Bunge Global (BG) Q4 2024 earnings summary

Executive summary

• Achieved major strategic milestones in 2024, including nearing completion of Viterra and CJ Selecta transactions, regulatory approvals in key regions, and closing the Repsol partnership.

• Completed the sale of the sugar and bioenergy JV to BP, recognizing a $195 million gain and enabling $1.1 billion in share repurchases.

• Redomesticated from Bermuda to Switzerland in November 2023.

• Operating conditions were challenging in South America, impacting Q4 results, but stabilization and improvement are expected in 2025.

• Achieved 100% traceability and monitoring of soy purchases in Brazil's priority regions.

Financial highlights

• Q4 2024 GAAP diluted EPS was $4.36 (up from $4.18); adjusted Q4 EPS was $2.13 (down from $3.70); full-year adjusted EPS was $9.19 (down from $13.66); full-year GAAP diluted EPS was $7.99 (down from $14.87).

• Full-year adjusted total EBIT was $2,017 million (down from $3,031 million); Q4 adjusted total EBIT was $445 million (down from $837 million).

• Discretionary cash flow for 2024 was $1,231 million, with a cash flow yield of 11.1%.

• Readily marketable inventories exceeded net debt by $2.3 billion at year-end; adjusted leverage ratio at 0.6x.

• Adjusted effective income tax rate was approximately 23% for 2024.

Outlook and guidance

• 2025 full-year adjusted EPS is forecast at approximately $7.75, excluding impacts from pending acquisitions.

• Agribusiness and Refined & Specialty Oils results expected to be down year-over-year, with Milling and Corporate & Other expected up.

• Adjusted annual effective tax rate expected at 21%-25%; net interest expense $250-$280 million; CapEx $1.5-$1.7 billion; D&A ~$490 million.

• CapEx guidance reduced from prior $1.92 billion estimate due to project timing and cancellations.

• Updated outlook for the combined company to be provided post-Viterra close.