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- **EPS Revision**: Full-year 2025 EPS guidance lowered to $3.25-$3.50 due to delayed biofuel policy and soft crush margins.
- **Cost Savings Progress**: On track for $200-300M cost savings in 2025, with $500-750M over 3-5 years.
- **Strategic Moves**: JV with Alltech to pivot Animal Nutrition to specialty ingredients; Nutrition segment operating profit up 24% YoY.
- **Cash Flow Strength**: $2.1B cash flow year-to-date, inventory reduced by $3.2B, net leverage 1.8x.
- **Policy Impact**: U.S. biofuel policy clarity needed for 2026 crush margin recovery; RINs could lead to soybean oil demand surge.

**【CEO Summary Section】**
- Reported adjusted EPS of $0.92 and total segment operating profit of $845 million for Q3 2025.
- Full-year 2025 EPS guidance revised to $3.25-$3.50 due to delayed U.S. biofuel policy and soft crush margins.
- Self-help initiatives on track for $200-300 million cost savings in 2025, with $500-750 million over 3-5 years.
- AS&amp;O segment impacted by policy delays, but Ag Services export volumes reached a 9-year high in September.
- Nutrition segment operating profit up 24% YoY, driven by Flavors growth and biotic demand.

**【CFO Financial Commentary】**
- AS&amp;O segment operating profit down 21% YoY to $379 million, driven by lower crush margins and policy uncertainty.
- Carbohydrate Solutions operating profit down 26% YoY to $336 million due to soft demand in starches and sweeteners.
- Cash flow from operations before working capital changes at $2.1 billion year-to-date, with inventory reduction of $3.2 billion.
- Net leverage ratio improved to 1.8x, targeting 2.0x by year-end.
- Q4 2025 outlook: AS&amp;O crush margins expected to remain flat to slightly up QoQ, with ethanol EBITDA margins 10% lower than Q4 2024.

**【Q&A Highlights】**
- **Crush Margins & Policy**: Q4 crush margins expected flat to slightly up QoQ, but 2026 outlook optimistic if U.S. biofuel policy finalized. RINs could pop first, driving soybean oil demand and crush margins.
- **JV with Alltech**: Animal Nutrition JV to focus on higher-margin specialty ingredients, with remaining ADM business targeting 20%+ EBITDA margin.
- **Trade Dynamics**: China trade deal could boost U.S. soybean exports, but timing and volume details remain unclear. Argentina tax holiday may increase South American crush activity.
- **Nutrition Seasonality**: Q4 Flavors volume typically down 15% YoY due to beverage seasonality, offset by Decatur East plant ramp-up.
- **Insurance Proceeds**: Q4 2025 insurance proceeds split 50/50 captive vs. third-party, vs. 90% third-party in prior year.

Archer-Daniels-Midland Company (ADM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ADM

ADM fundamentals

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