10-QPeriod: Q2 FY2025

Bunge Global SA Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 5, 2025For Securities:BG

Summary

Bunge Global SA (BG) reported a significant increase in net income attributable to shareholders for the six months ended June 30, 2025, reaching $555 million compared to $314 million in the prior year period. This growth was driven by a substantial improvement in segment EBIT, particularly in the Agribusiness segment, which saw a 56% increase year-over-year, and the Milling segment, up 175%. The company also reported a notable gain on the sale of its North America corn milling business. A key event during the period was the completion of the Viterra acquisition on July 2, 2025. This transformative acquisition is expected to create a premier global agribusiness solutions company. In preparation for this acquisition, Bunge significantly increased its debt levels, leading to a substantial rise in total debt to $11.27 billion as of June 30, 2025, from $6.24 billion at the end of 2024. Despite the increased leverage, the company's working capital also improved considerably.

Financial Highlights

54 data points
Beta

Revenue

$12.77B

5.8% Gross Margin

Net Income

$354.00M

2.8% Net Margin

EPS (Diluted)

$2.61

Total Assets

$31.15B

Cash & Equivalents

$6.79B

Free Cash Flow

-$1.48B

Financial Statements
Beta
Revenue$12.77B
Cost of Revenue$12.03B
Gross Profit$738.00M
SG&A Expenses$418.00M
Interest Expense$106.00M
Net Income$354.00M
EPS (Basic)$2.63
EPS (Diluted)$2.61
Shares Outstanding (Basic)134.49M
Shares Outstanding (Diluted)135.60M

Key Highlights

  • 1Net income attributable to Bunge shareholders more than doubled to $555 million for the first six months of 2025, up from $314 million in the same period of 2024.
  • 2The company successfully completed the significant acquisition of Viterra Limited on July 2, 2025, positioning it as a leading global agribusiness solutions provider.
  • 3Total EBIT rose to $866 million for the first six months of 2025, a 40% increase from $618 million in the prior year period, driven by strong performance across key segments.
  • 4The Agribusiness segment EBIT saw substantial growth, increasing by 56% year-over-year to $651 million for the first six months of 2025.
  • 5Bunge reported a $155 million gain on the sale of its North America corn milling business, which closed on June 30, 2025.
  • 6Total debt increased significantly to $11.27 billion as of June 30, 2025, primarily due to borrowings undertaken in preparation for the Viterra acquisition.

Frequently Asked Questions

The significant increase in net income was primarily driven by improved performance across Bunge's operating segments, particularly the Agribusiness and Milling segments, which reported substantially higher EBIT. Favorable foreign exchange results and higher gross profits in Agribusiness, along with a gain on the sale of the North America corn milling business in the Milling segment, also contributed to the strong results.

As of June 30, 2025, the Viterra acquisition had not yet been fully reflected in the financial statements, as it closed on July 2, 2025. However, Bunge significantly increased its debt levels, borrowing $2.3 billion in term loans and utilizing its commercial paper and revolving credit facilities in preparation for the acquisition's closing. This led to a substantial increase in total debt to $11.27 billion from $6.24 billion at the end of 2024. Despite the increased debt, the company's working capital position improved.

The Refined and Specialty Oils segment experienced a decrease in EBIT of 47% for the first six months of 2025 compared to the prior year. This was primarily due to lower gross profits driven by overall lower margins, particularly in North America and Europe, despite a slight increase in net sales for the three months ended June 30, 2025. Investors should monitor this segment for signs of margin recovery or strategic adjustments.

Bunge employs a comprehensive risk management strategy that includes the use of derivative instruments such as futures, forwards, swaps, and options to manage exposures to agricultural commodity prices, foreign currency exchange rates, interest rates, and energy costs. These derivatives are used to reduce earnings volatility, although they can occasionally result in earnings fluctuations. The company actively monitors these risks and sets exposure limits under a global governance framework.