Bunge Reports Third Quarter 2026 Results
St. Louis, MO - October 29, 2026 - Bunge Global SA (NYSE: BG) today reported third quarter 2026 results.
Q3 GAAP diluted EPS from continuing operations of $1.64 vs. $0.86 in the prior year; $2.56 vs. $2.27 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
Continued strong performance in Soybean and Softseed Processing and Refining segments, driven by solid execution and the increased capabilities of Bunge’s expanded, more connected global network
Advanced key value-creation priorities, including Viterra-related synergies, and following quarter-end, started production at Bunge Chevron Ag Renewables' new oilseed processing line in Destrehan, La.
Greg Heckman, Bunge's Chief Executive Officer, commented: "Our team delivered a strong third quarter, demonstrating disciplined execution and the strength of the resilient, diversified business we’ve built. In a complex environment – marked by geopolitical uncertainty, shifting trade flows and evolving government policy – our global platform positioned us to execute on opportunities while effectively managing risk. At the same time, we continued to advance our key value-creation priorities, including Viterra-related synergies and progressing efforts to bring major growth investments online.”
"Looking ahead, we remain confident about the opportunities in front of us and our team’s ability to successfully address the challenges ahead. The long-term demand drivers for our business remain strong. Our global footprint and diversified value chains position us to continue delivering value for our stakeholders, farmers and customers, across the food, feed and fuel industries in any environment." 1
(a) In the third quarter of 2025, Bunge concluded the sale of Viterra Limited's ("Viterra") business in Hungary, as well as part of Viterra's business in Poland (the "Divested Business"). The Divested Business was classified as discontinued operations during Bunge's period of ownership.
(b) Mark-to-market timing impact of certain commodity, freight, and foreign exchange contracts, readily marketable inventories ("RMI"), and related economic hedges associated with committed future operating capacity and sales. See note 2 in the Additional Financial Information section of this release for details.
(c) Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to Bunge. See Additional Financial Information for details.
(d) Segment earnings before interest and tax ("Segment EBIT"), Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share from continuing operations-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge's website.
(e) Segment EBIT comprises the aggregate EBIT of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments, and excludes Corporate and Other activities.
(f) Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities. 2
North America was the largest contributor to the improved performance, driven by stronger processing results, partially offset by lower refining. In South America, improved performance reflected stronger processing results in Argentina and Brazil, partially offset by lower fertilizer and refining results in both countries. Within the destination value chain, stronger processing results in Europe were partially offset by lower origination in South America and processing results in Asia. Global soybean oil merchandising results were lower than last year.
Lower processing volumes in South America and Asia were partially offset by higher volumes in Europe. Processing volumes in the U.S. were in line with last year. 3
While all regions performed well, North America processing and refining were the primary drivers of the improvement. In Europe, stronger processing results were partially offset by lower refining and biodiesel results. In Argentina, processing and refining results were both lower. Global distribution results declined, partially offset by stronger canola origination in Canada and Australia. Softseed oils merchandising improved compared with last year.
Softseed processing volumes increased across all regions, supported by the more favorable margin environment. 4 Tropical Oils and Specialty Ingredients
Results were lower in North America, Europe and Asia, primarily driven by near- term margin impacts associated with geopolitical trade disruptions, along with commissioning, ramp-up and plant transition costs related to both our tropical oils and soy protein concentrate businesses. Results from global tropical oils merchandising activities were higher than last year. 5
Higher results in global grain merchandising and commercial services were more than offset by lower results in ocean freight, sugar and wheat milling. 6
The decrease in Corporate expenses was primarily driven by performance-based compensation and favorable foreign exchange impacts. Lower Other results were largely related to our captive insurance program. 7
Cash used for operations in the nine months ended September 30, 2026, and September 30, 2025, was $2,302 million and $503 million, respectively. The increase of cash used for operations was primarily driven by net changes in working capital, partially offset by higher net income and higher depreciation as a result of the Viterra transaction. Adjusted funds from operations (FFO) was $2,008 million compared to $1,181 million in the prior year. (3)
For the three months ended September 30, 2026, income tax expense was $168 million compared to $86 million in the prior year. For the nine months ended September 30, 2026, income tax expense was $390 million compared to $290 million in the prior year. The increase for both periods was primarily due to higher pre-tax income in 2026. Adjusting for notable items and mark-to-market timing differences, the quarter-ended adjusted effective income tax rate was approximately 25%. 8
Taking into account third quarter results, the current margin and macro environment and forward curves, Bunge continues to expect full-year 2026 adjusted EPS in the range of $9.25 to $9.75.
• An adjusted annual effective tax rate in the range of 23% to 25% compared to its previous range of 22% to 26%
• Net interest expense in the range of $640 to $670 million compared to its previous range of $620 to $660 million
Bunge Global SA’s management will host a conference call at 8 a.m. Eastern (7 a.m. Central) on Thursday, October 29, 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 “Q3 2026 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 October 29, 2026, continuing through November 29, 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 2757104.
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 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. 10
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 impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;
• the effect of weather conditions and the impact of crop and animal disease on our business;
• the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
• changes in government policies and laws affecting our business, including agricultural, trade, tariff and foreign investment policies, financial markets regulation and environmental, tax and biofuels regulation;
• our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s business combination with Viterra Limited ("Viterra");
• the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
• the effectiveness of our capital allocation plans, funding needs and financing sources;
• operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
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, 2025 filed with the SEC on February 19, 2026, as well as other risks and uncertainties set forth from time to time in reports subsequently filed with the SEC.
Investor Contact: Media Contact: Mark Haden Bunge News Bureau Bunge Global SA Bunge Global SA Mark.Haden@bunge.com 636-359-0797 news@bunge.com
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 three month periods ended September 30, 2026 and 2025.
