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

Second Quarter 2025 Overview

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

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

Non-U.S. GAAP Financial Measures

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

Executive Summary

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

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

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

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

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

Segment Overview & Results of Operations

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

Therefore, our operations are now organized, managed and classified into three reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. Reportable operations comprise our Agribusiness, Refined and Specialty Oils, and Milling reportable segments.

Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Acquisition of Viterra, that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. Corporate and Other also includes the historical results of Bunge's previously recognized Sugar & Bioenergy segment as discussed above.

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

Reportable Segments

Agribusiness Segment

			Three Months Ended June 30,																		Six Months Ended June 30,
(US$ in millions, except volumes)			2025						2024						% Change						2025						2024						% Change
Volumes (in thousand metric tons)			19,274						20,579						(6)		%				37,551						40,771						(8)		%
Net sales			$	9,167					$	9,657					(5)		%				$	17,328					$	19,397					(11)		%
Cost of goods sold			(8,696)						(9,368)						(7)		%				(16,554)						(18,654)						(11)		%
Gross profit			471						289						63		%				774						743						4		%
Selling, general and administrative expense			(141)						(150)						(6)		%				(276)						(305)						(10)		%
Foreign exchange (losses) gains – net			33						(39)						185		%				62						(101)						161		%
EBIT attributable to noncontrolling interests			(13)						7						(286)		%				(11)						10						(210)		%
Other income (expense) – net			28						56						(50)		%				90						109						(17)		%
Income (loss) from affiliates			3						(25)						112		%				12						(40)						130		%
Total Agribusiness Segment EBIT			$	381					$	138					176		%				$	651					$	416					56		%

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

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

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

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

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

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

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

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

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

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

• In Merchandising, an increase of 25% was primarily due to higher Gross profit, driven by increased results in global corn, global wheat and global oil, as described above, partially offset by lower Gross profit from losses in our financial services and ocean freight businesses, as described above.

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

Agribusiness segment Net sales decreased 11%, to $17,328 million for the six months ended June 30, 2025. The net decrease was primarily due to the following:

*•*In Processing, Net sales decreased 12%, primarily due to lower average sales prices in our global soybean distribution and North America businesses driven by relative price stabilization from a more balanced supply environment, as well as lower volumes experienced in all regions also driven by a more balanced supply and demand environment. The above decreases were partially offset by higher average sales prices in our Europe Softseeds business as a result of drought conditions, as well as in our South America business due to increased commodity oil prices.

• In Merchandising, Net sales decreased 7%, primarily due to lower volumes and average sales prices in our global wheat business driven by decreased demand from China. Net sales were also down in our ocean freight business due to lower prices and stabilizing demand. The above decreases were partially offset by higher average sale price and volumes in our global oil and corn businesses, as a result of higher demand across various regions.

Cost of goods sold decreased 11% to $16,554 million for the six months ended June 30, 2025. The net decrease was primarily due to the following:

• In Processing, Cost of goods sold decreased 14%, primarily due to lower Net sales and favorable mark-to-market results in the current period compared to significant unfavorable mark-to-market results in the prior period.

• In Merchandising, Cost of goods sold decreased 5%, primarily due to lower Net sales. The decrease was partially offset by unfavorable mark-to-market results.

Foreign exchange (losses) gains - net increased 161% to a gain of $62 million for the six months ended June 30, 2025. The net gain in the current year was the result of gains in our Processing business, primarily due to the impact of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.

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

Segment EBIT increased 56% to $651 million for the six months ended June 30, 2025. The net increase was primarily due to the following:

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

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

Refined and Specialty Oils Segment

			Three Months Ended June 30,																		Six Months Ended June 30,
(US$ in millions, except volumes)			2025						2024						% Change						2025						2024						% Change
Volumes (in thousand metric tons)			2,175						2,300						(5)		%				4,305						4,495						(4)		%
Net sales			$	3,177					$	3,121					2		%				$	6,269					$	6,361					(1)		%
Cost of goods sold			(2,952)						(2,806)						5		%				(5,807)						(5,687)						2		%
Gross profit			225						315						(29)		%				462						674						(31)		%
Selling, general and administrative expense			(107)						(100)						7		%				(207)						(200)						4		%
Foreign exchange (losses) gains – net			(3)						(2)						50		%				(7)						(13)						(46)		%
EBIT attributable to noncontrolling interests			(3)						(12)						(75)		%				(6)						(18)						(67)		%
Other income (expense) – net			(11)						(16)						(31)		%				(21)						(32)						(34)		%
Income (loss) from affiliates			—						—						—		%				(4)						—						100		%
Total Refined and Specialty Oils Segment EBIT			$	101					$	185					(45)		%				$	217					$	411					(47)		%

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

Refined and Specialty Oils segment Net sales increased 2%, to $3,177 million for the three months ended June 30, 2025. The increase was primarily due to higher sales prices on certain products in Europe and Asia due to higher demand partially offset by lower volumes across all regions, particularly in North America driven by a more balanced supply and demand environment.

