{
  "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": 46,
  "pageCount": 74,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "table_of_contents",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a forensic accounting approach to derive Viterra's core revenue from Bunge's pro forma disclosures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/46",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We find that Bunge has not been completely transparent in terms of qualitative description about Viterra's contribution to the overall Company. There is one potential reason for this fact pattern: the results have been terrible and underwhelming.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8705-88187cf2a3db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Viterra Revenue YoY growth: -16.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8705-8eff3a9ef988",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We find that Bunge has not been completely transparent in terms of qualitative description about Viterra's contribution to the overall Company. There is one potential reason for this fact pattern: the results have been terrible and underwhelming. Piecing together clues from various disclosures made in the pro forma financials and footnotes of its Q3'25 10-Q and 10-K annual report, we estimate that Viterra's revenue declined by approximately -16.7% in 2025.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c478a419-948e-4c65-b62e-a3a122605501",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "1) Viterra revenue is implied based on disclosed H1'25 revenue of $20,489 - $9,896 (Q1'25 disclosed). Divested revenue implied based on H1'25 reported $557m - $287m (Q1'25 disclosed). 2) EU divestitures closed Sept 1, 2025 so we estimate two quarter inclusion of divested business to reported revenues. The $8.2bn revenue disclosed in 10-Q, Note 2. 3) Revenue of $7.1bn implied from reported Viterra's FY25 revenue contribution of $15.3bn (10-K, Note 2) - $8.2bn Q3'25 revenue contribution disclosure. The Q4'25 figure is not adjusted for the divestitures which closed in Q3'25. Source: Bunge SEC filings (inc. Q1'25 and 2025 Pro Forma financials and H1'25 Pro Forma financials) and Spruce Point analysis",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0538489c-750c-4034-96f1-092b06476ddb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "Analysis of Viterra's Revenue Performance Post-Closing",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2dabab7-b5af-4729-87de-9157ae2b9d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Our Analysis Shows That Viterra's Revenue Materially Collapsed In 2025",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa482f46-26d8-449f-826a-449370980b98",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-6766-702d-b27b-8256de58b374",
      "evidence": "'Viterra's Revenue Materially Collapsed In 2025'",
      "confidence": 86
    },
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "8932264f-8f1f-41a1-8450-51f2c0e2fe89",
      "evidence": "The slide seems to be addressing an audience interested in financial analysis and potential investment opportunities.",
      "confidence": 0.7
    },
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019de85c-678c-7036-9522-e4901149ced2",
      "evidence": "Implied -16.7% YoY revenue calculation",
      "confidence": 80
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b9a8f0a7-6631-4830-abfd-262ded0cb115",
      "evidence": "The slide explicitly claims lack of transparency and 'terrible' results to expose a contradiction in company reporting.",
      "confidence": 0.9
    }
  ],
  "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": 50,
      "from": 39,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "019de85c-54b2-732a-838f-cb667a821800",
      "evidence": "Deal pitch promises vs -16.7% revenue collapse, -24% EBITDA shortfall, margin contraction.",
      "position": 7,
      "objective": "Contrast Viterra promised vs. delivered",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 86,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}