Archer-Daniels-Midland Co (ADM) September 2026 Conference Transcript

All right.

Well, first of all, good morning, everyone. Thanks for joining us for next on stage with ADM, global leader in human and animal nutrition and the world's premier agriculture origination and processing company. With us today are Monish Patolabala, Executive Vice President and Chief Financial Officer, as well as Ian Pinner, Senior Vice President and President of ADM's nutrition business, as well as Chief Sales and Marketing Officer. So, Monish, you're going to start off with some opening remarks and then we'll get into our questions.

Sounds great. Thanks for having us, Ben. It's always great to be back here. And Ian, thanks for joining me on stage. And we got my two IR friends, Greg and Kate, joining us too. I just thought I'll do a quick recap of the second quarter and where we stand at the first half and then we'll take the questions the way you see fit. The team executed well. We delivered $1.84 of adjusted EPS at the end of Q2. For the first half, when you look at where we are, our adjusted EPS is up 50% on a year-over-year basis. Good execution, I would say, across all the three businesses. I would say on the commercial and operational side, including manufacturing, the teams have done a nice job of driving volume, capturing some of the opportunities that existed. When I go through the businesses, I look at ASNO, I look at carbs, I look at nutrition. I'll start with nutrition since Ian's on stage, the nutrition business grew approximately 50% on an OP basis in Q2 of this year versus Q2 of last year. You had the ASNO business that grew greater than 100%, and then you had carbs that also grew very well thanks to all the work the team's done on ethanol and the policy incentives like 45Z that they were able to capture. And then when I go to ASNO and I break out ag services and oil seeds, the team did a wonderful job not just managing the risk through the volatility, but also making sure that manufacturing cost execution was great, ag services volumes were higher, and then our port in Brazil was back online, which was impacted last year. That also helped the ag services business. I would say from a macro perspective, we continue to see a very constructive biofuel environment, as well as we've been helped a little bit by higher fuel prices. When I look at our biofuels business in ASNO, I look at ethanol and carbs, they both have shown tremendous strength, future constructive environment too, and the teams have done very well to capture the opportunities. And this is where the power of ADM comes into play. You have deep domain from a talent perspective, you have a global asset base that we have, and that allows us to capture these opportunities and capture the value that passes through different pieces of the value chain in a very dynamic environment. So based on where we were for year-to-date, as well as we see the environment to be, we raised guidance again for the second time this year. Currently, our projection is our adjusted EPS for the year is in a range of $5.15 to $5.60. We are, of course, monitoring multiple risk factors, and I'm sure many of you and other companies in this conference are monitoring too. And then I think about capital allocation, Ben, and I look at also just the work the team has done on cash. I would first say the team did a very nice job on executing on the cash. We've been driving for the last two years opportunities in working capital management, so that has been a big driver for us on driving cash. Our ratings are back up to stable in all the three different rating agencies that we use. Leverage at the end of Q2 was approximately 1.6. We have still said leverage will be around $2 by the end of the year. We continue to invest capex in the range of $1.3 to $1.5 billion. And then dividend, we announced our $379 successive quarter of paying a dividend. And then we are back in the market with a certain modest share repurchase, as we had disclosed during our earnings call. So overall, I would just say the team's done a really nice job of executing well, navigating through a very, very difficult environment, and we are really jazzed about the future with all the work the team's done, whether it's on future expansions, opportunities for driving more efficiency, and then, of course, innovation and growth that we'll be happy to discuss more. So with that, I'll turn it back to you, Ben. Awesome, Manish.

Thanks for that overview, and we'll pick up on a couple of themes, but maybe taking advantage that Ian's with us, and let's start with the nutrition business. So flavors growth has been very strong recently, especially in the international markets. What do you credit as a primary driver of the success, and where do you see the sustainable growth rate in that business?

