Bunge Global

Execution has improved under the current team.

Management closed the Viterra merger, targets about 250 million dollars of pre-tax operational synergies within 3 years, approved a 2.0 billion dollars repurchase plan tied to the deal, and repurchased 545 million dollars of shares in Q3 2025. The company also simplified its portfolio by exiting BP Bunge Bioenergia in 2024 and continues to prune assets.

Capex is elevated to maintain and expand the network, which we accept where it deepens efficient scale.

Dilution from the share issuance to Viterra holders is being countered by buybacks, with 26.3 million shares repurchased cumulatively for 2.4 billion dollars as of September 30, 2025. Overall, we view capital discipline as good for a cyclical merchant.