Adjusted EPS

FY 2025

$7.75 " "

$7.75 " "

no change

Adjusted Annual Effective Tax Rate

FY 2025

21%–25% "

21%–25% "

no change

Interest Expense/Net Interest Expense

FY 2025

$220 million–$250 million "

$220 million–$250 million "

no change

Capital Expenditures

FY 2025

$1.5 billion–$1.7 billion "

$1.5 billion–$1.7 billion "

no change

Depreciation and Amortization

FY 2025

$490 million "

$490 million "

no change

Agribusiness

FY 2025

Slightly lower than previous outlook "

Higher than previous outlook "

raised

Refined and Specialty Oils

FY 2025

Similar to previous outlook "

Down from previous outlook "

lowered

Milling

FY 2025

Expected to be up from last year "

Expected to be down from previous outlook due to the sale, though in line with last year "

lowered

Corporate and Other

FY 2025

More favorable than previous outlook and prior year "

In line with previous outlook but favorable compared to last year "

lowered

Viterra Combination Integration & Synergies

Q1 2025 emphasized the strategic rationale, planning, and anticipated commercial and cost synergies ( " " ); Q4 2024 focused on detailed integration planning, regulatory approvals, and initial projections of first‐year synergies, with a mix of neutral to slightly positive pro forma expectations ( " " " ).

Q2 2025 discussed the completion of the Viterra combination, active operational efforts to capture cost savings and commercial opportunities, and early realization of durable operational synergies ( " " " ).

Shift from planning and anticipation to execution and realization. The conversation has evolved from strategic rationale and initial integration efforts to a completed combination with tangible operational benefits. " " "

Margin Pressure & Earnings Volatility

Q1 2025 noted regional disparities, tariff/regulatory uncertainties pulling forward earnings, and overall earnings pressure ( " , " ); Q4 2024 highlighted margin challenges in South America and North America, lower adjusted EPS, and volatile earnings amid mixed regional performance ( " " " ).

Q2 2025 described improved processing results in South America coupled with continued regional margin pressures, especially in Europe and North America, while EPS was influenced by market volatility and ongoing uncertainty in biofuel policy ( " " ).

Consistent caution with nuanced improvement. While margin pressure remains, there are signs of regional improvements and better processing dynamics in Q2 compared to earlier periods. " " "

Regulatory Uncertainty & Policy Environment

Q1 2025 discussed tariff shifts, biofuel policy uncertainty, and anticipation of an EPA RVO update, with a proactive approach to global trade challenges ( " " " " " " ); Q4 2024 focused on U.S. biofuel policy uncertainty, trade concerns, and policy clarity needed for improved margins ( " " ).

Q2 2025 focused on U.S. biofuel policy uncertainty affecting the Fine and Specialty Oils segment, discussed RFS and RVO impacts, and noted tariff uncertainty along with global trade dynamics ( " " " " ).

Ongoing uncertainty remains a key theme, with Q2 placing increased focus on biofuel and tariff issues while still highlighting the need to adapt to a complex policy environment. " " "

Global Operations Resilience & Regional Performance

Q1 2025 emphasized a resilient global infrastructure, a balanced footprint, and region-specific performance (e.g., strong results in Brazil, mixed outcomes in North America and Europe) ( " " " " ); Q4 2024 reiterated their global operating model, with challenges in South America and North America but confidence in overall operational resilience and portfolio diversification ( " " " " " ).

Q2 2025 described how completed integration drives operational efficiencies, with detailed regional performance – strong processing in South America, improved margins in North America, and modest results in Europe and Asia – highlighting adaptation to market volatility ( " " " " ).

Consistent emphasis on resilience with a new focus on leveraging integration synergies. The narrative maintains global adaptability while detailing regional performance adjustments in the current period. " " "

Renewable Fuels & Low-Carbon Strategic Partnerships

Q1 2025 highlighted the partnership with Repsol and innovative approaches using novel crops to support lower carbon fuels ( " " " ); Q4 2024 discussed the pending closure of the Repsol partnership and strategic investments in renewable fuels amid policy challenges ( " " ).

Q2 2025 did not provide specific comments on renewable fuels or strategic partnerships, aside from indirect mentions related to U.S. biofuel policy affecting specialty oils ( " ).

Diminished emphasis in Q2. Earlier calls featured active strategic partnerships toward renewable fuels, but the current period shifts focus away from these topics, suggesting a potential strategic pivot or integration priority.

Acquisition Strategy & CJ Selecta Synergies

Q1 2025 covered the strategic merits of the Viterra combination, sale of non-core assets, and termination of the CJ Selecta agreement with plans to pursue attractive soy protein opportunities ( " " " ); Q4 2024 detailed both the Viterra acquisition and advancing the CJ Selecta purchase for soy protein concentrate with projected EBIT accretion ( " " " ).

Q2 2025 did not mention acquisition strategy or CJ Selecta synergies, with the focus solely on the Viterra integration.

Reduced relevance in Q2. While previous quarters discussed multiple acquisitions and associated synergies, Q2’s narrative exclusively centers on the completed Viterra integration, indicating a temporary pullback on additional acquisition commentary.

Liquidity & Capital Returns

Q1 2025 emphasized a strong liquidity position with $8 billion of committed credit and excess cash from the Viterra transaction, along with disciplined capital allocation ( " " ); Q4 2024 detailed robust liquidity from credit facilities and asset sales, active share buybacks, and well-managed CapEx spending ( " " " ).

Q2 2025 reported ample liquidity with $8.7 billion in committed credit (mostly unused), a high cash balance, an upgraded credit rating post-merger, ongoing share buybacks, dividends, and robust CapEx plans ( " " " ).

Consistent financial strength. Liquidity and capital returns remain a priority with continued strong fundamentals and strategic capital allocation, buoyed further by the Viterra merger. " " "

Market Demand & Pricing Dynamics

Q1 2025 noted a pull-forward effect from tariff and regulatory uncertainty, mixed segment performance, and a shift to spot-focused demand ( " " " ); Q4 2024 discussed challenging market dynamics in South America, balanced global supply and demand, and the impact of biofuel and trade policies on pricing ( " " " " " " ).

Q2 2025 highlighted regional differences in soybean crushing, persistent uncertainty in refined and specialty oils pricing due to policy factors, adjustments in the spot market, and evolving global trade flows impacting demand and margins ( " " " " " ).

Evolving market dynamics. While uncertainties and spot market pressures persist, there is an observed expectation of improved processing margins later in the year and an overall steady demand, reflecting gradual market adaptation. " " "