UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-56607

BUNGE GLOBAL SA

(Exact name of registrant as specified in its charter)


Switzerland						98-1743397
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Route de Florissant 13
1206 Geneva, Switzerland						N.A.
(Address of registered office and principal executive office)						(Zip Code)

1391 Timberlake Manor Parkway
Chesterfield, Missouri						63017
(Address of corporate headquarters)						(Zip Code)

(314) 292-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.01 par value per share

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ý

As of ~~August~~November 13, 2025, the number of registered shares outstanding of the registrant was:

Registered shares, par value $.01 per share:~~200~~193,~~062~~361,~~018~~047

Table of Contents

BUNGE GLOBAL SA

TABLE OF CONTENTS

		Page
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	5
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	5
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Three and Six Months Ended June 30, 2025 and 2024	7
	Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Three and Nine Months Ended September 30, 2025 and 2024	7
	Notes to the Condensed Consolidated Financial Statements	9
	Cautionary Statement Regarding Forward Looking Statements	4146
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4247
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5663
Item 4.	Controls and Procedures	5966
PART II — INFORMATION
Item 1.	Legal Proceedings	6067
Item 1A.	Risk Factors	6067
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6168
Item 3.	Defaults Upon Senior Securities	6168
Item 4.	Mine Safety Disclosures	6168
Item 5.	Other Information	6168
Item 6.	Exhibits	6168
Exhibit Index		6269
Signatures		6370

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(U.S. dollars in millions, except per share data)

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Net sales	$	1222,~~769~~155	$	1312,~~241~~908	$	2446,~~412~~567	$	2639,~~658~~566
Cost of goods sold	(1221,~~031~~092)		(12,~~577~~136)		(2344,~~077~~169)		(2537,~~118~~254)
Gross profit	~~738~~1,063		~~664~~772		12,~~335~~398		12,~~540~~312
Selling, general and administrative expenses	(~~418~~678)		(~~449~~437)		(~~798~~1,476)		(~~888~~1,325)
Interest income	4657		3733		~~105~~162		79112
Interest expense	(~~106~~202)		(~~123~~127)		(~~210~~412)		(~~231~~358)
Foreign exchange gains (losses) – net	44(55)		~~(37)~~14		6914		(~~115~~101)
Other income (expense) – net	~~187~~77		5787		~~269~~346		~~125~~212
Income (loss) from affiliates	38		(4620)		816		(3858)
Income (loss) before income tax	494		103		778		472
Income (loss) from continuing operations before income tax	270		322		1,048		794
Income tax (expense) benefit	(~~124~~86)		(3089)		(~~204~~290)		(~~147~~236)
Net income (loss)	370		73		574		325
Income (loss) from continuing operations	184		233		758		558
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests	(16)		(3)		(19)		(11)
Income (loss) from discontinued operations, net of tax	(3)		—		(3)		—
Net income (loss) attributable to Bunge shareholders (Note 18)	$	354	$	70	$	555	$	314
Net income (loss)	181		233		755		558
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests	(15)		(12)		(34)		(23)
Net income (loss) attributable to Bunge shareholders (Note 18)	$	166	$	221	$	721	$	535
	0		0
Earnings per share—basic (Note 18)
Net income (loss) attributable to Bunge shareholders - basic	$	2.63	$	0.49	$	4.14	$	2.20
Net income (loss) from continuing operations	$	0.86	$	1.57	$	4.66	$	3.77
Net income (loss) from discontinued operations	(0.02)		—		(0.02)		—
Net income (loss) attributable to Bunge shareholders - basic	$	0.84	$	1.57	$	4.64	$	3.77
Earnings per share—diluted (Note 18)
Net income (loss) attributable to Bunge shareholders - diluted	$	2.61	$	0.48	$	4.10	$	2.17
Net income (loss) from continuing operations	$	0.86	$	1.56	$	4.62	$	3.73
Net income (loss) from discontinued operations	(0.02)		—		(0.02)		—
Net income (loss) attributable to Bunge shareholders - diluted	$	0.84	$	1.56	$	4.60	$	3.73

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(U.S. dollars in millions)

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Net income (loss)	$	~~370~~181	$	73233	$	~~574~~755	$	~~325~~558
Other comprehensive income (loss):
Foreign exchange translation adjustment	~~379~~47		~~(352)~~167		~~645~~692		(~~536~~369)
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(1) and $(4) in 2025 and $1 and $2 in 2024	(49)		87		(87)		125
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of zero and $(4) in 2025 and $(1) and $1 in 2024	(32)		(57)		(119)		68
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $(1) and $(1) in 2025 and zero in 2024	5		2		5		(1)
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of zero and $(1) in 2025 and $1 and $1 in 2024	—		(1)		5		(2)
Total other comprehensive income (loss)	~~335~~15		~~(263)~~109		~~563~~578		(~~412~~303)
Total comprehensive income (loss)	~~705~~196		~~(190)~~342		1,~~137~~333		~~(87)~~255
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests	(3814)		8(29)		(5468)		9(20)
Total comprehensive income (loss) attributable to Bunge	$	~~667~~182	$	~~(182)~~313	$	1,~~083~~265	$	~~(78)~~235

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(U.S. dollars in millions, except share data)

	June 30,2025		December 31,2024
	September 30,2025		December 31,2024
ASSETS
Current assets:
Cash and cash equivalents	$	61,~~790~~315	$	3,311
Trade accounts receivable (less allowances of $78 and $89) (Note 4)	2,258		2,148
Time deposits under trade structured finance program (Note 3)	546		—
Inventories (Note 5)	8,014		6,491
Trade accounts receivable (less allowances of $156 and $89) (Note 4)	3,494		2,148
Assets held for sale (Note 2)	178		8
Inventories (Note 5)	13,312		6,491
Other current assets (Note 6)	4,205		4,000
Assets held for sale (Note 2)	194		8
Total current assets	21,445		15,958
Other current assets (Note 6)	7,858		4,000
Property, plant and equipment, net	5,828		5,254
Total current assets	26,719		15,958
Operating lease assets	1,002		932
Property, plant and equipment, net	11,550		5,254
Goodwill	460		453
Operating lease assets	1,747		932
Other intangible assets, net	316		321
Goodwill	2,769		453
Investments in affiliates	862		779
Other intangible assets, net	328		321
Deferred income taxes	646		645
Investments in affiliates	1,490		779
Other non-current assets (Note 7)	595		557
Deferred income taxes	789		645
Total assets	$	31,154	$	24,899
Other non-current assets (Note 7)	906		557
Total assets	$	46,298	$	24,899
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt (Note 13)	$	34,~~535~~446	$	875
Current portion of long-term debt (Note 13)	~~690~~1,334		669
Trade accounts payable (includes $576 and $388 carried at fair value) (Note 11)	2,894		2,777
Letter of credit obligations under trade structured finance program (Note 3)	546		—
Current operating lease obligations	282		286
Trade accounts payable (includes $750 and $388 carried at fair value) (Note 11)	4,780		2,777
Liabilities held for sale (Note 2)	67		10
Current operating lease obligations	491		286
Other current liabilities (Note 10)	2,916		2,818
Liabilities held for sale (Note 2)	73		10
Total current liabilities	10,384		7,435
Other current liabilities (Note 10)	4,427		2,818
Long-term debt (Note 13)	7,044		4,694
Total current liabilities	16,097		7,435
Deferred income taxes	347		379
Long-term debt (Note 13)	9,809		4,694
Non-current operating lease obligations	662		595
Deferred income taxes	925		379
Other non-current liabilities (Note 16)	761		847
Non-current operating lease obligations	1,152		595
Other non-current liabilities (Note 16)	1,024		847
Redeemable noncontrolling interest	61		4
Equity (Note 17):
Registered shares, par value $.01; authorized not issued – 86,861,666 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2025 – 134,434,752 shares, 2024 – 133,964,235 shares	1		1
Registered shares, par value $.01; authorized not issued – 21,249,835 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2025 – 193,412,347 shares, 2024 – 133,964,235 shares	2		1
Additional paid-in capital	510,~~502~~871		5,325
Retained earnings	13,~~011~~053		12,838
Accumulated other comprehensive income (loss) (Note 17)	(6,~~123~~107)		(6,702)
Treasury shares, at cost; 2025 - 20,847,790 shares and 2024 - 21,318,307 shares	(1,508)		(1,549)
Treasury shares, at cost; 2025 - 27,482,026 shares and 2024 - 21,318,307 shares	(2,051)		(1,549)
Total Bunge shareholders’ equity	1015,~~883~~768		9,913
Noncontrolling interests	1,~~012~~462		1,032
Total equity	1117,~~895~~230		10,945
Total liabilities, redeemable noncontrolling interest and equity	$	3146,~~154~~298	$	24,899

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(U.S. dollars in millions)

	Six Months EndedJune 30,
	Nine Months EndedSeptember 30,
	2025		2024
OPERATING ACTIVITIES
Net income (loss)	$	~~574~~755	$	~~325~~558
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Foreign exchange (gain) loss on net debt	(~~208~~251)		~~103~~39
Depreciation, depletion and amortization	~~236~~477		~~226~~345
Share-based compensation expense	3554		3449
Deferred income tax expense (benefit)	20(88)		(2743)
(Gain) loss on sale of investments and property, plant and equipment	(~~148~~155)		(12)
Results from affiliates	(816)		3839
Other, net	8798		5986
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Trade accounts receivable	(~~110~~35)		~~173~~382
Inventories	(~~1,261~~799)		(~~1,273~~557)
Secured advances to suppliers	(~~254~~281)		88146
Trade accounts payable and accrued liabilities	(5548)		(~~147~~386)
Advances on sales	(~~107~~310)		(90179)
Net unrealized (gains) losses on derivative contracts	(~~120~~125)		~~329~~533
Margin deposits	(5928)		(~~315~~152)
Recoverable and income taxes, net	71179		(~~149~~148)
Marketable securities	1634		~~(21)~~7
Other, net	~~(66)~~36		~~168~~130
Cash provided by (used for) operating activities	(~~1,357~~503)		~~(480)~~847
INVESTING ACTIVITIES
Payments made for capital expenditures	(~~716~~1,185)		(~~533~~887)
Proceeds from investments	850		554
Acquisitions of businesses (net of cash acquired)	(4,116)		—
Payments for investments	(783)		(638)
Proceeds from investments	1,237		739
Settlements of net investment hedges	(27)		(1)
Payments for investments	(2,471)		(872)
Proceeds from disposal of business and property, plant and equipment	472		3
Settlements of net investment hedges	(34)		(4)
Proceeds from disposal of business and property, plant and equipment	946		6
Proceeds from sale of investments in affiliates	100		103
Payments for investments in affiliates	(6369)		(1823)
Other, net	6568		(1819)
Cash provided by (used for) investing activities	(~~102~~5,524)		(~~548~~957)
FINANCING ACTIVITIES
Net change in short-term debt with maturities of three months or less	2,~~704~~389		~~271~~113
Proceeds from short-term debt with maturities greater than three months	~~670~~1,031		~~496~~646
Repayments of short-term debt with maturities greater than three months	(~~710~~969)		(~~590~~765)
Proceeds from long-term debt	23,~~303~~602		152,036
Repayments of long-term debt	(571,350)		(1752)
Repurchases of registered shares	—		(400)
Debt issuance costs	(17)		(24)
Dividends paid to registered and common shareholders	(185)		(191)
Repurchases of registered shares	(545)		(600)
Capital contributions from (Return of capital to) noncontrolling interest	30		31
Dividends paid to registered and common shareholders	(324)		(287)
Capital contributions from (Return of capital to) noncontrolling interest	30		41
Sale of redeemable noncontrolling interest	206		—
Acquisition of noncontrolling interest	(18)		—
Other, net	(514)		(1932)
Cash provided by (used for) financing activities	4,~~938~~021		~~(388)~~376
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	53		~~(6)~~—
Net increase (decrease) in cash and cash equivalents, and restricted cash	3(2,~~484~~003)		~~(1,422)~~266
Cash and cash equivalents, and restricted cash - beginning of period	3,328		2,623
Cash and cash equivalents, and restricted cash - end of period	$	61,~~812~~325	$	12,~~201~~889

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

(Unaudited)

(U.S. dollars in millions, except share data)

			Registered Shares	Treasury Shares
	RedeemableNon-ControllingInterests			Shares	Amount		Shares	Amount		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-ControllingInterests		TotalEquity
Balance, April 1, 2025	$	49		134,396,552	$	1	20,885,990	$	(1,511)	$	5,490	$	13,034	$	(6,436)	$	966	$	11,544
Balance, July 1, 2025	$	61		134,434,752	$	1	20,847,790	$	(1,508)	$	5,502	$	13,011	$	(6,123)	$	1,012	$	11,895
Net income (loss)	8—			—	—		—	—		—		~~354~~166		—		815		~~362~~181
Other comprehensive income (loss)	4—			—	—		—	—		—		—		~~313~~16		18(1)		~~331~~15
Dividends on registered shares, $2.80 per share	—			—	—		—	—		—		(~~377~~125)		—		—		(~~377~~125)
Dividends to noncontrolling interests on subsidiary common stock	—			—	—		—	—		—		—		—		(35)		(35)
Capital contribution (return) from (to) noncontrolling interest	—			—	—		—	—		—		—		—		23		23
Acquisition of a business (Note 2)	—			65,611,831	1		—	—		5,339		—		—		441		5,781
Share-based compensation expense	—			—	—		—	—		16		—		—		—		16
Share-based compensation expense and conversions	—			—	—		—	—		32		—		—		—		32
Issuance of registered shares, including stock dividends	—			38,200	—		(38,200)	3		(4)		—		—		—		(1)
Repurchase of registered shares	—			(6,672,777)	—		6,672,777	(545)		—		—		—		—		(545)
Balance, June 30, 2025	$	61		134,434,752	$	1	20,847,790	$	(1,508)	$	5,502	$	13,011	$	(6,123)	$	1,012	$	11,895
Issuance of registered shares, including stock dividends	—			38,541	—		(38,541)	2		(2)		1		—		—		1
Balance, September 30, 2025	$	61		193,412,347	$	2	27,482,026	$	(2,051)	$	10,871	$	13,053	$	(6,107)	$	1,462	$	17,230

			Registered Shares	Treasury Shares
	RedeemableNon-ControllingInterests			Shares	Amount		Shares	Amount		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-ControllingInterests		TotalEquity
Balance, April 1, 2024	$	1		141,582,461	$	1	19,847,011	$	(1,431)	$	5,854	$	12,321	$	(6,194)	$	977	$	11,528
Balance, July 1, 2024	$	1		141,641,323	$	1	19,788,149	$	(1,427)	$	5,869	$	12,005	$	(6,446)	$	982	$	10,984
Net income (loss)	(1)			—	—		—	—		—		70221		—		313		73234
Other comprehensive income (loss)	—			—	—		—	—		—		—		~~(252)~~92		~~(11)~~17		~~(263)~~109
Dividends on common shares, $2.72 per share	—			—	—		—	—		—		~~(385)~~5		—		—		~~(385)~~5
Dividends to noncontrolling interests on subsidiary common stock	—			—	—		—	—		—		—		—		(31)		(31)
Capital contribution (return) from (to) noncontrolling interest	—2			—	—		—	—		—(2)		—		—		1610		168
Share-based compensation expense	—			—	—		—	—		1715		—		—		—		1715
Issuance of common shares, including stock dividends	—			58,862	—		(58,862)	4		(2)		(1)		—		—		1
Repurchase of registered shares	—			(2,063,956)	—		2,063,956	(200)		—		—		—		—		(200)
Balance, June 30, 2024	$	1		141,641,323	$	1	19,788,149	$	(1,427)	$	5,869	$	12,005	$	(6,446)	$	982	$	10,984
Issuance of common shares, including stock dividends	—			47,647	—		(47,647)	3		(1)		—		—		—		2
Balance, September 30, 2024	$	2		139,625,014	$	1	21,804,458	$	(1,624)	$	5,881	$	12,231	$	(6,354)	$	1,021	$	11,156

Table of Contents

			Registered Shares	Treasury Shares
	RedeemableNon-ControllingInterests			Shares	Amount		Shares	Amount		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-ControllingInterests		TotalEquity
Balance, January 1, 2025	$	4		133,964,235	$	1	21,318,307	$	(1,549)	$	5,325	$	12,838	$	(6,702)	$	1,032	$	10,945
Net income (loss)	7			—	—		—	—		—		~~555~~721		—		1227		~~567~~748
Other comprehensive income (loss)	4			—	—		—	—		—		—		~~528~~544		3130		~~559~~574
Dividends on registered shares, $2.80 per share	—			—	—		—	—		—		(~~377~~502)		—		—		(~~377~~502)
Dividends to noncontrolling interests on subsidiary common stock	—			—	—		—	—		—		—		—		(49)		(49)
Capital contribution (return) from (to) noncontrolling interest	—			—	—		—	—		—		—		—		30		30
Sale of redeemable noncontrolling interest (Note 2)	46			—	—		—	—		189		—		51		—		240
Acquisition of noncontrolling interest (Note 8)	—			—	—		—	—		4		—		—		(89)		(85)
Share-based compensation expense	—			—	—		—	—		35		—		—		—		35
Acquisition of a business (Note 2)	—			65,611,831	1		—	—		5,339		—		—		441		5,781
Issuance of registered shares, including stock dividends	—			470,517	—		(470,517)	41		(51)		(5)		—		—		(15)
Share-based compensation expense and conversions	—			—	—		—	—		67		—		—		—		67
Balance, June 30, 2025	$	61		134,434,752	$	1	20,847,790	$	(1,508)	$	5,502	$	13,011	$	(6,123)	$	1,012	$	11,895
Repurchase of registered shares	—			(6,672,777)	—		6,672,777	(545)		—		—		—		—		(545)
Issuance of registered shares, including stock dividends	—			509,058	—		(509,058)	43		(53)		(4)		—		—		(14)
Balance, September 30, 2025	$	61		193,412,347	$	2	27,482,026	$	(2,051)	$	10,871	$	13,053	$	(6,107)	$	1,462	$	17,230

			Registered Shares	Treasury Shares
	RedeemableNon-ControllingInterests			Shares	Amount		Shares	Amount		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-ControllingInterests		TotalEquity
Balance, January 1, 2024	$	1		145,319,668	$	1	16,109,804	$	(1,073)	$	5,900	$	12,077	$	(6,054)	$	963	$	11,814
Net income (loss)	—(1)			—	—		—	—		—		~~314~~535		—		1124		~~325~~559
Other comprehensive income (loss)	—			—	—		—	—		—		—		(~~392~~300)		(203)		(~~412~~303)
Dividends on common shares, $2.72 per share	—			—	—		—	—		—		(~~385~~380)		—		—		(~~385~~380)
Dividends to noncontrolling interests on subsidiary common stock	—			—	—		—	—		—		—		—		(34)		(34)
Capital contribution (return) from (to) noncontrolling interest	—2			—	—		—	—		—(2)		—		—		3141		3139
Share-based compensation expense	—			—	—		—	—		3449		—		—		—		3449
Repurchase of registered shares	—			(46,~~376~~440,~~974~~930)	—		46,~~376~~440,~~974~~930	(~~400~~600)		—		—		—		—		(~~400~~600)
Issuance of registered shares, including stock dividends	—			~~698~~746,~~629~~276	—		(~~698~~746,~~629~~276)	4649		(6566)		(1)		—		—		(2018)
Balance, June 30, 2024	$	1		141,641,323	$	1	19,788,149	$	(1,427)	$	5,869	$	12,005	$	(6,446)	$	982	$	10,984
Balance, September 30, 2024	$	2		139,625,014	$	1	21,804,458	$	(1,624)	$	5,881	$	12,231	$	(6,354)	$	1,021	$	11,156

The accompanying notes are an integral part of these condensed consolidated financial statements.

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Global SA ("Bunge" or the "Company"), its subsidiaries and variable interest entities ("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues, and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2024 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the ~~six~~nine months ended ~~June~~September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024, forming part of Bunge’s 2024 Annual Report on Form 10-K filed with the SEC on February 20, 2025.

~~Effective~~On ~~January~~July 12, 2025, Bunge's ~~Sugar~~completed ~~and~~its ~~Bioenergy~~previously ~~reporting~~announced ~~segment~~acquisition ~~has~~("Acquisition") ~~been~~of ~~reclassified~~Viterra toLimited ~~Corporate~~("Viterra"). See Note 2 - Acquisitions and ~~Other~~Dispositions for further details. ~~Corresponding~~The ~~prior~~condensed ~~period~~consolidated ~~amounts~~statement ~~have~~of ~~been~~income ~~restated~~includes results attributable to ~~conform~~Viterra from the date of the Acquisition to ~~current~~September ~~period~~30, ~~presentation~~2025. ~~See~~Pursuant ~~Note~~to 19conditions -set ~~Segment~~by ~~Information~~the European Commission for ~~further~~regulatory ~~details~~approval, the Company agreed to sell Viterra’s business in Hungary, as well as part of Viterra's business in Poland ("EU Oilseeds Divestment"). The results of these operations are reported as discontinued operations in accordance with ASC 205 - Presentation of Financial Statements. The EU Oilseeds Divestment subsequently closed on September 1, 2025.

Effective July 1, 2025, the Company changed its segment reporting to align with its new value chain operational structure as a result of the Acquisition of Viterra, as further described in Note 19 - Segment Information. Corresponding prior period amounts have been recast to conform to current period classification.

Further, effective January 1, 2025, Bunge's Sugar and Bioenergy reporting segment has been reclassified to Corporate and Other. Corresponding prior period amounts have been recast to conform to current period presentation. See Note 19 - Segment Information for further details.

Cash, Cash Equivalents, and Restricted Cash

Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

(US$ in millions)	~~June~~September 30, 2025		~~June~~September 30, 2024
Cash and cash equivalents	$	61,~~790~~315	$	12,~~161~~836
Restricted cash included in Other current assets	2210		4053
Total	$	61,~~812~~325	$	12,~~201~~889

Cash paid for income taxes, net of refunds received, was $~~105~~164 million and $~~244~~333 million for the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, respectively. Cash paid for interest expense was $~~203~~395 million and $~~207~~357 million for the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, respectively.

