Bunge Global SA (NYSE: BG) announced its first quarter 2025 financial results on May 7, 2025, reflecting a resilient performance in a dynamic market environment. Despite a challenging backdrop, Bunge delivered solid results and confirmed its full-year adjusted earnings per share (EPS) outlook of approximately $7.75, underscoring robust operational discipline and strategic agility.
Bunge reported GAAP diluted EPS of \(1.48 for Q1 2025, compared to \)1.68 in the same period last year. On an adjusted basis, excluding certain gains/charges and mark-to-market timing differences, EPS was \(1.81 versus \)3.04 in Q1 2024. Net income attributable to Bunge was \(201 million, down from \)244 million in Q1 2024. This represented a net profit margin of approximately 1.73% for the quarter, reflecting some pressure amid market conditions but sustained earning power.
Agribusiness: Volumes fell from 20.2 million to 18.3 million metric tons year-over-year, with net sales declining from \(9.74 billion to \)8.16 billion. Segment EBIT stood at \(270 million, slightly down from \)278 million in Q1 2024. However, processing EBIT within Agribusiness increased notably to \(233 million from \)180 million, driven by higher soy crush value chain results in Brazil, Europe, and Asia.
Refined and Specialty Oils: Net sales decreased to \(3.1 billion from \)3.24 billion, and segment EBIT halved to \(116 million from \)226 million. This decline was attributed to a more balanced global supply and demand environment, particularly reflecting uncertainty around U.S. biofuel policies.
Milling: Delivered a modest positive EBIT of \(18 million, down from \)33 million, with volumes slightly increasing to 898k metric tons.
Bunge is in the final regulatory stage to complete its combination with Viterra Limited, enhancing its global footprint and integrated value chains. Concurrently, Bunge announced agreements to divest its European margarine and U.S. corn milling businesses to sharpen focus on core operations.
The company’s adjusted funds from operations (FFO) totaled \(392 million, down from \)514 million a year earlier. Cash flow from operations was negative \(285 million, a significant shift from positive \)994 million in Q1 2024, largely due to working capital changes influenced by tariff timing and farmer activity. The balance sheet remains strong with \(3.25 billion in cash and cash equivalents and total assets of \)26.66 billion as of March 31, 2025.
Bunge maintains its adjusted full-year EPS estimate around \(7.75. Key expectations for 2025 include an effective tax rate of 21% to 25%, net interest expense of \)220-\(250 million (down from previous forecasts), capital expenditures of \)1.5-\(1.7 billion, and depreciation and amortization around \)490 million.
CEO Greg Heckman emphasized, “Our team delivered a better-than-expected start to 2025, staying nimble in a quickly evolving market environment while continuing to serve our customers at both ends of the value chain.”
Bunge has previously highlighted the impact of tariff-related timing shifts and the importance of aligning its asset portfolio with integrated global value chains, both themes reiterated and validated in this quarter’s results. The pending Viterra transaction represents a strategic milestone in expanding their global processing capabilities, underscoring Bunge’s focus on value creation through scale and operational excellence.
The adjusted total EBIT decreased to \(362 million from \)676 million in Q1 2024, reflecting the volatile commodity pricing and market conditions.
Corporate efficiencies are improving, with corporate expenses declining, partially attributed to lower performance-based compensation.
For more detailed financial data and disclosures, access the original 8-K report here: Bunge Q1 2025 8-K Report
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