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

Segment EBIT decreased 45% to $101 million for the three months ended June 30, 2025. The decrease was primarily due to lower Gross profit driven by overall lower margins, particularly in North America and Europe.

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

Refined and Specialty Oils segment Net sales decreased 1% to $6,269 million for the six months ended June 30, 2025. The decrease was primarily due to lower prices and volumes in North America, driven by a more balanced supply and demand environment, partially offset by higher sales prices on certain products in Europe and Asia due to higher demand.

Cost of goods sold increased 2% to $5,807 million for the six months ended June 30, 2025. The increase in Cost of goods sold was primarily due to higher commodity prices in Europe and Asia, as described for Net sales above, and unfavorable mark-to-market results partially offset by lower prices and volumes in North America, as described for Net sales above.

Segment EBIT decreased 47% to $217 million for the six months ended June 30, 2025. The decrease was due to lower Gross profit driven by overall lower margins, particularly in North America and Europe.

Milling Segment

			Three Months Ended June 30,																		Six Months Ended June 30,
(US$ in millions, except volumes)			2025						2024						% Change						2025						2024						% Change
Volumes (in thousand metric tons)			857						971						(12)		%				1,755						1,845						(5)		%
Net sales			$	409					$	401					2		%				$	784					$	782					—		%
Cost of goods sold			(362)						(335)						8		%				(693)						(656)						6		%
Gross profit			47						66						(29)		%				91						126						(28)		%
Selling, general and administrative expense			(24)						(24)						—		%				(47)						(49)						(4)		%
Foreign exchange (losses) gains – net			—						(2)						(100)		%				(2)						(2)						—		%
EBIT attributable to noncontrolling interests			(1)						—						—		%				(1)						—						—		%
Other income (expense) – net			155						(1)						15600		%				154						(3)						5233		%
Income (loss) from affiliates			—						(1)						(100)		%				—						(1)						(100)		%
Total Milling Segment EBIT			$	177					$	38					366		%				$	195					$	71					175		%

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

Milling segment Net sales increased 2%, to $409 million for the three months ended June 30, 2025. The increase was primarily due to higher sales prices in both our South American wheat milling and North American corn milling businesses. These increases were partially offset by a decrease in volumes across both regions.

Cost of goods sold increased 8%, to $362 million for the three months ended June 30, 2025. The increase was primarily due unfavorable mark-to-market results.

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

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

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

Milling segment Net sales remained consistent compared to prior year at $784 million for the six months ended June 30, 2025. Higher sales prices in both our South American wheat milling and North American corn milling businesses were offset by a decrease in volumes across both regions.

Cost of goods sold increased 6% to $693 million for the six months ended June 30, 2025. The increase was primarily due to unfavorable mark-to-market results.

Other income (expense) - net increased to a gain of $154 million for the six months ended June 30, 2025. The increase was primarily due to a $155 million gain on the sale of Bunge's North America corn milling business.

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

Corporate and Other

			Three Months Ended June 30,																		Six Months Ended June 30,
(US$ in millions)			2025						2024						% Change						2025						2024						% Change
Net sales			$	16					$	62					(74)		%				$	31					$	118					(74)		%
Cost of goods sold			(21)						(68)						(69)		%				(23)						(121)						(81)		%
Gross profit			(5)						(6)						(17)		%				8						(3)						(367)		%
Selling, general and administrative expense			(146)						(175)						(17)		%				(268)						(334)						(20)		%
Foreign exchange (losses) gains – net			14						6						133		%				16						1						1500		%
EBIT attributable to noncontrolling interests			1						1						—		%				1						2						(50)		%
Other income (expense) – net			15						18						(17)		%				46						51						(10)		%
Income (loss) from affiliates			—						(20)						100		%				—						3						(100)		%
Total Corporate and Other EBIT			$	(121)					$	(176)					31		%				$	(197)					$	(280)					30		%

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

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

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

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

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

			Three Months Ended June 30,																		Six Months Ended June 30,
(US$ in millions)			2025						2024						% Change						2025						2024						% Change
Interest income			$	46					$	37					24		%				$	105					$	79					33		%
Interest expense			(106)						(123)						(14)		%				(210)						(231)						(9)		%

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

Interest income increased 24%, to $46 million for the three months ended June 30, 2025. Interest expense decreased 14%, to $106 million for the three months ended June 30, 2025. Higher Interest income is a result of higher balances in cash and cash equivalents in the current year. Lower Interest expense is a result of lower interest rates partially offset by higher debt levels.

