BG · Bunge Global Q2 FY2026 earnings call record财报电话会记录

“Turning to our outlook, based on what we can see today, we now expect full year 2026 adjusted EPS in the range of $9.25-$9.75, which is up from our previous range of $9-$9.50 we provided on our first quarter call.”

“Adjusted segment earnings before interest and taxes, or EBIT, was $796 million in the quarter versus $373 million last year.”

“We paid $275 million in dividends to shareholders, invested $541 million in growth and productivity-related CapEx, invested $105 million in the first quarter to acquire IFF's soybean processing concentrate business, and repurchased approximately $250 million in Bunge shares, completing the $2 billion commitment related to the Viterra transaction.”

“Taking into account Q2 results, the current margin and macro environment and forward curves, we now expect full year 2026 adjusted EPS in a range of $9.25-$9.75, which is up from our previous range of $9-$9.50.”

“Additionally, we continue to expect for 2026 an adjusted annual effective tax rate in the range of 22%-26%, an interest expense in the range of $620 million-$660 million, capital expenditures in the range of $1.5 billion-$1.7 billion, and depreciation and amortization of approximately $975 million, all unchanged from our previous outlook.”

“With the higher crush rates in North America, crush margins in North America exacerbated a bit by the volatility in energy.”

“I also wanted to ask on the merchandising side and just some of the weakness that you're seeing and if there are any, I guess, particular regions that might be causing some constraints, because, if we look at export volumes out of the U.S., they do seem pretty robust, especially on the corn side.”

“Then when we've seen challenges like the tight sun seed crop in the Black Sea, we're able to answer for customers out of Argentina and balance that.”

“As the crop becomes more available, how should we think about utilizations and margins in Argentina through the back half of this year, and how does that impact other regions across your footprint?”

“That actually it's been negative to volumes, it's been negative to margins, and is challenging for our customers, especially the end users who become much more short bought.”

“We remain committed to our long-term new framework that we talked about, where we're going to allocate 50% of our discretionary cash flow to shareholders, whether that's through dividends or repurchases, and we plan to stick with that framework.”

“We're getting excited there obviously working with customers in Europe, socializing the site with them, having them do visits, getting ready to ship demand from others.”