Bunge Global SA (BG) - Stock Report

The latest reported quarter is fiscal Q1 2026: the earnings release was dated and furnished on 29 April 2026, and the Form 10-Q for fiscal Q1 was filed the same day. Net sales were $21.861bn versus $11.643bn a year earlier, helped by Viterra scale, but reported diluted EPS fell to $0.35 from $1.48 while adjusted diluted EPS was $1.83 versus $1.81. The accounting gap matters: adjusted net income attributable to Bunge was $359m, but reported net income attributable to Bunge was only $68m after the net-income bridge added back a $250m after-tax mark-to-market timing difference and $41m of acquisition and integration costs as presented in the adjusted net-income reconciliation. Cash did not yet confirm the adjusted earnings bridge. Q1 2026 cash used in operating activities was $541m and payments for capital expenditures were $336m, so the single-quarter reported post-capex cash deficit was about $877m before dividends of $136m. Management's adjusted funds from operations was $530m, up from $392m, and full-year adjusted EPS guidance was raised to $9.00-$9.50, but management also guides to $1.5bn-$1.7bn of 2026 capex and $620m-$660m of net interest expense. The investment test is whether the higher adjusted earnings base converts into post-capex cash while total debt of $14.553bn and inventories of $15.428bn are being carried.

Bunge buys, stores, transports, processes and merchandises crops, especially soybeans, softseeds, tropical oils and grains. The business earns narrow spreads on very large physical flows rather than brand margins: in Q1 2026, $21.861bn of net sales produced only $184m of total EBIT on a reported basis and $561m of adjusted total EBIT after mark-to-market timing differences and certain charges.

The Viterra acquisition, completed on 2 July 2025, changed the scale of the company more than the nature of the economics. Viterra shareholders received about 65.6m Bunge registered shares valued at about $5.3bn and about $1.9bn in cash, and the acquired footprint expanded origination, grain handling and oilseed processing. That makes Bunge more relevant in global agricultural flows, but it also increases working-capital, debt and integration sensitivity.

Management is prioritizing integration, footprint breadth, and the conversion of a larger origination and processing base into adjusted earnings. The Q1 guide raise to $9.00-$9.50 of full-year adjusted EPS is the positive evidence; the counterweight is that reported cash used in operations was $541m in the same quarter, inventories rose to $15.428bn, and total debt rose to $14.553bn.