NYSE: BG

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Table of Contents

BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(U.S. dollars in millions)

Year Ended December 31,

202520242023

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

Other comprehensive income (loss):

Foreign exchange translation adjustment 619 (929)341

Unrealized (losses) gains on designated hedges, net of tax (expense) benefit of $(3), $5, and $(3)
(111)127 (99)

Pension adjustment, net of tax benefit of $2, $4, and $3
(1)(24)(18)

Reclassification of realized net losses to net income, net of tax (benefit) expense of $(30), $(2), and $3
98 146 99

Total other comprehensive income (loss)605 (680)323

Total comprehensive income 1,448 508 2,660

Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests (65)(19)(100)

Total comprehensive income attributable to Bunge$1,383 $489 $2,560

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

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BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

December 31,

2025December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents$1,135 $3,311

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

Trade accounts receivable (less allowances of $156 and $89) (Note 4)
3,870 2,148

Inventories (Note 5)
13,198 6,491

Assets held for sale (Note 2)191 8

Other current assets (Note 6)
5,789 4,000

Total current assets24,391 15,958

Property, plant and equipment, net (Note 7)
11,678 5,254

Operating lease assets (Note 25)
1,686 932

Goodwill (Note 8)
3,141 453

Other intangible assets, net (Note 9)
309 321

Investments in affiliates (Note 11)
1,495 779

Deferred income taxes (Note 14)
890 645

Other non-current assets (Note 12)
938 557

Total assets$44,528 $24,899

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt (Note 17)
$3,883 $875

Current portion of long-term debt (Note 17)
1,337 669

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

Trade accounts payable (includes $559 and $388 carried at fair value)
4,881 2,777

Current operating lease obligations (Note 25)
499 286

Liabilities held for sale (Note 2)61 10

Other current liabilities (Note 13)
4,258 2,818

Total current liabilities15,127 7,435

Long-term debt (Note 17)
8,831 4,694

Deferred income taxes (Note 14)
988 379

Non-current operating lease obligations (Note 25)
1,097 595

Other non-current liabilities (Note 21)
1,063 847

Redeemable noncontrolling interests53 4

Equity (Note 22):

Registered shares, par value $0.01; authorized not issued—33,632,445 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2025 - 193,408,656 shares, 2024 - 133,964,235 shares
2 1

Additional paid-in capital9,841 5,325

Retained earnings13,152 12,838

Accumulated other comprehensive loss (Note 22)
(6,084)(6,702)

Treasury shares, at cost; 2025—15,103,107 shares and 2024—21,318,307 shares
(1,007)(1,549)

Total Bunge shareholders' equity15,904 9,913

Noncontrolling interests1,465 1,032

Total equity17,369 10,945

Total liabilities, redeemable noncontrolling interest and equity$44,528 $24,899

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

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BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in millions)

Year Ended December 31,

202520242023

OPERATING ACTIVITIES

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

Adjustments to reconcile net income to cash provided by (used for) operating activities:

Impairment charges53 41 104

Foreign exchange (gain) loss on debt(216)174 (281)

Depreciation, depletion and amortization703 468 451

Share-based compensation expense73 65 69

Deferred income tax benefit(62)(10)(1)

Gain on sale of investments and property, plant and equipment(160)(205)(4)

Results from affiliates(26)19 (157)

Other, net138 65 117

Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:

Trade accounts receivable(469)169 256

Inventories(700)96 1,518

Secured advances to suppliers22 207 (121)

Trade accounts payable and accrued liabilities153 (538)(939)

Advances on sales(58)51 (140)

Net unrealized (gains) losses on derivative contracts395 262 (366)

Margin deposits(79)36 173

Recoverable and income taxes, net(11)(242)202

Marketable securities15 (36)23

Other, net230 90 67

Cash provided by operating activities844 1,900 3,308

INVESTING ACTIVITIES

Payments made for capital expenditures(1,723)(1,376)(1,122)

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

Proceeds from investments2,753 887 49

Payments for investments(2,995)(1,285)(69)

Settlements of net investment hedges(85)71 (64)

Proceeds from beneficial interest in securitized trade receivables— — 87

Proceeds from disposal of business and property, plant and equipment953 8 170

Proceeds from sale of investments in affiliates100 728 —

Payments for investments in affiliates(72)(61)(136)

Other, net43 (86)76

Cash used for investing activities(5,227)(1,114)(1,009)

FINANCING ACTIVITIES

Net change in short-term debt with maturities of three months or less1,094 137 138

Proceeds from short-term debt with maturities greater than three months 2,096 1,064 1,247

Repayments of short-term debt with maturities greater than three months (1,327)(1,077)(987)

Proceeds from long-term debt3,602 2,045 1,008

Repayments of long-term debt(2,370)(753)(1,176)

Debt issuance costs(29)(24)(30)

Repurchases of registered or common shares(551)(1,100)(600)

Dividends paid to registered, common or preference shareholders(459)(378)(383)

Capital contributions (return of capital) from noncontrolling interests, net30 53 56

Sale of noncontrolling interest206 — —

Acquisition of redeemable noncontrolling interest and noncontrolling interest(18)— —

Settlement of cross currency swap— — (79)

Other, net(45)(57)(50)

Cash provided by (used for) used for financing activities2,229 (90)(856)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash(8)9 28

Net (decrease) increase in cash and cash equivalents, and restricted cash(2,162)705 1,471

Cash and cash equivalents, and restricted cash - beginning of period3,328 2,623 1,152

Cash and cash equivalents, and restricted cash - end of period$1,166 $3,328 $2,623

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

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BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

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

Registered SharesTreasury Shares

Redeemable

Non-

Controlling

InterestsSharesAmountSharesAmountAdditional

Paid-in

CapitalRetained

EarningsAccumulated

Other

Comprehensive

LossNon-

Controlling

InterestsTotal

Equity

Balance, January 1, 2025$4 133,964,235 $1 21,318,307 $(1,549)$5,325 $12,838 $(6,702)$1,032 $10,945

Net income 3 — — — — — 816 — 24 840

Other comprehensive income4 — — — — — — 567 34 601

Redemption value adjustment(4)— — — — — 4 — — 4

Dividends on registered shares, $2.80 per share
— — — — — — (502)— — (502)

Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — (9)(9)

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

Capital contribution from noncontrolling interest— — — — — (2)— — 32 30

Acquisition of noncontrolling interest (Note 11)— — — — — 4 — — (89)(85)

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

Share-based compensation expense and conversions— — — — — 86 — — — 86

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

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

Issuance of registered shares, including stock dividends— 581,931 — (581,931)48 (55)(4)— — (11)

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

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Registered SharesTreasury

Shares

Redeemable

Non-

Controlling

InterestsSharesAmountSharesAmountAdditional

Paid-in

CapitalRetained

EarningsAccumulated

Other

Comprehensive

LossNon-

Controlling

InterestsTotal

Equity

Balance, January 1, 2024$1 145,319,668 $1 16,109,804 $(1,073)$5,900 $12,077 $(6,054)$963 $11,814

Net (loss) income(1)— — — — — 1,137 — 52 1,189

Other comprehensive loss— — — — — — — (648)(32)(680)

Redemption value adjustment2 — — — — — (2)— — (2)

Dividends on registered shares, $2.72 per share
— — — — — — (373)— — (373)

Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — (4)(4)

Capital contribution from noncontrolling interest2 — — — — (2)— — 53 51

Share-based compensation expense— — — — — 65 — — — 65

Cancellation of treasury shares— — — (6,146,930)572 (572)— — — —

Repurchase of registered shares— (12,150,763)— 12,150,763 (1,100)— — — — (1,100)

Issuance of registered shares, including stock dividends— 795,330 — (795,330)52 (66)(1)— — (15)

Balance, December 31, 2024$4 133,964,235 $1 21,318,307 $(1,549)$5,325 $12,838 $(6,702)$1,032 $10,945

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Common SharesRegistered SharesTreasury

Shares

Redeemable

Non-

Controlling

InterestsSharesAmountSharesAmountSharesAmountAdditional

Paid-in

CapitalRetained

EarningsAccumulated

Other

Comprehensive

LossNon-

Controlling

InterestsTotal

Equity

Balance, January 1, 2023$4 149,907,932 $1 — $— 18,835,812 $(1,320)$6,692 $10,222 $(6,371)$732 $9,956

Net (loss) income(1)— — — — — — — 2,243 — 95 2,338

Other comprehensive income— — — — — — — — — 317 6 323

Redemption value adjustment(2)— — — — — — — 2 — — 2

Dividends on common shares, $2.6125 per share
— — — — — — — — (386)— — (386)

Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — — — (17)(17)

Capital contribution from noncontrolling interest— — — — — — — — — — 56 56

Acquisition of noncontrolling interest— — — — — — — — — — 91 91

Share-based compensation expense— — — — — — — 69 — — — 69

Cancellation of common shares and issuance of registered shares— (145,287,978)(1)145,287,978 1 — — — — — — —

Cancellation of treasury shares— — — — — (8,102,179)845 (845)— — — —

Repurchase of common shares— (5,407,861)— — — 5,407,861 (600)— — — — (600)

Issuance of registered or common shares, including stock dividends— 787,907 — 31,690 — (31,690)2 (16)(4)— — (18)

Balance, December 31, 2023$1 — $— 145,319,668 $1 16,109,804 $(1,073)$5,900 $12,077 $(6,054)$963 $11,814

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

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business—Bunge Global SA, a Swiss company, together with its consolidated subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary, through which its businesses are conducted (collectively "Bunge" or the "Company"), is a leading global agribusiness and food company. Bunge's registered shares trade on the New York Stock Exchange under the ticker symbol "BG".

On July 2, 2025, Bunge completed its previously announced acquisition ("Acquisition") of Viterra Limited ("Viterra"). See Note 2- Acquisitions and Dispositions for further details. The consolidated statement of income includes results attributable to Viterra from the date of the Acquisition to December 31, 2025.

Effective in the third quarter of 2025, the Company changed its segment reporting to align with its new value chain operational structure as a result of the Viterra Acquisition. Further, effective January 1, 2025, Bunge's Sugar and Bioenergy reporting segment has been reclassified to Corporate and Other. See Note 26- Segment Information for further details. Therefore, Bunge now operates in four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling.

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

Soybean Processing and Refining —Bunge's Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. Bunge's soybean processing and refining operations and assets have a global footprint, primarily located in South America, North America, and Europe.

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

Other Oilseeds Processing and Refining —Bunge's Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. Bunge's other oilseeds processing and refining operations and assets are located throughout the world.

Grain Merchandising and Milling —Bunge's Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. The operations and assets of our Grain Merchandising and Milling segment are located throughout the world; milling operations and assets are primarily located in South America. Further, during the second quarter of 2025, Bunge completed the sale of its corn milling business in North America. See Note 2- Acquisitions and Dispositions for additional information on the completed sale of Bunge's North American corn milling activities.

Argentina

Bunge has significant operating subsidiaries in Argentina and in prior years, Argentina experienced hyperinflation, high fiscal deficit and negative Gross Domestic Product ("GDP") growth. Throughout 2023, Argentina’s government published multiple Emergency Decrees, certain of which introduced preferential U.S. dollar to Argentine peso foreign exchange rates (collectively referred to as the "Export Programs"). Preferential exchange rates under the Export Programs were available exclusively during specific periods of time to be used on qualifying Argentine peso denominated purchases of certain commodities and payment of export duties. The Export Programs were aimed at boosting farmer selling and in turn commodity exports generating an influx of foreign currency. During the periods covered by the Export Programs, qualifying commodity prices in Argentine pesos were directly impacted by the preferential rates. Transactions related to these Export Programs were

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

accounted for at the preferential rate. There were no transactions accounted for utilizing a preferential rate for the years ended December 31, 2025 and 2024.

Ukraine-Russia War

On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations at December 31, 2025 comprise four oilseed crushing facilities, located in Mykolaiv, Dnipropetrovsk, Kharkiv, and Vinnytsia, two export terminals in the Mykolaiv commercial seaport, and numerous grain elevators and offices throughout Ukraine. The Company also operates a corn milling facility and a grain export terminal in Ukraine via joint ventures. See Note 2- Acquisitions and Dispositions for further information on Bunge's 2025 acquisition of an oilseed crush facility from Varthomio ("ViOil") in western Ukraine.

As of December 31, 2025, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise less than 2% of Bunge’s consolidated Total assets and Total liabilities, respectively.

In the year ended December 31, 2024, the Company recognized insurance recoveries related to the war of $58 million which were recorded in Cost of goods sold in the consolidated statements of income. The recoveries included $52 million attributable to business interruption and $6 million attributable to property damage. In the first quarter of 2025, the Company collected the insurance recoveries attributable to business interruption. The scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian operations.

Basis of Presentation—The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below.

Discontinued Operations— Pursuant to conditions set by the European Commission for regulatory approval of the Viterra Acquisition, the Company agreed to sell Viterra’s business in Hungary, as well as part of Viterra's business in Poland ("EU Oilseeds Divestment"). The EU Oilseeds Divestment subsequently closed on September 1, 2025 and the results of these operations are reported as discontinued operations during Bunge's period of ownership in accordance with ASC 205 - Presentation of Financial Statements.

In determining whether a disposal group should be presented as discontinued operations, Bunge makes a determination of whether such a group being disposed of comprises a component of the entity, or a group of components of the entity, that represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. Alternatively, if operations meet the criteria for held for sale on the acquisition date of acquiring the assets, the operations related to those acquired assets are immediately accounted for as a discontinued operation and not subject to the strategic shift evaluation. If these determinations are made affirmatively, the results of operations of the group being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from the continuing operations of the Company for all periods presented in the consolidated financial statements.

Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and VIEs in which Bunge is considered to be the primary beneficiary and, as a result, include the assets, liabilities, revenues, and expenses of all entities over which Bunge exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. Performance of that analysis requires the exercise of judgment. The primary beneficiary analysis must be continually reassessed and requires the exercise of judgment. VIE assessments are revisited upon the occurrence of relevant reconsideration events.

Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100% are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net income attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income.

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Reclassifications—As highlighted above, effective in the third quarter of 2025, the Company changed its segment reporting to align with its new value chain operational structure as a result of the Viterra Acquisition. Further, effective January 1, 2025, Bunge's Sugar and Bioenergy reporting segment has been reclassified to Corporate and Other. Corresponding prior period amounts have been recast to conform to current period presentation. See Note 26- Segment Information for further details.

Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates.

Offsetting—In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements.

However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of Accounting Standards Codification ("ASC") 210-20, Offsetting, has been met. Cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows.

Translation of Foreign Currency Financial Statements—Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency.

Foreign Currency Transactions—Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Bunge's consolidated statements of income as Foreign exchange (losses) gains — net unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is neither planned nor anticipated in the foreseeable future, in which case the remeasurement gain or loss is reported as a component of Accumulated other comprehensive loss in Bunge's consolidated balance sheets.

Cash, Cash Equivalents, and Restricted Cash—Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows.

December 31,

(US$ in millions)202520242023

Cash and cash equivalents$1,135 $3,311 $2,602

Restricted cash included in Other current assets31 17 21

Total$1,166 $3,328 $2,623

Trade Accounts Receivable—Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short-term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely.

Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable.

Secured Advances to Suppliers—Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific supplier collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely.

Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis.

Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it is probable that all amounts due under the original terms of the receivable will not be collected. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest income.

