**Volumes (Agribusiness) [Thousand Metric Tons]**

**Volumes (Refined & Specialty Oils) [Thousand Metric Tons]**

**Volumes (Milling) [Thousand Metric Tons]**

**Highest Daily Aggregated Position [$ Million]**

**Lowest Daily Aggregated Position [$ Million]**

**Agricultural Commodities Forwards (Long) [Metric Tons]**

**Agricultural Commodities Forwards (Short) [Metric Tons]**

**Natural Gas Futures [MMBtus]**

**Electricity Futures [Mwh]**

**Energy - CO2 Futures [Metric Tons]**

7a5f5f99c2b9ceffc91dad3dc3f9e877e3d270c997a3f30a58f52502b41f05a8

Volumes for Agribusiness Segment (thousand metric tons)

Volumes for Refined and Specialty Oils Segment (thousand metric tons)

Volumes for Milling Segment (thousand metric tons)

a666ad642bd0de4847fdb0e88269a5121805beb8f41ec3987233a275a6dd4617

| Metric (USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Agribusiness         | N/A     | N/A     | N/A     | N/A     | 42,764  **[0001996862-24-000007_bg-20231231.htm:216]**  | 9,740  **[0001996862-24-000094_bg-20240331.htm:34]**  | 9,657  **[0001996862-24-000194_bg-20240630.htm:39]**  | 9,292  **[0001996862-24-000259_bg-20240930.htm:44]**  |
| Refined and Specialty Oils | N/A | N/A     | N/A     | N/A     | 14,603  **[0001996862-24-000007_bg-20231231.htm:216]**  | 3,240  **[0001996862-24-000094_bg-20240331.htm:34]**  | 3,121  **[0001996862-24-000194_bg-20240630.htm:39]**  | 3,158  **[0001996862-24-000259_bg-20240930.htm:44]**  |
| Milling              | N/A     | N/A     | N/A     | N/A     | 1,896  **[0001996862-24-000007_bg-20231231.htm:216]**  | 381  **[0001996862-24-000094_bg-20240331.htm:34]**  | 401  **[0001996862-24-000194_bg-20240630.htm:39]**  | 407  **[0001996862-24-000259_bg-20240930.htm:44]**  |
| Sugar and Bioenergy  | N/A     | N/A     | N/A     | N/A     | 235  **[0001996862-24-000007_bg-20231231.htm:216]**  | 43  **[0001996862-24-000094_bg-20240331.htm:34]**  | 49  **[0001996862-24-000194_bg-20240630.htm:39]**  | 38  **[0001996862-24-000259_bg-20240930.htm:44]**  |
| Corporate and Other  | N/A     | N/A     | N/A     | N/A     | 42  **[0001996862-24-000007_bg-20231231.htm:216]**  | 13  **[0001996862-24-000094_bg-20240331.htm:34]**  | 13  **[0001996862-24-000194_bg-20240630.htm:39]**  | 13  **[0001996862-24-000259_bg-20240930.htm:44]**  |
| **Total Net Sales**  | N/A     | N/A     | N/A     | N/A     | 59,540  **[0001996862-24-000007_bg-20231231.htm:216]**  | 13,417  **[0001996862-24-000094_bg-20240331.htm:34]**  | 13,241  **[0001996862-24-000194_bg-20240630.htm:39]**  | 12,908  **[0001996862-24-000259_bg-20240930.htm:44]**  |

59dcd8639d8986b57605f7e978d4c370106cd5ba338682b6604ed1960375c1c0

Bunge Global SA is a leading global agribusiness and food company with integrated operations that span from farmer to consumer **[0001996862-24-000090_annualreport_bg-12312023x.htm:4]** **[0001996862-24-000007_bg-20231231.htm:5]** **[0001996862-24-000090_annualreport_bg-12312023x.htm:126]**. The company operates through four main segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy **[0001996862-24-000090_annualreport_bg-12312023x.htm:4]** **[0001996862-24-000007_bg-20231231.htm:5]** **[0001996862-24-000090_annualreport_bg-12312023x.htm:126]**. Bunge Global SA is involved in purchasing, storing, transporting, processing, and selling agricultural commodities like oilseeds and grains, as well as producing and selling edible oil products **[0001996862-24-000007_bg-20231231.htm:7]** **[0001996862-24-000007_bg-20231231.htm:220]**. The company's operations are geographically diverse, with significant activities in North and South America, Europe, and Asia-Pacific **[0001996862-24-000090_annualreport_bg-12312023x.htm:4]** **[0001996862-24-000007_bg-20231231.htm:5]** **[0001996862-24-000090_annualreport_bg-12312023x.htm:126]**.

1. **Agribusiness** - Involves purchasing, storing, transporting, processing, and selling agricultural commodities like oilseeds and grains.
2. **Refined and Specialty Oils** - Produces and sells edible oil products.
3. **Milling** - Processes wheat and corn into milled products.
4. **Sugar and Bioenergy** - Comprises Bunge's 50% interest in BP Bunge Bioenergia.

