Bunge Global SA
11/05/2025 | Press release | Distributed by Public on 11/05/2025 05:23
Business/Financial Results (Form 8-K)
Bunge Reports Third Quarter 2025 Results
St. Louis, MO - November 5, 2025 - 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 $4.25
| Ø | Overview | ||||
Greg Heckman, Bunge's Chief Executive Officer said, "In our first full quarter since closing the Viterra transaction, our combined team delivered strong results in a complex market and regulatory environment across nearly all regions. We're beginning to realize the benefits of our expanded global platform. By aligning the business around our proven end-to-end value chain model, we're unlocking efficiencies-optimizing our footprint, coordinating larger flows, and running at higher utilization, while serving customers more effectively."
"Even in a challenging external environment, our people, assets, and systems position us to adapt with agility, manage risk with discipline, and continue connecting farmers with consumers of essential food, feed, and fuel. The advantages we're capturing today will compound over time, driving greater long-term value for all stakeholders."
1
| Ø | Financial Highlights | |||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||
| (US$ in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income attributable to Bunge | $ | 166 | $ | 221 | $ | 721 | $ | 535 | |||||||||
|
Net income per share from continuing operations-diluted (a)
|
$ | 0.86 | $ | 1.56 | $ | 4.62 | $ | 3.73 | |||||||||
|
Mark-to-market timing differences (b)
|
$ | 0.87 | $ | 0.16 | $ | 0.57 | $ | 1.91 | |||||||||
|
Certain (gains) & charges (c)
|
$ | 0.54 | $ | 0.57 | $ | 0.37 | $ | 1.42 | |||||||||
|
Adjusted Net income per share from continuing operations-diluted (a)(d)
|
$ | 2.27 | $ | 2.29 | $ | 5.56 | $ | 7.06 | |||||||||
|
Segment EBIT (d) (e)
|
$ | 671 | $ | 537 | $ | 1,731 | $ | 1,427 | |||||||||
|
Mark-to-market timing differences (b)
|
246 | 3 | 120 | 343 | |||||||||||||
|
Certain (gains) & charges (c)
|
7 | 19 | (148) | 19 | |||||||||||||
|
Adjusted Segment EBIT (d)
|
$ | 924 | $ | 559 | $ | 1,703 | $ | 1,789 | |||||||||
|
Corporate and Other EBIT (d)(f)
|
$ | (268) | $ | (130) | $ | (462) | $ | (402) | |||||||||
|
Certain (gains) & charges (c)
|
101 | 62 | 171 | 185 | |||||||||||||
|
Adjusted Corporate and Other EBIT (d)
|
$ | (167) | $ | (68) | $ | (291) | $ | (217) | |||||||||
|
Total EBIT (d)
|
$ | 403 | $ | 407 | $ | 1,269 | $ | 1,025 | |||||||||
|
Mark-to-market timing differences (b)
|
246 | 3 | 120 | 343 | |||||||||||||
|
Certain (gains) & charges (c)
|
108 | 81 | 23 | 204 | |||||||||||||
|
Adjusted Total EBIT (d)
|
$ | 757 | $ | 491 | $ | 1,412 | $ | 1,572 | |||||||||
(a)In the third quarter of 2025, Bunge concluded the sale of Viterra Limited's ("Viterra") business in Hungary, as well as part of Viterra's business in Poland (the "Divested Business"). The Divested Business has been classified as discontinued operations during Bunge's period of ownership.
(b)Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories ("RMI"), and related economic hedges associated with committed future operating capacity and sales. See note 2 in the Additional Financial Information section of this release for details.
(c)Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to Bunge. See Additional Financial Information for details.
(d)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 from continuing operations-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.
(e)Segment EBIT comprises the aggregate EBIT of Bunge's Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments, and excludes Corporate and Other activities.
(f)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.
