Bunge Limited · NYSE:BG
Bunge — Bunge Global — Q4 2025 Earnings Presentation
32 slides from Bunge's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Earnings Results Review
Q4 2025 Earnings Results Review February 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements • Today’s presentation includes forward-looking statements that reflect Bunge’s current views with respect to future events, financial performance and industry conditions. • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided
Slide 3: Agenda
• CEO Comments • Financial Performance Agenda • Closing Remarks • Q&A 3
Slide 4: Q4 and FY 2025 Highlights and Outlook
Q4 and FY 2025 Highlights and Outlook (1) • 2025 was a year of significant achievement • Extraordinary work by the team throughout the year • Operating as one Bunge, beginning to deliver both cost and commercial synergies • Expect FY 2026 adjusted EPS in the range of $7.50 to $8.00 (1) Refer to disc
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Quarter Ended Year Ended December 31, December 31, (US$ in millions, except per share data) 2025 2024 2025 2024 Net income per share from continuing operations - diluted $ 0.49 $ 4.36 $ 4.93 $ 7.99 Adjusted Net income per share from continuing operations - diluted
Slide 6: Earnings Trend
Earnings Trend Recent down trend reflects less volatility from a more balanced supply and demand environment as well as trade & biofuel policy uncertainty Bunge Performance 2021 – 2025 Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 2,530 16 2500 14 ($ millions) $13.91 $13.66 2,017 2
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value 693 1,733 Capital Allocation Priorities 560 568 (485) 1,248 A-/Baa1/BBB+ Credit Ratings (2) (459) 1,173 Shareholder dividends ($ million) 386 (551) Reinvestment opportunities 173 Share buybacks (1,238) 2025 FY Sustaining Discretionary Dividends to Growth/Pr
Slide 8: Vast Majority of Net Debt Finances Readily Marketable Inventory (RMI)
Vast Majority of Net Debt Finances Readily Marketable Inventory (RMI) $12.4 $12.1 $11.5 $11.4 At Q4 quarter-end: • Net Debt(2) ex RMI: $0.7bn $6.2 $6.5 $6.7 $5.2 • Adjusted Leverage $4.1 $’billions Ratio(1) : 1.9x $3.2 $2.4 $2.8 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2025 2025 2025 2025 Net Debt RMI (1) Adjust
Slide 9: Liquidity Position Remains Strong
Liquidity Position Remains Strong In $ millions Facility Maturity Commitments Amount Drawn 364-day RCF Oct 2026 1,100 0 3-year European RCF Oct 2028 3,500 600 5-year US RCF Oct 2030 4,200 0 5-year CoBank & Farm Credit System RCF Oct 2030 865 0 Total (1) 9,665 600 Additionally, at year-end, we had •
Slide 10: Returns Trend
Returns Trend The spread between ROIC and AROIC reflects how we use RMI to generate incremental profit. Bunge Returns (excluding legacy sugar JV) (1, 2, 3, 4) 25.5% 23.7% 20.0% 15.8% 14.7% 14.6% 12.6% 10.1% 7.7% 8.1% 6.6% 6.9% 6.7% 2021 2022 2023 2024 2025 AROIC AWACC ROIC (1) Bunge WACC is 6.0% for
Slide 11: Discretionary Cash Flow Trend
Discretionary Cash Flow Trend Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge Performance 2021 – 2025 (1,2) 2500 0.4 0.38 2,051 1,978 0.36 0.34 2000 1,732 0.32 0.3 0.28 0.26 1500 22.6% 1,231 1,248 0.24 24.4% 19.2% 0.22 0.2 0.18 1000 0.16 12.1% 0.1
Slide 12: Full-Year 2026 Outlook
Full-Year 2026 Outlook • Taking into account the current margin and macro environment and forward curves, we expect full-year 2026 adjusted EPS to be in the range of $7.50 to $8.00.(1) • Additionally, we expect: o Adjusted effective income tax rate in the range of 23% to 27% o Net interest expense i
Slide 13: Closing Remarks
Closing Remarks • Have reshaped the Company into a more agile, diversified and resilient Bunge • Operating from a position of greater strength than at any point in our history; transformation journey continues • Confident in our ability to deliver value to all stakeholders 13 13
Slide 14: Joss
Joss
Slide 15: Segment Definitions and Activities
