Bunge Reports Second Quarter 2025 Results

2025-07-30

CSE - Canadian National Stock Exchange · Gold · Silver · Copper · Zinc · Canada

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

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250730824304/en/

Q2 GAAP diluted EPS of $2.61 vs. $0.48 in the prior year; $1.31 vs. $1.73 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences Agribusiness results better than expected driven by Processing, though down from last year Refined and Specialty Oils results reflected lower energy demand due to policy uncertainty Recently completed merger with Viterra to create premier global agribusiness solutions company; integration well underway Completed sale of US corn milling furthering business alignment with global value chains Maintaining adjusted full-year EPS outlook of approximately $7.75

Overview

Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our team delivered better than expected results for the second quarter given market conditions while also making significant progress on our strategic priorities. Most notably, we completed our transformative combination with Viterra. The integration is proceeding well, and we are pleased to begin working aggressively on commercial opportunities. We also completed the sale of our U.S. corn milling business which further simplifies our portfolio along our global integrated value chains.

"With our increased diversity across crops and geographies, we are even better positioned to efficiently connect farmers to consumers and deliver essential food, feed and fuel to the world. I am confident that our enhanced scale and capabilities will allow us to meet the evolving needs of our customers and deliver greater value to all our stakeholders as we move forward.”

Financial Highlights

| | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | | | (US$ in millions, except per share data) | | 2025 | | | 2024 | | | | 2025 | | | 2024 | | | Net income attributable to Bunge | $ | 354 | | $ | 70 | | | $ | 555 | | $ | 314 | | | Net income per share-diluted | $ | 2.61 | | $ | 0.48 | | | $ | 4.10 | | $ | 2.17 | | | | | | | | | | | | | | | | | | Mark-to-market timing differences (a) | $ | (0.69 | ) | $ | 0.82 | | | $ | (0.62 | ) | $ | 1.75 | | | Certain (gains) & charges (b) | $ | (0.61 | ) | $ | 0.43 | | | $ | (0.36 | ) | $ | 0.85 | | | Adjusted Net income per share-diluted (c) | $ | 1.31 | | $ | 1.73 | | | $ | 3.12 | | $ | 4.77 | | | | | | | | | | | | | | | | | | Segment EBIT (c) (d) | $ | 659 | | $ | 361 | | | $ | 1,063 | | $ | 898 | | | Mark-to-market timing differences (a) | | (128 | ) | | 158 | | | | (126 | ) | | 340 | | | Certain (gains) & charges (b) | | (155 | ) | | — | | | | (155 | ) | | — | | | Adjusted Segment EBIT (c) | $ | 376 | | $ | 519 | | | $ | 782 | | $ | 1,238 | | | | | | | | | | | | | | | | | | Corporate and Other EBIT (c)(e) | $ | (121 | ) | $ | (176 | ) | | $ | (197 | ) | $ | (280 | ) | | Certain (gains) & charges (b) | | 38 | | | 62 | | | | 70 | | | 123 | | | Adjusted Corporate and Other EBIT (c) | $ | (83 | ) | $ | (114 | ) | | $ | (127 | ) | $ | (157 | ) | | | | | | | | | | | | | | | | | Total EBIT (c) | $ | 538 | | $ | 185 | | | $ | 866 | | $ | 618 | | | Mark-to-market timing differences (a) | | (128 | ) | | 158 | | | | (126 | ) | | 340 | | | Certain (gains) & charges (b) | | (117 | ) | | 62 | | | | (85 | ) | | 123 | | | Adjusted Total EBIT (c) | $ | 293 | | $ | 405 | | | $ | 655 | | $ | 1,081 | |

| (a) | | Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories ("RMI"), and related hedges associated with committed future operating capacity and sales. See note 3 in the Additional Financial Information section of this release for details. | | (b) | | Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to Bunge. See Additional Financial Information for details. | | (c) | | Segment earnings before interest and tax ("Segment EBIT"), Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge's website. | | (d) | | Segment EBIT comprises the aggregate EBIT of Bunge’s Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Corporate and Other activities. | | (e) | | Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities. Corporate and Other also includes historical results of Bunge's previously recognized Sugar & Bioenergy segment. See note 6 in the Additional Financial information section of this release for details. |

