Bunge Global (BG) Barclays 19th Annual Global Consumer Conference summary

Strategic positioning and integration

• The Viterra merger expanded geographic and product diversification, enhancing risk management and customer reach across all key producing regions.

• Integration planning benefited from a lengthy regulatory process, enabling smooth operational alignment and commercial synergy realization.

• The combined platform now optimizes origination, processing, and distribution, especially with the addition of Argentina's Renova facility.

• Softseed and oilseed capabilities are now more balanced, with improved origination and processing chains for canola, rapeseed, and sunflower.

• The organization is unified post-merger, focusing on leveraging network synergies and strategic customer relationships.

Financial outlook and capital allocation

• Adjusted EPS guidance was raised due to strong first-half performance, resilient demand for soybean oil and meal, and improved global results.

• Cost synergies from the Viterra deal are ahead of schedule, with $190 million expected in 2026 and a run rate surpassing $200 million by year-end.

• Capital structure improvements include debt refinancing at record-low spreads and completion of a $2 billion share buyback.

• By 2030, the plan is to allocate $700 million each to dividends and share buybacks, ramping up as CapEx declines post-2027.

• CapEx is expected to decrease from $1.5–$1.7 billion in 2024 to $1.1 billion by late 2027, freeing cash for shareholder returns.

Market dynamics and operational strategy

• The company benefits from structural changes in global oilseed and softseed markets, leveraging its integrated footprint to adapt to shifting trade flows.

• Direct sourcing from farmers is targeted to increase from just over half to two-thirds, improving quality control and financial flexibility.

• The Amsterdam tropical oils refinery project, consolidating two plants, aims to boost efficiency and customer offerings by 2027.

• Specialty protein and oil segments are positioned for growth, with new facilities and cross-selling opportunities supporting market share gains.

• The organization is prepared to flex its network, pursue bolt-on acquisitions, and debottleneck assets for high-return investments.