Bunge Reports Fourth Quarter and Full-Year 2025 Results
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260204125074/en/
-
Full-year GAAP diluted EPS of
$4.93 vs.$7.99 in the prior year;$7.57 vs.$9.19 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences -
Q4 GAAP diluted EPS of
$0.49 vs.$4.36 in the prior year;$1.99 vs.$2.13 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences - Higher Q4 adjusted EBIT in all segments, driven by disciplined execution and the Company’s expanded footprint and capabilities
- 2025 was a year of significant achievement that strengthened the Company’s position for the future
- Overview
“While forward visibility remains limited amid dynamic market conditions, our expanded capabilities, more balanced global footprint and diversified value chains give us the tools to better adapt, manage risk, and continue connecting farmers to global demand for food, feed and fuel in any environment. We look forward to sharing more details on our long-term outlook, synergy capture, and capital allocation priorities at our Investor Day on March 10.”
- Financial Highlights
|
Quarter Ended
|
|
Year Ended
|
|||||||||||
|
(US$ in millions, except per share data) |
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net income attributable to |
$ |
95 |
|
$ |
602 |
|
|
$ |
816 |
|
$ |
1,137 |
|
|
Net income per share from continuing operations-diluted (a) |
$ |
0.49 |
|
$ |
4.36 |
|
|
$ |
4.93 |
|
$ |
7.99 |
|
|
|
|
|
|
|
|
||||||||
|
Mark-to-market timing differences (b) |
$ |
0.55 |
|
$ |
(1.25 |
) |
|
$ |
1.18 |
|
$ |
0.72 |
|
|
Certain (gains) & charges (c) |
|
0.95 |
|
|
(0.98 |
) |
|
|
1.46 |
|
|
0.48 |
|
|
Adjusted Net income per share from continuing operations-diluted (a) (d) |
$ |
1.99 |
|
$ |
2.13 |
|
|
$ |
7.57 |
|
$ |
9.19 |
|
|
|
|
|
|
|
|
||||||||
|
Segment EBIT (d) (e) |
$ |
598 |
|
$ |
732 |
|
|
$ |
2,329 |
|
$ |
2,159 |
|
|
Mark-to-market timing differences (b) |
|
135 |
|
|
(180 |
) |
|
|
255 |
|
|
163 |
|
|
Certain (gains) & charges (c) |
|
23 |
|
|
(6 |
) |
|
|
(125 |
) |
|
13 |
|
|
Adjusted Segment EBIT (d) |
$ |
756 |
|
$ |
546 |
|
|
$ |
2,459 |
|
$ |
2,335 |
|
|
|
|
|
|
|
|
||||||||
|
Corporate and Other EBIT (d)(f) |
$ |
(334 |
) |
$ |
35 |
|
|
$ |
(796 |
) |
$ |
(367 |
) |
|
Certain (gains) & charges (c) |
|
200 |
|
|
(136 |
) |
|
|
371 |
|
|
49 |
|
|
Adjusted Corporate and Other EBIT (d) |
$ |
(134 |
) |
$ |
(101 |
) |
|
$ |
(425 |
) |
$ |
(318 |
) |
|
|
|
|
|
|
|
||||||||
|
Total EBIT (d) |
$ |
264 |
|
$ |
767 |
|
|
$ |
1,533 |
|
$ |
1,792 |
|
|
Mark-to-market timing differences (b) |
|
135 |
|
|
(180 |
) |
|
|
255 |
|
|
163 |
|
|
Certain (gains) & charges (c) |
|
223 |
|
|
(142 |
) |
|
|
246 |
|
|
62 |
|
|
Adjusted Total EBIT (d) |
$ |
622 |
|
$ |
445 |
|
|
$ |
2,034 |
|
$ |
2,017 |
|
| (a) |
In the third quarter of 2025, |
|
| (b) |
Mark-to-market timing impact of certain commodity, freight, and foreign exchange contracts, readily marketable inventories ("RMI"), and related economic hedges associated with committed future operating capacity and sales. See note 2 in the Additional Financial Information section of this release for details. |
|
| (c) |
Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to |
|
| (d) |
Segment earnings before interest and tax ("Segment EBIT"), Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share from continuing operations-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable |
|
| (e) |
Segment EBIT comprises the aggregate EBIT of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments, and excludes Corporate and Other activities. |
|
| (f) |
Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra acquisition, that are not allocated to the Company’s individual reporting segments, as well as certain other activities including |
- Fourth Quarter and Full-Year 2025 Results
Reportable Segments
Soybean Processing and Refining
|
Quarter Ended |
|
Year Ended |
|||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Volumes (in thousand metric tons) |
|
|
|
|
|
||||||||
|
Soybeans processed |
|
11,460 |
|
|
9,645 |
|
|
|
41,013 |
|
|
36,824 |
|
|
Soybeans merchandised |
|
6,912 |
|
|
5,224 |
|
|
|
20,489 |
|
|
15,399 |
|
|
Refined soy oil production |
|
919 |
|
|
908 |
|
|
|
3,612 |
|
|
3,528 |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
11,045 |
|
$ |
8,374 |
|
