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

First Quarter 2026 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, 2025, 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, 2025, and to "Item 4, Controls and Procedures" in this Quarterly Report on Form 10-Q for the period ended March 31, 2026, for a discussion of our internal controls over financial reporting.

Viterra Acquisition

On July 2, 2025, we completed our previously announced acquisition (the "Acquisition") of Viterra Limited ("Viterra"). Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.

This section is inclusive of the results of operations of Viterra from the date of Acquisition. Therefore, results attributable to Viterra are not included in the condensed consolidated statement of income for the three months ended March 31, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Non-U.S. GAAP Financial Measures

Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. Bunge’s management believes Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of performance without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and 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 March 31, 2026, Net income attributable to Bunge shareholders was $68 million, a decrease of $133 million compared to $201 million, for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to lower Segment EBIT and Corporate and Other EBIT, as further discussed in the Segment Results section below. In addition, the decrease is due to higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition, partially offset by an income tax benefit recorded in the current period compared to an expense in the prior period, as further described in the Consolidated Results of Operations section below.

Net income (loss) attributable to Bunge shareholders - Earnings per share - Diluted - For the three months ended March 31, 2026, Net income attributable to Bunge shareholders - diluted, was $0.35 per share, a decrease of $1.13 per share, compared to $1.48 per share for the three months ended March 31, 2025. The decrease is primarily due to lower Net income attributable to Bunge shareholders discussed above, as well as dilution from the issuance of registered shares as part of the Viterra Acquisition.

Total EBIT - For the three months ended March 31, 2026, Total EBIT was $184 million, a decrease of $144 million compared to $328 million for the three months ended March 31, 2025. The decrease in Total EBIT for the three months ended March 31, 2026, was primarily due to lower Segment EBIT, resulting primarily from less favorable results in our

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Grain Merchandising and Milling and Soybean Processing and Refining segments, as well as lower Corporate and Other EBIT, resulting from higher Selling, general and administrative expense. These decreases were partially offset by more favorable results in our Tropical Oils and Specialty Ingredients segment. The Segment Overview section below provides further details as well as a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Liquidity and Capital Resources – At March 31, 2026, working capital, which equals Total current assets less Total current liabilities, was $10,154 million, an increase of $1,316 million, compared to working capital of $8,838 million at March 31, 2025, and an increase of $890 million, compared to working capital of $9,264 million at December 31, 2025. The increase in working capital at March 31, 2026, compared to March 31, 2025, was primarily due to higher Inventories and Other current assets, partially offset by lower Cash and cash equivalent balances and higher Trade accounts payable and Other current liabilities. The increase in working capital at March 31, 2026, compared to December 31, 2025, was primarily due to higher Inventories, partially offset by higher Trade accounts payable and Other current liabilities, as further discussed in the Liquidity and Capital Resources section below.

Consolidated Results of Operations

			Three Months Ended March 31,
			2026						2025						% Change
Net sales			$	21,861					$	11,643					88		%
Cost of goods sold			(21,095)						(11,046)						91		%
Gross profit			766						597						28		%
Selling, general and administrative expenses			(531)						(380)						40		%
Interest income			45						59						(24)		%
Interest expense			(181)						(104)						74		%
Foreign exchange gains (losses) – net			(94)						25						(476)		%
Other income (expense) – net			53						82						(35)		%
Income (loss) from affiliates			3						5						(40)		%
Income (loss) before income tax			61						284						(79)		%
Income tax (expense) benefit			14						(80)						(118)		%
Net income (loss)			75						204						(63)		%
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests			(7)						(3)						133		%
Net income (loss) attributable to Bunge shareholders			$	68					$	201					(66)		%

Net Sales – Net sales increased 88%, to $21,861 million for the three months ended March 31, 2026. See Segment Results section below for further discussion.

