Bunge Global (BG) 10-K risk factor changes: FY2025 vs FY2024

These potential effects could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, [added: shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility.]

The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business [removed: operations,] [added: operations and] the location, costs and competitiveness of global agricultural commodity production and related storage and processing facilities, as well as the supply and demand for agricultural commodities, and may result in incidents of stranded physical assets.

Bunge’s Ukrainian operations [added: at December 31, 2025] comprise [removed: two] [added: four] oilseed crushing facilities, located in [removed: Mykolaiv and] [added: Mykolaiv,] Dnipropetrovsk, [removed: a grain] [added: Kharkiv, and Vinnytsia, two] export [removed: terminal] [added: terminals] in the Mykolaiv commercial seaport, [added: and] numerous grain [removed: elevators,] [added: elevators] and [removed: an office in Kiev.][added: offices throughout Ukraine.]

The Company also operates a corn milling facility and [removed: oilseed processor] [added: a grain export terminal] in Ukraine via joint ventures.

As of December 31, [removed: 2024,] [added: 2025,] total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than [removed: 3%] [added: 2%] of our consolidated Total assets and Total liabilities, respectively.

The ongoing war could cause [added: additional] harm to our employees and otherwise impair their ability to work for extended periods of time, which could have a material adverse effect on our operations.

We also sell certain biofuel products, such as ethanol, renewable diesel, and biodiesel, which are closely related to, or may be substituted for, [added: petroleum products.]

For example, [removed: in our Agribusiness segment, while] there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as [removed: oilseeds] [added: soybeans, softseeds,] and grains, [added: however] we typically do not experience material fluctuations in volume between the first and second half of the year since we are geographically diversified between the northern and southern hemispheres.

In addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production [removed: yields] [added: yields,] and costs.

[removed: Furthermore,] [added: Additionally,] in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced [removed: added] [added: additional] competition for refining capacity from traditional petroleum [removed: companies.][added: companies, particularly in the United States.]

[removed: The extent to which] [added: If] we [added: are unable to] efficiently manage available capacity at our [removed: facilities] [added: facilities, it] will [removed: affect] [added: have a negative effect on] our profitability, including the profitability of our Bunge Chevron Ag Renewables joint venture ("Bunge Chevron JV").

[removed: Management’s] [added: *Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations"] [added: Operations*"] and "Item 7A.

[removed: Quantitative] [added: *Quantitative] and Qualitative Disclosures About Market [removed: Risk"] [added: Risk*"] for more information.

Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the [removed: west,] [added: United States, or other western countries,] population decline, [added: the ongoing] real estate crisis and other factors, could lead to reduced global demand for agricultural commodities.

- new and developing requirements related to GHG emissions and other climate change initiatives and workforce [removed: diversity and inclusion] mandates;

For example, [added: while] inflation rates in [removed: many] [added: certain of the] countries in which we operate [removed: are] [added: have declined recently, many of the rates] currently [added: remain] at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates;

*Risk Factors*" [removed: section;]

Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with [added: multinational operations like ours.]

For example, prior trade disputes between the United States and China have [removed: led] [added: led, and may in the future lead to,] both countries to implement tariffs on imported goods.

An implementation of tariffs [added: or additional tariffs] on imports of U.S. agricultural products into China could result in the reinstatement or escalation of retaliatory tariffs on U.S. agricultural products by China.

We have been an active acquirer of other companies, including our [removed: pending acquisition of Viterra.][added: recent Viterra Acquisition.]

In addition, we proactively review our portfolio of businesses in order to identify opportunities to enhance shareholder value and may decide as a result of such reviews or otherwise, from time to time, to divest certain of our assets or businesses by selling them or entering into joint ventures, such as the divestiture of our 50% ownership share in BP Bunge Bioenergia in October 2024 and the [removed: pending] divestiture of 40% of our Spanish operating subsidiary [removed: Bunge Iberica SA.][added: BISA in March 2025.]

[added: Additionally, acquisitions involve other risks, such as differing levels of management and internal control] effectiveness at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded in connection with acquisitions, the risk of significant accounting charges and expenses resulting from the completion and integration of a sizable acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees of acquired entities, compliance and reputational risks and other unanticipated problems and liabilities.

See the risk factors under the [removed: sections] [added: section] entitled "Risks Relating to the [removed: Pending Viterra Acquisition" and "Risks Relating to the] Combined [removed: Company"] [added: Company Following our Acquisition of Viterra"] under this Item 1A for additional discussions on our [removed: pending acquisition] [added: recent Acquisition] of Viterra.

For example, we agreed to indemnify [removed: BP] [added: the buyer] against future losses associated with certain legal claims in connection with the divestiture of BP Bunge Bioenergia.

[removed: Also, increasing focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks] associated with the global food system [added: has led to, and] may [added: in the future] lead to increased activism focusing on food companies and their suppliers, governmental intervention and consumer responses.

The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental [removed: sustainability] [added: sustainability, employee rights,] and social responsibility, including with respect to raw materials and services obtained from suppliers, even if untrue, may result in tangible effects, such as reduced demand for our products, disruptions to our operations, increased costs and a loss of market share to competitors.

Our reputation and results of operations could also be adversely impacted by changing consumer preferences and perceptions relating to some of the products we sell, such as with regard to the quantity and type of fats, sugars, and grains consumed, [removed: as well as] [added: the changing perception of the benefits of seed oils, and] concerns regarding genetically modified crops.

These [added: laws and regulations] include general business regulations, such as with respect to taxes, accounting, anti-corruption and fair competition, trade sanctions, product safety, and environmental matters, as well as those governing the manufacturing, production, handling, storage, transport, marketing and sale of our products.

[removed: These include] [added: We are also required to comply with] laws and regulations relating to facility licensing and permitting, food and feed safety, the handling and production of regulated substances, nutritional and labeling requirements, global trade compliance and other matters.

In addition to liabilities arising out of our current and future operations for which we have ongoing processes to manage compliance with regulatory obligations, we may be subject to environmental liabilities for past operations at current facilities and in some cases [added: to liabilities for past operations at facilities that we no longer own or operate.]

For example, the EUDR, which becomes effective [added: in] December [removed: 30, 2025] [added: 2026] requires companies trading in certain commodities, including palm oil and soy, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation, forest degradation, or breaches of local laws after December 31, 2020 in order to sell such products in the European Union.

The imposition of regulatory restrictions related to GHG emissions and conservation in many markets in which we operate, which may include limitations on GHG emissions, national emission reduction plans, requirements to make additional investments to modify our facilities, equipment and processes, other restrictions on industrial operations, taxes or fees on GHG emissions, and [removed: other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations.]

We are also subject to a number of [removed: ESG] [added: sustainability] disclosure frameworks, such as the CSRD in the European Union, [added: and] the Swiss non-financial reporting requirements and child labor due diligence and transparency, and the California Climate Accountability Package, and as certain regulators increasingly focus on climate change and other sustainability matters, we may become subject to new, more stringent [removed: ESG] [added: sustainability] disclosure frameworks.

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively, we had approximately [removed: $478] [added: $835] million and [removed: $825] [added: $478] million in outstanding prepaid commodity purchase contracts, and advances to farmers.

At December 31, [removed: 2024,] [added: 2025,] Bunge had [removed: $5,665] [added: $9,065] million unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial [removed: institutions and we expect to have $3,000 million of additional committed borrowing capacity upon the completion of the Acquisition, resulting in anticipated capacity of $8,665 million upon the completion of the Acquisition.][added: institutions.]

While our debt agreements do not have any credit rating downgrade triggers that would accelerate the maturity of our debt, reductions in our credit ratings would increase our borrowing costs and, depending on their severity, could impede our ability to obtain credit facilities or access the [removed: capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.]

If we or our third-party service providers do not respond or perform effectively in connection with a cybersecurity [removed: breach] [added: incident] or system failure, our business may be impacted.

We [added: have historically and] may [added: in the future] incur significant costs in protecting against potential security breaches, cyber-based attacks, or other cybersecurity incidents.

Additionally, [added: while we have agreements with] many of the third-party service providers [removed: we rely] [added: regarding the restrictions and limitations] on [added: their] use [added: of our data in] generative AI [removed: for] [added: applications, there is] a [removed: variety of purposes that increases the] risk that our sensitive and proprietary data could be inadvertently or maliciously [removed: exposed.][added: exposed by these service providers.]

We participate in an intensely competitive industry with numerous global and regional competitors.

Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand.

section;

Also, a focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks

other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations.

In connection with the Acquisition of Viterra, we incurred a substantial amount of indebtedness, including assuming indebtedness of Viterra.

At December 31, 2025, our total debt balance was $14,051 million, which is a higher balance compared to recent years as a result of the Viterra Acquisition.

capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.

It is possible that these attacks could have

unaffiliated third parties.

Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investments"), and British Columbia Investment Management Corporation, shareholders of Viterra at the time of the acquisition, represent approximately 17%, 14% and 3%, respectively, of our outstanding registered shares, or in the aggregate approximately 34% of Bunge's outstanding registered shares as of December 31, 2025.

At the closing of the Acquisition, we entered into shareholder's agreements with each of Glencore and CPP Investments, pursuant to which, among other things, each of Glencore and CPP Investments will have the right to designate:

- two individuals for nomination to the Board of Bunge so long as such shareholder continues to own at least 10% of the total outstanding registered shares; and

- one individual for nomination to the Board so long as such shareholder continues to own at least 5% but less than 10% of the outstanding registered shares.

Swiss law allows Bunge Global’s shareholders to authorize the Board to issue shares without additional shareholder approval.

shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility.

Our Ukrainian operations employ approximately 1,000 employees.

We divested our Russian operations in February 2023 and we no longer maintain any operations in Russia.

petroleum products.

However, the first quarter of the year has generally been our weakest in terms of financial results due to the timing of the North and South American oilseed harvests, as the North American oilseed harvest peaks in the third and fourth quarters, while the South American harvest peaks in the second quarter.

This creates price fluctuations, which result in fluctuations in our inventories and a degree of seasonality in our gross profit.

We face significant competition in each of our businesses and we have numerous competitors, some of which are larger, more diversified and have greater financial resources than we have.

Additionally, in recent years we have experienced regional Agribusiness competitors entering new geographies where previously they did not compete with us, and certain customers seeking to procure certain commodities directly rather than through historical suppliers such as us.

In 2024, we experienced fluctuations, both increases and decreases, in our raw material input costs and we expect the pressures of input cost instability to continue.

While the Brazilian economy performed more strongly than expected in 2024, interest rates and government deficit levels remain high, which may restrain further economic growth.

Argentina has significantly reduced public spending and showed a slowing in inflation under the current President of Argentina’s austerity measures, but the sustainability of these measures and the prospect of economic recovery remains uncertain.

multinational operations like ours.

Additionally, acquisitions involve other risks, such as differing levels of management and internal control

to liabilities for past operations at facilities that we no longer own or operate.

At December 31, 2024, our total debt balance was $6,238 million.

technologies, such as AI, could subject the Company to legal claims or proceedings, potential regulatory fines and penalties and damage to our reputation.

Furthermore, Swiss law prohibits certain executive compensation practices, including

The Board's authority to issue shares based on the capital band must be renewed by the shareholders every five years.

rights may be limited or withdrawn only for valid reasons.

As a result of the Acquisition, our shareholders will have reduced ownership and voting interest in and will exercise less influence over management of the combined company.

Our shareholders currently have the right to vote in the election of the Board and on other matters affecting us.

Upon consummation of the Acquisition, each of our shareholders will become a shareholder of the combined company with a percentage ownership of the combined company that is smaller than each such shareholder’s percentage ownership of Bunge immediately prior to the Acquisition.

Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023.

Accordingly, our current shareholders will have less influence on the management and policies of the combined company than they now have on the management and policies of Bunge.

Our and Viterra’s business relationships may be subject to disruption due to uncertainty associated with the Acquisition.

Parties with which we or Viterra do business may experience uncertainty associated with the Acquisition, including with respect to current or future business relationships with us, Viterra or the combined business.

Our and Viterra’s business relationships may be subject to disruption as clients, vendors and others may attempt to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us, Viterra or the combined business.

It is possible that these disruptions will continue following the closing of the Acquisition.

These disruptions could have a material and adverse effect on the businesses, financial condition, results of operations or prospects of the combined business, including a material and adverse effect on our ability to realize the anticipated benefits of the Acquisition.

The risk and adverse effect of such disruptions could be exacerbated by a delay in the completion or termination of the Acquisition.

Until the completion or termination of the Acquisition, we and Viterra are prohibited from entering into certain transactions and taking certain actions that might otherwise be beneficial to us, Viterra and/or our respective shareholders.

From and after the date of the Business Combination Agreement and prior to completion of the Acquisition, the Business Combination Agreement restricts us and Viterra from taking specified actions without the consent of the other party and requires that the business of each company and its respective subsidiaries be conducted independently in the ordinary course in all material respects.

These restrictions may prevent us or Viterra from taking actions that would be beneficial.

Adverse effects arising from these restrictions during the pendency of the Acquisition could be exacerbated by any delays in consummation or termination of the Acquisition.

Third parties may terminate or alter existing contracts or relationships with us or Viterra.

We and Viterra each have contracts with customers, suppliers, vendors, distributors, landlords, licensors, joint venture partners, and other business partners which may require us or Viterra, as applicable, to obtain consent from these other parties in connection with the Acquisition.

If these consents cannot be obtained, the counterparties to these contracts and other third parties with which we and/or Viterra currently have relationships may have the ability to terminate, reduce the scope of or otherwise materially adversely alter their relationships with either or both parties in anticipation of the Acquisition, or with the combined company following the Acquisition.

The pursuit of such rights may result in Bunge or the combined company suffering a loss of potential future revenue or incurring liabilities in connection with a breach of such agreements and losing rights that are material to its business.

Any such disruptions could limit the combined company’s ability to achieve the anticipated benefits of the Acquisition.

The adverse effect of such disruptions could also be exacerbated by a delay in the completion or termination of the Acquisition.

[removed: *For] [added: For] a comparison of [removed: results of operations] [added: cash flows] for the fiscal years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] see Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations of Bunge Global SA's Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] filed with the SEC on February [removed: 22, 2024.*][added: 20, 2025.]

[added: The commodity nature of the Company's principal products, as] well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure.

Profitability in [removed: this segment] [added: our reportable segments] is affected by the availability and market prices of agricultural [removed: commodities] [added: commodities, including oilseeds] and [removed: processed commodity products] [added: grains,] and the availability and costs of energy, transportation, and logistics services.

Profitability in our processing [added: and refining] operations is also impacted by volumes procured, processed, [added: refined,] and sold and by capacity utilization rates.

[removed: Reported] [added: As described above, Soybean] Processing [added: and Refining] volumes [removed: comprise] [added: represent (1)] oilseed volumes [removed: crushed (processed)] [added: processed (crushed)] during a period, which approximate sales volumes to third parties during the same [added: reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, representing the total refined volume during a reporting] period.

[removed: Reported] [added: - Grain] Merchandising [added: and Milling] volumes represent sales volumes to third-party customers.

Demand for our purchased and processed [removed: Agribusiness] [added: agricultural commodity] products is affected by many factors, including global and regional economic [added: and political] conditions, changes in per capita income, the financial condition of our customers and their access to credit, worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices of substitute agricultural products, outbreaks of disease associated with livestock and poultry, and demand for renewable fuels produced from agricultural commodities and commodity products.

We expect that the factors described above will continue to affect global supply and demand for our [removed: Agribusiness] [added: agricultural commodity] products for the foreseeable future.

We also expect that, from time to time, imbalances will likely exist between oilseed processing [added: and refining] capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, [removed: process] [added: process,] or sell these commodities, including whether to change the location of or adjust our own oilseed processing [added: and refining] capacity.

Additionally, price fluctuations and availability of [added: agricultural] commodities may cause fluctuations in our working capital, reflected in the level of inventories, accounts receivable, and outstanding borrowings over the course of a given year.

[removed: Viterra][added: Viterra Acquisition]

See [removed: Note 2 - *Acquisitions] [added: *Note 2- Acquisitions] and Dispositions* to our consolidated financial statements for further [removed: details.][added: information.]

The jurisdictions that significantly impact our effective tax rate are Argentina, Brazil, [removed: Canada, Switzerland] [added: the Netherlands, Switzerland,] and the United States.

Bunge also uses [removed: Core] Segment EBIT, [removed: Non-core Segment EBIT,] Corporate and Other EBIT, and Total EBIT to evaluate [removed: segment] [added: the] operating performance of Bunge’s [added: reportable segments and Total reportable segments together with Corporate and Other activities.]

[removed: Core reportable segments, Non-core reportable segments, and] Total [added: EBIT is the aggregate of the EBIT of Bunge’s] reportable [removed: segments] [added: segments,] together with Corporate and [removed: Other.][added: Other activities.]

[removed: Core] Segment EBIT is the aggregate of the EBIT of each of Bunge’s [removed: Agribusiness, Refined] [added: Soybean Processing] and [removed: Specialty Oils,] [added: Refining, Softseed Processing] and [added: Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and] Milling reportable segments.

Bunge’s management believes [removed: Core] Segment EBIT, [removed: Non-core Segment EBIT,] Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of [removed: the] performance [removed: of its segments] without regard to financing methods or capital structure.

Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to [removed: Bunge,] [added: Bunge shareholders,] the most directly comparable U.S. GAAP financial measure.

Further, Total EBIT excludes EBIT attributable to noncontrolling interests and [added: 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 or any other measure of consolidated operating results under U.S. GAAP.

See the reconciliation of Net income attributable to Bunge [added: shareholders] to Total EBIT below.

[removed: 2024 Overview][added: Overview]

*Net Income Attributable to Bunge Shareholders -* For the year ended December 31, [removed: 2024,] [added: 2025,] Net income attributable to Bunge shareholders was [removed: $1,137] [added: $816] million, a decrease of [removed: $1,106] [added: $321] million compared to a Net income attributable to Bunge shareholders of [removed: $2,243] [added: $1,137] million for the year ended December 31, [removed: 2023.][added: 2024.]

The decrease was primarily due to lower [removed: Core] [added: Corporate and Other EBIT as well as higher net interest expense due to increased debt levels to finance the Viterra Acquisition, partially offset by higher] Segment EBIT, as further discussed in the *Segment Overview [removed: &] [added: and] Results of Operations* section below, [removed: partially offset by] [added: and] lower income tax expense as discussed further below.

[removed: *Earnings] [added: *Net Income Attributable to Bunge Shareholders - Earnings] Per Share - Diluted -* For the year ended December 31, [removed: 2024,] [added: 2025,] Net income attributable to Bunge shareholders - diluted, was [removed: $7.99] [added: $4.91] per share, a decrease of [removed: $6.88] [added: $3.08] per share, compared to [removed: $14.87] [added: $7.99] per share for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: *EBIT*] [added: *Total EBIT*] \- For the year ended December 31, [removed: 2024,] [added: 2025,] Total EBIT was [removed: $1,792] [added: $1,533] million, a decrease of [removed: $1,541] [added: $259] million compared to [added: Total] EBIT of [removed: $3,333] [added: $1,792] million for the year ended December 31, [removed: 2023.][added: 2024.]

The [removed: decrease in Total EBIT for the year ended December 31, 2024 was primarily due to lower Core Segment EBIT, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the] *Segment Overview and Results of Operations* section [removed: below, and which also] [added: below] provides [added: further details, as well as,] a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

*Income Tax Expense -* Income tax expense was [removed: $336] [added: $288] million for the year ended December 31, [removed: 2024] [added: 2025] compared to income tax expense of [removed: $714] [added: $336] million for the year ended December 31, [removed: 2023.][added: 2024.]

The decrease in income tax expense for the year ended December 31, [removed: 2024] [added: 2025] was primarily due to lower pre-tax income and [removed: earnings mix.][added: a net benefit on various outstanding tax matters.]

*Liquidity and Capital Resources* – At December 31, [removed: 2024,] [added: 2025,] working capital, which equals Total current assets less Total current liabilities, was [removed: $8,523] [added: $9,264] million, [removed: a decrease] [added: an increase] of [removed: $140] [added: $741] million, compared to working capital of [removed: $8,663] [added: $8,523] million at December 31, [removed: 2023.][added: 2024.]

The [removed: decrease] [added: increase] in working capital was primarily due to [removed: a] higher [removed: Current portion of long-term debt balance, lower Inventories and lower] [added: Inventories,] Trade accounts receivables, [removed: net,] [added: and Other current assets,] partially offset by [removed: lower] [added: higher Short-term debt,] Trade accounts [removed: payable balances] [added: payable, Other current liabilities,] and [removed: higher] [added: lower] Cash and cash equivalents, as further discussed in the [removed: Liquidity] [added: *Liquidity] and Capital [removed: Resources] [added: Resources*] section below.

[removed: Our] [added: As described in "*Factors Affecting Operating Results"*, our] operations are 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.

See *Note 2- Acquisitions and Dispositions* [added: in the consolidated financial statements] for [added: further] details regarding [removed: Bunge's] [added: the Company's] disposition of [removed: its 50% interest in] BP Bunge Bioenergia.

Corporate and Other includes salaries and overhead for corporate [removed: functions] [added: 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, [removed: and trade receivables] [added: accounts receivable] securitization [removed: program, as well as] [added: activities, and] certain income tax assets and liabilities.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| (US$ in millions) | | | | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | | | | | | | |

| Net income attributable to Bunge shareholders | | | | | | $ | [removed: 1,137] [added: 816] | | | | | $ | [added: 1,137 | | | | | $ |] 2,243 | | | | | | | |

| Interest income | | | | | | [removed: (163)] [added: (202)] | | | | | | [added: (163) | | | | | |] (148) | | | | | | | | |

| Interest expense | | | | | | [removed: 471] [added: 628] | | | | | | [added: 471 | | | | | |] 516 | | | | | | | | |

| Income tax expense | | | | | | [removed: 336] [added: 288] | | | | | | [added: 336 | | | | | |] 714 | | | | | | | | |

Bunge Global SA, a Swiss company, together with its subsidiaries, is a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world.

Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra.

See *Note 26- Segment Information* to our consolidated financial statements.

We also enhanced our volume reporting to align with our new segment reporting structure and with the Company's primary income-generating activities.

Volumes are now reported as follows:

- Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.

- Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.

- Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers.

Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment, as discussed in *Note 26- Segment Information* to our 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.

Soybean Processing and Refining

Our 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.

We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed, and biofuel industries, through a global network of facilities.

Softseed Processing and Refining

Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds and softseed related products, as well as biodiesel production and distribution.

As described above, Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.

Other Oilseeds Processing and Refining

Our 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.

As described above, Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers.

The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Grain Merchandising and Milling

Our 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.

As described above, Grain Merchandising and Milling volumes represent sales volumes to third-party customers.

The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

On July 2, 2025, we completed our previously announced Acquisition of 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.

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.

2025 Overview

The decrease is primarily due to lower Net income attributable to Bunge shareholders discussed above, as well as dilution from the issuance of registered shares as part of the Viterra Acquisition.

The decrease in Total EBIT for the year ended December 31, 2025 was primarily due to lower Corporate and Other EBIT, resulting from higher SG&A expense and a reduction in Other income - net due to the settlement of one of the Company’s U.S. defined benefit pension plans, an impairment charge related to certain long-term investments, and the absence of a prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia.

This decrease was partially offset by higher Segment EBIT, resulting primarily from higher results in our Soybean Processing and Refining segment and a gain on the sale of Bunge's North America corn milling business recognized in our Grain Merchandising and Milling segment.

Reportable operations comprise our Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments.

Corporate and Other also includes historical results of Bunge's previously recognized Sugar and Bioenergy segment as discussed above.

| Loss from discontinued operations, net of tax | | | | | | 3 | | | | | | — | | | | | | — | | | | | | | | |

| Soybean Processing and Refining | | | | | | $ | 1,225 | | | | | $ | 872 | | | | | $ | 2,222 | | | | | | | |

| Softseed Processing and Refining | | | | | | 521 | | | | | | 663 | | | | | | 1,074 | | | | | | | | |

| Other Oilseeds Processing and Refining | | | | | | 118 | | | | | | 216 | | | | | | 94 | | | | | | | | |

| Grain Merchandising and Milling | | | | | | 465 | | | | | | 408 | | | | | | 301 | | | | | | | | |

| Segment EBIT | | | | | | 2,329 | | | | | | 2,159 | | | | | | 3,691 | | | | | | | | |

Bunge Global SA, a Swiss company, together with its subsidiaries, is a leading global agribusiness and food company with integrated operations that stretch from farmer to consumer.

The commodity nature of the Company's principal products, as

Agribusiness

In the Agribusiness segment, we purchase, store, transport, process, and sell agricultural commodities and commodity products.

Refined and Specialty Oils

In the Refined and Specialty Oils segment, our operating results are affected by changes in the prices of raw materials such as crude vegetable oils, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions, and the general competitive environment in our markets.

Raw material inputs to our production processes in the Refined and Specialty Oils segment are largely sourced at market prices from our Agribusiness segment.

Reported volumes in this segment reflect sales volumes to third-party customers.

Milling

In the Milling segment, our operating results are affected by changes in the prices of raw materials such as grains, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions and the general competitive environment in our markets.

Raw material inputs to our production processes in the Milling segment are largely sourced at market prices from our Agribusiness segment.

Reported volumes in this segment reflect feedstock ground (processed) during a period, again approximating sales volumes during the same period.

Following the completion of our pending Viterra Acquisition, our operations will be impacted by the integration of Viterra's network of agricultural storage, processing, and transport assets.

Viterra businesses operate in similar industries as we do, so we expect the factors that impact Viterra's operations will be broadly consistent with the factors that we have described above that impact each of our segments.

Sugar and Bioenergy

Our Sugar and Bioenergy segment primarily comprised our 50% interest in BP Bunge Bioenergia, a joint venture with BP.

On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia.

BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil.

We accounted for our interest in the joint venture under the equity method of accounting.

Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia.

Prior to the sale of our interest in October 2024, profitability of this segment, the value of our investment, and the timing of distributions we received, if any, were affected by the profitability of the joint venture.

In turn, the profitability of the joint venture was affected by the availability and quality of sugarcane, which impacted capacity utilization rates and the amount of sugar that could be extracted from the sugarcane, and by market prices of sugar and ethanol.

The availability and quality of sugarcane is affected by many factors, including weather, geographical factors such as soil quality and topography, and agricultural practices.

Demand for the joint venture's products was affected by many factors, including changes in global or regional economic conditions, the financial condition of customers and customer access to credit, worldwide consumption of food products, population growth rates, changes in per capita income, and demand for and governmental support of renewable fuels produced from agricultural commodities, including sugarcane.

In addition to these industry related factors which impact our business areas, our results of operations in all business areas and segments are affected by the following factors:

Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy reportable segment.

Total EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other.

We further organize these reportable segments into Core operations and Non-core operations.

Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling reportable segments.

Non-core operations comprise our Sugar & Bioenergy reportable segment, which itself primarily comprised the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Agribusiness Segment EBIT | | | | | | 1,301 | | | | | | 2,786 | | | | | | | | |

| Refined and Specialty Oils Segment EBIT | | | | | | 759 | | | | | | 865 | | | | | | | | |

| Milling Segment EBIT | | | | | | 111 | | | | | | 66 | | | | | | | | |

| Core Segment EBIT | | | | | | 2,171 | | | | | | 3,717 | | | | | | | | |

| Sugar and Bioenergy Segment EBIT | | | | | | 215 | | | | | | 164 | | | | | | | | |

| Non-core Segment EBIT | | | | | | 215 | | | | | | 164 | | | | | | | | |

Core Segments

Agribusiness Segment

[added: This increased risk is monitored through, among other] things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk.

As a result, we purchase and produce various materials, many of which are agricultural commodities, [removed: including:] [added: including] soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, [added: corn, sugar,] and [removed: corn.][added: cotton.]

We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are [removed: generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits.]

| | | | | | | Year Ended December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | Year Ended December 31, [removed: 2023] [added: 2024] | | | | | | | | |

| Highest daily aggregated position value | | | | | | $ | [removed: 762] [added: 1,307] | | | | | $ | [removed: (76)] [added: (131)] | | | | | $ | [removed: 459] [added: 762] | | | | | $ | [removed: (46)] [added: (76)] | |

| Lowest daily aggregated position value | | | | | | $ | [removed: (407)] [added: (611)] | | | | | $ | [removed: (41)] [added: (61)] | | | | | $ | [removed: (502)] [added: (407)] | | | | | $ | [removed: (50)] [added: (41)] | |

Our time charter agreements generally have terms ranging from two months to approximately [removed: three] [added: five] years.

The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of December 31, [removed: 2024,] [added: 2025,] was not material.

Included in Other comprehensive [removed: (loss)] income [added: (loss)] are foreign exchange [removed: losses] [added: gains] of [removed: $101] [added: $42] million and foreign exchange [removed: gains] [added: losses] of [removed: $111] [added: $101] million for the year ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively, related to permanently invested intercompany loans.

The aggregate fair value of our short and long-term debt, based on market yields at December 31, [removed: 2024,] [added: 2025,] was [removed: $6,249] [added: $14,104] million with a carrying value of [removed: $6,238] [added: $14,051] million.

A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at December 31, [removed: 2024,] [added: 2025,] would result in a [added: change of] less than 1% [removed: change] in the fair value of our debt and interest rate swaps.

A hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change of approximately [removed: $44] [added: $78] million in our interest expense on our variable rate debt at December 31, [removed: 2024.][added: 2025.]

[added: We generally use exchange-traded futures and options contracts to minimize the effects of] changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices.

generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits.

This increased risk is monitored through, among other

Activity in the twelve months ended December 31, 2024 includes reclassification of $133 million in foreign exchange losses from Other comprehensive (loss) income to Other income (expense) - net, net of tax of zero, related to the disposition of BP Bunge Bioenergia.

See *Note 2 - Acquisitions and Dispositions* to our consolidated financial statements included as part of this Annual Report on Form 10-K for more information.

We generally use exchange-traded futures and options contracts to minimize the effects of

| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net sales | | | | | | $ | [removed: 53,108] [added: 70,329] | | | | | $ | [removed: 59,540] [added: 53,108] | | | | | $ | [removed: 67,232] [added: 59,540] | |

| Cost of goods sold | | | | | | [removed: (49,715)] [added: (66,920)] | | | | | | [removed: (54,695)] [added: (49,715)] | | | | | | [removed: (63,550)] [added: (54,695)] | | |

| Gross profit | | | | | | [removed: 3,393] [added: 3,409] | | | | | | [removed: 4,845] [added: 3,393] | | | | | | [removed: 3,682] [added: 4,845] | | |

| Selling, general and administrative expenses | | | | | | [removed: (1,776)] [added: (2,113)] | | | | | | [removed: (1,715)] [added: (1,776)] | | | | | | [removed: (1,369)] [added: (1,715)] | | |

| Interest income | | | | | | [removed: 163] [added: 202] | | | | | | [removed: 148] [added: 163] | | | | | | [removed: 71] [added: 148] | | |

| Interest expense | | | | | | [removed: (471)] [added: (628)] | | | | | | [removed: (516)] [added: (471)] | | | | | | [removed: (403)] [added: (516)] | | |

| Foreign exchange (losses) gains — net | | | | | | [removed: (189)] [added: (51)] | | | | | | [removed: 20] [added: (189)] | | | | | | [removed: (11)] [added: 20] | | |

| Other income [removed: (expense)] — net | | | | | | [removed: 442] [added: 289] | | | | | | [removed: 129] [added: 442] | | | | | | [removed: (9)] [added: 129] | | |

| [removed: (Loss) income] [added: Income (loss)] from affiliates | | | | | | [removed: (38)] [added: 26] | | | | | | [removed: 140] [added: (38)] | | | | | | [removed: 105] [added: 140] | | |

| [removed: Income] [added: Income] before income [removed: tax | | | | | | 1,524] [added: tax] | | | | | | [removed: 3,051] [added: $] | [added: 1,524] | | | | | [removed: 2,066] [added: $] | [added: 3,051] | |

| [removed: Income] [added: Income] tax [removed: expense | | | | | | (336)] [added: expense] | | | | | | [removed: (714)] [added: $] | [added: 336] | | | | | [removed: (388)] [added: $] | [added: 714] | |

| Net income | | | | | | [removed: 1,188] [added: 843] | | | | | | [removed: 2,337] [added: 1,188] | | | | | | [removed: 1,678] [added: 2,337] | | |

| Net [removed: (income)] [added: income] attributable to noncontrolling interests and redeemable noncontrolling interests | | | | | | [removed: (51)] [added: (27)] | | | | | | [removed: (94)] [added: (51)] | | | | | | [removed: (68)] [added: (94)] | | |

| Net income attributable to Bunge shareholders (Note 23) | | | | | | $ | [removed: 1,137] [added: 816] | | | | | $ | [removed: 2,243] [added: 1,137] | | | | | $ | [removed: 1,610] [added: 2,243] | |

| Net income attributable to Bunge shareholders - basic | | | | | | $ | [removed: 8.09] [added: 4.95] | | | | | $ | [removed: 15.07] [added: 8.09] | | | | | $ | [removed: 10.83] [added: 15.07] | |

| Net income attributable to Bunge shareholders - diluted | | | | | | $ | [removed: 7.99] [added: 4.91] | | | | | $ | [removed: 14.87] [added: 7.99] | | | | | $ | [removed: 10.51] [added: 14.87] | |

| Net income | | | | | | $ | [removed: 1,188] [added: 843] | | | | | $ | [removed: 2,337] [added: 1,188] | | | | | $ | [removed: 1,678] [added: 2,337] | |

| Other comprehensive [removed: (loss) income:] [added: income (loss):] | | | | | | | | | | | | | | | | | | | | |

| Foreign exchange translation adjustment | | | | | | [removed: (929)] [added: 619] | | | | | | [removed: 341] [added: (929)] | | | | | | [removed: 12] [added: 341] | | |

| Unrealized [removed: gains] (losses) [added: gains] on designated hedges, net of tax [removed: benefit] (expense) [added: benefit] of [removed: $5,] $(3), [added: $5,] and [removed: $(2)] [added: $(3)] | | | | | | [removed: 127] [added: (111)] | | | | | | [removed: (99)] [added: 127] | | | | | | [removed: (81)] [added: (99)] | | |

| Pension adjustment, net of tax benefit [removed: (expense)] of [added: $2,] $4, [removed: $3,] and [removed: $(5)] [added: $3] | | | | | | [removed: (24)] [added: (1)] | | | | | | [removed: (18)] [added: (24)] | | | | | | [removed: 40] [added: (18)] | | |

| Reclassification of realized net losses to net income, net of tax (benefit) expense of [added: $(30),] $(2), [removed: $3,] and [removed: $12] [added: $3] | | | | | | [removed: 146] [added: 98] | | | | | | [removed: 99] [added: 146] | | | | | | [removed: 122] [added: 99] | | |

| Total other comprehensive [removed: (loss) income] [added: income (loss)] | | | | | | [removed: (680)] [added: 605] | | | | | | [removed: 323] [added: (680)] | | | | | | [removed: 93] [added: 323] | | |

| Total comprehensive income | | | | | | [removed: 508] [added: 1,448] | | | | | | [removed: 2,660] [added: 508] | | | | | | [removed: 1,771] [added: 2,660] | | |

| Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | | | | | | [removed: (19)] [added: (65)] | | | | | | [removed: (100)] [added: (19)] | | | | | | [removed: (46)] [added: (100)] | | |

| [removed: Comprehensive loss attributable to acquisition] [added: Acquisition] of redeemable noncontrolling interest [added: and noncontrolling interest] | | | | | | [removed: —] [added: (18)] | | | | | | — | | | | | | [removed: (15)] [added: —] | | |

| Total comprehensive income attributable to Bunge | | | | | | $ | [removed: 489] [added: 1,383] | | | | | $ | [removed: 2,560] [added: 489] | | | | | $ | [removed: 1,710] [added: 2,560] | |

| | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | [removed: | | |] $ | [removed: 3,311] [added: 1,135] | | [added: $] | [added: 3,311] | | $ | 2,602 | |

| Trade accounts receivable (less allowances of [removed: $89] [added: $156] and [removed: $104)] [added: $89)] (Note 4) | | | | | | [removed: 2,148] [added: 3,870] | | | | | | [removed: 2,592] [added: 2,148] | | |

| Inventories (Note 5) | | | | | | [removed: 6,491] [added: 13,198] | | | | | | [removed: 7,105] [added: 6,491] | | |

| Other current assets (Note 6) | | | | | | [removed: 4,008] [added: 5,789] | | | | | | [removed: 4,051] [added: 4,000] | | |

| Total current assets | | | | | | [removed: 15,958] [added: 24,391] | | | | | | [removed: 16,350] [added: 15,958] | | |

| Property, plant and equipment, net (Note 7) | | | | | | [removed: 5,254] [added: 11,678] | | | | | | [removed: 4,541] [added: 5,254] | | |

| Operating lease assets (Note 25) | | | | | | [removed: 932] [added: 1,686] | | | | | | [removed: 926] [added: 932] | | |

| Goodwill (Note 8) | | | | | | [removed: 453] [added: 3,141] | | | | | | [removed: 489] [added: 453] | | |

| Other intangible assets, net (Note 9) | | | | | | [removed: 321] [added: 309] | | | | | | [removed: 398] [added: 321] | | |

| Investments in affiliates (Note 11) | | | | | | [removed: 779] [added: 1,495] | | | | | | [removed: 1,280] [added: 779] | | |

| Deferred income taxes (Note 14) | | | | | | [removed: 645] [added: 890] | | | | | | [removed: 773] [added: 645] | | |

| Income from continuing operations | | | | | | 846 | | | | | | 1,188 | | | | | | 2,337 | | |

| Loss from discontinued operations, net of tax | | | | | | (3) | | | | | | — | | | | | | — | | |

| Net income from continuing operations | | | | | | $ | 4.97 | | | | | $ | 8.09 | | | | | $ | 15.07 | |

| Net loss from discontinued operations | | | | | | (0.02) | | | | | | — | | | | | | — | | |

| Net income from continuing operations | | | | | | $ | 4.93 | | | | | $ | 7.99 | | | | | $ | 14.87 | |

| Net loss from discontinued operations | | | | | | (0.02) | | | | | | — | | | | | | — | | |

| Time deposits under trade structured finance program (Note 3) | | | | | | 208 | | | | | | — | | |

| Assets held for sale (Note 2) | | | | | | 191 | | | | | | 8 | | |

| Letter of credit obligations under trade structured finance program (Note 3) | | | | | | 208 | | | | | | — | | |

| Liabilities held for sale (Note 2) | | | | | | 61 | | | | | | 10 | | |

| Net income | | | | | | $ | 843 | | | | | $ | 1,188 | | | | | $ | 2,337 | |

| Acquisitions of businesses (net of cash acquired) | | | | | | (4,201) | | | | | | — | | | | | | — | | |

| 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 | | | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 816 | | | | | | — | | | | | | 24 | | | | | | 840 | | |

| Other comprehensive income | | | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 567 | | | | | | 34 | | | | | | 601 | | |

| Sale of redeemable noncontrolling interest (Note 2) | | | 46 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 189 | | | | | | — | | | | | | 51 | | | | | | — | | | | | | 240 | | |

| Acquisition of a business (Note 2) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 65,611,831 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 5,339 | | | | | | — | | | | | | — | | | | | | 441 | | | | | | 5,781 | | |

| Cancellation of treasury shares | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | (12,382,610) | | | | | | 1,045 | | | | | | (1,045) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Repurchase of registered shares | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,749,341) | | | | | | — | | | | | | 6,749,341 | | | | | | (551) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (551) | | |

| Balance, December 31, 2025 | | | $ | 53 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 193,408,656 | | | | | | $ | 2 | | | | | 15,103,107 | | | | | | $ | (1,007) | | | | | $ | 9,841 | | | | | $ | 13,152 | | | | | $ | (6,084) | | | | | $ | 1,465 | | | | | $ | 17,369 | |

| | | | | | | | | | | | | | | | Registered Shares | | | | | | | | | | | | Treasury Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

On July 2, 2025, Bunge completed its previously announced acquisition ("Acquisition") of Viterra Limited ("Viterra").

The consolidated statement of income includes results attributable to Viterra from the date of the Acquisition to December 31, 2025.

Effective in the third quarter of 2025, the Company changed its segment reporting to align with its new value chain operational structure as a result of the Viterra Acquisition.

Further, effective January 1, 2025, Bunge's Sugar and Bioenergy reporting segment has been reclassified to Corporate and Other.

See *Note 26- Segment Information* for further details.

Therefore, Bunge now operates in four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling.

It also includes historical results of Bunge's previously recognized Sugar and Bioenergy segment as discussed above.

*Soybean Processing and Refining* —Bunge's 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.

Bunge's soybean processing and refining operations and assets have a global footprint, primarily located in South America, North America, and Europe.

*Softseed Processing and Refining* —Bunge's Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution.

Bunge's softseed processing and refining operations and assets have a global footprint, primarily located in Europe and North America.

*Other Oilseeds Processing and Refining* —Bunge's 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.

Bunge's other oilseeds processing and refining operations and assets are located throughout the world.

*Grain Merchandising and Milling* —Bunge's 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.

The operations and assets of our Grain Merchandising and Milling segment are located throughout the world; milling operations and assets are primarily located in South America.

Further, during the second quarter of 2025, Bunge completed the sale of its corn milling business in North America.

accounted for at the preferential rate.

| | | | | | | | | | | | | | | | | | | | | |

F-4

| Proceeds from beneficial interest in securitized trade receivables | | | | | | — | | | | | | 87 | | | | | | 6,824 | | |

| Proceeds from the exercise of options for common shares | | | | | | 11 | | | | | | 9 | | | | | | 92 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | Convertible Preference Shares | | | | | | | | | | | | Common Shares | | | | | | | | | | | | Treasury Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, January 1, 2022 | | | $ | 381 | | | | | 6,899,683 | | | | | | $ | 690 | | | | | 141,057,414 | | | | | | $ | 1 | | | | | 16,726,697 | | | | | | $ | (1,120) | | | | | $ | 5,590 | | | | | $ | 8,979 | | | | | $ | (6,471) | | | | | $ | 156 | | | | | $ | 7,825 | |

| Net income | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,610 | | | | | | — | | | | | | 55 | | | | | | 1,665 | | |

| Other comprehensive income (loss) | | | (24) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 115 | | | | | | 2 | | | | | | 117 | | |

| Acquisition of redeemable noncontrolling interest | | | (367) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | (15) | | | | | | 235 | | | | | | 265 | | |

| Repurchase of common shares | | | — | | | | | | — | | | | | | — | | | | | | (2,109,115) | | | | | | — | | | | | | 2,109,115 | | | | | | (200) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (200) | | |

| Conversion of preference shares to common shares | | | — | | | | | | (6,899,683) | | | | | | (690) | | | | | | 8,863,331 | | | | | | — | | | | | | — | | | | | | — | | | | | | 690 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Balance, December 31, 2022 | | | $ | 4 | | | | | — | | | | | | $ | — | | | | | 149,907,932 | | | | | | $ | 1 | | | | | 18,835,812 | | | | | | $ | (1,320) | | | | | $ | 6,692 | | | | | $ | 10,222 | | | | | $ | (6,371) | | | | | $ | 732 | | | | | $ | 9,956 | |

The Redomestication, as approved by our shareholders, was effected pursuant to a scheme of arrangement under Bermuda law.

References to the term "shares" refer to Bunge Limited common shares prior to the Redomestication and to Bunge Global SA registered shares after the Redomestication, unless otherwise specified.

Bunge operates in four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy.

*Agribusiness*—Bunge's Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products.

Bunge's agribusiness operations and assets are located in North America, South America, Europe, and Asia-Pacific with merchandising and distribution offices throughout the world.

Bunge's Agribusiness segment also participates in related financial activities, such as offering trade structured finance, which leverages its international trade flows, providing risk management services to customers by assisting them with managing price exposure to agricultural commodities, foreign exchange, and other financial instruments.

*Refined and Specialty Oils* —Bunge's Refined and Specialty Oils segment produces and sells edible oil products, such as packaged and bulk oils and fats, shortenings, margarines, mayonnaise, and other products derived from the vegetable oil refining process, including renewable diesel feedstocks, and refines and fractionates palm oil, palm kernel oil, coconut oil, and shea butter.

Bunge's refined and specialty oils operations are located in North America, South America, Europe, Asia-Pacific, and Africa.

*Milling* —Bunge's Milling segment primarily comprises wheat and corn milling businesses that purchase wheat and corn directly from farmers and dealers and process them into milled products for food processors, bakeries, brewers, snack food producers, and other customers.

Due to the completion of the sale of Bunge's Mexican wheat milling business during the third quarter of 2022, Bunge's wheat milling activities are now primarily located in Brazil.

Corn milling activities are primarily located in the United States and Mexico.

("BP").

Prior to the sale, the joint venture operated in the ethanol, biopower, and sugar markets in Brazil.

BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil.

Bunge accounted for its interest in the joint venture under the equity method of accounting.

Bunge has significant operating subsidiaries in Argentina.

Throughout 2023 and 2022, Argentina’s government has

No impairments or charges related to the war were recorded during the year ended December 31, 2024.

Reclassifications—Effective January 1, 2024, the Company changed its reporting of purchases and sales activity within the readily marketable inventories Level 3 reconciliation to align with the Company's value chain trade flows and intended use, which had no net impact on Level 3 readily marketable inventories period end balances.

See *Note 15- Fair Value Measurements* for further details regarding the reclassification.

Further, effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its consolidated statements of cash flows.

Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows.

Prior period amounts have been reclassified to conform to current presentation.

| | | | | | | | | | | | |

Uncollectible accounts are

Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil.

In the fourth quarter of 2024, the Company adopted Accounting Standards Update ASU 2023-07, *Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280)* ("ASU 2023-07"), which requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position of the company's chief operating decision maker ("CODM"), as identified for purposes of segment determination.

[INDEX TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#ie964aff52a5b4e7ca7a6fa09a9718822_103)][added: STATEMENTS](#i19ebf41bce2b4c2aad38b160f173c7cb_112)]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of registrant's shares held by non-affiliates, based upon the closing price on the last business day of the registrant's most recently completed second fiscal quarter, June 30, [removed: 2024,] [added: 2025,] as reported by the New York Stock Exchange, was approximately [removed: $15,013] [added: $10,701] million.

As of February [removed: 18, 2025, 133,968,048] [added: 17, 2026, 193,509,080] registered shares, par value $0.01 per share, were issued and outstanding.

Portions of the proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of Shareholders (the [removed: "2025] [added: "2026] Annual Meeting") to be held on May [removed: 15, 2025] [added: 20, 2026] are incorporated by reference into Part III.

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- changes in government policies and laws affecting our business, including [removed: agricultural] [added: agricultural, trade, tariff] and [removed: trade (including tariff)] [added: foreign investment] policies, financial markets regulation and environmental, tax and biofuels regulation;

- our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s [removed: pending] business combination with Viterra Limited ("Viterra");

[removed: Business Overview][added: Overview]

- [added: a leading] global oilseed processor and producer of vegetable oils and protein [removed: meals,] [added: meal,] based on processing [removed: capacity;][added: capacity and volume;]

- [added: a leading] global grain [removed: processor,] [added: merchandiser,] based on volume;

- [added: a leading] seller of packaged plant-based oils worldwide, based on sales; and

- [added: a leading] producer and seller of wheat flours, bakery [removed: mixes,] [added: mixes] and [removed: corn-based] [added: related] products in [removed: North and] South America, based on volume.

We conduct our operations [removed: via] [added: through] four reportable segments: [removed: Agribusiness, Refined] [added: Soybean Processing] and [removed: Specialty Oils, Milling,] [added: Refining, Softseed Processing] and [removed: Sugar] [added: Refining, Other Oilseeds Processing] and [removed: Bioenergy,] [added: Refining, and Grain Merchandising and Milling, which are] organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods.

The Company’s remaining operations are [removed: not reportable segments and are] classified as Corporate and Other.

Our [removed: Agribusiness] [added: Other Oilseeds Processing and Refining] segment is [removed: an integrated, global] [added: a globally integrated] business principally involved in [added: products of a specialty nature, including] the purchase, storage, transportation, [removed: processing] [added: processing, distribution, refining, marketing,] and sale of [removed: agricultural commodities and commodity] [added: these related] products.

| [PART I](#i19ebf41bce2b4c2aad38b160f173c7cb_19) | | | | | | | | |

| [PART II](#i19ebf41bce2b4c2aad38b160f173c7cb_43) | | | | | | | | |

| [PART IV](#i19ebf41bce2b4c2aad38b160f173c7cb_94) | | | | | | | | |

| [SIGNATURES](#i19ebf41bce2b4c2aad38b160f173c7cb_259) | | | | | | [S-](#i19ebf41bce2b4c2aad38b160f173c7cb_259)[1](#i19ebf41bce2b4c2aad38b160f173c7cb_259) | | |

We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world.

Our dedicated employees, integrated operations and global footprint give us access to key markets and a diverse agricultural network covering major crops.

These capabilities help us manage seasonal cycles, weather variability and other risks as we partner with farmers to move crops from where they are grown to where they are needed.

With more than 200 years of experience and operations in more than 50 countries, we are:

Our global operations include purchasing, storing, transporting, processing, selling and distributing agricultural commodities and related products.

We also provide financial, risk management and logistics services to support our customers and enhance our value chains.

The commodities we source and markets we serve are essential to everyday life— from the grains and oilseeds that are part of the food supply chain, to the cotton used in clothing, to the energy products that power industries and transportation.

Operating Segments

The following summarizes the key characteristics of each of our operating segments.

Our transformative acquisition (the "Acquisition") of Viterra, which is discussed below, impacts the Soybean Processing and Refining, Softseed Processing and Refining, and Grain Merchandising and Milling segments.

Soybean Processing and Refining Segment

Our 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.

| *Key Commodities* | | | | | | Soybean, Soybean Meal, Soybean Oil | | |

| *Key Regions and Processing Capacity* | | | | | | 47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe | | |

| *Customers* | | | | | | Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products | | |

| *Competition* | | | | | | Due to the commodity nature, markets for our soybeans, soybean meal, and crude soybean oil are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Competition for refined soybean oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion. | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *Recent Acquisitions/ Dispositions* | | | | | | On March 4, 2025, we completed the divestment of 40% of our Spanish operating subsidiary, Bunge Iberica SA ("BISA"), which operates three industrial facilities in Spain, to Repsol SA. We maintain a controlling financial interest in BISA and continue to consolidate the entity. | | |

Softseed Processing and Refining Segment

Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution.

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *Key Commodities* | | | | | | Canola/Rapeseed, Sunflower Seed, Canola/Rapeseed Meal, Sunflower Meal, Canola/Rapeseed Oil, Sunflower Oil | | |

| *Key Regions and Processing Capacity* | | | | | | 53% in Europe, 30% in North America, 13% in South America, and 4% in Asia-Pacific | | |

| *Customers* | | | | | | Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products | | |

| *Raw Materials* | | | | | | Globally sourced directly from farmers or indirectly through intermediaries. | | |

| *Competition* | | | | | | Due to the commodity nature, markets for our softseeds, softseed meal, and crude softseed oil are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Competition for refined softseed oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion. | | |

| *Key Competitors* | | | | | | ADM, Cargill, Louis Dreyfus, and Wilmar, as well as a variety of regional players in each region | | |

| *Recent Acquisitions/ Dispositions* | | | | | | In 2025, Bunge acquired an oilseed crush operation in western Ukraine from Varthomio ("ViOil"). On February 3, 2023, we completed the disposition of our Russian operations. | | |

Other Oilseeds Processing and Refining Segment

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *Key Commodities* | | | | | | Palm Oil, Palm Kernel Oil, Shea Butter, Coconut Oil, various other Seed Oils, Soy Protein Concentrates, and Textured Soy Flour | | |

| *Products* | | | | | | We refine and fractionate tropical oils, including palm oil, palm kernel oil, coconut oil, and shea butter, and blend and refine with various other vegetable oils, including soybean, rapeseed/canola, and sunflower oils. Additionally, we produce specialty ingredients derived from soybeans, such as soy protein concentrate, which is used in a broad range of food and feed applications. | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *Raw Materials* | | | | | | Globally sourced directly from farmers, plantations, processors, other refiners, or indirectly through intermediaries. | | |

| [PART I](#ie964aff52a5b4e7ca7a6fa09a9718822_10) | | | | | | | | |

| [PART II](#ie964aff52a5b4e7ca7a6fa09a9718822_34) | | | | | | | | |

| [PART IV](#ie964aff52a5b4e7ca7a6fa09a9718822_85) | | | | | | | | |

| [SIGNATURES](#ie964aff52a5b4e7ca7a6fa09a9718822_241) | | | | | | [S-](#ie964aff52a5b4e7ca7a6fa09a9718822_241)[1](#ie964aff52a5b4e7ca7a6fa09a9718822_241) | | |

- the impact of seasonality;

- the impact of government policies and regulations;

- the effectiveness of our risk management strategies;

Summary Risk Factors

The Company is subject to a number of risks that if realized could materially adversely affect its business, results of operations, cash flow, financial condition or prospects.

The following is a summary of the principal risk factors facing the Company:

We are subject to risks related to our business and industries, including risks involving:

- adverse weather conditions, including as a result of climate change, and their impact on the availability, quality and price of agricultural commodities and agricultural commodity products;

- the ongoing war between Russia and Ukraine;

- fluctuations in agricultural commodity and other raw material prices and energy prices;

- intense competition we face in each of our businesses;

- the effects of supply and demand imbalances in our industries;

- global and regional economic downturns and related risks;

- economic, political, and other risks of doing business globally and in emerging markets;

- government policies and regulations affecting the agricultural sector and related industries;

- realizing the anticipated benefits of acquisitions, divestitures or joint ventures;

- industry risks;

- compliance with applicable laws and regulations globally;

- credit and counterparty risk;

- our dependence on cash provided by our operations as well as access to external financing;

- the loss of, or a disruption in, our manufacturing and distribution operations or other operations and systems;

- interruptions, security breaches or failures in our information technology systems, processes and sites;

- changes in tax laws or exposure to additional tax liabilities;

- our dependence on a wide array of third parties;

- public health crises, pandemics and epidemics; and

- our dependence on our executive management and other key personnel.

We are subject to risks relating to our registered shares, including risks involving:

- the fact that we are a Swiss corporation and the rights of our shareholders are governed by Swiss law; and

- anti-takeover provisions in our Articles of Association.

We are subject to risks relating to the pending Viterra Acquisition (as defined below), including risks involving:

- our shareholders having reduced ownership and voting interest in and less influence over management of the combined company;

- disruptions in business relationships due to uncertainty associated with the Acquisition;

- prohibitions from entering into certain transactions and taking certain actions that might otherwise be beneficial to us, Viterra and/or our respective shareholders until the completion or termination of the Acquisition;

- third parties terminating or altering existing contracts or relationships with us or Viterra;

- obtaining required approvals and satisfying closing conditions;

- potential termination of the Acquisition;

Our cybersecurity risk management program includes [added: incident] response plans that are aligned with our crisis response plans and outline the procedures and protocols to follow when a cybersecurity incident has or may have occurred, including to allow assessments related to disclosure and notice requirements to be timely made to regulators and affected parties.

The Board is provided with an update following [removed: a] [added: each] simulation exercise.

Our response plans include protocols to notify our Chief [removed: Technology] [added: Transformation] Officer [removed: ("CTO"),] [added: (“CTO”),] our Chief Legal Officer, other members of senior management as appropriate, and, under certain circumstances, the Audit Committee of our Board, or our full Board as appropriate.

Our worldwide team of cyber and information security professionals undertakes a range of activities to protect [removed: its] [added: our] employees, assets, and reputation globally, leveraging internal and external resources to monitor cybersecurity threats to [removed: its] [added: our] systems and networks and to understand the broader threat environment.

Privacy and data protection awareness and training is provided [added: annually] to employees and the Board as part of Bunge’s required Code of Conduct training.

Our CRO formulates periodic reports and provides them to our [removed: Management Risk Committee ("MRC").][added: MRC.]

Despite the measures the company takes to mitigate cybersecurity risks, there can be no assurance that such measures will be sufficient to protect the company’s systems, information, intellectual [removed: property ,and] [added: property, and] other assets from significant harm and, therefore, the scope and impact of any future cybersecurity incident cannot be predicted with any meaningful accuracy.

Our CTO [removed: has more than 20 years of experience in leading, managing,] and [removed: transforming information technology systems for large, global organizations, and] our CRO [removed: has] [added: have] several years of experience in leading and managing risk oversight for global organizations.

The following tables and related discussion provide information on our principal operating facilities as of December 31, [removed: 2024,] [added: 2025,] which primarily includes both owned and leased assets as well as includes production and storage capacity of certain equity method investments.

In our [removed: Agribusiness] [added: Grain Merchandising and Milling] segment, we have [removed: 107] [added: we have 298] commodity storage [removed: facilities globally,] [added: facilities,] which are located close to agricultural production areas or export locations.

We also have [removed: 53 oilseed processing plants globally and operate] four fertilizer processing and blending [removed: plants] [added: plants, and four fertilizer port terminals] in [removed: Argentina.][added: South America.]

In our [removed: Refined] [added: Other Oilseeds Processing] and [removed: Specialty Oils business,] [added: Refining segment,] we have [removed: 59] [added: 18] refining and packaging facilities throughout the world.

We also have [removed: 73] [added: 69] storage [removed: facilities globally] [added: facilities, primarily in Asia,] that are located close to [removed: food] [added: the refining] and [removed: ingredient] [added: packaging] locations.

[removed: We also have 8] [added: Additionally, there are 70] storage facilities globally that are located close [removed: to milling facility locations.]

In the tables below, aggregate daily production capacity is based on metric tons per day, while aggregate storage capacity is based on the number of metric tons available at a given facility.

| Soybean Processing and Refining | | | | | | 193,165 | | | | | | 11,226,953 | | |

| Softseed Processing and Refining | | | | | | 69,320 | | | | | | 2,447,065 | | |

| Other Oilseeds Processing and Refining | | | | | | 19,188 | | | | | | 431,773 | | |

| Grain Merchandising and Milling | | | | | | 30,887 | | | | | | 19,486,773 | | |

| North America | | | | | | 72,391 | | | | | | 10,177,820 | | |

| South America | | | | | | 131,207 | | | | | | 10,836,887 | | |

| Europe | | | | | | 66,583 | | | | | | 3,135,190 | | |

| Asia-Pacific | | | | | | 42,379 | | | | | | 9,442,667 | | |

Soybean Processing and Refining

In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world.

to these soybean facilities.

Softseed Processing and Refining

In our Softseed Processing and Refining segment, we have 29 oilseed processing plants and 22 refining and packaging facilities throughout the world.

We also have 7 storage facilities globally that are located close to these softseed facilities, and one port terminal in Ukraine.

Other Oilseeds Processing and Refining

Further, we have two protein processing facilities in North America.

Grain Merchandising and Milling

We also have 29 port terminals in key export locations throughout the world.

In South America, we have 14 milling facilities, as well as four milling storage facilities and four milling port terminals located close to our milling facilities.

Corporate and Other

| Agribusiness | | | | | | 156,156 | | | | | | 15,223,054 | | |

| Refined and Specialty Oils | | | | | | 57,705 | | | | | | 692,573 | | |

| Milling | | | | | | 14,831 | | | | | | 903,745 | | |

| North America | | | | | | 70,659 | | | | | | 2,832,118 | | |

| South America | | | | | | 61,617 | | | | | | 10,376,595 | | |

| Europe | | | | | | 58,298 | | | | | | 2,446,017 | | |

| Asia-Pacific | | | | | | 38,118 | | | | | | 1,164,642 | | |

Agribusiness

Refined and Specialty Oils

Milling

In our Milling business, we have 13 milling facilities throughout the world.

Other

To our knowledge, based on information provided by Computershare Investor Services LLC, our transfer agent, as of December 31, [removed: 2024,] [added: 2025,] we had [removed: 133,964,235] [added: 193,408,656] registered shares issued and outstanding, which were held by approximately [removed: 66] [added: 67] registered holders.

On May 15, [removed: 2024,] [added: 2025,] shareholders of Bunge Global SA approved a cash dividend distribution in the amount of [removed: $2.72] [added: $2.80] per share, payable in four equal quarterly installments of [removed: $0.68] [added: $0.70] per share beginning in the second quarter of fiscal year [removed: 2024] [added: 2025] and ending in the first quarter of fiscal year [removed: 2025.][added: 2026.]

We paid quarterly dividend distributions on [removed: the] Bunge Global registered shares of $0.6625 per share in the first quarter of 2024, and $0.68 per share in [added: of] the remaining three quarters of 2024.

We paid quarterly [removed: dividends] [added: dividend distributions] on [added: the] Bunge [removed: Limited common] [added: Global registered] shares of [removed: $0.625] [added: $0.68] per share in the first [removed: and second quarters of 2023, and $0.6625 per share in the third] quarter of [removed: 2023] [added: 2025,] and [removed: after the Redomestication paid a quarterly dividend distribution on the Bunge Global registered shares of $0.6625] [added: $0.70] per share in the [removed: fourth quarter] [added: remaining three quarters] of [removed: 2023.][added: 2025.]

The following table sets forth certain information, as of December 31, [removed: 2024,] [added: 2025,] with respect to our long-term equity incentive compensation plans.

| Plan category | | | | | | Number of Securities to be Issued Upon Vesting/Exercise of Outstanding Options, Warrants and [removed: Rights(2)] [added: Rights (2)] | | | | | | Weighted-Average Exercise Price Per Share of Outstanding Options, Warrants and [removed: Rights(3)] [added: Rights (3)] | | | | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column [removed: (a))(4)] [added: (a)) (4)] | | |

| Long-term equity compensation plans approved by [removed: shareholders(1)] [added: shareholders (1)] | | | | | | [removed: 3,362,346] [added: 3,923,030] | | | | | | $ | [removed: 53.71] [added: 52.40] | | | | | [removed: 5,090,409] [added: 3,746,034] | | |

(2)Includes non-statutory stock options outstanding as to [removed: 1,524,007] [added: 1,393,529] registered shares, performance-based restricted stock unit awards as to [removed: 643,292] [added: 801,838] registered shares, and [removed: 1,195,047] [added: 1,727,663] unvested and time-based restricted stock units outstanding (including dividend equivalents payable in shares) under our Plans noted in (1) above.

[removed: Dividend] [added: Further, dividend] equivalent payments [removed: that are] credited to each participant’s account are paid in our [added: registered] shares at the time the award is settled.

The performance graph shown below compares the quarterly change in cumulative total shareholder return on our shares with the S&P 500 Stock Index and the S&P Food Products Index from December 31, [removed: 2019] [added: 2020] through the quarter ended December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

Copyright [removed: 1980-2025.][added: 1980-2026.]

As of December 31, [removed: 2024,] [added: 2025,] a total of [removed: 19,667,739] [added: 26,417,080] shares were repurchased under the program for [removed: $1.9] [added: $2.5] billion with an aggregate purchase authorization of approximately [removed: $800] [added: $249] million remaining for repurchases under the program.

During the twelve months ended December 31, [removed: 2024,] [added: 2025,] Bunge repurchased [removed: 12,150,763] [added: 6,749,341] shares for [removed: $1.1 billion.][added: $551 million.]

The following table is a summary of purchases of equity securities during the fourth quarter of [removed: 2024] [added: 2025] by Bunge and any of its affiliated purchasers.

[added: Due to, among other things, the time delay between the sale to the] company and the institutional investors’ receipt of the refund, the price companies pay to repurchase their shares has historically been slightly higher (but less than 1.0%) than the price of such companies’ shares in ordinary trading on the SIX Swiss Exchange first trading line.

As part of the Acquisition of Viterra, 26,862 performance-based restricted stock unit awards and 227,489 time-based restricted stock unit awards were issued to legacy Viterra employees in place of their deferred cash long-term incentives.

| October 1, 2025 - October 31, 2025 | | | | | | 76,564 | | | | | | $ | 79.77 | | | | | 76,564 | | | | | | $ | 249,393,453 | |

| November 1, 2025 - November 30, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 249,393,453 | |

| December 1, 2025 - December 31, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 249,393,453 | |

| Total | | | | | | 76,564 | | | | | | $ | 79.77 | | | | | 76,564 | | | | | | | | |

| October 1, 2024 - October 31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 800,001,209 | |

| November 1, 2024 - November 30, 2024 (1) | | | | | | 5,709,833 | | | | | | $ | 87.57 | | | | | 5,709,833 | | | | | | $ | 800,001,300 | |

| December 1, 2024 - December 31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 800,001,300 | |

| Total | | | | | | 5,709,833 | | | | | | $ | 87.57 | | | | | 5,709,833 | | | | | | | | |

(1) As discussed above, on November 13, 2024, the Board authorized the repurchase of an additional $500 million of its issued and outstanding registered shares, under the existing share repurchase program.