New Accounting Pronouncements and Disclosure Rules

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The standard is intended to enhance transparency of income statement disclosures, primarily through additional disaggregation of relevant expense captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. Entities can adopt the change prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

In March 2024, the SEC adopted final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the "Rules"). The Rules require disclosure of governance, risk management, and strategy related to material climate-related risks as well as disclosure of material greenhouse gas emissions in registration statements and annual reports. In addition, the Rules require presentation of certain climate-related disclosures in the annual consolidated financial statements. On April 4, 2024, the SEC voluntarily stayed the effective date of the final Rules pending completion of judicial review following certain legal challenges. Further, in March 2025, the SEC voted to end its defense of the Rules. Bunge is currently monitoring the status of the ongoing litigation.

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Infiscal ~~December~~years ~~2023,~~beginning ~~the~~after ~~FASB~~December ~~issued~~15, ~~ASU 2023-09~~2026, ~~Improvements~~and tointerim ~~Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a~~ reporting ~~entity’s~~periods ~~effective~~within ~~tax~~fiscal ~~rate~~years reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, ~~2024~~2027. ~~The~~Entities ~~guidance~~can ~~will~~adopt bethe ~~applied~~change onprospectively aor ~~prospective~~retrospectively ~~basis with the option~~ to ~~apply~~any ~~the~~or ~~standard~~all ~~retrospectively~~prior ~~and~~periods ~~early~~presented ~~adoption~~in isthe ~~permitted~~financial statements. The Company ~~has~~is ~~begun~~currently evaluating ~~disclosure~~the ~~presentation~~impact ~~alternatives~~of ~~that~~the ~~will~~standard ~~result~~on inits ~~expanded~~consolidated ~~disclosure~~financial ~~in the Company's Income Taxes footnote~~statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company continues to evaluate disclosure presentation alternatives that will result in expanded disclosure in the Company's Income Taxes footnote.

2. ACQUISITIONS AND DISPOSITIONS

Acquisitions

Viterra Limited Business Combination Agreement

On July 2, 2025, Bunge completed its previously announced ~~acquisition (the "~~Acquisition") of Viterra ~~Limited ("Viterra")~~ in a stock and cash transaction pursuant to a definitive business combination agreement (the "Business Combination Agreement") with Viterra and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"). The Acquisition of Viterra creates a premier global agribusiness solutions company for food, feed and fuel, well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.

Pursuant to the terms of the Business Combination Agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $21.09 billion in cash, in return for 100% of the outstanding equity of Viterra. The cash consideration was financed through a combination of cash on hand and Bunge's existing debt instruments. See Note 13 - Debt for further information.

Upon the closing of the Acquisition, the Sellers ~~own~~owned approximately 33% of Bunge's registered shares.

The following table summarizes the total ~~preliminary~~ purchase consideration transferred in exchange for 100% of the outstanding equity and repayment of certain debt of Viterra:

(US$ in millions)
Fair value of Bunge stock issued (1)	$	5,340
Cash consideration (2)	1,~~940~~880
Repayment of certain debt of Viterra	3,554
Effective settlement of pre-existing relationships	(157)
Total preliminary purchase consideration	$	10,677
Total purchase consideration	$	10,617

(1) Based on Bunge's closing share price on the New York Stock Exchange as of July 2, 2025 of $81.39 per share.

(2) Represents the base amount of cash consideration transferred to the Sellers, adjusted for certain items per the terms of the Business Combination Agreement. Amount ~~includes~~is ~~$150 million~~subject ~~payable~~ to ~~the~~purchase ~~Sellers~~price ~~which~~adjustments istargeted ~~subject~~ to ~~finalization~~be finalized within approximately six months of the Acquisition ~~closing~~date ~~adjustments~~per the terms of the Business Combination Agreement.

The Acquisition of Viterra is accounted for as a business combination using the acquisition method of accounting that requires assets acquired and liabilities assumed to be recognized at fair value as of the Acquisition date. Due to the timing of the Acquisition, the initial accounting for the transaction is incomplete at this time. As a result, the preliminary purchase price allocation for the Acquisition has not been completed. Therefore, the preliminary purchase price allocation and the related unaudited pro forma information will be provided in future filings.

Acquisition-related divestitures

During 2024, the European Commission (the "Commission") approved, under the EU Merger Regulation, the proposed Acquisition. The approval is conditional upon full compliance with the commitments offered by the parties. To address the Commission's competition concerns, it was agreed that Viterra’s business in Hungary, as well as part of Viterra's business in Poland, will be sold ("EU Oilseeds Divestment"). The sale in Poland includes Viterra’s Bodaczow processing facility, including commercial oilseeds origination activities to supply such facility, and the Trawniki, Kętrzyn, Szamotuły, and Werbkowice storage facilities. The approval decision is conditional upon full compliance with the commitments. Under the supervision of the Commission, an independent trustee is monitoring implementation of the commitments. The EU Oilseeds Divestment is

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~~expected~~Preliminary toFair ~~close~~Values inof ~~2025.~~ Assets Acquired and Liabilities Assumed

The Acquisition of Viterra is accounted for as a business combination using the acquisition method of accounting. Due to the timing of the Acquisition, the valuation of the assets acquired and liabilities assumed has not yet been finalized, and as a result, the preliminary estimates have been recorded and are subject to change. Any necessary adjustments from Bunge's preliminary estimates will be finalized within one year from the date of the Acquisition completion. Measurement period adjustments will be recorded in the period determined, as if it had been completed at the Acquisition date. The following table summarizes the preliminary allocation of the fair value of assets acquired and liabilities assumed as of the Acquisition date, as included in Bunge's condensed consolidated balance sheet.



(US$ in millions)	July 2, 2025
Cash and cash equivalents	$	1,143
Time deposits under trade structured finance program	481
Trade accounts receivable	1,307
Inventories	5,725
Assets held for sale	700
Other current assets	2,603
Property, plant and equipment	5,472
Operating lease assets	785
Other intangible assets (1)	24
Investments in affiliates	577
Deferred income taxes	143
Other non-current assets	260
Total assets acquired	19,220
Liabilities
Short-term debt	1,131
Current portion of long-term debt (2)	1,220
Letter of credit obligations under trade structured finance program	481
Trade accounts payable	1,520
Current operating lease obligations	248
Liabilities held for sale	227
Other current liabilities	2,076
Long-term debt (2)	2,158
Deferred income taxes	698
Non-current operating lease obligations	482
Other non-current liabilities	227
Net assets acquired	8,752
Less: Noncontrolling interests	(441)
Goodwill (3)	2,306
Fair value of consideration transferred	$	10,617

(1) Other intangible assets primarily consists of a trademark with a useful life of one year.

(2) Debt is required to be measured at fair value under the acquisition method of accounting. The fair value of Viterra's aggregate principal of $1.95 billion notes and 1.2 billion Euro notes assumed in the Acquisition was $3.3 billion. The $97 million discount to par value will accrete to interest expense over the remaining term of the notes. See Note 13 - Debt for further information.

(3) Goodwill was assigned to reportable segments as follows, $1,007 million to Softseed Processing and Refining, $761 million to Soybean Processing and Refining, and $538 million to Grain Merchandising and Milling. The

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goodwill is primarily attributable to expected synergies and the assembled workforce of Viterra. None of the goodwill is expected to be deductible for income tax purposes. Goodwill is not amortized to earnings but instead will be reviewed at least annually for impairment.

Viterra Results of Operations

The condensed consolidated statement of income includes results attributable to Viterra from the date of Acquisition, July 2, 2025, to September 30, 2025. Net sales include $8.2 billion attributable to Viterra for the three and nine months ended September 30, 2025. It is impracticable for the Company to determine the effect on Net income (loss) attributable to Viterra as upon close of the Acquisition, the Company immediately began integrating Viterra into its ongoing operations.

Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited supplemental pro forma results of the combined organization as if Viterra was acquired on January 1, 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(US$ in millions)	2025		2024		2025		2024
Net sales	$	22,155	$	22,622	$	65,745	$	70,268
Income (loss) from continuing operations	218		259		699		544
Income (loss) from discontinued operations	(3)		—		(3)		—
Net income (loss)	215		259		696		544

The unaudited supplemental pro forma financial information reflects the historical results of Bunge and Viterra adjusted primarily for the following:

•Additional depreciation and amortization that would have been charged assuming the fair value adjustments to Property, plant and equipment and Other intangible assets had been applied on January 1, 2024.

•Interest expense for accretion of the fair value discount on the outstanding debt assumed and not extinguished at transaction close.

•Additional interest expense on the additional financing, including the issuance of senior notes, in connection with the Acquisition, as if such issuance occurred on January 1, 2024. See Note 13 - Debt for further information.

•Acquisition costs incurred and recognized in 2025 are removed from 2025 supplemental pro forma income from continuing operations. 2024 supplemental pro forma income from continuing operations has been adjusted to include these charges, reflecting the assumed Viterra acquisition date of January 1, 2024.

The unaudited supplemental pro forma results do not reflect any anticipated synergies, efficiencies, or other cost savings of the Acquisition. Accordingly, the unaudited supplemental pro forma financial information is not indicative of the Company's actual results of operations if the Acquisition had been completed on January 1, 2024, nor is it necessarily an indication of future operating results.

Acquisition-Related Divestitures and Discontinued Operations

During 2024, the European Commission (the "Commission") approved, under the EU Merger Regulation, the proposed Acquisition of Viterra subject to the EU Oilseeds Divestment. The approval was conditional upon full compliance with the commitments offered by the parties. To address the Commission's competition concerns, it was agreed that Viterra’s business in Hungary, as well as part of Viterra's business in Poland, would be sold to Louis Dreyfus Company Suisse S.A. The sale in Poland includes Viterra’s Bodaczow processing facility, including commercial oilseeds origination activities to supply such facility, and the Trawniki, Kętrzyn, Szamotuły, and Werbkowice storage facilities. On September 1, 2025, Bunge completed the EU Oilseeds Divestment, fully complying with the Commission commitments.

Upon closing, Bunge received cash proceeds of $483 million in consideration recorded as a cash inflow within Proceeds from disposal of business and property, plant and equipment on the condensed consolidated statement of cash flows. The following table presents the disposal group's major classes of assets and liabilities at the closing date and includes the application of business combination accounting to the assets and liabilities assumed in the Acquisition of Viterra. Intercompany

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balances between the disposal group and other Bunge consolidated entities have been omitted.


(US$ in millions)
Cash and cash equivalents	$	26
Trade accounts receivable	62
Inventories	148

Other current assets	64
Property, plant and equipment	413
Operating lease assets	2


Other non-current assets	2

Total assets	$	717

Short-term debt	$	52
Trade accounts payable and accrued liabilities	80

Other current liabilities	29

Long-term debt	62
Deferred income taxes	6
Non-current operating lease obligations	2

Total liabilities	$	231

International Flavors and Fragrances Purchase Agreement

On August 5, 2025, Bunge entered into an asset purchase agreement with Solae, L.L.C. to acquire substantially all assets related to the lecithin, soy protein concentrate and crush businesses of International Flavors and Fragrances, Inc. The asset purchase, which Bunge expects to account for as a business combination, is in exchange for total cash consideration of approximately $110 million, subject to certain consideration adjustments. The transaction is expected to close in ~~2025~~2026, subject to customary closing conditions.

Varthomio Share Purchase Agreement

In January 2024, Bunge and Varthomio entered into a share purchase agreement whereby Bunge acquired a 15% equity interest and a fixed price call option to acquire the remaining 85% equity interest in an oilseed crush operation in western Ukraine ("ViOil"). On June 20, 2025, Bunge formally exercised the call option to acquire the remaining interest in ViOil; ~~for~~and ~~approximately~~early ~~$138 million~~in the fourth quarter of 2025, ~~subject~~the totransaction ~~certain~~closed ~~consideration~~in ~~adjustments~~accordance with the terms of the agreement. The ~~transaction~~following istable ~~expected~~summarizes tothe ~~close~~total inpreliminary ~~2025,~~purchase ~~subject~~consideration to ~~customary~~acquire ~~closing~~the ~~conditions.~~ remaining 85% equity interest:


(US$ in millions)
Cash consideration	$	48
Value of contingent and deferred consideration (1)	86
Total preliminary purchase consideration	$	134

(1) Represents the fair value of the contingent and deferred cash consideration as set forth in the share purchase agreement to be settled within one year from the date of the close of the transaction.

ViOil is accounted for as a business combination using the acquisition method of accounting that requires assets and liabilities assumed to be recognized at fair value as of the date of the transaction close. Due to the timing of the close of ViOil, the initial accounting for the transaction is incomplete at this time. As a result, the preliminary purchase price allocation for the acquisition of ViOil has not been completed. Therefore, the preliminary purchase price allocation will be provided in future filings.

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CJ Latam and Selecta Share Purchase Agreement

On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund (collectively, "CJ") to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, “CJ Selecta”). Operations of CJ Selecta primarily consist of an oilseed processing facility located in Brazil.

In April 2025, the definitive share purchase agreement between Bunge and CJ with respect to the acquisition of CJ Selecta was formally terminated. Bunge exercised its right to terminate the definitive share purchase agreement pursuant to the agreement's terms. Subsequently, CJ has also communicated its intent to terminate the agreement, and the parties have exchanged communications regarding certain rights and obligations under the agreement.

Dispositions

North America Corn Milling Business Disposition

On April 8, 2025, Bunge entered into an agreement to sell substantially all of its corn milling business in North America to Grain Craft, LLC. On June 30, 2025, the transaction closed in accordance with the terms of the agreement. Upon closing, Bunge received cash proceeds of $470 million in consideration recorded as a cash inflow within Proceeds from disposal of business and property, plant and equipment on the condensed consolidated statement of cash flows. The transaction close resulted in a gain on sale of $155 million recognized in Other income (expense) - net.

The following table presents the disposal group's major classes of assets and liabilities at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets and liabilities were reported within the Milling segment.

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(US$ in millions)

Trade accounts receivable	$	128
Inventories	36

Other current assets	4
Property, plant and equipment, net	137
Operating lease assets	17
Goodwill & Other intangible assets, net	37

Other non-current assets	5

Total assets	$	364

Trade accounts payable and accrued liabilities	$	40

Current operating lease obligations	6

Deferred income taxes	27
Non-current operating lease obligations	10

Total liabilities	$	83

European Margarines and Spreads Business Disposition

On March 21, 2025, Bunge entered into an agreement to sell its European margarines and spreads business to Vandemoortele Lipids NV for cash proceeds of approximately $239 million, subject to certain closing adjustments. Completion of the sale is subject to customary closing conditions, including regulatory approval, and it is expected to close in 2026.

The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet as of ~~June~~September 30, 2025. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets held for sale comprise $~~171~~179 million and $3 million under the Refined and Specialty Oils segment and Corporate and Other, respectively. Liabilities held for sale comprise $6470 million and $32 million under the Refined and Specialty Oils segment and Corporate and Other, respectively.

(US$ in millions)	June 30,2025
Trade accounts receivable	$	32
Inventories	39
Other current assets	6
Property, plant and equipment, net	80
Operating lease assets	2
Goodwill & Other intangible assets, net	12
Deferred income taxes	3
Total assets held for sale	$	174
Trade accounts payable and accrued liabilities	$	50
Other current liabilities	2
Deferred income taxes	2
Non-current operating lease obligations	2
Other non-current liabilities	11
Total liabilities held for sale	$	67

BP Bunge Bioenergia

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certain closing adjustments for the value of net working capital and net debt, among other items. As of December 31, 2024, $728 million in cash consideration had been received. Also, per the terms of the agreement, a $100 million deferred payment was received in early 2025 and recorded as a cash inflow within Proceeds from sale of investments in affiliates on the 2025 condensed consolidated statement of cash flows.


(US$ in millions)	September 30, 2025

Trade accounts receivable	$	40
Inventories	36

Other current assets	6
Property, plant and equipment, net	83
Operating lease assets	2
Goodwill & Other intangible assets, net	12
Deferred income taxes	3


Total assets held for sale	$	182

Trade accounts payable and accrued liabilities	$	48


Other current liabilities	9
Deferred income taxes	2
Non-current operating lease obligations	1
Other non-current liabilities	12
Total liabilities held for sale	$	72

BP Bunge Bioenergia

On June 19, 2024, Bunge entered into a definitive share purchase agreement with BP Biofuels Brazil Investment Limited ("BP") to sell its 50% ownership share in BP Bunge Bioenergia. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement for a total net amount of $828 million in consideration inclusive of certain closing adjustments for the value of net working capital and net debt, among other items. As of December 31, 2024, $728 million in cash consideration had been received. Also, per the terms of the agreement, a $100 million deferred payment was received in early 2025 and recorded as a cash inflow within Proceeds from sale of investments in affiliates on the 2025 condensed consolidated statement of cash flows.

In connection with the transaction, Bunge has agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement. As a consequence, Bunge recognized a liability of $95 million upon transaction close in accordance with ASC 460, Guarantees and ASC 450, Contingencies. See Note 15 - Commitments and Contingencies for more information.

Partnership with Repsol - Bunge Iberica SA

On March 26, 2024, Bunge entered into a definitive stock purchase agreement with Repsol Industrial Transformation, SLU, a wholly owned subsidiary of Repsol SA ("Repsol"), whereby Bunge agreed to divest 40% of its Spanish operating subsidiary, Bunge Iberica SA ("BISA"). BISA operates three industrial facilities in the Iberian Peninsula. On March 4, 2025, the transaction closed in accordance with the terms of the definitive stock purchase agreement for a total net amount of approximately $206 million in cash and $80 million in deferred consideration. Following transaction close, Bunge retains a controlling financial interest in BISA and continues to consolidate the entity. Cash consideration received has been recorded as a financing cash inflow within Sale of redeemable noncontrolling interest in the condensed consolidated statement of cash flows.

3. TRADE STRUCTURED FINANCE PROGRAM

The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar and foreign currency-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.

As of ~~June~~September 30, 2025, and December 31, 2024, time deposits and LCs of $79,~~349~~031 million and $6,914 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. ~~The~~Time net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. At June 30, 2025, and December 31, 2024, time deposits, ~~including those presented on a net basis, carried weighted-average interest rates of 4.55%~~ and ~~5.22%, respectively. During the six months ended June 30, 2025, and 2024, total net proceeds from discounting of~~ LCs ~~were~~that ~~$4,291~~do ~~million~~not ~~and~~meet ~~$4,310 million, respectively. These cash inflows were offset by~~ the ~~related~~offsetting ~~cash~~requirements ~~outflows~~under ~~resulting~~ASC ~~from~~210-20 ~~placement of the time deposits and repayment of the LCs. All cash flows related to the programs~~ are ~~included~~reported inon ~~operating activities in~~ the condensed ~~consolidated statements of cash flows.~~

As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. When the criteria in ASC 860, Transfers and Servicing, have been met, Bunge derecognizes the asset from our balance sheet. For LCs that do not meet the derecognition criteria, Bunge accounts for such transactions as secured borrowings within Other short-term debt. Additionally, Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of June 30, 2025 or December 31, 2024. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and six month periods ended June 30, 2025, and 2024.15

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consolidated balance sheet within Time deposits under trade structured finance program and Letter of credit obligations under trade structured finance program, respectively. The carrying amounts of these financial instruments approximate their fair values. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. At September 30, 2025, and December 31, 2024, time deposits, including those presented on a net basis, carried weighted-average interest rates of 3.94% and 5.22%, respectively. During the nine months ended September 30, 2025, and 2024, total net proceeds from discounting of LCs were $7,102 million and $5,200 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.

As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. When the criteria in ASC 860, Transfers and Servicing, have been met, Bunge derecognizes the asset from our balance sheet. For LCs that do not meet the derecognition criteria, Bunge accounts for such transactions as secured borrowings within Other short-term debt. Additionally, Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR, is not significant as of September 30, 2025 or December 31, 2024. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and nine month periods ended September 30, 2025, and 2024.

4. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM

Trade Accounts Receivable

Changes to the allowance for expected credit losses related to Trade accounts receivable were as follows:

	Six Months Ended June 30, 2025
	Nine Months Ended September 30, 2025
Rollforward of the Allowance for Credit Losses (US$ in millions)	Short-term		Long-term (1)		Total
Allowance as of January 1, 2025	$	89	$	24	$	113
Current period provisions	1944		—7		1951
Recoveries	(20)		—		(20)
Purchased credit deteriorated receivables	80		13		93
Write-offs charged against the allowance	(13)		—		(13)
Recoveries	(42)		—		(42)
Write-offs charged against the allowance	(18)		(2)		(20)
Foreign exchange translation differences	3		1		4
Allowance as of June 30, 2025	$	78	$	25	$	103
Allowance as of September 30, 2025	$	156	$	43	$	199

(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.

	Six Months Ended June 30, 2024
	Nine Months Ended September 30, 2024
Rollforward of the Allowance for Credit Losses (US$ in millions)	Short-term		Long-term (1)		Total
Allowance as of January 1, 2024	$	104	$	32	$	136
Current period provisions	2538		—1		2539
Recoveries	(2640)		—(2)		(2642)
Write-offs charged against the allowance	(78)		(1)		(89)
Foreign exchange translation differences	(43)		(3)		(76)
Allowance as of June 30, 2024	$	92	$	28	$	120
Allowance as of September 30, 2024	$	91	$	27	$	118

(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.

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Trade Receivables Securitization Program

Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations.

The Program provides for funding of up to $1.5 billion and from time to time with the consent of the administrative agent, Bunge may request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $1 billion pursuant to an accordion provision under the Program. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 16, 2025, with a feature that permits Bunge to request 364-day extensions. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets ~~("SBTs")~~ that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.

Under the Program's pledge structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. BSBV also retains ownership of a population of unsold receivables. BSBV agrees to guarantee the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows.