|
$ |
36,313 |
|
$ |
31,930 |
|
|
|
|
|
|
|
|
||||||||
|
Gross Profit |
$ |
374 |
|
$ |
602 |
|
|
$ |
1,765 |
|
$ |
1,414 |
|
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
$ |
(187 |
) |
$ |
(121 |
) |
|
$ |
(552 |
) |
$ |
(465 |
) |
|
|
|
|
|
|
|
||||||||
|
Foreign exchange gains (losses) - net |
$ |
(44 |
) |
$ |
(70 |
) |
|
$ |
(35 |
) |
$ |
(128 |
) |
|
|
|
|
|
|
|
||||||||
|
EBIT attributable to noncontrolling interests |
$ |
11 |
|
$ |
(20 |
) |
|
$ |
(2 |
) |
$ |
(8 |
) |
|
|
|
|
|
|
|
||||||||
|
Other income (expense) - net |
$ |
— |
|
$ |
13 |
|
|
$ |
27 |
|
$ |
110 |
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) from affiliates |
$ |
3 |
|
$ |
5 |
|
|
$ |
22 |
|
$ |
(51 |
) |
|
|
|
|
|
|
|
||||||||
|
Segment EBIT |
$ |
157 |
|
$ |
409 |
|
|
$ |
1,225 |
|
$ |
872 |
|
|
Mark-to-market timing differences |
|
129 |
|
|
(111 |
) |
|
|
84 |
|
|
338 |
|
|
Certain (gains) & charges |
|
16 |
|
|
— |
|
|
|
16 |
|
|
19 |
|
|
Adjusted Segment EBIT |
$ |
302 |
|
$ |
298 |
|
|
$ |
1,325 |
|
$ |
1,229 |
|
Slightly higher segment results were primarily driven by
Higher processed volumes were largely attributable to the combined company’s expanded production capacity in
Softseed Processing and Refining
|
|
Quarter Ended |
|
Year Ended |
||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Volumes (in thousand metric tons) |
|
|
|
|
|
||||||||
|
Softseeds processed |
|
3,481 |
|
|
2,410 |
|
|
|
10,751 |
|
|
9,308 |
|
|
Softseeds merchandised |
|
1,621 |
|
|
237 |
|
|
|
2,763 |
|
|
755 |
|
|
Refined oil production |
|
781 |
|
|
767 |
|
|
|
2,883 |
|
|
2,903 |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
4,545 |
|
$ |
1,808 |
|
|
$ |
11,252 |
|
$ |
6,951 |
|
|
|
|
|
|
|
|
||||||||
|
Gross Profit |
$ |
234 |
|
$ |
198 |
|
|
$ |
677 |
|
$ |
854 |
|
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
$ |
(81 |
) |
$ |
(42 |
) |
|
$ |
(212 |
) |
$ |
(146 |
) |
|
|
|
|
|
|
|
||||||||
|
Foreign exchange gains (losses) - net |
$ |
36 |
|
$ |
(12 |
) |
|
$ |
79 |
|
$ |
(27 |
) |
|
|
|
|
|
|
|
||||||||
|
EBIT attributable to noncontrolling interests |
$ |
(2 |
) |
$ |
— |
|
|
$ |
(4 |
) |
$ |
— |
|
|
|
|
|
|
|
|
||||||||
|
Other income (expense) - net |
$ |
(4 |
) |
$ |
(4 |
) |
|
$ |
(14 |
) |
$ |
(18 |
) |
|
|
|
|
|
|
|
||||||||
|
Income (loss) from affiliates |
$ |
1 |
|
$ |
— |
|
|
$ |
(5 |
) |
$ |
— |
|
|
|
|
|
|
|
|
||||||||
|
Segment EBIT |
$ |
184 |
|
$ |
140 |
|
|
$ |
521 |
|
$ |
663 |
|
|
Mark-to-market timing differences |
|
25 |
|
|
(64 |
) |
|
|
59 |
|
|
(97 |
) |
|
Certain (gains) & charges |
|
— |
|
|
(1 |
) |
|
|
— |
|
|
(1 |
) |
|
Adjusted Segment EBIT |
$ |
209 |
|
$ |
75 |
|
|
$ |
580 |
|
$ |
565 |
|
Higher segment results were primarily driven by higher average processing margins and the addition of Viterra's softseed assets and capabilities. In
Higher softseed processed volumes primarily reflected the combined company’s increased production capacity in
Other Oilseeds Processing and Refining
|
|
Quarter Ended |
|
Year Ended |
||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Volumes (in thousand metric tons) |
|
586 |
|
|
649 |
|
|
|
2,467 |
|
|
2,561 |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
1,191 |
|
$ |
1,117 |
|
|
$ |
4,633 |
|
$ |
4,151 |
|
|
|
|
|
|
|
|
||||||||
|
Gross Profit |
$ |
109 |
|
$ |
80 |
|
|
$ |
377 |
|
$ |
538 |
|
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
$ |
(55 |
) |
$ |
(69 |
) |
|
$ |
(231 |
) |
$ |
(254 |
) |
|
|
|
|
|
|
|
||||||||
|
Foreign exchange gains (losses) - net |
$ |
(3 |
) |
$ |
— |
|
|
$ |
(8 |
) |
$ |
(21 |
) |
|
|
|
|
|
|
|
||||||||
|
EBIT attributable to noncontrolling interests |
$ |
(3 |
) |
$ |
(3 |
) |
|
$ |
(13 |
) |
$ |
(33 |
) |
|
|
|
|
|
|
|
||||||||
|
Other income (expense) - net |
$ |
(2 |
) |
$ |
(2 |
) |
|
$ |
(7 |
) |
$ |
(15 |
) |
|
|
|
|
|
|
|
||||||||
|
Segment EBIT |
$ |
46 |
|
$ |
6 |
|
|
$ |
118 |
|
$ |
216 |
|
|
Mark-to-market timing differences |
|
22 |
|
|
20 |
|
|
|
49 |
|
|
(39 |
) |
|
Certain (gains) & charges |
|
— |
|
|
— |
|
|
|
1 |
|
|
— |
|
|
Adjusted Segment EBIT |
$ |
68 |
|
$ |
26 |
|
|
$ |
168 |
|
$ |
177 |
|
Higher segment results reflected stronger specialty oils performances in
Grain Merchandising and Milling
|
|
Quarter Ended |
|
Year Ended |
||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Volumes (in thousand metric tons) |