Inventories—Readily marketable inventories ("RMI") are agricultural commodity inventories, primarily including 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. All of Bunge's RMI are recorded at fair value. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold.

Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method.

Fair Value Measurements—Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets and liabilities based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value:

LevelDescriptionFinancial Instrument (Assets / Liabilities)

Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts.

Marketable securities in active markets.

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BUNGE GLOBAL SA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Level 2Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Exchange traded derivative contracts (less liquid market).

Readily marketable inventories.

Over-the-counter ("OTC") commodity purchase and sale contracts.

OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.

Marketable securities in less active markets.

Level 3Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques.

Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts.

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

Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.

The majority of Bunge's exchange-traded agricultural commodity futures are settled daily, generally through its clearing subsidiary, and therefore such futures are not included in the assets and liabilities that are accounted for at fair value on a recurring basis.

Derivative Instruments and Hedging Activities—Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities). Additionally, commodity contracts relating to forward sales of commodities, including but not limited to soybeans, soybean meal and oil, corn, softseeds, softseed oil, and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below).

Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively or quantitatively tests whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets.

Marketable Securities and Other Short-Term Investments—Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. Debt

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trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income. Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary.

Recoverable Taxes—Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in South America and Europe. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts.

Property, Plant and Equipment, Net—Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized.

Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows:

Years

Buildings
10 - 50

Machinery and equipment
3 - 25

Furniture, fixtures and other
3 - 20

Goodwill—Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year.

Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill).

Other Intangible Assets—Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, licenses, and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets).

Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets—Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below the asset's carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses ("SG&A") in the consolidated statements of income (see Note 10- Impairments).

Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Investments in Affiliates—Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the

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investment for a period of time sufficient to allow for recovery of the fair value (see Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities).

Revenue Recognition—The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815"), and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). Additional information about the Company’s revenues can be found in Note 26- Segment Information.

Revenue from commodity contracts (ASC 815)—Revenue from commodity contracts primarily relates to forward sales of commodities including, but not limited to soybeans, soybean meal and oil, softseeds, softseed oil, corn, and wheat accounted for as derivatives at fair value under ASC 815. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g., the price of soybeans), a notional amount (e.g., metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts.

Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets) or current liabilities (see Note 13- Other Current Liabilities), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements.

Revenue from contracts with customers (ASC 606)—Revenue from contracts with customers accounted for under ASC 606 is primarily generated through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours and bakery mixes; and fertilizer products. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to promotional programs, and amounts collected on behalf of third parties. The Company recognizes revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer, generally when significant risks and rewards transfer to the customer. Sales terms provide for transfer of control of a product either at the time and point of shipment or at the time and point of delivery and acceptance of the product being sold. In contracts that do not specify the timing of transfer of legal title or transfer of significant risks and rewards of ownership, judgment is required in determining the timing of transfer of control. In such cases, the Company considers standard business practices and the relevant laws and regulations applicable to the transaction to determine when the significant risks and rewards of ownership are transferred.

The transaction price is generally allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Variable consideration is generally known upon satisfaction of the performance obligation.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, which are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of goods sold.

Warranties provided to customers are primarily assurance-type warranties on the fitness of purpose and merchantability of the Company’s goods and services. The Company does not provide service-type warranties to customers.

Payment is generally due at the time of shipment or delivery, or within a specified time frame after shipment or delivery, which is generally 30-60 days. The Company’s contracts generally provide customers the right to reject any products that do not meet agreed quality specifications. Product returns and refunds are not material.

Additionally, the Company recognizes revenue in the Grain Merchandising and Milling segment from ocean freight and port services over time, as the related services are performed. Performance obligations are typically completed within a fiscal quarter and any unearned revenue or accrued revenues are not material.

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Share-Based Compensation—Bunge maintains equity incentive plans for its employees and non-employee directors (see Note 24- Share-based Compensation). Bunge accounts for share-based compensation based on the grant date fair value. Share-based compensation expense is recognized on a straight-line basis over the requisite service period.

Income Taxes—Income tax expenses and benefits are recognized based on the tax laws and regulations in the jurisdictions in which Bunge's subsidiaries operate. The provision for income taxes includes income taxes currently payable and deferred income taxes resulting from temporary differences between the carrying amounts of existing assets and liabilities in Bunge's consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by valuation allowances if current evidence indicates that it is not "more likely than not" that the deferred tax asset will be realized. Accrued interest and penalties related to unrecognized tax benefits are recognized in Income tax expense in the consolidated statements of income (see Note 14- Income Taxes).

Research and Development—Research and development costs are expensed as incurred. Research and development expenses were $28 million, $30 million, and $35 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Governmental Assistance—Government grants are accounted for by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, and are recognized at fair value when there is reasonable assurance that the established conditions will be met and the benefit will be received. Benefits are recognized either as a reduction of taxes payable or a credit in earnings.

Bunge qualifies for business incentives from governmental entities at various localities in which the Company operates. These programs primarily consist of tax incentives and cash grants designed to promote regional social and economic development or to incentivize production of clean energy.

Regional social and economic development—Bunge receives tax credits from foreign state governments on the sale of eligible products. The program is valid through 2032 and contains recapture features if Bunge fails to meet program requirements, including job creation and production levels. For the years ended December 31, 2025, 2024, and 2023, Bunge recorded program tax credits of $146 million, $129 million and $176 million in Net sales in the consolidated statements of income, respectively. At December 31, 2025, and December 31, 2024, Bunge recognized a $13 million and $12 million reduction to Other current liabilities, respectively, in the consolidated balance sheets related to benefits not yet realized.

Clean energy—Bunge receives cash grants from a governmental agency from the sale of clean energy. The program is valid through 2032 and contains recapture features if the Company does not follow program production efficiency requirements. For the years ended December 31, 2025, 2024, and 2023, Bunge recorded program related cash grants of $14 million, $23 million and $24 million in Cost of goods sold in the consolidated statements of income, respectively. At both December 31, 2025, and 2024, Bunge recognized a $4 million increase to Trade accounts receivable in the consolidated balance sheets related to benefits not yet realized.

Recently Adopted Accounting Pronouncements

In the fourth quarter of 2025, the Company adopted Accounting Standards Update ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The Company adopted this guidance on a prospective basis. The adoption of this guidance resulted in expanded disclosures in Note 14- Income Taxes.

New Accounting Pronouncements

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) ("ASU 2025-10"), which provides specific authoritative guidance for recognition, measurement, and presentation of government grants. Either a modified prospective or retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, including interim periods within those annual reporting periods. Early adoption is permitted in both periods in which financial statements have not yet been issued or made available for issuance. The adoption of this standard is not expected to have a material impact on Bunge’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The standard is intended to enhance transparency of income

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statement disclosures, primarily through additional disaggregation of relevant expense captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. Entities can adopt the change prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

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

2. ACQUISITIONS AND DISPOSITIONS

Acquisitions

Viterra Limited Business Combination Agreement

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

Pursuant to the terms of the Business Combination Agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra. The cash consideration was financed through a combination of cash on hand and Bunge's existing debt instruments. See Note 17- Debt for further information.

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

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

(US$ in millions)

Fair value of Bunge stock issued (1)
$5,340

Cash consideration (2)
1,880

Repayment of certain debt of Viterra3,554

Effective settlement of pre-existing relationships (157)

Total purchase consideration$10,617

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

(2) Represents the base amount of cash consideration transferred to the Sellers, adjusted for certain items per the terms of the Business Combination Agreement.

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Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The Acquisition of Viterra is accounted for as a business combination using the acquisition method of accounting. Due to the timing of the Acquisition, the valuation of the assets acquired and liabilities assumed has not yet been finalized, and as a result, preliminary estimates have been recorded and are subject to change. Any necessary adjustments from Bunge's preliminary estimates will be finalized within one year from the date of the Acquisition completion. Measurement period adjustments will be recorded in the period determined, as if it had been completed at the Acquisition date. The following table summarizes the preliminary allocation of the fair value of assets acquired and liabilities assumed as of the Acquisition date, as included in Bunge's consolidated balance sheet.

(US$ in millions)July 2, 2025

Cash and cash equivalents$1,143

Time deposits under trade structured finance program481

Trade accounts receivable1,306

Inventories5,720

Assets held for sale700

Other current assets2,575

Property, plant and equipment5,135

Operating lease assets775

Other intangible assets (1)
24

Investments in affiliates579

Deferred income taxes189

Other non-current assets256

Total assets acquired18,883

Liabilities

Short-term debt1,131

Current portion of long-term debt (2)
1,231

Letter of credit obligations under trade structured finance program481

Trade accounts payable1,520

Current operating lease obligations248

Liabilities held for sale 227

Other current liabilities2,061

Long-term debt (2)
2,206

Deferred income taxes611

Non-current operating lease obligations482

Other non-current liabilities286

Net assets acquired8,399

Less: Noncontrolling interests(441)

Goodwill (3)
2,659

Fair value of consideration transferred$10,617

(1) Other intangible assets primarily consists of a trademark with a useful life of one year.

(2) Debt is required to be measured at fair value under the acquisition method of accounting. The fair value of Viterra's aggregate principal of $1.95 billion notes and 1.2 billion Euro notes assumed in the Acquisition was $3.3 billion. The

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$97 million discount to par value will accrete to Interest expense over the remaining term of the notes. See Note 17- Debt for further information.

(3) Goodwill was assigned to reportable segments as follows, $1,050 million to Softseed Processing and Refining, $812 million to Soybean Processing and Refining, and $797 million to Grain Merchandising and Milling. The goodwill is primarily attributable to expected synergies and the assembled workforce of Viterra. None of the goodwill is expected to be deductible for income tax purposes. Goodwill is not amortized to earnings but instead will be reviewed at least annually for impairment. See Note 8- Goodwill for further information.

Viterra Results of Operations

The consolidated statement of income includes results attributable to Viterra from the date of Acquisition, July 2, 2025, to December 31, 2025. Net sales include $15.3 billion attributable to Viterra for the year ended December 31, 2025. Upon close of the Acquisition, the Company immediately began integrating Viterra into its ongoing operations which affects historical comparability of Viterra figures. As a result of the ongoing integration, it is impracticable for the Company to determine the effect on Net income attributable to Viterra.

Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited supplemental pro forma results of the combined organization as if Viterra was acquired on January 1, 2024:

Year Ended

December 31,

(US$ in millions)20252024

Net sales$89,507 $93,932

Income from continuing operations838 1,399

Loss from discontinued operations(3)—

Net income 835 1,399

The unaudited supplemental pro forma financial information reflects the historical results of Bunge and Viterra adjusted primarily for the following:

•Additional depreciation and amortization that would have been charged assuming the fair value adjustments to Property, plant and equipment and Other intangible assets had been applied on January 1, 2024.

•Interest expense for accretion of the fair value discount on the outstanding debt assumed and not extinguished at transaction close.

•Additional interest expense on the additional financing, including the issuance of senior notes, in connection with the Acquisition, as if such issuance occurred on January 1, 2024. See Note 17- Debt for further information.

•Acquisition costs incurred and recognized in 2025 are removed from 2025 supplemental pro forma income from continuing operations. 2024 supplemental pro forma income from continuing operations has been adjusted to include these charges, reflecting the assumed Viterra acquisition date of January 1, 2024.

The unaudited supplemental pro forma results do not reflect any anticipated synergies, efficiencies, or other cost savings of the Acquisition. Accordingly, the unaudited supplemental pro forma financial information is not indicative of the Company's actual results of operations if the Acquisition had been completed on January 1, 2024, nor is it necessarily an indication of future operating results.

Acquisition-Related Divestitures and Discontinued Operations

During 2024, the European Commission (the "Commission") approved, under the EU Merger Regulation, the proposed Acquisition of Viterra subject to the EU Oilseeds Divestment. The approval was conditional upon full compliance with the commitments offered by the parties. To address the Commission's competition concerns, it was agreed that Viterra’s business in Hungary, as well as part of Viterra's business in Poland, would be sold to Louis Dreyfus Company Suisse S.A. The sale in Poland includes Viterra’s Bodaczow processing facility, including commercial oilseeds origination activities to supply such

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facility, and the Trawniki, Kętrzyn, Szamotuły, and Werbkowice storage facilities. On September 1, 2025, Bunge completed the EU Oilseeds Divestment, fully complying with the Commission commitments.

Upon closing, Bunge received preliminary cash proceeds of $483 million in consideration recorded as a cash inflow within Proceeds from disposal of business and property, plant and equipment on the consolidated statement of cash flows. The following table presents the disposal group's major classes of assets and liabilities at the closing date and includes the application of business combination accounting to the assets and liabilities assumed in the Acquisition of Viterra. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted.

(US$ in millions)

Cash and cash equivalents$26

Trade accounts receivable 62

Inventories148

Other current assets64

Property, plant and equipment413

Operating lease assets2

Other non-current assets2

Total assets$717

Short-term debt$52

Trade accounts payable and accrued liabilities80

Other current liabilities29

Long-term debt62

Deferred income taxes6

Non-current operating lease obligations2

Total liabilities $231

Varthomio Share Purchase Agreement

In January 2024, Bunge and Varthomio entered into a share purchase agreement whereby Bunge acquired a 15% equity interest and a fixed price call option to acquire the remaining 85% equity interest in an oilseed crush operation in western Ukraine. On June 20, 2025, Bunge formally exercised the call option to acquire the remaining interest in ViOil; and early in the fourth quarter of 2025, the transaction closed in accordance with the terms of the agreement.

The following table summarizes the total purchase consideration to acquire the remaining 85% equity interest:

(US$ in millions)

Cash consideration $48

Value of contingent and deferred consideration (1)
86

Total purchase consideration$134

(1) Represents the fair value of the contingent and deferred cash consideration as set forth in the share purchase agreement to be settled within one year from the date of the close of the transaction. Subsequent to the transaction close, the Company paid $38 million in the deferred consideration. As of December 31, 2025, contingent consideration recorded in Other current liabilities was $18 million and deferred consideration recorded in Short-term debt was $30 million on the consolidated balance sheet. The fair value of the contingent consideration at the date of the acquisition was determined utilizing a probability weighted discounted cash flow model and represents a non-cash investing activity.

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The acquisition of ViOil is accounted for as business combination achieved in stages, using the step acquisition method of accounting, which requires remeasurement of Bunge's previously held equity interest as of the date of acquisition. Bunge remeasured the previously held equity interest based on the fair value of the consideration transferred, discounted to reflect the percentage of minority ownership previously held.

Purchase consideration totaling $155 million, inclusive of $21 million in fair value of the previously held equity interest, was allocated to the fair value of assets acquired and liabilities assumed as follows: $157 million to Property, plant and equipment, net, $25 million to Deferred income tax liabilities, $3 million to other net assets, and $20 million to Goodwill. All assets acquired and liabilities assumed were recorded in the Softseed Processing and Refining segment.

International Flavors and Fragrances Purchase Agreement

On August 5, 2025, Bunge entered into an asset purchase agreement with Solae, L.L.C. to acquire substantially all assets related to the lecithin, soy protein concentrate and crush businesses of International Flavors and Fragrances, Inc. The asset purchase, which Bunge expects to account for as a business combination, is in exchange for total cash consideration of approximately $110 million, subject to certain consideration adjustments. The transaction is expected to close in 2026, subject to customary closing conditions.

