Bunge Global S.A.

Second-quarter 2026 reported EPS was $3.47, compared with $2.61 in the second quarter of 2025. Adjusted EPS was $2.00 versus $1.31 a year ago. Adjusted segment EBIT was $796 million versus $373 million last year. Reported results included a favorable mark-to-market timing difference of $1.67 per share and an unfavorable $0.20 per share from Viterra transaction and integration costs. On capital allocation, year-to-date adjusted funds from operations were approximately $1.3 billion; after $238 million of sustaining CapEx, Bunge said it had about $1.1 billion of discretionary cash flow available. The company paid $275 million in dividends, invested $541 million in growth and productivity CapEx, invested $105 million to acquire IFF’s soybean processing concentrate business, and repurchased about $250 million of shares. At quarter end, adjusted leverage was 1.9x, and net debt exceeded readily marketable inventory by $1 billion. For 2026, Bunge raised adjusted EPS guidance to $9.25-$9.75 from $9.00-$9.50. Full-year assumptions were unchanged for tax rate at 22%-26%, net interest expense at $620 million-$660 million, CapEx at $1.5 billion-$1.7 billion, and depreciation/amortization at about $975 million.

Greg Heckman emphasized that Bunge’s larger global platform is proving its value in a volatile environment, with the company benefiting from diversification across crops and geographies, especially in soy and softseeds. He framed the business as built to manage complexity, with integrated logistics, disciplined risk management, and operational excellence helping it perform through the cycle. He also pointed to momentum in Viterra synergies, strategic renewables partnerships in Brazil, and in-flight projects at Destrehan and elsewhere as proof that the strategy is delivering.

John Neppl highlighted the quarter’s financial improvement and the balance sheet. He cited reported EPS of $3.47, adjusted EPS of $2.00, and adjusted EBIT of $796 million, then noted that the trend is beginning to reverse after a difficult 2025. On cash and capital allocation, he said year-to-date adjusted funds from operations were about $1.3 billion, with roughly $1.1 billion of discretionary cash flow after sustaining CapEx; he also pointed to $9.7 billion of committed credit facilities, $8.8 billion unused, and $2.4 billion available under commercial paper. He reiterated the 2026 outlook ranges for tax, interest expense, CapEx, and D&A, and said the company may need more working capital in the back half of the year as it prioritizes leverage and credit metrics.

Analysts focused on how much of the strong result was driven by the Viterra assets, the sustainability of elevated crush margins, and the path of second-half margins by region. Management said Viterra adds balance, more origination, more optionality in physical flows, and even lower borrowing costs thanks to the stronger combined credit profile. On crush, they said current curves broadly reflect today’s market, that U.S. margins remain supported by fundamentals and RVO clarity, and that second-half assumptions are above baseline but driven mainly by the U.S. and Canada. Questions also covered project timing, Glencore’s lockup expiration, 45Z/Climate-Smart Ag, fertilizer availability in South America, and RVO waivers; management said no dramatic RVO waiver risk is known, Glencore is a supportive partner, and fertilizer could matter more in Brazil/Argentina if phosphates stay tight.