Cost of goods sold - Cost of goods sold increased 91%, to $21,095 million for the three months ended March 31, 2026. The increase in Cost of goods sold was primarily due to higher Net sales as well as overall more unfavorable mark-to-market results in the current period.

Selling, general, and administrative expenses - Selling, general, and administrative expenses increased 40%, to $531 million for the three months ended March 31, 2026. The increase is primarily due to increased labor costs as a result of the Viterra Acquisition.

Interest - Interest income decreased 24%, to $45 million for the three months ended March 31, 2026. Interest expense increased 74%, to $181 million for the three months ended March 31, 2026. Lower interest income is the result of lower average balances in Cash and cash equivalents, partially offset by higher balances in other short-term investments related to funding strategies in Argentina. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition, partially offset by lower average net interest rates.

Foreign exchange (losses) gains – net - Foreign exchange gains (losses) – net decreased 476%, to a loss of $94 million for the three months ended March 31, 2026. The net loss in the current quarter primarily reflects the impact of hedging costs attributable to monetary assets in South America, as well as net losses in Europe on U.S. dollar-denominated loans payable and net U.S. dollar-denominated monetary liabilities in non-U.S. dollar functional currency operations as a result of a stronger U.S. dollar.

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Income Tax (Expense) Benefit - Income tax (expense) benefit decreased 118% to an income tax benefit of $14 million for the three months ended March 31, 2026. The income tax benefit for the three months ended March 31, 2026 was primarily due to tax benefits in South America, as well as lower pre-tax income in 2026.

Segment Overview

Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra. Additionally, during the first quarter of 2026, the Other Oilseeds Processing and Refining segment was renamed to Tropical Oils and Specialty Ingredients. The segment name change had no impact on the composition of the Company’s existing four reportable segments, nor to the Company’s previously reported segment results or the consolidated financial statements. See Note 19- Segment Information to our condensed consolidated financial statements.

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

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

Further, we enhanced our volume reporting in the third quarter of 2025 to align with the new segment reporting structure and with the Company's primary income-generating activities. Volumes are now reported as follows:

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

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

• Tropical Oils and Specialty Ingredients volumes represent sales volumes to third-party customers.

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

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

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

			Three Months Ended March 31,
(US$ in millions)			2026						2025
Net income (loss) attributable to Bunge shareholders			$	68					$	201
Interest income			(45)						(59)
Interest expense			181						104
Income tax expense (benefit)			(14)						80
Noncontrolling interests' share of interest and tax			(6)						2
Total EBIT			$	184					$	328
Soybean Processing and Refining			209						271
Softseed Processing and Refining			76						82
Tropical Oils and Specialty Ingredients			110						5
Grain Merchandising and Milling			(76)						46
Segment EBIT			319						404
Corporate and Other EBIT			(135)						(76)
Total EBIT			$	184					$	328

Reportable Segments

Soybean Processing and Refining

			Three Months Ended March 31,
(US$ in millions, except volumes)			2026						2025						% Change
Volumes (in thousand metric tons)
Soybeans processed			10,757						8,110						33		%
Soybeans merchandised			5,133						2,233						130		%
Refined oil production			857						859						—		%
Net sales			$	9,552					$	6,661					43		%
Cost of goods sold			(9,154)						(6,326)						45		%
Selling, general and administrative expense			(143)						(109)						31		%
Foreign exchange (losses) gains – net			(47)						20						(335)		%
EBIT attributable to noncontrolling interests			4						3						33		%
Other income (expense) – net			(8)						11						(173)		%
Income (loss) from affiliates			5						11						(55)		%
Total Soybean Processing and Refining Segment EBIT			$	209					$	271					(23)		%

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Soybean Processing and Refining segment Net sales increased 43% to $9,552 million for the three months ended March 31, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher volumes of soybeans merchandised in Brazil, due to higher farmer selling, and increased processed volumes in North America as a result of the current market environment. The increase is also attributable to higher prices across all regions due to strong demand from higher global energy prices as a result of uncertainty from the conflict with Iran, as well as biofuel mandates in North America.

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Segment EBIT decreased 23% to $209 million for the three months ended March 31, 2026. The net decrease was primarily driven by lower results in our soybean processing businesses in Brazil and North America due to unfavorable mark-to-market results, as well as foreign currency losses recognized in the current year due to the impact of hedging costs attributable to monetary assets in South America. The decreases above were partially offset by improved results in our soybean processing business in Argentina.

Softseed Processing and Refining

			Three Months Ended March 31,
(US$ in millions, except volumes)			2026						2025						% Change
Volumes (in thousand metric tons)
Softseeds processed			3,281						2,194						50		%
Softseeds merchandised			1,406						95						1380		%
Refined oil production			773						728						6		%
Net sales			$	3,904					$	1,515					158		%
Cost of goods sold			(3,768)						(1,406)						168		%
Selling, general and administrative expense			(61)						(35)						74		%
Foreign exchange (losses) gains – net			6						16						(63)		%
EBIT attributable to noncontrolling interests			(3)						—						100		%
Other income (expense) – net			(2)						(3)						(33)		%
Income (loss) from affiliates			—						(5)						(100)		%
Total Softseed Processing and Refining Segment EBIT			$	76					$	82					(7)		%

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Softseed Processing and Refining segment Net sales increased 158% to $3,904 million for the three months ended March 31, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher prices in most regions due to strong demand from higher global energy prices as a result of uncertainty from the conflict with Iran, as well as biofuel mandates in North America. In addition, global sun oil prices were higher due to limited supply from the Black Sea. There were also higher processed volumes of oilseeds in Europe, driven by increased activity in Ukraine as a result of the acquisition of an oilseed crush facility from Varthomio completed in the fourth quarter of 2025.

Segment EBIT decreased 7% to $76 million for the three months ended March 31, 2026. The net decrease was primarily due to lower results in our North America business due to unfavorable mark-to-market results, partially offset by improved results across all other regions due to strong demand that drove higher prices as described above.

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Tropical Oils and Specialty Ingredients

			Three Months Ended March 31,
(US$ in millions, except volumes)			2026						2025						% Change
Volumes (in thousand metric tons)			639						618						3		%
Net sales			$	1,228					$	1,083					13		%
Cost of goods sold			(1,040)						(1,015)						2		%
Selling, general and administrative expense			(61)						(58)						5		%
Foreign exchange (losses) gains – net			(4)						—						(100)		%
EBIT attributable to noncontrolling interests			(11)						(2)						450		%
Other income (expense) – net			(2)						(3)						(33)		%
Total Tropical Oils and Specialty Ingredients Segment EBIT			$	110					$	5					2100		%

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Tropical Oils and Specialty Ingredients segment Net sales increased 13% to $1,228 million for the three months ended March 31, 2026. The increase was primarily due to higher sales prices in our tropical oils business due to rising oil prices from the conflict with Iran, as well as stronger demand resulting from global biofuel mandates.

Segment EBIT increased 2100% to $110 million for the three months ended March 31, 2026. The increase was primarily due to favorable mark-to-market results in our tropical oils business, as well as higher Net sales as described above.

Grain Merchandising and Milling

			Three Months Ended March 31,
(US$ in millions)			2026						2025						% Change
Volumes (in thousand metric tons)			26,558						8,510						212		%
Net sales			$	7,177					$	2,384					201		%
Cost of goods sold			(7,132)						(2,309)						209		%
Selling, general and administrative expense			(127)						(59)						115		%
Foreign exchange (losses) gains – net			(38)						(12)						(217)		%
EBIT attributable to noncontrolling interests			(4)						(2)						(100)		%
Other income (expense) – net			48						45						7		%
Income (loss) from affiliates			—						(1)						(100)		%
Total Grain Merchandising and Milling Segment EBIT			$	(76)					$	46					(265)		%

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Grain Merchandising and Milling segment Net sales increased 201% to $7,177 million for the three months ended March 31, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra. In addition, volumes in our global corn business increased driven by a strong corn harvest in North America and increased demand. Volumes in our global wheat business also increased due to higher supply and demand across various regions. The above increases were partially offset by the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025, as well as sales price decreases across most businesses.

