Bunge Reports Third Quarter 2025 Results

Bunge Global SA (NYSE:BG) today reported third quarter 2025 results.

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Bunge Global SA (NYSE:BG) today reported third quarter 2025 results.

• Q3 GAAP diluted EPS from continuing operations of $0.86 vs. $1.56 in the prior year; $2.27 vs. $2.29 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Strong execution across value chains leveraging increased footprint and capabilities, particularly in Soybean and Softseed Processing and Refining
• Repurchased $545 million of shares during the quarter
• Continue to expect adjusted full-year 2025 EPS in the range of $7.30 to $7.60, reflecting an expected second half adjusted EPS in the range of $4.00 to $4.25
  
  

• Overview

Greg Heckman, Bunge's Chief Executive Officer said, "In our first full quarter since closing the Viterra transaction, our combined team delivered strong results in a complex market and regulatory environment across nearly all regions. We're beginning to realize the benefits of our expanded global platform. By aligning the business around our proven end-to-end value chain model, we're unlocking efficiencies—optimizing our footprint, coordinating larger flows, and running at higher utilization, while serving customers more effectively."

"Even in a challenging external environment, our people, assets, and systems position us to adapt with agility, manage risk with discipline, and continue connecting farmers with consumers of essential food, feed, and fuel. The advantages we're capturing today will compound over time, driving greater long-term value for all stakeholders."

• Financial Highlights

• Third Quarter Results

Reportable Segments

Soybean Processing and Refining

Soybean Processing and Refining results improved in all regions reflecting a combination of higher margins, strong execution and the addition of Viterra's South American assets. In our destination value chain, higher results were primarily driven by processing in Europe and Asia and origination from South America. In North America, higher processing results more than offset lower results in refining. In South America, results were higher in processing and refining. Higher Global Oils results reflected strong execution.

Higher processed volumes primarily reflected the combined company's increased production capacity in Argentina. Higher merchandised volumes reflected the combined company's expanded soybean origination footprint, as well as strong South American soybean exports.

Softseed Processing and Refining

Higher Softseed Processing and Refining results were driven by higher average margins and the addition of Viterra's softseed assets and capabilities. In Argentina, results were higher in both processing and refining. In Europe, results were higher in processing and biodiesel, while refining results were slightly down. In North America, results were lower in both processing and refining. Results from global softseeds merchandising activities were also higher, reflecting strong execution.

Higher softseed processed volumes primarily reflected the combined company's increased production capacity in Argentina, Canada and Europe. Higher merchandised volumes reflected the combined company's expanded softseeds origination footprint.

Other Oilseeds Processing and Refining

For Other Oilseeds Processing and Refining, higher results in North America specialty oils were more than offset by lower results in Asia and Europe.

Grain Merchandising and Milling

In Grain Merchandising and Milling, higher results in wheat milling and ocean freight, plus the addition of the sugar business, were partially offset by lower results in global wheat and corn merchandising. Higher volumes primarily reflected the combined company's larger grain handling footprint and capabilities. Prior year results included corn milling, which was divested earlier this year.

Corporate and Other

Corporate

Other

The increase in Corporate expenses were primarily driven by the addition of Viterra and performance-based compensation. Prior year Other results included income of $6 million from the sugar & bioenergy joint venture that was divested in the fourth quarter of last year.

Cash Flow

Cash used for operations in the nine months ended September 30, 2025 was $503 million compared to cash provided of $847 million in the same period last year. The reduction of cash from operations was primarily driven by net changes in working capital. Adjusted funds from operations (FFO) was $1,181 million compared to $1,283 million in the prior year.⁽³⁾

Income Taxes

For the nine months ended September 30, 2025, income tax expense was $290 million compared to $236 million in the prior year. The increase was primarily due to higher pre-tax income in 2025.

• Outlook⁽⁴⁾

Taking into account the current margin and macro environment and forward curves, as well as third quarter results, Bunge continues to expect full-year 2025 adjusted EPS in the range of $7.30 to $7.60, which reflects an expected second half adjusted EPS in the range of $4.00 to $4.25.

The Company expects the following for 2025: an adjusted annual effective tax rate in the range of 23% to 25%; net interest expense in the range of $380 to $400 million; capital expenditures in the range of $1.6 to $1.7 billion; and depreciation and amortization of approximately $710 million.

• Conference Call and Webcast Details

Bunge Global SA's management will host a conference call at 8 a.m. Eastern (7 a.m. Central) on Wednesday, November 5, 2025 to discuss the Company's results.

Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.

To access the webcast, go to "Events & Presentations" under "News & Events" in the "Investor Center" section of the company's website. Select "Q3 2025 Bunge Global SA Conference Call" and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.

To listen to the call, please dial 1-844-735-3666. If you are located outside the United States or Canada, dial 1-412-317-5706. Please dial in approximately 10 minutes before the scheduled start time.

A call replay will be available later in the day on November 5, 2025, continuing through December 5, 2025. To access it, please dial 1-877-344-7529 in the United States, 1-855-669-9658 in Canada, or 1-412-317-0088 in other locations. When prompted, enter confirmation code 8234262.

