What drove the large difference between GAAP and adjusted EPS in Q2 2025?

GAAP diluted EPS of $2.61 included a $155 million pre-tax gain on the sale of the North American corn milling business and was reduced by mark-to-market timing differences of $0.69 per share and acquisition and integration costs. Adjusting for these items gives $1.31 per share, which is the more comparable figure for operating performance. Investors should treat the one-time gain as non-recurring.

Is Bunge still expecting roughly $7.75 in adjusted EPS for 2025?

Yes, management maintained its adjusted full-year 2025 EPS outlook of approximately $7.75. However, the forecast excludes Viterra, which closed July 2, 2025, and no longer includes second-half earnings from the sold corn milling business. Management will provide a combined-company forecast before reporting third-quarter results.

Why did operating cash flow turn negative, and how is debt affecting the balance sheet?

Operating cash flow was negative $1.36 billion in the first half of 2025, primarily due to working capital changes, especially inventory growth to $8.0 billion. To fund this and the Viterra acquisition, Bunge increased short-term borrowings to $3.54 billion and long-term debt to $7.04 billion. Cash rose to $6.79 billion, largely from these borrowings and asset sale proceeds, so net leverage should be watched closely in coming quarters.

What segment trends should investors watch going forward?

Agribusiness results were better than expected, supported by Processing in South America and Asia, though they remained below last year. Refined and Specialty Oils faced weaker demand from policy uncertainty, and its full-year outlook was lowered. Milling's outlook was reduced due to the corn milling sale. Future results will also be shaped by how the Viterra business is integrated into these segments.

BG 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Bunge Global SA (BG) reported Q2 2025 results on July 30, 2025 that were better than management expected but weaker than a year ago on an adjusted basis.

GAAP diluted EPS was $2.61^a versus $0.48 in the prior-year quarter, but this was inflated by a $155 million pre-tax gain on the sale of its North American corn milling business. Adjusted diluted EPS fell to $1.31 from $1.73, and adjusted Total EBIT dropped to $293 million from $405 million. Agribusiness was the bright spot, with Processing EBIT rising in South America and Asia, though Refined and Specialty Oils declined in all regions on softer energy demand tied to policy uncertainty.

The quarter also marked the completion of the transformative Viterra combination, which closed on July 2, 2025, after the period end. Management kept its adjusted full-year 2025 EPS outlook at approximately $7.75^b, but this figure excludes Viterra and no longer includes corn milling earnings for the second half. Management said it expects to provide a forecast for the combined company before reporting third-quarter results.

Investors should weigh the strategic upside of Viterra's scale against near-term integration costs, higher leverage, and the lack of a combined-company guidance update. Balance sheet and cash flow data point to a heavier financing and working-capital position. Cash and equivalents rose to $6.79 billion, but short-term debt climbed to $3.54 billion^c and long-term debt to $7.04 billion, against $875 million and $4.69 billion at year-end 2024.

Operating cash flow was negative $1.36 billion^d for the first half, driven mainly by working capital, and Adjusted FFO fell to $693 million from $895 million. Much of the cash build reflects borrowings and the $206 million sale of a redeemable noncontrolling interest, so underlying cash generation should be monitored as the combined company is integrated.

02—Key points

Key Highlights

GAAP diluted EPS of $2.61 vs. $0.48 a year ago, boosted by a $155 million pre-tax gain on the sale of the U.S. corn milling business (about $0.87 per share).
Adjusted diluted EPS of $1.31 vs. $1.73 in Q2 2024, reflecting lower adjusted Total EBIT of $293 million vs. $405 million.
Agribusiness Adjusted Segment EBIT fell to $233 million from $298 million, with Processing up in South America and Asia but down in Europe and North America; Refined and Specialty Oils Adjusted Segment EBIT fell to $116 million from $193 million.
Viterra combination closed on July 2, 2025, creating a global agribusiness platform; the Q2 outlook excludes Viterra's contribution.
Adjusted full-year 2025 EPS outlook maintained at approximately $7.75, with Agribusiness raised but Refined and Specialty Oils and Milling lowered; a combined-company forecast is expected before Q3 earnings.
Total debt rose sharply: short-term debt $3.54 billion (vs. $875 million) and long-term debt $7.04 billion (vs. $4.69 billion) at June 30, 2025.
First-half operating cash flow was negative $1.36 billion, though Adjusted FFO was $693 million (vs. $895 million), with working capital absorbing most of the cash.

03—Questions

Frequently Asked Questions

What drove the large difference between GAAP and adjusted EPS in Q2 2025?
GAAP diluted EPS of $2.61 included a $155 million pre-tax gain on the sale of the North American corn milling business and was reduced by mark-to-market timing differences of $0.69 per share and acquisition and integration costs. Adjusting for these items gives $1.31 per share, which is the more comparable figure for operating performance. Investors should treat the one-time gain as non-recurring.
Is Bunge still expecting roughly $7.75 in adjusted EPS for 2025?
Yes, management maintained its adjusted full-year 2025 EPS outlook of approximately $7.75. However, the forecast excludes Viterra, which closed July 2, 2025, and no longer includes second-half earnings from the sold corn milling business. Management will provide a combined-company forecast before reporting third-quarter results.
Why did operating cash flow turn negative, and how is debt affecting the balance sheet?
Operating cash flow was negative $1.36 billion in the first half of 2025, primarily due to working capital changes, especially inventory growth to $8.0 billion. To fund this and the Viterra acquisition, Bunge increased short-term borrowings to $3.54 billion and long-term debt to $7.04 billion. Cash rose to $6.79 billion, largely from these borrowings and asset sale proceeds, so net leverage should be watched closely in coming quarters.
What segment trends should investors watch going forward?
Agribusiness results were better than expected, supported by Processing in South America and Asia, though they remained below last year. Refined and Specialty Oils faced weaker demand from policy uncertainty, and its full-year outlook was lowered. Milling's outlook was reduced due to the corn milling sale. Future results will also be shaped by how the Viterra business is integrated into these segments.

04—Continue

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