Segment EBIT decreased 265% to a loss of $76 million for the three months ended March 31, 2026. The decrease was primarily due to less favorable results in our ocean freight business as a result of rising oil prices from the conflict with Iran, in addition to higher Selling, general and administrative expense as a result of the Viterra Acquisition.

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Corporate and Other

			Three Months Ended March 31,
(US$ in millions)			2026						2025						% Change
Net sales			$	—					$	—					—		%
Cost of goods sold			(1)						10						110		%
Selling, general and administrative expense			(139)						(119)						17		%
Foreign exchange (losses) gains – net			(11)						1						(1200)		%
EBIT attributable to noncontrolling interests			1						—						100		%
Other income (expense) – net			17						32						(47)		%
Income (loss) from affiliates			(2)						—						(100)		%
Total Corporate and Other EBIT			$	(135)					$	(76)					(78)		%

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Corporate and Other EBIT decreased 78%, to a loss of $135 million for the three months ended March 31, 2026. The decrease was primarily driven by an increase in Selling, general and administrative expense as a result of the Viterra Acquisition and the timing of performance-based compensation. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $35 million, and $32 million for three months ended March 31, 2026, and March 31, 2025, respectively. Other income (expense) - net also decreased driven by a $15 million cash benefit received in the three months ended March 31, 2025 related a prior investment in affiliate.

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)			March 31, 2026						March 31, 2025						December 31, 2025
Cash and cash equivalents			$	839					$	3,245					$	1,135
Trade accounts receivable, net			3,975						2,334						3,870
Inventories			15,428						7,817						13,198
Other current assets (1)			6,852						3,977						6,188
Total current assets			$	27,094					$	17,373					$	24,391
Short-term debt			$	3,245					$	1,328					$	3,883
Current portion of long-term debt			1,361						675						1,337
Trade accounts payable			6,176						3,831						4,881
Current operating lease obligations			501						285						499
Other current liabilities (2)			5,657						2,416						4,527
Total current liabilities			$	16,940					$	8,535					$	15,127
Working capital (3)			$	10,154					$	8,838					$	9,264
Current ratio (3)			1.60						2.04						1.61

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

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

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

Working capital was $10,154 million at March 31, 2026, an increase of $890 million from working capital of $9,264 million at December 31, 2025, and an increase of $1,316 million from working capital of $8,838 million at March 31, 2025.

Cash and Cash Equivalents - Cash and cash equivalents were $839 million at March 31, 2026, a decrease of $296 million from $1,135 million at December 31, 2025, and a decrease of $2,406 million from $3,245 million at March 31, 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, 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 three months ended March 31, 2026.

Trade accounts receivable, net - Trade accounts receivable, net were $3,975 million at March 31, 2026, an increase of $105 million from $3,870 million at December 31, 2025, and an increase of $1,641 million from $2,334 million at March 31, 2025. The increase from December 31, 2025 was primarily due to higher sales prices occurring later in the current period, driven by factors described in the Segment Overview section above, as well as timing of collections in North America, which was partially offset by higher receivables sold into our securitization program. The increase from March 31, 2025 was primarily due to an increase of receivables outstanding as of March 31, 2026 from the Acquisition of Viterra and increased Net sales in the current period driven by factors described in the Segment Overview section above.

Inventories - Inventories were $15,428 million at March 31, 2026, an increase of $2,230 million from $13,198 million at December 31, 2025, and an increase of $7,611 million from $7,817 million at March 31, 2025. The increase from December 31, 2025 was primarily due to increased soybean volumes in conjunction with the timing of the South American harvest, as well as higher prices on certain commodities. The increase from March 31, 2025 was primarily due to increased inventory balances from the Acquisition of Viterra and higher average prices on most commodities.

