EX-99.1 2 epr06302026.htm EX-99.1 Document                                              Bunge Reports Second Quarter 2026 Results     St. Louis, MO - July 29, 2026 - Bunge Global SA (NYSE: BG) today reported second quarter 2026 results • Q2 GAAP diluted EPS of $3.47 vs. $2.61 in the prior year; $2.00 vs. $1.31 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences • Higher results primarily driven by strong performances in Soybean and Softseed Processing and Refining segments, supported by solid execution amid improving market conditions • Repurchased ~$250 million of shares, completing the $2 billion program related to the Viterra transaction • Increasing full-year adjusted EPS outlook range to $9.25 to $9.75 from $9.00 to $9.50 Ø Overview Greg Heckman, Bunge’s Chief Executive Officer, commented: “ Our team delivered another strong quarter, navigating a complex global environment with agility, focus and disciplined execution. Against a backdrop of geopolitical uncertainty and shifting trade flows, our expanded global platform did exactly what it was designed to do — capture opportunities and deliver for customers at both ends of the value chain.” “ The drivers of long-term demand remain strong, and with our global footprint and enhanced capabilities, we are confident in our ability to execute across a wide range of market conditions. As we look ahead, we remain focused on what matters most: serving our customers and creating long-term value for all our stakeholders across food, feed, and fuel.” 1 Ø  Financial Highlights   Three Months Ended June 30, Six Months Ended June 30, (US$ in millions, except per share data) 2026 2025 2026 2025 Net income attributable to Bunge $ 678   $ 354   $ 746   $ 555   Net income per share-diluted $ 3.47   $ 2.61   $ 3.81   $ 4.10   Mark-to-market timing differences (a) $ (1.67) $ (0.69) $ (0.39) $ (0.62) Certain (gains) & charges (b) $ 0.20  $ (0.61) $ 0.41  $ (0.36) Adjusted Net income per share-diluted (c) $ 2.00   $ 1.31   $ 3.83   $ 3.12   Segment EBIT (c)(d) $ 1,226   $ 656   $ 1,545   $ 1,060   Mark-to-market timing differences (a) (437) (128) (101) (126) Certain (gains) & charges (b) 7  (155) 13  (155) Adjusted Segment EBIT (c) $ 796   $ 373   $ 1,457   $ 779   Corporate and Other EBIT (c)(e) $ (166) $ (118) $ (301) $ (194) Certain (gains) & charges (b) 35  38  70  70  Adjusted Corporate and Other EBIT (c) $ (131) $ (80) $ (231) $ (124) Total EBIT (c) $ 1,060   $ 538   $ 1,244   $ 866   Mark-to-market timing differences (a) (437) (128) (101) (126) Certain (gains) & charges (b) 42  (117) 83  (85) Adjusted Total EBIT (c) $ 665   $ 293   $ 1,226   $ 655   (a) 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. (b) Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to Bunge. See Additional Financial Information for details. (c) 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-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. (d) 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. (e) 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 Second Quarter Results Reportable Segments Soybean Processing and Refining Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Volumes (in thousand metric tons) Soybeans processed 11,524   9,304   22,281   17,414   Soybeans merchandised 8,046   4,098   13,179   6,331   Refined soy oil production 933   902   1,790   1,761   Net Sales $ 12,071   $ 7,750   $ 21,623   $ 14,411   Cost of goods sold $ (11,017) $ (7,192) $ (20,171) $ (13,518) Selling, general and administrative expense $ (164) $ (113) $ (307) $ (222) Foreign exchange gains (losses) – net $ (53) $ 31   $ (100) $ 51   EBIT attributable to noncontrolling interests $ (38) $ (13) $ (34) $ (10) Other income (expense) - net $ 5   $ (5) $ (3) $ 6   Income (loss) from affiliates $ —   $ 2   $ 5   $ 13   Segment EBIT $ 804   $ 460   $ 1,013   $ 731   Mark-to-market timing differences (359) (156) (191) (186) Adjusted Segment EBIT $ 445   $ 304   $ 822   $ 545   Higher results were primarily driven by the North and South American value chains. In North America, stronger processing performance in the US was partially offset by lower refining results. In South America, higher results reflected improvements in Argentina processing and refining and Brazil processing. Within the destination value chain, stronger processing results in Asia were more than offset by lower processing results in Europe and lower distribution performance. Results from global soybean oil merchandising activities were lower than last year. Processing volumes increased in both South and North America as well as in Europe, with the largest increase driven by the company’s greater production capacity in Argentina. Higher merchandised volumes reflected the combined company’s expanded soybean origination footprint. 3 Softseed Processing and Refining Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Volumes (in thousand metric tons) Softseeds processed 3,490   1,947   6,771   4,141   Softseeds merchandised 1,296   15   2,702   110   Refined softseed oil production 974   663   1,747   1,391   Net Sales $ 4,095   $ 1,531   $ 7,999   $ 3,046   Cost of goods sold $ (3,795) $ (1,486) $ (7,563) $ (2,892) Selling, general and administrative expense $ (63) $ (38) $ (124) $ (73) Foreign exchange gains (losses) – net $ 42   $ 16   $ 48   $ 32   EBIT attributable to noncontrolling interests $ —   $ (1) $ (3) $ (1) Other income (expense) - net $ (4) $ (2) $ (6) $ (5) Income (loss) from affiliates $ (2) $ (1) $ (2) $ (6) Segment EBIT $ 273   $ 19   $ 349   $ 101   Mark-to-market timing differences (18) (5) 101  (5) Adjusted Segment EBIT $ 255   $ 14   $ 450   $ 96   Results increased across all regions, reflecting a more favorable market environment and strong execution. In North America and Argentina, stronger processing results were the primary drivers of improved performance, while refining results were modestly higher in both regions. In Europe, stronger processing results more than offset lower refining and biodiesel performance. Results from global softseed oils merchandising activities were slightly higher than last year. Higher softseed processed volumes primarily reflected the combined company’s increased production capacity in Argentina, Canada, and Europe. Higher merchandised volumes were driven by the company’s expanded global softseeds origination footprint. 