Bunge Global SA Q4 FY2025 earnings call

• Integration of Viterra: Completed Viterra combination with strong integration, aligned culture, and enhanced end-to-end value chain, unlocking synergies in origination, merchandising, processing, and distribution. • Operating Performance: Fourth quarter had higher results in all segments due to strong execution and expanded footprint, with complex external environment including geopolitical tensions, trade flows, and biofuel policy uncertainty. • Capital Allocation: Generated ~$1.7 billion adjusted funds from operations, allocated $485 million to sustaining CapEx, paid $459 million in dividends, invested $1.2 billion in growth CapEx, and repurchased shares.

In the Soybean Processing and Refining segment, slightly higher results were primarily driven by South America with higher processing and refining in Argentina and Brazil. Higher process volumes were due to expanded production capacity in Argentina, and higher merchandise volumes from expanded soybean origination footprint. The Softseed Processing and Refining segment saw higher results from better average processing margins and addition of Viterra's assets. Higher process volumes in Argentina, Canada, and Europe; higher merchandise volumes from expanded soft seeds origination footprint. The Other Oilseeds Processing and Refining segment had improved results from stronger specialty oils performance in Asia and North America, and higher global oils merchandising activity. The Grain Merchandising and Milling segment had higher results from global wheat and barley, and wheat milling, partially offset by lower global corn and ocean freight. Higher volumes were from expanded grain handling footprint and large global green crops.

• Full-year 2026 adjusted EPS expected in range of $7.5 to $8. • Adjusted annual effective tax rate 23%-27%, net interest expense $575M-$620M, capital expenditures $1.5B-$1.7B, depreciation and amortization ~$975M. • Forward-looking based on current margin and macro environment, with uncertainty around U.S. biofuel policy.

• Geopolitical tensions, evolving trade flows, and uncertainty around biofuel policy, particularly in the U.S. • Impact of weather events or other global disruptions on operations.

Q: Tom Palmer with JPMorgan asked to what extent RVO might be reflected in the curve today and impact on crush margins.

A: Greg and John discussed RVO uncertainty and current crush margin trends, noting RVO finalization timing is uncertain and affects curve reflection.

Q: Heather Jones with Heather Jones Research clarified guidance basis.

A: Greg and John explained guidance is based on current forward curves with consistency, noting uncertainty around RVO finalization.

Q: Andrew Strelzik with BMO asked about Viterra operations comparison and synergy phasing.

A: Greg and John discussed Viterra integration similarities to prior Bunge integration, and synergy expectations for 2026 with $190M in realized synergies.

Q: Salvator Tiano with Bank of America asked about guidance year-over-year comparison and cadence.

A: John explained guidance factors including full-year Viterra impact and business segment performance, and cadence breakdown.

Q: Benjamin M. Theurer with Barclays asked about grain handling conditions and CapEx return.

A: Greg and John discussed grain handling business development and CapEx plans with mega projects and growth investments.

Q: Stephen Haynes with Morgan Stanley asked about segment-wise EBIT breakdown.

A: John provided a rough breakdown of EBIT across segments.

Q: Derrick Whitfield with Texas Capital asked about RVO volumes and SAF market opportunity.

A: John discussed RVO volume expectations and SAF market potential, noting no meaningful SAF impact in 2026 guidance.

Q: Matthew Blair with TPH asked about guidance range determination.

A: Greg and John explained guidance range based on market demand, execution, and cost synergies.

Q: Manav Gupta with UBS asked about buyback trends and street guidance discrepancy.

A: John discussed buyback plans and Greg explained street guidance discrepancy due to timing and market factors.

Q: Pohren Sharma with Stephens Inc. asked about commercial synergy opportunities.

A: Greg discussed opportunities like increased direct farmer purchases, optimized footprint, and expanded market connections.