Item 1. FINANCIAL STATEMENTS

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Net sales			$	12,769					$	13,241					$	24,412					$	26,658
Cost of goods sold			(12,031)						(12,577)						(23,077)						(25,118)
Gross profit			738						664						1,335						1,540
Selling, general and administrative expenses			(418)						(449)						(798)						(888)
Interest income			46						37						105						79
Interest expense			(106)						(123)						(210)						(231)
Foreign exchange gains (losses) – net			44						(37)						69						(115)
Other income (expense) – net			187						57						269						125
Income (loss) from affiliates			3						(46)						8						(38)
Income (loss) before income tax			494						103						778						472
Income tax (expense) benefit			(124)						(30)						(204)						(147)
Net income (loss)			370						73						574						325
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests			(16)						(3)						(19)						(11)
Net income (loss) attributable to Bunge shareholders (Note 18)			$	354					$	70					$	555					$	314
			0						0
Earnings per share—basic (Note 18)
Net income (loss) attributable to Bunge shareholders - basic			$	2.63					$	0.49					$	4.14					$	2.20
Earnings per share—diluted (Note 18)
Net income (loss) attributable to Bunge shareholders - diluted			$	2.61					$	0.48					$	4.10					$	2.17

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

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(U.S. dollars in millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Net income (loss)			$	370					$	73					$	574					$	325
Other comprehensive income (loss):
Foreign exchange translation adjustment			379						(352)						645						(536)
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(1) and $(4) in 2025 and $1 and $2 in 2024			(49)						87						(87)						125
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $(1) and $(1) in 2025 and zero in 2024			5						2						5						(1)
Total other comprehensive income (loss)			335						(263)						563						(412)
Total comprehensive income (loss)			705						(190)						1,137						(87)
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests			(38)						8						(54)						9
Total comprehensive income (loss) attributable to Bunge			$	667					$	(182)					$	1,083					$	(78)

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

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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

						June 30, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents						$	6,790					$	3,311
Trade accounts receivable (less allowances of $78 and $89) (Note 4)						2,258						2,148
Inventories (Note 5)						8,014						6,491
Assets held for sale (Note 2)						178						8
Other current assets (Note 6)						4,205						4,000
Total current assets						21,445						15,958
Property, plant and equipment, net						5,828						5,254
Operating lease assets						1,002						932
Goodwill						460						453
Other intangible assets, net						316						321
Investments in affiliates						862						779
Deferred income taxes						646						645
Other non-current assets (Note 7)						595						557
Total assets						$	31,154					$	24,899
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt (Note 13)						$	3,535					$	875
Current portion of long-term debt (Note 13)						690						669
Trade accounts payable (includes $576 and $388 carried at fair value) (Note 11)						2,894						2,777
Current operating lease obligations						282						286
Liabilities held for sale (Note 2)						67						10
Other current liabilities (Note 10)						2,916						2,818
Total current liabilities						10,384						7,435
Long-term debt (Note 13)						7,044						4,694
Deferred income taxes						347						379
Non-current operating lease obligations						662						595
Other non-current liabilities (Note 16)						761						847
Redeemable noncontrolling interest						61						4
Equity (Note 17):
Registered shares, par value $.01; authorized not issued – 86,861,666 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2025 – 134,434,752 shares, 2024 – 133,964,235 shares						1						1
Additional paid-in capital						5,502						5,325
Retained earnings						13,011						12,838
Accumulated other comprehensive income (loss) (Note 17)						(6,123)						(6,702)
Treasury shares, at cost; 2025 - 20,847,790 shares and 2024 - 21,318,307 shares						(1,508)						(1,549)
Total Bunge shareholders’ equity						10,883						9,913
Noncontrolling interests						1,012						1,032
Total equity						11,895						10,945
Total liabilities, redeemable noncontrolling interest and equity						$	31,154					$	24,899

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

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(U.S. dollars in millions)

						Six Months Ended June 30,
						2025						2024
OPERATING ACTIVITIES
Net income (loss)						$	574					$	325
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Foreign exchange (gain) loss on net debt						(208)						103
Depreciation, depletion and amortization						236						226
Share-based compensation expense						35						34
Deferred income tax expense (benefit)						20						(27)
(Gain) loss on sale of investments and property, plant and equipment						(148)						(1)
Results from affiliates						(8)						38
Other, net						87						59
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Trade accounts receivable						(110)						173
Inventories						(1,261)						(1,273)
Secured advances to suppliers						(254)						88
Trade accounts payable and accrued liabilities						(55)						(147)
Advances on sales						(107)						(90)
Net unrealized (gains) losses on derivative contracts						(120)						329
Margin deposits						(59)						(315)
Recoverable and income taxes, net						71						(149)
Marketable securities						16						(21)
Other, net						(66)						168
Cash provided by (used for) operating activities						(1,357)						(480)
INVESTING ACTIVITIES
Payments made for capital expenditures						(716)						(533)
Proceeds from investments						850						554
Payments for investments						(783)						(638)
Settlements of net investment hedges						(27)						(1)
Proceeds from disposal of business and property, plant and equipment						472						3
Proceeds from sale of investments in affiliates						100						103
Payments for investments in affiliates						(63)						(18)
Other, net						65						(18)
Cash provided by (used for) investing activities						(102)						(548)
FINANCING ACTIVITIES
Net change in short-term debt with maturities of three months or less						2,704						271
Proceeds from short-term debt with maturities greater than three months						670						496
Repayments of short-term debt with maturities greater than three months						(710)						(590)
Proceeds from long-term debt						2,303						15
Repayments of long-term debt						(57)						(1)
Repurchases of registered shares						—						(400)
Dividends paid to registered and common shareholders						(185)						(191)
Capital contributions from (Return of capital to) noncontrolling interest						30						31
Sale of redeemable noncontrolling interest						206						—
Acquisition of noncontrolling interest						(18)						—
Other, net						(5)						(19)
Cash provided by (used for) financing activities						4,938						(388)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash						5						(6)
Net increase (decrease) in cash and cash equivalents, and restricted cash						3,484						(1,422)
Cash and cash equivalents, and restricted cash - beginning of period						3,328						2,623
Cash and cash equivalents, and restricted cash - end of period						$	6,812					$	1,201

