2025年9月8日，由商务部投资促进事务局主办的农食产业消费趋势与市场机遇探讨暨新品展示活动在第 二十五届中国国际投资贸易洽谈会期间顺利举办。活动聚焦农食产业的国际合作与市场机遇，中粮集 团、邦吉、嘉吉、卡夫亨氏、雅苒、百威、艾地盟等行业领军企业，以及漯河、石家庄、海林、永州等 经济技术开发区代表近70人参会。 商务部投资促进事务局副局长于广生出席活动并致辞。他表示，中国是全球第二大消费市场，拥有全球 最大的中等收入群体。随着消费升级和健康理念的普及，叠加国家双碳战略的深入实施，绿色、健康、 快捷的食品需求日渐增长，这也预示着农食产业未来的发展方向和潜在机遇。投资促进局愿充分发挥平 台作用，以农食产业高质量发展为核心，为投资方和引资方高效匹配、务实合作寻求机会、创造渠道。 行业研讨环节，雅苒公司公共事务总监姚骥坤担任主持人。邦吉亚洲压榨业务财务伙伴中国区首席财务 官宫晨、卡夫亨氏亚洲区政府事务副总裁陆艺凡、中粮集团福建省区域协同平台秘书长庄恭曦、漯河经 济开发区管委会主任赵宏宇围绕农食产业的发展现状、趋势和投资合作前景，以及如何加强企业与园区 的对接合作等内容展开互动交流。 本次活动还设置了新品展示环节。卡夫 ...

与此同时，共和党参议员迈克·李(Mike Lee)于周二提出一项法案，旨在阻止美国环境保护署(EPA)强制 大型炼油厂填补这一义务缺口。 此类举措将削弱市场对农作物基与废弃物基生物燃料的短期需求——这一变化无疑会冷却投资者对生物 燃料生产商的热情，而此前在今年6月，EPA刚提出大幅提高2026年和2027年生物燃料产量配额的方 案。目前，围绕特朗普拟议的生物燃料政策，农业游说团体与石油游说团体已就此展开激烈争论，成为 双方博弈的核心焦点。 周三，农作物加工企业邦吉集团(Bunge Global SA)与阿彻丹尼尔斯米德兰公司(Archer-Daniels-Midland Co.)的股价出现自4月以来的最大单日跌幅;乙醇供应商瓦莱罗能源公司(Valero Energy Corp.)与绿原公司 (Green Plains Inc.)的股价跌幅最高达5%左右。此外，生物燃料领域的关键价格指标——可再生能源识别 码(RINs)的交易价格也跌至6月以来的最低水平。 智通财经APP获悉，由于市场担忧特朗普政府的相关政策或无法完全抵消"炼油厂可再生燃料混合义务 豁免"带来的影响，美国生物燃料企业股价近日大幅下挫。 据外媒援 ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-56607 BUNGE GLOBAL SA (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Core Insights - Bunge Global SA reported second-quarter 2025 adjusted earnings of $1.31 per share, exceeding the Zacks Consensus Estimate of $1.19 by 10.1%, but reflecting a 24.3% year-over-year decline due to weak segment performance [1][9] - The company completed the acquisition of Viterra, enhancing its global agricultural network, while also selling its U.S. corn milling business to streamline its portfolio [2] - Bunge Global's net sales were $12.8 billion, down 3.6% year-over-year, yet surpassing the Zacks Consensus Estimate of $11.36 billion [2] Financial Performance - The cost of sales was $12 billion, a 4% decrease from the prior year, while gross profit increased by 11% year-over-year to $738 million [3] - Selling and administrative expenses decreased by 7% year-over-year to $418 million, leading to an operating profit of $538 million, a 191% increase from the previous year [3] - Adjusted total segment operating profit fell 28% year-over-year to $293 million, with total segment operating margin contracting by 80 basis points to 2.3% [4] Segment Performance - Agribusiness segment sales declined 5% year-over-year to $9.2 billion, with adjusted operating profit down 22% to $233 million due to lower merchandising and processing results [5] - Refined & Specialty Oils segment sales rose 2% year-over-year to $3.2 billion, but adjusted operating profit dropped 40% to $116 million, impacted by poor performance in North America and Europe [7] - Milling segment sales increased by 2% year-over-year to $409 million, with adjusted operating profit declining by 4% to $27 million [8] Cash Flow and Balance Sheet - Cash used in operating activities was $1.36 billion in the first half of 2025, compared to an outflow of $0.48 billion in the same period last year, primarily due to changes in working capital [10] - Cash and cash equivalents stood at $6.8 billion at the end of Q2 2025, up from $3.3 billion at the end of 2024, while long-term debt increased to $7 billion from $4.7 billion [11] 2025 Outlook - The company maintains its adjusted earnings per share guidance of $7.75 for 2025, indicating a 15.7% year-over-year decline, excluding the impact of the Viterra acquisition [12] Stock Performance - Bunge Global's shares have decreased by 33.4% over the past year, compared to a 20.9% decline in the industry [13]