|
26,194 |
|
|
8,344 |
|
|
|
67,166 |
|
|
36,660 |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
6,982 |
|
$ |
2,242 |
|
|
$ |
18,128 |
|
$ |
10,073 |
|
|
|
|
|
|
|
|
||||||||
|
Gross Profit |
$ |
307 |
|
$ |
224 |
|
|
$ |
608 |
|
$ |
615 |
|
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
$ |
(125 |
) |
$ |
(58 |
) |
|
$ |
(391 |
) |
$ |
(261 |
) |
|
|
|
|
|
|
|
||||||||
|
Foreign exchange (losses) gains – net |
$ |
(42 |
) |
$ |
(8 |
) |
|
$ |
(83 |
) |
$ |
(18 |
) |
|
|
|
|
|
|
|
||||||||
|
EBIT attributable to noncontrolling interests |
$ |
(5 |
) |
$ |
(2 |
) |
|
$ |
(11 |
) |
$ |
(2 |
) |
|
|
|
|
|
|
|
||||||||
|
Other income (expense) - net |
$ |
68 |
|
$ |
17 |
|
|
$ |
331 |
|
$ |
81 |
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) from affiliates |
$ |
8 |
|
$ |
4 |
|
|
$ |
11 |
|
$ |
(7 |
) |
|
|
|
|
|
|
|
||||||||
|
Segment EBIT |
$ |
211 |
|
$ |
177 |
|
|
$ |
465 |
|
$ |
408 |
|
|
Mark-to-market timing differences |
|
(41 |
) |
|
(25 |
) |
|
|
63 |
|
|
(39 |
) |
|
Certain (gains) & charges |
|
7 |
|
|
(5 |
) |
|
|
(142 |
) |
|
(5 |
) |
|
Adjusted Segment EBIT |
$ |
177 |
|
$ |
147 |
|
|
$ |
386 |
|
$ |
364 |
|
Higher segment results were primarily driven by global wheat and barley merchandising and wheat milling, partially offset by lower global corn merchandising and ocean freight. Higher volumes primarily reflected the company’s expanded grain‑handling footprint and capabilities, along with large global grain crops. Prior year results included corn milling, which was divested in 2025.
Corporate and Other
|
Quarter Ended |
|
Year Ended |
|||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Gross Profit |
$ |
(13 |
) |
$ |
(23 |
) |
|
$ |
(18 |
) |
$ |
(28 |
) |
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
$ |
(189 |
) |
$ |
(161 |
) |
|
$ |
(727 |
) |
$ |
(650 |
) |
|
|
|
|
|
|
|
||||||||
|
Foreign exchange gains (losses) - net |
$ |
(12 |
) |
$ |
2 |
|
|
$ |
(4 |
) |
$ |
5 |
|
|
|
|
|
|
|
|
||||||||
|
Other income (expense) - net |
$ |
(119 |
) |
$ |
206 |
|
|
$ |
(48 |
) |
$ |
284 |
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) from affiliates |
$ |
(2 |
) |
$ |
11 |
|
|
$ |
(2 |
) |
$ |
19 |
|
|
|
|
|
|
|
|
||||||||
|
Corporate and Other EBIT |
$ |
(334 |
) |
$ |
35 |
|
|
$ |
(796 |
) |
$ |
(367 |
) |
|
Certain (gains) & charges |
|
200 |
|
|
(136 |
) |
|
|
371 |
|
|
49 |
|
|
Adjusted Corporate and Other EBIT |
$ |
(134 |
) |
$ |
(101 |
) |
|
$ |
(425 |
) |
$ |
(318 |
) |
Corporate
|
|
Quarter Ended |
|
Year Ended |
||||||||||
|
(US$ in millions) |
|
|
|
|
|
||||||||
|
Corporate EBIT |
$ |
(315 |
) |
$ |
(164 |
) |
|
$ |
(800 |
) |
$ |
(626 |
) |
|
Certain (gains) & charges |
|
170 |
|
|
59 |
|
|
|
341 |
|
|
244 |
|
|
Adjusted Corporate EBIT |
$ |
(145 |
) |
$ |
(105 |
) |
|
$ |
(459 |
) |
$ |
(382 |
) |
Other
|
|
Quarter Ended |
|
Year Ended |
|||||||||
|
(US$ in millions) |
|
|
|
|
|
|||||||
|
Other EBIT |
$ |
(19 |
) |
$ |
199 |
|
|
$ |
4 |
$ |
259 |
|
|
Certain (gains) & charges |
|
30 |
|
|
(195 |
) |
|
|
30 |
|
(195 |
) |
|
Adjusted Other EBIT |
$ |
11 |
|
$ |
4 |
|
|
$ |
34 |
$ |
64 |
|
The increase in Corporate expenses was primarily driven by the addition of Viterra. Higher Other results primarily reflected the company's captive insurance program, partially offset by
Cash Flow
|
|
Year Ended |
||||
|
(US$ in millions) |
|
|
|||
|
Cash provided by (used for) operating activities |
$ |
844 |
$ |
1,900 |
|
|
Certain reconciling items to Adjusted funds from operations (3) |
|
889 |
|
(218 |
) |
|
Adjusted funds from operations (3) |
$ |
1,733 |
$ |
1,682 |
|
Cash provided by operations during the year was
Income Taxes
The decrease in income tax expense for both the quarter and full year was primarily due to lower pre-tax income and a net benefit on various outstanding tax matters. Adjusting for notable items and mark-to-market timing differences, the full year adjusted effective income tax rate was approximately 23% for both the current and prior year. (4)
- Outlook(5)
Taking into account the current margin and macro environment and forward curves,
The Company expects the following for 2026: an adjusted annual effective tax rate in the range of 23% to 27%; net interest expense in the range of
- Conference Call and Webcast Details
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.
