Bunge Limited · NYSE:BG
Bunge — Investor Day (2026)
109 slides from Bunge's investor day presentation, 2026
Slide 1: Investor Day 2026
QORIGINS:. OPPORTUNITIES -
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 add
Slide 3: Proposed Investor Day Agenda
Proposed Investor Day Agenda Welcome Break Mark Haden, IR 15 minutes Company Overview & Strategy Financial Update Greg Heckman, CEO John Neppl, CFO Operations & Value Chains Wrap Up Julio Garros, COO Greg Heckman, CEO Corporate Transformation Overview Q&A Pierre Mauger, CTO Bunge Executive Leadershi
Slide 4: Company Overview & Strategy
Company Overview & Strategy Greg Heckman, CEO
Slide 5: Why Invest in Bunge
Why Invest in Bunge Essential Industry with Unique operating model built Increased EPS Baseline from attractive near and longer to systematically outperform project pipeline and Viterra term demand fundamentals and outcompete synergies Irreplaceable footprint with Increasingly differentiated Signifi
Slide 6: Bunge at a Glance
Bunge at a Glance The premier agribusiness solutions company with the talent, footprint and capabilities to advance the industry Bunge Today ~34,000 200+ MMT ~80 MMT of ~13 MMT of professionals commodities crush capacity oil refining capacity employed globally and products originated and globally ba
Slide 7: Bunge Supplies Enough Oilseeds and Grains for Every Person
Bunge Supplies Enough Oilseeds and Grains to Provide Every Person on the Planet One Pound Per Week Growth trends indicate the global population will increase by more than 0.5 billion over the next decade. 7
Slide 8: Our Transformation
ry I ype J Ww, by Ly 4 ~~ : 7 I“VZe ~Our Transformation” a LY @ORIGINS OPPORTUNITIES
Slide 9: From Origins to Today
From Origins to Today: 208 Years of Continuous Evolution and Strategic Consolidation Announces new Merger between global strategy Bunge and Viterra with oilseeds at is completed, the core Moves place of creating the Establishes Acquires Ceval, incorporation premier global operations in Starts tradin
Slide 10: Built the Premier Agribusiness Solutions Company for the 21st Century
Built the Premier Agribusiness Solutions Company for the 21st Century Since 2019, we have set out to transform Bunge and the industry Organization Footprint & Capabilities Financial • Selected best-in-class talent • Conducted extensive portfolio • Delivered strong cash flow review, exiting low retur
Slide 11: Simplified Global Operating Model
Simplified Global Operating Model that Improved Efficiency & Management of Risk Underscored by a common incentive structure aligned with shareholders Old: Regional Model 2019 – Present: Global Value Chain Model P&L P&L P&L P&L Integrated Farmer/ Farmer/ Consumer Value Consumer origin origin Chain P&
Slide 12: Implemented a Disciplined Risk Management Culture
Implemented a Disciplined Risk Management Culture Centralized market and credit risk functions Leadership Partnership Independent Risk Management function Knowledge Values Accountability Chief Risk Officer reports directly to CEO Enabling a Foundation of our value chain operating model Healthy Risk
Slide 13: Delivering on Safety and Efficiency
Delivering on Safety and Efficiency1 A relentless focus on continuous operational improvement Lost Time Injuries w/ Life Processing Unscheduled Processing Energy Efficiency Altering Potential Downtime (Mcal/mt) (%) ~$30M/yr ~$20M/yr 192 17 -7% -53% ~5% 179 -37% 8 ~3% 2019 2025 2019 2025 2019 2025 1.
