Bunge Global SA Q4 FY2024 earnings call

• Teamwork and cross-functional collaboration in handling large initiatives like the Viterra combination, CJ Selecta acquisition, and partnership for lower carbon intensity feedstocks development. - Completion of the sugar and bioenergy joint venture sale in Brazil, enabling expansion of share repurchases. - Operating conditions in South America were challenging in Q4 but stabilizing and expected to improve. - Upcoming closure of a partnership to develop new opportunities for lower carbon intensity feedstocks in Europe. - Return of capital to shareholders through $1.1 billion in share repurchases in 2024 and regular dividends.

Processing: Strong results in Europe and Asia offset by lower results in North America, South America, and European softseeds. Merchandising: Higher results driven by improved performance in Finance Services, Freight, and Global Grains, offsetting lower results in Global Refined and Specialty Oils. Milling: Higher results in North America offset by lower results in South America. Corporate and other: Increase in corporate expenses due to lower performance-based compensation and project-related expenses. Revenue contributions were detailed in the financial breakdown, with each segment's performance impacting overall results.

• Expect full-year 2025 adjusted EPS to be approximately $7.75, excluding impact of announced acquisitions. - Agribusiness full-year results forecasted down from 2024, with processing down in South America but offset by North American and European softseeds; merchandising slightly down; Specialty Oils down due to balanced supply and demand. - 2025 outlook includes adjusted annual effective tax rate 21%-25%, interest expense $250M-$280M, CapEx $1.5B-$1.7B, depreciation/amortization ~$490M. The forecast also accounts for global market conditions and macro environment factors.

• Geopolitical uncertainty impacting forward visibility. - Challenges in the South America market environment affecting industry margins. - Uncertainty related to U.S. biofuel policy impacting North American margins. - Regulatory process uncertainties for acquisitions in China, Europe, etc.

Q: About 2025 guidance conservatism and accounting for 45Z policy uncertainty.

A: Greg and John discussed factors like global oil supply/demand, South America improvements, and lower margins in NA and Europe, factoring in policy uncertainty.

Q: On Viterra acquisition regulatory process and China discussions.

A: Greg mentioned productive discussions with Chinese authorities, working through regulatory processes.

Q: On Viterra integration and guidance update.

A: John said plan to update on Q1 call after close, focusing on integration and commercial team collaboration.