Salvatore Tiano

Salvatore Tiano asked for clarification on the 'reconfiguration' option within the phosphate strategic review, specifically if it involves shifting product focus (e.g., feed/food, purified acid for LFP batteries), and inquired about Nutrien's phosphate reserves.

Answer

Ken Seitz, President and CEO, confirmed that 'reconfigured operations' encompasses the possibilities described, such as assessing the life of mine at White Springs and Aurora, optimizing the exploitation of remaining reserves, and considering additional reserves in the area. He reiterated that the goal is to maximize free cash flow, and the review is in its early stages.

Salvatore Tiano from Bank of America sought clarification on Viterra's impact on Bunge's Q3 2025 EPS and full-year guidance, specifically whether it was accretive or dilutive, and asked about the timing and materiality of synergy capture from the acquisition.

Answer

Gregory Heckman, Bunge's Chief Executive Officer, emphasized running the combined entity as one company to maximize profitability. John Knepel, Chief Financial Officer, noted that Viterra was mildly dilutive to the full year forecast but contributed well in Q3, particularly in soy and soft processing. He added that while some synergy benefits might be seen by year-end 2025, a bigger jump is expected in 2026, with a significant step change in 2027, and commercial synergies are just beginning to build.

Salvatore Tiano asked for clarification on Viterra's impact on Bunge's Q3 EPS and full-year guidance, specifically whether it was accretive or dilutive, and how much of the Q3 EBIT growth was attributable to Viterra versus legacy Bunge. He also inquired about the timing and materiality of synergy capture from the $341 million target.

Answer

CEO Gregory Heckman emphasized running the combined entity as one company to maximize profitability, noting Viterra's strong footprint in soy and soft crush. CFO John Knepel stated Viterra was mildly dilutive to the full year but contributed well in Q3, particularly in processing, with grain merchandising expected to improve in Q4. Regarding synergies, Mr. Knepel expects a bigger jump in benefits in 2026, peaking in 2027, with early actions in Q3/Q4 2025. Mr. Heckman added that commercial synergies, previously unquantified, are just beginning to build.

Salvatore Tiano asked about the potential for the U.S. to become a net importer of soybean oil next year, considering trade dynamics and higher demand if RVOs are approved as proposed. He also inquired about the potential impact on domestic soybean oil prices, given existing tariffs, should such a scenario unfold.

Answer

Juan Luciano, Chairman and CEO of ADM, acknowledged that ADM runs scenarios for such possibilities. He confirmed that enacted RVO policies would lead to increased crushing and higher soybean oil demand, which the U.S. currently has the beans to address. However, he noted that potential large exports to China could alter the equation. Mr. Luciano explained that markets tend to adjust, with strong crush expected in Argentina and Brazil. If U.S. demand exceeds internal supply, prices would rise, attracting imports of soybean oil. He emphasized that ADM's operations are prepared to handle increased export commitments and domestic policy demands, expressing optimism for 2026 and 2027.