EB IT for the three months ended September 30, 2026 included $10 million of charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold, primarily related to losses from inventory damage.
EBIT for the three months ended September 30, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
EBIT for the three months ended September 30, 2026 included $82 million of charges related to the announced sale of two sugarcane mills in Brazil, which includes $66 million of impairment charges and $16 million of hedge losses, recorded in Cost of goods sold. EBIT for the three months ended September 30, 2025 included $6 million, in Selling, general and administrative expenses related to the completed business combination with Viterra.
The following is a summary of acquisition and integration costs related to the completed business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).
Net Income for the three months ended September 30, 2026 included $13 million of Income tax expense related to deferred tax valuation allowances resulting from the Ukraine-Russia war. 13
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 nine month periods ended September 30, 2026 and 2025.
EB IT for the nine months ended September 30, 2026 included $10 million of charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold, primarily related to losses from inventory damage.
EB IT for the nine months ended September 30, 2025 included $1 million in Selling, general and administrative expenses related to the completed business combination with Viterra.
EB IT for the nine months ended September 30, 2026 included $82 million of charges related to the announced sale of two sugarcane mills in Brazil, which includes $66 million of impairment charges and $16 million of hedge losses, recorded in Cost of goods sold.
EB IT for the nine months ended September 30, 2026 and 2025 included $13 million and $6 million, respectively, in Selling, general and administrative expenses related to the completed business combination with Viterra.
EBIT for the nine months ended September 30, 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.
The following is a summary of acquisition and integration costs related to the completed business combination with Viterra recorded in the Company's Condensed Consolidated Statements of Income (Loss).
Net Income for the nine months ended September 30, 2026 included $13 million of Income tax expense related to deferred tax valuation allowances resulting from the Ukraine-Russia war. 15
(a) The line items "EBIT attributable to noncontrolling interest" and "Noncontrolling interest share of interest and tax" when combined, represent consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests on a U.S. GAAP basis of presentation.
(US$ in millions) September 30, December 31, Assets 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 524 $ 1,135 Time deposits under trade structured — 208 finance program Trade accounts receivable, 4,137 3,870 net Inventories(a) 16,624 13,198 Assets held for sale 753 191 Other current assets 7,171 5,789 Total current assets 29,209 24,391 Property, plant and 11,942 11,678 equipment, net Operating lease assets 1,616 1,686 Goodwill and other intangible assets, 3,644 3,450 net Investments in affiliates 1,340 1,495 Other non-current assets 1,905 1,828 Total assets $ 49,656 $ 44,528 Liabilities and Equity Short-term debt $ 6,471 $ 3,883 Current portion of 1,331 1,337 long-term debt Letter of credit obligations under trade — 208 structured finance program Trade accounts payable 5,576 4,881 Current operating lease 480 499 obligations Liabilities held for sale 266 61 Other current liabilities 5,311 4,258 Total current liabilities 19,435 15,127 Long-term debt 8,944 8,831 Non-current operating lease 1,048 1,097 obligations Other non-current 2,349 2,051 liabilities Total liabilities 31,776 27,106 Redeemable noncontrolling 78 53 interest Total equity 17,802 17,369 Total liabilities, redeemable $ 49,656 $ 44,528 noncontrolling interest and equity
(a) Includes RMI of $14,696 million and $11,361 million at September 30, 2026 and December 31, 2025, respectively. 17
Nine Months Ended (US$ in millions) September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss)(1) $ 1,129 $ 755 Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: Impairment charges 85 15 Foreign exchange (gain) loss on -87 -251 net debt Depreciation, depletion and 742 477 amortization Share-based compensation 70 54 expense Deferred income tax expense -37 -88 (benefit) (Gain) loss on sale of investments and -6 -155 property, plant and equipment Results from affiliates -40 -16 Dividend return on investment 54 32 Other, net 99 51 Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Trade accounts receivable -209 -35 Inventories -3,559 -799 Secured advances to suppliers -386 -281 Trade accounts payable and accrued 575 -48 liabilities Advances on sales -330 -310 Net unrealized (gain) loss on derivative 41 -125 contracts Margin deposits -379 -28 Recoverable and income taxes, 190 179 net Marketable securities -1 34 Other, net -253 36 Cash provided by (used for) operating -2,302 -503 activities Investing Activities Payments made for capital -1,163 -1,185 expenditures Acquisitions of businesses (net of cash -105 -4,116 acquired) Proceeds from investments 1,596 1,237 Payments for investments -1,155 -2,471 Settlement of net investment -8 -34 hedges Proceeds from disposal of business and 21 946 property, plant and equipment Proceeds from sale of investments in — 100 affiliates Payments for investments in -56 -69 affiliates Other, net 30 68 Cash provided by (used for) investing -840 -5,524 activities Financing Activities Net borrowings (repayments) of 2,579 2,451 short-term debt Net proceeds (repayments) of long-term 468 2,252 debt Repurchases of registered -249 -545 shares Dividends paid to registered -414 -324 shareholders Capital contributions (return of capital) from noncontrolling 118 30 interests, net Sale of redeemable noncontrolling 80 206 interest Acquisition of noncontrolling — -18 interest Other, net -45 -31 Cash provided by (used for) financing 2,537 4,021 activities Effect of exchange rate changes on cash and cash equivalents, 13 3 restricted cash, and cash held for sale Net increase (decrease) in cash and cash equivalents, restricted cash, -592 -2,003 and cash held for sale Cash and cash equivalents, restricted cash, and cash held for sale - 1,166 3,328 beginning of period Cash and cash equivalents, restricted cash, and cash held for sale - $ 574 $ 1,325 end of period
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.
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, Tropical Oils and Specialty Ingredients, 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 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 19 information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from projected Adjusted Net income per share for 2026.
Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT:
20 Below is a reconciliation of Net income (loss) attributable to Bunge, to Adjusted Net income (loss) from continuing operations attributable to Bunge:
(a) There were less than 1 million anti-dilutive outstanding stock options or contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for each of the three and nine months ended September 30, 2026 and 2025.
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 liquidity 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, restricted cash, and cash held for sale, or any other measure of consolidated cash flow under U.S. GAAP. 21
(1) A reconciliation of Net income (loss) attributable to Bunge, to Net income (loss) is as follows:
(2) Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, RMI, and related futures contracts associated with our committed future operating capacity and sales, as well as certain forward foreign exchange contracts. The impact of these mark-to-market timing differences, which is expected to reverse over time due to the forward contracts, RMI, and related futures contracts being part of an economically- hedged position, is not representative of the operating performance of our business.
(3) A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations (FFO) is as follows:
Nine months ended (US$ in millions) September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash provided by (used for) $ -2,302 $ -503 operating activities Foreign exchange gain (loss) on net 87 251 debt Working capital 4,311 1,377 changes Net (income) loss attributable to noncontrolling interests and -65 -34 redeemable noncontrolling interests Mark-to-Market timing difference, -23 90 after tax Adjusted FFO $ 2,008 $ 1,181
(4) We have not presented a comparable U.S. GAAP financial measure for any full- year 2026 outlook financial measures presented on an adjusted, non-GAAP basis because the information necessary for such presentation is unavailable at this time. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from the non-GAAP financial measures presented in this release. Please see “Definition and Reconciliation of Non-GAAP Measures” for more information. 22
Full text with the tables
Bunge Reports Third Quarter 2026 Results
St. Louis, MO - October 29, 2026 - Bunge Global SA (NYSE: BG) today reported
third quarter 2026 results.
•
Q3 GAAP diluted EPS from continuing operations of $1.64 vs. $0.86 in the prior
year; $2.56 vs. $2.27 on an adjusted basis excluding certain gains/charges and
mark-to-market timing differences
•
Continued strong performance in Soybean and Softseed Processing and Refining
segments, driven by solid execution and the increased capabilities of Bunge’s
expanded, more connected global network
•
Advanced key value-creation priorities, including Viterra-related synergies, and
following quarter-end, started production at Bunge Chevron Ag Renewables' new
oilseed processing line in Destrehan, La.
•
Maintaining full-year adjusted EPS outlook range of $9.25 to $9.75
Ø Overview
Greg Heckman, Bunge's Chief Executive Officer, commented: "Our team delivered a
strong third quarter, demonstrating disciplined execution and the strength of
the resilient, diversified business we’ve built. In a complex environment –
marked by geopolitical uncertainty, shifting trade flows and evolving government
policy – our global platform positioned us to execute on opportunities while
effectively managing risk. At the same time, we continued to advance our key
value-creation priorities, including Viterra-related synergies and progressing
efforts to bring major growth investments online.”
"Looking ahead, we remain confident about the opportunities in front of us and
our team’s ability to successfully address the challenges ahead. The long-term
demand drivers for our business remain strong. Our global footprint and
diversified value chains position us to continue delivering value for our
stakeholders, farmers and customers, across the food, feed and fuel industries
in any environment."
1
Ø Financial Highlights
(US$ in
million… Three Nine
except Months Months
per Ended Ended
share September September
data) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income $ 318 $ 166 $ 1,064 $ 721
attribu…
to Bunge
Net
income
per
share $ 1.64 $ 0.86 $ 5.45 $ 4.62
from
continu…
operati…
diluted…
Mark-to…
timing $ 0.28 $ 0.87 $ -0.12 $ 0.57
differe…
Certain
(gains) $ 0.64 $ 0.54 $ 1.05 $ 0.37
&
charges…
Adjusted
Net
income
per
share $ 2.56 $ 2.27 $ 6.38 $ 5.56
from
continu…
operati…
(d)
Segment
EBIT(d) $ 839 $ 671 $ 2,384 $ 1,731
(e)
Mark-to…
timing 66 246 -35 120
differe…
Certain
(gains) 92 7 105 -148
&
charges…
Adjusted
Segment $ 997 $ 924 $ 2,454 $ 1,703
EBIT(d)
Corpora…
and
Other $ -172 $ -268 $ -473 $ -462
EBIT(d)
(f)
Certain
(gains) 21 101 91 171
&
charges…
Adjusted
Corpora…
and $ -151 $ -167 $ -382 $ -291
Other
EBIT(d)
Total $ 667 $ 403 $ 1,911 $ 1,269
EBIT(d)
Mark-to…
timing 66 246 -35 120
differe…
Certain
(gains) 113 108 196 23
&
charges…
Adjusted
Total $ 846 $ 757 $ 2,072 $ 1,412
EBIT(d)
(a) In the third quarter of 2025, Bunge concluded the sale of Viterra Limited's
("Viterra") business in Hungary, as well as part of Viterra's business in Poland
(the "Divested Business"). The Divested Business was classified as discontinued
operations during Bunge's period of ownership.
(b) Mark-to-market timing impact of certain commodity, freight, and foreign
exchange contracts, readily marketable inventories ("RMI"), and related economic
hedges associated with committed future operating capacity and sales. See note 2
in the Additional Financial Information section of this release for details.
(c) Certain (gains) & charges included in Total earnings before interest and tax
("EBIT") and Net income attributable to Bunge. See Additional Financial
Information for details.
(d) Segment earnings before interest and tax ("Segment EBIT"), Adjusted Segment
EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT,
Adjusted Total EBIT, and Adjusted Net income per share from continuing
operations-diluted are non-GAAP financial measures. Reconciliations to the most
directly comparable U.S. GAAP measures are included in the tables attached to
this press release and the accompanying slide presentation posted on Bunge's
website.
(e) Segment EBIT comprises the aggregate EBIT of Bunge’s Soybean Processing and
Refining, Softseed Processing and Refining, Tropical Oils and Specialty
Ingredients, and Grain Merchandising and Milling reportable segments, and
excludes Corporate and Other activities.
(f) Corporate and Other includes salaries and overhead for corporate functions,
including acquisition and integration costs related to the Viterra Acquisition,
that are not allocated to the Company’s individual reporting segments, as well
as certain other activities including Bunge Ventures, the Company's captive
insurance activities, and accounts receivable securitization activities.
2
Ø Third Quarter Results
Reportable Segments
Soybean Processing and Refining
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Volu…
(in
thou…
metr…
tons)
Soyb… 11,745 12,139 34,026 29,553
proc…
Soyb… 5,274 7,246 18,453 13,577
merc…
Refi…
soy 1,051 932 2,841 2,693
oil
prod…
Net $ 11,442 $ 10,857 $ 33,065 $ 25,268
sales
Cost
of $ -10,646 $ -10,3… $ -30,8… $ -23,877
goods
sold
Sell…
gene…
and $ -174 $ -143 $ -481 $ -365
admi…
expe…
Fore…
exch…
gains $ -42 $ -42 $ -142 $ 9
(los…
– net
EBIT
attr…
to $ -31 $ -3 $ -65 $ -13
nonc…
inte…
Other
inco… $ -12 $ 21 $ -15 $ 27
(exp…
- net
Inco…
(los… $ 10 $ 6 $ 15 $ 19
from
affi…
Segm… $ 547 $ 337 $ 1,560 $ 1,068
EBIT
Mark…
timi… 18 141 -173 -45
diff…
Adju…
Segm… $ 565 $ 478 $ 1,387 $ 1,023
EBIT
North America was the largest contributor to the improved performance, driven by
stronger processing results, partially offset by lower refining. In South
America, improved performance reflected stronger processing results in Argentina
and Brazil, partially offset by lower fertilizer and refining results in both
countries. Within the destination value chain, stronger processing results in
Europe were partially offset by lower origination in South America and
processing results in Asia. Global soybean oil merchandising results were lower
than last year.
Lower processing volumes in South America and Asia were partially offset by
higher volumes in Europe. Processing volumes in the U.S. were in line with last
year.
3
Softseed Processing and Refining
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Volu…
(in
thou…
metr…
tons)
Soft… 3,606 3,129 10,377 7,270
proc…
Soft… 743 1,032 3,445 1,142
merc…
Refi…
soft… 872 711 2,619 2,102
oil
prod…
Net $ 4,302 $ 3,661 $ 12,301 $ 6,707
sales
Cost
of $ -3,865 $ -3,372 $ -11,4… $ -6,264
goods
sold
Sell…
gene…
and $ -70 $ -58 $ -194 $ -131
admi…
expe…
Fore…
exch…
gains $ -8 $ 11 $ 40 $ 43
(los…
– net
EBIT
attr…
to $ — $ -1 $ -3 $ -2
nonc…
inte…
Other
inco… $ -4 $ -5 $ -10 $ -10
(exp…
- net
Inco…
(los… $ -2 $ — $ -4 $ -6
from
affi…
Segm… $ 353 $ 236 $ 702 $ 337
EBIT
Mark…
timi… -34 39 67 34
diff…
Cert…
(gai… 10 — 10 —
&
char…
Adju…
Segm… $ 329 $ 275 $ 779 $ 371
EBIT
While all regions performed well, North America processing and refining were the
primary drivers of the improvement. In Europe, stronger processing results were
partially offset by lower refining and biodiesel results. In Argentina,
processing and refining results were both lower. Global distribution results
declined, partially offset by stronger canola origination in Canada and
Australia. Softseed oils merchandising improved compared with last year.
Softseed processing volumes increased across all regions, supported by the more
favorable margin environment.
4
Tropical Oils and Specialty Ingredients
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Volu…
(in
thou… 674 639 1,973 1,881
metr…
tons)
Net $ 1,295 $ 1,207 $ 3,782 $ 3,442
sales
Cost
of $ -1,220 $ -1,063 $ -3,481 $ -3,174
goods
sold
Sell…
gene…
and $ -59 $ -57 $ -180 $ -176
admi…
expe…
Fore…
exch…
(los… $ — $ -2 $ -4 $ -5
gains
– net
EBIT
attr…
to $ -1 $ -8 $ -12 $ -10
nonc…
inte…
Other
inco… $ -2 $ — $ -6 $ -5
(exp…
- net
Segm… $ 13 $ 77 $ 99 $ 72
EBIT
Mark…
timi… 3 -27 -9 27
diff…
Cert…
(gai… — 1 — 1
&
char…
Adju…
Segm… $ 16 $ 51 $ 90 $ 100
EBIT
Results were lower in North America, Europe and Asia, primarily driven by near-
term margin impacts associated with geopolitical trade disruptions, along with
commissioning, ramp-up and plant transition costs related to both our tropical
oils and soy protein concentrate businesses. Results from global tropical oils
merchandising activities were higher than last year.
5
Grain Merchandising and Milling
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Volu…
(in
thou… 23,806 24,080 74,216 40,972
metr…
tons)
Net $ 6,764 $ 6,428 $ 20,555 $ 11,146
sales
Cost
of $ -6,714 $ -6,285 $ -20,1… $ -10,845
goods
sold
Sell…
gene…
and $ -133 $ -145 $ -389 $ -266
admi…
expe…
Fore…
exch…
(los… $ -19 $ -15 $ -75 $ -41
gains
– net
EBIT
attr…
to $ -6 $ -1 $ -9 $ -6
nonc…
inte…
Other
inco… $ 21 $ 37 $ 88 $ 263
(exp…
- net
Inco…
(los… $ 13 $ 2 $ 24 $ 3
from
affi…
Segm… $ -74 $ 21 $ 23 $ 254
EBIT
Mark…
timi… 79 93 80 104
diff…
Cert…
(gai… 82 6 95 -149
&
char…
Adju…
Segm… $ 87 $ 120 $ 198 $ 209
EBIT
Higher results in global grain merchandising and commercial services were more
than offset by lower results in ocean freight, sugar and wheat milling.
