Bunge Global SA

Strong Q2 results; EPS beat led by Soy + Softseed, with notable one-time/non-cash timing items - Reported EPS: $3.47 vs $2.61 in Q2’25. - Adjusted EPS: $2.00 vs $1.31 prior year (up ~$0.69, ~+52%). - Key bridge items: favorable mark-to-market timing difference (+$1.67/share); unfavorable Viterra transaction/integration costs (-$0.20/share). - Adjusted segment EBIT: $796M vs $373M last year (~+113% YoY). - Where strength came from: higher Soy processing/refining in North & South America (Argentina and Brazil improvements) and improved Softseed across all regions. - Where drag/offsets showed up: global soybean oil merchandising lower vs last year; some softness in destination value chain (Asia stronger, Europe and distribution lower); Tropical oils slightly mixed by region.

Upgraded 2026 outlook (not a full return to “easy”); margins/curves still drive uncertainty - Full-year 2026 adjusted EPS raised to $9.25–$9.75 (from $9.00–$9.50 on the Q1 call). - Management emphasizes limited forward visibility due to macroeconomic + geopolitical + weather volatility, but long-term demand remains intact.

Guidance-by-segment tone: Soy/Softseed up, Tropical roughly flat, Grain down - Soybean Processing & Refining: forecast higher vs prior guidance. - Softseed Processing & Refining: slightly higher. - Tropical Oils & Specialty Ingredients: unchanged. - Grain Merchandising & Milling: forecast lower. - Non-EPS annual assumptions reaffirmed (unchanged from prior): - Effective tax rate: 22%–26% - Net interest expense: $620M–$660M - Capex: $1.5B–$1.7B - D&A: ~$975M