ADM raises outlook as human nutrition and sweeteners face pressure

ADM has raised its full-year 2026 earnings outlook as biofuels supported growth in the third quarter ended September 30, while its food ingredients businesses faced softer demand and cost pressures.

Third-quarter revenue rose 9.6% year over year (YoY) to US$22.34 billion, up from US$20.37 billion in the same period of 2025. Net earnings reached US$821 million, compared with US$108 million in the third quarter of 2025.

ADM now expects full-year 2026 adjusted earnings of US$5.50–5.80 per share, up from its previous guidance of US$5.15–5.60.

“Our year-to-date performance and fourth quarter outlook support another increase to our full-year 2026 adjusted EPS guidance,” says Juan Luciano, ADM’s chair and CEO.

Human nutrition faces headwinds

The company’s Human Nutrition operating profit fell 3% YoY to US$93 million in the third quarter of 2026. 

Growth in Flavors and improved performance at its Decatur East soy protein plant supported Human Nutrition. The Illinois facility’s operations were disrupted by a September 2023 explosion.

However, those gains were outweighed by unplanned downtime, input inflation, softer Biotics markets, and the absence of about US$10 million in insurance proceeds recorded in the third quarter of 2025.

Total Nutrition operating profit increased 3% YoY to US$134 million in the third quarter of 2026, with Animal Nutrition profit up 21% on the same basis to US$41 million. Nutrition revenue fell 4.1% from the third quarter of 2025 to US$1.84 billion.ADM raised its 2026 earnings outlook despite pressure on human nutrition and liquid sweeteners.

For the first nine months of 2026, Human Nutrition operating profit rose 28% to US$337 million, compared with US$263 million in the same period of 2025.

In the second quarter of 2026, Nutrition operating profit rose 51% YoY to US$172 million. Flavors growth, progress at Decatur East, and operational improvements in Animal Nutrition supported that performance.

Liquid sweetener weakness also carried over from the second quarter of 2026, when ADM reported lower volumes and margins than in the same period of 2025, particularly in North America.

Sweeteners under pressure

Liquid sweetener margins and volumes remained soft in the third quarter of 2026. Strong ethanol margins helped lift Carbohydrate Solutions operating profit 40% YoY to US$470 million, while starches were stable.

Separately, ADM has been developing sugar reduction systems that address taste and texture together. In an earlier conversation with Food Ingredients First, the company outlined how allulose, stevia, taste modulation, and texturizing ingredients can be combined to replace sugar’s sensory and functional roles.

That work reflects the practical challenges of reformulation, as removing sugar can alter bulk, browning, moisture retention, texture, and shelf life. Manufacturers must also account for different sweetness preferences across products and markets.

ADM expands East African presence

Separately, ADM has announced a new destination marketing office in Nairobi, Kenya, extending its commercial reach across East Africa.

The office will connect regional customers with ADM’s global sourcing and supply chain network. Its activities include market insights, local merchandising, and support for storage and distribution, drawing on the company’s transportation, logistics, and risk management capabilities.

Kenya serves as a regional trade hub for food and feed ingredients. ADM says the office will help it respond to growing demand across East Africa’s food and agricultural sectors.

The expansion builds on more than a decade of ADM’s presence in Kenya. It complements human nutrition innovation laboratories in Nairobi, a distribution hub in Nigeria’s Lagos Free Zone, and expanded flavor creation capabilities in Johannesburg, South Africa.

“We can better understand local market dynamics, respond faster to evolving needs, and connect customers with ADM’s global capabilities,” says Erdal Kurban, president of Africa and the Middle East and vice president of sales for EMEA Flavors.