Archer-Daniels-Midland Company Common Stock

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Item 1A. Risk Factors in the Companys Annual Report on Form 10-K/A for the year ended December 31, 2023, as supplemented by the risk factors set forth below.

There were no significant chang Company faces risks related to international conflicts, acts of terrorism or war, or other geopolitical events, such as the ongoing Russia-Ukraine war, Israel-Hamas war, sanctions, and other economic disruptions.

ADMs assets and operations could be subject to extensive property damage, business disruption, loss in value, nationalization and expropriation as a result of geopolitical conflicts, acts of terrorism (e.g. purposeful adulteration of the Companys products), and war, as well as any sanctions or embargoes in resulting from the se events. The assets and operations located in the region affected by the war between Russia and Ukraine are at an increased risk of property damage, inventory loss, business disruption, and expropriation. In addition, the Companys risk factors during may not be able to realize any financial or other benefits from its investments in Russia due to ongoing sanctions or actions of the Russian government. The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities and related products. While the Company has a robust trade sanctions compliance program, the quartre is a risk that ADM and its related parties could trade with a sanctioned partner ended June 30, 2024. For furthedue to the number of sanctions taken against Russia. Trade receivables may be at risk of higher defaults, and other third-party risks could affect ADMs ability to obtain inputs if suppliers are unable to perform or face insolvency, as certain supplies may not be attainable due to sanctions and/or restrictions on cross-border payment transactions. The Company could be materially impacted if, in the worst-case scenario, the conflict in Ukraine advances to other countries. The risk to ADMs business from the war information about  Israel could increase if it expands into other countries. In such circumstances, trade policies and the Companys critical global supply chain and logistical networks could be affected, impairing the Companys risk factors, refer to ability to satisfy contractual obligations and impacting working capital requirements. Insurance may not adequately cover these risks. In addition, provisions for certain products that ADM produces, particularly those that support the food services channels, could be materially impacted. The Company continues to monitor risks associated with the conflict between Russia and Ukraine and the conflict in Israel along with the Red Sea and other political tensions and evaluate alternatives to reduce the impacts of these risks.

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ARCHER-DANIELS-MIDLAND COMPart I, Item 1A. Risk FactorsANY

PART II OTHER INFORMATION

The Companys failure to successfully complete its ongoing implementations of new enterprise resource planning (ERP) systems and upgrades of its information technology (IT) systems could have a material and adverse effect on the Companys business, financial condition and results of operations.

The Company is undertaking upgrades to its IT platforms and, in particular, certain of its ERP systems on a worldwide basis, which is expected to occur in phases over the next several years. These upgrades include making changes to legacy systems or acquiring new systems with new functionality, and building new policies, procedures, training programs and monitoring tools. The Company is also engaged in implementations of new ERP systems which has required and will continue to require significant investments of human and financial resources. The Companys strategy for pursuing these upgrades and implementations will likely evolve over time and may increase the time or expense in the volved in completing these projects. In implementing new ERPs, the Companys Annual Report on Form 10-K for the year ended December 31, 2023.

 may experience significant increases to inherent costs and risks associated with changing and acquiring these systems, policies, procedures and monitoring tools, including capital expenditures, additional operating expenses, demands on management time and other risks and costs of delays or difficulties in transitioning to or integrating new systems policies, procedures or monitoring tools into its current systems. Any significant disruption or deficiency in the design and implementation of any ERP may adversely affect the Companys ability to operate its business, or maintain effective disclosure controls and internal control over financial reporting. These implementations, modifications and upgrades may not result in productivity improvements at a level that outweighs the costs of implementation, or at all. In addition, difficulties with implementing new technology systems, such as ERPs, delays in the Companys timeline for planned improvements, significant system failures or the Companys inability to successfully modify its IT systems, policies, procedures or monitoring tools to respond to changes in its business needs in the past have caused and in the future may cause disruptions in the Companys business operations, increase security risks, including the risk of cybersecurity breaches, and may have a material and adverse effect on the Companys business, financial condition and results of operations.

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ARCHER-DANIELS-MIDLAND COMPANY

PART II OTHER INFORMATION