Slide 14: Unlocked Over $4B Through Portfolio Optimization
Unlocked Over $4B Through Portfolio Optimization Proceeds from Divestitures ($B) 2019 2020 2021 2022 Created sugar & bioenergy JV Sold Brazilian margarine and Sold U.S. interior grain elevators Sold Mexico wheat mills with BP mayonnaise assets Sold refinery plant in Rotterdam Created Bunge Chevron A
Slide 15: Transformed the Business while Returning Significant Capital to Shareholders
Transformed the Business while Returning Significant Capital to Shareholders ~$17.5B Strong Balance Sheet with Improved Credit Profile of cash flow generated since 2019 from a combination of adj. FFO from Sources and Uses of Cash (2019-2025) the business and divestiture proceeds ($B) ~$6.6B Divestit
Slide 16: Enhanced Scope, Scale and Capabilities Through Viterra Combination
Enhanced Scope, Scale and Capabilities Through Viterra Combination Combination Further Diversifies Bunge in 3 Critical Ways: Geography Delivers Food, Origination, Processing & Feed and Distribution Fuel Solutions to Farmers & Consumers Crops 16
Slide 17: Bunge Today
Bunge Today
Slide 18: Expanded Vision Reflects Leading Global Platform
Expanded Vision Reflects Leading Global Platform We connect farmers to consumers to deliver To be the premier agribusiness solutions Purpose essential food, feed and fuel to the world Vision company built for the 21st century. Our Values We are one team We lead the way We do what’s right Collaborati
Slide 19: Best-in-Class Talent in the Industry
Best-in-Class Talent in the Industry We are a community of Experienced leadership team people addressing some of the most pressing challenges Greg Heckman facing the world today — Chief Executive Officer from food security to Years with Bunge: 7 innovative renewable energy Years in Industry: 42 solu
Slide 20: Deep and Diverse Board with Relevant Industry Experience
Deep and Diverse Board with Relevant Industry Experience Eliane Aleixo Lustosa de Andrade Carol M. Browner Greg Heckman Finance/Risk Mgt./Gov. Sustainability/Gov./Risk Mgt. CEO/Agribusiness/Food/Risk Mgt. Joined Board: 2022 Joined Board: 2013 Joined Board: 2018 Adrian Isman Risk Mgt./Mfg./Agribusine
Slide 21: Doing What is Right for the Planet
Doing What is Right for the Planet is Core to How Bunge Operates We make decisions across our value chain built on a foundation of ethical leadership, accountability and environmental stewardship. Action on We have decarbonization plans aligned with a well-below 2°C pathway, Climate validated by the
Slide 22: We Measure Impact and Regularly Disclose Our Progress
We Measure Impact and Regularly Disclose Our Progress Action on Climate1,2 Responsible Supply Chains1,2 Accountability Advancing toward our 2030 Achieving Deforestation-free Achieving industry-leading ESG ratings decarbonization targets Supply Chains and scores across major platforms Scope 1 & 2 20.
Slide 23: Why Invest in Bunge
Why Invest in Bunge Essential Industry with Unique operating model built Increased EPS Baseline from attractive near and longer to systematically outperform project pipeline and Viterra term demand fundamentals and outcompete synergies Irreplaceable footprint with Increasingly differentiated Signifi
Slide 24: Bunge's Business is Essential and Grows with Global Population
Bunge’s Business is Essential and Grows with Global Population and Per Capita Income… Strong Demographics Global Ag Trade Total Volumes by Commodities Headcount (billions) (MMT) Global middle class is projected to expand rapidly ~800 +25% ~650 ~600 Corn Wheat Soybean Equivalent Source: Brookings. So
Slide 25: Growing Global Vegetable Oil Demand
….Including Growing Global Vegetable Oil Demand Driven by Food and Fuel and Slowing Growth in Palm Oil Supply Global Vegetable Oil Demand Global Major Vegetable Oil Production (MMT) (MMT) 250 300 +10% ~250 250 200 ~225 ~210 200 150 150 100 100 50 50 0 0 Food Use Biofuel Use Palmoil Softseed oils Soy
Slide 26: Proven Track Record of Strong Execution
Proven Track Record of Strong Execution in Highly Complex and Changing Market Environments Adjusted EPS1 $13.91 $13.66 $12.93 $9.19 $8.30 $7.57 $4.76 2019 2020 2021 2022 2023 2024 2025 ASF Black Sea Covid-19 Argentina US/China Inflation Major US Biofuel Tariff Conflict Policy Trade War Drought Polic
