Bunge Global SA

Bunge Global SA is a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world. The company operates in more than 50 countries and is a leading global oilseed processor and producer of vegetable oils and protein meal, based on processing capacity and volume; a leading global grain merchandiser, based on volume; a leading seller of packaged plant-based oils worldwide, based on sales; and a leading producer and seller of wheat flours, bakery mixes and related products in South America, based on volume. The industry is highly competitive, with competition based on price, quality, product and service offerings, and geographic location for commodity products, and additionally on brand recognition, product innovation, technical support, composition and nutritional value, and advertising and promotion for refined products.

Primary competitors named in the filing include Archer Daniels Midland Co., Cargill Incorporated, Louis Dreyfus Company B.V., Wilmar International Limited, and COFCO International, as well as a variety of regional players in each region. For the Other Oilseeds Processing and Refining segment, competitors also include AAK AB and Fuji Oil Co. Ltd. For the Grain Merchandising and Milling segment, competitors also include CHS Inc. and Olam Group Limited. The company's competitive advantages include its more than 200 years of experience, integrated operations, global footprint giving access to key markets, and a diverse agricultural network covering major crops.

The company generates revenue through the purchase, storage, transportation, processing, selling, and distribution of agricultural commodities and related products. It also provides financial, risk management, and logistics services to support customers and enhance value chains. Revenue is primarily transactional, derived from the sale of processed and merchandised agricultural commodities. Primary customer segments include animal feed manufacturers, livestock producers, biofuel companies, other oilseed processors, food manufacturers, grocery chains, wholesalers, distributors, and retailers.

The Soybean Processing and Refining segment is a globally integrated business involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. Key commodities include soybean, soybean meal, and soybean oil. Processing capacity is 47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe. For the year ended December 31, 2025, the segment reported Net sales of $36,313 million ¹ and Segment EBIT of $1,225 million ². The Softseed Processing and Refining segment is involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution. Key commodities include canola/rapeseed, sunflower seed, and their meals and oils. Processing capacity is 53% in Europe, 30% in North America, 13% in South America, and 4% in Asia-Pacific. For the year ended December 31, 2025, the segment reported Net sales of $11,252 million ³ and Segment EBIT of $521 million ⁴.

The Other Oilseeds Processing and Refining segment is a globally integrated business involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of products such as palm oil, palm kernel oil, shea butter, coconut oil, various other seed oils, soy protein concentrates, and textured soy flour. It comprises the company's B2B and B2C refined and specialty oils offerings, including an 80% ownership interest in the Loders joint venture with IOI Corporation Berhad. For the year ended December 31, 2025, the segment reported Net sales of $4,633 million ⁵ and Segment EBIT of $118 million ⁶. The Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. For the year ended December 31, 2025, the segment reported Net sales of $18,128 million ⁷ and Segment EBIT of $465 million ⁸.

On July 2, 2025, the company completed the Acquisition of Viterra Limited in a stock and cash transaction. Viterra shareholders received approximately 65.6 million registered shares of Bunge ⁹, with an aggregate value of approximately $5.3 billion ¹⁰ as of July 2, 2025 and approximately $1.9 billion in cash ¹¹, in return for 100% of the outstanding equity of Viterra. On March 4, 2025, the company completed the divestment of 40% of its Spanish operating subsidiary, Bunge Iberica SA, to Repsol SA. In 2025, Bunge acquired an oilseed crush operation in western Ukraine from Varthomio (ViOil). On August 5, 2025, the company entered into an asset purchase agreement with Solae, L.L.C. to acquire substantially all assets related to the lecithin, soy protein concentrate and crush businesses of International Flavors and Fragrances, Inc., expected to close in 2026. On March 21, 2025, the company entered into an agreement to sell its European margarines and spreads business, expected to close in 2026. In 2025, the company completed the sale of its corn milling business in North America. On November 13, 2024, the Board approved the expansion of the existing share repurchase program by an additional $500 million ¹², bringing total authorizations under the program since inception to $2.7 billion ¹³. As of December 31, 2025, a total of 26,417,080 shares ¹⁴ were repurchased under the program for $2.5 billion ¹⁵ with an aggregate purchase authorization of approximately $249 million ¹⁶ remaining. During the twelve months ended December 31, 2025, Bunge repurchased 6,749,341 shares ¹⁷ for $551 million ¹⁸.