Yes, thanks, Ben, and hello, and thank you to everybody that's joining us here. So flavors is compounding. We're seeing growth on growth. Stress, if you like, is coming from some core areas. We really are zeroed in on making sure that we're dealing with our customers' needs and requirements. We've got a team that's executing very well. We've spent a lot of time making sure that we've got strong commercial discipline and strong executional discipline as well. And then I think you're seeing us harvest some of the investments that we've made over the years with Flavors. We've spent a long time investing in core capabilities in Flavors since the wild acquisition in 2014. or in 2024, and I think the integration of those and the way that the team are operating those as well is really starting to come together with the focus that we have on operational excellence, commercial excellence, and customer focus. I think as well you're seeing strong trends. We're in a market that are tunities and also dealing with challenges that our team are experts at, whether it's thinking about managing inflation and renovation of existing products or whether it's thinking about seeing now whether it's health and well-being, whether it's the functionality that we're looking for, maybe it's clean label, natural colors. And as well, we're seeing strong EOP1 and proteins and how we're helping with flavor masking and the functionality that's coming from our health and wellness business as well, which is then being driven by flavors, if you think of very strong. I think as well, in addition to that, when we think about the regional base, we've seen strong growth in emerging markets. That's been good for us, and we made some inorganic investments over the last years, which is starting to really come together and accelerate. But we're also building on our... So we've come from a lower base and we continue to build on that business. Longer term, our margins are in line with peers and we target specific areas where our... Longer term, I think you'll continue to see us.

You've picked up on a few trends. So as it relates to customer preference, Any particular changes that you're seeing that excite you more than others?

I love spending time with customers. When we're with our customers, we're looking at helping with their challenges, but also the opportunities that they're seeing. And our customers provide us with strong input to our innovation agenda as well. So it's really important that we stay very engaged with what they're working to do so that we can back into how we can support. We're looking at the continued trends in health and well-being. there's clean label, there's nationality, and it's all around GOP1. I was in India a couple of weeks ago, and I was spending time with one of our customers who's launched a pre-Bartic beverage into the India market using our system. So they've got our flavors in there, our colors in there, and our pre-Bartics in there. One of the things that excited me a lot coming back from India is not just the structural shift that you're seeing. Every meeting you're talking about GOP1, you're talking about fiber demand, protein demand, And then, of course, there's middle-class health and well-being focused. And so I think there's a lot of opportunity that's coming there. And actually, we spent time then with another customer. They were having an innovation day at one of our customer innovation centers with our team, where we were really there. And I think pretty soon you'll see them come to market, not just with the prebiotics that they have in their beverages today, plus our colors, plus our flavors, but also postbiotics as they think about bringing that functionality. We've got investments that we've been making since we got into the biotics business, opportunities around not just gut health, but mobilism. And these are things that really resonate with consumers.

We'll come back on a couple of that later on. But, Manish, I want to go back to you and just pick up on dynamics into the second half. So in your recent guidance update, you also called out that potentially 3Q might be stronger than 4Q. So can you walk us through the market landscape that led to this short-lived assumption, and how does this actually compare to what usually a fourth quarter may be stronger, particularly in ASNO from a seasonality perspective?

Yeah, sure. So I would say, Ben, when we came into the quarter and we gave you the end of Q2 and gave you guidance for the second half, we had certain basic assumptions. One is that the biofuels market would remain very constructive. Number two is that ethanol margins would remain strong, ethanol demand would remain strong. Number three was our own execution, that our teams will continue executing well. And a part of that was Ian's business continues to do well from a sequential execution perspective. As we reflect on where we were coming into Q3, some of our businesses are longer cycles, some of our businesses are longer book, and some are much shorter. So, for example, in our crush business, you have more visibility. In a business like ethanol, all, it's a little shorter cycle. And so coming into Q3, within our crush business, we were pretty much, we had a good book on, a long book on for Q3. And then for Q4, we were still widely open. And so we had better insight coming into Q3 on what margins we had booked into ASNO. Also, if you remember, Ben, we had mark-to-market that existed as of Q2 that That would reverse in Q3 and Q4, so we had more visibility. So that was like one of the first pillars that we came in when we said that Q3 could be higher than Q4. When you now sit today, you can still say you can see constructive market when you think about ethanol, when you think about biofuels. So margins will always have ups and downs as you go through, but long term, we still see a very constructive market. And at the same time, we have looked at your question on this seasonality. Just in Q4, you end up seeing ag services higher just because of the export volumes. But you actually see nutrition much lower because their flavors business actually sees a low from a seasonality perspective. We still believe that the second half is going to be higher than the first half. And Q3 could be higher than Q4. it will all come down ultimately to what margins we can capture in Q4 as we go through the dynamic environment that we are in. And that I think you'll see as we go through the quarter, we'll start filling up Q4. Now, one reminder for everybody, and I've said it multiple times, and you know this, Ben, mark-to-market does have an impact on our results. We disclose it. We don't predict it. So all we can do is say what's existing on the book, what we think is going to reverse based on a trend. But any new mark-to-market, which is marked on the last day of the quarter, could have an impact on the results, too. But we'll see what that plays out when the quarter is marked.

