Transcript: Archer-Daniels Midland Q2 2026 Earnings Conference Call

Archer-Daniels Midland (NYSE: ADM ) held its second-quarter earnings conference call on Tuesday. Below is the complete transcript from the call. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

5 billion, with a significant increase in operating profit driven by robust execution, favorable biofuels margins, and momentum in Nutrition. 70, citing strong first-half performance and a constructive outlook for the second half. Strategic initiatives include expanding domestic crushing and ethanol capacity, building precision fermentation capabilities, and expanding the Natural Colors footprint to capitalize on cleaner label trends. Operational highlights include a 5% increase in global oilseed process volumes, strong North American ethanol margins, and robust performance in the Nutrition segment, particularly in Flavors.

Management emphasized a focus on capital allocation, returning value to shareholders, and navigating global challenges like geopolitical tensions and market volatility. The company achieved notable operational improvements, such as a 129% increase in AS&O segment profit and a 51% increase in Nutrition segment profit. ADM is evaluating opportunistic share repurchases due to strong cash flow generation and financial conditions. New growth pathways, including a major shift from artificial to natural colors, represent a significant market opportunity, with ADM targeting $80-$100 million in operating profit from this segment over time.

Full Transcript OPERATOR Good morning, and welcome to the ADM second quarter 2026 earnings conference call. All lines have been placed on a listen-only mode to prevent background noise. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Kate Walsh, Director, Investor Relations for ADM.

Ms. Walsh, you may begin. Kate Walsh, Director, Investor Relations Welcome to the second quarter of 2026 earnings conference call for ADM. Our prepared remarks today will be led by Juan Luciano, Chair of the Board and Chief Executive Officer, and Mohnish Patolwalla, our Executive Vice President and Chief Financial Officer.

We have prepared presentation slides to supplement our remarks on the call today, which are posted to the Investor Relations section of the ADM website and through the link to our webcast. Some of our comments and materials may constitute forward-looking statements that reflect management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These statements and materials are based on many assumptions and factors that are subject to numerous risks and uncertainties.

ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those presented in these materials. Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events. In addition, during today's call we will refer to certain non-GAAP or adjusted financial measures.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in our earnings press release and presentation slides, which can be found in the Investor Relations section of the ADM website. I will now turn the call over to Juan. Juan Luciano, Chair of the Board and Chief Executive Officer Thank you, Kate. Hello, and welcome to all who have joined the call.

Please turn to Slide 4 where we have outlined this quarter's performance highlights. 5 billion. 8 billion. For the first half of 2026, total segment operating profit increased significantly compared to the prior year quarter, driven by several positive factors including robust commercial and operational execution by our team, a constructive biofuels margin environment, elevated global energy prices, and momentum in Nutrition led by Flavors and progress in Specialty Ingredients.

70. As we look to the second half of the year, we are focused on continuing to deliver on our financial and operational commitments, and that same discipline extends to how we allocate capital and return value to our shareholders. During the second quarter, we paid our 378th consecutive quarterly dividend, and we remain steadfast in our commitment to creating and returning value to our stakeholders. Please turn to Slide 5.

The second quarter of this year was an important one for us, and the team once again delivered while progressing our 2026 priorities. I'll run through a few highlights. Energy markets were supportive of North American biofuel margins following the finalization in March of the renewable volume obligations for 2026 and 2027. Additionally, global energy volatility was also supportive of biofuel, including crush margins.

Our business executed well across our asset footprint amid this constructive backdrop, increasing global oilseed process volumes by close to 5% compared to the prior year period, driven by higher asset utilization. Ag Services also delivered strong results in the