Bunge Global SA: Another Beat-and-Raise Quarter — Was It By Enough?

研报英文原文证据摘录

Bunge Global SA: Another Beat-and-Raise Quarter — Was It By Enough?

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

29 July 2026

Bunge Global SA Overweight

BG, BG US

Another Beat-and-Raise Quarter — Was It By Enough? Price (28 Jul 26):$117.37

Food Producers & Retailers

Overall: A fine quarter. BG reported a $0.07 EPS beat in 2Q26, with upside in Thomas Palmer, CFA AC

Softseed Processing and Refining partially offset by a shortfall in Grain (1-212) 622-5582

Merchandising and Milling. The company raised its annual EPS guidance range by thomas.palmer@jpmorgan.com

$0.25 to $9.25-9.75, noting “higher” expected results in Soybean Processing, J.P. Morgan Securities LLC

“slightly higher” in Softseed Processing, and “lower” in Grain Merchandising.

Though the quarter was solid and the outlook raised, we do see items that could be

viewed as slightly disappointing, including that (a) profit per MT in the Soybean

Processing and Refining segment declined slightly versus 1Q (despite what seems

to be improving industry conditions), (b) Merchandising results are facing more

pressure thatn BG previously expected, and (c) the EPS guidance increase was

perhaps a bit lower than the expectations we commonly heard from others ($9.50-

10 was often cited). To be clear, there also seem to be clear reasons for optimism

about 2H26. The industry environment for oilseed processing has improved

(which BG acknowledged in its press release), and BG historically tends to skew

a bit conservatively in its forward outlook, which could especially be the case this

quarter given the dynamic environment. Plus, the BG shares are down 7% since

reporting 1Q results (vs. closest comp ADM +14% and SPX +4%). BG’s earnings

call is at 8AM.

• 1Q26 Review. BG reported EPS of $2.00, above the Bloomberg consensus of

$1.93.