4 Tropical Oils and Specialty Ingredients Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Volumes (in thousand metric tons) 660   624   1,299   1,242   Net Sales $ 1,259   $ 1,152   $ 2,487   $ 2,235   Cost of goods sold $ (1,221) $ (1,096) $ (2,261) $ (2,111) Selling, general and administrative expense $ (60) $ (61) $ (121) $ (119) Foreign exchange (losses) gains – net $ —   $ (3) $ (4) $ (3) EBIT attributable to noncontrolling interests $ —   $ —   $ (11) $ (2) Other income (expense) - net $ (2) $ (2) $ (4) $ (5) Segment EBIT $ (24) $ (10) $ 86   $ (5) Mark-to-market timing differences 53  36  (12) 54  Adjusted Segment EBIT $ 29   $ 26   $ 74   $ 49   Higher results in Europe and Asia were partially offset by lower results in North America. Results from global tropical oils merchandising activities were slightly higher than last year. 5 Grain Merchandising and Milling Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Volumes (in thousand metric tons) 23,852   8,382   50,410   16,892   Net Sales $ 6,614   $ 2,334   $ 13,791   $ 4,718   Cost of goods sold $ (6,325) $ (2,251) $ (13,457) $ (4,560) Selling, general and administrative expense $ (129) $ (62) $ (256) $ (121) Foreign exchange (losses) gains – net $ (18) $ (14) $ (56) $ (26) EBIT attributable to noncontrolling interests $ 1   $ (3) $ (3) $ (5) Other income (expense) - net $ 19   $ 181   $ 67   $ 226   Income (loss) from affiliates $ 11   $ 2   $ 11   $ 1   Segment EBIT $ 173   $ 187   $ 97   $ 233   Mark-to-market timing differences (113) (3) 1  11  Certain (gains) & charges 7  (155) 13  (155) Adjusted Segment EBIT $ 67   $ 29   $ 111   $ 89   Higher results in ocean freight, commercial services, global cotton and wheat milling were partially offset by lower results in global grain merchandising and sugar. Higher volumes primarily reflected the company’s expanded grain ‑ handling footprint and capabilities. Prior year results included corn milling, which was divested in 2025. 6 Corporate and Other Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Net Sales $ 2   $ 2   $ 2   $ 2   Cost of goods sold $ (2) $ (6) $ (3) $ 4   Selling, general and administrative expense $ (190) $ (144) $ (329) $ (263) Foreign exchange gains (losses) – net $ 3   $ 14   $ (8) $ 15   EBIT attributable to noncontrolling interests $ —   $ 1   $ 1   $ 1   Other income (expense) - net $ 21   $ 15   $ 38   $ 47   Income (loss) from affiliates $ —   $ —   $ (2) $ —   Corporate and Other EBIT $ (166) $ (118) $ (301) $ (194) Certain (gains) & charges 35  38  70  70  Adjusted Corporate and Other EBIT $ (131) $ (80) $ (231) $ (124) Corporate Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Corporate EBIT $ (183) $ (119) $ (331) $ (207) Certain (gains) & charges 35   38  70   70  Adjusted Corporate EBIT $ (148) $ (81) $ (261) $ (137) Other Three Months Ended Six Months Ended (US$ in millions) Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Other EBIT $ 17   $ 1  $ 30   $ 13  Certain (gains) & charges —   —  —   —  Adjusted Other EBIT $ 17   $ 1  $ 30   $ 13  The increase in Corporate expenses was primarily driven by the addition of Viterra. The year-over-year comparison was also impacted by timing of performance-based compensation. Higher Other results were largely related to our captive insurance program and Bunge Ventures. 7 Cash Flow Six Months Ended Jun 30, 2026 Jun 30, 2025 Cash provided by (used for) operating activities $ (1,126) $ (1,357) Certain reconciling items to Adjusted funds from operations (3) 2,417   2,050   Adjusted funds from operations (3) $ 1,291   $ 693   Cash used for operations in the six months ended June 30, 2026 and June 30, 2025 was $1,126 million and $1,357 million, respectively. The reduction of cash used for operations was primarily driven by higher net income and higher depreciation as a result of the Viterra transaction, partially offset by net changes in working capital. Adjusted funds from operations (FFO) was $1,291 million compared to $693 million in the prior year. (3) Income Taxes For the three months ended June 30, 2026, income tax expense was $236 million compared to $124 million in the prior year. For the six months ended June 30, 2026, income tax expense was $222 million compared to $204 million in the prior year. The increase for both the three and six months ended 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 second quarter results, the current margin and macro environment and forward curves, Bunge now expects full-year 2026 adjusted EPS in the range of $9.25 to $9.75, which is up from its previous range of $9.00 to $9.50. Compared to its previous full-year outlook: • Soybean Processing and Refining results: higher • Softseed Processing and Refining results: slightly higher • Tropical Oils and Specialty Ingredients results: unchanged • Grain Merchandising and Milling results: lower • Corporate and Other results: unchanged Additionally, the Company continues to expect the following for 2026: • An adjusted annual effective tax rate in the range of 22% to 26% • Net interest expense in the range of $620 to $660 million • Capital expenditures in the range of $1.5 to $1.7 billion • 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 Wednesday, July 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 “Q2 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 July 29, 2026, continuing through August 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 2928248. 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: Mark Haden Bunge Global SA Mark.Haden@bunge.com Media Contact: Bunge News Bureau Bunge Global SA 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