{"schemaVersion":1,"research":true,"symbol":"bg","name":"Bunge Global SA","topic":"moat","path":"/stock/bg/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:21:45.181Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Bunge has an established global processing, storage and logistics platform, but the supplied evidence supports no durable economic moat. Commodity interchangeability, international pricing mechanisms, actual competitor capacity additions and increased producer bargaining power constrain differentiation. Higher realized prices and historical inflation recovery demonstrate pricing flexibility, chiefly supported by market conditions. Viterra expands operating scale; durable relative cost advantages and acquisition returns remain unproven.","advantages":[{"mechanism":"cost_advantage","claim":"The integrated asset platform provides current procurement, processing and distribution capabilities, but a sustained cost advantage over competitors is not demonstrated. Scale alone does not establish efficient scale or network effects.","durability":"Physical infrastructure supports continuing operations, but its economic advantage is fragile: competitors have added capacity, and asset geography can create either advantages or disadvantages.","risks":"Commodity substitution, added processing and refining capacity, petroleum-company competition and increased on-farm storage erode bargaining power. Viterra also increased debt and financing requirements.","invalidation":"A claimed durable cost advantage would be invalidated by persistent loss of comparable throughput or customers to competing facilities, or failure to achieve lower delivered costs after integration. Reconsider the no-moat conclusion if sustained comparative cost savings and customer demand through adverse commodity cycles demonstrate an enduring advantage.","competitors":["ADM","AAK AB","Cargill","Wilmar"],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Soybean Processing and Refining integrated operations","excerpt":"Soybean Processing and Refining Segment Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution."},{"id":"e2","sourceId":"filing-1","location":"Properties — production capacity, storage capacity and soybean facilities","excerpt":"Facilities by Business Area (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Business Area Soybean Processing and Refining 193,165 11,226,953 Softseed Processing and Refining 69,320 2,447,065 Other Oilseeds Processing and Refining 19,188 431,773 Grain Merchandising and Milling 30,887 19,486,773 Facilities by Geographic Region (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Region North America 72,391 10,177,820 South America 131,207 10,836,887 Europe 66,583 3,135,190 Asia-Pacific 42,379 9,442,667 Soybean Processing and Refining In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world."},{"id":"e3","sourceId":"filing-1","location":"Business — named competitors","excerpt":"Key Competitors ADM, AAK AB, Cargill, Fuji Oil Co."},{"id":"e4","sourceId":"filing-1","location":"Risk factors — realized competitor capacity additions","excerpt":"Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand."},{"id":"e5","sourceId":"filing-1","location":"Risk factors — experienced competition from petroleum companies","excerpt":"Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced additional competition for refining capacity from traditional petroleum companies, particularly in the United States."},{"id":"e6","sourceId":"filing-1","location":"Risk factors — commodity price competition and substitution","excerpt":"As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution."},{"id":"e7","sourceId":"filing-1","location":"Risk factors — geographic advantages and disadvantages","excerpt":"Additionally, the geographic location of assets can competitively advantage or disadvantage us with respect to our competitors in certain regions."},{"id":"e8","sourceId":"filing-1","location":"Risk factors — on-farm storage and producer bargaining power","excerpt":"We also face competition from changing technologies and shifting industry practices, such as increased on-farm crop storage in several regions, which allows producers to retain commodities for extended periods and increase price pressure on purchasers such as us."},{"id":"e9","sourceId":"filing-1","location":"Risk factors — debt increase following Viterra acquisition","excerpt":"At December 31, 2025, our total debt balance was $14,051 million, which is a higher balance compared to recent years as a result of the Viterra Acquisition."},{"id":"e10","sourceId":"filing-2","location":"MD&A — commodity inventories and international pricing mechanisms","excerpt":"RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms."},{"id":"e11","sourceId":"filing-2","location":"MD&A — realized soybean sales prices and market demand drivers","excerpt":"The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher average sales prices across all regions driven by strong demand from global biofuel mandates, elevated global energy prices as a result of the conflict with Iran, as well as sustained export meal and seeds demand."},{"id":"e12","sourceId":"filing-2","location":"Market risk — historical inflation recovery through sales prices","excerpt":"We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future."},{"id":"e13","sourceId":"filing-2","location":"MD&A — segment EBIT, soybean sales, costs and operating volumes","excerpt":"43 Table of Contents A reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT follows: Three Months Ended June 30, Six Months Ended June 30, (US$ in millions) 2026 2025 2026 2025 Net income (loss) attributable to Bunge shareholders $ 678 $ 354 $ 746 $ 555 Interest income (43) (46) (88) (105) Interest expense 197 106 378 210 Income tax expense (benefit) 236 124 222 204 Noncontrolling interests' share of interest and tax (8) — (14) 2 Total EBIT $ 1,060 $ 538 $ 1,244 $ 866 Soybean Processing and Refining 804 460 1,013 731 Softseed Processing and Refining 273 19 349 101 Tropical Oils and Specialty Ingredients (24) (10) 86 (5) Grain Merchandising and Milling 173 187 97 233 Segment EBIT 1,226 656 1,545 1,060 Corporate and Other EBIT (166) (118) (301) (194) Total EBIT $ 1,060 $ 538 $ 1,244 $ 866 Reportable Segments Soybean Processing and Refining Three Months Ended June 30, Six Months Ended June 30, (US$ in millions, except volumes) 2026 2025 % Change 2026 2025 % Change Volumes (in thousand metric tons) Soybeans processed 11,524 9,304 24 % 22,281 17,414 28 % Soybeans merchandised 8,046 4,098 96 % 13,179 6,331 108 % Refined oil production 933 902 3 % 1,790 1,761 2 % Net sales $ 12,071 $ 7,750 56 % $ 21,623 $ 14,411 50 % Cost of goods sold (11,017) (7,192) 53 % (20,171) (13,518) 49 % Selling, general and administrative expenses (164) (113) 45 % (307) (222) 38 % Foreign exchange (losses) gains – net (53) 31 (271) % (100) 51 (296) % EBIT attributable to noncontrolling interests (38) (13) 192 % (34) (10) 240 % Other income (expense) – net 5 (5) 200 % (3) 6 (150) % Income (loss) from affiliates — 2 (100) % 5 13 (62) % Total Soybean Processing and Refining Segment EBIT $ 804 $ 460 75 % $ 1,013 $ 731 39 % Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Soybean Processing and Refining segment Net sales increased 56%, to $12,071 million for the three months ended June 30, 2026."},{"id":"e14","sourceId":"filing-1","location":"Segment information — 2023–2025 earnings and sales","excerpt":"A reconciliation of Total reportable segment EBIT to Income from continuing operations before income tax follows: Year Ended December 31, (US$ in millions) 2025 2024 2023 Total reportable segment EBIT $ 2,329 $ 2,159 $ 3,691 Corporate & Other EBIT (796) $ (367) (358) EBIT - Noncontrolling interests 27 40 86 Interest income 202 163 148 Interest expense (628) (471) (516) Income from continuing operations before income tax $ 1,134 $ 1,524 $ 3,051 F-73 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2025 2024 2023 Soybean Processing & Refining Products $ 36,313 $ 31,930 $ 36,147 Softseed Processing & Refining Products 11,252 6,951 7,736 Other Oilseeds Processing & Refining Products 4,633 4,151 4,237 Merchandising Products 16,583 8,518 9,519 Milling Products 1,545 1,555 1,896 Other Products 3 3 5 Total $ 70,329 $ 53,108 $ 59,540 Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2025 2024 2023 Net sales to external customers: United States $ 15,637 $ 14,187 $ 15,819 Switzerland 15,602 14,254 11,283 Netherlands 8,612 1,328 1,493 Rest of world 30,478 23,339 30,945 Total $ 70,329 $ 53,108 $ 59,540 Year Ended December 31, (US$ in millions) 2025 2024 Long-lived assets: (1) United States $ 3,888 $ 2,361 Canada 1,869 356 Argentina 1,414 195 Brazil 1,328 758 Rest of world 3,179 1,584 Total $ 11,678 $ 5,254 (1)Long-lived assets comprise Property, plant and equipment, net."},{"id":"e15","sourceId":"filing-2","location":"MD&A — softseed earnings improvement and mark-to-market contribution","excerpt":"The increase was primarily due to improved results across all regions due to strong demand that drove higher prices as described above, as well as more favorable mark-to-market results in the current period."},{"id":"e16","sourceId":"filing-2","location":"Derivatives — commodity sales contract duration","excerpt":"Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle."},{"id":"e17","sourceId":"filing-2","location":"Consolidated cash flows — first-half 2026 spending, financing and shareholder returns","excerpt":"dollars in millions) Six Months Ended June 30, 2026 2025 OPERATING ACTIVITIES Net income (loss) $ 782 $ 574 Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: Foreign exchange (gain) loss on net debt (98) (208) Depreciation, depletion and amortization 494 236 Share-based compensation expense 53 35 Deferred income tax expense (benefit) (20) 20 (Gain) loss on sale of investments and property, plant and equipment (6) (148) Results from affiliates (19) (8) Dividend return on investment 47 29 Other, net 73 58 Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: Trade accounts receivable 35 (110) Inventories (2,235) (1,261) Secured advances to suppliers (257) (254) Trade accounts payable and accrued liabilities 344 (55) Advances on sales (201) (107) Net unrealized (gains) losses on derivative contracts 93 (120) Margin deposits (155) (59) Recoverable and income taxes, net 87 71 Marketable securities (1) 16 Other, net (142) (66) Cash provided by (used for) operating activities (1,126) (1,357) INVESTING ACTIVITIES Payments made for capital expenditures (779) (716) Acquisitions of businesses (net of cash acquired) (105) — Proceeds from investments 1,275 850 Payments for investments (654) (783) Settlements of net investment hedges (8) (27) Proceeds from disposal of business and property, plant and equipment 14 472 Proceeds from sale of investments in affiliates — 100 Payments for investments in affiliates (49) (63) Other, net 31 65 Cash provided by (used for) investing activities (275) (102) FINANCING ACTIVITIES Net change in short-term debt with maturities of three months or less 702 2,704 Proceeds from short-term debt with maturities greater than three months 1,292 670 Repayments of short-term debt with maturities greater than three months (1,291) (710) Proceeds from long-term debt 1,198 2,303 Repayments of long-term debt (628) (57) Repurchases of registered shares (249) — Dividends paid to registered shareholders (275) (185) Capital contributions from (Return of capital to) noncontrolling interest 16 30 Sale of redeemable noncontrolling interest 80 206 Acquisition of noncontrolling interest — (18) Other, net (13) (5) Cash provided by (used for) financing activities 832 4,938 Effect of exchange rate changes on cash and cash equivalents, and restricted cash (1) 5 Net increase (decrease) in cash and cash equivalents, and restricted cash (570) 3,484 Cash and cash equivalents, and restricted cash - beginning of period 1,166 3,328 Cash and cash equivalents, and restricted cash - end of period $ 596 $ 6,812 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e18","sourceId":"filing-2","location":"Acquisitions — shares issued and cash consideration for Viterra","excerpt":"Pursuant to the terms of the Business Combination Agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra."},{"id":"e19","sourceId":"filing-2","location":"Liquidity — available committed borrowing capacity","excerpt":"Revolving Credit Facilities — At June 30, 2026, we had $8,835 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation — certified 2023–2025 performance and actual payout","excerpt":"Based on the Human Resources and Compensation Committee's determination that performance was at the levels set forth in the table below, PBRSUs were paid out at 59% of awarded target for the 2023-2025 performance period: Performance Metric Threshold (30%) Target (100%) Maximum (200%) Actual(1) Results EPS $18.90 $31.50 $44.10 $29.67 90% AROIC 6.6% 15.2% 19.2% 12.5% 78% Weighted average payout of performance metrics 84% Modifier(2) Below 25%ile (-25%) Between 25%ile and 75%ile Above 75%ile (+25%) Actual(1) Results RTSR 25%ile Interpolated 75%ile 9%ile -25% Total payout with modifier 59% (1)Adjusted for the same gains and charges as the Annual Incentive Plan."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation — Viterra-related performance target adjustments","excerpt":"The EPS and AROIC performance targets for 2025 were adjusted to take into account the impact of the Viterra Transaction, while maintaining the approach of the original targets."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation — 2025 long-term incentive award mix","excerpt":"For 2025, long-term incentives consisted of a mix of 60% performance-based restricted stock units (\"PBRSUs\") and 40% time-based restricted stock units (\"TBRSUs\") for all NEOs."},{"id":"e23","sourceId":"filing-3","location":"Executive severance — accelerated vesting and performance award floor","excerpt":"The executive will be entitled to receive accelerated vesting of all outstanding equity awards, with any stock options remaining exercisable for the remainder of their full term, and with unvested performance-based equity awards deemed vested at the greater of (i) actual performance or (ii) target levels with respect to performance goals or other vesting criteria."},{"id":"e24","sourceId":"filing-3","location":"Governance — independent compensation committee","excerpt":"The Human Resources and Compensation Committee is composed entirely of non-employee directors who meet the applicable independence requirements and is responsible for the governance of our executive compensation program, including but not limited to designing, reviewing and overseeing administration of the program."},{"id":"e25","sourceId":"filing-3","location":"Audit committee report — existing independent committee composition","excerpt":"☑ OUR BOARD RECOMMENDS THAT, BASED ON THE RECOMMENDATION OF THE AUDIT COMMITTEE, YOU VOTE FOR THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS OUR INDEPENDENT AUDITOR AND THE REELECTION OF DELOITTE SA AS OUR SWISS STATUTORY AUDITOR FOR THE FISCAL YEAR ENDING DECEMBER 31, 2026 Bunge | 2026 Proxy Statement 97 TABLE OF CONTENTS AUDIT COMMITTEE REPORT Our Audit Committee is composed of five independent directors, all of whom are financially literate."},{"id":"e26","sourceId":"filing-3","location":"Ethics and compliance — quarterly audit committee reporting","excerpt":"The Audit Committee receives updates regarding the ethics and compliance program during quarterly Audit Committee meetings and also meets in executive session with the Chief Compliance Officer after each meeting."},{"id":"e27","sourceId":"filing-3","location":"Compensation governance — existing restatement recoupment policy","excerpt":"securities law, Bunge (with limited exceptions) will recover compensation from each current or former executive officer who, during the three fiscal years preceding the date on which Bunge is required to file the accounting restatement, received compensation from incentive awards based on the erroneous financial data that exceeds the amount of incentive-based compensation the executive would have received based on the restatement."},{"id":"e28","sourceId":"filing-2","location":"Acquisitions — Viterra completed July 2, 2025","excerpt":"ACQUISITIONS AND DISPOSITIONS Acquisitions Viterra Limited Business Combination Agreement On July 2, 2025, Bunge completed its previously announced Acquisition of Viterra in a stock and cash transaction pursuant to a definitive business combination agreement (the \"Business Combination Agreement\") with Viterra and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the \"Sellers\")."},{"id":"e29","sourceId":"filing-3","location":"Chair letter — assertion of early integration progress and realized synergies","excerpt":"Early integration progress and realized synergies also reinforce the Board’s confidence in the rationale for the transaction."},{"id":"e30","sourceId":"filing-3","location":"Sustainability — issuer description of land-use monitoring system","excerpt":"This is why we have invested significant resources to create sustainable soy value chains, such as: •Investing in satellite monitoring technology to create the industry’s largest and most comprehensive land use monitoring system for the priority areas where deforestation is a higher risk: approximately 90 million acres worldwide."},{"id":"e31","sourceId":"filing-3","location":"Sustainability opportunities — claimed differentiation and market access","excerpt":"Our environmental stewardship approach and investments across renewable fuels feedstocks, regenerative agriculture, and verified sustainable soy support the development of differentiated products and market access."}],"changes":["Retain the previous none verdict; current operating scale and improved earnings do not establish durable competitive protection.","Add explicit assessments of actual compensation payouts, independent committee structures, acquisition dilution and first-half 2026 cash deployment.","Distinguish the Board's early synergy assertion from quantified, sustained acquisition benefits."],"limitations":["All supplied evidence is issuer disclosure. Reported operating results and existing contractual arrangements support numerical grades, but comparative delivered costs, market shares and acquisition returns are missing.","Named competitors are disclosed in a particular business passage; coverage across all segments is unestablished. Petroleum competitors and regional players are unnamed. The fragmented Fuji Oil name is omitted rather than reconstructed.","Customer retention, renewal rates and customer-specific switching costs are not disclosed. Aggregate volume growth is acquisition-affected and cannot establish repeat-customer retention.","Monitoring capabilities and