Bunge Global SA
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.87%.
Did BG Beat Earnings? Q1 2025 Results
Bunge Global delivered a stronger-than-expected first quarter, posting adjusted diluted EPS of $1.81 against a consensus estimate of $1.31, a beat of 38.31%, even as revenue of $11.64 billion fell short of the $13.11 billion estimate by 11.20% and declined 13.20% from the prior year. The key driver behind the earnings outperformance was a tariff-related surge in demand late in the period, as uncertainty around trade policy pulled forward farmer selling activity and customer purchasing, giving the quarter an unexpected late lift that CEO Greg Heckman described as a "better than expected start to 2025." On the segment level, Agribusiness Processing EBIT improved to $233.00 million from $180.00 million year-over-year, anchored by strength in Brazil, Europe, and Asia soy crush, while Refined and Specialty Oils remained under pressure from a more balanced supply-demand environment and U.S. biofuel policy uncertainty. Despite the revenue shortfall, Bunge maintained its full-year 2025 adjusted EPS outlook of approximately $7.75, while trimming its net interest expense guidance to $220.00 million to $250.00 million.
- Solid performance in Agribusiness driven by Processing, though down from last year
- Higher results in Brazil, Europe and Asia soy crush value chains in Processing
- Tariff-related timing shifts in demand and farmer activity benefited Q1
- More balanced global supply and demand environment, particularly in U.S., impacted Refined and Specialty Oils
- Improved performance in global grains and financial services in Merchandising
- Lower ocean freight results weighed on Merchandising
- More competitive pricing environment pressured South America Milling margins
- Corporate expenses lower primarily due to performance-based compensation
“Our team delivered a better than expected start to 2025, staying nimble in a quickly evolving market environment while continuing to serve our customers at both ends of the value chain. We announced agreements to sell our European margarine and U.S. corn milling businesses as we further align our assets with our global integrated value chains. We are in the final stage of regulatory approval for our combination with Viterra and are prepared to close quickly once received.”
Bunge Global CEO, on the earnings call
Forward Guidance & Outlook
Bunge is maintaining its adjusted full-year 2025 EPS outlook of approximately $7.75, excluding the impact of announced acquisitions and divestitures expected to close during the year. In Agribusiness, full-year results are forecasted to be slightly lower than previous outlook and down from last year due to lower Processing results. Refined and Specialty Oils full-year results are expected to be similar to previous outlook but down year-over-year due to more balanced supply and demand in North America. Milling results are expected to be similar to previous outlook and up from last year. Corporate and Other is expected to be more favorable than both previous outlook and prior year. The company expects an adjusted annual effective tax rate of 21%–25%, net interest expense of $220–$250 million (reduced from previous $250–$280 million range), capital expenditures of $1.5–$1.7 billion, and depreciation and amortization of approximately $490 million.
BG YoY Financials
BG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.