Bunge Global SA (BG)

Bunge Global SA reported second-quarter 2026 net income of $678 million on 29 July 2026, up from $354 million a year earlier 3. Net sales rose 88 percent to $24.04 billion, mostly because Viterra, the grain company it bought, now sits inside the figures 2.

The company said the gain came mainly from crushing, the work of pressing soybeans, canola and sunflower seed into oil and protein meal 3. Soybean crushing and refining earned $804 million before interest and tax, against $460 million a year before 3. Softseed crushing rose to $273 million from $19 million 3.

The quarterly report ties higher prices to biofuel mandates in North America and to strong demand during the conflict with Iran 2. Bunge raised its full-year 2026 outlook for adjusted earnings per share, which leaves out timing effects of its hedges and one-off items, to $9.25 to $9.75 from $9.00 to $9.50 3.

The open questions are whether the third quarter holds that pace and how fast Viterra's costs come out, which now decide part of the top officers' pay 9. The legal team also changes hands: Joseph Podwika steps down as chief legal officer on 9 November 2026 for Ignacio Walker 4.

Bunge traces its history to 1818, when it was founded as a trading company in Amsterdam 1. Today it is a holding company whose subsidiaries do nearly all the work, and since 1 November 2023 the parent has been Swiss rather than Bermudan 1.

Greg Heckman has been chief executive since January 2019 1. That year the company swapped its regional divisions for one global value chain, joining buying from farmers, crushing, refining, shipping and selling, World Grain reported from the company's 2026 investor day 14.

Net sales were $59.15 billion in 2021 and climbed to $67.23 billion in 2022 10. The annual report for 2023 explains the peak: the war in Ukraine pushed grain and oilseed prices up in a market already short of supply 10.

Prices eased in 2023 and net sales fell to $59.54 billion, yet net income rose to $2.24 billion from $1.61 billion 10. Most of the gain came from the Agribusiness segment, whose earnings before interest and tax rose 62 percent even as a drought cut volumes in Argentina 10. In February 2023 Bunge sold its Russian operations 1.

Bunge kept running its plants in Ukraine after Russia's invasion began on 24 February 2022, moving more grain by rail and truck instead of by sea, Heckman said in March 114. In 2024 it booked a $46 million business interruption insurance recovery for its Ukrainian softseed operations 1. In April 2023 its Loders venture bought a port refinery in Avondale, Louisiana, that refines several oils 1.

In 2024 net sales fell again, to $53.11 billion, and net income dropped to $1.14 billion 1. The 2025 annual report blames lower prices in almost every region as supply and demand came back into balance 1. That October Bunge sold its 50 percent share of BP Bunge Bioenergia, its sugar and bioenergy venture with BP, for a gain of $195 million 1.

On 2 July 2025 Bunge completed its purchase of Viterra, paying about 65.6 million new Bunge shares and about $1.9 billion in cash for all of its equity 1. To win European approval it sold Viterra's business in Hungary and part of its business in Poland to Louis Dreyfus, closing on 1 September 2025 1.

With Viterra inside for half a year, net sales jumped to $70.33 billion in 2025, but net income fell to $816 million 1. The company points to interest on the debt raised for Viterra, a $118 million loss on settling a US pension plan and the missing 2024 gain on the BP venture 1. It also sold its North American corn milling business that year, booking a $155 million gain 1.

Soybean crushing and refining

The largest segment buys, stores, ships, crushes and refines soybeans into protein meal for animal feed and oil for food and fuel, and also makes biodiesel and fertilizer 1. It brought in $36.31 billion of net sales in 2025, about 52 percent of the total (computed) 1.

Bunge crushed 41.0 million metric tons of soybeans in 2025, up from 36.8 million 1. Its soybean crushing capacity sits 47 percent in South America and 25 percent in North America 1. Julio Garros, the chief operating officer, said in March that Bunge handles more than 20 percent of the world's soybean processing outside China 14.

The segment earned $1.2 billion before interest and tax in 2025, up 40 percent, helped by South America and by Viterra's plants 1. Viterra brought the Renova plant at a port terminal in Rosario, Argentina, which can crush 32,000 metric tons a day, World Grain reported 14.

Softseed crushing and refining

This segment does the same work with canola, rapeseed and sunflower seed, and also makes biodiesel 1. Net sales rose 62 percent to $11.25 billion in 2025, as Viterra joined and a drought lifted sunflower prices in Europe 1. Its earnings fell 21 percent to $521 million because the older European and North American plants did worse 1.

Its capacity sits 53 percent in Europe and 30 percent in North America 1. Through Viterra, Bunge now buys softseeds from farmers in Australia, Canada and Europe and feeds them to its plants in Canada and Europe, World Grain reported 14.