To access the webcast, go to “Events & Presentations” under “News & Events” in the “Investor Center” section of the company’s website. Select “Q4 2025
To listen to the call, please dial 1-844-735-3666. If you are located outside
A call replay will be available later in the day on
-
About
Bunge
At
- Website Information
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases,
- Cautionary Statement Concerning Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:
-
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 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.
The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended
- Additional Financial Information
Certain gains and (charges), quarter-to-date
The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to
|
(US$ in millions, except per share data) |
Net Income (Loss)
|
Earnings
|
EBIT |
|||||||||||||||
|
Quarter Ended |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reportable Segments: |
$ |
(18 |
) |
$ |
5 |
|
$ |
(0.09 |
) |
$ |
0.03 |
|
$ |
(23 |
) |
$ |
6 |
|
|
Soybean Processing and Refining |
$ |
(11 |
) |
$ |
— |
|
$ |
(0.06 |
) |
$ |
— |
|
$ |
(16 |
) |
$ |
— |
|
|
Reserve for an equity method investment |
|
(10 |
) |
|
— |
|
|
(0.05 |
) |
|
— |
|
|
(15 |
) |
|
— |
|
|
Acquisition and integration costs |
|
(1 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(1 |
) |
|
— |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Softseed Processing and Refining |
$ |
— |
|
$ |
1 |
|
$ |
— |
|
$ |
0.01 |
|
$ |
— |
|
$ |
1 |
|
|
Ukraine- |
|
— |
|
|
1 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other Oilseeds Processing and Refining |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Grain Merchandising and Milling |
$ |
(7 |
) |
$ |
4 |
|
$ |
(0.03 |
) |
$ |
0.02 |
|
$ |
(7 |
) |
$ |
5 |
|
|
Acquisition and integration costs |
|
(7 |
) |
|
— |
|
|
(0.03 |
) |
|
— |
|
|
(7 |
) |
|
— |
|
|
Ukraine- |
|
— |
|
|
4 |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
5 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate and Other: |
$ |
(167 |
) |
$ |
130 |
|
$ |
(0.86 |
) |
$ |
0.95 |
|
$ |
(200 |
) |
$ |
136 |
|
|
Pension settlement |
|
(88 |
) |
|
— |
|
|
(0.46 |
) |
|
— |
|
|
(118 |
) |
|
— |
|
|
Acquisition and integration costs |
|
(49 |
) |
|
(58 |
) |
|
(0.25 |
) |
|
(0.41 |
) |
|
(52 |
) |
|
(59 |
) |
|
Impairment of long-term investments |
|
(30 |
) |
|
— |
|
|
(0.15 |
) |
|
— |
|
|
(30 |
) |
|
— |
|
|
Gain on sale of equity method investment |
|
— |
|
|
188 |
|
|
— |
|
|
1.36 |
|
|
— |
|
|
195 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total |
$ |
(185 |
) |
$ |
135 |
|
$ |
(0.95 |
) |
$ |
0.98 |
|
$ |
(223 |
) |
$ |
142 |
|
|
See Definition and Reconciliation of Non-GAAP Measures. |
||||||||||||||||||
Reportable Segments
Soybean Processing and Refining
EBIT for the quarter ended
EBIT for the quarter ended
Softseed Processing and Refining
EBIT for the quarter ended
Grain Merchandising and Milling
EBIT for the quarter ended
EBIT for the quarter ended
Corporate and Other
EBIT for the quarter ended
The following is a summary of acquisition and integration costs related to the completed business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
|
|
Quarter Ended |
|||||
|
(US$ in millions) |
|
2025 |
|
|
2024 |
|
|
Cost of goods sold |
$ |
(4 |
) |
$ |
— |
|
|
Selling, general and administrative expenses |
|
(48 |
) |
$ |
(47 |
) |
|
Interest expense |
|
(8 |
) |
|
(4 |
) |
|
Other income (expense) — net |
|
— |
|
|
(12 |
) |
|
Income tax (expense) benefit |
|
11 |
|
|
5 |
|
|
Net income (loss) |
$ |
(49 |
) |
$ |
(58 |
) |
EBIT for the quarter ended
EBIT for the quarter ended
Certain gains and (charges), year-to-date
The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to
|
(US$ in millions, except per share data) |
Net Income (Loss)
|
Earnings
|
EBIT |
|||||||||||||||
|
Year Ended |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reportable Segments: |
$ |
93 |
|
$ |
(14 |
) |
$ |
0.55 |
|
$ |
(0.10 |
) |
$ |
125 |
|
$ |
(13 |
) |
|
Soybean Processing and Refining |
$ |
(11 |
) |
$ |
(19 |
) |
$ |
(0.07 |
) |
$ |
(0.13 |
) |
$ |
(16 |
) |
$ |
(19 |
) |
|
Reserve for an equity method investment |
|
(10 |
) |
|
