On this page of StockholderLetter.com we present the 3/14/2023 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.

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

ADM 3/14/2023 Shareholder/Stockholder Letter Transcript:

2023 Proxy Statement
2022 Form 10-K


2023 Proxy Statement


A Letter from the CEO
Dear Stockholders,
2022 was an important year for ADM. We celebrated our 120th anniversary with outstanding
financial results, demonstrating once again how our unparalleled global footprint, combined
with our best-in-class team, power our performance even in dynamic market conditions. We
advanced key strategic initiatives across our Productivity and Innovation pillars, continuing to
build a better company and position our portfolio for future growth. And importantly, we lived
our purpose and demonstrated the power of our culture by supporting the global food system
in a time of stress, and standing up to assist our colleagues and the people of Ukraine.
Juan R. Luciano
BOARD CHAIR AND CEO
   We made significant
strides to decarbonize
our value chain
in order to be
the partner of choice
in low-carbon
intensity feedstocks.   
Juan Luciano
Our Productivity work continued to help us enhance efficiencies and achieve a record four-quarter
adjusted average ROIC of 13.6%. We launched a new Billion Dollar Challenge in 2022: Around the
globe, thousands of colleagues stepped up to identify opportunities to monetize assets and
optimize working capital, exceeding our goals by unlocking more than $1.6 billion in cash by the
end of the year. We completed a modernization of our corn processing facility in Marshall,
Minnesota, and are now using that successful project as a model for a wider effort to install
enhanced automation, more sophisticated control systems, and the increased use of analytics at
production facilities worldwide. And we continued the expansion of our 1ADM business
transformation, which is enabling us to improve our processes and expand capabilities in areas
ranging from indirect procurement, to go-to-market strategies, to grain merchandising.
In Innovation, we continued in 2022 to position our company to meet demand in large, fastgrowing categories, powered by the enduring trends of food security, health and well-being, and
sustainability. For example, we advanced several initiatives relating to enhancing our ability to
meet growing demand for plant-based proteins: We announced a capacity expansion in Decatur,
Illinois, and completed one in Serbia; we invested to add non-GMO soybean processing at our
facility in Mainz, Germany; we entered into a partnership with Benson Hill to scale ultra-high
protein soy for food; and we began construction on our Decatur Nutrition Protein Solutions
Center. We made significant strides to decarbonize our value chain in order to be the partner of
choice in low-carbon intensity feedstocks: We enrolled 1.2 million acres in regenerative
agriculture programs, continued to focus on advancing our Strive 35 goals across our production
footprint, and continued to propel our initiatives to connect and expand our carbon capture and
storage capabilities. This work is helping us offer new, low-carbon intensity solutions for
customers across our portfolio, exemplified by our PepsiCo agreement, our lactic acid and
polylactic acid joint ventures with LG Chem, our North Dakota project to supply feedstocks for
renewable diesel, and the continued growth of our BioSolutions business.



 3/14/2023 Letter Continued (Full PDF)