Slide 27: An Irreplaceable Global Footprint
An Irreplaceable Global Footprint Presence in 50+ countries Reach and Scale 120+ 35+ EMEA Asia Leader Global Soy Processor facilities facilities Leader Global Rapeseed / Canola 230+ processor North America facilities Leader Global Sunseed processor Leader Global Wheat & Barley 80+ merchandiser Ocean
Slide 28: Unique Value Chain Operating Model
Unique Value Chain Operating Model Driving Enhanced Earnings Power Through The Cycle Soybean Processing & Refining Softseed Processing & Refining Food Tropical Oils and Specialty Ingredients1 Grain Merchandising & Milling Farmers Feed Global Functions and Risk Bunge Production Business Operations Ma
Slide 29: Positioned to Provide Unique Solutions to Farmer, Food, Feed and Fuel Customers
Positioned to Provide Unique Solutions to Farmer, Food, Feed and Fuel Customers • Increasing our direct origination to strengthen the connection of farmers with Farmer consumers Solutions • Creating enduring farmer relationships through a range of value-added services Food • Building a winning footp
Slide 30: Entering Value Creation Window Through Capex Pipeline and Viterra Integration
Entering Value Creation Window Through Capex Pipeline and Viterra Integration Capex pipeline Viterra Value Creation Inflight Capital Projects with expected incremental EPS of Cost + Network & Commercial synergies with expected ~$1.30 by 2030 incremental EPS of ~$1.50 by 2030 ($M) Destrehan, US Avond
Slide 31: Growth Framework to Increase EPS Mid-Cycle Baseline
Growth Framework to Increase EPS Mid-Cycle Baseline to $15+ by End of 2030 Driving higher EPS highs and higher lows throughout the cycle Adjusted EPS1 vs Earnings Baseline2 Increase in EPS mid-cycle baseline to $15+ driven by: $13.91 $13.66 $12.93 $15+ • Ramp-up in inflight project ~$13 pipeline, Vi
Slide 32: The Premier Global Ag Solutions Platform
The Premier Global Ag Solutions Platform Julio Garros, COO
Slide 33: Unmatched Footprint and Unique Operating Model
Unmatched Footprint and Unique Operating Model
Slide 34: Value Chain Model Driving Earnings Through The Cycle
Value Chain Model Driving Earnings Through The Cycle Soybean Processing & Refining Softseed Processing & Refining Food Tropical Oils and Specialty Ingredients Grain Merchandising & Milling Farmers Feed Farmers Global Functions and Risk Bunge Production Business Operations Management System (BPS) Tec
Slide 35: Unparalleled Presence Across All Major Origins
Unparalleled Presence Across All Major Origins Powering Our Value Chains Total row crop purchases: 180+ MMT Storage Region facilities [#] Europe 10% (~27 MMT) Canada 60+ 30% Canada 60% (~19 MMT) 35% USA 90+ 50% 15% Argentina 10+ 10% 40% Brazil Brazil 70+ 50% (~44 MMT) 5% 25% Australia Europe 25+ USA
Slide 36: Industry-Leading Global Soy Crush Footprint
Industry-Leading Global Soy Crush Footprint Guarantees Year- Round Supply for Customers Soybean Processing & Refining: ~62 MMT1 of global processing capacity North America Europe ~13 ~25 MMT soybean purchases ~8 Crush Capacity Crush Capacity (MMT) (MMT) South America Asia Brazil Argentina+2 ~45 MMT
Slide 37: Most Efficient Soy Crush Operator Coming to the Bunge Network
Most Efficient Soy Crush Operator Coming to the Bunge Network Soybean Processing & Refining Origin processing Snapshot: World’s largest crush plant (Renova, Argentina) >32,000 MT/day crush capacity, integrated logistics (port terminal, barge access, >1,000 trucks/day Crush plant: reception), on-site
Slide 38: Unmatched Destination Crush Footprint
Unmatched Destination Crush Footprint Soybean Processing & Refining Snapshot: Southeast Asia’s largest crush hub Destination processing (Phu My, Vietnam) Doubled crush capacity to ~8,000 MT/day under strategic JV, expanded co-located port’s annual cargo Crush plant: capacity to ~10 MMT Soy-only Mult
Slide 39: Connecting Farmers to Demand Through Our Soy Value Chain
Connecting Farmers to Demand Through Our Soy Value Chain Soybean Processing & Refining 1 US, China escalate trade conflict: 2 • China curtails US soybean purchases 1 Bunge matches European soybean crush demand with US soybeans originated through Bunge network 3 2 US, China reach trade truce – Bunge
