Financial Data and Key Metrics Changes - The reported third quarter earnings per share (EPS) was $0.86 compared to $1.56 in the third quarter of 2024, reflecting a significant decline [9] - Adjusted EPS was $2.27 in the third quarter versus $2.29 in the prior year, indicating stability in adjusted earnings despite the overall decline [9] - Adjusted segment earnings before interest and taxes (EBIT) was $924 million in the quarter compared to $559 million last year, showing strong operational performance [9] Business Line Data and Key Metrics Changes - Soybean processing and refining results improved across all regions due to higher margins and the addition of Viterra's South American assets [10] - Softseed processing and refining results were driven by higher average margins and the integration of Viterra's softseed capabilities [10] - Grain merchandising and milling saw higher results in wheat milling and ocean freight, partially offset by lower results in global wheat and corn merchandising [11] Market Data and Key Metrics Changes - In North America, higher processing results were offset by lower refining results, while in South America, results improved in processing and refining due to increased production capacity [10] - European processing results were higher in processing and biodiesel, while refining results were slightly down [10] - The overall market remains characterized by macro trade and biofuel policy uncertainty, impacting farmer and consumer behavior [6][19] Company Strategy and Development Direction - The company is focused on integrating Viterra and leveraging the combined platform to enhance operational efficiency and market responsiveness [4][5] - The strategic alignment along the end-to-end value chain operating model aims to improve agility, transparency, and collaboration across the business [4] - The company anticipates capturing significant synergies from the Viterra integration, with expectations for more substantial benefits in 2026 and beyond [38][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a complex operating environment and highlighted the importance of capturing value from the combined platform [19] - The company expects full year 2025 adjusted EPS in the range of $7.30-$7.60, reflecting ongoing macroeconomic uncertainties [6][18] - Management noted that global grain stocks are elevated, dampening volatility and putting pressure on certain margins, while trade and biofuel policies remain in flux [19] Other Important Information - The company generated approximately $1.2 billion of adjusted funds from operations year-to-date, with significant discretionary cash flow available for dividends and growth investments [13] - The adjusted leverage ratio was 2.2 times at the end of the third quarter, indicating a manageable debt level relative to earnings [15] - The company has committed credit facilities of approximately $9.7 billion, providing ample liquidity for ongoing capital needs [15] Q&A Session Summary Question: Clarity on biofuel policy and soybean oil margins - Management expects clarity on the Renewable Volume Obligation (RVO) by year-end or early next year, with hopes for improved soybean oil demand starting in early 2026 [24][27] Question: Stability of grain business under the new platform - The combined grain business offers more stability in earnings due to enhanced origination capabilities and improved logistics, allowing for better response to market demands [28][30] Question: Impact of Viterra on EPS and EBIT - Viterra's integration is expected to be mildly dilutive to EPS for the year, but both legacy Bunge and Viterra contributed positively to Q3 results [36][37] Question: Timing of synergy capture - Initial synergies from the Viterra integration are expected to materialize in 2026, with some benefits anticipated in Q4 2025 [38][39] Question: Opportunities and risks in Argentina - The new Bunge is better positioned to balance risks associated with Argentina's political environment due to a more global footprint, allowing for improved origination and processing capabilities [75][78] Question: Supply and demand dynamics in Australia - Australia is expected to have a large crop of wheat, barley, and rapeseed, which will enhance the company's origination and export capabilities [81][83]

Earnings Call THIRD QUARTER 2025 November 5, 2025 Q1'25 EARNINGS PRESENTATION Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company's publicly-filed documents, including i ...

