BG

Bunge Global SA

NYSE · CONSUMER STAPLES · FATS & OILS

102.23

−0.77 −0.75%

USD · close Oct 21

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MKT CAP $19.8BP/E 23.8DIV YIELD 2.74%FCF YIELD -5.85%REV TTM $80.5B +56.9%NET INCOME $683M −37.6%NET DEBT $10.5B52W 88.55 – 131.41SEC XBRL · TTM TO Invalid Date

How BG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

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Dropped

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New in FY2025

Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report, including: • the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia; • the effect of weather conditions and the impact of crop and animal disease on our business; • the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; • changes in government policies and laws affecting our business, including agricultural, trade, tariff and foreign investment policies, financial markets regulation and environmental, tax and biofuels regulation; • the impact of seasonality; • the outcome of pending regulatory and legal proceedings; • our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s business combination with Viterra Limited ("Viterra"); • the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries; • the effectiveness of our capital allocation plans, funding needs and financing sources; • the effectiveness of our risk management strategies; • operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents; • changes in foreign exchange policy or rates; • the impact of our dependence on third parties; • our ability to attract and retain executive management and key personnel; and • other factors affecting our business generally.
Business Overview We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world.
Our dedicated employees, integrated operations and global footprint give us access to key markets and a diverse agricultural network covering major crops.
These capabilities help us manage seasonal cycles, weather variability and other risks as we partner with farmers to move crops from where they are grown to where they are needed.
With more than 200 years of experience and operations in more than 50 countries, we are: • a leading global oilseed processor and producer of vegetable oils and protein meal, based on processing capacity and volume; • a leading global grain merchandiser, based on volume; • a leading seller of packaged plant-based oils worldwide, based on sales; and • a leading producer and seller of wheat flours, bakery mixes and related products in South America, based on volume.
Our global operations include purchasing, storing, transporting, processing, selling and distributing agricultural commodities and related products.
We also provide financial, risk management and logistics services to support our customers and enhance our value chains.
The commodities we source and markets we serve are essential to everyday life— from the grains and oilseeds that are part of the food supply chain, to the cotton used in clothing, to the energy products that power industries and transportation.
We operate facilities in North and South America, Europe, and Asia-Pacific, and maintain merchandising and distribution offices worldwide.
Operating Segments We conduct our operations through four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, which are organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods.
The Company’s remaining operations are classified as Corporate and Other.
The following summarizes the key characteristics of each of our operating segments.
Our transformative acquisition (the "Acquisition") of Viterra, which is discussed below, impacts the Soybean Processing and Refining, Softseed Processing and Refining, and Grain Merchandising and Milling segments.
Soybean Processing and Refining Segment Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution.
We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed and biofuel industries, through a global network of facilities.
Key Commodities Soybean, Soybean Meal, Soybean Oil Key Regions and Processing Capacity 47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe Customers Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products Raw Materials Globally sourced directly from farmers or indirectly through intermediaries.
Competition Due to the commodity nature, markets for our soybeans, soybean meal, and crude soybean oil are highly competitive and subject to product substitution.
Competition for refined soybean oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion.
Key Competitors Archer Daniels Midland Co.
("ADM"), Cargill Incorporated ("Cargill"), Louis Dreyfus Company B.V.
(“Louis Dreyfus”), Wilmar International Limited ("Wilmar"), and COFCO International, as well as a variety of regional players in each region Financial Services and Activities To secure our annual supply of raw materials, particularly in Brazil, we provide financing services to farmers from whom we purchase soybeans and other agricultural commodities.
Our farmer financing activities are an integral part of our grain and oilseed origination operations.
Recent Acquisitions/ Dispositions On March 4, 2025, we completed the divestment of 40% of our Spanish operating subsidiary, Bunge Iberica SA ("BISA"), which operates three industrial facilities in Spain, to Repsol SA.
We maintain a controlling financial interest in BISA and continue to consolidate the entity.
Softseed Processing and Refining Segment Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution.
Key Commodities Canola/Rapeseed, Sunflower Seed, Canola/Rapeseed Meal, Sunflower Meal, Canola/Rapeseed Oil, Sunflower Oil Key Regions and Processing Capacity 53% in Europe, 30% in North America, 13% in South America, and 4% in Asia-Pacific Customers Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products Raw Materials Globally sourced directly from farmers or indirectly through intermediaries.
Competition Due to the commodity nature, markets for our softseeds, softseed meal, and crude softseed oil are highly competitive and subject to product substitution.
Competition for refined softseed oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion.
Key Competitors ADM, Cargill, Louis Dreyfus, and Wilmar, as well as a variety of regional players in each region Recent Acquisitions/ Dispositions In 2025, Bunge acquired an oilseed crush operation in western Ukraine from Varthomio ("ViOil").
On February 3, 2023, we completed the disposition of our Russian operations.
Other Oilseeds Processing and Refining Segment Our Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products.
Key Commodities Palm Oil, Palm Kernel Oil, Shea Butter, Coconut Oil, various other Seed Oils, Soy Protein Concentrates, and Textured Soy Flour Key Regions We have processing, refining, and packaging facilities in North America, Europe, Asia-Pacific, and Africa.
We also have tolling operations in South America.
Our other oilseeds processing and refining business comprises our business to business ("B2B") and business to consumer ("B2C") refined and specialty oils offerings, including our 80% ownership interest in our Loders joint venture with IOI Corporation Berhad.
Our soy protein concentrate business is primarily located in North America.
Products We refine and fractionate tropical oils, including palm oil, palm kernel oil, coconut oil, and shea butter, and blend and refine with various other vegetable oils, including soybean, rapeseed/canola, and sunflower oils.
Additionally, we produce specialty ingredients derived from soybeans, such as soy protein concentrate, which is used in a broad range of food and feed applications.
Customers Leading customers include baked goods companies, snack food producers, confectioners, restaurant chains, food service operators, human nutrition companies, meat producers, meat alternative producers, petfood companies, and other food manufacturers who use vegetable oils, shortenings, and soy protein concentrate as ingredients in their operations.
Raw Materials Globally sourced directly from farmers, plantations, processors, other refiners, or indirectly through intermediaries.
Key Competitors ADM, AAK AB, Cargill, Fuji Oil Co.