CJ Latam and Selecta Share Purchase Agreement

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

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

Espaçogrãos Grain Elevators

On November 30, 2023, Bunge entered into purchase and sale agreements with Espaçogrãos to acquire three grain elevators and related assets ("Silos") located in the Brazilian cities of Nova Mutum, Matupa and Alta Floresta. Bunge closed on the Nova Mutum Silo in the second quarter of 2024; and the Matupa and Alta Floresta Silos closed in the second quarter of 2025 in accordance with the terms of the agreement. Cash consideration for the asset acquisition of $92 million was allocated to Property, plant and equipment, net.

Fuji Oils New Orleans, LLC Port Based Refinery

On April 14, 2023, Bunge, through its 80% ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port-based refinery. The refinery is located in International-Matex Tank Terminals' Avondale Terminal, in Avondale, Louisiana in the United States. Cash consideration for the asset acquisition of $181 million was allocated to Property, plant and equipment, net ($220 million), inclusive of a finance lease right of use asset ($52 million), long-term finance lease obligations ($41 million) included in Long-term debt and Current portion of long-term debt, and other net working capital ($2 million).

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Dispositions

North America Corn Milling Business Disposition

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

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

(US$ in millions)

Trade accounts receivable $128

Inventories36

Other current assets4

Property, plant and equipment, net137

Operating lease assets17

Goodwill & Other intangible assets, net37

Other non-current assets5

Total assets$364

Trade accounts payable and accrued liabilities$40

Current operating lease obligations6

Deferred income taxes27

Non-current operating lease obligations10

Total liabilities $83

European Margarines and Spreads Business Disposition

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

The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the consolidated balance sheet as of December 31, 2025. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets held for sale comprise $180 million and $3 million under the Other Oilseeds Processing and Refining segment and Corporate and Other, respectively. Liabilities held for sale comprise $58 million and $3 million under the Other Oilseeds Processing and Refining segment and Corporate and Other, respectively.

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(US$ in millions)December 31,

2025

Trade accounts receivable $38

Inventories34

Other current assets8

Property, plant and equipment, net87

Operating lease assets2

Goodwill & Other intangible assets, net12

Other non-current assets2

Total assets held for sale$183

Trade accounts payable and accrued liabilities$46

Other current liabilities2

Deferred income taxes2

Other non-current liabilities11

Total liabilities held for sale$61

BP Bunge Bioenergia

On June 19, 2024, Bunge entered into a definitive share purchase agreement with BP Biofuels Brazil Investment Limited ("BP") to sell its 50% ownership share in BP Bunge Bioenergia. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement for a total net amount of $828 million in consideration inclusive of certain closing adjustments for the value of net working capital and net debt, among other items. As of December 31, 2024, $728 million in cash consideration had been received. Per the terms of the agreement, a $100 million deferred payment was received in early 2025 and recorded as a cash inflow within Proceeds from sale of investments in affiliates on the 2025 consolidated statement of cash flows.

In connection with the transaction, Bunge has agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement. As a consequence, Bunge recognized a liability of $95 million upon transaction close in accordance with ASC 460, Guarantees and ASC 450, Contingencies. See Note 20- Commitments and Contingencies for more information.

The disposal group included Investments in affiliates of $385 million and a $142 million release of Accumulated other comprehensive loss, among other items, reported under Corporate and Other. The transaction close resulted in a pretax gain on sale of $195 million, which was recorded within Other income - net, in the consolidated statement of income for the year ended December 31, 2024.

Partnership with Repsol - Bunge Iberica SA

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

Russian Oilseed Processing and Refining Operations Disposition

On September 16, 2022, Bunge signed an agreement to sell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a cash price approximately equal to the book value of the disposal group's net assets. On February 3, 2023, the transaction closed in accordance with the terms of the agreement with no material impact to the consolidated statement of income for the year ended December 31, 2023.

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In connection with the transaction, Bunge agreed to indemnify the Buyer against certain legal claims involving Bunge's Russian subsidiary. Management has assessed the likelihood of any loss related to claims covered by the indemnity as remote, and recognized a liability in accordance with ASC 460, Guarantees. See Note 20- Commitments and Contingencies for more information.

The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets and liabilities included in the disposal group are reported under the Softseed Processing and Refining segment.

(US$ in millions)

Cash and cash equivalents$19

Trade accounts receivable (less allowances of zero)
15

Inventories33

Other current assets14

Property, plant and equipment, net24

Goodwill & Other intangible assets, net10

Other non-current assets8

Impairment reserve(90)

Total assets$33

Trade accounts payable and accrued liabilities$3

Other current liabilities16

Total liabilities$19

3. TRADE STRUCTURED FINANCE PROGRAM

The Company engages in various trade structured finance activities to leverage the value of its global trade flows. For the years ended December 31, 2025, 2024, and 2023, net returns from these activities were $46 million, $58 million, and $36 million, respectively, and were included as a reduction of Cost of goods sold in the accompanying consolidated statements of income.

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

As of December 31, 2025, and 2024, time deposits and LCs of $10,437 million and $6,914 million, respectively, were presented net on the consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. Time deposits and LCs that do not meet the offsetting requirements under ASC 210-20 are reported on the consolidated balance sheet within Time deposits under trade structured finance program and Letter of credit obligations under trade structured finance program, respectively. The carrying amounts of these financial instruments approximate their fair values. At December 31, 2025, and 2024, time deposits, including those presented on a net basis, carried weighted-average interest rates of 3.56% and 5.22%, respectively.

As part of the trade structured finance activities, the LCs originated using the time deposits described above may be sold to financial institutions on a discounted basis. When the criteria in ASC 860, Transfers and Servicing, have been met, Bunge derecognizes the asset from our balance sheet and does not service the asset. For LCs that do not meet the derecognition criteria, Bunge accounts for such transactions as secured borrowings within Other short-term debt. During the years ended December 31, 2025, 2024, and 2023, total net proceeds from discounting of LCs were $10,107 million, $6,799 million, and $6,730 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows.

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The terms of the sale of the discounted LCs may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current assets, or Other current liabilities, including any unrealized gain or loss on changes in SOFR, is not significant as of December 31, 2025, and 2024. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's consolidated balance sheets as of December 31, 2025, and 2024 are included in Note 16- Derivative Instruments and Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the years ended December 31, 2025, 2024, and 2023.

4. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM

Trade Accounts Receivable

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

Twelve Months Ended December 31, 2025

Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total

Allowance as of January 1, 2025
$89 $24 $113

Current period provisions 67 7 74

Purchased credit deteriorated receivables80 13 93

Recoveries(58)(2)(60)

Write-offs charged against the allowance(23)(3)(26)

Foreign exchange translation differences1 2 3

Allowance as of December 31, 2025
$156 $41 $197

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

Twelve Months Ended December 31, 2024

Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total

Allowance as of January 1, 2024
$104 $32 $136

Current period provisions 50 1 51

Recoveries(48)(2)(50)

Write-offs charged against the allowance(11)(2)(13)

Foreign exchange translation differences(6)(5)(11)

Allowance as of December 31, 2024
$89 $24 $113

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

Trade Receivables Securitization Program

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

The Program provides for funding of up to $1.5 billion and from time to time with the consent of the administrative agent, Bunge may request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $1 billion pursuant to an accordion provision under the Program. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 15, 2026, with a feature that permits Bunge to request 364-day extensions. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.

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

December 31,

(US$ in millions)20252024

Receivables sold which were derecognized from Bunge's balance sheet $1,174 $1,148

Receivables pledged to the administrative agent and included in Trade accounts receivable$182 $123

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

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

Years Ended December 31,

(US$ in millions)202520242023

Gross receivables sold$13,313 $12,490 $11,669

Proceeds received in cash related to transfer of receivables$13,265 $12,442 $11,615

Cash collections from customers on receivables previously sold$13,287 $12,572 $11,539

Discounts related to gross receivables sold included in SG&A$48 $48 $54

Non-cash activity for the Program in the reporting period is represented by the difference between gross receivables sold and cash collections from customers on receivables previously sold.

5. INVENTORIES

Inventories by reportable segment consist of the following:

December 31,

(US$ in millions)20252024

Soybean Processing and Refining$5,378 $3,551

Softseed Processing and Refining2,663 1,082

Other Oilseeds Processing and Refining924 899

Grain Merchandising and Milling4,233 959

Total$13,198 $6,491

RMI by reportable segment consist of the following:

December 31,

(US$ in millions)20252024

Soybean Processing and Refining$4,772 $3,217

Softseed Processing and Refining2,371 878

Other Oilseeds Processing and Refining (1)
306 324

Grain Merchandising and Milling (1)
3,912 805

Total$11,361 $5,224

(1)Subsequent to the issuance of the interim financial statements for the quarter ended September 30, 2025, the Company identified a misclassification in the presentation of December 31, 2024 RMI by reportable segment. An amount of $481 million was misclassified between the reportable segments of Other Oilseeds Processing and Refining and Grain Merchandising and Milling, with no impact on the amount of total RMI reported at December 31, 2024. Bunge

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

reclassified the amounts in the current period presentation and concluded the reclassification was not material to the current period or any prior periods.

6. OTHER CURRENT ASSETS

Other current assets consist of the following:

December 31,

(US$ in millions)20252024

Unrealized gains on derivative contracts, at fair value$1,534 $1,286

Prepaid commodity purchase contracts (1)
284 216

Secured advances to suppliers, net (2)
455 239

Recoverable taxes, net636 315

Margin deposits850 579

Marketable securities and other short-term investments (3)
861 484

Income taxes receivable234 122

Prepaid expenses342 164

Restricted cash31 17

Disposition receivable (4)
80 100

Insurance recovery receivable (5)
— 52

Other482 426

Total$5,789 $4,000

(1)Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions.

(2)Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions. Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are in turn affected by commodity prices, currency exchange rates, crop input costs, and crop quality and yields. As a result, the advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold.

The secured advances to suppliers are reported net of allowances of $20 million and $5 million at December 31, 2025, and 2024, respectively. Bunge periodically evaluates the collectability of its secured advances to suppliers and records allowances if it determines that collection is doubtful. Bunge bases the Company’s determination of the allowance on analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted supplier receivables for impairment on an individual account basis. Bunge considers all accounts in legal collection processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic conditions and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts.

Interest earned on secured advances to suppliers of $28 million, $25 million, and $25 million, for the years ended December 31, 2025, 2024, and 2023, respectively, is included in Net sales in the consolidated statements of income.

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

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31,

(US$ in millions)20252024

Foreign government securities$146 $229

Certificate of deposits/time deposits503 136

Equity securities4 21

Other208 98

Total marketable securities and other short-term investments$861 $484

As of December 31, 2025 and 2024, $150 million and $386 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the years ended December 31, 2025, 2024, and 2023, unrealized gains/(losses) of $(1) million, $9 million, and zero, respectively, have been recorded and recognized in Other income - net for investments held at December 31, 2025, 2024, and 2023.

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

(5)In the year ended December 31, 2024, the Company recognized an insurance recovery related to the Ukraine-Russia war of $52 million attributable to business interruption. The insurance recovery was collected in the first quarter of 2025. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies for further information.

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consist of the following:

December 31,

(US$ in millions)20252024

Land$713 $388

Buildings4,953 1,970

Machinery and equipment8,225 5,473

Furniture, fixtures and other1,029 667

Construction in progress2,074 1,533

Gross book value16,994 10,031

Less: accumulated depreciation and depletion(5,316)(4,777)

Property, plant and equipment, net$11,678 $5,254

Bunge's paid and accrued capital expenditures amounted to $1,753 million, $1,400 million, and $1,192 million during the years ended December 31, 2025, 2024, and 2023, respectively. Included in these capitalized expenditures was capitalized interest on construction in progress of $68 million, $40 million, and $19 million for the years ended December 31, 2025, 2024, and 2023, respectively. Depreciation and depletion expense was $656 million, $431 million, and $390 million for the years ended December 31, 2025, 2024, and 2023, respectively.

8. GOODWILL

Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or a market multiples model based on guideline

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

public companies; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit.

Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, gross profit, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. Critical estimates in the determination of fair value under the market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples.

Changes in the carrying value of goodwill by reportable segment for the years ended December 31, 2025 and 2024 are as follows:

(US$ in millions) Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingTotal

Cost:

Balance at December 31, 2024$205 $92 $142 $122 $561

Additions (1)
812 1,070 — 797 2,679

Reclassification to assets held for sale— — (7)— (7)

Disposals (2)
— — — (27)(27)

Foreign currency translation16 17 18 — 51

Balance at December 31, 20251,033 1,179 153 892 3,257

Accumulated impairment losses:

Balance at December 31, 2024(36)(19)(50)(3)(108)

Impairment charge for the period— — — — —

Disposals— — — — —

Foreign currency translation— — (8)— (8)

Balance at December 31, 2025(36)(19)(58)(3)(116)

Net carrying value at December 31, 2025$997 $1,160 $95 $889 $3,141

(US$ in millions)Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingTotal

Cost:

Balance at December 31, 2023 (3)
$220 $99 $151 $130 $600

Additions2 — — — 2

Disposals— — — — —

Foreign currency translation(17)(7)(9)(8)(41)

Balance at December 31, 2024205 92 142 122 561

Accumulated impairment losses:

Balance at December 31, 2023 (3)
(37)(20)(51)(3)(111)

Impairment charge for the period — — — — —

Disposals — — — — —

Foreign currency translation1 1 1 — 3

Balance at December 31, 2024(36)(19)(50)(3)(108)

Net carrying value at December 31, 2024$169 $73 $92 $119 $453

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(1)Amounts represent goodwill recognized from the Acquisition of Viterra. Amounts in the Softseed Processing and Refining segment also include $20 million of goodwill recognized from the acquisition of ViOil. See Note 2- Acquisitions and Dispositions for further information.

(2)Disposals in the Grain Merchandising and Milling segment relate to the sale of the North America corn milling business completed on June 30, 2025. See Note 2- Acquisitions and Dispositions for further information.

(3)Effective in the third quarter of 2025, the Company changed its segment reporting to align with its new value chain operational structure as a result of the Acquisition of Viterra, as further described in Note 26- Segment Information. The Company's Goodwill has been recast to align with the new reportable segments based on the estimated relative fair value of the reporting units.

9. OTHER INTANGIBLE ASSETS

Other intangible assets, net are all finite-lived and consist of the following:

December 31,

(US$ in millions)20252024

Gross carrying amount:

Trademarks/brands$152 $145

Licenses89 82

Port rights60 53

Customer relationships293 288

Patents138 125

Other34 36

766 729

Accumulated amortization:

Trademarks/brands(120)(116)

Licenses(15)(12)

Port rights(23)(19)

Customer relationships(165)(145)

Patents(113)(93)

Other(21)(23)

(457)(408)

Other intangible assets, net$309 $321

Amortization expense was $47 million, $37 million, and $61 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated future amortization expense is as follows: $48 million for 2026; $36 million for 2027; $26 million for 2028; $24 million for 2029; and $23 million for 2030.

During the year ended December 31, 2023, the Company discontinued its use of several trademarks, primarily consisting of trademarks acquired in Bunge's 2018 acquisition of Loders Croklaan. The discontinuation triggered a reassessment of the trademarks' estimated useful lives resulting in accelerated amortization through December 31, 2023. For the year ended December 31, 2023, accelerated amortization expense of $21 million was recorded to SG&A expenses within the Other Oilseeds Processing and Refining segment. For the year ended December 31, 2023, Net income attributable to Bunge included $12 million of expense (net of $5 million in tax benefit) and Net income attributable to noncontrolling interests and redeemable noncontrolling interests included $3 million of expense (net of $1 million in tax benefit) related to accelerated amortization.

