Bunge Global SA — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP diluted EPS from continuing operations was $1.64 for the quarter ended September 30, 2026, compared to $0.86 in the prior year; adjusted diluted EPS was $2.56 versus $2.27.
• Net income attributable to Bunge was $318 million for the quarter, up from $166 million in the prior year; for the nine months ended September 30, 2026, net income was $1,064 million compared to $721 million.
• Adjusted diluted EPS for the nine months was $6.38, up from $5.56 in the prior year.
• Segment EBIT for the quarter was $839 million, up from $671 million; adjusted Segment EBIT was $997 million versus $924 million.
• Total EBIT for the quarter was $667 million, up from $403 million; adjusted Total EBIT was $846 million versus $757 million.
• For the nine months, Segment EBIT was $2,384 million (adjusted $2,454 million) compared to $1,731 million (adjusted $1,703 million).
• Net sales for the quarter were $23,804 million, up from $22,155 million; for the nine months, net sales were $69,706 million compared to $46,567 million.
• Cash used for operating activities for the nine months was $2,302 million, compared to $503 million in the prior year, driven by net changes in working capital.
• Adjusted funds from operations (FFO) for the nine months was $2,008 million, up from $1,181 million.
• Income tax expense for the quarter was $168 million compared to $86 million; for the nine months, it was $390 million compared to $290 million.
• Short-term debt increased to $6,471 million at September 30, 2026, from $3,883 million at December 31, 2025.
• Long-term debt was $8,944 million at September 30, 2026, compared to $8,831 million at December 31, 2025.
• Total assets were $49,656 million at September 30, 2026, compared to $44,528 million at December 31, 2025.

Guidance and Future Outlook:

• Bunge maintains its full-year 2026 adjusted EPS outlook range of $9.25 to $9.75.
• Full-year adjusted Segment EBIT outlook for Soybean Processing and Refining is slightly lower; Softseed Processing and Refining is unchanged; Tropical Oils and Specialty Ingredients is lower; Grain Merchandising and Milling is higher; Corporate and Other is unchanged.
• The Company now expects an adjusted annual effective tax rate of 23% to 25%, compared to the previous range of 22% to 26%.
• Net interest expense is expected to be in the range of $640 to $670 million, compared to the previous range of $620 to $660 million.
• Capital expenditures are expected toward the higher end of the $1.5 to $1.7 billion range.
• Depreciation and amortization is expected to be approximately $975 million.

Business Segments and Product Lines:

• Soybean Processing and Refining: Segment EBIT was $547 million for the quarter (adjusted $565 million) compared to $337 million (adjusted $478 million). Net sales were $11,442 million. Volumes of soybeans processed were 11,745 thousand metric tons. North America was the largest contributor to improved performance, driven by stronger processing results.
• Softseed Processing and Refining: Segment EBIT was $353 million for the quarter (adjusted $329 million) compared to $236 million (adjusted $275 million). Net sales were $4,302 million. Softseed processing volumes increased to 3,606 thousand metric tons. North America processing and refining were primary drivers of improvement.
• Tropical Oils and Specialty Ingredients: Segment EBIT was $13 million for the quarter (adjusted $16 million) compared to $77 million (adjusted $51 million). Net sales were $1,295 million. Results were lower due to near-term margin impacts from geopolitical trade disruptions and plant transition costs.
• Grain Merchandising and Milling: Segment EBIT was $(74) million for the quarter (adjusted $87 million) compared to $21 million (adjusted $120 million). Net sales were $6,764 million. Higher results in global grain merchandising were offset by lower results in ocean freight, sugar, and wheat milling.
• Corporate and Other: Corporate EBIT was $(168) million for the quarter (adjusted $(147) million). Decrease in expenses was driven by performance-based compensation and favorable foreign exchange impacts.
• Bunge Chevron Ag Renewables started production at its new oilseed processing line in Destrehan, La., following the quarter-end.

Market and Competitive Landscape:

• The operating environment is described as complex, marked by geopolitical uncertainty, shifting trade flows, and evolving government policy.
• Global soybean oil merchandising results were lower than the prior year.
• Global distribution results in Softseed Processing declined, partially offset by stronger canola origination in Canada and Australia.
• The Company's global footprint and diversified value chains are positioned to deliver value across food, feed, and fuel industries.

Risks and Challenges:

• EBIT for Softseed Processing and Refining included $10 million of charges resulting from the Ukraine-Russia war, primarily related to inventory damage losses.
• EBIT for Grain Merchandising and Milling included $82 million of charges related to the announced sale of two sugarcane mills in Brazil, including $66 million of impairment charges and $16 million of hedge losses.
• Net income included $13 million of income tax expense related to deferred tax valuation allowances resulting from the Ukraine-Russia war.
• Tropical Oils and Specialty Ingredients results were impacted by commissioning, ramp-up, and plant transition costs.

Management Commentary and Tone:

• CEO Greg Heckman stated the team delivered a strong third quarter with disciplined execution and the strength of a resilient, diversified business.
• Management expressed confidence in the opportunities ahead and the team's ability to address challenges, citing strong long-term demand drivers.
• The Company noted it continued to advance key value-creation priorities, including Viterra-related synergies.

Other Key Points:

• The Company incurred $21 million in acquisition and integration costs related to the Viterra business combination in the quarter.
• A loss on sale of a business totaling $82 million was recorded in Grain Merchandising and Milling for the quarter.
• Cash used for investing activities for the nine months was $840 million, compared to $5,524 million in the prior year.
• Cash provided by financing activities for the nine months was $2,537 million.
• Repurchases of registered shares were $249 million for the nine months.
• Dividends paid to registered shareholders were $414 million for the nine months.
• Inventories increased to $16,624 million at September 30, 2026, from $13,198 million at December 31, 2025.