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

BUNGE GLOBAL SA AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

(Unaudited)

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

																					Registered Shares												Treasury Shares
						Redeemable Non- Controlling Interests																											Shares						Amount						Shares						Amount						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Non- Controlling Interests						Total Equity
Balance, April 1, 2025						$	49																										134,396,552						$	1					20,885,990						$	(1,511)					$	5,490					$	13,034					$	(6,436)					$	966					$	11,544
Net income (loss)						8																											—						—						—						—						—						354						—						8						362
Other comprehensive income (loss)						4																											—						—						—						—						—						—						313						18						331
Dividends on registered shares, $2.80 per share						—																											—						—						—						—						—						(377)						—						—						(377)
Dividends to noncontrolling interests on subsidiary common stock						—																											—						—						—						—						—						—						—						(3)						(3)
Capital contribution (return) from (to) noncontrolling interest						—																											—						—						—						—						—						—						—						23						23
Share-based compensation expense						—																											—						—						—						—						16						—						—						—						16
Issuance of registered shares, including stock dividends						—																											38,200						—						(38,200)						3						(4)						—						—						—						(1)
Balance, June 30, 2025						$	61																										134,434,752						$	1					20,847,790						$	(1,508)					$	5,502					$	13,011					$	(6,123)					$	1,012					$	11,895

																					Registered Shares												Treasury Shares
						Redeemable Non- Controlling Interests																											Shares						Amount						Shares						Amount						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Non- Controlling Interests						Total Equity
Balance, April 1, 2024						$	1																										141,582,461						$	1					19,847,011						$	(1,431)					$	5,854					$	12,321					$	(6,194)					$	977					$	11,528
Net income (loss)																																	—						—						—						—						—						70						—						3						73
Other comprehensive income (loss)						—																											—						—						—						—						—						—						(252)						(11)						(263)
Dividends on common shares, $2.72 per share						—																											—						—						—						—						—						(385)						—						—						(385)
Dividends to noncontrolling interests on subsidiary common stock						—																											—						—						—						—						—						—						—						(3)						(3)
Capital contribution (return) from (to) noncontrolling interest						—																											—						—						—						—						—						—						—						16						16
Share-based compensation expense						—																											—						—						—						—						17						—						—						—						17
Issuance of common shares, including stock dividends						—																											58,862						—						(58,862)						4						(2)						(1)						—						—						1
Balance, June 30, 2024						$	1																										141,641,323						$	1					19,788,149						$	(1,427)					$	5,869					$	12,005					$	(6,446)					$	982					$	10,984

																					Registered Shares												Treasury Shares
						Redeemable Non- Controlling Interests																											Shares						Amount						Shares						Amount						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Non- Controlling Interests						Total Equity
Balance, January 1, 2025						$	4																										133,964,235						$	1					21,318,307						$	(1,549)					$	5,325					$	12,838					$	(6,702)					$	1,032					$	10,945
Net income (loss)						7																											—						—						—						—						—						555						—						12						567
Other comprehensive income (loss)						4																											—						—						—						—						—						—						528						31						559
Dividends on registered shares, $2.80 per share						—																											—						—						—						—						—						(377)						—						—						(377)
Dividends to noncontrolling interests on subsidiary common stock						—																											—						—						—						—						—						—						—						(4)						(4)
Capital contribution (return) from (to) noncontrolling interest						—																											—						—						—						—						—						—						—						30						30
Sale of redeemable noncontrolling interest (Note 2)						46																											—						—						—						—						189						—						51						—						240
Acquisition of noncontrolling interest (Note 8)						—																											—						—						—						—						4						—						—						(89)						(85)
Share-based compensation expense						—																											—						—						—						—						35						—						—						—						35
Issuance of registered shares, including stock dividends						—																											470,517						—						(470,517)						41						(51)						(5)						—						—						(15)
Balance, June 30, 2025						$	61																										134,434,752						$	1					20,847,790						$	(1,508)					$	5,502					$	13,011					$	(6,123)					$	1,012					$	11,895