• About Bunge

At Bunge (NYSE:BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. As a premier agribusiness solutions provider, our team of ~37,000 dedicated employees partner with farmers across the globe to move agricultural commodities from where they're grown to where they're needed—in faster, smarter, and more efficient ways. We are a world leader in grain origination, storage, distribution, oilseed processing and refining, offering a broad portfolio of plant-based oils, fats, and proteins. We work alongside our customers at both ends of the value chain to deliver quality products and develop tailored, innovative solutions that address evolving consumer needs. With 200+ years of experience and presence in over 50 countries, we are committed to strengthening global food security, advancing sustainability, and helping communities prosper where we operate. Bunge has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. Learn more at Bunge.com.

• Website Information

We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, U.S. Securities and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

• Cautionary Statement Concerning Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:

• the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;
• the effect of weather conditions and the impact of crop and animal disease on our business;
• the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
• changes in government policies and laws affecting our business, including agricultural and trade (including tariff) policies, financial markets regulation and environmental, tax and biofuels regulation;
• the impact of seasonality;
• the impact of government policies and regulations;
• the outcome of pending regulatory and legal proceedings;
• our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge's business combination with Viterra;
• the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
• the effectiveness of our capital allocation plans, funding needs and financing sources;
• the effectiveness of our risk management strategies;
• operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
• changes in foreign exchange policy or rates;
• the impact of our dependence on third parties;
• our ability to attract and retain executive management and key personnel; and
• other factors affecting our business generally.

The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.

You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025, as well as other risks and uncertainties set forth from time to time in reports subsequently filed with the SEC.

• Additional Financial Information

Certain gains and (charges), quarter-to-date

The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the three month periods ended September 30, 2025 and 2024.

Reportable Segments

Soybean Processing and Refining

EBIT for the three months ended September 30, 2024 included a $19 million impairment charge, in Income (loss) from affiliates, related to a minority investment in North America.

Other Oilseeds Processing and Refining

EBIT for the three months ended September 30, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.

Grain Merchandising and Milling

EBIT for the three months ended September 30, 2025 included $6 million in Selling, general and administrative expenses related to the completed business combination with Viterra.

Corporate and Other

The following is a summary of acquisition and integration costs related to the completed business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).

Certain gains and (charges), year-to-date

The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the nine month periods ended September 30, 2025 and 2024.

Reportable Segments

Soybean Processing and Refining

EBIT for the nine months ended September 30, 2024 included a $19 million impairment charge, in Income (loss) from affiliates, related to a minority investment in North America.

Other Oilseeds Processing and Refining

EBIT for the nine months ended September 30, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.

Grain Merchandising and Milling

EBIT for the nine months ended September 30, 2025 included $6 million in Selling, general and administrative expenses related to the completed business combination with Viterra.

EBIT for the nine months ended September 30, 2025 also included a $155 million gain on sale from the disposition of our corn milling business in North America, recorded in Other income (expense) - net.

Corporate and Other

The following is a summary of acquisition and integration costs related to the completed business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).

• Condensed Consolidated Earnings Data (Unaudited)

• Condensed Consolidated Balance Sheets (Unaudited)

• Condensed Consolidated Statements of Cash Flows (Unaudited)

• Definition and Reconciliation of Non-GAAP Measures

This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures below. These measures may not be comparable to similarly titled measures used by other companies.

Total EBIT and Adjusted Total EBIT

Bunge uses earnings before interest and tax ("EBIT") to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests and EBIT attributable to discontinued operations. Bunge also uses Segment EBIT, Corporate and Other EBIT and Total EBIT to evaluate the operating performance of Bunge's reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge's Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge's reportable segments, together with its Corporate and Other activities.

Adjusted Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 2 below, and certain gains and (charges), as described in "Additional Financial Information" above, from Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively.

Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge's management believes these non-GAAP measures are a useful measure of its operating profitability since the measures allow for an evaluation of performance without regard to financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge's industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP.

Net Income (loss) attributable to Bunge to Adjusted Net Income (loss) from continuing operations attributable to Bunge

Adjusted Net Income (loss) from continuing operations excludes temporary mark-to-market timing differences, as defined in note 2 below, and certain gains and (charges), as described in "Additional Financial Information" above, and Income (loss) from discontinued operations, net of tax and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. It should not be considered as an alternative to Net Income (loss) attributable to Bunge, Net Income (loss), or any other measure of consolidated operating results under U.S. GAAP. Bunge's management believes Adjusted Net income (loss) from continuing operations is a useful measure of the Company's profitability.

We also have presented projected Adjusted Net income per share from continuing operations for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2025, the most directly comparable U.S. GAAP measure. The most directly comparable GAAP measure has not been provided due to the inability to quantify certain amounts necessary for such reconciliation, including but not limited to potentially significant future market price movements over the remainder of the year, and Bunge believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from projected Adjusted Net income per share from continuing operations for full-year 2025.

Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT: