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- **Q3 Success**: Adjusted EPS $2.27 vs $2.29 prior year, despite macro challenges. Viterra integration driving 25% soy crush volume growth.
- **Full Year Guidance**: $7.30-$7.60 EPS (down 10%) reflects cautious outlook on trade/biofuel policies.
- **Synergy Capture**: $100M+ in 2026, with commercial synergies (origination/logistics) to drive long-term margin expansion.
- **Balance Sheet**: 2.2x leverage ratio, $1.2B free cash flow YTD, $545M share buybacks.
- **Key Risks**: Farmer/consumer spot market behavior, elevated global grain stocks, pending biofuel policy.

**【CEO Summary Section】**
- **Viterra Integration Success**: First quarter as a combined company, with tangible benefits from shared information, streamlined processes, and expanded origination and refining capabilities. 
- **Q3 Performance Highlights**: Adjusted EPS of $2.27, driven by strong soybean and softseed processing margins. Global soy crush volumes up 25% YoY due to Viterra's South American assets.
- **Full Year Guidance**: Adjusted EPS $7.30-$7.60 (down from prior $7.50-$8.00 range), reflecting macro uncertainty. Q4 EPS expected $4.00-$4.25.
- **Strategic Focus**: Emphasize risk management, operational efficiency, and long-term value creation through expanded global network.

**【CFO Financial Commentary】**
- **Financial Results**: 
  - Adjusted EBIT: $924M (vs $559M prior year)
  - Soybean Processing EBIT: $424M (vs $234M)
  - Softseed Processing EBIT: $189M (vs $103M)
  - Grain Merchandising EBIT: $111M (vs $121M)
- **Cash Flow**: $1.2B free cash flow YTD, with $545M share buybacks and $903M capex.
- **Leverage**: Adjusted net debt/EBITDA 2.2x, down from 2.4x prior year.
- **2025 Outlook**: 
  - Net interest expense $380-400M
  - Capex $1.6-1.7B
  - Depreciation $710M
  - Tax rate 23-25%

**【Q&A Key Highlights】**
- **Biofuel Policy**: Expect RVO final rule by end-2025, with full SRE allocation. Soybean oil demand improvement likely Q2 2026+.
- **Viterra Synergies**: $341M target, with $100M+ capture in 2026. Commercial synergies (e.g., origination/logistics) not yet quantified.
- **Capital Allocation**: 
  - $2B+ share buybacks since Viterra announcement
  - $1.6B+ capex for 2025 (includes $900M+ growth projects)
  - 2026+ capex expected to decline post-mega projects completion
- **Argentina Risks**: Political uncertainty offset by balanced global footprint. Argentina now 25% of combined soy crush vs 10% pre-merger.
- **2026 Outlook**: Higher grain merchandising volumes from North America/Europe harvests. Soy crush margins to benefit from policy clarity and crop size.

Bunge Global SA (BG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BG

BG fundamentals

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