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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________________________________________________________________________

FORM 10-K


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number 000-56607

BUNGE GLOBAL SA

(Exact name of registrant as specified in its charter)


Switzerland						98-1743397
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Route de Florissant 13
1206 Geneva, Switzerland						N.A.
(Address of registered office and principal executive offices)						(Zip Code)

1391 Timberlake Manor Parkway
Chesterfield, Missouri						63017
(Address of corporate headquarters)						(Zip Code)

(314) 292-2000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.01 par value per share

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act. Yes o No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ý

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes ☐ No ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ý

The aggregate market value of registrant's shares held by non-affiliates, based upon the closing price on the last business day of the registrant's most recently completed second fiscal quarter, June 30, ~~2024~~2025, as reported by the New York Stock Exchange, was approximately $1510,~~013~~701 million. Shares held by executive officers and directors and persons who own 10% or more of the issued and outstanding shares have been excluded since such persons may be deemed affiliates. This determination of affiliate status is not a determination for any other purpose.

As of February 1817, ~~2025~~2026, ~~133~~193,~~968~~509,~~048~~080 registered shares, par value $0.01 per share, were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the proxy statement for the ~~2025~~2026 Annual General Meeting of Shareholders (the "~~2025~~2026 Annual Meeting") to be held on May 1520, ~~2025~~2026 are incorporated by reference into Part III.

Table of Contents

		Page
PART I
Item 1.	Business	53
Item 1A.	Risk Factors	1613
Item 1B.	Unresolved Staff Comments	3226
Item 1C.	Cybersecurity	3227
Item 2.	Properties	3428
Item 3.	Legal Proceedings	3529
Item 4.	Mine Safety Disclosures	3529
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3529
Item 6.	Reserved	3933
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3933
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	5856
Item 8.	Financial Statements and Supplementary Data	6159
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	6159
Item 9A.	Controls and Procedures	6159
Item 9B.	Other Information	6462
PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	6462
Item 11.	Executive Compensation	6462
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	6462
Item 13.	Certain Relationships and Related Transactions, and Director Independence	6462
Item 14.	Principal Accounting Fees and Services	6462
PART IV
Item 15.	Exhibits, Financial Statement Schedules	6563
Schedule II—Valuation and Qualifying Accounts		E-1
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS		F-1
SIGNATURES		S-1

Table of Contents

References in this Annual Report on Form 10-K ("Annual Report") to "Bunge Global," "Bunge," "the Company," "we," "us," and "our" refer to Bunge Global SA and its consolidated subsidiaries, unless the context otherwise indicates.

References in this Annual Report to "shares" refer to both Bunge Limited common shares prior to the change of the jurisdiction of incorporation of our group holding company from Bermuda to Switzerland on November 1, 2023 (the "Redomestication") and to Bunge Global SA registered shares after the Redomestication, unless the context otherwise indicates.

Cautionary Statement Regarding Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This Annual Report includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. These factors include the risks, uncertainties, trends and other factors discussed under the headings "Item 1A. Risk Factors," as well as "Item 1. Business," "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report, including:

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

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

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

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

•the impact of seasonality;

•the impact of government policies and regulations;

•the outcome of pending regulatory and legal proceedings;

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

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

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

•the effectiveness of our risk management strategies;

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

•changes in foreign exchange policy or rates;

•the impact of our dependence on third parties;

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

•other factors affecting our business generally.

In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward looking statements contained in this Annual Report. Additional risks that we may currently deem immaterial or that are not presently known to us could also cause the forward looking events discussed in this Annual Report not to occur. Except as otherwise required by federal securities law, we undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this Annual Report.

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~~Summary~~PART ~~Risk Factors~~I

~~The Company is subject to a number of risks that if realized could materially adversely affect its business, results of operations, cash flow, financial condition or prospects~~Item 1. ~~The following is a summary of the principal risk factors facing the Company:~~ Business

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

~~•adverse~~We ~~weather~~are ~~conditions~~a premier agribusiness solutions company, ~~including~~connecting asfarmers ato ~~result~~consumers ofand ~~climate~~delivering ~~change~~essential food, feed and ~~their~~fuel ~~impact~~to on the ~~availability~~world. Our dedicated employees, ~~quality~~integrated operations and ~~price~~global offootprint ~~agricultural~~give ~~commodities~~us access to key markets and a diverse agricultural ~~commodity~~network ~~products;~~covering major crops. These capabilities help us manage seasonal cycles, weather variability and other risks as we partner with farmers to move crops from where they are grown to where they are needed.

~~•the~~With ~~ongoing~~more ~~war~~than ~~between~~200 ~~Russia~~years of experience and ~~Ukraine;~~operations in more than 50 countries, we are:

•~~fluctuations~~a inleading ~~agricultural~~global ~~commodity~~oilseed processor and ~~other~~producer ~~raw~~of ~~material~~vegetable ~~prices~~oils and ~~energy~~protein ~~prices~~meal, based on processing capacity and volume;

•~~the~~a ~~impact~~leading ofglobal ~~seasonality~~grain merchandiser, based on volume;

•~~intense~~a ~~competition~~leading weseller ~~face~~of inpackaged ~~each~~plant-based ofoils ~~our~~worldwide, ~~businesses~~based on sales; and

•~~the~~a ~~effects~~leading producer and seller of ~~supply~~wheat flours, bakery mixes and ~~demand~~related ~~imbalances~~products in ~~our~~South ~~industries;~~America, based on volume.

•Our global operations include purchasing, storing, transporting, processing, selling and ~~regional~~distributing ~~economic~~agricultural ~~downturns~~commodities and related ~~risks;~~products. We also provide financial, risk management and logistics services to support our customers and enhance our value chains.

~~•economic,~~The ~~political,~~commodities we source and ~~other~~markets ~~risks~~we ofserve ~~doing~~are ~~business~~essential ~~globally~~to everyday life— from the grains and oilseeds that are part of the food supply chain, to the cotton used in ~~emerging~~clothing, ~~markets;~~to the energy products that power industries and transportation.

~~•government~~We ~~policies~~operate facilities in North and ~~regulations~~South ~~affecting~~America, ~~the~~Europe, ~~agricultural~~and ~~sector~~Asia-Pacific, and ~~related~~maintain ~~industries;~~merchandising and distribution offices worldwide.

~~•realizing~~Operating ~~the anticipated benefits of acquisitions, divestitures or joint ventures;~~Segments

~~•industry~~We ~~risks;~~conduct our operations through four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, which are organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are classified as Corporate and Other. The following summarizes the key characteristics of each of our operating segments. Our transformative acquisition (the "Acquisition") of Viterra, which is discussed below, impacts the Soybean Processing and Refining, Softseed Processing and Refining, and Grain Merchandising and Milling segments.

~~•compliance~~Soybean ~~with~~Processing ~~applicable laws~~ and ~~regulations~~Refining ~~globally;~~Segment

~~•credit~~Our Soybean Processing and ~~counterparty~~Refining ~~risk;~~segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed and biofuel industries, through a global network of facilities.

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


Key Commodities						Soybean, Soybean Meal, Soybean Oil
Key Regions and Processing Capacity						47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe
Customers						Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products
Raw Materials						Globally sourced directly from farmers or indirectly through intermediaries.
Competition						Due to the commodity nature, markets for our soybeans, soybean meal, and crude soybean oil are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Competition for refined soybean oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion.

•the effectiveness of our risk management strategies;

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

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

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

•our dependence on a wide array of third parties;

•public health crises, pandemics and epidemics; and

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

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

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

•anti-takeover provisions in our Articles of Association.

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

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

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

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

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

•obtaining required approvals and satisfying closing conditions;

•potential termination of the Acquisition;

•difficulty attracting, motivating and retaining executives and other key employees in light of the uncertainty associated with the Acquisition;

•shareholder lawsuits relating to the Acquisition;

•the incurrence of debt to fund the pending acquisition of Viterra;

•significant expenses in connection with the Acquisition, regardless of whether the Acquisition is completed; and

•the adequacy of our due diligence investigation of Viterra.

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We are subject to risks relating to the combined company pending the Viterra Acquisition, including risks involving:


Key Competitors						Archer Daniels Midland Co. ("ADM"), Cargill Incorporated ("Cargill"), Louis Dreyfus Company B.V. (“Louis Dreyfus”), Wilmar International Limited ("Wilmar"), and COFCO International, as well as a variety of regional players in each region
Financial Services and Activities						To secure our annual supply of raw materials, particularly in Brazil, we provide financing services to farmers from whom we purchase soybeans and other agricultural commodities. Our farmer financing activities are an integral part of our grain and oilseed origination operations.
Recent Acquisitions/ Dispositions						On March 4, 2025, we completed the divestment of 40% of our Spanish operating subsidiary, Bunge Iberica SA ("BISA"), which operates three industrial facilities in Spain, to Repsol SA. We maintain a controlling financial interest in BISA and continue to consolidate the entity.

~~•failure~~Softseed toProcessing ~~realize~~and ~~the~~Refining ~~anticipated benefits of the Acquisition;~~Segment

~~•the~~Our ~~incurrence~~Softseed ofProcessing ~~significant~~and ~~integration-related~~Refining ~~costs~~segment inis ~~connection~~a ~~with~~globally ~~the~~integrated ~~Acquisition~~business ~~and~~principally ~~realizing~~involved in the ~~anticipated~~purchase, ~~synergies~~storage, transportation, processing, distribution, refining, marketing, and sale of ~~the~~softseeds ~~combined~~(canola/rapeseed ~~company;~~and sunflower seed) and softseed related products, as well as biodiesel production and distribution.

•the ability of certain shareholders to exercise influence over the composition of Bunge's Board of Directors ("Board"), matters subject to shareholder approval and/or our operations;


Key Commodities						Canola/Rapeseed, Sunflower Seed, Canola/Rapeseed Meal, Sunflower Meal, Canola/Rapeseed Oil, Sunflower Oil
Key Regions and Processing Capacity						53% in Europe, 30% in North America, 13% in South America, and 4% in Asia-Pacific
Customers						Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products
Raw Materials						Globally sourced directly from farmers or indirectly through intermediaries.
Competition						Due to the commodity nature, markets for our softseeds, softseed meal, and crude softseed oil are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Competition for refined softseed oil is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion.
Key Competitors						ADM, Cargill, Louis Dreyfus, and Wilmar, as well as a variety of regional players in each region
Recent Acquisitions/ Dispositions						In 2025, Bunge acquired an oilseed crush operation in western Ukraine from Varthomio ("ViOil"). On February 3, 2023, we completed the disposition of our Russian operations.

~~•Bunge’s~~Other ~~historical~~Oilseeds ~~shareholders~~Processing ~~having reduced ownership~~ and ~~voting~~Refining ~~interest in and exercising less influence over management of the Company post-Acquisition;~~Segment

~~The~~Our ~~above~~Other ~~list~~Oilseeds isProcessing ~~not~~and ~~exhaustive,~~Refining ~~and~~segment ~~the~~is ~~Company~~a ~~faces~~globally ~~additional~~integrated ~~challenges~~business ~~and~~principally ~~risks.~~involved ~~You~~in ~~should~~products ~~carefully~~of ~~consider~~a ~~all~~specialty ofnature, including the ~~information~~purchase, ~~set~~storage, ~~forth~~transportation, inprocessing, ~~this~~distribution, ~~Annual~~refining, ~~Report~~marketing, ~~including~~and insale ~~"Item~~of ~~1A.~~these ~~Risk~~related ~~Factors~~products."


Key Commodities						Palm Oil, Palm Kernel Oil, Shea Butter, Coconut Oil, various other Seed Oils, Soy Protein Concentrates, and Textured Soy Flour
Key Regions						We have processing, refining, and packaging facilities in North America, Europe, Asia-Pacific, and Africa. We also have tolling operations in South America. Our other oilseeds processing and refining business comprises our business to business ("B2B") and business to consumer ("B2C") refined and specialty oils offerings, including our 80% ownership interest in our Loders joint venture with IOI Corporation Berhad. Our soy protein concentrate business is primarily located in North America.
Products						We refine and fractionate tropical oils, including palm oil, palm kernel oil, coconut oil, and shea butter, and blend and refine with various other vegetable oils, including soybean, rapeseed/canola, and sunflower oils. Additionally, we produce specialty ingredients derived from soybeans, such as soy protein concentrate, which is used in a broad range of food and feed applications.

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PART I


Customers						Leading customers include baked goods companies, snack food producers, confectioners, restaurant chains, food service operators, human nutrition companies, meat producers, meat alternative producers, petfood companies, and other food manufacturers who use vegetable oils, shortenings, and soy protein concentrate as ingredients in their operations. Other customers include grocery chains, wholesalers, distributors, and other retailers who sell to consumers either under our own brand names or private labels. These customers include global and national food processors and manufacturers, many of which are leading brand owners in their product categories.
Raw Materials						Globally sourced directly from farmers, plantations, processors, other refiners, or indirectly through intermediaries.
Competition						Competition is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion. Our products may compete with widely advertised, well-known, branded products, as well as private label and customized products.
Key Competitors						ADM, AAK AB, Cargill, Fuji Oil Co. Ltd., and Wilmar, as well as a variety of regional players in each region
Recent Acquisitions/ Dispositions						On August 5, 2025, we 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 transaction is expected to close in 2026, subject to customary closing conditions. On March 21, 2025, we entered into an agreement to sell our European margarines and spreads business. Completion of the sale is subject to customary closing conditions, including regulatory approval, and is expected to close in 2026. In April 2023, Bunge, through our 80% ownership of the Bunge Loders Croklaan ("Loders") joint venture with IOI Corporation Berhad, completed our purchase of a port-based refinery located in Avondale, Louisiana in the United States. The facility has multi-oil refining capabilities and provides a scalable, complementary addition to our North America footprint.

~~Item 1. Business~~Grain Merchandising and Milling Segment

~~Business~~Our ~~Overview~~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.

WeKey Commodities Corn, Wheat, Barley, Cotton, Pulses, Sugar Key Regions The operations and assets of our merchandising operations are located throughout the world; milling operations and assets are primarily located in South America. Customers The principal purchasers of our grains are animal feed manufacturers, livestock producers, wheat and corn millers. As a ~~leading~~result, our grain merchandising business generally benefits from global ~~agribusiness~~demand for protein, primarily poultry and pork products. The primary customers for our wheat milling products are food ~~company~~processing, ~~with~~bakery, ~~integrated~~and ~~operations~~food ~~that~~service ~~stretch~~companies, while the primary customers of our sugar milling products are food processing companies. Raw Materials Globally sourced directly from ~~farmer~~farmers toor ~~consumer~~indirectly through intermediaries. For the sugar milling business, a portion is sourced from our own production through leased land arrangements in Brazil. Distribution and Logistics We ~~believe~~have developed an extensive global logistics network to transport our products, including trucks, railcars, river barges, and ocean freight vessels. Typically, we ~~are~~either lease the transportation assets or contract with third parties for these services. To better serve our customer base and develop our global distribution and logistics capabilities, we own or operate, either directly including through leases or through joint venture arrangements, various port terminal facilities located in a ~~leading:~~variety of major grain exporting regions.

•global oilseed processor and producer of vegetable oils and protein meals, based on processing capacity;

•global grain processor, based on volume;

•seller of packaged plant-based oils worldwide, based on sales; and

•producer and seller of wheat flours, bakery mixes, and corn-based products in North and South America, based on volume.

We conduct our operations via four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, 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 and are classified as Corporate and Other.

We further organize these reportable segments into Core operations and Non-core operations. Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling segments.

Our Agribusiness segment is an integrated, global business principally involved in the purchase, storage, transportation, processing and sale of agricultural commodities and commodity products. Our Agribusiness operations and assets are located in North and South America, Europe, and Asia-Pacific, and we have merchandising and distribution offices throughout the world.

