Bunge Global (BG) Q4 2025 earnings summary

Executive summary

• Completed the transformational combination with Viterra, enhancing integration, operational capabilities, and global footprint, driving higher volumes and improved segment results.

• Achieved significant milestones in 2025, with strong team performance, cost and commercial synergies, and realization of integration benefits.

• Transformation efforts resulted in a more agile, diversified, and resilient organization, positioning for continued value creation.

• Navigated a complex external environment with geopolitical tensions, evolving trade flows, and biofuel policy uncertainty.

• Positioned for durable, compounding benefits from integration and synergy capture.

Financial highlights

• Full-year adjusted EPS was $7.57, down from $9.19 in 2024; Q4 adjusted EPS was $1.99, down from $2.13, with higher adjusted EBIT in all segments.

• Net income attributable to shareholders for 2025 was $816 million, down from $1,137 million; Q4 net income was $95 million, down from $602 million.

• Adjusted total EBIT for 2025 was $2,034 million, nearly flat year-over-year; Q4 adjusted total EBIT was $622 million, up from $445 million.

• Net sales for 2025 were $70.3 billion, up from $53.1 billion year-over-year; Q4 net sales were $23.8 billion, up from $13.5 billion.

• Adjusted funds from operations for 2025 were $1,733 million, up from $1,682 million.

Outlook and guidance

• 2026 adjusted EPS is expected in the range of $7.50 to $8.00.

• Projected adjusted annual effective tax rate for 2026 is 23%–27%; net interest expense $575–$625 million; capital expenditures $1.5–$1.7 billion; depreciation and amortization ~$975 million.

• Earnings expected to be weighted 30/70 between first and second half of 2026, with Q1 particularly light.

• Guidance does not include potential upside from finalization of U.S. biofuel policy (RVO).