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

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

Liquidity and Capital Resources

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

Working Capital

			As of
(US$ in millions, except current ratio)			June 30, 2025						June 30, 2024						December 31, 2024
Cash and cash equivalents			$	6,790					$	1,161					$	3,311
Trade accounts receivable, net			2,258						2,277						2,148
Inventories			8,014						8,057						6,491
Other current assets(1)			4,383						3,957						4,008
Total current assets			$	21,445					$	15,452					$	15,958
Short-term debt			$	3,535					$	949					$	875
Current portion of long-term debt			690						5						669
Trade accounts payable			2,894						3,429						2,777
Current operating lease obligations			282						300						286
Other current liabilities(2)			2,983						2,923						2,828
Total current liabilities			$	10,384					$	7,606					$	7,435
Working capital**(3)**			$	11,061					$	7,846					$	8,523
Current ratio**(3)**			2.07						2.03						2.15

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

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

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

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

Cash and Cash Equivalents - Cash and cash equivalents were $6,790 million at June 30, 2025, an increase of $3,479 million from $3,311 million at December 31, 2024, and an increase of $5,629 million from $1,161 million at June 30, 2024. The significant increases from December 31, 2024 and June 30, 2024 result from various borrowings on existing debt facilities in preparation for closing of the Viterra Acquisition early in the third quarter of 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the six months ended June 30, 2025.

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

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

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

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

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

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

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

Debt

As highlighted in Note 13 - Debt and discussed further below, we utilize a variety of debt financing structures to maintain financial flexibility to meet our various financial objectives.

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

(US$ in millions)												Committed Capacity												Borrowings Outstanding
Revolving Credit Facilities**(1)**						Maturities						June 30, 2025												June 30, 2025						December 31, 2024
$1.1 Billion 364-day Revolving Credit Agreement						2026						$	1,100											$	—					$	—
$3.2 Billion 5-year Revolving Credit Agreement						2029						3,200												—						—
$3.5 Billion 3-year Revolving Facility Agreement						2026						3,500												1,100						—
$865 Million 5-year Revolving Credit Agreement						2026						865												—						—
Total Revolving Credit Facilities												$	8,665											$	1,100					$	—

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

Commercial Paper Program - The following table summarizes the facility as of the periods presented:

(US$ in millions)												Program Capacity												Borrowings Outstanding
Commercial Paper Program**(1)**												June 30, 2025												June 30, 2025						December 31, 2024
$2 Billion Commercial Paper Program												$	2,000											$	1,147					$	—

(1)The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.

Short and long-term debt —

			As of
US$ in millions			June 30, 2025						June 30, 2024						December 31, 2024
Short-term debt			$	3,535					$	949					$	875
Long-term debt, including current portion			7,734						4,091						5,363
Total debt			$	11,269					$	5,040					$	6,238
			Six Months Ended June 30, 2025						Six Months Ended June 30, 2024						Year Ended December 31, 2024
Average total debt outstanding			$	7,263					$	5,132					$	5,480

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

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

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

As described in Note 13 - Debt to our condensed consolidated financial statements, on June 30, 2025, in preparation for closing of the Viterra Acquisition we drew a total of $2.3 billion. The proceeds were used, together with proceeds from other sources and existing Cash and cash equivalents to fund a portion of the cash consideration for Bunge’s Acquisition of Viterra and to repay a portion of certain Viterra debt settled at the closing of the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. Further, on August 4, 2025, Bunge completed the sale and issuance of two tranches of senior notes issued by BLFC for a total aggregate principal amount of $1.3 billion.

