Bunge Global 2025-26: Viterra Closed, FY26 EPS $7.50-$8.00
FY25 revenue $70.33B (+32%); op income $1.30B (-20%); NI $816M (-28%); EPS $4.91. Viterra combination completed Q3. Adj EPS $7.30-$7.60 FY25 guide (Q3 narrowed). Adj funds from operations ~$1.7B FY25; $485M sustaining capex; $459M dividends; $1.2B growth capex; $551M buybacks. FY26 adj EPS $7.50-$8.00; capex $1.5-$1.7B; net interest $575-$620M.
Key takeaways
- Viterra combination completed Q3. First quarter as combined company. End-to-end value chain operating model. Aligned culture + One Bunge integration. Synergies in origination + merchandising + processing + distribution unlocking.
- FY26 adj EPS $7.50-$8.00. Sequential improvement from FY25 $7.30-$7.60 range. Full-year benefit of Viterra integration + commercial synergies + margin recovery in soybean + softseed processing.
- Capex stepped up to $1.5-$1.7B FY26. Growth capex investing in expanded production capacity (Argentina) + softseed footprint (Argentina + Canada + Europe) + grain handling. Sustaining capex $485M FY25.
- Soybean Processing + Refining performance broad-based. Q4 results higher in all regions. Higher process volumes + margins. Brazil + Argentina production capacity expanded. Argentina + Canada + Europe softseed processing.
- U.S. biofuel policy uncertainty the persistent overhang. Q4 + earlier quarters flagged biofuel policy + trade flows as macro headwinds. Refined & Specialty Oils softer than initial outlook on U.S. policy.
Business
Bunge Global S.A. is the world's largest agribusiness + food / feed processor (post-Viterra merger Q3 2025). Six reportable segments:
- Soybean Processing & Refining (~30% of revenue). Brazil + Argentina + Asia + Europe + N America. South America driving Q4. Higher process volumes + merchandise from expanded footprint.
- Softseed Processing & Refining (~20%). Argentina + Canada + Europe expansion. Viterra's softseed assets added FY25.
- Other Oilseeds Processing & Refining (~10%). Specialty oils Asia + N America. Global oils merchandising.
- Grain Merchandising & Milling (~30%). Wheat + barley + corn + ocean freight + sugar (Viterra). Global wheat + wheat milling drove Q4.
- Refined & Specialty Oils (~5%). U.S. biofuel policy headwind FY25.
- Corporate and Other (~5%). Corn milling divested Q1 + sugar businesses.
Strategic moves FY25:
- Viterra combination completed Q3 (closed earlier; first combined quarter Q3)
- $551M FY25 buybacks
- Sale of European Margarines and Spreads
- Sale of North American corn milling
- Repsol partnership closed
- Novel crops for renewable fuels in Europe announced
- $1.2B growth capex deployed FY25
- $1.7B adj funds from operations FY25
- Sugar business added (via Viterra)
FY25 financial performance
| Metric (FY) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue ($B) | 67.23 | 59.54 | 53.11 | 70.33 |
| Revenue YoY | n/a | -11% | -11% | +32% |
| Op income ($B) | 2.31 | 3.13 | 1.62 | 1.30 |
| Op margin | 3.4% | 5.3% | 3.0% | 1.8% |
| Net income ($B) | 1.61 | 2.24 | 1.14 | 0.82 |
| Diluted EPS ($) | 10.51 | 14.87 | 7.99 | 4.91 |
| Adj EPS ($) | n/a | n/a | ~$7.99 | ~$7.40 |
| FCF ($B) | -6.10 | 2.19 | 0.52 | -0.92 |
| Capex ($B) | -0.56 | -1.12 | -1.38 | -1.72 |
| Total debt ($B) | 5.62 | 5.76 | 7.12 | 16.95 |
| Dividends ($M) | -349 | -383 | -378 | -459 |
| Buyback ($M) | -200 | -600 | -1,100 | -551 |
The earnings progression: revenue +32% FY25 reflects Viterra combination; op income -20% reflects soybean cycle + biofuel policy uncertainty + integration costs. Total debt $16.95B (+138% YoY) reflects Viterra deal funding.
FY25 FCF -$923M (vs +$524M FY24) reflects integration capex + working capital absorption.
Capital allocation
- Capex: $-1.72B FY25 (2.4% of revenue). FY26 $1.5-$1.7B planned.
- Dividends: $-459M FY25 (+21% YoY); paid quarterly.
- Buybacks: $-551M FY25 (-50% YoY but still meaningful).
- M&A: Viterra combination closed; Repsol partnership.
- Divestitures: European Margarines and Spreads; North American corn milling.
- Debt: $16.95B (+$9.83B YoY) — Viterra acquisition funding.
- Adj funds from operations: ~$1.7B FY25.
FY26 outlook (per Q4 2025 call, 2026-02-04)
| FY26 framework | Detail |
|---|---|
| Adjusted EPS | $7.50 to $8.00 |
| Adjusted annual effective tax rate | 23% to 27% |
| Net interest expense | $575M to $620M |
| Capital expenditures | $1.5B to $1.7B |
| Depreciation and amortization | ~$975M |
| Forward outlook | Based on current margin + macro environment |
The +1-9% adj EPS range reflects Viterra synergies + margin recovery vs FY25's challenging year. Bunge's typically conservative FY guide.
Key risks
- U.S. biofuel policy uncertainty. Refined & Specialty Oils business affected. RVO + SRE issues.
- Geopolitical / trade flows. Q4 noted complex external environment with geopolitical tensions + trade flows.
- Argentina / Australia weather / political. Argentina + Australia volatility flagged.
- Viterra integration. Multi-year integration; synergy capture timing.
- Commodity / margin volatility. Agribusiness margins inherently volatile.
- Sugar business profile. Added through Viterra; new segment dynamics.
Bottom line
BG FY25 is the Viterra combination integration year + cyclical reset: revenue +32% on combination, but op income -20% on soybean cycle + biofuel policy. FY26 adj EPS $7.50-$8.00 reflects integration synergies + margin recovery + full-year combined company. Capex $1.5-$1.7B continues investment in expanded footprint. Risks are biofuel policy + geopolitics + Viterra integration + commodity margins. Quality global agribusiness platform mid-Viterra-integration cycle with structural footprint advantage.
Citations
- Bunge Global S.A. FY25 Form 10-K (filed February 2026, SEC EDGAR).
- BG Q4 2025 earnings call, 2026-02-04 — Viterra combination completed; FY26 adj EPS $7.50-$8.00; capex $1.5-$1.7B; ~$1.7B adj funds from operations FY25; $551M buyback.
- BG Q3 2025 earnings call, 2025-11-05 — Viterra first combined quarter; FY25 adj EPS $7.30-$7.60; H2 $4-$4.25; soft Q4 expected on policy uncertainty.
- BG Q2 2025 earnings call, 2025-07-30 — Viterra combination completed Q3; corn milling sold; FY25 adj EPS ~$7.75.
- BG Q1 2025 earnings call, 2025-05-07 — Q1 adj EPS $1.81; CJ Selecta deal terminated; European Margarines + Spreads divested.
- Internal financial_statements view (consolidated annual + cash flow + capital structure).