— |
|
|
(0.06 |
) |
|
— |
|
|
(15 |
) |
|
— |
|
|
Acquisition and integration costs |
|
(1 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(1 |
) |
|
— |
|
|
Impairment of equity method investment |
|
— |
|
|
(19 |
) |
|
— |
|
|
(0.13 |
) |
|
— |
|
|
(19 |
) |
|
|
|
|
|
|
|
|
||||||||||||
|
Softseed Processing and Refining |
$ |
— |
|
$ |
1 |
|
$ |
— |
|
$ |
0.01 |
|
$ |
— |
|
$ |
1 |
|
|
Ukraine- |
|
— |
|
|
1 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other Oilseed Processing and Refining |
$ |
(1 |
) |
$ |
— |
|
$ |
(0.01 |
) |
$ |
— |
|
$ |
(1 |
) |
$ |
— |
|
|
Acquisition and integration costs |
|
(1 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(1 |
) |
|
— |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Grain Merchandising and Milling |
$ |
105 |
|
$ |
4 |
|
$ |
0.63 |
|
$ |
0.02 |
|
$ |
142 |
|
$ |
5 |
|
|
Gain on sale of a business |
|
118 |
|
|
— |
|
|
0.71 |
|
|
— |
|
|
155 |
|
|
— |
|
|
Acquisition and integration costs |
|
(13 |
) |
|
— |
|
|
(0.08 |
) |
|
— |
|
|
(13 |
) |
|
— |
|
|
Ukraine- |
|
— |
|
|
4 |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
5 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate and Other: |
$ |
(336 |
) |
$ |
(55 |
) |
$ |
(2.01 |
) |
$ |
(0.38 |
) |
$ |
(371 |
) |
$ |
(49 |
) |
|
Acquisition and integration costs |
|
(218 |
) |
|
(243 |
) |
|
(1.30 |
) |
|
(1.70 |
) |
|
(223 |
) |
|
(244 |
) |
|
Pension settlement |
|
(88 |
) |
|
— |
|
|
(0.53 |
) |
|
— |
|
|
(118 |
) |
|
— |
|
|
Impairment of long-term investments |
|
(30 |
) |
|
— |
|
|
(0.18 |
) |
|
— |
|
|
(30 |
) |
|
— |
|
|
Gain on sale of equity method investment |
|
— |
|
|
188 |
|
|
— |
|
|
1.32 |
|
|
— |
|
|
195 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total |
$ |
(243 |
) |
$ |
(69 |
) |
$ |
(1.46 |
) |
$ |
(0.48 |
) |
$ |
(246 |
) |
$ |
(62 |
) |
|
See Definition and Reconciliation of Non-GAAP Measures. |
||||||||||||||||||
Reportable Segments
Soybean Processing and Refining
EBIT for the year ended
EBIT for the year ended
EBIT for the year ended
Softseed Processing and Refining
EBIT for the year ended
Other Oilseeds Processing and Refining
EBIT for year ended
Grain Merchandising and Milling
EBIT for the year ended
EBIT for the year ended
EBIT for the year ended
Corporate and Other
The following is a summary of acquisition and integration costs related to the completed business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
|
|
Year Ended |
|||||
|
(US$ in millions) |
|
2025 |
|
|
2024 |
|
|
Cost of goods sold |
$ |
(7 |
) |
$ |
(5 |
) |
|
Selling, general and administrative expenses |
|
(216 |
) |
|
(227 |
) |
|
Interest expense |
|
(28 |
) |
|
(17 |
) |
|
Other income (expense) — net |
|
— |
|
|
(12 |
) |
|
Income tax (expense) benefit |
|
33 |
|
|
18 |
|
|
Net income (loss) |
$ |
(218 |
) |
$ |
(243 |
) |
EBIT for the year ended
EBIT for the year ended
EBIT for the year ended
- Consolidated Earnings Data (Unaudited)
|
|
Quarter Ended
|
|
Year Ended D ecember 31, |
||||||||||
|
(US$ in millions, except per share data) |
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net sales |
$ |
23,762 |
|
$ |
13,542 |
|
|
$ |
70,329 |
|
$ |
53,108 |
|
|
Cost of goods sold |
|
(22,751 |
) |
|
(12,461 |
) |
|
|
(66,920 |
) |
|
(49,715 |
) |
|
Gross profit |
|
1,011 |
|
|
1,081 |
|
|
|
3,409 |
|
|
3,393 |
|
|
Selling, general and administrative expenses |
|
(637 |
) |
|
(451 |
) |
|
|
(2,113 |
) |
|
(1,776 |
) |
|
Foreign exchange (losses) gains - net |
|
(65 |
) |
|
(88 |
) |
|
|
(51 |
) |
|
(189 |
) |
|
Other income (expense) – net |
|
(57 |
) |
|
230 |
|
|
|
289 |
|
|
442 |
|
|
Income (loss) from affiliates |
|
10 |
|
|
20 |
|
|
|
26 |
|
|
(38 |
) |
|
EBIT attributable to noncontrolling interest (a) (1) |
|
2 |
|
|
(25 |
) |
|
|
(27 |
) |
|
(40 |
) |
|
Total EBIT |
|
264 |
|
|
767 |
|
|
|
1,533 |
|
|
1,792 |
|
|
Interest income |
|
40 |
|
|
51 |
|
|
|
202 |
|
|
163 |
|
|
Interest expense |
|
(216 |
) |
|
(113 |
) |
|
|
(628 |
) |
|
(471 |
) |
|
Income tax (expense) benefit |
|
2 |
|
|
(100 |
) |
|
|
(288 |
) |
|
(336 |
) |
|
Noncontrolling interest share of interest and tax (a) (1) |
|
5 |
|
|
(3 |
) |
|
|
— |
|
|
(11 |
) |
|
Income (loss) from continuing operations, net of tax |
