Above expectations. Core drivers: robust biofuel margins, excellent commercial and operational execution, and continued improvement in Nutrition.

Key data: adjusted EPS $1.84, total segment operating profit $1.5B; global oilseed crush volume +5% YoY, full-year EPS guidance raised to $5.15-$5.60.

Business progress: Ag Services benefited from the Barcarena terminal in Brazil returning to full capacity; Nutrition flavors grew across regions with Asia-Pacific setting records; ethanol and carbon sequestration (337,000 tonnes) improved; expansion of 4 U.S. crush plants announced; positive on natural colors ($80-100M OP potential).

Outlook: management expects 2H profits to exceed 1H, with Q3 potentially above Q4; 45Z net benefit expectation raised to $250M from $150M.

Risks/highlights: positive tone, with resumption of share buybacks under evaluation; risks flagged from Ukraine/Middle East geopolitics, weather, and energy price volatility.