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BG · Bunge Global

3 filings

10-K

BG 10-K Annual Reports

Bunge Global - 3 annual reports

Filing record · 2023–202610-K310-Q98-K60

2025
Bunge Global Annual Report, Year Ended Dec 31, 2025
Bunge Global SA's 2025 results reflect a transformational year driven by the July 2, 2025 acquisition of Viterra, which lifted net sales to $70.3 billion (up 32% from $53.1 billion) and expanded the company's global origination, merchandising, and crushing footprint. However, profitability declined: net income attributable to Bunge shareholders fell to $816 million from $1,137 million, diluted EPS dropped to $4.91 from $7.99, and Total EBIT decreased 14% to $1,533 million. The decline was driven mainly by Corporate and Other EBIT losses of $796 million, which include a $118 million pension settlement loss, a $30 million investment impairment, the absence of a prior-year $195 million BP Bunge Bioenergia gain, and higher SG&A tied to the Viterra integration. Segment EBIT actually rose 8% to $2,329 million, led by Soybean Processing and Refining (up 40% to $1,225 million) and a $155 million gain on the sale of the North American corn milling business. The balance sheet changed materially. Total debt more than doubled to $14.05 billion from $6.24 billion, short-term debt rose sharply, and cash fell to $1.1 billion from $3.3 billion. Working capital remained solid at $9.26 billion, but the current ratio declined to 1.61 from 2.15. Operating cash flow fell to $844 million from $1,900 million, while capital expenditures rose to $1.72 billion, leaving free cash flow negative. Total shareholders' equity increased to $15.9 billion, largely because roughly 65.6 million shares were issued as Viterra consideration. Dividends were $2.80 per share for 2025, and share repurchases totaled $551 million. Management guides 2026 capex to $1.5–1.7 billion and expects Viterra integration to continue in phases over several years. Key risks for investors include leverage and refinancing needs, integration execution, commodity and mark-to-market volatility, Brazilian farmer credit exposure ($835 million outstanding), Ukraine war exposure, and tax and legal contingencies, particularly Brazilian indirect tax claims. Investors should also note that Glencore and CPP Investments together hold about 31% of registered shares and have board nomination rights, and that Swiss-law constraints on capital management and withholding taxes shape shareholder distributions.
Feb 19, 2026
2024
Bunge Global Annual Report, Year Ended Dec 31, 2024
Bunge Global SA's FY2024 10-K shows a sharp earnings reset: net income attributable to Bunge shareholders fell to $1,137 million (diluted EPS $7.99) from $2,243 million ($14.87) in 2023, driven mainly by lower Core Segment EBIT ($2,171 million vs. $3,717 million). Total EBIT declined to $1,792 million from $3,333 million. Net sales fell 11% to $53.1 billion, with Agribusiness gross profit down 42% and Refined and Specialty Oils and Milling results mixed. Operating cash flow dropped to $1,900 million from $3,308 million. Corporate and Other EBIT worsened to a $594 million loss, largely due to $244 million of Viterra acquisition and integration costs, though a $195 million gain on the sale of the BP Bunge Bioenergia stake partially offset weakness in the core business. The balance sheet remains solid: working capital was $8.5 billion, the current ratio was 2.15, and cash rose to $3.3 billion. Total debt increased to $6.2 billion from $4.9 billion after $2.0 billion of senior notes were issued to fund the Viterra deal. Management expects total debt to rise to about $13 billion at closing, and credit ratings are on positive watch (S&P CreditWatch Positive, with a possible upgrade to A-). Shareholders received $1.1 billion in buybacks and about $373 million in dividends, and the company has about $800 million of repurchase authorization remaining. The dominant forward-looking item is the pending acquisition of Viterra, which would add roughly 65.6 million registered shares (about $5.1 billion at year-end 2024 prices) plus about $2.0 billion in cash, leaving Viterra's former owners with about 30% of the combined company. Closing depends on remaining antitrust clearances, and the termination date was extended to March 13, 2025, with a further extension to June 13, 2025 possible. A $400 million break fee applies if the deal fails on antitrust grounds. Investors should weigh the earnings decline, rising leverage, and integration execution risk against the strategic scale the transaction would create.
Feb 20, 2025
2023
Bunge Global Annual Report, Year Ended Dec 31, 2023
Bunge Global SA (NYSE: BG) closed fiscal 2023 with a strong earnings rebound. Net income attributable to Bunge rose to $2,243 million ($14.87 diluted EPS) from $1,610 million ($10.51) in 2022, and Total Segment EBIT increased 43% to $3,333 million. The gains were driven by the Agribusiness segment, whose EBIT rose 62% to $2,786 million on better processing margins, particularly in oilseed crushing and European softseeds. Net sales fell 11% to $59.5 billion as commodity prices eased from the post-Ukraine-war highs of 2022. Cash generation improved sharply, with operating cash flow of $3.3 billion versus an outflow of $5.5 billion in 2022, largely from working capital release as inventories fell $1.3 billion. The company ended the year with $2.6 billion of cash, $5.7 billion of undrawn committed revolvers, and total debt of $4.9 billion. The dominant forward-looking event is the pending acquisition of Viterra Limited, a stock-and-cash deal worth about $6.6 billion in shares plus $2.0 billion in cash. Sellers (Glencore, CPP Investments, BCI) would own roughly 30% of the combined company. Bunge has secured $8.0 billion of acquisition financing, which would lift total debt to roughly $16 billion at closing. The deal is expected to close in mid-2024 subject to antitrust approvals, and a $400 million break fee applies if it fails on antitrust grounds. Credit agencies have placed Bunge on positive outlook or review for upgrade, but the leverage increase and integration of Viterra's previously restated, material-weakness-affected controls are key investor watch items. Other notable items include the November 2023 redomestication from Bermuda to Switzerland, which carries Swiss withholding-tax and capital-management constraints, the sale of Russian operations in February 2023, and a $1.4 billion remaining buyback authorization. Management concluded that internal controls were effective. Risks remain concentrated in commodity price volatility, Brazilian tax and labor claims, Argentine macro conditions, and continued exposure to the Ukraine conflict.
Feb 22, 2024