Archer-Daniels-Midland Company

and Chief Executive Officer, and Monish Padalawala, our EVP and Chief Financial Officer. We have prepared presentation slides to supplement our remarks on the call today, which are posted on the investor relations section of the ADM website and through the link to our webcast. Some of our comments and materials may constitute forward-looking statements that reflect management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These statements and materials are based on many assumptions and factors that are subject to numerous risks and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation and the materials. Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events. In addition, during today's call, we will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in our earnings press release and presentation slides, which can be found in the investor relations section of the ADM website. I'll now turn the call over to Juan.

Thank you, Megan. Hello and welcome to all who have joined the call. Please turn to slide four. Today, ADM reported adjusted earnings per share of 70 cents. Total segment operating profit was $747 million for the quarter. Our trailing four-quarter adjusted ROIC was 7%, and cash flow from operations before working capital changes was $439 million. ADM's first quarter results were aligned with our outlook and market expectations, and our business operated well in a dynamic external environment. With uncertainty related to global trade and regulatory policy continuing to have an impact on the business, we were able to drive positive momentum in focused areas. Our carbohydrate solutions team delivered solid results, supported by positive margins in sweeteners along with strong execution in ethanol. Nutrition's performance in the first quarter, specifically in our flavors and animal nutrition portfolios, is on a path to recovery. We also made important progress in getting our Decatur East facility back online as it moves into the final stages of recommissioning. Our services and oilseeds was impacted by challenging conditions and overall market uncertainty and took actions to drive organizational realignment and network optimization. And thanks to our team's continued diligence in safety, I'm pleased to report that our Q1 total recordable incident rate was the lowest it has been in the history of ADM. These examples highlight our team's ability to drive our strategy forward while focusing attention on the self-help and execution excellence agenda we outlined earlier in the year. Let's take a closer look at our progress in the first quarter. Please turn to slide five. In our last call, we shared a slate of self-help activities to enable us to deliver on execution and cost goals, drive simplification and strategic growth while maintaining continued capital discipline. We're taking a balanced approach to these efforts across the business. Let me share a few highlights. From a cost perspective, we made important progress on our target of $500 to $750 million in cost savings over the next three to five years. This included a targeted workforce reduction to align our organization to our most critical priorities, along with a thorough review of third-party consulting spend. With this, we're seeing a reduction in our overall SG&A costs. We made the strategic decisions to deliver optimization across the network, including the recently announced closure of our Kershaw, South Carolina crash facility, exit of domestic trading operations in China and Dubai, as well as the consolidation of several grain warehouses. We don't take actions that impact our colleagues and the communities where we operate lightly. I have engaged with these groups to clearly explain the rationale for our decisions and provide them with necessary transition support. We're also addressing challenges with operations uptime for our North America soy assets. And we're now live with Decatur East and expect to have the plant at full run rate by the end of the second quarter. The focus on our nutrition business is beginning to show positive results. Addressing demand fulfillment issues and leveraging our innovation capabilities in flavors has supported a strong year-over-year operating profit. We've unlocked both simplification and growth potential in our recent Mitsubishi MOU announcement, focusing our combined teams on what they do best. We advance automation and digitization across our global manufacturing network, scaling successful pilots, improving reliability and efficiency, and driving over a dozen new projects to deliver cost savings and smarter operations. We continue to invest in R&D related to health and wellness solutions. And in February, we announced a partnership with Asahi Global Foods Corporation to distribute an innovative postbiotic design to address challenges with stress, mood, and sleep. The expansion of our RegenAg partnership and biosolutions business is playing an important role in driving farmer resiliency, creating new high-value avenues for the sale of differentiated crops. Underpinning all this work, we remain focused on capital discipline and actively managing traditional channels to return cash to shareholders. As we look ahead to the reminder of the year, this self-help agenda will be critical to positioning ADM to manage through what continues to be and uncertain external landscape. We remain confident in our team's ability to take the balance of actions needed to support the result that matches the high expectations we've set for ourselves. Our team is keeping close to our customers and remain alert to both the challenges and the opportunities that we're seeing in the market. We're taking full advantage of the breadth of the investment we have made in our business over the past decade and the agility that provides. From our crash and export capabilities across the U.S., Argentina, and Brazil, to our expansive origination network, to our expertise in formulation, to our portfolio of ingredients including all natural colors and flavors, all of these add to ADM's ability to support rapidly evolving needs. Then we hand it over to Monish to share a deeper dive into first quarter financial results and our 2025 outlook.

