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Our team continues to find ways to rise above these challenges and meet our customers’ needs for consistency, quality and innovation at every turn across our business units. We have wrapped up Q1 with a strong balance sheet, healthy cash flows, and we are on track for our 2023 and long-term strategic growth plans and we continue to pursue growth opportunities and increase shareholder returns in alignment with our disciplined capital allocation framework. This quarter, we also announced several exciting milestones in our continued growth and innovation strategy, including the opening of the world’s first probiotic and postbiotics production facility in Valencia, Spain, which increases our global production capacity by a factor of five. Agreements with ADM ventures, partners, BrightFit and Believer Meats to advance innovations in gut microbiome and cell-based meat respectively.

And our definitive agreement with Tallgrass to pave the way for carbon capture from ADM’s Columbus, Nebraska complex furthering our decarbonization agenda. Beyond the financial highlights of the quarter, we are proud to be named one of Fortune’s Most Admired Companies for the 15th year running. And to receive our fourth consecutive Ethisphere award as one of the world’s most ethical companies. It’s an honor to be recognized externally and it continues to demonstrate that ADM’s culture and people are the engine behind our operational and financial success. As we look back on the quarter, I’d like to review it in the context of the 2023 framing we discussed in Q4’s call and provide a few brief updates. Slide 4, please. In January, we reviewed several factors that underpinned our confident outlook for 2023, and these same factors will continue to shape our performance throughout the year.

The supply and demand situation remains fundamentally solid with some normalization of supply alongside shift in both the products driving demand and the origins providing supply. Supply and transportation constraints in the Black Sea region, severe drought in Argentina, the record Brazilian crop and a resurgence of demand in China post lockdown have allowed our team to take full advantage of our global footprint. Broad-based food demand remains resilient across key geographies. And we did, we are seeing solid volumes and strong operating margins across vegetable oils, flavors, sweeteners, starches and wheat milling. Demand for biodiesel and renewable green diesel is robust, driving continued strong gross margins. The strong biofuel demand and continued expectation for growth supports our investment in new crush capacity like the additional 150,000 bushels per day from our Spiritwood, North Dakota facility scheduled to come online in time for the 2023 harvest.

Nutrition’s growth trajectory for the year remains on course with a double-digit increase in our human nutrition pipeline compared to this point in 2022. As noted, we expect this growth to be significantly weighted to the back half of the year, as we manage through some destocking impacts in beverage, lower margins in amino acids and the broader demand fulfillment challenges we discussed in the last quarter. It’s important to recognize that our team delivered strong Q1 results despite constantly evolving macroeconomic conditions. ADM’s ability to remain agile and apply the principles of productivity and innovation continues to position us well in a dynamic external environment. Let me take a moment to dig deeper into examples of how we are applying our productivity playbook across the organization and how decarbonization is helping us find paths for both innovation and growth.

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Slide 5, please. From a productivity perspective, we have continued to focus attention on automation within many of our key operations facilities. Automation not only accelerates the modernization of our manufacturing footprint, it is helping us deliver significant savings at the enterprise level. Whether we are reducing chemicals usage, delivering yield improvements or supporting operational reliability, our automation program now has a plan to scale cost improvements across our most critical operational assets over the next several years. Eight of our plans are currently underway and we expect that most of these will complete their automation implementation by year-end. And we are seeing operational and financial impacts immediately following implementation.

Our most recent implementation in SEDA Rapeseed is already generating millions of dollars in efficiencies in just the first few months, confirming the double-digit returns we expect to see from these proceeds. As a whole, the impact on operating profit is significant with a target run rate of approximately $200 million per year when implementations are complete at more than 70 facilities over the next seven years. This is only one example of productivity measures we are undertaking to ensure ADM maintains agility given the levels of uncertainty in the external environment. Each of our businesses and functions is identifying opportunities to drive efficiency at the scale, while maintaining a focus on growth. Our decarbonization journey continues to move at a rapid pace and is allowing us to showcase innovation in action.

