BG · Bunge Global S.A.

Bunge's first quarter 2026 results reflect strong operational execution despite a challenging market environment. GAAP diluted EPS of $0.35 was significantly below the prior year's $1.48, primarily due to mark-to-market timing differences of $1.28 per share. However, on an adjusted basis, EPS rose to $1.83 from $1.81, exceeding analyst consensus of $1.81. The improvement was driven by higher results in Soybean and Softseed Processing and Refining, particularly in South America and North America, benefiting from expanded production capacity following the Viterra acquisition. Adjusted Segment EBIT increased to $661 million from $406 million, with Soybean Processing contributing $377 million (up from $241 million) and Softseed Processing $195 million (up from $82 million). The Grain Merchandising and Milling segment saw adjusted EBIT decline to $44 million from $60 million, while Tropical Oils and Specialty Ingredients improved to $45 million from $23 million. Corporate costs rose to $100 million from $44 million, partly due to Viterra integration. Management highlighted strong execution amid geopolitical uncertainty and shifting trade flows. The company raised its full-year 2026 adjusted EPS guidance to $9.00-$9.50 from $7.50-$8.00, citing higher expectations for Soybean and Softseed Processing, partially offset by lower outlook for Tropical Oils and Grain Merchandising. Net interest expense guidance was raised to $620-$660 million, and the adjusted effective tax rate range was lowered to 22%-26%. Cash used in operations increased to $541 million from $285 million, but adjusted funds from operations improved to $530 million from $392 million. Overall, the results demonstrate Bunge's ability to navigate volatility and capture opportunities, with the Viterra acquisition enhancing scale and diversification.