Executive Summary

Q2 2025 delivered better-than-expected results vs company’s internal plan, but adjusted EPS declined year over year and sequentially; GAAP EPS rose to $2.61 on a $0.87/share gain from the U.S. corn milling sale and favorable mark-to-market, while adjusted EPS was $1.31 (vs $1.73 LY, $1.81 Q1) .
Revenue was $12.77B, a modest year-over-year decline (-3.6%) but above S&P Global consensus; adjusted EPS also beat consensus ($1.31 vs $1.08), helped by late-June strength in soy processing margins (especially South America/U.S.) (consensus: EPS $1.08*, revenue $12.43B*).
The merger with Viterra closed July 2; Bunge maintained standalone adjusted FY25 EPS of ~$7.75, now excluding second-half corn milling earnings and excluding Viterra; segment outlooks shifted (Processing up vs prior outlook; RSO down) with 2H weighted toward Q4 .
Capital and liquidity strengthened: ~$6.8B cash at quarter-end in anticipation of closing, adjusted leverage ~1.1x, $8.7B committed credit lines with ~$7.6B unused; S&P upgraded BG to A− post-close; BG priced $1.3B of senior notes on July 31 .
Stock catalysts: (1) Combined-company outlook and segment recast before Q3 call, (2) visibility on U.S. biofuel policy outcomes (RVO/SRE/45Z) impacting RSO and crush spreads, (3) synergy capture pace and Q4-weighted earnings delivery .

What Went Well and What Went Wrong

What Went Well
- Processing outperformed internal expectations late in the quarter; CEO: “delivered better than expected results… completed our transformative combination with Viterra” . CFO: late-quarter volatility aided Processing; South America and Asia strength offset Europe/North America .
- Closed Viterra merger and U.S. corn milling divestiture; integration “proceeding well,” with early focus on logistics efficiencies and commercial optionality .
- Strong balance sheet/liquidity into close; ~$6.8B cash, adjusted leverage ~1.1x; S&P upgrade to A− post-close .
What Went Wrong
- Refined & Specialty Oils (RSO) weaker across all regions, primarily North America and Europe, reflecting softer energy demand and policy uncertainty; RSO outlook reduced vs prior outlook .
- Merchandising remained challenging with softness in financial services and ocean freight despite better global grains/oils performance .
- Adjusted EPS fell year over year and sequentially amid normalizing margins; adjusted Total EBIT also declined YoY .

Financial Results

Headline P&L vs prior periods and estimates

Metric	Q2 2024	Q1 2025	Q2 2025	Q2 2025 Consensus*
Net Sales ($USD Billions)	$13.24	$11.64	$12.77	$12.43*
GAAP Diluted EPS ($)	$0.48	$1.48	$2.61	—
Adjusted Diluted EPS ($)	$1.73	$1.81	$1.31	$1.08*
Adjusted Total EBIT ($USD Millions)	$405	$362	$293	—

Notes: Q2 2025 GAAP EPS included $0.87/share gain on corn milling sale and ($0.26)/share of Viterra-related costs; mark-to-market timing added $0.69/share. Adjusted EPS excludes these and mark-to-market .
Estimates marked with “*” are S&P Global consensus; values retrieved from S&P Global.

Segment performance (Adjusted EBIT)

Segment ($USD Millions)	Q2 2024	Q2 2025
Agribusiness – Adjusted Segment EBIT	298	233
• Processing – Adjusted EBIT	265	206
• Merchandising – Adjusted EBIT	33	27
Refined & Specialty Oils – Adjusted Segment EBIT	193	116
Milling – Adjusted Segment EBIT	28	27
Corporate & Other – Adjusted EBIT	(114)	(83)

Segment KPIs and volumes

KPI	Q2 2024	Q2 2025
Agribusiness Volumes (k MT)	20,579	19,274
Agribusiness Net Sales ($MM)	9,657	9,167
Refined & Specialty Oils Volumes (k MT)	2,300	2,175
Refined & Specialty Oils Net Sales ($MM)	3,121	3,177
Milling Volumes (k MT)	971	857
Milling Net Sales ($MM)	401	409

