Bunge Global SA

Good day and welcome to the Banking Global SA first quarter 2025 earnings release and conference call. Today all participants will be in listen-only mode. Should you need assistance during today's call, please sign up for a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask your questions. To ask a question, you may press star and then one on your telephone keypad. To withdraw your question, you may press star and then two. Please note that today's event is being recorded. I would now like to turn the conference over to Ruth Ann Wiesner. Please go ahead, Madam.

Thank you, Operator, and thank you for joining us this morning for our first quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found at the Investor Center on our website at bungie.com under Events and Presentations. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bungie's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Fungi has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Fungi's Chief Executive Officer, and John Nepple, Chief Financial Officer. I'll now turn the call over to Greg.

Thank you, Ruthann, and good morning, everyone. I want to start by thanking our team. for their hard work and adaptability in what has already been a highly dynamic 2025. Their continued focus and great execution delivered a strong start to the year that demonstrated once again that we can navigate market environments, agility and speed, harnessing a truly global platform and strengthen our core markets. We continue to believe in the strategic merits of our planned combination with Viterra expect to close the transaction in the near term. While the timing of regulatory approvals has not been what we anticipated, we've engaged in constructive conversations with the relevant authorities prepared to close in very short order once received. We recently chose to execute our rights to terminate the definitive share purchase agreement with CJ Selecta pursuant to its terms. However, soy protein concentrate for feed Spain's an attractive market with promising growth prospects that nicely complements our soy origination crushing capabilities in Brazil. At the same time, we've made great progress in other key areas, further sharpening our portfolio, strengthening our business, and positioning Bungie for the future. We recently announced the sale of our European margins and spreads business and our North American corn milling business. Both of these transactions allow us to further align around our global value chains. We also closed our previously announced partnership with Repsol and announced a key milestone with the incorporation of intermediate novel crops in the production of renewable fuels in Europe. This alliance furthers our long-term strategy to create alternative paths towards meeting our customers' demand for lower carbon agricultural and oil supply chains. Shifting to operating results, First quarter exceeded our expectations, driven in part by some pull forward of activity from Q2 into Q1. Later in the quarter, shifts in trade dynamics, including tariff and regulatory uncertainty, prompted some farmers and consumers to act ahead of potential changes. Looking ahead, we're reaffirming our full year 2025 adjusted EPS guidance, approximately $7.75. and remain confident in our ability to continue to execute despite the current market environment. As we mentioned last quarter, we expect to provide an outlook for the combined company once we've closed the VITERA transaction. With that, I'll turn it over to John for a deeper look at our financials and outlook.