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  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a red callout box to emphasize the negative context surrounding ADM's performance.",
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      "kind": "callout",
      "text": "Delayed SEC filings in late 2024, faced criminal probe and was charged by the SEC in early 2026",
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      "text": "Spruce Point believes that Viterra's results reflect a deeply injured business.",
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      "text": "2025 Reported Revenue",
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      "text": "2025 Revenue Growth: -16.7%",
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      "kind": "paragraph",
      "text": "Spruce Point believes that Viterra's results reflect a deeply injured business. On the surface, Bunge's 2025 headline revenue growth of 32.4% looks spectacular and projects strength among its global agribusiness peers. However, our detailed analysis indicates that Viterra's actual 2025 revenue growth was -16.7% and was even worse than ADM which suffered from a financial scandal, criminal probe and SEC enforcement action for accounting and disclosure fraud. Stripping Viterra away from Bunge's consolidated results reveals that its core revenue growth was just 4.0% which is worse than the peer group industry average.",
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      "text": "Delayed SEC filings in late 2024, faced criminal probe and was charged by the SEC in early 2026 — Spruce Point Capital Management (referencing ADM).",
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      "kind": "source-note",
      "text": "1) Excludes Bunge Reported. Note: Results in US$. Source: Company filings and Spruce Point analysis.",
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      "kind": "title",
      "text": "Viterra's 2025 Revenue Was Even Worse Than Scandal-Plagued ADM's Result",
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