The Refined and Specialty Oils segment includes businesses that sell vegetable oils and fats, including cooking oils, shortenings, specialty ingredients, and renewable diesel feedstocks. The operations and assets of our Refined and Specialty Oils segment are primarily located in North and South America, Europe and Asia-Pacific.

The Milling segment includes businesses that sell wheat flours, bakery mixes, and corn-based products. The operations and assets of our Milling segment are located in North and South America. During the third quarter of 2022, we completed the sale of our wheat milling business in Mexico.

Non-core operations includes our Sugar and Bioenergy segment, which was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia to BP Biofuels Brazil Investment Limited ("BP").

Pending Business Combination with Viterra Limited

On June 13, 2023, Bunge Limited entered into a definitive business combination agreement (the "Business Combination Agreement") with Viterra and its shareholders, including certain affiliates of Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investments"), and British Columbia Investment Management Corporation ("BCI") (collectively, the "Viterra Shareholder Group"), to acquire Viterra in a stock and cash transaction (the "Acquisition"). Bunge Limited shareholders approved the Acquisition at an extraordinary general meeting held on October 5, 2023.

Viterra operates a leading network of agricultural storage, processing and transport assets connecting producers to consumers with sustainable, traceable and quality-controlled agricultural products. The Acquisition is expected to create an innovative global agribusiness company 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, the Viterra Shareholder Group are anticipated to receive approximately 65.6 million of registered shares of Bunge, with an aggregate value of approximately $5.1 billion as of December 31, 2024 and receive approximately $2.0 billion in cash (collectively, the "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company’s share price at the time of closing. Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023.

The Acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions. The Acquisition is expected to receive the remaining regulatory approvals and close in the next few months. The Business

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Combination Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Viterra Shareholder Group a fee of $400 million in the aggregate.


Competition						Due to the commodity nature of grain products, markets for our products are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Competition for milling is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion.
Key Competitors						ADM, Cargill, Louis Dreyfus, COFCO International, CHS Inc., and Olam Group Limited, as well as a variety of regional players in each region
Financial Services and Activities						We offer various financial services, principally trade structured finance and financial risk management services, to customers and other third parties. Our trade structured finance operations primarily leverage our international trade flows to generate trade finance derived liquidity in emerging markets for third parties. Our financial risk management services include structuring and market risk management products to enable agricultural producers and end users of commodities to manage commodity price risk exposures. We also engage in foreign exchange and other financial instrument trading via our financial services business.
Recent Acquisitions/ Dispositions						In 2025, we completed the sale of our corn milling business in North America.

Corporate and Other

Our remaining operations, forming Corporate and Other, which are not considered a reportable segment, consist of salaries and overhead for corporate functions, including acquisition and integration costs related to our acquisition of Viterra (discussed below), that are not allocated to one of our four reporting segments. It also includes Bunge Ventures activity, our captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities, as well as the historical results of our former sugar and bioenergy segment, which was primarily comprised of our 50% interest in the BP Bunge Bioenergia joint venture, that we sold in October 2024.

Business Combination with Viterra Limited

On July 2, 2025, we completed our Acquisition of Viterra in a stock and cash transaction, creating a premier global agribusiness solutions company for food, feed and fuel, that is well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. For more information on the Acquisition, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".

History and Corporate Information

We trace our history back to 1818 when we were founded as a trading company in Amsterdam, ~~The~~the Netherlands. We are a holding company and substantially all of our operations are conducted through our subsidiaries.

Bunge Global is incorporated under Swiss law as a stock corporation (Aktiengesellschaft) and domiciled in Geneva, Switzerland. The change of the jurisdiction of incorporation of our group holding company from Bermuda to Switzerland was completed on November 1, 2023 (the "Redomestication"). In connection with the Redomestication, the shareholders of Bunge Limited became, on a one-for-one basis, the holders of all the issued and outstanding registered shares of Bunge Global.

Bunge Global is recorded in the Commercial Register of the Canton of Geneva with enterprise registration number CHE-318.451.510. Our registered office and principal executive offices are located at Route de Florissant 13, 1206 Geneva, Switzerland. Our corporate headquarters is located at 1391 Timberlake Manor Parkway, Chesterfield, Missouri, 63017, United States of America, and our telephone number is (314) 292-2000.

~~Core~~Risk ~~Segments~~Management

~~Agribusiness~~Risk ~~Segment~~management is a fundamental aspect of our business. Our Board of Directors (“Board”) oversees management’s approach to risk management, which is designed to support the achievement of our strategic objectives and enhance shareholder value. Our Board has established an effective organizational structure to appropriately oversee major risks through the formation of a dedicated Board committee, the Enterprise Risk Management Committee (“ERMC”), which provides greater focus at the Board level on risk oversight tailored to our business and industries. Additionally, each of our other Board committees considers risks within its area of responsibility. All Board committees regularly report on their activities to the full Board to promote effective coordination and to ensure that the entire Board is aware of and considering major risks, how those risks may interrelate, and how management addresses those risks. Finally, Bunge has management teams responsible for risk, including a Chief Risk Officer (“CRO”), a Management Risk Committee (“MRC”) and an internal audit team to assist with the implementation, governance and monitoring of risk management strategies and risk mitigation efforts. The CRO is the

Overview—Our Agribusiness segment is an integrated, global business involved in purchasing, storing, transporting, processing, and selling agricultural commodities and commodity products while managing risk across various value chains. The principal agricultural commodities that we handle in this segment are oilseeds, primarily soybeans, rapeseed, canola, and sunflower seed, and grains, primarily wheat and corn. We process oilseeds into vegetable oils and protein meals, principally for the food, animal feed and biofuel industries, through a global network of facilities. Our footprint is well balanced, with approximately 31% of our processing capacity located in North America, 27% in South America, 25% in Europe and 17% in Asia-Pacific.

Recent Acquisitions—On October 10, 2023, we entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, "CJ"). Operations of CJ primarily consist of an oilseed processing facility located in Brazil. The acquisition is expected to close in early 2025, subject to customary closing conditions.

Customers—We sell agricultural commodities and processed commodity products to customers throughout the world. The principal purchasers of our oilseeds, grains, and oilseed meal are animal feed manufacturers, livestock producers, wheat and corn millers, and other oilseed processors. As a result, our agribusiness operations generally benefit from global demand for protein, primarily poultry and pork products. The principal purchasers of the unrefined vegetable oils produced in this segment are our own refined and specialty oils businesses, third-party edible oil processors, which use these oils as raw materials in the production of edible oil products for the food service, and the food processor and retail markets, as well as biofuel companies, which use the oil as feedstock for biofuel production.

Distribution and Logistics—We have developed an extensive global logistics network to transport our products, including trucks, railcars, river barges, and ocean freight vessels. Typically, we either lease the transportation assets or contract with third parties for these services. To better serve our customer base and develop our global distribution and logistics capabilities, we own or operate either directly or through joint venture arrangements, various port terminal facilities, including in Brazil, Argentina, the United States, Canada, Latvia, Ukraine, France, Poland, Vietnam, and Australia.

Financial Services and Activities—We offer various financial services, principally trade structured finance and financial risk management services, to customers and other third parties. Our trade structured finance operations primarily leverage our international trade flows to generate trade finance derived liquidity in emerging markets for third parties. Our financial risk management services include structuring and marketing risk management products to enable agricultural producers and end users of commodities to manage commodity price risk exposures. We also engage in foreign exchange and other financial instrument trading via our financial services business. Additionally, we provide financing services to farmers, primarily in Brazil, from whom we purchase soybeans and other agricultural commodities. Our farmer financing activities are an integral part of our grain and oilseed origination activities as they help assure the annual supply of raw materials for our Brazilian agribusiness operations.

Biodiesel—We own and operate conventional biodiesel facilities in Europe and Brazil and have equity method investments in conventional biodiesel producers in Europe and Argentina. This business is complementary to our core

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~~Agribusiness~~management ~~operations~~lead of the ERMC and oversees our enterprise risk management (“ERM”) framework, policies and systems. The MRC, which is part of Bunge’s ERM framework, is responsible for reviewing and monitoring key exposures, emerging risks, and drivers of risk. The MRC serves as inBunge’s ~~each~~most ~~case~~senior wemanagement-level ~~supply~~risk ~~some~~governance body, and reviews on an ongoing basis key enterprise risks, providing oversight for all risk management activities, including our risk framework. The risks evaluated by the MRC and overseen by the ERMC include but are not limited to commodity price risk; foreign exchange risk; liquidity, interest rate, and funding risk; credit and counterparty risk; country risk; climate-related risk; new trading or investing business activity risk; sanctions and derivatives compliance and insurance risk transfer programs; and cybersecurity risk. When considering these risks, three criteria are evaluated: the possibility of occurrence, magnitude of risk, and power to mitigate. These risks are directly linked to the ~~raw~~substantive ~~materials~~impact ~~(refined~~understood by Bunge, which include but are not limited to the impact related to the potential loss of customer demand for our products or ~~partially~~the ~~refined~~ability ~~vegetable~~to ~~oil)~~supply ~~used~~products in ~~their~~sufficient ~~production~~volumes ~~processes.~~to meet demand.

~~Raw~~The ~~Materials—We~~primary ~~purchase~~risks ~~oilseeds~~that ~~and~~our ~~grains~~Company ~~either~~is ~~directly~~subject ~~from~~to ~~farmers~~are ordiscussed ~~indirectly~~under ~~through~~the ~~intermediaries.~~heading ~~Although~~"Item ~~the~~1A. ~~availability~~Risk Factors" and ~~price~~we ofalso ~~agricultural~~describe ~~commodities~~our ~~may,~~efforts into ~~any~~hedge ~~given~~and ~~year,~~actively bemanage ~~affected~~our bymarket ~~unpredictable~~risks, ~~factors~~including ~~such~~those asassociated ~~weather,~~with ~~government~~our ~~programs~~positions ~~and~~in ~~policies,~~physical and ~~farmer~~derivative ~~planting~~markets ~~and~~for ~~selling~~agricultural ~~decisions~~commodities, ~~our~~energy, ~~operations~~inland inand ~~major~~ocean ~~crop~~freight, ~~growing~~foreign ~~regions~~currency, ~~have~~and ~~enabled~~interest usrates tounder ~~source~~the ~~adequate~~heading ~~raw~~"Item ~~materials~~7A. ~~for~~Quantitative ~~our~~and ~~operational~~Qualitative ~~needs~~Disclosures About Market Risk."

Competition—Due to their commodity nature, markets for our products are highly competitive and subject to product substitution. Competition is principally based on price, quality, product and service offerings, and geographic location. Major competitors include but are not limited to: Archer Daniels Midland Co. ("ADM"), Cargill Incorporated ("Cargill"), Louis Dreyfus Company B.V., Wilmar International Limited ("Wilmar"), and COFCO International.

Refined and Specialty Oils Segment

Overview—We primarily sell our refined and specialty oil products to food processors, food service companies, renewable diesel producers, and retail outlets. The principal raw materials used in our Refined and Specialty Oils segment are various crude and further processed vegetable oils and fats. These raw materials are mostly agricultural commodities that we either produce or purchase from third parties. We believe that our global integrated business model enables us to realize synergies among our Agribusiness, Refined and Specialty Oils, and Milling segments through raw material procurement, logistics, risk management and the co-location of industrial facilities, enabling us to supply customers with reliable, high-quality products on a global basis. As many of the products we sell in our Refined and Specialty Oils segment are staple foods or ingredients, these businesses generally benefit from global population and income growth rates. Additionally, our businesses that sell vegetable oils as feedstock to the renewable diesel industry generally benefit from increased emphasis on environmental sustainability, including government incentives and mandates aimed at increasing the percentage of fuels stemming from renewable sources, and increased production from the renewable diesel industry.

Recent Acquisitions—In April 2023, Bunge, through our 80% ownership of the Bunge Loders Croklaan ("Loders") joint venture with IOI Corporation Berhad, completed our purchase of a port-based refinery located in Avondale, Louisiana in the United States. The facility has multi-oil refining capabilities and provides a scalable, complementary addition to our North America footprint. In 2024, we broke ground on a project to expand the facility’s production capacity.

Products—Our refined and specialty oil products include packaged and bulk oils and fats, including cooking oils, shortenings, margarines, renewable diesel feedstocks, and other products derived from the vegetable oil refining process. We primarily use soybean, sunflower, rapeseed, and canola oil that we produce in our Agribusiness segment processing operations as raw materials in this business. We also refine and fractionate palm oil, palm kernel oil, coconut oil, and shea butter, and blend and refine olive oil. Additionally, we produce specialty ingredients derived from vegetable oils, such as lecithin, which is used as an emulsifier in a broad range of food products. We are a leading seller of packaged vegetable oils worldwide, based on sales. We have refined and specialty oils refining and packaging facilities in North America, South America, Europe, Asia-Pacific, and Africa. Our refined and specialty oils business comprises our wholly-owned refined oils business in North America, other business to business ("B2B") and business to consumer ("B2C") refined and specialty oils offerings in South America, Europe and Asia-Pacific, and our 80% ownership interest in our Loders joint venture with IOI Corporation Berhad.

In Brazil, our retail edible oil brands include Soya, the leading consumer packaged vegetable oil brand, as well as Salada. Further, we are a leading supplier of shortenings to the food processor market.

In the United States and Canada, we primarily provide product offerings to food processors and food service companies, and we sell refined vegetable oils as feedstock to the renewable diesel industry. Specifically, we offer food manufacturers, bakeries, confectionaries, and food service operators high-quality solutions to fit their goals, such as delivering desired tastes and textures, or reducing saturated fats in their products. Our products include trans-fat free high-oleic canola oil, which is low in saturated fats, and high-oleic soybean oil, which is highly stable and trans-fat free. We have also developed proprietary fiber addition processes that allow bakery and food processor customers to achieve significant saturated fat reductions in shortenings. We also produce margarines and buttery spreads, including our leading Country Premium brand, for food service, food processor and retail private label customers.

In Europe, we are a leader in consumer packaged vegetable oils, which are sold in various geographies under brand names including Venusz, Floriol, Kujawski, Unisol, Kaliakra, Oleina, Oliwier, Komili and Kirlangic. We are also a leader in margarines, under brand names including Smakowita, Slynne, Maslo Rosline, Masmix, Optima, Finuu, Deli Reform, Keiju, Alentaia, Venusz, Evesol, Carlshamn, Voimix, Eleplant and Beleaf. Additionally, we produce a variety of products for the confectionery and bakery industries. We are also an oils supplier in the Western European food service channel.

In Asia, we offer a range of consumer products and offerings, including bakery, culinary, confectionary, and human nutrition products. In India, our consumer brands include Dalda, Gagan, Fiona and Chambal edible oils; Dalda and Gagan

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vanaspatis; and Masterline professional bakery fats.

Customers—Our customers include baked goods companies, snack food producers, confectioners, restaurant chains, food service operators, human nutrition companies, other food manufacturers who use vegetable oils and shortenings as ingredients in their operations, and renewable diesel producers. Other customers include grocery chains, wholesalers, distributors, and other retailers who sell to consumers either under our own brand names or private labels. These customers include global and national food processors and manufacturers, many of which are leading brand owners in their product categories.

Competition—Competition is based on a number of factors, including price, raw material procurement, distribution capability, cost structure, brand recognition, product quality, product innovation, technical support, composition and nutritional value, and advertising and promotion. Our products may compete with widely advertised, well-known, branded products, as well as private label and customized products. Our principal competitors in the Refined and Specialty Oils segment include, but are not limited to: ADM, AAK AB, Cargill, Fuji Oil Co. Ltd., and Wilmar, as well as local competitors in each region.

