Bunge Limited · NYSE:BG
Bunge — Bunge Global — Q1 2025 Earnings Presentation
32 slides from Bunge's earnings presentation, May 7, 2025
Slide 1: Q1 2025 Earnings Results Review
Q1 2025 Earnings Results Review May 7, 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: Q1 2025 Highlights and Outlook
Q1 2025 Highlights and Outlook (1) • Strong start to the year in a dynamic market environment • Strategic actions update: • Ready to close Viterra transaction once final regulatory approval is received • Exercised contractual right to terminate CJ Selecta acquisition • Announced agreements to sell U
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Quarter Ended March 31, (US$ in millions, except per share data) 2025 2024 Net income per share-diluted $ 1.48 $ 1.68 Adjusted Net income per share-diluted (a) $ 1.81 $ 3.04 Adjusted Segment EBIT (a) (b) $ 406 $ 719 Agribusiness (c) $ 268 $ 487 Processing 207 411
Slide 6: Earnings Trend
Earnings Trend • Excellent execution throughout the period • Recent down trend reflects the more balanced supply and demand environment Bunge Performance 2021 – Q1 2025 TTM Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 2,530 16 2500 14 ($ millions) $13.91 $13.66 2,017 $12.93 12 200
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value 392 Capital Allocation Priorities (54) 338 BBB+/Baa1/BBB+ Credit 306 297 Ratings (2) (91) ($ million) Shareholder dividends Reinvestment opportunities (256) (9) Share buybacks 2025 Sustaining Discretionary Dividends to Growth/Prod. Portfolio Retained Adj. F
Slide 8: Readily Marketable Inventory (RMI) Continues to Exceed Net Debt
Readily Marketable Inventory (RMI) Continues to Exceed Net Debt $6.8 $6.5 $6.2 $6.2 At Q1 quarter end: $5.2 • RMI exceeded Net ($ billions) $3.9 Debt by $3.0B $3.4 $3.5 $2.9 $2.2 • Adjusted Leverage Ratio(1): 0.6x Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 Net Debt RMI (1) Adjusted Leverage Ratio is a
Slide 9: Liquidity Position Remains Strong
Liquidity Position Remains Strong In $ millions Facility Maturity Commitments Amount Drawn 364-day RCF Apr 2026 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 10: 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% 15.0% 14.3% 11.4% 13.9% 9.4% 9.7% 8.2% 7.7% 2021 2022 2023 2024 Q1 2025 TTM AROIC AWACC ROIC (1) Bunge WACC is at 7.0% for 20
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 – Q1 2025 TTM (1,2) 0.45 2,051 0.4 1,978 2000 1,732 0.35 0.3 1500 1,231 0.25 1,156 20.1% 20.0% 18.2% 0.2 1000 0.15 11.1% 10.2% 500 0.1 8.2% 0.05 0 0 202
Slide 12: Full-Year 2025 Outlook
Full-Year 2025 Outlook Taking into account Q1 results, the current margin and macro environment and forward curves, we continue to expect full-year 2025 adjusted EPS of approximately $7.75.(1,2) • Agribusiness: down vs. 2024 • Down from prior outlook • Refined and Specialty Oils: down vs. 2024 • In
Slide 13: Closing Remarks
Closing Remarks • Remain focused on what we can control • Resilient business with strong track record of execution and delivering value to farmers and end consumers • Viterra combination will further strengthen our capabilities and the resiliency of the global food supply chain 13 13
Slide 14: Appendix
Joss
Slide 15: 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 16: Segment Volume Highlights
Segment Volume Highlights Quarter Ended March 31, In thousands of metric tons 2025 2024 Agribusiness (1) 18,277 20,192 #2 Processing 10,304 10,402 Merchandising 7,973 9,790 Refined and Specialty Oils (2) 2,130 2,195 Milling (3) 898 874 (1) In our Agribusiness reportable segment, reported Processing
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 - 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 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 Adjusted FFO is calculated by ex
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 attributable to Bunge to Adjusted Net income Quarter Ended March 31, (US$ in millions, except for share data) 2025 2024 Net income (loss) attributable to Bunge $201 $244 Adjustment for Mark-to-market timing difference 10 136 Adjusted for certain (gains) and charges
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Quarter Ended March 31, (US$ in millions) 2025 2024 Net income (loss) attributable to Bunge $201 $244 Interest income (59) (42) Interest expense 104 108 Income tax expense (benefit) 80 117 Noncontro
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) Q1 2025 TTM Net income $1,140 Interest income (180) Interest expense 467 Income tax expense (benefit) 299 Depreciation and amortization 476 Certain (gains) and charges 33 Mark-to-market timing difference (18) Adjusted EBITDA $2,
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program (US$ in millions) Q1 2025 TTM Gross Debt $6,717 Cash and Cash Equivalents (3,245) Net Debt $3,472 Adjustments: R
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ in millions) Q1 2025 YTD Q1 2025 TTM 2024 2023 2022 (1) 2021 Cash provided by (used for) operating activities ($285) $621 $1,900 $3,308 ($5,549) ($2,894) Foreign exchange (loss)
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Sugar & Bioenergy EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-25 31-De
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Sugar & Bioenergy EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 (
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Mar-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 (US$ 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-Mar-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-
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