Slide 1: Midcycle Baseline Update & Growth Framework
Midcycle Baseline Update & Growth Framework (as presented in Q2 2022 Earnings Slide Presentation) July 27, 2022
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: Growth Framework to Increase EPS Baseline to ~$11 by end of 2026
Growth Framework to Increase EPS Baseline to ~$11 by end of 2026 • Updating EPS baseline(1) to ~$8.50, reflecting structural improvement in oilseed market & more benefits from operating model • Deploying cash flow toward growth and share repurchases to increase baseline to ~$11 by the end of 2026 •
Slide 4: Earnings Growth Framework Assumptions
Earnings Growth Framework Assumptions Baseline Update Milling Growth • ~$100M • ~$3.3B of growth capex and M&A Processing • No change vs $7 baseline bolt-on investments(2) • Structural soy crush margins updated to $37-39/MT(1) Corporate & Other • Capex investments oriented toward a • Structural soft
Slide 5: Increasing the Baseline Through Growth
Increasing the Baseline Through Growth Growth investments currently underway expected to add ~$2.50 of incremental Adjusted EPS to current baseline by end of 2026 ~$2.50 EPS Growth Strategic ~$3.3Bn of Investments Percent Growth Areas (Capex/M&A) of spend Strengthen Oilseeds • Origination & crush fo
Slide 6: Delivering Strong Performance with Less Dependence on Market Environment
Delivering Strong Performance with Less Dependence on Market Environment Adjusted EPS(1) vs Earnings Baseline(2) $12.93 $12+ • Baseline is expected to increase $12+ throughout the period as earnings ~$11 $8.30 from investments begin to contribute, regardless of the ~$8.50 market environment ~$7 • Pr
Slide 7: Appendix
Appendix
Slide 8: Agribusiness: Processing and Merchandising Definitions
Agribusiness: Processing and Merchandising Definitions Processing Merchandising • Oilseed origination • Grain origination ‒ Oilseed purchasing, cleaning, drying, ‒ Grains (corn, wheat, barley) purchasing, storing and handling cleaning, drying, storing and handling • Oilseed processing • Grain tradin
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation This presentation contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the following slides. These measure
Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net income (loss) per share – diluted or Adjusted EPS are calculated as Net income (loss) attributable to Bunge less certain gains and charges and temporary mark-to-market timing differences(1) divided by the number of weighted-average shares outstanding - diluted. A
Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation We also have presented EPS baseline as well as projected adjusted net income per share -diluted for 2022. This information is provided only on a non-GAAP basis without any reconciliation to Net income per share – diluted or projected net income per share –diluted, the mostly
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Adjusted Net income (loss) per share – diluted or Adjusted EPS Year Ended December 31, (US$ in millions) 2021 2020 Net income (loss) attributable to Bunge $2,078 $1,145 Adjustment for Mark-to-market timing difference 12 138 Adjusted
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