Milling Segment

Overview—We primarily sell our milling products to three customer types or market channels: food processors, food service companies, and retail outlets. The principal raw materials used in our milling businesses are wheat, corn, and other agricultural commodities sourced from our Agribusiness segment or directly from third parties. Similar to our refined and specialty oils business, we realize synergies among our other segments in areas such as raw material procurement, logistics, risk management, and the co-location of industrial facilities, enabling us to supply customers with reliable, high quality products on a global basis. As many of the products we sell in our Milling segment are staple foods or ingredients, these businesses generally benefit from macro population and income growth rates. Additionally, our Milling segment is focused on capitalizing on growing global consumer food trends, including a desire for less processed, healthier foods, interest in new flavors, and increases in snacking and eating outside the home.

Products—Our Milling segment activities include the production and sale of a variety of wheat flours and bakery mixes in Brazil, as well as corn-based products derived from both the dry and wet corn milling processes in the United States and Mexico. During the third quarter of 2022, we completed the sale of our wheat milling business in Mexico.

Our brands in Brazil include Suprema, Soberana, Farina, Predileta, and Bem-fácill wheat flours, Pre-Mescla, BTX, and Bem-fácill bakery premixes. Our corn milling products primarily consist of dry-milled corn meals and flours, flaking and brewers' grits, soy-fortified corn meal, corn-soy blends, snack grits and meals, and other similar products. As part of our corn portfolio, we also sell whole grain and fiber ingredients in addition to wet-milled masa flours, some sold under the El Maizal brand in the United States. Additionally, we offer organic and non-GMO products in the United States, including corn varieties.

Customers—The primary customers for our wheat milling products are food processing, bakery, and food service companies. The primary customers for our corn milling products are companies in the food-processing sector, such as cereal, snack, bakery, brewing, and food service companies; industrial manufacturing companies; and the U.S. Government under its humanitarian assistance programs.

Competition—Competition is based on a variety of factors, including price, raw material procurement, brand recognition, product quality, nutritional profile, dietary trends, and distribution capabilities. In Brazil, our major competitors are M. Dias Branco, J. Macedo, Moinho Anaconda, and Grande Moinho Cearense, as well as many small regional producers. Our major competitors in North American corn milling include Cargill, Didion Inc., SEMO Milling, LLC, Life Line Foods, LLC, and Gruma S.A.B. de C.V.

Corporate and Other

Corporate and Other includes salaries and overhead for corporate functions that are not allocated to our individual reporting segments because the operating performance of such reporting segments is evaluated by our chief operating decision maker 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.

Non-core Segment

Sugar and Bioenergy Segment

Our Sugar and Bioenergy segment primarily comprised our 50% interest in BP Bunge Bioenergia, which was our joint venture with BP, as well as minor ethanol distribution sales activity. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia to BP.

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The joint venture was formed to cultivate sugar cane, produce and sell sugar and sugar ethanol, and create power cogeneration activities. The sugar produced at BP Bunge Bioenergia’s mills was sold in both the Brazilian domestic market, primarily in the confectionary and food processing industries, and export markets. The ethanol was sold primarily to customers for use in the Brazilian domestic market to meet demand for fuel, and also exported in the international market.

BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. We accounted for our interest in the joint venture under the equity method of accounting. Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia for the period during which we had an interest in the joint venture. As our long-term goal has been to seek strategic opportunities for our investment in the joint venture, the operations are designated as Non-core in the period prior to the sale.

Risk Management

Risk management is a fundamental aspect of our business. Our Board of Directors ("Board") oversees management’s approach to risk management, which is designed to support the achievement of our strategic objectives and enhance shareholder value. We regularly review our enterprise level risks, emerging risks and assess our risk tolerance levels and the effectiveness of our risk monitoring and risk management efforts. Our Board has established the Enterprise Risk Management Committee ("ERMC") to provide greater focus at the Board level on risk oversight tailored to our business and industries. Our Chief Risk Officer ("CRO") is the management lead of the ERMC, and oversees the enterprise risk management process of the Company, including climate-related risks and opportunities and their impacts on our business strategy, operations and investments. Additionally, each of our other Board committees considers risks within its area of responsibility. Bunge also has a Management Risk Committee ("MRC") in its enterprise risk management ("ERM") framework, responsible for reviewing and monitoring key exposures, emerging risks, and drivers of risk. The MRC serves as the most senior management-level risk governance body and reviews on an ongoing basis key enterprise risks, providing oversight for all risk management activities, including our risk framework. The risks covered by the MRC include but are not limited to commodity price risk; market risk; liquidity, interest rate, and financing risk; credit and counterparty risk; country risk; cybersecurity risk; and risks related to climate change. When considering these risks, three criteria are evaluated: the possibility of occurrence, magnitude of risk, and power to mitigate. These risks are directly linked to the substantive impact understood by Bunge, which include but are not limited to the impact related to the potential loss of customer demand for our products or the ability to supply products in sufficient volumes to meet demand.

The primary risks that our company is subject to are discussed under the heading "Item 1A. Risk Factors" and we also describe our efforts to hedge and actively manage our market risks, including those associated with our positions in physical and derivative markets for agricultural commodities, energy, inland and ocean freight, foreign currency, and interest rates under the heading "Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

Insurance

In each country in which we conduct business, our operations and assets are subject to varying degrees of risk and uncertainty. We financially insure our businesses and assets in each country in a manner that we deem appropriate for a company of our size and activities, ~~including against certain risks associated with the ongoing Ukraine-Russia war,~~ based on an analysis of the relative risks, costs, and market availability of insurance. We believe that our geographic dispersion of assets helps mitigate the risk to our business from an adverse event affecting a specific facility. However, if we were to incur a significant loss or liability for which we were not insured in full or in part, it could have a materially adverse effect on our business, financial condition, and results of operations.

Operating Segments and Geographic Areas

We have included financial information about our reportable segments and our operations by geographic area in Note 26- Segment Information to our consolidated financial statements included as part of this Annual Report on Form 10-K.

Research and Development, Innovation, Patents, and Licenses

~~Our~~Given the nature of our business, our research and development activities are very minimal and focused on developing products and improving processes that will drive growth or otherwise add value to our core business operations and create value for our customers. In our refined and specialty oils and milling businesses, we have several research and development centers globally to support product development and enhancement, working alongside our key customers. We monitor the latest advancements in our core areas via an external technology scouting program. Additionally, Bunge Ventures, our corporate venture capital and private capital markets principal investing arm, invests in start-ups and other early-stage companies that are developing new technologies relevant to our industries. Additionally, we invest capital and human resources in digital innovations, aimed at using technology, data and analytics to improve how we perform our most important functions across our value chains, including origination, production,

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logistics, and customer experience.

We own trademarks, patents, and licenses covering certain of our products and manufacturing processes. However, neither our business as a whole nor any segment is dependent on any specific trademark, patent, or license.

Seasonality

InWhile ~~our Agribusiness segment, while~~ there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as ~~oilseeds~~soybeans, softseeds, and grains, we typically do not experience material fluctuations in volume between the first and second half of the year, since we are geographically diversified between the northern and southern hemispheres, and we sell and distribute products throughout the year. However, the first quarter of the year has generally been our weakest in terms of financial results due to the timing of the North and South American oilseed harvests, as the North American harvest peaks in the third and fourth quarters, and the South American harvest peaks in the second quarter. Our North and South American grain merchandising and oilseed processing activities are, therefore, generally at lower levels during the first quarter.

In our ~~Refined~~refined ~~and~~oils ~~Specialty Oils~~ and ~~Milling~~milling ~~segments~~businesses, demand for certain of our food items may be influenced by holidays and other annual events.

Government Regulation

In each of the countries in which we operate, we are subject to a variety of laws and regulations governing various aspects of our business, including general business regulations as well as those governing the manufacturing, production, handling, storage, transport, marketing, and sale of our products. These include laws and regulations relating to facility licensing and permitting, food, and feed safety, the handling and production of regulated substances, nutritional and labeling requirements, global trade compliance and other matters. Our operations and those of our suppliers are also subject to restrictions on land use in certain protected areas, forestry reserve requirements, limitations on water use, as well as other environmental regulations. Additionally, from time-to-time, agricultural production shortfalls in certain regions, and growing demand for agricultural commodities for feed, food, and fuel use have caused prices for relevant agricultural commodities to rise. High commodity prices and regional crop shortfalls have led, and in the future may lead, governments to impose price controls, tariffs, export restrictions and other measures designed to ensure adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive conditions in their markets.

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controls, tariffs, export restrictions and other measures designed to ensure adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive conditions in their markets.

Many countries use and produce biofuels as alternatives to traditional fossil fuels. Biofuels convert crops, such as sugarcane, corn, soybeans, palm, rapeseed, canola, and other oilseeds, into ethanol, renewable diesel, or biodiesel to extend, enhance or substitute for fossil fuels. Production of biofuels has increased significantly in the last decade in response to both periods of high fossil fuel prices and to government incentives to produce biofuels offered in many countries, including the United States, Brazil, Argentina, and several South-East Asian and European countries. Furthermore, in several countries, governmental authorities are mandating biofuel use in transport fuels at specified levels. As such, the markets for agricultural commodities used in the production of biofuels have become increasingly affected by the growth of the biofuels industry and related legislation.

We are subject to various environmental protection and occupational health and safety laws and regulations in the countries in which we operate, and we incur costs to comply with these requirements. Compliance with applicable laws and regulations relating to environmental matters has not had a material financial or competitive effect on our business. However, due to our extensive operations across multiple industries and jurisdictions globally, we are exposed to the risk of claims and liabilities under these laws and regulations. Violations can result in substantial fines, administrative sanctions, criminal penalties, revocations of operating permits and/or shutdowns of our facilities, litigation, and other liabilities, as well as damage to our reputation.

Our business could also be affected by the regulation or taxation of greenhouse gas ("GHG") emissions, policies related to national emission reduction plans, and regulations related to conservation and eliminating deforestation. A number of jurisdictions in which we operate have implemented or are in the process of implementing carbon pricing programs or regulations to reduce GHG emissions or deforestation, including, but not limited to, the Unites States, Canada, Mexico, the European Union and its member states, and China. In addition, the European Union Deforestation Regulation ("EUDR") will require companies trading in certain commodities, including palm oil and soy, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation, forest degradation, or breaches of local laws after December 31, 2020 in order to sell such products in the European Union. The EUDR's ~~was~~implementation ~~scheduled~~date towas ~~become~~first ~~effective~~extended into December ~~2024,~~2025 ~~but~~and ~~the~~has ~~European~~now ~~Union~~been ~~reached~~extended aagain ~~deal~~until in December ~~2024 to postpone its implementation by one year to December 2025~~2026. We have begun evaluating implementation efforts necessary to fully comply with the EUDR. Also, failure to comply with the EUDR could result in fines, exclusion from public procurement processes and public funding and prohibition from dealing in the EU in these items. Our operations located in countries with effective and applicable carbon pricing and regulatory programs currently meet related existing obligations with no significant impact on our results of operations and competitive position. We regularly assess the potential impacts to our business resulting from regulation or policies aimed at reducing GHG emissions and deforestation. Potential consequences could include increased energy, transportation and raw material costs, and additional investments to modify our facilities, equipment and processes.

10As regulators continue to focus on climate change and other sustainability issues, we expect to become subject to new sustainability disclosure frameworks. Additionally, as a Swiss company, we are also subject to more scrutiny by investors and other stakeholders in Europe related to our sustainability disclosures, the actions we are taking and the goals we set.

We closely monitor the rules and regulations related to sustainability disclosures and their impact on us. For example, in 2022, the European Union adopted the Corporate Sustainability Reporting Directive ("CSRD"), which expands the number of companies required to publicly report sustainability-related information and defines the sustainability-related information that companies are required to report in accordance with European Sustainability Reporting Standards ("ESRS"). The CSRD rules may impose increased costs on us related to complying with our reporting obligations and increase risks of non-compliance with ESRS and the CSRD. The CSRD rules were originally effective for annual periods beginning on or after January 1, 2025. In April 2025, the European Parliament approved a "stop-the-clock" directive which officially postponed the requirements' application to Bunge by two years to the annual period beginning on January 1, 2027. We have begun evaluating CSRD disclosures in accordance with ESRS and expect to comply with all applicable in-scope CSRD reporting requirements.

As a publicly traded company incorporated in Switzerland, Bunge is also required under Swiss law to prepare a report covering five non-financial matters, namely environmental matters (in particular climate issues), social issues, employee-related issues (including diversity aspects), respect for human rights, and combating corruption. The report must include (i) a description of our business model, (ii) a description of the policies adopted in relation to these matters, including the due diligence applied, (iii) a presentation of the measures taken to implement these policies and an assessment of the effectiveness of these measures, (iv) a description of the main risks related to these matters and how we are dealing with these risks, and (v) the main performance indicators for the Company’s activities in relation to these matters. We are required to submit a report with respect to the previous fiscal year to our shareholders for approval each year at our Annual General Meeting of Shareholders. In addition, under the Swiss Code of Obligations, certain Bunge subsidiaries in Switzerland must adhere to due diligence and transparency requirements concerning child labor in the supply chain if these subsidiaries offer products or services in relation to which there are reasonable grounds to suspect that they have been manufactured or provided using child

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~~operations and competitive position~~labor. We ~~regularly~~comply ~~assess~~with ~~the~~these ~~potential~~requirements ~~impacts~~by adhering to ~~our~~internationally ~~business~~recognized ~~resulting~~regulations ~~from~~deemed ~~regulation~~equivalent orunder ~~policies~~Swiss ~~aimed at reducing GHG emissions and deforestation~~law. ~~Potential consequences could include increased energy, transportation and raw material costs, and additional investments to modify our facilities, equipment and processes.~~

AsFurther, ~~regulators~~in ~~increasingly~~2023, ~~focus~~California onenacted ~~climate~~the ~~change~~Climate-Related Financial Risk Act and ~~other~~the ~~sustainability~~Climate ~~issues~~Corporate Data Accountability Act (together, wethe ~~expect~~"Climate toAccountability ~~become~~Package"). ~~subject~~The toClimate ~~new~~Accountability ~~environmental~~Package requires, ~~social~~among other things, all private and ~~governance~~public ~~("ESG")~~companies ~~disclosure~~with ~~frameworks.~~an ~~Additionally,~~annual asrevenue aof ~~Swiss~~more ~~company,~~than we$1 ~~are~~billion ~~also~~and ~~subject~~doing business in California to ~~more~~publicly ~~scrutiny~~disclose byScope ~~investors~~1 and ~~other~~Scope ~~stakeholders~~2 GHG emissions beginning in ~~Europe~~2026 ~~related~~and toScope ~~our~~3 ~~ESG~~GHG ~~disclosures,~~emissions ~~the~~in ~~actions~~2027, which we ~~are~~believe ~~taking~~is currently applicable to us. We continue to assess the legislative, regulatory, and other developments in California related to the ~~goals~~Climate weAccountability ~~set~~Package.

We closely monitor the rules and regulations related to ESG disclosure and their impact on us. For example, in 2022, the European Union adopted the Corporate Sustainability Reporting Directive ("CSRD"), which expands the number of companies required to publicly report ESG-related information and defines the ESG-related information that companies are required to report in accordance with European Sustainability Reporting Standards ("ESRS"). The CSRD rules may impose increased costs on us related to complying with our reporting obligations and increase risks of non-compliance with ESRS and the CSRD. The CSRD will apply to us for fiscal years beginning after January 1, 2025, with our first report to be published in 2026. We have begun evaluating CSRD disclosures in accordance with ESRS and aim to comply with all applicable in-scope CSRD reporting requirements.

