Bunge Global SA (NYSE:BG) is one of the best sugar stocks to buy according to hedge funds. Bunge Global SA (NYSE:BG) received several rating updates by analysts on February 5. JPMorgan lifted the price target on the stock to $130 from $117 and maintained an Overweight rating on the shares. UBS also raised the price target on Bunge Global SA (NYSE:BG) to $145 from $108, reaffirming a Buy rating on the stock and telling investors that the company reported a fiscal Q4 earnings beat and provided conservative g ...

TABLE OF CONTENTS INDEX TO CONSOLIDATED FINANCIAL STATEMENTS ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ____________________________________________________________________________ FORM 10-K Commission File Number 000-56607 BU ...

Core Viewpoint - Bunge Global SA has shown significant stock performance, outperforming the broader market and demonstrating strong financial results, driven by strategic integration and operational efficiencies. Group 1: Company Overview - Bunge Global SA, based in Chesterfield, Missouri, operates as an agribusiness and food company, producing plant-based oils, fats, and protein, with a market cap of $23.7 billion [1] - The company's products serve various applications, including animal feed, cooking oils, bakery and confectionery, dairy fat alternatives, plant-based meat, and infant nutrition [1] Group 2: Stock Performance - Bunge Global's shares have gained 75.6% over the past year, significantly outperforming the S&P 500 Index, which increased by 11.8% [2] - Year-to-date (YTD) performance for Bunge Global shows a 37.6% increase, while the S&P 500 has experienced a slight decline [2] - Compared to the VanEck Agribusiness ETF, which gained 26.8% over the past year, Bunge Global's YTD returns also exceed the ETF's 17.2% gains [3] Group 3: Financial Results - In Q4, Bunge Global reported an adjusted EPS of $1.99, surpassing Wall Street expectations of $1.82, with total revenue of $23.8 billion [7] - The company anticipates full-year adjusted EPS between $7.50 and $8, with analysts projecting a 7% growth to $8.10 for fiscal 2026 [7] - Bunge Global has consistently beaten consensus estimates in the last four quarters, indicating strong earnings performance [7] Group 4: Analyst Ratings - Among 10 analysts covering Bunge Global, the consensus rating is a "Strong Buy," with eight "Strong Buy" ratings, one "Moderate Buy," and one "Hold" [8] - A slight decrease in bullish sentiment was noted, with nine analysts previously suggesting a "Strong Buy" [9] - Morgan Stanley analyst Steven Haynes maintains a "Buy" rating with a price target of $130, indicating a potential upside of 6.1% from current levels [9]

Core Viewpoint - Bunge has released its financial guidance for 2026, projecting adjusted earnings per share in the range of $7.5 to $8.0, while raising its synergy target to $190 million, with $70 million achieved in 2025 [1] Financial Performance - The company emphasizes the acceleration of integration following the acquisition of Viterra, aiming to achieve approximately $190 million in synergies by 2026, focusing on cost optimization and global operational efficiency [1] - Future observations will be necessary to assess whether the actual data from relevant business segments, such as softseed processing and grain trading, supports this synergy target [1]

Core Viewpoint - Bunge recently released its 2025 financial report and 2026 earnings guidance, highlighting that future events will primarily revolve around policy implementation and financial performance [1] Group 1: Financial Performance - Bunge forecasts its adjusted earnings per share for 2026 to be in the range of $7.50 to $8.00, which is below the Wall Street analysts' consensus estimate of $8.71 [2] - The company identified major pressure factors including commodity market volatility, trade disruptions, and narrowing processing margins [2] - Market attention will focus on whether the actual quarterly financial results for 2026 align with the guidance, particularly regarding profit changes in North American operations influenced by biofuel policy [2] Group 2: Industry Policy and Environment - The U.S. Treasury Department released a draft of the 45Z tax credit rules in early February 2026, but the final rules for biofuel blending quotas are still under review, expected to be announced around March 2026 [3] - If the rules maintain the initial proposal levels, it could stimulate demand for oilseeds like soybeans, but the actual impact on Bunge's profitability will depend on the details of the implementation [3] - Delays or changes in policy may continue to suppress customer order willingness, with Bunge's management emphasizing that "market outlook is difficult to predict," necessitating close monitoring of policy announcements and their ripple effects on the agricultural sector [3]

Core Insights - Bunge Global SA (NYSE:BG) is recognized as a significant agricultural middleman, with a notable stock price increase of nearly 28% this month, attributed to positive analyst commentary and an improving industry outlook [1][3]. Company Overview - Bunge processes agricultural commodities such as oilseeds and grains, supplying ingredients for the food, fuel, and animal nutrition sectors. The company also engages in the production of sugar and ethanol [3]. Investment Perspective - The stock is currently trading at 13 times this year's earnings estimates, suggesting it may be undervalued if an agricultural recovery is anticipated for 2026 [1].

