Financial Highlights - Gross Revenues for Q1 2025 were $324 million, a 28% increase compared to Q1 2024[20, 23] - Adjusted EBITDA for Q1 2025 was $36 million, a 60% decrease compared to Q1 2024[21, 25] Sugar, Ethanol & Energy Business - Adjusted EBITDA decreased by 42%, from $51855 thousand in Q1 2024 to $29851 thousand in Q1 2025[45] - Sugarcane milled decreased by 31%, from 2167 thousand tons in Q1 2024 to 1489 thousand tons in Q1 2025[30] - Sugar production decreased by 47%, from 119431 tons in Q1 2024 to 63644 tons in Q1 2025[33] - Ethanol sales volume increased by 106%, from 78511 cubic meters in Q1 2024 to 161609 cubic meters in Q1 2025[40] Farming Business - Farming revenues decreased by 62%, from $44014 thousand in Q1 2024 to $16647 thousand in Q1 2025[56] - Rice revenues decreased by 70%, from $6447 thousand in Q1 2024 to $1943 thousand in Q1 2025[56] Capital Allocation - The company has a distribution policy of a minimum of 40% of the cash generated during the previous year to shareholders[59] - $175 million is planned for distribution as dividends, with a DPS of $01750[60] - Net debt increased by 6%[63]

Core Viewpoint - Tejon Ranch Co. is urging shareholders to vote for its 10 director nominees in the upcoming Annual Meeting, emphasizing the importance of maintaining a qualified board for the company's long-term growth and strategic value creation [1][2][6]. Group 1: Company Strategy and Governance - The Board of Directors and executive team have positioned Tejon for long-term growth, highlighting the critical nature of the upcoming vote for shareholders [2]. - Tejon's directors possess essential expertise in California's commercial and residential real estate industry, which is vital for the company's success [4]. - Independent third-party proxy advisory firms, including ISS, Glass Lewis, and Egan-Jones, have endorsed Tejon's director nominees, recognizing their capability to drive the company forward [5]. Group 2: Opposition and Risks - Bulldog Investors is attempting to replace Tejon's directors with individuals lacking relevant experience in real estate development, which could jeopardize the company's growth [3]. - Bulldog's campaign is characterized by a lack of a credible plan, raising concerns about its potential impact on Tejon's strategic initiatives [3]. Group 3: Voting Information - Shareholders are encouraged to vote for Tejon's 10 director nominees using the WHITE proxy card, with the company emphasizing that every vote is important regardless of the number of shares owned [6][7].

Core Viewpoint - Tejon Ranch Co. is supported by Kern County leaders in opposition to Bulldog Investors' efforts that threaten the development of Tejon's Master Planned Communities, which are deemed essential for the region's economic growth and sustainability [1][2][13]. Company Overview - Tejon Ranch Co. is a diversified real estate development and agribusiness company with a principal asset of 270,000 acres located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield [4]. Economic Impact - The letter from Kern County leaders highlights the long-standing partnership between Tejon and Kern County, emphasizing the critical role of Tejon's Master Planned Communities for sustainable growth in the region [2][12]. - Tejon's leadership has been integral to Kern County's economic success for nearly two centuries, and any disruption to this relationship could undermine the stability of the local economy [3][13]. Community Engagement - Tejon is recognized as an engaged corporate citizen and a forward-thinking partner, demonstrating ingenuity in navigating California's regulatory environment for land use and development [3][12]. - The success of Tejon's Master Planned Communities is linked to the future economic growth and community development of Kern County, making the current proxy contest a public policy concern [13][14]. Future Outlook - The Tejon Board and management are focused on delivering value for shareholders while ensuring the long-term success of the company and the region, contrasting with Bulldog's adversarial approach which lacks a concrete plan [14][15].