Core Insights - October 2025 saw significant outperformance from three Singapore blue-chip companies, with the Straits Times Index (STI) rising by 3% during the same period [1] Keppel Corporation - Keppel Corporation reported total returns of 12.7% for October 2025, transitioning from a traditional conglomerate to a model focused on fee-generating assets under management (AUM) [2] - Since 2020, Keppel has monetized S$14 billion in assets, indicating a strategic shift in value creation [2] - In the first nine months of 2025, Keppel announced S$2.4 billion in asset monetizations and raised S$6.7 billion in third-party funds, with a pipeline of S$35 billion in deployment opportunities identified [3] - A new dividend policy links distributions to annual net profit and asset monetization proceeds, providing a clear pathway for shareholder returns [4] Wilmar - Wilmar achieved total returns of 9.5% for October 2025, recovering from a poor performance in September due to a significant fine of nearly US$710 million [5][6] - Despite a reported loss of US$347.7 million in Q3 2025, core profits increased by approximately 72% year-on-year, with cash flow up 70% and debt reduced by US$2.1 billion [6] - The company's extensive agribusiness operations across 50 countries are beginning to be recognized by investors, with improved performance in various segments, including oil, flour, and rice [8] - Tropical oils sales volume increased, and palm oil prices remained stable, benefiting the plantation business [9] Mapletree Logistics Trust - Mapletree Logistics Trust (MLT) reported total returns of 8% for October 2025, despite a 10.5% year-on-year decline in distribution per unit (DPU) [10] - The decline in DPU is attributed to tough comparables, but management is focused on portfolio transformation rather than merely raising cash through divestments [11] - MLT has set a divestment target of S$100 million to S$150 million for FY2026, with recent divestments validating the quality of its portfolio [11][12] - The trust maintained a solid occupancy rate of 96.1% despite challenging market conditions, indicating effective capital recycling [12][13]

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 the third quarter [4] - The trailing four-quarter adjusted return on invested capital (ROIC) was 6.7% [4] - Cash flow from operations before working capital changes was $2.1 billion year to date, down by $254 million compared to the prior year [19][20] Business Line Data and Key Metrics Changes - Ag Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% year-over-year, primarily due to the deferral of U.S. biofuel policy [14] - AX services subsegment operating profit increased by 78% to $190 million, driven by higher export activity in North America [14] - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, with starches and sweeteners subsegment profit down 36% due to declining global demand [16][17] - Nutrition segment revenues were $1.9 billion, up 5% year-over-year, with operating profit increasing by 24% to $130 million [18] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the cash business [7] - 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 compared to the prior year quarter [17] Company Strategy and Development Direction - The company is focused on operational excellence, portfolio optimization, and cost savings, targeting $200-$300 million in cost savings for 2025 [9][21] - 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][40] - The company is investing in innovation, particularly in flavor systems for energy drinks and postbiotics, to drive growth [10] 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, contingent on clarity regarding U.S. biofuel policy [13][46] - The company lowered its full-year 2025 adjusted earnings per share expectations to a range of $3.25 to $3.50, down from approximately $4 per share [12][21] - Management noted that the current operating environment is challenging, with uncertainty around biofuel policy impacting demand [11][27] Other Important Information - The company announced its 375th consecutive quarterly dividend [6] - Strong cash management has allowed the company to continue investing in areas of innovation [9] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush versus previous quarters? - Management explained that soybean crush rallied sharply post-RVO announcements but then moved lower due to various factors, including uncertainty about biofuels policy [30] Question: Can you clarify the insurance gains and their funding sources? - Management confirmed that half of the insurance proceeds are funded by a captive insurer, with the other half expected from third parties [35] Question: What are the benefits of the joint venture with Alltech? - The joint venture aims to combine the strengths of both companies to pivot towards higher-margin specialty ingredients in animal nutrition, with production expected to start in 2026 [40] Question: How does the company view the clarity on biofuel policy? - Management indicated that clarity on biofuel policy is crucial for future margins and operational planning, with expectations for gradual improvements once policies are finalized [45][76] Question: What is the outlook for ag services in the fourth quarter? - Management noted that while Q3 was strong, the outlook for Q4 is more subdued due to ongoing uncertainties in trade and biofuel policies [66]

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]

