- St. Louis, MO - May 4, 2021 - Bunge Limited (NYSE:BG) today reported first quarter 2021 results

Q1 GAAP EPS of $5.52 vs. $(1.46) in the prior year; $3.13 vs. $0.91 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
Outstanding Agribusiness execution capturing opportunities throughout the global value chains
Excellent results in Refined and Specialty Oils benefiting from improved demand and our continued focus on customers and innovation
Increasing full-year adjusted EPS outlook to ~$7.50 based on strong Q1 results and positive market trends
Increasing quarterly common dividend by 5% to $0.525 per share
Overview

Greg Heckman, Bunge's Chief Executive Officer, commented, "Our outstanding results in the first quarter reflect the fundamental strength of Bunge's platform and the benefits our integrated global approach bring to farmers and end customers. Working together across value chains, our teams are capturing opportunities while effectively adapting to dynamic market environments. We remain focused on the safety of our employees and communities in the face of the ongoing pandemic, and we continue to serve changing consumer and business needs in the markets in which we operate. We are optimistic that the favorable demand environment in the first quarter will continue through 2021, and we are confident we have the right team and model in place to maintain our positive momentum.”

Ø Financial Highlights
Quarter Ended
March 31,
(US$ in millions, except per share data) 2021 2020
Net income attributable to Bunge $ 831 $ (184)
Net income per common share-diluted $ 5.52 $ (1.46)
Mark-to-market timing difference (a) $ (1.30) $ 2.25
Certain (gains) and charges (b) $ (1.09) $ 0.02
Adjustment of redeemable noncontrolling interest (c) $ — $ 0.10
Adjusted Net income per common share-diluted (d) $ 3.13 $ 0.91
Core Segment EBIT (d) (e) $ 1,152 $ (56)
Mark-to-market timing difference (a) (245) 410
Certain (gains) & charges (b) (170) —
Adjusted Core Segment EBIT (d) $ 737 $ 354
Corporate and Other EBIT (d) $ (86) $ (64)
Certain (gains) & charges (b)
— 5
Adjusted Corporate and Other EBIT (d) $ (86) $ (59)
Non-core Segment EBIT (d) (f) $ 20 $ (50)
Certain (gains) & charges (b)
— —
Adjusted Non-core Segment EBIT (d) $ 20 $ (50)
Total Segment EBIT (d) $ 1,086 $ (170)
Mark-to-market timing difference (a) (245) $ 410
Total Certain (gains) & charges (b) (170) $ 5
Adjusted Total Segment EBIT (d) $ 671 $ 245

(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) Retained earnings impact associated with an adjustment to the carrying amount of the redeemable noncontrolling interest recorded in respect of our 70%
ownership interest in Loders. See note 4 in the Additional Financial information section of this release for for details.
(d) 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.
(e) Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s
Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Bunge's Sugar & Bioenergy reportable segment and Corporate and
Other activities.
(f) 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.


Core Segments
Agribusiness
Quarter Ended
(US$ in millions, except per share data) Mar 31, 2021 Mar 31, 2020
Volumes (in thousand metric tons) 36,356 32,681
Net Sales $ 9,791 $ 6,382
Gross Profit $ 886 $ (3)
Selling, general and administrative expense $ (80) $ (109)
Foreign exchange gains (losses) $ (8) $ (12)
EBIT attributable to noncontrolling interests $ (8) $ 2
Other income (expense) - net $ 22 $ (8)
Income (loss) from affiliates $ 24 $ 9
Segment EBIT $ 836 $ (121)
Mark-to-market timing difference (235) 385
Certain (gains) & charges — —
Adjusted Segment EBIT $ 601 $ 264
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge $ — $ —
Certain (gains) & charges, Earnings Per Share $ — $ —
Processing (2)
Quarter Ended
(US$ in millions) Mar 31, 2021 Mar 31, 2020
Processing EBIT $ 729 $ (55)
Mark-to-market timing difference (366) 264
Certain (gains) & charges — —
Adjusted Processing EBIT $ 363 $ 209
In Processing, improved performance in the quarter was driven by higher results in all softseed and soy
crush value chains, which included an increased contribution from U.S. soybean origination.