Segment Definitions and Activities Softseed Other Oilseeds Grain Soy Processing Processing & Processing & Merchandising & Refining Refining Refining & Milling • Origination • Origination • Processing • Origination • Processing & Refining o Canola/rapeseed, o US (soy protein o Grains (corn, wheat, su
Slide 16: Segment Volume Highlights
Segment Volume Highlights Quarter Ended Year Ended December 31, December 31, In thousands of metric tons 2025 2024 2025 2024 Soybean Processing and Refining Soybeans crushed (1) 11,460 9,645 41,013 36,824 Soybeans merchandised (2) #2 6,912 5,224 20,489 15,399 Refined soy oil production (3) 919 908 3
Slide 17: Non-GAAP Definitions
Non-GAAP Definitions This presentation contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the following slides. These measures m
Slide 18: Non-GAAP Definitions
Non-GAAP Definitions Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are calculated by excluding certain gains and (charges), as described in "Additional Financial Information“ of Bunge’s accompanying quarterly earnings press release, as well as temporary mark-to-ma
Slide 19: Non-GAAP Definitions
Non-GAAP Definitions We also have presented projected Adjusted Net income per share from continuing operations - diluted for 2026. This information is provided only on a non-GAAP basis without reconciliation to projected Net income per share - diluted for 2026, the mostly directly comparable U.S. GA
Slide 20: Non-GAAP Definitions
Non-GAAP Definitions Cash Flows To facilitate a comparison of Bunge’s historical cash flow generation and related trends, Bunge uses the following non-GAAP financial measures: • Adjusted Funds from Operations (Adjusted FFO) • Discretionary Cash Flow • Cash Flow Yield (1) Adjusted FFO is calculated b
Slide 21: Non-GAAP Definitions
Non-GAAP Definitions Returns on Capital To facilitate a comparison of Bunge’s historical returns on capital and related trends, Bunge uses the following non-GAAP financial measures: • Return on Invested Capital (ROIC) (1) • Adjusted Return on Invested Capital (AROIC) (1) Bunge calculates ROIC by div
Slide 22: Non-GAAP Definitions
Non-GAAP Definitions Adjusted Leverage Ratio (1) To facilitate the determination of Bunge’s financial strength and flexibility, Bunge uses the non-GAAP measure of Adjusted Leverage Ratio. Bunge believes the ratio is commonly used by credit rating agencies and fixed income investors as an indicator o
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income attributable to Bunge to Adjusted Net income Quarter Ended Year Ended December 31, December 31, (US$ in millions, except for share data) 2025 2024 2025 2024 Net income (loss) attributable to Bunge $95 $602 $816 $1,137 Adjustment for Mark-to-market timing difference
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Quarter Ended Year Ended December 31, December 31, (US$ in millions) 2025 2024 2025 2024 Net income (loss) attributable to Bunge $95 $602 $816 $1,137 Interest income (40) (51) (202) (163) Interest e
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) FY 2025 Net income $843 Interest income (202) Interest expense 628 Income tax expense (benefit) 288 Depreciation and amortization 703 Certain (gains) and charges 234 Mark-to-market timing difference 272 Adjusted EBITDA $2,766 25
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program (US$ in millions) Q4 2025 TTM Gross Debt $14,051 Cash and Cash Equivalents (1,135) Marketable securities and oth
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ in millions) 2025 2024 2023 2022 (1) 2021 Cash provided by (used for) operating activities $844 $1,900 $3,308 ($5,549) ($2,894) Foreign exchange (loss) gain on net debt $216 ($17
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 (US
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 (US$ in millions) Net Income (loss
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a continuation of the reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT and Adjusted EPS Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-
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