Financial Performance - AB Akola Group's consolidated revenue for the 2024/2025 financial year exceeded EUR 1,580 million, representing a 4.9% increase year-over-year [1][3] - The Group's net profit increased by 151.4% to EUR 62.6 million, with EBITDA rising by 51.5% to EUR 111 million [2][3] - The fourth quarter of the 2024/2025 financial year saw consolidated revenue of EUR 414 million, an 8.6% increase from EUR 381 million in the previous year [3] Business Segments - The 'Food Production' segment generated EUR 449.1 million in revenue, with operating profit increasing by 95.6% to EUR 40 million [5] - The poultry business was a major contributor, with gross profit soaring by 103% to EUR 68.9 million, supported by favorable market conditions [6][8] - The 'Partners for Farmers' segment generated EUR 1,151.3 million in revenue, with operating profit improving to EUR 29.4 million [11] Agricultural Performance - The 'Farming' segment reported EUR 47.6 million in revenue, a 9.3% increase, with gross profit at EUR 12.9 million [15] - Agricultural companies harvested 3% more compared to the previous year, driven by strong winter crop yields [16] Market Trends - Consumer preference for sustainable protein sources is rising, while alternative protein prices remain elevated [7] - EU broiler production costs have remained stable or slightly lower, improving producer margins [8] - There is a growing appreciation for higher quality poultry meat raised without antibiotics in Lithuania and Latvia [8][9] Challenges and Opportunities - The poultry market faced challenges from outbreaks of Highly Pathogenic Avian Influenza (HPAI), particularly in Poland and Italy [7] - The 'Other Products and Services' segment generated EUR 20.8 million in revenue, with stable profitability despite rising input costs [17][18]

Financial Performance - The consolidated revenue of AB Akola Group for the 2024/2025 financial year exceeded EUR 1,580 million, representing a 4.9% increase year-over-year [1][3] - Consolidated EBITDA for the twelve months amounted to EUR 111 million, marking a 51.5% increase year-over-year, while net profit increased by 51.4% to EUR 62.6 million [2][3] - The fourth quarter revenue reached EUR 414 million, an 8.6% increase from EUR 381 million in the previous year, with net profit rising to EUR 31 million from EUR 10 million [3][4] Segment Performance - The 'Food Production' segment generated EUR 449.1 million in revenue, with operating profit increasing by 95.6% to EUR 40 million [5] - The poultry business significantly contributed to the Group's success, with gross profit soaring by 103% to EUR 68.9 million due to favorable market conditions [6][8] - The 'Partners for Farmers' segment generated EUR 1,151.3 million in revenue, with gross profit reaching EUR 92.6 million, showing improvement over the previous year [11] Agricultural Operations - The 'Farming' segment generated EUR 47.6 million in revenue, a 9.3% increase compared to the previous year, with gross profit at EUR 12.9 million [15] - The agricultural companies harvested 3% more than the previous year, driven by strong winter crop yields, despite weaker summer crops due to drought [16] Market Trends - Consumer preference for sustainable protein sources is rising, while alternative protein prices remain elevated [7] - The EU broiler production costs have remained stable or slightly lower, suggesting improved producer margins [8] - There is a growing appreciation for higher quality poultry meat raised without antibiotics in Lithuania and Latvia, although competition is intensifying [9] Other Business Activities - The 'Other Products and Services' segment generated EUR 20.8 million in revenue, with a gross profit of EUR 4.1 million, but recorded an operating loss of EUR 400 thousand [17] - Pet food sales volumes declined by 11%, while veterinary pharmaceutical revenue increased by 19% [18]

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Trade Performance - China's July exports increased by 8% year-on-year in RMB terms [2] - China's July imports increased by 4.8% year-on-year in RMB terms [2] - China's July trade surplus narrowed to 705.1 billion RMB [2] - China's July exports increased by 7.2% year-on-year in USD terms [2] - China's July imports increased by 4.1% year-on-year in USD terms [2] - China's July trade surplus was 98240 million USD [2] Import & Export Commodities - China's July fertilizer exports increased by 85% year-on-year, reaching 5704000 tonnes [1] - China's July rare earth exports increased by 21% year-on-year, reaching 59943 tonnes [1] - China's July automobile exports increased by 26% year-on-year, reaching 694000 vehicles [1] - China's July integrated circuit exports increased by 16% year-on-year, reaching 31840 million units [1] - China's July soybean imports increased by 18% year-on-year, reaching 11666000 tonnes [1] - China's July crude oil imports increased by 11.5% year-on-year, reaching 47204000 tonnes [1] - China's July copper ore and concentrate imports increased by 18% year-on-year, reaching 2560000 tonnes [1] - China's July coal imports decreased by 23% year-on-year, reaching 35609000 tonnes [1]

