Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.93 and total segment operating profit of $830 million for the quarter [4] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.9% and cash flow from operations before working capital changes was $1.2 billion for the first half of the year [4][22] - The company expects adjusted earnings per share to be approximately $4 for the full year 2025, tightening its previous guidance [12][10] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS and O) segment operating profit was $379 million, down 17% year-over-year, primarily due to legislative and biofuel policy uncertainties impacting margins [13] - The Carbohydrate Solutions segment operating profit was $337 million, down 6% compared to the prior year quarter, with starches and sweeteners sub-segment operating profit down 6% [18] - The Nutrition segment revenues were $2 billion, up approximately 5% year-over-year, with operating profit at $114 million, up 5% [19][20] Market Data and Key Metrics Changes - North American origination results improved due to higher margins and volumes, while South American origination results declined due to lower volumes and margins [14] - Global executed crush margins for soybeans were approximately $7 per ton lower compared to the prior year quarter, and canola margins were approximately $29 per ton lower [16] - The company anticipates improved AS and O margins will primarily benefit fourth quarter results, projecting global soybean crush margins to be in the range of $60 to $70 per metric ton [25] Company Strategy and Development Direction - The company is focused on cost management, execution excellence, and strategic growth, aiming for $500 million to $750 million in aggregate cost savings over the next three to five years [9][10] - The company is optimizing its asset base and ceasing operations at facilities that do not align with long-term goals, including several origination sites globally [8] - The company is positioned to benefit from favorable biofuel policies and is ready to lead in advancing innovative solutions for renewable fuels [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the dynamic environment and achieve operational momentum by the end of 2025 [12] - The company is closely monitoring customer demand and expects lower volumes in certain areas, but anticipates strong crops in North America and a solid export season [25][31] - Management highlighted the importance of clarity in biofuel policy and legislative support for agriculture, which are expected to create favorable market conditions [32] Other Important Information - The company achieved its best performance in limiting unscheduled downtime in over five years and was recognized as one of America's greatest workplaces in manufacturing [6] - The company has remediated a material weakness in internal controls related to segment disclosures, enhancing transparency and compliance processes [27][60] Q&A Session Summary Question: Earnings split between Q3 and Q4 - Management indicated a potential split of approximately 55% for Q3 and 65% for Q4, with expectations for improved earnings in Q4 due to better margins and production [36][40] Question: Outlook for the Nutrition segment - Management noted that the Decatur East plant's shutdown cost approximately $20 million to $25 million per quarter, which should improve as the plant ramps up [50][92] Question: Clarification on material weakness remediation - Management confirmed that the material weakness has been remediated through enhanced internal controls and ongoing engagement with auditors [60][61] Question: Details on network optimization plan - Management discussed ongoing efforts to optimize the network, including shutting down underperforming facilities and improving operational performance [75][78] Question: Impact of RVO on biodiesel and crush business - Management expressed optimism about the RVO's impact on soybean oil demand and the overall crush business, but noted the need for final confirmations on policy details [66][70]

Financial Data and Key Metrics Changes - The company's reported and adjusted net income for Q2 2025 was $8 million, resulting in earnings per diluted share of $0.23, compared to adjusted net income of $39 million or $1.15 per share in 2024 [14] - Revenues increased slightly due to the addition of Skyland, despite overall lower commodity prices [14] - Adjusted EBITDA for Q2 was $65 million, down from $98 million in 2024 [15] Business Line Data and Key Metrics Changes - The Agribusiness segment reported adjusted pretax income of $17 million, down from $33 million in 2024, with adjusted EBITDA of $46 million compared to $56 million in 2024 [18][20] - The Renewables segment generated pretax income of $10 million, down from $23 million in 2024, with EBITDA of $30 million compared to $52 million last year [21][22] Market Data and Key Metrics Changes - The company noted improved fertilizer results due to increased volume and margin driven by high corn plantings [9] - The wheat harvest was completed, and facilities are prepared for increased corn volumes expected at harvest [9] Company Strategy and Development Direction - The company has acquired its partner's share of four ethanol plants, which is expected to be immediately accretive to EPS and align reported EPS and EBITDA [12][13] - The company is focused on pursuing additional opportunities in ethanol and renewable feedstocks, with plans to improve efficiencies and lower carbon intensity [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, anticipating improvements in the Agribusiness segment as the fall harvest approaches [23] - The company is evaluating additional growth projects and acquisitions aligned with its strategy, with a target of achieving a run rate EPS of approximately $4.3 per share by 2026 [27][28] Other Important Information - The company generated cash flow from operations of $43 million in Q2, down from $89 million in 2024, but continues to demonstrate positive cash flows throughout the ag cycle [16] - Capital spending for Q2 was $49 million, up from $29 million in 2024, with expectations to reach $200 million for the year [17] Q&A Session Summary Question: Did the timing of the ethanol transaction correlate with regulatory tailwinds? - Management indicated that while they have been looking at ethanol capacity for eight quarters, the recent regulatory changes did not materially affect the transaction timing [32] Question: Can you characterize the non-strategic exits in the Agribusiness segment? - Management noted a financial impact of about $7 million from minority investments and a few million dollars from the sale of underperforming facilities [34][35] Question: What is the outlook for merchandising and storage in the second half of the year? - Management expects improved opportunities for both merchandising and storage due to a large corn crop [38] Question: Why was acquiring the balance of the ethanol assets the right move now? - Management stated that acquiring the remaining 50% of the ethanol plants allows for better capital deployment and full earnings benefits without integration risk [42] Question: What is the updated outlook for ethanol margins? - Management believes the second half of 2025 will be better than the first half, with opportunities to drive more free cash flow from the plants [49] Question: How does the Port of Houston investment work with lower soybean meal prices? - Management explained that the price of soybean meal will drive it to export parity, making the investment competitive despite lower prices [53] Question: What was the revenue contribution from Skyland in the quarter? - Management reported revenue of about $200 million from Skyland in each of the first two quarters, with a revised EBITDA outlook for the full year of $25 million to $30 million [62]

