Bunge Global (NYSE:BG) raised its full-year 2026 adjusted earnings outlook after reporting higher second-quarter profit, citing improved soybean and softseed processing conditions and early benefits from its combination with Viterra.
The company now expects full-year adjusted earnings per share of $9.25 to $9.75, up from its prior forecast of $9.00 to $9.50. Chief Executive Officer Greg Heckman said the company’s larger global platform helped it manage a volatile operating environment shaped by geopolitical tensions, changing trade flows and weather-related uncertainty.
Second-Quarter Results Improve
Bunge reported second-quarter earnings per share of $3.47, compared with $2.61 in the same period of 2025. Reported earnings included a favorable mark-to-market timing difference worth $1.67 per share, partly offset by $0.20 per share of Viterra transaction and integration costs.
Adjusted EPS rose to $2.00 from $1.31 a year earlier. Adjusted segment EBIT more than doubled to $796 million from $373 million in the prior-year quarter.
Chief Financial Officer John Neppl said the improvement reflected stronger results in soybean processing and refining, particularly in North and South America, as well as improved performance across the softseed processing and refining business.
- Soybean processing and refining: Results increased primarily because of stronger North and South American value chains. U.S. processing performance improved, although refining results were lower. In South America, Argentina processing and refining and Brazil processing improved. Processing volumes increased in North America, South America and Europe, with Argentina benefiting from greater production capacity.
- Softseed processing and refining: Results rose across all regions amid what Bunge described as a more favorable market environment and strong execution. Higher production capacity in Argentina, Canada and Europe contributed to increased processing volumes.
- Tropical oils and specialty ingredients: Higher results in Europe and Asia were partially offset by lower North American results.
- Grain merchandising and milling: Higher earnings in ocean freight, commercial services, global cotton and wheat milling were partly offset by weaker global grain merchandising and sugar performance.
Net interest expense increased to $154 million, reflecting the company’s expanded footprint and merchandising activities following the Viterra acquisition, partially offset by lower average net interest rates.
Viterra Integration and Expanded Network
Heckman said the Viterra combination has broadened Bunge’s origination network, asset base and ability to serve customers across major producing and consuming regions. He highlighted the addition of Argentine soybean-crushing operations and expanded softseed origination and processing capabilities.
The combined company also has a larger ocean-freight presence, which Heckman said supports its ability to respond to disruptions in global trade flows. Neppl added that the stronger combined credit profile has allowed Bunge to borrow at its tightest credit spreads in company history, which he said could provide an advantage in funding merchandising activity.
Bunge said Viterra cost synergies are running ahead of plan. The company previously raised its cost-synergy target to $350 million from $250 million and said it continues to pursue opportunities to complete the savings program sooner if possible.
The company completed the $2 billion share-repurchase commitment associated with the Viterra transaction. During the year to date, Bunge repurchased about $250 million of shares, paid $275 million in dividends and spent $541 million on growth and productivity capital expenditures.
Cash Flow, Leverage and Investment Plans
Bunge generated approximately $1.3 billion of adjusted funds from operations year to date. After $238 million of sustaining capital expenditures, the company had about $1.1 billion of discretionary cash flow available, according to Neppl.
At the end of the second quarter, net debt exceeded readily marketable inventory by $1 billion, while adjusted leverage stood at 1.9 times adjusted EBITDA. Bunge had about $8.8 billion available under committed credit facilities and approximately $2.4 billion available under its commercial paper program.
The company expects 2026 capital expenditures of $1.5 billion to $1.7 billion, unchanged from its previous outlook, although Neppl said spending is currently trending closer to the high end of the range because of project-completion timing.
Among its major projects, Bunge expects a barge unloader at Destrehan, Louisiana, to begin operating in August and a new multi-seed processing plant at the site to come online near the end of the third quarter. Its Morristown soy protein concentrate facility is producing product but has not yet reached full scale, while an expanded refined tropical oils platform in Avondale is expected to begin operating in the coming months. The Westhaven specialty and refined oils project in the Netherlands remains scheduled for completion by the end of the first quarter of 2027.
Outlook Reflects Stronger Soy, Softseed Conditions
For 2026, Bunge expects higher soybean processing and refining results than previously forecast, slightly higher softseed processing and refining results, unchanged tropical oils and specialty ingredients performance, and lower grain merchandising and milling results. Corporate and other results are expected to remain unchanged.
The company maintained its outlook for an adjusted annual effective tax rate of 22% to 26%, interest expense of $620 million to $660 million, and depreciation and amortization of approximately $975 million.
Management said U.S. soybean-crush margins have benefited from clearer Renewable Volume Obligation policy and underlying demand for both meal and oil. The company also expects sequential improvement in grain merchandising during the second half, although it said the business remains affected by ample global grain supplies and uncertainty surrounding Black Sea exports and Chinese import activity.
Heckman said Bunge is also advancing renewable-fuel partnerships in Brazil, including agreements to supply certified soybean oil feedstock for sustainable aviation fuel and renewable diesel production. He said the company sees continued long-term demand support from population growth, rising incomes, renewable-fuel policies and growing biodiesel blend rates.
About Bunge Global (NYSE:BG)
Bunge Global is a leading agribusiness and food company that processes oilseeds and grains, produces sugar and bioenergy, and supplies fertilizers and other agricultural inputs. The company operates an integrated value chain that spans origination, processing, and distribution, enabling it to serve food processors, livestock producers, and retail customers worldwide. Through its network of processing plants, port terminals and logistics assets, Bunge handles a diverse portfolio of commodities, including soybeans, corn, wheat, vegetable oils, and sugarcane.
The company’s core business activities are organized into agribusiness and food & ingredients segments.