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, 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 $13,428 million, $11,361 million, and $6,499 million at March 31, 2026, December 31, 2025, and March 31, 2025, respectively (see Note 5- Inventories to our condensed consolidated financial statements).

Other current assets - Other current assets were $6,852 million at March 31, 2026, an increase of $664 million from $6,188 million at December 31, 2025, and an increase of $2,875 million from $3,977 million at March 31, 2025. The increase from December 31, 2025 was attributable to an increase in unrealized gains on derivative contracts at fair value as a result of volatile commodity prices and exchange rate fluctuations, and an increase in margin deposits. These increases were partially offset by a reduction in marketable securities and other short term investments based on dynamic investment strategies in South America as well as a reduction to Time deposits under trade structured finance program. The increase from March 31, 2025 was primarily due to an increase in Other current assets from the Acquisition of Viterra. The increase from March 31, 2025 was also due to higher unrealized gains on derivative contracts at fair value and an increase in margin deposits as a result of volatile commodity prices, as well as an increase to prepaid commodity purchase contracts and secured advances to suppliers as a result of changing market conditions in Brazil leading to an increase of these contracts in the current period.

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $4,606 million at March 31, 2026, a decrease of $614 million from $5,220 million at December 31, 2025, and an increase of $2,603 million from $2,003 million at March 31, 2025. The lower short-term debt level at March 31, 2026, compared to December 31, 2025 was due to repayment of borrowings outstanding under one of our revolving credit facilities as a result of proceeds from the issuance of two tranches of senior notes in March 2026, as further described in the Debt section below, and decreased borrowings under the commercial paper program. These decreases were partially offset by increased borrowings under our bilateral short-term credit lines entered into through our financing subsidiaries to fund working capital requirements. The increase from March 31, 2025 was due to increased borrowings under bilateral short-term credit lines entered into through our financing subsidiaries to fund working capital requirements as a result of the Acquisition of Viterra.

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In addition, increased short-term debt levels at March 31, 2026 compared to March 31, 2025, resulted from an increase in the Current portion of long-term debt primarily associated with two senior notes maturing in 2026 for a total of $1,279 million, compared to only $600 million of senior notes classified as Current portion of long-term debt in the prior period.

Trade accounts payable - Trade accounts payable were $6,176 million at March 31, 2026, an increase of $1,295 million from $4,881 million at December 31, 2025, and an increase of $2,345 million from $3,831 million at March 31, 2025. The increase from December 31, 2025 was primarily due to higher inventory volumes in conjunction with the South American harvest and higher average commodity prices, partially offset by timing of payments in North America. The increase from March 31, 2025 was primarily due to an increase in payables outstanding as of March 31, 2026 from the Acquisition of Viterra, as well as higher average commodity prices in the current period.

Other current liabilities - Other current liabilities were $5,657 million at March 31, 2026, an increase of $1,130 million from $4,527 million at December 31, 2025, and an increase of $3,241 million from $2,416 million at March 31, 2025. The increase from December 31, 2025 was primarily due to an increase in unrealized losses on derivatives contracts as a result of volatile commodity prices, partially offset by lower accrued liabilities as a result of variable compensation plan payments, and lower accrued dividends (see Note 17 - Equity to our condensed consolidated financial statements). The increase from March 31, 2025 was primarily due to an increase of Other current liabilities as of March 31, 2026 from the Acquisition of Viterra, as well as an increase in unrealized losses on derivatives contracts as a result of volatile commodity prices and overall higher advances on sales.