2
| Ø | Third Quarter Results | ||||
Reportable Segments
Soybean Processing and Refining
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||||||||
| Soybeans processed | 12,139 | 9,343 | 29,553 | 27,179 | |||||||||||||||||||
| Soybeans merchandised | 7,246 | 3,070 | 13,577 | 10,175 | |||||||||||||||||||
| Refined soy oil production | 932 | 908 | 2,693 | 2,620 | |||||||||||||||||||
| Net Sales | $ | 10,857 | $ | 7,857 | $ | 25,268 | $ | 23,556 | |||||||||||||||
| Gross Profit | $ | 498 | $ | 295 | $ | 1,391 | $ | 812 | |||||||||||||||
| Selling, general and administrative expense | $ | (143) | $ | (111) | $ | (365) | $ | (344) | |||||||||||||||
| Foreign exchange gains (losses) - net | $ | (42) | $ | 15 | $ | 9 | $ | (58) | |||||||||||||||
| EBIT attributable to noncontrolling interests | $ | (3) | $ | 4 | $ | (13) | $ | 12 | |||||||||||||||
| Other income (expense) - net | $ | 21 | $ | 50 | $ | 27 | $ | 97 | |||||||||||||||
|
Income (loss) from affiliates
|
$ | 6 | $ | (31) | $ | 19 | $ | (56) | |||||||||||||||
| Segment EBIT | $ | 337 | $ | 222 | $ | 1,068 | $ | 463 | |||||||||||||||
| Mark-to-market timing differences | 141 | 45 | (45) | 449 | |||||||||||||||||||
| Certain (gains) & charges | - | 19 | - | 19 | |||||||||||||||||||
| Adjusted Segment EBIT | $ | 478 | $ | 286 | $ | 1,023 | $ | 931 | |||||||||||||||
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.
3
Softseed Processing and Refining
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||
| Softseeds processed | 3,129 | 2,135 | 7,270 | 6,898 | |||||||||||||
| Softseeds merchandised | 1,032 | 178 | 1,142 | 518 | |||||||||||||
| Refined oil production | 711 | 696 | 2,102 | 2,136 | |||||||||||||
| Net Sales | $ | 3,661 | $ | 1,589 | $ | 6,707 | $ | 5,143 | |||||||||
| Gross Profit | $ | 289 | $ | 168 | $ | 443 | $ | 656 | |||||||||
| Selling, general and administrative expense | $ | (58) | $ | (35) | $ | (131) | $ | (104) | |||||||||
| Foreign exchange gains (losses) - net | $ | 11 | $ | 3 | $ | 43 | $ | (15) | |||||||||
| EBIT attributable to noncontrolling interests | $ | (1) | $ | - | $ | (2) | $ | - | |||||||||
| Other income (expense) - net | $ | (5) | $ | (4) | $ | (10) | $ | (14) | |||||||||
| Income (loss) from affiliates | $ | - | $ | - | $ | (6) | $ | - | |||||||||
| Segment EBIT | $ | 236 | $ | 132 | $ | 337 | $ | 523 | |||||||||
| Mark-to-market timing differences | 39 | 1 | 34 | (33) | |||||||||||||
| Certain (gains) & charges | - | - | - | - | |||||||||||||
| Adjusted Segment EBIT | $ | 275 | $ | 133 | $ | 371 | $ | 490 | |||||||||
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.
4
Other Oilseeds Processing and Refining
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Volumes (in thousand metric tons) | 639 | 665 | 1,881 | 1,912 | |||||||||||||
| Net Sales | $ | 1,207 | $ | 1,064 | $ | 3,442 | $ | 3,034 | |||||||||
| Gross Profit | $ | 144 | $ | 189 | $ | 268 | $ | 458 | |||||||||
| Selling, general and administrative expense | $ | (57) | $ | (63) | $ | (176) | $ | (185) | |||||||||
| Foreign exchange (losses) gains - net | $ | (2) | $ | (7) | $ | (5) | $ | (21) | |||||||||
| EBIT attributable to noncontrolling interests | $ | (8) | $ | (13) | $ | (10) | $ | (30) | |||||||||
| Other income (expense) - net | $ | - | $ | (3) | $ | (5) | $ | (13) | |||||||||
| Segment EBIT | $ | 77 | $ | 104 | $ | 72 | $ | 210 | |||||||||
| Mark-to-market timing differences | (27) | (41) | 27 | (59) | |||||||||||||
| Certain (gains) & charges | 1 | - | 1 | - | |||||||||||||
| Adjusted Segment EBIT | $ | 51 | $ | 63 | $ | 100 | $ | 151 | |||||||||
For Other Oilseeds Processing and Refining, higher results in North America specialty oils were more than offset by lower results in Asia and Europe.