Due to, among other things, the time delay between the sale to the

Our financial statements and related schedule required by this item are contained on pages F-1 through [removed: F-71] [added: F-76] and on page E-1 included as part of this Annual Report on Form 10-K.

As of December 31, [removed: 2024,] [added: 2025,] we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our "disclosure controls and procedures," as [removed: that term is] defined in Exchange Act Rules 13a-15(e) and 15d-15(e).

Bunge Global's management is responsible for establishing and maintaining adequate internal control over financial reporting, as [removed: such term is] defined in Exchange Act Rules [removed: 13a-15(f).][added: 13a-15(f) and 15d-15(f).]

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of the end [added: of the fiscal year covered by this annual report based on the framework in *Internal Control—Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).]

[removed: of] [added: We have audited] the [removed: fiscal year covered by this annual report] [added: internal control over financial reporting of Bunge Global SA and subsidiaries (the “Company”) as of December 31, 2025,] based on [removed: the framework] [added: criteria established] in [removed: *Internal Control—Integrated] [added: Internal Control — Integrated] Framework [removed: (2013)*] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, [removed: 2024,] [added: 2025,] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Our management, including our Chief Executive Officer and [removed: our] Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud.

[removed: We have audited] [added: In our opinion,] the [added: Company maintained, in all material respects, effective] internal control over financial reporting [removed: of Bunge Global SA and subsidiaries (the "Company")] as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: *Internal Control-Integrated] [added: Internal Control — Integrated] Framework [removed: (2013)*] [added: (2013)] issued by [removed: the Committee of Sponsoring Organizations of the Treadway Commission (COSO).][added: COSO.]

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and the related notes and the schedule listed in the Index at Item 15 as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 20, 2025,] [added: 19, 2026,] expressed an unqualified opinion on those financial statements.

The [removed: Company's] [added: Company’s] management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: *Management's] [added: Management’s] Report on Internal Control over Financial [removed: Reporting*.][added: Reporting.]

Because of [removed: the] [added: its] inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of [removed: the] effectiveness to future periods are subject to the risk that [removed: the] controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We have excluded the operations of Viterra from our assessment of internal control over financial reporting as of December 31, 2025 because we completed the acquisition of Viterra during the third quarter of our 2025 fiscal year.

Viterra is a 100% owned subsidiary, whose total assets, excluding goodwill, and total net sales excluded from our assessment of internal control over financial reporting represent 33% and 22%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025.

This exclusion is in accordance with the guidelines established by the SEC.

However, the Company is in the process of integrating Viterra and as a result of these integration

activities, certain controls have changed, and further changes are anticipated.

Management expects the integration process to continue in phases over the next several years.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Viterra Limited, which was acquired on July 2, 2025.

Viterra is a 100% owned subsidiary, whose total assets, excluding goodwill, and total net sales excluded from our assessment of internal control over financial reporting represent 33% and 22%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025.

Accordingly, our audit did not include the internal control over financial reporting at Viterra Limited.

February 19, 2026

However, we continue to migrate certain processes from across our operations to shared business service models in order to consolidate back-office functions while standardizing our processes and financial systems globally.

These initiatives are not in response to any identified deficiency or weakness in our internal controls over financial reporting.

We plan to continue these initiatives in phases over the next several years and, accordingly, we have and will continue to align and streamline the design and operation of our internal controls over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the criteria established in *Internal Control-Integrated Framework (2013)* issued by COSO.

February 20, 2025

Information required by Items 10, 11, 12, 13 and 14 of Part III is omitted from this Annual Report on Form 10-K and will be filed in a definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting.

We will provide information that is responsive to this Item 10 in our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting under the captions "Election of Directors," "Corporate Governance-Board Meetings and Committees-Audit Committee," "Corporate Governance-Board Structure and Size," "Corporate Governance-Board Independence," "Audit Committee Report," "Corporate Governance-Corporate Governance Principles and Code of Conduct," "Insider Trading Policy" and possibly elsewhere therein.

We will provide information that is responsive to this Item 11 in our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting under the captions "Executive Compensation Highlights," "Director Compensation," "Human Resources and Compensation Committee Report," and possibly elsewhere therein.

We will provide information that is responsive to this Item 12 in our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting under the caption "Share Ownership of Directors, Executive Officers and Principal Shareholders" and possibly elsewhere therein.

We will provide information that is responsive to this Item 13 in our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting under the captions "Corporate Governance-Board Independence," "Certain Relationships and Related Transactions" and possibly elsewhere therein.

We will provide information that is responsive to this Item 14 in our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting under the caption "Appointment of Independent Auditor for U.S. Securities Law Reporting and Reelection of Statutory Auditor for Swiss Law Purposes" and possibly elsewhere therein.

| [2.3](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000094/ex22bloom-bcaamendment.htm) | | | +++ | | | Amendment, dated April 10, 2024, to the Business Combination Agreement [removed: dates] [added: dated] as of June 13, 2023, by and among Bunge Limited, Viterra Limited and the Sellers as defined and listed therein (incorporated by reference from the Registrant's Form 10-Q filed [added: on] April 24, 2024) | | |

| [removed: [3.1](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000299/a31articlesofassociationof.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1996862/000162828025058310/a31articlesofassociationof.htm)] | | | | | | Articles of Association of Bunge Global SA, as amended, effective December [removed: 6, 2024] [added: 16, 2025] (incorporated by reference from the Registrant’s Form 8-K filed on December [removed: 9, 2024)] [added: 19, 2025)] | | |

| [removed: [4.2](https://www.sec.gov/Archives/edgar/data/1996862/000199686225000008/a42descriptionofregistrant.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1996862/000162828026009842/a42descriptionofregistrant.htm)] | | | * | | | Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | | |

| [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/sixthamendedandrestatedpoo.htm) | | | | | | Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding Inc., Bunge Management Services Inc., as Servicer, and The Bank of New York, as Trustee (incorporated by reference from Bunge Limited's Form 10-K filed [added: on] February 19, 2021) | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000194/a101bungesecuritization-tw.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1996862/000199686225000086/a101-bungesecuritizationxt.htm)[2](https://www.sec.gov/Archives/edgar/data/1996862/000199686225000086/a101-bungesecuritizationxt.htm)] | | | | | | [removed: Twenty-Fifth] [added: Twenty-Eighth] Amendment to Receivables Transfer Agreement, dated [removed: May 21, 2024,] [added: March 31, 2025,] among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on [removed: August 1, 2024)] [added: May 7, 2025)] | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000259/a101bungesecuritization-tw.htm)] [added: [10](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a1028thamendedandrestatedr.htm)[.](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a1028thamendedandrestatedr.htm)[4](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a1028thamendedandrestatedr.htm)] | | | [added: +++] | | | [removed: Twenty-Sixth Amendment to] [added: Eighth Amended and Restated] Receivables Transfer Agreement, dated [removed: September 30, 2024,] [added: December 18, 2023,] among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, [added: Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator,] Coöperatieve Rabobank U.A., as Administrative [removed: Agent, Committed Purchaser and Purchaser] Agent and [removed: on behalf of its Conduit Purchaser,] [added: Purchaser Agent,] Bunge Global SA, as Performance Undertaking Provider, [removed: Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Bunge Agribusiness Iberica, S.L.U., as New Spanish Originator,] and the [added: persons from time to time party thereto as] Conduit Purchasers, Committed Purchasers and Purchaser Agents [removed: party thereto] (incorporated by reference from the Registrant’s Form [removed: 10-Q] [added: 8-K] filed on [removed: October 30, 2024)] [added: December 20, 2023)] | | |

| [removed: [10.4](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000297/a101conformedcopyforxbunge.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1996862/000162828026009842/ex-103bungesecuritizationx.htm)[3](https://www.sec.gov/Archives/edgar/data/1996862/000162828026009842/ex-103bungesecuritizationx.htm)] | | | [added: *] | | | [removed: Twenty-Seventh] [added: Twenty-Ninth] Amendment to Receivables Transfer Agreement, dated December [removed: 3, 2024,] [added: 5, 2025,] among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto [removed: (incorporated by reference from the Registrant’s Form 8-K filed on December 5, 2024)] | | |

| [removed: [10.5](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a1028thamendedandrestatedr.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a103unadjustedapplicablema.htm)[5](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a103unadjustedapplicablema.htm)] | | | [removed: +++] | | | [removed: Eighth Amended and Restated Receivables Transfer Agreement,] [added: Unadjusted Applicable Margin Letter,] dated December 18, 2023, among Bunge Securitization B.V., as Seller, [removed: Koninklijke] Bunge [removed: B.V., as Master Servicer and Subordinated Lender, Crédit Agricole Corporate & Investment Bank,] [added: Global SA,] as [removed: Sustainability Co-ordinator,] [added: Performance Undertaking Provider,] Coöperatieve Rabobank U.A., as Administrative Agent and [added: a] Purchaser Agent, [removed: Bunge Global SA, as Performance Undertaking Provider,] and the [removed: persons from time to time party thereto as Conduit Purchasers, Committed Purchasers and] Purchaser Agents [added: party thereto] (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023) | | |

| [removed: [10.6](https://www.sec.gov/Archives/edgar/data/1996862/000199686223000050/a103unadjustedapplicablema.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1012firstamendedandrestat.htm)[9](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1012firstamendedandrestat.htm)] | | | | | | [removed: Unadjusted Applicable Margin Letter,] [added: Amended and Restated Performance and Indemnity Agreement,] dated [removed: December 18,] [added: June 21,] 2023, [added: by and] among Bunge [removed: Securitization B.V., as Seller,] [added: Limited and] Bunge Global SA, as Performance Undertaking [removed: Provider,] [added: Provider and] Coöperatieve Rabobank U.A., as Administrative Agent [removed: and a Purchaser Agent, and] [added: to] the [removed: Purchaser Agents party thereto] [added: Receivables Transfer Agreement dated June 1, 2011, as amended] (incorporated by reference from [removed: the Registrant’s] [added: Bunge Limited’s] Form 8-K filed on [removed: December 20,] [added: June 26,] 2023) | | |

| [removed: [10.7](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_16.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_16.htm)[6](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_16.htm)] | | | | | | Amendment to and Restatement of the Servicing Agreement, dated May 26, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017) | | |

| [removed: [10.8](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/secondamendmenttotheservic.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/secondamendmenttotheservic.htm)[7](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/secondamendmenttotheservic.htm)] | | | | | | Second Amendment to the Servicing Agreement, dated June 30, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) | | |

| [removed: [10.9](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/thirdamendmenttotheservici.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/thirdamendmenttotheservici.htm)[8](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/thirdamendmenttotheservici.htm)] | | | | | | Third Amendment to the Servicing Agreement, dated February 19, 2019, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) | | |