Our advantaged position in alternative fuels production has prepared us for the demand cycle that continues to rise across biodiesel and renewable diesel. We continue to explore strategic options to convert ethanol into sustainable aviation fuel. The multibillion dollar addressable opportunity represented by SAF alone highlights the criticality of access to low-carbon feedstocks at a scale exponentially higher than what is available today. This is why we are prioritizing the decarbonization of our Decatur complex as the first critical step in unlocking significant value. Last year, we announced one of the world’s first, ultra-low emissions power plants would be built adjacent to our Decatur processing complex, supplying ADM with low emissions steam and electricity.

This leverages our world-class facility that has been successfully sequestered in CO2 for more than a decade. ADM is a pioneering carbon capture and sequestration, and we are extending that expertise with a plan to triple the number of CCS wells in the Decatur area and sequester up to seven million metric tons of CO2 per year. This positions ADM as a clear leader in the ability to supply customers with low-carbon feedstocks and accelerate the decarbonization of their own value chain. And we think this is just the beginning. I’ll speak more about how we are defining that next phase as we wrap up. Now I would like to turn the call over to Vikram to talk about our business performance. Vikram?

Vikram Luthar: Thank you, Juan. Please turn to Slide 6. The Ag Services & Oilseeds team had an outstanding start to 2023, with significantly higher year-over-year results in Q1. Ag Services results were much higher than the first quarter of 2022. In South American origination, excellent risk management and higher export demand due to the record Brazilian soybean crop drove significantly higher year-over-year results. In North America, origination results were also higher, driven by stronger soybean exports. In global trade, solid margins and efficient execution led to strong results. Crushing results were in line with the first quarter last year. In North America, the team executed well, capitalizing on historically strong soybean and softseed crush margins that were supported by robust demand for renewable fuels.

In EMEA, crush margins were lower year-over-year as trade flows adjusted from the dislocations caused last year by the war in Ukraine. Additionally, there were approximately $240 million of positive timing effects during the quarter, which included both expected reversals of prior timing losses as we executed the business as well as a positive impact of about $100 million pulled forward from future periods as crush margins declined at the end of the quarter. Refined products and other results were substantially higher than the prior year period. North America biodiesel results were higher with record volumes and strong margins, supported by favorable blend economics and tight diesel stocks. In EMEA, domestic demand for food, oil and export demand for biodiesel drove strong margins.

Equity earnings from Wilmar were lower versus the first quarter of 2022. Looking ahead for the second quarter, we expect RPO to continue its strong performance. Crushing is expected to be strong, but lower than the prior year based on current crush margins. We do not expect last year’s significant volatility that impacted energy and grain trade flows to reoccur in Ag Services. Slide 7, please. Carbohydrate Solutions delivered solid results in Q1, though lower than the very strong first quarter of the prior year. The Starches and Sweeteners subsegment capitalized on solid demand in the quarter. North America Starches and Sweeteners delivered strong volumes and margins. Ethanol margins, pressured by high industry stock levels, were down relative to the same quarter last year.

In EMEA, the team effectively managed margins in a dynamic operating environment to deliver improved results. The global wheat milling business posted much higher margins driven by robust customer demand. BioSolutions continued on its strong growth trajectory with revenues increasing by over 20% year-over-year. Vantage Corn Processors’ results were significantly lower due to weaker ethanol margins. Looking ahead, for the second quarter, we expect resilient demand and strong margins for our Starches and Sweeteners products. Ethanol margins, while improving, are expected to remain below last year. Of note, we also recognized a $50 million benefit from a biofuel producer tax credit in the prior year quarter that will not repeat. On Slide 8, Nutrition results were significantly lower year-over-year versus the record prior year quarter.

