Bunge Global SA

Previous wording

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.

Current wording

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.

Previous wording

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, Refined and Specialty Oils, 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 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.

Current wording

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 Soybean Processing and Refining, Softseed Processing and Refining, 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.

Previous wording

Net Income (Loss) Attributable to Bunge Shareholders - For the three months ended June 30, 2025, Net income attributable to Bunge shareholders was $354 million, an increase of $284 million compared to $70 million, for the three months ended June 30, 2024. For the six months ended June 30, 2025, Net income attributable to Bunge was $555 million, an increase of $241 million, compared to $314 million for the six months ended June 30, 2024. The increase for the three and six months ended June 30, 2025, was primarily due to higher Segment EBIT and Corporate and Other EBIT, as further discussed in the Segment Overview & Results of Operations section below, partially offset by higher income tax expense as discussed further below.

Current wording

Net Income (Loss) Attributable to Bunge Shareholders - For the three months ended September 30, 2025, Net income attributable to Bunge shareholders was $166 million, a decrease of $55 million compared to $221 million, for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Net income attributable to Bunge was $721 million, an increase of $186 million, compared to $535 million for the nine months ended September 30, 2024. The decrease for the three months ended September 30, 2025, was primarily due to higher net interest 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.

Previous wording

Earnings Per Share - Diluted - For the three months ended June 30, 2025, Net income attributable to Bunge shareholders - diluted, was $2.61 per share, an increase of $2.13 per share, compared to $0.48 per share for the three months ended June 30, 2024. For the six months ended June 30, 2025, Net income attributable to Bunge shareholders, diluted, was $4.10 per share, an increase of $1.93 per share, compared to income of $2.17 per share for the six months ended June 30, 2024.

Current wording

Net income (loss) attributable to Bunge shareholders - Earnings per share - Diluted - For the three months ended September 30, 2025, Net income attributable to Bunge shareholders - diluted, was $0.84 per share, a decrease of $0.72 per share, compared to $1.56 per share for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Net income attributable to Bunge shareholders - diluted, was $4.60 per share, an increase of $0.87 per share, compared to income of $3.73 per share for the nine months ended September 30, 2024.

Previous wording

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.

Current wording

Total EBIT- For the three months ended September 30, 2025, Total EBIT was $403 million, a decrease of $4 million compared to $407 million for the three months ended 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 $1,025 million for the nine months ended September 30, 2024. The decrease in Total EBIT for the three months ended September 30, 2025, was primarily due to lower Corporate and Other EBIT, resulting from higher SG&A expense, 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 nine months ended September 30, 2025, was primarily due to higher Segment EBIT, resulting primarily from higher gross profit in 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.

Previous wording

Income Tax (Expense) Benefit -Income tax expense was $124 million for the three months ended June 30, 2025 compared to $30 million for the three months ended June 30, 2024. Income tax expense was $204 million for the six months ended June 30, 2025 compared to $147 million for the six months ended June 30, 2024. The increase for the three and six months ended June 30, 2025 was primarily due to higher pre-tax income in 2025.

Current wording

Income Tax (Expense) Benefit -Income tax expense was $86 million for the three months ended September 30, 2025 compared to $89 million for the three months ended September 30, 2024. Income tax expense was $290 million for the nine months ended September 30, 2025 compared to $236 million for the nine months ended September 30, 2024. The decrease for the three months ended September 30, 2025 was primarily due to lower pre-tax income in 2025, while the increase for the nine months ended September 30, 2025, was primarily due to higher pre-tax income in 2025.

Previous wording

Liquidity and Capital Resources – At June 30, 2025, working capital, which equals Total current assets less Total current liabilities, was $11,061 million, an increase of $3,215 million, compared to working capital of $7,846 million at June 30, 2024, and an increase of $2,538 million, compared to working capital of $8,523 million at December 31, 2024. The increase in working capital at June 30, 2025, compared to June 30, 2024 and December 31, 2024, was primarily due to higher Cash and cash equivalents as a result of higher borrowings by Bunge in preparation for closing of the Viterra Acquisition early in the third quarter of 2025 partially offset by higher Short-term debt, as further discussed in Liquidity and Capital Resources section below. The increase in working capital at June 30, 2025, compared to December 31, 2024, was also driven by higher Inventories, as further discussed in Liquidity and Capital Resources section below.