| [removed: [10.10](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1012firstamendedandrestat.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a108firstamendedandrestate.htm)[6](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a108firstamendedandrestate.htm)] | | | | | | [added: First] Amended and Restated [removed: Performance and Indemnity Agreement,] [added: Guaranty,] dated [added: as of] June 21, 2023, by [removed: and among] Bunge Limited and Bunge Global SA, as [removed: Performance Undertaking Provider and Coöperatieve Rabobank U.A.,] [added: Guarantor, to JPMorgan Chase Bank, N.A.,] as Administrative Agent to the [removed: Receivables Transfer] [added: First Amended and Restated Term Loan] Agreement [removed: dated June 1, 2011,] [added: incorporated] as [removed: amended] [added: Exhibit 10.25 hereto] (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) | | |

| [removed: [10.11](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d6.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d6.htm)[0](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d6.htm)] | | | | | | Subordinated Loan Agreement, dated June 1, 2011, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) | | |

| [removed: [10.12](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/firstamendmenttosubordinat.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/firstamendmenttosubordinat.htm)[1](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/firstamendmenttosubordinat.htm)] | | | | | | First Amendment to the Subordinated Loan Agreement, dated August 27, 2019, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.) as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) | | |

| [removed: [10.13](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d7.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d7.htm)[2](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d7.htm)] | | | ++ | | | U.S. Receivables Purchase Agreement, dated June 1, 2011, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) | | |

| [removed: [10.14](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d3.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d3.htm)[3](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d3.htm)] | | | | | | First Amendment to U.S. Receivables Purchase Agreement, dated June 15, 2012, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012) | | |

| [removed: [10.15](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_22.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_22.htm)[4](https://www.sec.gov/Archives/edgar/data/1144519/000104746917001059/a2230755zex-10_22.htm)] | | | | | | Second Amendment to the U.S. Receivables Purchase Agreement, dated June 30, 2016, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Koninklijke Bunge B.V., as Seller Agent, Bunge North America Capital, Inc., as the Buyer, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017) | | |

| [removed: [10.16](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d8.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d8.htm)[5](https://www.sec.gov/Archives/edgar/data/1144519/000110465911045140/a11-13908_1ex10d8.htm)] | | | ++ | | | U.S. Intermediate Transfer Agreement, dated June 1, 2011, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as the Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) | | |

| [removed: [10.17](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d4.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d4.htm)[6](https://www.sec.gov/Archives/edgar/data/1144519/000110465912053289/a12-12379_1ex10d4.htm)] | | | | | | First Amendment to U.S. Intermediate Transfer Agreement, dated June 15, 2012, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012) | | |

| [removed: [10.18](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/fiftharpre-exportfinancing.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/fiftharpre-exportfinancing.htm)[17](https://www.sec.gov/Archives/edgar/data/1144519/000114451921000006/fiftharpre-exportfinancing.htm)] | | | | | | Fifth Amended and Restated Pre-Export Financing Agreement, dated November 6, 2020, among the Pre-Export Borrowers party thereto, the Pre-Export Lenders party thereto, Sumitomo Mitsui Banking Corporation, as Pre-Export Administrative Agent, and Banco Rabobank International Brasil S.A., as Pre-Export Collateral Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) | | |

| [removed: [10.19](https://www.sec.gov/Archives/edgar/data/1144519/000094787121000779/ss373914_ex1006.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1144519/000094787121000779/ss373914_ex1006.htm)[18](https://www.sec.gov/Archives/edgar/data/1144519/000094787121000779/ss373914_ex1006.htm)] | | | | | | Tenth Amended and Restated Guaranty, dated as of July 16, 2021, by Bunge Limited, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, in its capacity as Letter of Credit Agent, and the Letter of Credit Banks named therein, JPMorgan Chase Bank, N.A., as Administrative Agent under the Liquidity Agreement, and The Bank of New York Mellon, as Collateral Agent under the Security Agreement and Trustee under the Pooling Agreement (incorporated by reference from Bunge Limited’s Form 8-K filed on July 19, 2021) | | |

| [removed: [10.20](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000166/a101creditagreementdatedju.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a107blfc-cobankcreditagree.htm)[19](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a107blfc-cobankcreditagree.htm)] | | | | | | [added: Amended and Restated] Credit Agreement, dated as of [removed: July 7, 2023,] [added: October 3, 2025,] by and among Bunge Limited Finance Corp., as Borrower, CoBank, ACB, as Administrative Agent and [removed: Lead] Arranger, and the several lenders from time to time parties thereto (incorporated [removed: by reference] from [removed: Bunge Limited’s] [added: the Registrant's] Form 8-K filed on [removed: July 11, 2023)] [added: October 8, 2025)] | | |

| [removed: [10.21](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000166/a102guarantydatedjuly72023.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a108blfc-cobankguarantydat.htm)[0](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a108blfc-cobankguarantydat.htm)] | | | | | | [added: Amended and Restated] Guaranty, dated as of [removed: July 7, 2023,] [added: October 3, 2025,] by Bunge Limited and Bunge Global SA, as Guarantor, to CoBank, ACB, as Administrative Agent under the Credit Agreement incorporated [removed: as] [added: by reference to] Exhibit [removed: 10.20 hereto] [added: 10.19] (incorporated by reference from [removed: Bunge Limited’s] [added: the Registrant’s] Form 8-K [removed: filed July 11, 2023)] [added: on October 8, 2025)] | | |

| [removed: [10.22](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000049/a101-blfcxjpmxrevolvingcre.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10142billionrevolvingcred.htm)[29](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10142billionrevolvingcred.htm)] | | | | | | Revolving Credit Agreement, dated as of [removed: March 1, 2024,] [added: October 3, 2025, by and] among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of America, N.A., Bank of Montreal, BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., ING Bank N.V., Mizuho Bank, [removed: Ltd.] [added: Ltd., Natixis, New York Branch] and Wells Fargo Bank, N.A., as Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on [removed: March 6, 2024)] [added: October 8, 2025)] | | |

| [removed: [10.23](https://www.sec.gov/Archives/edgar/data/1996862/000199686224000049/a102-blfcxjpmguarantydated.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10242billionguarantydated.htm)[0](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10242billionguarantydated.htm)] | | | | | | Guaranty, dated as of [removed: March 1, 2024,] [added: October 3, 2025,] by Bunge Global [removed: SA] [added: SA, as Guarantor,] to JPMorgan Chase Bank, N.A., [removed: in its capacity] as Administrative Agent under the Revolving Credit Agreement incorporated as Exhibit [removed: 10.22] [added: 10.29] hereto (incorporated by reference from the Registrant’s Form 8-K filed on [removed: March 6, 2024)] [added: October 8, 2025)] | | |

| [removed: [10.24](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a109secondamendmentagreeme.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a109secondamendmentagreeme.htm)[1](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a109secondamendmentagreeme.htm)] | | | +++ | | | Second Amendment Agreement to Facility Agreement, dated as of June 21, 2023, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, BNP Paribas, as Sustainability Co-ordinator, Natixis, as Lead Sustainability Co-ordinator, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) | | |

| [removed: [10.25](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1010firstamendedandrestat.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1010firstamendedandrestat.htm)[2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a1010firstamendedandrestat.htm)] | | | | | | First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Administrative Agent to the Facility Agreement incorporated as Exhibit [removed: 10.24] [added: 10.21] hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) | | |

| [removed: [10.26](https://www.sec.gov/Archives/edgar/data/1996862/000110465924047771/tm2411681d1_ex10-1.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a107firstamendedandrestate.htm)[5](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a107firstamendedandrestate.htm)] | | | | | | First Amended and Restated [removed: Revolving Credit] [added: Term Loan] Agreement, dated as of [removed: April 12, 2024,] [added: June 21, 2023,] by and among Bunge Limited Finance Corp., as Borrower, [removed: Coöperatieve Rabobank U.A., New York Branch,] [added: JPMorgan Chase Bank, N.A.,] as Administrative Agent, Sumitomo Mitsui Banking Corporation, [removed: as Syndication Agent,] [added: Bank of America, N.A.,] BNP Paribas, Citibank, N.A., [removed: Natixis,] [added: Coöperatieve Rabobank U.A.,] New York [removed: Branch and] [added: Branch, ING Bank N.V., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, Truist Bank,] U.S. Bank National [added: Association and Wells Fargo Bank, National] Association, as [removed: Co-Documentation] [added: Syndication] Agents, and the several lenders from time to time parties thereto (incorporated by reference from [removed: the Registrant’s] [added: Bunge Limited’s] Form 8-K filed on [removed: April 16, 2024)] [added: June 26, 2023)] | | |

| [removed: [10.27](https://www.sec.gov/Archives/edgar/data/1996862/000110465924047771/tm2411681d1_ex10-2.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a106blfc-11billionguaranty.htm)[4](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a106blfc-11billionguaranty.htm)] | | | | | | [removed: First Amended and Restated] Guaranty, dated as of [removed: April 12, 2024,] [added: October 3, 2025,] by Bunge Global SA, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent under the [removed: First Amended and Restated] Revolving Credit Agreement incorporated as Exhibit [removed: 10.26] [added: 10.33] hereto (incorporated by reference from the Registrant’s Form 8-K [removed: Form 8-K] filed on [removed: April 16, 2024)] [added: October 8, 2025)] | | |

| [removed: [10.28](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a105secondamendmenttoterml.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a105secondamendmenttoterml.htm)[3](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a105secondamendmenttoterml.htm)] | | | | | | Second Amendment to Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) | | |

| [removed: [10.29](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a106secondamendedandrestat.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a106secondamendedandrestat.htm)[4](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a106secondamendedandrestat.htm)] | | | | | | Second Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent under the Term Loan Agreement incorporated as Exhibit [removed: 10.28] [added: 10.23] hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) | | |

| [removed: [10.30](https://www.sec.gov/Archives/edgar/data/1144519/000114451923000163/a107firstamendedandrestate.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10511billion364-dayrevolv.htm)[3](https://www.sec.gov/Archives/edgar/data/1996862/000162828025044541/a10511billion364-dayrevolv.htm)] | | | | | | [removed: First Amended and Restated Term Loan] [added: Revolving Credit] Agreement, dated as of [removed: June 21, 2023,] [added: October 3, 2025,] by and among Bunge Limited Finance Corp., as Borrower, [removed: JPMorgan Chase Bank, N.A.,] [added: Coöperatieve Rabobank U.A., New York Branch,] as Administrative Agent, Sumitomo Mitsui Banking [removed: Corporation,] [added: Corporation and Crédit Agricole Corporate and Investment Bank, as Syndication Agents, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch,] Bank of [removed: America, N.A.,] [added: Montreal,] BNP Paribas, Citibank, N.A., [removed: Coöperatieve Rabobank U.A., New York Branch,] [added: Deutsche Bank Securities Inc.,] ING Bank N.V., [removed: JPMorgan Chase Bank, N.A.,] Mizuho Bank, Ltd., [removed: PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank,] [added: Natixis,] New York [removed: Branch, Truist Bank, U.S. Bank National Association] [added: Branch] and Wells Fargo Bank, [removed: National Association,] [added: N.A.,] as [removed: Syndication] [added: Documentation] Agents, and the several lenders from time to time parties thereto (incorporated by reference from [removed: Bunge Limited’s] [added: the Registrant’s] Form 8-K filed on [removed: June 26, 2023)] [added: October 8, 2025)] | | |