Financial Performance - Q2 2025 - Sales and Merchandising Revenues reached $3,136 million, compared to $2,795 million in Q2 2024[17] - Gross Profit was $158 million, down from $175 million in Q2 2024[17] - Pretax Income Attributable to ANDE was $16 million, significantly lower than $41 million in Q2 2024[17] - Adjusted EPS was $024, compared to $115 in Q2 2024[17] Strategic Acquisition - Acquired the remaining 499% ownership interest in TAMH for $425 million, with a net purchase price of $385 million after accounting for $40 million of working capital[16] - The acquisition implies an incremental 250 million gallons of ethanol capacity acquired at a net purchase price of $154/gallon[16] Segment Highlights - Agribusiness revenues increased to $2,415 million in Q2 2025 from $2,109 million in Q2 2024[28] - Renewables revenues increased to $721 million in Q2 2025 from $686 million in Q2 2024[34] - Agribusiness pretax income attributable to ANDE decreased to $18 million in Q2 2025 from $29 million in Q2 2024[28] - Renewables pretax income attributable to ANDE decreased to $10 million in Q2 2025 from $23 million in Q2 2024[34]

Core Insights - The Andersons, Inc. reported its financial results for the second quarter ended June 30, 2025, and announced the acquisition of full ownership interest in The Andersons Marathon Holdings LLC (TAMH) [1][2][4]. Strategic Acquisition - The acquisition of TAMH, which operates four ethanol plants with a total annual production capacity of 500 million gallons, aligns with the company's strategy to grow earnings through investments in ethanol [2][4]. - This transaction doubles the company's financial ownership in the ethanol industry, a key growth area within its Renewables strategy, and is expected to provide immediate accretion in earnings per share [2][4][5]. Financial Performance - For Q2 2025, the company reported a pretax income of $24.8 million, down from $57.3 million in Q2 2024, with net income attributable to the company of $7.9 million compared to $36 million in the prior year [7][8]. - Adjusted EBITDA for Q2 2025 was $65 million, a decrease from $98.3 million in Q2 2024 [9][39]. - The company’s cash provided by operating activities was $299 million in Q2 2025, slightly down from $304 million in Q2 2024 [6]. Segment Overview - The Agribusiness segment recorded a pretax income of $19 million, down from $29 million in Q2 2024, while the Renewables segment reported a pretax income of $17 million, down from $39 million in the same period [10][13]. - The Renewables segment's adjusted EBITDA was $30 million in Q2 2025, compared to $52 million in Q2 2024 [17][39]. Cash and Debt Management - The company funded the acquisition of TAMH with cash on hand and existing credit facilities, maintaining a modest level of debt and remaining below its long-term debt to EBITDA target of less than 2.5 times [6][18]. - Cash and cash equivalents at the end of Q2 2025 were $350.97 million, down from $561.77 million at the end of 2024 [26][28]. Future Outlook - The company anticipates a large fall harvest and expects to benefit from increased support for renewable fuels, which may enhance its operational efficiency and profitability [3][12][16].

