Bunge's Reporting Structure Overhaul Reflects Merger Integration
Bunge Global SA (NYSE:BG) has overhauled its reporting segments in the wake of its merger with Viterra, marking a significant operational alignment. The revamped segmentation, set to be reflected from Q3 2025 onward, aims to better represent the company’s newly integrated value chain by dividing results into four distinct business lines: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling. This change offers greater clarity for stakeholders, bringing Bunge's financials in line with its core income-generating activities.
EPS Outlook Revised: Post-Merger Guidance Points to Steady Margins
Bunge now projects its adjusted EPS for full-year 2025 in the range of $7.30 to $7.60, a recalibration from its previous pre-merger outlook of $7.75. The company expects second half adjusted EPS between $4.00 and $4.25, integrating the contribution from Viterra alongside evolving macroeconomic and margin conditions. Investors will receive more detail on the third quarter earnings call scheduled for November 5, 2025.
Segment-Level EBIT Highlights Consistent Operational Performance
Despite the new reporting methodology, Bunge’s segment results show a clear pattern of stable operating performance through 2024 and the first half of 2025. Soybean Processing and Refining has consistently driven the highest adjusted EBIT, with a total of $1,229 million for full-year 2024, while Softseed Processing and Refining contributed $565 million and Grain Merchandising and Milling delivered $364 million. The move to a more granular reporting structure underscores these steady drivers and allows for easier analysis of margin volatility by commodity and line of business.
| Segment | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|---|
| Soybean Processing and Refining | $376M | $269M | $286M | $298M | $1,229M | $241M | $304M |
| Softseed Processing and Refining | $210M | $147M | $133M | $75M | $565M | $82M | $14M |
| Other Oilseeds Processing and Refining | $38M | $50M | $63M | $26M | $177M | $23M | $26M |
| Grain Merchandising and Milling | $91M | $49M | $77M | $147M | $364M | $60M | $29M |
| Total Adjusted Segment EBIT | $715M | $515M | $559M | $546M | $2,335M | $406M | $373M |
Volume Metrics Illustrate Consistent Supply Chain Strength
Bunge’s recast volumes reveal operational breadth, especially in Soybean Processing, which averaged more than 9,000 thousand metric tons processed per quarter in the second half of 2024. Similarly, Grain Merchandising and Milling moved between 8,344 and 10,416 thousand metric tons quarterly, supporting the company’s position as a global agricultural intermediary.
| Volume Category | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|---|
| Soybean Oilseeds Processed (kMT) | 7,869 | 9,967 | 9,343 | 9,645 | 36,824 | 8,110 | 9,304 |
| Grain Merchandising & Milling (kMT) | 10,416 | 8,936 | 8,964 | 8,344 | 36,660 | 8,510 | 8,382 |
Looking Ahead: Greater Transparency and Strategic Alignment
Bunge’s changes do more than tidy up its books—they set a new baseline for analyzing performance post-merger and help clarify where value is being created across its portfolio. With additional segment and volume disclosures now tied directly to business drivers, investors and analysts are positioned to gain deeper insights into how macro conditions, such as margin environment and crop flows, filter into future results.
With its next detailed update coming on November 5, investors may want to monitor not just the absolute performance but the evolving relationship between Bunge’s segments and overall earnings power as integration progresses. As always, the recast outlook and revised segmentation provide a framework, not a forecast—highlighting management’s emphasis on transparency while acknowledging continued external uncertainty.
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