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August 5, 2025 • 4 min read
Bunge Global SA, a leading force in the global agribusiness and food ingredient industry, recently published its financial results for the second quarter of 2025. This latest 10-Q filing provides a detailed look at the company's operational health and strategic shifts. Let's dive into the numbers to see what’s driving its performance.
Bunge's top-line revenue shows a slight decrease, with net sales for the second quarter of 2025 at $12.8 billion, down from $13.2 billion in the same period last year. For the first six months of the year, sales fell to $24.4 billion from $26.7 billion.
However, the bottom-line results tell a much different story. Net income attributable to shareholders surged to $354 million in Q2 2025, a dramatic increase from just $70 million in Q2 2024. This represents a more than 400% jump in profitability.
This impressive growth in profit, even on lower sales, was fueled by several factors, including a stronger gross profit, a significant positive swing from foreign exchange gains, and a substantial boost from "Other income." The flow diagram below visualizes how Bunge's revenue and costs translated into its quarterly profit.
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A review of Bunge's business segments reveals a varied performance, with one division's standout results warranting a closer look. Earnings Before Interest and Taxes (EBIT) is a key metric used to measure a company's operating profit.
Agribusiness: This core segment, responsible for sourcing, processing, and trading oilseeds and grains, demonstrated significant strength. While its sales dipped 5%, its EBIT surged by an impressive 176% to $381 million. This improvement was largely driven by stronger results in its Merchandising sub-segment and favorable foreign exchange movements.
Refined and Specialty Oils: This division, which produces oils and fats for food service, industrial, and retail customers, faced headwinds. EBIT fell by 45% to $101 million, which the company attributes to lower margins, particularly in its North American and European operations.
Milling: The Milling segment, which produces wheat flours and bakery mixes, posted an extraordinary result. Its EBIT soared from $38 million in Q2 2024 to $177 million in Q2 2025. However, this was not driven by a surge in operational performance. The increase was almost entirely due to a $155 million gain reported under "Other income," linked to the disposition of its North American Corn Milling business. This highlights the importance of digging into the details behind headline figures.
Bunge is undergoing a significant strategic transformation, a fact clearly reflected on its balance sheet. Total debt has climbed sharply, rising from $6.2 billion at the end of 2024 to $11.3 billion as of June 30, 2025.
This substantial increase in debt is directly tied to financing for its massive business combination with Viterra Limited. According to the filing, the deal involved $1.94 billion in cash and $5.34 billion in Bunge stock, alongside the repayment of Viterra's debt. This acquisition is a game-changer, significantly expanding Bunge's scale and positioning it to compete more effectively with other agricultural powerhouses like ADM and Cargill.
Bunge's second-quarter results present a complex but largely positive picture. While headline profits are strong, they were heavily influenced by a one-time asset sale. The underlying business shows resilience and strength in its core Agribusiness segment but faces margin pressure in Refined and Specialty Oils.
The defining story for Bunge is the integration of Viterra. This transformative acquisition reshapes the company's financial structure and competitive landscape. Investors will be keenly watching how Bunge manages its increased debt load and realizes the promised synergies from this deal, all while navigating the inherent volatility of global commodity markets.
Last updated: August 5, 2025