{
  "docId": "019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 74,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The slide uses a red box to highlight the activist's commentary and underlines in the 2025 text to draw attention to the specific change.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "To support our contention that Bunge's oilseed business has experienced increased pressures, we see that its recently filed 2025 10-K included a new statement in its competitive risk factors that competition has added oilseed processing and refining capacity in response to growing demand. One example in January 2026 is Louis Dreyfus with a new crushing line in Timbues, Argentina where Bunge acquired assets from Viterra that were constructed in 2012 and expanded in 2019. Another example is AGP's new $700m Nebraska facility expected annually to process 50m bushels of soybeans and produce 700m pounds of soybean oil.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd6146ae-5fb8-4b66-8d94-7f5dd2131bb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "To support our contention that Bunge's oilseed business has experienced increased pressures, we see that its recently filed 2025 10-K included a new statement in its competitive risk factors that competition has added oilseed processing and refining capacity in response to growing demand.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d6-a44679d50ea5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "2025 Update",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "282088d3-5c21-43ca-b831-b43850a24e76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "Previous Years",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f3c967a-d8b8-4d0c-9657-e59d01977e50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "We face intense competition in each of our businesses. We participate in an intensely competitive industry with numerous global and regional competitors. Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand. Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced additional competition for refining capacity from traditional petroleum companies, particularly in the United States.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66d45a75-a109-4497-9bb5-0c25273ad71a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.96,
        "x": 0.02,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "We face intense competition in each of our businesses. We face significant competition in each of our businesses and we have numerous competitors, some of which are larger, more diversified and have greater financial resources than we have. Additionally, in recent years we have experienced regional Agribusiness competitors entering new geographies where previously they did not compete with us, and certain customers seeking to procure certain commodities directly rather than through historical suppliers such as us. Furthermore, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced added competition for refining capacity from traditional petroleum companies. As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution. Additionally, the geographic location of assets can competitively advantage or disadvantage us with respect to our competitors in certain regions. We also face competition from changing technologies and shifting industry practices, such as increased on-farm crop storage in several regions, which allows producers to retain commodities for extended periods and increase price pressure on purchasers such as us. To compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, including",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c288ed76-4b91-4cdb-b63d-a3686425354b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We face intense competition in each of our businesses. We participate in an intensely competitive industry with numerous global and regional competitors. Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand. — Bunge 2025 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d6-ab2ddf24811e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bunge SEC filings, Louis Dreyfus Press Release, Viterra becomes majority owner of Renova in Argentina, Press Release, Jan 29, 2026, “$700M soybean crushing operation to start in Nebraska's David City by late August”, Nebraska Examiner, July 19, 2025. Spruce Point red emphasis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a97fc1c-5442-4742-97f6-a20e47b9a2ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Bunge Added One Sentence That We Believe Validates Our Concerns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6506dcf8-fc8b-4421-8db1-7549d38b03b9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-6030-75fc-808e-ec10001bc62c",
      "evidence": "'One Sentence That... Validates Our Concerns'",
      "confidence": 78
    },
    {
      "name": "Von Restorff Effect",
      "slug": "von-restorff-effect",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de85c-6007-7365-9949-f2c58ff2e5c3",
      "evidence": "Red box highlights newly added 10-K sentence",
      "confidence": 80
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0a4ba5e2-d5a7-4455-8af0-79633139ce50",
      "evidence": "Highlighting a specific change in risk factor disclosure to validate an activist thesis.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 66,
      "from": 23,
      "beatId": "019de85c-520e-75ff-a0c6-aabe3bf0f17d",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "Operational, LATAM, Viterra deal, financial strain proof",
      "position": 4,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 61,
      "from": 23,
      "beatId": "019de85c-52d3-718b-91c0-ba5c0749e561",
      "arcName": "Tragedy",
      "arcSlug": "tragedy",
      "beatName": "Downward Spiral",
      "beatSlug": null,
      "evidence": "Operational, LATAM, Viterra integration failures",
      "position": 3,
      "confidence": 62,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 32,
      "from": 23,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019de85c-5453-72f4-979c-12020fa2bf41",
      "evidence": "Oilseed walkback, GLP-1 silence, fiber miss, plant-based bust, R&D collapse.",
      "position": 5,
      "objective": "Stack operational/competitive headwinds",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 80,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}