																					Registered Shares												Treasury Shares
						Redeemable Non- Controlling Interests																											Shares						Amount						Shares						Amount						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Non- Controlling Interests						Total Equity
Balance, January 1, 2024						$	1																										145,319,668						$	1					16,109,804						$	(1,073)					$	5,900					$	12,077					$	(6,054)					$	963					$	11,814
Net income (loss)						—																											—						—						—						—						—						314						—						11						325
Other comprehensive income (loss)						—																											—						—						—						—						—						—						(392)						(20)						(412)
Dividends on common shares, $2.72 per share						—																											—						—						—						—						—						(385)						—						—						(385)
Dividends to noncontrolling interests on subsidiary common stock						—																											—						—						—						—						—						—						—						(3)						(3)
Capital contribution (return) from (to) noncontrolling interest						—																											—						—						—						—						—						—						—						31						31
Share-based compensation expense						—																											—						—						—						—						34						—						—						—						34
Repurchase of registered shares						—																											(4,376,974)						—						4,376,974						(400)						—						—						—						—						(400)
Issuance of registered shares, including stock dividends						—																											698,629						—						(698,629)						46						(65)						(1)						—						—						(20)
Balance, June 30, 2024						$	1																										141,641,323						$	1					19,788,149						$	(1,427)					$	5,869					$	12,005					$	(6,446)					$	982					$	10,984

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

BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

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

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

Cash, Cash Equivalents, and Restricted Cash

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

(US$ in millions)			June 30, 2025						June 30, 2024
Cash and cash equivalents			$	6,790					$	1,161
Restricted cash included in Other current assets			22						40
Total			$	6,812					$	1,201

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

New Accounting Pronouncements and Disclosure Rules

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

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

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

2. ACQUISITIONS AND DISPOSITIONS

Acquisitions

Viterra Limited Business Combination Agreement

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

Pursuant to the terms of the Business Combination Agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $2.0 billion in cash, in return for 100% of the outstanding equity of Viterra. The cash consideration was financed through a combination of cash on hand and Bunge's existing debt instruments. See Note 13 - Debt for further information.

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

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

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

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

(2) Represents the base amount of cash consideration transferred to the Sellers, adjusted for certain items per the terms of the Business Combination Agreement. Amount includes $150 million payable to the Sellers which is subject to finalization of the Acquisition closing adjustments.

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

Acquisition-related divestitures

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

expected to close in 2025.

International Flavors and Fragrances Purchase Agreement

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

Varthomio Share Purchase Agreement

In January 2024, Bunge and Varthomio entered into a share purchase agreement whereby Bunge acquired a 15% equity interest and a fixed price call option to acquire the remaining 85% equity interest in an oilseed crush operation in western Ukraine ("ViOil"). On June 20, 2025, Bunge formally exercised the call option to acquire the remaining interest in ViOil for approximately $138 million, subject to certain consideration adjustments. The transaction is expected to close in 2025, subject to customary closing conditions.

CJ Latam and Selecta Share Purchase Agreement

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

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

Dispositions

North America Corn Milling Business Disposition

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

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

(US$ in millions)
Trade accounts receivable			$	128
Inventories			36
Other current assets			4
Property, plant and equipment, net			137
Operating lease assets			17
Goodwill & Other intangible assets, net			37
Other non-current assets			5
Total assets			$	364
Trade accounts payable and accrued liabilities			$	40
Current operating lease obligations			6
Deferred income taxes			27
Non-current operating lease obligations			10
Total liabilities			$	83

European Margarines and Spreads Business Disposition

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

The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet as of June 30, 2025. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets held for sale comprise $171 million and $3 million under the Refined and Specialty Oils segment and Corporate and Other, respectively. Liabilities held for sale comprise $64 million and $3 million under the Refined and Specialty Oils segment and Corporate and Other, respectively.

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

BP Bunge Bioenergia

On June 19, 2024, Bunge entered into a definitive share purchase agreement with BP Biofuels Brazil Investment Limited ("BP") to sell its 50% ownership share in BP Bunge Bioenergia. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement for a total net amount of $828 million in consideration inclusive of

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

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

Partnership with Repsol - Bunge Iberica SA

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

3. TRADE STRUCTURED FINANCE PROGRAM

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

As of June 30, 2025, and December 31, 2024, time deposits and LCs of $7,349 million and $6,914 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. At June 30, 2025, and December 31, 2024, time deposits, including those presented on a net basis, carried weighted-average interest rates of 4.55% and 5.22%, respectively. During the six months ended June 30, 2025, and 2024, total net proceeds from discounting of LCs were $4,291 million and $4,310 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.

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

4. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM

Trade Accounts Receivable

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

			Six Months Ended June 30, 2025
Rollforward of the Allowance for Credit Losses (US$ in millions)			Short-term			Long-term (1)			Total
Allowance as of January 1, 2025			$	89		$	24		$	113
Current period provisions			19			—			19
Recoveries			(20)			—			(20)
Write-offs charged against the allowance			(13)			—			(13)
Foreign exchange translation differences			3			1			4
Allowance as of June 30, 2025			$	78		$	25		$	103

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

			Six Months Ended June 30, 2024
Rollforward of the Allowance for Credit Losses (US$ in millions)			Short-term			Long-term (1)			Total
Allowance as of January 1, 2024			$	104		$	32		$	136
Current period provisions			25			—			25
Recoveries			(26)			—			(26)
Write-offs charged against the allowance			(7)			(1)			(8)
Foreign exchange translation differences			(4)			(3)			(7)
Allowance as of June 30, 2024			$	92		$	28		$	120

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

Trade Receivables Securitization Program

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

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

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

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

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

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

			Six Months Ended June 30,
(US$ in millions)			2025						2024
Gross receivables sold			$	6,166					$	5,724
Proceeds received in cash related to transfers of receivables			$	6,141					$	5,704
Cash collections from customers on receivables previously sold			$	6,214					$	5,793
Discounts related to gross receivables sold included in Selling, general & administrative expenses			$	25					$	20

5. INVENTORIES

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

(US$ in millions)			June 30, 2025						December 31, 2024
Agribusiness			$	6,745					$	5,090
Refined and Specialty Oils			1,132						1,188
Milling			133						209
Corporate and Other			4						4
Total			$	8,014					$	6,491

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

RMI by reportable segment consist of the following:

(US$ in millions)			June 30, 2025						December 31, 2024
Agribusiness			$	6,351					$	4,819
Refined and Specialty Oils			294						339
Milling			12						66
Total			$	6,657					$	5,224

6. OTHER CURRENT ASSETS

Other current assets consist of the following:

(US$ in millions)			June 30, 2025						December 31, 2024
Unrealized gains on derivative contracts, at fair value			$	1,354					$	1,286
Prepaid commodity purchase contracts (1)			485						216
Secured advances to suppliers, net (2)			252						239
Recoverable taxes, net			326						315
Margin deposits			640						579
Marketable securities and other short-term investments (3)			347						484
Income taxes receivable			122						122
Prepaid expenses			272						164
Restricted cash			22						17
Disposition receivable (4)			80						100
Insurance recovery receivable (5)			—						52
Other			305						426
Total			$	4,205					$	4,000

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

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

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

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

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

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

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

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

7. OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:

(US$ in millions)			June 30, 2025						December 31, 2024
Recoverable taxes, net (1)			$	22					$	19
Judicial deposits (1)			95						86
Other long-term receivables, net (2)			15						14
Income taxes receivable (1)			90						125
Long-term investments (3)			172						174
Affiliate loans receivable			8						8
Long-term receivables from farmers in Brazil, net (1)			68						23
Unrealized gains on derivative contracts, at fair value			13						—
Other			112						108
Total			$	595					$	557

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

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

(3) As of June 30, 2025, and December 31, 2024, $15 million and $14 million, respectively, of long-term investments are recorded at fair value.

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

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

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

Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures.

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

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

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

			June 30, 2025												December 31, 2024
(US$ in millions)			Recorded Investment						Allowance						Recorded Investment						Allowance
For which an allowance has been provided:
Legal collection process (1)			$	33					$	30					$	28					$	26
Renegotiated amounts			2						1						3						1
For which no allowance has been provided:
Legal collection process (1)			5						—						6						—
Renegotiated amounts (2)			1						—						1						—
Other long-term receivables (3)			58						—						12						—
Total			$	99					$	31					$	50					$	27

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

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

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

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

			Six Months Ended June 30,
(US$ in millions)			2025						2024
Allowance as of January 1			$	27					$	31
Bad debt provisions			1						1
Recoveries			(1)						—
Write-offs			—						—
Transfers			—						(1)
Foreign exchange translation			4						(4)
Allowance as of June 30			$	31					$	27

8. INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES

Investment in Affiliates

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

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

Consolidated Variable Interest Entities

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

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

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

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

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

(US$ in millions)			June 30, 2025						December 31, 2024
Current assets:
Cash and cash equivalents			$	403					$	534
Trade accounts receivable			2						2
Inventories			50						54
Other current assets			31						35
Total current assets			486						625
Property, plant and equipment, net			515						455
Other intangible assets, net			—						69
Total assets			$	1,001					$	1,149
Current liabilities:
Trade accounts payable and accrued liabilities			$	58					$	80
Other current liabilities			38						34
Total current liabilities			96						114
Long-term debt			—						50
Other non-current liabilities			—						10
Total liabilities			$	96					$	174

Non-Consolidated Variable Interest Entities

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

9. INCOME TAXES

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

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

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

On July 4, 2025, H.R.1, commonly known as the "One Big Beautiful Bill Act", was signed into U.S. law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. Bunge is currently evaluating the provisions of the new law and the potential impact on the Company's condensed consolidated financial statements.

10. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

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

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

(2) See Note 17 - Equity.

11. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

						Fair Value Measurements at Reporting Date
						June 30, 2025															December 31, 2024
(US$ in millions)						Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents						$	5,185		$	16		$	—		$	5,201					$	86		$	42		$	—		$	128
Readily marketable inventories (Note 5)						—			5,122			1,535			6,657						—			4,805			419			5,224
Trade accounts receivable (1)						—			1			—			1						—			—			—			—
Unrealized gain on derivative contracts (2):
Interest rate						—			19			—			19						—			15			—			15
Foreign exchange						—			439			—			439						—			422			—			422
Commodities						56			663			125			844						82			549			134			765
Freight						31			—			—			31						40			—			—			40
Energy						32			—			—			32						42			—			—			42
Credit						—			2			—			2						—			2			—			2
Other (3)						213			60			—			273						325			75			—			400
Total assets						$	5,517		$	6,322		$	1,660		$	13,499					$	575		$	5,910		$	553		$	7,038
Liabilities:
Trade accounts payable (1)						$	—		$	303		$	273		$	576					$	—		$	326		$	62		$	388
Unrealized loss on derivative contracts (4):
Interest rate						—			144			—			144						—			258			—			258
Foreign exchange						—			451			—			451						—			494			—			494
Commodities						68			359			110			537						71			309			104			484
Freight						30			—			—			30						38			—			—			38
Energy						42			1			—			43						38			—			—			38
Credit						—			2			—			2						—			2			—			2
Total liabilities						$	140		$	1,260		$	383		$	1,783					$	147		$	1,389		$	166		$	1,702

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

(2) Unrealized gains on derivative contracts are generally included in Other current assets. There were $13 million and zero included in Other non-current assets at June 30, 2025, and December 31, 2024, respectively.

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

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

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

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

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

in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.

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

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

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

Level 3 Measurements

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

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

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

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

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

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

			Three Months Ended June 30, 2025
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable						Total
Balance, April 1, 2025			$	1,362		$	28		$	(301)					$	1,089
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)			21			(21)			4						4
Purchases			681			—			(125)						556
Sales			(642)			—			—						(642)
Settlements			—			—			163						163
Transfers into Level 3			382			7			(1)						388
Transfers out of Level 3			(329)			—			2						(327)
Translation adjustment			60			1			(15)						46
Balance, June 30, 2025			$	1,535		$	15		$	(273)					$	1,277

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $41 million, $(26) million and $5 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2025.

			Three Months Ended June 30, 2024
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable						Total
Balance, April 1, 2024			$	976		$	26		$	(604)					$	398
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)			208			(15)			5						198
Purchases			630			—			(46)						584
Sales			(548)			—			—						(548)
Settlements			—			—			235						235
Transfers into Level 3			300			(1)			(78)						221
Transfers out of Level 3			(223)			3			50						(170)
Translation adjustment			(81)			—			61						(20)
Balance, June 30, 2024			$	1,262		$	13		$	(377)					$	898

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $154 million, $(16) million and $6 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2024.

			Six Months Ended June 30, 2025
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable						Total
Balance, January 1, 2025			$	419		$	30		$	(62)					$	387
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)			95			(27)			12						80
Purchases			1,706			—			(387)						1,319
Sales			(1,216)			—			—						(1,216)
Settlements			—			—			185						185
Transfers into Level 3			947			10			(5)						952
Transfers out of Level 3			(496)			(1)			3						(494)
Translation adjustment			80			3			(19)						64
Balance, June 30, 2025			$	1,535		$	15		$	(273)					$	1,277

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $117 million, $(29) million and $12 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2025.

			Six Months Ended June 30, 2024
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable						Total
Balance, January 1, 2024			$	662		$	71		$	(232)					$	501
Total gains and losses (realized/unrealized) included in Cost of goods sold (1)			427			(60)			12						379
Purchases			1,379			—			(428)						951
Sales			(1,150)			—			—						(1,150)
Settlements			—			—			308						308
Transfers into Level 3			712			4			(165)						551
Transfers out of Level 3			(675)			(2)			60						(617)
Translation adjustment			(93)			—			68						(25)
Balance, June 30, 2024			$	1,262		$	13		$	(377)					$	898

(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $364 million, $(38) million and $13 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2024.

12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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

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

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

Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, and selling, general and administrative expenses with currency forwards. The change in the value of the forward is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold, or Selling, general and administrative expenses. These hedges mature at various times through December 2026. Of the amount currently in Accumulated other comprehensive income (loss), less than $4 million of deferred gains are expected to be reclassified to earnings in the next twelve months.

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

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

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

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

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

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

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

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

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

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

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

			June 30,						December 31,
			2025						2024						Unit of Measure
(US$ in millions)			Long			(Short)			Long			(Short)
Interest rate
Swaps			$	464		$	(1,274)		$	234		$	(1,420)		$ Notional
Futures			$	—		$	(122)		$	—		$	(69)		$ Notional
Forwards			$	481		$	(481)		$	—		$	—		$ Notional
Currency
Forwards			$	9,443		$	(10,088)		$	8,439		$	(8,961)		$ Notional
Swaps			$	4,113		$	(2,018)		$	3,566		$	(2,105)		$ Notional
Futures			$	37		$	—		$	—		$	(15)		$ Notional
Options			$	70		$	(55)		$	107		$	(60)		Delta
Agricultural commodities
Forwards			24,476,241			(35,987,214)			25,166,668			(35,384,917)			Metric Tons
Swaps			—			(453,592)			—			—			Metric Tons
Futures			—			(8,138,115)			—			(3,699,452)			Metric Tons
Options			869,873			(8,413)			11,835			(116,481)			Metric Tons
Ocean freight
FFA			—			(9,636)			—			(7,484)			Hire Days
Natural gas
Forwards			1,500			—			—			—			MMBtus
Swaps			770,616			—			1,114,929			—			MMBtus
Futures			3,671,125			—			7,058,632			—			MMBtus
Electricity
Futures			134,744			—			123,565			—			Mwh
Energy - other
Swaps			293,142			—			339,947			—			Metric Tons
Energy - CO2
Futures			506,000			—			418,000			—			Metric Tons
Other
Swaps and futures			$	120		$	(130)		$	90		$	(90)		$ Notional