6
Corporate and Other
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1 $ 2 $ 3 $ 4
sales
Cost
of $ -27 $ -13 $ -30 $ -9
goods
sold
Sell…
gene…
and $ -169 $ -275 $ -498 $ -538
admi…
expe…
Fore…
exch…
gains $ 6 $ -7 $ -2 $ 8
(los…
– net
EBIT
attr…
to $ 2 $ 1 $ 3 $ 2
nonc…
inte…
Other
inco… $ 14 $ 24 $ 52 $ 71
(exp…
- net
Inco…
(los… $ 1 $ — $ -1 $ —
from
affi…
Corp…
and $ -172 $ -268 $ -473 $ -462
Other
EBIT
Cert…
(gai… 21 101 91 171
&
char…
Adju…
Corp…
and $ -151 $ -167 $ -382 $ -291
Other
EBIT
Corporate
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Corp… $ -168 $ -278 $ -499 $ -485
EBIT
Cert…
(gai… 21 101 91 171
&
char…
Adju…
Corp… $ -147 $ -177 $ -408 $ -314
EBIT
Other
(US$ Three Sep Nine Sep
in Months Sep 30, 30, Months 30, Sep 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Other $ -4 $ 10 $ 26 $ 23
EBIT
Cert…
(gai… — — — —
&
char…
Adju…
Other $ -4 $ 10 $ 26 $ 23
EBIT
The decrease in Corporate expenses was primarily driven by performance-based
compensation and favorable foreign exchange impacts. Lower Other results were
largely related to our captive insurance program.
7
Cash Flow
Nine Months Ended Sep 30, 2026 Sep 30, 2025
──────────────────────────────────────────────────────────────────────────────
Cash provided by (used
for) operating $ -2,302 $ -503
activities
Certain reconciling
items to Adjusted 4,310 1,684
funds from
operations(3)
Adjusted funds from $ 2,008 $ 1,181
operations(3)
Cash used for operations in the nine months ended September 30, 2026, and
September 30, 2025, was $2,302 million and $503 million, respectively. The
increase of cash used for operations was primarily driven by net changes in
working capital, partially offset by higher net income and higher depreciation
as a result of the Viterra transaction. Adjusted funds from operations (FFO) was
$2,008 million compared to $1,181 million in the prior year. (3)
Income Taxes
For the three months ended September 30, 2026, income tax expense was $168
million compared to $86 million in the prior year. For the nine months ended
September 30, 2026, income tax expense was $390 million compared to $290 million
in the prior year. The increase for both periods was primarily due to higher
pre-tax income in 2026. Adjusting for notable items and mark-to-market timing
differences, the quarter-ended adjusted effective income tax rate was
approximately 25%.
8
Ø Outlook(4)
Taking into account third quarter results, the current margin and macro
environment and forward curves, Bunge continues to expect full-year 2026
adjusted EPS in the range of $9.25 to $9.75.
Compared to its previous full-year outlook:
• Soybean Processing and Refining results: slightly lower
• Softseed Processing and Refining results: unchanged
• Tropical Oils and Specialty Ingredients results: lower
• Grain Merchandising and Milling results: higher
• Corporate and Other results: unchanged
Additionally, the Company now expects the following for 2026:
• An adjusted annual effective tax rate in the range of 23% to 25% compared to
its previous range of 22% to 26%
• Net interest expense in the range of $640 to $670 million compared to its
previous range of $620 to $660 million
• Capital expenditures toward the higher end of the $1.5 to $1.7 billion range
• Depreciation and amortization of approximately $975 million
9
Ø Conference Call and Webcast Details
Bunge Global SA’s management will host a conference call at 8 a.m. Eastern (7
a.m. Central) on Thursday, October 29, 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 “Q3 2026 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 October 29, 2026, continuing
through November 29, 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 2757104.
Ø About Bunge
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 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.
Ø Website Information
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.
10
Ø Cautionary Statement Concerning Forward Looking Statements
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 impact on our employees, operations, and facilities from the war in
Ukraine and the resulting economic and other sanctions imposed on Russia,
including the impact on us resulting from the continuation and/or escalation of
the war and sanctions against Russia;
• the effect of weather conditions and the impact of crop and animal disease on
our business;
• the impact of global and regional economic, agricultural, financial and
commodities market, political, social and health conditions;
• changes in government policies and laws affecting our business, including
agricultural, trade, tariff and foreign investment policies, financial markets
regulation and environmental, tax and biofuels regulation;
• the impact of seasonality;
• the outcome of pending regulatory and legal proceedings;
• our ability to complete, integrate and benefit from acquisitions,
divestitures, joint ventures and strategic alliances, including without
limitation Bunge’s business combination with Viterra Limited ("Viterra");
• the impact of industry conditions, including fluctuations in supply, demand
and prices for agricultural commodities and other raw materials and products
that we sell and use in our business, fluctuations in energy and freight costs
and competitive developments in our industries;
• the effectiveness of our capital allocation plans, funding needs and financing
sources;
• the effectiveness of our risk management strategies;
• operational risks, including industrial accidents, natural disasters,
pandemics or epidemics, wars and cybersecurity incidents;
• changes in foreign exchange policy or rates;
• the impact of our dependence on third parties;
• our ability to attract and retain executive management and key personnel; and
• other factors affecting our business generally.
