Bunge Global (BG) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong execution in a dynamic market, with results exceeding expectations due to activity pull-forward, though net income and EPS declined year-over-year.

• Strategic focus on closing the Viterra acquisition, with regulatory approval expected soon; terminated CJ Selecta agreement and announced divestitures in U.S. corn milling and European margarine/spreads.

• Closed a joint venture with Repsol, advancing renewable fuels and novel crop feedstocks in Europe.

• Expanded share repurchase program to $2.7 billion, with $800 million remaining authorized.

Financial highlights

• Q1 2025 diluted EPS was $1.48, down from $1.68; adjusted EPS was $1.81, down from $3.04; net income attributable to shareholders was $201 million, down from $244 million.

• Adjusted segment EBIT was $362 million, down from $676 million; net sales were $11,643 million, down from $13,417 million.

• Cash and cash equivalents stood at $3.25 billion at March 31, 2025; cash used in operating activities was $285 million.

• Adjusted funds from operations were $392 million; discretionary cash flow yield at 10.2%.

• Gross profit declined to $597 million from $876 million year-over-year.

Outlook and guidance

• Full-year 2025 adjusted EPS guidance reaffirmed at approximately $7.75, excluding impacts from pending acquisitions/divestitures.

• Q2 expected to be softer due to earnings pull-forward; full-year cadence now expected to be 60/40 between H1 and H2.

• 2025 guidance: adjusted tax rate 21–25%, net interest expense $220–250 million, capex $1.5–1.7 billion, D&A ~$490 million.

• Agribusiness and specialty oils results forecasted lower than prior outlook; milling expected up from last year.

• Management highlights ongoing risks from global economic, agricultural, and geopolitical conditions, including the war in Ukraine and related sanctions.