Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted earnings per share of $0.87 and full-year adjusted earnings per share of $3.43, with total segment operating profit of $821 million for the fourth quarter and $3.2 billion for the full year [5][12] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.3%, and cash flow from operations before working capital changes was $2.7 billion for 2025 [5][22] - The company achieved approximately $200 million in cost savings through portfolio optimization and simplification initiatives [8] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS&O) segment operating profit for the fourth quarter was $444 million, down 31% year-over-year, and for the full year, it was $1.6 billion, a decrease of 34% compared to 2024 [14] - The Carbohydrate Solutions segment operating profit for the fourth quarter was $299 million, down 6% year-over-year, and for the full year, it was $1.2 billion, down 12% compared to 2024 [18] - The Nutrition segment revenues were $1.8 billion for the fourth quarter, remaining relatively flat year-over-year, with human nutrition revenue increasing by 5% and animal nutrition revenue decreasing by 4% [19] Market Data and Key Metrics Changes - The company noted that the operating environment throughout 2025 was challenging, but improvements in global trade relations and U.S. biofuel policy clarity are expected to support a more constructive market environment in 2026 [11][12] - The company anticipates positive economic opportunities for the industry and American farmers, which should drive additional long-term investments [11] Company Strategy and Development Direction - The company is focused on five key growth areas: enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization, each with different growth profiles and timelines for value creation [9][10] - The company aims to optimize its results in what is expected to be a more constructive operating environment, with a focus on disciplined capital allocation and cost savings [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of timing regarding U.S. biofuel policy clarity and its potential positive impact on operations [33][34] - The company expects adjusted EPS for 2026 to be in the range of $3.60-$4.25, reflecting growth over 2025 [12][27] Other Important Information - The company paid its 376th consecutive quarterly dividend during the fourth quarter [6] - The company has made significant progress in improving working capital efficiency, realizing a $1.5 billion cash flow benefit from inventory reduction [22] Q&A Session Summary Question: Comments on the RVO and its impact on operating rates - Management acknowledged the difficulty in providing guidance due to external factors but expressed optimism about the positive impact of RVO clarity on operating rates and margins [33][34] Question: Update on Nutrition segment performance and customer recovery - Management clarified that while the Nutrition segment faced challenges, there was strong performance in flavors and a recovery in specialty ingredients, with ongoing efforts to regain market share [41][42] Question: Insights on crush margins and demand - Management indicated that the crush margins are influenced by various factors, including RVO policy and consumer demand, and emphasized the need for careful monitoring of market conditions [58][60] Question: Discussion on Starches and Sweeteners demand - Management noted that demand softness is attributed to various factors, including consumer behavior changes and pricing pressures, but emphasized efforts to offset these challenges [65][66]

Fourth Quarter and Full Year 2025 Earnings Conference Call February 3, 2026 Proprietary business information of ADM. 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. You can identify forward-looking statements ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.70 and total segment operating profit of $747 million for the quarter [4] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 7% and cash flow from operations before working capital changes was $439 million [4][22] - The first quarter results were aligned with market expectations despite a dynamic external environment [5] Business Line Data and Key Metrics Changes - The Carbohydrate Solutions segment operating profit was $240 million, down 3% year-over-year [18] - The Nutrition segment revenues were $1.8 billion, down 1% year-over-year, while operating profit increased by 13% to $95 million [20][21] - The Ag Services and Oilseeds segment operating profit was $412 million, down 52% compared to the prior year quarter [13] Market Data and Key Metrics Changes - The Ag Services sub-segment operating profit was $159 million, down 31% year-over-year, primarily due to lower North American origination export volumes [14] - The crushing sub-segment saw operating profit drop to $47 million, down 85% year-over-year, with significant declines in global soybean and canola crush margins [15] - Equity earnings from the company's investment in Wilmar were $72 million, down 52% compared to the prior year quarter [18] Company Strategy and Development Direction - The company is focused on a self-help agenda aimed at delivering cost savings of $500 million to $750 million over the next three to five years [7] - Strategic decisions include the closure of the Cursea, South Carolina crush facility and the exit from domestic trading operations in China and Dubai [8] - The company is investing in automation and digitization across its global manufacturing network to improve efficiency and reliability [9] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half outlook for crush margin improvement due to current domestic crush replacement margins being below expectations [23] - The company remains confident in its ability to navigate the uncertain external landscape and is focused on operational performance and cost management [26][28] - Management highlighted the importance of clarity on Renewable Volume Obligations (RVOs) to support strong U.S. demand for crop-based vegetable oils [31] Other Important Information - The company returned $247 million to shareholders in the form of dividends during the quarter [22] - The Decatur East facility is expected to be fully operational by the end of the second quarter, with an anticipated impact of $25 million per quarter for Nutrition once fully ramped up [97] Q&A Session Summary Question: Expectations for RVO and its influence on 2025 outlook - Management indicated that strong RVOs are crucial for the biofuel outlook and expect margins to improve in the second half of the year [37][39] Question: Specific RVO numbers and positive outcomes for ADM - Management mentioned that the industry is looking for around €25 billion in biomass-based biodiesel and conventional biodiesel to support internal consumption and export markets [47][49] Question: Clarification on RPO performance despite a weak environment - Management acknowledged that RPO margins are expected to be significantly lower compared to the prior year due to various market pressures [55] Question: Impact of tariffs and trade flow shifts - Management noted that the impact of tariffs has not been significant in Q1, with most products exempt from export tariffs to Mexico and Canada [60][62] Question: Signs of rationalization in the soy crush industry - Management stated that while they cannot speculate on others, they are actively managing their own capacity and expect some plant shutdowns in response to demand [68] Question: Commercialization of Argentine crops - Management expects Argentine farmers to begin regular commercialization of crops as they take advantage of tax benefits before they expire [76] Question: Volume growth expectations for Starches and Sweeteners - Management reiterated that overall demand remains solid, but there are pockets of weakness, particularly in Europe and exports to Mexico [80]