BG

Darling Ingredients Inc. DAR has a stronger earnings profile entering the second half of 2026. Second-quarter earnings rose to $2.41 per share from 8 cents a year earlier, while the Zacks Consensus Estimate for 2026 earnings has increased 55.1% in the past four weeks. The investment case still requires balance. A discounted valuation, stronger core profitability and favorable renewable-fuel economics support the upside case, but higher costs, flat Feed throughput and rendering-capacity constraints raise the execution bar. DAR trades at 10.04X forward 12-month EPS, below the Zacks sub-industry's 15.03X and its own five-year median of 11.85X. The discount leaves room for revaluation if recent earnings improvement proves durable. Image Source: Zacks Investment Research The stock has already gained 117.3% in the past year, so valuation alone is not enough to remove risk. Continued upside would likely require core margins and renewable-fuel economics to remain supportive as investors reassess the sustainability of 2026 earnings. Core ingredients adjusted EBITDA reached $352.5 million in the second quarter, up from $206.9 million a year earlier. Contract management, commercial optimization, price-risk management and operating efficiency helped lift earnings from the existing asset base. Management expects core ingredients adjusted EBITDA of $325-$340 million in the third quarter. Excluding the second-quarter Food tariff recovery, that range implies underlying performance generally consistent with the elevated second-quarter level, which supports a more durable earnings case beyond one unusually strong period. Diamond Green Diesel ("DGD") produced 355.9 million gallons in the second quarter, while Darling's share of DGD adjusted EBITDA rose to $389.2 million from $42.6 million a year earlier. Management expects about 335 million gallons of third-quarter production and views margins through 2027 as attractive under the current renewable-fuel mandate. Valero Energy Corporation VLO is Darling's partner in DGD, giving it direct exposure to the same renewable-diesel venture. Bunge Global SA BG, meanwhile, is expanding its role in renewable-fuels feedstocks through supply agreements and oilseed-processing investments, making it relevant to the broader feedstock and policy backdrop supporting renewable fuels. Selling, general and administrative expenses increased to $151 million in the second quarter from $138.1 million a year earlier. Acquisition and integration costs also rose to $13.2 million from $3.4 million, creating more pressure if commodity prices or DGD margins weaken. Feed raw material processed remained at 3.1 million metric tons, unchanged from both the year-earlier quarter and the first quarter. Darling is out of rendering capacity in Brazil, while faster U.S. poultry line speeds could pressure its network, leaving future Feed growth more dependent on pricing, mix and execution. Image Source: Zacks Investment Research For investors weighing whether to buy, hold or wait, DAR's setup remains constructive but not one-sided. The valuation discount, core earnings improvement and DGD contribution support the case, while rising expenses and constrained throughput make continued execution important. DAR currently carries a Zacks Rank #1 (Strong Buy). It also has a Growth Score of A, VGM Score of A, and Value Score of B, which are favorable when paired with a top Zacks Rank. The Momentum Score of D is the weaker signal, suggesting the stock's current support is stronger on growth, value and blended characteristics than on near-term momentum. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Darling Ingredients Inc. (DAR) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Bunge Global SA (BG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Shares of Darling Ingredients Inc. DAR have gained 12.8% in the past week, putting the durability of the move in focus. The rally is backed by a sharp improvement in core ingredients profitability and much stronger renewable-fuel economics. Estimate revisions have also moved decisively higher. The question now is whether Darling can sustain those earnings drivers as capacity constraints, higher costs and a weaker momentum signal create offsets. Darling Ingredients Inc. price-consensus-eps-surprise-chart | Darling Ingredients Inc. Quote Core ingredients adjusted EBITDA climbed to $352.5 million in the second quarter of 2026 from $206.9 million a year earlier. Contract management, commercial optimization, price-risk management and operating efficiencies are helping Darling extract more earnings from its existing asset base. Management expects third-quarter core ingredients adjusted EBITDA of $325-$340 million. Excluding the second-quarter tariff recovery in Food, that outlook implies underlying earnings generally consistent with the elevated second-quarter level, supporting the case for a more durable core earnings base. Darling's share of Diamond Green Diesel adjusted EBITDA surged to $389.2 million from $42.6 million a year earlier. EBITDA per gallon sold rose to $2.23 from 34 cents, helped by higher Renewable Identification Number values, diesel prices, production tax credits and about $50.5 million of tariff recovery at the DGD entity level. Valero Energy Corporation VLO, Darling's partner in Diamond Green Diesel, also has direct exposure to the venture's renewable-diesel economics. Bunge Global SA BG is relevant on the feedstock side, with its renewable-fuels partnerships and oilseed processing network positioning it in the same policy-driven demand chain. The Zacks Consensus Estimate for 2026 earnings has risen 55.1% in the past four weeks and 53.6% over the past 12 weeks. That magnitude of upward revision gives the recent stock-price advance a clearer earnings foundation. Darling reported second-quarter earnings of $2.41 per share, compared with 8 cents a year earlier, and topped the consensus mark of $1.45. Continued estimate support will depend on core-margin execution and renewable-fuel economics holding up through the balance of the year. Feed raw material processed remained at 3.1 million metric tons in the second quarter, unchanged from both a year earlier and the first quarter. Darling is out of rendering capacity in Brazil, while faster U.S. poultry line speeds could put additional pressure on its processing network. Selling, general and administrative expenses rose to $151 million from $138.1 million a year earlier, while acquisition and integration costs increased to $13.2 million from $3.4 million. If commodity prices or DGD margins retreat, those costs could limit operating leverage and cash conversion. Image Source: Zacks Investment Research DAR's 12.8% weekly rally has a solid earnings foundation, but continuation is not assured. Stronger core earnings, favorable DGD economics and sharply higher estimates are constructive, while throughput constraints and a higher expense base leave less room for weaker pricing or renewable-fuel margins. DAR currently carries a Zacks Rank #1 (Strong Buy). It also has a VGM Score of A, Growth Score of A and Value Score of B, while its Momentum Score of D is the weaker signal. The favorable Rank and broader Style Score mix support the earnings case, but the Momentum Score argues for a measured view after the rapid weekly advance. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Darling Ingredients Inc. (DAR) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Bunge Global SA (BG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

GrowGeneration Corp. GRWG reported a second-quarter 2026 loss of 3 cents per share, narrower than the Zacks Consensus Estimate of a loss of 4 cents. The loss also narrowed from 8 cents a year ago. GrowGeneration generated sales of $43.2 million in second-quarter 2026, which increased 5.5% year over year, led by strength in its commercial B2B business. The top line surpassed the Zacks Consensus Estimate of $43 million. Cultivation and Gardening sales increased to $34.9 million from $32.9 million in the prior-year quarter. Proprietary-brand sales rose to $13.8 million from $10.5 million, while non-proprietary brand sales declined to $21.1 million from $22.4 million.Storage Solutions sales increased to $8.3 million from $8.1 million. Within Cultivation and Gardening, durable-product sales climbed to $9.8 million from $6.7 million, while consumables declined to $25.1 million from $26.2 million. GrowGeneration Corp. price-consensus-eps-surprise-chart | GrowGeneration Corp. Quote The cost of sales increased 5.2% year over year to $30.9 million in the quarter. Gross profit moved up 6.3% year over year to $12.3 million. The gross margin was 28.5% in the quarter under review compared with 28.3% in the prior-year quarter. The upside was driven by a higher mix of proprietary-brand products within the company’s Cultivation and Gardening segment.Selling, general and administrative expenses increased 5% to $6.5 million in the quarter under review. However, total operating expenses fell 13.1% year over year to $14.7 million in the second quarter of 2026, aided by lower store operations and other operational expenses.Adjusted EBITDA was $0.3 million in the quarter against the prior-year quarter’s negative $1.3 million. At the end of the second quarter of 2026, GrowGeneration had cash and cash equivalents of $23.5 million, down from $30.4 million at the end of 2025. Inventory was $35.3 million, while prepaid and other current assets were $7.8 million at the quarter end. Total current liabilities, including accounts payable, accrued liabilities and payroll and payroll tax liabilities, were $25.6 million at the quarter’s end.GRWG also continued its capital-return program during the quarter. The company repurchased 0.7 million shares at an average price of $1.38 per share, leaving approximately $9 million available under its share-repurchase authorization. GRWG reaffirmed its 2026 sales guidance of $162-$168 million. The company expects proprietary-brand sales to reach 40% of Cultivation and Gardening revenues by the year-end and projects full-year gross margin between 27% and 29%.The company raised its full-year adjusted EBITDA outlook to $2-$3 million compared with its previously expected breakeven adjusted EBITDA. The upside is supported by the second-quarter performance, operating improvements and anticipated tariff-related benefits. For the third quarter of 2026, GRWG expects consolidated net sales of $44-$46 million, implying continued sequential growth. In the past year, GrowGeneration shares have gained 18% compared with the industry’s 21.4% growth. Image Source: Zacks Investment Research Bunge Global SA BG reported second-quarter 2026 adjusted earnings of $2 per share, up 52.7% year over year. The figure missed the Zacks Consensus Estimate of $2.03 by 1.5%. Bunge’s sales surged 88.3% to $24.04 