|
95 |
|
|
602 |
|
|
|
819 |
|
|
1,137 |
|
|
Income (loss) from discontinued operations, net of tax |
|
— |
|
|
— |
|
|
|
(3 |
) |
|
— |
|
|
Net income (loss) attributable to |
$ |
95 |
|
$ |
602 |
|
|
$ |
816 |
|
$ |
1,137 |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to |
|
|
|
|
|
||||||||
|
Continuing operations |
$ |
0.49 |
|
$ |
4.36 |
|
|
$ |
4.93 |
|
$ |
7.99 |
|
|
Discontinued operations |
|
— |
|
|
— |
|
|
|
(0.02 |
) |
|
— |
|
|
Net income (loss) per share - diluted |
$ |
0.49 |
|
$ |
4.36 |
|
|
$ |
4.91 |
|
$ |
7.99 |
|
|
Weighted–average shares outstanding - diluted |
|
195 |
|
|
138 |
|
|
|
166 |
|
|
142 |
|
|
(a) The line items "EBIT attributable to noncontrolling interest" and "Noncontrolling interest share of interest and tax" when combined, represent consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests on a |
- Condensed Consolidated Balance Sheets (Unaudited)
|
|
||||
|
(US$ in millions) |
|
2025 |
|
2024 |
|
Assets |
|
|
||
|
Cash and cash equivalents |
$ |
1,135 |
$ |
3,311 |
|
Time deposits under trade structured finance program |
|
208 |
|
— |
|
Trade accounts receivable, net |
|
3,870 |
|
2,148 |
|
Inventories (a) |
|
13,198 |
|
6,491 |
|
Assets held for sale |
|
191 |
|
8 |
|
Other current assets |
|
5,789 |
|
4,000 |
|
Total current assets |
|
24,391 |
|
15,958 |
|
Property, plant and equipment, net |
|
11,678 |
|
5,254 |
|
Operating lease assets |
|
1,686 |
|
932 |
|
|
|
3,450 |
|
774 |
|
Investments in affiliates |
|
1,495 |
|
779 |
|
Other non-current assets |
|
1,828 |
|
1,202 |
|
Total assets |
$ |
44,528 |
$ |
24,899 |
|
|
|
|
||
|
Liabilities and Equity |
|
|
||
|
Short-term debt |
$ |
3,883 |
$ |
875 |
|
Current portion of long-term debt |
|
1,337 |
|
669 |
|
Letter of credit obligations under trade structured finance program |
|
208 |
|
— |
|
Trade accounts payable |
|
4,881 |
|
2,777 |
|
Current operating lease obligations |
|
499 |
|
286 |
|
Liabilities held for sale |
|
61 |
|
10 |
|
Other current liabilities |
|
4,258 |
|
2,818 |
|
Total current liabilities |
|
15,127 |
|
7,435 |
|
Long-term debt |
|
8,831 |
|
4,694 |
|
Non-current operating lease obligations |
|
1,097 |
|
595 |
|
Other non-current liabilities |
|
2,051 |
|
1,226 |
|
Total liabilities |
|
27,106 |
|
13,950 |
|
Redeemable noncontrolling interest |
|
53 |
|
4 |
|
Total equity |
|
17,369 |
|
10,945 |
|
Total liabilities, redeemable noncontrolling interest and equity |
$ |
44,528 |
$ |
24,899 |
|
(a) Includes RMI of |
- Condensed Consolidated Statements of Cash Flows (Unaudited)
|
Year Ended |
||||||
|
(US$ in millions) |
|
2025 |
|
|
2024 |
|
|
Operating Activities |
|
|
||||
|
Net income (loss) (1) |
$ |
843 |
|
$ |
1,188 |
|
|
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: |
|
|
||||
|
Impairment charges |
|
53 |
|
|
41 |
|
|
Foreign exchange (gain) loss on net debt |
|
(216 |
) |
|
174 |
|
|
Share-based compensation expense |
|
73 |
|
|
65 |
|
|
Depreciation, depletion and amortization |
|
703 |
|
|
468 |
|
|
Deferred income tax expense (benefit) |
|
(62 |
) |
|
(10 |
) |
|
(Gain) loss on sale of investments and property, plant and equipment |
|
(160 |
) |
|
(205 |
) |
|
Results from affiliates |
|
(26 |
) |
|
19 |
|
|
Other, net |
|
138 |
|
|
65 |
|
|
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: |
|
|
||||
|
Trade accounts receivable |
|
(469 |
) |
|
169 |
|
|
Inventories |
|
(700 |
) |
|
96 |
|
|
Secured advances to suppliers |
|
22 |
|
|
207 |
|
|
Trade accounts payable and accrued liabilities |
|
153 |
|
|
(538 |
) |
|
Advances on sales |
|
(58 |
) |
|
51 |
|
|
Net unrealized (gain) loss on derivative contracts |
|
395 |
|
|
262 |
|
|
Margin deposits |
|
(79 |
) |
|
36 |
|
|
Recoverable and income taxes, net |
|
(11 |
) |
|
(242 |
) |
|
Marketable securities |
|
15 |
|
|
(36 |
) |
|
Other, net |
|
230 |
|
|
90 |
|
|
Cash provided by (used for) operating activities |
|
844 |
|
|
1,900 |
|
|
Investing Activities |
|
|
||||
|
Payments made for capital expenditures |
|
(1,723 |
) |
|
(1,376 |
) |
|
Acquisitions of businesses (net of cash acquired) |
|
(4,201 |
) |
|
— |
|
|
Proceeds from investments |
|
2,753 |
|
|
887 |
|
|
Payments for investments |
|
(2,995 |
) |
|
(1,285 |