4fc689d335d192d990160ce6b8727c9c28acee57035eba45435486b6dea17cfa

| Metric / Quarter | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|
| **Volumes (Agribusiness) [Thousand Metric Tons]** | **20,522**  **[0001996862-24-000002_epr12312023.htm:3]**  | **20,522**  **[0001996862-24-000002_epr12312023.htm:3]**  | **20,192**  **[0001996862-24-000092_epr03312024.htm:2]**  | **20,579**  **[0001996862-24-000192_epr06302024.htm:3]**  | **19,892**  **[0001996862-24-000257_epr09302024.htm:3]**  |
| **Volumes (Refined & Specialty Oils) [Thousand Metric Tons]** | N/A | **2,272**  **[0001996862-24-000002_epr12312023.htm:3]**  | **2,195**  **[0001996862-24-000092_epr03312024.htm:2]**  | **2,300**  **[0001996862-24-000192_epr06302024.htm:3]**  | **2,334**  **[0001996862-24-000257_epr09302024.htm:3]**  |
| **Volumes (Milling) [Thousand Metric Tons]** | N/A | **836**  **[0001996862-24-000002_epr12312023.htm:4]**  | **874**  **[0001996862-24-000092_epr03312024.htm:2]**  | **971**  **[0001996862-24-000192_epr06302024.htm:4]**  | **961**  **[0001996862-24-000257_epr09302024.htm:4]**  |
| **Highest Daily Aggregated Position [$ Million]** | **459**  **[0001996862-24-000007_bg-20231231.htm:101]**  | **459**  **[0001996862-24-000007_bg-20231231.htm:101]**  | **166**  **[0001996862-24-000094_bg-20240331.htm:54]**  | **530**  **[0001996862-24-000194_bg-20240630.htm:62]**  | **762**  **[0001996862-24-000259_bg-20240930.htm:69]**  |
| **Lowest Daily Aggregated Position [$ Million]** | **502**  **[0001996862-24-000007_bg-20231231.htm:101]**  | **502**  **[0001996862-24-000007_bg-20231231.htm:101]**  | **319**  **[0001996862-24-000094_bg-20240331.htm:54]**  | **407**  **[0001996862-24-000194_bg-20240630.htm:62]**  | **(407)**  **[0001996862-24-000259_bg-20240930.htm:69]**  |
| **Agricultural Commodities Forwards (Long) [Metric Tons]** | **25,588,125**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **25,588,125**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **37,576,176**  **[0001996862-24-000094_bg-20240331.htm:25]**  | **21,704,818**  **[0001996862-24-000194_bg-20240630.htm:28]**  | **22,752,408**  **[0001996862-24-000259_bg-20240930.htm:30]**  |
| **Agricultural Commodities Forwards (Short) [Metric Tons]** | **(34,163,143)**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **(34,163,143)**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **(31,425,698)**  **[0001996862-24-000094_bg-20240331.htm:25]**  | **(29,689,276)**  **[0001996862-24-000194_bg-20240630.htm:28]**  | **(31,474,803)**  **[0001996862-24-000259_bg-20240930.htm:30]**  |
| **Natural Gas Futures [MMBtus]** | N/A | **12,715,588**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **12,560,498**  **[0001996862-24-000094_bg-20240331.htm:25]**  | **13,477,273**  **[0001996862-24-000194_bg-20240630.htm:28]**  | **10,231,918**  **[0001996862-24-000259_bg-20240930.htm:30]**  |
| **Electricity Futures [Mwh]** | N/A | **(281,511)**  **[0001996862-24-000090_annualreport_bg-12312023x.htm:179]**  | **(240,214)**  **[0001996862-24-000094_bg-20240331.htm:25]**  | **(63,853)**  **[0001996862-24-000194_bg-20240630.htm:28]**  | **67,321**  **[0001996862-24-000259_bg-20240930.htm:30]**  |
| **Energy - CO2 Futures [Metric Tons]** | N/A | **675,000**  **[0001996862-24-000007_bg-20231231.htm:189]**  | **300,000**  **[0001996862-24-000094_bg-20240331.htm:25]**  | **56,000**  **[0001996862-24-000194_bg-20240630.htm:28]**  | **245,000**  **[0001996862-24-000259_bg-20240930.htm:30]**  |

3ac8cab838311cbb50ee7cc9cbeae3e3e06144ed40b6d98074f40b239927fcf7

1. Given the limited visibility and liquidity in Q3 and Q4, especially with customers and farmers being slow to buy or sell, how are you addressing the challenges in forecasting and securing margins for these crucial quarters, and what strategies are in place to mitigate the risks associated with this uncertainty?

2. You mentioned that divesting your interest in the sugar & bioenergy joint venture in Brazil allows you to focus on core businesses; can you elaborate on why this business is no longer aligned with your long-term strategy and how this divestment will impact your overall portfolio and future earnings?

3. With the ongoing integration planning for the Viterra transaction adding strain to both teams during a challenging external environment, how confident are you in realizing the anticipated benefits of the merger, and what measures are being taken to ensure a smooth integration despite regulatory hurdles?

4. Despite overperforming in the first half and improved gross margins leading you to raise the full-year adjusted EPS guidance to approximately $9.25, why does the guidance appear conservative given the current crush margin environment, and what factors are causing caution about the second half, particularly Q4?

5. The refined products segment continues to exceed expectations due to both fuel and edible oil demand and benefits from tighter cocoa butter supply; how sustainable is this outperformance, and what steps are you taking to capitalize on these market conditions while mitigating potential risks?

0dd75e2328d574274c5801f583b280dd43be7589e7ec1d3dbdcb8a0987e21353

Agribusiness

- Processing Products

- Merchandising Products

Refined and Specialty Oils

Milling

Sugar and Bioenergy

Corporate & Other

Total Revenue

e6cd293a39ac0f3b06c2659b42b27c6e63b9d475d886de2b8d588892bba5ef60

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

3fc78ccee8dbedbf431a55cefc2ef8995c871da4e9c306dfb9368e5ab9ecea90

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Approximately **$9.25**  **[BG_3395247_3]** .
  2. **Adjusted Annual Effective Tax Rate**: **22% to 25%**  **[BG_3395247_3]** .
  3. **Net Interest Expense**: **$280 million to $310 million**  **[BG_3395247_3]** .
  4. **Capital Expenditures**: **$1.2 billion to $1.4 billion**  **[BG_3395247_3]** .
  5. **Depreciation and Amortization**: Approximately **$450 million**  **[BG_3395247_3]** .
  6. **Agribusiness**: Results in line with previous outlook, higher processing offset by lower merchandising, both down from last year  **[BG_3395247_3]** .
  7. **Refined and Specialty Oils**: Up from previous outlook, down from last year  **[BG_3395247_3]** .
  8. **Milling**: Similar to previous outlook, up from last year  **[BG_3395247_3]** .
  9. **Corporate and Other**: Similar to previous outlook  **[BG_3395247_3]** .
  10. **Non-Core (Sugar & Bioenergy Joint Venture)**: Down slightly from previous outlook, significantly down from last year  **[BG_3395247_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Approximately **$9**  **[BG_3380411_3]** .
  2. **Adjusted Annual Effective Tax Rate**: **22% to 25%**  **[BG_3380411_3]** .
  3. **Net Interest Expense**: **$280 million to $310 million**, down from previous **$300 million to $330 million**  **[BG_3380411_3]** .
  4. **Capital Expenditures**: **$1.2 billion to $1.4 billion**  **[BG_3380411_3]** .
  5. **Depreciation and Amortization**: Approximately **$450 million**  **[BG_3380411_3]** .
  6. **Agribusiness**: Similar to previous outlook, down from last year  **[BG_3380411_3]** .
  7. **Refined and Specialty Oils**: Similar to previous outlook, down from last year  **[BG_3380411_3]** .
  8. **Milling**: Similar to previous outlook, up from last year  **[BG_3380411_3]** .
  9. **Corporate and Other**: Similar to previous outlook, up from last year  **[BG_3380411_3]** .
  10. **Noncore Sugar & Bioenergy Joint Venture**: In line with previous outlook, significantly down from last year  **[BG_3380411_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Approximately **$9**  **[BG_3372181_3]** .
  2. **Adjusted Annual Effective Tax Rate**: **21% to 25%**  **[BG_3372181_3]** .
  3. **Net Interest Expense**: **$300 million to $330 million**  **[BG_3372181_3]** .
  4. **Capital Expenditures**: **$1.2 billion to $1.4 billion**  **[BG_3372181_3]** .
  5. **Depreciation and Amortization**: Approximately **$450 million**  **[BG_3372181_3]** .
  6. **Agribusiness**: Down from last year's record, lower processing margins  **[BG_3372181_3]** .
  7. **Refined and Specialty Oils**: Down from last year  **[BG_3372181_3]** .
  8. **Milling**: Up from last year  **[BG_3372181_3]** .
  9. **Corporate and Other**: Up from last year  **[BG_3372181_3]** .
  10. **Noncore (Sugar and Bioenergy Joint Venture)**: Down considerably from last year  **[BG_3372181_3]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about Bunge's guidance from the Q3 2024 earnings call. The available information is from the Q2 2024 earnings call, so no guidance details are available for Q3 2024.