Core Insights - Tejon Ranch Co. reported financial results for Q1 2025, highlighting a net loss of $1.5 million, compared to a net loss of $0.9 million in Q1 2024, with a net loss per share of $0.05 [4][19] - The company achieved revenues of $9.6 million in Q1 2025, slightly up from $9.5 million in Q1 2024, driven primarily by the farming segment due to improved almond prices [5][19] - The company is focused on leveraging its land use approvals to unlock development opportunities and enhance long-term value for shareholders [2][8] Financial Performance - Total revenues for Q1 2025 were $8.2 million, an increase from $7.4 million in Q1 2024, with the farming segment showing significant growth [5][19] - Adjusted EBITDA for Q1 2025 was $2.8 million, compared to $2.1 million in the same period of 2024, indicating improved operational performance [12][25] - The company reported total capitalization of approximately $611.6 million as of March 31, 2025, with a debt to total capitalization ratio of 30.4% [7][29] Real Estate Development - The Tejon Ranch Commerce Center (TRCC) has successfully transitioned into a mixed-use community, with the opening of the Terra Vista at Tejon multi-family residential development, which includes 228 units [2][5] - The TRCC industrial portfolio consists of 2.8 million square feet of gross leasable area (GLA) and is fully leased, while the commercial/retail portfolio has a 95% occupancy rate [5][8] - Nestlé USA is constructing a new distribution facility at TRCC, which will span over 700,000 square feet upon completion [5] Market Outlook - The company anticipates fluctuations in net income due to regulatory delays, commodity prices, and the timing of land sales and leasing activities [9] - The 2025 California almond crop forecast is expected to be released soon, with potential challenges in production due to pollination issues and trade uncertainties [11] - Tejon Ranch is diversifying its farming operations by planting an olive orchard to better position itself against market changes [11]

Core Viewpoint - Tejon Ranch Co. urges shareholders to vote for its 10 director nominees on the WHITE proxy card, emphasizing the inexperience and potential risks associated with Bulldog Investors' nominees [1][2][3]. Group 1: Tejon's Position - Tejon's Annual Meeting is scheduled for May 13, 2025, and shareholders are encouraged to vote for the company's qualified director nominees [2][3]. - Tejon's Board highlights its commitment to shareholder engagement and value creation, contrasting with Bulldog's lack of constructive engagement [4][6]. - The company asserts that Bulldog's nominees lack relevant experience in real estate and management, which could disrupt the Board's effectiveness [5][7]. Group 2: Bulldog's Campaign - Bulldog Investors is characterized as a hedge fund with a history of proxy campaigns, attempting to install three unqualified individuals on Tejon's Board [3][6]. - Independent third parties, including major proxy advisory firms, have recognized deficiencies in Bulldog's campaign and the inexperience of its nominees [11][12]. - Bulldog's nominees are criticized for lacking experience in real estate and California's regulatory environment, which is essential for Tejon's operations [10][13]. Group 3: Shareholder Communication - Tejon plans to enhance shareholder communication through annual investor days and ongoing engagement with shareholders regarding governance practices [9]. - The company emphasizes the importance of voting for its nominees to protect the long-term value of investments in Tejon [16][17]. - Tejon's Board is committed to sustainable and long-term value creation, contrasting with Bulldog's unclear agenda and lack of a compelling case for change [18].

Investment Rating - Industry View: In-Line [5] Core Insights - Urea prices have increased significantly, with US NoLa urea prices rising by $36/st to $440-552/st fob WoW, driven by potential Chinese export resumption and strong domestic demand [1] - Potash prices have seen modest increases, with SE-Asia MOP prices up by $5/t to $335-355/t cfr WoW, while US NoLa MOP prices rose by $2/st to $315-320/st fob [2] - Phosphate prices remained largely unchanged, although select markets are experiencing upward price pressure due to changes in Indian pricing policies and potential updates on Chinese phosphate fertilizer exports [3] Summary by Sections Urea Market - China is expected to resume urea exports in May, with a projected export quota of 3-4 million tons for 2025, while US prices have jumped significantly [1] - Brazilian urea prices increased by $13/t to $390-415/t cfr, reflecting a shift in market dynamics post-China news [1] Potash Market - Potash prices in SE-Asia rose by $5/t to $335-355/t cfr, while US NoLa prices increased by $2/st to $315-320/st fob, indicating stable demand despite a quiet market [2] - Chinese port inventories have dropped below 2 million tons, prompting expectations for new contract settlements [2] Phosphate Market - Most global DAP/MAP benchmarks remained stable, but Indian players are expected to increase activity in the market following the reversal of a price ceiling [3] - Updates on Chinese phosphate fertilizer exports are anticipated, with discussions on DAP/MAP export quota allocations expected to follow the Chinese Labor Day holiday [3] Soy Crush Dynamics - Brazil's soy harvest is 94.8% complete, ahead of last year's pace, while Argentina's harvest is lagging at 23.6% complete [9] - US soybean planting is at a record 18% complete, with the EPA issuing an emergency waiver for E15 sales during the summer driving season [9] - Global soy crush margins have mostly increased, with US margins rising to $1.33/bu, driven by lower input costs [10]