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

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

						Gain (Loss) Recognized in Income on Derivative Instruments
						Three Months Ended June 30,
(US$ in millions)						2025			2024
Income statement classification			Type of derivative
Cost of goods sold
Hedge accounting			Foreign currency			$	—		$	(1)
Economic hedges			Foreign currency			47			(217)
			Commodities			219			(26)
			Other (1)			(2)			95
Total Cost of goods sold						$	264		$	(149)
Interest expense
Hedge accounting			Interest rate			$	(23)		$	(30)
Foreign exchange (losses) gains – net
Economic hedges			Foreign currency			$	(8)		$	28
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period						$	4		$	12
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period						$	(53)		$	75
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)						$	—		$	(2)

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

						Gain (Loss) Recognized in Income on Derivative Instruments
						Six months ended June 30,
(US$ in millions)						2025			2024
Income statement classification			Type of derivative
Cost of goods sold
Economic hedges			Foreign currency			$	172		$	(199)
			Commodities			74			(26)
			Other (1)			7			(54)
Total Cost of goods sold						$	253		$	(279)
Interest expense
Hedge accounting			Interest rate			$	(45)		$	(61)
Foreign exchange (losses) gains
Economic hedges			Foreign currency			$	37		$	2
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period						$	10		$	22
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period						$	(97)		$	103
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)						$	—		$	1

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

13. DEBT

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

(US$ in millions)						June 30, 2025						December 31, 2024
Short-term debt and Current portion of long-term debt:
Revolving credit facilities						$	1,100					$	—
Commercial paper						1,147						—
Other short-term debt						1,288						875
Total Short-term debt						3,535						875
Current portion of long-term debt						690						669
Total Short-term debt and Current portion of long-term debt (1)						4,225						1,544
Long-term debt: (2)
Term loan due 2027 - SOFR plus 1.125%						250						250
Term loan due 2028 - SOFR plus 1.325%						250						250
Term loan due 2028 - SOFR plus 1.225% (3)						300						—
Term loan due 2028 - SOFR plus 1.225% (3)						2,000						—
1.63% Senior Notes due 2025						600						599
3.25% Senior Notes due 2026						699						699
3.75% Senior Notes due 2027						598						598
4.10% Senior Notes due 2028 (3)						398						397
4.20% Senior Notes due 2029 (3)						793						793
2.75% Senior Notes due 2031						993						993
4.65% Senior Notes due 2034 (3)						791						790
Cumulative adjustment to long-term debt from application of hedge accounting						(147)						(269)
Other long-term debt						209						263
Subtotal (4)						7,734						5,363
Less: Current portion of long-term debt						(690)						(669)
Total Long-term debt (5)						7,044						4,694
Total debt						$	11,269					$	6,238

(1) Includes secured debt of $237 million and $187 million at June 30, 2025, and December 31, 2024, respectively.

(2) Variable interest rates are as of June 30, 2025.

(3) See Viterra Acquisition Financing section within Note 13 - Debt below for further details*.*

(4) The fair value (Level 2) of long-term debt, including current portion, is $7,721 million and $5,373 million at June 30, 2025, and December 31, 2024, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge.

(5) Includes secured debt of $83 million and $131 million at June 30, 2025, and December 31, 2024, respectively.

Updates to Revolving Credit Facilities

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

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

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

Viterra Acquisition Financing

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

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

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

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

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

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

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

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

14. RELATED PARTY TRANSACTIONS

Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised approximately 9% or less of total Cost of goods sold for the three and six months ended June 30, 2025, and 2024. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 3% or less of total Net sales for the three and six months ended June 30, 2025, and 2024.

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

At June 30, 2025, and December 31, 2024, receivables related to the above related party transactions comprised approximately 5% or less of total Trade accounts receivable. At June 30, 2025, and December 31, 2024, payables related to the above related party transactions comprised approximately 3% or less of total Trade accounts payable.

Further, as referenced in Note 6 - Other Current Assets and Note 7 - Other Non-Current Assets, Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated investees. At June 30, 2025, and December 31, 2024, advances to unconsolidated investees comprised approximately 4% or less of total Other current assets and 7% or less of total Other non-current assets.

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

15. COMMITMENTS AND CONTINGENCIES

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

(US$ in millions)			June 30, 2025						December 31, 2024
Non-income tax claims			$	24					$	19
Labor claims			26						50
Civil and other claims			204						194
Total			$	254					$	263

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

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

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

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

Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers and customers.

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

(US$ in millions)			Recorded Liability						Maximum Potential Future Payments
Unconsolidated affiliates guarantee (1)			$	14					$	164
Residual value guarantee (2)			—						375
Other guarantees			—						12
Total			$	14					$	551

(1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2041. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on amounts drawn under such guaranteed debt facilities at June 30, 2025, Bunge's potential liability was $142 million, and it has recorded $14 million of obligations and potential losses related to these guarantees within Other current liabilities and Other non-current liabilities.

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

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

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

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

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

16. OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:

(US$ in millions)			June 30, 2025						December 31, 2024
Labor, legal, and other provisions			$	286					$	281
Pension, post-retirement, and post-employment obligations			168						170
Uncertain income tax positions (1)			79						75
Unrealized losses on derivative contracts, at fair value (2)			134						232
Other			94						89
Total			$	761					$	847

(1)See Note 9 - Income Taxes.