Further, on October 7, 2023, California enacted the Climate-Related Financial Risk Act and the Climate Corporate Data Accountability Act (together, the "Climate Accountability Package"). The Climate Accountability Package requires, among other things, all private and public companies with an annual revenue of more than $1 billion and doing business in California to publicly disclose Scope 1 and Scope 2 GHG emissions beginning in 2026 and Scope 3 GHG emissions in 2027. We are assessing the applicability of the Climate Accountability Package to us.

Although, at this time, it is not possible to estimate the likelihood of passage or predict the potential impact of any additional legislation, regulations or agreements, the effects of additional climate change regulatory initiatives could have a materially adverse impact on our business and results of operations. The scope of physical effects of climate change, including shifts in agricultural production areas and climatic volatility, is uncertain, but could in the long-term result in increased adverse incidents of weather-related events that cause disruptions to our operations and may ultimately result in stranded physical assets. We currently believe the breadth and diversification of our global asset network, as well as our participation in the global trade of agricultural commodities, will help to mitigate these risks.

Sustainability

~~Bunge~~Sustainability ~~believes sustainability~~ is ~~critical~~core to ~~our business. While we have consistently incorporated ESG factors into~~ Bunge’s strategy, investments and operations, we have intensified our efforts in light of new consumer trends, risks arising from factors such as climate change, and new growth opportunities defined by low-carbon attributes. We integrate ESG factors into nearly every area of our business, from how we evaluate new growth markets, plan and develop our strategic goals, compensate our employees and operate our facilities, to how we engage with our customers, suppliers, employees, communities, shareholders and other stakeholders. We ~~encourage~~make ~~Bunge~~decisions ~~leadership around the globe to embrace sustainable decision-making~~ across our value ~~chains~~chain built on a foundation of ethical leadership, accountability, and environmental stewardship. Our key areas of growth, comprising expansion of our oilseed processing and origination capabilities, production of renewable feedstocks, increasing our plant lipids portfolio and development of new plant-based protein ingredients, are not only central to our business strategy but also a testament to the alignment of sustainability with our corporate vision.

ASustainability ~~key~~factors ~~feature~~into ofdecisions ranging from how we evaluate new growth markets, plan and develop our ~~sustainability~~strategic ~~strategy~~goals, iscompensate our employees and operate our facilities to ~~leverage~~how ~~Bunge’s~~we ~~position~~engage inwith ~~the~~our ~~value~~customers, ~~chain~~suppliers, employees, communities, shareholders, and ~~its~~partners. ~~experience~~Our ~~delivering~~key ~~sustainable~~areas ~~solutions~~of growth, aligned to ~~stakeholders~~sustainability ininitiatives, ~~order~~include toproducing ~~collaboratively~~renewable ~~promote~~feedstocks, ~~industry~~increasing our plant lipids portfolio, and developing new plant-~~wide~~based ~~transformation~~protein ingredients. Moreover, Bunge ~~has~~is ~~been~~actively aengaged in supplying low-carbon feedstock for renewable fuels, sourcing and supplying grains planted under regenerative agricultural practices, and supplying certified and verified deforestation-free grains and by-products, among other initiatives.

11We leverage our experience delivering sustainable solutions to advance industry-wide progress. As a founding member of leading industry associations and platforms, Bunge works to address systemic challenges. For example, since establishing our non-deforestation commitment in 2015, we have implemented programs to prevent native vegetation conversion and deforestation in our supply chains. As another example, we continue to invest in technology and partnerships to strengthen monitoring and verification systems and expand regenerative agriculture programs that support low-carbon farming practices globally.

~~Table~~Bunge’s public reporting on sustainability matters conforms with internationally recognized frameworks and standards, the details of ~~Contents~~which are captured in the annual global sustainability report published in the first half of each year. Our global sustainability report will contain further information on Bunge’s strategy, performance, and other disclosures. Our global sustainability report is not incorporated by reference in this Annual Report. In addition, as described above, as a Swiss corporation, Bunge is also required under Swiss law to establish an annual non-financial matter report covering, among other things, certain sustainability matters (which will be submitted to shareholders for approval at the 2026 Annual Meeting), and to publish an annual report on compliance with our child labor diligence obligations. These reports are not incorporated by reference in this Annual Report.

founder and active member of leading industry associations and platforms to find practical solutions to certain sustainability challenges, such as climate change, land use change, human rights and biodiversity. We have implemented programs and strategies to mitigate against native vegetation conversion and deforestation in our supply chains associated with agricultural commodity production and trade, a commitment that was established in 2015. As of December 31, 2024, we achieved 100% traceability and monitoring of our direct and indirect soy supply chains in the priority regions of Brazil. We intend to build on our shared efforts, working with governments, farmers, and other key stakeholders in our supply chains, to identify opportunities for public-private collaboration focused on eliminating commodity-driven deforestation.

Bunge’s public reporting on ESG conforms with internationally recognized frameworks and standards, the details of which are captured in the annual global sustainability report published in the first half of each year. The 2025 global sustainability report will contain further information on Bunge’s ESG strategy, performance, and other disclosures. This report is not incorporated by reference in this Annual Report. In addition, as described above, as a Swiss corporation, Bunge is also required under Swiss law to establish an annual non-financial matter report covering, among other things, certain ESG matters (which will be submitted to shareholders for approval at the 2025 Annual Meeting), and to publish an annual report on compliance with our child labor diligence obligations. Such reports are not incorporated by reference in this Annual Report.

Governance

Bunge’s five Board committees each share responsibility to oversee ~~ESG and~~ sustainability considerations, including ~~among other things,~~ climate-related ~~change,~~risks ~~deforestation~~ and ~~native vegetation conversion, water, biodiversity, human rights, social development and stakeholder engagement related to these matters~~opportunities.

The Sustainability and Corporate Responsibility Committee ("SCRC") of the Board oversees and provides input on the development of sustainability and corporate social responsibility ~~governance,~~ policies, strategies, and programs, ~~including,~~of but not limited to: human rights; food safety; environmental matters related to climate change and emissions, water conservation and management, energy consumption and efficiency, product stewardship, and waste disposal; the Company’s public commitments regarding non-deforestation and emissions reduction; corporate sustainability reporting; ESG external trends and public affairs; relationships with stakeholders; assisting the ERMC in fulfilling their risk management oversight responsibility relating to ESG; and philanthropy and community relations. Additionally, the ERMC of the Board evaluates climate -related risks and exposures in connection with its periodic review of other enterprise risks and management’s risk mitigation strategies. The Audit Committee evaluates trends, ~~risks,~~ and developments in non-financial reporting practices and requirements that may impact the Company’s regulatory filings, including ~~ESG-related~~sustainability disclosures. The Human Resources and Compensation Committee oversees the Company’s compensation ~~framework,~~programs; ~~governance~~makes ~~guidelines~~recommendations ~~and~~to ~~performance~~the ~~criteria,~~Board ~~workforce~~regarding ~~trends,~~director ~~talent management~~ and ~~succession~~CEO ~~planning.~~compensation ~~The~~and ~~Corporate~~incentive ~~Governance~~compensation plans; and ~~Nominations Committee~~ oversees the Company’'s ~~corporate~~programs, ~~governance~~policies ~~frameworks~~ and ~~board~~ practices, asrelated ~~well~~to astalent ~~the~~management ~~identification~~and ofsuccession ~~qualified~~planning ~~board~~for ~~candidates~~the ~~with~~CEO ~~the~~and ~~appropriate~~select ~~skills,~~senior ~~diversity~~leaders. The Corporate Governance and ~~experience~~Nominations toCommittee ~~oversee~~has the ~~Company’s~~overall ~~business.~~responsibility for overseeing, among

The Company’s sustainability function is led by the Chief Sustainability Officer and Government Affairs ("CSO"), who reports to our Chief Executive Officer ("CEO"). The CSO oversees a global team operating across multiple geographies and functions, which regularly engages business leadership to ensure company-wide alignment with sustainability objectives and opportunities.9

Strategy

We leverage our leadership, extensive knowledge of the industry, and our deeply rooted relationships with customers at both ends of the value chain to address the sustainability challenges facing the food, feed, and fuel supply chains in which we operate. We intend to address those challenges by, among other things, connecting farmers and our end customers as they seek to establish common approaches to overcome shared sustainability challenges. This means that the decisions we make — from strategy to investments to operations — look at the associated GHG impact and how it will shape our long-term climate ambitions. With a sustainability mindset, we can enhance our focus on decarbonization in both our operations and in our supply chains, continue providing low carbon solutions to our food, feed, and fuel customers, and ensuring climate-related risks are deeply embedded into our governance framework. We have a proud history of accomplishment that we are building on to realize our approach. For example, Bunge is actively engaged in supplying low carbon feedstock for renewable fuels, sourcing and supplying grains planted under regenerative agricultural practices, and supplying certified and verified deforestation-free grains and by-products, among other initiatives. These business objectives are a natural extension of our sustainability efforts and have been partly developed by applying a "climate lens" to our strategic decision-making.

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other things, Bunge's governance frameworks and board practices, as well as the identification of qualified board candidates with the appropriate backgrounds and experience to oversee the Company’s business.

The Company’s sustainability function is led by our Executive Vice President, Global Markets and Chief Sustainability Officer ("EVP & CSO"), who also serves as the management lead of the SCRC. The EVP & CSO leads a global team operating across multiple geographies and functions, which regularly engages business leadership to ensure company-wide alignment with sustainability objectives and opportunities.

Strategy

Risk Management

Bunge's ~~ERM~~integrates ~~framework~~material ~~incorporates detailed~~ sustainability risks—including ~~and~~those ~~risk~~arising ~~factors into the ERM process. These include risks emanating~~ from ~~changing~~ climate ~~and weather patterns~~change, ~~water scarcity,~~ deforestation, human rights, ~~farmer productivity,~~ and ~~increasing~~evolving ~~taxation~~regulations—into ~~and~~its ~~regulation~~ERM ~~on GHG emissions~~framework. ~~The~~This ~~ERM~~ process provides Bunge with ~~greater~~ oversight and management of climate-related risks and the potential financial implications, ~~and~~fostering ~~will help ensure continued~~ short-, medium-, and long-term business resilience.

~~Climate~~The ~~risks are overseen at the Board level by the~~ ERMC, ~~which~~oversees ~~has responsibility for supervising~~ the quality and integrity of our risk management practices., ~~Enterprise~~including climate-related risk. ~~management~~Bunge ishas ~~overseen~~management atteams ~~the~~responsible ~~executive~~for ~~level~~risk, byincluding ~~the~~a CRO, who reports to our CEO, ~~with~~a ~~input~~MRC ~~from~~and ~~relevant~~an ~~teams~~internal ~~and~~audit ~~functions.~~team ~~Further,~~to asassist ~~noted~~with ~~above~~ the ~~MRC reviews climate-related risks~~implementation, ~~such~~governance ~~as adverse weather patterns, current or emerging regulations, reputational hazards,~~ and ~~other~~monitoring ~~sources which are included in this process. The results~~ of ~~these~~risk ~~assessments~~management ~~are~~strategies ~~distributed throughout the executive leadership team~~ and ~~to the Board, and provided to key stakeholders in various internal~~ risk ~~reports~~mitigation efforts. ~~In recent years~~Further, ~~new climate risk factors were incorporated into~~ the MRC's ~~assessment~~reviews ~~process.~~and ~~These~~monitors ~~data~~key ~~points~~exposures, ~~are~~emerging inrisks, ~~addition~~and todrivers ~~dozens~~ of ~~other sustainability-related factors that are assessed by the MRC and communicated to the ERMC~~risk.

Metrics and Targets

When setting public commitments, particularly quantifiable targets on GHG emissions and related measures, Bunge’s leadership and employees regularly engage with stakeholders, review market and consumer trends, and consider business risks and opportunities. Where feasible, Bunge also engages in sector-wide discussions to align with value chain partners so that metrics and targets are aligned for maximum impact and transformation.

Bunge established Science Based Targets ("SBTs") in 2021, which were verified by the SBTi and cover absolute reductions in GHG emissions across all three Scopes. From a 2020 baseline to a 2030 deadline, the targets call for:

•Scopes 1 & 2 - Absolute reduction of 25%

•Scope 3 - Absolute reduction of 12.3%

Due to the nature of Bunge’s business and operations, the vast majority of GHG emissions are found within the value chain (Scope 3), particularly upstream sources. Therefore, a substantial portion of Bunge’s emissions reduction will be achieved by meeting the Company’s ~~2025~~ non-deforestation sourcing commitment. ~~Additional~~Other emissions reduction activities to meet the SBTs include enhancements to the Company’s plants, procurement of zero- or low-carbon electricity sources, and the uptake of certified products and regenerative farming practices.

Additional metrics and targets include intensity reductions (per ton of product) by 2026 from a 2016 baseline for water (10% overall and 25% for facilities located in areas of high water stress), waste disposal to landfill (10%), energy (10%) and ~~energy~~scope 1 and 2 emissions (10%).

We track the progress towards these targets ~~and~~in ~~disclose~~our ~~the~~annual ~~performance~~global ~~publicly~~sustainability inreport, which provides additional information on our metrics and targets. Our annual global sustainability report is not incorporated by reference in this Annual Report.

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Human Capital Resources

As of December 31, ~~2024~~2025, we employed approximately 2334,000 people. Many of our employees are represented by labor unions and their employment is governed by collective bargaining agreements. In general, we consider our employee relations to be positive.

Our People

We care about our people. We listen, empower, develop and reward them with the goal of driving high levels of engagement and commitment to Bunge. From hiring the best talent to creating a culture of belonging, through career development, and total rewards, Bunge strives to create programs and resources that enhance our workplace environment.

	% of Total Headcount
Region
South America	3743	%
EMEA (Europe, Middle East, Africa)	2824	%
North America	1920	%
Asia	16	%
Asia-Pacific	13	%

Talent Acquisition

At Bunge, we aim to attract the best talent for today and in the future.

~~Inclusion~~Culture &of Belonging

We value inclusion and respect the unique viewpoints our employees bring to make Bunge a dynamic and innovative company. As a global organization, we have a workforce with a wide variety of skill sets and backgrounds critical to meeting the changing needs of a growing world. Strongly guided by our values, the expertise of our teams is a competitive advantage in connecting with thousands of people around the globe to serve our purpose to deliver essential food, feed, and fuel. We are committed to supporting our communities and strengthening our efforts to ensure our workforce, programs, and practices enhance our culture of belonging.

Learning & Development

We focus on learning and development that helps employees develop the skills they need both today and in the future. One of the greatest drivers of growth for our people is their own initiative and sense of career ownership. We encourage employees and their leaders to co-create Individual Development Plans and provide employees access to apply for internal career opportunities that match their interests, skills, and business needs.

Safety

~~Our~~We ~~care~~believe ~~and~~everyone ~~concern~~has ~~for~~the ~~people~~right ~~and~~to ~~their~~a ~~families~~safe iswork ~~rooted~~environment. inWe ~~always~~aim ~~Doing~~to ~~What's~~keep ~~Right~~everyone ~~when~~at itBunge ~~comes~~safe toand ~~safety.~~well, Weachieving ~~believe~~workplaces ~~everyone~~free ~~has~~from ~~the~~serious ~~right~~injuries toand ~~a safe work environment~~fatalities. ~~Our~~We ~~approach~~strive ~~focuses~~for oncontinuous ~~incident~~improvement ~~prevention~~to ~~and~~realize ~~mitigation~~our vision, ~~and~~measured weby ~~are~~the ~~committed~~presence toof ~~learning~~controls, ~~and~~rather ~~improving~~than ~~through~~the ~~demonstrated~~absence ~~safety~~of ~~leadership at all levels~~incidents.