(US$ in millions)	September 30, 2025		December 31, 2024
Receivables sold which were derecognized from Bunge's balance sheet	$	1,114	$	1,148
Receivables pledged to the administrative agent and included in Trade accounts receivable	$	257	$	123

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(US$ in millions)	June 30,2025		December 31,2024
Receivables sold which were derecognized from Bunge's balance sheet	$	1,100	$	1,148
Receivables pledged to the administrative agent and included in Trade accounts receivable	$	230	$	123

Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.

The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.

	Six Months EndedJune 30,
	Nine Months EndedSeptember 30,
(US$ in millions)	2025		2024
Gross receivables sold	$	69,~~166~~604	$	58,~~724~~809
Proceeds received in cash related to transfers of receivables	$	69,~~141~~567	$	58,~~704~~776
Cash collections from customers on receivables previously sold	$	69,~~214~~638	$	58,~~793~~868
Discounts related to gross receivables sold included in Selling, general & administrative expenses	$	2537	$	2033

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5. INVENTORIES

Inventories by reportable segment ~~and Corporate and Other~~ consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Agribusiness	$	6,745	$	5,090
Soybean Processing and Refining	$	6,606	$	3,551
Refined and Specialty Oils	1,132		1,188
Softseed Processing and Refining	2,223		1,082
Milling	133		209
Other Oilseeds Processing and Refining	921		899
Corporate and Other	4		4
Grain Merchandising and Milling	3,562		959
Total	$	813,~~014~~312	$	6,491

Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. All other inventories are carried at lower of cost or net realizable value.

RMI by reportable segment consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Agribusiness	$	6,351	$	4,819
Soybean Processing and Refining	$	5,990	$	3,217
Refined and Specialty Oils	294		339
Softseed Processing and Refining	1,855		878
Milling	12		66
Other Oilseeds Processing and Refining	352		805
Total	$	6,657	$	5,224
Grain Merchandising and Milling	3,317		324
Total	$	11,514	$	5,224

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6. OTHER CURRENT ASSETS

Other current assets consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Unrealized gains on derivative contracts, at fair value	$	12,~~354~~183	$	1,286
Prepaid commodity purchase contracts (1)	~~485~~690		216
Secured advances to suppliers, net (2)	~~252~~376		239
Recoverable taxes, net	~~326~~533		315
Margin deposits	~~640~~796		579
Marketable securities and other short-term investments (3)	~~347~~1,848		484
Income taxes receivable	~~122~~393		122
Prepaid expenses	~~272~~475		164
Restricted cash	2210		17
Disposition receivable (4)	80		100
Insurance recovery receivable (5)	—		52
Other	~~305~~474		426
Total	$	47,~~205~~858	$	4,000

(1) Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions.

(2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions. The Company does not bear any of the costs or operational risks associated with growing the related crops. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured ~~advances to suppliers are reported net of allowances of $5 million at June 30, 2025, and December 31, 2024.~~

(-) Interest earned on secured advances to suppliers of $5 million and $6 million for the three months ended June 30, 2025, and 2024, respectively, and $10 million and $16 million for the six months ended June 30, 2025 and 2024, respectively, is included in Net sales in the condensed consolidated statements of income. 18

(3) Marketable securities and other short-term investments - Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.

(US$ in millions)	June 30,2025		December 31,2024
Foreign government securities	$	113	$	229
Certificates of deposit/time deposits	136		136
Equity securities	10		21
Other	88		98
Total	$	347	$	484

As of June 30, 2025, and December 31, 2024, $258 million and $386 million, respectively, of marketable securities and other short-term investments were recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the three months ended June 30, 2025, and 2024, unrealized gains/(losses) of $9 million and $(4) million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at June 30, 2025, and 2024. For the six months ended June 30, 2025, and 2024, unrealized gains/(losses) of $8 million and $(7) million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at June 30, 2025, and 2024.

(4) On October 1, 2024, Bunge completed the sale of our 50% ownership share in BP Bunge Bioenergia to BP. In connection with the sale, a disposition receivable of $100 million was recorded at December 31, 2024 and collected in the first quarter of 2025. In addition, on March 4, 2025, Bunge completed the sale of 40% of its Spanish operating subsidiary, BISA, to Repsol. In connection with the sale, a disposition receivable of $80 million was recorded at June 30, 2025. See Note 2 - Acquisitions and Dispositions for further information.

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advances to suppliers are reported net of allowances of $16 million and $5 million at September 30, 2025, and December 31, 2024, respectively.

(-) Interest earned on secured advances to suppliers of $8 million and $3 million for the three months ended September 30, 2025, and 2024, respectively, and $18 million and $20 million for the nine months ended September 30, 2025, and 2024, respectively, is included in Net sales in the condensed consolidated statements of income.


(US$ in millions)	September 30, 2025		December 31, 2024
Foreign government securities	$	967	$	229

Certificates of deposit/time deposits	525		136
Equity securities	13		21
Other	343		98
Total	$	1,848	$	484

As of September 30, 2025, and December 31, 2024, $1,505 million and $386 million, respectively, of marketable securities and other short-term investments were recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the three months ended September 30, 2025, and 2024, unrealized gains of $47 million and $7 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at September 30, 2025, and 2024. For the nine months ended September 30, 2025, and 2024, unrealized gains/(losses) of $52 million and $(1) million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at September 30, 2025, and 2024.

(4) On October 1, 2024, Bunge completed the sale of our 50% ownership share in BP Bunge Bioenergia to BP. In connection with the sale, a disposition receivable of $100 million was recorded at December 31, 2024 and collected in the first quarter of 2025. In addition, on March 4, 2025, Bunge completed the sale of 40% of its Spanish operating subsidiary, BISA, to Repsol. In connection with the sale, a disposition receivable of $80 million was recorded at September 30, 2025. See Note 2 - Acquisitions and Dispositions for further information.

(5) In the year ended December 31, 2024, the Company recognized an insurance recovery related to the Ukraine-Russia war of $52 million attributable to business interruption. The insurance recovery was collected in the first quarter of 2025.

7. OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Recoverable taxes, net (1)	$	22129	$	19
Judicial deposits (1)	95111		86
Other long-term receivables, net (2)	1524		14
Income taxes receivable (1)	9046		125
Long-term investments (3)	~~172~~181		174
Affiliate loans receivable	812		8
Long-term receivables from farmers in Brazil, net (1)	6897		23
Unrealized gains on derivative contracts, at fair value	1332		—
Other	~~112~~274		108
Total	$	~~595~~906	$	557

(1) A significant portion of these non-current assets arise from the Company’s ~~Argentine~~Brazil and Indian operations and their realization could take several years.

(2) Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program.

(3) As of ~~June~~September 30, 2025, and December 31, 2024, $1529 million and $14 million, respectively, of long-term investments are recorded at fair value.

Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil and Europe. Recoverable taxes are reported net of allowances of $6 million and $9 million at June 30, 2025, and December 31, 2024, respectively.19

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Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil. Recoverable taxes are reported net of allowances of $5 million and $9 million at September 30, 2025, and December 31, 2024, respectively.

Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank.

Income taxes receivable - Income taxes receivable includes overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be used for the settlement of future income tax obligations.

Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments held by Bunge Ventures in growth stage ~~agribusiness~~companies and ~~food~~related ~~companies~~investment ~~held~~funds byin ~~Bunge~~the ~~Ventures~~agribusiness and food sectors.

Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of greater than one year.

Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest ~~of the then-current year’s crop~~, and through credit sales of fertilizer to farmers. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions. Certain ~~such~~ long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6 - Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year.

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The average recorded investment in long-term receivables from farmers in Brazil for the ~~six~~nine months ended ~~June~~September 30, 2025, and the year ended December 31, 2024, was $~~135~~127 million and $67 million, respectively. The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
(US$ in millions)	RecordedInvestment		Allowance		RecordedInvestment		Allowance
For which an allowance has been provided:
Legal collection process (1)	$	33	$	3032	$	28	$	26
Renegotiated amounts	2		1		3		1
For which no allowance has been provided:
Legal collection process (1)	56		—		6		—
Renegotiated amounts (2)	12		—		1		—
Other long-term receivables (3)	5887		—		12		—
Total	$	99130	$	3133	$	50	$	27

(1) All amounts in legal collection processes are considered past due upon initiation of legal action.

(2) These renegotiated amounts are current on repayment terms.

(3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization.

The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.

	Six Months EndedJune 30,
	Nine Months EndedSeptember 30,
(US$ in millions)	2025		2024
Allowance as of January 1	$	27	$	31
Bad debt provisions	12		1
Recoveries	(1)		—
Write-offs	—		—
Transfers	—		~~(1)~~—
Foreign exchange translation	45		(4)
Allowance as of June 30	$	31	$	27
Allowance as of September 30	$	33	$	28

8. INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES

Investment in Affiliates

Terminal XXXIX De Santos S.A. (“"T-39”")

On May 29, 2024, Bunge entered into a share purchase agreement ("SPA") to indirectly acquire a 25% interest of T-39. T-39 operations primarily consist of a port facility located in the Port of Santos, Brazil. In June 2025, the SPA was formally terminated by the seller in accordance with the terms set forth in the SPA.

Consolidated Variable Interest Entities

On September 19, 2023, Bunge entered into a fixed-priced call option agreement ("Option") to acquire the shares of Terminal de Granéis de Santa Catarina ("TGSC") with primary assets consisting of a grain port terminal currently under construction in South America strategically located near an existing Bunge facility. In November 2024, Bunge exercised the Option, and on March 20, 2025 the transaction closed in accordance with the terms of the Option. As a result, Bunge acquired all the shares of TGSC for R$485 million (approximately $85 million at closing) in consideration, inclusive of certain closing adjustments.

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Prior to March 20, 2025, TGSC was a VIE as a result of having insufficient equity at risk. Bunge was the primary beneficiary due to a de facto agent relationship with the equity owner of TGSC and has consolidated the entity since the third quarter of 2023. As all of TGSC’s equity was held by a third-party, Bunge reflected all TGSC earnings and equity as attributable to noncontrolling interests in the condensed consolidated statements of income and condensed consolidated balance sheets, respectively. Following the close of the transaction, TGSC is no longer a VIE. Upon TGSC becoming a consolidated, wholly-owned subsidiary of Bunge, the noncontrolling interest was eliminated and the difference between consideration paid and noncontrolling interest, at the transaction close date, was recorded in Additional paid-in capital on the condensed consolidated balance sheet.

Further, Bunge Chevron Ag Renewables LLC ("BCAR") is a VIE in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of BCAR as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by BCAR, among other factors.

The following table presents the values of the assets and liabilities associated with the above listed VIEs in which Bunge is considered the primary beneficiary to the extent included in Bunge’s condensed consolidated balance sheets as of ~~June~~September 30, 2025, and December 31, 2024. All amounts exclude intercompany balances, which have been eliminated upon consolidation.

For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such, these VIEs have been excluded from the below table.

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Current assets:
Cash and cash equivalents	$	~~403~~329	$	534
Trade accounts receivable	2		2
Inventories	5040		54
Other current assets	31		35
Total current assets	~~486~~402		625
Property, plant and equipment, net	~~515~~599		455
Other intangible assets, net	—		69
Total assets	$	1,001	$	1,149
Current liabilities:
Trade accounts payable and accrued liabilities	$	5861	$	80
Other current liabilities	3837		34
Total current liabilities	9698		114
Long-term debt	—		50
Other non-current liabilities	—		10
Total liabilities	$	9698	$	174

Non-Consolidated Variable Interest Entities

For information on VIEs for which Bunge has determined it is not the primary beneficiary, along with the Company's related maximum exposure to losses associated with such investments, please refer to Note 11 - Investments in Affiliates and Variable Interest Entities, included in the Company's 2024 Annual Report on Form 10-K filed with the SEC on February 20, 2025.

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9. INCOME TAXES

Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of the Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate, including the realizability of deferred tax assets, and adjusts estimates accordingly. Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted.

Income tax expense for the three and ~~six~~nine months ended ~~June~~September 30, 2025, was $~~124~~86 million and $~~204~~290 million, respectively. Income tax expense for the three and ~~six~~nine months ended ~~June~~September 30, 2024, was $3089 million and $~~147~~236 million, respectively. The effective tax rate for the three and ~~six~~nine months ended ~~June~~September 30, 2025, was higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings. The effective tax rate for the three and ~~six~~nine months ended ~~June~~September 30, 2024, was higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings and unfavorable adjustments related to foreign currency fluctuations in South America.

As a global enterprise, the Company files income tax returns that are subject to periodic examination and challenge by federal, state, and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the outcome or timing of resolution of any particular matter, management believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.

On July 4, 2025, H.R.1, commonly known as the "One Big Beautiful Bill Act", was signed into U.S. law,. ~~which~~Bunge ~~includes~~evaluated ~~significant~~the ~~changes~~provisions toof ~~federal~~the ~~tax~~ law and ~~other~~its ~~regulatory~~potential ~~provisions~~impact on the condensed consolidated financial statements. The Company currently expects that ~~may~~it will not have a material impact ~~the~~on ~~Company~~its consolidated effective tax rate. ~~Bunge~~This isassessment ~~currently~~considers ~~evaluating~~various factors, including the ~~provisions~~nature of its operations and the ~~new~~specific tax law changes introduced by the law. The law allows for the immediate expensing of qualified capital expenditures (100% bonus depreciation), and Bunge anticipates that this provision will result in additional cash tax benefits for the ~~potential~~Company, ~~impact~~primarily onby accelerating tax deductions for eligible investments in property, plant, and equipment. While this immediate expensing is expected to reduce the Company's ~~condensed~~current ~~consolidated~~cash ~~financial~~tax ~~statements~~obligations, it is not anticipated to materially alter its effective tax rate over the long term, consistent with current accounting standards for deferred taxes.

10. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Unrealized losses on derivative contracts at fair value	$	1,~~073~~601	$	1,082
Accrued liabilities	~~793~~1,369		840
Advances on sales (1)	~~400~~561		501
Dividends payable (2)	~~282~~271		91
Income tax payable	80226		80
Other	~~288~~399		224
Total	$	24,~~916~~427	$	2,818

(1) The Company records advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.

(2) See Note 17 - Equity.

2023

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11. FAIR VALUE MEASUREMENTS

Bunge's various financial instruments include certain components of working capital such as Trade accounts receivable and Trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable, and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3 - Trade Structured Finance Program for trade structured finance program, Note 7 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 13 - Debt for short- and long-term debt. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.

The fair value standard describes three levels within its hierarchy that may be used to measure fair value.


Level	Description	Financial Instrument (Assets / Liabilities)
Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities.	Exchange traded derivative contracts. Marketable securities in active markets.
Level 2	Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.	Exchange traded derivative contracts (less liquid markets). Readily marketable inventories. Over-the-counter ("OTC") commodity purchase and sales contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets.
Level 3	Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.	Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

For a further definition of fair value and the associated fair value levels, refer to Note 15 - Fair Value Measurements, included in the Company's 2024 Annual Report on Form 10-K filed with the SEC on February 20, 2025.

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The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.

	Fair Value Measurements at Reporting Date
	June 30, 2025								December 31, 2024
	September 30, 2025								December 31, 2024
(US$ in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	~~5,185~~1	$	16375	$	—	$	~~5,201~~376	$	86	$	42	$	—	$	128
Readily marketable inventories (Note 5)	—		59,~~122~~532		1,~~535~~982		611,~~657~~514		—		4,805		419		5,224
Trade accounts receivable (1)	—		1—		—		1—		—		—		—		—
Unrealized gain on derivative contracts (2):
Interest rate	—		1940		—		1940		—		15		—		15
Foreign exchange	—		~~439~~540		—		~~439~~540		—		422		—		422
Commodities	56176		~~663~~1,146		~~125~~248		~~844~~1,570		82		549		134		765
Freight	3132		—		—		3132		40		—		—		40
Energy	32		—		—		32		42		—		—		42
Credit	—		21		—		21		—		2		—		2
Other (3)	~~213~~1,108		60426		—		~~273~~1,534		325		75		—		400
Total assets	$	51,~~517~~349	$	612,~~322~~060	$	12,~~660~~230	$	1315,~~499~~639	$	575	$	5,910	$	553	$	7,038
Liabilities:
Trade accounts payable (1)	$	—	$	~~303~~592	$	~~273~~158	$	~~576~~750	$	—	$	326	$	62	$	388
Unrealized loss on derivative contracts (4):
Interest rate	—		~~144~~129		—		~~144~~129		—		258		—		258
Foreign exchange	—		~~451~~444		—		~~451~~444		—		494		—		494
Commodities	68152		~~359~~722		~~110~~188		~~537~~1,062		71		309		104		484
Freight	3046		—		—		3046		38		—		—		38
Energy	4240		1—		—		4340		38		—		—		38
Credit	—		21		—		21		—		2		—		2
Total liabilities	$	140	$	1,260	$	383	$	1,783	$	147	$	1,389	$	166	$	1,702
Equity	3		—		—		3		—		—		—		—
Total liabilities	$	241	$	1,888	$	346	$	2,475	$	147	$	1,389	$	166	$	1,702

(1) These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business.

(2) Unrealized gains on derivative contracts are generally included in Other current assets. There were $1332 million and zero included in Other non-current assets at ~~June~~September 30, 2025, and December 31, 2024, respectively.

(3) Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.

(4) Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $~~134~~124 million and $232 million included in Other non-current liabilities at ~~June~~September 30, 2025, and December 31, 2024, respectively.

Cash equivalents —Cash equivalents primarily includes money market funds and commercial paper investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Cash equivalents with liquid prices are valued using prices from publicly available sources and classified as Level 1. Cash equivalents with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2.

Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3.

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If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.

Derivatives—The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company's forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments, primarily relating to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3 as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations, or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2.

OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices, to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market.

Marketable securities and investments—Comprise foreign government securities, corporate debt securities, deposits, equity securities, and other investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2 or Level 3 as described below.

Level 3 Measurements

The following relates to assets and liabilities measured at fair value on a recurring basis using Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable.

Level 3 Measurements—Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge's policy regarding the timing of transfers between levels is to record the transfers at the end of the reporting period.

Level 3 Readily marketable inventories and Trade accounts payable—The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sales contracts, and Trade accounts payable, relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sales contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the prices of these unobservable inputs alone would not be expected to have a material effect on the Company's financial statements as these contracts do not typically exceed one future crop cycle.

Level 3 Derivatives—Level 3 derivative instruments utilize both market observable and unobservable inputs within the fair value measurements. These inputs include commodity prices, price volatility, interest rates, volumes, and locations.

Level 3 Others—Primarily relates to marketable securities and investments valued using third-party quotes or pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3.

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

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	Three Months Ended June 30, 2025
	Three Months Ended September 30, 2025
(US$ in millions)	ReadilyMarketableInventories		Derivatives,Net		TradeAccountsPayable		Total
Balance, April 1, 2025	$	1,362	$	28	$	(301)	$	1,089
Balance, July 1, 2025	$	1,535	$	15	$	(273)	$	1,277
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)	2161		(2133)		41		429
Purchases	~~681~~548		—		(~~125~~37)		~~556~~511
Sales	(~~642~~872)		—		—		(~~642~~872)
Settlements	—		—		~~163~~164		~~163~~164
Transfers into Level 3	~~382~~1,087		780		(120)		~~388~~1,147
Transfers out of Level 3	(~~329~~412)		—(2)		212		(~~327~~402)
Translation adjustment	6035		1—		(155)		4630
Balance, June 30, 2025	$	1,535	$	15	$	(273)	$	1,277
Balance, September 30, 2025	$	1,982	$	60	$	(158)	$	1,884

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $4169 million, $(2620) million and less than $51 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at ~~June~~September 30, 2025.

	Three Months Ended June 30, 2024
	Three Months Ended September 30, 2024
(US$ in millions)	ReadilyMarketableInventories		Derivatives, Net		TradeAccounts Payable		Total
Balance, April 1, 2024	$	976	$	26	$	(604)	$	398
Balance, July 1, 2024	$	1,262	$	13	$	(377)	$	898
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)	~~208~~153		(158)		52		~~198~~147
Purchases	~~630~~215		—		(4610)		~~584~~205
Sales	(~~548~~610)		—		—		(~~548~~610)
Settlements	—		—		~~235~~191		~~235~~191
Transfers into Level 3	~~300~~396		~~(1)~~16		(7868)		~~221~~344
Transfers out of Level 3	(~~223~~311)		3(4)		5095		(~~170~~220)
Translation adjustment	~~(81)~~23		—		61(8)		~~(20)~~15
Balance, June 30, 2024	$	1,262	$	13	$	(377)	$	898
Balance, September 30, 2024	$	1,128	$	17	$	(175)	$	970

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $~~154~~124 million, $(1611) million and $61 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at ~~June~~September 30, 2024.

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	Six Months Ended June 30, 2025
	Nine Months Ended September 30, 2025
(US$ in millions)	ReadilyMarketableInventories		Derivatives,Net		TradeAccountsPayable		Total
Balance, January 1, 2025	$	419	$	30	$	(62)	$	387
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)	95156		(2760)		1213		80109
Purchases	12,~~706~~254		—		(~~387~~424)		1,~~319~~830
Sales	(12,~~216~~088)		—		—		(12,~~216~~088)
Settlements	—		—		~~185~~349		~~185~~349
Transfers into Level 3	~~947~~2,034		1090		(525)		~~952~~2,099
Transfers out of Level 3	(~~496~~908)		(13)		315		(~~494~~896)
Translation adjustment	80115		3		(1924)		6494
Balance, June 30, 2025	$	1,535	$	15	$	(273)	$	1,277
Balance, September 30, 2025	$	1,982	$	60	$	(158)	$	1,884

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $~~117~~185 million, $(2947) million and $127 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at ~~June~~September 30, 2025.