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

(US$ in millions)						Aggregate Principal Amount Outstanding (1)						Balance Outstanding
1.63% Senior Notes due 2025						$	600					$	600
3.25% Senior Notes due 2026						700						699
3.75% Senior Notes due 2027						600						598
4.10% Senior Notes due 2028						400						398
4.20% Senior Notes due 2029						800						793
2.75% Senior Notes due 2031						1,000						993
4.65% Senior Notes due 2034						800						791

(1) Subsequent to June 30, 2025, Bunge completed the US Exchange Offers, exchanging $1.92 billion of Existing USD Viterra Notes for new notes issued by BLFC. Bunge registered the new notes issued by BLFC under the requirements of the Securities Act of 1933 in the third quarter of 2025. Further, on August 4, 2025, Bunge completed the sale and issuance of two tranches of senior notes issued by BLFC for a total aggregate principal amount of $1.3 billion that were registered under the requirements of the Securities Act of 1933 in the third quarter of 2025. See Note 13 - Debt to our condensed consolidated financial statements for further details.

Bunge unconditionally guarantees BLFC's obligations with respect to the BLFC Notes. Bunge's guarantees are unsecured and unsubordinated obligations of Bunge and rank equally with all other unsecured and unsubordinated obligations of Bunge. The guarantees provide that in the event of a default in payment of principal of, or interest on, BLFC Notes of a particular series, the holder of such series of senior debt securities may institute legal proceedings directly against Bunge to enforce the applicable guarantee without first proceeding against BLFC.

As a holding company, Bunge is dependent upon dividends, loans, or advances or other intercompany transfers of funds from its subsidiaries to meet its obligations, including its obligations under the guarantee. The ability of certain of its subsidiaries to pay dividends and make other payments to Bunge may be restricted by, among other things, applicable laws, as well as agreements to which those subsidiaries may be party. Therefore, the ability of Bunge to make payments with respect to the guarantee may be limited. The BLFC Notes effectively rank junior to all liabilities of Bunge's subsidiaries (other than BLFC). In the event of a bankruptcy, liquidation, or dissolution of a subsidiary (other than BLFC) and following payment of its liabilities, the subsidiary may not have sufficient assets remaining to make payments to Bunge as a shareholder or otherwise.

Credit Ratings — Bunge’s debt ratings and outlook by major credit rating agencies at June 30, 2025, were as follows:

						Short-term Debt (1)						Long-term Debt						Outlook
Standard & Poor’s (2)						A-2						BBB+						CreditWatch Positive
Moody’s						P-2						Baa1						Stable
Fitch						F-2						BBB+						Stable

(1) Short-term debt rating applies only to the commercial paper program with BLFC as the issuer.

(2) Subsequent to June 30, 2025, Standard & Poor's upgraded Bunge's credit rating, as described below.

Following the announcement of the Acquisition, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a standalone basis, and a pro-forma at closing basis. Recent rating agency actions include the following:

• Standard & Poor's upgraded Bunge’s credit rating to A- on July 2, 2025 and removed all outlooks from CreditWatch Positive and assigned a stable outlook;

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

• Moody’s upgraded Bunge’s long-term debt credit rating to Baa1 on August 1, 2024 with stable outlook; and affirmed the rating on July 28, 2025.

• Fitch upgraded Bunge’s long-term debt credit rating to BBB+ on September 5, 2024 with stable outlook and affirmed the rating on July 2, 2025.

Our debt agreements do not have any credit rating downgrade triggers that would accelerate maturity of our debt. However, credit rating downgrades would increase borrowing costs under our syndicated credit facilities (a credit rating upgrade, on the other hand, would reduce our borrowing cost) and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on competitive terms. A significant increase in our borrowing costs could impair our ability to compete effectively in our business relative to competitors with higher credit ratings.

Our credit facilities and certain senior notes require us to comply with specified financial covenants including minimum current ratio, maximum debt to capitalization ratio and limitations on secured indebtedness. We were in compliance with these covenants as of June 30, 2025.

Equity

Total equity is set forth in the following table:

(US$ in millions)						June 30, 2025						December 31, 2024
Equity:
Registered shares						$	1					$	1
Additional paid-in capital						5,502						5,325
Retained earnings						13,011						12,838
Accumulated other comprehensive income (loss)						(6,123)						(6,702)
Treasury shares, at cost						(1,508)						(1,549)
Total Bunge shareholders’ equity						10,883						9,913
Noncontrolling interest						1,012						1,032
Total equity						$	11,895					$	10,945

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

Noncontrolling interests decreased to $1,012 million at June 30, 2025, compared to $1,032 million at December 31, 2024, primarily due to an $89 million reduction on the acquisition of noncontrolling interest in Terminal de Granéis de Santa Catarina ("TGSC") (see Note 8 - Investment in Affiliates and Variable Interest Entities to our condensed consolidated financial statements), partially offset by $31 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments as well as $30 million in capital contributions received from minority interest shareholders.

