Bunge Global SABG
Bunge Global SA Segments Disclosure
SEGMENT INFORMATION
Effective in the third quarter of 2025, the Company changed its reportable segments to align with its new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.
Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment. Prior period amounts in the Sugar and Bioenergy segment have been reclassified to Corporate and Other. Prior to the January 1, 2025 change, the Sugar and Bioenergy segment was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.
Therefore, the Company's operations are now organized, managed, and classified into four reportable segments - Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.
The 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. The Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution. The Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. The Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services.
Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's CODM exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. It also includes historical results of Bunge's previously recognized Sugar and Bioenergy segment as discussed above.
Transfers between the segments are valued at market. The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues."
As of, and for the year ended, December 31, 2025 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate & Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | 36,313 | $ | 11,252 | $ | 4,633 | $ | 18,128 | $ | — | $ | 70,326 | $ | 3 | $ | 70,329 | ||||||||||
| Inter–segment revenues | 661 | 1,442 | 335 | 1,796 | (4,234) | — | — | |||||||||||||||||||
| Raw materials cost | (32,852) | (9,844) | (3,786) | (16,856) | — | 12 | (63,326) | |||||||||||||||||||
| Industrial expenses- fixed | (925) | (387) | (287) | (432) | — | (6) | (2,037) | |||||||||||||||||||
| Industrial expenses- variable | (507) | (219) | (105) | (69) | — | — | (900) | |||||||||||||||||||
| Depreciation | (264) | (125) | (78) | (163) | — | (27) | (657) | |||||||||||||||||||
| Selling, general and administrative expenses | (552) | (212) | (231) | (391) | — | (727) | (2,113) | |||||||||||||||||||
Other segment items (1) | 12 | 56 | (28) | 248 | — | (51) | 237 | |||||||||||||||||||
| EBIT | 1,225 | 521 | 118 | 465 | — | 2,329 | (796) | 1,533 | ||||||||||||||||||
| Total depreciation, depletion and amortization | (265) | (125) | (110) | (176) | — | (676) | (27) | (703) | ||||||||||||||||||
| Income (loss) from affiliates | 22 | (5) | — | 11 | — | 28 | (2) | 26 | ||||||||||||||||||
| Total assets | 16,345 | 7,649 | 3,805 | 14,104 | — | 41,903 | 2,625 | 44,528 | ||||||||||||||||||
| Capital expenditures | 790 | 108 | 611 | 183 | — | 1,692 | 31 | 1,723 | ||||||||||||||||||
As of, and for the year ended, December 31, 2024 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate & Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | 31,930 | $ | 6,951 | $ | 4,151 | $ | 10,073 | $ | — | $ | 53,105 | $ | 3 | $ | 53,108 | ||||||||||
| Inter–segment revenues | 824 | 918 | 334 | 1,568 | (3,644) | — | — | |||||||||||||||||||
| Raw materials cost | (29,030) | (5,559) | (3,151) | (9,075) | — | (2) | (46,817) | |||||||||||||||||||
| Industrial expenses- fixed | (847) | (286) | (268) | (268) | — | (7) | (1,676) | |||||||||||||||||||
| Industrial expenses- variable | (453) | (174) | (110) | (53) | — | — | (790) | |||||||||||||||||||
| Depreciation | (186) | (78) | (84) | (62) | — | (22) | (432) | |||||||||||||||||||
| Selling, general and administrative expenses | (465) | (146) | (254) | (261) | — | (650) | (1,776) | |||||||||||||||||||
Other segment items (1) | (77) | (45) | (68) | 54 | — | 311 | 175 | |||||||||||||||||||
| EBIT | 872 | 663 | 216 | 408 | — | 2,159 | (367) | 1,792 | ||||||||||||||||||
| Depreciation, depletion and amortization | (187) | (78) | (116) | (65) | — | (446) | (22) | (468) | ||||||||||||||||||
| (Loss) income from affiliates | (51) | — | 1 | (7) | — | (57) | 19 | (38) | ||||||||||||||||||
| Total assets | 10,109 | 2,638 | 3,182 | 4,483 | — | 20,412 | 4,487 | 24,899 | ||||||||||||||||||
| Capital expenditures | 632 | 111 | 454 | 144 | — | 1,341 | 35 | 1,376 | ||||||||||||||||||