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 fourth quarter adjusted return on invested capital (ROIC) was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4][26] - The company revised its full year 2025 adjusted earnings per share expectations to a range of $3.25 to $3.5, down from approximately $4 per share [15][28] Business Line Data and Key Metrics Changes - In the Ag Services and Oilseeds (AS and O) segment, operating profit was $379 million, down 21% year-over-year [18] - The Ag Services sub-segment saw an operating profit of $190 million, an increase of 78% compared to the prior year quarter, driven by higher export activity [19] - The crushing sub-segment's operating profit was $13 million, down 93% from the prior year quarter due to significantly lower execution margins [20] - The Carbohydrate Solutions segment's operating profit was $336 million, down 26% year-over-year, primarily due to a decline in global demand for sweeteners and starches [22] - The Nutrition segment revenues were $1.9 billion, up 5% compared to the prior quarter, with operating profit of $130 million, up 24% year-over-year [24] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the crush business [8] - The global demand for sweeteners and starches was lower, impacting volumes and margins, particularly in the EMEA region [22] - Ethanol export flows are projected to drive similar sequential demand throughout the fourth quarter, although margins are expected to be lower than previous highs [30] Company Strategy and Development Direction - The company is focused on operational excellence, portfolio optimization, and cost savings, targeting $200 million to $300 million in cost savings for 2025 [11][28] - A joint venture with Alltech in Animal Nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [11][50] - The company is investing in innovation, particularly in flavor systems for energy drinks and natural colors, as well as postbiotics [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging industry-wide operating environment but remains optimistic about long-term growth driven by U.S. biofuel policy [5][15] - The company expects 2026 to offer a more constructive environment for the industry and American farmers, creating positive economic opportunities [16] - Management highlighted the importance of clarity on trade deals and biofuel policies for future performance [84][85] Other Important Information - The company has maintained a strong balance sheet and disciplined capital allocation, with a net leverage ratio of 1.8 times as of September [27] - The company continues to focus on improving working capital efficiency, having reduced inventory by $3.2 billion year to date [27] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush? - Management explained that the soybean board 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 [39][40] Question: Can you clarify the insurance gains? - Management confirmed that half of the insurance proceeds are expected to come from captive insurance and the other half from third parties, similar to the previous year [44] Question: What are the benefits of the joint venture with Alltech? - The joint venture aims to combine the strengths of both companies in the animal nutrition market, focusing on specialty ingredients and operational improvements [50][51] Question: How does the company view the clarity on biofuel policy? - Management expressed optimism that once policies are finalized, it will lead to increased demand for soybean oil and improved crush margins [56][58] Question: What is the outlook for Ag Services in Q4? - Management indicated that while Q3 was strong, Q4 may be softer due to uncertainties surrounding trade deals and farmer selling behavior [84][85]

Core Insights - Archer-Daniels-Midland (ADM) has cut its 2025 profit forecast for the third consecutive quarter due to U.S. biofuel policy uncertainty and global trade disruptions affecting oilseed crush margins, resulting in an 8% drop in shares during pre-market trading [1][3] - The company reported a significant decline in earnings, with a 21% drop in its agricultural services and oilseed segment to $379 million, and a staggering 93% decrease in crushing business earnings for the third quarter [3] Industry Context - U.S. tariff threats and changing deadlines have complicated operations for global grain merchants like ADM, leading to a halt in Chinese purchases of U.S. soybeans and driving crop prices to multi-year lows [2] - The deferral of U.S. biofuel policy decisions has slowed the use of feedstocks, particularly soybean oil, which is produced at ADM's processing plants [2] Future Outlook - Despite current challenges, ADM anticipates an earnings rebound in 2026, driven by proposals from the Trump administration for increased biofuel use and a reduction in trade tensions with China [4] - The company expects biofuel policy clarity and evolving trade policies to create demand signals for the industry, with analysts from UBS expressing optimism for 2026 due to higher biofuel mandates driving demand for soybean oil [4][5] - ADM reported an adjusted profit of 92 cents per share for the quarter ending September 30, marking a six-year low but exceeding analysts' average estimate of 85 cents [5]

