Why did GAAP EPS fall so much while adjusted EPS held steady?

The gap is mainly mark-to-market timing differences of $0.87 per share in Q3 2025, which reverse over time as part of economically hedged positions, plus acquisition and integration costs of $0.54 per share tied to Viterra. Excluding these items, adjusted EPS of $2.27 was nearly flat versus $2.29 a year earlier.

Is the company's full-year outlook still intact?

Bunge reaffirmed full-year 2025 adjusted EPS of $7.30 to $7.60. With nine-month adjusted EPS of $5.56, this implies second-half adjusted EPS of $4.00 to $4.25, so investors should watch whether margins hold through year end.

Why did operating cash flow turn negative?

Cash used in operations was $503 million for the nine months, driven primarily by net working capital changes, including higher inventories and secured advances to suppliers. Adjusted FFO, which strips out working capital and mark-to-market effects, was $1,181 million, down modestly from $1,283 million.

How much did the Viterra acquisition change Bunge's balance sheet and leverage?

Total assets increased to $46.3 billion from $24.9 billion, and goodwill and intangibles rose to $3.1 billion from $0.8 billion. Total debt, including short-term debt and current and long-term portions, reached about $15.6 billion, compared with roughly $5.2 billion at year-end 2024, so leverage has risen materially.

Is the 8-K press release legally filed for purposes of Section 18 liability?

No. The results are furnished under Item 2.02 and General Instruction B.2 of Form 8-K, so they are not deemed filed for Section 18 purposes and are not subject to that section's liability, though other liability provisions may still apply.

BG 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Bunge Global SA's Q3 2025 results, filed November 5, 2025, show a company in its first full quarter after closing the Viterra combination.

Q3 GAAP diluted EPS from continuing operations was $0.86^a, down from $1.56 a year earlier, but adjusted EPS was $2.27 versus $2.29, roughly flat. The gap between GAAP and adjusted figures is mainly mark-to-market timing differences ($0.87 per share in the quarter) and acquisition and integration costs ($0.54 per share). Adjusted Total EBIT rose to $757 million from $491 million, driven by Soybean and Softseed Processing and Refining, which benefited from the added Viterra assets, higher margins, and Argentine capacity.

Nine-month results were supported by a $155 million^b gain on the sale of the North American corn milling business. Balance sheet and cash flow changed sharply. Total assets rose to $46.3 billion from $24.9 billion at year-end 2024, and total debt (short-term debt, current portion, and long-term debt) reached roughly $15.6 billion.

Operating cash flow was negative $503 million^c for the nine months, versus positive $847 million a year earlier, mainly due to working capital build. Inventories include $11.5 billion of readily marketable inventories. Adjusted funds from operations were $1.18 billion, down from $1.28 billion.

Bunge repurchased $545 million^d of shares in the nine months and reaffirmed full-year 2025 adjusted EPS guidance of $7.30 to $7.60. That guidance implies second-half adjusted EPS of $4.00 to $4.25, well below the first nine months, which is the key forward-looking point for investors.

The filing is furnished under Item 2.02 rather than filed, so the press release content is not subject to Section 18 liability. Investors should weigh the strong operating momentum and reaffirmed guidance against higher leverage, the negative operating cash flow, the large mark-to-market swings, and ongoing integration costs.

02—Key points

Key Highlights

Q3 2025 GAAP diluted EPS from continuing operations was $0.86, down from $1.56, while adjusted EPS was $2.27 versus $2.29, roughly flat year over year.
Adjusted Total EBIT rose 54% to $757 million from $491 million, led by Soybean Processing and Refining (adjusted Segment EBIT of $478 million vs. $286 million) and Softseed Processing and Refining ($275 million vs. $133 million).
Full-year 2025 adjusted EPS guidance was reaffirmed at $7.30 to $7.60, implying second-half adjusted EPS of only $4.00 to $4.25.
Operating cash flow turned negative at $(503) million for the nine months versus $847 million a year earlier, mainly due to working capital changes; adjusted FFO was $1,181 million vs. $1,283 million.
Total assets nearly doubled to $46.3 billion from $24.9 billion, and total debt rose to roughly $15.6 billion, reflecting the Viterra acquisition and related financing.
Nine-month results include a $155 million gain on the sale of the North American corn milling business, which lifted Grain Merchandising and Milling results.
Bunge repurchased $545 million of shares in the nine months, and dividends paid were $324 million.

03—Questions

Frequently Asked Questions

Why did GAAP EPS fall so much while adjusted EPS held steady?
The gap is mainly mark-to-market timing differences of $0.87 per share in Q3 2025, which reverse over time as part of economically hedged positions, plus acquisition and integration costs of $0.54 per share tied to Viterra. Excluding these items, adjusted EPS of $2.27 was nearly flat versus $2.29 a year earlier.
Is the company's full-year outlook still intact?
Bunge reaffirmed full-year 2025 adjusted EPS of $7.30 to $7.60. With nine-month adjusted EPS of $5.56, this implies second-half adjusted EPS of $4.00 to $4.25, so investors should watch whether margins hold through year end.
Why did operating cash flow turn negative?
Cash used in operations was $503 million for the nine months, driven primarily by net working capital changes, including higher inventories and secured advances to suppliers. Adjusted FFO, which strips out working capital and mark-to-market effects, was $1,181 million, down modestly from $1,283 million.
How much did the Viterra acquisition change Bunge's balance sheet and leverage?
Total assets increased to $46.3 billion from $24.9 billion, and goodwill and intangibles rose to $3.1 billion from $0.8 billion. Total debt, including short-term debt and current and long-term portions, reached about $15.6 billion, compared with roughly $5.2 billion at year-end 2024, so leverage has risen materially.
Is the 8-K press release legally filed for purposes of Section 18 liability?
No. The results are furnished under Item 2.02 and General Instruction B.2 of Form 8-K, so they are not deemed filed for Section 18 purposes and are not subject to that section's liability, though other liability provisions may still apply.

04—Continue

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