billion and beat the consensus mark of $23.49 billion by 2.3%. Sales and volumes increased across all segments. GRWG currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Some other top-ranked stocks from the Industrial Products sector are Helios Technologies, Inc HLIO and Fastenal Company FAST. HLIO and FAST carry a Zacks Rank #2 at present.The Zacks Consensus Estimate for Helios Technologies’ 2026 earnings is pegged at $3.09 per share. The company has a trailing four-quarter average earnings surprise of 13.1%. Helios Technologies’ shares have gained 53.5% in a year.The Zacks Consensus Estimate for Fastenal’s 2026 earnings is pinned at $1.26 per share, which indicates year-over-year growth of 15%. The company’s shares have grown 7.7% in a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GrowGeneration Corp. (GRWG) : Free Stock Analysis Report Fastenal Company (FAST) : Free Stock Analysis Report Bunge Global SA (BG) : Free Stock Analysis Report Helios Technologies, Inc (HLIO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, July 29, 2026 at 8:00 a.m. ET Investor Relations - Mark Haden Chief Executive Officer - Gregory Heckman Chief Financial Officer - John Neppl Operator: Good day, and welcome to the Bunge Global Second Quarter 2026 Earnings Release and Conference Call. [Operator Instructions] Please note, this event is being recorded. I'd now like to turn the conference over to Mark Haden, Investor Relations. Please go ahead. Mark Haden: Great. Thank you. And thank you all for joining us this morning for our second quarter 2026 earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found at the Investor Center on our website at bunge.com under Events and Presentations. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to Slide 2 and remind you that today's presentation includes forward-looking statements that reflect Bunge's current view with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Bunge's Chief Executive Officer; and John Neppl, Chief Financial Officer. I'll now turn the call over to Greg. Gregory Heckman: Thank you, Mark, and good morning, everyone. I want to start by thanking the team for their focus and disciplined execution in what continues to be a highly dynamic operating environment. Across the organization, our people are working together to navigate uncertainty and capture opportunities for our customers and for Bunge, and we delivered another strong quarter. We've talked about the diversification that our larger global platform provides us across crops and geographies. We saw the benefit of that diversification this quarter, particularly in soy and softseed processing. John will go into some more detail on our results in a moment. The broader operating environment continues to evolve. Geopolitical tensions, shifting trade flows and changing weather patterns across key growing regions are reshaping farmer behavior, crop availability and increasing volatility. As a result, customers at both ends of the value chain are relying on us more than ever to help them navigate risk. This is not new territory for us. We have a long track record of managing market volatility and continuing to deliver for our stakeholders, all while growing our earnings. We can say with confidence that Bunge's business is built for complexity and change. Our integrated global platform, disciplined risk management and operational excellence are designed to keep supply moving to meet demand and serve our customers regardless of how conditions shift. This is what allows us to perform through the cycle. Turning to our outlook. Based on what we can see today, we now expect full year 2026 adjusted EPS in the range of $9.25 to $9.75, which is up from our previous range of $9 to $9.50 we provided on our first quarter call. While forward visibility remains limited given the current macroeconomic and geopolitical environment, the drivers of long-term demand remain strong. And with our global footprint and diversified value chains, we're confident in our ability to execute in any environment. And with that, I'll turn it over to John for a deeper look at our financials and outlook. John Neppl: Thanks, Greg, and good morning, everyone. Let's turn to the earnings highlights on Slide 5. Our reported second quarter earnings per share was $3.47 compared to $2.61 in the second quarter of 2025. Our reported results included a favorable mark-to-market timing difference of $1.67 per share and an unfavorable impact of $0.20 per share related to Viterra transaction and integration costs. Adjusted EPS was $2 in the second quarter versus $1.31 in the prior year. Adjusted segment earnings before interest and taxes or EBIT was $796 million in the quarter versus $373 million last year. In the Soybean Processing and Refining segment, higher results were primarily driven by the North and South American value chains. In North America, stronger processing performance in the U.S. was partially offset by lower refining results. In South America, higher results reflected improvements in Argentina processing and refining, and Brazil processing. Within the destination value chain, stronger processing results in Asia, more than offset lower processing results in Europe and a lower distribution performance. Results from global soybean oil merchandising activities were lower than last year. Processing volumes increased in both South and North America as well as in Europe, with the largest increase driven by the company's greater production capacity in Argentina. Higher merchandise volumes reflected the combined company's expanded soybean origination footprint. In Softseed Processing and Refining segment, results increased across all regions, reflecting a more favorable market environment and strong execution. In North America and Argentina, stronger processing results were the primary drivers of the improved performance, while refining results were modestly higher in both regions. In Europe, stronger processing results more than offset lower refining and biodiesel performance. Results from global softseed oils merchandising activities were slightly higher than last year. Higher softseed process volumes primarily reflected the combined company's increased production capacity in Argentina, Canada and Europe. And higher merchandise volumes were driven by the company's expanding global softseeds origination footprint. For the Tropical Oils and Specialty Ingredients segment, higher results in Europe and Asia were partially offset by lower results in North America. Results from global tropical oils merchandising activities were slightly higher than last year. In the Grain Merchandising and Milling segment, higher results in ocean freight, commercial services, global cotton and wheat milling were partially offset by lower results in global grain merchandising and sugar. Higher volumes primarily reflected the company's expanded grain handling footprint and capabilities. Prior year results included corn milling, which was divested in 2025. The increase in Corporate expenses was primarily driven by the addition of Viterra. The year-over-year comparison was also impacted by timing of performance-based compensation. Higher other results were largely related to our captive insurance program and Bunge Ventures. Net interest expense of $154 million was up in the quarter compared to last year, reflecting our expanded footprint and merchandising activities with the addition of Viterra, partially offset by lower average net interest rates. Let's turn to Slide 6, which shows our adjusted EPS and EBIT trends over the past 4 years and the trailing 12 months. After a challenging 2025, the trend is beginning to reverse, reflecting improved market conditions and the early benefits of synergy capture from our combination with Viterra. Slide 7 details our capital allocation. Year-to-date, we generated approximately $1.3 billion of adjusted funds from operations. After allocating $238 million to Sustaining CapEx, which includes maintenance, environmental health and safety, we had approximately $1.1 billion of discretionary cash flow available. We paid $275 million in dividends to shareholders, invested $541 million in growth and productivity-related CapEx, invested $105 million in the first quarter to acquire IFF's soybean processing concentrate business and repurchased approximately $250 million in Bunge shares, completing the $2 billion commitment related to the Viterra transaction. This resulted in a net use of $117 million. Moving to Slide 8. At quarter end, net debt exceeded readily marketable inventory, or RMI, by $1 billion. Our adjusted leverage ratio, which reflects our adjusted net debt to adjusted EBITDA, was 1.9x at the end of the second quarter. Slide 9 highlights our liquidity position, which remains strong. At the end of the second quarter, we had committed credit facilities of approximately $9.7 billion, of which approximately $8.8 billion was unused and available. We also had approximately $2.4 billion of our $3 billion commercial paper program available, providing ample liquidity to manage our ongoing needs. Please turn to Slide 10. For the trailing 12 months, adjusted ROIC was 8.4% and ROIC was 6.8%, both exceeding their respective cost of capital. Adjusted for construction in progress on our large multiyear projects and excess cash on our balance sheet, our adjusted ROIC would increase to 9.3% and ROIC to 7.2%. Moving to Slide 11. For the trailing 12 months, we produced discretionary cash flow of approximately $1.7 billion and a cash return on equity of 10.8% compared to our cost of equity of 7.2%. Please turn to Slide 12 on our 2026 outlook. Taking into account Q2 results, the current margin and macro environment and forward curves, we now expect full year 2026 adjusted EPS in the range of $9.25 to $9.75, which is up from our previous range of $9 to $9.50. As Greg mentioned in his remarks, the environment remains complex with significant uncertainty in certain regions, particularly in the fourth quarter. For the full year compared to our previous outlook, Soybean Processing and Refining segment results are forecasted to be higher. Softseed Processing and Refining segment results are forecasted to be slightly higher. Tropical Oils and Specialty Ingredients results are forecasted to be unchanged. Grain Merchandising and Milling segment results are forecasted to be lower, and Corporate and Other results are expected to be unchanged. Additionally, we continue to expect for 2026 an adjusted annual effective tax rate in the range of 22% to 26%, net interest expense in the range of $620 million to $660 million, capital expenditures in the range of $1.5 billion to $1.7 billion, and depreciation and amortization of approximately $975 million, all unchanged from our previous outlook. With that, I'll turn things back over to Greg for some closing