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 March 31, 2026, we had $9,665 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

(US$ in millions)												Committed Capacity												Borrowings Outstanding
Revolving Credit Facilities						Maturities						March 31, 2026												March 31, 2026						December 31, 2025
$1.1 Billion 364-day Revolving Credit Agreement						2026						$	1,100											$	—					$	—
$3.5 Billion Revolving Facility Agreement						2028						3,500												—						600
$4.2 Billion Revolving Credit Agreement						2030						4,200												—						—
$865 Million Revolving Credit Agreement						2030						865												—						—
Total Revolving Credit Facilities												$	9,665											$	—					$	600

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)												March 31, 2026												March 31, 2026						December 31, 2025
$3 Billion Commercial Paper Program												$	3,000											$	50					$	300

(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.

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Short and long-term debt —

			As of
US$ in millions			March 31, 2026						March 31, 2025						December 31, 2025
Short-term debt			$	3,245					$	1,328					$	3,883
Long-term debt, including current portion			11,308						5,389						10,168
Total debt			$	14,553					$	6,717					$	14,051
			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025						Year Ended December 31, 2025
Average total debt outstanding			$	14,217					$	6,525					$	11,153

Our total debt was $14,553 million at March 31, 2026, an increase of $502 million from $14,051 million at December 31, 2025, and an increase of $7,836 million from $6,717 million at March 31, 2025. The higher total debt level at March 31, 2026, compared to December 31, 2025 was primarily due to an increase in long-term debt, including the current portion, resulting from the issuance of two tranches of senior notes ("2026 Senior Notes") for an aggregate principal amount of $1.2 billion in March 2026, partially offset by a decrease in short-term borrowings as described above. The higher total debt levels compared to March 31, 2025 were primarily due an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of the 2026 Senior Notes, the issuance of two tranches of senior notes for an aggregate principle amount of $1.3 billion in August 2025, and borrowings outstanding of $1.3 billion on term loans due in 2028 drawn in June 2025 to finance the Viterra Acquisition. In addition, long-term debt, including current portion, includes senior notes outstanding as of March 31, 2026 assumed as part of the Acquisition of Viterra. 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. There were $1,080 million and $900 million borrowings outstanding under these bilateral short-term credit lines at March 31, 2026 and December 31, 2025, respectively. The increase in the current period is primarily to support working capital requirements.

In addition, Bunge's operating companies had $2,115 million, $2,083 million, and $1,328 million in short-term borrowings outstanding from local bank facilities at March 31, 2026, December 31, 2025, and March 31, 2025, respectively, to support working capital requirements. The outstanding borrowings as of March 31, 2026 and December 31, 2025 include short-term borrowings from local bank facilities as a result of the Acquisition of Viterra.

Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at March 31, 2026.

(US$ in millions)						Aggregate Principal Amount Outstanding						Balance Outstanding
2.00% Senior Notes due 2026 (1)						$	580					$	579
3.25% Senior Notes due 2026						700						$	700
4.90% Senior Notes due 2027						440						$	442
3.75% Senior Notes due 2027						600						$	599
4.10% Senior Notes due 2028						400						$	398
4.20% Senior Notes due 2029						800						$	795
4.55% Senior Notes due 2030						650						$	645
3.20% Senior Notes due 2031						599						$	559
2.75% Senior Notes due 2031						1,000						$	994
5.25% Senior Notes due 2032						300						$	306
4.80% Senior Notes due 2033						500						$	495
4.65% Senior Notes due 2034						800						$	792
5.15% Senior Notes due 2035						650						$	644
5.15% Senior Notes due 2036						700						$	694

(1) Upon maturity on April 21, 2026, Bunge repaid the balance outstanding of the 2.00% Senior Notes due 2026.

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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 March 31, 2026, were as follows:

						Short-term Debt (1)						Long-term Debt						Outlook
Standard & Poor’s						A-2						A-						Stable
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.

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 March 31, 2026.

