Bunge Third-Quarter Adjusted EPS Rises to $2.56 as Soybean Processing Results Improve; Outlook Held

Bunge's third-quarter adjusted earnings rose to $2.56 a share from $2.27 a year earlier on Thursday, as stronger oilseed crushing in North America lifted its two processing segments, and the agribusiness company held its full-year profit outlook steady, according to its earnings release filed with an 8-K.

On a GAAP basis, diluted EPS from continuing operations nearly doubled to $1.64 from $0.86. Net income attributable to Bunge rose to $318 million from $166 million.

Bunge kept its 2026 adjusted EPS outlook at $9.25 to $9.75, but shifted the mix underneath it. It now sees slightly lower soybean processing and refining results and lower tropical oils results than it previously expected, offset by higher grain merchandising and milling results.

Processing does the heavy lifting

Adjusted segment EBIT rose to $997 million from $924 million. Adjusted total EBIT climbed to $846 million from $757 million.

Soybean processing and refining posted adjusted segment EBIT of $565 million, up from $478 million. North America was the largest contributor, driven by stronger processing results, partly offset by lower refining, the company said. Processing results also improved in Argentina and Brazil.

Softseed processing and refining adjusted EBIT rose to $329 million from $275 million, with North America processing and refining again the main driver. Softseed processing volumes increased across all regions.

"Our team delivered a strong third quarter, demonstrating disciplined execution and the strength of the resilient, diversified business we've built," CEO Greg Heckman said in the release, pointing to "geopolitical uncertainty, shifting trade flows and evolving government policy."

Weak spots

Tropical oils and specialty ingredients adjusted EBIT fell to $16 million from $51 million. Bunge cited near-term margin impacts from geopolitical trade disruptions, plus commissioning, ramp-up and plant transition costs in its tropical oils and soy protein concentrate businesses.

Grain merchandising and milling adjusted EBIT declined to $87 million from $120 million, as gains in global grain merchandising and commercial services were more than offset by weaker ocean freight, sugar and wheat milling results.

Cash flow and outlook details

Cash used for operations widened to $2.3 billion in the first nine months from $503 million a year earlier, mainly because of working-capital changes. Adjusted funds from operations rose to $2.0 billion from $1.18 billion.

For 2026, Bunge now expects net interest expense of $640 million to $670 million, up from $620 million to $660 million, and capital expenditures toward the higher end of its $1.5 billion to $1.7 billion range. It narrowed its adjusted effective tax rate outlook to 23% to 25%.

After quarter end, Bunge Chevron Ag Renewables started production at a new oilseed processing line in Destrehan, Louisiana, the company said.

By the numbers

• $2.56: third-quarter adjusted EPS, up from $2.27
• $1.64: GAAP diluted EPS from continuing operations, up from $0.86
• $997 million: adjusted segment EBIT
• $565 million: soybean processing and refining adjusted EBIT
• $9.25 to $9.75: unchanged 2026 adjusted EPS outlook

Sources

1. Bunge Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001628280-26-068051)

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