You've touched on the volatility, and obviously macro plays a big role here. And there is still a lot of geopolitical events happening all the time. We've got trade flow, demand overall, just things that could impact profits. What do you see as a more normalized earnings level for this segment right now?

Yeah, so I would tell you just, it's a very dynamic environment. So when that dynamic environment actually gives you both, it gives you tremendous opportunities and it also gives you challenges. And the team is working well through capturing the opportunities and trying to eliminate some of the challenges that they face. Secondly, I would say as we have reflected over the last few years, today's environment I think is hard to compare to some other prior cycle that we have had and say, okay, if this is how we behaved in the prior cycle, we should behave exactly the same. When you think about the dynamic environment, whether you talk about some of the escalations that are going on in Ukraine right now, or you think about some of the export restrictions out of the Black Sea, the Middle East crisis, the biofuel policy across different countries, whether it's the U.S., et cetera, all of that have an impact on how the world is reacting from a dynamism perspective. What we believe is that we have an asset base and a domain knowledge with our talent that allows us to play very well in this place. ADM was built for complexity. So the scale that we have across all the countries we play in, the transportation infrastructure we have, the customer relationships we have, all of that allows us to play in this economy and add value to shareholders for the long run. You will see quarters that go up or down, but we think we are a better operator now than we were a few years ago, too. We have driven more simplification. We are driving more manufacturing cost efficiency, driving more productivity, while continuing to invest in innovation for long-term growth. So when you put all that together, Ben, I would try to not say, you know, let's focus on one quarter or the other. It's more, as we see over long-term, we feel that through cycles, we can give you all stronger returns just because of what we have done, our asset base, our talent pool, and our innovation that we have in a strong balance sheet that allows us to play offense as required.

Picking up on that, and thanks for that detail, if you look at the longer-term growth profile, like beyond, where else do you see you can potentially unlock long-term upside? Is it on the operational level, just within the space in general? Where do you see the opportunities for growth?

So I would say both. I would tell you it's operational and it's innovation slash commercial. On the operational side, first step for us is to continue to drive our priorities. The two big ones we are driving right now are manufacturing cost productivity. Coming in, as Juan has mentioned a few times, coming in through the pandemic, we have seen manufacturing cost higher, but most companies are seeing manufacturing cost higher. So we are driving a lot of efficiency in manufacturing, making our plans run better, but also going after cost out. The second piece on the cost side is transaction cost. When you think about the work we can do using data and analytics and digital, we can definitely drive better transaction transaction cost out, whether it's in the office functions or whether it is in the manufacturing space. So that clearly is one area. While we are doing that, we want to make sure we keep investing in talent. So there's an investment going on there to keep investing in talent and building the next generation of leaders and making sure we have a strong cash position. So that's like I would say table stakes for us. Then when you think about growth, there are four or five platforms and a couple of them clearly fall under Ian's portfolio. That's where we are investing in growth. So whether you think about decarbonization, you think about biosolutions, functional health, advanced nutrition, precision fermentation, all of those are platforms that we can keep growing. These are in areas that we already have deep customer relationships. These are areas we have existing infrastructure in. So we are making smart bets in these areas that we believe with the knowledge that we have and the relationships that we have, we can continue to grow. So you combine operational excellence with commercial-slash-innovation excellence, and that's what gives you the algorithm that, for the long term, ADM will be very successful.

Okay. I'm picking up on that, and maybe that's one for Ian. You also outlined recently the potential for roughly $80 to $100 million operating profit opportunity from that shift to natural colors in the U.S. as being one of those growth engines. What are you monitoring to evaluate customer adoption and the market size? And does that require any sort of investments and actually to capture the opportunity?

