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  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a 'Pro Forma Analysis' to adjust standalone projections for deal timing, integration costs, and synergies.",
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      "text": "Bunge's 2025E Adj. EBITDA forecasts contained in the proxy statement allow us to evaluate management's execution and understanding of its business. The projections were standalone, so we combine and then adjust the estimates for the disclosed deal and integration costs and synergies achieved. By our estimate, Bunge's 2025 Adj. EBITDA fell -24% below plan.",
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      "text": "By our estimate, Bunge's 2025 Adj. EBITDA fell -24% below plan.",
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      "text": "Adj. EBITDA: -24%",
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      "text": "Source: Bunge SEC filings and Spruce Point analysis.",
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      "text": "Bunge's Actual vs. Projected 2025 Adj. EBITDA table",
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      "kind": "title",
      "text": "We Estimate That Bunge & Viterra Fell -24% Short Of Internal Adj. EBITDA Projections",
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