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, 2025 filed with the SEC on February 19, 2026, as
well as other risks and uncertainties set forth from time to time in reports
subsequently filed with the SEC.
Investor Contact: Media Contact:
Mark Haden Bunge News Bureau
Bunge Global SA Bunge Global SA
Mark.Haden@bunge.com 636-359-0797
news@bunge.com
11
Ø Additional Financial Information
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 three month periods ended September 30, 2026 and 2025.
(…
in
m…
e…
p…
s… Net
d… In…
T… (L… Ea…
m… At… Per
e… to Sh…
S… Bu… Di… EBIT
3… 20… 20… 20… 20… 2026 2025
──────────────────────────────────────────────────────────────────────────────
R… $ -90 $ -7 $ -0… $ -0… $ -92 $ -7
S…
S…
P… $ — $ — $ — $ — $ — $ —
a…
R…
S…
P… $ -8 $ — $ -0… $ — $ -10 $ —
a…
R…
U… -8 — -0… — -10 —
w…
T…
O…
a… $ — $ -1 $ — $ -0… $ — $ -1
S…
I…
A…
a… — -1 — -0… — -1
i…
c…
G…
M… $ -82 $ -6 $ -0… $ -0… $ -82 $ -6
a…
M…
L…
on
s… -82 — -0… — -82 —
of
a
b…
A…
a… — -6 — -0… — -6
i…
c…
C…
a… $ -34 $ -1… $ -0… $ -0… $ -21 $ -1…
O…
A…
a… -21 -1… -0… -0… -21 -1…
i…
c…
U… -13 — -0… — — —
w…
T… $ -1… $ -1… $ -0… $ -0… $ -1… $ -1…
See Definition and Reconciliation of Non-GAAP Measures.
12
Reportable Segments
Softseed Processing and Refining
EB IT for the three months ended September 30, 2026 included $10 million of
charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold,
primarily related to losses from inventory damage.
Tropical Oils and Specialty Ingredients
EBIT for the three months ended September 30, 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 three months ended September 30, 2026 included $82 million of
charges related to the announced sale of two sugarcane mills in Brazil, which
includes $66 million of impairment charges and $16 million of hedge losses,
recorded in Cost of goods sold.
EBIT for the three months ended September 30, 2025 included $6 million, in
Selling, general and administrative expenses related to the completed business
combination with Viterra.
Corporate and Other
The following is a summary of acquisition and integration costs related to the
completed business combination with Viterra recorded in the Company's Condensed
Consolidated Statements of Income (Loss).
(US$ in Three Months
millions) Ended Sep 30, 2026 Sep 30, 2025
──────────────────────────────────────────────────────────────────────────────
Cost of $ -2 $ —
goods sold
Selling,
general and -19 -101
administrat…
expenses
Interest -5 -13
expense
Income tax
(expense) 5 14
benefit
Net income $ -21 $ -100
(loss)
Net Income for the three months ended September 30, 2026 included $13 million of
Income tax expense related to deferred tax valuation allowances resulting from
the Ukraine-Russia war.
13
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 nine month periods ended September 30, 2026 and 2025.
(…
in
m…
e…
p…
s… Net
d… In…
N… (L… Ea…
m… At… Per
e… to Sh…
S… Bu… Di… EBIT
3… 20… 20… 20… 20… 2026 2025
──────────────────────────────────────────────────────────────────────────────
R… $ -1… $ 111 $ -0… $ 0.… $ -1… $ 148
S…
S…
P… $ — $ — $ — $ — $ — $ —
a…
R…
S…
P… $ -8 $ — $ -0… $ — $ -10 $ —
a…
R…
U… -8 — -0… — -10 —
w…
T…
O…
a… $ — $ -1 $ — $ -0… $ — $ -1
S…
I…
A…
a… — $ -1 — -0… — $ -1
i…
c…
G…
M… $ -95 $ 112 $ -0… $ 0.… $ -95 $ 149
a…
M…
L…
on
s… -82 $ — -0… — -82 —
of
a
b…
A…
a… -13 -6 -0… -0… -13 -6
i…
c…
G…
on
s… — 118 — 0.… — 155
of
a
b…
C…
a… $ -1… $ -1… $ -0… $ -1… $ -91 $ -1…
O…
A…
a… -88 -1… -0… -1… -91 -1…
i…
c…
U… -13 — -0… — — —
w…
T… $ -2… $ -58 $ -1… $ -0… $ -1… $ -23
See Definition and Reconciliation of Non-GAAP Measures.
14
Reportable Segments
Softseed Processing and Refining
EB IT for the nine months ended September 30, 2026 included $10 million of
charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold,
primarily related to losses from inventory damage.
Tropical Oils and Specialty Ingredients
EB IT for the nine months ended September 30, 2025 included $1 million in
Selling, general and administrative expenses related to the completed business
combination with Viterra.
Grain Merchandising and Milling
EB IT for the nine months ended September 30, 2026 included $82 million of
charges related to the announced sale of two sugarcane mills in Brazil, which
includes $66 million of impairment charges and $16 million of hedge losses,
recorded in Cost of goods sold.
EB IT for the nine months ended September 30, 2026 and 2025 included $13 million
and $6 million, respectively, in Selling, general and administrative expenses
related to the completed business combination with Viterra.
EBIT for the nine months ended September 30, 2025 also included a $155 million
gain on sale from the disposition of our corn milling business in North America,
recorded in Other income (expense) - net.
Corporate and Other
The following is a summary of acquisition and integration costs related to the
completed business combination with Viterra recorded in the Company's Condensed
Consolidated Statements of Income (Loss).
