Bunge Global SA
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.67%.
Did BG Beat Earnings? Q2 2025 Results
Bunge Global delivered a stronger-than-expected second quarter, with adjusted EPS of $1.31 clearing the $1.08 consensus estimate by 20.92%, even as that figure marked a step down from $1.73 a year ago amid continued normalization in agricultural commodity margins. Revenue of $12.77 billion edged past estimates by 2.76%, though it slipped 3.6% year over year, reflecting the softer pricing environment across global agribusiness. The single biggest drag on underlying results was Refined and Specialty Oils, where adjusted segment EBIT fell to $116 million from $193 million a year ago as biofuels policy uncertainty compressed energy demand across North America and Europe. Meanwhile, Agribusiness Processing held up better than feared, with South American and Asian volumes providing partial offsets to European and North American weakness. Bunge reaffirmed its full-year 2025 adjusted EPS outlook of approximately $7.75, a guidance figure that now excludes the divested corn milling business and the Viterra merger that closed July 2, with management promising a combined-company forecast ahead of Q3 results. The company also separately announced an agreement to acquire plant-based ingredients assets from IFF, signaling continued portfolio reshaping even as integration work on the transformative Viterra combination gets underway.
- Agribusiness Processing results better than expected, driven by higher results in South America and Asia
- Refined and Specialty Oils results down across all regions due to lower energy demand from biofuels policy uncertainty
- Favorable mark-to-market timing differences of $128 million in Q2 2025
- $155 million gain on sale of U.S. corn milling business
- Corporate expenses lower driven by performance-based compensation
- Improved global grains and oils merchandising offset by weaker financial services and ocean freight
“Our team delivered better than expected results for the second quarter given market conditions while also making significant progress on our strategic priorities. Most notably, we completed our transformative combination with Viterra. The integration is proceeding well, and we are pleased to begin working aggressively on commercial opportunities. We also completed the sale of our U.S. corn milling business which further simplifies our portfolio along our global integrated value chains.”
Bunge Global CEO, on the earnings call
Forward Guidance & Outlook
Bunge maintains its full-year 2025 adjusted EPS outlook of approximately $7.75, which now excludes second-half earnings from the divested corn milling business and the impact of the Viterra merger (closed July 2, 2025). Agribusiness full-year results are forecasted higher than previous outlook driven by Processing but remain down from last year. Refined and Specialty Oils full-year results are expected down from previous outlook reflecting softer Q2 performance. Milling full-year results are expected down from previous outlook reflecting the corn milling sale. Corporate and Other is expected in line with previous outlook and more favorable than last year. Additional 2025 expectations include: adjusted annual effective tax rate of 21%-25%, net interest expense at the lower end of $220-$250 million, capital expenditures of $1.5-$1.7 billion, and D&A of approximately $490 million. The company anticipates providing a combined-company forecast prior to reporting Q3 earnings.
BG YoY Financials
BG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.