Core Insights - Bunge Global SA reported fourth-quarter 2025 adjusted earnings of $1.99 per share, exceeding the Zacks Consensus Estimate of $1.83, but reflecting a 7% year-over-year decline due to higher costs offsetting improved volumes and sales [1] - The company completed the acquisition of Viterra in July 2025, enhancing its global network and agricultural capabilities, with net sales for the fourth quarter reaching $23.76 billion, a 75.5% increase from the previous year [2] - The adjusted operating profit for the fourth quarter rose 40% year-over-year to $622 million, although total operating profit fell 66% to $264 million [5] Financial Performance - The cost of sales increased to $22.75 billion, up 83% year-over-year, while gross profit decreased by 6.5% to $1.01 billion [4] - Cash generated from operating activities was $844 million in 2025, down from $1,900 million in 2024, with cash and cash equivalents at $1.13 billion compared to $3.31 billion at the end of 2024 [13] - For the full year 2025, adjusted earnings grew 2% year-over-year to $7.57 per share, with net sales of $70.3 billion, a 32% increase from the previous year [14] Segment Performance - Soybean Processing and Refining segment sales increased by 32% year-over-year to $11.05 billion, with processed soybeans up 18.8% to 11,460 thousand metric tons [6] - Softseed Processing and Refining saw a significant sales surge of 151% year-over-year to $4.54 billion, with processed volumes rising to 3,481 thousand metric tons [8] - Grain Merchandising and Milling segment sales increased by 211% year-over-year to $6.98 billion, with volumes up 214% to 26,194 thousand metric tons [11] Outlook - Bunge Global anticipates adjusted EPS for 2026 to be in the range of $7.50-$8.00, indicating a projected year-over-year growth of 2% [15] - The company's stock has gained 67.3% over the past year, significantly outperforming the industry average growth of 10.2% [16]