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Gone since FY2024

Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report, including: • the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia; • the effect of weather conditions and the impact of crop and animal disease on our business; • the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; • changes in government policies and laws affecting our business, including agricultural and trade (including tariff) policies, financial markets regulation and environmental, tax and biofuels regulation; • the impact of seasonality; • the impact of government policies and regulations; • the outcome of pending regulatory and legal proceedings; • our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s pending business combination with Viterra Limited ("Viterra"); • the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries; • the effectiveness of our capital allocation plans, funding needs and financing sources; • the effectiveness of our risk management strategies; • operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents; • changes in foreign exchange policy or rates; • the impact of our dependence on third parties; • our ability to attract and retain executive management and key personnel; and • other factors affecting our business generally.
Summary Risk Factors The Company is subject to a number of risks that if realized could materially adversely affect its business, results of operations, cash flow, financial condition or prospects.
The following is a summary of the principal risk factors facing the Company: We are subject to risks related to our business and industries, including risks involving: • adverse weather conditions, including as a result of climate change, and their impact on the availability, quality and price of agricultural commodities and agricultural commodity products; • the ongoing war between Russia and Ukraine; • fluctuations in agricultural commodity and other raw material prices and energy prices; • the impact of seasonality; • intense competition we face in each of our businesses; • the effects of supply and demand imbalances in our industries; • global and regional economic downturns and related risks; • economic, political, and other risks of doing business globally and in emerging markets; • government policies and regulations affecting the agricultural sector and related industries; • realizing the anticipated benefits of acquisitions, divestitures or joint ventures; • industry risks; • compliance with applicable laws and regulations globally; • credit and counterparty risk; • our dependence on cash provided by our operations as well as access to external financing; • the effectiveness of our risk management strategies; • the loss of, or a disruption in, our manufacturing and distribution operations or other operations and systems; • interruptions, security breaches or failures in our information technology systems, processes and sites; • changes in tax laws or exposure to additional tax liabilities; • our dependence on a wide array of third parties; • public health crises, pandemics and epidemics; and • our dependence on our executive management and other key personnel.
We are subject to risks relating to our registered shares, including risks involving: • the fact that we are a Swiss corporation and the rights of our shareholders are governed by Swiss law; and • anti-takeover provisions in our Articles of Association.
We are subject to risks relating to the pending Viterra Acquisition (as defined below), including risks involving: • our shareholders having reduced ownership and voting interest in and less influence over management of the combined company; • disruptions in business relationships due to uncertainty associated with the Acquisition; • prohibitions from entering into certain transactions and taking certain actions that might otherwise be beneficial to us, Viterra and/or our respective shareholders until the completion or termination of the Acquisition; • third parties terminating or altering existing contracts or relationships with us or Viterra; • obtaining required approvals and satisfying closing conditions; • potential termination of the Acquisition; • difficulty attracting, motivating and retaining executives and other key employees in light of the uncertainty associated with the Acquisition; • shareholder lawsuits relating to the Acquisition; • the incurrence of debt to fund the pending acquisition of Viterra; • significant expenses in connection with the Acquisition, regardless of whether the Acquisition is completed; and • the adequacy of our due diligence investigation of Viterra.
We are subject to risks relating to the combined company pending the Viterra Acquisition, including risks involving: • failure to realize the anticipated benefits of the Acquisition; • the incurrence of significant integration-related costs in connection with the Acquisition and realizing the anticipated synergies of the combined company; • the ability of certain shareholders to exercise influence over the composition of Bunge's Board of Directors ("Board"), matters subject to shareholder approval and/or our operations; • Bunge’s historical shareholders having reduced ownership and voting interest in and exercising less influence over management of the Company post-Acquisition; The above list is not exhaustive, and the Company faces additional challenges and risks.