Available Information

Our website address is www.bunge.com. Through the "Investor Center: Financial information: SEC filings" section of our website, it is possible to access our periodic report filings with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, including our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports. Also, filings made pursuant to Section 16 of the Exchange Act with the SEC by our executive officers, directors, and other reporting persons with respect to our shares are made available through our website. Our periodic reports and amendments, and the Section 16 filings, are available through our website free of charge as soon as reasonably practicable after such report, amendment or filing is electronically filed with or furnished to the SEC.

Through the "Investor Center: Governance: Governance documents" section of our website, it is also possible to access copies of the charters for our Audit Committee, Corporate Governance and Nominations Committee, Enterprise Risk Management Committee, Human Resources and Compensation Committee, and Sustainability and Corporate Responsibility Committee, as well as our Corporate governance principles, Insider trading policy, and Executive compensation recoupment policy. The information contained in or connected to our website is not deemed to be incorporated by reference in this Annual

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Report or filed with the SEC.

In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, where you may obtain a copy of all information we file publicly with the SEC. The SEC website address is www.sec.gov.

Information About Our Executive Officers and Key Employees

Set forth below is certain information concerning the executive officers and key employees of the company.

Name Position Gregory Heckman Chief Executive Officer ~~Robert Coviello Chief Sustainability Officer and Government Affairs Christos Dimopoulos Co-President, Agribusiness~~ Julio Garros ~~Co-President, Agribusiness Debra King~~ Chief ~~Technology~~Operating Officer Pierre Mauger Chief Transformation Officer John Neppl Chief Financial Officer Joseph Podwika Chief Legal Officer Kellie Sears Chief Human Resources Officer Robert Wagner Chief Risk Officer Christos Dimopoulos Executive Vice President, Global Markets and Chief Sustainability Officer Ruth Ann Wisener Vice President, ofGovernment Affairs Mark Haden Vice President, Investor Relations

Gregory Heckman, 6263-Mr. Heckman has served as Chief Executive Officer since January 2019 and as a member of our Board since October 2018. Mr. Heckman has over 30four ~~years~~decades of experience in the agriculture, energy and food processing industries. He is the founding partner of Flatwater Partners and served as Chief Executive Officer of The Gavilon Group from 2008 to 2015. Prior to Gavilon, he served as Chief Operating Officer of ConAgra Foods Commercial Products and President and Chief Operating Officer of ConAgra Trade Group. Mr. Heckman serves as Deputy Chair on the board of the Federal Reserve Bank of St. Louis in 2026, a board member for non-profit organization FCLTGlobal, and as a non-executive director on the board of OCI N.V., a global producer of fertilizer and chemicals. In addition, he serves onas ~~the~~a ~~Board~~member ~~Advisory~~of the CEO Council offor the New York Stock Exchange Board Services.

~~Robert~~Julio ~~Coviello~~Garros, 5650-Mr. ~~Coviello~~Garros has served as Chief ~~Sustainability~~Operating Officer ~~and~~since ~~Government~~December ~~Affairs~~2025. ~~since~~He ~~May~~leads ~~2019.~~Bunge's ~~Mr.~~global ~~Coviello~~commercial ~~joined~~activities, ~~Bunge~~overseeing inglobal ~~2003~~commodity ~~and~~value ~~has~~chains, ~~held~~country aand ~~variety~~regional ofmanagement teams, leading commercial ~~leadership~~sustainability ~~positions~~efforts, inrenewable ~~Asia~~fuels initiatives, ~~Europe~~regenerative agriculture solutions, and ~~the~~industrial Uoperations and safety.S. Prior to this, he was Co-Chief Operating Officer from July to December 2025 and Co-President, Agribusiness from April 2022 to June 2025. Since joining Bunge in 2002, Mr. ~~Coviello~~Garros ~~served~~has inheld ~~trading~~several senior leadership roles atacross ~~Cargill~~finance, inoperations, ~~the~~and ~~U.S.~~commercial Mrtransformation. ~~Coviello~~He ~~also~~began ~~serves~~his oncareer ~~the~~at ~~Board~~PriceWaterhouseCoopers ofand ~~Directors~~worked ofas ~~Lamb~~an ~~Weston,~~auditor afor ~~New~~Argentina’s ~~York~~Foreign ~~Stock~~Affairs ~~Exchange company~~Office.

~~Christos~~Pierre ~~Dimopoulos~~Mauger, 5153-Mr. ~~Dimopoulos~~Mauger has served as ~~Co-President,~~Chief ~~Agribusiness~~Transformation Officer since ~~April~~May ~~2022~~2019. ~~Prior~~In tothis ~~that~~position, he ~~was~~leads ~~President~~Bunge’s global transformation strategy and execution, ~~Global~~driving ~~Supply~~large-scale ~~Chains~~change across the business. This includes overseeing Business Development, Business Technology, Financial Planning and Analysis (FP&A), Viterra integration and the Selling, General, and Administrative Expense (SG&A) organizations. Under his leadership, the team focuses on driving value, supporting Bunge’s strategic priorities of business growth and integration. Mr. ~~Dimopoulos~~Mauger joined Bunge in ~~2004~~2013 as aChief ~~grain~~Development ~~trader~~Officer. ~~and~~Over ~~subsequently~~the ~~held~~years, ahe ~~variety~~has ofled ~~roles~~strategic ofplanning ~~increasing~~and ~~responsibility~~M&A inefforts that have helped shape the ~~Agribusiness~~company’s ~~Segment~~global footprint and long-term direction. Prior to his current role he was President, Bunge Europe and Asia. Prior to Bunge, Mr. ~~Dimopoulos~~Mauger ~~held~~was ~~roles~~a partner at McKinsey & Company, where he led the firm's agriculture service line in Europe, the Middle East and Africa from 2009 to 2013. Prior to that, he served as a partner in the ~~United~~firm's ~~States~~consumer ~~with~~goods ~~Tradigrain~~practice and ~~Intrade~~previously ~~Risk~~worked ~~Management~~as an auditor at Nestlé and KPMG.

~~Julio~~John ~~Garros~~Neppl, 4960-Mr. ~~Garros~~Neppl has served as ~~Co-President,~~Chief ~~Agribusiness~~Financial Officer since ~~April~~joining ~~2022~~Bunge in May 2019. ~~Prior~~He tocurrently ~~that~~directs Bunge’s overall financial operations and strategy—overseeing treasury & capital management, heinvestor ~~was~~relations, ~~President~~financial reporting, ~~Agribusiness~~tax ~~Development~~planning & compliance, ~~Operations~~procurement and ~~Milling.~~government Mraffairs. ~~Garros~~He joined Bunge infrom ~~2002~~Green Plains Inc., where he served as aChief Financial ~~Analyst~~Officer. inPrior ~~Argentina~~to ~~and~~Green ~~subsequently~~Plains, ~~held~~Mr. aNeppl ~~variety~~served ofas ~~roles~~Chief Financial Officer of ~~increasing~~The ~~responsibility~~Gavilon ~~across~~Group, ~~finance~~LLC, ~~commercial~~an agriculture and ~~business~~energy ~~development~~commodities inmanagement ~~Argentina~~firm ~~and~~with ~~Brazil~~an extensive global footprint. ~~Prior~~Mr. toNeppl ~~joining~~held ~~Bunge~~senior financial management positions at ConAgra Foods, MrInc., ~~Garros~~including ~~worked~~Senior ~~for~~Financial ~~PriceWaterhouseCoopers~~Officer of ConAgra Trade Group and Commercial Products division as well as Assistant Corporate Controller. He began his career as an auditor ~~for~~with ~~Argentina’s~~Deloitte ~~Foreign~~& ~~Affairs Office.~~

Debra King, 53-Ms. King has served as Chief Technology Officer since joining Bunge in December 2022. Prior to joining Bunge, Ms. King served as Chief Information Officer at Corteva from 2017 to 2021, where she led the IT spin from DowDuPont, built a technology foundation for the new company and founded the enterprise digital transformation program. Previously, she spent 15 years at Pfizer in a range of IT leadership roles across business domains, managing IT organizations and operations at scale, and leading numerous global transformation programs. She started her career in technology consulting before moving into corporate roles. 12

Pierre Mauger, 52-Mr. Mauger has served as Chief Transformation Officer since May 2019. He joined Bunge in 2013 as Chief Development Officer. Prior to Bunge, Mr. Mauger was a partner at McKinsey & Company, where he led the firm's agriculture service line in Europe, the Middle East and Africa from 2009 to 2013. Prior to that, he served as a partner in the firm's consumer goods practice and previously worked as an auditor at Nestlé and KPMG.

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John Neppl, 59-Mr. Neppl has served as Chief Financial Officer since joining Bunge in May 2019. He joined Bunge from Green Plains Inc., where he served as Chief Financial Officer. Prior to Green Plains, Mr. Neppl served as Chief Financial Officer of The Gavilon Group, LLC, an agriculture and energy commodities management firm with an extensive global footprint. Mr. Neppl held senior financial management positions at ConAgra Foods, Inc., including Senior Financial Officer of ConAgra Trade Group and Commercial Products division as well as Assistant Corporate Controller. Prior to ConAgra, Mr. Neppl was Corporate Controller at Guarantee Life Companies. He began his career as an auditor with Deloitte & Touche. He is a member of the Creighton University Heider College of Business Dean’s Advisory Board and ~~also~~ serves on the Advisory Board of Adams Land & Cattle. Mr. Neppl earned his Bachelor of Science degree in business administration with a major in accounting from Creighton University in Omaha, Nebraska. He is also a certified public accountant (inactive status).

Joseph Podwika, 6263-Mr. Podwika has served as Chief Legal Officer since joining Bunge in November 2019. He leads Bunge’s global legal and compliance functions, providing strategic counsel to the management team and board of directors and overseeing all worldwide legal affairs including complex merger and acquisition activities, litigation and corporate governance. Mr. Podwika joined Bunge from Nutrien Ltd. where he was Executive Vice President and Chief Legal Officer. He was previously Senior Vice President, General Counsel and Secretary with PotashCorp. Before joining PotashCorp, Mr. Podwika worked in the legal department of International Paper Company and was in private practice with Jaeckle, Fleischmann & Mugel.

Kellie Sears, 5556-Ms. Sears has served as Chief Human Resources Officer since joining Bunge in January 2023. She is responsible for Bunge’s global human capital strategy, communications, human rights and culture, encompassing all aspects of talent development and capabilities designed to support the company’s growth. Ms. Sears joined Bunge from BeautyHealth where she served as Chief Human Resources Officer from January 2022 until her departure. Prior to BeautyHealth, she was Chief Human Resources Officer with Asklepios BioPharmaceutical, Inc. from 2020 to 2022. Previously, she spent eight years at Allergan, where she served as Senior Vice President and Chief Human Resources Officer in 2019, and Pfizer, for more than thirteen years, where she served in a number of leadership roles including serving as Senior Director of Global HR Shared Services where she was responsible for the strategy, design and implementation of a shared services model.

Robert Wagner, 4748-Mr. Wagner has served as Chief Risk Officer since joining Bunge in June 2019. He leads the Company’s enterprise risk strategy and oversees market and credit risks, and insurance across Bunge’s global operations, while advancing Bunge’s risk technology. Prior to joining Bunge, Mr. Wagner was Chief Risk Officer at Tricon International, Ltd. Prior to Tricon, he was Group Chief Risk Officer at COFCO Agri Ltd in Geneva, Switzerland. Prior to COFCO, he was Chief Risk Officer for The Gavilon Group, LLC, where he was member of the firm’s Executive Committee and had responsibility for both the market risk management and credit departments. He is a member of the Board of Trustees of the Missouri Botanical Garden. Mr. Wagner earned his Bachelor of Science degree in international business from Minnesota State University, his Master of Science degree in agricultural economics from North Dakota State University, and his MBA from Creighton University.

~~Ruth~~Christos ~~Ann Wisener~~Dimopoulos, 5952-MsMr. ~~Wisener~~Dimopoulos has served as Executive Vice President, ofGlobal ~~Investor~~Markets ~~Relations~~since July 2025 and Chief Sustainability Officer since ~~joining~~December ~~Bunge~~2025. inIn ~~March~~this ~~2019~~role, he is the commercial leader of risk management and optimization activities, and leads ocean freight, global logistics, financial services, central hedge desk, special risk and research units. Prior to ~~joining~~this, ~~Bunge~~he served as Co-President, MsAgribusiness from April 2022 to June 2025. ~~Wisener~~Mr. ~~worked~~Dimopoulos joined Bunge in ~~leadership~~2004 ~~positions~~as ina grain trader and subsequently held a variety of ~~legal,~~roles ~~finance~~of increasing responsibility. Prior to Bunge, ~~and~~he ~~commercial~~held roles atin ~~Tyson~~Europe ~~Foods~~and the United States with Tradigrain and ~~ADM,~~Intrade ~~among~~Risk ~~others~~Management.

Ruth Ann Wisener, 60-Ms. Wisener has served as Vice President, Government Affairs since July 2025. Ms. Wisener most recently served as Vice President of Investor Relations since joining Bunge in March 2019. Prior to joining Bunge, Ms. Wisener worked in leadership positions in a variety of legal, finance, and commercial roles at Tyson Foods and ADM, among others.

Mark Haden, 61-Mr. Haden has served as Vice President, Investor Relations since July 2025. He started his career at Bunge in 2003 as head of strategic planning and business development for its North American operations and has served in several different roles during his time at Bunge. Prior to joining Bunge, he held positions at Emerson in strategic planning and at Ernst & Young in its management consulting practice. Mr. Haden previously served as a United States Marine Corps infantry officer.

Item 1A. Risk Factors

Risk Factors

Our business, results of operations, cash flow, financial condition or prospects could be materially adversely affected by any of the risks and uncertainties described below. Additional risks not presently known to us, or that we currently deem immaterial, may also impair our financial condition and business operations. See "Cautionary Statement Regarding Forward Looking Statements."

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Risks Relating to Our Business and Industries

Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations, supply chains, and operating results.

Adverse weather conditions have historically caused volatility in the agricultural commodity industry and consequently in our operating results by causing crop failures or significantly reduced harvests, which may affect the supply and pricing of the agricultural commodities that we sell and use in our business, reduce demand for our fertilizer products, and negatively affect the creditworthiness of agricultural producers who do business with us.

Severe adverse weather conditions, such as hurricanes and severe storms, have historically and may in the future also result in extensive property damage, extended business interruption, personal injuries, and other loss and damage to us. Our operations also rely on dependable and efficient transportation services, including transportation by ocean vessel, river barges, rail, and truck. A disruption in transportation services as a result of weather conditions, such as low river levels following periods of drought, has historically and may in the future also have an adverse impact on our operations and related supply chains.

Additionally, the potential physical impacts of climate change are uncertain and may vary by region. These potential effects could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility. The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business operations and the location, costs and competitiveness of global agricultural commodity production and related storage and processing facilities, as well as the supply and demand for agricultural commodities, and may result in incidents of stranded physical assets. These effects could be material to our results of operations, liquidity, or capital resources.

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shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility. The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business operations, the location, costs and competitiveness of global agricultural commodity production and related storage and processing facilities, as well as the supply and demand for agricultural commodities, and may result in incidents of stranded physical assets. These effects could be material to our results of operations, liquidity, or capital resources.

The ongoing war between Russia and Ukraine may adversely affect our business, financial condition or results of operations.