Slide 40: Leading Platform in Canola and Sunflower Complex
Leading Platform in Canola and Sunflower Complex Softseed Processing & Refining: ~19 MMT1 of global processing capacity North America Europe ~8 MMT ~7 MMT Softseed purchases ~10 Softseed purchases ~5 Crush Capacity Crush Capacity (MMT) (MMT) South America Asia ~2 MMT ~3 ~2 MMT ~1 Crush Capacity Crus
Slide 41: Oil Refining Extends the Oilseed Platform
Oil Refining Extends the Oilseed Platform Capturing Value as One Network Global Oil Refining Network – ~13 MMT of capacity ~5 MMT refining capacity ~4 MMT Vegetable oils refining capacity ~3 MMT Tropical oils ~1 MMT Refinery 41
Slide 42: Most Efficient, Sustainable Refinery to Come Online
Most Efficient, Sustainable Refinery to Come Online Tropical Oils and Specialty Ingredients New multi-oil refinery (Amsterdam, NL) Merging Structural Early 2027 2 existing plants into cost advantage expected completion 1 best-in-class Up to ~70% >800 kMT ~50% 90% of wastewater to be installed reduct
Slide 43: Expanding Soy Value Chain with Leading Soy Protein Concentrate Plant
Expanding Soy Value Chain with Leading Soy Protein Concentrate (SPC) Plant Tropical Oils and Specialty Ingredients New SPC plant (Morristown, US) Food-grade protein 60 kMT installed SPC Currently being production capacity commissioned • Accelerated commercial development Acquisition of IFF • Complem
Slide 44: Global Grain Footprint Complements Oilseeds Business
Global Grain Footprint Complements Oilseeds Business Grain Merchandising & Milling Higher volume Higher value Market share1, >10% >10% >25% (%) Sales volume2, (MMT) ~50 ~35 ~3 ~3 ~2 ~10 ~1 Corn Wheat3 Barley Pulses Other Grains Wheat Milling Cotton 1. Seaborne distribution volume / addressed markets
Slide 45: Unmatched Port Infrastructure Platform
Unmatched Port Infrastructure Platform Grain Merchandising & Milling ~120 MMT Seaborne volume >50 Port terminals >400 Ocean vessels at any given time Port terminal1 1. Including concession ports co-located with Bunge processing assets. 45
Slide 46: Creating Customer Solutions Through Our Barley Value Chain
Creating Customer Solutions Through Our Barley Value Chain 1 Grain Merchandising & Milling Forward sale of barley to China covered by new crop in Canada 1 • China’s demand can only be covered by certain origins • Bunge buys new crop in Canada pre-harvest and sells optional origin to China 2 2 Canada
Slide 47: Leading Wheat Milling Platform in Brazil
Leading Wheat Milling Platform in Brazil Extending Our Argentina Wheat Flows Grain Merchandising & Milling Argentina wheat flow to our wheat milling footprint in Brazil Leading wheat miller in Brazil ~3 MMT wheat milling volume Resistencia ~30% Brazil wheat milling share Wheat mill Port terminal 47
Slide 48: Strong Value Creation Through the Combination with Viterra
Strong Value Creation Through the Combination with Viterra Network and Commercial Synergies Examples of Network and Commercial synergies EBIT ($M) + Connecting origination networks with processing footprint Optimizing port capacity Leveraging intra-regional logistics Developing go-to market across c
Slide 49: Creating Value with Farmer, Food, Feed and Fuel Customers
Creating Value with Farmer, Food, Feed and Fuel Customers
Slide 50: Increasingly Differentiated Solutions for Farmer, Food, Feed and Fuel
Increasingly Differentiated Solutions for Farmer, Food, Feed and Fuel Customers Soybean Processing & Refining Softseed Processing & Refining Food Tropical Oils and Specialty Ingredients Grain Merchandising & Milling Farmers Feed Global Functions and Risk Bunge Production Business Operations Manageme
Slide 51: Strengthening the Value Chain with Direct Origination
Strengthening the Value Chain with Direct Origination Farmer Solutions Direct Origination Focus Direct origination1 Indirect origination >100k Direct farmer touchpoints 90% 40% >55% Canada Europe 60% Current direct origination share USA >65% 2030 target direct origination 60% 40% 90% share Argentina
Slide 52: Leading Originator Where Supply is Growing Fastest
