BG

Bunge is a global agribusiness staple whose FY2025 results show the digestion of its Viterra acquisition rather than organic strength. Revenue rose +9.0% to $16.9B, but that growth is acquisition-driven: total assets ballooned +78.8% to $44.5B and shares outstanding jumped +44.4% to 194M, diluting owners. Net income fell -28.2% to $816M and diluted EPS dropped -38.5% to $4.91, pushing return on equity down to a thin 5.1%. This is a low-margin merchandising business (20.1% gross margin, 4.8% net margin) where scale matters but earnings power has clearly stepped down.

The balance sheet is the central concern. Long-term debt grew +88.1% to $8.83B and the current portion of debt nearly doubled to $1.34B, while cash collapsed -65.7% to $1.14B. The 10-K contractual-obligations table shows $3.88B of short-term debt all due in 2026 plus $1.38B of long-term maturities, against operating cash flow that itself fell -55.6% to $844M and capex of $1.72B. Management guides 2026 capex of $1.5-1.7B funded from operations and cash on hand, leaving little cushion if processing margins stay soft.