Bunge Global SA: A Good Crush Gets Better

Research evidence excerpt

Bunge Global SA: A Good Crush Gets Better

J P M O R G A N North America Credit Research

29 July 2026

Overweight

Bunge Global SA BG

A Good Crush Gets Better Moody's:S&P: Baa1A- Outlook:Outlook: STABLESTABLE

Fitch: BBB+ Outlook: STABLE

The above agency ratings are at the corporate level

North America Corporate Credit -

Bunge (BG) posted a solid 2Q26 earnings beat and raised its FY26 guidance. Consumer, Retailing, and Food &

Strength was driven by the increased global diversification as a result of the Viterra Beverage

business (acquired July 2025) with Softseed Processing and Refining, Argentina AC Carla Casella, CFA

and North America contributing to the beat. We take this as a favorable read (1-212) 270-6798

through for global agri-businesses ADM - N and DAR - N, which we expect to carla.casella@jpmorgan.com

outperform packaged food & beverages through earnings season (see our 2Q26 Yaakov Musheyev

Food & Bev Preview). BG remains our favorite among the agri-businesses and we (1-212) 834 5865

remain OW on the back of earnings. BG benchmark 2036 notes (Baa1/A-) trade yaakov.a.musheyev@jpmorgan.com

over 10bps wide to lower-rated MDLZ (Baa1/BBB) and over 20bps wide to peer Morgan Morrissey

ADM (A2/A) (table below). We prefer global agri-business trends (over chocolate (1-212) 834-2383

and snacks), and see BG as a potential upgrade candidate (to full-A rated) over time morgan.morrissey@jpmorgan.com

J.P. Morgan Securities LLC

given its improved scale (now larger than ADM) and diversification, provided it

continues to keep its conservative balance sheet (1.9x RMI adj net leverage, but

3.4x net levered with no RMI-cash attribution vs ADM 2.1x with a 2.0x net

leverage target).

Expect capital allocation to remain conservative with a 2.0-2.5x net leverage

target.