Key Highlights

  • Adjusted EPS of USD 2.56 beat the consensus estimate of USD 2.41 and compared with USD 2.27 a year earlier.
  • Net sales of USD 23.80 billion rose 7% year over year and topped the consensus estimate of USD 23.28 billion.
  • Adjusted segment EBIT reached USD 997 million versus USD 924 million, while reported EPS was USD 1.64 after notable items.
  • Full year adjusted EPS guidance stays at USD 9.25 to USD 9.75 with the adjusted leverage ratio at 1.9x.

Bunge Global SA (NYSE:BG) reported third quarter 2026 adjusted earnings per share of USD 2.56, above a consensus estimate of USD 2.41 and up from USD 2.27 a year earlier. Net sales were USD 23.80 billion, ahead of a consensus estimate of USD 23.28 billion and 7% higher than the USD 22.16 billion recorded in the third quarter of 2025. Reported earnings per share were USD 1.64 versus USD 0.86 a year ago.

The gap between reported and adjusted results came from an unfavorable mark to market timing difference of USD 0.28 per share and notable items of USD 0.64 per share. Those items covered USD 0.43 tied to the announced sale of two sugarcane mills in Brazil, USD 0.11 of charges linked to the Ukraine and Russia conflict, and USD 0.10 of Viterra integration costs.

Segment Performance and Cash Deployment

Adjusted segment EBIT was USD 997 million compared with USD 924 million last year. In Soybean Processing and Refining, North America contributed most of the improvement on stronger processing, and South America improved on processing in Argentina and Brazil. Softseed Processing and Refining performed well in all regions, led by North America. Tropical Oils and Specialty Ingredients declined on trade disruption margins and commissioning costs and Grain Merchandising and Milling fell on weaker ocean freight, sugar and wheat milling.

For the first nine months, adjusted funds from operations were just over USD 2 billion. After USD 410 million of sustaining capital spending, the company paid USD 414 million in dividends, invested USD 753 million in growth capital spending, spent USD 105 million acquiring the IFF soy protein concentrate and processing businesses, and repurchased about USD 250 million of shares. Net debt exceeded readily marketable inventories by USD 1.2 billion, and about USD 8.5 billion of the USD 9.7 billion of committed credit facilities was unused.

Guidance and Project Pipeline

Chief Executive Officer Greg Heckman said the company is keeping its full year adjusted EPS range of USD 9.25 to USD 9.75 while describing the environment as hard to predict. The chief financial officer outlined 2026 items including an adjusted effective tax rate of 23% to 25%, net interest expense of USD 640 million to USD 670 million, depreciation and amortization of about USD 975 million, and capital spending toward the high end of USD 1.5 billion to USD 1.7 billion. Versus the prior outlook, segment results are forecast lower for Soybean Processing and Refining and Tropical Oils and Specialty Ingredients, and higher for Grain Merchandising and Milling.

Mr. Heckman said the joint venture with Chevron commissioned its Destrehan, Louisiana multi seed facility this month along with a barge unloader, leaving the Westzaan, Netherlands multi oil refinery as the last major project, targeted to start up in the first quarter of 2027. Management put the earnings contribution from these growth projects at about USD 0.50 per share in 2027.

Data Points to Follow Into 2027

The Westzaan start-up in the first quarter of 2027 and the USD 0.50 per share project contribution cited for next year are the headline project markers. Working capital, which the chief financial officer said is driven mainly by higher commodity prices, is projected to stay elevated through the end of the year and into early 2027. The Brazilian sugar mill sale, the Australian crop, and the decision on small refinery exemption reallocation are other items management named.