Yeah, our team's very excited about the opportunity to help our customers with that transition in the U.S. for Natural Colors. Natural Colors is a global market. We're already a strong global player in Natural Colors. And one of the things that excites them is that the same team went through the process in Europe some 10 years ago when we were transitioning from artificial colors to natural colors there. I've talked before about our team's ability to reformulate, and so we've got a lot of experience, a lot of bench strength when it comes to being able to work with customers who haven't done that before, where we can bring our experiences from Europe and then how we can apply that in North America with some of the same products but also some of the new innovations that we're bringing through the pipeline from a natural color perspective. And so we think that the addressable market is about a billion dollars in the U.S. in revenue. And we think that we've got a strong position in our portfolio and with the capabilities to bring reformulation. And as you say, we're targeting 80 to 100 million dollars of operating profit that we think that we can generate from the transition. And it's not just going to be a North American thing. You see trends continue. And this is a trend that we think is here to stay for two reasons. You've got consumer fault. Consumers are looking for more natural ingredients in their products, cleaner labels. And we're seeing that shift not just here but from a global perspective as well. And then, of course, there's regulatory push, which is driving some of the change. And what you'll see is it happens as our customers move. We've got pipeline growth. Are we seeing work actively on reformulation with customers? And then are we converting some of those sales? And at the moment, we're seeing positive signs in all of those areas and some commercial wins coming through from our customer base as we're looking to support them. The other thing is you start talking about color reformulation. It's not a one-for-one. You don't just take an artificial color and put it in a natural color. You've got to think about taste. You've got to think about the other ingredients that are going in there, shelf stability, shelf life. And so we tend to have bigger conversations. We might start with a color discussion, and then they'll end up getting larger as you think about the opportunity to help those customers with other ingredients that we already have in our pantry so they don't need to go and talk to another single ingredient player. They can talk to ADM from the pantry perspective and our teams can bring all of that together and they do that very well. And then from an investment perspective, we've announced some investments. I think one of the things that incites me is that the team's been very smart in how they're thinking about precise investments for what we need to be able to win, for where we're targeting, to be successful where we think we've got core capabilities and commercial strength. And so we're looking at adding capabilities that we don't have now that we think we're going to need in the short term and for the future for different applications, different use cases. And then as well, expanding our capacity. And we're materially expanding our capacity, our site in Erlanger in Kentucky. And the thing that's exciting is it's incremental capacity. So we have an existing infrastructure. We have existing manufacturing footprint. and we're putting incremental capacity onto that. I think it gives us a speed to market advantage because we're not out there having to develop a greenfield site and application, but then at the same time it's less expensive how the team's developing and building out that business and we're supporting them not just with investments that we need today but then future investments as that business continues that we've got very strong capabilities is upstream. You've got to make sure that you have the raw materials available for natural colors And so given our experience in Europe and the fact that we're already a large player globally in natural colors, our teams are very active with our supply base to make sure that we're thinking about strategic partnerships rather than transactional relationships. And then I think more medium term, Monique mentioned things like precision fermentation. That's a play in natural colors, and we've got teams working on technology in that area as well to be able to bring to market potential future capabilities where we can deliver natural colors and solutions in our flavors business and then using our precision fermentation capabilities and the core competencies that ADM already has from a fermentation perspective. So it's very exciting for us. A lot going on. Thanks for that context, Ian.

Now, pivoting from growing top line a little bit to the bottom line and on the cost-saving side, I think you've highlighted you continue to advance on your plans to save approximately $5 to $750 million costs over the next three to five years. Where do you feel you are in this plan? Where are we on the journey? And what other major projects still need to go on the way to actually achieve it?

