Executive Summary

Q1 2025 was better than expected operationally, with adjusted EPS of $1.81 vs. $3.04 last year, as tariff-related timing shifts pulled earnings forward from Q2; FY25 adjusted EPS guidance held at approximately $7.75 .
Mix was two-speed: Processing delivered solid results with strength in Brazil/Europe/Asia soy crush, while Refined & Specialty Oils was down in most regions amid a more balanced supply/demand and U.S. biofuel policy uncertainty .
Balance sheet/liquidity remain robust (RMI > net debt by ~$3B; adjusted leverage 0.6x) and FY25 net interest expense guidance was lowered to $220–$250M from $250–$280M, offering a tailwind to EPS durability .
Near-term stock catalysts: potential U.S. RVO update, final regulatory approval and closing of the Viterra combination, and closing of announced divestitures (NA corn milling; EU margarines) .

What Went Well and What Went Wrong

What Went Well

“Better than expected” start to 2025; management highlighted nimbleness and tariff-related timing shifts that supported Q1, and reaffirmed FY25 adjusted EPS of ~$7.75 .
Processing outperformed in Brazil/Europe/Asia soy crush; management cited flexibility to benefit from regional dynamics and to keep capacity open in 2H if margins improve .
Strong liquidity and low leverage: RMI exceeded net debt by ~$3B; adjusted net debt/EBITDA at 0.6x, with $8.7B undrawn credit lines and ~$3.2B cash .

What Went Wrong

Refined & Specialty Oils results were down in most regions (except Asia) given a more balanced supply/demand and U.S. biofuel policy uncertainty .
Cash from operations was -$285M (vs. +$994M LY), driven by working capital swings as inventories rose with seasonal flows .
YoY earnings compression: adjusted EPS $1.81 vs. $3.04 and adjusted Segment EBIT $406M vs. $719M, reflecting a softer merchandising environment and lower Processing vs. last year .

Financial Results

Consolidated P&L vs prior quarters (YoY and QoQ)

Metric	Q3 2024	Q4 2024	Q1 2025
Net Sales ($USD Millions)	$12,908	$13,542	$11,643
GAAP Diluted EPS	$1.56	$4.36	$1.48
Adjusted Diluted EPS	$2.29	$2.13	$1.81

Q1 2025 Actual vs S&P Global Consensus (Wall Street)

Metric	Consensus	Actual
Revenue ($USD Billions)	$13.11B*	$11.643B
Adjusted EPS ($)	$1.31*	$1.81

Values retrieved from S&P Global.
Notes: Q1 revenue missed, while adjusted EPS beat. Consensus figures and “actual” pairing align to non-GAAP adjusted EPS convention used by BG and street models .

Segment performance (Q1 2025 vs Q1 2024)

Segment (US$ in mm)	Q1 2024	Q1 2025
Agribusiness – Volumes (k MT)	20,192	18,277
Agribusiness – Net Sales	$9,740	$8,161
Agribusiness – Adjusted Segment EBIT	$487	$268
Processing – Adjusted EBIT	$411	$207
Merchandising – Adjusted EBIT	$76	$61
Refined & Specialty Oils – Volumes (k MT)	2,195	2,130
Refined & Specialty Oils – Net Sales	$3,240	$3,092
Refined & Specialty Oils – Adjusted Segment EBIT	$204	$123
Milling – Volumes (k MT)	874	898
Milling – Net Sales	$381	$375
Milling – Adjusted Segment EBIT	$28	$15

KPIs and Balance Sheet/Liquidity

KPI	Q1 2025
Adjusted Funds From Operations	$392M
Cash from Operations	-$285M
RMI vs Net Debt	RMI exceeded net debt by ~$3B
Adjusted Net Debt / Adjusted EBITDA	0.6x
Undrawn Committed Credit Facilities	~$8.7B unused
Cash Balance	~$3.2B

Guidance Changes

Metric	Period	Previous Guidance (as of Q4’24 release)	Current Guidance (Q1’25)	Change
Adjusted EPS	FY 2025	~ $7.75	~ $7.75	Maintained
Adjusted Effective Tax Rate	FY 2025	21%–25%	21%–25%	Maintained
Net Interest Expense	FY 2025	$250–$280M	$220–$250M	Lowered
Capital Expenditures	FY 2025	$1.5–$1.7B	$1.5–$1.7B	Maintained
D&A	FY 2025	~$490M	~$490M	Maintained
Segment Outlook – Agribusiness	FY 2025	Down YoY (Processing lower)	Slightly lower vs prior outlook; down YoY (Processing)	Slightly Lower vs prior outlook
Segment Outlook – Refined & Specialty Oils	FY 2025	Down YoY (NA balance)	Similar to prior outlook; down YoY (NA balance)	Maintained
Segment Outlook – Milling	FY 2025	Up YoY	Similar to prior outlook; up YoY	Maintained
Corporate & Other	FY 2025	Up YoY	More favorable vs prior outlook and vs LY	Improved

Dividend cadence (approved at AGM): $0.70 per quarter in 2Q25, 3Q25, 4Q25, and 1Q26 ($2.80 annualized) .