comments. Gregory Heckman: Thanks, John. Before turning to Q&A, I want to offer a few closing thoughts. The strategy and priorities we outlined earlier this year at Investor Day hold true today. And our second quarter results are another proof point that we're delivering on our commitments. I spoke earlier about the benefits of our diversification. That breadth provides greater balance and resilience across a range of market environments and gives us the capabilities to perform through the cycle. At the same time, we're advancing our key initiatives. Viterra cost synergies continue to run ahead of plan, and we're making tangible progress on the network and commercial opportunities we identified. And as John mentioned, we completed our $2 billion share repurchase program related to the Viterra transaction. Our in-flight capital projects remain on track. At our Destrehan, Louisiana facility, we're in the final stages of bringing 2 meaningful investments online, a new barge unloader and a new multi-seed processing plant, both of which we expect to be operational in the coming months. We're also advancing strategic partnerships to expand our relationships in renewable fuels. In Brazil, we recently signed a supply agreement with Acelen, Mubadala's renewable energy company to provide certified soybean oil feedstock for production of SAF and renewable diesel. We also entered into a partnership with Petrobras and Vibra to supply certified Low-LUC CORSIA Brazil feedstock for the production and commercialization of SAF. These agreements strengthen our position as a trusted supplier of sustainable feedstocks and further deepen our participation in the growing renewable fuels value chain. Zooming out, the long-term demand drivers for our business remain strong. Population growth and rising incomes are driving sustained demand for grain and oilseed products. Feedstock demand across our global processing network is also benefiting from the constructive RVO in the U.S., along with growing biodiesel blend rates in other countries. Soy and softseed oils are expected to contribute approximately one-half of global vegetable oil production growth over the next decade, and that's a meaningful shift as palm supply growth slows. These are durable multiyear tailwinds that reinforce our confidence in the earnings power of this business and our trajectory. The in-flight projects we're bringing online, the integration work underway and the network and commercial synergies we continue to identify are all additive to a business that already has strong structural demand pulling through it. Our fundamentals are strong. Our strategy continues to deliver, and we have the most talented people in the industry. As we look ahead, we remain focused on what matters, serving our customers and delivering value for our stakeholders across food, feed and fuel. And with that, we'll turn to Q&A. Operator: [Operator Instructions] And today's first question comes from Andrew Strelzik with BMO. Andrew Strelzik: Greg, you mentioned in the press release and in the prepared remarks that the expanded global platform is doing exactly what it was designed to do. Can you elaborate on how the Viterra assets are benefiting Bunge in this environment versus if you didn't have those assets? Any examples you can share would be helpful. Gregory Heckman: Okay. Thanks, Andrew. Yes, I'd say it starts with the footprint. I mean the fact to have the balance in all of the key origins and all of the key destinations, and to touch more farmers directly than anyone else for origination is just key. And of course, it's the talented team that we've got that we brought together that is operating that footprint and dealing directly with our customers. If you think about the information network we have now assembled to be able to make decisions as well as to execute the purchase and sales, whether we're helping our farmers get to market or we're helping our end consumers get to market or solving the physical supply challenges in the value chain, we've just got more internal liquidity and more optionality to solve those problems than we had before. And that's -- whether that's originating for ourselves into our processing or whether it's originating for our distribution business and distributing to others, whether that's domestically or export. And then if you think about soy, adding Argentina to that really gave us the global balance that we were missing before in our soy crushing operations. And then if you take a quick look at soft, you think about, again, we've added the balance of having Argentine sun crushing to balance Europe. And with some of the challenges you've seen in Europe in the last year, we've really seen the benefit of that as well as the increased origination and merchandising that we have around the softseeds now. And then, of course, the ocean freight fleet, we basically doubled on our flows. And so in times of disruption, as we've seen, the ability to react and continue to get the origination to the right demand. And the other example, when you look forward, again, when you think about the footprint, if you look at China and Australia continue to improve their relationships. So you may start to see more Australian canola move into China. And then we now have the capability then to make sure that the Canadian canola that was going there, then that works through our processing. So again, we're balancing and able to continue to serve our customers and benefit different parts of our platform. John Neppl: And maybe, Andrew, I'd just add there quickly. The other benefit, obviously, is with a stronger credit profile of the combined company, we're borrowing money now at the tightest credit spreads we have in the history of Bunge, which gives us a little bit of an edge in terms of -- in the marketplace, just given the market generally trades on average interest cost. So to the extent we can borrow money cheaper and access that liquidity, gives us a chance to stay in there and do more business than maybe some of our competitors. Andrew Strelzik: Right. Okay. That's super helpful. And just the second question, I think at least in our conversations with investors, people are kind of struggling with the U.S. crush curve we see today, what's justified by fundamentals versus elevated energy markets. Do you think underlying fundamentals support the current margin structure, excluding the higher energy prices? Or how are you thinking about where the curve is today versus fundamentals and maybe where we would be in a more steady-state environment? Gregory Heckman: Yes. We -- yes, would be the answer. We definitely do. And then we've got clarity around the RVO. We're now seeing that the crush has been added is here to meet that demand, and we continue to see strong meal demand globally and strong corn demand, which tells us that underlying feed demand is there for the economics on the animal protein. So yes, we feel they're justified and definitely U.S. and North America is leading the global crush. John Neppl: Yes. I would just add, Andrew, I think the elevated U.S. crush margins and certainly the energy phenomenon, the increased energy cost is kind of a global thing. And with the higher crush rates in North America, crush margins in North America exacerbated a bit by the volatility in energy. But ultimately, when you look at the demand, as Greg pointed out, we have very strong underlying fundamentals. Operator: And the next question comes from Steven Haynes with Morgan Stanley. Steven Haynes: I wanted to ask just on the crush outlook also, in maybe parts. When you're putting the guide together just generally and you're using the curves, is there -- are you using the curve as of yesterday? Or like what date, I guess, or time period are you kind of marking for the current period? And then secondly, I think LatAm margins have, kind of, come down significantly over the last month or so. So what have you, kind of, assumed on that side of it as well? John Neppl: Yes, I can start, Greg. I mean we use as current of information as we get. I mean, obviously, this morning, we couldn't do it, but it's fairly current. So the outlook that we have today would reflect largely what the curves are today. We start looking at it a few weeks ahead of time. I mean we're constantly looking at our forecast. But we take a hard look, obviously, heading into the call here and try to get as current of information as we can. So we feel like it largely reflects still today how we feel versus when we put the forecast in internally. Gregory Heckman: And I'd just add, right, where you can see board crush in some of the markets, we still have to have some judgment in the physical crush in the cash. And so it does take some judgment, but we are as current as we can be, and it feels like it's in the right place right now. Steven Haynes: Got it. Okay. And then maybe as a separate follow-up on Glencore, lockup period has passed. How are you all thinking about how that situation may evolve in the coming weeks, months or however long it may take to play out in one way or another? Gregory Heckman: Yes. Look, Glencore has been a great partner. And you might remember that the one thing that they liked about getting equity in this deal is with their business, they understand the commercial synergies of the combination, and they know that it takes a while to mine all those and get those, and they want to be part of that value creation. And John and I talk to them often on a number of issues, and they're in -- to quote them, they're in no hurry and they won't surprise us. And so they're great partners. Operator: And the next question is from Manav Gupta of UBS. Manav Gupta: I am going to take you back to Slide 30 of your Analyst Day. I understand it might not be open. But both my questions relate to that. You obviously gave us a very good update on Destrehan. Can you also give us an update on the remaining 3 projects, which you have indicated could add about $1.30 to 2030 EPS? And my second quick follow-up question, which is again on this slide is, at the time of the Analyst Day, you had identified cost synergies, and network and commercial synergies, but there was a bar on top, which said upside potential of Viterra synergies. If you could talk about that also. John Neppl: Yes, I'll start with the projects. So of course, in Destrehan, we have 2 projects underway. One is the crush plant that sits in the JV with Chevron and we expect right here at the end of Q3 for that to be up online, give or take a few weeks. Then the other one is our barge unloader and loadout capability in the terminal that we've expanded or doubled the size of. That one should be up and running in August, sometime in August, hopefully. That's the plan. The other big U.S. -- a couple of other big U.S. projects. One is our Morristown SPC plant, which is