ST. LOUIS--(BUSINESS WIRE)--Feb 4, 2026--
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Greg Heckman, Bunge’s Chief Executive Officer said, “2025 was a year of significant achievement for Bunge. We completed our transformational combination with Viterra, advanced major growth projects across our global network while successfully navigating evolving markets and geopolitical uncertainty. I’m incredibly proud of how our team executed, integrating two world-class organizations, aligning on our operating model, and beginning to capture operational and commercial synergies.”
“While forward visibility remains limited amid dynamic market conditions, our expanded capabilities, more balanced global footprint and diversified value chains give us the tools to better adapt, manage risk, and continue connecting farmers to global demand for food, feed and fuel in any environment. We look forward to sharing more details on our long-term outlook, synergy capture, and capital allocation priorities at our Investor Day on March 10.”
Reportable Segments
Soybean Processing and Refining
Slightly higher segment results were primarily driven by South America, reflecting higher processing and refining results in Argentina and Brazil. In the destination value chain, lower processing results in Europe and origination in the Americas were partially offset by improved results in Asia. Results in North America were lower in both processing and refining.
Higher processed volumes were largely attributable to the combined company’s expanded production capacity in Argentina. Higher merchandised volumes reflected the combined company’s expanded soybean origination footprint.
Softseed Processing and Refining
Higher segment results were primarily driven by higher average processing margins and the addition of Viterra's softseed assets and capabilities. In North America, higher processing results were partially offset by slightly lower results in refining. In Europe, results were higher in processing and biodiesel, but lower in refining. In Argentina, results were higher in processing and modestly higher in refining. Results from global softseeds and global oils merchandising activities also increased, reflecting strong execution.
Higher softseed processed volumes primarily reflected the combined company’s increased production capacity in Argentina, Canada, and Europe. Higher merchandised volumes were driven by the company's expanded softseeds origination footprint.
Other Oilseeds Processing and Refining
Higher segment results reflected stronger specialty oils performances in Asia and North America, along with higher global oils merchandising activity. Results in Europe were in line with the prior year.
Grain Merchandising and Milling
Higher segment results were primarily driven by global wheat and barley merchandising and wheat milling, partially offset by lower global corn merchandising and ocean freight. Higher volumes primarily reflected the company’s expanded grain‑handling footprint and capabilities, along with large global grain crops. Prior year results included corn milling, which was divested in 2025.
Corporate and Other
Corporate
Other
The increase in Corporate expenses was primarily driven by the addition of Viterra. Higher Other results primarily reflected the company's captive insurance program, partially offset by $10 million of prior year income from the sugar and bioenergy joint venture that was divested in the fourth quarter of 2024.
Cash Flow
Cash provided by operations during the year was $844 million compared to $1,900 million in the prior year. The reduction of cash provided by operating activities was primarily driven by lower reported net income and net changes in working capital. Adjusted funds from operations (FFO) was $1,733 million compared to $1,682 million in the prior year. (3)
Income Taxes
The decrease in income tax expense for both the quarter and full year was primarily due to lower pre-tax income and a net benefit on various outstanding tax matters. Adjusting for notable items and mark-to-market timing differences, the full year adjusted effective income tax rate was approximately 23% for both the current and prior year. (4)
Taking into account the current margin and macro environment and forward curves, Bunge expects full-year 2026 adjusted EPS in the range of $7.50 to $8.00.
The Company expects the following for 2026: an adjusted annual effective tax rate in the range of 23% to 27%; net interest expense in the range of $575 to $625 million; capital expenditures in the range of $1.5 to $1.7 billion; and depreciation and amortization of approximately $975 million.
Bunge Global SA’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, February 4, 2026, 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 “Q4 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 February 4, 2026, continuing through March 4, 2026. To access it, please dial 1-855-669-9658 in the United States and Canada, or 1-412-317-0088 in other locations. When prompted, enter confirmation code 5392465.
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, as well as other risks and uncertainties set forth from time to time in reports subsequently filed with the SEC.
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 quarters ended December 31, 2025 and 2024.
Reportable Segments
Soybean Processing and Refining
EBIT for the quarter ended December 31, 2025 included a $15 million reserve for expected credit losses, in Other income (expense) - net, related to certain loan guarantees for a minority investment in South America.
