On this page of StockholderLetter.com we present the latest annual shareholder letter from Archer-Daniels-Midland Co — ticker symbol ADM. Reading current and past ADM letters to shareholders can bring important insights into the investment thesis.

 •  3/25/2025 Letter Continued (Full PDF)
 •  3/14/2023 ADM Stockholder Letter
 •  4/10/2024 ADM Stockholder Letter
 •  More "Food & Beverage" Category Stockholder Letters
 •  ADM Benford's Law Stock Score = 96

ADM Shareholder/Stockholder Letter Transcript:

2025 Proxy Statement
2024 Form 10-K


2025 Proxy Statement

A Letter from the CEO
Dear Shareholders,
ADM   s focused efforts in 2024 enabled us to manage through external headwinds and deliver
across our global network. In a highly dynamic environment, with trade and policy uncertainty
around the world, our focus was on balancing both short and long-term opportunities.
We know millions are positively impacted by ADM   s health and wellness innovations, a broad
range of industries continue to count on our sustainability-centered solutions within their supply
chains, and that billions of people around the world count on us for food security.
This is why ADM continues to drive opportunity in areas where our portfolio aligns to current
trends     leveraging our R&D expertise to introduce solutions for sugar and sodium reduction,
expanding our decarbonization offerings, and finding new opportunities to serve customers
through destination marketing.
Juan R. Luciano
BOARD CHAIR AND CEO
Despite the challenges posed in 2024, our teams found ways to drive strong outcomes across key
areas of the business     from solid crush volumes in our Latin America region, to improved
production volumes in starches and sweeteners across the business, to increased operating profits
in several product lines for North America.
Our collective efforts delivered $4.2 billion in total segment operating profit, solid cash flow, and
supported a full-year adjusted earnings per share of $4.74 in 2024.* Enabled also by a strong
balance sheet, ADM returned capital to stockholders, with more than $3.3 billion in share
repurchases and dividends, all while maintaining our leverage ratio at our desired target and our
track record of more than 50 consecutive years of annual dividend increases.
Over the last year, we made significant progress to strengthen our internal controls, strengthening
our finance team and bolstering our work to prioritize accuracy, integrity and transparency in the
enhancement of our reporting processes.
We also continued our focus on safety excellence across our operations, delivering a more than
35% year-over-year reduction in tier 1 and 2 process safety incidents. Our people remain our top
priority in everything we do, with our leadership team prioritizing the engagement and
development of our more than 44,000 employees.
Looking ahead to 2025, our priority focus areas include:

Continuing to focus on execution and cost management to drive savings to the bottom line
while ensuring that we   re managing our assets and overall network as effectively as possible.

Identifying strategic simplification opportunities across the portfolio to maximize efficiency
and focus across our business.

Continuing our progress in strengthening our internal controls to further enhance the
accuracy, integrity and transparency in our reporting processes.

Focusing on organic investment in proven winners across our global portfolio, focused on
segments where we can maximize growth and differentiation.

Maintaining a disciplined approach to capital allocation to deliver return of cash to
shareholders through dividends and selective share repurchases.
Thank you for your continued support of ADM. We look forward to building on our 120-plus years
of history to deliver a solid year in 2025.
Sincerely yours,
Juan R. Luciano
Board Chair, CEO and President

2024 total segment operating profit and adjusted earnings per share are non-GAAP financial measures that exclude certain items from the comparable GAAP measure. For a
reconciliation of these non-GAAP items to GAAP, please refer to Annex A to this proxy statement.

A Letter from the Lead Director
Dear Fellow Shareholders,
As we turn from 2024 to 2025, I   d like to thank you, on behalf of ADM   s Board, for your continued
trust in our company. We know that trust must be earned, particularly following a year that posed
both internal and external challenges, and the full Board is committed to doing so.
ADM has a strong legacy of value creation and innovation which deliver a better future for millions
of lives every day. We remain committed to unlocking the power of nature and the possibilities
that solutions from nature provide to many industries, and we continue to focus our oversight on
ensuring ADM is positioned to create sustainable value for our stockholders and other critical
stakeholders.
Terrell K. Crews
LEAD DIRECTOR
Throughout last year the Board worked closely with the management team to ensure integrity of
ADM   s internal controls and financial reporting. We are confident in ADM   s strengthened and
refreshed corporate finance team to ensure our growth strategy is underpinned by our strong
financial governance foundation, grounded in transparency and accountability.
In November 2024, we welcomed AT&T SVP and General Counsel David McAtee as our new
independent director. David brings extensive expertise in strategic planning, governance, risk
management, data security and shareholder engagement. He has already provided significant
contributions to the Board   s oversight of ADM   s growth strategy and compliance initiatives, and
we look forward to his continued contributions.
As a part of the Board   s priority to maintain leading corporate governance practices, we continued
a practice of ongoing director refreshment, evidenced by the five new independent directors
appointed to the Board since 2019.
In line with best-in-class governance practices, we offered engagement opportunities in 2024 to
stockholders that cumulatively represent more than 50% of outstanding shares to provide updates
on our key initiatives and better understand their stewardship priorities. We value our ongoing
conversations with investors, as their perspectives and feedback continue to inform the Board   s
priorities.
The full Board is confident in the current leadership team   s execution of our growth strategy and
on behalf of ADM, we thank you for your continued confidence in the business.
Sincerely yours,
Terrell K. Crews
Lead Director



 3/25/2025 Letter Continued (Full PDF)