ST. LOUIS — Citing a business structure that is “designed for complexity and change,” Bunge Global SA exceeded its operating result expectations in the first quarter of fiscal 2026, said Gregory Heckman, chief executive officer.
For the quarter ended March 31, net income fell 66% to $68 million, equal to 35¢ per share on the common stock, down from $201 million, or $1.48 per share, a year earlier. But excluding the impact of acquisition and integration costs and mark-to-market adjustments, adjusted net earnings were $359 million, or $1.83 per share, versus $244 million, or $1.81 per share, a year ago. That topped Wall Street’s consensus estimate for adjusted earnings per share of 85¢.
Adjusted total segment EBIT increased to $561 million from $362 million in the prior-year period. Overall net sales came in at $21.86 billion, up 88% from $11.64 billion, in the fiscal 2025 quarter.
After opening at $122.47 on April 29, Bunge’s share price climbed as high as $130.29 before closing at $127.73.
“The first quarter of 2026 was one of the more rapidly changing operating environments we’ve seen in recent years, and the team executed with the discipline and speed that defines this organization and delivered strong results,” Heckman said during an April 29 conference call with analysts. “Even since our investor day last month, the world has changed considerably. The Middle East conflict, which was just emerging when we gathered in March, has continued to evolve. In addition to the very real impacts to those involved, it has meaningfully disrupted global trade flows, logistics costs, and supply chains. In response, we are taking prudent operational steps to support the continuity of supply for our customers, including working with relevant regulators, policymakers and partners to preserve essential commodity flows and manage risk. These actions focus on maintaining flexibility in shipping arrangements and leveraging our global capabilities and regional capillarity to continue serving customers reliably.”
Heckman attributed strong first-quarter results to the company’s soybean processing and softseed processing refining units, which he said benefited from Bunge’s large platform and reach. Meanwhile, the company’s grain merchandising performance was adversely affected by higher logistics and energy costs, he said.
Bunge raised its forecast for adjusted EPS of $9 to $9.50 for fiscal 2026, up from its previous range of $7.50 to $8.
In Bunge’s Soybean Processing and Refining unit, first-quarter adjusted segment EBIT totaled $377 million, up 56% from $241 million a year ago. Net sales rose 43% to $9.55 billion from $6.66 billion as volumes increased 50% to 16,747,000 tonnes from 11,202,000 tonnes.
John Neppl, chief financial officer, said during the call that stronger results in the Soybean Processing and Refining unit primarily were driven by South America, reflecting stronger processing performance in Argentina and Brazil. North America also delivered higher results across both processing and refining, he noted.
In Bunge’s Softseed Processing and Refining unit, first-quarter adjusted segment EBIT totaled $195 million, up 138% from $82 million a year ago. Net sales increased 158% to $3.9 billion from $1.52 billion as volumes increased 81% to 5,460,000 tonnes from 3,017,000 tonnes.
Neppl said results in the Softseed Processing and Refining unit were higher “across all regions.”
“In Argentina, results increased in both processing and refining,” he said. “In North America, higher processing results more than offset slightly lower refining results. In Europe, higher processing and biodiesel results more than offset lower refining results. Origination results in Canada and Australia increased, reflecting our expanded footprint in large crops.”
Adjusted segment EBIT for Tropical Oils and Specialty Ingredients was $45 million in the quarter, up 96% year over year from $23 million. The division’s net sales totaled $1.23 billion, up 13% from $1.08 billion. Volumes moved up to 639,000 tonnes from 618,000 tonnes.
The Grain Merchandising and Milling unit saw adjusted segment EBIT decrease 27% to $44 million in the first quarter from $60 million a year earlier. Net sales, though, surged to $7.18 billion from $2.38 billion. Volumes also jumped, climbing to 26,558,000 tonnes from 8,510,000 tonnes.
Neppl said higher results in wheat milling, global cotton and commercial services were more than offset by lower results in ocean freight, which was impacted by a sharp spike in bunker fuel costs
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