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 [10] - Adjusted EPS was $2.27 in the third quarter versus $2.29 in the prior year, indicating a slight decrease [10] - Adjusted segment earnings before interest and taxes (EBIT) was $924 million in the quarter compared to $559 million last year, showing strong operational performance [10][11] - The adjusted leverage ratio was 2.2 times at the end of the third quarter, reflecting the impact of acquisition debt from Viterra [17] 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][11] - Softseed processing and refining results were driven by higher average margins and the addition of Viterra's softseed capabilities [11] - Grain merchandising and milling saw higher results in wheat milling and ocean freight, partially offset by lower results in global wheat and corn merchandising [12] Market Data and Key Metrics Changes - In North America, higher processing results were offset by lower results in refining, while in South America, results were higher in processing and refining [10][11] - European processing results improved, particularly in biodiesel, while refining results were slightly down [11] - The global supply and demand environment has become less volatile, contributing to improved performance [15] Company Strategy and Development Direction - The company is focused on integrating Viterra and leveraging the combined platform to enhance operational efficiency and capture synergies [4][6] - The strategic alignment along the end-to-end value chain operating model aims to improve agility, transparency, and collaboration [4][6] - The company anticipates capturing significant synergies from the Viterra integration, with expectations for a meaningful impact in 2026 [39][41] Management's Comments on Operating Environment and Future Outlook - Management noted a high degree of complexity in the marketplace, with farmers and end consumers remaining largely spot [21] - The company expects full year 2025 adjusted EPS in the range of $7.30-$7.60, reflecting ongoing macro trade and biofuel policy uncertainty [7][20] - Management expressed confidence in the company's ability to adapt to shifting trade flows and maintain operational efficiency [21][22] Other Important Information - The company generated approximately $1.2 billion of adjusted funds from operations year-to-date, with $900 million of discretionary cash flow available after capital expenditures [15] - The company repurchased 6.7 million shares for $545 million, indicating a commitment to returning value to shareholders [16][70] 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 improvements in soybean oil margins anticipated by early 2026 [25][27] Question: Stability of earnings in the new combined grain business - The combined grain business offers more stability in earnings due to enhanced storage capabilities and origination strengths from Viterra [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 early indications show strong contributions from both legacy Bunge and Viterra operations [33][36] Question: Timing of synergy capture from Viterra - Significant synergy capture is expected in 2026, with some benefits anticipated in Q4 2025 [39][40] Question: Opportunities and risks in Argentina post-Viterra - The company is now more balanced globally, allowing it to mitigate risks associated with Argentina's volatility while capitalizing on its origination and processing capabilities [79] Question: Supply and demand dynamics in Australia - A large crop is expected in Australia, with opportunities for increased exports and competitive positioning in global markets [86][88] Question: Future capital projects and investment opportunities - The company does not foresee large capital projects from Viterra but will continue to evaluate opportunities for growth and consolidation in the industry [95][96]