Credit Calls

Research evidence excerpt

Credit Calls

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

30 July 2026

Thursday, July 30, 2026

Feature Head of North America Credit

Research and Strategy

Bunge Global SA: A Good Crush Gets Better (Carla Casella, CFA) AC Tarek Hamid

Bunge (BG) posted a solid 2Q26 earnings beat and raised its FY26 guidance.

(1-212) 834-5468

Strength was driven by the increased global diversification as a result of the Viterra tarek.x.hamid@jpmorgan.com

business (acquired July 2025) with Softseed Processing and Refining, Argentina J.P. Morgan Securities LLC

and North America contributing to the beat. We take this as a favorable read

through for global agri-businesses ADM - N and DAR - N, which we expect to

outperform packaged food & beverages through earnings season (see our 2Q26 Credit Calls is our daily compilation of

Food & Bev Preview). BG remains our favorite among the agri-businesses and we research reports from High Grade and

remain OW on the back of earnings. BG benchmark 2036 notes (Baa1/A-) trade High Yield corporate credit analysts

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

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

and snacks), and see BG as a potential upgrade candidate (to full-A rated) over time High Grade Home Page

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

High Yield Home Pagecontinues 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 Daily Economic Briefing

leverage target). Link to US Equity Research Top Stories

(updated 7:30am)

Cenovus Energy: 2Q26: Overall In-Line Results; Significant Net Debt Link to J.P. Morgan Markets page