now running, certainly not up to full scale yet. That takes time for that to happen, but we are now producing product in Morristown. So we're happy with that and excited about to see how that thing goes. But again, it takes a little bit of time from a commissioning standpoint, customer qualification, everything else, but we like the momentum there. And then down in Avondale, which is in the Gulf as well, we expanded our refined tropical oils platform down there, and that's going to be up and running in the next month or so. Then, our other big project is Westhaven, the big specialty and refined plant in Netherlands. That one still slated for end of Q1 of 2027. So things are really coming online right now. I think over the next few quarters, we'll start to see the benefits of that, certainly. And then Westhaven, of course, will be into 2027 before we start seeing that running at a meaningful rate, but we're pretty excited about it. From a cost synergy standpoint, I think the -- I'll focus on the cost side and Greg can comment on the commercial side. But on the cost synergies, we're happy with progress there. As you may recall, we increased our cost target from $250 million to $350 million, and we're continuing to push hard on areas of opportunity. And we're going to try to get it done sooner if possible. But we feel good about the timing and progress there as we move forward, and we'll certainly keep you updated. Gregory Heckman: And when you think about the upside synergies, some of what we were referring to there, some of it is just about the time for the teams to get some repetition of running the system together through a season as we bring the footprint optimization together on how we're running the combined network and that we're running the right assets at the right times. And then how we're growing with customers strategically and how we're growing our direct origination with our farmer customers, and how we're growing our direct distribution with our consuming customers. And I will just tell you, being able to bring corn to some of the customers that we had a majority of their meal business, but we didn't have the same corn footprint before on origination. We're able to just have different conversations because we've got a complete portfolio of grains, oilseeds, and oils and wheat, barley, durum, softseeds to serve these different customers' needs. We're just having different conversations with the customers, much more strategic conversations and really able to grow those relationships. And I think long term, we see the benefit of that. Operator: And the next question comes from Derrick Whitfield with Texas Capital. Derrick Whitfield: I want to start first on the policy side regarding expected CSA updates within 45Z policy, how are you viewing the impact it can have on your U.S. business? Meaning with the right incentives in place, could you see a meaningful shift in killing cover crop and fertilizer practices? John Neppl: Yes, I'll take that, and Greg can jump in. Look, I think for us, we've been working with a lot of producers in this area hoping that Climate-Smart Ag practices become part of 45Z on a permanent basis. So we've been -- as you know, we focused on winter canola as a cover crop. We've been testing a number of other novel seeds. We've been working very closely with farmers primarily on the seed side and with overall farming practices. As we believe long term, that's going to make sense economically for the farmer and also incent the right sort of behavior in terms of ag practices. So we're working on it under the assumption that it becomes a part of 45Z. If it doesn't, I think we're still -- it still makes sense a lot of what we're doing, especially providing farmers alternatives for another cash crop. And we're pretty excited about the feedback we'gotten. We continue to increase acres and have gotten very positive feedback so far on how things are progressing. Gregory Heckman: I would just add, and remember, we believe in that strong enough that the crush plant we're adding in Destrehan has the ability to do softseed. It's a switch plant, which would also allow it to do other cover crops as well, we announced the 2 projects in Brazil. So it's not just a U.S. issue as well as the conversations we're having with energy companies in Europe and that are definitely interested in us in these cover crops and things, and what they can mean, especially around SAF for the long term. Derrick Whitfield: Great. And then maybe shifting to the geopolitical environment. Are you guys seeing any early time impacts due to the lack of fertilizer access in South America? Gregory Heckman: A little, but I think the coming season is going to be the key one to watch here on the Brazilian farmer. They've had good application rates in the past, but it could maybe have some impact this next year on Safrinha. We want to watch that close. Australia, you saw them switching some from wheat to canola already. But the concern overall now isn't nitrogen, which has, kind of, corrected itself on price. It's a little bit more around phosphates. So that's the one we'll be watching closely. In Argentina, if it persists that long term, they may not make the investment. And so you could -- you want to watch yields closely there. Operator: The next question comes from Tom Palmer with JPMorgan. Thomas Palmer: I wanted to maybe start with an update just kind of on your visibility for the second half and how it influenced your guidance. As discussed earlier, you typically guide based on curves. I think previously, you had discussed a rough second half split of, kind of, 45% in 3Q, 55% in 4Q. So is this still a reasonable outlook? And then maybe you could frame, kind of, how much visibility you have as we look out here in terms of different regions of the world on the crush curve? John Neppl: Yes, I can maybe start with the mix, and then I'll turn it over to Greg for an outlook on the crush curves globally. But right now, we've shifted a little bit. I think we look at low 40s and high 50s in terms of breakdown between Q3 and Q4. So not a significant shift, but a small shift. So again, low 40s, high 50s is, kind of, how we're looking at Q3, Q4 breakout. Gregory Heckman: And then if you look, kind of, by the soy and soft, if you look across soy, since the Q1 forecast, the second half margins are definitely up in the U.S. That's the big driver. Argentina is up slightly, but we're dealing a little bit higher energy costs there. Europe and Asia are really unchanged, and then Brazil is a little lower, and some of that's been on strong bean exports. The B16 has been delayed and then the farmer was a big seller early and the selling slowed down. If you look at demand, still very good overall, but very spot. And that's the uncertainty with both the conflicts going on. So the U.S. refined oil demand continues to be improved. And in the second, we -- the RVO clarity has really helped that. But again, with the conflict, people are remaining very spot. So the balance of '26, it's above baseline margins, but again, driven primarily by the U.S. And then in softseed, our second half margin assumptions are roughly the same. And you've seen the nearby spots rallied around the geopolitical risk, but some of that capacity we already had committed that happened awfully late. The average curves for '26 will end up well above the baseline, and that's driven by Canada, which is supported by RVO and then we've had good seed supply. And then Argentina, where there's been tight sun seed supply in Europe and the Black Sea, Argentina has had good seed supply and that supported. And then the other watch in softseed, I mentioned earlier, we'll watch the canola exports, and we could see that shift things moving from Australia, and changing what the crush economics look like in Canada. So those are the big drivers in the second half. Thomas Palmer: Understood. I also wanted to ask on the merchandising side and just some of the weakness that you're seeing? And if there are any, I guess, particular regions that might be causing some constraints, because, I mean if we look at export volumes out of the U.S., they do seem pretty robust, especially on the corn side. Gregory Heckman: Yes. The merchandising environment definitely remain challenging, and that's been -- there's still been ample grain supplies. You got a pretty balanced S&D. We do expect some of the improvement in Q4. Of course, we've got the Australia and the Northern Hemisphere harvest coming off. And then right now, the key that we're watching is you've got the Black Sea, the escalation in the conflict there has added a lot of uncertainty on what's going on with global wheat S&Ds. So if you end up limiting, there's probably 25% of global exports come out of the Black Sea area, we've probably seen the worst conflict there since the beginning of the war, that could really tighten wheat up, especially in the short term where it have to be serviced for some other origins that could change things. And then the other we're watching, of course, is China -- would they possibly import corn as part of the $17 billion board of trade commitments. It's not clear what commodities are going to be there. So those will be, kind of, the key flags, I think, on the merchant business. John Neppl: Yes. And Tom, I'd just add there that we do expect to see sequential improvement in Q3 and then again, a pretty good increase in terms of performance expectations in Q4, just given that's a big quarter for us in that business. And as Greg pointed out, I mean, there's a lot of global volatility. So that's a segment that could benefit from some of that depending on what happens. But we do expect things to get better and global demand remains good. So we just got -- we got to be prepared as we always are to jump on it when it's there. Operator: And the next question comes from Pooran Sharma with Stephens Inc. Pooran Sharma: Just wanted to understand some of the performance in softseed and see how sustainable that is. I mean you mentioned improved performance across every region. It exceeded our expectations. So I just want to get a sense of how much is reflected in favorable margins versus improved execution utilization? And how much of that is sustainable as you move into 2027? Gregory Heckman: Yes. That's an area where Viterra brought us a lot in the origination as well in the processing and gave us a lot more balance. So our softseed footprint now is much more balanced globally like our soy was prior, except for the Argentina hole, which we were able to fill with Viterra. So I think the way those value chains are working together all the way through the origination, through the processing has been great. And then when we've seen challenges, like the tight sun seed crop in the Black Sea, we're able to answer for customers out