Tropical oils and specialty ingredients

Renamed from Other Oilseeds in early 2026, this segment refines palm oil, palm kernel oil, coconut oil and shea butter, and makes soy protein concentrate for food and feed 21. Its buyers include bakers, snack and candy makers, restaurant chains and pet food companies 1. Bunge owns 80 percent of Loders, its joint venture with IOI Corporation Berhad 1.

Net sales were $4.63 billion in 2025, but earnings fell 45 percent to $118 million on weaker tropical oils results 1. On 1 March 2026 Bunge closed its purchase of the lecithin, soy protein concentrate and crush businesses of International Flavors and Fragrances for $105 million in cash 2.

Grain merchandising and milling

This segment buys, stores, ships and sells corn, wheat, barley, cotton, pulses and sugar, mills wheat and sugar, and runs ocean freight and trade finance 1. Viterra nearly doubled it: volumes rose 83 percent to 67.2 million metric tons in 2025, and net sales rose 80 percent to $18.13 billion 1.

Garros said Bunge can move more than 120 million tonnes through its own terminals and can handle more than 400 vessels at any one time 14. Its wheat milling links grain bought in Argentina with flour mills in Brazil, which now mill 3 million tonnes, World Grain reported 14.

Plants and places

At the end of 2025 the soybean segment had 35 crushing plants, 22 refining and packaging plants and 17 port terminals 1. The grain segment had 298 storage sites and 29 port terminals, and 14 mills in South America 1. The headquarters is in Chesterfield, Missouri, and the registered office is in Geneva 1.

People

Bunge employed about 34,000 people at the end of 2025, 43 percent of them in South America 1. Heckman leads with finance chief John Neppl and Julio Garros, sole chief operating officer since December 2025 after David Mattiske left the shared role 121.

Shareholders re-elected Mark Zenuk as chair at the 20 May 2026 meeting, which elected 12 directors 8. Richard James succeeds Matt Simmons as controller and chief accounting officer on 1 April 2027 6.

Rivals

The annual report names Archer Daniels Midland, Cargill, Louis Dreyfus, Wilmar and COFCO International as its main soybean rivals 1. In grain it adds CHS and Olam, and in tropical oils AAK and Fuji Oil 1.

Problems

Profits swing with crops, weather, trade policy and biofuel rules, the annual report says 1. A grain glut and US trade tensions with China gave Bunge its weakest fourth quarter in seven years in 2025, with net income of $95 million, the Globe and Mail reported 15.

Brazilian authorities hold outstanding tax claims against its subsidiaries, including $598 million of PIS/COFINS and $163 million of ICMS claims at 30 June 2026 2. Bunge records them only if a loss becomes probable 2. The European Union's deforestation rule, now set for December 2026, requires sellers of soy and palm oil there to show they did not come from cleared forest 1.

The umbrella, in words

Bunge Global SA is a holding company, and the subsidiaries exhibit to its annual report lists its significant subsidiaries, noting that smaller ones may be left out 20. They include Bunge North America, Bunge Limited Finance Corp, which issues its notes, and Bunge Chevron Ag Renewables 207.

In Brazil it sells Soya cooking oil, a brand the trade magazine SuperVarejo says Bunge markets in soybean, sunflower, canola and corn versions 19. Bunge Ventures, its venture arm, invests in start-ups working on technology for its industries 1.

Bunge owns 80 percent of Loders and sold 40 percent of Bunge Iberica to Repsol in March 2025 while keeping control 1. It also controls Bunge Chevron Ag Renewables, a soybean crushing venture with Chevron whose meal and oil Bunge markets 1.

Glencore reported holding 16.4 percent of the registered shares through Danelo Limited in July 2025, received for its Viterra shares 11. Canada Pension Plan Investment Board reported 13.1 percent from the same deal 12. Capital World Investors, which manages money for clients, reported 10.7 percent as of 31 March 2026 13.

Glencore may nominate two directors while it owns at least 10 percent of the shares 11. It agreed not to go above 19.9 percent until its stake falls below 7 percent 11.

For 2026 Bunge expects adjusted earnings per share of $9.25 to $9.75, capital spending of $1.5 to $1.7 billion and net interest expense of $620 to $660 million 3. It now expects soybean results above its earlier plan and grain results below it 3.

At its investor day on 10 March 2026 the company set a mid-cycle earnings per share baseline of about $13 and said it expects at least $15 by the end of 2030 14. Neppl said Bunge wants to return 50 percent of its discretionary cash flow to shareholders as dividends and repurchases 14.

