Recast shrinks the earnings base, but adds no new deal terms.

This is chiefly an accounting reset, not a fresh operating update. The Food Ingredients sale and retained roughly 10% minority stake were announced on May 29, and the expected closing window remains by the end of the second quarter of 2027. This filing supplies recast historicals after classifying Food Ingredients and the already-sold SCL business as discontinued operations; it does not update guidance, transaction value, closing conditions, or current-quarter performance (Item 7.01; *Revised Consolidated Statements of Income*).

The remaining company is materially smaller on the key valuation metric investors use. Recasting 2025 adjusted operating EBITDA from $2.09 billion to $1.55 billion makes explicit that roughly one-quarter of the previously reported EBITDA belonged to businesses now classified as discontinued. That is useful for resetting comparisons, but it is the mechanical consequence of the portfolio actions already known—not evidence that the retained operations newly weakened ( *Reconciliation of Adjusted Operating EBITDA*).

The recast Q1 comparison is softer on sales but relatively steadier on EBITDA. Continuing sales were $1.91 billion in Q1 2026 versus $2.05 billion in recast Q1 2025, down about 7%; adjusted operating EBITDA was $433 million versus $444 million, down about 2%. The narrower EBITDA decline reflects a higher implied EBITDA margin, while operating profit rose to $253 million from $178 million ( *Revised Consolidated Statements of Income*; *Reconciliation of Adjusted Operating EBITDA*).

Net versus expectations: neutral. Since this was a preannounced divestiture and the filing explicitly says it does not restate prior filings beyond discontinued-operations classification or reflect subsequent events, the new information is mainly a cleaner baseline for modeling the post-sale company. It does not provide the kind of new result or revised outlook needed to call a beat or miss (Item 7.01).