Core Viewpoint - Alico, Inc. is set to release its financial results for the third quarter ended June 30, 2025, on August 12, 2025, after market close [1] Financial Results Announcement - The financial results will be discussed in a conference call on August 13, 2025, at 8:30 am Eastern Time [2] - Interested parties can join the call by dialing specific numbers for the United States and international participants [2] Replay Information - A telephone replay of the conference call will be available approximately three hours after the call concludes, lasting until August 27, 2025 [3] Company Overview - Alico, Inc. is a Florida-based agribusiness and land management company with over 125 years of experience [4] - The company operates approximately 51,300 acres across 8 Florida counties, focusing on strategic land development and diversified agricultural operations [4] - Alico aims to create long-term shareholder value while maintaining a commitment to responsible land stewardship and conservation [4]

Core Insights - Bunge Global reported a revenue of $12.77 billion for the quarter ended June 2025, reflecting a decrease of 3.6% year-over-year, but exceeding the Zacks Consensus Estimate by 12.45% [1] - The company's EPS was $1.31, down from $1.73 in the same quarter last year, but it surpassed the consensus estimate of $1.19 by 10.08% [1] Financial Performance Metrics - Agribusiness volumes were reported at 19,274 Kmt, exceeding the average estimate of 17,717.29 Kmt [4] - Milling products volumes were 857 Kmt, slightly below the average estimate of 992.85 Kmt [4] - Refined & Specialty Oils volumes were 2,175 Kmt, slightly below the average estimate of 2,208 Kmt [4] - Net sales to external customers in Agribusiness were $9.17 billion, surpassing the estimated $7.75 billion, but down 5.1% from the previous year [4] - Net sales for Milling products were $409 million, slightly below the estimated $419.12 million, but up 2% year-over-year [4] - Net sales for Refined & Specialty Oils were $3.18 billion, matching the average estimate and reflecting a 1.8% increase from the previous year [4] - Adjusted Segment EBIT for Agribusiness was $233 million, exceeding the estimate of $202.09 million [4] - Adjusted Segment EBIT for Corporate and Other was -$83 million, better than the estimated -$97.9 million [4] - Adjusted Segment EBIT for Milling products was $27 million, slightly above the estimate of $25.74 million [4] - Adjusted Segment EBIT for Refined & Specialty Oils was $116 million, below the estimate of $138.56 million [4] Stock Performance - Bunge Global's shares have returned -4.9% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Forward-Looking Statements • Today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance and industry conditions. Q2 2025 Earnings Results Review July 30, 2025 2 2 • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially ...

Core Insights - Bunge Global SA (BG) is set to report its second-quarter 2025 results on July 30, with expected sales of $11.4 billion, reflecting a 14.2% decline year-over-year [1] - The consensus estimate for earnings per share is $1.19, indicating a significant year-over-year drop of 31.2% [1] - Earnings estimates have remained unchanged over the past 30 days [1] Financial Performance Expectations - The Agribusiness segment is projected to generate revenues of $7.75 billion, down 19.7% from $9.66 billion in the prior year [6] - The adjusted EBIT for the Agribusiness segment is expected to be $202 million, a 32% decrease from the previous year [7] - The Refined and Specialty Oils segment is anticipated to report revenues of $3.18 billion, showing a slight growth of 1.8% year-over-year, but with a 28.2% drop in operating income [8] - The Milling segment's revenues are estimated at $419 million, reflecting a 4.5% increase from the year-ago period [9] Earnings Surprise History - Bunge's earnings have exceeded consensus estimates in two of the last four quarters, with an average surprise of 9.2% [2][3] Stock Performance - Bunge's stock has declined by 29.7% over the past year, compared to an 11.5% decline in the industry [11]

Group 1 - The world population is projected to reach 10 billion by 2050, highlighting the increasing importance of agribusiness in addressing global food supply challenges [1] Group 2 - The agribusiness sector will play a crucial role in ensuring food security as the population grows, indicating potential investment opportunities in this industry [1]

Core Insights - Bunge Global SA has successfully completed its merger with Viterra Limited, creating a global agribusiness company aimed at meeting market demands and enhancing value for farmers and customers worldwide [1][8] Merger Details - The merger was announced in June 2023 and received unanimous approval from both companies' boards. Bunge's shareholders approved the merger in October 2023, including the issuance of 65,611,831 common shares [2] - The merger faced regulatory challenges and competition concerns, leading to delays in the process [2] Operational Enhancements - The merged entity will have a diversified agriculture network covering all major crops, enhancing geographical balance and adaptability in global value chains [3] - The combination is expected to improve operational efficiency and innovation capabilities, addressing food security, market access for farmers, and sustainable production [4] Financial Synergies - The merger is projected to generate $250 million in annual gross pre-tax operational synergies within the first three years and is expected to be accretive to Bunge's adjusted earnings per share in the first full year post-closing [6][8] Stock Performance - Bunge's stock has declined by 23.1% over the past year, compared to a 9.6% decline in the industry [7]