“40 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 Results of Operations Earnings before income taxes decreased $317 million from $596 million to $279 million, primarily driven by asset impairment, exit, and restructuring costs pursuant to the Company’s portfolio optimization initiatives and the Company’s updated investment strategy for startup or development stage companies.”
“The increase in processed oilseeds volumes in the current year quarter was primarily related to improved North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability.”
“Results in the current year quarter were primarily driven by a decrease in impairment charges compared to the prior year quarter, partially offset by lower execution margins.”