Selected profitability ratios (derived)

Ratio	Q2 2024	Q1 2025	Q2 2025
Gross Profit Margin (%)	5.01% (=$664/$13,241)	5.13% (=$597/$11,643)	5.78% (=$738/$12,769)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS (standalone BG)	FY 2025	≈$7.75 (excl. acquisitions/divestitures not closed)	≈$7.75 (excl. Viterra; excludes 2H corn milling earnings)	Maintained; scope clarified post-divestiture/close
Agribusiness	FY 2025	“Slightly lower” vs prior outlook; down YoY (Processing)	Higher vs previous outlook (Processing), still down YoY	Raised vs outlook (still below LY)
Refined & Specialty Oils	FY 2025	Similar to prior outlook; down YoY (NA balance/policy)	Down vs previous outlook and down YoY (softer Q2)	Lowered
Milling	FY 2025	Similar to prior outlook; up YoY	Down vs previous outlook due to corn milling sale; in line with LY	Lowered (mix change)
Corporate & Other	FY 2025	Better than prior outlook and LY	In line with prior outlook; better than LY	Maintained
Adjusted ETR	FY 2025	21%–25%	21%–25%	Maintained
Net Interest Expense	FY 2025	$220–$250mm (reduced from $250–$280mm)	Lower end of $220–$250mm	Narrowed to lower end
Capex	FY 2025	$1.5–$1.7B	$1.5–$1.7B	Maintained
D&A	FY 2025	≈$490mm	≈$490mm	Maintained
Combined-company forecast	Pre-Q3	N/A	Will provide before Q3 results, with new segment structure	New action item

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
Viterra integration and synergies	Late-stage regulatory approval; integration planning in 2024; strategic rationale reiterated	Deal closed; focus on logistics efficiencies, one voice to market; optimistic on cost and commercial synergies; combined platform raises floors/ceilings through cycles	Improving execution visibility
Biofuels policy (RVO/SRE/45Z)	RSO pressured by NA supply/demand balance and policy uncertainty	RSO impacted by lower energy demand/policy uncertainty; SRE decision expected Aug–Sep; 45Z/ILUC change supportive for SBO/canola crude demand	Policy path clarifying; near-term headwind easing into 2H
Soy crush margins/regional	Processing down YoY; mix-normalization	Late-Q2 margin uplift (U.S./SAM); Q3 weaker then stronger Q4; Brazil/Argentina better YoY; Europe/North America softer	Stabilizing with 4Q strength
RSO refining vs crude	NA margins pressured	Refining margins to moderate; crude oil demand to rise; food demand remains solid; regionally down (NA/EU)	Rebalance toward crude demand
Capital allocation	$1.1B repurchases in 2024	$800mm remaining under $2B program; expect execution and ongoing buybacks as FCF ramps	Positive for TSR
Liquidity/leverage	Healthy cash/credit	~$6.8B cash at Q2 close; adjusted leverage ~1.1x; A− S&P rating	Strengthened
Project execution	Growth investments noted	Morristown commissioning mid-Q4; Destrehan crush/terminal late Q2’26–early Q3’26; Weston EU slips to early 2027	Largely on track; one EU delay
Trade flows (China)	N/A in prior 8-Ks	China adding soymeal import optionality; more dynamic, nontraditional flows; BG positioned with balanced footprint	More optionality

Management Commentary

“Our team delivered better than expected results for the second quarter… we completed our transformative combination with Viterra. The integration is proceeding well…” — CEO Greg Heckman .
“Reported EPS was $2.61… includes favorable mark-to-market of $0.69 and $0.61 from notable items ($0.87 gain on corn milling sale offset by $0.26 Viterra costs). Adjusted EPS was $1.31 vs $1.73 LY.” — CFO John Neppl .
“Late quarter… outperformance came… second half June… SA and NA processing margins, driven by rising veg oil values and lower bean costs.” — CEO .
“We continue to forecast full-year 2025 EPS of approximately $7.75… excluding Viterra and 2H corn milling.” — CFO and press release .
“First focus… commercial team was one voice to the market… coordination among the teams… starting to figure out opportunities.” — CFO .