	Six Months Ended June 30, 2024
	Nine Months Ended September 30, 2024
(US$ in millions)	ReadilyMarketableInventories		Derivatives, Net		TradeAccounts Payable		Total
Balance, January 1, 2024	$	662	$	71	$	(232)	$	501
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)	~~427~~580		(6068)		1214		~~379~~526
Purchases	1,~~379~~594		—		(~~428~~438)		~~951~~1,156
Sales	(1,~~150~~760)		—		—		(1,~~150~~760)
Settlements	—		—		~~308~~499		~~308~~499
Transfers into Level 3	~~712~~1,108		420		(~~165~~233)		~~551~~895
Transfers out of Level 3	(~~675~~986)		(26)		60155		(~~617~~837)
Translation adjustment	(9370)		—		6860		(2510)
Balance, June 30, 2024	$	1,262	$	13	$	(377)	$	898
Balance, September 30, 2024	$	1,128	$	17	$	(175)	$	970

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $~~364~~488 million, $(3850) million and $1314 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at ~~June~~September 30, 2024.

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12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency rate, and commodity risk. Some of those hedges the Company enters into qualify for hedge accounting ("Hedge Accounting Derivatives") and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting ("Economic Hedge Derivatives"). As these derivatives impact the financial statements in different ways, they are discussed separately below.

Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative.

Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense. For cross currency swaps, the changes in currency risk on the derivative are recognized in Foreign exchange gains (losses) – net, and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive income (loss) until realized through the coupon.

Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, ~~and~~ selling, general and administrative ~~expenses~~costs, ~~with~~and foreign denominated contractual payments using currency forwards and cross-currency swaps. The change in the value of the ~~forward~~derivative is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the ~~currency~~derivative ~~forward~~ is reclassified to ~~Net~~the ~~sales,~~condensed ~~Cost~~consolidated statements of ~~goods~~income ~~sold, or Selling, general and administrative expenses~~(loss). These hedges mature at various times through ~~December~~September ~~2026~~2028. Of the amount currently in Accumulated other comprehensive income (loss), less than $42 million of deferred ~~gains~~losses, based on transaction maturities, are expected to be reclassified to earnings in the next twelve months.

Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards and foreign currency denominated third-party loans for which the currency risk is remeasured through Accumulated other comprehensive income (loss). For currency forwards, the forward method is used. The change in the value of the ~~forward~~hedging instrument is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary.

The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.

(US$ in millions)		June 30,2025		December 31, 2024		Unit ofMeasure
Hedging instrument type:
Fair value hedges of interest rate risk
	Interest rate swap - notional amount	$	4,900	$	4,900	$ Notional
	Cumulative adjustment to long-term debt from active application of hedge accounting	$	(126)	$	(246)	$ Notional
	Carrying value of hedged debt	$	4,747	$	4,600	$ Notional
Cash flow hedges of currency risk
	Foreign currency forward - notional amount	$	57	$	—	$ Notional
	Foreign currency option - notional amount	$	60	$	120	$ Notional
Net investment hedges
	Foreign currency forward - notional amount	$	737	$	550	$ Notional

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(US$ in millions)		September 30, 2025		December 31, 2024		Unit of Measure
Hedging instrument type:
Fair value hedges of interest rate risk
	Interest rate swap - notional amount	$	6,500	$	4,900	$ Notional
	Cumulative adjustment to long-term debt from active application of hedge accounting	$	(92)	$	(246)	$ Notional
	Carrying value of hedged debt	$	6,334	$	4,600	$ Notional









Cash flow hedges of currency risk
	Foreign currency forward - notional amount	$	54	$	—	$ Notional
	Foreign currency option - notional amount	$	30	$	120	$ Notional


	Cross currency swaps - notional amount	$	588	$	—	$ Notional
	Carrying value of hedged debt under the cross currency swap	$	587	$	—	$ Notional




Net investment hedges
	Foreign currency forward - notional amount	$	695	$	550	$ Notional
	Carrying value of non-derivative hedging instrument	$	235	$	—	$ Notional

Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations.

Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense.

Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange (losses) gains – net when hedging monetary exposures.

Agricultural commodity derivatives are used primarily to manage exposures related to the Company's inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses derivative instruments referred to as forward freight agreements ("FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The table below summarizes the volume of economic derivatives as of ~~June~~September 30, 2025, and December 31, 2024. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.

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	June 30,				December 31,
	September 30,				December 31,
	2025				2024				Unit ofMeasure
(US$ in millions)	Long		(Short)		Long		(Short)
Interest rate
Swaps	$	~~464~~860	$	(1,~~274~~299)	$	234	$	(1,420)	$ Notional
Futures	$	—	$	(~~122~~43)	$	—	$	(69)	$ Notional
Forwards	$	~~481~~487	$	(~~481~~246)	$	—	$	—	$ Notional
Currency
Forwards	$	918,~~443~~367	$	(1013,~~088~~439)	$	8,439	$	(8,961)	$ Notional
Swaps	$	43,~~113~~754	$	(2,~~018~~055)	$	3,566	$	(2,105)	$ Notional
Futures	$	373,501	$	—	$	—	$	(15)	$ Notional
Options	$	7058	$	(5546)	$	107	$	(60)	Delta
Agricultural commodities
Forwards	2441,~~476~~802,~~241~~799		(3564,~~987~~004,~~214~~284)		25,166,668		(35,384,917)		Metric Tons
Swaps	—		(453,592)		—		—		Metric Tons
Futures	—		(87,~~138~~174,~~115~~842)		—		(3,699,452)		Metric Tons
Options	~~869~~113,~~873~~285		(81,~~413~~241,842)		11,835		(116,481)		Metric Tons
Ocean freight
FFA	—		(9,~~636~~817)		—		(7,484)		Hire Days
Natural gas
Forwards	137,~~500~~471		—(18,735)		—		—		MMBtus
Swaps	~~770~~963,~~616~~507		—		1,114,929		—		MMBtus
Futures	3,~~671~~300,~~125~~825		—		7,058,632		—		MMBtus
Electricity
Futures	~~134~~156,~~744~~710		—		123,565		—		~~Mwh~~MWh
Energy - other
Swaps	~~293~~340,~~142~~994		—		339,947		—		Metric Tons
Energy - CO2
Futures	~~506~~378,000		—		418,000		—		Metric Tons
Other
Swaps and futures	$	~~120~~130	$	(130)	$	90	$	(90)	$ Notional

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The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income

The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024.

		Gain (Loss) Recognized inIncome on Derivative Instruments
		Three Months Ended June 30,
		Three Months Ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)
Cost of goods sold
Hedge accounting	Foreign currency	$	—	$	(1)
Economic hedges	Foreign currency	$	283	$	39
Economic hedges	Foreign currency	47		(217)
	Commodities	(17)		(202)
	Commodities	219		(26)
	Other (1)	(23)		(37)
	Other (1)	(2)		95
Total Cost of goods sold		$	243	$	(200)
Total Cost of goods sold		$	264	$	(149)
Interest expense
Hedge accounting	Interest rate	$	(2322)	$	(3031)
Foreign exchange (losses) gains – net
Economic hedges	Foreign currency	$	(8)	$	28
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	(3)	$	(7)
Total Foreign exchange (losses) gains – net		$	(5)	$	(7)
Other income (expense)
Economic hedges	Other	$	(2)	$	—
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	(4)	$	12(18)
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(5328)	$	75(39)
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	(21)

(1) Other includes results from freight, energy, and other derivatives.

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		Gain (Loss) Recognized inIncome on Derivative Instruments
		Six months ended June 30,
		Nine months ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)
Cost of goods sold
Economic hedges	Foreign currency	$	~~172~~455	$	(~~199~~160)
	Commodities	7457		(26228)
	Other (1)	7(16)		(5491)
Total Cost of goods sold		$	~~253~~496	$	(~~279~~479)
Interest expense
Hedge accounting	Interest rate	$	(4567)	$	(6192)
Foreign exchange (losses) gains
Economic hedges	Foreign currency	$	37	$	2
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	34	$	(5)
Total Foreign exchange (losses) gains - net		$	32	$	(5)
Other income (expense)
Economic hedges	Other	$	(2)	$	—
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	106	$	224
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(97125)	$	~~103~~64
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	1(2)

(1) Other includes results from freight, energy, and other derivatives.

3033

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13. DEBT

The following table summarizes Bunge's short and long-term debt:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Short-term debt and Current portion of long-term debt:
Revolving credit facilities	$	~~1,100~~—	$	—
Commercial paper	1,147		—
Commercial paper (1)	2,295		—
Other short-term debt	12,~~288~~151		875
Total Short-term debt	34,~~535~~446		875
Current portion of long-term debt	~~690~~1,334		669
Total Short-term debt and Current portion of long-term debt (1)	4,225		1,544
Total Short-term debt and Current portion of long-term debt (2)	5,780		1,544
Long-term debt: (2)
Long-term debt: (3)
Term loan due 2027 - SOFR plus 1.125%	250		250
Term loan due 2027 - SOFR plus 1.000%	250		250
Term loan due 2028 - SOFR plus 1.325%	250		250
Term loan due 2028 - SOFR plus 1.200%	250		250
Term loan due 2028 - SOFR plus 1.225% (3)	300		—
Term loan due 2028 - SOFR plus 1.100% (4)	300		—
Term loan due 2028 - SOFR plus 1.225% (3)	2,000		—
Term loan due 2028 - SOFR plus 1.100% (4)	2,000		—
1.63% Senior Notes due 2025	~~600~~—		599
2.00% Senior Notes due 2026 (4)	572		—
3.25% Senior Notes due 2026	699		699
3.75% Senior Notes due 2027	598		598
4.90% Senior Notes due 2027 (4)	443		—
4.10% Senior Notes due 2028 (3)	398		397
3.75% Senior Notes due 2027	599		598
4.20% Senior Notes due 2029 (3)	793		793
1.00% Senior Notes due 2028 - Euro (4)	775		—
4.10% Senior Notes due 2028 (4)	398		397
4.20% Senior Notes due 2029 (4)	794		793
4.55% Senior Notes due 2030 (4)	645		—
3.20% Senior Notes due 2031 (4)	556		—
2.75% Senior Notes due 2031	993		993
4.65% Senior Notes due 2034 (3)	791		790
5.25% Senior Notes due 2032 (4)	307		—
Cumulative adjustment to long-term debt from application of hedge accounting	(147)		(269)
4.65% Senior Notes due 2034 (4)	791		790
Other long-term debt	209		263
5.15% Senior Notes due 2035 (4)	643		—
Subtotal (4)	7,734		5,363
Cumulative adjustment to long-term debt from application of hedge accounting	(112)		(269)
Less: Current portion of long-term debt	(690)		(669)
Other long-term debt	240		263
Total Long-term debt (5)	7,044		4,694
Subtotal (5)	11,143		5,363
Total debt	$	11,269	$	6,238
Less: Current portion of long-term debt	(1,334)		(669)
Total Long-term debt (6)	9,809		4,694
Total debt	$	15,589	$	6,238

(1) ~~Includes~~On ~~secured~~September ~~debt~~3, 2025, Bunge increased the aggregate size of ~~$237 million~~its ~~and~~existing unsecured corporate commercial paper program by $~~187~~1.0 ~~million~~billion, atfrom ~~June~~$2.0 30billion, ~~2025,~~to ~~and~~an ~~December 31,~~aggregate ~~2024,~~of ~~respectively~~$3.0 billion.

(2) ~~Variable~~Includes ~~interest~~secured ~~rates~~debt ~~are~~of as$645 million ofand ~~June~~$187 million at September 30, 2025, and December 31, 2024, respectively.

(3) ~~See~~Variable ~~Viterra~~interest ~~Acquisition~~rates ~~Financing~~are ~~section~~as ~~within~~of ~~Note~~September 30, ~~13 - Debt below for further details~~2025.

(4) ~~The~~See ~~fair~~Viterra ~~value~~Acquisition ~~(Level~~Financing 2)section ofwithin ~~long-term~~Note ~~debt,~~13 ~~including current portion, is $7,721 million and $5,373 million at June 30, 2025, and December 31, 2024, respectively. The fair value of Bunge's long~~-~~term~~ ~~debt~~Debt isbelow ~~calculated~~for ~~based~~further ~~on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge~~details.

(5) ~~Includes~~The ~~secured~~fair ~~debt~~value (Level 2) of long-term debt, including current portion, is $8311,167 million and $~~131~~5,373 million at ~~June~~September 30, 2025, and December 31, 2024, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge.

~~Updates~~(6) Includes tosecured ~~Revolving~~debt ~~Credit~~of ~~Facilities~~$118 million and $131 million at September 30, 2025, and December 31, 2024, respectively.

On June 11, 2025, Bunge amended and restated its existing $3.2 billion 5-year revolving credit agreement (as amended, the "$3.2 Billion Revolving Credit Agreement") with a group of lenders. As of June 30, 2025, Bunge had reached certain milestones in relation to the Acquisition of Viterra, such that, $3.2 billion of committed capacity was available under the $3.2 Billion Revolving Credit Agreement. Bunge had no borrowings outstanding at June 30, 2025 under the $3.2 Billion Revolving Credit Agreement. 34

Also, on June 11, 2025, Bunge amended the accordion increase certificate issued under its existing $1.75 billion 3-year revolving facility agreement (as amended, the "$3.5 Billion Revolving Facility Agreement"). As of June 30, 2025, Bunge had reached certain milestones in relation to the Acquisition of Viterra, such that, $3.5 billion of committed capacity was available under the $3.5 billion Revolving Credit Agreement and $1.1 billion was outstanding.

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OnUpdates ~~February 21, 2025, Bunge executed an extension supplement~~ to ~~its existing $1.1 billion 364-day revolving credit agreement (the “$1.1 Billion 364-day~~ Revolving Credit Agreement”) with a group of lenders, extending the maturity date from April 11, 2025 to April 10, 2026. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations under the $1.1 Billion 364-day Revolving Credit Agreement by an aggregate amount up to $250 million, pursuant to an accordion provision. Bunge had no borrowings outstanding at June 30, 2025 under the $1.1 Billion 364-day Revolving Credit Agreement. Facilities

On October 3, 2025, Bunge entered into an unsecured $4.2 billion 5-year revolving credit agreement (the "$4.2 Billion Revolving Credit Agreement") with a group of lenders, maturing on October 3, 2030. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $1.5 billion, pursuant to an accordion provision. Borrowings will bear interest at Bunge's option, at SOFR plus a margin or the Euribor Rate plus a margin. The $4.2 Billion Revolving Credit Agreement replaced an existing $3.2 billion 5-year revolving credit agreement (the "Terminated $3.2 Billion Revolving Credit Agreement") which was terminated on October 3, 2025. Bunge had no borrowings outstanding at September 30, 2025 under the Terminated $3.2 Billion Revolving Credit Agreement.

On October 3, 2025, Bunge entered into an unsecured $3.5 billion 3-year revolving agreement (the "$3.5 Billion Revolving Agreement") with a group of lenders, maturing on October 3, 2028. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $1.5 billion, pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a SOFR adjustment, which will vary from 0.05% to 0.25% based on the tenor of the interest period selected, plus a margin, which will vary from 0.20% to 0.55%, based on the Rating Level provided by Moody's and S&P. The $3.5 Billion Revolving Agreement replaced an existing $3.5 billion 3-year revolving agreement (the "Terminated $3.5 Billion Revolving Agreement") which was terminated on October 3, 2025. Bunge had no borrowings outstanding at September 30, 2025 under the Terminated $3.5 Billion Revolving Agreement.

On October 3, 2025, Bunge entered into an unsecured $1.1 billion 364-day revolving credit agreement (the "$1.1 Billion 364-Day Revolving Credit Agreement") with a group of lenders, maturing on October 2, 2026. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $250 million, pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a margin. The $1.1 Billion 364-Day Revolving Credit Agreement replaced an existing $1.1 billion 364-day revolving credit agreement (the "Terminated $1.1 Billion 364-Day Revolving Credit Agreement") which was terminated on October 3, 2025. Bunge had no borrowings outstanding at September 30, 2025 under the Terminated $1.1 Billion 364-Day Revolving Credit Agreement.

On October 3, 2025 Bunge amended and restated the $865 million revolving credit facility (the "$865 Million Revolving Loan Facility") with a group of lenders, resulting in an extension of the maturity date from October 29, 2026 to October 3, 2030. Borrowings will bear interest at SOFR plus an applicable margin. Bunge had no borrowings outstanding at September 30, 2025 under the $865 Million Revolving Loan Facility.

Viterra Acquisition Financing

In connection with the execution of the Business Combination Agreement, Bunge and Bunge Limited Finance Corp. ("BLFC") previously entered into a debt commitment letter (the “Initial Debt Commitment Facility”) with Sumitomo Mitsui Banking Corporation and a consortium of lenders (the "Lenders"), pursuant to which the Lenders committed to provide Bunge with $7.7 billion of unsecured term loans, which included tranches maturing 364 days, 2 years and 3 years from one business day prior to the closing date of the Acquisition. Additionally, a $300 million delayed draw term loan (the “Delayed Draw Term Loan”) from CoBank and the U.S. farm credit system was arranged.

In connection with the Acquisition, on June 30, 2025, Bunge (i) borrowed $2.0 billion under the 3-year tranche term loan of the Initial Debt Commitment Facility (the "Term Loan due 2028"), and (ii) borrowed $300 million under the Delayed Draw Term Loan (such ~~borrowing~~borrowings, collectively, the "Term Loan ~~Borrowing~~Borrowings"). The Term Loan Borrowings were used, along with existing Cash and cash equivalents and proceeds from other sources, to fund a portion of the cash consideration for Bunge’s Acquisition of Viterra and to repay a portion of certain Viterra debt settled at the closing of the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. On October 29, 2025, Bunge repaid $1.0 billion of the $2.0 billion Term Loan due 2028 using proceeds from borrowings under other corporate credit facilities, including the corporate commercial paper program.

Senior Notes - On September 17, 2024, Bunge completed the sale and issuance of (i) $400 million aggregate principal amount of 4.100% senior notes due 2028, (ii) $800 million aggregate principal amount of 4.200% senior notes due 2029, and (iii) $800 million aggregate principal amount of 4.650% senior notes due 2034 (~~the~~ "~~2024~~ Senior Notes"). Collectively, the three tranches of ~~the 2024~~ Senior Notes total an aggregate principal amount of $2.0 billion. The ~~2024~~ Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and its 100% owned finance subsidiary, BLFC, with the USEC.S. ~~Securities and Exchange Commission.~~ The net proceeds of the offering were approximately $1.98 billion after deducting underwriting commissions, the original issue discount, and offering fees and expenses payable by Bunge.

On August 4, 2025, Bunge completed the sale and issuance of (i) $650 million aggregate principal amount of 4.550% senior notes due 2030, and (ii) $650 million aggregate principal amount of 5.150% senior notes due 2035 ( (i) and (ii) together, the"2025 Senior Notes"). Collectively, the two tranches of the 2025 Senior Notes total an aggregate principal amount of $1.3 billion. The 2025 Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and its 100% owned finance subsidiary, BLFC, with the U.S. Securities and Exchange Commission. The net proceeds of the offering were approximately $1.29 billion after deducting underwriting commissions, the original issue discount, and offering fees and expenses payable by Bunge.

Exchange Offers and Consent Solicitations of Viterra Notes - On September 9, 2024, Bunge's wholly-owned subsidiary, BLFC, commenced offers ("US Exchange Offers") to exchange all outstanding notes of certain series (the "Existing USD Viterra Notes") issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In the third quarter of 2025, BLFC completed the US Exchange Offers, exchanging $1.92 billion of Existing USD Viterra Notes for new notes with the same interest rates and maturities issued by BLFC. 35

Concurrently with the US Exchange Offers, BLFC successfully solicited consents, on behalf of VFBV, and VFBV amended the respective indentures governing the Existing USD Viterra Notes to, among other things, eliminate certain of the covenants, restrictive provisions and events of default, and modify or amend certain other provisions, including unconditionally releasing and discharging the guarantees by each of Viterra and Viterra B.V. ("US Consent Solicitation").

In addition, in the third quarter of 2025, Bunge completed the European Consent Solicitation to amend the indenture governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 (collectively, the "Existing Euro Viterra Notes") to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V., a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor.

The US Exchange Offers, US Consent Solicitation, and European Consent Solicitation were conditioned, among other things, upon the consummation of the Acquisition. For this reason, the Existing USD Viterra Notes and Existing Euro Viterra Notes are not recognized on Bunge's condensed consolidated balance sheet, until the third quarter of 2025 following the consummation of the Acquisition.

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$1.3 billion. The 2025 Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and its 100% owned finance subsidiary, BLFC, with the SEC. The net proceeds of the offering were approximately $1.29 billion after deducting underwriting commissions, the original issue discount, and offering fees and expenses payable by Bunge.

Exchange Offers and Consent Solicitations of Viterra Notes - On September 9, 2024, Bunge's wholly-owned subsidiary, BLFC, commenced offers (the "US Exchange Offers") to exchange all outstanding notes of certain series (the "Existing USD Viterra Notes") issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In the third quarter of 2025, BLFC completed the US Exchange Offers, exchanging $1.92 billion of Existing USD Viterra Notes for new notes with the same interest rates and maturities issued by BLFC.

In addition, in the third quarter of 2025, Bunge completed the amendment of the indentures governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 (the "0.375% Senior Notes Due 2025 - Euro") and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 (collectively, the "Existing Euro Viterra Notes") to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V., a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor (the "European Consent Solicitation"). The 0.375% Senior Note Due 2025 - Euro were fully repaid in accordance with the terms of the agreement in September 2025.

The US Exchange Offers, US Consent Solicitation, and European Consent Solicitation were conditioned, among other things, upon the completion of the Acquisition. For this reason, the Existing USD Viterra Notes and Existing Euro Viterra Notes were not recognized on Bunge's condensed consolidated balance sheet until the third quarter of 2025, following the completion of the Acquisition.

14. RELATED PARTY TRANSACTIONS

Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised approximately 9% or less of total Cost of goods sold for the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 32% or less of total Net sales for the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024.

In addition, Bunge receives services from and provides services to its unconsolidated investees and other related parties, including tolling, port handling, administrative support, and other services. For the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, such services were not material to the Company's consolidated results.

At ~~June~~September 30, 2025, and at December 31, 2024, receivables related to the above related party transactions comprised approximately 54% or less of total Trade accounts receivable. At ~~June~~September 30, 2025, and December 31, 2024, payables related to the above related party transactions comprised approximately 3% or less of total Trade accounts payable.