(2)See Note 11- Fair Value Measurements.

17. EQUITY

Share repurchase program — On November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million, bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of June 30, 2025, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining outstanding for repurchases under the program. During the three and six months ended June 30, 2025, Bunge did not repurchase any shares.

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Dividends paid per share			$	0.70					$	0.68					$	1.38					$	1.3425

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

Upon approval of a dividend, the obligation is reflected in Other current liabilities with a corresponding reduction in Retained earnings in the condensed consolidated balance sheet. At June 30, 2025, and December 31, 2024, the unpaid portion of the dividends accrued in Other current liabilities on the condensed consolidated balance sheets totaled $282 million and $91 million, respectively, see Note 10- Other Current Liabilities.

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

(US$ in millions)			Foreign Exchange Translation Adjustment			Deferred Gains (Losses) on Hedging Activities			Pension and Other Postretirement Liability Adjustments						Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2025			$	(5,952)		$	(344)		$	(140)					$	(6,436)
Other comprehensive income (loss) before reclassifications			357			(49)			—						308
Amount reclassified from accumulated other comprehensive income (loss)			1			—			4						5
Balance, June 30, 2025			$	(5,594)		$	(393)		$	(136)					$	(6,123)

(US$ in millions)			Foreign Exchange Translation Adjustment			Deferred Gains (Losses) on Hedging Activities			Pension and Other Postretirement Liability Adjustments									Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2024			$	(5,664)		$	(410)		$	(120)								$	(6,194)
Other comprehensive income (loss) before reclassifications			(341)			87			—									(254)
Amount reclassified from accumulated other comprehensive income (loss)			—			2			—									2
Balance, June 30, 2024			$	(6,005)		$	(321)		$	(120)								$	(6,446)

(US$ in millions)			Foreign Exchange Translation Adjustment			Deferred Gains (Losses) on Hedging Activities			Pension and Other Postretirement Liability Adjustments									Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2025			$	(6,253)		$	(309)		$	(140)								$	(6,702)
Other comprehensive income (loss) before reclassifications			610			(87)			—									523
Amount reclassified from accumulated other comprehensive income (loss)			1			—			4									5
Sale of redeemable noncontrolling interest			48			3			—									51
Balance, June 30, 2025			$	(5,594)		$	(393)		$	(136)								$	(6,123)

(US$ in millions)			Foreign Exchange Translation Adjustment			Deferred Gains (Losses) on Hedging Activities			Pension and Other Postretirement Liability Adjustments									Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2024			$	(5,489)		$	(445)		$	(120)								$	(6,054)
Other comprehensive income (loss) before reclassifications			(516)			125			—									(391)
Amount reclassified from accumulated other comprehensive income (loss)			—			(1)			—									(1)
Balance, June 30, 2024			$	(6,005)		$	(321)		$	(120)								$	(6,446)

18. EARNINGS PER SHARE

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

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

			Three Months Ended June 30,												Six Months Ended June 30,
(US$ in millions, except for share data)			2025						2024						2025						2024
Net income (loss) attributable to Bunge shareholders			$	354					$	70					$	555					$	314
Weighted-average number of shares outstanding:
Basic			134,493,236						141,620,591						134,278,611						142,560,804
Effect of dilutive shares:
—stock options and awards (1)			1,106,007						1,564,559						1,218,967						1,730,536
Diluted			135,599,243						143,185,150						135,497,578						144,291,340
Earnings per share:
Net income (loss) attributable to Bunge shareholders—basic			$	2.63					$	0.49					$	4.14					$	2.20
Net income (loss) attributable to Bunge shareholders—diluted			$	2.61					$	0.48					$	4.10					$	2.17

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

19. SEGMENT INFORMATION

The Company's operations are organized, managed, and classified into three reportable segments - Agribusiness, Refined and Specialty Oils, and Milling, 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 not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.

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

The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn.

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

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

			Three Months Ended June 30, 2025
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Eliminations			Total Reportable Segments			Corporate and Other			Total Bunge Consolidated
Net sales to external customers			$	9,167		$	3,177		$	409					$	—		$	12,753		$	16		$	12,769
Inter–segment revenues			1,830			122			16						(1,968)			—			—			—
Raw materials cost			(8,253)			(2,724)			(304)						—			(11,281)			(11)			(11,292)
Industrial expenses- fixed			(239)			(143)			(44)						—			(426)			(4)			(430)
Industrial expenses- variable			(138)			(53)			(9)						—			(200)			(1)			(201)
Depreciation			(66)			(32)			(5)						—			(103)			(5)			(108)
Cost of goods sold			(8,696)			(2,952)			(362)						—			(12,010)			(21)			(12,031)
Selling, general and administrative expenses			(141)			(107)			(24)						—			(272)			(146)			(418)
Foreign exchange (losses) gains – net			33			(3)			—						—			30			14			44
EBIT - Noncontrolling interests (1)			(13)			(3)			(1)						—			(17)			1			(16)
Other income (expense) - net			28			(11)			155						—			172			15			187
Income (loss) from affiliates			3			—			—						—			3			—			3
EBIT			381			101			177						—			659			(121)			538
Depreciation, depletion and amortization			(66)			(39)			(5)						—			(110)			(6)			(116)
Total assets			17,804			4,390			629						—			22,823			8,331			31,154
Capital expenditures			226			80			5						—			311			95			406

