01—Abstract
Summary
Summary of the 10-K filed February 20, 2025. Cited figures are marked; the original filing is the authoritative source.
Bunge Global SA's FY2024 10-K shows a sharp earnings reset: net income attributable to Bunge shareholders fell to $1,137 milliona (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 millionb 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 millionc 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 billiond 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.
02—Key points
Key Highlights
- Net income attributable to Bunge shareholders fell 49% to $1,137 million ($7.99 diluted EPS) from $2,243 million ($14.87) in 2023, mainly due to lower Core Segment EBIT, which fell 42% to $2,171 million.
- Net sales declined 11% to $53.1 billion, with Agribusiness gross profit down 42% to $1.9 billion, reflecting lower average sales prices in soybean processing and merchandising.
- Total debt rose to $6.2 billion from $4.9 billion after the $2.0 billion September 2024 senior notes issuance; debt is expected to reach about $13 billion at Viterra closing.
- Operating cash flow decreased to $1.9 billion from $3.3 billion, and capital expenditures rose to $1.4 billion, with 2025 capex guided to $1.5–1.7 billion.
- The pending Viterra acquisition (about $5.1 billion in stock plus $2.0 billion cash) would give Viterra's former owners roughly 30% of the combined company, with a $400 million break fee if the deal fails on antitrust grounds.
- Credit ratings were upgraded in 2024 (Moody's Baa1, Fitch BBB+), and S&P has the company on CreditWatch Positive for a possible upgrade to A-.
- Shareholder returns in 2024 included $1.1 billion of share repurchases and $2.72 per share in declared dividends, with about $800 million of repurchase authorization remaining.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Bunge Global kept $0.02.
- Revenue$53.11B100.0%
- Cost of revenue−$49.72B93.6%
- Gross profit$3.39B6.4%
- Operating costs−$2.26B4.2%
- Operating income$1.14B2.1%
- Interest, other & tax$-00.0%
- Net income$1.14B2.1%
Where FY2024 revenue went
$53.11B- Cost of revenue: $49.72B, 94% of revenue
- Net income: $1.14B, 2.1% of revenue
- R&D: $30.0M, 0.1% of revenue
- SG&A: $1.78B, 3.3% of revenue
- Other operating costs: $450.0M, 0.8% of revenue
Kept 2.1% as net incomeNet income $1.14B · 2.1%R&D $30.0M · 0.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 20, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $53.11B$59.54B | −10.8% |
| Cost of Revenue | $49.72B$54.70B | −9.1% |
| Gross Profit | $3.39B$4.84B | −30.0% |
| R&D Expenses | $30.00M$35.00M | −14.3% |
| SG&A Expenses | $1.78B$1.72B | +3.6% |
| Operating Income | $1.14B$2.24B | −49.3% |
| Interest Expense | $471.00M$516.00M | −8.7% |
| Net Income | $1.14B$2.24B | −49.3% |
| EPS (Basic) | $8.09$15.07 | −46.3% |
| EPS (Diluted) | $7.99$14.87 | −46.3% |
| Shares Outstanding (Basic) | 140.54M148.80M | −5.6% |
| Shares Outstanding (Diluted) | 142.22M150.79M | −5.7% |
05—Questions
Frequently Asked Questions
Why did Bunge's earnings fall so sharply in 2024?
The decline was driven mainly by lower gross profit in Agribusiness, where processing margins weakened as soybean oilseed prices stabilized and global supply and demand became more balanced. Net sales also fell 11%, and the company absorbed $244 million of Viterra-related acquisition and integration costs. Partial offsets included a $195 million gain on the sale of the BP Bunge Bioenergia joint venture and lower income tax expense.
How will the Viterra acquisition change Bunge's capital structure and ownership?
Bunge expects to issue about 65.6 million registered shares and pay about $2.0 billion in cash to Viterra's shareholders, including Glencore, CPP Investments, and BCI. Those holders would own roughly 30% of the combined company on a fully diluted basis. Total debt is expected to rise from about $6.2 billion to about $13 billion, and the company has secured $8.0 billion of acquisition financing, of which $2.0 billion has been used through the senior notes issuance.
What are the main risks around the pending Viterra deal?
The main risks are regulatory: the deal still requires remaining antitrust and foreign investment approvals, and the termination date has already been extended to March 13, 2025, with a possible further extension to June 13, 2025. If the deal fails on antitrust grounds, Bunge must pay a $400 million fee. Other risks include integration complexity, the need to remediate material weaknesses identified at Viterra, customer and supplier disruption, and higher leverage.
Is Bunge's balance sheet still strong enough to support the increased debt?
Liquidity remains solid. At year-end 2024, Bunge had $3.3 billion of cash, $5.7 billion of unused committed credit facilities, a current ratio of 2.15, and working capital of $8.5 billion. Its debt agreements contain no rating-downgrade triggers that would accelerate maturities, although a downgrade would raise borrowing costs. Credit agencies have upgraded Bunge recently, and S&P's CreditWatch Positive status points to a possible upgrade to A- at or before the deal closes.
What is Bunge's shareholder return outlook after 2024?
Bunge paid $2.72 per share in dividends for the fiscal year, in quarterly installments of $0.68, and repurchased $1.1 billion of shares in 2024. About $800 million remains under the buyback authorization, which has no expiration. However, Swiss law constrains how share repurchases and distributions are structured, and the Viterra closing and rising debt may shift capital allocation priorities toward deleveraging and integration.
06—Continue