Leading Originator Where Supply is Growing Fastest Farmer Solutions Crop production in Brazil Bunge has the largest footprint in Brazil (MMT) +4% p.a. ~365 ~320 Soybean crushing Silos (owned) Silos (leased) ~240 Transshipment Cotton processing Lecithin Biodiesel Port terminals Wheat mills Sugarcane
Slide 53: Creating Enduring Farmer Relationships Through Value-Added Services
Creating Enduring Farmer Relationships Through a Range of Value-Added Services Farmer Solutions Crop Inputs & Sustainability & Financial Risk Digitalization Financial Programs Ag Retail RegenAg Management Brazil Argentina USA Canada Europe Australia Position: Limited Moderate Leading 53
Slide 54: Connecting Downstream With Food Customers Through Our Platform
Connecting Downstream With Food Customers Through Our Platform Food Solutions Wheat Mills Vegetable Oil Refineries Protein Facilities Products Channels B2B Food Service Bakery Confectionery Dairy Snacks/Savory Food Manufacturing Culinary/Frying Nutrition Retail B2C Bottled Oil Spreads 80+ 20 700+ In
Slide 55: Largest Supplier of Ingredients to the Animal Feed Industry
Largest Supplier of Ingredients to the Animal Feed Industry Feed Solutions Animal feed market (MMT) ~10% ~1,600 Leader Oilseed meals (soy, canola/rapeseed, sunseed) ~1,450 ~1,300 Leader Wheat & barley Strong Corn 2019/20 2024/25 2029/30 Strong Soy protein concentrates, lecithin, lipids Grains Meals
Slide 56: Investing in Port Capacity to Support US Meal Exports
Investing in Port Capacity to Support US Meal Exports Feed Solutions Barge unloading expansion Soymeal storage expansion Doubling barge unloading capacity to Tripling soymeal storage capacity to expand crush & combo shipments operate faster and more flexibly Destrehan, LA (US) Longview, WA (US) 56
Slide 57: Partnering with Feed Customers to Provide Unique Solutions
Partnering with Feed Customers to Provide Unique Solutions Feed Solutions Deforestation-free, Lower carbon Low-carbon soybean Low-carbon soybean blockchain-traced soy supply meal supply meal supply soy supply 57
Slide 58: Energy Partnerships Driving Value Chain Opportunities
Energy Partnerships Driving Value Chain Opportunities Fuel Solutions Bunge Chevron Ag Renewables Bunge Repsol Joint Venture Oilseed processing plant (Destrehan, US) Oilseed processing plant (Bilbao, ES) • Soybean processing plant in United States • Three soybean processing plants in Spain • Jointly
Slide 59: Lower-Carbon Seed Programs with Global Partners
Lower-Carbon Seed Programs with Global Partners Fuel Solutions Strategic drivers Extensive Novel Seed programs in major origins Selected Partners North America Importance of low-CI1 2 • Winter Canola 2 feedstocks for renewable • CoverCress fuel mandates Brazil • Castor • Colza Helping customers Arge
Slide 60: Unique Value Chain Operating Model Providing Differentiated Solutions
Unique Value Chain Operating Model Providing Differentiated Solutions to Customers Soybean Processing & Refining Softseed Processing & Refining Food Tropical Oils and Specialty Ingredients Grain Merchandising & Milling Farmers Feed Global Functions and Risk Bunge Production Business Operations Mana
Slide 61: Corporate Transformation Overview
Corporate Transformation Overview Pierre Mauger, CTO
Slide 62: Operating Model Built to Systematically Outperform the Market
Operating Model Built to Systematically Outperform the Market Soybean Processing & Refining Softseed Processing & Refining Food Tropical Oils and Specialty Ingredients Grain Merchandising & Milling Farmers Feed Global Functions and Risk Bunge Production Business Operations Management System (BPS) Te
Slide 63: Outperforming Means Higher Profitability in Any Market
Outperforming Means Higher Profitability in Any Market Optimizing Gross Profit on 200MMT+ Reducing costs per transaction of flows (SG&A) • Logistics and supply chain • Combinational synergies from optimization integration • Yield and efficiencies on ~115 • Global Operations consolidation MMT of crus
Slide 64: Scalable Platform: Doubling Seaborne Flows