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10. IMPAIRMENTS

For the year ended December 31, 2025, Bunge recorded an impairment charge of $30 million in Other income - net, related to the impairment of certain long-term investments held in Other non-current assets. The impairment charges were recorded to Corporate and Other.

For the year ended December 31, 2024, Bunge recorded an impairment charge of $19 million in Income (loss) from affiliates associated with one of its equity method investments. The impairment charge was recorded to the Soybean Processing and Refining segment. See Note 11- Investments in Affiliates and Variable Interest Entities for further details.

For the year ended December 31, 2023, Bunge recorded a pre-tax fixed asset impairment charge of $37 million in Cost of goods sold associated with a North America facility. The impairment charge was recorded to the Softseed Processing and Refining segment. Bunge also recorded two impairment charges to Corporate and Other. First, a $20 million impairment charge, in Other income - net, related to the full impairment of a long-term investment held in Other non-current assets. Second, Bunge recorded an impairment charge of $16 million in Income (loss) from affiliates associated with one of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details.

11. INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES

Bunge participates in various unconsolidated joint ventures and other investments accounted for using the equity method. The Company records its interest in the net earnings of its equity method investees, along with the amortization of basis differences, within Income (loss) from affiliates, in the consolidated statements of income. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the lives of the related assets that gave rise to them. At December 31, 2025, the aggregate of all basis differences was a debit of $422 million, including $44 million of amortizable basis difference. At December 31, 2024, the aggregate of all basis differences was a debit of $134 million, including $46 million of amortizable basis difference. The change from the prior year is primarily attributable to preliminary fair value adjustments treated as goodwill basis differences on equity method investments acquired in the Viterra Acquisition. At December 31, 2025, the remaining aggregate basis differences are primarily associated with equity method investments in South America. Bunge allocates equity in earnings of affiliates to its reportable segments. Certain significant equity method investments at December 31, 2025 are described below.

Soybean Processing and Refining

Ownership InterestEquity method investment description

Agrofel Grãos e Insumos.30%
Agricultural inputs reseller in Brazil that complements Bunge's soybean origination business.

Complejo Agroindustrial Angostura S.A. ("CAIASA")33%
Joint venture with Louis Dreyfus Company B.V. and Aceitera General Deheza S.A. ("AGD") to operate an oilseed processing facility in Paraguay.

Hosemillas Holdings S.A. ("Hosemillas")20%
Uruguay holding company with operations and subsidiaries located in South America, including Brazil, Paraguay, Argentina, and Uruguay. Operations primarily focus on the processing and marketing of seeds as well as developing technology for genetic improvements of seeds.

Lartirigoyen y Cía. S.A. ("Lartirigoyen")50%Agriculture company in Argentina, with investments in various agricultural activities.

Navegações Unidas Tapajós S.A. ("Tapajos")50%
Joint venture with Amaggi Exportaçao E Importaçao to operate inland waterway transportation between the municipalities of Itaituba and Barcarena, Brazil. The Tapajos complex is mainly dedicated to exporting soybeans and grains from Brazil.

Terminal de Graos Ponta da Montanha S.A.50%
Joint venture with ADM Do Brasil LTDA to operate a port terminal in Barcarena, Brazil.

Terminal 6 S.A. and Terminal 6 Industrial S.A.
40%, 50%

Joint ventures with AGD to operate a port facility and adjacent crushing facility in Argentina.

Vietnam Agribusiness Holdings Ptd. Ltd ("VAH") 50%
Joint venture with Wilmar International Limited to operate an oilseed processing facility in Vietnam.

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Grain Merchandising and Milling

Ownership InterestEquity method investment description

G3 Global Holding GP Inc.25%Joint venture with Saudi Agricultural and Livestock Investment Company ("SALIC") to operate grain facilities in Canada.

IGT, LLC50%Port terminal providing transshipment services for grains and oils in Ukraine.

Summarized financial information, combined, for all of Bunge's equity method investees is as follows:

December 31,

(US$ in millions)20252024

Current assets$4,436 $3,007

Noncurrent assets3,660 2,509

Total assets$8,096 $5,516

Current liabilities$3,926 $2,674

Noncurrent liabilities1,224 1,207

Total liabilities$5,150 $3,881

Years ended December 31,

(US$ in millions)202520242023

Net sales$13,545 $11,520 $12,529

Gross profit844 715 907

Net income (loss)33 (39)283

Recent Transactions

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

BP Bunge Bioenergia - Bunge had a 50% ownership interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia to BP. See Note 2- Acquisitions and Dispositions for further information.

Impairments of Equity Method Investments

During the year ended December 31, 2024, the Company recorded an impairment of $19 million associated with a minority investment in North America. The impairment was determined through management's review of impairment indicators and consideration of the other-than-temporary nature of such items. Impairment charges were recorded to Income (loss) from affiliates within the Soybean Processing and Refining segment.

During the year ended December 31, 2023, the Company recorded an impairment of $16 million associated with its equity method investment, Australian Plant Proteins ("APP") to Income (loss) from affiliates within Corporate and Other. This impairment was determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. As a result of the impairment, there is no carrying value associated with the equity method investment in APP at December 31, 2025.

Consolidated Variable Interest Entities

On September 19, 2023, Bunge entered into a fixed-priced call option agreement ("Option") to acquire the shares of Terminal de Granéis de Santa Catarina ("TGSC") with primary assets consisting of a grain port terminal in South America strategically located near an existing Bunge facility. In November 2024, Bunge exercised the Option, and on March 20, 2025

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the transaction closed in accordance with the terms of the Option. As a result, Bunge acquired all the shares of TGSC for R$485 million (approximately $85 million at closing) in consideration, inclusive of certain closing adjustments.

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

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

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

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

(US$ in millions)December 31,

2025December 31,

2024

Current assets:

Cash and cash equivalents$226 $534

Trade accounts receivable 3 2

Inventories58 54

Other current assets37 35

Total current assets324 625

Property, plant and equipment, net714 455

Other intangible assets, net— 69

Total assets$1,038 $1,149

Current liabilities:

Trade accounts payable and accrued liabilities$81 $80

Other current liabilities45 34

Total current liabilities126 114

Long-term debt— 50

Other non-current liabilities— 10

Total liabilities$126 $174

Non-Consolidated Variable Interest Entities

Bunge holds investment interests in various entities, as described above, that are included in Investments in affiliates and Other non-current assets in the consolidated balance sheets. Certain of these investments, which are primarily reported in Bunge's Soybean Processing and Refining segment and Grain Merchandising and Milling segment, have been determined to be variable interest entities for which Bunge has determined it is not the primary beneficiary. Accordingly, these investments are not consolidated by Bunge. Bunge's exposure to loss related to these unconsolidated investments is $701 million and $740 million, respectively, as of December 31, 2025 and 2024. Bunge's exposure to loss primarily comprises Bunge's investments balance, third party guarantees, prepayments, and long-term loans, assuming full loss of the investment balance and

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full payment of the guarantees regardless of the probability of such losses actually being incurred in accordance with US GAAP disclosure rules. See Note 20- Commitments and Contingencies.

12. OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:

December 31,

(US$ in millions)20252024

Recoverable taxes, net (1)
$143 $19

Judicial deposits (1)
103 86

Other long-term receivables, net (2)
16 14

Income taxes receivable (1)
132 125

Long-term investments (3)
136 174

Affiliate loans receivable12 8

Long-term receivables from farmers in Brazil, net (1)
96 23

Unrealized gains on derivative contracts, at fair value8 —

Long-term pension surplus (4)
148 25

Other144 83

Total$938 $557

(1)A significant portion of these non-current assets arise primarily from Bunge's Brazilian, Canadian, Indian, and Argentine operations and their realization could take several years.

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

(3)As of December 31, 2025 and 2024, $28 million and $14 million, respectively, of long-term investments were recorded at fair value.

(4)See Note 18- Employee Benefit Plans.

Recoverable taxes, net— Recoverable taxes are reported net of allowances of $6 million and $9 million at December 31, 2025 and 2024, respectively.

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

Income taxes receivable—Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be used for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate.

Long-term investments—Long-term investments primarily comprise Bunge's noncontrolling equity investments held by Bunge Ventures in growth stage companies and related investment funds in the agribusiness and food sectors.

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

Long-term receivables from farmers in Brazil, net—Bunge provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year's crop, and through credit sales of fertilizer to farmers. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions. Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6- Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year.

The balance is reported net of allowance of $31 million and $27 million at December 31, 2025 and 2024, respectively.

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13. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

December 31,

(US$ in millions)20252024

Unrealized losses on derivative contracts at fair value$1,408 $1,082

Accrued liabilities1,390 840

Advances on sales (1)
814 501

Dividends payable (2)
135 91

Income tax payable103 80

Contingent consideration (3)
18 —

Other390 224

Total$4,258 $2,818

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

(2)See Note 22- Equity.

(3)In the fourth quarter of 2025, Bunge completed the acquisition of ViOil. In connection with the acquisition, Bunge recognized an obligation of $18 million at December 31, 2025 relating to contingent cash consideration to be settled within one year from the date of the close of the transaction. See Note 2- Acquisitions and Dispositions for further information.

14. INCOME TAXES

Bunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities as well as tax agreements and treaties among these jurisdictions. Bunge's income tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge's profitability in each tax jurisdiction.

Bunge prospectively adopted ASU 2023-09 in the fourth quarter of 2025. As a result, Bunge expanded disclosures for the components of Income tax expense, effective tax rate reconciliation, and information on income taxes paid for the year ended December 31, 2025.

The components of Income from continuing operations before income tax are as follows:

Year Ended December 31,

(US$ in millions)202520242023

United States$326 $442 $1,180

Non-United States808 1,082 1,871

Total$1,134 $1,524 $3,051

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The components of the Income tax expense from continuing operations are as follows:

Year Ended December 31,

(US$ in millions)202520242023

Current:

Federal (1)
$37

State and Local (1)
2

United States39 $107 $218

Non-United States311 239 497

350 346 715

Deferred:

Federal (1)
34

State and Local (1)
(17)

United States17 18 46

Non-United States(79)(28)(47)

(62)(10)(1)

Total$288 $336 $714

(1)In the fourth quarter of 2025, Bunge prospectively adopted ASU 2023-09. In accordance with the standard, Bunge has provided incremental disaggregation of Income tax expense from continuing operations in the United States for the year ended December 31, 2025.

Reconciliation of Income tax expense from continuing operations if computed at the U.S. federal income tax rate to Bunge’s reported Income tax expense for the year ended December 31, 2025 is as follows:

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Year Ended

December 31,

(US$ in millions)2025

Income tax at U.S. federal tax rate$23821%

U.S. state taxes, net of federal income tax effect (1)
(15)(1.3)

Non-U.S. tax effects

Argentina:

Inflation tax benefit(40)(3.5)

Non-deductible remeasurement80 7.1

Earnings taxed at a different statutory rate21 1.8

Incremental tax on future distributions14 1.2

Other(6)(0.5)

Brazil:

Earnings taxed at a different statutory rate36 3.2

Tax credits(13)(1.1)

Other14 1.2

Canada19 1.7

Italy:

Changes in valuation allowance(30)(2.7)

Other2 0.2

The Netherlands:

Changes in valuation allowance(40)(3.5)

Other6 0.5

Romania13 1.1

Switzerland:

Changes in valuation allowance(45)(4.0)

Other3 0.3

Ukraine:

Changes in valuation allowance23 2.0

Other2 0.2

Other non-U.S. jurisdictions18 1.6

Enactment of new tax laws (2)
— —

Effect of cross-border tax laws (2)
— —

Tax credits (2)
— —

Changes in valuation allowance (2)
— —

Non-taxable or non-deductible items (2)
— —

Changes in unrecognized tax benefits(12)(1.1)

Other adjustments (2)
— —

Income tax expense$28825.4%

(1)State taxes in Missouri made up the majority (greater than 50%) of the tax effect in this category.

(2)The impact of individual reconciling items using a dash are not material to the consolidated financial statements considering the nature and relative significance of the reconciling item.

The U.S. is a significant market for Bunge globally, and Bunge maintains its corporate operational headquarters in the U.S. along with significant business operations. Additionally, Bunge has used the U.S. federal statutory rate to reconcile its

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effective tax rate for at least 25 years, despite not being domiciled in the U.S. during that period. In order to maintain consistency and relevance for users of the financial statements, the reconciliation between the provision for income taxes and income tax at the statutory rate is presented on the basis of the U.S. federal statutory rate instead of the Swiss national rate.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliation of income tax expense if computed at the U.S. federal income tax rate to Bunge's reported income tax expense is as follows:

Year Ended December 31,

(US$ in millions)20242023

Income before income tax$1,524$3,051

Income tax rate21%21%

Income tax expense at the U.S. Federal tax rate320641

Adjustments to derive effective tax rate:

Foreign earnings taxed at different statutory rates(10)142

Valuation allowances21(30)

Fiscal incentives (1)
(13)(76)

Foreign exchange on monetary items21(5)

Tax rate changes—18

Non-deductible expenses6240

Uncertain tax positions1520

Inflation adjustments(84)(32)

Incremental tax on future distributions525

State taxes1822

Gain on BP Bunge Bioenergia disposal(44)—

Swiss tax credits, net (2)
—(90)

Other2539

Income tax expense$336$714

(1)Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax.

(2)During 2023, Bunge was granted tax credits in Switzerland that expire through 2032, and recorded a net benefit for the amount that Bunge believes is more likely than not to be realized prior to expiration.

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The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows:

December 31,

(US$ in millions)20252024

Deferred income tax assets:

Net operating loss carryforwards$746 $548

Operating lease obligations277 124

Employee benefits73 58

Tax credit carryforwards471 410

Interest deduction carryforwards298 119

Accrued expenses and other219 140

Total deferred tax assets2,084 1,399

Less valuation allowances(890)(595)

Deferred tax assets, net of valuation allowance1,194 804

Deferred income tax liabilities:

Property, plant and equipment874 317

Inventories3 1

Operating lease assets282 123

Undistributed earnings of affiliates19 —

Investments51 18

Intangibles63 79

Total deferred tax liabilities1,292 538

Net deferred tax (liabilities) assets $(98)$266

As of December 31, 2025, Bunge has determined it has certain unremitted earnings that are considered to be indefinitely reinvested and no provision for income taxes has been made. If these earnings were distributed in the form of dividends or otherwise, Bunge would be subject to income taxes in the form of withholding taxes to the recipient. The determination of the amount of withholding taxes is not practicable.

At December 31, 2025, Bunge's pre-tax loss carryforwards totaled $2.5 billion, of which $2.2 billion have no expiration, including loss carryforwards of $1.2 billion in Brazil. While loss carryforwards in Brazil can be carried forward indefinitely, annual utilization is limited to 30% of taxable income calculated on an entity-by-entity basis as Brazil tax law does not allow consolidated tax filings. At December 31, 2024, Bunge's pre-tax loss carryforwards totaled $1.9 billion, of which $1.7 billion have no expiration, including loss carryforwards of $1.2 billion in Brazil. The increase in pre-tax loss carryforwards from 2024 to 2025 is primarily attributable to the Viterra Acquisition. The remaining tax loss carryforwards expire at various periods through the year 2045.

