Bunge Global (BG) Q2 2025 earnings summary

Executive summary

• Q2 2025 GAAP diluted EPS rose to $2.61 from $0.48 year-over-year; adjusted EPS was $1.31 versus $1.73, reflecting certain gains/charges and mark-to-market timing differences.

• Delivered better-than-expected Q2 2025 results despite complex market conditions, driven by strong South American processing margins and strategic execution, including the completed Viterra merger and sale of the U.S. corn milling business.

• Completed the $7.3B acquisition of Viterra Limited in July 2025, creating a premier global agribusiness solutions company and initiating integration to capture cost and commercial synergies.

• Strategy focuses on leveraging core strengths, increasing diversification, and accelerating value delivery to stakeholders.

• Announced the sale of the U.S. corn milling business, further simplifying the business and focusing on global value chains.

Financial highlights

• Q2 2025 net income was $354M, up from $70M year-over-year; diluted EPS was $2.61, up from $0.48; adjusted EPS was $1.31, down from $1.73.

• Q2 2025 net sales were $12.77B, down from $13.24B; gross profit was $738M, up from $664M.

• Adjusted segment EBIT was $293M, down from $405M; six-month adjusted EBIT was $655M, down from $1.08B.

• Adjusted funds from operations for six months were $693M, with discretionary cash flow of $560M after sustaining CAPEX.

• Cash and cash equivalents at June 30, 2025 were $6.79B, up from $3.31B at year-end 2024; total debt increased to $10.58B from $5.57B.

Outlook and guidance

• Maintained full-year 2025 adjusted EPS outlook of ~$7.75, excluding Viterra and corn milling business.

• Agribusiness full-year results forecast higher than previous outlook but down from last year; Refined and Specialty Oils and Milling expected to be down from prior outlook.

• Adjusted annual effective tax rate expected at 21%-25%; net interest expense at lower end of $220-$250M; CAPEX $1.5-$1.7B; D&A ~$490M.

• Viterra results to be included from Q3 2025; new combined company guidance and segment reporting to be provided before Q3 earnings.

• Management highlights ongoing focus on prudent risk management, liquidity, and capital allocation.