Thank you, Juan. Please turn to slide six. To start, let me provide some perspective on the operating backdrop that shaped the first quarter for the ASNO segment. As we expected, market disruptions related to biofuel policy uncertainty negatively impacted biodiesel and renewable diesel margins and U.S. vegetable oil demand. We also experienced higher global soybean stock levels and an increase in Argentinian crush rates, which pressured global soybean meal value. Additionally, trade policy uncertainty, particularly with Canada and China, created volatility throughout the quarter for canola meal and oil. Taken together, these factors resulted in significantly lower meal and vegetable oil values, pulling down margins across our businesses. Overall, against this backdrop, AS&O segment operating profit for the first quarter was $412 million, down 52% compared to the prior year quarter with declines across all subsegments. In the Ag Services subsegment, operating profit was $159 million, down 31% versus the prior quarter, driven primarily by lower North American origination export volumes, as order flow was impacted by trade policy uncertainty. North American origination results also reflect the additional expense of $34 million recorded in the period for anticipated export duty. Global trade results were lower relative to the same quarter last year, largely due to the negative timing impacts partially offset by higher destination marketing volumes and margins. Total net timing impacts were approximately 48 million year-over-year. In the crushing subsegment, operating profit was $47 million, down 85%. Consistent with the previously provided outlook, both global soybean and canola crush execution margins were significantly lower than the prior quarter. Global executed crush margins were approximately $13 per tonne lower in soybeans compared to the prior quarter and approximately $40 per tonne lower in canola. By region, crush margins were down significantly in North America. North America soybean crush margins were negatively impacted by additional capacity from new crushing facilities and lower soybean oil demand stemming from biofuel policy uncertainty. North America canola crush margins were negatively impacted by trade policy uncertainty and lower canola oil demand for biofuel production. There were net negative timing impacts of approximately $36 million year over year. In the refined products and other sub-segment, operating profit was $134 million, down 21% compared to the prior quarter due to lower biodiesel and refining margins. In EMEA, margins declined due to significantly lower biodiesel export volume. In North America, refining margins were negatively impacted by additional industry crush capacity and lower demand for vegetable oil due to biofuel policy uncertainty. There were net positive timing impacts of approximately $34 million year over year. Equity earnings from the company's investment in Wilmar was $72 million, down 52% compared to the prior quarter. Overall, during the challenging quarter, the ASNO team executed an operational improvement like plant and network consolidation and took actions to accelerate cost savings, starting with targeted organization realignment to partially mitigate the less favorable market conditions and be in an excellent position to capture opportunities as we move through the remainder of the year. Turning to slide seven. For the first quarter, carbohydrate solution segment operating profit was $240 million, down 3% compared to the prior quarter. Operating profit for this segment came in slightly ahead of our previously provided segment guidance for the quarter. In the starches and sweeteners subsegment, operating profit was $207 million, down 21% compared to the prior quarter. In North America, SNS results were lower due to lower starch margins from demand softness in the paper and corrugated markets, as well as lower North American wet mill ethanol results due to lower ethanol margins. In EMEA, SNS volumes and margins declined as higher corn costs and increased competition negatively impacted results. As a partial offset, North American liquid sweetener margins improved relative to the prior year quarter due to better product mix. Global wheat milling margins and volumes also improved relative to the prior year quarter, largely due to volume growth with key customers. In the Vantage corn processor subsegment, Operating profit was $33 million, up compared to the prior quarter, due to higher ethanol volumes and improved ethanol margins relative to the prior quarter. Overall, ethanol EBITDA margins per gallon were slightly negative in the quarter. Turning to slide eight. In the first quarter, nutrition segment revenues were $1.8 billion, down 1% compared to the prior quarter, primarily due to negative currency impact. Human nutrition revenue was up 4% due to strong flavors growth and M&A, which offset headwinds relative to supply chain challenges from Decatur East. Animal nutrition revenue was down 6% as negative currency impacts and lower volumes offset mixed benefits. Nutrition segment operating profit was $95 million for the first quarter, up 13% versus the prior quarter. Human nutrition sub-segment operating profit was $75 million, down 1% compared to the prior quarter, as improved performance and flavors was more than offset by declines in specialty, ingredients, and health and wellness. Animal nutrition sub-segment operating profit of $20 million was higher than the prior quarter due to higher margins supported by ongoing turnaround action. Please turn to slide nine. To the end of the first quarter, the company generated cash flow from operations before working capital of approximately $439 million, down relative to the prior quarter due to lower total segment operating profits. Solid cash generation and our strong balance sheet remain a critical differentiator for the company. We will continue to seek opportunities to further strengthen our balance sheet to provide financial flexibility to organically invest in the business to enhance returns and create long-term value. We are also taking actions to ensure working capital excellence through stronger rigor on working capital planning, inventory rationalization, improvement of key account table metrics, and more timely collection of past due balances. At the same time, we remain committed to returning cash to shareholders, and we return $247 million to shareholders in the form of dividends in the quarter. Turning to slide 10, we have provided details to support our 2025 consolidated outlook. Earlier today, we affirmed our full year adjusted EPS guidance. We continue to expect adjusted earnings per share to be between $4 to $4.75 per share, though we now expect to be at the lower end of the guidance range given the current market backdrop. In particular, we remain cautious about our second half outlook for crush margin improvement as current domestic crush replacement margins are below our outlook. With the uncertainty related to tariff policy and macroeconomic conditions, we are not providing segment operating profit guidance for future quarters. We are providing directional guidance at the segment level for the full year. Our directional guidance for operating profit for the full year for carbohydrate solutions and nutrition has not changed from our previously provided indication. With performance to date and continued pressure on crush margins in the second quarter, we are lowering our directional guidance for ASNO for the full year to be lower than the prior year. As an additional data point, current crush margins for the second quarter are trending lower than the first quarter. I also want to share some updates on our overall assumptions. We still expect better crush and biodiesel margins in the second half of the year as clarity on renewable volume obligations, or RBOs, is expected to support strong U.S. demand for crop-based vegetable oil. We also expect to deliver our $200 to $300 million cost savings target for the year and have already taken several actions that are delivering savings. We are working thoughtfully to accelerate saving realization where possible. We have seen some signs of weakening customer demand, particularly in carb solutions, and have lowered our volume expectations for select markets and products. While we are not embedding any significant macroeconomic slowdown in our guide, we are actively monitoring consumer demand. To conclude, as we navigate 2025, our focus will remain on what is within our control. A full commitment to remediating the material weakness and making strides to strengthen our internal controls. Driving execution to improve operational performance and lower costs while sustaining functional excellence. Simplifying our portfolio to enhance focus on core competencies while unlocking additional capital to drive value and position the company for long-term success. These efforts position us in our ability to navigate the current dynamic environment and reinforce our confidence in delivering on our commitment. Before I hand it back to Juan, I want to take a few minutes to thank all my ADM colleagues for their dedication and focus in delivering for our customers and helping to create long-term value for our shareholders. Back to you, Juan.