Scalable Platform: Doubling Seaborne Flows in under 6 months July 2025 January 2026 (Legal Day 1) ~60 MMT ~120 MMT Bunge seaborne flows managed globally ~60 MMT One Viterra seaborne flows (common commodities) Team, entity, process, system Two One Chartering books Chartering book and planning process
Slide 65: Global Functions and Business Operations are the Engine
Global Functions and Business Operations are the Engine Business Market and customer Value Chains focus Global Functions Legal & Global standards and Finance HR IT Industrial Procurement Risk ESG Compliance visibility Function Business Partners Function Centers of Excellence Global Business Operatio
Slide 66: Bunge Production System: Global Best Practice, Everywhere
Bunge Production System: Global Best Practice, Everywhere Bunge Production System (BPS) Becoming the safest and best operator Stand for Safety Continuous Improvement in the industry Quality & Food Safety Customer Value Environmental Sustainability Asset Care Safety: Leadership & Engagement Project M
Slide 67: Outperforming the Market Through Technology and Data
Outperforming the Market Through Technology and Data Value Chain Optimization Advanced analytics and AI driving business outcomes Bunge Data Efficient Transaction Backbone Platform Unlocking industry leading efficiency with business-driven Global, curated solutions and operations scalable Robust Tec
Slide 68: Optimizing the Value Chain with Data Science and AI/ML
Optimizing the Value Chain with Data Science and AI/ML 200+ MMT p.a. Transport / Feed Origination Processing Distribution Storage Food Examples of solutions developed S&OP Ocean Flows Industrial Yields Pricing Fuel Farmers Vessel turn times vs Market – Brazil Soybean crushing soybean Feed +20% Silos
Slide 69: Brazil Supply Chain with Proprietary Optimization Model
Brazil Supply Chain with Proprietary Optimization Model Brazil Inland Logistics Sales & Operations Planning Optimizer • Optimization of inland supply chain based on over Soybean crushing Silos (owned) Silos (leased) 1 million variables Transshipment • Planning time from weeks to days Cotton processi
Slide 70: Delta Analytics Platform: Powering Next Level Risk Management
Delta Analytics Platform: Powering Next Level Risk Management Transactional • Global, company-wide system, a single source of ZEMA (prices) systems truth for risk exposures and analytics (Delta) • Fully integrated with global price system at contract level Delta • Enables daily risk process such as
Slide 71: Bunge Data Platform: Harnessing the Full Power of our Data
Bunge Data Platform: Harnessing the Full Power of our Data Proprietary Bunge data Reporting/ BI ML Models GenAI Apps Other Apps • Customer transactions and interactions • Supply and demand projections Bunge Data Platform (Google Cloud) • Weather and yield modeling • Logistics flows • Industrial cost
Slide 72: Efficient Transaction Backbone: Processes & Systems Consolidation
Efficient Transaction Backbone: Processes & Systems Consolidation Pre-Viterra Integration 2026+ SAP deployed in every Region Legacy Process & Systems (P&S) Total process productivity Key unlock for Global Functions and consolidation Joint Technology and Business Shared Services Low/no tech investmen
Slide 73: Converting More Gross Profit to the Bottom Line
Converting More Gross Profit to the Bottom Line Adjusted SG&A / Adjusted Gross Profit1 Legacy Bunge Rewire & Transformation Viterra Run Rate Baseline Transition 54% 43% 42% 42% 40% 47% 38% 44% 43% 39% 39% 31% 38% 33% 31% 30% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F Current Mid-Cycle Run Ra
Slide 74: Clear Path to Deliver and Exceed $250M Cost Synergies
Clear Path to Deliver and Exceed $250M Cost Synergies $119M run-rate realized December 2025 (6 months Cost synergies (realized) post close) USD M 300 + Global operations Year 4 announced 250 consolidation to drive cost synergies $250M 190 significant further delivery in 200 2026-27 150 70 272 100 Pr
Slide 75: Financial Update
Financial Update John Neppl, CFO
Slide 76: Clear Path to Long-Term Shareholder Value Creation
Clear Path to Long-Term Shareholder Value Creation Historically strong Entering earnings Disciplined capital Strong cash balance sheet with accretion window allocation strategy generation through recent upgrades from Viterra emphasizing returns the cycle from all 3 rating integration and to sharehol