of Argentina and balance that. So going forward, right now, the challenges as the Black Sea tightens up again, we'll have to serve that with soy or sun oil out of Argentina to customers, and as well as just continuing to watch how things develop with the customers. You've got palm tightening up somewhat. That's been supportive to the soft oils. And then the RVO, of course, has been supportive to the soft oil. So it's -- the oil dimension has been a big driver of softseeds, and that will be durable. Pooran Sharma: Okay. And I guess I just wanted to focus on Argentina here for the follow-up. Obviously, really good results. You mentioned your increase in capacity, improved year-over-year performance. Wanted to, kind of, get a better sense of how we should expect performance in this region as we look ahead. I think you had a delayed harvest and some farmer selling into -- carrying into early 2Q. As the crop becomes more available, how should we think about utilizations and margins in Argentina through the back half of this year? And how does that impact other regions across your footprint? Gregory Heckman: Yes, you'right. I mean the farmer selling has been good, and part of that is just a more stable economy overall. I'd say the farmer behavior in Argentina starting to look a lot more like the rest of the world, they had a large harvest and performed, kind of, as expected. We don't expect the '27 export tariff reduction to influence the '26 selling beyond what we're going to see from a normal seasonal slowdown. So we expect '27 to continue to, kind of, normalize on how Argentina operates. And then how we run Argentina, of course, will balance with the rest of our system. And we'll, kind of, let the market call with the good demand that we're seeing continue. Meal continues to really surprise, kind of, quarter after quarter the meal demand. But having -- Renova having the largest and lowest cost operating plant globally, will run in Argentina hard and balance with the rest of our global system. Operator: The next question comes from Heather Jones with Heather Jones Research. Heather Jones: I wanted to start on the soy processing or soy business. I was just trying to reconcile the performance with what we saw in industry margins. I was calculating EBIT per ton similar to what we saw in Q3 last year. But my estimate that industry margins were substantially higher than what they would have been in Q3. So I just wondering if you could flesh that out to help us understand. I didn't know if you had heavy hedges on in crush and refining, but just any additional color you could provide there would be very welcome. John Neppl: Yes. Heather, yes, look, our best margins in soy processing over, let's say, the last 6 quarters has been this quarter in Q2. So not 100% sure. Maybe we can circle back with you on what you're looking at. But it actually globally, overall, soy processing margins were very strong in Q2 and the best we've seen in a while. Heather Jones: Okay. I mean, I was consolidating your soy business and just taking the EBIT per ton. But yes, we can follow up on that offline. John Neppl: Yes. Part of it could be -- I'm sorry, part of it could be a volume thing. We -- part of the volume that we include in our -- that segment is driven by merchandising of soybeans that we originate in Brazil that can fluctuate dramatically quarter-to-quarter. And, in fact, in Q2 here, we saw a significant increase in volume not only sequentially from Q1, but versus a year ago on the merchandising side, and we originated a significant amount of soybeans out of Brazil this quarter that will ultimately either be crushed or sold to third parties. And that volume is included in our overall volume numbers. So that's possible that could be impacting your analysis. Heather Jones: Okay. All right. Yes. And I'll follow up on that. Second question was just on -- just -- I know there's been a lot of headlines around Super El Nino. It seems like the probability of that continues to grow. And just wondering, as you look at your footprint, both on the oilseed side, but also merchandising, just -- if we look at '15, '16 as it has been, I think some are saying it might look more like '98, '99 or '97, '98, I can't remember. Just could you walk us through if this looks like those events, how do you size up the impact for Bunge? Gregory Heckman: Yes. I'll start, John, if you want to -- but I would say, overall, with the balanced footprint we've got now, kind of, having to solve problems for the marketplace, a disruption that is a supply shock or sustained demand growth, that's where really the optionality that exists in our physical flows and in our asset base, you would really see the benefits of that versus what we see in this -- the conflicts that are happening in the Black Sea and the Middle East, those are much more episodic volatility and it comes with a lot of speculative volatility. That actually has been hard -- it's been negative to volumes, it's been negative to margins and is challenging for our customers, especially the end users who become much more short bought. So that creates a challenging. So this would be actually a situation where we're able to use our system to solve problems. And if I did a bit of a walk on how you think about Australia would be near term, the most exposed, but we've already seen some shifting of farmers from wheat to canola and barley. And again, we handle all of those. So we'll be there for our farmer customers. Brazil would be watching the planting timing. If you end up getting delayed planting on -- could it impact Safrinha and then where fertilizer prices at that point and does that affect the investment that the farmers making, does that affect yields, right? If you think about medium term, '27, that starts creating the risk in Malaysia and Indonesia palm production, which then we'll have to fill that gap with soft oils. That would be good for us. We're seeing, maybe, India is already feeling some of the impact of that where we've seen increased veg oil imports. And then really in all scenarios, it looks like Argentina continues to be a winner, and we've got a great footprint there, not only in the processing, but the origination and marketing business there. So we should benefit from good crops. Operator: And the next question comes from Matthew Blair with TPH. Matthew Blair: Seems like there's some concern in the market on an RVO waiver in the U.S. just in light of high retail gasoline prices. I think that seems unlikely to us, but what's your thinking here? And how much of that is the risk? John Neppl: Yes. I would say we don't have any special insights that there's going to be anything that dramatic. Certainly, the thing we're watching right now are SREs expected to come out, some definition and some rulings around SREs in potentially the coming days, weeks. It's probably the first watch out for us. And then, of course, the Set 3 biofuel policy for '28, '29 is just beginning to be in the works, and we're expecting maybe a first look at that sometime after the elections in the fall with plans to finalize that midyear next year. But in terms of any, sort of, waivers at this point, nothing that we're aware of. Matthew Blair: Sounds good. And then congrats on finishing your share buyback program. I know the original plan this year was the $250 million of share repurchases, but you've also raised your earnings outlook twice now. So is there -- should we expect any additional share repurchases in the back half of the year just in light of the 2 guidance raises? John Neppl: Yes. I mean we'll take a look at that. I mean our first priority is going to be in this market with the dynamics that we're seeing, we do expect a good chance we're going to deploy more money into working capital as we go through the back half of the year, just given prices and the global dynamics. And we want to make sure our credit rating and our leverage ratio are where we want them and not concerned about the credit rating itself, but make sure our leverage ratio is in target. So that will be an important aspect. And then as we look forward, we'll see. We remain committed to our long-term new framework that we talked about where we're going to allocate 50% of our discretionary cash flow to shareholders, whether that's through dividends or repurchases, and we plan to stick with that framework. And then timing will just be hard to predict right now, but it's possible. Operator: And the next question comes from Ben Theurer of Barclays. Benjamin Theurer: John, a lot has been covered here. So just a quick one maybe, and we haven't talked much about your tropical oils and your grain merchandising business yet. Can you, kind of, dig maybe a little bit deeper on what's driving the current conditions to where they are? What are like, kind of, like the pain points? I mean that seems to be not yet just on full steam. So I just wanted to understand what are some of the underlying issues maybe in those 2 segments? And then I have a quick follow-up on cash flow, what you just mentioned. Gregory Heckman: Yes. On the refined oil side, majority of that oil still goes to the food customers. They've definitely seen this to be a challenging environment. So they're more short bought. We've seen a little bit of switching to some lower-value products from part of that customer group responding to consumers. But it's been interesting because we've seen some of them also moving back to innovation and trying to bring some of those customers back, and our ability to provide those solutions has been appreciated, and we think that, that will pay off long term. Because the other thing we've seen in some of our cocoa butter equivalent business looks like those prices for cocoa moving higher again. So yes, look, that later in the year, that could be an opportunity for -- to Tropical's business as well. And then we're just at the front edge of bringing up our protein plant there in Morristown. So I think, did I hit the question there. John Neppl: Yes. Maybe, Ben, I would just add that, as I mentioned earlier, we've got our Avondale facility up and coming. And that's -- that when we bought that facility from Fuji, that's been a couple of years ago already, we were at 100% capacity immediately. And we're basically -- we expect to be running at 100% as soon as that addition comes online. So that's going to provide us some additional momentum. And then, of course, -- longer term, the Westhaven, we're starting to run some oil through that, the pipes there. So we're getting excited there and obviously working with customers in Europe, socializing the site with them, having them do visits and getting ready to shift demand from others. We continue to operate in Rotterdam and the facility we sold a few years ago. But as we shift that business over, we're going to have a lot more capability in Europe than we do today. So we like the momentum in the business. I think the team is excited about where we're headed and just it's going to take a little time to put all the pieces together. Benjamin Theurer: Okay. Perfect. And then just looking at CapEx, you're, kind of, like running towards the midpoint, but just wanted to understand what could drive you to the higher end of the range of the $1.5 billion to $1.7 billion. So what, kind of, -- with these projects coming to an end, just to get a sense on where we're heading on CapEx. John Neppl: Yes. It's really probably more around timing of when we're going to get projects completed and contracting invoiced. I'd say today, we're probably closer to the high end of that range, would be my guess. And we'll see as we get through the balance of the year. It's always timing on when work gets completed and we get billed and get paid. But right now, I would venture to guess we're a little closer to the higher end of the range at the midpoint. Gregory Heckman: Go ahead. All right. That's all the questions we've got. I'd like to thank everyone for joining us today, for your interest in Bunge. I'd like to thank our team again for doing a fantastic job to manage through the complexity that we have using our global footprint and our capabilities, and the optionality that exists there to serve our customers and continue to meet what continues to be very strong demand. So thank you all for joining. Have a great week. Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines. Before you buy stock in Bunge Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bunge Global wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Bunge (BG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Bunge Global SA BG used its second-quarter earnings call to highlight how its expanded global platform is helping the company manage commodity market volatility while capturing opportunities across food, feed and fuel markets. Management focused on execution, integration progress and improving earnings visibility. The company raised its full-year outlook as stronger soybean and softseed processing trends offset pressure in grain merchandising. Executives also addressed margin durability, capital allocation and the benefits expected from the Viterra combination. CEO Gregory Heckman said Bunge’s larger footprint is providing more flexibility across crops, regions and customers. He emphasized that the company’s expanded origination network and processing capabilities are helping it navigate changing trade flows and geopolitical uncertainty. The company pointed to the Viterra combination as a key contributor to its broader operating capabilities. Management noted that the combined platform has increased optionality in sourcing, processing and distribution, particularly across soybean and softseed markets. Bunge reported adjusted second-quarter EPS of $2.00 compared with $1.31 in the prior-year period, while revenues reached $24.04 billion. The results exceeded the Zacks Consensus Estimate for EPS by 1.50% and revenues by 2.30%. Bunge Global SA price-consensus-eps-surprise-chart | Bunge Global SA Quote Management increased its full-year 2026 adjusted EPS outlook to a range of $9.25 to $9.75 from the prior $9.00 to $9.50 range. The revised outlook reflects stronger expectations for soybean processing and slightly improved expectations for softseed processing. CFO John Neppl said the updated outlook incorporates current market conditions, forward curves and second-quarter performance. The company maintained expectations for a 22% to 26% adjusted annual effective tax rate, net interest expense of $620 million to $660 million and capital expenditures of $1.5 billion to $1.7 billion. Management also cautioned that the operating environment remains complex, with uncertainty tied to geopolitical developments, trade flows and regional market conditions. Bunge’s soybean processing and refining segment benefited from stronger performance in North and South America, with higher processing volumes supported by expanded capacity in Argentina. The company also reported stronger processing results in Asia, partially offset by weaker performance in some other regions. The softseed processing business delivered broad-based improvement across regions. Management attributed the gains to a more favorable market environment, increased production capacity and stronger execution across the combined company’s network. Executives highlighted renewable fuels as another long-term opportunity, pointing to partnerships involving certified soybean oil feedstock for sustainable aviation fuel and renewable diesel production. A BMO Capital Markets analyst asked how the Viterra assets were changing Bunge’s competitive position. Heckman said the broader footprint has improved the company’s ability to balance supply and demand across regions and respond to customer needs. A Morgan Stanley analyst questioned whether current U.S. crush margins were supported by fundamentals or temporary factors. Management responded that strong meal demand, renewable fuel policy support and underlying feed demand supported the current margin environment. A JPMorgan analyst focused on second-half expectations and merchandising performance. Management said it expects sequential improvement in merchandising results, while noting that global volatility could create additional opportunities. Management said Viterra cost synergies remain ahead of plan. The company increased its cost synergy target previously and continues working toward additional opportunities from network optimization and commercial relationships. Bunge completed its $2 billion share repurchase commitment related to the Viterra transaction, including approximately $250 million of share repurchases during the first half of 2026. The company also invested in growth and productivity-related capital projects. Executives highlighted ongoing projects, including processing and terminal expansions, as investments expected to support future capabilities across the company’s network. Bunge’s leadership continued to emphasize structural demand drivers, including population growth, rising incomes and demand for grain, oilseed products and renewable fuel feedstocks. Management said these trends support the company’s long-term strategy. The company’s near-term focus remains on executing integration efforts, bringing projects online and managing commodity market volatility. Executives highlighted diversification as a key factor supporting performance through changing market conditions. Bunge currently sports a Zacks Rank #1 (Strong Buy), indicating that the stock is positioned at the top end of the Zacks Rank scale based on earnings estimate revisions.  You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Rank is designed to help identify stocks with stronger potential performance over the next one to three months. The company has a Value Score of B, Growth Score of F, Momentum Score of B and VGM Score of D. Zacks Style Scores evaluate value, growth and momentum characteristics, with higher grades representing stronger characteristics within each style category. The Zacks Rank can change as analysts update earnings estimates following new information, including developments after quarterly results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bunge Global SA (BG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was bolstered by the expanded global platform, which provided critical diversification across crops and geographies, particularly in soy and softseed processing. The integration of Viterra assets filled a strategic gap in Argentina, providing global balance to soybean crushing operations and enhancing origination capabilities. Management attributed strong results to disciplined risk management in a volatile environment characterized by geopolitical tensions and shifting trade flows. Operational excellence and an integrated information network allowed the company to capture internal liquidity and optionality, solving physical supply challenges for customers. The company benefited from a stronger credit profile post-merger, achieving the tightest credit spreads in its history, which provides a competitive edge in capital-intensive merchandising. Demand remains structurally supported by population growth and rising incomes, alongside constructive renewable volume obligations (RVO) in the U.S. and growing global biodiesel blend rates. Full-year 2026 adjusted EPS guidance was raised to a range of $9.25 to $9.75, reflecting improved market conditions and accelerated synergy capture. The guidance assumes U.S. and North American markets will continue leading global crush margins, supported by clear RVO mandates and strong global meal demand. Management expects a seasonal earnings shift with approximately 40% of second-half results occurring in Q3 and 60% in Q4, driven by Northern Hemisphere harvests. The outlook for Grain Merchandising and Milling was lowered due to ample global supplies and a balanced supply-and-demand environment, though sequential improvement is expected in Q4. Strategic capital projects, including the Destrehan multi-seed plant and Morristown SPC facility, are expected to contribute to earnings power as they scale through late 2026 and 2027. Viterra cost synergy targets were increased from $250 million to $350 million, with management reporting that capture is currently running ahead of the original plan. The company completed its $2 billion share repurchase commitment related to the Viterra transaction, signaling a return to its long-term capital allocation framework. Geopolitical risks in the Black Sea remain a primary watch item, as escalation could significantly tighten global wheat supply and impact merchandising dynamics. Potential El Niño patterns present a mixed risk-opportunity profile, with possible negative impacts on Australian wheat but favorable conditions for Argentine crops and global soft oil demand. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management emphasized that the combined footprint allows them to touch more farmers directly than any competitor, providing superior origination and market intelligence. The addition of Argentine assets provided the necessary global balance to soy and softseed operations that Bunge previously lacked. The doubled ocean freight fleet provides enhanced ability to react to global trade disruptions and redirect flows to high-demand regions. Management confirmed that underlying fundamentals support current margins, citing clarity around RVO and strong global demand for animal protein feed. While energy price volatility impacts global crush rates, the U.S. remains the global leader in margin structure due to robust domestic feedstock demand. Management characterized Glencore as a long-term partner that understands the multi-year nature of mining commercial synergies from the merger. Glencore indicated they are in 'no hurry' to exit their position and intend to participate in the value creation resulting from the integration. Bunge is actively working with producers on winter canola and other cover crops under the assumption that these practices will be permanently incentivized by 45Z. The new Destrehan facility was specifically designed as a 'switch plant' to handle these alternative cover crops, providing long-term flexibility for the SAF value chain.