Current wording

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.

Previous wording

Effective January 1, 2025, Bunge is no longer separately presenting a Sugar & Bioenergy segment, as discussed in Note 19 - Segment Informationto our condensed consolidated financial statements, nor presenting Core and Non-core segment results. Corresponding prior period amounts have been restated to conform to current period presentation.

Current wording

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

Previous wording

Therefore, our operations are now organized, managed and classified into three 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 Agribusiness, Refined and Specialty Oils, and Milling reportable segments.

Current wording

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.

Previous wording

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 Acquisition of Viterra, 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 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 the historical results of Bunge's previously recognized Sugar & Bioenergy segment as discussed above.

Current wording

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 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.

Previous wording

•In Processing, an increase of 97% was primarily due to foreign exchange gains in the current period compared to foreign exchange losses in the prior period, income from affiliates in the current period compared to losses from affiliates in the prior period as described above and higher Gross profit primarily driven by improved margins in our South America oilseed processing business and our global soybean oilseed processing businesses.

Current wording

Segment EBIT increased 52%, to $337 million for the three months ended September 30, 2025. The net increase was primarily due to higher Gross profit driven by improved margins in our North America and Brazil soybean processing and refining businesses in addition to income from affiliates in the current period compared to losses from affiliates in the prior period. The increase was partially offset by foreign currency losses, as described above.

Previous wording

Cost of goods sold increased 5%, to $2,952 million for the three months ended June 30, 2025. The increase was primarily due to higher commodity prices in Europe and Asia, as described for Net sales above, and more unfavorable mark-to-market results.

Current wording

Cost of goods sold increased 5% to $23,877 million for the nine months ended September 30, 2025. The increase was primarily due to higher Net sales, partially offset by favorable mark-to-market results.

Previous wording

Foreign exchange (losses) gains - net increased 161% to a gain of $62 million for the six 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.

Current wording

Foreign exchange (losses) gains - net increased 116% to a gain of $9 million for the nine months ended September 30, 2025. The net gain in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations, partially offset by losses resulting from unfavorable hedging and remeasurement results on monetary assets.

Previous wording

Income (loss) from affiliates was income of $12 million for the six months ended June 30, 2025 compared to loss of $40 million for the six months ended June 30, 2024. The increase was primarily due to net improved results from our portfolio of equity method investments, particularly in South America and Vietnam.

Current wording

Income (loss) from affiliates was gain of $19 million for the nine months ended September 30, 2025 compared to loss of $56 million for the nine months ended September 30, 2024. The 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 prior period associated with a minority investment in North America.

Previous wording

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.

Current wording

Foreign exchange (losses) gains - net increased by 387% to a $43 million gain for the nine months ended September 30, 2025. The net gain in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations.

Previous wording

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

Current wording

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.

Previous wording

Corporate and Other EBIT increased 31%, to a loss of $121 million for the three months ended June 30, 2025. The increase was primarily driven by a decrease in SG&A expense resulting from lower acquisition and integration costs associated with the Acquisition of Viterra. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $38 million, and $62 million for the three months ended June 30, 2025, and 2024, respectively. The increase was also driven by the absence of prior year losses from affiliate primarily related to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Current wording

Corporate and Other EBIT decreased 106%, to a loss of $268 million for the three months ended September 30, 2025. The decrease was primarily driven by an increase in SG&A expense due to 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 $101 million, and $62 million for three months ended September 30, 2025, and 2024, respectively. The decrease was also driven by lower Income from affiliates in the current period due to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Previous wording

Segment EBIT increased 30% to a loss of $197 million for the six months ended June 30, 2025. The increase was primarily driven by a decrease in SG&A expense resulting from lower acquisition and integration costs associated with the announced 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 million, and $123 million for the six months ended June 30, 2025, and 2024, respectively. The increase was slightly offset by the absence of prior year income from affiliate primarily related to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Current wording

Corporate and Other EBIT decreased 15% to a loss of $462 million for the nine months ended September 30, 2025. The decrease was primarily driven by an increase in SG&A expense due to the Acquisition of Viterra as well as higher variable compensation expense, partially offset by overall lower acquisition and integration costs associated with the Acquisition of Viterra. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $171 million, and $185 million for the nine months ended September 30, 2025, and 2024, respectively. The above EBIT decrease was also driven by lower income from affiliates in the current period due to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Previous wording

Interest income increased 24%, to $46 million for the three months ended June 30, 2025. Interest expense decreased 14%, to $106 million for the three months ended June 30, 2025. Higher Interest income is a 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.

Current wording

Interest income increased 73%, to $57 million for the three months ended September 30, 2025. Interest expense increased 59%, to $202 million for the three months ended September 30, 2025. Higher Interest income is a result of 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.

Previous wording

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.

Current wording

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.

Previous wording

(1) Comprises Assets held for sale and Other current assets

Current wording

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

Previous wording

(2) Comprises Liabilities held for sale and Other current liabilities

Current wording

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

Previous wording

Working capital was $11,061 million at June 30, 2025, an increase of $2,538 million from working capital of $8,523 million at December 31, 2024, and an increase of $3,215 million from working capital of $7,846 million at June 30, 2024.

Current wording

Working capital was $10,622 million at September 30, 2025, an increase of $2,099 million from working capital of $8,523 million at December 31, 2024, and an increase of $2,394 million from working capital of $8,228 million at September 30, 2024.

Previous wording

Cash and Cash Equivalents - Cash and cash equivalents were $6,790 million at June 30, 2025, an increase of $3,479 million from $3,311 million at December 31, 2024, and an increase of $5,629 million from $1,161 million at June 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 months ended June 30, 2025.

Current wording

Cash and Cash Equivalents - Cash and cash equivalents were $1,315 million at September 30, 2025, a decrease of $1,996 million from $3,311 million at December 31, 2024, and a decrease of $1,521 million from $2,836 million at September 30, 2024. 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 nine months ended September 30, 2025.

Previous wording

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.

Current wording

Trade accounts receivable, net - Trade accounts receivable, net were $3,494 million at September 30, 2025, an increase of $1,346 million from $2,148 million at December 31, 2024, and an increase of $1,394 million from $2,100 million at September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to an increase of receivables outstanding as of September 30, 2025 from the Acquisition of Viterra and increased Net sales in the current period driven by factors described in the Segment Overview & Results of Operations above.

Previous wording

Inventories - Inventories were $8,014 million at June 30, 2025, an increase of $1,523 million from $6,491 million at December 31, 2024, and a decrease of $43 million from $8,057 million at June 30, 2024. The increase from December 31, 2024 was primarily due to increased volumes in conjunction with the timing of the South American harvest, partially offset by certain lower average commodity prices, including soybeans. The decrease from June 30, 2024 was primarily due to certain lower average commodity prices, partially offset by slightly higher volumes as of June 30, 2025.

Current wording

Inventories - Inventories were $13,312 million at September 30, 2025, an increase of $6,821 million from $6,491 million at December 31, 2024, and an increase of $5,847 million from $7,465 million at September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to increased inventory balances from the Acquisition of Viterra. In addition, the increase from December 31, 2024 was due to increased volumes in conjunction with the timing of the South American harvest. The increase from September 30, 2024 was also due to higher volumes, partially offset by certain lower average prices, including soybeans.

Previous wording

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $6,657 million, $5,224 million, and $6,776 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively (see Note 5 - Inventoriesto our condensed consolidated financial statements).

Current wording

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $11,514 million, $5,224 million, and $6,195 million at September 30, 2025, December 31, 2024, and September 30, 2024, respectively (see Note 5 - Inventoriesto our condensed consolidated financial statements).