Financial Performance - Q1 2025 - Sales and Merchandising Revenues reached $2,659 million, slightly down from $2,718 million in YTD '24[14] - Gross Profit increased to $153 million compared to $128 million in YTD '24[14] - Pretax Income decreased to $3 million from $14 million in YTD '24[14] - Adjusted EPS was $0.12, compared to $0.16 in YTD '24[14] - Adjusted EBITDA increased to $57 million from $51 million in YTD '24[14] Agribusiness - Q1 2025 - Agribusiness revenues were $1,993 million, down from $2,061 million in YTD '24[21] - Agribusiness gross profit increased to $119 million from $100 million in YTD '24[21] - Agribusiness reported a Pretax loss of $10 million, compared to a $3 million profit in YTD '24[21] - Agribusiness Adjusted EBITDA was $31 million, compared to $29 million in YTD '24[21] Renewables - Q1 2025 - Renewables revenues increased to $666 million from $657 million in YTD '24[27] - Renewables gross profit increased to $34 million from $29 million in YTD '24[27] - Renewables Pretax income increased to $25 million from $24 million in YTD '24[27] - Renewables Adjusted EBITDA was $37 million, compared to $34 million in YTD '24[27] Cash and Debt - Cash from Operations Before Working Capital Changes was $57 million in Q1'25, compared to $48 million in Q1'24[16, 45] - Short-term Debt was $223 million as of 3/31/2025[16] - Long-term Debt was $651 million as of 3/31/2025[18] - Capital Spending for Q1'25 was $47 million[18]

