M | -3% | -5% |
| North America | $942M | $851M | +11% | +11% |
| Latin America | $1,006M | $1,035M | -3% | -2% |
| Asia Pacific | $967M | $1,088M | -11% | -10% |
| Of which China | $464M | $486M | -5% | -5% |
| Total | $4,051M | $4,141M | -2% | -2% |
North America was the standout region with +11% growth year-over-year, supported by successful new product launches such as CAZADO and strong performance in Consumer and Professional Solutions. Asia Pacific was the weakest region, down 11%, with India experiencing significant declines due to extreme weather events and China revenues declining as ADAMA deliberately exited some non-agricultural basic chemical product lines.
How the Market Reacted?
ADAMA’s shares on the Shenzhen Stock Exchange (SZSE: 000553) surged +10.02% on March 27, 2026 – the day the Q4 and full year 2025 results were announced – closing at CNY 6.48. The stock had also gained +13.09% over the five-day window surrounding the announcement, and is up approximately +18.25% for the year-to-date in 2026.
The positive reaction reflects market appreciation for ADAMA’s profitability turnaround, particularly the swing to positive adjusted net income after years of losses. The “Fight Forward” transformation plan, which drove a 320 basis point improvement in EBITDA margin and a $51 million increase in free cash flow, was the primary catalyst behind investor confidence in the company’s trajectory.
