Bunge Limited · NYSE:BG
Bunge — Bunge Global — Q1 2026 Earnings Presentation
32 slides from Bunge's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Earnings Results Review
Q1 2026 Earnings Results Review April 29, 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: Q1 2026 Highlights and Outlook
Q1 2026 Highlights and Outlook (1) • Bunge team executed with discipline and speed to deliver strong Q1 results in a rapidly changing environment • EPA’s favorable RVO decision supports industry investments and energy security • While uncertainty remains, Bunge’s integrated global platform, discipli
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Quarter Ended March 31, (US$ in millions, except per share data) 2026 2025 Net income per share - diluted $ 0.35 $ 1.48 Adjusted Net income per share - diluted (1) $ 1.83 $ 1.81 Adjusted Segment EBIT (1) (2) $ 661 $ 406 Soybean Processing and Refining $ 377 $ 241
Slide 6: Earnings Trend
Earnings Trend With the favorable biofuel environment, synergy capture and ramp-up of inflight projects, the earnings trend is expected to improve Bunge Performance 2022 – Q1 2026 TTM Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 16 2500 2,233 14 ($ millions) $13.91 $13.66 2,017 2,
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value 530 Capital Allocation Priorities (95) 435 A-/Baa1/BBB+ Credit Ratings (2) (136) Shareholder dividends (241) Reinvestment opportunities ($ million) (105) (47) Share buybacks Q1 2026 YTD Sustaining Discretionary Dividends to Growth/Prod. Portfolio Retained A
Slide 8: Net Debt Finances Readily Marketable Inventory (RMI)
Net Debt Finances Readily Marketable Inventory (RMI) $13.4 $13.0 $12.4 $12.1 At Q1 quarter-end: $11.5 $11.4 • RMI exceeded Net Debt: $0.4bn $6.5 $6.7 $5.2 • Adjusted Leverage $4.1 Ratio(1): 1.6x $2.4 $2.8 ($ billion) Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2025 2025 2025 2026 Net Debt RMI (1) Adjusted Leverage
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 0 5-year US RCF Oct 2030 4,200 0 5-year CoBank & Farm Credit System RCF Oct 2030 865 0 Total (1) 9,665 0 Additionally, at quarter 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) 25.5% 20.0% 15.8% 12.6% 14.6% 7.7% 8.1% 8.0% 10.1% 6.6% 6.7% 6.9% 6.7% 2022 2023 2024 2025 Q1 2026 TTM AROIC AWACC ROIC (1) Bunge WACC is 6.0% f
Slide 11: Cash Return on Equity Trend
Cash Return on Equity Trend Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge CROE Performance 2022 – Q1 2026 TTM (1) 2,500 40.0% 38.0% 2,051 1,978 36.0% 34.0% 2,000 32.0% 30.0% 28.0% 1,500 22.6% 1,231 1,248 1,345 26.0% 24.0% 19.2% 22.0% 20.0% 18.0%
Slide 12: Full-Year 2026 Outlook
Full-Year 2026 Outlook Taking into account Q1 results, the current margin and macro environment and forward curves, Bunge now expects full-year 2026 adjusted EPS in the range of $9.00 to $9.50, up from its previous range of $7.50 to $8.00 Compared to its previous outlook: • Soybean Processing and Re
Slide 13: Closing Remarks
Closing Remarks • Investor Day themes remain intact, and this quarter clearly reinforces them • A transformed portfolio with an unmatched global footprint and set of capabilities • Greater diversification across geographies, origination, processing and crops – driving balance and resilience • Enteri
Slide 14: Appendix
Joss
Slide 15: Segment Definitions and Activities
Segment Definitions and Activities Softseed Tropical Oils & Grain Soy Processing Processing & Specialty Merchandising & Refining Refining Ingredients & Milling • Origination • Origination • Processing • Origination • Processing & Refining o Canola/rapeseed, o US (soy protein o Grains (corn, wheat, s
Slide 16: Segment Volume Highlights
Segment Volume Highlights Quarter Ended March 31, In thousands of metric tons 2026 2025 Soybean Processing and Refining Soybeans processed (1) 10,757 8,110 Soybeans merchandised (2) #2 5,133 2,233 Refined soy oil production (3) 857 859 Softseed Processing and Refining Softseeds processed (1) 3,281 2
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 - 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. GAAP measure. The most directly compara
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 Return on Equity (CROE)(1) Adjusted FFO is
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) • Adjusted Return on Invested Capital (AROIC) Bunge calculates ROIC by dividing Ad
Slide 22: Non-GAAP Definitions
Non-GAAP Definitions Adjusted Leverage Ratio 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 of de
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Adjusted Net income Quarter Ended March 31, (US$ in millions, except for share data) 2026 2025 Net income (loss) attributable to Bunge $68 $201 Adjustment for Mark-to-market timing difference 250 10 Adjusted for certain (gains) and c
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Quarter Ended March 31, (US$ in millions) 2026 2025 Net income (loss) attributable to Bunge $68 $201 Interest income (45) (59) Interest expense 181 104 Income tax expense (benefit) (14) 80 Noncontro
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) Q1 2026 TTM Net income $714 Interest income (188) Interest expense 705 Income tax expense (benefit) 194 Depreciation and amortization 821 Certain (gains) and charges 238 Mark-to-market timing difference 606 Adjusted EBITDA $3,09
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program (US$ in millions) Q1 2026 TTM Gross Debt $14,553 Cash and Cash Equivalents (839) Marketable securities and other
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ in millions) Q1 2026 YTD Q1 2026 TTM 2025 2024 2023 2022 Cash provided by (used for) operating activities $(541) $588 $844 $1,900 $3,308 ($5,549) Foreign exchange (loss) gain on
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-26 31-Dec-
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US$ 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-Mar-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-
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