Investment Overview - Petrobras is investing R$33 billion ($6 billion) to enhance Brazil's downstream sector, focusing on refining, petrochemicals, and renewable fuels in Rio de Janeiro [1][11][14] - The investment aims to increase domestic fuel supply, support energy transition goals, and stimulate industrial synergy across the value chain [1] Key Projects - The Boaventura Energy Complex and Duque de Caxias Refinery (Reduc) represent a combined investment of R$26 billion, enhancing S-10 diesel output by 76,000 barrels per day (bpd) and increasing jet fuel production by 20,000 bpd [2][11] - Boaventura will feature a biojet fuel facility producing 19,000 bpd of sustainable fuels, alongside two gas-fired thermoelectric plants [3][11] Sustainability Initiatives - Reduc is exploring a lubricant oil re-refining unit with a capacity of 30,000 m (6,300 bpd) to align with circular economy practices [4] - A pilot project blending 1.2% corn oil into jet fuel has been completed, paving the way for 10,000 bpd commercial-scale production of renewable diesel [5] Infrastructure Modernization - Petrobras plans to invest R$860 million in modernizing on-site power infrastructure and R$2.4 billion on maintenance shutdowns from 2025 to 2029 [6] Petrochemical Expansion - Studies are underway for local production of acetic acid and monoethylene glycol at Boaventura, reducing Brazil's reliance on imports [7] - Braskem, a Petrobras affiliate, is expected to invest R$4 billion to expand its polyethylene plant, adding 230,000 tons per year of production capacity [8][11] Gas Supply Strategy - Petrobras is focusing on boosting domestic gas availability by reactivating shut-in gas wells and integrating with Argentina and Bolivia to lower prices and meet rising demand [12] Future Investments - Beyond Rio de Janeiro, Petrobras plans to invest R$8 billion in a second refining train at RNEST in Pernambuco and R$6 billion to resume fertilizer production [13]

Key Takeaways The plant is the country's first industrial-scale vegetable oil extraction facility and is designed to produce up to 30,000 tons of oil per year. The output will be directed to Enilive's biorefineries, where it will be converted into biofuels to help decarbonize the transport sector — one of the pillars of Eni's sustainable mobility strategy. E's Loudima Agri-Hub: A Step Toward Net Zero The Loudima agri-hub places the Republic of the Congo as an active participant in the biofuel production cha ...

Q1 2025 Earnings Results Review May 7, 2025 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. • 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 from ...

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 [5] - Trailing fourth quarter adjusted return on invested capital (ROIC) was 7% and cash flow from operations before working capital changes was $439 million [5][24] - Overall cash flow from operations decreased compared to the prior quarter due to lower total segment operating profit [24] Business Line Data and Key Metrics Changes - The Carbohydrate Solutions segment operating profit was $240 million, down 3% year-over-year [20] - The Nutrition segment revenues were $1.8 billion, down 1% year-over-year, while operating profit increased by 13% to $95 million [22][23] - The Ag Services and Oilseeds segment operating profit was $412 million, down 52% compared to the prior year quarter [16] Market Data and Key Metrics Changes - The Ag Services sub-segment operating profit was $159 million, down 31% due to lower North American origination export volumes [17] - Global trade results were lower compared to the same quarter last year, largely due to negative timing impacts [17] - Equity earnings from the company's investment in Wilmar were $72 million, down 52% compared to the prior year quarter [20] Company Strategy and Development Direction - The company is focused on cost savings of $500 million to $750 million over the next three to five years, including workforce reductions and a review of third-party consulting spend [9] - Strategic decisions include the closure of the Cursea, South Carolina crush facility and the exit from domestic trading operations in China and Dubai [10] - The company is advancing automation and digitization across its global manufacturing network to improve reliability and efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to navigate an uncertain external landscape while focusing on execution and cost management [12][31] - The company remains cautious about the second half outlook for crush margin improvement due to current domestic crush replacement margins being below expectations [26] - Management highlighted the importance of clarity on Renewable Volume Obligations (RVOs) to support strong U.S. demand for crop-based vegetable oils [34] Other Important Information - The company returned $247 million to shareholders in the form of dividends during the quarter [25] - 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 operational [99] Q&A Session Summary Question: Expectations for RVO and its impact 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 [40][41] Question: Specific RVO numbers and positive outcomes for ADM - Management mentioned that the industry requires approximately €25 billion in biomass-based biodiesel and conventional biodiesel to support internal consumption and export markets [51][52] Question: Strength in RPO despite a weak environment - Management acknowledged that while RPO was better in the short run, overall expectations remain lower due to biodiesel margin pressures and increased refining capacity [58][59] Question: Trade flow shifts and impact of tariffs - Management noted that the impact of tariffs has not been significant in Q1, with most products exempt from export tariffs to Mexico and Canada [64][66] Question: Signs of rationalization in the soy crush industry - Management speculated that the industry may see plant shutdowns when demand is low, but emphasized the importance of clarity on RPO mandates for future capacity [73][74] Question: Commercialization of Argentine crops - Management expects Argentine farmers to become more regular in commercializing crops as they take advantage of government tax benefits before they expire [79] Question: Volume growth expectations for Starches and Sweeteners - Management reiterated guidance for slightly lower volumes than last year, with some weakness noted in specific markets [82][84] Question: Ethanol margins and performance - Management highlighted good risk management in ethanol operations, with expectations for margins to improve over the year [90] Question: Contribution from Decatur once fully operational - Management confirmed that the Decatur plant's impact will be felt in the second half of the year, with an expected contribution of $25 million per quarter [99]