Share repurchase program - As noted in Note 17 - Equity, 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.

Cash Flows

						Six Months Ended June 30,
(US$ in millions)						2025						2024
Cash provided by (used for) operating activities						$	(1,357)					$	(480)
Cash provided by (used for) investing activities						(102)						(548)
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)

Our cash flows from operations vary depending on, among other items, Net income and the market prices and timing of purchases and sales of our inventories. Generally, during periods when commodity prices are rising, our Agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to purchases and sales of our inventories.

During the six months ended June 30, 2025, our cash and cash equivalents and restricted cash increased by $3,484 million, compared to a decrease of $1,422 million during the six months ended June 30, 2024, as further explained below.

Operating: Cash used for operating activities was $1,357 million for the six months ended June 30, 2025, an increase of $877 million, compared to cash used for operating activities of $480 million for the six months ended June 30, 2024. The increase in cash used was primarily driven by an overall reduction to net changes in working capital, specifically related to changes in unrealized (gains) losses on derivative contracts, in addition to funds used for secured advances to suppliers, as discussed in Working Capital section above during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Certain of our non-U.S. operating subsidiaries are primarily funded with U.S. dollar-denominated debt, while currency risk is hedged with U.S. dollar-denominated assets. The functional currency of our operating subsidiaries is generally the local currency. The financial statements of our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency, translated into U.S. dollars. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Also, certain of our U.S. dollar functional operating subsidiaries outside the U.S. are partially funded with local currency borrowings, while the currency risk is hedged with local currency denominated assets. Local currency loans in U.S. dollar functional currency subsidiaries outside the U.S. are remeasured into U.S. dollars at the exchange rate on the applicable balance sheet date. The resulting gain or loss is included in our condensed consolidated statements of income as Foreign exchange (losses) gains – net. For the six months ended June 30, 2025, we recorded a foreign currency gain on our debt of $208 million, which was included as an adjustment to reconcile Net income to Cash provided by (used for) operating activities in the line item Foreign exchange (gain) loss on net debt in our condensed consolidated statements of cash flows. These adjustments are required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations.

Investing: Cash used for investing activities was $102 million for the six months ended June 30, 2025, a decrease of $446 million, compared to cash used for investing activities of $548 million for the six months ended June 30, 2024. The decrease in cash used was primarily due to the current period receipt of $470 million in proceeds from the sale of Bunge's corn milling business in North America, as further described in Note 2 - Acquisitions and Dispositions, in addition to lower net payments for investments. This decrease was partially offset by higher capital expenditures in the current period on various capital projects.

Financing: Cash provided by financing activities was $4,938 million for the six months ended June 30, 2025, an increase of $5,326 million, compared to cash used for financing activities of $388 million for the six months ended June 30, 2024. The increase was primarily due to an increase in net cash proceeds of short and long-term debt of $4,719 million resulting from our use of the commercial paper program, revolving credit facilities, and draws on long term debt facilities in preparation for the Acquisition of Viterra early in the third quarter of 2025 as well as for working capital requirements. Additionally, the increase was due to the lack of recurring share repurchases of $400 million from the prior year, $206 million in proceeds received from the sale of redeemable noncontrolling interest related to our Spanish operating subsidiary (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements). These increases were partially offset by an $18 million payment for the acquisition of noncontrolling interest in TGSC (see Note 8 - Investment in Affiliates and Variable Interest Entities to our condensed consolidated financial statements).

Off-Balance Sheet Arrangements

Please refer to Note 15 - Commitments and Contingencies to our condensed consolidated financial statements for details concerning our off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Dividends

We paid a regular quarterly cash dividend distribution of $0.70 per share on June 2, 2025, to shareholders of record on May 19, 2025. 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. The $0.70 per share dividend distribution represents a $0.02, or 3%, increase from the Company's previously approved quarterly cash dividend declared of $0.68 per share.

Critical Accounting Policies and Estimates

Critical accounting policies are defined as those policies that are significant to our financial condition and results of operations and require management to exercise significant judgment. For a complete discussion of our accounting policies, see Note 1 to our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025. For recent accounting pronouncements refer to Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies, to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.