) |
|
Settlement of net investment hedges |
|
(85 |
) |
|
71 |
|
|
Proceeds from disposal of business and property, plant and equipment |
|
953 |
|
|
8 |
|
|
Proceeds from sale of investments in affiliates |
|
100 |
|
|
728 |
|
|
Payments for investments in affiliates |
|
(72 |
) |
|
(61 |
) |
|
Other, net |
|
43 |
|
|
(86 |
) |
|
Cash provided by (used for) investing activities |
|
(5,227 |
) |
|
(1,114 |
) |
|
Financing Activities |
|
|
||||
|
Net proceeds (repayments) of short-term debt |
|
1,863 |
|
|
124 |
|
|
Net proceeds (repayments) of long-term debt |
|
1,232 |
|
|
1,292 |
|
|
Debt issuance costs |
|
(29 |
) |
|
(24 |
) |
|
Repurchases of registered or common shares |
|
(551 |
) |
|
(1,100 |
) |
|
Dividends paid to registered or common shareholders |
|
(459 |
) |
|
(378 |
) |
|
Contributions from (Return of capital to) noncontrolling interest |
|
30 |
|
|
53 |
|
|
Sale of redeemable noncontrolling interest |
|
206 |
|
|
— |
|
|
Acquisition of noncontrolling interest |
|
(18 |
) |
|
— |
|
|
Other, net |
|
(45 |
) |
|
(57 |
) |
|
Cash provided by (used for) financing activities |
|
2,229 |
|
|
(90 |
) |
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash |
|
(8 |
) |
|
9 |
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
(2,162 |
) |
|
705 |
|
|
Cash and cash equivalents, and restricted cash - beginning of period |
|
3,328 |
|
|
2,623 |
|
|
Cash and cash equivalents, and restricted cash - end of period |
$ |
1,166 |
|
$ |
3,328 |
|
- Definition and Reconciliation of Non-GAAP Measures
This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934.
Total EBIT and Adjusted Total EBIT
Adjusted Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 2 below, and certain gains and (charges), as described in "Additional Financial Information" above, from Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively.
Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to
Net income (loss) attributable to
Adjusted Net Income (loss) from continuing operations excludes temporary mark-to-market timing differences, as defined in note 2 below, and certain gains and (charges), as described in "Additional Financial Information" above, and Income (loss) from discontinued operations, net of tax and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to
We also have presented projected Adjusted Net income per share from continuing operations for 2026. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2026, the most directly comparable
Below is a reconciliation of Net income (loss) attributable to
|
|
Quarter Ended
|
|
Year Ended
|
||||||||||
|
(US$ in millions) |
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net income (loss) attributable to |
$ |
95 |
|
$ |
602 |
|
|
$ |
816 |
|
$ |
1,137 |
|
|
Interest income |
|
(40 |
) |
|
(51 |
) |
|
|
(202 |
) |
|
(163 |
) |
|
Interest expense |
|
216 |
|
|
113 |
|
|
|
628 |
|
|
471 |
|
|
Income tax expense (benefit) |
|
(2 |
) |
|
100 |
|
|
|
288 |
|
|
336 |
|
|
(Income) loss from discontinued operations, net of tax |
|
— |
|
|
— |
|
|
|
3 |
|
|
— |
|
|
Noncontrolling interest share of interest and tax |
|
(5 |
) |
|
3 |
|
|
|
— |
|
|
11 |
|
|
Total EBIT |
$ |
264 |
|
$ |
767 |
|
|
$ |
1,533 |
|
$ |
1,792 |
|
|
|
|
|
|
|
|
||||||||
|
Soybean Processing and Refining EBIT |
$ |
157 |
|
$ |
409 |
|
|
$ |
1,225 |
|
$ |
872 |
|
|
Softseed Processing and Refining EBIT |
|
184 |
|
|
140 |
|
|
|
521 |
|
|
663 |
|
|
Other Oilseeds Processing and Refining EBIT |
|
46 |
|
|
6 |
|
|
|
118 |
|
|
216 |
|
|
Grain Merchandising and Milling EBIT |
|
211 |
|
|
177 |
|
|
|
465 |
|
|
408 |
|
|
Segment EBIT |
$ |
598 |
|
$ |
732 |
|
|
$ |
2,329 |
|
$ |
2,159 |
|
|
|
|
|
|
|
|
||||||||
|
Corporate and Other EBIT |
$ |
(334 |
) |
$ |
35 |
|
|
$ |
(796 |
) |
$ |
(367 |
) |
|
|
|
|
|
|
|
||||||||
|
Total EBIT |
$ |
264 |
|
$ |
767 |
|
|
$ |
1,533 |
|
$ |
1,792 |
|
|
Mark-to-market timing differences |
|
135 |
|
|
(180 |
) |
|
255 |
|
|
163 |
|
|
|
Certain (gains) & charges |
|
223 |
|
|
(142 |
) |
|
|
246 |
|
|
62 |
|
|
Adjusted Total EBIT |
$ |
622 |
|
$ |
445 |
|
|
$ |
2,034 |
|
$ |
2,017 |
|
Below is a reconciliation of Net income (loss) attributable to
|
|
Quarter Ended
|
|
Year Ended
|
|||||||||
|