83e4b3bd4bcf344671227031e3d4ca547f8c71df3fec52c17d6296952541111d

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

697b5556aa152c1f7e9bff6c0b1cd39d4d07e536e9075a0b1853adca26f2c72c

- **Archer Daniels Midland Co. (ADM)** - Major competitor in Agribusiness and Refined and Specialty Oils segments  **[0001996862-24-000007_bg-20231231.htm:8]** **[0001996862-24-000007_bg-20231231.htm:10]** .
- **Cargill Incorporated (Cargill)** - Major competitor in Agribusiness, Refined and Specialty Oils, and North American corn milling  **[0001996862-24-000007_bg-20231231.htm:8]** **[0001996862-24-000007_bg-20231231.htm:10]** **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Louis Dreyfus Group (Louis Dreyfus)** - Major competitor in Agribusiness  **[0001996862-24-000007_bg-20231231.htm:8]** .
- **Glencore** - Competitor in Agribusiness  **[0001996862-24-000007_bg-20231231.htm:8]** .
- **Wilmar International Limited (Wilmar)** - Competitor in Agribusiness and Refined and Specialty Oils segments  **[0001996862-24-000007_bg-20231231.htm:8]** **[0001996862-24-000007_bg-20231231.htm:10]** .
- **COFCO International (COFCO)** - Competitor in Agribusiness  **[0001996862-24-000007_bg-20231231.htm:8]** .
- **AAK AB** - Competitor in Refined and Specialty Oils segment  **[0001996862-24-000007_bg-20231231.htm:10]** .
- **Fuji Oil Co. Ltd.** - Competitor in Refined and Specialty Oils segment  **[0001996862-24-000007_bg-20231231.htm:10]** .
- **M. Dias Branco** - Major competitor in Brazil's wheat milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **J. Macedo** - Major competitor in Brazil's wheat milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Moinho Anaconda** - Major competitor in Brazil's wheat milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Grande Moinho Cearense** - Major competitor in Brazil's wheat milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Didion Inc.** - Competitor in North American corn milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **SEMO Milling, LLC** - Competitor in North American corn milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Life Line Foods, LLC** - Competitor in North American corn milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Gruma S.A.B. de C.V.** - Competitor in North American corn milling  **[0001996862-24-000007_bg-20231231.htm:11]** .
- **Cosan Limited/Raizen** - Major competitor in Brazilian sugar and ethanol production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **São Martinho S.A.** - Major competitor in Brazilian sugar and ethanol production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **Biosev (a subsidiary of Louis Dreyfus)** - Major competitor in Brazilian sugar and ethanol production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **British Sugar PLC** - Major international competitor in sugar production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **Südzucker AG** - Major international competitor in sugar production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **Tereos S.A.** - Major international competitor in sugar production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **Sucden S.A.** - Major international competitor in sugar production  **[0001996862-24-000007_bg-20231231.htm:12]** .
- **ED&F Man Limited** - Major international competitor in sugar production  **[0001996862-24-000007_bg-20231231.htm:12]** .

53d4f548b05b315eb98b70e3edc9bfae5050a34d764a608beda122a53b7114f9

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

PP&E [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

188af8fbc99ecb7c86e7b314526cd6147e918ff9a261bc18c258f5b24bc866d6

| Name                | Position                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|---------------------|-----------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Gregory Heckman     | Chief Executive Officer                       | January 2019       | Gregory Heckman has over 30 years of experience in the agriculture, energy, and food processing industries. He was previously CEO of The Gavilon Group and held leadership roles at ConAgra Foods  **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** **[0001996862-24-000079_bg-20240326.htm:105]** **[0001996862-24-000087_bg-20240405.htm:105]** **[0001996862-24-000087_bg-20240405.htm:15]** .                               |
| Aaron Buettner      | President, Food Solutions                      | January 1, 2022    | Aaron Buettner joined Bunge in 2015 and has held various roles, including President of Bunge Loders Croklaan. He previously worked at Cargill for 19 years in various leadership roles  **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** .                                                  |
| Robert Coviello     | Chief Sustainability Officer and Government Affairs | May 2019          | Robert Coviello joined Bunge in 2003 and has held various commercial leadership positions. He previously worked in trading roles at Cargill and serves on the Board of Directors of Lamb Weston  **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** .                                         |
| Christos Dimopoulos | Co-President, Agribusiness                     | May 2022           | Christos Dimopoulos joined Bunge in 2004 as a grain trader and has held various roles of increasing responsibility. He previously worked with Tradigrain and Intrade Risk Management  **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** .                                                     |
| Julio Garros        | Co-President, Agribusiness                     | May 2022           | Julio Garros joined Bunge in 2002 as a Financial Analyst and has held various roles in finance, commercial, and business development. He previously worked for PriceWaterhouseCoopers and Argentina’s Foreign Affairs Office  **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** .             |
| Debra King          | Chief Technology Officer                       | December 2022      | Debra King was previously the Chief Information Officer at Corteva and spent 15 years at Pfizer in various IT leadership roles  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** .                                                                                                          |
| Pierre Mauger       | Chief Transformation Officer                   | May 2019           | Pierre Mauger joined Bunge in 2013 as Chief Development Officer. He was previously a partner at McKinsey & Company and worked as an auditor at Nestlé and KPMG  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** .                                                                          |
| John Neppl          | Chief Financial Officer                        | May 2019           | John Neppl was previously the CFO at Green Plains Inc. and The Gavilon Group, LLC. He has held senior financial management roles at ConAgra Foods and began his career as an auditor with Deloitte & Touche  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** **[0001996862-24-000087_bg-20240405.htm:108]** **[0001996862-24-000079_bg-20240326.htm:108]** .                       |
| Joseph Podwika      | Chief Legal Officer and Assistant Secretary    | November 2019      | Joseph Podwika was previously Executive Vice President and Chief Legal Officer at Nutrien Ltd. and held senior legal positions at PotashCorp and International Paper Company  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** **[0001996862-24-000090_annualreport_bg-12312023x.htm:23]** **[0001996862-24-000007_bg-20231231.htm:23]** .                                                     |
| Kellie Sears        | Chief Human Resources Officer                  | January 2023       | Kellie Sears was previously the Chief Human Resources Officer at BeautyHealth and Asklepios BioPharmaceutical, Inc. She also worked at Allergan and Pfizer in various leadership roles  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** .                                                  |
| Robert Wagner       | Chief Risk Officer                             | June 2019          | Robert Wagner was previously Chief Risk Officer at Tricon International, Ltd. and COFCO Agri Ltd. He also held the position of Chief Risk Officer for The Gavilon Group, LLC  **[0001996862-24-000090_annualreport_bg-12312023x.htm:24]** **[0001996862-24-000007_bg-20231231.htm:24]** .                                                            |
| Ruth Ann Wisener    | Vice President, Investor Relations             | March 2019         | Ruth Ann Wisener held leadership positions in legal, finance, and commercial roles at Tyson Foods and ADM before joining Bunge  **[0001996862-24-000007_bg-20231231.htm:25]** **[0001996862-24-000090_annualreport_bg-12312023x.htm:25]** .                                                                                                         |
| Mark Zenuk          | Chair of the Board                             | 2023               | Mark Zenuk has been a director since 2018 and is an independent director under NYSE standards. He is also the Chair of the Enterprise Risk Management Committee and has extensive experience in agribusiness investment  **[0001996862-24-000087_bg-20240405.htm:29]** **[0001996862-24-000079_bg-20240326.htm:107]** **[0001996862-24-000087_bg-20240405.htm:21]** .            |
| Bernardo Hees       | Member of the Human Resources and Compensation Committee | 2019               | Bernardo Hees has served as CEO of The Kraft Heinz Company, H.J. Heinz Company, and Burger King Worldwide Holdings, Inc. He was a partner at 3G Capital and is currently Executive Chairman of Avis Budget Group, Inc.  **[0001996862-24-000087_bg-20240405.htm:16]** **[0001996862-24-000087_bg-20240405.htm:105]** .                  |
| Kenneth Simril      | Member of the Human Resources and Compensation Committee | 2021               | Kenneth Simril was the President and CEO of Fleischmann's Ingredients and held senior roles at Clipper Corporation and ClearPath Networks Inc. He has experience in finance and engineering roles with Mobil Oil and Exxon Mobil  **[0001996862-24-000087_bg-20240405.htm:19]** **[0001996862-24-000079_bg-20240326.htm:18]** **[0001996862-24-000087_bg-20240405.htm:106]** .  |
| Henry "Jay" Winship | Member of the Human Resources and Compensation Committee | 2018               | Henry "Jay" Winship is the Founder and Managing Member of Pacific Point Capital, LLC. He has over 25 years of experience in institutional investment and financial management and is a CPA and CFA  **[0001996862-24-000079_bg-20240326.htm:19]** **[0001996862-24-000087_bg-20240405.htm:20]** **[0001996862-24-000087_bg-20240405.htm:78]** **[0001996862-24-000079_bg-20240326.htm:78]** .                              |

b7141807158e181eb07d0cb207313bdd0fdc16ec4a2611914c09de6bebe5855d

| Program Details           | Program 1        |
|---------------------------|------------------|
| Approval Date             | **June 12, 2023**  **[0001996862-24-000259_bg-20240930.htm:40]** **[0001996862-24-000259_bg-20240930.htm:63]** **[0001996862-24-000259_bg-20240930.htm:77]** **[0001996862-24-000259_bg-20240930.htm:10]**  |
| End Date/Duration         | **Indefinite**  **[0001996862-24-000259_bg-20240930.htm:40]** **[0001996862-24-000259_bg-20240930.htm:63]** **[0001996862-24-000259_bg-20240930.htm:77]** **[0001996862-24-000259_bg-20240930.htm:10]**     |
| Total additional amount   | **$1.7 billion**  **[0001996862-24-000259_bg-20240930.htm:40]** **[0001996862-24-000259_bg-20240930.htm:63]** **[0001996862-24-000259_bg-20240930.htm:77]** **[0001996862-24-000259_bg-20240930.htm:10]**   |
| Remaining authorization   | **$800 million**  **[0001996862-24-000259_bg-20240930.htm:40]** **[0001996862-24-000259_bg-20240930.htm:63]** **[0001996862-24-000259_bg-20240930.htm:77]** **[0001996862-24-000259_bg-20240930.htm:10]**   |
| Details                   | Expanded existing program by $1.7 billion, resulting in an aggregate unutilized capacity of $2.0 billion.  **[0001996862-24-000259_bg-20240930.htm:40]** **[0001996862-24-000194_bg-20240630.htm:35]** **[0001996862-24-000259_bg-20240930.htm:77]** **[0001996862-24-000007_bg-20231231.htm:86]** **[0001996862-24-000007_bg-20231231.htm:207]**  |

15c20fcea36f6a848f54c2ce2ac509a614c58b17543d793417627bd8bf0019b8

Europe

United States

Asia-Pacific

Brazil

Argentina

Canada

Rest of World

f68d26bddbb0bf9b06b3815bce8ec14695c4be1b5b68a6fb53330fdb3f3c9b68

**Annual guidance for FY 2024:**

- **Adjusted EPS**: At least $9.25  **[BG_3404595_1]**  (no change from $9.25  **[BG_3404595_4]** )  
- **Adjusted Annual Effective Tax Rate**: 22% to 24%  **[BG_3404595_1]**  (lowered from 22% to 25%  **[BG_3404595_4]** )  
- **Net Interest Expense**: $285 million to $305 million  **[BG_3404595_1]**  (no change from $280 million to $310 million  **[BG_3404595_4]** )  
- **Capital Expenditures**: At the upper end of $1.2 billion to $1.4 billion  **[BG_3404595_1]**  (raised from $1.2 billion to $1.4 billion  **[BG_3404595_4]** )  
- **Depreciation & Amortization**: $450 million  **[BG_3404595_1]**  (no change from $450 million  **[BG_3404595_4]** )  
- **Agribusiness**: Up from previous outlook  **[BG_3404595_1]**  (raised from in line with previous outlook  **[BG_3404595_4]** )  
- **Refined & Specialty Oils**: Up from previous outlook  **[BG_3404595_1]**  (no change from up from previous outlook  **[BG_3404595_4]** )  
- **Milling**: Down from previous outlook  **[BG_3404595_1]**  (lowered from similar to previous outlook  **[BG_3404595_4]** )  
- **Corporate & Other**: Similar to previous outlook  **[BG_3404595_1]**  (no change from similar to previous outlook  **[BG_3404595_4]** )  
- **Noncore**: Down considerably from previous outlook  **[BG_3404595_1]**  (lowered from down slightly from previous outlook  **[BG_3404595_4]** )  

4e1300520ed70bc379a7dae830f9750f7690139bee58681b12f2c484d6e624aa

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0001996862-24-000007_bg-20231231.htm:130]**    | Present  | Current auditor   |