Merchandising (2)
Quarter Ended
(US$ in millions) Mar 31, 2021 Mar 31, 2020
Merchandising EBIT $ 107 $ (66)
Mark-to-market timing difference 131 121
Certain (gains) & charges — —
Adjusted Merchandising EBIT $ 238 $ 55
In Merchandising, improved volumes and margins in our global oils, corn and wheat value chains were
primarily driven by increased export demand, strong grain origination in North America and Australia and
excellent execution. Results in our financial services business were also higher than the prior year.
Refined & Specialty Oils
Quarter Ended
(US$ in millions, except per share data) Mar 31, 2021 Mar 31, 2020
Volumes (in thousand metric tons) 2,205 2,354
Net Sales $ 2,726 $ 2,325
Gross Profit $ 235 $ 128
Selling, general and administrative expense $ (86) $ (94)
Foreign exchange gains (losses) $ 2 $ 7
EBIT attributable to noncontrolling interests $ (79) $ 6
Other income (expense) - net $ 236 $ —
Segment EBIT $ 308 $ 47
Mark-to-market timing difference (14) 20
Certain (gains) & charges (170) —
Adjusted Segment EBIT $ 124 $ 67
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge $ (165) $ —
Certain (gains) & charges, Earnings Per Share $ (1.09) $ —
Refined & Specialty Oils Summary
The strong performance in the quarter reflected higher results in all regions driven by improved execution,
as well as favorable market trends. North America refining benefited from early stage recovery in
foodservice and increased demand from the renewable diesel sector. Higher margins in South America and
Europe more than offset lower volumes. Asia benefited from strong demand in India prior to the reimposing of restrictions due to the surge in new COVID-19 cases.

Milling
Quarter Ended
(US$ in millions, except per share data) Mar 31, 2021 Mar 31, 2020
Volumes (in thousand metric tons) 1,739 1,938
Net Sales $ 390 $ 416
Gross Profit $ 34 $ 48
Selling, general and administrative expense $ (23) $ (26)
Foreign exchange gains (losses) $ (3) $ (3)
Segment EBIT $ 8 $ 18
Mark-to-market timing difference 4 5
Certain (gains) & charges — —
Adjusted Segment EBIT $ 12 $ 23
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge $ — $ —
Certain (gains) & charges, Earnings Per Share $ — $ —
Milling Summary
Results were down in both North and South America primarily due to lower margins. Additionally, volumes
in Brazil were negatively impacted by COVID-19-related lockdowns.

Corporate and Other
Quarter Ended
(US$ in millions, except per share data) Mar 31, 2021 Mar 31, 2020
Gross Profit $ (8) $ (1)
Selling, general and administrative expense $ (82) $ (65)
Foreign exchange gains (losses) $ (1) $ 2
Other income (expense) - net $ 5 $ —
Segment EBIT $ (86) $ (64)
Certain (gains) & charges — 5
Adjusted Segment EBIT $ (86) $ (59)
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge $ — $ 3
Certain (gains) & charges, Earnings Per Share $ — $ 0.02
Corporate
Quarter Ended
(US$ in millions) Mar 31, 2021 Mar 31, 2020
Corporate EBIT $ (86) $ (72)
Certain (gains) & charges — 5
Adjusted Corporate EBIT $ (86) $ (67)
Other
Quarter Ended
(US$ in millions) Mar 31, 2021 Mar 31, 2020
Other EBIT $ — $ 8
Certain (gains) & charges — —
Adjusted Other EBIT $ — $ 8
Corporate and Other Summary
The increase in Corporate expenses during the quarter was primarily related to performance-based compensation accruals. The decrease in Other was related to our captive insurance program.


Non-core Segments
Sugar & Bioenergy
Quarter Ended
(US$ in millions, except per share data) Mar 31, 2021 Mar 31, 2020
Volumes (in thousand metric tons) 103 86
Net Sales $ 54 $ 50
Gross Profit $ — $ 2
Selling, general and administrative expense $ — $ (1)
Income (loss) from affiliates $ 20 $ (51)
Segment EBIT $ 20 $ (50)
Certain (gains) & charges — —
Adjusted Segment EBIT $ 20 $ (50)
Certain (gains) & charges, Net Income (Loss) Attributable to Bunge $ — $ —
Certain (gains) & charges, Earnings Per Share $ — $ —
Sugar & Bioenergy Summary
Results in the quarter benefited from higher sugar and ethanol volume and higher sugar prices in local
currency. Prior year results were negatively impacted by approximately $25 million in foreign exchange
translation losses on U.S. dollar denominated debt of the joint venture due to depreciation of the Brazilian
real.
Cash Flow
Three Months Ended
Mar 31, 2021 Mar 31, 2020
Cash used for operating activities $ (987) $ (439)
Proceeds from beneficial interest in securitized trade receivables 969 423
Cash (used for) provided by operating activities, adjusted $ (18) $ (16)
Cash used for operations in the three months ended March 31, 2021 was $987 million compared to cash
used of $439 million in the same period last year. Adjusting for the proceeds from beneficial interest in
securitized trade receivables, cash used for operating activities was $18 million compared with cash used
for operating activities of $16 million in the prior year. Funds from operations (FFO) adjusted for notable
items and mark-to-market timing differences was $533 million compared to $254 million in the prior year.
The increase in adjusted FFO was largely used to fund the increase in working capital.
Income Taxes
For the three months ended March 31, 2021, income tax expense was $192 million compared to an income tax benefit of $55 million for the prior year. The increase in income tax expense during 2021 is due to higher
pre-tax income.

see & read more on
https://www.bunge.com/sites/default/files/attachments/bunge_reports_first_quarter_2021_results_final.pdf?v