Further, as referenced in Note 6 - Other Current Assets and Note 7 - Other Non-Current Assets, Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated investees. At ~~June~~September 30, 2025, and at December 31, 2024, advances to unconsolidated investees comprised approximately 43% or less of total Other current assets and 76% or less of total Other non-current assets.

Bunge believes all transaction values to be similar to those that would be conducted with third parties at arm's-length.

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15. COMMITMENTS AND CONTINGENCIES

Bunge is party to claims and lawsuits, primarily ~~non-income~~from ~~tax~~indemnities provided to third parties and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations, and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the condensed consolidated balance sheets. Information regarding the claims appears in Bunge’s Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Included in Other non-current liabilities as of ~~June~~September 30, 2025, and December 31, 2024, are the following amounts related to these matters:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Non-income tax claims	$	2429	$	19
Labor claims	2638		50
Civil and other claims	~~204~~286		194
Total	$	~~254~~353	$	263

Brazil Indirect Taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS) plus applicable interest and penalties on the outstanding amounts.

As of ~~June~~September 30, 2025, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following:

(US$ in millions)	Years Examined	~~June~~September 30, 2025		December 31, 2024
ICMS	1990 to Present	$	~~140~~160	$	128
PIS/COFINS	2002 to Present	$	~~485~~515	$	427

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Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits.

Civil and other claims — The civil and other claims relate to various disputes and indemnities (see Indemnities section) with third parties, including suppliers, customers, and ~~customers~~buyers.

Guarantees — Bunge has issued or was a party to the following guarantees at ~~June~~September 30, 2025:

(US$ in millions)	Recorded Liability		MaximumPotentialFuturePayments
Unconsolidated affiliates guarantee (1)	$	1417	$	~~164~~247
Residual value guarantee (2)	—		~~375~~342
Other guarantees	—		12
Total	$	1417	$	~~551~~601

(1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2041. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on amounts drawn under such guaranteed debt facilities at ~~June~~September 30, 2025, Bunge's potential liability was $~~142~~159 million, and it has recorded $1417 million of ~~obligations and potential losses related to these guarantees within Other current liabilities and Other non-current liabilities.~~

(2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2025 through 2029. At June 30, 2025, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations.37

Bunge Global SA has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. ("BNA"), an indirect wholly-owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA’s Illinois facilities.

Indemnities—Bunge has issued or was a party to the following indemnities at June 30, 2025:

On October 1, 2024, Bunge agreed to indemnify the buyer in relation to the sale of its ownership interest in BP Bunge Bioenergia against future losses associated with certain legal claims as defined in the share purchase agreement. Indemnities for new claims generally expire between six and ten years from the transaction closing date and there is no expiration period for existing claims. At both June 30, 2025 and December 31, 2024, Bunge has recognized a $95 million obligation related to existing indemnity claims within Other non-current liabilities and has maximum potential future payments of $1,357 million.

In connection with the disposition of Bunge's Russian operations, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's former Russian subsidiary. The indemnity expires in February 2030. At both June 30, 2025 and December 31, 2024, Bunge has recognized a $9 million obligation related to this indemnity within Other non-current liabilities and has maximum potential future payments of $235 million.

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obligations and potential losses related to these guarantees within Other current liabilities and Other non-current liabilities.

(2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2025 through 2029. At September 30, 2025, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations.

Indemnities—Bunge has issued or was a party to the following indemnities at September 30, 2025:

On October 1, 2024, Bunge agreed to indemnify the buyer in relation to the sale of its ownership interest in BP Bunge Bioenergia against future losses associated with certain legal claims as defined in the share purchase agreement. Indemnities for new claims generally expire between six and ten years from the transaction closing date and there is no expiration period for existing claims. At both September 30, 2025 and December 31, 2024, Bunge has recognized a $95 million obligation related to existing indemnity claims within Other non-current liabilities and has maximum potential future payments of $1,357 million.

In connection with the disposition of Bunge's Russian operations, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's former Russian subsidiary. The indemnity expires in February 2030. At both September 30, 2025 and December 31, 2024, Bunge has recognized a $9 million obligation related to this indemnity within Other non-current liabilities and has maximum potential future payments of $235 million.

16. OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:

(US$ in millions)	~~June~~September 30,2025		December 31,2024
Labor, legal, and other provisions	$	~~286~~495	$	281
Pension, post-retirement, and post-employment obligations	168		170
Pension, post-retirement, and post-employment obligations (1)	189		170
Uncertain income tax positions (1)	79		75
Uncertain income tax positions (2)	82		75
Unrealized losses on derivative contracts, at fair value (2)	134		232
Unrealized losses on derivative contracts, at fair value (3)	124		232
Other	94134		89
Total	$	~~761~~1,024	$	847

(1)~~See~~In ~~Note~~October 92025, the Company, as plan sponsor for one of Bunge's defined benefit U.S. pension plans (the "U.S. Pension Plan"), completed $119 million of disbursements to U.S. Pension Plan participants electing a lump sum buyout. The remaining plan obligation is expected to be settled in the fourth quarter of 2025 through conversion of a previously acquired third-party ~~Income~~insurance ~~Taxes~~buy-in contract to a buy-out arrangement. At September 30, 2025, the benefit obligation remains with the U.S. Pension Plan and the Company. As of September 30, 2025, the pension obligation was fully funded by cash held by the plan and the buy-in contract. Additionally, as of September 30, 2025, the plan had unamortized actuarial losses of $123 million recorded in Accumulated other comprehensive income (loss).

(2)See Note 119 - ~~Fair~~Income ~~Value Measurements~~Taxes.

(3)See Note 11- Fair Value Measurements.

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17. EQUITY

~~Share~~Registered ~~repurchase~~shares ~~program~~issuance — On ~~November~~July 132, ~~2024~~2025, Bunge ~~Global~~completed ~~SA's~~its ~~Board~~previously ofannounced ~~Directors~~Acquisition ~~approved the expansion~~ of anViterra. ~~existing~~Pursuant ~~share~~to ~~repurchase~~the ~~program~~terms byof anthe ~~additional~~Business ~~$500 million~~Combination Agreement, ~~bringing~~Viterra ~~total~~shareholders ~~authorizations~~were ~~under~~issued ~~the~~approximately ~~program since inception to $2~~65.76 ~~billion.~~million ~~The~~registered ~~program~~shares ~~continues to have an indefinite term. As~~ of ~~June 30~~Bunge, ~~2025, a total of 19,667,739 shares were repurchased under the program for $1.9 billion~~ with an aggregate ~~purchase~~value ~~authorization~~ of approximately $~~800~~5.3 ~~million~~billion. ~~remaining~~See ~~outstanding~~Note ~~for~~2 ~~repurchases~~- ~~under~~Acquisitions ~~the program. During the three~~ and ~~six~~Dispositions ~~months~~for ~~ended~~further ~~June 30, 2025, Bunge did not repurchase any shares~~information.

Share repurchase program — On November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million, bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of September 30, 2025, a total of 26,340,516 shares were repurchased under the program for $2.4 billion with an aggregate purchase authorization of approximately $255 million remaining outstanding for repurchases under the program. During the three and nine months ended September 30, 2025, Bunge repurchased 6,672,777 shares for $545 million.

Dividends on registered shares — We paid cash dividends to shareholders as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Dividends paid per share	$	0.70	$	0.68	$	12.3808	$	12.~~3425~~0225

Dividend distributions are at the discretion of the Board of Directors and the approval of shareholders at a general meeting in accordance with Swiss law. On May 15, 2025, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.80 per share, payable in four equal quarterly installments of $0.70 per share beginning in the second quarter of fiscal year 2025 and ending in the first quarter of fiscal year 2026.

Upon approval of a dividend, the obligation is reflected in Other current liabilities with a corresponding reduction in Retained earnings in the condensed consolidated balance sheet. Additionally, for the three months ended September 30, 2025, Retained earnings was further reduced as a result of the registered share issuance to complete the Viterra acquisition. At ~~June~~September 30, 2025, and December 31, 2024, the unpaid portion of the dividends accrued in Other current liabilities on the condensed consolidated balance sheets totaled $~~282~~271 million and $91 million, respectively, see Note 10- Other Current Liabilities.

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Accumulated other comprehensive income (loss) attributable to Bunge — The following table summarizes the balances of related after-tax components of Accumulated other comprehensive income (loss) attributable to Bunge:

(US$ in millions)	Foreign ExchangeTranslationAdjustment		DeferredGains (Losses)on HedgingActivities		Pension and OtherPostretirementLiabilityAdjustments		AccumulatedOtherComprehensiveIncome (Loss)
Balance, April 1, 2025	$	(5,952)	$	(344)	$	(140)	$	(6,436)
Balance, July 1, 2025	$	(5,594)	$	(393)	$	(136)	$	(6,123)
Other comprehensive income (loss) before reclassifications	~~357~~48		(4932)		—		~~308~~16
Amount reclassified from accumulated other comprehensive income (loss)	1—		—		4—		5—
Balance, June 30, 2025	$	(5,594)	$	(393)	$	(136)	$	(6,123)
Balance, September 30, 2025	$	(5,546)	$	(425)	$	(136)	$	(6,107)

(US$ in millions)	Foreign ExchangeTranslationAdjustment		DeferredGains (Losses)on HedgingActivities		Pension and OtherPostretirementLiabilityAdjustments		AccumulatedOtherComprehensiveIncome (Loss)
Balance, April 1, 2024	$	(5,664)	$	(410)	$	(120)	$	(6,194)
Balance, July 1, 2024	$	(6,005)	$	(321)	$	(120)	$	(6,446)
Other comprehensive income (loss) before reclassifications	~~(341)~~150		87(57)		—		~~(254)~~93
Amount reclassified from accumulated other comprehensive income (loss)	—		2(1)		—		2(1)
Balance, June 30, 2024	$	(6,005)	$	(321)	$	(120)	$	(6,446)
Balance, September 30, 2024	$	(5,855)	$	(379)	$	(120)	$	(6,354)

(US$ in millions)	Foreign ExchangeTranslationAdjustment		DeferredGains (Losses)on HedgingActivities		Pension and OtherPostretirementLiabilityAdjustments		AccumulatedOtherComprehensiveIncome (Loss)
Balance, January 1, 2025	$	(6,253)	$	(309)	$	(140)	$	(6,702)
Other comprehensive income (loss) before reclassifications	610		(87)		—		523
Amount reclassified from accumulated other comprehensive income (loss)	1		—		4		5
Sale of redeemable noncontrolling interest	48		3		—		51
Balance, June 30, 2025	$	(5,594)	$	(393)	$	(136)	$	(6,123)

(US$ in millions)	Foreign ExchangeTranslationAdjustment		DeferredGains (Losses)on HedgingActivities		Pension and OtherPostretirementLiabilityAdjustments		AccumulatedOtherComprehensiveIncome (Loss)
Balance, January 1, 2024	$	(5,489)	$	(445)	$	(120)	$	(6,054)
Other comprehensive income (loss) before reclassifications	(516)		125		—		(391)
Amount reclassified from accumulated other comprehensive income (loss)	—		(1)		—		(1)
Balance, June 30, 2024	$	(6,005)	$	(321)	$	(120)	$	(6,446)

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(US$ in millions)	Foreign Exchange Translation Adjustment		Deferred Gains (Losses) on Hedging Activities		Pension and Other Postretirement Liability Adjustments		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2025	$	(6,253)	$	(309)	$	(140)	$	(6,702)
Other comprehensive income (loss) before reclassifications	658		(119)		—		539

Amount reclassified from accumulated other comprehensive income (loss)	1		—		4		5
Sale of redeemable noncontrolling interest	48		3		—		51
Balance, September 30, 2025	$	(5,546)	$	(425)	$	(136)	$	(6,107)


(US$ in millions)	Foreign Exchange Translation Adjustment		Deferred Gains (Losses) on Hedging Activities		Pension and Other Postretirement Liability Adjustments		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2024	$	(5,489)	$	(445)	$	(120)	$	(6,054)
Other comprehensive income (loss) before reclassifications	(366)		68		—		(298)

Amount reclassified from accumulated other comprehensive income (loss)	—		(2)		—		(2)
Balance, September 30, 2024	$	(5,855)	$	(379)	$	(120)	$	(6,354)

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18. EARNINGS PER SHARE

Share information provided below, including references to Net income (loss) attributable to Bunge shareholders, Weighted-average number of shares outstanding, and Earnings per share have been calculated based on Bunge’s registered shares.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(US$ in millions, except for share data)	2025		2024		2025		2024
Net income (loss) attributable to Bunge shareholders	$	354	$	70	$	555	$	314
Income (loss) from continuing operations	$	184	$	233	$	758	$	558
Net (income) loss attributable to noncontrolling interests	(15)		(12)		(34)		(23)
Income (loss) from continuing operations attributable to Bunge	$	169	$	221	$	724	$	535
Income (loss) from discontinued operations, net of tax	(3)		—		(3)		—
Net income (loss) attributable to Bunge shareholders	$	166	$	221	$	721	$	535
Weighted-average number of shares outstanding:
Basic	~~134~~197,~~493~~111,~~236~~085		~~141~~140,~~620~~519,~~591~~185		~~134~~155,~~278~~452,~~611~~925		~~142~~141,~~560~~875,~~804~~297
Effect of dilutive shares:
—stock options and awards (1)	1,~~106~~365,~~007~~933		1,~~564~~626,~~559~~416		1,~~218~~259,~~967~~348		1,~~730~~696,~~536~~582
Diluted	~~135~~198,~~599~~477,~~243~~018		~~143~~142,~~185~~145,~~150~~601		~~135~~156,~~497~~712,~~578~~273		~~144~~143,~~291~~571,~~340~~879
Earnings per share:
Basic earnings per share:
Net income (loss) attributable to Bunge shareholders—basic	$	2.63	$	0.49	$	4.14	$	2.20
Net income (loss) from continuing operations	$	0.86	$	1.57	$	4.66	$	3.77
Net income (loss) attributable to Bunge shareholders—diluted	$	2.61	$	0.48	$	4.10	$	2.17
Net income (loss) from discontinued operations	(0.02)		—		(0.02)		—
Net income (loss) attributable to Bunge shareholders—basic	$	0.84	$	1.57	$	4.64	$	3.77
Diluted earnings per share:
Net income (loss) from continuing operations	$	0.86	$	1.56	$	4.62	$	3.73
Net income (loss) from discontinued operations	(0.02)		—		(0.02)		—
Net income (loss) attributable to Bunge shareholders—diluted	$	0.84	$	1.56	$	4.60	$	3.73

(1) The weighted-average shares outstanding-diluted exclude less than 1 million outstanding stock options or contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for each of the three and ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, respectively.

19. SEGMENT INFORMATION

~~The~~Effective ~~Company's~~July ~~operations are organized~~1, ~~managed~~2025, ~~and~~the ~~classified~~Company ~~into~~changed ~~three~~its reportable segments -to ~~Agribusiness,~~align ~~Refined~~with ~~and~~its ~~Specialty~~new ~~Oils,~~value ~~and~~chain ~~Milling,~~operational ~~organized~~structure ~~based~~as ~~upon~~a ~~their~~result ~~similar~~of ~~economic~~the ~~characteristics,~~completion ~~products~~of ~~and~~the ~~services~~Acquisition ~~offered, production processes, types and classes~~ of ~~customer, and distribution methods~~Viterra. ~~The~~See ~~Company’s~~Note ~~remaining~~1 ~~operations~~- ~~are~~Basis ~~not~~of ~~reportable segments~~Presentation, asPrinciples ~~defined~~of ~~by the applicable accounting standard~~Consolidation, ~~and~~ ~~are~~And ~~classified~~Significant asAccounting ~~Corporate and Other~~Policies.

~~Effective~~Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment. Prior period amounts in the Sugar and Bioenergy segment have been reclassified to Corporate and Other. Prior to the January 1, 2025 change, the Sugar and Bioenergy segment was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture. See Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies.

~~The~~Therefore, ~~Agribusiness~~the ~~segment~~Company's isoperations ~~characterized~~are bynow ~~both~~organized, ~~inputs~~managed, and ~~outputs~~classified ~~being~~into ~~agricultural~~four ~~commodities~~reportable segments - Soybean Processing and ~~thus~~Refining, ~~high~~Softseed ~~volume~~Processing and ~~low~~Refining, ~~margin.~~Other ~~The~~Oilseeds ~~Refined~~Processing and ~~Specialty~~Refining, ~~Oils~~and ~~segment~~Grain ~~involves~~Merchandising ~~the~~and ~~processing~~Milling, organized based upon their similar economic characteristics, products and services offered, production processes, types and ~~marketing~~classes of ~~products~~customer, ~~derived~~and ~~from~~distribution ~~vegetable oils~~methods. The ~~Milling~~Company’s ~~segment~~remaining ~~involves~~operations ~~the~~are ~~processing,~~not ~~production~~reportable segments, ~~and~~as ~~marketing~~defined ofby ~~products~~the ~~derived~~applicable ~~primarily~~accounting ~~from~~standard, and ~~wheat~~are classified as Corporate and ~~corn~~Other.

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The Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. The Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, refining, marketing, and sale of softseeds (canola/rapeseed, sunflower seed, and safflower seed) and softseed related products, as well as biodiesel production and distribution. The Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. The Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services.

Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker ("CODM") exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. It also includes historical results of Bunge's previously recognized Sugar and Bioenergy segment as discussed above.

Transfers between segments are valued at market. The segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”


	Three Months Ended September 30, 2025
(US$ in millions)	Soybean Processing and Refining		Softseed Processing and Refining		Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Eliminations		Total Reportable Segments		Corporate & Other		Total Bunge Consolidated
Net sales to external customers	$	10,857	$	3,661	$	1,207	$	6,428	$	—	$	22,153	$	2	$	22,155
Inter–segment revenues	189		413		83		542		(1,227)		—		—		—
Raw materials cost	(9,892)		(3,142)		(943)		(6,060)		—		(20,037)		3		(20,034)
Industrial expenses- fixed	(248)		(127)		(74)		(120)		—		(569)		(7)		(576)
Industrial expenses- variable	(141)		(61)		(26)		(28)		—		(256)		—		(256)
Depreciation	(78)		(42)		(20)		(77)		—		(217)		(9)		(226)
Cost of goods sold	(10,359)		(3,372)		(1,063)		(6,285)		—		(21,079)		(13)		(21,092)
Selling, general and administrative expenses	(143)		(58)		(57)		(145)		—		(403)		(275)		(678)
Foreign exchange (losses) gains – net	(42)		11		(2)		(15)		—		(48)		(7)		(55)
EBIT - Noncontrolling interests (1)	(3)		(1)		(8)		(1)		—		(13)		1		(12)
Other income (expense) - net	21		(5)		—		37		—		53		24		77
Income (loss) from affiliates	6		—		—		2		—		8		—		8
EBIT	337		236		77		21		—		671		(268)		403
Depreciation, depletion and amortization	(78)		(44)		(28)		(83)		—		(233)		(8)		(241)
Total assets	18,833		7,092		3,712		14,052		—		43,689		2,609		46,298
Capital expenditures	195		37		168		59		—		459		10		469

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	Three Months Ended June 30, 2025
	Three Months Ended September 30, 2024
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Eliminations		Total Reportable Segments		Corporate ~~and~~& Other		Total Bunge Consolidated
Net sales to external customers	$	97,~~167~~857	$	31,~~177~~589	$	~~409~~1,064	$	2,397	$	—	$	12,~~753~~907	$	161	$	12,~~769~~908
Inter–segment revenues	~~1,830~~160		~~122~~242		1699		334		(~~1,968~~835)		—		—		—
Raw materials cost	(87,~~253~~177)		(21,~~724~~285)		(~~304~~760)		(2,181)		—		(11,~~281~~403)		~~(11)~~4		(11,~~292~~399)
Industrial expenses- fixed	(~~239~~227)		(~~143~~76)		(4467)		(65)		—		(~~426~~435)		(42)		(~~430~~437)
Industrial expenses- variable	(~~138~~112)		(5340)		(926)		(13)		—		(~~200~~191)		~~(1)~~—		(~~201~~191)
Depreciation	(6646)		(3220)		(522)		(16)		—		(~~103~~104)		(5)		(~~108~~109)
Cost of goods sold	(87,~~696~~562)		(21,~~952~~421)		(~~362~~875)		(2,275)		—		(12,~~010~~133)		(213)		(12,~~031~~136)
Selling, general and administrative expenses	(~~141~~111)		(~~107~~35)		(2463)		(68)		—		(~~272~~277)		(~~146~~160)		(~~418~~437)
Foreign exchange (losses) gains – net	3315		(3)		—(7)		1		—		3012		142		4414
EBIT - Noncontrolling interests (1)	~~(13)~~4		~~(3)~~—		(113)		(1)		—		(1710)		1		(169)
Other income (expense) - net	2850		(114)		~~155~~(3)		21		—		~~172~~64		1523		~~187~~87
Income (loss) from affiliates	3(31)		—		—1		4		—		3(26)		—6		3(20)
EBIT	~~381~~222		~~101~~132		~~177~~104		79		—		~~659~~537		(~~121~~130)		~~538~~407
Depreciation, depletion and amortization	(6647)		(3921)		(530)		(16)		—		(~~110~~114)		(65)		(~~116~~119)
Total assets	1710,~~804~~974		42,~~390~~666		~~629~~3,160		4,369		—		2221,~~823~~169		84,~~331~~098		3125,~~154~~267
Capital expenditures	~~226~~159		8022		5121		39		—		~~311~~341		9513		~~406~~354

	Three Months Ended June 30, 2024
	Nine Months Ended September 30, 2025
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Eliminations		Total Reportable Segments		Corporate ~~and~~& Other		Total Bunge Consolidated
Net sales to external customers	$	925,~~657~~268	$	36,~~121~~707	$	~~401~~3,442	$	11,146	$	—	$	1346,~~179~~563	$	624	$	1346,~~241~~567
Inter–segment revenues	~~1,841~~475		461,069		11251		1,163		(12,~~898~~958)		—		—		—
Raw materials cost	(822,~~934~~664)		(25,~~581~~772)		(~~275~~2,821)		(10,436)		—		(1141,~~790~~693)		~~(52)~~9		(1141,~~842~~684)
Industrial expenses- fixed	(~~240~~661)		(~~138~~268)		(44216)		(249)		—		(~~422~~1,394)		~~(9)~~2		(~~431~~1,392)
Industrial expenses- variable	(~~134~~373)		(55142)		(878)		(55)		—		(~~197~~648)		~~(1)~~—		(~~198~~648)
Depreciation	(60179)		(3282)		(859)		(105)		—		(~~100~~425)		(620)		(~~106~~445)
Cost of goods sold	(923,~~368~~877)		(26,~~806~~264)		(~~335~~3,174)		(10,845)		—		(1244,~~509~~160)		(689)		(1244,~~577~~169)
Selling, general and administrative expenses	(~~150~~365)		(~~100~~131)		(24176)		(266)		—		(~~274~~938)		(~~175~~538)		(~~449~~1,476)
Foreign exchange (losses) gains – net	~~(39)~~9		~~(2)~~43		(25)		(41)		—		~~(43)~~6		68		~~(37)~~14
EBIT - Noncontrolling interests (1)	7(13)		(122)		—(10)		(6)		—		(531)		12		(429)
Other income (expense) - net	5627		(1610)		(15)		263		—		39275		1871		57346
Income (loss) from affiliates	~~(25)~~19		—(6)		~~(1)~~—		3		—		~~(26)~~16		~~(20)~~—		~~(46)~~16
EBIT	~~138~~1,068		~~185~~337		3872		254		—		~~361~~1,731		(~~176~~462)		~~185~~1,269
Depreciation, depletion and amortization	(60179)		(4084)		(983)		(112)		—		(~~109~~458)		(519)		(~~114~~477)
Total assets	1618,~~997~~833		37,~~840~~092		~~885~~3,712		14,052		—		2143,~~722~~689		2,~~706~~609		2446,~~428~~298
Capital expenditures	~~171~~539		7363		10453		108		—		~~254~~1,163		4322		~~297~~1,185

3843

Table of Contents

	Six Months Ended June 30, 2025
	Nine Months Ended September 30, 2024
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Eliminations		Total Reportable Segments		Corporate ~~and~~& Other		Total Bunge Consolidated
Net sales to external customers	$	1723,~~328~~556	$	65,~~269~~143	$	~~784~~3,034	$	7,831	$	—	$	2439,~~381~~564	$	312	$	2439,~~412~~566
Inter–segment revenues	~~3,502~~601		~~204~~651		82252		1,141		(32,~~788~~645)		—		—		—
Raw materials cost	(1521,~~707~~622)		(54,~~355~~085)		(~~577~~2,235)		(7,147)		—		(2135,~~639~~089)		~~(11)~~13		(2135,~~650~~076)
Industrial expenses- fixed	(~~455~~646)		(~~277~~215)		(85198)		(204)		—		(~~817~~1,263)		1(4)		(~~816~~1,267)
Industrial expenses- variable	(~~264~~339)		(~~108~~130)		(1882)		(41)		—		(~~390~~592)		~~(2)~~—		(~~392~~592)
Depreciation	(~~128~~137)		(6757)		(1361)		(48)		—		(~~208~~303)		(1116)		(~~219~~319)
Cost of goods sold	(1622,~~554~~744)		(54,~~807~~487)		(~~693~~2,576)		(7,440)		—		(2337,~~054~~247)		(237)		(2337,~~077~~254)
Selling, general and administrative expenses	(~~276~~344)		(~~207~~104)		(47185)		(203)		—		(~~530~~836)		(~~268~~489)		(~~798~~1,325)
Foreign exchange (losses) gains	62		(7)		(2)				—		53		16		69
Foreign exchange (losses) gains – net	(58)		(15)		(21)		(10)		—		(104)		3		(101)
EBIT - Noncontrolling interests (1)	~~(11)~~12		~~(6)~~—		(130)		—		—		(18)		13		(1715)
Other income (expense) - net	9097		(2114)		~~154~~(13)		64		—		~~223~~134		4678		~~269~~212
Income (loss) from affiliates	12(56)		~~(4)~~—		—1		(11)		—		8(66)		—8		8(58)
Total EBIT	651		217		195				—		1,063		(197)		866
EBIT	463		523		210		231		—		1,427		(402)		1,025
Depreciation, depletion and amortization	(~~128~~137)		(8258)		(1485)		(49)		—		(~~224~~329)		(1216)		(~~236~~345)
Total assets	1710,~~804~~974		42,~~390~~666		~~629~~3,160		4,369		—		2221,~~823~~169		84,~~331~~098		3125,~~154~~267
Capital expenditures	~~393~~400		~~158~~69		8283		111		—		~~559~~863		~~157~~24		~~716~~887

	Six Months Ended June 30, 2024
(US$ in millions)	Agribusiness		Refined and Specialty Oils		Milling		Eliminations		Total Reportable Segments		Corporate and Other		Total Bunge Consolidated
Net sales to external customers	$	19,397	$	6,361	$	782	$	—	$	26,540	$	118	$	26,658
Inter–segment revenues	3,597		117		81		(3,795)		—		—		—
Raw materials cost	(17,803)		(5,242)		(534)		—		(23,579)		(98)		(23,677)
Industrial expenses- fixed	(467)		(267)		(87)		—		(821)		(9)		(830)
Industrial expenses- variable	(266)		(114)		(19)		—		(399)		(2)		(401)
Depreciation	(118)		(64)		(16)		—		(198)		(12)		(210)
Cost of goods sold	(18,654)		(5,687)		(656)		—		(24,997)		(121)		(25,118)
Selling, general and administrative expenses	(305)		(200)		(49)		—		(554)		(334)		(888)
Foreign exchange (losses) gains	(101)		(13)		(2)		—		(116)		1		(115)
EBIT - Noncontrolling interests (1)	10		(18)		—		—		(8)		2		(6)
Other income (expense) - net	109		(32)		(3)		—		74		51		125
Income (loss) from affiliates	(40)		—		(1)		—		(41)		3		(38)
Total EBIT	416		411		71		—		898		(280)		618
Depreciation, depletion and amortization	(118)		(80)		(17)		—		(215)		(11)		(226)
Total assets	16,997		3,840		885		—		21,722		2,706		24,428
Capital expenditures	305		123		21		—		449		84		533

(1) Includes Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.

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The Company’s CODM is the chief executive officer. Total reportable segment earnings before interest and taxes ("EBIT") is the key operating performance measure utilized by the CODM to evaluate reportable segment operating activities and performance. The CODM believes total reportable segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its reportable segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries. Further, the CODM uses total reportable segment EBIT to evaluate earnings generated from segment assets in deciding whether to reinvest earnings into a particular segment or into other parts of the entity, such as through acquisitions. EBIT is also used to monitor forecast versus actual results.

A reconciliation of Net income (loss) attributable to Bunge to Total reportable segment EBIT follows:

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(US$ in millions)	2025		2024		2025		2024
Net income (loss) attributable to Bunge	$	~~354~~166	$	70221	$	~~555~~721	$	~~314~~535
Interest income	(4657)		(3733)		(~~105~~162)		(79112)
Interest expense	~~106~~202		~~123~~127		~~210~~412		~~231~~358
Income tax expense (benefit)	~~124~~86		3089		~~204~~290		~~147~~236
Noncontrolling interests' share of interest and tax	—		(1)		2		5
(Income) loss from discontinued operations, net of tax	3		—		3		—
Less Corporate & Other EBIT	(121)		(176)		(197)		(280)
Noncontrolling interests' share of interest and tax	3		3		5		8
Total reportable segment EBIT	$	659	$	361	$	1,063	$	898
Less Corporate & Other EBIT	(268)		(130)		(462)		(402)
Total reportable segment EBIT	$	671	$	537	$	1,731	$	1,427

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The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815") and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):

	Three Months Ended June 30, 2025
	Three Months Ended September 30, 2025
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Corporate and Other		Total
Sales from commodity contracts (ASC 815)	$	89,~~483~~157	$	~~236~~2,754	$	2953	$	5,818	$	—	$	817,~~748~~782
Sales from contracts with customers (ASC 606)	~~684~~1,700		~~2,941~~907		~~380~~1,154		610		162		4,~~021~~373
Net sales to external customers	$	910,~~167~~857	$	3,~~177~~661	$	~~409~~1,207	$	6,428	$	162	$	1222,~~769~~155

	Three Months Ended June 30, 2024
	Three Months Ended September 30, 2024
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Corporate and Other		Total
Sales from commodity contracts (ASC 815)	$	96,~~185~~328	$	~~273~~848	$	122	$	1,838	$	48—	$	9,~~507~~036
Sales from contracts with customers (ASC 606)	~~472~~1,529		~~2,848~~741		~~400~~1,042		559		141		3,~~734~~872
Net sales to external customers	$	97,~~657~~857	$	31,~~121~~589	$	~~401~~1,064	$	2,397	$	621	$	1312,~~241~~908

	Six Months Ended June 30, 2025
	Nine Months Ended September 30, 2025
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Corporate and Other		Total
Sales from commodity contracts (ASC 815)	$	1620,~~260~~688	$	~~428~~4,154	$	40123	$	9,545	$	—	$	1634,~~728~~510
Sales from contracts with customers (ASC 606)	14,~~068~~580		52,~~841~~553		~~744~~3,319		1,601		314		712,~~684~~057
Net sales to external customers	$	1725,~~328~~268	$	6,~~269~~707	$	~~784~~3,442	$	11,146	$	314	$	2446,~~412~~567

	Six Months Ended June 30, 2024
	Nine Months Ended September 30, 2024
(US$ in millions)	~~Agribusiness~~Soybean Processing and Refining		~~Refined~~Softseed Processing and ~~Specialty Oils~~Refining		~~Milling~~Other Oilseeds Processing and Refining		Grain Merchandising and Milling		Corporate and Other		Total
Sales from commodity contracts (ASC 815)	$	18,~~470~~961	$	~~419~~2,827	$	158	$	6,170	$	90—	$	1828,~~980~~016
Sales from contracts with customers (ASC 606)	~~927~~4,595		52,~~942~~316		~~781~~2,976		1,661		282		711,~~678~~550
Net sales to external customers	$	1923,~~397~~556	$	65,~~361~~143	$	~~782~~3,034	$	7,831	$	~~118~~2	$	2639,~~658~~566

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Cautionary Statement Regarding Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This Form 10-Q includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:

•the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;

•the effect of weather conditions and the impact of crop and animal disease on our business;

•the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;

•changes in government policies and laws affecting our business, including agricultural and trade policies (including tariff policies), financial markets regulation and environmental, tax and biofuels regulation;

•the impact of seasonality;

•the impact of government policies and regulations;

•the outcome of pending regulatory and legal proceedings;

•our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s business combination with Viterra Limited;

•the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;

•the effectiveness of our capital allocation plans, funding needs and financing sources;

•the effectiveness of our risk management strategies;

•operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;

•changes in foreign exchange policy or rates;

•the impact of our dependence on third parties;

•our ability to attract and retain executive management and key personnel; and

•other factors affecting our business generally.

The forward looking statements included in this report are made only as of the date of this report, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.

You should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025 and “Part II — Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q for a more detailed discussion of these factors, as well as other risks and uncertainties set forth from time to time in reports subsequently filed with the SEC.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Second~~Third Quarter 2025 Overview

You should refer to "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Operating Results" in our Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of key factors affecting operating results in each of our business segments. In addition, you should refer to "Item 9A, Controls and Procedures" in our Annual Report on Form 10-K for the year ended December 31, 2024, and to "Item 4, Controls and Procedures" in this Quarterly Report on Form 10-Q for the period ended ~~June~~September 30, 2025, for a discussion of our internal controls over financial reporting.

~~On July 2, 2025, Bunge completed its previously announced acquisition (the "Acquisition") of~~ Viterra Limited ("Viterra"). Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $2.0 billion in cash, in return for 100% of the outstanding equity of Viterra. Viterra results will be included in our condensed consolidated financial statements beginning in the third quarter of 2025. Acquisition

On July 2, 2025, we completed our previously announced acquisition (the "Acquisition") of Viterra Limited ("Viterra"). Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra. The Acquisition of Viterra creates a premier global agribusiness solutions company for food, feed and fuel, well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.

This section is inclusive of the results of operations of Viterra from the date of Acquisition, July 2, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Non-U.S. GAAP Financial Measures

Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the EBIT of each of Bunge’s ~~Agribusiness~~Soybean Processing and Refining, ~~Refined~~Softseed Processing and ~~Specialty~~Refining, ~~Oils~~Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. Bunge’s management believes Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of performance without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and EBIT attributable to discontinued operations and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT below.

Executive Summary

Net Income (Loss) Attributable to Bunge Shareholders - For the three months ended ~~June~~September 30, 2025, Net income attributable to Bunge shareholders was $~~354~~166 million, ana ~~increase~~decrease of $~~284~~55 million compared to $70221 million, for the three months ended ~~June~~September 30, 2024. For the ~~six~~nine months ended ~~June~~September 30, 2025, Net income attributable to Bunge was $~~555~~721 million, an increase of $~~241~~186 million, compared to $~~314~~535 million for the ~~six~~nine months ended ~~June~~September 30, 2024. The ~~increase~~decrease for the three ~~and six~~ months ended ~~June~~ September 30, 2025, was primarily due to higher ~~Segment~~net ~~EBIT~~interest ~~and~~expense due to increased debt levels to finance the Acquisition as well as lower Corporate and Other EBIT, partially offset by higher Segment EBIT, as further discussed in the Segment Overview & Results of Operations section below. The increase for the nine months ended September 30, 2025 was due to higher Segment EBIT, partially offset by lower EBIT in our Corporate and Other activities, as further discussed in the Segment Overview & Results of Operations section below, and higher income tax expense as discussed further below.

Net income (loss) attributable to Bunge shareholders - Earnings ~~Per~~per ~~Share~~share - Diluted - For the three months ended ~~June~~September 30, 2025, Net income attributable to Bunge shareholders - diluted, was $20.6184 per share, ana ~~increase~~decrease of $20.1372 per share, compared to $01.4856 per share for the three months ended ~~June~~September 30, 2024. For the ~~six~~nine months ended ~~June~~September 30, 2025, Net income attributable to Bunge shareholders, - diluted, was $4.1060 per share, an increase of $10.9387 per share, compared to income of $23.1773 per share for the ~~six~~nine months ended ~~June~~September 30, 2024.

Total EBIT - For the three months ended June 30, 2025, Total EBIT was $538 million, an increase of $353 million compared to $185 million for the three months ended June 30, 2024. For the six months ended June 30, 2025, Total EBIT was $866 million, an increase of $248 million compared to Total EBIT of $618 million for the six months ended June 30, 2024. The increase in Total EBIT for the three and six months ended June 30, 2025, was primarily due to higher Segment EBIT, resulting primarily from favorable foreign exchange results and higher gross profit in our Agribusiness segment and higher Other income (expense) - net in our Milling segment, as further discussed in the Segment Overview & Results of Operations section below, as well as higher Corporate and Other EBIT, resulting from lower SG&A expense, as further discussed in the Segment Overview & Results of Operations section below. 47

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~~Income~~Total ~~Tax~~EBIT ~~(Expense)~~- ~~Benefit~~For -the three months ended September ~~Income~~30, ~~tax~~2025, ~~expense~~Total EBIT was $~~124~~403 million, a decrease of $4 million compared to $407 million for the three months ended ~~June~~ September 30, 2024. For the nine months ended September 30, 2025, Total EBIT was $1,269 million, an increase of $244 million compared to Total EBIT of $301,025 million for the ~~three~~nine months ended ~~June~~ September 30, 2024. ~~Income~~The ~~tax~~decrease ~~expense~~in ~~was~~Total ~~$204~~EBIT ~~million~~ for the ~~six~~three months ended ~~June~~September 30, 2025, ~~compared~~was primarily due to ~~$147~~lower ~~million~~Corporate ~~for~~and ~~the~~Other ~~six~~EBIT, ~~months~~resulting ~~ended~~from ~~June~~higher 30SG&A expense, ~~2024~~partially offset by higher Segment EBIT, resulting primarily from higher gross profit in both of our Soybean Processing and Refining and Softseed Processing and Refining segments, as further discussed in the Segment Overview & Results of Operations section below. The increase for the ~~three~~nine ~~and six~~ months ended ~~June~~September 30, 2025, was primarily due to higher ~~pre-tax~~Segment ~~income~~EBIT, resulting primarily from higher gross profit in ~~2025~~our Soybean Processing and Refining segment, partially offset by lower Corporate and Other EBIT, resulting from higher SG&A expense, as further discussed in the Segment Overview & Results of Operations section below.

~~Liquidity~~Income ~~and~~Tax ~~Capital~~(Expense) ~~Resources~~Benefit ~~– At June~~- ~~30,~~Income ~~2025,~~tax ~~working~~expense ~~capital, which equals Total current assets less Total current liabilities,~~ was $~~11,061~~86 million, anfor ~~increase~~the ofthree ~~$3,215~~months ~~million~~ended September 30, 2025 compared to ~~working~~$89 ~~capital~~million offor ~~$7,846~~the ~~million~~three atmonths ~~June~~ended September 30, 2024,. ~~and~~Income antax ~~increase~~expense ofwas $~~2,538~~290 million, ~~compared~~for tothe ~~working~~nine ~~capital~~months ofended ~~$8,523 million at December~~September ~~31, 2024. The increase in working capital at June~~ 30, 2025, compared to ~~June 30,~~$236 ~~2024~~million ~~and~~for ~~December 31,~~the ~~2024,~~nine ~~was~~months ~~primarily~~ended ~~due~~September to30, ~~higher~~2024. ~~Cash~~The ~~and~~decrease ~~cash equivalents as a result of higher borrowings by Bunge in preparation~~ for ~~closing of~~ the ~~Viterra~~three ~~Acquisition~~months ~~early~~ended inSeptember 30, ~~the third quarter of~~ 2025 ~~partially~~was ~~offset~~primarily bydue ~~higher~~to ~~Short~~lower pre-~~term~~tax ~~debt,~~income ~~as further discussed~~ in ~~Liquidity~~2025, ~~and~~while ~~Capital~~the ~~Resources section below. The~~ increase infor ~~working~~the ~~capital~~nine atmonths ~~June~~ended September 30, 2025, ~~compared to December 31, 2024,~~ was ~~also~~primarily ~~driven~~due byto higher ~~Inventories,~~pre-tax asincome ~~further discussed~~ in ~~Liquidity and Capital Resources section below~~2025.

Liquidity and Capital Resources – At September 30, 2025, working capital, which equals Total current assets less Total current liabilities, was $10,622 million, an increase of $2,394 million, compared to working capital of $8,228 million at September 30, 2024, and an increase of $2,099 million, compared to working capital of $8,523 million at December 31, 2024. The increase in working capital at September 30, 2025, compared to September 30, 2024, and December 31, 2024, respectively, was primarily due to higher Inventories and Other current assets, partially offset by higher Short-term debt, as further discussed in Liquidity and Capital Resources section below.

Segment Overview & Results of Operations

Effective ~~January~~July 1, 2025, ~~Bunge~~we ischanged noour ~~longer~~reportable ~~separately~~segments ~~presenting~~to aalign ~~Sugar~~with &our ~~Bioenergy~~new ~~segment,~~value chain operational structure as ~~discussed~~a inresult of the completion of the Acquisition of Viterra. See Note 19 - Segment Information to our condensed consolidated financial statements. Further, ~~nor~~we ~~presenting~~enhanced ~~Core~~our ~~and~~volume ~~Non-core~~reporting ~~segment~~to ~~results.~~align ~~Corresponding~~with ~~prior~~the ~~period~~new ~~amounts~~segment ~~have~~reporting ~~been~~structure ~~restated~~and towith ~~conform~~the toCompany's ~~current~~primary ~~period~~income-generating ~~presentation~~activities. Volumes are now reported as follows:

~~Therefore,~~•Soybean ~~our~~Processing ~~operations~~and ~~are~~Refining ~~now~~volumes ~~organized,~~represent ~~managed~~(1) ~~and~~oilseed ~~classified~~volumes ~~into~~processed ~~three~~(crushed) ~~reportable~~during ~~segments~~a ~~based~~period, ~~upon~~which ~~their~~approximate ~~similar~~sales ~~economic~~volumes ~~characteristics,~~to ~~nature~~third ofparties ~~products~~during ~~and~~the ~~services~~same ~~offered,~~reporting ~~production~~period ~~processes~~(2) merchandised volumes, ~~types~~which ~~and~~represent ~~classes~~sales volumes of ~~customer,~~soybeans to third-party customers during a reporting period and ~~distribution~~(3) ~~methods.~~a ~~Reportable~~supplemental ~~operations~~refined ~~comprise~~oil ~~our~~production ~~Agribusiness~~volume, ~~Refined~~which ~~and~~will ~~Specialty~~also ~~Oils,~~be ~~and~~provided ~~Milling~~representing ~~reportable~~the ~~segments.~~total refined volume during a reporting period.

~~Our~~•Softseed ~~remaining~~Processing ~~operations are not reportable segments, as defined by the applicable accounting standard,~~ and ~~are~~Refining ~~classified~~volumes asrepresent ~~Corporate~~(1) ~~and~~oilseed ~~Other.~~volumes ~~Corporate~~processed ~~and~~(crushed) ~~Other~~during ~~includes~~a ~~salaries and overhead for corporate functions~~period, ~~including~~which ~~acquisition~~approximate ~~and~~sales ~~integration~~volumes ~~costs related~~ to ~~the~~third ~~Acquisition~~parties ofduring ~~Viterra, that are not allocated to our individual reportable segments because~~ the ~~operating~~same ~~performance~~reporting ofperiod ~~each~~(2) ~~reportable~~merchandised ~~segment~~volumes, iswhich ~~evaluated~~represent bysales ~~the~~volumes ~~Company's chief operating decision maker exclusive~~ of ~~these~~softseeds ~~items,~~to asthird-party ~~well~~customers asduring ~~certain~~a ~~other~~reporting ~~activities~~period ~~including~~and ~~Bunge~~(3) ~~Ventures,~~a ~~the~~supplemental ~~Company's~~refined ~~captive~~oil ~~insurance~~production ~~activities~~volume, ~~accounts~~which ~~receivable~~will ~~securitization~~also ~~activities,~~be ~~and~~provided ~~certain~~representing ~~income tax assets and liabilities. Corporate and Other also includes~~ the ~~historical~~total ~~results~~refined ofvolume ~~Bunge's~~during ~~previously~~a ~~recognized~~reporting ~~Sugar & Bioenergy segment as discussed above~~period.