1048142cbc7b5e6ef2d3084f8a755d96bca92bc6d0491eb94a9b5866de9deac0

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

227f7100e86e17801ba5d563f2fbda3c33e0c2d7ec2e3acb92110bc5ef4a15ea

| Year | Amount Due (US$ in millions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|------------------------------|-----------|-------------------|-----------------|
| 2024 | 755 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]**          | Short-term Debt (Bank Borrowings) | 13.28 **[0001996862-24-000259_bg-20240930.htm:60]** | 12.2% = (755 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2025 | 663 **[0001996862-24-000259_bg-20240930.htm:33]** **[0001996862-24-000259_bg-09302024x10qex221111.htm:0]**          | Current Portion of Long-term Debt (1.63% Senior Notes) | 1.63 **[0001996862-24-000259_bg-20240930.htm:33]** | 10.7% = (663 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2025 | 599 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (1.63% Senior Notes) | 1.63 **[0001996862-24-000259_bg-20240930.htm:33]** | 9.7% = (599 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2026 | 699 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (3.25% Senior Notes) | 3.25 **[0001996862-24-000259_bg-20240930.htm:33]** | 11.3% = (699 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2027 | 848 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (3.75% Senior Notes + Term Loan) | 3.75 **[0001996862-24-000259_bg-20240930.htm:33]** | 13.7% = (848 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2028 | 647 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (4.10% Senior Notes + Term Loan) | 4.10 **[0001996862-24-000259_bg-20240930.htm:33]** | 10.4% = (647 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2029 | 792 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (4.20% Senior Notes) | 4.20 **[0001996862-24-000259_bg-20240930.htm:33]** | 12.8% = (792 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2031 | 992 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (2.75% Senior Notes) | 2.75 **[0001996862-24-000259_bg-20240930.htm:33]** | 16.0% = (992 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |
| 2034 | 790 **[0001996862-24-000259_bg-20240930.htm:33]**                  | Long-term Debt (4.65% Senior Notes) | 4.65 **[0001996862-24-000259_bg-20240930.htm:33]** | 12.8% = (790 / 6195) * 100 **[0001996862-24-000259_bg-20240930.htm:60]** **[0001996862-24-000259_bg-20240930.htm:33]** |

9c22e8e55e8380bb464a63c1b971551b6e6250bd1a411d9f52c58f791f6eec6c

bc68e19ca76e35d77b89b40f724bf84bf0575bf55af21829043e703d535adb70

- **Strong Pipeline of Growth Projects and Investments:** Bunge is confident about its trajectory towards achieving an adjusted EPS of **$11-plus by 2026** due to a robust pipeline of projects and strategic investments, including multi-year capital projects expected to start contributing in **2026**.  **[BG_3372181_9]** **[BG_3372181_8]**
- **Pending Acquisition of Viterra to Enhance Diversification and Efficiency:** The combination with Viterra is on track to close later this year, which is expected to improve Bunge's global platform, increase diversification across assets, geographies, and crops, and provide more optionality and capability to serve customers, potentially benefiting from market dynamics such as contango.  **[BG_3372181_1]** **[BG_3372181_4]** **[BG_3372181_7]**
- **Continued Commitment to Shareholder Returns:** Bunge plans to execute the remaining **$400 million** of its share buyback commitment in the first half of the year, demonstrating ongoing commitment to returning capital to shareholders.  **[BG_3372181_6]** **[BG_3372181_9]**

5f8732e9fdde82bd071461e4847a6bda527f419955378444cade7739479fc9b8

- **Bunge is maintaining its full-year adjusted EPS guidance of approximately $9**, demonstrating confidence in future performance despite limited visibility into the back half of the year.  **[BG_3380411_12]** **[BG_3380411_5]**
- **Bunge repurchased $400 million of its shares in Q1**, making meaningful progress against its $1 billion repurchase plan and showing commitment to returning value to shareholders.  **[BG_3380411_8]**
- **The company is scaling up its winter canola program**, which has shown promising results in trials and could contribute positively to future growth and profitability.  **[BG_3380411_10]**

b8a8345671b4aa6dc33d6ddaa50fe5fcae04cb0c4b9228d0e172b7c16504c7f3

1. **Viterra Acquisition Progress**  
   **Q:** What's the status of regulatory approvals for Viterra deal?  
   **A:** Bunge is making progress with the Viterra acquisition, having received clearances from the majority of jurisdictions. They are currently engaging with the EU, Canada, China, and a few others, expecting to conclude the process in the next several months. Discussions are confidential, but any required divestitures are not expected to have meaningful financial impact.  **[BG_3395247_6]** 

2. **Viterra Financial Performance**  
   **Q:** How has Viterra's recent performance met expectations?  
   **A:** Viterra continues to perform well, and Bunge remains confident in the transaction. While they cannot share specifics due to operating separately until close, Bunge is impressed with Viterra's capabilities and believes the transaction will enhance future growth.  **[BG_3395247_15]** 

3. **Conservative Guidance Explanation**  
   **Q:** Why does guidance seem conservative despite strong crush margins?  
   **A:** Bunge raised full-year guidance to approximately **$9.25** per share, reflecting overperformance in the first half. Although Q3 margins are visible and some have been locked in, **Q4 margin curves are very inverted with little visibility**. The company remains cautious due to spot behavior of farmers and consumers, which justifies the conservative guidance.  **[BG_3395247_5]** 

4. **Share Repurchase Plans**  
   **Q:** Will share buybacks continue before Viterra closes?  
   **A:** Bunge is unlikely to repurchase shares prior to the Viterra transaction closing due to leverage commitments and targets. They remain committed to the repurchase program and expect to execute it post-close, potentially utilizing proceeds from the sugar business sale.  **[BG_3395247_13]** 

5. **Non-Core Business Divestiture**  
   **Q:** How did the sugar business sale come about, and are you satisfied?  
   **A:** Bunge had planned to exit the sugar business and, when timing and values aligned, proceeded with the sale. They are pleased with the transaction price and anticipate closing it by year-end, which will unlock capital and resources.  **[BG_3395247_16]** 

6. **Merchandising Earnings Outlook**  
   **Q:** Has the outlook for Merchandising earnings changed?  
   **A:** Bunge acknowledges that Merchandising earnings have been below the normalized range of **$75 to $100 million** per quarter due to challenging market conditions with slow farmer selling and reduced margins. However, they view this as a market transition phase and expect opportunities to improve as markets rebalance.  **[BG_3395247_11]** 

7. **Capital Expenditure Plans**  
   **Q:** What are your CapEx plans for 2025?  
   **A:** Bunge expects **2025 capital expenditures to be around $1.9 to $2 billion**, up from the high end of the **$1.4 billion** range in 2024, as major projects reach full swing. They anticipate a significant drop, potentially up to **50%**, in CapEx by 2026 as these projects near completion.  **[BG_3395247_14]** 

8. **Farmer Selling Trends**  
   **Q:** Where are we in farmer selling slowdown?  
   **A:** The transition to lower prices has led to slower farmer selling, but Bunge expects improvement as new crops are produced and farmers adjust to market conditions. Factors like weather and currency will influence future selling, but the company believes the situation is unfolding as expected.  **[BG_3395247_17]** 

9. **Managing Challenging Margins**  
   **Q:** What internal levers can you pull in tough margin environments?  
   **A:** Bunge leverages its global platform to operate flexibly, running assets hardest where margins are favorable. The company's improved execution and discipline allow it to manage risks appropriately and capitalize on opportunities despite challenging conditions.  **[BG_3395247_18]** 

10. **Refined Products Performance**  
    **Q:** What's driving outperformance in Refined Products?  
    **A:** Bunge's Refined Oils segment exceeded expectations due to factors like stronger energy demand in the U.S. and tight cocoa butter supply benefiting tropical oils. The team effectively capitalized on these opportunities, resulting in better-than-expected performance.  **[BG_3395247_8]** **[BG_3395247_12]** 

11. **Coverage for Q3 and Q4**  
    **Q:** How covered are you for Q3 and Q4?  
    **A:** Bunge is largely covered for Q3, particularly in canola and soy, with some exposure in sun due to crop effects. This coverage supports confidence in the near-term outlook, although visibility for Q4 remains low due to inverted margin curves.  **[BG_3395247_9]** 

12. **Argentina Performance**  
    **Q:** What happened in Argentina in Q2, and what's the outlook?  
    **A:** Despite some opportunities from sporadic farmer selling, margins in Argentina were not as robust as some expected. Slow selling and government policies affected performance. For the second half, the outlook depends on farmer behavior and policy developments.  **[BG_3395247_10]** 

13. **Financing Viterra Acquisition**  
    **Q:** How are you approaching financing for the Viterra deal?  
    **A:** Bunge has syndicated debt commitments in place to finance the Viterra acquisition. They are set in terms of initial financing allocation and have planned for any adjustments post-close. The company is prepared for the transaction without needing pre-financing.  **[BG_3395247_20]** 

14. **Decoupling Internal Improvements**  
    **Q:** Can you decouple internal improvements from market environment?  
    **A:** Bunge believes its operational enhancements over the past years have made it a stronger company, less dependent on market conditions. They continue to focus on continuous improvement, asset optimization, and executing well even in challenging environments.  **[BG_3395247_19]** 

15. **Farmer Selling Impact on Merchandising**  
    **Q:** How does farmer selling affect Merchandising?  
    **A:** Slow farmer selling has pressured Merchandising margins as producers hold onto inventory in a lower price environment. However, Bunge expects that as farmers adjust to new price levels and crops develop, marketing activity will increase, improving Merchandising prospects.  **[BG_3395247_17]** 

4e36494aa5f8e4fe97f4b3e52e10908ed59d7a4d6e8a92d4a90ad42b12a0111c

- **Bunge is making significant progress towards closing the strategic acquisition of Viterra, expecting to conclude the transaction in the next several months, which will enhance the company's capabilities and create a more complete company post-closing.**  **[BG_3395247_6]** **[BG_3395247_19]**
- **The divestment of the non-core sugar and bioenergy joint venture with BP will release resources and allow Bunge to focus on its core businesses, strengthening its long-term strategy.**  **[BG_3395247_16]**
- **Anticipated increase in farmer selling due to larger crops and favorable conditions could provide upside opportunities, positively impacting Bunge's operations.**  **[BG_3395247_17]**

ddc5469b49d67bd726f7c1cf5af86fdfc215b7192f05d5ac43e0c0bbade08d86

- **Expected softness in Q2** in key segments like processing and merchandising, potentially leading to earnings weakness.  **[BG_3380411_12]**
- **Reduced visibility beyond 3 months** due to uncertainties in farmer behavior, crop outcomes, and consumer trends, making future performance less predictable.  **[BG_3380411_7]**
- **Elevated capital expenditures** with major projects not contributing to financials until **2026**, possibly straining finances without near-term benefits.  **[BG_3380411_16]**

20667f09c4d9425dd444ce34e10267fe821fa86970571c7aeb670ad42112f6fc

- **Strong progress on the Viterra acquisition**, with significant shareholder support from Glencore and Canadian pension funds who are committed to becoming long-term shareholders, seeking more equity, and will occupy four of twelve board seats upon closing, enhancing Bunge's strategic position in the industry.  **[BG_3362129_11]**
- **Strategic acquisition of CJ Selecta in Brazil for approximately $600 million**, strengthening Bunge's position in the soy protein concentrate market, demonstrating disciplined capital allocation focused on growth opportunities.  **[BG_3362129_17]** **[BG_3362129_19]**
- **Improved global crush margins and strong oil demand**, particularly in China where Bunge had a better year than last year with record volumes in Q3, and in North America, allowing Bunge to lock in higher margins for Q4, driven by increased soybean demand and strong execution by the team.  **[BG_3362129_14]** **[BG_3362129_18]**

a48c0ad60019d702e4904674bce45660da64120e75fcb6015123c11f12efd908

1. **Viterra Acquisition & Regulatory Hurdles**  
   **Q:** Any updates on Viterra deal and Canada's concerns?  
   **A:** Management is pleased with progress; **28 out of 40** jurisdictions have given unconditional clearances.  **[BG_3380411_9]**  In Canada, while concerns were raised, they see no material risk to the deal's economics and believe no remedies are needed.  **[BG_3380411_9]** 

2. **Yearly Guidance & Outlook**  
   **Q:** Is the outlook weaker, and any changes to guidance?  
   **A:** They maintain the yearly outlook of approximately **$9** EPS, expecting a **50-50** split between first and second half.  **[BG_3380411_5]**  Q2 will be softer due to stronger Q1, but full-year view is unchanged.  **[BG_3380411_5]** 

3. **Share Repurchase Plans**  
   **Q:** Will you adjust buyback timing given progress?  
   **A:** Possible to pull forward the **$2 billion** buyback, depending on Viterra transaction timing and target leverage ratios.  **[BG_3380411_8]**  They will continue to watch opportunities closely.  **[BG_3380411_8]** 

4. **Second Half Visibility**  
   **Q:** How is visibility into the back half of the year?  
   **A:** Visibility is limited beyond **three months** due to balanced markets.  **[BG_3380411_7]**  Clarity will improve with crop progress and farmer behaviors in North and South America.  **[BG_3380411_7]** 

5. **Crush Margins Outlook**  
   **Q:** What's your view on global crush margins?  
   **A:** U.S. margins are okay but weaker into Q2 and Q3; improving in Q4.  **[BG_3380411_5]**  Argentina margins expected to pick up later in the year.  **[BG_3380411_5]**  Soybean meal demand appears good due to lower prices and stable animal numbers.  **[BG_3380411_11]** 