We maintain operations in Ukraine. Ukraine forms part of a key international grain originating region and is also the world’s largest supplier of sunflower seed and sunflower oil, commodities that cannot be completely replaced from other origins. On February 24, 2022, Russia initiated a military offensive in Ukraine. Bunge’s Ukrainian operations at December 31, 2025 comprise ~~two~~four oilseed crushing facilities, located in Mykolaiv, ~~and~~ Dnipropetrovsk, aKharkiv, ~~grain~~and Vinnytsia, two export ~~terminal~~terminals in the Mykolaiv commercial seaport, and numerous grain elevators, and anoffices ~~office~~throughout ~~in Kiev~~Ukraine. The Company also operates a corn milling facility and ~~oilseed~~a ~~processor~~grain export terminal in Ukraine via joint ventures. Assets and operations located in regions affected by the war are at a heightened risk of property damage, inventory loss, business disruption, and expropriation. Further, no material damage has been noted at any of Bunge’s Ukrainian facilities, however, due to safety concerns, it is not always possible to conduct onsite physical inspections of our Ukrainian facilities to understand the full extent of the impact of the war. As of December 31, ~~2024~~2025, total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than 32% of our consolidated Total assets and Total liabilities, respectively.

~~Our Ukrainian operations employ approximately 1,000 employees.~~ While as of the date of this Annual Report some of our Ukrainian employees have been forced to relocate to other areas within Ukraine or to other countries, our workforce remains largely intact. The ongoing war could cause additional harm to our employees and otherwise impair their ability to work for extended periods of time, which could have a material adverse effect on our operations. Disruption to the power grid, transportation routes, telecommunications systems, banks, and other critical infrastructure necessary to conduct business in Ukraine could also severely impair our Ukrainian operations. The scope, intensity, duration and outcome of the ongoing war is uncertain, and the continuation or escalation of the war may have a material adverse effect on Bunge’s assets, operations and financial condition.

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

In addition, the risk of cybersecurity incidents has increased in connection with the ongoing war, driven by justifications such as retaliation for the sanctions imposed in conjunction with the war, or in response to certain companies' continued operations in Russia. See "— Our information technology systems, processes and sites may suffer interruptions, security breaches or failures that may adversely affect our ability to conduct our business."

Although we insure ourselves against many types of risks, including certain risks associated with the ongoing war, our level of insurance may not cover all losses we could incur. There could be a material adverse effect on our business, results of operations and financial condition if we are not able to adequately insure against the possible exposure we could experience as a result of the war. To the extent the current war adversely affects our business, it may also have the effect of heightening many other risks disclosed in this Item 1A, any of which could materially and adversely affect our business and results of operations. Due to the continuously evolving nature of the war, the potential impact that the war could have on these risk factors, and others that cannot yet be identified, remains uncertain. Even if the war moderates, or a resolution between Ukraine and Russia is reached, we expect that we will continue to experience ongoing financial and operational impacts resulting from the war for the foreseeable future as Ukraine rebuilds its economy and infrastructure.

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Due to the continuously evolving nature of the war, the potential impact that the war could have on these risk factors, and others that cannot yet be identified, remains uncertain. Even if the war moderates, or a resolution between Ukraine and Russia is reached, we expect that we will continue to experience ongoing financial and operational impacts resulting from the war for the foreseeable future as Ukraine rebuilds its economy and infrastructure.

We are subject to fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of our control that could adversely affect our operating results.

Prices for agricultural commodities and their by-products, including, among others, soybeans, corn, wheat, sugar and ethanol, like those of other commodities, are often volatile and sensitive to local and international changes in supply and demand caused by factors outside of our control, including farmer planting and selling decisions, currency fluctuations, inflation, government agriculture programs and policies (including tariffs), pandemics, governmental restrictions or mandates, global inventory levels, demand for biofuels, weather and crop conditions, and demand for and supply of competing commodities and substitutes. These factors may cause volatility in our operating results.

Additionally, our operating costs and the selling prices of certain of our products are sensitive to changes in energy prices. Our industrial operations utilize significant amounts of electricity, natural gas and coal, and our transportation operations are dependent upon diesel fuel and other petroleum-based products. Significant increases in the cost of these items, including as a result of the Ukraine-Russia war, and currency fluctuations could adversely affect our operating costs and results. We also sell certain biofuel products, such as ethanol, renewable diesel, and biodiesel, which are closely related to, or may be substituted for, petroleum products. As a result, the selling prices of ethanol, renewable diesel, and biodiesel can be impacted by the selling prices of oil, gasoline and diesel fuel. In turn, the selling prices of the agricultural commodities and commodity products that we sell, such as corn and vegetable oils that are used as feedstocks for biofuels, are also sensitive to changes in the market price for biofuels, and consequently world petroleum prices. Prices for petroleum products and biofuels are affected by market and geopolitical factors and government fuel policies, over which we have no control. Lower prices for oil, gasoline or diesel fuel could result in decreased selling prices for ethanol, renewable diesel, biodiesel and their raw materials, which could adversely affect our revenues and operating results.

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petroleum products. As a result, the selling prices of ethanol, renewable diesel, and biodiesel can be impacted by the selling prices of oil, gasoline and diesel fuel. In turn, the selling prices of the agricultural commodities and commodity products that we sell, such as corn and vegetable oils that are used as feedstocks for biofuels, are also sensitive to changes in the market price for biofuels, and consequently world petroleum prices. Prices for petroleum products and biofuels are affected by market and geopolitical factors and government fuel policies, over which we have no control. Lower prices for oil, gasoline or diesel fuel could result in decreased selling prices for ethanol, renewable diesel, biodiesel and their raw materials, which could adversely affect our revenues and operating results.

Our business is seasonal, and our results may fluctuate depending on the harvest cycle of the crops upon which we rely and seasonal fluctuations related to the sale of our consumer products.

As with any agricultural business enterprise, our business operations are seasonal in nature. For example, ~~in our Agribusiness segment, while~~ there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as ~~oilseeds~~soybeans, softseeds, and grains, however we typically do not experience material fluctuations in volume between the first and second half of the year since we are geographically diversified between the northern and southern hemispheres. However, the first quarter of the year has generally been our weakest in terms of financial results due to the timing of the North and South American oilseed harvests, as the North American oilseed harvest peaks in the third and fourth quarters, while the South American harvest peaks in the second quarter. This creates price fluctuations, which result in fluctuations in our inventories and a degree of seasonality in our gross profit. In addition, certain of our consumer food products are influenced by holidays and other annual events. Seasonality could have a material adverse effect on our business and financial performance. In addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields, and costs.

We face intense competition in each of our businesses.

We ~~face~~participate ~~significant competition~~ in ~~each~~an ofintensely ~~our~~competitive ~~businesses~~industry ~~and~~with ~~we have~~ numerous ~~competitors,~~global ~~some of which are larger, more diversified~~ and ~~have greater financial resources than we have. Additionally, in recent years we have experienced~~ regional ~~Agribusiness~~ competitors. ~~entering~~Over ~~new~~the ~~geographies~~past ~~where~~few ~~previously they did not compete with us~~years, ~~and~~ certain ~~customers~~of ~~seeking~~our tocompetitors ~~procure~~have ~~certain~~added ~~commodities~~oilseed ~~directly~~processing ~~rather~~and ~~than~~refining ~~through~~capacity ~~historical~~in ~~suppliers~~response ~~such~~to asgrowing usdemand. ~~Furthermore~~Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced ~~added~~additional competition for refining capacity from traditional petroleum companies~~. As many of the products we sell are global commodities~~, ~~the~~particularly ~~markets for our products are highly price competitive, and~~ in ~~many cases also sensitive to product substitution. Additionally,~~ the ~~geographic~~United ~~location of assets can competitively advantage or disadvantage us with respect to our competitors in certain regions~~States. We also face competition from changing technologies and shifting industry practices, such as increased on-farm crop storage in several regions, which allows producers to retain commodities for extended periods and increase price pressure on purchasers such as us. To compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, including through business optimization initiatives, developing and offering products that meet customer needs, optimizing our geographic presence in key markets, developing and maintaining appropriate market share and customer relationships, supporting socially responsible and sustainable corporate and business practices, and promoting our environmental stewardship. We also compete for talent in our industries, particularly commercial personnel. Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability.

As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution. Additionally, the geographic location of assets can competitively advantage or disadvantage us with respect to our competitors in certain regions. We also face competition from changing technologies and shifting industry practices, such as increased on-farm crop storage in several regions, which allows producers to retain commodities for extended periods and increase price pressure on purchasers such as us.

To compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, including through business optimization initiatives, developing and offering products that meet customer needs, optimizing our geographic presence in key markets, developing and maintaining appropriate market share and customer relationships, supporting socially responsible and sustainable corporate and business practices, and promoting our environmental stewardship.

We also compete for talent in our industries, particularly commercial personnel. Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability.

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We are vulnerable to the effects of supply and demand imbalances in our industries.

Historically, the market for some agricultural commodities and fertilizer products has been cyclical, with periods of high demand and capacity utilization stimulating new plant investment and the addition of incremental processing or production capacity by industry participants to meet the demand. The timing and extent of this expansion may then produce excess supply conditions in the market, which, until the supply/demand balance is again restored, negatively impacts product prices and operating results. During times of reduced market demand, we may suspend or reduce production at some of our facilities. ~~The~~If ~~extent~~we toare ~~which~~unable weto efficiently manage available capacity at our facilities, it will ~~affect~~have a negative effect on our profitability, including the profitability of our Bunge Chevron Ag Renewables joint venture ("Bunge Chevron JV"). The business and financial performance of the Bunge Chevron JV may be adversely affected if there is a significant decrease in demand for renewable diesel.

We are subject to global and regional economic downturns and related risks.

The level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic regions, may lead to reduced demand for agricultural commodities and food products, which could adversely affect our business and results of operations. Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, political unrest, wars or other armed conflicts, or economic slowdowns or recessions, could cause a decrease in demand for our products.

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Additionally, weak global economic conditions and adverse conditions in global financial and capital markets, including fluctuating interest rates and constraints on the availability of credit, have in the past adversely affected, and may in the future adversely affect, the financial condition and creditworthiness of the financial institutions that serve as our lenders and as counterparties to the over-the-counter derivative instruments we use to manage risks and some of our customers, suppliers, and other counterparties, which in turn may negatively impact our financial condition and results of operations. See "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" for more information.

Many of the raw materials that we use can be subject to periods of rapid and significant cost instability. In 2024, we experienced fluctuations, both increases and decreases, in our raw material input costs and we expect the pressures of input cost instability to continue. While the Brazilian economy performed more strongly than expected in 2024, interest rates and government deficit levels remain high, which may restrain further economic growth. Argentina has significantly reduced public spending and showed a slowing in inflation under the current President of Argentina’s austerity measures, but the sustainability of these measures and the prospect of economic recovery remains uncertain. Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the ~~west~~United States, or other western countries, population decline, the ongoing real estate crisis and other factors, could lead to reduced global demand for agricultural commodities. To the extent that such economic and political conditions negatively impact consumer and business confidence and consumption patterns or volumes, our business and results of operations could be significantly and adversely affected.

We are subject to economic, political, and other risks of doing business globally and in emerging markets.

We are a global business with a substantial majority of our assets and operations located outside the United States. In addition, our business strategies may involve expanding or developing our business in emerging market regions, including Eastern Europe, Asia-Pacific, the Middle East, and Africa. Due to the international nature of our business, we are exposed to various risks of international operations, including:

•adverse trade policies or trade barriers on agricultural commodities and commodity products;

•new and developing requirements related to GHG emissions and other climate change initiatives and workforce ~~diversity and inclusion~~ mandates;

•inflation, hyperinflation, and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates. For example, while inflation rates in ~~many~~certain of the countries in which we operate ~~are~~have declined recently, many of the rates currently remain at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates;

•changes in laws and regulations or their interpretation or enforcement in the countries in which we operate, including the effects of complying with Swiss tax law on us and our shareholders;

•difficulties in enforcing agreements or judgments and collecting receivables in foreign jurisdictions;

•exchange controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries, most notably in Ukraine, Egypt, and Argentina;

•inadequate infrastructure and logistics challenges;

•sovereign risk and the risk of government intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign ownership of land or other assets;

•the requirement to comply with a wide variety of laws and regulations that apply to international operations, including, without limitation, economic sanctions regulations, labor laws, import and export regulations, anti-corruption and anti-bribery laws, as well as other laws or regulations discussed in this "Item 1A. Risk Factors" ~~section;~~

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section;

•challenges in maintaining an effective internal control environment with operations in multiple international locations, including language differences, varying levels of U.S. GAAP expertise in international locations and multiple financial information systems;

•changes in a country’s or region’s economic or political condition; and

•labor disruptions, civil unrest, significant political instability, coup attempts, wars or other armed conflict or acts of terrorism, such as the ongoing conflicts in the Middle East. See also "—The ongoing war between Russia and Ukraine may adversely affect our business, financial condition or results of operations."

These risks could adversely affect our operations, business strategies, and operating results.

As a result of our international operations, we are also exposed to currency exchange rate fluctuations. Changes in exchange rates between the U.S. dollar and other foreign currencies, particularly the Brazilian real, Canadian dollar, the euro, and Chinese yuan/renminbi affect our revenues and expenses that are denominated in local currencies, affect farm economics in those regions and may also have a negative impact on the value of our assets located outside of the United States.

Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with multinational operations like ours. In recent years, there has been an increase in populism and nationalism in various countries around the world and consequently historical free trade principles are being challenged. As we continue to operate our business globally, our success will depend, in part, on the nature and extent of any such changes and how well we are able to anticipate, respond to and effectively manage any such changes.

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multinational operations like ours. In recent years, there has been an increase in populism and nationalism in various countries around the world and consequently historical free trade principles are being challenged. As we continue to operate our business globally, our success will depend, in part, on the nature and extent of any such changes and how well we are able to anticipate, respond to and effectively manage any such changes.

Government policies and regulations affecting the agricultural sector and related industries could adversely affect our operations and profitability.

Agricultural commodity production and trade flows are significantly affected by government policies and regulations. Governmental policies affecting the agricultural industry, such as taxes (including "windfall profits" taxes), tariffs, duties, subsidies, import and export restrictions, price controls on agricultural commodities, and energy policies (including biofuels mandates), can influence industry profitability, the planting of certain crops versus other uses of agricultural resources, the location and size of crop production, whether unprocessed or processed commodity products are traded, and the volume and types of imports and exports. Additionally, regulation of financial markets and instruments in the United States and internationally may create uncertainty as these laws are adopted and implemented and may impose significant additional risks and costs that could impact our risk management practices. Further, increases in food and fertilizer prices have in the past resulted in increased scrutiny of our industries under antitrust and competition laws in various jurisdictions and increase the risk that these laws could be interpreted, administered or enforced in a manner that could affect our operations or impose liabilities on us that could have a material adverse effect on our operating results and financial condition. Future governmental policies, regulations or actions impacting our industries may adversely affect the supply of, demand for, and prices of our products, restrict our ability to do business in existing and target markets, or engage in risk management activities and otherwise cause our financial results to suffer.

In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions, particularly disputes involving the United States and China. For example, prior trade disputes between the United States and China have led, and may in the future lead to, both countries to implement tariffs on imported goods. An implementation of tariffs or additional tariffs on imports of U.S. agricultural products into China could result in the reinstatement or escalation of retaliatory tariffs on U.S. agricultural products by China. This has in the past led, and can in the future lead, to significant volatility in commodity prices, disruptions in historical trade flows and shifts in planting patterns in the United States and South America, which have presented challenges and uncertainties for our business. We cannot predict the impact that future trade policy or negotiated trade agreements could have on our business and operations. Additionally, failure to resolve any trade dispute between the countries may also lead to unexpected operating difficulties, enhanced regulatory scrutiny, greater difficulty transferring funds, and negative currency impacts.

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We may not realize the anticipated benefits of acquisitions, divestitures, or joint ventures.

