10-QPeriod: Q1 FY2026

Bunge Global SA Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 29, 2026For Securities:BG

Summary

Bunge Global SA (BG) reported a net income attributable to Bunge shareholders of $68 million for the first quarter of 2026, a significant decrease from $201 million in the same period of 2025. This decline is largely attributed to lower segment EBIT and corporate EBIT, coupled with increased net interest expense resulting from higher debt levels following the Viterra acquisition. Diluted earnings per share also saw a substantial drop to $0.35 from $1.48 year-over-year. The company's net sales more than doubled to $21.86 billion from $11.64 billion, primarily driven by the inclusion of Viterra's results and strong performance across most segments, particularly Grain Merchandising and Milling and Softseed Processing and Refining. However, cost of goods sold increased proportionally, leading to a 28% rise in gross profit, which was offset by a 40% increase in selling, general, and administrative expenses. Despite the decrease in profitability, Bunge's balance sheet shows robust inventory levels and significant working capital, reflecting the expanded operational scale post-acquisition. The company maintained compliance with its financial covenants and had substantial unused committed borrowing capacity.

Financial Highlights

54 data points
Beta

Revenue

$21.86B

3.5% Gross Margin

Net Income

$68.00M

0.3% Net Margin

EPS (Diluted)

$0.35

Total Assets

$47.58B

Cash & Equivalents

$839.00M

Free Cash Flow

-$877.00M

Financial Statements
Beta
Revenue$21.86B
Cost of Revenue$21.09B
Gross Profit$766.00M
SG&A Expenses$531.00M
Interest Expense$181.00M
Net Income$68.00M
EPS (Basic)$0.35
EPS (Diluted)$0.35
Shares Outstanding (Basic)193.75M
Shares Outstanding (Diluted)195.73M

Key Highlights

  • 1Net income attributable to Bunge shareholders decreased by 66% to $68 million compared to $201 million in the prior year's quarter.
  • 2Diluted earnings per share fell to $0.35 from $1.48 year-over-year, impacted by lower net income and share dilution from the Viterra acquisition.
  • 3Net sales significantly increased by 88% to $21.86 billion, largely due to the consolidation of Viterra's operations.
  • 4Cost of goods sold rose by 91%, outpacing gross profit growth, indicating increased input costs or unfavorable mark-to-market results.
  • 5Selling, general, and administrative expenses increased by 40%, primarily due to higher labor costs associated with the Viterra acquisition.
  • 6Total EBIT decreased by 44% to $184 million, reflecting challenges across several segments, particularly Grain Merchandising and Milling and Soybean Processing and Refining.
  • 7Inventories saw a substantial increase, reaching $15.4 billion from $13.2 billion at year-end 2025, indicating strategic stocking and the impact of higher commodity prices.

Frequently Asked Questions

The primary reason for the significant decrease in net income is the impact of integrating Viterra, which led to higher interest expenses due to increased debt levels and dilution from new shares issued. Additionally, less favorable results in certain segments like Grain Merchandising and Milling and Soybean Processing and Refining, combined with higher selling, general, and administrative expenses, also contributed to the decline.

The Viterra acquisition, completed in July 2025, significantly boosted net sales due to consolidation of its operations. However, it also led to increased debt financing costs, higher selling, general, and administrative expenses, and dilution from the issuance of Bunge shares, which negatively impacted net income and earnings per share in the current quarter compared to the prior year when Viterra was not included.

While net income and EPS decreased significantly year-over-year, Bunge's net sales demonstrate substantial growth, indicating an expanded market presence post-acquisition. The company is navigating higher input costs and integration expenses. The strong performance in certain segments like Tropical Oils and Specialty Ingredients, and the strategic increase in inventories, suggest efforts to manage supply chains and capitalize on market demand, though future profitability will depend on commodity price fluctuations, integration success, and managing operational costs.

Bunge has increased its long-term debt to finance the Viterra acquisition and other operational needs. The company states it has sufficient liquidity and unused committed borrowing capacity. While interest expense has risen, Bunge aims to manage its financial risks prudently and maintain balance sheet strength through its financing strategies, which include revolving credit facilities and debt issuances.