Bunge Reports Second Quarter 2025 Results

ST. LOUIS--(BUSINESS WIRE)--Jul 30, 2025--

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/

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.”

Reportable Segments

Agribusiness

Processing (2)

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

Merchandising (2)

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

Refined & Specialty Oils Summary

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

Milling

Milling Summary

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

Corporate and Other (6)

Corporate

Other

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

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.

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.

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.

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.

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.

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 forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.

You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025.

Certain gains and (charges), quarter-to-date

The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the three month periods ended June 30, 2025 and 2024.

Reportable Segments

Milling

EBIT for the three months ended June 30, 2025 included a $155 million gain on sale from the disposition of our corn milling business in North America, recorded in Other income (expense) - net.

Corporate and Other

The following is a summary of acquisition and integration costs related to the consummated business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).

Certain gains and (charges), year-to-date

The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the six month periods ended June 30, 2025 and 2024.

Reportable Segments

Milling

EBIT for the six months ended June 30, 2025 included a $155 million gain on sale from the disposition of our corn milling business in North America, recorded in Other income (expense) - net.

Corporate and Other

The following is a summary of acquisition and integration costs related to the consummated business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).

This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures below. These measures may not be comparable to similarly titled measures used by other companies.

Total EBIT and Adjusted Total EBIT

Bunge uses earnings before interest and tax ("EBIT”) to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests. Bunge also uses Segment EBIT, Corporate and Other EBIT and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling segments. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge’s reportable segments, together with its Corporate and Other activities.

Adjusted Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, from Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively.

Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge's management believes these non-GAAP measures are a useful measure of its operating profitability, since the measures allow for an evaluation of performance without regard to financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge's industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP.

Net Income (loss) attributable to Bunge to Adjusted Net Income (loss) attributable to Bunge

Adjusted Net Income (loss) excludes temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. It should not be considered as an alternative to Net Income (loss) attributable to Bunge, Net Income (loss), or any other measure of consolidated operating results under U.S. GAAP. Bunge's management believes Adjusted Net income (loss) is a useful measure of the Company's profitability.

We also have presented projected Adjusted Net income per share for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2025, the most directly comparable U.S. GAAP measure. The most directly comparable GAAP measure has not been provided due to the inability to quantify certain amounts necessary for such reconciliation, including but not limited to potentially significant future market price movements over the remainder of the year.

Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT:

Below is a reconciliation of Net income (loss) attributable to Bunge, to Adjusted Net income (loss) attributable to Bunge:

Adjusted Funds From Operations

Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Adjusted FFO is a non-GAAP financial measure and is not intended to replace Cash provided by (used for) operating activities, the most directly comparable U.S. GAAP financial measure. Bunge's management believes the presentation of this measure allows investors to view its cash generating performance using the same measure that management uses in evaluating financial and business performance and trends without regard to foreign exchange gains and losses, working capital changes and mark-to-market timing differences. This non-GAAP measure is not a measure of consolidated cash flow under U.S. GAAP and should not be considered as an alternative to Cash provided by (used for) operating activities, Net increase (decrease) in cash and cash equivalents, and restricted cash, or any other measure of consolidated cash flow under U.S. GAAP.

 

Bunge Reports Second Quarter 2025 Results

The U.N. Security Council scheduled an emergency meeting Thursday to discuss Iran's deadly protests at the request of the United States, even as President Donald Trump left unclear what actions he would take against the Islamic Republic.

Tehran appeared to make conciliatory statements in an effort to defuse the situation after Trump threatened to take action to stop further killing of protesters, including the execution of anyone detained in Tehran’s bloody crackdown on nationwide protests.

White House press secretary Karoline Leavitt said, “All options remain on the table for the president.”

Iran’s crackdown on the demonstrations has killed at least 2,615, the U.S.-based Human Rights Activists News Agency reported. The death toll exceeds any other round of protest or unrest in Iran in decades and recalls the chaos surrounding the country’s 1979 Islamic Revolution.

The sound of gunfire faded Thursday in the capital, Tehran. The country closed its airspace to commercial flights for hours without explanation early Thursday and some personnel at a key U.S. military base in Qatar were advised to evacuate. The U.S. Embassy in Kuwait also ordered its personnel to “temporary halt” travel to the multiple military bases in the small Gulf Arab country.

