{
  "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": 48,
  "pageCount": 74,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses color-coded highlights (green for acquisition contribution, red for divestiture impact) to emphasize the lack of transparency.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/48",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-48",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We find that Bunge makes it difficult to calculate organic growth by segment by not quantifying Viterra's contribution to its business segments. Moreover, the Company does not discuss FX or asset divestiture impacts on revenue. In 2025 alone, Bunge disposed of $953m of assets and businesses.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8704-53b63e6c287e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We find that Bunge makes it difficult to calculate organic growth by segment by not quantifying Viterra's contribution to its business segments. Moreover, the Company does not discuss FX or asset divestiture impacts on revenue. In 2025 alone, Bunge disposed of $953m of assets and businesses.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c2cdde2-3ea3-4107-b653-196e13197cc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bunge SEC filings and Spruce Point analysis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6d9022d-09ad-4668-b2da-75d8b7886e2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.26
      },
      "kind": "table",
      "text": "Table showing segment performance disclosures with N.A. values for COGS and EBIT in several instances.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a6c991b-2b90-4149-8ba9-c4cba5d4d9de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Bunge Makes Organic Growth Difficult To Calculate At The Corporate Or Segment Level",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b701f55b-db2f-4e66-8e85-e93a10ab3fec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-684f-759f-9f04-be527d68c662",
      "evidence": "'Makes Organic Growth Difficult To Calculate'",
      "confidence": 76
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "77536095-e1ad-45ac-a444-b1f638c46fcd",
      "evidence": "Exposing lack of transparency in financial reporting to obscure organic growth.",
      "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": 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
}