For the year ended December 31, 2025, Net sales were $70,329 million ¹⁹, compared to $53,108 million ²⁰ for the year ended December 31, 2024. Net income attributable to Bunge shareholders was $816 million ²¹, a decrease of $321 million compared to $1,137 million ²² in the prior year. Diluted earnings per share were $4.91 ²³, compared to $7.99 ²⁴ in the prior year. Total EBIT was $1,533 million ²⁵, a decrease of $259 million compared to $1,792 million ²⁶ in the prior year. Cash provided by operating activities was $844 million ²⁷, compared to $1,900 million ²⁸ in the prior year.

The company intends to make capital expenditures in the range of $1.5 billion to $1.7 billion ²⁹ in 2026. Priorities for 2026 are to maintain the cash generating capacity of assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on the strategy to strengthen the oilseeds platform, increase participation in biofuels and plant-based proteins, and grow the value-added oils business.

A key growth vector is the integration of the Viterra Acquisition, which created a premier global agribusiness solutions company for food, feed and fuel, well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. The company expects to realize anticipated benefits and cost savings from combining the legacy businesses of Bunge and Viterra, though this is subject to risks including successful integration and the incurrence of indebtedness. Another growth vector is the expansion in renewable feedstocks, plant lipids, and plant-based protein ingredients, aligned with sustainability initiatives. The company is actively engaged in supplying low-carbon feedstock for renewable fuels, sourcing and supplying grains planted under regenerative agricultural practices, and supplying certified and verified deforestation-free grains and by-products.

The company expects to continue to incur significant integration-related fees and costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and staff-related costs. The company anticipates that the elimination of duplicative costs, as well as the realization of other synergies and efficiencies related to the integration of the businesses, may allow it to offset integration-related costs over time, though this net benefit may not be achieved in the near term.

The company intends to fund capital expenditures primarily with cash flows from operations and cash on hand. The company expects to contribute $19 million ³⁰ to its defined benefit pension plans and $6 million ³¹ to its postretirement benefit plans in 2026.

The company expects that the factors affecting global supply and demand for agricultural commodity products will continue to affect the business for the foreseeable future. The company also expects that, from time to time, imbalances will likely exist between oilseed processing and refining capacity and demand for oilseed products in certain regions, which impacts decisions regarding whether, when, and where to purchase, store, transport, process, or sell these commodities.

The ongoing war between Russia and Ukraine may adversely affect the business, financial condition, or results of operations. As of December 31, 2025, total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than 2% of consolidated Total assets and Total liabilities, respectively. The scope, intensity, duration and outcome of the ongoing war is uncertain, and the continuation or escalation of the war may have a material adverse effect on Bunge's assets, operations and financial condition. Even if the war moderates, or a resolution is reached, the company expects to continue to experience ongoing financial and operational impacts resulting from the war for the foreseeable future as Ukraine rebuilds its economy and infrastructure.

The ongoing war between Russia and Ukraine poses a material risk, as Bunge maintains operations in Ukraine comprising four oilseed crushing facilities, two export terminals, and numerous grain elevators. As of December 31, 2025, total assets and total liabilities associated with Ukrainian subsidiaries each comprise less than 2% of consolidated totals ³², but assets are at heightened risk of property damage, inventory loss, business disruption, and expropriation. The company is subject to fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of its control that could adversely affect operating results. Adverse weather conditions, including as a result of climate change, may affect the availability, quality and price of agricultural commodities and the company's operations. The company may fail to realize the anticipated benefits of the Viterra Acquisition, including cost savings and synergies, due to integration challenges, the incurrence of substantial indebtedness, and the assumption of Viterra's liabilities. The company is exposed to credit and counterparty risk, particularly from financing arrangements to farmers in Brazil, where as of December 31, 2025, the company had approximately $835 million ³³ in outstanding prepaid commodity purchase contracts and advances to farmers.

Management's message emphasizes the completion of the transformative Acquisition of Viterra on July 2, 2025, creating a premier global agribusiness solutions company for food, feed and fuel. Key strategic priorities for the period ahead include successfully integrating Viterra to realize anticipated benefits and cost savings, strengthening the oilseeds platform, increasing participation in biofuels and plant-based proteins, and growing the value-added oils business. Management also highlights the company's focus on sustainability, including producing renewable feedstocks, increasing the plant lipids portfolio, and developing new plant-based protein ingredients, as well as its commitment to non-deforestation and regenerative agriculture programs.