			Three Months Ended June 30, 2024
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Eliminations			Total Reportable Segments			Corporate and Other			Total Bunge Consolidated
Net sales to external customers			$	9,657		$	3,121		$	401					$	—		$	13,179		$	62		$	13,241
Inter–segment revenues			1,841			46			11						(1,898)			—			—			—
Raw materials cost			(8,934)			(2,581)			(275)						—			(11,790)			(52)			(11,842)
Industrial expenses- fixed			(240)			(138)			(44)						—			(422)			(9)			(431)
Industrial expenses- variable			(134)			(55)			(8)						—			(197)			(1)			(198)
Depreciation			(60)			(32)			(8)						—			(100)			(6)			(106)
Cost of goods sold			(9,368)			(2,806)			(335)						—			(12,509)			(68)			(12,577)
Selling, general and administrative expenses			(150)			(100)			(24)						—			(274)			(175)			(449)
Foreign exchange (losses) gains – net			(39)			(2)			(2)						—			(43)			6			(37)
EBIT - Noncontrolling interests (1)			7			(12)			—						—			(5)			1			(4)
Other income (expense) - net			56			(16)			(1)						—			39			18			57
Income (loss) from affiliates			(25)			—			(1)						—			(26)			(20)			(46)
EBIT			138			185			38						—			361			(176)			185
Depreciation, depletion and amortization			(60)			(40)			(9)						—			(109)			(5)			(114)
Total assets			16,997			3,840			885						—			21,722			2,706			24,428
Capital expenditures			171			73			10						—			254			43			297

			Six Months Ended June 30, 2025
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Eliminations			Total Reportable Segments			Corporate and Other			Total Bunge Consolidated
Net sales to external customers			$	17,328		$	6,269		$	784					$	—		$	24,381		$	31		$	24,412
Inter–segment revenues			3,502			204			82						(3,788)			—			—			—
Raw materials cost			(15,707)			(5,355)			(577)						—			(21,639)			(11)			(21,650)
Industrial expenses- fixed			(455)			(277)			(85)						—			(817)			1			(816)
Industrial expenses- variable			(264)			(108)			(18)						—			(390)			(2)			(392)
Depreciation			(128)			(67)			(13)						—			(208)			(11)			(219)
Cost of goods sold			(16,554)			(5,807)			(693)						—			(23,054)			(23)			(23,077)
Selling, general and administrative expenses			(276)			(207)			(47)						—			(530)			(268)			(798)
Foreign exchange (losses) gains			62			(7)			(2)						—			53			16			69
EBIT - Noncontrolling interests (1)			(11)			(6)			(1)						—			(18)			1			(17)
Other income (expense) - net			90			(21)			154						—			223			46			269
Income (loss) from affiliates			12			(4)			—						—			8			—			8
Total EBIT			651			217			195						—			1,063			(197)			866
Depreciation, depletion and amortization			(128)			(82)			(14)						—			(224)			(12)			(236)
Total assets			17,804			4,390			629						—			22,823			8,331			31,154
Capital expenditures			393			158			8						—			559			157			716

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

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

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

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

			Three Months Ended June 30,												Six Months Ended June 30,
(US$ in millions)			2025						2024						2025						2024
Net income (loss) attributable to Bunge			$	354					$	70					$	555					$	314
Interest income			(46)						(37)						(105)						(79)
Interest expense			106						123						210						231
Income tax expense (benefit)			124						30						204						147
Noncontrolling interests' share of interest and tax			—						(1)						2						5
Less Corporate & Other EBIT			(121)						(176)						(197)						(280)
Total reportable segment EBIT			$	659					$	361					$	1,063					$	898

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

			Three Months Ended June 30, 2025
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	8,483		$	236		$	29					$	—		$	8,748
Sales from contracts with customers (ASC 606)			684			2,941			380						16			4,021
Net sales to external customers			$	9,167		$	3,177		$	409					$	16		$	12,769

			Three Months Ended June 30, 2024
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	9,185		$	273		$	1					$	48		$	9,507
Sales from contracts with customers (ASC 606)			472			2,848			400						14			3,734
Net sales to external customers			$	9,657		$	3,121		$	401					$	62		$	13,241

			Six Months Ended June 30, 2025
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	16,260		$	428		$	40					$	—		$	16,728
Sales from contracts with customers (ASC 606)			1,068			5,841			744						31			7,684
Net sales to external customers			$	17,328		$	6,269		$	784					$	31		$	24,412

			Six Months Ended June 30, 2024
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling						Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	18,470		$	419		$	1					$	90		$	18,980
Sales from contracts with customers (ASC 606)			927			5,942			781						28			7,678
Net sales to external customers			$	19,397		$	6,361		$	782					$	118		$	26,658

Cautionary Statement Regarding Forward Looking Statements

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

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

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

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

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

• the impact of seasonality;

• the impact of government policies and regulations;

• the outcome of pending regulatory and legal proceedings;

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

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

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

• the effectiveness of our risk management strategies;

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

• changes in foreign exchange policy or rates;

• the impact of our dependence on third parties;

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

• other factors affecting our business generally.

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

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