Here is the latest:

White House press secretary Karoline Leavitt said that U.S. President Donald Trump and his team had communicated to Iranian officials that there would be “grave consequences” if killing continues against protesters in Iran.

“The president understands today that 800 executions that were scheduled and supposed to take place yesterday, were halted,” she said.

But Trump continues closely watching the situation, she said.

“All options remain on the table for the president,” Leavitt said.

Abdul Malik al-Houthi, leader of the Iran-backed Yemeni rebel group, said on Thursday that “criminal gangs” were responsible for the situation in Iran, accusing them of carrying out an “American-Israeli” scheme.

“Criminal gangs in Iran killed Iranian citizens, security forces and burned mosques,” he said without providing evidence. “What’s being committed by criminal gangs in Iran is horrific, bearing an American stamp as it includes slaughter and burning some people alive.”

He also said that the U.S. imposed economic sanctions on Iran to create a crisis leading to the current issues in the country with the end goal of controlling Iran.

Yet he said the U.S. has “failed in Iran” and that Iranians “will not yield to America.”

The president of the European Union’s executive arm says the 27-member bloc is looking to strengthen sanctions against Iran as ordinary Iranians continue their protests against Iran’s theocratic government.

Commission President Ursula von der Leyen said Thursday following a meeting of the EU’s commissioners in Limassol, Cyprus that current sanctions against Iran are “weakening the regime.”

Von der Leyen said that the EU is looking to sanction individual Iranians —apart from those who belong to Iran’s Islamic Revolutionary Guard — who “are responsible for the atrocities.”

She added that the people of Iran who are “bravely fighting for a change” have the EU’s “full political support.”

Canada’s foreign minister says a Canadian citizen has died in Iran “at the hands of the Iranian authorities.”

“Peaceful protests by the Iranian people — asking that their voices be heard in the face of the Iranian regime’s repression and ongoing human rights violations — has led the regime to flagrantly disregard human life,” Canadian Foreign Affairs Minister Anita Anand posted on social media Thursday.

“This violence must end. Canada condemns and calls for an immediate end to the Iranian regime’s violence,” she added.

Anand said consular officials are in contact with the victim’s family in Canada. She did not provide details.

The International Federation of Red Cross and Red Crescent Societies announced Thursday that a local staff member was killed and several others were wounded during the deadly protests in Iran over the weekend.

Amir Ali Latifi, an Iranian Red Crescent Society worker, was working in the country’s Gillan province on Jan. 10 when he was killed “in the line of duty,” the organization said in a statement.

“The IFRC is deeply concerned about the consequences of the ongoing unrest on the people of Iran and is closely monitoring the situation in coordination with the Iranian Red Crescent Society,” the statement continued.

U.S. President Donald Trump has hailed as “good news” reports that the death sentence has been lifted for an Iranian shopkeeper arrested in a violent crackdown on protests.

Relatives of 26-year-old Erfan Soltani had said he faced imminent execution.

Trump posed Thursday on his Truth Social site: “FoxNews: ‘Iranian protester will no longer be sentenced to death after President Trump’s warnings. Likewise others.’ This is good news. Hopefully, it will continue!”

Iranian state media denied Soltani had been condemned to death. Iranian judicial authorities said Soltani was being held in a detention facility outside of the capital. Alongside other protesters, he has been accused of “propaganda activities against the regime,” state media said.

Trump sent tensions soaring this week by pledging that “help is on its way” to Iranian protesters and urging them to continue demonstrating against authorities in the Islamic Republic.

On Wednesday Trump signaled a possible de-escalation, saying he had been told that “the killing in Iran is stopping.”

In a joint statement, the foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union’s main foreign policy chief said the G7 members were “gravely concerned” by the developments surrounding the protests, and that they “strongly oppose the intensification of the Iranian authorities’ brutal repression of the Iranian people.”

The statement, published on the EU’s website Thursday, said the G7 were “deeply alarmed at the high level of reported deaths and injuries” and condemned “the deliberate use of violence” by Iranian security forces against protesters.

The G7 members “remain prepared to impose additional restrictive measures if Iran continues to crack down on protests and dissent in violation of international human rights obligations,” the statement said.

China’s Foreign Minister Wang Yi has spoken with his counterpart in Iran, who said the situation was “now stable,” China’s Ministry of Foreign Affairs said.

