ADM raises annual forecast after progress in biofuels.

ADM raised its adjusted earnings per share forecast for 2026 after reporting net income of $298 million in the first quarter. The company now expects adjusted earnings per share to be between $4,15 and $4,70 for the year. The previous estimate was between $3,60 and $4,25. The revision stems from expectations of progress on the company's priorities and improvements in its crushing and ethanol businesses, following the definition of renewable volume obligations for 2026 and 2027 in the United States.

For the quarter ended March 31, 2026, ADM reported earnings per share of $0,62. Adjusted earnings per share were $0,71. Adjusted net income totaled $345 million. This included estimated net mark-to-market and timing negative impacts of approximately $275 million.

Revenue reached US$20,49 billion, compared to US$20,17 billion in the first quarter of 2025. Profit before income tax totaled US$384 million, compared to US$353 million in the same period of the previous year. Total operating profit from the segments reached US$764 million, a 2% increase over the US$747 million recorded a year earlier.

The Agricultural Services and Oilseeds segment had an operating profit of US$273 million. This represents a 34% decrease compared to the first quarter of 2025. ADM attributed the reduction to negative mark-to-market and timing impacts related to a firmer commodities environment following greater clarity in US biofuel policy.

Within this segment, Agricultural Services grew 26%. This performance was supported by increased export activity from North America. The company cited increased shipments of soybeans and sorghum to China and strong corn exports. The previous quarter was also impacted by certain export tariffs.

The crushing subsegment saw a $126 million drop in operating profit. ADM reported losses related to mark-to-market and timing. The company also reported improved processed volumes. Oilseed production rose 2% year-over-year. Soybean meal sales remained strong during the quarter.

Refined Products and Other reported a 36% decrease in operating profit. The decline also stemmed from negative mark-to-market and timing impacts in the quarter. Wilmar's share of results fell by approximately 8%, excluding $55 million in charges classified as specified items.

The Carbohydrate Solutions segment posted an operating profit of US$356 million. This represents a 48% increase compared to the first quarter of 2025. ADM attributed the growth to stronger ethanol margins, supported by risk management and public policy incentives.

Starches and Sweeteners increased operating profit by 11%. The improvement came from higher margins on ADM's wet-mill corn ethanol. Lower volumes and margins in liquid sweeteners and starches in the global market offset some of the gain. Vantage Corn Processors increased operating profit by US$94 million, supported by margins on dry-mill corn ethanol.

Nutrition reported an operating profit of US$135 million, a 42% increase. The growth occurred in both Human Nutrition and Animal Nutrition. ADM cited currency gains during the period.

Human Nutrition grew 39%. The result was supported by higher sales of Flavors, exchange rate gains, and the continued recovery of the Decatur East plant. Animal Nutrition advanced 55%, with portfolio actions adopted in the last year, better margins in higher-profitability lines, cost optimization, and exchange rate gains.

The company maintained its projection of capital investments between US$1,3 billion and US$1,5 billion in 2026. ADM also reported monitoring external factors, including consumption trends, energy costs, supply chain issues, ethanol developments, and global trade and tariff conditions.