Previous wording

Other current assets - Other current assets were $4,383 million at June 30, 2025, an increase of $375 million from $4,008 million at December 31, 2024, and an increase of $426 million from $3,957 million at June 30, 2024. The increase from December 31, 2024 was due to an increase in prepaid commodity purchase contracts in conjunction with the timing of the South American harvest, higher assets held for sale related to our European margarines and spreads business ( see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), 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, the collection of an insurance recovery receivable related to business interruption resulting from the Ukraine-Russia war (see Note 6 - Other Current Assetsto our condensed consolidated financial statements), and a decrease in disposition receivable reflecting the collection of a deferred payment in connection with the sale of BP Bunge Bioenergia, partially offset by the recognition of a disposition receivable in connection with the sale of 40% of our Spanish operating subsidiary. The increase from June 30, 2024 was due to an increase in marketable securities and other short term investments resulting from strategic investment opportunities, higher assets held for sale related to our European margarines and spreads business, an increase in secured advances to suppliers as market conditions in Brazil have led to an increase in new advances in the current period, higher 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 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).This increase was partially offset by a decrease in margin deposits.

Current wording

Other current assets - Other current assets were $8,598 million at September 30, 2025, an increase of $4,590 million from $4,008 million at December 31, 2024, and an increase of $5,080 million from $3,518 million at September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to an increase of Other current assets as of September 30, 2025 from the Acquisition of Viterra. In addition, the increase from December 31, 2024 was also attributable to an increase in marketable securities and other short term investments as a result of strategic investment opportunities in South America, an increase in prepaid commodity purchase contracts in conjunction with the timing of the South American harvest, higher assets held for sale related to our European margarines and spreads business ( see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), an increase in margin deposits, and an increase in prepaid expenses. These increases were partially offset by the collection of an insurance recovery receivable related to business interruption resulting from the Ukraine-Russia war (see Note 6 - Other Current Assetsto our condensed consolidated financial statements), and a decrease in disposition receivable reflecting the collection of a deferred payment in connection with the sale of BP Bunge Bioenergia, partially offset by the recognition of a disposition receivable in connection with the sale of 40% of our Spanish operating subsidiary (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements). The increase from September 30, 2024 was also due to an increase in marketable securities and other short term investments as a result of strategic investment opportunities in South America, higher assets held for sale related to our European margarines and spreads business, higher unrealized gains on derivative contracts as a result of commodity price changes, an increase in secured advances to suppliers as market conditions in Brazil have led to an increase in new advances in the current period, and the recognition of a disposition receivable in connection with the sale of 40% of our Spanish operating subsidiary.

Previous wording

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $4,225 million at June 30, 2025, an increase of $2,681 million from $1,544 million at December 31, 2024, and an increase of $3,271 million from $954 million at June 30, 2024. The higher short-term debt level at June 30, 2025, compared to December 31, 2024 and June 30, 2024 was due to higher borrowings by Bunge from its commercial paper program and revolving credit facilities in preparation for closing of the Viterra Acquisition early in the third quarter of 2025 (see Debt section below) and higher borrowings by Bunge operating companies on local bank lines of credit to fund working capital requirements. In addition, the higher short-term debt level at June 30, 2025, compared to June 30, 2024, results from an increase in the Current portion of long-term debt associated with our 1.63% Senior Notes, due 2025.

Current wording

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $5,780 million at September 30, 2025, an increase of $4,236 million from $1,544 million at December 31, 2024, and an increase of $4,362 million from $1,418 million at September 30, 2024. The higher short-term debt level at September 30, 2025, compared to December 31, 2024 and September 30, 2024 was due to increased borrowings under the commercial paper program and increased borrowings by operating companies on local bank facilities to fund working capital requirements, which includes additional Short-term debt outstanding as of September 30, 2025 from the Acquisition of Viterra. In addition, increased short-term debt levels at September 30, 2025, compared to December 31, 2024 and September 30, 2024, resulted from an increase in the Current portion of long-term debt associated with two tranches of senior notes maturing in 2026, partially offset by the repayment of $600 million senior notes which matured in the current period.

Previous wording

Trade accounts payable- Trade accounts payable were $2,894 million at June 30, 2025, an increase of $117 million from $2,777 million at December 31, 2024, and a decrease of $535 million from $3,429 million at June 30, 2024. The increase from December 31, 2024 was primarily due to higher inventory volumes in conjunction with the South American harvest as discussed above, partially offset by lower average commodity prices and the timing of payments. The decrease from June 30, 2024 was primarily due to the timing of payments as well as lower average commodity prices.

Current wording

Trade accounts payable- Trade accounts payable were $4,780 million at September 30, 2025, an increase of $2,003 million from $2,777 million at December 31, 2024, and an increase of $1,569 million from $3,211 million at September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to an increase in payables outstanding as of September 30, 2025 from the Acquisition of Viterra, higher inventory volumes, and timing of payments, partially offset by lower average commodity prices.

Previous wording

Other current liabilities- Other current liabilities were $2,983 million at June 30, 2025, an increase of $155 million from $2,828 million at December 31, 2024, and an increase of $60 million from $2,923 million at June 30, 2024. The increase from December 31, 2024, was primarily due to higher accrued dividends (see Note 17 - Equityto our condensed consolidated financial statements) and higher liabilities held for sale balances related to our European margarines and spreads business (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements), partially offset by lower advances on sales driven by timing of receipts in North America. The increase from June 30, 2024, was primarily due to higher liabilities held for sale balances related to our European margarines and spreads business (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements) and an increase in accrued liabilities balances.

Current wording

Other current liabilities- Other current liabilities were $5,046 million at September 30, 2025, an increase of $2,218 million from $2,828 million at December 31, 2024, and an increase of $2,272 million from $2,774 million at September 30, 2024. The increase from December 31, 2024 and September 30, 2024 was primarily due to an increase of Other current liabilities outstanding as of September 30, 2025 from the Acquisition of Viterra. In addition, the increase from December 31, 2024 is due to higher dividends payable (see Note 17 - Equityto our condensed consolidated financial statements), higher liabilities held for sale related to our European margarines and spreads business (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements), and higher income taxes payable, partially offset by lower advances on sales driven by timing of receipts in North America. The additional increase from September 30, 2024, was due to higher dividends payable, higher liabilities held for sale related to our European margarines and spreads business, and an increase in advances on sales, partially offset by lower unrealized losses on derivative contracts.

Previous wording

Revolving Credit Facilities — At June 30, 2025, we had $7,565 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

Current wording

Revolving Credit Facilities — At September 30, 2025, we had $8,665 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

Previous wording

(1)See Note 13 - Debtto our condensed consolidated financial statements for a description of current period activity, if any, related to these facilities.

Current wording

(1)See Note 13 - Debtto our condensed consolidated financial statements for a description of current period activity related to these facilities, including October 2025 actions resulting in extended maturities and an increase in total committed capacity to $9,665 million.

Previous wording

Our total debt was $11,269 million at June 30, 2025, an increase of $5,031 million from $6,238 million at December 31, 2024, and an increase of $6,229 million from $5,040 million at June 30, 2024. The higher total debt level at June 30, 2025, compared to December 31, 2024 was primarily due to an increase in short-term borrowings as described above and an increase in Long-term debt, including current portion, resulting from borrowings totaling $2.3 billion on term loan borrowings due in 2028 in preparation for closing of the Viterra Acquisition early in the third quarter of 2025. The higher debt level compared to June 30, 2024 was primarily due to an increase in short-term bank borrowings as described above and an increase in Long-term debt, including current portion, resulting from the issuance of three tranches of unsecured senior notes ("2024 Senior Notes") for an aggregate principal amount of $2.0 billion in September 2024 and borrowings totaling $2.3 billion on term loans due in 2028 in preparation for closing of the Viterra Acquisition early in the third quarter of 2025, partially offset by prepayment of a $750 million 3-year term loan. See Note 13 - Debtto our condensed consolidated financial statements for further information.