5
Grain Merchandising and Milling
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Volumes (in thousand metric tons) | 24,080 | 8,964 | 40,972 | 28,316 | |||||||||||||
| Net Sales | $ | 6,428 | $ | 2,397 | $ | 11,146 | $ | 7,831 | |||||||||
| Gross Profit | $ | 143 | $ | 122 | $ | 301 | $ | 391 | |||||||||
| Selling, general and administrative expense | $ | (145) | $ | (68) | $ | (266) | $ | (203) | |||||||||
| Foreign exchange (losses) gains - net | $ | (15) | $ | 1 | $ | (41) | $ | (10) | |||||||||
| Other income (expense) - net | $ | 37 | $ | 21 | $ | 263 | $ | 64 | |||||||||
|
Income (loss) from affiliates
|
$ | 2 | $ | 4 | $ | 3 | $ | (11) | |||||||||
| Segment EBIT | $ | 21 | $ | 79 | $ | 254 | $ | 231 | |||||||||
| Mark-to-market timing differences | 93 | (2) | 104 | (14) | |||||||||||||
| Certain (gains) & charges | 6 | - | (149) | - | |||||||||||||
| Adjusted Segment EBIT | $ | 120 | $ | 77 | $ | 209 | $ | 217 | |||||||||
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
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Gross Profit | $ | (11) | $ | (2) | $ | (5) | $ | (5) | |||||||||
| Selling, general and administrative expense | $ | (275) | $ | (160) | $ | (538) | $ | (489) | |||||||||
| Foreign exchange gains (losses) - net | $ | (7) | $ | 2 | $ | 8 | $ | 3 | |||||||||
| Other income (expense) - net | $ | 24 | $ | 23 | $ | 71 | $ | 78 | |||||||||
| Income (loss) from affiliates | $ | - | $ | 6 | $ | - | $ | 8 | |||||||||
| Corporate and Other EBIT | $ | (268) | $ | (130) | $ | (462) | $ | (402) | |||||||||
| Certain (gains) & charges | 101 | 62 | 171 | 185 | |||||||||||||
| Adjusted Corporate and Other EBIT | $ | (167) | $ | (68) | $ | (291) | $ | (217) | |||||||||
6
Corporate
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Corporate EBIT | $ | (278) | $ | (154) | $ | (485) | $ | (462) | |||||||||
| Certain (gains) & charges | 101 | 62 | 171 | 185 | |||||||||||||
| Adjusted Corporate EBIT | $ | (177) | $ | (92) | $ | (314) | $ | (277) | |||||||||
Other
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | |||||||||||||
| Other EBIT | $ | 10 | $ | 24 | $ | 23 | $ | 60 | |||||||||
| Certain (gains) & charges | - | - | - | - | |||||||||||||
| Adjusted Other EBIT | $ | 10 | $ | 24 | $ | 23 | $ | 60 | |||||||||
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
| Nine Months Ended | ||||||||
| Sep 30, 2025 | Sep 30, 2024 | |||||||
| Cash provided by (used for) operating activities | $ | (503) | $ | 847 | ||||
|
Certain reconciling items to Adjusted funds from operations (3)
|
1,684 | 436 | ||||||
|
Adjusted funds from operations (3)
|
$ | 1,181 | $ | 1,283 | ||||
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.
7
| Ø |
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.
8
| Ø | 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.
| Ø | 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.
| Ø | Website Information | |||||||
We routinely post important information for investors on our website, https://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.
9
| Ø | |||||
Bunge Global SA published this content on November 05, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 05, 2025 at 11:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]