At December 31, 2025, Bunge’s tax credit carryforwards totaled $471 million, of which $169 million expire in 2029, $249 million expire in 2032, while the remainder is split between a portion expiring within a ten year period and a portion that has no expiration. At December 31, 2024, Bunge's tax credit carryforwards totaled $410 million.

Income Tax Valuation Allowances—Bunge records valuation allowances when current evidence does not suggest that some portion or all of its deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on Bunge's ability to generate sufficient timely future income of the appropriate character in the appropriate taxing jurisdiction.

As of December 31, 2025 and 2024, Bunge has recorded valuation allowances of $890 million and $595 million, respectively. The net increase of $295 million is primarily attributable to valuation allowances recorded in purchase accounting as part of the Viterra Acquisition.

Unrecognized Tax Benefits—ASC 740, Income Taxes ("ASC 740") requires applying a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, Bunge recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. At December 31, 2025 and 2024, respectively, Bunge had

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recorded unrecognized tax benefits of $77 million and $75 million in Other non-current liabilities in the consolidated balance sheets, inclusive of accrued interest and penalties of $10 million and $11 million at December 31, 2025 and 2024, respectively. During 2025, 2024 and 2023, respectively, Bunge recognized $(1) million, $2 million, and less than $1 million of interest and penalty charges in Income tax expense in the consolidated statements of income. A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows:

(US$ in millions)202520242023

Balance at January 1,$127 $121 $298

Additions based on tax positions related to the current year6 9 13

Additions based on acquisitions18 — —

Additions based on tax positions related to prior years— 10 12

Reductions for tax positions of prior years (1)
(2)(2)(206)

Settlements with tax authorities (2)
(49)(2)—

Expiration of statute of limitations(15)(4)(5)

Foreign currency translation9 (5)9

Balance at December 31,$94 $127 $121

(1)The year ended December 31, 2023 included reductions of the tax position in Spain resulting from the conclusion of an appeals process. This decrease had no impact on the consolidated statement of income as the position was not previously recognized under ASC 740.

(2)The year ended December 31, 2025 included settlements with tax authorities in Spain resulting from the conclusion of an appeals process. This decrease had no impact on the consolidated statement of income as the position was not previously recognized under ASC 740.

Bunge, through its subsidiaries, files income tax returns in the United States (federal and various states) and non-United States regions. The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions:

Open Tax Years

North America2016 - 2025

South America2018 - 2025

Europe, Middle East, and Africa2017 - 2025

Asia-Pacific2015 - 2025

As of December 31, 2025, Bunge's Brazilian subsidiaries have received income tax and penalty assessments through 2018 of approximately R$4.3 billion (approximately $790 million) plus applicable interest on the outstanding amount. Bunge has recorded unrecognized tax benefits related to these assessments of R$7 million (approximately $1 million) as of December 31, 2025.

Management, in consultation with external legal advisors, believes that it is more likely than not that Bunge will prevail on the proposed assessments (with the exception of unrecognized tax benefits discussed above) in Brazil and is vigorously defending its position against these assessments.

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A summary of cash income tax payments, net of refunds received, for the year ended December 31, 2025 is as follows:

Year Ended

December 31,

(US$ in millions)2025

Federal$50

State11

Non-United States

Argentina22

Australia(35)

Brazil(32)

Canada16

Germany24

The Netherlands15

Romania11

Singapore13

Switzerland14

Spain23

Other54

Total$186

Bunge made cash income tax payments, net of refunds received, of $186 million, $520 million and $655 million during the years ended December 31, 2025, 2024 and 2023, respectively.

On July 4, 2025, H.R.1, commonly known as the "One Big Beautiful Bill Act", was signed into U.S. law. Bunge evaluated the provisions of the law and its potential impact on the consolidated financial statements. The One Big Beautiful Bill Act did not have a material impact on the consolidated effective tax rate in 2025 and the Company expects it to be immaterial in 2026 as well. This assessment considers various factors, including the nature of its operations and the specific tax law changes introduced by the law. The law allows for the immediate expensing of qualified capital expenditures (100% bonus depreciation), and Bunge anticipates that this provision will result in additional cash tax benefits for the Company, primarily by accelerating tax deductions for eligible investments in property, plant, and equipment. While this immediate expensing is expected to reduce the Company's current cash tax obligations, it is not anticipated to materially alter its effective tax rate over the long term, consistent with current accounting standards for deferred taxes.

15. FAIR VALUE MEASUREMENTS

Bunge's various financial instruments include certain components of working capital such as Trade accounts receivable and Trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3- Trade Structured Finance Program for trade structured finance program, Note 12- Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, Note 17- Debt for short- and long-term debt, and Note 18- Employee Benefit Plans for employee benefit plans. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.

For a definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.

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

Fair Value Measurements at Reporting Date

December 31, 2025December 31, 2024

(US$ in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total

Assets:

Cash equivalents$1 $90 $— $91 $86 $42 $— $128

Readily marketable inventories (Note 5)
— 9,954 1,407 11,361 — 4,805 419 5,224

Unrealized gain on derivative contracts (2):

Interest rate— 13 — 13 — 15 — 15

Foreign exchange— 327 — 327 — 422 — 422

Commodities179 706 227 1,112 82 549 134 765

Freight33 — — 33 40 — — 40

Energy56 — — 56 42 — — 42

Credit— 1 — 1 — 2 — 2

Other (3)
117 61 — 178 325 75 — 400

Total assets$386 $11,152 $1,634 $13,172 $575 $5,910 $553 $7,038

Liabilities:

Trade accounts payable (1)
$— $464 $95 $559 $— $326 $62 $388

Unrealized loss on derivative contracts (4):

Interest rate— 120 — 120 — 258 — 258

Foreign exchange— 329 — 329 — 494 — 494

Commodities154 581 206 941 71 309 104 484

Freight53 — — 53 38 — — 38

Energy84 — — 84 38 — — 38

Credit— 1 — 1 — 2 — 2

Total liabilities$291 $1,495 $301 $2,087 $147 $1,389 $166 $1,702

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

(2)Unrealized gains on derivative contracts are generally included in Other current assets. There were $8 million and zero included in Other non-current assets at December 31, 2025 and 2024, respectively.

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

(4)Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $120 million and $232 million included in Other non-current liabilities at December 31, 2025 and 2024, respectively.

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

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

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

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

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

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

Level 3 Measurements

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

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

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

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

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

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The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

Year Ended December 31, 2025

(US$ in millions)Readily Marketable InventoriesDerivatives, NetTrade

Accounts

PayableTotal

Balance, January 1, 2025$419 $30 $(62)$387

Total gains and losses (realized/unrealized) included in Cost of goods sold (1)
571 (94)14 491

Purchases3,554 — (445)3,109

Sales(3,288)— — (3,288)

Settlements— — 416 416

Transfers into Level 32,936 121 (32)3,025

Transfers out of Level 3(2,862)(42)35 (2,869)

Translation adjustment77 6 (21)62

Balance, December 31, 2025$1,407 $21 $(95)$1,333

(1)Readily marketable inventories, derivatives, net, and trade accounts payable include gains/(losses) of $474 million, $(50) million, and $10 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2025.

Year Ended December 31, 2024

(US$ in millions)Readily Marketable InventoriesDerivatives, NetTrade

Accounts

PayableTotal

Balance, January 1, 2024$662 $71 $(232)$501

Total gains and losses (realized/unrealized) included in Cost of goods sold (1)
645 (59)15 601

Purchases1,704 — (444)1,260

Sales(2,341)— — (2,341)

Settlements— — 607 607

Transfers into Level 31,507 26 (238)1,295

Transfers out of Level 3(1,576)(6)156 (1,426)

Translation Adjustment(182)(2)74 (110)

Balance, December 31, 2024$419 $30 $(62)$387

(1)Readily marketable inventories, derivatives, net, and trade accounts payable, include gains/(losses) of $591 million, $(42) million, and $11 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2024.

16. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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

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

Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense.

Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, selling, general and administrative costs, and foreign denominated contractual payments using currency forwards and cross-currency swaps. The change in the value of the derivative is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the derivative is reclassified to the consolidated statements of income (loss). These hedges mature at various times through September 2028. Of the amount currently in Accumulated other comprehensive income (loss), less than $1 million of deferred income, based on transaction maturities, are expected to be reclassified to earnings in the next twelve months.

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

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

(US$ in millions)December 31, 2025December 31, 2024Unit of

Measure

Hedging instrument type:

Fair value hedges of interest rate risk

Interest rate swap - notional amount$6,500 $4,900 $ Notional

Cumulative adjustment to long-term debt from active application of hedge accounting$(108)$(246)$ Notional

Carrying value of hedged debt$6,321 $4,600 $ Notional

Cash flow hedges of currency risk

Foreign currency forward - notional amount$86 $— $ Notional

Foreign currency option - notional amount$84 $120 $ Notional

Cross currency swaps - notional amount$588 $— $ Notional

Carrying value of hedged debt under the cross currency swap$556 $— $ Notional

Net investment hedges

Foreign currency forward - notional amount$149 $550 $ Notional

Notional amount of non-derivative hedging instrument$235 $— $ Notional

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

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

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

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

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

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

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

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

December 31,December 31,

20252024Unit of

Measure

(US$ in millions)Long(Short)Long(Short)

Interest rate

Swaps$575 $(1,421)$234 $(1,420)$ Notional

Futures$17 $— $— $(69)$ Notional

Forwards$248 $(248)$— $— $ Notional

Currency

Forwards$17,990 $(14,387)$8,439 $(8,961)$ Notional

Swaps$4,337 $(2,552)$3,566 $(2,105)$ Notional

Futures$151 $— $— $(15)$ Notional

Options$26 $(44)$107 $(60)Delta

Agricultural commodities

Forwards45,562,983 (70,869,295)25,166,668 (35,384,917)Metric Tons

Futures— (12,270,722)— (3,699,452)Metric Tons

Options104,572 (546,978)11,835 (116,481)Metric Tons

Ocean freight

FFA— (6,285)— (7,484)Hire Days

Natural gas

Swaps786,919 — 1,114,929 — MMBtus

Futures5,760,755 — 7,058,632 — MMBtus

Options609,579 — — — MMBtus

Electricity

Futures139,435 — 123,565 — Mwh

Energy - other

Swaps449,326 — 339,947 — Metric Tons

Energy - CO2

Futures503,000 — 418,000 — Metric Tons

Options100,000 — — — Metric Tons

Other

Swaps and futures130 (130)90 (90)$ Notional

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

The tables below summarize the net effect of derivative instruments and hedge accounting on the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023.

Gain (Loss) Recognized in

Income on Derivative Instruments

Year Ended December 31,

(US$ in millions)202520242023

Income statement classificationType of derivative

Net sales

Hedge accountingForeign currency$4 $(4)$8

Cost of goods sold

Hedge accountingForeign currency$— $— $1

Economic hedgesForeign currency456 (332)437

Commodities(154)281 462

Other (1)
(71)(42)60

Total Cost of goods sold $231 $(93)$960

Selling, general & administrative

Hedge accountingForeign currency$1 $— $1

Interest expense

Hedge accountingInterest rate$(85)$(118)$(134)

Economic hedgesInterest rate(1)— 6

Total Interest expense $(86)$(118)$(128)

Foreign exchange gains (losses) - net

Hedge accountingForeign currency$(6)$— $(27)

Economic hedgesForeign currency(35)(7)28

Total Foreign exchange gains (losses) - net$(41)$(7)$1

Other income (expense) - net

Economic hedges
Other(1)
$(4)$— $1

Other comprehensive (loss) income

Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income during the period$— $— $3

Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period $4 $(22)$(3)

Gains and losses on derivatives used as net investment hedges included in other comprehensive (loss) income during the period$(115)$149 $(99)

Amounts released from Accumulated other comprehensive loss during the period

Cash flow hedge of foreign currency risk - (gain)/loss$(1)$9 $(3)

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

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17. DEBT

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

December 31,

(US$ in millions)20252024

Short-term debt and Current portion of long-term debt:

Revolving credit facilities$600 $—

Commercial paper program (1)
300 —

Other short-term debt2,983 875

Total Short-term debt (2)
3,883 875

Current portion of long-term debt1,337 669

Total Short-term debt and Current portion of long-term debt (3)
5,220 1,544

Long-term debt: (4)

Term loan due 2027 - SOFR plus 1.000%
250 250

Term loan due 2028 - SOFR plus 1.200%
250 250

Term loan due 2028 - SOFR plus 1.100% (5)
300 —

Term loan due 2028 - SOFR plus 1.100% (5)
1,000 —

1.63% Senior Notes due 2025
— 599

2.00% Senior Notes due 2026 (5)
575 —

3.25% Senior Notes due 2026
700 699

4.90% Senior Notes due 2027 (5)
443 —

3.75% Senior Notes due 2027
599 598

1.00% Senior Notes due 2028 - Euro (5)
779 —

4.10% Senior Notes due 2028 (5)
398 397

4.20% Senior Notes due 2029 (5)
794 793

4.55% Senior Notes due 2030 (5)
645 —

3.20% Senior Notes due 2031 (5)
557 —

2.75% Senior Notes due 2031
994 993

5.25% Senior Notes due 2032 (5)
307 —

4.65% Senior Notes due 2034 (5)
791 790

5.15% Senior Notes due 2035 (5)
643 —

Cumulative adjustment to long-term debt from application of hedge accounting(128)(269)

Other long-term debt271 263

Subtotal (6)
10,168 5,363

Less: Current portion of long-term debt(1,337)(669)

Total Long-term debt (7)
8,831 4,694

Total debt$14,051 $6,238

(1)On September 3, 2025, Bunge increased the aggregate size of its existing unsecured corporate commercial paper program by $1.0 billion, from $2.0 billion, to an aggregate of $3.0 billion.

(2)In the fourth quarter of 2025, Bunge completed the acquisition of ViOil. In connection with the acquisition, Bunge recognized an obligation of $30 million at December 31, 2025 relating to deferred cash consideration to be settled within one year from the date of the close of the transaction. See Note 2- Acquisitions and Dispositions for further information.

(3)Includes secured debt of $1,024 million and $187 million at December 31, 2025 and 2024, respectively. At December 31, 2025, the balance includes $535 million of secured debt collateralized by inventory.

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(4)Variable interest rates are as of December 31, 2025.

(5)See Viterra Acquisition Financing section within Note 17- Debt below for further details.

(6)The fair value (Level 2) of long-term debt, including current portion, is $10,220 million and $5,373 million at December 31, 2025, and 2024, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge.

(7)Includes secured debt of $159 million and $131 million at December 31, 2025 and 2024, respectively.

Short-term Debt

Bunge's short-term borrowings are typically sourced from various banking institutions and the U.S. commercial paper market. Bunge also borrows from time to time in local currencies in various foreign jurisdictions. Interest expense includes facility commitment fees, amortization of deferred financing costs, the impact of designated interest rate hedges, and charges on certain lending transactions. The weighted-average interest rate on short-term borrowings at December 31, 2025 and 2024 was 5.15% and 6.22%, respectively.

Revolving Credit Facilities

On October 3, 2025, Bunge entered into an unsecured $4.2 billion 5-year revolving credit agreement (the "$4.2 Billion Revolving Credit Agreement") with a group of lenders, maturing on October 3, 2030. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $1.5 billion, pursuant to an accordion provision. Borrowings will bear interest at Bunge's option, at SOFR plus a margin or the Euribor Rate plus a margin. The $4.2 Billion Revolving Credit Agreement replaced an existing $3.2 billion 5-year revolving credit agreement which was terminated on October 3, 2025. Bunge had no borrowings outstanding at December 31, 2025, and 2024, under the $4.2 Billion Revolving Credit Agreement and the predecessor agreement, respectively.