So, you know, Ben, this program we announced, Feb of 2025, where we said we would get $500 to $750 of cost out starting in 2025. And the team did a really nice job of driving cost out in 2025. Where we sit today, I think we feel good on where we are based on what we've done. Number one is in 2025, we went after SG&A. We drove some of the cost out there. We had procurement savings, and we started looking at our factories and saying, let's go drive better cost out in our factories, get our uptime up, so yield and efficiency higher than where it wanted to be. And also at the same time, we looked at portfolio pretty strong, and we made some moves in Ian's space in our portfolio moves from a majority perspective. The goal of the program was not just to drive cost out, but actually how we work. The goal was to make a simpler company and easier and a more agile company to deal with. That was the initial goal. So as we have gone through 2025, we've made progress in the areas I said, and Ben, to your question, where's next? The next phase of this is largely going to come from continuing driving manufacturing cost and efficiency and driving transaction costs. On the manufacturing cost and efficiency, part of it is making sure we are seeing where our bottlenecks are, doing a good job on root cause analysis, and trying to figure out how do we increase the uptime in these factories while at the same time driving costs out. because some of you may or may not know, these oilseeds and carbs businesses, there's a lot of fixed cost that goes into the factory. So the more the throughput that I can push through this factory, my average cost per unit goes down. So I get the double benefit. I get the lower cost, and I get the higher volume, so I get the higher margin. So that is one piece. Transactional cost is another big piece that we can go after. Some of you know I'm a student of lean, so I'll just give you an example in finance where I want to give a shout-out to my finance team, under an umbrella that we call frictionless finance, the team is using Lean to say where is friction and what can we do better. So, for example, in our global business services business, our AP, accounts payable, cost has come down by 25% since the beginning of the year by just looking at where friction is. You can apply the same in our IT area, which is where we are going after partnerships. We are re-looking at some of our service levels. we get from our vendors, we're reducing the number of vendors, and then we've also now opened an ACC and GCC in India that's also allowing us to take advantage of some of the talent, especially on the digital side in India. So that's where I look at this Ben opportunity and say it's manufacturing cost, and at the same time it's driving transaction cost that gets us there. And the team is doing a fantastic job of finding quote-unquote waste in the company that allows us, one, to reduce costs, but more importantly, make it easier for our employees to do their work.

Then you talk about, like, simplification, obviously, and just improving operations. And one example was in the nutrition segment, we've done a couple of things, planned improvements, portfolio actions. So if you look ahead, how much margin recovery do you think remains versus what has been captured already? And what are, like, the steps remaining to close the gap?

That's a good question. we've made a lot of investments in nutrition over the last 10 or so years and I think we've got a lot of runway from an organic growth perspective and leverage on margin the things that we continue to focus on, it's been said a few times about here, you think about commercial excellence, we're laser focused on our customers but also how we're working with our customers, so things like investments in AI to help our teams go faster from a front of shop perspective discipline around how we're operating as well across the broader commercial teams, but then as well, the teams have done a really good job from an end-to-end perspective and getting better organized, better integrated on how we're operating, and we have this corporate focus on cash, capital, and cost, and we're part of a great corporation, and of course, we're very focused in that area too, and nutrition team has done a lot in those areas, whether it's improving our working capital, simplifying inventories, think about our supply chains and our procurement, but then as well think about how we can take cost down in our value chain, but at the same time making sure that we're not losing the bonding to our customers so that we're giving our commercial teams the kind of motivation that they're looking for and they're wanting to be able to choose to compete in the segments that we're going after. So that's just day-to-day operations. You talked about some of the things that we've worked through as well. Decatur East is an area that we've had some challenges over the last couple of years. Probably this time last year, the crush plant was coming back up, and so we're seeing now much more reliable supply. So that takes us away from having to buy in our raw materials, source our white flakes. You've got transportation costs. You've got market costs. You've got the cost of the yields of having to process these products after they've traveled a long way. and now we're receiving white flakes directly from the crushing plant indicators. So that's great. That's allowed our teams to go back out and sell, but it takes longer to build back customers who have had to go elsewhere to buy their product than it does to get the plant back up and running. But we feel really good about the progress that we're making. So we've gone from a headwind in proteins to now a strong contributor compared to where we were. That's helping the SI business. You mentioned portfolio. Helio, you might remember, we've also rationalized that asset base. So we saw some competition investing in protein in the U.S. And so we shut down some smaller, less cost-effective factories. We transitioned some of that capability into Decatur, and we moved some of the Decatur manufacturing into Europe. So we really think about that as a global asset base and how we can best service our customers, leveraging. Our objective there is making sure that we have the lowest cost, best quality protein in the industry. And I think the team's done a good job building that back. And that's resonating now with our customers as we've got better manufacturing capabilities and we're back now supplying them and launching new products and innovating with them. On the flavor side, we talked about continuing to build back and the investments that we've been making, the organic investments are coming into play now. And then on the animal nutrition side, we've been exiting some less returning businesses and continuing to invest in areas where we're getting higher margins and higher growth, especially the ingredients and feed additives is an area that we're pivoting to. We're building back our pet business, and that's going much more strongly this year, and that has more runway to go. And our joint venture that we announced in Complete Feed in North America is coming together very nicely. So I think that and the portfolio, you're seeing nutrition now, probably think about it as a second wave of growth coming to build that back. But we're coming from a... That said, we talked about the trends earlier, and we think that we're set for the trends, whether it's functional, clean label. We've talked about natural colors. We've talked about biotics, post-biotics. We think GLP-1 is structural, and so our protein business plays well into that. We've got a strong fiber portfolio as well, which allows us to support our customers from that perspective. And we're seeing a lot more from a discussion perspective on GLP-1s and how we can work with our customers there. So we're excited about the future. Our goal is to make sure that we are growing in excess of the segments that we're operating in and making sure that we're delivering wider margins. And that's really coming from the investments that we have with our teams leveraging the ADM pantry, where I think we've got an unparalleled capability, if you think of the stuff we're bringing together, and then really delivering on our strategy.