Slide 77: Delivering Shareholder Returns With Financial Discipline
Delivering Shareholder Returns With Financial Discipline Committed to returning a minimum of 50% of Discretionary Cash Flow (DCF) to shareholders via cash dividends and share repurchases through the cycle • Maintain strong investment grade credit rating Financial Profile • Target: Adjusted leverage
Slide 78: Growth Framework to Increase EPS Mid-Cycle Baseline to $15+ by End of 2030
Growth Framework to Increase EPS Mid-Cycle Baseline to $15+ by End of 2030 Viterra-related $15+ ~$2.00 ~$1.00 ~$13 ~$0.35 ~$0.50 ~$1.30 ~$2.10 ~$7.75 2026F3 Mid-Cycle Inflight Share Cost Network & Current Growth & Share 2030 1 (midpoint) Margins Projects Repurchases/ Synergies Commercial Run Rate Re
Slide 79: EPS Growth Framework Assumptions
EPS Growth Framework Assumptions Mid-Cycle Baseline Assumptions Capital Allocation Soy Processing & Refining Corporate & Other Growth/Productivity Investments • Structural soy crush margins updated to $45- • Reflects ~2026 forecast • $300-400M/year of growth & productivity capex $47/MT1 • Increased
Slide 80: Mid-cycle Baseline – Oilseed Processing Assumptions
Mid-cycle Baseline – Oilseed Processing Assumptions Global Soy Processing Margins Global Softseed Processing Margins ($/MT) ($/MT) 65.0 110.0 60.0 Assumptions 100.0 55.0 90.0 • US & Brazil biofuel policies 50.0 46 supportive of farmers and 45.0 80.0 76 domestic processing industries 40.0 70.0 35.0 •
Slide 81: Generating Cash Flow to Drive Shareholder Value
Generating Cash Flow to Drive Shareholder Value Adjusted Funds From Operations (Adjusted FFO)1 (Current Mid-Cycle Run Rate EPS Baseline of ~$131) ($B) Strong credit Shareholder ~$3.5 ~$0.8 metrics dividend ~$2.7 Reinvestment Share opportunities buybacks Adj. FFO Sustaining Capital Discretionary Base
Slide 82: Returns to Shareholders
Returns to Shareholders Committed to returning a minimum of 50% of Discretionary Cash Flow (DCF) to shareholders via dividends and share repurchases through the cycle Annual Dividend History (2020-2025) Committed to a Growing $2.58 $2.70 $2.78 and Competitive Dividend $2.30 through the Cycle $2.00 $
Slide 83: Returns to Shareholders
Returns to Shareholders Historically, share repurchases Committed to returning a minimum of 50% of DCF to shareholders via dividends and were opportunistic share repurchases through the cycle Going forward share Share Repurchases History repurchases + dividends are (2020-2025) expected to achieve a
Slide 84: Rigorous Growth Capex Evaluation Process
Rigorous Growth Capex Evaluation Process Growth capex expected to be at Baseline Level in 2027 Capex History 1,2 $1.7 (2022-2026F) ~$1.6 ($B) 70% 2023-2026 increase in $1.4 55% discretionary spend reflects 65% growth pipeline of multi-year $1.1 ~$1.1 greenfield projects 55% 30% Future growth investm
Slide 85: Growth Investment Priorities
Growth Investment Priorities Targeted Growth Investments Growth projects evaluated on strategic rationale Focus Areas and investment return vs. Initiatives to increase direct farmer hurdle rate Farmer Initiatives origination and value-added services ~$13 EPS1 • Assumptions stress tested under a Curr
Slide 86: Track Record of Generating Strong Cash Flow Through the Cycle
Track Record of Generating Strong Cash Flow Through the Cycle Growth capex trending down toward baseline level as large, multi-year greenfield projects near completion freeing up significant discretionary cash flow Sources and Uses of Cash History (2021-2025) ($B) 3.5 3.4 2.9 2.9 Additional ~1.0 cas
Slide 87: Strong Balance Sheet with Improved Credit Profile
Strong Balance Sheet with Improved Credit Profile Resilient through the cycle and optimized for capital returns Multiple rating upgrades reflect a structurally lower business risk profile following Pre – Merger Rating Agency 2019 Current the merger Announcement S&P BBB BBB A- $9.7B of committed cred
Slide 88: Vast Majority of Net Debt Finances Readily Marketable Inventory
