Archer-Daniels-Midland (ADM) official guidance

During the first half of 2026, we invested $466 million in our footprint and maintain our expectations of full-year 2026 CapEx being in the range of $1.3 billion-$1.5 billion.

In corporate, we expect costs to be higher than in 2025, driven primarily by performance-based compensation, along with continued investments in research and development and automation and digitization.

Based on our first half performance and a constructive outlook for the second half, we are again raising our full year 2026 adjusted EPS guidance, now to a range of $5.15-$5.60, up from the previous guidance range of $4.15-$4.70.

Our year-end net leverage ratio expectations remain at approximately 2x.

Third, we expect Nutrition to continue improving operating performance while capturing growth opportunities.

As a result, we are raising our net benefit from 45Z to approximately $250 million for 2026, up from our prior expectations of approximately $150 million.

The other things, when you factor in the second half, right now there is an inverted curve. That inverted curve is for multiple factors, including some of the risks that exist in the economy right now. We also have a slightly higher tax rate that will come in in the second half of the year. We will invest more in R&D and digitization that I talked about.

With regards to the first quarter of 2026, as previously disclosed, we expect crush margins in the first quarter of 2026 to be similar to the fourth quarter of 2025 as we have already booked a large portion of our first quarter business.

We expect a portion of the segment operating profit growth discussed to be offset by higher expenses year-over-year that reflect continued investment in R&D and digital platforms, the impact of lower performance-based incentive compensation relative to 2025, an expected effective tax rate between 18% and 20%, and lower ADMIS interest income due to lower interest rate environment.

Third, we expect robust ethanol export opportunities to continue, driven by mandated markets.

Our outlook also assumes segment operating profit for Carbohydrate Solutions remains relatively flat, with lower Starches and Sweeteners volumes and pricing offset by higher ethanol margins.

Nutrition is expected to continue its trajectory of stronger organic growth and execution.

And while we don't expect it to have a material impact on nutrition operating profit in 2026, we will see revenue decrease as a result of contributing those operations to an equity investment.

Nutrition is expected to show continued improvement over the prior period and sequentially as we drive revenue growth and continue to see benefits from the recovery of specialty ingredients.

The current outlook assumes year-over-year segment operating profit growth for AS&O, with improvement in global trade flows and a range of potential crush margins outcomes.

During the first nine months of 2025, we invested $892 million and maintain our expectations of full year 2025 CapEx to be in the range of $1.3 billion-$1.5 billion.

Ethanol EBITDA margins for fourth quarter 2025 are expected to be roughly 10% lower than the fourth quarter of 2024 EBITDA margins.

We now expect adjusted earnings per share to be between $3.25-$3.50, down from the approximately $4 per share as we discussed last quarter.

We expect insurance proceeds of approximately $5 million in the fourth quarter of 2025 as compared to $45 million in the prior year quarter.

This year is give or take $35 million. Half of it right now is funded by captive, and we assume that the other half will be funded by third parties.