Bunge Global SA (NYSE: BG) released its fourth quarter and full-year 2025 financial results. Full-year GAAP diluted earnings per share (EPS) fell to $4.93 from $7.99 in 2024. Adjusted EPS, excluding gains, charges, and mark-to-market differences, stood at $7.57 versus $9.19 prior year.
In Q4, GAAP diluted EPS dropped to $0.49 from $4.36. Adjusted Q4 EPS was $1.99, down slightly from $2.13. All segments posted higher adjusted earnings before interest and taxes (EBIT) in the quarter. Drivers included disciplined execution and expanded capabilities from the Viterra merger.
CEO Highlights Transformational Year
CEO Greg Heckman described 2025 as a year of significant achievement. Bunge completed its combination with Viterra. The firm advanced growth projects across its network. It navigated evolving markets and geopolitical uncertainty.
Heckman praised team execution in integrating organizations. They aligned on an operating model. Synergies began to emerge in operations and commerce. Forward visibility stays limited in dynamic conditions.
The expanded footprint offers balance. Diversified value chains aid adaptation. Bunge connects farmers to global demand for food, feed, and fuel. More details on outlook, synergies, and capital allocation come at Investor Day on March 10.
Segment Performance Drives Gains
Soybean Processing and Refining
Results edged higher, led by South America. Argentina and Brazil saw stronger processing and refining. Destination value chain results dipped in Europe processing and Americas origination. Asia improved, offsetting declines. North America weakened in both areas.
Processed volumes rose from expanded capacity in Argentina. Merchandised volumes grew via broader soybean origination.
Softseed Processing and Refining
Segment results climbed, fueled by higher margins and Viterra assets. North America processing gained, though refining softened slightly. Europe advanced in processing and biodiesel but lagged in refining. Argentina improved across processing and refining.
Global softseeds and oils merchandising strengthened. Processed volumes increased in Argentina, Canada, and Europe. Merchandised volumes benefited from expanded origination.
Other Oilseeds Processing and Refining
Results improved on specialty oils in Asia and North America. Global oils merchandising rose. Europe matched prior year.
Grain Merchandising and Milling
Results rose on wheat, barley merchandising, and wheat milling. Corn merchandising and ocean freight declined. Volumes expanded from larger grain-handling footprint and global crops. Prior year included divested corn milling.
Financial and Operational Metrics
Corporate expenses grew due to Viterra addition. Other results rose from captive insurance. This offset $10 million prior-year income from divested sugar and bioenergy joint venture.
Cash from operations fell to $844 million from $1,900 million. Lower net income and working capital changes drove the drop. Adjusted funds from operations (FFO) reached $1,733 million, up from $1,682 million.
Income tax expense declined for quarter and year. Lower pre-tax income and tax matter benefits contributed. Adjusted effective tax rate held at 23% for full year.
2026 Outlook Signals Confidence
Bunge forecasts 2026 adjusted EPS of $7.50 to $8.00. This reflects margins, macro environment, and forward curves.
Key guidance includes:
Adjusted effective tax rate of 23% to 27%.
Net interest expense of $575 million to $625 million.
Capital expenditures of $1.5 billion to $1.7 billion.
Depreciation and amortization near $975 million.
The Viterra integration bolsters Bunge’s position. Expanded assets support resilience in agribusiness.