Vast Majority of Net Debt Finances Readily Marketable Inventory (RMI) ($B) $12.4 $11.5 $12.1 At 2025 year-end: $11.4 Net Debt ex RMI: $6.2 $6.5 $6.7 $0.7B $5.2 $4.1 $3.2 $2.8 $2.4 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2025 2025 2025 2025 Net Debt RMI 88
Slide 89: Using RMI to Generate Margin
Using RMI to Generate Margin We manage timing mismatches between farmer selling and consumer purchases Merchandising activities typically require high levels of RMI Purchasing at harvest and carrying RMI provides additional optionality and margin opportunities RMI can scale up/down rapidly in respon
Slide 90: Returns Trend
Returns Trend AROIC more appropriately reflects RMI-generated returns Bunge Returns (excluding legacy sugar JV)1, 2, 3, 4 25.5% 23.7% The liquidity of a dollar 20.0% invested in 15.8% RMI is 14.7% 14.6% different 12.6% ~12.5% than a dollar 10.1% 7.7% 8.1% ~9.5% invested in a 6.6% 6.7% plant 6.9% 202
Slide 91: Cash Return on Equity Trend
Cash Return on Equity Trend Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge Cash ROE Performance 2021 – 20251,2 ($M) 3000 ~2,700 0.4 0.38 0.36 2500 0.34 0.32 2,051 1,978 0.3 1,732 0.28 2000 0.26 22.6% 0.24 24.4% 19.2% 1,231 1,248 0.22 1500 0.2 0.1
Slide 92: Our Plan to Deliver Shareholder Value
Our Plan to Deliver Shareholder Value Project pipeline, synergies and capital allocation expected to add ~$5 incremental EPS1 to the Baseline by the end of 2030 Strategic Priorities Target (EPS) 1 Commercialization of inflight investment projects ~$1.30 2 Execution of incremental Viterra related syn
Slide 93: CEO Wrap-up
CEO Wrap-up Greg Heckman, CEO
Slide 94: Why Invest in Bunge
Why Invest in Bunge Essential Industry with Unique operating model built Increased EPS Baseline from attractive near and longer to systematically outperform project pipeline and Viterra term demand fundamentals and outcompete synergies Irreplaceable footprint with Increasingly differentiated Signifi
Slide 95: Appendix
Appendix
Slide 96: 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 97: Non-GAAP Definitions
Non-GAAP Definitions Adjusted SG&A to Gross profit ratio To facilitate the determination of Bunge’s operational efficiency and cost management relative to profitability, Bunge uses the following non-GAAP financial measures: • Adjusted Gross profit • Adjusted Selling, general, and administrative (SG&
Slide 98: 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 ca
Slide 99: 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 100: 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 101: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Adjusted EPS Year Ended December 31, (US$ in millions, except for share data) 2025 2024 2023 2022 2021 2020 2019 Net income (loss) attributable to Bunge $816 $1,137 $2,243 $1,610 $2,078 $1,145 $(1,280) Adjustment for Mark-to-mar
Slide 102: Non-GAAP Reconciliation
Non-GAAP Reconciliation Certain (gains) and charges detail 2019 – 20251: Year Ended December 31, (US$ in millions) 2025 2024 2023 2022 2021 2020 2019 Certain (gains) and charges: Gain on sale of a business (118) - - - (119) - - Acquisition and integration costs 233 243 122 - - - 6 Pension settleme
Slide 103: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of Adjusted SG&A and Adjusted Gross Profit Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-2
Slide 104: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ in millions) 2025 2024 2023 20221 2021 2020 2019 Total 2019-2025 Cash provided by (used for) operating activities $844 $1,900 $3,308 ($5,549) ($2,894) ($3,535) ($808) Foreign exc
Slide 105: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 (US
Slide 106: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 31-Dec-25 31-Dec-
Slide 107: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) FY 2025 Net income $843 Interest income (202) Interest expense 628 Income tax expense (benefit) 288 Depreciation and amortization 703 Certain (gains) and charges 234 Mark-to-market timing difference 272 Adjusted EBITDA $2,766 10
Slide 108: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit1, and funding from Trade Receivables Securitization Program (US$ in millions) Q4 2025 TTM Gross Debt $14,051 Cash and Cash Equivalents (1,135) Marketable securities and other
Slide 109: NGE
NGE