(US$ in millions, except per share data) |
|
2025 |
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net income (loss) attributable to |
$ |
95 |
$ |
602 |
|
|
$ |
816 |
|
$ |
1,137 |
|
|
Adjustment for Mark-to-market timing difference |
|
108 |
|
(172 |
) |
|
|
198 |
|
|
102 |
|
|
(Income) loss from discontinued operations, net of tax |
|
— |
|
— |
|
|
|
3 |
|
|
— |
|
|
Adjusted for certain (gains) and charges: |
|
|
|
|
|
|||||||
|
Gain on sale of a business |
|
— |
|
— |
|
|
|
(118 |
) |
|
— |
|
|
Acquisition and integration costs |
|
57 |
|
58 |
|
|
|
233 |
|
|
243 |
|
|
Pension settlement |
|
88 |
|
— |
|
|
|
88 |
|
|
— |
|
|
Reserve for an equity method investment |
|
10 |
|
— |
|
|
|
10 |
|
|
— |
|
|
Impairment of equity method and other long-term investments |
|
30 |
|
— |
|
|
|
30 |
|
|
19 |
|
|
Gain on sale of equity method investments |
|
— |
|
(188 |
) |
|
|
— |
|
|
(188 |
) |
|
|
|
— |
|
(5 |
) |
|
|
— |
|
|
(5 |
) |
|
Adjusted Net income (loss) from continuing operations attributable to |
$ |
388 |
$ |
295 |
|
|
$ |
1,260 |
|
$ |
1,308 |
|
|
Weighted-average shares outstanding - diluted (a) |
|
195 |
|
138 |
|
|
|
166 |
|
|
142 |
|
|
Adjusted Net income (loss) per share from continuing operations - diluted |
$ |
1.99 |
$ |
2.13 |
|
|
$ |
7.57 |
|
$ |
9.19 |
|
|
(a) There were less than 1 million anti-dilutive outstanding stock options or contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for the quarters and years ended |
Adjusted Funds From Operations
Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Adjusted FFO is a non-GAAP financial measure and is not intended to replace Cash provided by (used for) operating activities, the most directly comparable
Adjusted Effective Income Tax Rate
Adjusted effective income tax rate is calculated by adding or deducting from effective income tax rate the income tax effect of the non-GAAP adjustments made to Net income (loss) attributable to
- Notes
|
(1) |
A reconciliation of Net income (loss) attributable to |
|
|
Quarter ended |
Year Ended |
||||||||
|
(US$ in millions) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
2024 |
|
Net income (loss) attributable to |
$ |
95 |
|
$ |
602 |
|
$ |
816 |
$ |
1,137 |
|
EBIT attributable to noncontrolling interest |
|
(2 |
) |
|
25 |
|
|
27 |
|
40 |
|
Noncontrolling interest share of interest and tax |
|
(5 |
) |
|
3 |
|
|
— |
|
11 |
|
Net income (loss) |
$ |
88 |
|
$ |
630 |
|
$ |
843 |
$ |
1,188 |
|
(2) |
Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, RMI, and related futures contracts associated with our committed future operating capacity and sales, as well as certain forward foreign exchange contracts. The impact of these mark-to-market timing differences, which is expected to reverse over time due to the forward contracts, RMI, and related futures contracts being part of an economically-hedged position, is not representative of the operating performance of our business. |
|
|
|
|
|
|
(3) |
A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations (FFO) is as follows: |
|
|
Year Ended |
||||||
|
(US$ in millions) |
|
2025 |
|
|
|
2024 |
|
|
Cash provided by (used for) operating activities |
$ |
844 |
|
|
$ |
1,900 |
|
|
Foreign exchange gain (loss) on net debt |
|
216 |
|
|
|
(174 |
) |
|
Working capital changes |
|
502 |
|
|
|
(95 |
) |
|
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests |
|
(27 |
) |
|
|
(51 |
) |
|
Mark-to-market timing difference, after tax |
|
198 |
|
|
|
102 |
|
|
Adjusted FFO |
$ |
1,733 |
|
|
$ |
1,682 |
|
|
(4) |
A reconciliation of the |
|
Year Ended |
|||||
|
(US$ in millions) |
2025 |
|
|
2024 |
|
|
|
25.7 |
% |
|
22.1 |
% |
|
Impact from discontinued operations |
(0.3 |
)% |
|
— |
% |
|
Impact of noncontrolling interest |
0.4 |
% |
|
0.4 |
% |
|
|
25.8 |
% |
|
22.5 |
% |
|
Impact of Mark-to-market timing differences |
(0.5 |
)% |
|
1.5 |
% |
|
Impact of Certain gains and (charges) |
(2.4 |
)% |
|
(0.6 |
)% |
|
Adjusted effective income tax rate |
22.9 |
% |
|
23.4 |
% |
|
(5) |
We have not presented a comparable |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204125074/en/
Investor Contact:
Mark.Haden@bunge.com
Media Contact:
636-359-0797
news@bunge.com
Source:
