Slide 1: Midcycle Earnings Baseline Update
Midcycle Earnings Baseline Update (as presented in Q2 2021 Earnings Slide Presentation) July 28, 2021
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: Updating Mid-Cycle Earnings Baseline to $7 EPS, with upside
Updating Mid-Cycle Earnings Baseline to $7 EPS, (1) with upside Reflects structural improvement in oilseed market environment and greater benefits from operating model ~$7 $5 (2) June 2020 Agri/Processing Agri/Merchandising Refined and Other Items Current Portfolio Baseline Specialty Oils Normalized
Slide 4: Mid-Cycle Earnings Baseline of $7 EPS - Drivers
Mid-Cycle Earnings Baseline of $7 EPS - Drivers Agribusiness Refined and Specialty Oils Net Interest Processing • Up ~30% vs $5 baseline $165-185M • Soy crush margins updated to – Higher NA refining utilizations ~$25M lower vs $5 baseline reflecting debt paydown and normalized $34-36/MT(1) – Increas
Slide 5: Multiple Opportunities to Expand Earnings
Multiple Opportunities to Expand Earnings Strengthen Oilseeds platform/target consolidation opportunities Refined and Specialty Oils: $7 EPS + differentiated products and services, geography and solutions Earnings Baseline(1) Increase participation in renewable feedstocks and plant-based proteins Le
Slide 6: Generating Cash Flow to Drive Shareholder Value
Generating Cash Flow to Drive Shareholder Value Updated baseline generates an additional ~$200M of cashflow Capital Allocation Priorities Baseline Adjusted Funds From Operations (Adjusted FFO)(1) ~$1.4B BBB/Baa2 target credit ratings Shareholder dividends ~$800M Reinvestment opportunities Share buyb
Slide 7: Appendix
Appendix
Slide 8: Agribusiness: Processing and Merchandising Definitions
Agribusiness: Processing and Merchandising Definitions Processing Merchandising • Oilseed origination • Grain origination ‒ Oilseed purchasing, cleaning, drying, ‒ Grains (corn, wheat, barley) purchasing, storing and handling cleaning, drying, storing and handling • Oilseed processing • Grain tradin
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation This presentation contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Operating results We have presented EPS baseline. This information is provided only on a non-GAAP basis without any reconciliation to Net income
Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash Flows We have presented Adjusted Funds from Operations (Adjusted FFO) baseline. Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, net income attributable to non- controlling interests
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