On October 3, 2025, Bunge entered into an unsecured $3.5 billion 3-year revolving agreement (the "$3.5 Billion Revolving Agreement") with a group of lenders, maturing on October 3, 2028. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $1.5 billion, pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a SOFR adjustment, which will vary from 0.05% to 0.25% based on the tenor of the interest period selected, plus a margin, which will vary from 0.20% to 0.55%, based on the Rating Level provided by Moody's and S&P. The $3.5 Billion Revolving Agreement replaced an existing $3.5 billion 3-year revolving agreement which was terminated on October 3, 2025. Bunge had borrowings outstanding of $600 million at December 31, 2025 under the $3.5 Billion Revolving Agreement. No borrowings were outstanding as of December 31, 2024 under the predecessor agreement.

On October 3, 2025, Bunge entered into an unsecured $1.1 billion 364-day revolving credit agreement (the "$1.1 Billion 364-Day Revolving Credit Agreement") with a group of lenders, maturing on October 2, 2026. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $250 million, pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a margin. The $1.1 Billion 364-Day Revolving Credit Agreement replaced an existing $1.1 billion 364-day revolving credit agreement which was terminated on October 3, 2025. Bunge had no borrowings outstanding at December 31, 2025, and 2024, under the $1.1 Billion 364-Day Revolving Credit Agreement and the predecessor agreement, respectively.

On October 3, 2025 Bunge amended and restated the $865 million revolving credit facility (the "$865 Million Revolving Loan Facility") with a group of lenders, resulting in an extension of the maturity date from October 29, 2026 to October 3, 2030. Borrowings will bear interest at SOFR plus an applicable margin. Bunge had no borrowings outstanding at December 31, 2025, and 2024, under the $865 Million Revolving Loan Facility.

Borrowings under the committed revolving credit facilities described above typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the consolidated statements of cash flows.

At December 31, 2025 and 2024, Bunge had $9,065 million, and $5,665 million, respectively, unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions.

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Commercial Paper Program

On September 3, 2025, Bunge increased the aggregate size of its existing commercial paper program by $1.0 billion, from $2.0 billion, to an aggregate of $3.0 billion (the "$3 Billion Commercial Paper Program"). The $3 Billion Commercial Paper Program has no maturity date. Borrowings under the $3 Billion Commercial Paper Program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the consolidated statements of cash flows.

Other Short-term Debt

In addition to the committed facilities discussed above, from time to time, Bunge Global SA and/or its financing subsidiaries may enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At December 31, 2025 there were $900 million borrowings outstanding, under these bilateral short-term credit lines. No borrowings were outstanding as of December 31, 2024. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $2,083 million and $875 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2025 and 2024, respectively, to support working capital requirements. The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Company's financing objectives. As a result, proceeds and repayments of such credit lines may be presented on a net basis, or separately, in the consolidated statements of cash flows as dictated by the borrowing's original maturity.

Viterra Acquisition Financing

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

In connection with the Acquisition, on June 30, 2025, Bunge (i) borrowed $2.0 billion under the 3-year tranche term loan of the Initial Debt Commitment Facility (the "Term Loan due 2028"), and (ii) borrowed $300 million under the Delayed Draw Term Loan (such borrowings, collectively, the "Term Loan Borrowings"). The Term Loan Borrowings were used, along with existing Cash and cash equivalents and proceeds from other sources, to fund a portion of the cash consideration for Bunge’s Acquisition of Viterra and to repay a portion of certain Viterra debt settled at the closing of the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. On October 29, 2025, Bunge repaid $1.0 billion of the $2.0 billion Term Loan due 2028 using proceeds from borrowings under other corporate credit facilities, including the $3 Billion Commercial Paper Program.

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

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

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

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

In addition, in the third quarter of 2025, Bunge completed the amendment of the indentures governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 (the "0.375% Senior Notes Due 2025 - Euro") and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 (collectively, the "Existing Euro Viterra Notes") to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V., a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor (the "European Consent Solicitation"). The 0.375% Senior Note Due 2025 - Euro were fully repaid in accordance with the terms of the agreement in September 2025.

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

Long-term Debt

Certain property, plant and equipment, and investments in consolidated subsidiaries having a net carrying value of approximately $618 million at December 31, 2025 have been mortgaged or otherwise collateralized against long-term debt, including current portion, of $200 million at December 31, 2025.

Principal Maturities—Principal maturities of long-term debt at December 31, 2025 are as follows:

(US$ in millions)

2026$1,378

20271,369

20282,759

2029815

2030702

Thereafter3,389

Total (1)
$10,412

(1)Includes components of long-term debt attributable to unamortized debt issuance costs and other discounts of $116 million and excludes components of long-term debt attributable to fair value hedge accounting of $128 million. Includes principal maturities of long-term debt attributable to finance leases, see Note 25- Leases for a separate breakout of finance lease maturities.

During the years ended December 31, 2025, 2024, and 2023, Bunge paid interest, net of interest capitalized, of $562 million, $434 million, and $507 million, respectively.

18. EMPLOYEE BENEFIT PLANS

Certain of Bunge's United States, Canadian, European, Asian, and Brazilian-based subsidiaries sponsor defined benefit pension plans covering substantially all employees of such subsidiaries. The plans provide benefits primarily based on participant salaries and lengths of service. The funding policies for Bunge's defined benefit pension plans are determined in

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

accordance with statutory funding requirements. The most significant defined benefit plan as of December 31, 2025 is in Canada.

Certain of Bunge's United States, Canadian, and Brazilian-based subsidiaries have benefit plans to provide postretirement healthcare benefits to eligible retired employees of those subsidiaries. The plans require minimum retiree contributions and define the maximum amount the subsidiaries will be obligated to pay under the plans. Bunge's policy is to fund these costs as they become payable.

Plan Settlements and Termination—In October 2024, the Company, as plan sponsor for one of Bunge's defined benefit U.S. pension plans (the "U.S. Pension Plan"), utilized approximately $377 million of plan assets to purchase an equally valued buy-in contract from a third-party insurer, as well as notified plan participants in the U.S. Pension Plan of its intent to offer a lump sum buyout to eligible participants and terminate the plan. In connection with the plan termination, the buy-in contract allowed for the future conversion into a buy-out arrangement where the insurance company would assume full responsibility for the U.S. Pension Plan obligations. In October 2025, the Company completed $119 million of disbursements to U.S. Pension Plan participants electing a lump sum buyout. In December 2025, the U.S. Pension Plan was settled through conversion of the previously acquired third-party insurance buy-in contract to a buy-out arrangement thereby completing the settlement and termination process. In connection with the settlement, during the fourth quarter of 2025, the Company realized a pre-tax settlement loss of $118 million within Other income - net on the consolidated statements of income, comprising a $6 million gain on settlement of the related defined benefit plan obligations, as well as the reclassification of $124 million from Accumulated other comprehensive loss. Given the funded status of the U.S. Pension Plan at the time of the lump sum buyout, the transaction did not result in material cash inflows or outflows in the consolidated statements of cash flows.

On June 30, 2023, the Company approved a one-time lump sum offering to participants in certain of Bunge's defined benefit North American pension plans who had separated from the Company as of December 31, 2022 and whose benefits in the plan had fully vested. The respective payments were substantially completed during September 2023. The payments, which were paid from plan assets as settlement of respective benefit obligations, resulted in a $22 million decrease in benefit obligations and the reclassification of an unamortized gain of less than $1 million from Accumulated other comprehensive loss, which was recorded in Other income - net on the consolidated statements of income.

Plan Transfers In and Out— As a result of the Viterra Acquisition, there was a transfer into Bunge's defined benefit pension plans and postretirement benefit plans resulting in a $289 million increase in benefit obligation and $381 million increase in the fair value of plan assets during the year ended December 31, 2025. There were no significant transfers into or out of Bunge's employee benefit plans during the year ended December 31, 2024.

Cost of Benefit Plans—Service cost is recognized in a period determined as the actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during that period. Interest cost is the amount recognized in a period determined as the increase in the projected benefit obligation due to the passage of time. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Amortization of net loss represents the recognition in net periodic cost over several periods of amounts previously recognized in Other comprehensive income (loss). Service cost is included in the same income statement line item as other compensation costs arising from services rendered during the period, while the other components of net periodic benefit pension cost are presented separately in Other income- net.

The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows:

Pension Benefits

December 31,Postretirement Benefits

December 31,

(US$ in millions)202520242023202520242023

Service cost$12 $11 $10 $— $— $—

Interest cost37 38 41 5 3 4

Expected return on plan assets(38)(47)(46)— — —

Amortization of net loss (gain)3 3 3 — (1)(1)

Curtailment gain(1)— — — — —

Settlement loss (gain) recognized125 — — (4)— —

Net periodic benefit costs$138 $5 $8 $1 $2 $3

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Assumptions used in Postretirement Benefits Calculations—At December 31, 2025, an 8.1% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2025 postretirement benefit plan measurement purposes, decreasing to 7.6% by 2042, and remaining at that level thereafter. At December 31, 2024, an 8.5% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2024 postretirement benefit plan measurement purposes, decreasing to 8.1% by 2048, and remaining at that level thereafter.

The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows:

Pension Benefits

December 31,Postretirement Benefits

December 31,

2025202420252024

Discount rate4.2 %4.2 %10.5 %11.3 %

Increase in future compensation levels2.3 %2.1 %3.0 %N/A

The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows:

Pension Benefits

December 31,Postretirement Benefits

December 31,

202520242023202520242023

Discount rate4.2 %4.8 %5.2 %11.3 %9.2 %9.6 %

Expected long-term rate of return on assets4.6 %6.7 %6.5 %N/AN/AN/A

Increase in future compensation levels2.1 %2.2 %2.4 %N/AN/AN/A

The sponsoring subsidiaries select the expected long-term rate of return on assets in consultation with their investment advisors and actuaries. These rates are intended to reflect the average rates of earnings expected on the funds invested or to be invested to provide required plan benefits. The plans are assumed to continue in effect as long as assets are expected to be invested.

In estimating the expected long-term rate of return on assets, appropriate consideration is given to historical performance for the major asset classes held, or anticipated to be held, by the applicable plan trusts and to current forecasts of future rates of return for those asset classes. Cash flows and expenses are taken into consideration to the extent that it would affect the expected returns. As assets are generally held in qualified trusts, anticipated returns are not reduced for taxes.

For certain of Bunge’s plans, the discount rate is determined by 1) the yield on a hypothetical bond portfolio for which the cash flow effectively settles the year-by-year projected benefit cash flows or 2) matching either the duration or the expected cash flows for the pension plans to a hypothetical yield curve developed on a region-specific basis using a portfolio of available high quality, non-callable, make-whole corporate bonds.

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Pension Benefit Obligations and Funded Status—The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2025 and 2024. A measurement date of December 31 was used for all plans.

Pension Benefits

December 31,Postretirement Benefits

December 31,

(US$ in millions)2025202420252024

Change in benefit obligations:

Benefit obligation at the beginning of year$849 $836 $38 $35

Service cost12 11 — —

Interest cost37 38 5 3

Plan amendments(1)— — —

Actuarial (gain) loss, net(16)24 7 14

Employee contributions4 4 — —

Net transfers in276 — 13 —

Plan settlements(479)(3)(2)—

Benefits paid(47)(41)(8)(6)

Expenses paid(4)(3)— —

Impact of foreign exchange rates32 (17)4 (8)

Benefit obligation at the end of year$663 $849 $57 $38

Change in plan assets:

Fair value of plan assets at the beginning of year$732 $711 $— $—

Actual return on plan assets36 57 — —

Employer contributions15 22 8 6

Employee contributions4 4 — —

Net transfers in381 — — —

Plan settlements(487)(3)— —

Benefits paid(47)(41)(8)(6)

Expenses paid(4)(3)— —

Impact of foreign exchange rates30 (15)— —

Fair value of plan assets at the end of year$660 $732 $— $—

Unfunded status and net amounts recognized:

Plan assets less than benefit obligation$(3)$(117)$(57)$(38)

Net liability recognized in the balance sheet$(3)$(117)$(57)$(38)

Amounts recognized in the balance sheet consist of:

Non-current assets$148 $25 $— $—

Current liabilities(9)(8)(6)(4)

Non-current liabilities(133)(134)(51)(34)

Liabilities held for sale(9)— — —

Net liability recognized$(3)$(117)$(57)$(38)

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Included in Accumulated other comprehensive loss are the following amounts, net of tax and excluding noncontrolling interest, which have not been recognized in net periodic benefit costs:

Pension Benefits

December 31,Postretirement Benefits

December 31,

(US$ in millions)2025202420252024

Net actuarial loss$(34)$(139)$(12)$(4)

Prior service credit3 3 — —

Total accumulated other comprehensive loss$(31)$(136)$(12)$(4)

Bunge has aggregated certain defined benefit pension plans for which the projected benefit obligations exceeds the fair value of related plan assets with pension plans for which the fair value of plan assets exceeds related projected benefit obligations. The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets:

Pension Benefits

December 31,

(US$ in millions)20252024

Projected benefit obligation$(355)$(268)

Fair value of plan assets$204 $126

The accumulated benefit obligation for the defined pension benefit plans was $642 million and $831 million at December 31, 2025 and 2024, respectively. The following table summarizes information related to aggregated defined benefit pension plans with an accumulated benefit obligation in excess of plan assets:

Pension Benefits

December 31,

(US$ in millions)20252024

Projected benefit obligation$(322)$(268)

Accumulated benefit obligation$(307)$(252)

Fair value of plan assets$172 $126

Pension Benefit Plan Assets—The objective of the plans' trust funds is to sufficiently diversify plan assets to maintain a reasonable level of risk without imprudently sacrificing returns.

For pension plans outside of the United States, the plans’ trust funds utilize a target asset allocation of approximately 55% fixed income securities, approximately 20% equities, and approximately 25% in real estate and other alternative investment vehicles. For the remaining pension plans in the United States, Bunge has an outside investment advisory firm to implement a liability-driven investment strategy. Target asset allocations for the plans in the United States are generally 80-90% to immunizing assets, such as intermediate and long duration fixed income instruments, and 10-20% to growth assets, such as public equities, non-core fixed income instruments, and real assets.

Bunge implements its investment strategy through a combination of passive and actively managed strategies, including, but not limited to mutual funds, collective trust funds, and collective investment trusts. The Company's policy is not to invest plan assets in Bunge Global SA shares. Plan investments are stated at fair value or net asset value ("NAV"). For a further definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.

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The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows:

December 31, 2025

(US$ in millions)Level 1Level 2Level 3Total

Cash$7 $8 $— $15

Mutual funds - equities (1)
72 — — 72

Mutual funds - fixed income (2)
34 82 — 116

Other (3)
21 64 47 132

Total$134 $154 $47 $335

Investments measured at NAV (4)
$— $— $— $325

Total investments measured at NAV as a practical expedient— — — 325

Total$134 $154 $47 $660

December 31, 2024

(US$ in millions)Level 1Level 2Level 3Total

Cash$114 $— $— $114

Insurance contract (5)
— — 362 362

Mutual funds - equities (1)
70 — — 70

Mutual funds - fixed income (2)
41 21 — 62

Other (3)
2 45 8 55

Total$227 $66 $370 $663

Investments measured at NAV (4)
$— $— $— $69

Total investments measured at NAV as a practical expedient— — — 69

Total$227 $66 $370 $732

(1)This category generally represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts.

