Bunge Global SA

Bunge Global SA (BG) operates as a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed, and fuel globally. The company's core business model revolves around purchasing, storing, transporting, processing, selling, and distributing agricultural commodities and related products, complemented by financial, risk management, and logistics services. Revenue generation is primarily transactional, driven by global supply and demand variations for agricultural commodities. Key customer segments include animal feed manufacturers, livestock producers, biofuel companies, other oilseed processors, baked goods companies, snack food producers, confectioners, restaurant chains, food service operators, human nutrition companies, meat producers, meat alternative producers, pet food companies, grocery chains, wholesalers, distributors, and other retailers. The company's global footprint and integrated operations provide access to key markets and a diverse agricultural network, helping to manage seasonal cycles and weather variability ¹.

The company conducts its operations through four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling. The Soybean Processing and Refining segment is 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, with processing capacity concentrated in South America (47%), North America (25%), Asia-Pacific (15%), and Europe (13%) ². The Softseed Processing and Refining segment focuses on canola/rapeseed and sunflower seed and their related products, including biodiesel. Its processing capacity is primarily in Europe (53%), North America (30%), South America (13%), and Asia-Pacific (4%) ³. The Other Oilseeds Processing and Refining segment deals with specialty products like Palm Oil, Palm Kernel Oil, Shea Butter, Coconut Oil, various other Seed Oils, Soy Protein Concentrates, and Textured Soy Flour, with facilities in North America, Europe, Asia-Pacific, and Africa, and tolling operations in South America ⁴. The Grain Merchandising and Milling segment encompasses the purchase, storage, transportation, distribution, and marketing of corn, wheat, barley, cotton, pulses, and sugar, along with wheat and sugar milling, ocean freight, and financial services. Its merchandising operations are global, while milling operations are primarily in South America ⁵.

For the fiscal year ended December 31, 2025, Bunge Global SA reported Net sales of $70.329 billion ⁶, an increase from $53.108 billion in 2024 ⁷. Gross profit for 2025 was $3.409 billion ⁸, compared to $3.393 billion in 2024 ⁹. Selling, general and administrative expenses increased to $2.113 billion in 2025 ¹⁰ from $1.776 billion in 2024 ¹¹. Interest income was $202 million ¹² in 2025, up from $163 million in 2024 ¹³, while Interest expense rose to $628 million ¹⁴ in 2025 from $471 million in 2024 ¹⁵. Foreign exchange losses – net were $51 million ¹⁶ in 2025, an improvement from a loss of $189 million in 2024 ¹⁷. Other income – net was $289 million ¹⁸ in 2025, down from $442 million in 2024 ¹⁹. Income from affiliates was $26 million ²⁰ in 2025, a significant improvement from a loss of $38 million in 2024 ²¹. Income from continuing operations before income tax was $1.134 billion ²² in 2025, decreasing from $1.524 billion in 2024 ²³. Income tax expense was $288 million ²⁴ in 2025, lower than $336 million in 2024 ²⁵. Net income attributable to Bunge shareholders for 2025 was $816 million ²⁶, a decrease from $1.137 billion in 2024 ²⁷. Diluted EPS was $4.91 ²⁸ in 2025, down from $7.99 ²⁹ in 2024. Cash and cash equivalents stood at $1.135 billion ³⁰ at December 31, 2025, a decrease from $3.311 billion at December 31, 2024 ³¹. Total debt increased to $14.051 billion ³² at December 31, 2025, from $6.238 billion at December 31, 2024 ³³. Working capital was $9.264 billion ³⁴ at December 31, 2025, an increase of $741 million from $8.523 billion at December 31, 2024 ³⁵.

