Steve Haynes

Neppl addressed the timing of the curve marks but did not quantify the LatAm margin assumption; Heckman added that physical crush still takes judgment.

Heckman relayed Glencore's own position that they are in no hurry and would not surprise Bunge, without committing to a timeline.

Heckman noted minimal current-year acreage shifts (fertilizer already in place), flagged South America Brazil next cycle and US early 2027 as watch points for sustained fertilizer price impact. El Nino risk could send market signals on crop mix.

Neppl gave specific segment EBIT splits: soy P&R 50%, soft P&R 25%, grain merchandising & milling 20%, other oilseeds P&R 5%. Corporate drag $120-125M per quarter.

Heckman detailed big wheat/barley/rapeseed crop, potential for increased rapeseed exports due to Canada-China tensions, competitive Australian wheat and barley. Neppl added legacy Bunge had only small export business there while Viterra has very strong position.

CEO said too early for specific targets but very optimistic. Teams already collaborating as one company, identifying commercial opportunities around logistics, risk management, and customer service.

CEO said nontraditional flows are the new norm. China building food security optionality including Argentine meal imports. BG's balanced global footprint built for dynamic trade flows.

CEO said BG's investments are designed for competitiveness at any cycle point. Standalone plants with different cost structures may shut down, but BG's network economics differ.

CEO emphasized decade-long relationships with China counterparties and confidence in working through the process despite US-China tensions.

Luciano declined to quantify precision fermentation versus the $80 million to $100 million natural colors target, citing early days but highlighting the EVERY and Bond projects.

Patolawala confirmed $20 million of Decatur East insurance proceeds in AS&O this quarter, with additional recoveries still being worked with insurers.

Luciano provided directional color rather than exact split: S&S volumes down 3% with margins weaker, higher energy/chemical costs, ethanol the strong performer with EBITDA margins up $0.18/gal YoY. Noted wet mills produce 22 products making precise disaggregation difficult.

CEO confirmed contracting season completed with some volume softness impacting margins, no large contract cliffs. On 45Z, management estimated approximately $100 million potential benefit but cautioned on multiple variables including carbon intensity, prevailing wage, sequestration volumes, and industry pricing response.

CFO confirmed crush margins flat to slightly up from Q3 but down year-over-year, noting volumes up 4% YoY but mark-to-market timing could shift results between quarters.

Management cautioned against drawing conclusions from current margin dynamics given incomplete policy clarity and noted the industry has produced very little biofuel in the first half.

Management explained Argentine farmers held 7 million tons expecting a devaluation that did not materialize, and expects selling acceleration before tax advantages expire.

Management noted limited impact so far from Argentina's export tax changes, citing weather concerns and financing requirement changes as complicating factors.

Sanjiv credited pricing and productivity discipline. Expects margins to continue growing as volumes improve.

Sanjiv expects all segments to expand margins, guided 20-50 basis points for plc overall. Noted every segment has businesses with 40%+ margins.

Melissa attributed entire Americas decline to World Energy project exit and helium demand weakness, with underlying on-site and non-helium merchant volumes strong.

Beck said no recent mill closures in 3-6 months and expects slightly positive in 2H. Paper/Heavy not destroying value but management spending time on the 80% doing well.

Knavish stated elevated CapEx is temporary: catch-up from COVID era plus targeted growth investments in Mexico, aerospace, refinish, and digital. Will return to ~3% of sales run rate.