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]