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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a 'villain' framing by contrasting Bunge's stated commitment to transparency with specific accounting practices.",
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      "text": "Our concerns with Bunge's financial reporting are not unfounded.",
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      "text": "Revenue: Bunge's new geographic reporting dramatically reduces details about external revenues. Operating Cash flow and Capex: Bunge terms its cash flow as Funds From Operations (\"FFO\") which is characteristic of a REIT. Cash Liquidity: Spruce Point believes it is customary for large and global U.S. public companies to disclose how much cash and equivalents are held outside of the U.S. Financial Leverage: Bunge tells investors its Net Debt / LTM Adj. EBITDA is 1.9x but we believe this is an overly permissive interpretation.",
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      "text": "Net Debt / LTM Adj. EBITDA: 5.7x",
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      "text": "Bunge recently said, \"We've always been committed to transparency and candor, and we're taking steps to align fully with those values.\" We think investors should challenge this statement considering recent segment realignments and reporting post the closing of Viterra and a corporate redomicile from Bermuda to Switzerland in 2023. Beyond the transparency issue, Bunge also tries promoting aggressive Non-GAAP financial results which we believe are a stretch even by industry norms.",
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      "text": "Our concerns with Bunge's financial reporting are not unfounded. We observe that Bunge's audit fees in relation to its revenue and employees are much higher than ADM's. ADM recently restated financial results and was charged with accounting fraud by the SEC. We find at least one example in Spain where Bunge received a \"Qualified\" audit opinion and where it suspiciously modified the terms of a recent transaction with Repsol that reduced upfront cash and deferred payments to the Company.",
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      "text": "We Are Short Bunge Global SA (NYSE: BG) And See Approximately 55% – 80% Potential Downside Risk",
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