Slide 1: Q4 2024 Earnings Results Review
Q4 2024 Earnings Results Review February 5, 2025
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 FY24 Highlights and Outlook
Q4 and FY24 Highlights and Outlook (1) • Significant strategic & growth accomplishments during 2024 • In the late stages of the regulatory processes for Viterra and CJ Selecta • Nearing the close of European Repsol partnership • Completed the sale of sugar and bioenergy JV • Repurchased $1.1 billion
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Quarter Ended Year Ended December 31, December 31, (US$ in millions, except per share data) 2024 2023 2024 2023 Net income per share-diluted (a) $ 4.36 $ 4.18 $ 7.99 $ 14.87 Adjusted Net income per share-diluted (a) (b) $ 2.13 $ 3.70 $ 9.19 $ 13.66 Adjusted Core S
Slide 6: Earnings Trend
Earnings Trend • Excellent execution throughout the period • Recent down trend reflects the moderating market environment Bunge Performance 2020 – 2024 Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 2,530 16 2500 14 ($ millions) $13.91 $13.66 2,017 $12.93 12 2000 1,759 10 1500 $9.19
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value 0 0 1,682 Capital Allocation Priorities (451) 0 0 1,231 BBB+/Baa1/BBB+ Credit (378) 0 Ratings (2) 0 Shareholder dividends ($ million) 728 (500) (925) Reinvestment opportunities 0 Share buybacks (600) (444) 2024 Sustaining Discretionary Dividends to Growth/P
Slide 8: Capex Update
Capex Update $1.5-$1.7B • Sustaining capex has stabilized at ~$450M/annually $1,376M 70% • 2023-2025 increase in discretionary $1,122M 65% spend reflects growth pipeline of multi- year greenfield projects 55%* • Expect to return to baseline run rate during 2H 2026 as greenfield projects $555M are co
Slide 9: Readily Marketable Inventory (RMI) Continues to Exceed Net Debt
Readily Marketable Inventory (RMI) Continues to Exceed Net Debt $6.8 $6.2 $6.2 $5.8 At Q4 quarter end: $5.2 • RMI exceeded Net ($ billions) $3.9 Debt by $2.3B $3.4 $2.9 $2.3 $2.2 • Adjusted Leverage Ratio(1): 0.6x Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 Net Debt RMI (1) Adjusted Leverage Ratio is a
Slide 10: Liquidity Position Remains Strong
Liquidity Position Remains Strong In $ millions Facility Maturity Commitments Amount Drawn 364-day RCF Apr 2025 1,100 0 3-year European RCF Oct 2026 3,500 0 5-year US RCF Mar 2029 3,200 0 5-year CoBank & Farm Credit System RCF Oct 2026 865 0 Total (1) 8,665 0 • Additionally, we had a cash balance of
Slide 11: Returns Trend
Returns Trend The spread between ROIC and AROIC reflects how we use RMI to generate incremental profit. Bunge Returns (excluding Sugar & Bioenergy)(1, 2, 3) 21.6% 19.9% 18.4% 15.9% 15.0% 13.9% 14.3% 11.4% 12.2% 9.7% 7.7% 2020 2021 2022 2023 2024 AROIC AWACC ROIC (1) Bunge WACC is at 7.0% for 2023 an
Slide 12: Discretionary Cash Flow Trend
Discretionary Cash Flow Trend Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge Performance 2020 – 2024(1,2) 0.45 2,051 0.4 1,978 2000 1,732 0.35 1,632 0.3 1500 23.6% 1,231 0.25 20.1% 20.0% 18.2% 0.2 1000 0.15 11.1% 500 0.1 8.2% 0.05 0 0 2020 2021 2
Slide 13: Full-Year 2025 Outlook
Full-Year 2025 Outlook Taking into account the current margin and macro environment and forward curves, we expect full-year 2025 adjusted EPS of approximately $7.75.(1,2) • Agribusiness: down vs. 2024 • Primarily driven by Processing as higher results in South America are expected to be more than of
Slide 14: Closing Remarks
Closing Remarks • Continue to see the benefits of our global operating model and the work we’ve done to improve our business and operations • Strategic work to improve productivity has led to new performance records each quarter • Achieved major sustainability milestones in Brazil • Confident in o
Slide 15: Joss
Joss
Slide 16: 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 17: Core Segment Volume Highlights
Core Segment Volume Highlights Quarter Ended Year Ended December 31, December 31, In thousands of metric tons 2024 2023 2024 2023 Agribusiness (1) 19,965 20,522 80,628 76,019 #2 Processing 12,055 11,088 46,132 44,727 Merchandising 7,910 9,434 34,496 31,292 Refined and Specialty Oils (2) 2,305 2,272
Slide 18: 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 19: Non-GAAP Definitions
Non-GAAP Definitions Adjusted Core Segment EBIT, Adjusted Non-Core 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 rel
Slide 20: Non-GAAP Definitions
Non-GAAP Definitions We also have presented projected Adjusted Net income per share - diluted for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net income per share - diluted for 2025, the mostly directly comparable U.S. GAAP measure, because the inf
Slide 21: 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 Adjusted FFO is calculated by ex
Slide 22: 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 23: 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 24: 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) 2024 2023 2024 2023 Net income (loss) attributable to Bunge $602 $616 $1,137 $2,243 Adjustment for Mark-to-market timing differe
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Quarter Ended Year Ended December 31, December 31, (US$ in millions) 2024 2023 2024 2023 Net income (loss) attributable to Bunge $602 $616 $1,137 $2,243 Interest income (51) (27) (163) (148) Interes
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) 2024 Net income $1,188 Interest income (163) Interest expense 471 Income tax expense (benefit) 336 Depreciation and amortization 468 Certain (gains) and charges 62 Mark-to-market timing difference 162 Adjusted EBITDA $2,524 26 2
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program (US$ in millions) 2024 Gross Debt $6,238 Cash and Cash Equivalents (3,311) Net Debt $2,927 Adjustments: RMI $5,2
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ in millions) 2024 2023 2022 (1) 2021 2020 Cash provided by (used for) operating activities $1,900 $3,308 ($5,549) ($2,894) ($3,535) Foreign exchange (loss) gain on net debt ($174
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Sugar & Bioenergy Segment Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-24 31
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Sugar & Bioenergy Segment Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-2
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 (US$ in millions) Net Income (loss
Slide 32: 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-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-
Slide 33: Bunge