Second Quarter Results

Reportable Segments

Agribusiness

| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | | | Volumes (in thousand metric tons) | | 19,274 | | | 20,579 | | | | 37,551 | | | 40,771 | | | | | | | | | | | | | | | | | | Net Sales | $ | 9,167 | | $ | 9,657 | | | $ | 17,328 | | $ | 19,397 | | | | | | | | | | | | | | | | | | Gross Profit | $ | 471 | | $ | 289 | | | $ | 774 | | $ | 743 | | | | | | | | | | | | | | | | | | Selling, general and administrative expense | $ | (141 | ) | $ | (150 | ) | | $ | (276 | ) | $ | (305 | ) | | | | | | | | | | | | | | | | | Foreign exchange gains (losses) – net | $ | 33 | | $ | (39 | ) | | $ | 62 | | $ | (101 | ) | | | | | | | | | | | | | | | | | EBIT attributable to noncontrolling interests | $ | (13 | ) | $ | 7 | | | $ | (11 | ) | $ | 10 | | | | | | | | | | | | | | | | | | Other income (expense) - net | $ | 28 | | $ | 56 | | | $ | 90 | | $ | 109 | | | | | | | | | | | | | | | | | | Income (loss) from affiliates | $ | 3 | | $ | (25 | ) | | $ | 12 | | $ | (40 | ) | | | | | | | | | | | | | | | | | Segment EBIT | $ | 381 | | $ | 138 | | | $ | 651 | | $ | 416 | | | Mark-to-market timing differences | | (148 | ) | | 160 | | | | (150 | ) | | 369 | | | Certain (gains) & charges | | — | | | — | | | | — | | | — | | | Adjusted Segment EBIT | $ | 233 | | $ | 298 | | | $ | 501 | | $ | 785 | |

Processing (2)

| | Three Months Ended | | Six Months Ended | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | Processing EBIT | $ | 361 | | $ | 122 | | $ | 594 | | $ | 302 | | Mark-to-market timing differences | | (155 | ) | | 143 | | | (181 | ) | | 374 | | Certain (gains) & charges | | — | | | — | | | — | | | — | | Adjusted Processing EBIT | $ | 206 | | $ | 265 | | $ | 413 | | $ | 676 |

Higher results in South America and Asia were more than offset by lower results in Europe and North America.

Merchandising (2)

| | Three Months Ended | | Six Months Ended | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | Merchandising EBIT | $ | 20 | $ | 16 | | $ | 57 | $ | 114 | | | Mark-to-market timing differences | | 7 | | 17 | | | 31 | | (5 | ) | | Certain (gains) & charges | | — | | — | | | — | | — | | | Adjusted Merchandising EBIT | $ | 27 | $ | 33 | | $ | 88 | $ | 109 | |

Improved performance in global grains and oils were more than offset by lower results in our financial services and ocean freight businesses.

Refined & Specialty Oils

| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | | | Volumes (in thousand metric tons) | | 2,175 | | | 2,300 | | | | 4,305 | | | 4,495 | | | | | | | | | | | | | | | | | | Net Sales | $ | 3,177 | | $ | 3,121 | | | $ | 6,269 | | $ | 6,361 | | | | | | | | | | | | | | | | | | Gross Profit | $ | 225 | | $ | 315 | | | $ | 462 | | $ | 674 | | | | | | | | | | | | | | | | | | Selling, general and administrative expense | $ | (107 | ) | $ | (100 | ) | | $ | (207 | ) | $ | (200 | ) | | | | | | | | | | | | | | | | | Foreign exchange gains (losses) – net | $ | (3 | ) | $ | (2 | ) | | $ | (7 | ) | $ | (13 | ) | | | | | | | | | | | | | | | | | EBIT attributable to noncontrolling interests | $ | (3 | ) | $ | (12 | ) | | $ | (6 | ) | $ | (18 | ) | | | | | | | | | | | | | | | | | Other income (expense) - net | $ | (11 | ) | $ | (16 | ) | | $ | (21 | ) | $ | (32 | ) | | | | | | | | | | | | | | | | | Segment EBIT | $ | 101 | | $ | 185 | | | $ | 217 | | $ | 411 | | | Mark-to-market timing differences | | 15 | | | 8 | | | | 22 | | | (14 | ) | | Certain (gains) & charges | | — | | | — | | | | — | | | — | | | Adjusted Segment EBIT | $ | 116 | | $ | 193 | | | $ | 239 | | $ | 397 | |

Refined & Specialty Oils Summary

Results were down in all regions, but primarily driven by North America and Europe.

Milling

| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | | | Volumes (in thousand metric tons) | | 857 | | | 971 | | | | 1,755 | | | 1,845 | | | | | | | | | | | | | | | | | | Net Sales | $ | 409 | | $ | 401 | | | $ | 784 | | $ | 782 | | | | | | | | | | | | | | | | | | Gross Profit | $ | 47 | | $ | 66 | | | $ | 91 | | $ | 126 | | | | | | | | | | | | | | | | | | Selling, general and administrative expense | $ | (24 | ) | $ | (24 | ) | | $ | (47 | ) | $ | (49 | ) | | | | | | | | | | | | | | | | | Other income (expense) - net | $ | 155 | | $ | (1 | ) | | $ | 154 | | $ | (3 | ) | | | | | | | | | | | | | | | | | Segment EBIT | $ | 177 | | $ | 38 | | | $ | 195 | | $ | 71 | | | Mark-to-market timing differences | | 5 | | | (10 | ) | | | 2 | | | (15 | ) | | Certain (gains) & charges | | (155 | ) | | — | | | | (155 | ) | | — | | | Adjusted Segment EBIT | $ | 27 | | $ | 28 | | | $ | 42 | | $ | 56 | |

Milling Summary

Higher results in North America were more than offset by lower results in South America.

