Bunge Global Raises Full-Year 2026 Adjusted EPS Outlook to $9.00–$9.50 as Q1 Processing and Refining Segments Outperform

Key Takeaways

• Bunge Global SA (NYSE: BG) reported Q1 2026 GAAP diluted EPS of $0.35 compared to $1.48 in Q1 2025, with net income of $68 million versus $201 million; on an adjusted basis, EPS was $1.83 compared to $1.81 in the prior year, with the GAAP gap primarily driven by $336 million in unfavorable mark-to-market timing differences on commodity and freight contracts.
• Adjusted Total EBIT rose 55% to $561 million from $362 million in Q1 2025, led by Soybean Processing and Refining (Adjusted Segment EBIT up 56% to $377 million) and Softseed Processing and Refining (Adjusted Segment EBIT up 138% to $195 million), both benefiting from the expanded capacity added through the Viterra acquisition.
• Bunge raised its full-year 2026 Adjusted EPS outlook to $9.00–$9.50, up from the prior range of $7.50–$8.00, citing first-quarter performance, current margin environment, and forward curve signals.
• Total grain and oilseed processing volumes expanded sharply year-over-year: soybeans processed rose to 10,757 thousand metric tons from 8,110 thousand mt, and softseeds processed rose to 3,281 thousand mt from 2,194 thousand mt, both reflecting the combined company’s increased production capacity in Argentina, Canada, and Europe.
• Adjusted funds from operations (FFO) were $530 million in Q1 2026 compared to $392 million in Q1 2025; the company reaffirmed capital expenditure guidance of $1.5–$1.7 billion for full-year 2026 and depreciation and amortization of approximately $975 million.

Bunge Posts Adjusted EPS of $1.83 in Q1 2026, Raises Full-Year Guidance

Bunge Global SA (NYSE: BG) reported Q1 2026 results on April 29, 2026. GAAP net income attributable to Bunge was $68 million, or $0.35 per diluted share, compared to $201 million, or $1.48 per diluted share, in Q1 2025. The year-over-year GAAP decline was primarily driven by $336 million in unfavorable mark-to-market timing differences on commodity, freight, and foreign exchange contracts in Q1 2026, compared to only $2 million in the prior-year quarter. Stripping out those timing effects and certain one-time items, Adjusted Net income per diluted share was $1.83, essentially flat with $1.81 in Q1 2025. Adjusted Total EBIT reached $561 million, up 55% from $362 million in Q1 2025. Following the quarter, Bunge raised its full-year 2026 Adjusted EPS guidance to $9.00–$9.50, up from the prior range of $7.50–$8.00.

“The Bunge team delivered a strong first quarter, executing with the discipline and speed that define this organization, while navigating one of the more rapidly changing market environments in recent years,” said Greg Heckman, Chief Executive Officer of Bunge. “Amid geopolitical uncertainty and shifting trade flows, our global platform performed as designed, enabling us to capture opportunities, manage risks, and connect farmers to consumers with the products, services, and solutions they need as they face increasing complexity.”

Soybean and Softseed Processing Drive Adjusted Segment EBIT to $661 Million

Soybean Processing and Refining, Bunge’s largest segment, generated Adjusted Segment EBIT of $377 million in Q1 2026, up 56% from $241 million in Q1 2025. Net sales reached $9.55 billion, with soybeans processed rising to 10,757 thousand metric tons from 8,110 thousand mt. Growth was led by Argentina and Brazil, with North America also delivering higher results across both processing and refining. The expanded production capacity added through the Viterra acquisition was a primary contributor to higher volumes.

Softseed Processing and Refining generated Adjusted Segment EBIT of $195 million, up 138% from $82 million in Q1 2025. Net sales were $3.90 billion, with softseeds processed rising to 3,281 thousand mt from 2,194 thousand mt. Gains were broad-based across Argentina, North America, Europe, Canada, and Australia, with the expanded origination footprint from the Viterra integration driving higher merchandised volumes.

Tropical Oils and Specialty Ingredients (formerly Other Oilseeds Processing and Refining) generated Adjusted Segment EBIT of $45 million compared to $23 million in Q1 2025, with higher results in Asia, Europe, and global oils merchandising activities partially offset by lower results in North America. Grain Merchandising and Milling generated Adjusted Segment EBIT of $44 million versus $60 million in Q1 2025; grain volumes surged to 26,558 thousand mt from 8,510 thousand mt, reflecting the expanded Viterra footprint, but lower ocean freight results more than offset gains in wheat milling.

Bunge’s Expanded Footprint Supports Outlook Upgrade for Full-Year 2026

Adjusted FFO was $530 million in Q1 2026 compared to $392 million in the prior-year period. Cash used in operations was $541 million compared to $285 million in Q1 2025, with the increase driven by lower GAAP net income and net working capital changes. An income tax benefit of $14 million was recognized in Q1 2026 compared to income tax expense of $80 million in Q1 2025, with the benefit primarily driven by tax credits in South America and lower pre-tax income. The adjusted effective tax rate for the quarter was approximately 18%.

For full-year 2026, Bunge expects Soybean Processing and Refining and Softseed Processing and Refining to be higher than its previous outlook, while Tropical Oils and Specialty Ingredients and Grain Merchandising and Milling are expected to be lower. Net interest expense guidance was revised to $620–$660 million from $575–$625 million. Capital expenditure guidance of $1.5–$1.7 billion and D&A of approximately $975 million were reaffirmed.

Bunge Q1 2026 Financial Summary

The following table summarizes Bunge’s Q1 2026 financial performance against Q1 2025 across key consolidated and segment metrics.

Read the full Q1 2026 financial statements and management commentary →