Archer-Daniels-Midland Company

Ms. Britt, you may begin.

Welcome to the second quarter earnings conference call for ADM. Our prepared remarks today will be led by Juan Luciano, Chair of the Board and Chief Executive Officer, and Monish Pallalawala, 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'll 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 93 cents. Total segment operating profit was 830 million for the quarter. Our trailing four quarter adjusted ROIC was .9% and cashflow from operations before working capital changes was $1.2 billion for the first half of the year. The team focus has been on managing what we can control in a dynamic environment and we continue to drive positive momentum in those areas in the second quarter. Our carbohydrate solutions team again delivered steady results with a strong execution and disciplined risk management. The nutrition team drove another quarter of sequential improvement led by our flavors and animal nutrition portfolios. We also made important progress in getting our indicator is planned back online already ramping to our planned run rates. Our services and all seats performed in line with our expectations. The team worked to offset lower margins this quarter through targeted organizational realignment and network consolidations, enabling us to be well positioned to take advantage of expected improved conditions in the second half of the year. Across our global operations network, our efforts to improve operational resilience in delivered outstanding results. We achieve our best performance in limiting unscheduled and unplanned downtime in more than five years. We're also proud to have been named as one of America's greatest workplaces in manufacturing, a testament to the tireless efforts of our colleagues across the ADM operations workforce. The external environment became clear in some critical areas for our business throughout the quarter. The US administration drove positive tax and biofuel policies that are helping biofuel producers make better decisions about production rates and feedstock demand, while also supporting an uplift in crash and biodiesel margins. The agility in which we managed the first half of 2025 demonstrates our team's ability to drive our strategy forward and manage the dynamics of the external environment 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 on key strategic objectives in the quarter. Please turn to slide five. We're making a strong progress against the areas of self-help we identified at the beginning of the year. The balance of effort across cost management, execution excellence, targeted simplification, strategic growth and capital discipline are providing an important foundation to work from. Let me share a few examples of what we accomplished in the quarter. We're continuing our portfolio management activities. We made decisions to cease operations at certain facilities that no longer align with our long-term goals, including several AS&O origination sites globally, a port transload facility in Florida, an aquaculture plant in Ecuador, a pet and animal nutrition plant in Brazil, and two assets no longer strategic to the specialty ingredients business. We focused on optimizing our AS&O network and aligning our asset base to the most critical parts of the business while ensuring we effectively manage uptime and production capacity. And we announced our intention to move our LAVOC Texas cotton seed plant into a joint venture. As I mentioned earlier, we achieved a critical milestone in recommissioning our Decatur East facility and are currently ramping up to plant production levels. This will have a positive impact on cost within our specialty ingredients business as we move through the back half of the year. Through a combination of these efforts and others throughout the first half of the year, we remain on track for our targeted 500 to 750, $50 million in aggregate cost savings over the next three to five years. We're also continuing our capital discipline focus with an eye on returning capital to shareholders. And following our Q1 earnings call, we announced our 374th consecutive quarterly dividend. And while we've been keeping our efforts in cost and capital management at the forefront, we have never stopped smart organic investments that provide us options to accelerate growth at the appropriate time. ADM's integrated business model provides significant advantages to generate value across our entire production ecosystem. A few examples include, repositioning co-products from our operations into new solutions, such as converting fatty acid residues found in waste materials into biofuels. Addressing a growing carbon economy through the expansion of our decarbonization capabilities in car solutions, and taking advantage of available capacity in nutrition plants to expand product lines and enter new markets. All of these represent ways ADM can reduce waste, accretively deploy capital and increase returns. As we look to the back half of 2025 from an external perspective, we anticipate increasing biofuels and trade policy clarity that accelerate our ability to create positive economic opportunities and drive additional investments such as these throughout our business and the agriculture sector. As public policy increasingly supports the agricultural sector, ADM is poised to play a pivotal role in driving that progress. In the US, for instance, as policies are finalized to accelerate the adoption of renewable fuels, ADM is ready to lead, advancing the innovative solutions that open new, high value markets for American farmers and strengthen the broader bioeconomy. We will also continue to shape our own path through the self-help agenda that is already driving impact that help offset some of the market dynamics seen in the first half of the year. Because several external factors and self-help effort will activate in the third and fourth quarters, we are tightening our expectations for adjusted earnings per share and expect it to land around $4 per share for full year 2025. We believe ADM is in a solid position to exit 2025 with operational momentum, and we are confident that our team's ability to execute against our strategy will set the company up for a strong finish to the year and launch into 2026. With that, let me hand it over to Monish to share a deeper dive into second quarter financial results and our 2025 outlook. Monish.