Company Performance - Nutrien, the world's largest fertilizer producer, posted earnings that beat expectations [1] Market Trends - A forecast for a record US corn crop boosted demand [1]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $961 million, a decline of 4% year-over-year [16] - Gross profit increased by 5% to $332 million, with gross margin expanding by 280 basis points to 34.6% [16] - Non-GAAP operating income rose by 9% to $139 million, with non-GAAP operating margin expanding by 170 basis points to 14.5% [18] - GAAP earnings per share increased by 28% to $1.52, while non-GAAP EPS rose by 18% to $1.56 [20] - Adjusted EBITDA was $167 million, an increase of $11 million year-over-year [21] Business Line Data and Key Metrics Changes Pet Segment - Net sales for the Pet segment totaled $493 million, down 3% [21] - Consumables now represent 82% of total pet sales, up from 79% a year ago [22] - Non-GAAP operating income for the Pet segment was $78 million, down 6% compared to the previous year [23] - E-commerce accounted for 27% of total Pet sales, consistent with the prior quarter [23] Garden Segment - Net sales for the Garden segment were $468 million, representing a 4% decline [24] - Non-GAAP operating income for Garden rose to $85 million, up $12 million year-over-year [25] - Adjusted EBITDA for the Garden segment was $96 million, an improvement of $11 million year-over-year [26] Market Data and Key Metrics Changes - The company faced top-line pressure from the loss of two product lines in the garden distribution business and soft demand in pet durables [6][11] - Despite challenges, the company maintained market share and gained in key consumer categories such as dog chews and flea and tick products [22] - E-commerce channels for both segments showed double-digit growth, particularly in the Garden segment [25] Company Strategy and Development Direction - The company is focused on operational optimization, including consolidating distribution centers and streamlining operations [7][10] - The "central to home" strategy aims to blend agility with scale, empowering teams to innovate and grow market share [12] - The company plans to accelerate M&A efforts in 2026, viewing it as a strategic lever for long-term shareholder value [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook despite macroeconomic uncertainties and pressures on consumer confidence [11] - The company anticipates increased consumer value consciousness and heightened promotional activity across retail channels [11] - Management noted that tariff-related inflationary pressures are expected to intensify, particularly in the Pet segment [12] Other Important Information - The company completed the sale of its U.K. operations and transitioned to a direct export model for certain products [8] - Cash provided by operations was $265 million for the quarter, with a focus on working capital management [26] - The company repurchased approximately 1.7 million shares for $55 million during the quarter [27] Q&A Session Summary Question: How should investors think about the opportunity to keep improving margins? - Management highlighted ongoing efforts in cost and simplicity, with a focus on portfolio optimization and innovation to enhance margins [30][32] Question: What are the implications of tariffs on margins? - Management expects most tariff impacts to surface in Q4, with pricing actions being considered to mitigate cost increases [39][41] Question: Can you elaborate on Pet trends as the year ends? - Management noted a challenged consumer environment but indicated stabilization in pet ownership and live animal business [46][48] Question: What was the impact of exited product lines on sales? - Management acknowledged significant impacts from assortment rationalization, particularly in the Pet segment [57][60] Question: What will it take for the Garden segment to return to consistent growth? - Management indicated that favorable weather conditions are crucial for growth, alongside strong consumer engagement [88][90]

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]

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 - The Mosaic Company has inaugurated a new blending, storage, and distribution plant in Palmeirante, Brazil, aimed at expanding its market reach [1][7] - The company has invested $84 million in this facility, expecting a margin of $30-$40 per ton, which translates to an internal rate of return exceeding 20% [2][7] - The plant will enhance blending capacity, processing 1 million tons of fertilizer annually, with a target of approximately 500,000 tons by 2025 [2][3] Investment and Growth Strategy - The new facility will significantly increase warehouse capacity and provide automated blending and bagging systems, along with a direct rail connection to the port of Itaqui [3] - This development is expected to improve fertilizer access for farmers in the MATOPIBA region, a crucial agricultural area [3] - Mosaic aims to grow distribution sales from less than 8 million tons in 2024 to around 13-14 million tons by the end of 2030 [3][7] Market Performance - Mosaic's stock has increased by 22.7% over the past year, while the industry has seen a rise of 25.3% [5]

Recent tensions in the Middle East are the latest reminder of the risks to crucial fertilizer supplies from the region https://t.co/UnmnSWkSIE ...