Slide 1: Q3 2024 Earnings Results Review
Q3 2024 Earnings Results Review October 30, 2024
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: Q3 Highlights and Outlook
Q3 Highlights and Outlook (1) • Delivered solid Q3 results in shifting margin environment • Closed sale of interest in non-core Sugar & Bioenergy JV in Brazil to BP • Repurchased $200 million of Bunge shares • Making excellent progress on integration planning for combination with Viterra • Now expec
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Three Months Ended Nine Months Ended September 30, September 30, (US$ in millions, except per share data) 2024 2023 2024 2023 Net income per share-diluted (a) $ 1.56 $ 2.47 $ 3.73 $ 10.71 Adjusted Net income per share-diluted (a) (b) $ 2.29 $ 2.99 $ 7.06 $ 9.97 Ad
Slide 6: Earnings Trend
Earnings Trend Strong performance over the period reflects a combination of a favorable market environment and excellent execution Bunge Performance 2020 – Q3 2024 TTM Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 2,530 16 2500 2,409 14 ($ millions) $13.91 $13.66 12 2000 1,759 $12.
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value 295 Capital Allocation Priorities BBB+/Baa1/BBB+ Credit 287 Ratings (2) ($ million) Shareholder dividends 592 Reinvestment opportunities Share buybacks 600 (491) 2024 Sustaining Discretionary Dividends to Growth/Prod. Share Retained Adj. FFO (1) Capex Cash
Slide 8: Readily Marketable Inventory (RMI) Continues to Exceed Net Debt
Readily Marketable Inventory (RMI) Continues to Exceed Net Debt $6.8 $6.2 $6.2 $6.2 $5.8 At Q3 quarter end: • RMI exceeded Net ($ billions) $3.9 Debt by $2.8B $3.4 $3.0 $2.3 $2.2 • Adjusted Leverage Ratio(1): 0.5x Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 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 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 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% 15.9% 13.8% 15.0% 13.9% 14.3% 12.2% 11.3% 7.7% 2020 2021 2022 2023 Q3-24 TTM AROIC AWACC ROIC (1) Bunge WACC is at 7.0% for 2
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 2020 – Q3 2024 TTM (1,2) 0.45 2,051 0.4 1,978 2000 1,732 0.35 1,632 0.3 1500 1,352 23.6% 0.25 20.1% 20.0% 18.2% 0.2 1000 12.3% 0.15 500 0.1 8.2% 0.05 0 0 202
Slide 12: Full-Year 2024 Outlook
Full-Year 2024 Outlook Taking into account YTD results, the current margin environment and forward curves, and lower income in the Sugar & Bioenergy JV, we now expect full-year 2024 adjusted EPS to be at least $9.25.(1,2) • Agribusiness: down vs. 2023 • Up slightly from prior outlook reflecting high
Slide 13: Closing Remarks
Closing Remarks • Commitment to execution and continuous improvement • Seeing results of investments to improve facilities and operations across global footprint • Advancing on strategic combination with Viterra will help accelerate diversification across assets, geographies and crops • Continue to
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: Core Segment Volume Highlights
Core Segment Volume Highlights Three Months Ended Nine Months Ended September 30, September 30, In thousands of metric tons 2024 2023 2024 2023 Agribusiness (1) 19,892 18,854 60,663 55,497 #2 Processing 11,478 11,270 34,077 33,639 Merchandising 8,414 7,584 26,586 21,858 Refined and Specialty Oils (2
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 Core Segment EBIT, Adjusted Non-Core Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total Segment EBIT are calculated by excluding certain gains and (charges), as described in "Additional Financial Information“ of Bunge’s accompanying quarterly earnings p
Slide 19: Non-GAAP Definitions
Non-GAAP Definitions We also have presented projected adjusted net income per share - diluted for 2024. This information is provided only on a non-GAAP basis without reconciliation to projected net income per share - diluted for 2024, 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 Three Months Ended Nine Months Ended September 30, September 30, (US$ in millions, except for share data) 2024 2023 2024 2023 Net income (loss) attributable to Bunge $221 $373 $535 $1,627 Adjustment for Mark-to-market ti
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total Segment EBIT and Adjusted Total Segment EBIT Three Months Ended Nine Months Ended September 30, September 30, (US$ in millions) 2024 2023 2024 2023 Net income (loss) attributable to Bunge $221 $373 $535 $1,627 Interest income (
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ in millions) 2024 Q3 TTM Net income $1,218 Interest income (139) Interest expense 500 Income tax expense (benefit) 455 Depreciation and amortization 479 Certain (gains) and charges (1) 289 Mark-to-market timing difference 124 Adjusted EBITDA
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, MTM timing differences, RMI Credit(1), and funding from Trade Receivables Securitization Program (US$ in millions) 2024 Q3 TTM Gross Debt $6,195 Cash and Cash Equivalents (2,836) Net Debt $3,359 Adjustments: RMI $6,195 RM
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow US$ in millions 2024 Q3 YTD 2024 Q3 TTM 2023 2022 (1) 2021 2020 Cash provided by (used for) operating activities $847 $2,295 $3,308 ($5,549) ($2,894) ($3,535) Foreign exchange (loss)
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Sugar & Bioenergy Segment Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Sep-24 31
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Sugar & Bioenergy Segment Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Sep-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-2
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total Segment EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Sep-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 (US$ in millions) Net Inco
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 Segment EBIT and Adjusted EPS Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Sep-24 31-Dec-23 31-Dec-22 31-Dec-21
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