Wrapping it up, just real quick, maybe on capital allocation as we're getting against time. So, Manish, if you look at capital allocation just holistically, obviously a typical decision, CapEx, M&A, investments in share buybacks and so on, you've announced a couple of de-bottlenecking efforts for some of the operations. You've already set the 1.3 to 1.5 billion on CapEx. How much of that is kind of like growth, what goes into some of these de-bottlenecking efforts? And in light of that, where the leverage stands, how do you feel about buybacks versus M&A?

Yeah, so I'll go quick because I know we'll run out of time. Back to a point Ian made earlier, which is we are looking at opportunities on expanding our current plants versus just greenfields. So similar logic that Ian used in Erlanger with the colors we are using in our ag services and oilseeds business. So what we did then was we said we have an existing infrastructure. We have a very constructive market when it comes to biofuels. How do we take advantage of that? So one option, of course, would have been to do a greenfield. The second option, which I think is a much better option, would say how do we unlock capacity in our plants? So that's what we're doing is de-bottlenecking. So we looked at all our plants. We have 10 plants where we have an opportunity, where we said if we just put a little bit of money and de-bottleneck them, so study where your bottlenecks are, it creates extra capacity. And at the same time, as I've said before, fixed cost, you put more volume through, your average cost per unit comes down. So we just announced, we said, let's do it in a phased approach. So we're being very thoughtful and disciplined. We said there are four plants that we can do it quicker than the other plants, invest approximately $100 million, and get more than 700,000 metric tons of capacity that is created out from this expansion. When you think about that, the underwriting of that case is it's good ROIC because, one, you have an existing plant. It's far cheaper than putting in a greenfield. And, two, you get the higher volume and the lower cost. So that's how we are thinking about being very thoughtful in phases to keep looking at de-bottlenecking. You could get similar opportunities in ethanol. You could get similar opportunities in other parts of the world. This was only a North America discussion because that's where also, again, our footprint is so strong in North America that it helps us get a very good ROIC. So that was one. To answer your second question on share buybacks versus et cetera, the policy that for the last few years that I've been here, Juan and I have talked about, we will always invest first organically. Whether it's organic capacity expansions like we talked about, productivity initiatives or organic growth, all of that give us the best return. The second one is dividend. I know dividend return matters to shareholders. We announced a 379th consecutive quarter of dividend pay. And then after that, it's either you do M&A or you do share buybacks. On M&A right now, Ben, we have said this and Juan said it too at the last earnings call, we are looking at bolt-on acquisitions. We are not looking at big transformative M&A. That doesn't mean if we get one, we are not going to do it, because one of our biggest things we have worked on is financial flexibility. For the last two years, with the environment that we were in, Juan and I made the call to make sure we're going to keep driving cash. We've got the rating agencies all back to stable outlooks. We have a leverage ratio that allows us to play offense if we need. But right now, we are looking at bolt-on M&As, and we are always looking at those that enhance. And then, if we don't have any great M&A opportunities, we will return money back to shareholders, and we have said that. And we have also said, based on the environment that we're in, I just said this morning, too, that we're back in the market with some modest share repurchases that we have started in Q3. So overall, I would just say, as I wrap up, the team's done a really nice job executing. There's a lot more we can do. When you think about the constructive environment that we have, whether it's biofuels, ethanol, we are there. we are built for complexity so when there are opportunities in the market we'll take advantage of it. We have a strong cash position so we can play offense. And then some of the innovation ideas that Ian talked about here and other parts of business is very exciting. So we think about the long-term future of ADM. It's a very exciting place to be. Awesome. And thank you for having us. Ian, thank you very much for joining us. There won't be a breakout, so thank you very much for joining us this morning. Thank you.