We have been an active acquirer of other companies, including our ~~pending~~recent ~~acquisition of~~ Viterra Acquisition. We also have joint ventures with several partners, including the Bunge Chevron JV for manufacturing low lifecycle carbon intensity transportation fuels. Part of our strategy involves acquisitions, alliances and joint ventures designed to expand or optimize our portfolio of businesses. Our ability to benefit from acquisitions, joint ventures, and alliances depends on many factors, including our ability to identify suitable prospects, access funding sources on acceptable terms, negotiate favorable transaction terms, and successfully consummate and integrate any businesses we acquire. In addition, we proactively review our portfolio of businesses in order to identify opportunities to enhance shareholder value and may decide as a result of such reviews or otherwise, from time to time, to divest certain of our assets or businesses by selling them or entering into joint ventures, such as the divestiture of our 50% ownership share in BP Bunge Bioenergia in October 2024 and the ~~pending~~ divestiture of 40% of our Spanish operating subsidiary ~~Bunge~~BISA ~~Iberica~~in SAMarch 2025. Our ability to successfully complete a divestiture will depend on, among other things, our ability to identify buyers that are prepared to acquire such assets or businesses on acceptable terms and to adjust and optimize our retained businesses following the divestiture.

Our acquisition, joint venture, or divestiture activities may involve unanticipated delays, costs, and other problems. If we encounter unexpected problems with acquisitions, joint ventures, or divestitures, our senior management may be required to divert attention away from other aspects of our businesses to address these problems. Additionally, we may fail to consummate proposed acquisitions, joint ventures or divestitures, after incurring expenses and devoting substantial resources, including management time, to such transactions.

Acquisitions also pose the risk that we may be exposed to successor liability relating to actions by an acquired company and its management before the acquisition. The due diligence we conduct in connection with an acquisition, the controls and policies we implement at acquired companies, and any contractual guarantees or indemnities that we receive from the sellers of acquired companies, may not be sufficient to protect us from, or compensate us for, actual liabilities. A material liability associated with an acquisition could adversely affect our reputation and results of operations and reduce the benefits of the acquisition. Additionally, acquisitions involve other risks, such as differing levels of management and internal control effectiveness at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded in connection with acquisitions, the risk of significant accounting charges and expenses resulting from the completion and integration of a sizable acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees of acquired entities, compliance and reputational risks and other unanticipated problems and liabilities. See the risk factors under the section entitled "Risks Relating to the Combined Company Following our Acquisition of Viterra" under this Item 1A for additional discussions on our recent Acquisition of Viterra.

20Divestitures may also expose us to potential liabilities or claims for indemnification, as we may be required to retain certain liabilities or indemnify buyers for certain matters, including legal, environmental, or litigation matters associated with the assets or businesses that we sell. For example, we agreed to indemnify the buyer against future losses associated with certain legal claims in connection with the divestiture of BP Bunge Bioenergia. In connection with the sale of our Russian operations in 2023, we agreed to indemnify the buyer against certain existing legal claims related to the business. The magnitude of any such retained liability or indemnification obligation may be difficult to quantify at the time of the transaction and its cost to us could ultimately exceed the proceeds we receive for the divested assets or businesses. Divestitures also have other inherent risks, including possible delays in closing transactions (including potential difficulties in obtaining regulatory approvals), the risk of lower-than-expected sales proceeds for the divested businesses and unexpected costs or other difficulties associated with the separation of the businesses to be sold from our information technology systems and other management processes, including the loss of key personnel. Further, expected cost savings or other anticipated efficiencies or benefits from divestitures may also be difficult to achieve or maximize.

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effectiveness at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded in connection with acquisitions, the risk of significant accounting charges and expenses resulting from the completion and integration of a sizable acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees of acquired entities, compliance and reputational risks and other unanticipated problems and liabilities. See the risk factors under the sections entitled "Risks Relating to the Pending Viterra Acquisition" and "Risks Relating to the Combined Company" under this Item 1A for additional discussions on our pending acquisition of Viterra.

Divestitures may also expose us to potential liabilities or claims for indemnification, as we may be required to retain certain liabilities or indemnify buyers for certain matters, including legal, environmental, or litigation matters associated with the assets or businesses that we sell. For example, we agreed to indemnify BP against future losses associated with certain legal claims in connection with the divestiture of BP Bunge Bioenergia. In connection with the sale of our Russian operations in 2023, we agreed to indemnify the buyer against certain existing legal claims related to the business. The magnitude of any such retained liability or indemnification obligation may be difficult to quantify at the time of the transaction and its cost to us could ultimately exceed the proceeds we receive for the divested assets or businesses. Divestitures also have other inherent risks, including possible delays in closing transactions (including potential difficulties in obtaining regulatory approvals), the risk of lower-than-expected sales proceeds for the divested businesses and unexpected costs or other difficulties associated with the separation of the businesses to be sold from our information technology systems and other management processes, including the loss of key personnel. Further, expected cost savings or other anticipated efficiencies or benefits from divestitures may also be difficult to achieve or maximize.

Additionally, we have several joint ventures and investments in which we have limited control over governance, financial reporting, and operations. As a result, we face certain operating, financial, and other risks relating to these investments, including risks related to the financial strength of our joint venture partners or their willingness to provide adequate funding for the joint venture, having differing objectives from our partners, the inability to implement some actions with respect to the joint venture's activities that we may believe are favorable if the joint venture partner does not agree, compliance risks relating to actions of the joint venture or our partners, and the risk that we will be unable to effectively work with or resolve disputes with the joint venture partner. As a result, these investments may contribute significantly less than anticipated to our earnings and cash flows.

We are subject to industry and other risks that could adversely affect our reputation and financial results.

We are subject to food and feed industry risks which include, but are not limited to, spoilage, contamination, tampering or other adulteration of products, product liability claims, and recalls. We are also subject to shifts in customer and consumer preferences, and concerns regarding the outbreak of disease associated with livestock and poultry, including avian or swine influenza. Also, ~~increasing~~a focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks associated with the global food system may lead to increased activism focusing on food companies and their suppliers, governmental intervention and consumer responses. These risks could adversely affect our, or our suppliers’, reputations and businesses and our ability to procure the materials we need to operate our business.

As a company whose products comprise staple food and feed products sold globally, as well as ingredients included in trusted food brands of our customers, maintaining a good corporate reputation is critical to our continued success. Reputational value is based in large part on perceptions, which can shift rapidly in response to negative incidents. The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability and social responsibility, including with respect to raw materials and services obtained from suppliers, even if untrue, may result in tangible effects, such as reduced demand for our products, disruptions to our operations, increased costs and a loss of market share to competitors. Our reputation and results of operations could also be adversely impacted by changing consumer preferences and perceptions relating to some of the products we sell, such as with regard to the quantity and type of fats, sugars, and grains consumed, as well as concerns regarding genetically modified crops. Failure to anticipate, adapt or respond effectively to these trends or issues may result in material adverse effects on our business, financial condition, and results of operations.18

We are subject to numerous laws and regulations globally, which could adversely affect our operating results.

Due to our global business operations, we are required to comply with numerous laws and regulations in the countries in which we operate. These include general business regulations, such as with respect to taxes, accounting, anti-corruption and fair competition, trade sanctions, product safety, and environmental matters, as well as those governing the manufacturing, production, handling, storage, transport, marketing and sale of our products. These include laws and regulations relating to facility licensing and permitting, food and feed safety, the handling and production of regulated substances, nutritional and labeling requirements, global trade compliance and other matters. Our operations and those of our suppliers are also subject to restrictions on land use in certain protected areas, forestry reserve requirements, and limitations on water use. In addition to liabilities arising out of our current and future operations for which we have ongoing processes to manage compliance with regulatory obligations, we may be subject to environmental liabilities for past operations at current facilities and in some cases

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toassociated ~~liabilities~~with ~~for~~the ~~past~~global ~~operations~~food atsystem ~~facilities~~has ~~that~~led weto, noand ~~longer own or operate. We~~ may ~~also be subject to liabilities for operations of acquired companies. Our industrial activities can also result~~ in ~~serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or~~ the ~~expenditure~~future oflead ~~significant amounts~~ to ~~remediate~~increased ~~safety~~activism ~~issues~~focusing oron ~~repair~~food ~~damaged~~companies ~~facilities.~~and Wetheir ~~may incur material costs or liabilities to comply with environmental~~suppliers, ~~health~~governmental intervention and ~~safety~~consumer ~~requirements~~responses. ~~Any~~These ~~failure~~risks tocould ~~comply~~adversely ~~with~~affect ~~applicable laws and regulations may subject us to substantial fines~~our, ~~administrative~~or ~~sanctions,~~our ~~criminal penalties~~suppliers’, ~~revocations~~reputations ofand ~~operating~~businesses ~~permits~~ and~~/or~~ ~~shutdowns of~~ our ~~facilities,~~ability ~~litigation,~~to ~~and~~procure ~~other~~the ~~liabilities,~~materials aswe ~~well~~need ~~as damage~~ to operate our ~~reputation~~business.

As a company whose products comprise staple food and feed products sold globally, as well as ingredients included in trusted food brands of our customers, maintaining a good corporate reputation is critical to our continued success. Reputational value is based in large part on perceptions, which can shift rapidly in response to negative incidents. The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability, employee rights, and social responsibility, including with respect to raw materials and services obtained from suppliers, even if untrue, may result in tangible effects, such as reduced demand for our products, disruptions to our operations, increased costs and a loss of market share to competitors. Our reputation and results of operations could also be adversely impacted by changing consumer preferences and perceptions relating to some of the products we sell, such as with regard to the quantity and type of fats, sugars, and grains consumed, the changing perception of the benefits of seed oils, and concerns regarding genetically modified crops. Failure to anticipate, adapt or respond effectively to these trends or issues may result in material adverse effects on our business, financial condition, and results of operations.

We are subject to numerous laws and regulations globally, which could adversely affect our operating results.

Due to our global business operations, we are required to comply with numerous laws and regulations in the countries in which we operate. These laws and regulations include general business regulations, such as with respect to taxes, accounting, anti-corruption and fair competition, trade sanctions, product safety, and environmental matters, as well as those governing the manufacturing, production, handling, storage, transport, marketing and sale of our products. We are also required to comply with laws and regulations relating to facility licensing and permitting, food and feed safety, the handling and production of regulated substances, nutritional and labeling requirements, global trade compliance and other matters. Our operations and those of our suppliers are also subject to restrictions on land use in certain protected areas, forestry reserve requirements, and limitations on water use. In addition to liabilities arising out of our current and future operations for which we have ongoing processes to manage compliance with regulatory obligations, we may be subject to environmental liabilities for past operations at current facilities and in some cases to liabilities for past operations at facilities that we no longer own or operate. We may also be subject to liabilities for operations of acquired companies.

Our industrial activities can also result in serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or the expenditure of significant amounts to remediate safety issues or repair damaged facilities. We may incur material costs or liabilities to comply with environmental, health and safety requirements. Any failure to comply with applicable laws and regulations may subject us to substantial fines, administrative sanctions, criminal penalties, revocations of operating permits and/or shutdowns of our facilities, litigation, and other liabilities, as well as damage to our reputation.

Due to the international scope of our operations, we are subject to a complex system of import- and export-related laws and regulations, including U.S. regulations issued by Customs and Border Protection, the Bureau of Industry and Security, the Office of Antiboycott Compliance, the Directorate of Defense Trade Controls and Office of Foreign Assets Control, as well as the counterparts of these agencies in other countries. Any alleged or actual violations may subject us to government scrutiny, investigation and civil and criminal penalties, and may limit our ability to import or export our products, or to provide services outside the United States. Furthermore, embargoes and sanctions imposed by the United States and other governments restricting or prohibiting sales to specific persons or countries or based on product classification may expose us to potential criminal or civil sanctions. We cannot predict the nature, scope or effect of future regulatory requirements to which our operations might be subject or in certain locations the manner in which existing laws might be administered or interpreted.

In addition, continued government and public emphasis in countries in which we operate on environmental issues, including climate change, conservation and natural resource management, have resulted in and could result in new or more stringent forms of regulatory oversight or other limitations on the agricultural industry, including increased environmental controls, land-use restrictions affecting us or our suppliers and other conditions that could have a material adverse effect on our business, reputation, financial condition and results of operations. For example, certain aspects of our business and the larger food production chain generate carbon emissions. A number of jurisdictions in which we operate have implemented or are in the process of implementing carbon pricing programs or regulations to reduce GHG emissions, including, but not limited to, the United States, Canada, Mexico, the European Union and its member states, and China. For example, the EUDR, which becomes effective in December ~~30,~~2026 ~~2025~~ requires companies trading in certain commodities, including palm oil and soy, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation, forest degradation, or breaches of local laws after December 31, 2020 in order to sell such products in the European Union. The imposition of regulatory restrictions related to GHG emissions and conservation in many markets in which we operate, which may include limitations on GHG emissions, national emission reduction plans, requirements to make additional investments to modify our facilities, equipment and processes, other restrictions on industrial operations, taxes or fees on GHG emissions, and other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations. We are also subject to a number of ESG disclosure frameworks, such as the CSRD in the European Union, the Swiss non-financial reporting requirements and child labor due diligence and transparency, and the California Climate Accountability Package, and as certain regulators increasingly focus on climate change and other sustainability matters, we may become subject to new, more stringent ESG disclosure frameworks. See "Item 1. Business-Government Regulation."

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other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations. We are also subject to a number of sustainability disclosure frameworks, such as the CSRD in the European Union, and the Swiss non-financial reporting requirements and child labor due diligence and transparency, and the California Climate Accountability Package, and as certain regulators increasingly focus on climate change and other sustainability matters, we may become subject to new, more stringent sustainability disclosure frameworks. See "Item 1. Business-Government Regulation."

We are exposed to credit and counterparty risk relating to our customer and supplier counterparties in the ordinary course of business. In particular, we advance capital and provide other financing arrangements to farmers in Brazil and, as a result, our business and financial results may be adversely affected if these farmers are unable to repay the capital advanced to them.

We have various credit terms with customers, and our customers have varying degrees of creditworthiness, which exposes us to the risk of non-payment or other default under our contracts and other arrangements with them. In the event that we experience significant defaults on their payment obligations to us, our financial condition, results of operations, or cash flows could be materially and adversely affected.

In Brazil, where there have been limited third-party financing sources available to farmers, we provide financing to farmers from whom we purchase soybeans and other agricultural commodities through prepaid commodity purchase contracts and advances, which are generally intended to be short-term in nature and are typically secured by the farmer's crop and a mortgage on the farmer's land and other assets to provide a means of repayment in the potential event of crop failure or shortfall. As of December 31, ~~2024~~2025 and ~~2023~~2024, respectively, we had approximately $~~478~~835 million and $~~825~~478 million in outstanding prepaid commodity purchase contracts, and advances to farmers. We are exposed to the risk that the underlying crop will be insufficient to satisfy a farmer's obligation under the financing arrangements as a result of weather and crop growing conditions, and other factors that influence the price, supply and demand for agricultural commodities. In addition, any collateral held by us as part of these financing transactions may not be sufficient to fully protect us from loss.

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We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and grow our business.

We require significant amounts of capital to operate our business and fund capital expenditures. Our working capital needs are directly affected by the prices of agricultural commodities, with increases in commodity prices generally causing increases in our borrowing levels. We are also required to make substantial capital expenditures to maintain, upgrade, and expand our extensive network of storage facilities, processing plants, refineries, mills, logistics assets, and other facilities to keep pace with competitive developments, technological advances and safety and environmental standards. Furthermore, the expansion of our business and pursuit of acquisitions or other business opportunities may require us to make significant investments into our business. Although we are selective with the capital expenditures and other investments we make, we may not realize the benefits of such capital expenditures and investments in the expected time frame, if at all.