As of, and for the year ended, December 31, 2023 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate & Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | 36,147 | $ | 7,736 | $ | 4,237 | $ | 11,415 | $ | — | $ | 59,535 | $ | 5 | $ | 59,540 | ||||||||||
| Inter–segment revenues | 1,099 | 1,021 | 277 | 1,204 | (3,601) | — | — | |||||||||||||||||||
| Raw materials cost | (31,907) | (5,948) | (3,380) | (10,557) | — | 23 | (51,769) | |||||||||||||||||||
| Industrial expenses- fixed | (844) | (302) | (250) | (237) | — | (18) | (1,651) | |||||||||||||||||||
| Industrial expenses- variable | (498) | (206) | (121) | (57) | — | — | (882) | |||||||||||||||||||
| Depreciation | (165) | (70) | (78) | (59) | — | (21) | (393) | |||||||||||||||||||
| Selling, general and administrative expenses | (452) | (146) | (278) | (251) | — | (588) | (1,715) | |||||||||||||||||||
Other segment items (1) | (59) | 10 | (36) | 47 | — | 241 | 203 | |||||||||||||||||||
| EBIT | 2,222 | 1,074 | 94 | 301 | — | 3,691 | (358) | 3,333 | ||||||||||||||||||
| Depreciation, depletion and amortization | (165) | (71) | (133) | (61) | — | (430) | (21) | (451) | ||||||||||||||||||
| (Loss) income from affiliates | (9) | 2 | (17) | 7 | — | (17) | 157 | 140 | ||||||||||||||||||
| Total assets | 11,310 | 2,681 | 2,711 | 4,437 | — | 21,139 | 4,233 | 25,372 | ||||||||||||||||||
| Capital expenditures | 423 | 142 | 411 | 121 | — | 1,097 | 25 | 1,122 | ||||||||||||||||||
(1)Other segment items for each reportable segment includes Foreign exchange (losses) gains – net, Other income – net, Income (loss) from affiliates, and EBIT – Noncontrolling interests, which includes Net income attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.
The Company’s CODM is the chief executive officer. Reportable segment earnings before interest and taxes ("EBIT") is the key operating performance measure utilized by the CODM to evaluate reportable segment operating activities and performance. The CODM believes total reportable segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its reportable segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries. Further, the CODM uses total reportable segment EBIT to evaluate earnings generated from segment assets in deciding whether to reinvest earnings into a particular segment or into other parts of the entity, such as for acquisitions. EBIT is also used to monitor forecast versus actual results.
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 | |||||||||||
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.
As further described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies, the Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts
with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
Year Ended December 31, 2025 | ||||||||||||||||||||
(US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Corporate & Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | 29,695 | $ | 7,634 | $ | 162 | $ | 15,894 | $ | — | $ | 53,385 | ||||||||
| Sales from contracts with customers (ASC 606) | 6,618 | 3,618 | 4,471 | 2,234 | 3 | 16,944 | ||||||||||||||
| Net sales to external customers | $ | 36,313 | $ | 11,252 | $ | 4,633 | $ | 18,128 | $ | 3 | $ | 70,329 | ||||||||
Year Ended December 31, 2024 | ||||||||||||||||||||
(US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Corporate & Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | 25,773 | $ | 3,801 | $ | 76 | $ | 7,908 | $ | — | $ | 37,558 | ||||||||
| Sales from contracts with customers (ASC 606) | 6,157 | 3,150 | 4,075 | 2,165 | 3 | 15,550 | ||||||||||||||
| Net sales to external customers | $ | 31,930 | $ | 6,951 | $ | 4,151 | $ | 10,073 | $ | 3 | $ | 53,108 | ||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
(US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Other Oilseeds Processing and Refining | Grain Merchandising and Milling | Corporate & Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | 28,300 | $ | 4,213 | $ | 82 | $ | 9,114 | $ | — | $ | 41,709 | ||||||||
| Sales from contracts with customers (ASC 606) | 7,847 | 3,523 | 4,155 | 2,301 | 5 | 17,831 | ||||||||||||||
| Net sales to external customers | $ | 36,147 | $ | 7,736 | $ | 4,237 | $ | 11,415 | $ | 5 | $ | 59,540 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.