A•Other ~~reconciliation~~Oilseeds ofProcessing ~~Net~~and ~~income~~Refining ~~(loss)~~volumes ~~attributable~~represent tosales ~~Bunge~~volumes ~~shareholders~~ to ~~Total~~third-party ~~EBIT~~customers. ~~follows:~~

	Three Months EndedJune 30,				Six Months EndedJune 30,
(US$ in millions)	2025		2024		2025		2024
Net income (loss) attributable to Bunge shareholders	$	354	$	70	$	555	$	314
Interest income	(46)		(37)		(105)		(79)
Interest expense	106		123		210		231
Income tax expense (benefit)	124		30		204		147
Noncontrolling interests' share of interest and tax	—		(1)		2		5
Total EBIT	$	538	$	185	$	866	$	618
Agribusiness Segment EBIT	381		138		651		416
Refined and Specialty Oils Segment EBIT	101		185		217		411
Milling Segment EBIT	177		38		195		71
Segment EBIT	659		361		1,063		898
Corporate and Other EBIT	(121)		(176)		(197)		(280)
Total EBIT	$	538	$	185	$	866	$	618

•Grain Merchandising and Milling volumes represent sales volumes to third-party customers.

43Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar & Bioenergy segment, as discussed in Note 19 - Segment Information to our condensed consolidated financial statements, nor presenting Core and Non-core segment results.

Corresponding prior period amounts have been recast to conform to the current period presentations described above.

Therefore, our operations are now organized, managed and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. Reportable operations comprise our Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments.

Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating

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decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. Corporate and Other also includes historical results of Bunge's previously recognized Sugar & Bioenergy segment as discussed above.

A reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(US$ in millions)	2025		2024		2025		2024
Net income (loss) attributable to Bunge shareholders	$	166	$	221	$	721	$	535
Interest income	(57)		(33)		(162)		(112)
Interest expense	202		127		412		358
Income tax expense (benefit)	86		89		290		236
Income (loss) from discontinued operations, net of tax	3		—		3		—
Noncontrolling interests' share of interest and tax	3		3		5		8
Total EBIT	$	403	$	407	$	1,269	$	1,025

Soybean Processing and Refining	337		222		1,068		463
Softseed Processing and Refining	236		132		337		523
Other Oilseeds Processing and Refining	77		104		72		210
Grain Merchandising and Milling	21		79		254		231
Segment EBIT	671		537		1,731		1,427

Corporate and Other EBIT	(268)		(130)		(462)		(402)




Total EBIT	$	403	$	407	$	1,269	$	1,025

Reportable Segments

~~Agribusiness~~Soybean ~~Segment~~Processing and Refining

	Three Months EndedJune 30,						Six Months EndedJune 30,
	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
(US$ in millions, except volumes)	2025		2024		% Change		2025		2024		% Change
Volumes (in thousand metric tons)	~~19,274~~		~~20,579~~		~~(6)~~	%	~~37,551~~		~~40,771~~		~~(8)~~	%
Net sales	$	9,167	$	9,657	(5)	%	$	17,328	$	19,397	(11)	%
Soybeans processed	12,139		9,343		30	%	29,553		27,179		9	%
Cost of goods sold	(8,696)		(9,368)		(7)	%	(16,554)		(18,654)		(11)	%
Soybeans merchandised	7,246		3,070		136	%	13,577		10,175		33	%
Gross profit	471		289		63	%	774		743		4	%
Refined oil production	932		908		3	%	2,693		2,620		3	%
Selling, general and administrative expense	(141)		(150)		(6)	%	(276)		(305)		(10)	%
Net sales	$	10,857	$	7,857	38	%	$	25,268	$	23,556	7	%
Foreign exchange (losses) gains – net	33		(39)		185	%	62		(101)		161	%
Cost of goods sold	(10,359)		(7,562)		37	%	(23,877)		(22,744)		5	%
EBIT attributable to noncontrolling interests	(13)		7		(286)	%	(11)		10		(210)	%
Gross profit	498		295		69	%	1,391		812		71	%
Other income (expense) – net	28		56		(50)	%	90		109		(17)	%
Selling, general and administrative expense	(143)		(111)		29	%	(365)		(344)		6	%
Income (loss) from affiliates	3		(25)		112	%	12		(40)		130	%
Foreign exchange (losses) gains – net	(42)		15		(380)	%	9		(58)		116	%
Total Agribusiness Segment EBIT	$	381	$	138	176	%	$	651	$	416	56	%
EBIT attributable to noncontrolling interests	(3)		4		175	%	(13)		12		(208)	%
Other income (expense) – net	21		50		(58)	%	27		97		(72)	%
Income (loss) from affiliates	6		(31)		119	%	19		(56)		134	%
Total Soybean Processing and Refining Segment EBIT	$	337	$	222	52	%	$	1,068	$	463	131	%

Three Months Ended ~~June~~September 30, 2025 Compared to Three Months Ended ~~June~~September 30, 2024

~~Agribusiness segment Net sales decreased 5%, to $9,167 million for the three months ended June 30, 2025. The net decrease was primarily due to the following:~~ 49

•In Processing, Net sales decreased 8%, primarily due to lower volumes experienced in all regions driven by a more balanced supply and demand environment, in addition to lower average sales prices in North America and the global soybean distribution businesses due also to relative price stabilization from a more balanced supply environment. The above decreases were partially offset by higher average sales prices in our South America and global oilseed processing businesses due to increased commodity oil prices, as well as higher sales prices in our Europe Softseeds business as a result of drought conditions.

•In Merchandising, Net sales increased 4%, primarily due to higher average sales prices and volumes in our global oils and global corn businesses driven by higher demand across various regions partially offset by lower volumes and average sales price in our global wheat business driven by decreased demand from China.

Cost of goods sold decreased 7%, to $8,696 million for the three months ended June 30, 2025. The net decrease was primarily due to the following:

•In Processing, Cost of goods sold decreased 11%, primarily due to lower Net sales and favorable mark-to-market results in the current period compared to unfavorable mark-to-market results in the prior period.

•In Merchandising, Cost of goods sold increased 4%, primarily due to higher Net sales. The increase was partially offset by less unfavorable mark-to-market results in the current period.

Foreign exchange (losses) gains - net increased 185% to a gain of $33 million for the three months ended June 30, 2025. The net gain in the current year was the result of gains in our Processing business, primarily due to the impact of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.

Segment EBIT increased 176%, to $381 million for the three months ended June 30, 2025. The net increase was primarily due to the following:

•In Processing, an increase of 196% was primarily due to favorable foreign exchange results, as described above, and higher Gross profit in our global soybean oilseed processing and South America businesses, as described above, partially offset by lower Gross profit, particularly in our Europe softseed businesses as a result of drought conditions in the region coupled with unfavorable mark-to-market results.

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~~•In~~Soybean ~~Merchandising,~~Processing anand ~~increase~~Refining ofsegment 25Net sales increased 38%, to $10,857 million for the three months ended September 30, 2025. The increase was primarily due to ~~higher~~Net ~~Gross~~sales ~~profit~~contributions from the Acquisition of Viterra, ~~driven~~in byaddition ~~increased~~to ~~results~~higher volumes of oilseeds merchandised in our global ~~corn,~~soybean ~~global~~distribution ~~wheat~~business and ~~global~~overall ~~oil,~~higher asprices ~~described~~in ~~above~~Argentina which encouraged farmer selling, partially offset by lower ~~Gross~~prices ~~profit~~in ~~from~~North ~~losses~~America inand our ~~financial~~global ~~services~~soybean ~~and~~distribution ~~ocean~~business ~~freight~~driven ~~businesses,~~by relative price stabilization from a more balanced supply environment as ~~described~~well ~~above.~~as slightly lower processed volumes in South America.

~~Six~~Cost ~~Months~~of ~~Ended~~goods ~~June~~ sold increased 37%, to $10,359 million for the three months ended September 30, 2025. ~~Compared~~The net increase was primarily due to ~~Six~~higher ~~Months~~Net ~~Ended~~sales ~~June 30,~~as ~~2024~~well as more unfavorable mark-to-market results.

~~Agribusiness~~Foreign ~~segment~~exchange ~~Net~~(losses) ~~sales~~gains - net decreased 11380%, to a loss of $~~17,328~~ 42 million for the ~~six~~three months ended ~~June~~September 30, 2025. The net ~~decrease~~loss in the current period was primarily due to ~~the~~unfavorable ~~following:~~ hedging results on monetary assets and a reduction of gains year over year resulting from a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations.

~~•In~~Income ~~Processing,~~(loss) ~~Net~~from ~~sales~~affiliates ~~decreased~~increased 12119%, ~~primarily due~~ to ~~lower~~net ~~average~~income ~~sales~~of ~~prices~~$6 inmillion ~~our~~for ~~global~~the ~~soybean~~three ~~distribution~~months ~~and~~ended ~~North~~September ~~America~~30, ~~businesses~~2025. ~~driven~~The byincrease ~~relative~~was ~~price~~primarily ~~stabilization~~due ~~from~~to a ~~more~~$19 million ~~balanced~~nonrecurring ~~supply~~impairment ~~environment,~~charge ~~as well as lower volumes experienced~~ in ~~all~~the ~~regions~~prior ~~also~~period ~~driven~~associated bywith a ~~more~~minority ~~balanced~~investment ~~supply~~in ~~and~~North ~~demand~~America ~~environment.~~as ~~The~~well ~~above~~as ~~decreases~~net ~~were~~improved ~~partially~~results ~~offset~~from ~~by higher average sales prices in~~ our ~~Europe~~portfolio ~~Softseeds business as a result~~ of ~~drought~~equity ~~conditions~~method investments, asparticularly ~~well as~~ in ~~our~~ South America ~~business~~and ~~due to increased commodity oil prices~~Vietnam.

~~•In~~Segment ~~Merchandising,~~EBIT ~~Net~~increased ~~sales decreased 7~~52%, ~~primarily~~to ~~due~~$337 tomillion ~~lower~~for ~~volumes~~the ~~and~~three ~~average~~months ~~sales~~ended ~~prices~~September in30, ~~our~~2025. ~~global~~The ~~wheat~~net ~~business~~increase ~~driven~~was byprimarily ~~decreased~~due ~~demand~~to ~~from~~higher ~~China.~~Gross ~~Net~~profit ~~sales~~driven ~~were~~by ~~also~~improved ~~down~~margins in our ~~ocean~~North ~~freight~~America ~~business~~and ~~due~~Brazil tosoybean ~~lower~~processing ~~prices~~ and ~~stabilizing~~refining ~~demand.~~businesses ~~The~~in ~~above~~addition ~~decreases~~to ~~were~~income ~~partially~~from ~~offset~~affiliates byin ~~higher~~the ~~average~~current ~~sale~~period ~~price~~compared ~~and~~to ~~volumes~~losses from affiliates in ~~our~~the ~~global~~prior ~~oil~~period. ~~and~~The ~~corn~~increase ~~businesses,~~was aspartially aoffset ~~result~~by offoreign ~~higher~~currency ~~demand~~losses, ~~across~~as ~~various~~described ~~regions~~above.

~~Cost~~Nine ofMonths ~~goods~~Ended ~~sold~~September 30, ~~decreased~~2025 ~~11%~~Compared to ~~$16,554~~Nine ~~million~~Months ~~for~~Ended ~~the six months ended June~~ September 30, ~~2025. The net decrease was primarily due to the following:~~2024

~~•In~~Soybean Processing, ~~Cost~~and ofRefining ~~goods~~segment ~~sold~~Net ~~decreased~~sales 14increased 7%, to $25,268 million for the nine months ended September 30, 2025. The net increase was primarily due to ~~lower~~ Net sales ~~and~~contributions ~~favorable~~from ~~mark-~~the Acquisition of Viterra, in addition to~~-market~~ ~~results~~higher volumes of oilseeds merchandised in ~~the~~our ~~current~~global ~~period~~soybean ~~compared~~distribution tobusiness ~~significant~~and ~~unfavorable~~overall ~~mark-to-market~~higher ~~results~~prices in ~~the~~Argentina ~~prior~~which ~~period~~encouraged farmer selling. These increases were partially offset by lower prices in almost all other regions driven by relative price stabilization from a more balanced supply environment as well as lower processed volumes in South America.

~~•In Merchandising,~~ Cost of goods sold ~~decreased~~increased 5% to $23,877 ~~primarily~~million ~~due~~for tothe ~~lower~~nine ~~Net~~months ~~sales~~ended September 30, 2025. The ~~decrease~~increase was primarily due to higher Net sales, partially offset by ~~unfavorable~~favorable mark-to-market results.

Foreign exchange (losses) gains - net increased ~~161~~116% to a gain of $629 million for the ~~six~~nine months ended ~~June~~September 30, 2025. The net gain in the current year ~~was~~is ~~the result of gains in our Processing business,~~ primarily ~~due to~~ the ~~impact~~result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. ~~dollar~~ functional currency operations., partially offset by losses resulting from unfavorable hedging and remeasurement results on monetary assets.

~~Income~~Other income (~~loss~~expense) ~~from~~- ~~affiliates~~net ~~was~~decreased ~~income~~72% ~~of $12 million for the six months ended June 30, 2025 compared~~ to ~~loss of~~ $4027 million for the ~~six~~nine months ended ~~June~~September 30, ~~2024~~2025. The ~~increase~~decrease was primarily due to ~~net~~lower ~~improved~~gains ~~results~~in ~~from~~Argentina ~~our~~related ~~portfolio~~to offoreign ~~equity~~currency ~~method~~positioning ~~investments,~~compared ~~particularly~~to inthe ~~South~~prior ~~America and Vietnam~~year.

~~Segment~~Income ~~EBIT~~(loss) ~~increased~~from ~~56%~~affiliates towas gain of $~~651~~19 million for the ~~six~~nine months ended ~~June~~September 30, 2025 compared to loss of $56 million for the nine months ended September 30, 2024. The ~~net~~ increase was primarily due to improved results from our portfolio of equity method investments, particularly in South America and Vietnam, and a reduction of $19 million from a nonrecurring impairment charge in the ~~following:~~prior period associated with a minority investment in North America.

~~•In~~Segment ~~Processing~~EBIT increased 131% to $1,068 anmillion ~~increase~~for ofthe ~~97%~~nine months ended September 30, 2025. The net increase was primarily due to ~~foreign~~higher ~~exchange~~Gross ~~gains~~profit indriven ~~the~~by ~~current~~improved ~~period~~margins ~~compared~~across toour ~~foreign~~global ~~exchange~~soybean ~~losses~~processing inand ~~the~~refining ~~prior~~businesses, ~~period~~foreign currency gains, and income from affiliates in the current period compared to losses from affiliates in the prior period as described above. ~~and~~The ~~higher~~increase ~~Gross~~was ~~profit~~partially ~~primarily~~offset ~~driven~~ by ~~improved~~a ~~margins~~decrease in ~~our~~Other ~~South~~income ~~America~~(expense) ~~oilseed~~- ~~processing~~net, ~~business~~as ~~and~~further ~~our~~described ~~global soybean oilseed processing businesses~~above.

~~•In Merchandising, a decrease of~~ 50% was primarily due lower Gross profit, driven by lower results in our ocean freight and unfavorable mark-to-market results partially offset by higher Income (loss) from affiliates, as described above.

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~~Refined~~Softseed Processing and ~~Specialty Oils Segment~~ Refining

	Three Months EndedJune 30,						Six Months EndedJune 30,
	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
(US$ in millions, except volumes)	2025		2024		% Change		2025		2024		% Change
Volumes (in thousand metric tons)	~~2,175~~		~~2,300~~		~~(5)~~	%	~~4,305~~		~~4,495~~		~~(4)~~	%
Net sales	$	3,177	$	3,121	2	%	$	6,269	$	6,361	(1)	%
Softseeds processed	3,129		2,135		47	%	7,270		6,898		5	%
Cost of goods sold	(2,952)		(2,806)		5	%	(5,807)		(5,687)		2	%
Softseeds merchandised	1,032		178		480	%	1,142		518		120	%
Gross profit	225		315		(29)	%	462		674		(31)	%
Refined oil production	711		696		2	%	2,102		2,136		(2)	%
Selling, general and administrative expense	(107)		(100)		7	%	(207)		(200)		4	%
Net sales	$	3,661	$	1,589	130	%	6,707		5,143		30	%
Foreign exchange (losses) gains – net	(3)		(2)		50	%	(7)		(13)		(46)	%
Cost of goods sold	(3,372)		(1,421)		137	%	(6,264)		(4,487)		40	%
EBIT attributable to noncontrolling interests	(3)		(12)		(75)	%	(6)		(18)		(67)	%
Gross profit	289		168		72	%	443		656		(32)	%
Other income (expense) – net	(11)		(16)		(31)	%	(21)		(32)		(34)	%
Selling, general and administrative expense	(58)		(35)		66	%	(131)		(104)		26	%
Income (loss) from affiliates	—		—		—	%	(4)		—		100	%
Foreign exchange (losses) gains – net	11		3		267	%	43		(15)		387	%
Total Refined and Specialty Oils Segment EBIT	$	101	$	185	(45)	%	$	217	$	411	(47)	%
EBIT attributable to noncontrolling interests	(1)		—		(100)	%	(2)		—		(100)	%
Other income (expense) – net	(5)		(4)		25	%	(10)		(14)		(29)	%
Income (loss) from affiliates	—		—		—	%	(6)		—		(100)	%
Total Softseed Processing and Refining Segment EBIT	$	236	$	132	79	%	$	337	$	523	(36)	%

Three Months Ended ~~June~~September 30, 2025 Compared to Three Months Ended ~~June~~September 30, 2024

~~Refined~~Softseed Processing and ~~Specialty~~Refining ~~Oils~~ segment Net sales increased 2130%, to $3,~~177~~661 million for the three months ended ~~June~~September 30, 2025. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher average sales prices onin ~~certain~~our ~~products~~European business resulting from a drought in ~~Europe~~the ~~and~~region ~~Asia~~impacting ~~due~~the tosunflower ~~higher~~seed ~~demand~~crop in the current year. The above increases were partially offset by lower volumes ~~across~~for ~~all~~both ~~regions,~~oilseeds ~~particularly~~processed inand ~~North~~oilseeds ~~America~~merchandised ~~driven~~within byour alegacy ~~more~~European ~~balanced supply~~ and ~~demand~~North ~~environment.~~American businesses.

Cost of goods sold increased 5137%, to $23,~~952~~372 million for the three months ended ~~June~~September 30, 2025. The increase was primarily due to higher ~~commodity prices in Europe and Asia, as described for~~ Net sales ~~above,~~in ~~and~~addition to more unfavorable mark-to-market results.

Segment EBIT ~~decreased~~increased 4579% to $~~101~~236 million for the three months ended ~~June~~September 30, 2025. The ~~decrease~~increase was primarily due to ~~lower~~ Gross profit ~~driven~~contribution byfrom ~~overall~~the ~~lower~~Viterra ~~margins~~acquisition, ~~particularly~~partially offset by lower results in our North ~~America~~American ~~and~~softseed ~~Europe~~processing business driven by lower margins.

~~Six~~Nine Months Ended ~~June~~September 30, 2025 Compared to ~~Six~~Nine Months Ended ~~June~~September 30, 2024

~~Refined~~Softseed Processing and ~~Specialty~~Refining ~~Oils~~ segment Net sales ~~decreased~~increased 130% to $6,~~269~~707 million for the ~~six~~nine months ended ~~June~~September 30, 2025. The ~~decrease~~increase was primarily due to ~~lower~~Net ~~prices~~sales ~~and~~contributions ~~volumes~~from inthe ~~North~~Acquisition ~~America~~of Viterra, ~~driven~~in byaddition to higher average sales prices in our European business resulting from a ~~more~~drought ~~balanced~~in ~~supply~~the ~~and~~region ~~demand~~impacting ~~environment,~~the sunflower seed crop in the current year. The above increases were partially offset by ~~higher~~lower ~~sales~~volumes ~~prices~~for onboth ~~certain~~oilseeds ~~products~~processed inand ~~Europe~~oilseeds ~~and~~merchandised ~~Asia~~within ~~due~~our tolegacy ~~higher~~European ~~demand~~and North American businesses.

Cost of goods sold increased 240% to $56,~~807~~264 million for the ~~six~~nine months ended ~~June~~September 30, 2025. The increase ~~in Cost of goods sold~~ was primarily due to higher ~~commodity prices in Europe and Asia, as described for~~ Net sales ~~above,~~as ~~and~~well as unfavorable mark-to-market results ~~partially offset by lower prices and volumes in North America, as described for Net sales above~~.

~~Segment~~Foreign ~~EBIT~~exchange ~~decreased~~(losses) 47gains - net increased by 387% to a $~~217~~43 million gain for the ~~six~~nine months ended ~~June~~September 30, 2025. The ~~decrease~~net ~~was~~gain ~~due~~in tothe ~~lower~~current ~~Gross~~year ~~profit~~is ~~driven~~primarily bythe ~~overall~~result ~~lower~~of ~~margins,~~a ~~particularly~~weaker U.S. dollar on U.S. dollar-denominated loans payable in ~~North~~non-U.S. ~~America~~functional ~~and~~currency ~~Europe~~operations.

46Segment EBIT decreased 36% to $337 million for the nine months ended September 30, 2025. The decrease was due to lower Gross profit in our European and North American businesses as a result of lower margins, partially offset by Gross profit contribution from the Viterra acquisition as well as foreign currency gains as described above.