Earnings Call Themes & Trends

Topic	Q3 2024 (Q-2)	Q4 2024 (Q-1)	Q1 2025 (Current)	Trend
Viterra regulatory/closing	Progress toward remaining approvals	In late stages of regulatory processes	“Final stage” of regulatory approval; ready to close quickly once received	Steady progress → imminent
U.S. biofuels policy (RVO)	NA biofuel uncertainty noted in Oils	NA Oils pressured by policy uncertainty	Oils down in most regions except Asia due to balanced supply/demand and U.S. policy uncertainty; potential RVO upside if raised	Policy still overhang; potential upside if RVO higher
Tariffs/trade dynamics	Noted shifting market dynamics	Geopolitical/trade uncertainty	Tariff/regulatory uncertainty pulled activity into Q1; outlook embeds current curves/tariffs	Increased near-term timing effects
Portfolio actions	Joint venture sale (sugar & bioenergy) closed	Advanced JV sale; buybacks	Announced NA corn milling and EU margarines divestitures; Repsol JV milestone	Sharpening to core global value chains
Regional crush margins	South America/Europe strength; NA softer in Processing	Higher Europe/Asia soy crush; NA/SA lower; EU softseeds weak	Q1 strength in Brazil/Europe/Asia; NA/Argentina/EU softseeds weaker; spot better; curve tougher ex-NA	Similar pattern, timing through year

Management Commentary

CEO on Q1 setup and strategy: “Our team delivered a better than expected start to 2025… We are in the final stage of regulatory approval for our combination with Viterra and are prepared to close quickly once received.”
CEO on timing shifts: “We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity…”
CFO on earnings cadence: ~40%/60% 1H/2H unchanged; Q1 vs Q2 flipped to ~60/40 due to pull-forward .
CEO on biofuels: A higher RVO would “strengthen the oil leg of the crush” and BG is not heavily locked for 2H, allowing benefit if margins improve .
CEO on portfolio/energy: Repsol JV expands lower-CI feedstocks (novel oils, UCO) optionality for renewable fuels in Europe .

Q&A Highlights

Viterra approval and CJ Selecta termination: Management remains confident on Viterra; CJ Selecta terminated due to passing long stop date and regulatory path; SPC feed remains attractive .
Earnings cadence: About half of Q1 overperformance pulled forward from Q2; 1H/2H mix remains ~40/60 .
Crush margins/geography: Soy crush strongest in Europe; U.S. #2; Argentina weak in Q1 but improving in Q2; canola outlook improves with new crop .
RVO/biofuels: Coalition with farmers/energy pushing for achievable RVO; higher RVO would support oil leg; BG relatively open for 2H .
South America farmer selling: Argentina farmer selling picked up (temporary tax window, improved weather, eased capital controls); Brazil record soybean crop and expected corn behind it .
Corn milling divestiture: Post-close, Milling will be South America wheat milling only; strong fit with Viterra’s Brazilian milling footprint .

Estimates Context

Q1 2025: Adjusted EPS $1.81 vs. consensus $1.31 (beat); Revenue $11.64B vs. $13.11B consensus (miss). Management explicitly reaffirmed FY25 adjusted EPS ~$7.75 despite Q1 timing pull-forward . Consensus values from S&P Global.*
Prior quarters context: Q4 2024 adjusted EPS $2.13 vs consensus $2.25; Q3 2024 adjusted EPS $2.29 vs consensus $2.15. Revenue outcomes were generally slightly below consensus in Q3–Q4 . Consensus values from S&P Global.*

Values retrieved from S&P Global.

Key Takeaways for Investors

The quarter’s quality was stronger than headlines: timing/tariff dynamics pulled earnings from Q2, but FY EPS guide held, and net interest expense guidance was cut—supportive to out-year EPS math .
Mix matters: Processing resilience and 2H optionality (limited forward locking) provide leverage to any improvement in biofuel policy (RVO) and new-crop crush margins, particularly in North America .
Oils overhang persists until U.S. policy clarity; Europe looks firmer through Repsol partnership and regional policy stability .
Portfolio sharpened: announced sales of NA corn milling and EU margarines realign resources to core global value chains and diversify energy exposure via Repsol JV .
Balance sheet/liquidity give flexibility for Viterra close and cyclical volatility (RMI > net debt by ~$3B; 0.6x leverage; $8.7B undrawn) .
Near-term trading setup: watch for (1) RVO update, (2) Viterra approval/close timing, (3) cadence reset in Q2 after Q1 pull-forward, and (4) Argentina/Brazil selling pace and global crush curves .
Dividend cadence reconfirmed ($0.70 quarterly) adds income support while strategic catalysts play out .

Appendix: Additional Data Points

Consolidated Q1 2025: Net sales $11.643B; GAAP EPS $1.48; adjusted EPS $1.81; adjusted total EBIT $362M .
Cash from operations Q1 2025: -$285M; Adjusted FFO $392M (working capital-driven delta vs LY) .
FY25 operating parameters: Tax 21–25%; Net interest $220–$250M; Capex $1.5–$1.7B; D&A ~$490M .
Dividend schedule for FY25/1Q26: $0.70 on 6/2/25; 9/2/25; 12/1/25; 3/3/26 .

Bunge Global SA (BG)·Q1 2025 Earnings Summary