Abbas Araghchi said “he hoped China will play a greater role in regional peace and stability” during the talks, according to the statement from the ministry.

“China opposes imposing its will on other countries, and opposes a return to the ‘law of the jungle’,” Wang said.

“China believes that the Iranian government and people will unite, overcome difficulties, maintain national stability, and safeguard their legitimate rights and interests,” he added. “China hopes all parties will cherish peace, exercise restraint, and resolve differences through dialogue. China is willing to play a constructive role in this regard.”

“We are against military intervention in Iran,” Turkish Foreign Minister Hakan Fidan told journalists in Istanbul on Thursday. “Iran must address its own internal problems… They must address their problems with the region and in global terms through diplomacy so that certain structural problems that cause economic problems can be addressed.”

Ankara and Tehran enjoy warm relations despite often holding divergent interests in the region.

Fidan said the unrest in Iran was rooted in economic conditions caused by sanctions, rather than ideological opposition to the government.

Iranians have been largely absent from an annual pilgrimage to Baghdad, Iraq, to commemorate the death of Imam Musa al-Kadhim, one of the twelve Shiite imams.

Many Iranian pilgrims typically make the journey every year for the annual religious rituals.

Streets across Baghdad were crowded with pilgrims Thursday. Most had arrived on foot from central and southern provinces of Iraq, heading toward the shrine of Imam al-Kadhim in the Kadhimiya district in northern Baghdad,

Adel Zaidan, who owns a hotel near the shrine, said the number of Iranian visitors this year compared to previous years was very small. Other residents agreed.

“This visit is different from previous ones. It lacks the large numbers of Iranian pilgrims, especially in terms of providing food and accommodation,” said Haider Al-Obaidi.

Europe’s largest airline group said Thursday it would halt night flights to and from Tel Aviv and Jordan's capital Amman for five days, citing security concerns as fears grow that unrest in Iran could spiral into wider regional violence.

Lufthansa — which operates Swiss, Austrian Airlines, Brussels Airlines and Eurowings — said flights would run only during daytime hours from Thursday through Monday “due to the current situation in the Middle East.” It said the change would ensure its staff — which includes unionized cabin crews and pilots -- would not be required to stay overnight in the region.

The airline group also said its planes would bypass Iranian and Iraqi airspace, key corridors for air travel between the Middle East and Asia.

Iran closed its airspace to commercial flights for several hours early Thursday without explanation.

A spokesperson for Israel’s Airport Authority, which oversees Tel Aviv’s Ben Gurion Airport, said the airport was operating as usual.

Iranian state media has denied claims that a young man arrested during Iran’s recent protests was condemned to death. The statement from Iran’s judicial authorities on Thursday contradicted what it said were “opposition media abroad” which claimed the young man had been quickly sentenced to death during a violent crackdown on anti-government protests in the country.

State television didn’t immediately give any details beyond his name, Erfan Soltani. Iranian judicial authorities said Soltani was being held in a detention facility outside of the capital. Alongside other protesters, he has been accused of “propaganda activities against the regime,” state media said.

New Zealand’s Foreign Minister Winston Peters said Thursday that his government was “appalled by the escalation of violence and repression” in Iran.

“We condemn the brutal crackdown being carried out by Iran’s security forces, including the killing of protesters,” Peters posted on X.

“Iranians have the right to peaceful protest, freedom of expression, and access to information – and that right is currently being brutally repressed,” he said.

Peters said his government had expressed serious concerns to the Iranian Embassy in Wellington.

Women cross an intersection in downtown Tehran, Iran, Thursday, Jan. 15, 2026. (AP Photo/Vahid Salemi)

A demonstrator lights a cigarette with a burning poster depicting Supreme Leader Ayatollah Ali Khamenei during a rally in support of Iran's anti-government protests, in Holon, Israel, Wednesday, Jan. 14, 2026. (AP Photo/Ohad Zwigenberg)

Protesters participate in a demonstration in support of the nationwide mass protests in Iran against the government, in Berlin, Germany, Wednesday, Jan. 14, 2026. (AP Photo/Ebrahim Noroozi)

Protesters participate in a demonstration in support of the nationwide mass protests in Iran against the government, in Berlin, Germany, Wednesday, Jan. 14, 2026. (AP Photo/Ebrahim Noroozi)