You should carefully consider all of the information set forth in this Annual Report, including in "Item 1A.
Business Business Overview We are a leading global agribusiness and food company with integrated operations that stretch from farmer to consumer.
We believe we are a leading: • global oilseed processor and producer of vegetable oils and protein meals, based on processing capacity; • global grain processor, based on volume; • seller of packaged plant-based oils worldwide, based on sales; and • producer and seller of wheat flours, bakery mixes, and corn-based products in North and South America, based on volume.
We conduct our operations via four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods.
The Company’s remaining operations are not reportable segments and are classified as Corporate and Other.
We further organize these reportable segments into Core operations and Non-core operations.
Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling segments.
Our Agribusiness segment is an integrated, global business principally involved in the purchase, storage, transportation, processing and sale of agricultural commodities and commodity products.
Our Agribusiness operations and assets are located in North and South America, Europe, and Asia-Pacific, and we have merchandising and distribution offices throughout the world.
The Refined and Specialty Oils segment includes businesses that sell vegetable oils and fats, including cooking oils, shortenings, specialty ingredients, and renewable diesel feedstocks.
The operations and assets of our Refined and Specialty Oils segment are primarily located in North and South America, Europe and Asia-Pacific.
The Milling segment includes businesses that sell wheat flours, bakery mixes, and corn-based products.
The operations and assets of our Milling segment are located in North and South America.
During the third quarter of 2022, we completed the sale of our wheat milling business in Mexico.
Non-core operations includes our Sugar and Bioenergy segment, which was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture.
On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia to BP Biofuels Brazil Investment Limited ("BP").
Pending Business Combination with Viterra Limited On June 13, 2023, Bunge Limited entered into a definitive business combination agreement (the "Business Combination Agreement") with Viterra and its shareholders, including certain affiliates of Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investments"), and British Columbia Investment Management Corporation ("BCI") (collectively, the "Viterra Shareholder Group"), to acquire Viterra in a stock and cash transaction (the "Acquisition").
Bunge Limited shareholders approved the Acquisition at an extraordinary general meeting held on October 5, 2023.
Viterra operates a leading network of agricultural storage, processing and transport assets connecting producers to consumers with sustainable, traceable and quality-controlled agricultural products.
The Acquisition is expected to create an innovative global agribusiness company well-positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.
Pursuant to the terms of the Business Combination Agreement, the Viterra Shareholder Group are anticipated to receive approximately 65.6 million of registered shares of Bunge, with an aggregate value of approximately $5.1 billion as of December 31, 2024 and receive approximately $2.0 billion in cash (collectively, the "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra.
The determination of the final value of the Transaction Consideration will depend on the Company’s share price at the time of closing.
Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023.
The Acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions.
The Acquisition is expected to receive the remaining regulatory approvals and close in the next few months.
The Business Combination Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights.
If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Viterra Shareholder Group a fee of $400 million in the aggregate.
The change of the jurisdiction of incorporation of our group holding company from Bermuda to Switzerland was completed on November 1, 2023.
Core Segments Agribusiness Segment Overview —Our Agribusiness segment is an integrated, global business involved in purchasing, storing, transporting, processing, and selling agricultural commodities and commodity products while managing risk across various value chains.
The principal agricultural commodities that we handle in this segment are oilseeds, primarily soybeans, rapeseed, canola, and sunflower seed, and grains, primarily wheat and corn.
We process oilseeds into vegetable oils and protein meals, principally for the food, animal feed and biofuel industries, through a global network of facilities.
Our footprint is well balanced, with approximately 31% of our processing capacity located in North America, 27% in South America, 25% in Europe and 17% in Asia-Pacific.
Recent Acquisitions —On October 10, 2023, we entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A.
Operations of CJ primarily consist of an oilseed processing facility located in Brazil.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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