Current wording

Our total debt was $15,589 million at September 30, 2025, an increase of $9,351 million from $6,238 million at December 31, 2024, and an increase of $9,394 million from $6,195 million at September 30, 2024. The higher total debt level at September 30, 2025, compared to December 31, 2024 and September 30, 2024 was primarily due to an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of two tranches of senior notes ("2025 Senior Notes") for an aggregate principle amount of $1.3 billion in August 2025 and borrowings totaling $2.3 billion on term loans due in 2028 drawn in June 2025 to finance the Acquisition of Viterra. In addition in the third quarter of 2025, Bunge completed exchange offers which resulted in exchanging $1.92 billion of existing senior notes for new notes issued by BLFC and completed the European consent solicitation to become the issuer and guarantor of a 700 million Euro aggregate principal amount of 1.000% senior unsecured note due 2028. These increases were partially offset by the repayment of $600 million senior notes which matured in the current period. See Note 13 - Debtto our condensed consolidated financial statements for further information.

Previous wording

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At June 30, 2025, there were no borrowings outstanding under these bilateral short-term credit lines.

Current wording

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At September 30, 2025, there were $100 million borrowings outstanding under these bilateral short-term credit lines.

Previous wording

In addition, Bunge's operating companies had $1,288 million, $875 million, and $949 million in short-term borrowings outstanding from local bank lines of credit at June 30, 2025, December 31, 2024 and June 30, 2024, respectively, to support working capital requirements.

Current wording

In addition, Bunge's operating companies had $2,051 million, $875 million, and $755 million in short-term borrowings outstanding from local bank facilities at September 30, 2025, December 31, 2024 and September 30, 2024, respectively, to support working capital requirements. The outstanding borrowings as of September 30, 2025 include short-term borrowings from local bank facilities from the Acquisition of Viterra.

Previous wording

As described in Note 13 - Debtto our condensed consolidated financial statements, on June 30, 2025, in preparation for closing of the Viterra Acquisition we drew a total of $2.3 billion. The proceeds were used, together with proceeds from other sources and existing Cash and cash equivalents 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. Further, on August 4, 2025, Bunge completed the sale and issuance of two tranches of senior notes issued by BLFC for a total aggregate principal amount of $1.3 billion.

Current wording

As described in Note 13 - Debtto our condensed consolidated financial statements, on June 30, 2025, in preparation for closing of the Viterra Acquisition we drew a total of $2.3 billion. The proceeds were used, together with proceeds from other sources and existing Cash and cash equivalents 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. Further, on August 4, 2025, Bunge completed the sale and issuance of two tranches of senior notes issued by Bunge Limited Finance Corp. ("BLFC") for a total aggregate principal amount of $1.3 billion.

Previous wording

Registered Senior Notes — Bunge Limited Finance Corp. ("BLFC"), a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at June 30, 2025.

Current wording

Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at September 30, 2025.

Previous wording

•Standard & Poor's also assigned a A- issue-level rating to Bunge's previously issued $2 billion 2024 Senior Notes;

Current wording

•Standard & Poor's also assigned a A- issue-level rating to Bunge's newly committed $2 billion unsecured term loan maturing 2028 and Bunge's previously issued $2 billion Senior Notes;

Previous wording

Total Bunge shareholders’ equity was $10,883 million at June 30, 2025, compared to $9,913 million at December 31, 2024, an increase of $970 million. The increase was primarily due to $555 million of Net income (loss) attributable to Bunge, $528 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments and a $240 million increase resulting from the sale of a redeemable noncontrolling interest in our Spanish operating subsidiary (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements) impacting both Additional paid-in capital and Accumulated other comprehensive income (loss), partially offset by $377 million of declared dividends to shareholders, as described in Note 17 - Equity.

Current wording

Total Bunge shareholders’ equity was $15,768 million at September 30, 2025, compared to $9,913 million at December 31, 2024, an increase of $5,855 million. The increase was primarily due to Bunge stock issued as consideration in the Acquisition of Viterra of $5,340 million, $721 million of Net income (loss) attributable to Bunge, $544 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments, and a $240 million increase resulting from the sale of a redeemable noncontrolling interest in our Spanish operating subsidiary (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements) impacting both Additional paid-in capital and Accumulated other comprehensive income (loss). These increases were partially offset by share repurchases of $545 million and $502 million of declared dividends to shareholders, as described in Note 17 - Equity to our condensed consolidated financial statements.