6. **Renewable Diesel Demand**  
   **Q:** How is renewable diesel demand affecting oils?  
   **A:** RD margins are softer due to low CI feedstock imports, notably UCO from Asia.  **[BG_3380411_6]**  Despite this, **1.4 billion gallons** of capacity is coming online in '24, with demand increasing later in the year.  **[BG_3380411_6]** 

7. **Capital Expenditures & Projects**  
   **Q:** Can you update on major CapEx projects?  
   **A:** Key projects include Destrehan expansion, Morristown SPC plant, and a greenfield plant in Amsterdam, all underway and expected online by late **2026**.  **[BG_3380411_16]**  They remain optimistic about progress.  **[BG_3380411_16]** 

8. **Soybean Oil Exports**  
   **Q:** Will U.S. export more soybean oil this year?  
   **A:** U.S. can switch quickly to export as needed.  **[BG_3380411_18]**  With tight vegetable oil supplies globally and strong demand in India, they see potential opportunities.  **[BG_3380411_18]** 

9. **Crush Capacity Expansions**  
   **Q:** Are new crush plants at risk due to margins?  
   **A:** Some projects in early stages are on hold due to compressed margins.  **[BG_3380411_19]**  Management is cautious about standalone plants but confident in their strategic expansions.  **[BG_3380411_19]** 

10. **Cover Crop Development**  
    **Q:** When will cover crops impact financials?  
    **A:** Successful winter canola trials are scaling up, but it's too early to discuss financial impacts.  **[BG_3380411_10]**  These programs support future expansions like Destrehan.  **[BG_3380411_10]** 

d536c50ab7cc297698e05130fbabe93d9be157b7f9fe53b66f89f3f995154d0c

1. **2024 EPS Guidance and Viterra Impact**  
   **Q:** How will Viterra acquisition affect $9 EPS guidance?  
   **A:** Management expects the Viterra acquisition to be **mildly accretive to flat** in 2024 due to integration costs, so the **$9 EPS guidance remains largely unchanged**.  **[BG_3372181_7]** 

2. **Share Buybacks and 2026 Outlook**  
   **Q:** What's the plan for share buybacks and mid-cycle EPS?  
   **A:** They plan to complete the remaining **$400 million** in share buybacks before mid-2024 and feel confident about reaching over **$11 EPS by 2026**, despite some timing delays in CapEx.  **[BG_3372181_9]** 

3. **Segment Drivers of EPS Decline**  
   **Q:** Which segments contribute most to lower 2024 EPS?  
   **A:** The processing segment accounts for about **80%** of the year-over-year variance, with refined specialty oils down by a **couple of hundred million**, and sugar also expected to decline due to lower ethanol prices in Brazil.  **[BG_3372181_11]** 

4. **Regional Crush Margin Outlook**  
   **Q:** How will regional crush margins impact results?  
   **A:** Soy crush margins are expected to soften globally except in Argentina, which should improve as production **doubles**. North America may see weaker margins in Q2 and Q3 but better in Q4 with the new crop.  **[BG_3372181_12]** 

5. **Upside Opportunities to $9 EPS Guidance**  
   **Q:** Where might you see upside to the $9 EPS guidance?  
   **A:** Upside could come from stronger demand in **China**, weather-related supply disruptions, increased **biofuel demand**, and favorable policy changes affecting supply and demand balances.  **[BG_3372181_23]** 

6. **Biofuel Demand and Crush Capacity**  
   **Q:** What's the outlook for renewable diesel demand?  
   **A:** Renewable diesel capacity is growing, with another **1.4 billion gallons** coming online in the first half. Demand continues to increase globally, but the market balance is complex due to policy changes and feedstock availability.  **[BG_3372181_17]** 

7. **Capital Allocation and CapEx Returns**  
   **Q:** How are you allocating capital amid CapEx and M&A?  
   **A:** Most growth projects are underway and expected to contribute in **2026**, targeting **mid-teens returns**. They're pursuing smaller bolt-on M&A opportunities and remain committed to their CapEx plans.  **[BG_3372181_8]** **[BG_3372181_20]** 

8. **Cost Structure and Efficiency**  
   **Q:** How does your cost structure compare to competitors?  
   **A:** Despite inflation, they believe they're among the most efficient in the industry, focusing on improving plant efficiencies to offset rising costs.  **[BG_3372181_21]** 

9. **Guidance Phasing and Crop Expectations**  
   **Q:** How will earnings phase throughout the year?  
   **A:** Earnings are expected to be balanced, with roughly **50%** in each half. A larger U.S. crop in the back half could improve the outlook, assuming a good growing season.  **[BG_3372181_13]** **[BG_3372181_14]** 

10. **Visibility into Business Segments**  
    **Q:** Where do you have the most and least visibility?  
    **A:** They have the most visibility in **Q1**; beyond that, visibility reduces due to limited liquidity and balanced markets.  **[BG_3372181_5]** 

11. **Merchandising Outlook**  
    **Q:** Will merchandising be below normalized levels?  
    **A:** Merchandising is expected to be **slightly down** in 2024 versus 2023 and may be below baseline models due to lower visibility and market uncertainties.  **[BG_3372181_16]** 

12. **Processing Segment Costs and Inflation**  
    **Q:** How have processing costs evolved with new capacity?  
    **A:** Energy prices have decreased, lowering variable costs, especially in Europe. They've focused on efficiency improvements to offset natural inflation.  **[BG_3372181_21]** 

13. **Refined Oils Segment Strategy**  
    **Q:** Are you gaining an edge in refined oils?  
    **A:** They've improved refinery operations, setting records in **Q4** for volume and capacity utilization, and are investing in facilities with multi-oil capabilities to meet demand, mainly focusing on food applications.  **[BG_3372181_19]** 

14. **Baseline EPS Assumptions vs. Current Environment**  
    **Q:** How does current environment compare to $8.50 baseline EPS?  
    **A:** Margin assumptions for 2024 are slightly **better** than baseline, especially in soft seeds. Downsides include higher interest expenses and tax rates, with merchandising forecasted lower but refined specialty oils higher.  **[BG_3372181_22]** 

15. **Share Repurchase Cadence**  
    **Q:** Will share repurchases be more balanced this year?  
    **A:** They plan to complete the remaining **$400 million** in share buybacks by midyear, maintaining a steady pace regardless of Viterra's closing timing.  **[BG_3372181_18]** 

16. **Internal Focus Amid Market Changes**  
    **Q:** How does internal focus change in a different backdrop?  
    **A:** Management remains focused on efficiency and agility, aiming to operate effectively regardless of the market cycle by controlling what they can and serving customers across the value chain.  **[BG_3372181_6]** 