Bunge Global (BG) reported $24.04 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 88.3%. EPS of $2.00 for the same period compares to $1.31 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $23.49 billion, representing a surprise of +2.34%. The company delivered an EPS surprise of -1.48%, with the consensus EPS estimate being $2.03. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Bunge Global performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Volume - Soybean Processing and Refining - Soybeans processed: 11,524.00 MTons compared to the 11,862.60 MTons average estimate based on two analysts. Volume - Soybean Processing and Refining - Soybeans merchandised: 8,046.00 MTons versus the two-analyst average estimate of 6,351.90 MTons. Volume - Soybean Processing and Refining - Refined soy oil production: 933.00 MTons compared to the 924.55 MTons average estimate based on two analysts. Volume - Grain Merchandising and Milling: 23,852.00 MTons versus the two-analyst average estimate of 24,098.25 MTons. Volume - Softseed Processing and Refining - Softseeds merchandised: 1,296.00 MTons versus 1,182.50 MTons estimated by two analysts on average. Volume - Softseed Processing and Refining - Refined oil production: 974.00 MTons versus 669.63 MTons estimated by two analysts on average. Volume - Tropical Oils and Specialty Ingredients: 660.00 MTons versus the two-analyst average estimate of 639.60 MTons. Volume - Softseed Processing and Refining - Softseeds processed: 3,490.00 MTons compared to the 2,969.18 MTons average estimate based on two analysts. Adjusted EBIT- Soybean Processing and Refining: $445 million versus the two-analyst average estimate of $466.94 million. Adjusted EBIT- Softseed Processing and Refining: $255 million versus the two-analyst average estimate of $226.91 million. Adjusted EBIT- Corporate: $-148 million compared to the $-126.3 million average estimate based on two analysts. Adjusted EBIT- Grain Merchandising and Milling: $67 million versus the two-analyst average estimate of $84.54 million. View all Key Company Metrics for Bunge Global here>>> Shares of Bunge Global have returned +10% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bunge Global SA (BG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Bunge Global SA? Here are five stocks we like better. Bunge raised its 2026 adjusted EPS outlook to $9.25–$9.75 from $9.00–$9.50, citing stronger soybean and softseed processing conditions and early benefits from its Viterra combination. Second-quarter adjusted EPS increased to $2.00 from $1.31 a year earlier, while adjusted segment EBIT more than doubled to $796 million, driven primarily by improved soybean and softseed operations across the Americas and Europe. Viterra integration is progressing ahead of plan, with cost synergies tracking above target and the $2 billion buyback commitment completed. Bunge maintained its $1.5–$1.7 billion 2026 capital-spending outlook and reported 1.9× adjusted leverage. Generac Powers Ahead on the Electrification Mega-Trend Bunge Global (NYSE:BG) raised its full-year 2026 adjusted earnings outlook after reporting higher second-quarter profit, citing improved soybean and softseed processing conditions and early benefits from its combination with Viterra. The company now expects full-year adjusted earnings per share of $9.25 to $9.75, up from its prior forecast of $9.00 to $9.50. Chief Executive Officer Greg Heckman said the company’s larger global platform helped it manage a volatile operating environment shaped by geopolitical tensions, changing trade flows and weather-related uncertainty. → This Tiny AI Supplier Could Be More Important Than the Chipmakers 10 best sugar stocks to buy now “Our integrated global platform, disciplined risk management, and operational excellence are designed to keep supply moving to meet demand and serve our customers regardless of how conditions shift,” Heckman said. Bunge reported second-quarter earnings per share of $3.47, compared with $2.61 in the same period of 2025. Reported earnings included a favorable mark-to-market timing difference worth $1.67 per share, partly offset by $0.20 per share of Viterra transaction and integration costs. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? How to invest in wheat: Is it a hedge against inflation? Adjusted EPS rose to $2.00 from $1.31 a year earlier. Adjusted segment EBIT more than doubled to $796 million from $373 million in the prior-year quarter. Chief Financial Officer John Neppl said the improvement reflected stronger results in soybean processing and refining, particularly in North and South America, as well as improved performance across the softseed processing and refining business. Soybean processing and refining: Results increased primarily because of stronger North and South American value chains. U.S. processing performance improved, although refining results were lower. In South America, Argentina processing and refining and Brazil processing improved. Processing volumes increased in North America, South America and Europe, with Argentina benefiting from greater production capacity. Softseed processing and refining: Results rose across all regions amid what Bunge described as a more favorable market environment and strong execution. Higher production capacity in Argentina, Canada and Europe contributed to increased processing volumes. Tropical oils and specialty ingredients: Higher results in Europe and Asia were partially offset by lower North American results. Grain merchandising and milling: Higher earnings in ocean freight, commercial services, global cotton and wheat milling were partly offset by weaker global grain merchandising and sugar performance. → Innovative ETF Strategies That Are Paying Off This Summer Net interest expense increased to $154 million, reflecting the company’s expanded footprint and merchandising activities following the Viterra acquisition, partially offset by lower average net interest rates. Heckman said the Viterra combination has broadened Bunge’s origination network, asset base and ability to serve customers across major producing and consuming regions. He highlighted the addition of Argentine soybean-crushing operations and expanded softseed origination and processing capabilities. The combined company also has a larger ocean-freight presence, which Heckman said supports its ability to respond to disruptions in global trade flows. Neppl added that the stronger combined credit profile has allowed Bunge to borrow at its tightest credit spreads in company history, which he said could provide an advantage in funding merchandising activity. Bunge said Viterra cost synergies are running ahead of plan. The company previously raised its cost-synergy target to $350 million from $250 million and said it continues to pursue opportunities to complete the savings program sooner if possible. The company completed the $2 billion share-repurchase commitment associated with the Viterra transaction. During the year to date, Bunge repurchased about $250 million of shares, paid $275 million in dividends and spent $541 million on growth and productivity capital expenditures. Bunge generated approximately $1.3 billion of adjusted funds from operations year to date. After $238 million of sustaining capital expenditures, the company had about $1.1 billion of discretionary cash flow available, according to Neppl. At the end of the second quarter, net debt exceeded readily marketable inventory by $1 billion, while adjusted leverage stood at 1.9 times adjusted EBITDA. Bunge had about $8.8 billion available under committed credit facilities and approximately $2.4 billion available under its commercial paper program. The company expects 2026 capital expenditures of $1.5 billion to $1.7 billion, unchanged from its previous outlook, although Neppl said spending is currently trending closer to the high end of the range because of project-completion timing. Among its major projects, Bunge expects a barge unloader at Destrehan, Louisiana, to begin operating in August and a new multi-seed processing plant at the site to come online near the end of the third quarter. Its Morristown soy protein concentrate facility is producing product but has not yet reached full scale, while an expanded refined tropical oils platform in Avondale is expected to begin operating in the coming months. The Westhaven specialty and refined oils project in the Netherlands remains scheduled for completion by the end of the first quarter of 2027. For 2026, Bunge expects higher soybean processing and refining results than previously forecast, slightly higher softseed processing and refining results, unchanged tropical oils and specialty ingredients performance, and lower grain merchandising and milling results. Corporate and other results are expected to remain unchanged. The company maintained its outlook for an adjusted annual effective tax rate of 22% to 26%, interest expense of $620 million to $660 million, and depreciation and amortization of approximately $975 million. Management said U.S. soybean-crush margins have benefited from clearer Renewable Volume Obligation policy and underlying demand for both meal and oil. The company also expects sequential improvement in grain merchandising during the second half, although it said the business remains affected by ample global grain supplies and uncertainty surrounding Black Sea exports and Chinese import activity. Heckman said Bunge is also advancing renewable-fuel partnerships in Brazil, including agreements to supply certified soybean oil feedstock for sustainable aviation fuel and renewable diesel production. He said the company sees continued long-term demand support from population growth, rising incomes, renewable-fuel policies and growing biodiesel blend rates. Bunge Global is a leading agribusiness and food company that processes oilseeds and grains, produces sugar and bioenergy, and supplies fertilizers and other agricultural inputs. The company operates an integrated value chain that spans origination, processing, and distribution, enabling it to serve food processors, livestock producers, and retail customers worldwide. Through its network of processing plants, port terminals and logistics assets, Bunge handles a diverse portfolio of