sustainability differentiation are issuer claims; customer premiums, exclusive access and durable competitive separation are not demonstrated.","Proxy evidence establishes actual compensation arrangements and payouts, but supplied passages do not establish executive beneficial ownership or ownership-guideline compliance. Proposed votes are not treated as adopted resolutions.","Source dates are filing dates: the latest supplied filing is dated July 29, 2026 and reports through June 30, 2026. No subsequent developments are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"The integrated infrastructure is substantial, but actual competitor expansion and interchangeable commodities constrain structural protection. Comparative cost leadership is unproven.","evidenceIds":["e1","e2","e4","e6","e10"]},{"criterion":"durability","grade":1,"rationale":"The asset base persists, but geographic advantages are conditional and competitor capacity additions undermine durable scarcity. Sustainability capabilities have not demonstrated protected economics.","evidenceIds":["e2","e4","e7","e30","e31"]},{"criterion":"customer_dependency","grade":1,"rationale":"Substitutable commodities, widely available markets and sales contracts generally limited to one future crop cycle indicate weak structural dependence. This assesses switching protection indirectly, without asserting observed customer churn.","evidenceIds":["e6","e10","e16"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Experienced petroleum-company competition, capacity additions and increased producer bargaining power show active erosion pressures. Improved 2026 results provide a counterweight but reflect acquisitions and favorable market conditions.","evidenceIds":["e4","e5","e8","e11","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher average sales prices and disclosed historical inflation recovery establish realized pricing flexibility. Demand, energy prices and biofuel mandates explain recent increases; exclusive price-setting power is not demonstrated.","evidenceIds":["e11","e12","e10"]},{"criterion":"retention","grade":null,"rationale":"Reported throughput and sales demonstrate demand, but acquisition effects prevent a reliable inference about repeat customers. Neither cohort retention nor renewals or equivalent customer continuity is established.","evidenceIds":["e13","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"Historical inflation recovery and improved first-half 2026 soybean earnings relative to sales and costs support some resilience. Multi-year earnings variation and market and mark-to-market contributions make the evidence mixed; earnings changes alone do not establish pricing power.","evidenceIds":["e12","e13","e14","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Short commodity sales contracts permit periodic repricing, but international pricing mechanisms and intense substitution-based competition constrain economic discretion. No protected contractual premium is disclosed.","evidenceIds":["e16","e10","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual acquisition spending, substantial share issuance, increased debt, capital expenditure and shareholder distributions establish an assessable but mixed record. First-half 2026 operating cash use of $1,126 million accompanied $779 million of capex, $249 million of repurchases and $275 million of dividends. Available committed financing offsets liquidity concerns; seasonal working-capital use alone does not establish misallocation, and durable acquisition returns remain unproven.","evidenceIds":["e17","e18","e9","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing performance-heavy equity awards and an actual 59% payout for the 2023–2025 cycle demonstrate compensation responding to results, including a negative relative-return modifier. Recoupment adds protection. Target adjustments and change-of-control vesting at no less than target weaken alignment; ownership compliance is not established.","evidenceIds":["e20","e21","e22","e23","e27"]},{"criterion":"execution","grade":2,"rationale":"Viterra completion and reported 2026 operating growth demonstrate execution, assessed indirectly from transaction completion and aggregate operating results. Below-target prior-cycle performance, acquisition-distorted comparisons and unquantified Board synergy claims prevent a strong sustained execution assessment.","evidenceIds":["e28","e13","e20","e29"]},{"criterion":"governance","grade":3,"rationale":"Existing independent audit and compensation committees, quarterly compliance reporting and an established restatement recovery policy demonstrate substantive governance structures. 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