Year-over-year, Net sales increased by 14% in Soybean Processing and Refining ³⁶, 62% in Softseed Processing and Refining ³⁷, and 12% in Other Oilseeds Processing and Refining ³⁸, and 80% in Grain Merchandising and Milling ³⁹ for the year ended December 31, 2025, compared to 2024. Segment EBIT for Soybean Processing and Refining increased by 40% to $1.225 billion ⁴⁰, while Softseed Processing and Refining Segment EBIT decreased by 21% to $521 million ⁴¹. Other Oilseeds Processing and Refining Segment EBIT decreased by 45% to $118 million ⁴², and Grain Merchandising and Milling Segment EBIT increased by 14% to $465 million ⁴³. The increase in Net sales across segments was primarily driven by contributions from the Viterra Acquisition and, in some cases, higher average sales prices and volumes. The decrease in Net sales for Soybean Processing and Refining in 2024 compared to 2023 was 12% ⁴⁴, for Softseed Processing and Refining was 10% ⁴⁵, and for Grain Merchandising and Milling was 12% ⁴⁶, primarily due to lower average sales prices and a more balanced supply and demand environment.

A significant operational development was the completion of the acquisition of Viterra Limited on July 2, 2025, in a stock and cash transaction valued at approximately $5.3 billion in stock and $1.9 billion in cash ⁴⁷. This acquisition is expected to create a premier global agribusiness solutions company. In 2025, Bunge also acquired an oilseed crush operation in western Ukraine from Varthomio (ViOil) ⁴⁸ and entered into an agreement 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 ⁴⁹. Divestitures included the sale of 40% of Bunge Iberica SA (BISA) on March 4, 2025 ⁵⁰, the sale of its North America corn milling business on June 30, 2025, for cash proceeds of $470 million ⁵¹, and the EU Oilseeds Divestment on September 1, 2025, for preliminary cash proceeds of $483 million ⁵². The company also entered into an agreement on March 21, 2025, to sell its European margarines and spreads business for approximately $239 million ⁵³, with the sale expected to close in 2026.

Management intends to make capital expenditures in the range of $1.5 billion to $1.7 billion in 2026 ⁵⁴. These planned capital expenditures prioritize maintaining the cash-generating capacity of existing assets through non-discretionary projects, such as maintenance, safety, and compliance. Additionally, discretionary investments will focus on growth and productivity projects, specifically strengthening the oilseeds platform, increasing participation in biofuels and plant-based proteins, and expanding the value-added oils business ⁵⁵. The company intends to fund these capital expenditures primarily with cash flows from operations and cash on hand ⁵⁶.

The company's strategic priorities for 2026 include strengthening its oilseeds platform, increasing participation in biofuels and plant-based proteins, and growing its value-added oils business. These discretionary and non-discretionary capital investments are also aimed at achieving certain environmental and sustainability-related objectives ⁵⁷.

The company expects to contribute $19 million to its defined benefit pension plans and $6 million to its postretirement benefit plans in 2026 ⁵⁸.

The company is subject to various evolving regulations related to sustainability and climate change. The European Union Deforestation Regulation (EUDR) will require companies trading in certain commodities, including palm oil and soy, to ensure these commodities and related products do not result from deforestation, forest degradation, or breaches of local laws after December 31, 2020, to sell such products in the European Union. The EUDR's implementation date has been extended to December 2026 ⁵⁹. Failure to comply could result in fines, exclusion from public procurement processes, public funding, and prohibition from dealing in the EU in these items ⁶⁰. The Corporate Sustainability Reporting Directive (CSRD) rules, which expand the number of companies required to publicly report sustainability-related information, will apply to Bunge for annual periods beginning on January 1, 2027 ⁶¹. The California Climate Accountability Package requires public disclosure of Scope 1 and Scope 2 GHG emissions beginning in 2026 and Scope 3 GHG emissions in 2027 for companies with annual revenue over $1 billion doing business in California, which the company believes is currently applicable to it ⁶².

