(6.6)%



+4.2%



(7.5)%



(3.3)%








The Agri-Food & Commodities business grew organically at 2.5% growth in the third quarter of 2025, with contrasting trends among subsegments, delivering a 4.2% organic growth on a year-to-date basis.

TheOil & Petrochemicalssegment (O&P, 34% of divisional revenue) delivered a low-single-digit organic revenue growth. European operations had a leading growth dynamic, as flows slowly recovered from reduced demand experienced earlier this year. Commercial efforts in some non-trade activities, such as marine fuel quality and quantity assessments, provided additional growth support.

TheMetals & Mineralsactivity (M&M, 38% of divisional revenue) delivered a high-single-digit organic expansion in the third quarter, with both Upstream and Trade acti
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