Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for Q3 2025 [4] - The trailing four-quarter adjusted ROIC was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4] - The company revised its full year 2025 adjusted EPS expectations to a range of $3.25 to $3.50, down from approximately $4 per share [12][22] Business Line Data and Key Metrics Changes - Ag Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% compared to the prior year quarter [13] - Carbohydrate Solutions segment operating profit was $336 million, down 26% compared to the prior year quarter [16] - Nutrition segment revenues were $1.9 billion, up 5% compared to the prior year quarter, with operating profit of $130 million, up 24% [18] Market Data and Key Metrics Changes - The AX services subsegment in AS&O saw an operating profit increase of 78% compared to the prior year quarter, driven by higher export activity in North America [13] - Global soybean and canola crush execution margins were significantly lower than the prior year quarter, particularly in North America [15] - Ethanol EBITDA margins per gallon for the quarter were approximately double, with volumes roughly flat compared to the prior year quarter [17] Company Strategy and Development Direction - The company is focused on a self-help agenda, aiming for $200-$300 million in cost savings for 2025 and $500-$750 million over the next three to five years [9][22] - A joint venture with Alltech in animal nutrition aims to transition the business into higher margin specialty ingredients, expected to commence operations in 2026 [9][32] - The company is adapting to evolving trade policy and remains flexible to offset the impact of challenging dynamics [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a more constructive environment for the industry and American farmers [12] - The uncertainty surrounding U.S. biofuel policy is impacting short-term expectations, leading to a cautious outlook for the remainder of 2025 [11][12] - Management highlighted the importance of clarity on trade deals and biofuel policies for future performance [50][51] Other Important Information - The company achieved a key milestone in its decarbonization strategy by connecting its Columbus, Nebraska plant to a CO2 pipeline [8] - Strong cash management practices have allowed the company to reduce inventory by $3.2 billion year to date [20] - The company has maintained a solid cash position and distributed $743 million in dividends year to date [20] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush versus previous quarters? - Management noted that soybean crush rallied sharply post-RVO announcements but has since moved lower due to various factors, including trade deal uncertainties and a decrease in U.S. acres [28][29] Question: Can you elaborate on the joint venture with Alltech? - The joint venture combines ADM's compound feed business with Alltech, focusing on transitioning to higher-margin specialty ingredients, with production expected to start in 2026 [32][33] Question: What is the outlook for ag services in Q4? - Management indicated that while Q3 was stronger than anticipated, the outlook for Q4 may be softer due to ongoing uncertainties in trade deals and biofuel policies [47][50]