Financial Performance - Q2 2025 - Adjusted Earnings Per Share decreased by 10% compared to the prior year quarter[6] - Total Segment Operating Profit was $830 million, a decrease of 10% compared to the prior year quarter, attributed to lower total segment operating profit[6] - Adjusted Return on Invested Capital (ROIC) was 69%[45] - Cash flows from operations before working capital decreased by $459 million due to lower total segment operating profit[7] Financial Performance - 1H 2025 - Adjusted Earnings Per Share was $163, a decrease of 35% compared to the prior year period[6] - Total Segment Operating Profit was $16 billion, a decrease of 26% compared to the prior year period[6] - Cash flows from operations before working capital was $12 billion[6] Segment Performance - Ag Services & Oilseeds segment operating profit declined by 17% in Q2 2025 compared to Q2 2024, with Ag Services down 7% and Crushing down 75%, while RPO rose 14%[14] - Carbohydrate Solutions segment operating profit decreased by 6% in Q2 2025 compared to Q2 2024, driven by lower international volumes and margins in Starches & Sweeteners[17] - Nutrition segment achieved an approximate 5% increase in both revenue and operating profits in Q2 2025 compared to Q2 2024, with Human Nutrition revenue up approximately 4% and Animal Nutrition revenue holding steady[24] Cash Flow and Capital Allocation - Invested $596 million in capital expenditures in 1H 2025, with capex now expected to be in the range of $13 billion - $15 billion for 2025[28] - Returned $495 million of excess cash to shareholders through dividends during 1H 2025[28] Full Year 2025 Outlook - The company expects adjusted earnings per share of approximately $400[31]

Core Viewpoint - Alico Inc. has announced a strategic partnership with the Florida Department of Transportation (FDOT) to design and construct a wildlife underpass as part of the expansion of State Road 82 in Collier County, demonstrating the company's commitment to environmental stewardship and conservation [1][3]. Group 1: Partnership and Investment - Alico has committed approximately $5 million towards the design and construction costs of the wildlife underpass [2]. - The underpass will be part of a proposed wildlife corridor linked to the Corkscrew Grove Villages project, enhancing wildlife movement between Collier, Lee, and Hendry counties [2][3]. Group 2: Project Details - The planned underpass will measure approximately 16 feet wide by 7 feet tall and will include fencing to reduce wildlife mortality along State Road 82 [3]. - Construction is expected to begin before the end of 2025, with completion anticipated in 2027, subject to final approvals [4]. Group 3: Environmental Impact - The underpass is expected to support the panther recovery plan by providing a permanent connection to the Caloosahatchee dispersal zone, with no additional cost to taxpayers [3]. - Alico has sold or entered easements to protect over 46,800 acres since 2003, contributing to the Florida Wildlife Corridor [7]. Group 4: Community Development - The Corkscrew Grove Villages project will cover approximately 4,600 acres and aims to create a thoughtfully planned community while protecting sensitive lands and improving water resources [6]. - Alico is seeking approval for the first of two planned villages, with construction on the first village potentially starting as early as 2028 [8].

Core Insights - Agriculture stocks are currently highlighted as significant investment opportunities, with Deere & Company, Corteva, Bunge Global, Cal-Maine Foods, and Gates Industrial being the top five to watch according to MarketBeat's stock screener tool [2] - These stocks provide exposure to various factors such as commodity prices, weather variability, input costs, and government policies, making them cyclical but valuable for diversification and inflation protection [2] Company Summaries - **Deere & Company (DE)**: Engages in manufacturing and distributing equipment for agriculture, construction, forestry, and turf care, operating through segments including Agriculture and Turf, Construction and Forestry, and Financial Services [3] - **Corteva (CTVA)**: Operates in agriculture with two segments, Seed and Crop Protection, focusing on developing advanced germplasm and traits for optimal farm yields, enhancing resistance to various agricultural challenges [3] - **Bunge Global (BG)**: Functions as an agribusiness and food company with four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, involved in purchasing, storing, and processing agricultural commodities [4] - **Cal-Maine Foods (CALM)**: Produces, grades, packages, markets, and distributes shell eggs, offering a variety of specialty eggs under several brand names [5] - **Gates Industrial (GTES)**: Engages in manufacturing and distributing industrial products, with further details available in the latest research report [5]