(2) This category generally represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries.

(3)This category generally represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate, debt instruments, and insurance contracts.

(4)This category generally represents a portfolio consisting of collective pooled funds, government bonds, and index funds that invest in U.S. and non-U.S. equities, including investments focusing on large and small cap companies, and real estate investment trusts, valued at NAV that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820, Fair Value Measurements, these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets.

(5)This category represents the buy-in contract related to the U.S. Pension Plan settlement and was valued on an insurer pricing basis, which reflects the purchase price adjusted for movements in market indicators. The buy-in contract was converted to a buy-out arrangement in December 2025 as discussed in Plan Settlements and Termination section above.

Bunge expects to contribute $19 million and $6 million to its defined benefit pension and postretirement benefit plans, respectively, in 2026.

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The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans:

(US$ in millions)Pension

Benefit PaymentsPostretirement

Benefit Payments

2026$47 $6

202741 6

202841 6

202941 6

203040 6

Next five years199 34

Employee Defined Contribution Plans—Bunge also makes contributions to qualified defined contribution plans for eligible employees. Contributions to these plans amounted to $74 million, $48 million, and $43 million during the years ended December 31, 2025, 2024, and 2023, respectively.

19. RELATED PARTY TRANSACTIONS

Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised approximately 9% or less of total Cost of goods sold for each of the years ended December 31, 2025, 2024, and 2023. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 2% or less of total Net sales for each of the years ended December 31, 2025, 2024, and 2023.

In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. During the years ended December 31, 2025, 2024, and 2023, such services were not material to the Company's consolidated results.

At December 31, 2025 and 2024, receivables related to the above related party transactions comprised approximately 4% or less of total Trade accounts receivable, net. At December 31, 2025 and 2024, payables related to the above related party transactions comprised approximately 3% or less of total Trade accounts payable.

Further, as referenced in Note 6- Other Current Assets and Note 12- Other Non-Current Assets, Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated investees. At December 31, 2025 and 2024, advances to unconsolidated investees comprised approximately 3% or less of total Other current assets and 7% or less of total Other non-current assets.

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

20. COMMITMENTS AND CONTINGENCIES

Bunge is party to claims and lawsuits, primarily from indemnities provided to third parties and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved

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should the liability substantially exceed the amount of provisions included in the consolidated balance sheets. Included in Other non-current liabilities at December 31, 2025 and 2024 are the following amounts related to these matters:

December 31,

(US$ in millions)20252024

Non-income tax claims$86 $19

Labor claims35 50

Civil and other claims276 194

Asset retirement obligations (1)
110 18

Total$507 $281

(1)These obligations are primarily related to projected restoration and rehabilitation costs for certain land leases in Canada and Australia, and were acquired as part of the Viterra Acquisition.

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

As of December 31, 2025, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following:

December 31,

(US$ in millions)Years Examined20252024

ICMS1990 to Present$155 $128

PIS/COFINS2002 to Present$490 $427

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

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

Guarantees—Bunge has issued or was a party to the following guarantees at December 31, 2025:

(US$ in millions)Recorded LiabilityMaximum

Potential

Future

Payments

Unconsolidated affiliates guarantee (1)
$29 $246

Residual value guarantee (2)
— 336

Total$29 $582

(1)Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2041. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on the amounts drawn under guaranteed debt facilities at December 31, 2025, Bunge's potential liability was $213 million, and it has recorded $29 million of obligations related to these guarantees within Other current liabilities and Other non-current liabilities.

(2)Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2026 through 2029. At December 31, 2025,

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no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations.

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

Indemnities—Bunge has issued or was a party to the following indemnities at December 31, 2025:

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

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

Commitments—At December 31, 2025, Bunge had approximately $333 million of purchase commitments related to inventories not accounted for as RMI, $296 million of freight supply agreements for ocean freight vessels and railroad freight lines not accounted for as leases, $85 million of power supply contracts, $288 million of contractual commitments related to construction in progress, and $800 million of other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees.

Bunge has also entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Amounts on outstanding standby letter of credit agreements and surety bonds aggregated to $2,151 million and $1,610 million as of December 31, 2025 and 2024, respectively.

21. OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:

December 31,

(US$ in millions)20252024

Labor, legal and other provisions$551 $281

Pension, postretirement, and post-employment obligations (1)
180 170

Uncertain income tax positions (2)
77 75

Unrealized losses on derivative contracts, at fair value (3)
120 232

Other135 89

Total$1,063 $847

(1)See Note 18- Employee Benefit Plans.

(2)See Note 14- Income Taxes.

(3)See Note 15- Fair Value Measurements.

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22. EQUITY

Redomestication— On November 1, 2023, Bunge Global SA completed the change of jurisdiction of incorporation of its group holding company from Bermuda to Switzerland (the "Redomestication"). In connection with the Redomestication, one registered share, par value $0.01 per share, of Bunge Global SA was exchanged for each issued and outstanding Bunge Limited common share, par value $0.01 per share. In connection with the non-cash exchange on November 1, 2023, Bunge Global SA acquired 16,141,494 treasury shares which, following the Redomestication, have been included in the general treasury share population available for use in satisfying Bunge’s obligations to deliver registered shares.

Treasury Shares— In the fourth quarter of 2023, in connection with the Redomestication, 8,102,179 shares held in treasury with an acquisition cost of $845 million were cancelled in a non-cash transaction to comply with the Swiss Code limitation on issuer’s holding of registered share capital. In the fourth quarters of 2025 and 2024, Bunge Global SA cancelled 12,382,610 shares held in treasury totaling $1,045 million and 6,146,930 of shares held in treasury totaling $572 million, respectively.

Registered shares issuance — On July 2, 2025, Bunge completed its previously announced Acquisition of Viterra. Pursuant to the terms of the Business Combination Agreement, Viterra shareholders were issued approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion. See Note 2- Acquisitions and Dispositions for further information.

Share Repurchase Program— On November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of December 31, 2025, a total of 26,417,080 shares were repurchased under the program for $2.5 billion with an aggregate purchase authorization of approximately $249 million remaining outstanding for repurchases under the program. During the twelve months ended December 31, 2025, Bunge repurchased 6,749,341 shares for $551 million.

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

Year Ended December 31,

202520242023

Dividends paid per share$2.78 $2.7025 $2.575

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

Upon approval of a dividend, the obligation is reflected in Other current liabilities with a corresponding reduction in Retained earnings in the consolidated balance sheet. Additionally, for the year ended December 31, 2025, Retained earnings was further reduced as a result of the registered share issuance to complete the Acquisition of Viterra. At December 31, 2025, and 2024, the unpaid portion of the dividends accrued in Other current liabilities on the consolidated balance sheets totaled $135 million and $91 million, respectively, see Note 13- Other Current Liabilities.

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

(US$ in millions)
Foreign Exchange Translation

Adjustment (1)
Deferred

Gains (Losses)

on Hedging

ActivitiesPension and

Other

Postretirement

Liability

AdjustmentsAccumulated Other Comprehensive

Loss

Balance, January 1, 2023$(5,926)$(343)$(102)$(6,371)

Other comprehensive income (loss) before reclassifications335 (99)(18)218

Amount reclassified from Accumulated other comprehensive loss(2)
102 (3)— 99

Net-current period other comprehensive income (loss)437 (102)(18)317

Balance, December 31, 2023(5,489)(445)(120)(6,054)

Other comprehensive (loss) income before reclassifications(897)127 (24)(794)

Amount reclassified from Accumulated other comprehensive loss(3)
133 9 4 146

Net-current period other comprehensive (loss) income (764)136 (20)(648)

Balance, December 31, 2024(6,253)(309)(140)(6,702)

Other comprehensive income (loss) before reclassifications581 (111)(1)469

Amount reclassified from Accumulated other comprehensive loss(4)
1 (1)98 98

Sale of redeemable noncontrolling interest48 3 — 51

Net-current period other comprehensive income (loss)630 (109)97 618

Balance, December 31, 2025$(5,623)$(418)$(43)$(6,084)

(1)Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe, and Asia-Pacific. The functional currency of Bunge's subsidiaries is generally the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from the local currency at month-end exchange rates, and the resulting foreign currency translation gains (losses) are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss.

(2)The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions).

(3)The year ended December 31, 2024 included the release of cumulative translation adjustments and deferred results on hedging activities upon the disposition of BP Bunge Bioenergia of $133 million and $9 million, respectively (see Note 2- Acquisitions and Dispositions).

(4)In December 2025, the U.S. Pension Plan was settled through conversion of the previously acquired third-party insurance buy-in contract to a buy-out arrangement thereby completing the settlement and termination process. As a result of settlement and termination, the Company reclassified $94 million (net of $30 million tax expense) in unamortized actuarial losses from Accumulated other comprehensive loss.

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23. EARNINGS PER SHARE

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

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

Year Ended December 31,

(US$ in millions, except for share data)202520242023

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

Net income attributable to noncontrolling interests and redeemable noncontrolling interests(27)(51)(94)

Income from continuing operations attributable to Bunge$819 $1,137 $2,243

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

Net income available to Bunge shareholders$816 $1,137 $2,243

Weighted-average number of shares outstanding:

Basic165,042,767 140,539,652 148,804,387

Effect of dilutive shares:

—stock options and awards (1)
1,424,173 1,683,569 1,983,530

Diluted166,466,940 142,223,221 150,787,917

Basic earnings per share:

Net income from continuing operations$4.97 $8.09 $15.07

Net loss from discontinued operations(0.02)— —

Net income attributable to Bunge shareholders—basic$4.95 $8.09 $15.07

Diluted earnings per share:

Net income from continuing operations$4.93 $7.99 $14.87

Net loss from discontinued operations(0.02)— —

Net income attributable to Bunge shareholders—diluted$4.91 $7.99 $14.87

(1)The weighted-average shares outstanding-diluted exclude less than 1 million outstanding stock options or contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2025, 2024, and 2023.

24. SHARE-BASED COMPENSATION

In connection with the Redomestication effective as of November 1, 2023, Bunge amended the Bunge Equity Incentive Plan (the "2016 EIP"), the Bunge 2009 Equity Incentive Plan, and the 2017 Non-Employee Directors Equity Incentive Plan (the "2017 NED Plan" or collectively, referred to as the "Plans") to provide for the issuance of registered shares instead of common shares in connection with the awards under the Plans. Additionally, the amendments to the Plans include changes to comply with Swiss law regarding minimum payment for shares, share sourcing, the form of shares, data protection, and forfeiture of restricted shares along with modifying the vesting provision on the 2017 NED Plan for separation.

On May 15, 2024, Bunge established the Bunge 2024 Long-Term Incentive Plan ("2024 LTIP"), which allows for an additional issue of 5,000,000 shares and replaced the 2016 EIP, under which, beginning May 15, 2024, no further awards may be granted.

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For the years ended December 31, 2025, 2024, and 2023, Bunge recognized approximately $73 million, $65 million, and $69 million, respectively, of total compensation expense related to its stock option and restricted stock unit equity awards.

During the years ended December 31, 2025, 2024, and 2023, Bunge granted equity awards under the 2024 LTIP and the 2016 EIP, both shareholder approved plans. Under the 2024 LTIP and the 2016 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity-based awards to officers, employees, consultants, and independent contractors in the form of stock options, restricted stock units (performance-based or time-based) or other equity-based awards. Shares issued under the 2024 LTIP and the 2016 EIP may result from, in whole or in part, the capital band referenced in Bunge's articles of association, treasury shares, or shares reacquired by the Company in any manner, or a combination thereof.

Stock Option Awards—Options to purchase Bunge registered shares are granted with an exercise price equal to the grant date fair market value of Bunge registered shares, vest over service periods that generally range from one to three years and expire 10 years from the date of grant. Vesting may be accelerated in certain circumstances as provided in the plans or associated award agreements. Grant date fair value is recognized as compensation expense on a straight-line basis for option grants, and forfeitures are recognized as they occur. Bunge elected to cease awarding stock options to its employees beginning January 1, 2021. All awards previously granted have vested and have varying expiration dates through 2030.

Restricted Stock Units—Restricted stock units ("RSUs") give recipients the right to receive Bunge registered shares upon the lapse of related restrictions determined by the Compensation Committee. The Company has two types of RSUs: time-based restricted stock units ("TBRSUs") and performance-based restricted stock units ("PBRSUs"). Restrictions on TBRSUs and PBRSUs are based on continued service by the recipient through the designated term. In addition, PBRSUs have restrictions based on the achievement of certain performance targets, including earnings per share, return on invested capital, and relative total shareholder return, with the number of PBRSUs earned varying based on the level of achievement against these performance targets. The fair value of TBRSUs is determined using the stock price on the grant date and the expense is recognized on a straight-line basis over the vesting period. The fair value of PBRSUs is determined using a Monte Carlo simulation model, considering the terms and conditions on which the PBRSUs were granted, including the stock price on the grant date and relative total shareholder return. The cumulative expense recognized at each reporting date for the PBRSUs until the date of vesting reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of PBRSUs that will ultimately vest. RSUs generally vest over periods ranging from one to three years. Vesting may be accelerated under certain circumstances, including obtaining certain retirement eligibility requirements, as defined in the Plans or associated award agreements. RSUs are generally settled in Bunge registered shares upon satisfaction of the applicable vesting terms, and forfeitures are recognized as they occur. In locations where share settlement may be prohibited under local law, RSUs are settled in cash. At the time of settlement, a participant holding a vested restricted stock unit will also be entitled to receive corresponding accrued dividend equivalent share payments.

Under the 2017 NED Plan, the Compensation Committee may grant equity-based awards to non-employee directors of Bunge Global SA. Awards may consist of restricted stock, RSUs, deferred RSUs, and non-statutory stock options.

RSUs granted to non-employee directors generally vest on the first anniversary of the grant date, provided the director continues to serve on the Board until such date, and are settled in Bunge registered shares. At the time of settlement, a participant holding a vested restricted stock unit is also entitled to receive corresponding accrued dividend equivalent share payments.

A summary of option activity under the Plans for the year ended December 31, 2025 is presented below:

OptionsSharesWeighted-Average

Exercise PriceWeighted-Average

Remaining

Contractual

Term (Years)Aggregate

Intrinsic

Value (US$ in millions)

Outstanding at January 1, 20251,539,027 $53.71

Exercised(81,583)57.28

Forfeited or expired(55,215)81.53

Outstanding at December 31, 2025 (1)
1,402,229 52.40 3.30$51

Exercisable at December 31, 20251,402,229 $52.40 3.30$51

(1)Includes 8,700 options to be cash settled.

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The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was approximately $3 million, $5 million, and $5 million, respectively.

A summary of restricted stock unit activity under the Plans for the year ended December 31, 2025 is presented below.