Core Viewpoint - Bunge Limited reported strong quarterly results but provided a softer profit outlook for the upcoming year, leading to a decline in stock price during premarket trading [1] Segment Performance - Soybean Processing and Refining: Quarterly net sales reached $11.045 billion, up from $8.374 billion year-over-year, driven by improved results in Argentina and Brazil [2] - Softseed Processing and Refining: Net sales increased to $4.545 billion from $1.808 billion a year ago, attributed to higher processing margins and the integration of Viterra's assets [3] - Other Oilseeds Processing and Refining: Net sales remained stable at $1.191 billion year-over-year [3] - Grain Merchandising and Milling: Net sales rose to $6.982 billion from $2.242 billion a year ago [3] Quarterly Metrics - Gross profit for the quarter was $1.011 billion, down from $1.081 billion a year ago [4] - Adjusted Total EBIT increased to $622 million from $445 million year-over-year, with growth across all segments [4] - Cash and equivalents at the end of the quarter totaled $1.135 billion, a decrease from $3.311 billion a year ago [4] Cash Flow - Cash provided by operations was $844 million, down from $1,900 million in the previous year, primarily due to lower net income and changes in working capital [5] Outlook - For fiscal 2026, Bunge expects adjusted earnings of $7.50 to $8.00 per share, below the analyst estimate of $8.71 [6] - The company anticipates an adjusted effective tax rate of 23%-27% and net interest expense of $575 million-$625 million for 2026 [7] - Capital expenditures are forecasted to be between $1.5 billion and $1.7 billion, with depreciation and amortization around $975 million [7]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [10][11] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) rose to $756 million from $546 million year-over-year [11][14] - Net interest expense increased to $176 million compared to the previous year, reflecting the addition of Viterra [14] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, despite lower results in North America [11] - The soft seed processing and refining segment saw higher results driven by better average processing margins and the addition of Viterra's assets [12] - Grain merchandising and milling segment results improved due to global wheat and barley performance, although lower results were noted in global corn and ocean freight [13] Market Data and Key Metrics Changes - The environment remains complex with geopolitical tensions and trade flow uncertainties affecting farmer and consumer behavior [9] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, reflecting limited forward visibility particularly regarding U.S. biofuel policy [9][18] Company Strategy and Development Direction - The company is focused on integrating Viterra to enhance operational efficiency and connectivity across its global platform, aiming to unlock synergies in origination, merchandising, processing, and distribution [5][6] - The strategic investment in large greenfield projects continues, navigating trade flows and geopolitical volatility while connecting farmers to market demand [8][20] - The company emphasizes continuous improvement and resilience, positioning itself to deliver value in various market environments [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current environment, with limited visibility on future conditions, particularly regarding biofuel policy [9][18] - The company remains optimistic about its capabilities to adapt and succeed, leveraging the integration of Viterra to enhance its market position [20][21] Other Important Information - The company generated over $1.7 billion in adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [14][15] - The adjusted return on invested capital (ROIC) was reported at 8.1%, with an adjusted leverage ratio of 1.9 times at the end of the fourth quarter [16] Q&A Session Summary Question: Impact of RVO on margins and guidance - Management indicated that current guidance does not factor in potential changes from the Renewable Volume Obligation (RVO), but improvements in U.S. curves suggest a positive outlook [24][25] Question: Earnings cadence for the year - The company anticipates a first half to second half earnings split of approximately 30/70, with a lighter first half compared to historical trends [27][28] Question: Clarification on guidance methodology - Management confirmed that the same approach to guidance based on forward curves was used, with adjustments for market conditions expected once the RVO is finalized [34][35] Question: Potential for crush margins to replicate past performance - Management acknowledged the potential for improved margins due to increased capacity and favorable biofuel policies, but refrained from making specific predictions [39][40] Question: Synergies from Viterra integration - The company expects to realize approximately $190 million in synergies in 2026, ahead of schedule, with a run rate of around $220 million by year-end [51][52] Question: EPS guidance and segment performance - Management provided a breakdown of expected EBIT contributions by segment, with soy processing and refining expected to account for about 50% of total EBIT [87][88]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [10][11] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) increased to $756 million from $546 million year-over-year [11][14] - Net interest expense rose to $176 million, reflecting the addition of Viterra, despite lower average net interest rates [14] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, although North America saw lower results [11][12] - The soft seed processing and refining segment benefited from better average processing margins and the addition of Viterra's assets, with higher results in North America and Europe [12] - The grain merchandising and milling segment saw higher results driven by global wheat and barley, offset by lower results in corn and ocean freight, with increased volumes reflecting the expanded grain handling capabilities [13] Market Data and Key Metrics Changes - The operating environment remains complex with geopolitical tensions and uncertainty around U.S. biofuel policy affecting farmer and consumer behavior [9][18] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, influenced by current market conditions and forward curves [9][18] Company Strategy and Development Direction - The company is focused on integrating Viterra to enhance operational efficiency and connectivity, aiming to unlock synergies in origination, merchandising, processing, and distribution [5][6] - Strategic investments are being made in large greenfield projects while navigating trade flows and geopolitical volatility [8][20] - The company aims to maintain a competitive advantage through improved logistics and better coordination across its global operations [6][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current environment with limited visibility, particularly regarding U.S. biofuel policy, but expresses confidence in the company's ability to adapt and succeed [9][21] - The integration of Viterra is expected to provide greater reach and insight into global flows, enhancing the company's capability to serve customers and manage risks [20] Other Important Information - The company generated over $1.7 billion of adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [14][15] - The adjusted return on invested capital (ROIC) was 8.1%, with an adjusted leverage ratio of 1.9 times at the end of the fourth quarter [16] Q&A Session Summary Question: Impact of RVO on margins and soybean crush operations - Management indicated that current guidance does not factor in potential changes from the Renewable Volume Obligation (RVO), but improvements in U.S. curves suggest a positive outlook for margins [24][26] Question: Earnings cadence for the year - The company anticipates a first half to second half earnings split of approximately 30/70, with Q1 expected to be lighter than usual due to market conditions [27][28] Question: Guidance methodology - Management confirmed that they used the same approach as previous quarters for guidance, relying on forward curves and market observations [34][35] Question: Crush margins and capacity - Management noted that while increased capacity is expected to drive demand, they cannot predict exact margin levels but remain optimistic about the biofuel policy's impact [39][41] Question: Synergies from Viterra integration - The company expects to realize about $190 million in synergies in 2026, ahead of schedule, with a run rate of approximately $220 million by year-end [51][56] Question: EPS guidance and market conditions - Management explained that the lower EPS guidance reflects full-year impacts from Viterra and ongoing market uncertainties, despite expected improvements in certain segments [58][62] Question: Capital expenditures and returns - The company plans to allocate approximately $1.5 billion to $1.7 billion in capital expenditures, with expectations for returns to materialize more significantly in 2027 [81]