17. **Potential Upside from Crush Margin Improvement**  
    **Q:** Could higher crush margins improve the outlook?  
    **A:** If factors like weather, demand rebound, and policy changes positively affect crush margins, the outlook could improve beyond current forward curves.  **[BG_3372181_15]** 

18. **Impact of Russia and Ukraine on Volumes**  
    **Q:** How have Russia and Ukraine affected volumes?  
    **A:** Margins are slightly higher than baseline, but volumes are slightly lower due to exiting **Russia** and reduced volumes in **Ukraine** because of the ongoing war.  **[BG_3372181_22]** 

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- **Regulatory hurdles and potential delays in the Viterra acquisition could impact Bunge's growth plans.** The company is still engaging with major jurisdictions like the EU, Canada, and China for approvals, and some conversations are confidential, suggesting uncertainties in the closing timeline.  **[BG_3395247_6]**
- **Merchandising earnings are operating below baseline due to challenging market conditions.** Factors such as smaller crops, slow farmer selling, and pressure on logistics have hurt margins, impacting Bunge's profitability in this segment.  **[BG_3395247_11]** **[BG_3395247_7]** **[BG_3395247_16]**
- **Low visibility and uncertainty in Q3 and Q4 earnings due to low liquidity and lack of coverage.** Bunge mentioned there's "no liquidity yet and very low visibility" for Q4, which could affect future financial performance.  **[BG_3395247_11]**

7c799353fe72fe71804fffe23fc99bad0cabb39b492a001b25a69ceef000abc1

1. **Viterra Acquisition**
   **Q:** Does Viterra's recent performance affect the deal outlook?  
   **A:** Management remains confident in the Viterra acquisition, viewing it as a great fit with no impact on long-term earnings power. Despite delays in closing, which allowed for more integration planning, they expect regulatory approvals soon in Canada and China. There are no material changes expected to the transaction's economics.  **[BG_3404595_10]** ,  **[BG_3404595_13]** ,  **[BG_3404595_19]** ,  **[BG_3404595_20]** 

2. **Crush Margins Outlook**
   **Q:** How durable are crush margins into 2025?  
   **A:** Strong crush margins are expected to continue, supported by good demand for soybean meal and oil, except in China. Softseed crushing margins are softer due to weather impacts, but soy crush margins remain resilient into the first half of 2025, offering potential opportunities above baseline.  **[BG_3404595_6]** ,  **[BG_3404595_7]** 

3. **Biofuel Policy Impact**
   **Q:** Is soybean oil demand at risk due to policy changes?  
   **A:** While U.S. biofuel policy uncertainty could depress soybean oil demand in late Q4 and Q1, management believes export demand will offset this, as soybean oil is globally competitive against palm and soft oils. Reports of slowing soybean purchases are inaccurate; purchases are higher than in the last several years. They anticipate policy clarity to improve demand.  **[BG_3404595_8]** ,  **[BG_3404595_9]** ,  **[BG_3404595_14]** 

4. **CapEx Projects Timeline**
   **Q:** When will growth projects impact EBITDA?  
   **A:** Four key projects are underway, with major spending in 2025. Commissioning is expected in late 2025 to early 2026, with material EBITDA contributions starting in the first half of 2026 and full run-rate by the second half. Normalized CapEx levels will resume in the back half of 2026.  **[BG_3404595_12]** 

5. **Meal Demand Outlook**
   **Q:** Can meal inclusion rates increase further in 2025?  
   **A:** Soybean meal demand has been strong due to higher inclusion rates from attractive pricing and less competition from wheat and mid proteins. Management expects this strong demand to continue into 2025, predicting increased inclusion rates, but cannot see much past the first half.  **[BG_3404595_15]** ,  **[BG_3404595_16]** 

6. **Refined Products Performance**
   **Q:** How will refined products perform in 2025?  
   **A:** Refined and Specialty Oils have been resilient, performing above the **$400 million** baseline. Management expects them to perform a bit better than baseline in 2025 due to strong food demand, even as refining premiums moderate and energy demand shifts toward crude veg oil.  **[BG_3404595_17]** 

7. **Sugar Business Sale Impact**
   **Q:** What's the earnings impact from the sugar sale?  
   **A:** The sale of the sugar business removed about **$0.15** of earnings from Q4 forecasts, with total second-half underperformance of around **$0.35** due to weaker Q3 results and the sale. However, overperformance in the core business offset this impact.  **[BG_3404595_6]** ,  **[BG_3404595_19]** 

8. **South American Farmer Selling**
   **Q:** When will farmer selling in South America pick up?  
   **A:** Increased farmer selling is anticipated in the first half of 2025, as policy clarity in Argentina improves and a large Brazilian crop provides confidence. This is expected to positively affect margins and supply dynamics.  **[BG_3404595_11]** 

9. **Increased Meal Capacity**
   **Q:** Can the market absorb new meal capacity?  
   **A:** Management believes the global market can absorb increased U.S. meal capacity due to their ability to export and market meal globally. Investments in export infrastructure, like expanding capacity in the Gulf and PNW, will help connect supply with global demand. They anticipate the market will adjust as new capacity comes online.  **[BG_3404595_18]** 

8fa4a2589bd0f7e8381f19d0a390d989bf2e86b83845aba0c0008eff93945788

- **Significant Capital Expenditure Including a $600 Million Acquisition**: Bunge plans to acquire CJ Selecta in Brazil for **approximately $600 million**, which, along with higher capital expenditures, may impact cash flow and capital allocation strategies in 2024.  **[BG_3362129_11]**
- **Potential Limitations on Dividend Growth**: Due to substantial cash outlays for acquisitions, increased capital expenditures, and share buybacks, there is uncertainty about dividend growth next year, and it **might not be on the growth side** as in previous years.  **[BG_3362129_12]**
- **Political and Operational Risks in Argentina**: The upcoming elections in Argentina pose **political risks** that could affect the company's operations, adding uncertainty to future performance in the region.  **[BG_3362129_13]**

01c2c419ff1fb1f284064cf65ce1985564e55d61f512585e7614c6f969b011e1

- **Significant decline in expected earnings for 2024**, with adjusted EPS forecasted at **approximately $9**, down from full-year 2023 adjusted EPS of **$13.66**. This is primarily due to lower results in the Processing segment, which accounts for **about 80% of the variance**.  **[BG_3372181_11]**
- **Higher interest expenses** are anticipated in 2024, driven by increased interest rates, along with a **higher effective tax rate** due to global tax legislation changes. These factors will negatively impact net earnings.  **[BG_3372181_22]**
- The company plans to invest **$1.2 to $1.4 billion** in capital expenditures in 2024, but **major projects will not contribute significantly until 2026**, indicating substantial spending without near-term earnings benefits.  **[BG_3372181_8]**

7a8904c89440a6d8c98b3eb5cdd8f572d4fb37d38ffe0852f03b4f99e1a6c774

Bunge Global SA (BG)

Financials