Restricted Stock UnitsSharesWeighted-Average

Grant-Date

Fair Value

Time-based restricted stock units at January 1, 20251,209,227 $99.26

TBRSUs Granted (1)
1,050,760 75.17

Vested/issued (2)
(404,820)103.50

Forfeited(109,011)84.67

Time-based restricted stock units at December 31, 2025 (3) (4)
1,746,156 $84.69

Performance-based restricted stock units at January 1, 2025643,292 $105.06

PBRSUs Granted (1)
405,977 74.76

Additional PBRSUs granted on achievement of performance targets139,020 122.16

Vested/issued (2)
(336,684)122.70

Forfeited(49,767)83.85

Performance-based restricted stock units at December 31, 2025 (3)
801,838 $87.12

Total restricted stock units at December 31, 2025 (3)
2,547,994 $85.46

(1)As part of the Business Combination Agreement for the Acquisition of Viterra certain long-term incentive plan awards were converted to 227,489 shares of time-based restricted stock units and 26,862 shares of performance-based stock units.

(2)During the year ended December 31, 2025, Bunge issued a total of 505,537 registered shares, net of shares withheld to cover taxes, including related shares representing accrued dividends, with a weighted-average fair value of $112.12 per share upon vesting of TBRSUs and PBRSUs.

(3)Includes accrued unvested dividends, which are payable in Bunge's registered shares upon vesting of underlying restricted stock units.

(4)Includes 18,493 TBRSUs to be cash settled and includes 81,656 TBRSUs granted to retirement eligible employees which are fully vested but unissued in accordance with the terms of the Plans.

At December 31, 2025, there was approximately $77 million of total unrecognized compensation cost related to RSUs granted under the Plans, which is expected to be recognized over the next three years. The total grant date fair value of RSUs issued during the year ended December 31, 2025 was approximately $83 million.

Registered Shares Reserved for Share-Based Awards—The 2024 LTIP and 2017 NED Plan provide that 5,000,000 and 320,000 registered shares, respectively, are to be reserved for grants of stock options, restricted stock units and other awards under the plans. At December 31, 2025, 3,728,852 and 102,436 registered shares were available for future grants under the 2024 LTIP Plan and 2017 NED Plan, respectively. No shares are currently available for grant under any other Bunge Global SA equity incentive plan.

25. LEASES

The Company routinely leases storage facilities, transportation equipment, land, and office facilities which are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. Leases with an initial term of more than 12 months are recognized on the consolidated balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability

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and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with property, plant and equipment. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term.

The Company’s operating leases range in length of term, with a weighted average remaining lease term of 7.6 years, and a maximum remaining term of 75 years for one land lease in Australia. Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is generally based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s incremental cost of debt, adjusted to arrive at the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable. As of December 31, 2025, such weighted average discount rate on operating leases was 5.8%.

Certain of the Company’s freight supply agreements for ocean freight vessels and rail cars may include rental payments that are variable in nature. Variable payments on time charter agreements for ocean freight vessels under freight supply agreements are dependent on then current market daily hire rates. Variable payments for certain rail cars can be based on volumes, and in some cases, benchmark interest rates. All such variable payments, other than those that depend on an index or rate, are not included in the calculation of the associated operating lease asset or liability subsequent to the inception date of the associated lease and are recorded as expense in the period in which the adjustment to the variable payment obligation is incurred. Certain of the Company’s lease agreements related to railcars and barges contain residual value guarantees (see Note 20- Commitments and Contingencies). None of the Company’s lease agreements contain material restrictive covenants.

The components of lease expense were as follows:

Year Ended December 31,

(US$ in millions)202520242023

Operating lease cost$550 $420 $507

Short-term lease cost1,043 1,054 $747

Variable lease cost40 42 $47

Total lease cost$1,633 $1,516 $1,301

The table below presents the finance lease-related assets and liabilities recorded on the consolidated balance sheets:

December 31,

(US$ in millions)2025 2024

Property, plant and equipment$228 $151

Less: accumulated depreciation and depletion(60)(44)

Property, plant and equipment, net$168 $107

Current portion of long-term debt$23 $7

Long-term debt157 80

Total finance lease liabilities$180 $87

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Supplemental cash flow information related to leases was as follows:

Year Ended December 31,

(US$ in millions)2025 20242023

Cash paid for amounts included in the measurement of lease liabilities:

Operating lease liability principal payments$548 $421 $506

Supplemental non-cash information:

Right-of-use assets obtained in exchange for lease obligations (1)
$1,240 $449 $403

(1)Comprises both operating and finance lease obligations. Right-of-use-assets obtained in exchange for lease obligations includes assets acquired in the Viterra Acquisition. See Note 2- Acquisitions and Dispositions for additional information.

Maturities of operating and finance lease liabilities as of December 31, 2025 were as follows:

(US$ in millions)Operating leasesFinance leases

2026$568 $32

2027371 29

2028271 27

2029188 26

2030107 14

Thereafter487 147

Total lease payments (1)
1,992 275

Less imputed interest(394)(95)

Present value of lease liabilities$1,598 $180

Less present value of lease liabilities held for sale(2)—

Present value of lease liabilities, as separately presented on the consolidated balance sheet$1,596 $180

(1)Minimum lease payments have not been reduced by minimum sublease income receipts of $73 million due in future periods under non-cancelable subleases as of December 31, 2025. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to ten years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. Sublease income for both short term and long term leases, generally recorded within Net sales, was $136 million and $229 million for the years ended December 31, 2025 and 2024, respectively.

The Company is expected to have additional operating lease payments, primarily for ocean freight vessels and port rights that have not yet commenced, of $408 million. The operating leases are expected to commence between 2026 and 2027, with lease terms ranging between two and 47 years.

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26. SEGMENT INFORMATION

Effective in the third quarter of 2025, the Company changed its reportable segments to align with its new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.

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

Therefore, the Company's operations are now organized, managed, and classified into four reportable segments - Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.

The Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. The Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution. The Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. The Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services.

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

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

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As of, and for the year ended, December 31, 2025

(US$ in millions)Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingEliminationsTotal Reportable SegmentsCorporate & OtherTotal

Bunge Consolidated

Net sales to external customers$36,313 $11,252 $4,633 $18,128 $— $70,326 $3 $70,329

Inter–segment revenues661 1,442 335 1,796 (4,234)— —

Raw materials cost(32,852)(9,844)(3,786)(16,856)— 12 (63,326)

Industrial expenses- fixed(925)(387)(287)(432)— (6)(2,037)

Industrial expenses- variable(507)(219)(105)(69)— — (900)

Depreciation(264)(125)(78)(163)— (27)(657)

Selling, general and administrative expenses(552)(212)(231)(391)— (727)(2,113)

Other segment items (1)
12 56 (28)248 — (51)237

EBIT1,225 521 118 465 — 2,329 (796)1,533

Total depreciation, depletion and amortization(265)(125)(110)(176)— (676)(27)(703)

Income (loss) from affiliates22 (5)— 11 — 28 (2)26

Total assets16,345 7,649 3,805 14,104 — 41,903 2,625 44,528

Capital expenditures790108611183 — 1,692 311,723

As of, and for the year ended, December 31, 2024

(US$ in millions)Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingEliminationsTotal Reportable SegmentsCorporate & OtherTotal

Bunge Consolidated

Net sales to external customers$31,930 $6,951 $4,151 $10,073 $— $53,105 $3 $53,108

Inter–segment revenues824 918 334 1,568 (3,644)— —

Raw materials cost(29,030)(5,559)(3,151)(9,075)— (2)(46,817)

Industrial expenses- fixed(847)(286)(268)(268)— (7)(1,676)

Industrial expenses- variable(453)(174)(110)(53)— — (790)

Depreciation(186)(78)(84)(62)— (22)(432)

Selling, general and administrative expenses(465)(146)(254)(261)— (650)(1,776)

Other segment items (1)
(77)(45)(68)54 — 311 175

EBIT872 663 216 408 — 2,159 (367)1,792

Depreciation, depletion and amortization(187)(78)(116)(65)— (446)(22)(468)

(Loss) income from affiliates(51)— 1 (7)— (57)19 (38)

Total assets10,109 2,638 3,182 4,483 — 20,412 4,487 24,899

Capital expenditures632111454144 — 1,341 351,376

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As of, and for the year ended, December 31, 2023

(US$ in millions)Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingEliminationsTotal Reportable SegmentsCorporate & OtherTotal

Bunge Consolidated

Net sales to external customers$36,147 $7,736 $4,237 $11,415 $— $59,535 $5 $59,540

Inter–segment revenues1,099 1,021 277 1,204 (3,601)— —

Raw materials cost(31,907)(5,948)(3,380)(10,557)— 23 (51,769)

Industrial expenses- fixed(844)(302)(250)(237)— (18)(1,651)

Industrial expenses- variable(498)(206)(121)(57)— — (882)

Depreciation(165)(70)(78)(59)— (21)(393)

Selling, general and administrative expenses(452)(146)(278)(251)— (588)(1,715)

Other segment items (1)
(59)10 (36)47 — 241 203

EBIT2,222 1,074 94 301 — 3,691 (358)3,333

Depreciation, depletion and amortization(165)(71)(133)(61)— (430)(21)(451)

(Loss) income from affiliates(9)2 (17)7 — (17)157 140

Total assets11,310 2,681 2,711 4,437 — 21,139 4,233 25,372

Capital expenditures423142411121 — 1,097 251,122

(1)Other segment items for each reportable segment includes Foreign exchange (losses) gains – net, Other income – net, Income (loss) from affiliates, and EBIT – Noncontrolling interests, which includes Net income attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.

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

A reconciliation of Total reportable segment EBIT to Income from continuing operations before income tax follows:

Year Ended December 31,

(US$ in millions)202520242023

Total reportable segment EBIT$2,329 $2,159 $3,691

Corporate & Other EBIT(796)$(367)(358)

EBIT - Noncontrolling interests27 40 86

Interest income202 163 148

Interest expense(628)(471)(516)

Income from continuing operations before income tax$1,134 $1,524 $3,051

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Net sales by product group to external customers were as follows:

Year Ended December 31,

(US$ in millions)202520242023

Soybean Processing & Refining Products$36,313 $31,930 $36,147

Softseed Processing & Refining Products11,252 6,951 7,736

Other Oilseeds Processing & Refining Products4,633 4,151 4,237

Merchandising Products16,583 8,518 9,519

Milling Products1,545 1,555 1,896

Other Products3 3 5

Total$70,329 $53,108 $59,540

Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows:

Year Ended December 31,

(US$ in millions)202520242023

Net sales to external customers:

United States$15,637 $14,187 $15,819

Switzerland15,602 14,254 11,283

Netherlands8,612 1,328 1,493

Rest of world30,478 23,339 30,945

Total$70,329 $53,108 $59,540

Year Ended December 31,

(US$ in millions)20252024

Long-lived assets: (1)

United States$3,888 $2,361

Canada1,869 356

Argentina1,414 195

Brazil1,328 758

Rest of world3,179 1,584

Total$11,678 $5,254

(1)Long-lived assets comprise Property, plant and equipment, net.

As further described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies, the Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts

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with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):

Year Ended December 31, 2025

(US$ in millions)
Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingCorporate & OtherTotal

Sales from commodity contracts (ASC 815)$29,695 $7,634 $162 $15,894 $— $53,385

Sales from contracts with customers (ASC 606)6,618 3,618 4,471 2,234 3 16,944

Net sales to external customers$36,313 $11,252 $4,633 $18,128 $3 $70,329

Year Ended December 31, 2024

(US$ in millions)
Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingCorporate & OtherTotal

Sales from commodity contracts (ASC 815)$25,773 $3,801 $76 $7,908 $— $37,558

Sales from contracts with customers (ASC 606)6,157 3,150 4,075 2,165 3 15,550

Net sales to external customers$31,930 $6,951 $4,151 $10,073 $3 $53,108

Year Ended December 31, 2023

(US$ in millions)
Soybean Processing and RefiningSoftseed Processing and RefiningOther Oilseeds Processing and RefiningGrain Merchandising and MillingCorporate & OtherTotal

Sales from commodity contracts (ASC 815)$28,300 $4,213 $82 $9,114 $— $41,709

Sales from contracts with customers (ASC 606)7,847 3,523 4,155 2,301 5 17,831

Net sales to external customers$36,147 $7,736 $4,237 $11,415 $5 $59,540

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27. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Quarter

(US$ in millions, except per share data)FirstSecondThirdFourthYear

2025

Net sales$11,643 $12,769 $22,155 $23,762 $70,329

Gross profit597 738 1,063 1,011 3,409

Income from continuing operations204 370 184 88 846

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

Net income 204 370 181 88 843

Net income attributable to Bunge shareholders201 354 166 95 816

Earnings per share—basic(1)

Net income from continuing operations$1.50 $2.63 $0.86 $0.49 $4.97

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

Net income attributable to Bunge shareholders - basic$1.50 $2.63 $0.84 $0.49 $4.95

Earnings per share—diluted(1)

Net income from continuing operations$1.48 $2.61 $0.86 $0.49 $4.93

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

Net income attributable to Bunge shareholders - diluted$1.48 $2.61 $0.84 $0.49 $4.91

2024

Net sales$13,417 $13,241 $12,908 $13,542 $53,108

Gross profit876 664 772 1,081 3,393

Income (loss) from continuing operations252 73 233 630 1,188

Income (loss) from discontinued operations, net of tax— — — — —

Net income 252 73 233 630 1,188

Net income attributable to Bunge shareholders244 70 221 602 1,137

Earnings per share—basic(1)

Net income (loss) from continuing operations$1.70 $0.49 $1.57 $4.41 $8.09

Net income (loss) from discontinued operations— — — — —

Net income attributable to Bunge shareholders - basic$1.70 $0.49 $1.57 $4.41 $8.09

Earnings per share—diluted(1)

Net income (loss) from continuing operations$1.68 $0.48 $1.56 $4.36 $7.99

Net income (loss) from discontinued operations— — — — —

Net income attributable to Bunge shareholders - diluted$1.68 $0.48 $1.56 $4.36 $7.99

(1)Earnings per share attributable to Bunge shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2025 and 2024 may not equal the total computed for the year. See Note 23- Earnings per Share for further details.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BUNGE GLOBAL SA

Dated:February 19, 2026By: /s/ JOHN W. NEPPL

John W. Neppl

Executive Vice President and Chief Financial Officer

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

February 19, 2026By:/s/ GREGORY A. HECKMAN

Gregory A. Heckman

Chief Executive Officer and Director

February 19, 2026By:/s/ JOHN W. NEPPL

John W. Neppl

Executive Vice President and Chief Financial Officer

February 19, 2026By:/s/ J. MATT SIMMONS, JR.

J. Matt Simmons, Jr.

Controller and Principal Accounting Officer

February 19, 2026By:/s/ ELIANE ALEIXO LUSTOSA DE ANDRADE

Eliane Aleixo Lustosa de Andrade

Director

February 19, 2026By:/s/ CAROL M. BROWNER

Carol M. Browner

Director

February 19, 2026By:/s/ ADRIAN ISMAN

Adrian Isman

Director

February 19, 2026By:/s/ ANNE JENSEN

Anne Jensen

Director

February 19, 2026By:/s/ LINDA JOJO

Linda Jojo

Director

February 19, 2026By:/s/ CHRISTOPHER MAHONEY

Christopher Mahoney

Director

February 19, 2026By:/s/ MONICA MCGURK

Monica McGurk

Director

February 19, 2026By:/s/ KENNETH SIMRIL

Kenneth Simril

Director

February 19, 2026By:/s/ MARKUS WALT

Markus Walt

Director

February 19, 2026By:/s/ HENRY W. WINSHIP

Henry W. Winship

Director

February 19, 2026By:/s/ MARK N. ZENUK

Mark N. Zenuk

Director and Chair of the Board of Directors

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