Core Insights - Bunge Global reported a revenue of $12.77 billion for the quarter ended June 2025, reflecting a decrease of 3.6% year-over-year, but exceeding the Zacks Consensus Estimate by 12.45% [1] - The company's EPS was $1.31, down from $1.73 in the same quarter last year, but it surpassed the consensus estimate of $1.19 by 10.08% [1] Financial Performance Metrics - Agribusiness volumes were reported at 19,274 Kmt, exceeding the average estimate of 17,717.29 Kmt [4] - Milling products volumes were 857 Kmt, slightly below the average estimate of 992.85 Kmt [4] - Refined & Specialty Oils volumes were 2,175 Kmt, slightly below the average estimate of 2,208 Kmt [4] - Net sales to external customers in Agribusiness were $9.17 billion, surpassing the estimated $7.75 billion, but down 5.1% from the previous year [4] - Net sales for Milling products were $409 million, slightly below the estimated $419.12 million, but up 2% year-over-year [4] - Net sales for Refined & Specialty Oils were $3.18 billion, matching the average estimate and reflecting a 1.8% increase from the previous year [4] - Adjusted Segment EBIT for Agribusiness was $233 million, exceeding the estimate of $202.09 million [4] - Adjusted Segment EBIT for Corporate and Other was -$83 million, better than the estimated -$97.9 million [4] - Adjusted Segment EBIT for Milling products was $27 million, slightly above the estimate of $25.74 million [4] - Adjusted Segment EBIT for Refined & Specialty Oils was $116 million, below the estimate of $138.56 million [4] Stock Performance - Bunge Global's shares have returned -4.9% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][22] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11][15] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy, affecting performance across all regions [15] - Milling results improved in North America but were offset by lower results in South America [15] - Corporate expenses decreased primarily due to performance-based compensation [16] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year, driven by a record bean crop, while margins in Argentina also showed improvement due to strong farmer selling [31] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [33] - Q2 margins in China improved but were still slightly down from the prior year, with expectations for lower margins in the second half [33] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5][10] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [9][10] - The strategy includes ongoing portfolio optimization and leveraging synergies from the merger to enhance operational efficiencies [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong path ahead with the integration of Viterra and the potential for operational synergies [8][26] - The company is navigating a complex macro environment but believes its diversified asset base positions it well to capture value [24][25] - The outlook for 2025 includes expectations for improved processing results, particularly in Q4, driven by better crush margins [22][59] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [19] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position with $8.7 billion in committed credit facilities [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [20] Q&A Session Summary Question: Can you provide details on soy crush performance and outlook? - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [30][31] Question: What is the outlook for the SREs and their impact? - Management expects a decision on SREs in August or September, with a belief that the administration understands their potential impact on RVO [35][36] Question: Can you clarify the combined company guidance including Viterra? - Management emphasized the strategic rationale for the merger and expressed confidence in the combined company's ability to navigate market challenges [42][45] Question: What is the outlook for the oil segment? - The oil segment was impacted by lower energy demand and uncertainty around biofuels policy, but management expects improvement in the second half [61] Question: How are the organic investments progressing? - Key projects like Morristown and Destrehan are on track, with commissioning expected in Q4 and early next year [64][66] Question: What is the outlook for the milling side in the U.S.? - Demand for soybean meal remains strong, supported by good economics in the animal protein segment, with North America enhancing export capabilities [70][71] Question: How does the company view the interplay between SBO and other seed oils? - Management sees opportunities in offering a full suite of seed oils to customers, adapting to market demands [86] Question: What are the implications of recent global trade developments? - Management noted that China's actions reflect a focus on food security and a shift towards new import options, indicating a dynamic global market [92][93]

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][23] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy [12] - In merchandising, improved performance in global grains and oils was offset by lower results in financial services and ocean freight businesses [15] - Milling results were higher in North America but lower in South America [15] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year due to a record bean crop, while Argentina also saw better margins driven by strong farmer selling [32] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [34] - In China, Q2 margins improved but were still slightly down from the prior year, with expectations for lower margins in the second half [34] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [6][10] - The strategy includes ongoing portfolio optimization and leveraging a global approach to risk management [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential commercial synergies from the Viterra integration, highlighting the importance of a balanced global footprint [25][26] - The company is navigating a complex macro environment but believes it is well-positioned to serve customers across the value chain [25][26] - The outlook for the second half of the year includes expectations for improved processing margins, particularly in Q4, despite challenges in merchandising and specialty oils [58] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [17] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [21] Q&A Session Summary Question: Soy crush performance and fundamentals outlook - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [31][32] Question: Concerns about Viterra earnings base - Management acknowledged challenges during the transition but expressed confidence in the combined company's potential and the strategic rationale behind the merger [42][46] Question: Implications of U.S. crush margins on global markets - Management indicated that the combined company is well-positioned to adapt to changing market conditions and emphasized the importance of a balanced global footprint [52][53] Question: Shareholder returns and buyback plans - The company has $800 million remaining under its $2 billion buyback commitment and plans to execute on this soon [103][105] Question: Outlook for refining margins and competition - Management expects refining margins to moderate over time but believes domestic soybean oil will remain competitive due to supportive policies [76][82]

Bunge Global shares have lost about 1.8% since the beginning of the year versus the S&P 500's gain of 8.3%. What's Next for Bunge Global? While Bunge Global has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quart ...

Forward-Looking Statements • Today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance and industry conditions. Q2 2025 Earnings Results Review July 30, 2025 2 2 • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially ...