St. Louis, MO - February 10, 2021 - Bunge Limited (NYSE:BG) today reported fourth quarter and full-year 2020 results.
• Full-year GAAP EPS of $7.71 vs. $(9.34) in the prior year; $8.30 vs. $4.76 on an adjusted basis
excluding certain gains and charges and mark-to-market timing differences
• Q4 GAAP EPS of $3.74 vs. $(0.48) in the prior year; $3.05 vs. $1.69 on an adjusted basis excluding
certain gains and charges and mark-to-market timing differences
• Excellent execution throughout the value chains drove higher Q4 and full year results in
Agribusiness and Edible Oils
• Full year adjusted funds from operations of ~$1.9 billion, up ~$800 million vs. 2019
• Favorable market environment continuing into 2021

Ø Overview
Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our performance in 2020 was exceptional reflecting the earnings strength of our platform. Our talented team and new operating model allowed us to capture the upside from market opportunities and deepen customer partnerships. We delivered these strong results while completing the portfolio actions we originally identified, sharpening our financial discipline, and, importantly, keeping the focus on protecting the safety of our team during these unprecedented times.
“Looking ahead, we expect the favorable market environment to continue into 2021, reflecting strong and growing demand, as well as tight supplies. We are excited about our momentum and the opportunities
ahead of us,” Mr. Heckman continued. “I am extremely proud of our team across all the businesses as we execute our strategy and deliver value to all our stakeholders.”

Ø Financial Highlights
Quarter Ended December 31, Year Ended December 31,
US$ in millions, except per share data 2020 2019 2020 2019
Net income attributable to Bunge $ 551 $ (51) $ 1,145 (1,280)
Net income per common share-diluted $ 3.74 $ (0.48) $ 7.71 $ (9.34)
Mark-to-market timing differences (a) $ (0.05) $ 0.42 $ 0.92 $ 0.18
Certain (gains) and charges (b) $ (0.59) $ 1.60 $ (0.27) $ 13.10
Dilutive share basis difference - GAAP vs Adjusted (c) $ — $ 0.09 $ — $ 0.76
Adjustment of redeemable noncontrolling interest (d) $ (0.05) $ 0.06 $ (0.06) $ 0.06
Adjusted Net income per common share-diluted (e) $ 3.05 $ 1.69 $ 8.30 $ 4.76
Core Segment EBIT (e) (f) $ 780 $ 244 $ 2,085 $ 953
Mark-to-market timing differences (a) 4 82 190 35
Certain (gains) & charges (b) (147) 141 (147) 264
Adjusted Core Segment EBIT (e) $ 637 $ 467 $ 2,128 $ 1,252
Corporate and Other EBIT (e) $ (91) $ (168) $ (365) $ (245)
Certain (gains) & charges (b) 12 13 83 58
Adjusted Corporate and Other EBIT (e) $ (79) $ (155) $ (282) $ (187)
Non-core Segment EBIT (e) (g) $ 25 $ (32) $ (87) $ (1,599)
Certain (gains) & charges (b)
— 85 — 1,692
Adjusted Non-core Segment EBIT (e) $ 25 $ 53 $ (87) $ 93
Total Segment EBIT (e) $ 714 $ 44 $ 1,633 $ (891)
Total Mark-to-market timing differences (a) 4 82 190 35
Total Certain (gains) & charges (b) (135) 239 (64) 2,014
Adjusted Total Segment EBIT (e) $ 583 $ 365 $ 1,759 $ 1,158
(a) Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories, and related hedges associated with committed
future operating capacity. See note 3 in the Additional Financial information section of this release for details.
(b) Certain (gains) & charges included in Total Segment EBIT. See Additional Financial Information for details.
(c) Dilutive share basis difference - GAAP vs. Adjusted represents the impact of using different weighted-average common shares outstanding in the
denominators of the respective GAAP and Adjusted EPS calculations. See note 4 in the Additional Financial information section of this release for details.
(d) Retained earnings impact associated with an adjustment to the carrying amount of the redeemable noncontrolling interest recorded in respect of our 70%
ownership in Bunge Loders Croklaan (Loders). See note 5 in the Additional Financial information section of this release for details.
(e) Core Segment EBIT, Adjusted Core Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Non-core Segment EBIT, Adjusted Noncore Segment EBIT, Total Segment EBIT, Adjusted Total Segment EBIT, and Adjusted Net income per common share-diluted are non-GAAP financial
measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the
accompanying slide presentation posted on Bunge's website.
(f) Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s
Agribusiness, Edible Oils Products, Milling Products and Fertilizer reportable segments, and excludes Bunge's Sugar & Bioenergy reportable segment and
Corporate and Other activities.
(g) Non-core Segment EBIT comprises Bunge’s Sugar & Bioenergy reportable segment EBIT, which reflects Bunge's share of the results of its 50/50 joint
venture with BP p.l.c.

Ø Fourth Quarter and Full-Year 2020 Results
Core Segments
Agribusiness Quarter Ended Year Ended
US$ in millions, except volumes and per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Volumes (in thousand metric tons) 35,737 34,976 142,959 139,968
Net Sales $ 9,282 $ 7,412 $ 29,529 $ 28,407
Gross Profit $ 551 $ 302 $ 1,780 $ 1,093
Selling, general and administrative
expense
$ (150) $ (136) $ (517) $ (487)
Foreign exchange gains (losses) $ 72 $ 42 $ 148 $ (34)
EBIT attributable to noncontrolling
interests $ (12) $ (2) $ (18) $ 2
Other income (expense) - net $ 3 $ — $ 43 $ 65
Income (loss) from affiliates $ 3 $ 19 $ 46 $ 43
Segment EBIT $ 467 $ 225 $ 1,482 $ 682
Mark-to-market timing differences 7 95 182 48
Certain (gains) & charges — 15 — 117
Adjusted Segment EBIT $ 474 $ 335 $ 1,664 $ 847
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 11 $ — $ 106
Certain (gains) & charges, Earnings Per Share $ — $ 0.07 $ — $ 0.70
Oilseeds (2)
Quarter Ended Year Ended
US$ in millions Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Oilseeds EBIT $ 233 $ 66 $ 855 $ 415
Mark-to-market timing differences 42 95 196 48
Certain (gains) & charges — 9 — 86
Adjusted Oilseed EBIT $ 275 $ 170 $ 1,051 $ 549
In Oilseeds, higher results were primarily driven by softseed processing where earnings were higher in all regions supported by strong vegetable oil demand. Soy processing results were in line with the prior year as
improvements in North America and Asia were offset by South America and Europe.

Grains (2)
Quarter Ended Year Ended
US$ in millions Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Grains EBIT $ 234 $ 159 $ 627 $ 267
Mark-to-market timing differences (35) — (14) —
Certain (gains) & charges — 6 — 31
Adjusted Grains EBIT $ 199 $ 165 $ 613 $ 298
In Grains, higher results were primarily driven by our North American operations, which benefited from
strong export demand and execution. Results also benefited from favorable risk management and
optimization in our global trading and distribution business. In South America, earnings decreased largely
due to lower origination volumes as farmers had accelerated sales earlier in the year.
Edible Oil Products
Quarter Ended Year Ended
US$ in millions, except volumes and per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Volumes (in thousand metric tons) 2,414 2,507 9,515 9,606
Net Sales $ 2,715 $ 2,422 $ 9,601 $ 9,186
Gross Profit $ 287 $ 162 $ 738 $ 612
Selling, general and administrative
expense
$ (110) $ (114) $ (388) $ (376)
Foreign exchange gains (losses) $ (2) $ (5) $ (2) $ (1)
EBIT attributable to noncontrolling
interests $ (6) $ 20 $ (3) $ 7
Other income (expense) - net $ 98 $ (103) $ 95 $ (121)
Income (loss) from affiliates $ — $ — $ — $ —
Segment EBIT $ 267 $ (40) $ 440 $ 121
Mark-to-market timing differences (9) (13) (1) (13)
Certain (gains) & charges (145) 128 (145) 142
Adjusted Segment EBIT $ 113 $ 75 $ 294 $ 250
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ (96) $ 110 $ (96) $ 124
Certain (gains) & charges, Earnings Per Share $ (0.65) $ 0.74 $ (0.65) $ 0.83

Edible Oil Products Summary
The strong performance in the quarter was primarily driven by higher margins in our consumer business in Brazil as a result of tight supply and strong demand. Higher results in North America were largely due to increased demand from the renewable diesel sector. Results were also higher in Asia driven by lower costs.
Earnings declined in Europe primarily due to lower margins.

Milling Products
Quarter Ended Year Ended
US$ in millions, except volumes and per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Volumes (in thousand metric tons) 1,208 1,182 4,663 4,531
Net Sales $ 435 $ 446 $ 1,648 $ 1,739
Gross Profit $ 36 $ 30 $ 171 $ 160
Selling, general and administrative
expense $ (27) $ (23) $ (97) $ (98)
Foreign exchange gains (losses) $ 5 $ 1 $ 6 $ 4
Other income (expense) - net $ — $ 19 $ (1) $ 22
Income (loss) from affiliates $ — $ — $ (1) $ —
Segment EBIT $ 14 $ 27 $ 78 $ 88
Mark-to-market timing differences 6 — 9 —
Certain (gains) & charges (2) (2) (2) 5
Adjusted Segment EBIT $ 18 $ 25 $ 85 $ 93
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ (1) $ — $ (1) $ 5
Certain (gains) & charges, Earnings Per Share $ — $ — $ — $ 0.05

Milling Products Summary
Lower results in the quarter were driven by North America, which was impacted by lower volumes and margins, as well as a loss of earnings from our rice milling operation that was sold during the quarter.
Results in South America were comparable with last year as higher volumes were offset by lower margins.

Fertilizer
Quarter Ended Year Ended
US$ in millions, except volumes and per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Volumes (in thousand metric tons) 501 495 1,537 1,508
Net Sales $ 160 $ 165 $ 484 $ 520
Gross Profit $ 37 $ 34 $ 98 $ 78
Selling, general and administrative
expense
$ (4) $ (1) $ (11) $ (13)
Foreign exchange gains (losses) $ (1) $ — $ — $ —
Income (loss) from affiliates $ — $ — $ — $ —
Segment EBIT $ 32 $ 32 $ 85 $ 62
Certain (gains) & charges — — — —
Adjusted Segment EBIT $ 32 $ 32 $ 85 $ 62
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ — $ — $ —
Certain (gains) & charges, Earnings Per Share $ — $ — $ — $ —
Fertilizer Summary
Fertilizer results in the quarter were comparable to the prior year.
Corporate and Other
Quarter Ended Year Ended
US$ in millions, except per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Gross Profit $ (3) $ (7) $ (5) $ 3
Selling, general and administrative
expense $ (75) $ (100) $ (345) $ (339)
Foreign exchange gains (losses) $ 1 $ 1 $ (2) $ 3
Other income (expense) - net $ (14) $ (62) $ (13) $ 88
Segment EBIT $ (91) $ (168) $ (365) $ (245)
Certain (gains) & charges 12 13 83 58
Adjusted Segment EBIT $ (79) $ (155) $ (282) $ (187)
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ 9 $ 41 $ 57 $ 47
Certain (gains) & charges, Earnings Per Share $ 0.06 $ 0.26 $ 0.38 $ 0.30

Corporate
Quarter Ended Year Ended
US$ in millions Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Corporate EBIT $ (93) $ (108) $ (313) $ (343)
Certain (gains) & charges 12 13 17 58
Adjusted Corporate EBIT $ (81) $ (95) $ (296) $ (285)
Other
Quarter Ended Year Ended
US$ in millions Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Other EBIT $ 2 $ (60) $ (52) $ 98
Certain (gains) & charges — — 66 —
Adjusted Other EBIT $ 2 $ (60) $ 14 $ 98

Corporate and Other Summary
Total adjusted EBIT for Corporate and Other was comprised of $(81) million from Corporate and $2 million from Other. This compares to $(95) million from Corporate and $(60) million from Other for the prior year period. The decrease in Corporate expenses during the quarter primarily related to the timing of recognition of performance-based compensation in prior year. The increase in Other reflects the prior year impact of our investment in Beyond Meat.

Non-core Segments
Sugar & Bioenergy
Quarter Ended Year Ended
US$ in millions, except volumes and per share data Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019
Volumes (in thousand metric tons) 90 1,109 334 3,836
Net Sales $ 18 $ 338 $ 142 $ 1,288
Gross Profit $ (4) $ 50 $ 3 $ (1,404)
Selling, general and administrative
expense
$ 1 $ (8) $ — $ (38)
Foreign exchange gains (losses) $ — $ (9) $ — $ (89)
Other income (expense) - net $ 2 $ (66) $ 2 $ (65)
Income (loss) from affiliates $ 26 $ — $ (92) $ (3)
Segment EBIT $ 25 $ (32) $ (87) $ (1,599)
Certain (gains) & charges — 85 — 1,692
Adjusted Segment EBIT $ 25 $ 53 $ (87) $ 93
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 80 $ — $ 1,687
Certain (gains) & charges, Earnings Per Share $ — $ 0.53 $ — $ 11.22

Sugar & Bioenergy Summary
Segment results for this quarter reflected our share of the results of the 50/50 joint venture with BP. By contrast, most of fourth quarter 2019 reflected our 100 percent ownership of the Brazilian sugar and bioenergy operations that we contributed to the joint venture in December 2019.
Results in the quarter benefited from higher year-over-year average ethanol prices in local currency, as well as improved industrial efficiency. Earnings in the fourth quarter of last year benefited from lower
depreciation due to our Brazilian sugar and bioenergy operations being classified as held for sale.

Cash Flow
Year Ended
Dec 31, 2020 Dec 31, 2019
Cash used for operating activities $ (3,536) $ (808)
Proceeds from beneficial interest in securitized trade receivables 1,943 1,312
Cash provided by (used for) operating activities, adjusted $ (1,593) $ 504
Cash used for operations during the year was $3,536 million compared to cash used of $808 million in the same period last year. Adjusted for the proceeds from beneficial interest in securitized trade receivables, cash used by operating activities was $1,593 million compared with cash provided by operating activities of $504 million in the prior year. This increase in cash used for operations was primarily driven by higher working capital levels, reflecting higher commodity prices and increased purchases of readily marketable inventory. Funds from operations adjusted for notable items and mark-to-market timing differences was $1,886 million compared to $1,096 million in the prior year.

Income Taxes
For the three and twelve months ended December 31, 2020, income tax expense was $97 million and $248 million, respectively, compared to $16 million and $86 million, respectively, for the three and twelve months ended December 31, 2019. The increase in income tax expense during 2020 is primarily due to higher pre-tax income in 2020. Adjusting for notable items, the effective tax rate for the twelve months ended December 31, 2020 was 16.5%. The lower than expected tax rate was primarily due to favorable earnings mix.

Ø COVID-19 Update
Bunge continues to take proactive steps to protect the health and safety of its employees, their families and the communities in which it operates. Through an internal task force, the Company closely monitors developments related to the pandemic and provides guidance to its facilities worldwide. Each of Bunge’s facilities around the globe is taking steps to respond to COVID-19 based on the nature of its operations and the guidelines from and actions taken by local governments. The Company has continued to restrict travel, follow upgraded cleaning practices at its facilities and offices, require remote work arrangements for teammates wherever possible, reduce staffing in its production and other facilities and offices and keep social distancing and other safety related measures in place.
Numerous countries around the globe, including places where Bunge operates production facilities or maintains offices, have continued to impose quarantines and significant restrictions, including shelter-inplace or stay-at-home orders. Additionally, the rise in the number of observed COVID-19 cases in many
parts of the world may lead to governments re-imposing travel and work restrictions or imposing additional
restrictions. In locations where such restrictions are in place, Bunge has been deemed an essential or lifesustaining operation. To date, the Company has not seen a significant disruption in its supply chain, has been
able to mitigate logistics and distribution issues that have arisen, and substantially all of its facilities around the world have continued to operate at or near normal levels. Bunge continues to monitor local, regional
and national governmental actions that could limit or restrict the movement of agricultural commodities or products or otherwise disrupt physical product flows or its ability to operate in the future.

Outlook
Taking into account the current margin environment and forward curves, we expect full-year 2021 adjusted EPS of at least $6 per share, which would materially exceed our previously stated $5 EPS baseline.
In Agribusiness, full-year results are expected to be down from 2020, primarily driven by lower contributions from oilseed processing and origination, particularly in Brazil. While we are not forecasting
the same unique environment or magnitude of opportunities that we captured during 2020, we do see some potential upside to our outlook resulting from strong demand and tight commodity supplies.
In Edible Oils, full-year results are expected to be comparable to last year. Higher results expected in our North American business, driven by a recovery in foodservice and increased renewable diesel demand, will be offset by expected lower results in our consumer business in Brazil.
In Milling, full-year results are expected to be in line with last year. In Fertilizer, full-year results are expected to be down from a strong prior year.
Additionally, the Company expects the following for 2021: an adjusted annual effective tax rate in the range of 20% to 22%; net interest expense in the range of $230 million to $240 million; capital expenditures in the range of $425 to $475 million; and depreciation and amortization of approximately $415 million.
In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be a positive contributor, driven by improved sugar and Brazilian ethanol prices.

Ø Conference Call and Webcast Details
Bunge Limited’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, February 10, 2021 to discuss the company’s results.
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.
To listen to the call, please dial 1 (844) 735-3666. If you are located outside the United States or Canada,
dial +1 (412) 317-5706. Please dial in five to 10 minutes before the scheduled start time. The call will also be
webcast live at www.bunge.com.
To access the webcast, go to “Events and presentations” in the “Investors” section of the company’s website.
Select “Q4 2020 Bunge Limited Conference Call” and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.
A replay of the call will be available later in the day on February 10, 2021, continuing through March 10,
2021. To listen to it, please dial 1 (877) 344-7529 in the United States, 1 (855) 669-9658 in Canada, or +1
(412) 317-0088 in other locations. When prompted, enter confirmation code 10151151. A replay will also
be available in "Past events" at "Events and presentations" in the "Investors" section of the company's
website.

see & read more on
https://www.bunge.com/sites/default/files/attachments/4q20_epr.final_.pdf