Bunge Global (BG) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results, with adjusted EPS of $1.83 nearly flat year-over-year, while GAAP EPS dropped to $0.35 from $1.48 due to mark-to-market timing, acquisition, and integration costs.

• Full-year adjusted EPS guidance was raised to $9.00–$9.50 from $7.50–$8.00, reflecting strong Q1 performance, improved market conditions, and favorable regulatory decisions.

• Integration of Viterra expanded the global footprint, driving value creation, operational resilience, and higher sales, but also increased debt and share dilution.

• Portfolio transformation and diversification across geographies and crops reinforced resilience.

• Net income attributable to shareholders was $68 million, down 66% year-over-year, mainly due to lower segment EBIT, higher interest expense, and share dilution.

Financial highlights

• Q1 2026 adjusted EPS was $1.83, up from $1.81 in Q1 2025; reported EPS was $0.35, down from $1.48.

• Adjusted segment EBIT rose to $661 million from $406 million in Q1 2025; adjusted total EBIT was $561 million, up from $362 million.

• Net sales for Q1 2026 were $21.9 billion, up from $11.6 billion in Q1 2025, mainly due to Viterra's inclusion and higher commodity prices and volumes.

• Adjusted funds from operations were $530 million; discretionary cash flow after sustaining CapEx was $435 million.

• Interest expense rose 74% to $181 million due to higher debt levels; foreign exchange losses were $94 million, mainly from hedging costs and currency impacts.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance increased to $9.00–$9.50.

• Adjusted annual effective tax rate expected at 22%–26%, slightly lower than prior guidance.

• Net interest expense forecasted at $620–$660 million, up due to higher short-term debt and working capital needs.

• Capital expenditures projected at $1.5–$1.7 billion; depreciation and amortization at ~$975 million.

• Soybean and Softseed Processing and Refining expected to outperform prior outlook; Tropical Oils, Specialty Ingredients, and Grain Merchandising and Milling expected to be lower.