Corporate and Other (6)

| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | | | Gross Profit | $ | (5 | ) | $ | (6 | ) | | $ | 8 | | $ | (3 | ) | | | | | | | | | | | | | | | | | Selling, general and administrative expense | $ | (146 | ) | $ | (175 | ) | | $ | (268 | ) | $ | (334 | ) | | | | | | | | | | | | | | | | | Foreign exchange gains (losses) – net | $ | 14 | | $ | 6 | | | $ | 16 | | $ | 1 | | | | | | | | | | | | | | | | | | Other income (expense) - net | $ | 15 | | $ | 18 | | | $ | 46 | | $ | 51 | | | | | | | | | | | | | | | | | | Income (loss) from affiliates | $ | — | | $ | (20 | ) | | $ | — | | $ | 3 | | | | | | | | | | | | | | | | | | Corporate and Other EBIT | $ | (121 | ) | $ | (176 | ) | | $ | (197 | ) | $ | (280 | ) | | Certain (gains) & charges | | 38 | | | 62 | | | | 70 | | | 123 | | | Adjusted Corporate and Other EBIT | $ | (83 | ) | $ | (114 | ) | | $ | (127 | ) | $ | (157 | ) |

Corporate

| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | | | Corporate EBIT | $ | (120 | ) | $ | (168 | ) | | $ | (207 | ) | $ | (308 | ) | | Certain (gains) & charges | | 38 | | | 62 | | | | 70 | | | 123 | | | Adjusted Corporate EBIT | $ | (82 | ) | $ | (106 | ) | | $ | (137 | ) | $ | (185 | ) |

Other

| | Three Months Ended | | Six Months Ended | | | | | | | | | | (US$ in millions) | Jun 30, 2025 | Jun 30, 2024 | | Jun 30, 2025 | Jun 30, 2024 | | | | | | | | Other EBIT | $ | (1 | ) | $ | (8 | ) | | $ | 10 | $ | 28 | | Certain (gains) & charges | | — | | | — | | | | — | | — | | Adjusted Other EBIT | $ | (1 | ) | $ | (8 | ) | | $ | 10 | $ | 28 |

Corporate and Other Summary

The decrease in Corporate expenses was primarily driven by performance-based compensation. Prior year Other results include a loss of $21 million from the sugar & bioenergy joint venture that we divested in the fourth quarter of last year.

Cash Flow

| | Six Months Ended | | | | | | | | Jun 30, 2025 | Jun 30, 2024 | | | | | | Cash provided by (used for) operating activities | $ | (1,357 | ) | $ | (480 | ) | | Certain reconciling items to Adjusted funds from operations (4) | | 2,050 | | | 1,375 | | | Adjusted funds from operations (4) | $ | 693 | | $ | 895 | |

Cash used for operations in the six months ended June 30, 2025 and June 30, 2024 was $1,357 million and $480 million, respectively. The reduction of cash from operations was primarily driven by net changes in working capital. Adjusted funds from operations (FFO) was $693 million compared to $895 million in the prior year. (4)

Income Taxes

For the six months ended June 30, 2025, income tax expense was $204 million compared to $147 million in the prior year. The increase was primarily due to higher pre-tax income in 2025.

Outlook (5)

Taking into account second quarter results, the current margin and macro environment and forward curves, we continue to forecast full-year 2025 adjusted EPS of approximately $7.75, which no longer includes second half earnings from our corn milling business because of its sale which closed on June 30, 2025. This forecast excludes the impact of Viterra, which closed on July 2, 2025.

In Agribusiness, full-year results are forecasted to be higher than our previous outlook driven by Processing, but remain down from last year.

In Refined and Specialty Oils, full-year results are expected to be down from our previous outlook reflecting the softer second quarter performance and down from last year.

In Milling, full-year results are expected to be down from our previous outlook reflecting the sale of corn milling and in line with last year.

In Corporate and Other, full-year results are expected to be in line with our previous outlook and more favorable than last year.

Additionally, the Company expects the following for 2025: an adjusted annual effective tax rate in the range of 21% to 25%; net interest expense in the lower end of the range of $220 to $250 million; capital expenditures in the range of $1.5 to $1.7 billion; and depreciation and amortization of approximately $490 million.

We anticipate providing a forecast for the combined company prior to reporting third quarter earnings.

Conference Call and Webcast Details

Bunge Global SA’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, July 30, 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 “Q2 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 five to 10 minutes before the scheduled start time. The call will also be webcast live at www.bunge.com .

A call replay will be available later in the day on July 30, 2025, continuing through August 27, 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 9672348.

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 Limited (“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.