Bunge Global SA Q2 FY2025 earnings call

• Completed combination with Viterra earlier this month, creating a premier agribusiness solutions company. Teams are moving to identify cost savings and commercial opportunities, including logistical and transportation efficiencies. • Successfully navigated complex period, delivering better-than-expected second quarter results, driven by processing in South America. • Announced completion of sale of U.S. corn milling to simplify business along global value chains.

In Processing, higher results in South America (Brazil and Argentina) due to large soybean crops and slow farmer selling; higher in Asia but lower in Europe and North America. In Merchandising, improved performance in Global Grains and Oils offset by lower results in Financial Services and ocean freight; Refined and Specialty Oils were down in all regions reflecting balanced global supply and demand and U.S. biofuel policy uncertainty. In Milling, higher results in North America but lower in South America. Corporate and Other saw a decrease in corporate expenses primarily from performance-based compensation.

• Maintains full year 2025 adjusted EPS outlook of approximately $7.75, excluding second half earnings from corn milling sale and Viterra impact. • Agribusiness full year results forecast higher than previous but down year-over-year. • Refined and Specialty Oils full year results expected down from previous outlook. • Milling full year results expected down from previous outlook due to corn milling sale but in line with last year. • Corporate and Other full year results in line with previous outlook but favorable to last year.

• Uncertainty in U.S. biofuel policy negatively impacting Refined and Specialty Oils. • Market volatility and macroeconomic factors posing risks to various segments' performance.

Q: Just asking about the soy crush performance throughout the quarter and SREs.

A: Q2 outperformance in second half June, driven by rising veg oil values and lower bean costs. South America and North America processing margins strong. Q3 margins improved but unclear due to soft bio demand; Q4 and back above baseline. On SREs, administration supportive, decision expected in August or September.

Q: Asking about combined company guidance and Viterra.

A: Viterra has great team and platform, strategic rationale still in place. Combined business expected to have higher lows in tough cycles and higher highs in better cycles. Hyper focused on synergies.

Q: Asking about back half outlook and oil piece.

A: Second half processing stronger in Q4, but merchandising challenging. RSO impacted by lower energy demand and customer spot behavior; expected to improve in second half.

Q: Asking about organic investments.

A: Morristown moving well, expected to go live in October. Destrehan crush expansion and barge unloading project moving along; Weston plant in Europe delayed to early 2027.

Q: Asking about mill side and RVO.

A: Demand for soybean meal good in animal protein; North America has added export capabilities. RVO constructive, B15 coming in Brazil.

Q: Asking about global trade and commercial synergies.

A: China's actions logical for food security; commercial synergies expected, teams working collaboratively, though time needed for execution.

Q: Asking about shareholder returns and RVO.

A: $800 million left in $2 billion buyback commitment; RVO rules beneficial for domestic soybean oil as it incentivizes domestic production and use.