(US$ in Nine Months
millions) Ended Sep 30, 2026 Sep 30, 2025
──────────────────────────────────────────────────────────────────────────────
Cost of $ -5 $ -3
goods sold
Selling,
general and -86 -168
administrat…
expenses
Interest -20 -20
expense
Income tax
(expense) 23 22
benefit
Net income $ -88 $ -169
(loss)
Net Income for the nine months ended September 30, 2026 included $13 million of
Income tax expense related to deferred tax valuation allowances resulting from
the Ukraine-Russia war.
15
Ø Condensed Consolidated Earnings Data (Unaudited)
(US$ in
millio… Three Nine
except Months Months
per Ended Ended
share Septem… Septemb…
data) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 23,804 $ 22,155 $ 69,706 $ 46,567
sales
Cost of
goods -22,472 -21,092 -65,927 -44,169
sold
Gross 1,332 1,063 3,779 2,398
profit
Sellin…
general
and -605 -678 -1,742 -1,476
admini…
expens…
Foreign
exchan…
gains -63 -55 -183 14
(losse…
– net
Other
income 17 77 109 346
(expen…
– net
Income
(loss) 22 8 34 16
from
affili…
EBIT
attrib…
to -36 -12 -86 -29
noncon…
intere…
(1)
Total 667 403 1,911 1,269
EBIT
Intere… 20 57 108 162
income
Intere… -208 -202 -586 -412
expense
Income
tax -168 -86 -390 -290
(expen…
benefit
Noncon…
intere…
share
of 7 -3 21 -5
intere…
and
tax(a)
(1)
Income
(loss)
from
contin… 318 169 1,064 724
operat…
net of
tax
Income
(loss)
from
discon… — -3 — -3
operat…
net of
tax
Net
income
(loss) $ 318 $ 166 $ 1,064 $ 721
attrib…
to
Bunge(…
Net
income
(loss)
attrib…
to
Bunge
shareh…
-
diluted
Contin… $ 1.64 $ 0.86 $ 5.45 $ 4.62
operat…
Discon… — -0.02 — -0.02
operat…
Net
income
(loss) $ 1.64 $ 0.84 $ 5.45 $ 4.60
per
share -
diluted
Weight…
shares
outsta… 194 198 195 157
-
diluted
(a) The line items "EBIT attributable to
noncontrolling interest" and "Noncontrolling
interest share of interest and tax" when combined,
represent consolidated Net (income) loss
attributable to noncontrolling interests and
redeemable noncontrolling interests on a U.S. GAAP
basis of presentation.
16
Ø Condensed Consolidated Balance Sheets (Unaudited)
(US$ in millions) September 30, December 31,
Assets 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 524 $ 1,135
Time deposits under trade
structured — 208
finance program
Trade accounts receivable, 4,137 3,870
net
Inventories(a) 16,624 13,198
Assets held for sale 753 191
Other current assets 7,171 5,789
Total current assets 29,209 24,391
Property, plant and 11,942 11,678
equipment, net
Operating lease assets 1,616 1,686
Goodwill and other
intangible assets, 3,644 3,450
net
Investments in affiliates 1,340 1,495
Other non-current assets 1,905 1,828
Total assets $ 49,656 $ 44,528
Liabilities and Equity
Short-term debt $ 6,471 $ 3,883
Current portion of 1,331 1,337
long-term debt
Letter of credit
obligations under trade — 208
structured finance program
Trade accounts payable 5,576 4,881
Current operating lease 480 499
obligations
Liabilities held for sale 266 61
Other current liabilities 5,311 4,258
Total current liabilities 19,435 15,127
Long-term debt 8,944 8,831
Non-current operating lease 1,048 1,097
obligations
Other non-current 2,349 2,051
liabilities
Total liabilities 31,776 27,106
Redeemable noncontrolling 78 53
interest
Total equity 17,802 17,369
Total liabilities,
redeemable $ 49,656 $ 44,528
noncontrolling interest and
equity
(a) Includes RMI of $14,696 million and $11,361 million at September 30, 2026
and December 31, 2025, respectively.
17
Ø Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
(US$ in millions) September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss)(1) $ 1,129 $ 755
Adjustments to reconcile net
income
(loss) to cash provided by
(used for)
operating activities:
Impairment charges 85 15
Foreign exchange (gain) loss on -87 -251
net debt
Depreciation, depletion and 742 477
amortization
Share-based compensation 70 54
expense
Deferred income tax expense -37 -88
(benefit)
(Gain) loss on sale of
investments and -6 -155
property, plant and equipment
Results from affiliates -40 -16
Dividend return on investment 54 32
Other, net 99 51
Changes in operating assets and
liabilities, excluding the
effects of
acquisitions and dispositions:
Trade accounts receivable -209 -35
Inventories -3,559 -799
Secured advances to suppliers -386 -281
Trade accounts payable and
accrued 575 -48
liabilities
Advances on sales -330 -310
Net unrealized (gain) loss on
derivative 41 -125
contracts
Margin deposits -379 -28
Recoverable and income taxes, 190 179
net
Marketable securities -1 34
Other, net -253 36
Cash provided by (used for)
operating -2,302 -503
activities
Investing Activities
Payments made for capital -1,163 -1,185
expenditures
Acquisitions of businesses (net
of cash -105 -4,116
acquired)
Proceeds from investments 1,596 1,237
Payments for investments -1,155 -2,471
Settlement of net investment -8 -34
hedges
Proceeds from disposal of
business and 21 946
property, plant and equipment
Proceeds from sale of
investments in — 100
affiliates
Payments for investments in -56 -69
affiliates
Other, net 30 68
Cash provided by (used for)
investing -840 -5,524
activities
Financing Activities
Net borrowings (repayments) of 2,579 2,451
short-term debt
Net proceeds (repayments) of
long-term 468 2,252
debt
Repurchases of registered -249 -545
shares
Dividends paid to registered -414 -324
shareholders
Capital contributions (return
of
capital) from noncontrolling 118 30
interests,
net
Sale of redeemable
noncontrolling 80 206
interest
Acquisition of noncontrolling — -18
interest
Other, net -45 -31
Cash provided by (used for)
financing 2,537 4,021
activities
Effect of exchange rate changes
on cash
and cash equivalents, 13 3
restricted cash,
and cash held for sale
Net increase (decrease) in cash
and cash
equivalents, restricted cash, -592 -2,003
and cash
held for sale
Cash and cash equivalents,
restricted
cash, and cash held for sale - 1,166 3,328
beginning
of period
Cash and cash equivalents,
restricted
cash, and cash held for sale - $ 574 $ 1,325
end of
period
18
Ø Definition and Reconciliation of Non-GAAP Measures
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, Tropical Oils and Specialty Ingredients, 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 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
19
information necessary to prepare the comparable U.S. GAAP presentation could
result in significant differences from projected Adjusted Net income per share
for 2026.