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~~Milling~~Other ~~Segment~~Oilseeds Processing and Refining

	Three Months EndedJune 30,						Six Months EndedJune 30,
	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
(US$ in millions, except volumes)	2025		2024		% Change		2025		2024		% Change
Volumes (in thousand metric tons)	~~857~~639		~~971~~665		(124)	%	1,~~755~~881		1,~~845~~912		(52)	%
Net sales	$	~~409~~1,207	$	~~401~~1,064	213	%	$	~~784~~3,442	$	~~782~~3,034	—13	%
Cost of goods sold	(~~362~~1,063)		(~~335~~875)		821	%	(~~693~~3,174)		(~~656~~2,576)		623	%
Gross profit	47144		66189		(2924)	%	91268		~~126~~458		(2841)	%
Selling, general and administrative expense	(2457)		(2463)		—(10)	%	(47176)		(49185)		(45)	%
Foreign exchange (losses) gains – net	—(2)		(27)		~~(100)~~71	%	(25)		(221)		—76	%
EBIT attributable to noncontrolling interests	(18)		—(13)		—(38)	%	(110)		—(30)		—(67)	%
Other income (expense) – net	~~155~~—		(13)		~~15600~~(100)	%	~~154~~(5)		(313)		~~5233~~(62)	%
Income (loss) from affiliates	—		(1)		(100)	%	—		(1)		(100)	%
Total Milling Segment EBIT	$	177	$	38	366	%	$	195	$	71	175	%
Total Other Oilseeds Processing and Refining Segment EBIT	$	77	$	104	(26)	%	$	72	$	210	(66)	%

Three Months Ended ~~June~~September 30, 2025 Compared to Three Months Ended ~~June~~September 30, 2024

~~Milling~~Other Oilseeds Processing and Refining segment Net sales increased 213%, to $~~409~~1,207 million for the three months ended ~~June~~September 30, 2025. The increase was primarily due to higher sales prices in ~~both~~ our ~~South~~tropical ~~American~~oils ~~wheat~~business ~~milling~~due ~~and~~to ~~North~~higher ~~American~~average ~~corn~~commodity ~~milling~~prices, ~~businesses. These increases were~~ partially offset by alower ~~decrease in~~ volumes ~~across both regions~~.

Cost of goods sold increased 821%, to $~~362~~1,063 million for the three months ended ~~June~~September 30, 2025. The increase was primarily due ~~unfavorable~~to higher Net sales in addition to less favorable mark-to-market results compared to the prior period.

~~Other~~Segment ~~income~~EBIT ~~(expense)~~decreased -26%, ~~net increased~~ to ~~a gain of~~ $~~155~~77 million for the three months ended ~~June~~September 30, 2025. The ~~increase~~decrease was primarily due to alower ~~$155~~Gross ~~million~~profit ~~gain~~in onour ~~the~~tropical ~~sale~~oils ~~of Bunge's North America corn milling~~ business.

~~Segment~~Nine ~~EBIT~~Months ~~increased~~Ended ~~366%, to $177 million for the three months ended June~~ September 30, 2025. ~~The~~Compared ~~increase was primarily due~~ to ~~higher~~Nine ~~Other~~Months ~~income~~Ended ~~(expense) - net~~September 30, ~~as described above, partially offset by lower Gross profit in South America wheat milling, where milling volumes and margins were pressured by a more competitive pricing environment.~~2024

~~Six~~Other ~~Months~~Oilseeds ~~Ended~~Processing ~~June~~ and Refining segment Net sales increased 13% to $3,442 million for the nine months ended September 30, 2025. ~~Compared~~The increase was primarily due to ~~Six~~higher ~~Months~~sales ~~Ended~~prices ~~June 30~~in our tropical oils business due to stronger demand resulting from global biofuel mandates, ~~2024~~partially offset by lower volumes.

~~Milling~~Cost ~~segment~~of ~~Net~~goods ~~sales~~sold ~~remained~~increased ~~consistent~~23% ~~compared~~ to ~~prior year at~~ $~~784~~3,174 million for the ~~six~~nine months ended ~~June~~September 30, 2025. ~~Higher~~The ~~sales~~increase ~~prices~~was inprimarily ~~both~~due ~~our~~to ~~South~~higher ~~American~~net ~~wheat~~sales ~~milling and North American corn milling businesses were offset by a decrease~~ in ~~volumes~~addition ~~across~~to ~~both~~unfavorable ~~regions.~~mark-to-market results.

~~Cost~~EBIT ofattributable ~~goods~~to ~~sold~~noncontrolling ~~increased~~interests 6decreased 67% to a loss of $~~693~~10 million ~~for~~resulting ~~the~~from ~~six~~less ~~months~~favorable ~~ended~~results ~~June~~attributable ~~30,~~to ~~2025.~~noncontrolling ~~The~~interests ~~increase~~in ~~was~~our Loders joint venture primarily due to ~~unfavorable~~lower ~~mark-to-~~results in the Europe region from the competitive market ~~results~~environment.

~~Other~~Segment ~~income~~EBIT ~~(expense)~~decreased -66% ~~net increased~~ to ~~a gain of~~ $~~154~~72 million for the ~~six~~nine months ended ~~June~~September 30, 2025. The ~~increase~~decrease was primarily due to alower ~~$155~~Gross ~~million~~profit ~~gain~~in onour ~~the~~tropical ~~sale~~oils ofbusiness ~~Bunge's~~in ~~North~~addition ~~America~~to ~~corn~~a ~~milling~~decrease ~~business.~~in EBIT attributable to noncontrolling interests, as described above.

Segment EBIT increased 175% to $195 million for the six months ended June 30, 2025. The increase was primarily due to higher Other income (expense) - net, as described above, partially offset by lower Gross profit in South America wheat milling, where milling volumes and margins were pressured by a more competitive pricing environment.52

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Grain Merchandising and Milling


	Three Months Ended September 30,						Nine Months Ended September 30,
(US$ in millions)	2025		2024		% Change		2025		2024		% Change
Volumes (in thousand metric tons)	24,080		8,964		169	%	40,972		28,316		45	%
Net sales	$	6,428	$	2,397	168	%	$	11,146	$	7,831	42	%
Cost of goods sold	(6,285)		(2,275)		176	%	(10,845)		(7,440)		46	%
Gross profit	143		122		17	%	301		391		(23)	%
Selling, general and administrative expense	(145)		(68)		113	%	(266)		(203)		31	%
Foreign exchange (losses) gains – net	(15)		1		(1600)	%	(41)		(10)		310	%
EBIT attributable to noncontrolling interests	(1)		(1)		—	%	(6)		—		—	%
Other income (expense) – net	37		21		76	%	263		64		311	%
Income (loss) from affiliates	2		4		(50)	%	3		(11)		(127)	%
Total Grain Merchandising and Milling Segment EBIT	$	21	$	79	(73)	%	$	254	$	231	10	%

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Grain Merchandising and Milling segment Net sales increased 168% to $6,428 million for the three months ended September 30, 2025. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher volumes in both our global corn and global wheat businesses driven by increased export demand from North America and increased wheat demand to China, respectively. The increase was partially offset by lower average sales prices in our global wheat business, in addition to the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025 (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements).

Cost of goods sold increased 176% to $6,285 million for the three months ended September 30, 2025. The increase was primarily due to higher Net sales in addition to unfavorable mark-to-market results.

Selling, general and administrative expense increased 113% to $145 million primarily due to the Acquisition of Viterra.

Segment EBIT decreased 73%, to $21 million for the three months ended September 30, 2025. The decrease was primarily due to higher Selling, general and administrative expense in the current period, partially offset by higher Gross profit, driven by contributions from the Acquisition of Viterra.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Grain Merchandising and Milling segment Net sales increased 42% to $11,146 million for the nine months ended September 30, 2025. The increase was primarily due to Net sales contributions resulting from the Acquisition of Viterra, in addition to higher volumes and higher average sales prices in our global corn business, as a result of higher demand across various regions. The above increases were partially offset by lower volumes and lower average sales price in our global wheat business driven by lower demand to China on a year-to-date basis, as well as a lack of recurring sales from Bunge's North America corn milling business that was divested in the second quarter of 2025 (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements).

Cost of goods sold increased 46% to $10,845 million for the nine months ended September 30, 2025. The increase was primarily due to higher Net sales in addition to unfavorable mark-to-market results.

Selling, general and administrative expenses increased 31% to $266 million for the nine months ended September 30, 2025. The increase was primarily due to the Acquisition of Viterra.

Other income (expense) - net increased to a gain of $263 million for the nine months ended September 30, 2025. The increase was primarily due to a $155 million gain on the sale of Bunge's North America corn milling business in the second quarter of 2025.

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Segment EBIT increased 10%, to $254 million for the nine months ended September 30, 2025. The increase was primarily due to higher Other income (loss) - net, as described above, partially offset by higher Selling, general and administrative expense and lower Gross profit from losses on our ocean freight and financial services business.

Corporate and Other

	Three Months EndedJune 30,						Six Months EndedJune 30,
	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
(US$ in millions)	2025		2024		% Change		2025		2024		% Change
Net sales	$	162	$	621	~~(74)~~100	%	$	314	$	~~118~~2	~~(74)~~100	%
Cost of goods sold	(2113)		(683)		~~(69)~~333	%	(239)		(~~121~~7)		~~(81)~~29	%
Gross profit	(511)		(62)		~~(17)~~450	%	8(5)		(35)		~~(367)~~—	%
Selling, general and administrative expense	(~~146~~275)		(~~175~~160)		~~(17)~~72	%	(~~268~~538)		(~~334~~489)		~~(20)~~10	%
Foreign exchange (losses) gains – net	14(7)		62		~~133~~(450)	%	168		13		~~1500~~167	%
EBIT attributable to noncontrolling interests	1		1		—	%	12		23		(5033)	%
Other income (expense) – net	1524		1823		~~(17)~~4	%	4671		5178		(109)	%
Income (loss) from affiliates	—		~~(20)~~6		(100)	%	—		38		(100)	%
Total Corporate and Other EBIT	$	(~~121~~268)	$	(~~176~~130)	31(106)	%	$	(~~197~~462)	$	(~~280~~402)	30(15)	%

Three Months Ended ~~June~~September 30, 2025 Compared to Three Months Ended ~~June~~September 30, 2024

Corporate and Other EBIT ~~increased~~decreased 31106%, to a loss of $~~121~~268 million for the three months ended ~~June~~September 30, 2025. The ~~increase~~decrease was primarily driven by aan ~~decrease~~increase in SG&A expense ~~resulting~~due ~~from~~to ~~lower~~the Acquisition of Viterra as well as higher variable compensation expense and higher acquisition and integration costs associated with the Acquisition of Viterra. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $38 101 million, and $62 million for ~~the~~ three months ended ~~June~~September 30, 2025, and 2024, respectively. The ~~increase~~decrease was also driven by ~~the~~lower ~~absence~~Income offrom ~~prior~~affiliates ~~year~~in ~~losses~~the ~~from~~current ~~affiliate~~period ~~primarily~~due ~~related~~ to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements).

~~Six~~Nine Months Ended ~~June~~September 30, 2025 Compared to ~~Six~~Nine Months Ended ~~June~~September 30, 2024

~~Segment~~Corporate and Other EBIT ~~increased~~decreased 3015% to a loss of $~~197~~462 million for the ~~six~~nine months ended ~~June~~September 30, 2025. The ~~increase~~decrease was primarily driven by aan ~~decrease~~increase in SG&A expense ~~resulting~~due ~~from~~to the Acquisition of Viterra as well as higher variable compensation expense, partially offset by overall lower acquisition and integration costs associated with the ~~announced~~Acquisition ~~acquisition~~ of Viterra ~~Limited as well as lower variable compensation expense~~. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $70 171 million, and $~~123~~ 185 million for the ~~six~~nine months ended ~~June~~September 30, 2025, and 2024, respectively. The ~~increase~~above EBIT decrease was ~~slightly~~also ~~offset~~driven by ~~the~~lower ~~absence~~income offrom ~~prior~~affiliates ~~year~~in ~~income~~the ~~from~~current ~~affiliate~~period ~~primarily~~due ~~related~~ to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements).

Interest - A summary of consolidated interest income and expense follows:

	Three Months EndedJune 30,						Six Months EndedJune 30,
	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
(US$ in millions)	2025		2024		% Change		2025		2024		% Change
Interest income	$	4657	$	3733	2473	%	$	~~105~~162	$	79112	3345	%
Interest expense	(~~106~~202)		(~~123~~127)		~~(14)~~59	%	(~~210~~412)		(~~231~~358)		~~(9)~~15	%

Three Months Ended ~~June~~September 30, 2025 Compared to Three Months Ended ~~June~~September 30, 2024

Interest income increased 2473%, to $4657 million for the three months ended ~~June~~September 30, 2025. Interest expense ~~decreased~~increased 1459%, to $~~106~~202 million for the three months ended ~~June~~September 30, 2025. Higher Interest income is a result of higher balances in ~~cash~~marketable securities and ~~cash~~other ~~equivalents~~short-term investments related to funding strategies in Argentina in the current year. ~~Lower~~Higher Interest expense is a result of ~~lower~~higher ~~interest~~debt ~~rates~~levels, ~~partially~~driven ~~offset~~ by ~~higher~~the ~~debt~~financing ~~levels~~of the Viterra Acquisition.

~~Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024~~54

Interest income increased 33% to $105 million for the six months ended June 30, 2025. Interest expense decreased 9% to $210 million for the six months ended June 30, 2025. Higher interest income is the result of higher balances in cash and cash equivalents in the current year. Lower Interest expense is a result of lower interest rates partially offset by higher debt levels.

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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Interest income increased 45% to $162 million for the nine months ended September 30, 2025. Interest expense increased 15% to $412 million for the nine months ended September 30, 2025. Higher Interest income is the result of higher average balances in cash and cash equivalents as well as higher balances in marketable securities and other short-term investments related to funding strategies in Argentina in the current year. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition.

Liquidity and Capital Resources

Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt.

Working Capital

	As of
(US$ in millions, except current ratio)	~~June~~September 30, 2025		~~June~~September 30, 2024		December 31, 2024
Cash and cash equivalents	$	61,~~790~~315	$	12,~~161~~836	$	3,311
Trade accounts receivable, net	23,~~258~~494		2,~~277~~100		2,148
Inventories	813,~~014~~312		87,~~057~~465		6,491
Other current assets(1)	48,~~383~~598		3,~~957~~518		4,008
Total current assets	$	2126,~~445~~719	$	15,~~452~~919	$	15,958
Short-term debt	$	34,~~535~~446	$	~~949~~755	$	875
Current portion of long-term debt	~~690~~1,334		5663		669
Trade accounts payable	24,~~894~~780		3,~~429~~211		2,777
Current operating lease obligations	~~282~~491		~~300~~288		286
Other current liabilities(2)	25,~~983~~046		2,~~923~~774		2,828
Total current liabilities	$	1016,~~384~~097	$	7,~~606~~691	$	7,435
Working capital(3)	$	1110,~~061~~622	$	78,~~846~~228	$	8,523
Current ratio(3)	21.0766		2.0307		2.15

(1) Comprises Time deposits under trade structured finance program, Assets held for sale and Other current assets

(2) Comprises Letter of credit obligations under trade structured finance program, Liabilities held for sale and Other current liabilities

(3) Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities

Working capital was $1110,~~061~~622 million at ~~June~~September 30, 2025, an increase of $2,~~538~~099 million from working capital of $8,523 million at December 31, 2024, and an increase of $32,~~215~~394 million from working capital of $78,~~846~~228 million at ~~June~~September 30, 2024.

Cash and Cash Equivalents - Cash and cash equivalents were $61,~~790~~315 million at ~~June~~September 30, 2025, ana ~~increase~~decrease of $31,~~479~~996 million from $3,311 million at December 31, 2024, and ana ~~increase~~decrease of $51,~~629~~521 million from $12,~~161~~836 million at ~~June~~September 30, 2024. The significant increases from December 31, 2024 and June 30, 2024 result from various borrowings on existing debt facilities in preparation for closing of the Viterra Acquisition early in the third quarter of 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the ~~six~~nine months ended ~~June~~September 30, 2025.

Trade accounts receivable, net - Trade accounts receivable, net were $2,258 million at June 30, 2025, an increase of $110 million from $2,148 million at December 31, 2024, and a decrease of $19 million from $2,277 million at June 30, 2024. The increase from December 31, 2024 was primarily due to fewer receivables sold into our securitization program. The decrease from June 30, 2024, was primarily due to decreased Net sales in the current period driven by factors described in the Segment Overview & Results of Operations above, partially offset by fewer receivables sold into our securitization program. 55

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~~Inventories~~ Trade accounts receivable, net - ~~Inventories~~ Trade accounts receivable, net were $83,~~014~~494 million at ~~June~~September 30, 2025, an increase of $1,~~523~~346 million from $62,~~491~~148 million at December 31, 2024, and aan ~~decrease~~increase of $431,394 million from $82,~~057~~100 million at ~~June~~September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to ~~increased~~an ~~volumes~~increase inof ~~conjunction~~receivables ~~with~~outstanding ~~the~~as ~~timing~~ of ~~the~~September ~~South American harvest~~30, ~~partially~~2025 ~~offset~~from bythe ~~certain~~Acquisition ~~lower~~of ~~average~~Viterra ~~commodity~~and ~~prices,~~increased ~~including~~Net ~~soybeans.~~sales ~~The~~in ~~decrease~~the ~~from~~current ~~June 30,~~period ~~2024~~driven ~~was~~by ~~primarily~~factors ~~due~~described toin ~~certain~~the ~~lower~~Segment ~~average~~Overview ~~commodity~~& ~~prices,~~Results ~~partially offset by slightly higher volumes as~~ of ~~June 30,~~Operations ~~2025~~above.

~~RMI~~Inventories - Inventories ~~comprise~~were ~~agricultural~~$13,312 ~~commodity~~million ~~inventories~~at September 30, ~~such~~2025, asan ~~soybeans,~~increase ~~soybean~~of ~~meal~~$6,821 ~~soybean~~million ~~oil~~from $6,491 ~~palm~~million ~~oil~~at December 31, ~~corn~~2024, and ~~wheat~~an ~~that~~increase ~~are~~of ~~readily~~$5,847 ~~convertible~~million tofrom ~~cash~~$7,465 ~~because~~million ofat ~~their~~September 30, ~~commodity~~2024. ~~characteristics,~~The ~~widely~~increase ~~available~~from ~~markets~~December 31, 2024 and ~~international~~September 30, ~~pricing~~2024 ~~mechanisms.~~was ~~Total~~primarily ~~RMI~~due ~~reported~~to atincreased ~~fair~~inventory ~~value~~balances ~~was~~from ~~$6,657~~the ~~million,~~Acquisition ~~$5,224~~of ~~million,~~Viterra. ~~and~~In $6addition,~~776~~ ~~million~~the atincrease ~~June 30,~~from ~~2025,~~ December 31, 2024, ~~and~~was ~~June~~due to increased volumes in conjunction with the timing of the South American harvest. The increase from September 30, 2024, ~~respectively~~was ~~(see~~also ~~Note~~due 5to -higher ~~Inventories~~volumes, topartially ~~our~~offset ~~condensed~~by ~~consolidated~~certain ~~financial~~lower ~~statements)~~average prices, including soybeans.

~~Other~~RMI ~~current~~comprise ~~assets~~agricultural -commodity ~~Other~~inventories, ~~current~~such ~~assets~~as ~~were $4~~soybeans,~~383~~ ~~million~~soybean ~~at June 30~~meal, ~~2025,~~soybean ~~an increase of $375 million from $4~~oil,~~008~~ ~~million~~palm ~~at December 31~~oil, ~~2024~~corn, and anwheat ~~increase~~that ofare ~~$426~~readily ~~million~~convertible ~~from $3,957 million at June 30, 2024. The increase from December 31, 2024 was due~~ to ancash ~~increase~~because inof ~~prepaid~~their commodity ~~purchase contracts in conjunction with the timing of the South American harvest~~characteristics, ~~higher~~widely ~~assets~~available ~~held~~markets ~~for sale related to our European margarines~~ and ~~spreads~~international ~~business~~pricing (mechanisms. ~~see~~Total ~~Note~~RMI 2reported -at ~~Acquisitions~~fair ~~and~~value ~~Dispositions~~was to$11,514 ~~our condensed consolidated financial statements)~~million, higher prepaid expenses and higher unrealized gains on derivative contracts as a result of commodity price changes. The increase was partially offset by a decrease in marketable securities and other short term investments$5,224 the collection of an insurance recovery receivable related to business interruption resulting from the Ukraine-Russia war (see Note 6 - Other Current Assets to our condensed consolidated financial statements)million, and ~~a decrease in disposition receivable reflecting the collection of a deferred payment in connection with the sale of BP Bunge Bioenergia~~$6,195 ~~partially~~million ~~offset~~at ~~by the recognition of a disposition receivable in connection with the sale of 40% of our Spanish operating subsidiary. The increase from June~~September 30, ~~2024~~2025, ~~was~~December 31, ~~due to an increase in marketable securities and other short term investments resulting from strategic investment opportunities~~2024, ~~higher assets held for sale related to our European margarines~~ and ~~spreads business~~September 30, ~~an increase in secured advances to suppliers as market conditions in Brazil have led to an increase in new advances in the current period~~2024, ~~higher~~respectively ~~unrealized gains on derivative contracts as a result of commodity price changes, and a higher disposition receivable related to the sale of 40% of our Spanish operating subsidiary~~ (see Note 25 - ~~Acquisitions~~Inventories ~~and Dispositions~~ to our condensed consolidated financial statements).~~This increase was partially offset by a decrease in margin deposits.~~

~~Short-term~~Other ~~debt~~current -assets ~~Short~~-~~term~~ ~~debt,~~Other ~~including~~current ~~the~~assets ~~Current~~were ~~portion of long-term debt, was~~ $48,~~225~~598 million at ~~June~~September 30, 2025, an increase of $24,~~681~~590 million from $14,~~544~~008 million at December 31, 2024, and an increase of $35,~~271~~080 million from $~~954~~

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