Salvator Tiano

Heckman explained Q1 largely baked already, RVO resolution timing means Q1 won't benefit. Noted more catalysts could tip positive than negative for the balance of the year.

Neppl explained full-year dilution impacts (shares, interest, depreciation) and clarified only $120M is incremental synergy vs 2025. Acknowledged grains merchandising still has work to do.

Neppl provided clear timeline: little in Q3/Q4, meaningful amount in 2026, peak in 2027. Confirmed expect to be at or ahead of proxy schedule. Heckman added commercial synergies were not originally quantified and will build over time.

Neppl confirmed Viterra is mildly dilutive but declined to break out specific EBIT contribution, citing integration into one operating model. Heckman emphasized they don't think about it as Viterra vs Bunge.

CEO noted strong animal protein economics driving meal demand. BG is net short on meal (sells more than produces). New export capabilities at Destrehan and P&W positioned for export growth.

CFO detailed: Morristown commissioning Oct (mid-Q4), humming by early-mid 2026. Destrehan crush JV with Chevron late Q2 2026, barge unloading ~month later. Weston Europe delayed to early 2027.

CEO expressed confidence in Viterra's strategic merits and constructive regulatory engagement. CJ Selecta terminated after long stop date passed without all regulatory approvals.

US soy margins slightly lower YoY in Q1; Europe strongest, Argentina very weak but improving in Q2. Canadian canola tighter crop with curves improving for new crop.

CFO noted $800M remaining on buyback commitment, opportunistic timing. CapEx down to $1.5-1.7B from $1.9-2B, split 50/50 between timing shifts and cancelled projects.

CFO confirmed original accretion framework largely intact but deferred specific 2025 impact to post-close forecast. CJ Selecta: ~$600M acquisition with mid-teen return expectations.

CFO declined to validate the $1.30/quarter or $5+ 2027 framing, noting too many variables. Emphasized high-end depends on crush margins, consumer demand, and S&S/ethanol dynamics. Pointed to five long-term growth pillars for value creation but would not commit to specific 2027 numbers.

Management confirmed U.S. could shift from net exporter to net importer of soybean oil under finalized RVOs, with ADM positioned to capture domestic crush demand.

Management confirmed no volume changes in HFCS from any customer announcements, noting HFCS has been declining 1-1.5% per year for a decade and ADM manages via product mix optimization.

Management credited strong ethanol risk management and highlighted Nutrition improvement driven by Flavors, Health & Wellness, and Animal Nutrition margin recovery.

CFO attributed weakness to ongoing Decatur East inefficiencies, higher insurance premiums, and lower texturants pricing, but did not quantify the contract cancellation impact.

DeVeau explained normal sales-to-EBITDA leverage is roughly 2x. Lower incremental margins in 2026 reflect continued reinvestment funded by productivity, which otherwise would flow to bottom line. At higher end of growth range, leverage improves; at lower end, productivity must compensate for lack of volume absorption.

DeVeau flagged the main 2026 discrete item as Pharma Solutions cycling: $369M sales and $76M EBITDA from first 4 months of 2025 will drop out in H1 2026. Otherwise normal course operations with no major discretionary items.

Erik reported stronger clean-label demand driven by MAHA movement in U.S. and global trends. Cited Latin America's high-sugar/salt/fat labeling regulations driving reformulation opportunities. Trend beneficial for IFF across geographies.

Erik confirmed colors are less than $50M and all-natural, making artificial dye bans a tailwind. Broader clean-label trend seen as bigger opportunity across food portfolio.

Peter confirmed approximately 9.5M tonnes already closed or announced, with more expected to reach 21M total. European closures not yet at the end of announcements. Kim noted China chart shows no anticipated closures despite anti-involution discussions (potential 4-8M additional tonnes). Emphasized domino effect as cracker shutdowns undermine feedstock economics for remaining derivative plants. Peter differentiated operating rates: low-cost delivered assets running at very high capacity, while European and Chinese assets at 70-80% minimum technical rates.