Below is a reconciliation of Net income (loss) attributable to Bunge, to Total
EBIT, and Adjusted Total EBIT:
Three Nine
Months Months
Ended Ended
(US$ in September September
million… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss) $ 318 $ 166 $ 1,064 $ 721
attribu…
to Bunge
Interest -20 -57 -108 -162
income
Interest 208 202 586 412
expense
Income
tax 168 86 390 290
expense
(benefi…
(Income)
loss
from
discont… — 3 — 3
operati…
net of
tax
Noncont…
interest
share of -7 3 -21 5
interest
and tax
Total $ 667 $ 403 $ 1,911 $ 1,269
EBIT
Soybean
Process…
and $ 547 $ 337 $ 1,560 $ 1,068
Refining
EBIT
Softseed
Process…
and 353 236 702 337
Refining
EBIT
Tropical
Oils and
Special… 13 77 99 72
Ingredi…
EBIT
Grain
Merchan…
and -74 21 23 254
Milling
EBIT
Segment $ 839 $ 671 $ 2,384 $ 1,731
EBIT
Corpora…
and $ -172 $ -268 $ -473 $ -462
Other
EBIT
Total $ 667 $ 403 $ 1,911 $ 1,269
EBIT
Mark-to…
timing 66 246 -35 120
differe…
Certain
(gains) 113 108 196 23
&
charges
Adjusted
Total $ 846 $ 757 $ 2,072 $ 1,412
EBIT
20
Below is a reconciliation of Net income (loss) attributable to Bunge, to
Adjusted Net income (loss) from continuing operations attributable to Bunge:
(US$
in
milli… Three Nine
except Months Months
per Ended Ended
share Septem… Septem…
data) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss) $ 318 $ 166 $ 1,064 $ 721
attri…
to
Bunge
Adjus…
for
Mark-… 54 174 -23 90
timing
diffe…
(Inco…
loss
from
disco… — 3 — 3
opera…
net of
tax
Adjus…
for
Certa…
(gain…
and
charg…
Loss
on
sale 82 — 82 —
of a
busin…
Acqui…
and 21 107 101 176
integ…
costs
Ukrai… 21 — 21 —
war
Gain
on
sale — — — -118
of a
busin…
Adjus…
Net
income
(loss)
from $ 496 $ 450 $ 1,245 $ 872
conti…
opera…
attri…
to
Bunge
Weigh…
shares
outst… 194 198 195 157
-
dilut…
Adjus…
Net
income
(loss)
per
share $ 2.56 $ 2.27 $ 6.38 $ 5.56
from
conti…
opera…
-
dilut…
(a) There were less than 1 million anti-dilutive outstanding stock options or
contingently issuable restricted stock units excluded from the weighted-average
number of shares outstanding for each of the three and nine months ended
September 30, 2026 and 2025.
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 liquidity 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, restricted
cash, and cash held for sale, or any other measure of consolidated cash flow
under U.S. GAAP.
21
Ø Notes
(1) A reconciliation of Net income (loss) attributable to Bunge, to Net income
(loss) is as follows:
Three Nine
months months
ended ended
(US$ in September September
million… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss) $ 318 $ 166 $ 1,064 $ 721
attribu…
to Bunge
EBIT
attribu…
to 36 12 86 29
noncont…
interest
Noncont…
interest
share of -7 3 -21 5
interest
and tax
Net
income $ 347 $ 181 $ 1,129 $ 755
(loss)
(2) Mark-to-market timing difference comprises the estimated net temporary
impact resulting from unrealized period-end gains/losses associated with the
fair valuation of certain forward contracts, RMI, and related futures contracts
associated with our committed future operating capacity and sales, as well as
certain forward foreign exchange contracts. The impact of these mark-to-market
timing differences, which is expected to reverse over time due to the forward
contracts, RMI, and related futures contracts being part of an economically-
hedged position, is not representative of the operating performance of our
business.
(3) A reconciliation of Cash provided by (used for) operating activities to
Adjusted funds from operations (FFO) is as follows:
Nine months ended
(US$ in millions) September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash provided by
(used for) $ -2,302 $ -503
operating
activities
Foreign exchange
gain (loss) on net 87 251
debt
Working capital 4,311 1,377
changes
Net (income) loss
attributable to
noncontrolling
interests and -65 -34
redeemable
noncontrolling
interests
Mark-to-Market
timing difference, -23 90
after
tax
Adjusted FFO $ 2,008 $ 1,181
(4) We have not presented a comparable U.S. GAAP financial measure for any full-
year 2026 outlook financial measures presented on an adjusted, non-GAAP basis
because the information necessary for such presentation is unavailable at this
time. The information necessary to prepare the comparable U.S. GAAP presentation
could result in significant differences from the non-GAAP financial measures
presented in this release. Please see “Definition and Reconciliation of Non-GAAP
Measures” for more information.
22