Bunge Global SA

What they do

Bunge is a leading global oilseed processor, grain merchandiser, seller of packaged plant-based oils, and producer of wheat flours and bakery mixes in South America. The company operates four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, with Corporate and Other for remaining activities. It purchases, stores, transports, processes, and distributes agricultural commodities and provides financial, risk management, and logistics services.

Revenue drivers

• Soybean Processing and Refining — Processes soybeans into protein meal and crude/refined vegetable oils for food, animal feed, and biofuel industries; also produces biodiesel and fertilizer. Capacity is 47% in South America, 25% North America, 15% Asia-Pacific, 13% Europe.
• Softseed Processing and Refining — Processes softseeds (e.g., rapeseed, sunflower) into similar products. Strong performance in Q2 2026 contributed to results.
• Grain Merchandising and Milling — Merchandises grains and produces wheat flours, bakery mixes, and related products, primarily in South America; expanded by Viterra acquisition.
• Other Oilseeds Processing and Refining — Processes other oilseeds such as tropical oils (e.g., palm), with sales volumes to third-party customers.

Recent performance

For Q2 2026, net income attributable to Bunge was $678 million, up from $354 million in Q2 2025, with diluted EPS of $3.47 vs. $2.61. Total EBIT was $1,060 million, up from $538 million, driven by higher Segment EBIT, particularly in Soybean and Softseed Processing segments. For the six months ended June 30, 2026, net income was $746 million (EPS $3.81) vs. $555 million (EPS $4.10) in 2025; the year-to-date EPS decline was due to share dilution from the Viterra acquisition. Adjusted diluted EPS was $2.00 for Q2 2026 vs. $1.31 prior year.

Strategy

Bunge completed the transformative acquisition of Viterra on July 2, 2025, with shareholders receiving 65.6 million Bunge shares and $1.9 billion cash. The acquisition aligns with a new value chain operational structure, and the company changed its reportable segments accordingly. Management emphasizes disciplined execution, leveraging the expanded global platform to capture opportunities across food, feed, and fuel. Bunge continues to provide farmer financing, particularly in Brazil, to secure raw material supply. The company repurchased $250 million of shares, completing the $2 billion program related to the Viterra transaction.

Risks

• Adverse weather and climate change — Weather can cause crop failures, reduce harvests, disrupt transportation, and increase costs, impacting supply and pricing.
• Commodity price volatility — Fluctuations in prices of agricultural commodities can cause significant swings in working capital, inventories, and borrowings.
• Viterra integration risks — Integration may not achieve expected synergies, and results are impacted by acquisition-related charges and higher debt levels.
• Geopolitical and trade disruptions — Global trade flows and geopolitical uncertainty can affect margins and operations across regions.

Outlook

Management increased the full-year adjusted EPS outlook range to $9.25 to $9.75 from $9.00 to $9.50, citing strong performance and improved market conditions. They expect long-term demand drivers to remain strong, supported by the expanded global platform. The company remains focused on executing across a wide range of market conditions and delivering for customers.