The company faces material risks from adverse weather conditions, including those resulting from climate change, which can affect the availability, quality, and price of agricultural commodities, as well as operations and supply chains. The ongoing war between Russia and Ukraine poses risks of property damage, inventory loss, business disruption, and expropriation to the company's Ukrainian operations, which include four oilseed crushing facilities, two export terminals, and numerous grain elevators and offices. Total assets and liabilities associated with Ukrainian subsidiaries each comprise less than 2% of consolidated totals as of December 31, 2025 ⁶³. Fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of the company's control, such as farmer planting decisions, government policies, and global inventory levels, could adversely affect operating results. Intense competition in each business segment, including from increased oilseed processing and refining capacity by competitors and traditional petroleum companies entering renewable biodiesel feedstock markets, could lead to market share loss, increased costs, or reduced pricing. The company is vulnerable to supply and demand imbalances, which can negatively impact product prices and operating results, particularly if it cannot efficiently manage available capacity. Global and regional economic downturns, including inflation and recessionary conditions, can reduce demand for agricultural commodities and food products. Economic, political, and other risks of doing business globally and in emerging markets, such as adverse trade policies, inflation, exchange controls, and political instability, can significantly impact operations. Government policies and regulations affecting the agricultural sector, including taxes, tariffs, subsidies, and biofuels mandates, can influence industry profitability and trade flows. The company may not realize the anticipated benefits of acquisitions, divestitures, or joint ventures, and these activities may involve unanticipated delays, costs, and other problems. Food and feed industry risks, such as spoilage, contamination, product liability claims, and shifts in consumer preferences, could adversely affect reputation and financial results. Non-compliance with numerous global laws and regulations, including environmental, health, safety, and trade compliance, could result in substantial fines, sanctions, and reputational damage. The company is exposed to credit and counterparty risk, particularly from advances to farmers in Brazil, with approximately $835 million in outstanding prepaid commodity purchase contracts and advances to farmers as of December 31, 2025 ⁶⁴. As a capital-intensive business, the company depends on cash flow from operations and external financing, and increased debt levels, such as the $14.051 billion total debt at December 31, 2025 ⁶⁵, could limit additional financing and flexibility. Risk management strategies, including hedging, may not always be effective in minimizing exposure to market fluctuations. The loss of, or disruption in, manufacturing and distribution operations or information technology systems due to industrial accidents, natural disasters, or cybersecurity incidents, could adversely affect the business. Changes in tax laws or exposure to additional tax liabilities, including those from the OECD BEPS initiative, could materially impact financial condition. Dependence on a wide array of third parties for supply chain operations exposes the company to risks of non-performance. Public health crises, pandemics, and epidemics could adversely affect business, financial condition, and results of operations. The company's success depends on its executive management and other key personnel, and the loss of such individuals could significantly impact operations and profitability. Following the Viterra Acquisition, the market price for registered shares may be affected by new factors, and the integration process could result in loss of key staff, business disruption, or higher than expected costs. Certain shareholders, including Glencore PLC, Canada Pension Plan Investments, and British Columbia Investment Management Corporation, collectively representing approximately 34% of outstanding registered shares as of December 31, 2025 ⁶⁶, can influence the composition of the Board and corporate actions. The rights of shareholders are governed by Swiss law, which differs from other jurisdictions and may limit flexibility in capital management and dividend distributions, potentially subjecting shareholders to Swiss withholding tax. Anti-takeover provisions in the Articles of Association may discourage a change of control.

Management's message to shareholders emphasizes Bunge Global SA's position as a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed, and fuel to the world. The company highlights its dedicated employees, integrated operations, and global footprint as key strengths in navigating market complexities and serving customers. Management explicitly states its intention to make capital expenditures in the range of $1.5 billion to $1.7 billion in 2026 ⁶⁷, with priorities focused on maintaining cash-generating capacity through non-discretionary projects and making discretionary investments in growth and productivity. The three strategic priorities emphasized for the period ahead are to strengthen the oilseeds platform, increase participation in biofuels and plant-based proteins, and grow the value-added oils business ⁶⁸. These investments are also intended to help achieve environmental and sustainability objectives.