EBIT for the quarter ended December 31, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
Softseed Processing and Refining
EBIT for the quarter ended December 31, 2024 included $1 million in insurance recoveries, in Cost of goods sold, related to certain previously damaged property as a result of the Ukraine-Russia war.
Grain Merchandising and Milling
EBIT for the quarter ended December 31, 2025 included $7 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
EBIT for the quarter ended December 31, 2024 included $5 million in insurance recoveries, in Cost of goods sold, related to certain previously damaged property as a result of the Ukraine-Russia war.
Corporate and Other
EBIT for the quarter ended December 31, 2025 included a $118 million loss related to the settlement of one of the Company’s US defined benefit pension plans, recorded in Other income (expense) - net.
The following is a summary of acquisition and integration costs related to the completed business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
EBIT for the quarter ended December 31, 2025 included a $30 million impairment charge, in Other income (expense) - net, related to certain long-term investments held in Other non-current assets.
EBIT for the quarter ended December 31, 2024 included a $195 million gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other income (expense) - net.
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 years ended December 31, 2025 and 2024.
Reportable Segments
Soybean Processing and Refining
EBIT for the year ended December 31, 2025 included a $15 million reserve for expected credit losses, in Other income (expense) - net, related to certain loan guarantees for a minority investment in South America.
EBIT for the year ended December 31, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
EBIT for the year ended December 31, 2024 included a $19 million impairment charge, in Income (loss) from affiliates, related to a minority investment in North America.
Softseed Processing and Refining
EBIT for the year ended December 31, 2024 included $1 million in insurance recoveries, in Cost of goods sold, related to certain previously damaged property as a result of the Ukraine-Russia war.
Other Oilseeds Processing and Refining
EBIT for year ended December 31, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
Grain Merchandising and Milling
EBIT for the year ended December 31, 2025 also included a $155 million gain on sale from the disposition of our corn milling business in North America, recorded in Other income (expense) - net.
EBIT for the year ended December 31, 2025 included $13 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
EBIT for the year ended December 31, 2024 included $5 million in insurance recoveries, in Cost of goods sold, related to certain previously damaged property as a result of the Ukraine-Russia war.
Corporate and Other
The following is a summary of acquisition and integration costs related to the completed business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
EBIT for the year ended December 31, 2025 included a $118 million loss related to the settlement of one of the Company’s US defined benefit pension plans, recorded in Other income (expense) - net.
EBIT for the year ended December 31, 2025 included a $30 million impairment charge, in Other income (expense) - net, related to certain long-term investments held in Other non-current assets.
EBIT for the year ended December 31, 2024 included a $195 million gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other income (expense) - net.
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 and EBIT attributable to discontinued operations. 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 Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable 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 2 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) from continuing operations attributable to Bunge
Adjusted Net Income (loss) from continuing operations excludes temporary mark-to-market timing differences, as defined in note 2 below, and certain gains and (charges), as described in "Additional Financial Information" above, and Income (loss) from discontinued operations, net of tax 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) from continuing operations is a useful measure of the Company's profitability.
We also have presented projected Adjusted Net income per share from continuing operations for 2026. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2026, 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 in 2026, and Bunge believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from projected Adjusted Net income per share from continuing operations for full-year 2026.
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) from continuing operations 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.
Adjusted Effective Income Tax Rate
Adjusted effective income tax rate is calculated by adding or deducting from effective income tax rate the income tax effect of the non-GAAP adjustments made to Net income (loss) attributable to Bunge used to calculate Adjusted net income (loss) from continuing operations attributable to Bunge; see “Net income (loss) attributable to Bunge to Adjusted Net Income (loss) from continuing operations attributable to Bunge” above. These non-GAAP adjustments are presented on a pre-tax basis. Adjusted effective income tax rate is a non-GAAP financial measure and is not intended to replace effective income tax rate, the most directly comparable U.S. GAAP financial measure. Bunge's management believes that presenting the Adjusted effective income tax rate allows investors to consider the effective income tax rate associated with Bunge’s core operations. We have also presented projected adjusted effective income tax rate for 2026. This information is provided without reconciliation to projected effective income tax rate for 2026, the most directly comparable U.S. GAAP measure, due to the inability to quantify the amounts necessary to calculate projected net income per share, as described above, and Bunge believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. These amounts could result in significant adjustments from projected effective income tax rate for 2026.
Bunge Global SA (NYSE: BG) today reported fourth quarter and full-year 2025 results.