commodities, including soybeans, corn, wheat, vegetable oils, and sugarcane. The company's core business activities are organized into agribusiness and food & ingredients segments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Bunge Global Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Reported EPS: $3.47 compared to $2.61 in Q2 2025. Adjusted EPS: $2.00 in Q2 2026 versus $1.31 in Q2 2025. Adjusted Segment EBIT: $796 million in Q2 2026 versus $373 million in Q2 2025. Adjusted Funds from Operations: Approximately $1.3 billion year-to-date. Discretionary Cash Flow: Approximately $1.1 billion available after sustaining CapEx. Net Debt Exceeding RMI: $1 billion at quarter end. Adjusted Leverage Ratio: 1.9 times at the end of Q2 2026. Liquidity Position: $8.8 billion unused and available from committed credit facilities. Adjusted ROIC: 8.4% for the trailing 12 months. Full Year 2026 Adjusted EPS Outlook: $9.25 to $9.75, up from previous $9 to $9.50. Interest Expense Forecast: $620 million to $660 million for 2026. Capital Expenditures Forecast: $1.5 billion to $1.7 billion for 2026. Depreciation and Amortization Forecast: Approximately $975 million for 2026. Warning! GuruFocus has detected 13 Warning Signs with BG. Is BG fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bunge Global SA (NYSE:BG) reported a strong second quarter with earnings per share of $3.47, up from $2.61 in the same quarter last year. The company increased its full-year 2026 adjusted EPS guidance to a range of $9.25 to $9.75, reflecting confidence in its performance. Bunge's diversification across crops and geographies, particularly in soy and soft seed processing, has proven beneficial in navigating market volatility. The integration with Viterra has enhanced Bunge's global platform, providing a stronger credit profile and improved operational capabilities. Bunge has completed its $2 billion share repurchase program related to the Viterra transaction, demonstrating a commitment to returning value to shareholders. Geopolitical tensions and shifting trade flows continue to create uncertainty in the operating environment. Results from global soybean oil merchandising activities were lower than last year, indicating challenges in this segment. The grain merchandising and milling segment faced lower results in global grain merchandising and sugar. Higher corporate expenses were driven by the addition of Viterra and the timing of performance-based compensation. The macroeconomic environment remains complex, with significant uncertainty expected in certain regions, particularly in the fourth quarter. Q: Can you elaborate on how the Viterra assets are benefiting Bunge in the current environment? A: Gregory Heckman, CEO: The Viterra assets enhance our global footprint, allowing us to balance key origins and destinations and directly engage with more farmers. This expanded network provides us with greater internal liquidity and optionality, enabling us to solve supply chain challenges more effectively. Additionally, the integration of Argentine soy crushing operations has strengthened our global balance, particularly in soy and soft seed processing. Q: How do you view the current U.S. crush curve in terms of fundamentals versus elevated energy markets? A: Gregory Heckman, CEO: We believe the current U.S. crush margins are justified by strong underlying fundamentals, including robust global meal and corn demand. The clarity around the Renewable Fuel Standard (RBO) supports these margins, and North America continues to lead the global crush. Q: What is your outlook for the second half of the year, particularly regarding the crush curve and regional visibility? A: John Neppl, CFO: We expect a slight shift with low 40s in Q3 and high 50s in Q4. The U.S. is driving higher second-half margins, while Argentina faces higher energy costs. Europe and Asia remain unchanged, and Brazil is slightly lower due to strong bean exports. Overall, demand remains strong but spotty due to geopolitical uncertainties. Q: Can you provide an update on your major projects and the potential upside from Viterra synergies? A: John Neppl, CFO: Key projects like the Destrehan crush plant and barge unloader are nearing completion. The Morristown SPC plant is operational, and the Avondale facility will be online soon. We increased our cost synergy target from $250 million to $350 million and are making progress on network and commercial synergies, enhancing our strategic customer relationships. Q: How are you addressing potential impacts from geopolitical tensions and fertilizer access issues in South America? A: Gregory Heckman, CEO: While there are concerns about fertilizer access, particularly phosphates, we are monitoring the situation closely. In Brazil, we are watching planting timings and potential impacts on yields. Our balanced global footprint allows us to adapt and continue serving our customers effectively. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Bunge Global SA BG reported second-quarter 2026 adjusted earnings of $2.00 per share, up 52.7% year over year. The figure missed the Zacks Consensus Estimate of $2.03 by 1.5%. Including one-time items, the company posted earnings per share of $3.47 compared with $2.61 in the year-ago quarter. Net sales surged 88.3% to $24.04 billion and beat the consensus mark of $23.49 billion by 2.3%. Sales and volumes increased across all segments. Bunge Global SA price-consensus-eps-surprise-chart | Bunge Global SA Quote Cost of goods sold increased 85.9% year over year to $22.36 billion. Gross profit more than doubled to $1.68 billion from $738 million, while gross margin expanded to 7.0% from 5.8%. Selling, general and administrative expenses rose 45% to $606 million, reflecting the larger combined company. Adjusted total EBIT was $665 million, up from $293 million, and the corresponding margin improved to 2.8% from 2.3%. Soybeans processed volumes increased to 11,524 thousand metric tons from 9,304 thousand metric tons. Volumes increased in both South and North America as well as in Europe, with the largest increase driven by the company’s greater production capacity in Argentina. Merchandised volumes nearly doubled to 8,046 thousand metric tons, reflecting the combined company’s expanded soybean origination footprint. Soybean Processing and Refining sales climbed 55.8% year over year to $12.07 billion. Adjusted segment EBIT advanced 46.4% to $445 million. Stronger results in North and South America drove the improvement. Processed volumes increased 79.3% to 3,490 thousand metric tons, reflecting added production capacity in Argentina, Canada and Europe. Merchandised volumes soared to 1,296 thousand metric tons from 15 thousand metric tons in the year-ago quarter. Softseed Processing and Refining sales jumped 167.5% to $4.1 billion.  Adjusted segment EBIT rose to $255 million from $14 million. Results improved across all regions on a more favorable market environment and solid execution. Processing gains in North America and Argentina were the main drivers, while stronger European processing more than offset lower refining and biodiesel performance. Tropical Oils and Specialty Ingredients sales increased 9.3% to $1.26 billion. Volumes increased 6% to 660 thousand metric tons. Adjusted segment EBIT rose to $29 million from $26 million in the year-ago quarter, as gains in Europe and Asia and slightly better global tropical oils merchandising outweighed weaker North American results. Grain Merchandising and Milling sales surged 183.4% to $6.61 billion, with volumes up 184.6% to 23,852 thousand metric tons. Higher volumes primarily reflected the company’s expanded grain-handling footprint and capabilities. Adjusted segment EBIT increased to $67 million from $29 million. Higher ocean freight, commercial services, global cotton and wheat milling results were partly offset by weakness in global grain merchandising and sugar. Cash used for operating activities totaled $1.13 billion in the first six months of 2026 compared with an outflow of $1.36 billion in the comparable period last year. The reduction was attributed to higher net income and depreciation following the Viterra transaction. Adjusted funds from operations climbed 86.3% to $1.29 billion. Bunge raised its full-year 2026 adjusted earnings guidance to $9.25-$9.75 per share from $9.00-$9.50. The company now expects higher Soybean Processing and Refining results and slightly higher Softseed Processing and Refining performance, while lowering its view for Grain Merchandising and Milling. The company maintained expectations for an adjusted tax rate of 22-26%, net interest expense of $620-$660 million and capital expenditures of $1.5-$1.7 billion. Depreciation and amortization is projected at approximately $975 million. Shares of Bunge have gained 53.8% in a year compared with the industry's 31.9% growth. Image Source: Zacks Investment Research Bunge currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The Scotts Miracle-Gro Company SMG reported third-quarter fiscal 2026 (ended June 27, 2026) adjusted earnings per share of $2.82, beating the Zacks Consensus Estimate of $2.53. The figure came in 8% higher than the year-ago quarter’s earnings of $2.62 per share.Including one-time items, earnings from continuing operations for Scotts Miracle-Gro Company were $1.75 per share, 34% lower year over year. Scotts Miracle-Gro Company’s net sales rose 1% year over year to $1,172 million, missing the consensus mark of $1,174 million.  Scotts Miracle-Gro Company currently carries a Zacks Rank #4 (Sell). Archer Daniels Midland Company ADM, scheduled to release second-quarter 2026 results on Aug. 4, has a trailing four-quarter average earnings surprise of 5.36%. The Zacks Consensus Estimate for Archer Daniels Midland’s earnings for the quarter is pegged at $1.27 per share, implying year-over-year growth of 36.6%. The consensus estimate for Archer Daniels Midland’s revenues is pegged at $22.38 billion, indicating a rise of 5.7% from the prior-year figure. Archer Daniels Midland currently carries a Zacks Rank #2 (Buy). Corteva, Inc. CTVA, scheduled to release second-quarter 2026 earnings tomorrow, has a trailing four-quarter average earnings surprise of 25.3%. The Zacks Consensus Estimate for Corteva’s earnings for the quarter is pegged at $2.24 per share, implying year-over-year growth of 1.8%. The consensus estimate for Corteva’s revenues is pegged at $6.62 billion, indicating a rise of 2.6% from the prior-year figure. Corteva currently carries a Zacks Rank of 2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bunge Global SA (BG) : Free Stock Analysis Report Archer Daniels Midland Company (ADM) : Free Stock Analysis Report The Scotts Miracle-Gro Company (SMG) : Free Stock Analysis Report Corteva, Inc. (CTVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research