The board approved a new repurchase program of up to $3.0 billion on 9 March 2026, and the earlier $2.7 billion program was finished by 30 June 2. Shareholders approved a dividend of $2.88 a share, paid in four equal installments 8.

Neppl said the large projects all finish in the back half of 2026 and the first half of 2027 14. A multi-oil refinery in Amsterdam, replacing two older plants, is expected to run in the first quarter of 2027, World Grain reported 14. Garros said the soy protein concentrate plant at the Morristown, Indiana crusher was being commissioned 14.

The company also said it is doubling barge unloading at Destrehan, Louisiana and tripling soymeal storage at Longview, Washington 14. Neppl said future growth spending would favor efficiency and bolt-on projects over new plants built from scratch 14.

The sale of the European margarines and spreads business to Vandemoortele for about $239 million had not closed by the end of June, and the company expects it to close in 2026 2.

Under a plan approved on 26 March 2026, senior officers earn extra shares only if Viterra cost savings reach set targets over 2026 to 2028 9. In September its lenders extended the $4.2 billion five-year credit line to 3 October 2031 5.

Past

Bunge Global SA's revenue grew from $59 billion in fiscal 2021 to $70 billion in fiscal 2025, up 4.4% a year, and rose in 2 of 4 years; the deepest fall was 21% from fiscal 2022 to fiscal 2024. Net income was positive in 5 of 5 of those years. Profit fell from $2.08 billion in 2021 to $0.82 billion in 2025. Over the 3 fiscal years to 2025-12-31, the diluted share count grew about 2.8% a year. Dividends declared per share rose from $2.08 in fiscal 2021 to $2.8 in fiscal 2025. The grade's past tense reads 5.4 of 10. 1234

Present

In its latest annual figures on file, for the fiscal year ended 2025-12-31, Bunge Global SA reported revenue of $70 billion and a profit of $816 million. Return on equity is 5%, meaning 5 cents of profit for every dollar of shareholders' money; gross profitability is 8%, meaning 8 cents earned per dollar of everything the company owns; leverage is 61%, meaning it owes 61 cents per dollar of assets; net share issuance shows the share count grew 17.0% over the year. Its revenue of $70 billion in fiscal 2025 ranks in the top 6% by size among 42 graded names in its industry family; a net margin of 1.2% ranks in the bottom 35%; revenue growth of 1.5% a year over the last 3 filed years ranks in the bottom 46%. 41

The chief executive officer is Gregory A Heckman; the chief financial officer is John W Neppl; the chief operating officer is Julio Garros. Leadership is estimated at 7.5 of 10, with a confidence of 35 of 100, because the record of the people in charge begins on 2023-12-01 and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2.9 years and cannot see past it. The grade's present tense reads 4.5 of 10. 514

Future

A quarterly report (Form 10-Q) for the quarter ending 2026-09-30 is due by 2026-11-09 under the SEC's rules. An annual report (Form 10-K) for the fiscal year ending 2026-12-31 is due by 2027-03-01 under the SEC's rules. From the newest filed statements for fiscal 2025, cash of $1.2 billion against debt of $10 billion leaves negative 20.2% of assets as net cash, in the bottom 35% of its family; cash from operations less capital spending is negative 1.2% of revenue, in the bottom 18%; a gross margin of 4.8% ranks in the bottom 6%; research spending is 0% of revenue, in the bottom 2%. Revenue grew 1.5% a year over the last three filed years against 4.4% over all 5, slowing and ranking in the bottom 46% of its family; the newest year grew 32.5%, in the top 6%; research spending fell 5.3% a year, in the bottom 6%; capital spending grew 45.9% a year, in the top 11%. The grade's future tense reads 3.8 of 10. 614

How the company operates

In fiscal 2025, Bunge Global SA's revenue came from Soybean Processing and Refining at 52%, Grain Merchandising at 24%, Softseed Processing and Refining at 16%, Other Oilseeds Processing and Refining at 7%, Milling Products at 2%, and Other Products under 1%. Soybean Processing and Refining generated $36 billion, Grain Merchandising and Milling $17 billion, and Softseed Processing and Refining $11 billion. By geography, Rest of world accounted for 43% of revenue, United States 22%, Switzerland 22%, and Netherlands 12%. 41

New moves

On 2026-10-05, a Form 8-K reported an officer or director change. On 2026-09-21, a Form 8-K reported another event the company chose to report. On 2026-09-03, a Form 8-K reported an officer or director change. On 2026-04-02, a Form 8-K reported a major agreement signed and new debt or an obligation taken on. On 2026-09-28, the White House's lists for U. S. exports to China. 67