Human Nutrition results were in line with the first quarter of 2022 as the business continued to manage demand fulfillment challenges and destocking in certain categories. Flavors results were slightly lower than the prior year as strong results in EMEA were offset by lower results in North America. Specialty Ingredients results were higher year-over-year, driven by healthy margins. Health and Wellness was lower year-over-year. In Animal Nutrition, results were significantly lower compared to the same quarter last year, primarily due to much lower margins in amino acids. The Animal Nutrition business, excluding PET, is expected to face challenging demand conditions over the course of the year, and we are taking actions to mitigate the impact.

These actions include targeted cost reductions, refining our go-to-market strategy with a more customer-centric approach, optimizing our production footprint, particularly in EMEA and refocusing resources on our strongest growth categories. Looking ahead for the second quarter, we expect year-over-year profit growth at Human Nutrition, while Animal Nutrition will still be lapping the higher amino acid margins from the prior year. For the full year, we expect to achieve 10% plus constant currency operating profit growth in Nutrition, led by Human Nutrition. And with continued recovery in demand fulfillment and reduced destocking effects, we remain optimistic about our Human Nutrition sales pipeline and growth opportunities. As we noted before, operating profit growth will be heavily weighted to the second half of the year.

Slide 9, please. Other business results were significantly higher than the prior year quarter due to improved ADM investor services earnings on higher interest income. Captive insurance results were in line with the prior year. In Corporate, unallocated corporate costs of $248 million were higher year-over-year due primarily to higher financing and centers of excellence costs. Other corporate was unfavorable versus the prior year due to the absence of an ADM Ventures, investment revaluation gain, partially offset by higher contribution from foreign currency hedges. We still project corporate costs to be approximately $1.5 billion for the year. Net interest expense for the quarter increased $27 million year-over-year due primarily to higher short-term interest rates.

The effective tax rate for the first quarter of 2023 was approximately 16%, in line with the prior year. For the full year, we still expect our effective tax rate to be between 16% and 19%. Next slide, please. In the first quarter, we had strong operating cash flows before working capital of $1.3 billion. We allocated $325 million to capital expenditures as well as returned $600 million to shareholders through share repurchases and dividends. We continue to have ample liquidity with nearly $10 billion of cash and available credit. And our adjusted net debt-to-EBITDA leverage ratio of 1.2 is well below our 2.5x threshold. Our strong balance sheet and single A credit rating provide a stable financial footing for ADM to pursue our strategic growth initiatives, while also returning capital to shareholders.

In 2023, we still anticipate $1.3 billion of capital expenditures and $1 billion of opportunistic buybacks subject to other strategic uses of capital. Juan?

Juan Luciano: Thank you, Vikram. Before we wrap up today, I wanted to share some insights into how we're thinking about the remainder of 2023 and how we are positioning the company to take on the next phase of opportunities. We are confident that ADM will be able to deliver on our plans for 2023 despite some pockets of soft demand. Supply and demand shift are allowing ADM to flex our integrated value chain, in support of another strong year of results. We continue to advance partnership agreements with major players across multiple industries from regenerative agriculture to alternative proteins, to sustainable fuels, to plant-based industrial and personal care products. All of these partnerships are supporting ADM as we evolve at pace with the external environment to capture new growth opportunities.

We see accelerated upsides emerging from product areas like biosolutions expected to grow at double-digit rates again this year. We have significant production capacity coming online within the year across our three businesses to support continued demand growth. And we're driving forward the broad-based decarbonization agenda in our Decatur complex, which is unlocking both near-term and long-range value for our customers across multiple industries. With a combination of solid business performance in the core business, along with the strong growth opportunities across our value chain, we expect that we will be able to deliver between $6 to $7 in earnings per share in 2023 and based on the strength of our balance sheet and cash position, we continue to pursue opportunities to deliver both near-term value to shareholders while positioning ADM for its next phase of growth.

We're anticipating an in-depth review of the opportunities we see and the path ahead with the investment community in the fourth quarter. We'll share more details on this event in the coming months. Thank you for your time today, Vikram and I look forward to answering any questions you may have. With that, Bailey, please open the line for questions.

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