Bunge Limited (BG) 30 Oct 242024 Q3 Earnings call transcript

Good day, and welcome to the Bunge Global S.A.

Third Quarter 2024 Earnings Release and Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ruth Ann Wisener. Please go ahead.

thank quarter joining earnings and for this operator, third our call. you, you us for morning Thank

Before we discussion. get our know found that started, the website I want have at Events to to at slides bunge.com accompany and Center our Investor This under be we can on let Presentations. you

posted non-GAAP as well. website measures our directly of our the most comparable on GAAP Reconciliations to financial measures are

and Bunge's uncertainties. forward-looking forward-looking current those industry and this these I'd presentation, factors in with concerning like remind X statements that to reports Bunge that risks presentation today's could you conditions. factors. subject Slide and future reflect cause we direct contained to on in various encourage to information you to from its file includes view and actual review with respect materially events, statements you SEC that performance to to provided has the financial are These results additional differ

On Neppl, Bunge's the call Greg. call this Officer; turn Financial over I'll Chief and the to Heckman, now Executive Chief Officer. morning are Greg John

Ann, everyone. good morning, you, Ruth Thank and

strong a delivered as market emerge. their opportunities thanks to quarter, quickly to team Our shifting ability to dynamics they capture to react third

us to farmers of Our global focused both in to leveraging serve at platform consumers. the approach customers enabled and our chain, our ends value

complete, from are more great serve our making a effectively together, well working confirming ensure day teams combined combination progress will that X. our commitment The be will We're on that can Viterra. integration announced planning company. our customers with we confidence we Their for one

last we the toward gaining the relevant approvals. received with conditional and as meeting the Since well European conditions. continue the we're Commission, work regulatory from to into process the we also engage We clearance few remaining call, of our authorities

constructive. of are not would impact that materially deal. other any do the the in the economics see issues jurisdictions We Conversations

We early year, XXXX. expect transaction the close to later this

including Brazil, our priorities, transaction, of interest we closing and in the in our strategic BP. also sugar In our completed to other progressing Viterra partner on venture noncore the addition to sale joint bioenergy

results. to our adjusted shifting the the quarter, muted We solid others. segments. globe, of to results we second with some in great Similar margins the We in our our quarter for quarter, more Turning to margin and environments exceeded delivered the execution stronger by core team regions, offsetting expectations another led conditions EBIT. across improved saw

against Since the we quarter, of the plan reported Bunge repurchased outlined, the million the we progress shares, $XXX second transaction. of following announcement making repurchase Viterra

market of adjusted we remain Looking for and expect Based the curves the which markets EPS expect at now forward $X.XX. we be on to full continue year see of dynamics least ahead, in same in place, the the we to rest many the today, year. what

for financials to a it John that, outlook. And over and look turn our at with John? I'll deeper

good Greg, Thanks, and everyone. morning,

Let's X. turn the to earnings highlights on Slide

transaction combination earnings quarter impact unfavorable Reported share negative quarter per the associated announced to and share and primarily share, to timing Reported $X.XX was with mark-to-market compared in difference $X.XX integration per a $X.XX our included an of per costs Viterra. with of third of XXXX. related business results $X.XX third

$XXX year. EPS earnings versus Adjusted segment taxes before core interest quarter the year. prior quarter versus EBIT Adjusted or million last $X.XX $X.XX $XXX in was the in was and in third million the

America, were and European and [ America down higher offset Its results from results in by softseed North lower Asia. processing South European last more million ] in year. in of than soy results were crush Agribusiness, In $XXX quarter the

in than grains. offsetting lower driven global and higher improved businesses, results Merchandising, In services, were performance in global oils our freight by financial ocean results more

in in a well, results than in Europe America. by higher Asia, line but lower were performed Oils and results Results in Refine last down offset year. prior more and as Specialty strong from but year, with South North

Milling, material lower slightly higher pressure results by South in were margins. than America raw results for in higher cost North more offset America

Other improved Bunge by in program. Other largely from compensation. driven and related were expenses The last Corporate insurance results ventures year. was our increase captive in to performance-based lower corporate primarily

joint In our debt the by were venture, translation air and gains U.S. losses prior operating results noncore offset and sugar Sugar ethanol the volumes higher foreign than exchange prices. translation Lower in to compared quarter & on more in year. Bioenergy ethanol costs reflected lower dollar-denominated also

of was the last expense year, income. million prior pretax reported interest the in to the compared million Net first year. million Increase to X The income was year. was in expense quarter in lower $XXX $XXX months with $XX due of tax primarily line

less turn the by earnings. past you into market volatile over period over and months. the EPS with Slide trends a where Strong see X, can X combination execution our adjusted performance lower EBIT the favorable translating balanced XX to excellent more Let's and environment along reflects trend The markets trailing reflects of and recent years, our team.

maintenance, our details from X allocating flow CapEx, $X.X billion safety, allocation. available. adjusted of funds capital generated which Slide and After health had cash sustaining discretionary we we to environmental includes million Year-to-date, of operations. million $XXX approximately $XXX

amount, relates greenfield in use previously Bunge repurchased retained million in $XXX and this a $XXX million we did growth million flow. our $XXX resulted million in of Of of $XXX shares. productivity multiyear to related invested about of which of CapEx, cash dividends, X/X investments, in This large

our to Based range year will projects, higher above. the on CapEx the we expect end, we billion end or billion our current $X.X toward progress slightly that of $X.X now greenfield on

our approximately net to Slide billion. readily X. marketable Moving quarter by RMI, end, At $X.X or inventories, debt exceeded

end leverage quarter. to was EBITDA, adjusted adjusted the adjusted debt of ratio, at X.Xx the Our net reflects our which

approximately end At end, a facilities billion, committed unused needs. manage quarter we had ongoing credit capital liquidity at Slide liquidity $X.X highlights of ample X was of of all finding which quarter, our position. the our to the

in cash used had to Viterra in amounts, large $X U.S. secured addition proceeds will balance of closed offering result that cash term billion be In September. loan commitments public a a the billion fund we These from Accumulated $X to the $X.X had we in debt last of as addition, of billion. that transaction. we year part of

Please XX.X%, weighted trailing of XX.X%. The cost adjusted of average above XX ROIC ROIC months, turn capital to was well was adjusted XX. X.X%. our Slide RMI

it above recent have While average of our from returns remained cost weighted highs, well declined of capital X%.

of Moving to to discretionary compared XX. months, cash XXXX XX we cost and of to X.X%. Please our billion trailing $X.X of of outlook. produced turn Slide yield The a Slide flow approximately XX XX.X% cash and our equity flow

of the sugar now forward current loss the to at expect be year in mentioned XXXX Greg JV, ownership his environment As adjusted margin curves least into of our the full in remarks, we account year-to-date due to results, sale and the taking EPS $X.XX. income

previous from up but In results are Agribusiness, third down full last year. to quarter, outlook, to better-than-expected the forecasted reflecting year compared be our

up outlook, Refined to performance. but last to down our and Specialty previous are results compared year's Oils, be from expected full year record

Milling, last results be lower-than-expected In the down year. up third outlook, but to year are full previous from expected quarter, from our reflecting

and Other, outlook. be to to full Corporate expected results are year In similar our previous

full the due the X. the October noncore, loss on be quarter results to sale down and income sugar outlook from our previous ownership of considerably The from to third in the lower-than-expected our which of year JV, expected closed are

of to billion; the $XXX expenditures annual of in billion upper for company XX%; the $XXX range rate interest depreciation and million. capital range million the XXXX: end of currently in million; expense $XXX amortization to the following Additionally, expects net tax of adjusted of effective the $X.X to XX% $X.X the in approximately range and

closing for turn that, some over comments. back things Greg I'll to With

John. Thanks,

before So to I a turning thoughts. to closing Q&A, few want offer

commitment to we our provide continuous Looking hard with products ahead, what improvement. quality team's continue to strengthen day-to-day our at business impresses that execution, and so is our operations lot done services work and can chain. value to of a both the me We've ends most customers to along of

We to spent improved across looking and and team always the footprint. capital in is those outstanding significant off sure facilities for our investments reliability. additional operations pay We're our efficiency improving opportunities And better. global making get

performance U.S. at rates. high soy ever, to instance, had utilization their and plants continue run best a crop For our we year crush for

reached in seed and We global crushing year-to-date record also volumes rate refining.

oils Palm year. we we the that builds in has Louisiana, capabilities, to multi-oil quarter, expansion North is and specialty the Oils In in this and last operations which furrow ability ground significantly to that of our already excited to facility, Specialty our Avondale, We're expectations. our improved broke America. This on America, food purchased in across facility has customers performance North on exceeding provide reach our location, initial our

environment, all is global business than of ever. strengthening areas often today's our complicated more In important

Our crops, geographies assets, will to across the world's with us Viterra our address further diversification more combination providing with optionality food security needs. accelerate help and

to farmers well are on and for the food, of fuel to deliver look connecting essential consumers mission opportunities we always our we to While to world. positioned feed critical to deliver improve,

Q&A. to turn we'll that, with And

[Operator question Strelzik with from comes Instructions] First Andrew BMO.

wanted wanted for on this strengthen only start There's rest in curve throughout I margins, least the would to is this -- guess year with but I concern the market start margins. I been the the XXXX. what to on year of a at happen lot just crush on for U.S. crush and of also

of if crush the other that XQ of you in the know in but me. other margins assumptions guess the And didn't release if I regions, thinking changes margin that know the strengths guidance, and press made you the terms ability I question you quarter. any excuse there how fourth here says reasons durability I So strength? your then capture to for the are are passed from to offsets about processing is, through don't and

has is good. can me headline let fill that and say John demand start been in. Yes, the I'd

been has laggard. chickens So China, everywhere but made bigger been have we've pork except got good, livestock the economics really where good is

So on is globally. then demand. competitive soy oil very And meal supportive

the course, overall support demand. of good palm, And is some of but there, just

Brazil, and a of bit has the costs. spot lower to slower we've but fixed demand so and of been some through good seen down cover part the good has Argentina shipments enough commitments of Europe, that And America. working margin margin been farmer South selling soybean you've out logistical there. challenge, is seen of meal little

their of improve volatile continued China, less our soybean continuing crop. margin really kind part been has even demand. softer the So been we've been big to Argentina, seen And round and crushing, for policy of of of very but the And ownership, incentives. out it's that flows waiting there, to weak by on with the own U.S. has meal And Argentina I next demand. driven strong farmers touched which soy then retain on

I So what And oil. in. But think for good see beyond half. a first and lot pretty meal right visibility seen the we've usual, feels that that's now, -- demand as carry don't don't of we

touch any changes. had just we've and And to the Yes. maybe on whether for QX Andrew, outlook

really couple I think mention only that there. the things I'd of

our pulled in DR, bit overperformance we looked we think out business and uncertainty when pulled core if you and is look the of a QX. One the -- market maybe we of probably maybe given EU just we around little we out in at QX $X.XX of into earnings QX, at customers think QX

the about $X.XX And took other course, then probably we of earnings forecast. our the was sugar, we QX one, with sale of -- of of out

Got it.

Okay.

And at -- of and obviously, if 'XX be the you're zoom That's appears I as guess around business, if buybacks going giving Okay. I do this But current then at the just I guidance a above well. baseline. I and crush lot look know to not but to helpful. at work guess, acquisitions I base and forward out, levels, point,

in see You continues refined better. the hold to

frame high a maybe the relative from level, type how for just guess setup of Bunge? you year into normal guess, to XXXX, would I a I So

few was is to the -- what that softseed weather I one soy, I lot the Sea Black side, probably the got in on probably sun we've soft last mention years and production. a specifically seen the in area European speaking kind And rate of impacting of we've should

be farmer to So only spot smaller with the very crop. there you've margins, that's got hurt not but who's going

due Canada, off past they are be of seeing in also smaller enjoyed but the Now margins and we that a to from we good, continue some in to crop. the are canola margins higher

we've what softseed our smaller that's few than a but business, last So in definitely years. the seen is crushing softer

to we're environment so. positive So of be that the and offset the would part seeing

Yes.

I of in -- good think, pretty better the we how in Andrew, that of crush logically the think has a to And resilient and crush, in think will been been half probably about see perform Special and 'XX, baseline terms Oil I little we're I say resilient, we've margins than baseline, Refined the a pretty off start, are in and we'll year. first would 'XX.

see how So that some we'll opportunity progresses, probably there.

baseline. has little continues merchandising be But -- been a performing to below

to and markets buybacks what now to expect what But be And that with we're to opportunity. of on sugar, see in taking share positive. get out we'll relative we our So one, we that volatility kind should then, the of do neutral of sugar slightly baseline. that course,

from with Salvator next comes of Bank The Tiano question America.

little in your Bloomberg guess. crushing And At in some about feedback Yes. thing purposes other landscape I so your And volumes from the soybean also you're there less want slowing What to are any an article if QX and perhaps comments and tax terms fuel what bit fuel -- on in the QX customers was week same your customers. ask there? on because have, a to of side. specifically, you that changes? the on demand have seeing I as strategy you see credit how and other crushers about big this going purchases you actually and you're first down,

on other feedstocks hand, before right mentioned higher lower more CI they're has fuel a that to of the the CI customers they now feedstocks. major major side switch in On score the using make one

are are your year? risk there? seeing it what next the So thoughts you this for What on poses and

Yes. Sure.

Let me pieces. couple a that into divide of

Let see and did accurate. that, We about the Bloomberg not article. is me talk first that

to very be from strong. have to farmers our We continue purchases

the fact, marketing last you if year, years. than compare In this higher it's several

So accurate. wasn't it

better, As globally, do at U.S. in And here the a we around finish clarity while feel demand the have lot things but we uncertainty of far the start U.S., policy, U.S. had fuel right? some might the a I lack and customers, level of high with as and

Brazil -- talking in fuel they future. got the and the of law put the You've

move BXX in BXX them towards 'XX BXX So and 'XX XXXX. seeing here we're from in to moving in

go So they'll up X% annually.

which committed BXX then to BXX. got have go and to put Europe, now SAF for those of place as UCO You've some veg fuels there's Indonesia and And some lead maritime went well. from will and caps, just in that to oils support in

So I think it overall. feels better

we got and U.S., traditional that's dollars that the because blenders ground and the credit are right low out, capacity and renewable at to with the we our proven technology that we've utilization some a haven't diesel uncertain out of really policy right? we and billions credit policy uncertainty got running positive all incentives will back that, on even yet, producer's assets Now to RVO, in what switch there, SAF the remain worked got biodiesel, and the get from of

what see Because there. we've one able market policymakers been is make supply, its do that that to done we've could they of the works, the work, said that we it's the to shown market added, we industry. wanted the has sure to things have the shown, supply capacity that been for and And I the and think have provide has

in So will next sector for we get remain feedstocks worked that, the demand the positive out that fuel the here that renewable over from and be year, the will positive U.S. from

someone CI but feedstocks, credit main can oil, would with landscape, the if and fully Perfect. obviously go soybean I challenges. up. just is supply use new only they And I if secondly from guess away may issue follow logistical the lower

have in views how years? oil do the next for supply and much any So cooking essentially the supply tallow oil, of and the mix, on and palm few or the next feedstock and this used could year be you restrictions

and works, low the globe. the the shifts, as again policy with I And would the demand start oils. if you few as well so market to it place right the over years, last feedstocks CI finds the seen as think look on its I we've vegetable

can coming demand feedstock any So there is address. more than one

A part that's to on the is import would to John. just the restrict XXZ maybe ] hoping that have pretty [ economy, impact other or the this we That course, farm on supply the and may were U.S.-based feedstocks. now playing we agricultural from field. even depending could field. provide is Salvator, into want tallow It farmers, an at groups U.S. this the get particularly big decision pushed for spill obviously, finalized preference have look And want of the of year. QX. a -- U.S., UCO of in And big farmer made. When and that you we playing even either

And think whether that farming right groups that feedstocks for I think year. the But provide predict some industry. year, hoping that to more don't tailwind of in that's come to it'd we I I last think that for, come how U.S. to could products -- be be fair, finalization and into will last than important will we foreign the if the it the upcoming but certainly, much it's And supply similar it changes XXZ. certainly that think we the get are know if certainly drive hard it's the

comes from Palmer Tom question Next with Citi.

and to for on I the timing. ask just wanted update unexpected thanks Viterra, on

all business? business' the look Just you still out the at at affect look it on last Or does details power recent holding? we largely earnings longer-term the summer at as laid results, you the how for kind of should

how do point all I that think, us in and to this all of get would -- work the as had confidence fit. great are closed I this integration same we some the are that planning, in in We still got deal process. we It's seeing of together, much the not the places and together, not. this as point are these they it's we teams seeing can chance They team combination. the as because a are this at just a excited, absolutely have great working say can't in work to that we've they've so so are on at

continue and alternatives that's ways into So value way, we're us This customers very differentiated the to in chain. lot for going long grow is it serve our about means term. the and of to at both and what to customers a a give excited to

we're things add, us to time long maybe while us it just has to close, Tom, little And disappointed a have I'd continue. given that taken

haven't continuing some our focused we've have readiness, maybe that. planning, around things and doing stopped that We fine-tune now around to on integration, organizational very design that We're this done in and we way excited just we around we're after capture. close would control about transaction, the synergy transition, been core that things can around

and the good as to we kind performance But market. we with totally weren't this we surprised feel opportunity, market what first a it what And very we about the given -- half the mentioned market we of And we in as broader a long-term be is the things is forward. point, Viterra's this Greg's together the environment ultimately, think run, about before, control. will is that this will long we be -- can move But is hit.

Okay. hurts it as did and selling had was earlier, of previous to that there's South the on North maybe you maybe one we be just then Europe seem topic South does but And up America, farmers and look crush margin in America. offset that I in in helping lack that's touch America, soy just come and quarters, it how think, at margins

on move thoughts we pick really a Is maybe towards that up the of as selling? point of 'XX? harvest should any pace where farmer first in the there Just this new half

there's here. year South are how the in better that Yes. gets probably left to a of the here One of policy out, in is shake the first probably Argentina right, not half communicated in somebody be make a We will much of if American of idea much 'XX, you difference even 'XX. think will farmer it

will half first key think be XXXX that. on I So

then Brazil, in accelerating there. rains really good got planting where And down is some we've and

and confidence in another we crop think producer. feel will some think like the will America, give you there see to I I South that big

now. we're And bean a big course, then crop harvesting of right here real in the U.S.,

half how think producer. But to lower And to risk, of see I so move the some end we like year. year. and make the that some prior manage get that, They prices we'll of got next ultimately, you've and in here we'll never than as the a to first decisions see start

Manav question from with comes Gupta UBS. next The

My question growth CapEx. is on your

expect projects. growth us on start-up they dates start making Help over contribution You're for to progress come obviously do are these projects? and key them growth your When material When what's online understand a the there? to spending you -- EBITDA? the the

Yes.

really move on X key think biggest that in the have year XXXX projects as spending those CapEx underway toward finalization. we So And large terms those I will be projects of today.

sorry, I looking -- think we're to late 'XX. those projects, 'XX late realistically, at commissioning on I'm early 'XX or

on lot up you just probably that So a the going. and 'XX not given of plants through got commissioning results, you as fact to bugs these impact work get and

we'll be 'XX second start to kind I of to But so of -- half. all expect to and by think start first them contributing running look for of half these for really,

perspective. And early the those we really how toward so second more to half projects half the of addition of course, of and of level a projects from we'll a 'XX run 'XX rate earnings normalized 'XX, see see once to is end from then start CapEx then, complete I'd And those 'XX, back beyond.

plan. Perfect. that My follow-up although a mentioned -- little to more it's has here deal the a time you've giving bit also this been is you little, delayed

help does deal So realized to plan to when some it? synergies than How on moving line expect earlier understand of expected? we you has close, us of better close the time the now do you as allowed be Viterra those

ready X get extended been commercially. with the no we time getting around disruption. Yes. the, day organizational still and things say, design and cannot for frame, really despite right the together It's I'll Unfortunately,

our And planning commercial in have unfortunately, -- so until of able any have wait the accelerate that, not the and market we to role commercial but the commercial we been -- together, the to close. what we roles,

lot we're a any lower disruption of have been sure transaction we the time so to I able spend more the getting the and close teams, a happen close, today the we're stuff people of focus that can risk that after of right day-to-day. going our feel right have now people roles uncertainty think with kind forward. confidence right in But and like the and it And we addressing sometimes we make

commercial planning where is. side, really accelerate opportunity have think not we again, the But we which able the been is long-term to unfortunately,

The comes Heather Jones Research. Jones Heather from next question with

and on question bean but with starting I a bean had oil meal, oil.

enough late got biofuel could be and the uncertainty for in very if depressed we've U.S., bean demand given you in potential think soybean And also, given the QX I constraints ]. And price curious any the offset do and the handling So strong attractive see was that just to that, magnitude demand be exports? logistical policy export QX. to oil rate relative to could you oil's palm U.S. [ of

always I against oils, Yes, think Again, that oil U.S. needed. the demand was the I the can globally stocks is in because we've and held now the years. export we do logistics residual We and the competitive stocks last palm soy was handle that right got it competitive. to did you've now world, we residual and holding right U.S. few some soft as be of the for of the prior the some those think seen biofuels

oil that's So the side is we're and we one that to a on things of demand do position I good globally. as feel that, the calling good in the market think for that, about

Okay. on because much a aren't been step-up ration And year, numbers inclusion it that expected demand because this be to has animal up of big globally then just seems much. stronger and than in meal, feed so that

is assuming is we ration to was 'XX, look sizable attractive? you inclusion, for relatively there wondering room when in So the price additional think if increases I

Yes.

not meal -- as on competitive you've you've for got the very has crop Soybean good. mid that's got wheat been proteins side. wheat And feeding demand it's a around,

cheaper, rates like -- other and look have the in I to the feed that's when is gets meal profitability year it. feeding work we the the now, meal got They is up, see demand situation people inclusion they And historically, that you when this the we and U.S. up. in when animal if which and you've think the can -- we're numbers like go the And globally. seen right

that's continue can see the see but first can't we in right now. to there 'XX. expect we what So past that much half, We

deal ability would And I our produce we is on add Heather, market one market that today we side to think deal the globally. our that ourselves. actually I strengths more commercial And of just

and steeped team a market of marketing our ebbs globally. change So demand we've of think got is very right experience that's things team usually as the And meal and that. I as in on top flows,

And clarifying if sneak a question. could I in

profiles much like probably you see have as an into don't as visibility if we're where So we a see mean as did I in I in situation have 'XX a know inclusion guys or year, sizable -- I fee a globally. increase could good anyone another cap could this we as we near mean, step-up? rates we like

you've to now wheat right versus up seed some proteins, think got what And continue is less I watch how we know competing. crops. the feeding, do it less to mid sets got smaller

You much crops, crush, soft in with seed but Sea the and less Europe meal don't make Black as smaller meal so some got some you've there.

all numbers. situation we've So been factors yes, it's the in all constructed, current got, which we've it the and has seen part of the that are up setting

Stanley. with comes Haynes next The question from Steven Morgan

just side of Maybe I of kind things. on follow-up ask a to refined question wanted the

in and being XXXX. there think question earlier resilient an was I comment better about baseline to a before than

now. a I above think you're still are kind we where baseline right bit of quite

I frame, it a what looks about thinking So better guess, and help how we like year? can of be should kind bit you next

that certainly in can toward oil Yes, energy baseline jump back Look, long-term and think if contemplated as and in I'll for start you demand Greg edge especially would moderate refining are the And what for was crude go -- that I our side. would premiums -- we expected. we seeing more

you strong a And been the $XXX had side been as about pointed we've that's performing market a of and I million out, very very on above resilient is think that a we've food what somewhat good. business. We've that. seen baseline for

our what that portfolio our like a we on above the plus just It's probably resilient is on today capability hard in were demand to food feel set. going energy, increased And predict seen given bit I number side, think I think what and baseline more be. to little we we've

we a think policy where I standpoint. are handle have to a headed on better things get from

piece the we about crude impact, been. and demand. the expect energy it. These you probably of refined, we could feel the and RVO ever good that, total, of In with have did even it's pretty like than food obviously at on look solid and the that on things to pleased an XXZ business piece refining being versus things when refining more we've again, that specialty very footing been but certainly ultimately, the side moderate, around But the

of Got going in then to it. just on that's U.S. of this bunch capacity side come meal And the been a year. there's the on things,

yet. that it's rate. of It is not running takes run time kind of fully kind hit that Our understanding some to

of this market the come on more expected supply even yet? should yourself some think impact 'XX there's included. and to Or the slated projects about is in for 'XX kind how feeling as Is of it we

So to, thinking the guess, be ability how we absorb the should excess I going forward? market's meal about

Yes. about global thing It's market. It's a very meal. the

think continue mentioned, investments we our in produce, to than it U.S. be make the here We've meal in market able I John to and P&W we more to asset investments. handle get made export.

So think investments demand be will to supply to the globally. I the made the to connect continue

does into the you They said, not -- they're kept on, do come this those and switch. they a plants, demand, like inclusion and rates. said flipping the around price you And work dovetailed as light so

will market the think we work. do So its

capacity just one add the some same maybe I'd adding Gulf. doing meal. of P&W for mentioned Steven. where the thing, the we're Greg export And Yes. in We're

we're Gulf the that meal adjacent Chevron ], exported from our in expanding to be have course, project, capacity terminal, we big our export U.S. Destrehan the the [ more expansion to of of So our handle with of

out to where well for as underway, along, this And internationally. years. to needs stuff get go anticipated positioned the well we've and projects moving well we'll So be are as in market positioned, it anybody these the

Ben with Theurer question Barclays. next comes from The

Greg, to so few things a clarification. John, just

loss you for book to that think there's impact the that you in for be Bioenergy, moved I $X.XX disposal? something need XQ So that said number just into Was on you that So a XQ implicit one. it's would that question the that $X.XX? to now of downgrade the expected and happen

the And big then just timing jurisdictions approvals. which you question us and pending right the now? are of number Can two, pending Viterra are that to remind the still related

talk Greg sugar can with start timing. I'll Yes, Viterra and about

for going the QX know this in simply for The forecast full actually to was a underperformance. had was sugar when we we year -- didn't because we close. really So didn't

we So good we as highlighted. have QX didn't sugar in a

prior in $X.XX ]. But And about because on Oct. looked then had of close. around we [ there our forecast and was until actually lost that we in of QX, certainty selling that closing X earnings we

reflective of for the QX. that's So I below just expected. And the where see of lost that QX you mentioned, results we're well earnings can that for course, then, we as

say, QX probably had $X.XX, would what we originally QX second down expected. Overall, half, I from between and

Just sugar?

Just sugar.

Okay.

and is like covering ] half, cool it's [ quality better core earnings. in the up business way We that of so stepping happens. second the a The the it

Okay. And then the on approval?

and the Regulatory? sales Poland conditional of Yes. in asset last got Hungary. where the approval, time some we've together, The we course, regulatory, EU we to since rolled got do

currently So and we're working through that process making progress. good

issues. In closing a We're progress and you may Canada, questions great seen them the and there's with transport engaged all out have new making there. minister addressing the

term. near be to the in that expect relative We

other, continue Chinese the to And we the work then of And with in authorities. is course, China.

We discussions all and to respond have questions. very their to able productive

the term. be here So in again, that that, near feel hopefully should

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Okay. just Argentina, Has on bankruptcy. the exporter out think you any of in process, news but how were of kind that's Argentine post-close And an approval was soy take that you a that obviously, post-close planning blocked consequences to recently that about process some over and then I there Argentina? about mean, approval

No, us. Argentina a long No. all. an -- the important authorities work operation for at there. in of not course, time. We It's closely we've with We been

always kind So parallel. there. the the We those we'll the and we've appeal of thought is no, through of it. surprised in But work processes a working weren't It's the technical to just issue, process, by part process continue legal really process. about down

This for remarks. concludes to go conference over I Please Greg turn ahead. the the question-and-answer any Hackman to session. like would closing back

Thank you.

team more we dedication. Bunge. one interest their for I the again So to want and appreciate today, time us by joining in just your thanking close for thanks

able and improvement future accomplish continuous about for here that going And planning. day-to-day what people we've Our I'm a to on to to performance culture make the built drive the is and Bunge Viterra. to and us we're integration of great quality a relentless progress really our together with testament maintain Bunge. excited to on ever as the to allowed at the execute it's our of be business as

look great with have we So day. speaking and you to soon, again forward a

concluded. presentation. for now has Thank you conference attending The today's

now disconnect. may You