Equity

Total equity is set forth in the following table:

(US$ in millions)						March 31, 2026						December 31, 2025
Registered shares						2						$	2
Additional paid-in capital						9,811						9,841
Retained earnings						13,216						13,152
Accumulated other comprehensive income (loss)						(6,017)						(6,084)
Treasury shares, at cost						(967)						(1,007)
Total Bunge shareholders’ equity						16,045						15,904
Noncontrolling interest						1,381						1,465
Total equity						17,426						$	17,369

Total Bunge shareholders’ equity was $16,045 million at March 31, 2026, compared to $15,904 million at December 31, 2025, an increase of $141 million. The increase was primarily due to $68 million of Net income (loss) attributable to Bunge and $67 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments.

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Noncontrolling interests decreased to $1,381 million at March 31, 2026, from $1,465 million at December 31, 2025, primarily due to measurement period adjustments of $101 million in connection with noncontrolling interests recognized from the Acquisition of Viterra.

Share repurchase program - As described in Note 17- Equity to our condensed consolidated financial statements, there were total aggregate remaining purchase authorizations of $3.2 billion as of March 31, 2026 under approved share repurchase programs, inclusive of $3.0 billion approved in the first quarter of 2026. During the three months ended March 31, 2026, Bunge did not repurchase any shares related to these programs.

Cash Flows

						Three Months Ended March 31,
(US$ in millions)						2026						2025
Cash provided by (used for) operating activities						$	(541)					$	(285)
Cash provided by (used for) investing activities						(182)						(280)
Cash provided by (used for) financing activities						406						490
Effect of exchange rate changes on cash and cash equivalents and restricted cash						(2)						(4)
Net increase (decrease) in cash and cash equivalents and restricted cash						$	(319)					$	(79)

Our cash flows from operations vary depending on, among other items, Net income and the market prices and timing of purchase and sale 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 purchase and sale of our inventories.

During the three months ended March 31, 2026, our cash and cash equivalents and restricted cash decreased by $319 million, compared to a decrease of $79 million during the three months ended March 31, 2025, as further explained below.

Operating: Cash used for operating activities was $541 million for the three months ended March 31, 2026, an increase of $256 million, compared to cash used for operating activities of $285 million for the three months ended March 31, 2025. The increase in cash used was primarily due to lower reported net income during the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025, as discussed in the Segment Overview and Consolidated Results of Operations sections above as well as an overall increase in working capital levels as discussed in the Working Capital section above.

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 three months ended March 31, 2026, we recorded a foreign currency gain on our debt of $102 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 $182 million for the three months ended March 31, 2026, a decrease of $98 million, compared to cash used for investing activities of $280 million for the three months ended March 31, 2025. The decrease was primarily due to increased proceeds from short-term investments related to certain investment strategies in Argentina, partially offset by cash payments of $105 million for the acquisition of International Flavors and Fragrances, Inc in the current period and the absence of $100 million in proceeds from the sale of BP Bunge Bioenergia that occurred in the prior year.

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Financing: Cash provided by financing activities was $406 million for the three months ended March 31, 2026, a decrease of $84 million, compared to cash provided by financing activities of $490 million for the three months ended March 31, 2025. The decrease reflects the absence of $206 million in proceeds received from the sale of redeemable noncontrolling interest related to our Spanish operating subsidiary, partially offset by an $18 million payment for the acquisition of noncontrolling interest in Terminal de Granéis de Santa Catarina, as both occurred in the prior year. The decrease was also partially offset by net cash proceeds received from the issuance of the 2026 Senior Notes, which were partially utilized to repay outstanding borrowings under the commercial paper program and revolving credit facilities, as further described in the Debt section above.

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 March 3, 2026, to shareholders of record on February 17, 2026. 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. Any future determination to pay dividend distributions will, subject to the provisions of applicable law, be at the discretion of the Board, and the approval by shareholders at a general meeting, currently scheduled to occur on May 20, 2026, in accordance with Swiss law as described in Note 17- Equity.

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, 2025, filed with the Securities and Exchange Commission on February 19, 2026. 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.

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