Bunge Global (BG) Q4 2024 earnings summary

Executive summary

• Achieved major strategic milestones, including nearing closure of the Viterra and CJ Selecta transactions and completing the European Repsol partnership.

• Completed the sale of the sugar and bioenergy JV in Brazil, recognizing a $195 million gain and streamlining operations.

• Repurchased $1.1 billion of shares in 2024, including $500 million in Q4.

• Q4 and full-year results reflected a moderating market environment and challenging conditions in South America, but stabilization and improvement are expected in 2025.

• Continued focus on capital returns through share repurchases and regular dividends.

Financial highlights

• Q4 2024 reported EPS was $4.36, up from $4.18 in Q4 2023; adjusted Q4 EPS was $2.13, down from $3.70.

• Full-year 2024 GAAP diluted EPS was $7.99, down from $14.87; adjusted EPS was $9.19, down from $13.66.

• Full-year adjusted total EBIT was $2,017 million, down from $3,031 million.

• Discretionary cash flow for 2024 was $1,231 million, with a cash flow yield of 11.1%.

• Year-end cash and cash equivalents were $3,311 million, up from $2,602 million.

Outlook and guidance

• 2025 full-year adjusted EPS expected to be approximately $7.75, excluding impacts from pending acquisitions.

• Agribusiness and Refined & Specialty Oils results forecasted to be down from last year, with Milling and Corporate & Other expected to be up.

• Adjusted annual effective tax rate projected at 21%-25%; net interest expense $250-$280 million; CapEx $1.5-$1.7 billion; D&A ~$490 million.

• CapEx guidance for 2025 reduced from prior estimates due to project timing and cancellations.

• Updated outlook for the combined company to be provided post-Viterra close.