Financial Performance - Bunge Global reported revenue of $11.64 billion for the quarter ended March 2025, a decrease of 13.2% year-over-year [1] - Earnings per share (EPS) was $1.81, down from $3.04 in the same quarter last year, with an EPS surprise of +42.52% compared to the consensus estimate of $1.27 [1] - The reported revenue was a surprise of -9.10% against the Zacks Consensus Estimate of $12.81 billion [1] Key Metrics - Agribusiness volumes were 18,277 Kmt, below the estimated 19,369.03 Kmt [4] - Milling products volumes were 898 Kmt, compared to the average estimate of 908.96 Kmt [4] - Refined & Specialty Oils volumes were 2,130 Kmt, compared to the average estimate of 2,195 Kmt [4] Net Sales - Net sales to external customers in Agribusiness were $8.16 billion, below the estimate of $8.76 billion, representing a year-over-year change of -16.2% [4] - Net sales for Milling products were $375 million, compared to the average estimate of $396.09 million, reflecting a -1.6% change year-over-year [4] - Net sales for Refined & Specialty Oils were $3.09 billion, below the estimate of $3.65 billion, with a year-over-year change of -4.6% [4] Adjusted Segment EBIT - Adjusted Segment EBIT for Corporate and Other was -$44 million, better than the average estimate of -$63.55 million [4] - Adjusted Segment EBIT for Agribusiness was $268 million, exceeding the estimate of $206.45 million [4] - Adjusted Segment EBIT for Milling products was $15 million, below the average estimate of $22.98 million [4] - Adjusted Segment EBIT for Refined & Specialty Oils was $123 million, slightly above the estimate of $118.33 million [4] Stock Performance - Bunge Global shares returned +12.4% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The reported first quarter earnings per share (EPS) was $1.48, down from $1.68 in the first quarter of 2024, with adjusted EPS at $1.81 compared to $3.04 in the prior year [10][12] - Adjusted segment earnings before interest and taxes (EBIT) was $406 million in the quarter, down from $719 million last year [10][12] - The trailing twelve months adjusted return on invested capital (ROIC) was 9.4%, with an adjusted leverage ratio of 0.6 times at the end of the quarter [16] Business Line Data and Key Metrics Changes - Processing results improved in Brazil, Europe, and Asia, but were offset by lower results in North America, Argentina, and European soft seeds [10][12] - Merchandising performance improved in the Global Grains Financial Services business, but was offset by lower results in ocean freight [10][12] - Refined and specialty oils results were down in all regions except Asia, reflecting a more balanced global supply and demand environment [11] Market Data and Key Metrics Changes - The company expects full-year 2025 adjusted EPS of approximately $7.75, which excludes the impact of announced acquisitions and divestitures [18][19] - Agribusiness full-year results are forecasted to be slightly lower than previous outlooks, primarily due to lower results in processing [19] - The company anticipates a favorable outlook for North American canola and a tighter crop in Europe and the Black Sea, which may improve margins [36][37] Company Strategy and Development Direction - The company is focused on closing the transaction with Viterra, which is expected to enhance diversification across assets, geographies, and crops [4][23] - The recent partnership with Repsol aims to create alternative paths towards meeting customer demand for lower carbon agricultural and oil supply chains [6][52] - The company is committed to navigating market uncertainties and believes in the strength of its global infrastructure to ensure efficient supply [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute despite current market challenges and reaffirmed the full-year adjusted EPS guidance [7][21] - The management highlighted the importance of a resilient supply chain to serve key demand markets globally amid market disruptions [30] - The company is optimistic about the potential for improved margins in the second half of the year, particularly in North America [55] Other Important Information - The company terminated the definitive share purchase agreement with CJ Selecta due to regulatory approval delays, but remains optimistic about the soy protein concentrate market [5][31] - The company generated $392 million of adjusted funds from operations in the first quarter, with $338 million of discretionary cash flow available after capital expenditures [13][14] Q&A Session Summary Question: Update on Vitera acquisition approval - Management remains confident in the strategic merits of the Vitera transaction and believes regulatory approval is imminent, with constructive interactions ongoing [29][30] Question: Processing business margins - Margins for U.S. soy and Canadian canola were better in Q1, but are expected to soften in Q2 due to market conditions [33][35] Question: Earnings cadence for the year - The earnings distribution is expected to shift to 60% in the first half and 40% in the second half, with some earnings pulled forward from Q2 to Q1 [42][44] Question: Impact of RVO on margins - A higher Renewable Volume Obligation (RVO) would strengthen the oil leg of the crush in North America, benefiting margins [54][55] Question: South America farmer selling trends - There has been a recent pickup in farmer selling in Argentina, which is expected to positively impact global crush margins [72][73] Question: Timeline for corn milling business closure - The company anticipates closing the corn milling transaction by the end of Q2 or early Q3, pending regulatory processes [110]

Financial Performance - Bunge's adjusted EPS for Q1 2025 was $1.81, compared to $3.04 in Q1 2024[12] - Adjusted Segment EBIT was $406 million in Q1 2025, a decrease from $719 million in Q1 2024[12] - Agribusiness' Adjusted Segment EBIT was $268 million in Q1 2025, down from $487 million in Q1 2024[12] - Refined and Specialty Oils' Adjusted Segment EBIT was $123 million in Q1 2025, compared to $204 million in Q1 2024[12] - Milling's Adjusted Segment EBIT was $15 million in Q1 2025, a decrease from $28 million in Q1 2024[12] - Adjusted Total EBIT for Q1 2025 was $362 million, compared to $676 million in Q1 2024[12] Financial Position - At the end of Q1 2025, Readily Marketable Inventory (RMI) exceeded Net Debt by $3 billion[24] - The Adjusted Leverage Ratio was 0.6x at the end of Q1 2025[24] - The company had a cash balance of approximately $3.2 billion at quarter-end[30] Outlook - Bunge continues to forecast a full-year 2025 adjusted EPS of approximately $7.75[11, 39] - The company expects net interest expense to be in the range of $220 million to $250 million and capex in the range of $1.5 billion to $1.7 billion[39]