Q&A Highlights

Processing cadence and crush spreads: Late-Q2 margin lift (U.S./South America) drove upside; Q3 expected weaker due to pre-locked margins; stronger Q4; 2H earnings split roughly 30%/70% (Q3/Q4) .
Policy watch: SRE decision expected Aug–Sep; company expects supportive outcomes given broader policy signals (RVO/45Z) .
RSO dynamics: Near-term softness due to policy uncertainty and spot buying; expect improvement in 2H from recovering energy demand; refined margins to moderate as crude demand rises .
Projects/Capex: Morristown to commission mid-Q4; Destrehan crush late Q2’26 with barge project ~1 month later; Weston EU commissioning slips to early 2027 .
Viterra pro forma/earnings base: Acknowledged challenges pre-close; confident in fixing execution issues and achieving cost/commercial synergies; combined platform to deliver higher lows/highs across cycles .
Capital returns: ~$800mm remaining on $2B repurchase authorization; plan to execute “fairly soon” and buybacks likely a key ongoing use of cash .

Estimates Context

Q2 2025 vs S&P Global consensus: Adjusted EPS $1.31 beat $1.08*; Revenue $12.77B beat $12.43B*; estimates based on 6 EPS and 4 revenue contributors . Values with asterisk are S&P Global consensus; values retrieved from S&P Global.
FY 2025 S&P Global consensus: EPS $7.33* vs company’s maintained ~$7.75, implying Street may need to revisit 2H trajectory pending policy tailwinds, Q4-weighting, and synergy execution (combined-company guide forthcoming) . Values with asterisk are S&P Global consensus; values retrieved from S&P Global.

Consensus vs Actual (S&P Global)

Metric	Q2 2025 Consensus*	Q2 2025 Actual
EPS (Primary, $)	1.08*	1.31
Revenue ($B)	12.43*	12.77
EPS – # of Estimates	6*	—
Revenue – # of Estimates	4*	—

Values with asterisk are S&P Global consensus; values retrieved from S&P Global.

Key Takeaways for Investors

Quality beat vs consensus on both EPS and revenue driven by late-quarter Processing tailwind; near-term mix shift continues away from RSO toward crush profitability .
2H skew to Q4 is explicit (30/70), setting a higher execution bar for Q4 crush delivery; watch margin capture given pre-hedging patterns and harvest curves .
Policy path is the swing factor: resolution of SRE/RVO and 45Z/ILUC mechanics likely to support crude SBO/canola demand; RSO refining margins normalize as crude demand lifts .
Integration is the 2026+ upside lever: early emphasis on logistics/commercial synergies and a “one voice” go-to-market; combined platform should dampen cyclicality (higher troughs) .
Capital return capacity remains strong with $800mm of buyback authorization and an A− rating post-close; $1.3B notes priced to optimize funding mix for growth and returns .
Expect a new segment structure and combined-company forecast pre-Q3; this re-baselining could be a near-term stock catalyst as investors recalibrate synergy timing and earnings power .
Risks: RSO policy delays, merchandising softness, and Europe/North America crush headwinds; monitoring China’s evolving soymeal import behavior and global nontraditional flows .

Appendix: Additional Detail

Cash flow and liquidity: Adjusted FFO $693mm in 1H25 (vs $895mm LY); operating cash flow impacted by working capital; ~$6.8B cash and ~$7.6B of unused committed facilities at Q2 end, supporting integration and buybacks .
Notable items: Q2 included $155mm EBIT gain on corn milling sale (Milling), and $38mm corporate acquisition/integration costs; mark-to-market timing favorable to EPS/EBIT .

Bunge Global SA (BG)·Q2 2025 Earnings Summary