The expansion of our business and pursuit of acquisitions or other business opportunities also may require access to significant amounts of capital. In connection with the Acquisition of Viterra, we incurred a substantial amount of indebtedness, including assuming indebtedness of Viterra. If we are unable to generate sufficient cash flows or raise sufficient external financing on attractive terms to fund these activities, including as a result of a tightening in the global credit markets, we may be forced to limit our operations and growth plans, which may adversely impact our competitiveness and, therefore, our results of operations. At December 31, ~~2024~~2025, Bunge had $59,~~665~~ 065 million unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions. ~~and~~At ~~we expect to have $3~~December 31,~~000~~ ~~million of additional committed borrowing capacity upon the completion of the Acquisition~~2025, ~~resulting~~our intotal ~~anticipated~~debt ~~capacity~~balance ofwas $814,~~665~~051 million, ~~upon~~which ~~the~~is ~~completion~~a ofhigher ~~the~~balance ~~Acquisition.~~compared Atto ~~December 31,~~recent ~~2024,~~years ~~our~~as ~~total~~a ~~debt~~result ~~balance~~of ~~was~~the ~~$6,238~~Viterra ~~million~~Acquisition. Our debt levels could limit our ability to obtain additional financing, limit our flexibility in planning for, or reacting to, changes in the markets in which we compete, place us at a competitive disadvantage compared to our competitors that are less leveraged than we are, and require us to dedicate more cash on a relative basis to servicing our debt and less to developing our business. This may limit our ability to run our business and use our resources in the manner in which we would like. Furthermore, difficult conditions in global credit or financial markets, including increases in interest rates and diminished liquidity and credit availability, generally could increase the cost to finance our operations, adversely impact our ability to refinance maturing debt or the cost or other terms of such refinancing, or adversely affect the financial position of the lenders with whom we do business, which may reduce our ability to obtain financing for our operations. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources."

Access to credit markets and pricing of company debt is also dependent on maintaining appropriate credit ratings, and one of our financial objectives has been to maintain an investment grade credit rating. While our debt agreements do not have any credit rating downgrade triggers that would accelerate the maturity of our debt, reductions in our credit ratings would increase our borrowing costs and, depending on their severity, could impede our ability to obtain credit facilities or access the ~~capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.~~

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

Our risk management strategies may not be effective.

Our business is affected by fluctuations in agricultural commodity prices, transportation costs, energy prices, interest rates, and foreign currency exchange rates. We engage in hedging transactions to manage these risks. However, our exposures may not always be fully hedged, and our hedging strategies may not be successful in minimizing our exposure to these fluctuations. In addition, our risk management strategies may seek to position our overall portfolio relative to expected market movements. While we have implemented a broad range of risk monitoring and control procedures and policies to mitigate potential losses, they may not in all cases be successful in anticipating a significant risk exposure and protecting us from losses that have the potential to impair our financial position. See "Item 7A. Quantitative and Qualitative Disclosures About Market Risk".

The loss of, or a disruption in, our manufacturing and distribution operations or other operations and systems could adversely affect our business.

We are engaged in manufacturing and distribution activities on a global scale, and our business depends on our ability to execute and monitor, on a daily basis, a significant number of transactions across numerous markets or geographies. As a result, we are subject to the risks inherent in such activities, including industrial accidents, environmental events, fires, explosions, strikes and other labor or industrial disputes, disruptions in logistics or information systems, as well as natural disasters, pandemics, wars (including the Ukraine-Russia war and conflicts in the Middle East), acts of terrorism, and other external factors over which we have no control.

While we insure ourselves against many of these types of risks in accordance with industry standards, our level of insurance may not cover all losses. The potential effects of these conditions could have a material adverse effect on our business, results of operations, and financial condition.

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Our information technology systems, processes and sites may suffer interruptions, security breaches or failures that may adversely affect our ability to conduct our business.

We rely on certain key information technology systems, some of which are dependent on services provided by third parties, to provide critical data and services for internal and external users, including procurement and inventory management, transaction processing, financial, commercial and operational data, human resources management, legal and tax compliance, and other information and processes necessary to operate and manage our business. If we or our third-party service providers do not respond or perform effectively in connection with a cybersecurity ~~breach~~incident or system failure, our business may be impacted.

Increased global cybersecurity vulnerabilities, threats and more sophisticated and targeted cybersecurity attacks pose a potentially significant risk to the security of our information technology systems, networks and services, as well as the confidentiality, availability and integrity of our data and the confidential data of our employees, customers, suppliers and other third parties that we may hold. Such vulnerabilities include, among other things, social engineering threats and more sophisticated computer crime, including advanced persistent threats, zero-day vulnerability exploits, and cyberattacks utilizing emerging technologies, such as artificial intelligence ("AI") and machine learning. We have historically and may in the future incur significant costs in protecting against potential security breaches, cyber-based attacks, or other cybersecurity incidents. We and our third-party service providers are targeted by malicious actors and expect such incidents to continue and the frequency and severity of such attacks to increase. Additionally, while we have agreements with many of the third-party service providers weregarding ~~rely~~the restrictions and limitations on their use ~~generative~~of AIour ~~for~~data ain ~~variety~~generative ofAI ~~purposes~~applications, ~~that~~there ~~increases~~is ~~the~~a risk that our sensitive and proprietary data could be inadvertently or maliciously exposed by these service providers. While we have implemented cybersecurity and data protection measures, our efforts to minimize the risks and impacts of cyberattacks and protect our information technology systems may be insufficient and we may experience significant breaches or other failures or disruptions that could compromise our systems and the information we store and, ultimately, affect our business operations and results of operations. Additionally, hybrid or remote work arrangements among our employees and employees of our third-party providers present additional operational risks to our information technology systems, including, but not limited to, increased risks of cyberattacks and security breaches. We are also exposed to the risk of insider threat attacks. New technology that could result in greater operational efficiency, such as the rapid development and increased adoption of AI technology, may further expose our computer systems to the risk of cyberattacks, and may create the need for rapid modifications to our cybersecurity program to mitigate those risks.

In addition, political tensions, wars, or other military conflicts, and civil unrests also have an impact on the cybersecurity risk landscape. For example, cyberattacks against the Ukrainian government and other entities in the region, have increased in connection with the ongoing Ukraine-Russia war, driven by justifications such as retaliation for the sanctions imposed in conjunction with the war, or certain companies’ continued operations in Russia. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally. While we no longer have operations in Russia, we do have operations in the region that, along with our operations globally, could be adversely affected by these attacks, including cyber-based attacks against our information technology systems, or be at risk to collateral effects of such attacks. While we have taken actions to mitigate such potential risks, the proliferation of malware from the war into systems unrelated to the war, or cyberattacks against U.S. companies in retaliation for U.S. sanctions against Russia, or U.S. support of Ukraine, could also adversely affect our operations.

We have implemented security policies, training programs, measures and disaster recovery plans designed to prevent, detect and mitigate cyber-based attacks, and to protect the security and continuity of our networks and critical systems. We use encryption and authentication technologies designed to secure the transmission and storage of data and prevent access to Company and user data or accounts. In addition, we also conduct tests and assessments using independent third parties on a regular basis. We have also implemented data security measures on the use of generative AI, including blocking external generative AI tools within our IT environment and the rollout of an internal generative AI tool that does not share our data or train internal or external AI models. These measures, however, may not adequately prevent adverse events such as breaches or failures from occurring, or mitigate their severity if they do occur. 21

If our information technology systems are breached, damaged or fail to function properly due to any number of causes, such as security breaches or cyber-based attacks, systems implementation difficulties, catastrophic events or power outages, and our security, contingency disaster recovery, or other risk mitigation plans do not effectively mitigate these occurrences on a timely basis, we may experience a material disruption in our ability to manage our business operations and produce financial reports, as well as significant costs and lost business opportunities until they are remediated. Further, our sensitive information may be compromised and we may suffer representational harm. While we have insurance coverage designed to address certain aspects of cybersecurity risks in place, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise, and we cannot be certain that insurance coverage will continue to be available to us on acceptable terms, or at all.

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~~technologies,~~collateral ~~such~~effects ason AIadditional critical infrastructure and financial institutions globally. While we no longer have operations in Russia, ~~could~~we ~~subject~~do have operations in the ~~Company~~region tothat, ~~legal~~along ~~claims~~with orour ~~proceedings~~operations globally, ~~potential~~could ~~regulatory~~be ~~fines~~adversely ~~and~~affected ~~penalties~~by ~~and~~these ~~damage~~attacks, toincluding cyber-based attacks against our ~~reputation~~information technology systems, or be at risk to collateral effects of such attacks. ~~These~~While ~~factors~~we ~~may~~have ~~adversely~~taken ~~impact~~actions ~~our~~to ~~business~~mitigate such potential risks, ~~results~~the proliferation of ~~operations~~malware from the war into systems unrelated to the war, ~~and~~or ~~financial~~cyberattacks ~~condition~~against U.S. companies in retaliation for U.S. sanctions against Russia, asor ~~well~~U.S. assupport ~~our~~of ~~competitive~~Ukraine, ~~position~~could also adversely affect our operations.

We have implemented security policies, training programs, measures and disaster recovery plans designed to prevent, detect and mitigate cyber-based attacks, and to protect the security and continuity of our networks and critical systems. We use encryption and authentication technologies designed to secure the transmission and storage of data and prevent access to our data and user data or accounts. In addition, we also conduct tests and assessments using independent third parties on a regular basis. We have also implemented data security measures on the use of generative AI, including blocking external generative AI tools within our IT environment and the rollout of an internal generative AI tool that does not share our data or train internal or external AI models. These measures, however, may not adequately prevent adverse events such as breaches or failures from occurring, or mitigate their severity if they do occur.

If our information technology systems are breached, damaged or fail to function properly due to any number of causes, such as security breaches or cyber-based attacks, systems implementation difficulties, catastrophic events or power outages, and our security, contingency disaster recovery, or other risk mitigation plans do not effectively mitigate these occurrences on a timely basis, we may experience a material disruption in our ability to manage our business operations and produce financial reports, as well as significant costs and lost business opportunities until they are remediated. Further, sensitive information related to our employees and clients may be compromised and we may suffer reputational harm. While we have insurance coverage designed to address certain aspects of cybersecurity risks in place, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise, and we cannot be certain that insurance coverage will continue to be available to us on acceptable terms, or at all.

We are also subject to a variety of laws and regulations regarding data privacy, data protection, and data security, including laws related to the collection, storage, handling, use, disclosure, transfer, and security of personal information. Data privacy regulations continue to evolve, and non-compliance with such regulations, including as a result of adoption of emerging technologies, such as AI, could subject the Company to legal claims or proceedings, potential regulatory fines and penalties and damage to our reputation. These factors may adversely impact our business, results of operations, and financial condition, as well as our competitive position.

Changes in tax laws or exposure to additional tax liabilities could have a material impact on our financial condition and results of operations.

We are subject to income taxes as well as non-income taxes in various jurisdictions throughout the world. Tax authorities may disagree with certain positions we have taken and assess additional taxes, along with interest and penalties. We regularly assess the likely outcomes of these audits and assessments in order to assess the appropriateness of our tax assets and liabilities. However, the calculation of such liabilities involves significant judgment in the interpretation of complex tax regulations in many jurisdictions. Therefore, any dispute with a taxing authority may result in a payment or outcome that is significantly different from current estimates. There can be no assurance that we will accurately predict the outcomes of these audits and the actual outcomes of these audits could have a material impact on our consolidated earnings and financial condition in the periods in which they are recognized.

Additionally, changes in tax laws could materially impact our effective tax rate and the monetization of recoverable tax assets (indirect tax credits). For example, the Organization for Economic Cooperation and Development ("OECD") Base Erosion and Profit Shifting ("BEPS") initiative, which is supported by governments of certain major countries and jurisdictions, seeks to, among other things, ensure large multinational companies, like Bunge, pay a minimum level of tax on the income arising in each of the jurisdictions where they operate, could adversely impact our effective tax rate. BEPS did not have a material impact on our effective tax rate in ~~2024~~2025 and is not expected to have a material impact in ~~2025~~2026. Although there is uncertainty about the United States' continued involvement in these OECD initiatives, the efforts by the OECD and a number of other countries where we operate has resulted, and will continue to result, in additional mandatory disclosures, which will likely cause additional scrutiny of the Company's tax positions and potentially increased tax assessments.

Our operations are dependent on a wide array of third parties.

The success of our supply chain relies on the continued performance of a wide array of third parties. Suppliers, vendors, co-manufacturers, third-party outsourcers, warehousing partners, and transportation providers are among our critical business partners. Although we take steps to qualify and audit third parties with whom we do business, we cannot guarantee that all third parties will perform dependably or at all. It is possible that events beyond our control, such as financial issues, operational failures, labor issues, cybersecurity events, pandemics or other public health issues, or other systemic issues could impact our unaffiliated third parties. If our third parties fail to deliver on their commitments, introduce unplanned risk to our operations, such as exposing us to cybersecurity-related compromises, or are unable to fulfill their obligations, we could experience manufacturing challenges, shipment delays, increased costs, or lost revenue.

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unaffiliated third parties. If our third parties fail to deliver on their commitments, introduce unplanned risk to our operations, such as exposing us to cybersecurity-related compromises, or are unable to fulfill their obligations, we could experience manufacturing challenges, shipment delays, increased costs, or lost revenue.

Our operations have been and may in the future be adversely impacted as a result of public health crises, pandemics, and epidemics.

Public health crises, pandemics and epidemics, have in the past adversely affected, and could in the future adversely affect our business, financial condition, and results of operations. Any outbreaks of new public health crises, pandemics, and epidemics and the related government responses may adversely affect our operations, facilities, health of our employees and consumers, as well as general commercial activity related to our supply chain and customer base. The extent to which we may be impacted by future outbreaks of public health crises, pandemics and epidemics is difficult to predict and will depend on many factors outside of our control. These factors include the timing, extent, trajectory and duration of any pandemic, the development, availability, distribution and effectiveness of vaccines and treatments, the imposition of protective public safety measures, and the impact of the pandemic on the global economy. To the extent any public health crisis, pandemic or epidemic adversely affects our business, results of operations, financial condition, and share price, it may also have the effect of heightening many of the other risks described in this Item 1A.

We are dependent on our executive management and other key personnel.

Our success depends on our executive management team and other key personnel with skills upon which our business depends, and our ability to effectively identify, attract, retain, and motivate high quality employees, and replace those who retire or resign. We believe that we have an experienced and highly qualified executive management team, and the loss of service of any one or more of these key personnel could have a significant adverse impact on our operations and our future profitability. Failure to retain and motivate our executive management team and to hire, retain, and develop other important personnel, which may be particularly challenging given the current dynamics in certain labor markets in which we operate, could generally impact other levels of our management and operations, as well as our ability to execute our strategies and may adversely affect our business and results of operations. Furthermore, Swiss law prohibits certain executive compensation practices, including sign-on bonuses and severance and takeover incentive or similar payments for our executive management team (except for pay during a notice period of up to 12 months), which may impair our ability to recruit for these positions.

25Risks Relating to the Combined Company Following Our Acquisition of Viterra

We may fail to realize the anticipated benefits of the Acquisition, which could adversely affect the value of the registered shares.

The success of the Acquisition will depend, in part, on our ability to realize the anticipated benefits from combining the legacy businesses of Bunge and Viterra. Our ability to realize these anticipated benefits and cost savings is subject to certain risks including:

•Our ability to successfully combine the legacy businesses of Bunge and Viterra;

•Whether the combined businesses will perform as expected;

•The incurrence of indebtedness to finance the Acquisition and the need to dedicate a greater amount of cash flow from operations to make payments on our indebtedness; and

•The assumption of liabilities of Viterra.

If we are not able to successfully integrate and combine the legacy businesses of Bunge and Viterra within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or may take longer to realize than expected, the combined businesses may not perform as expected, and the value of Bunge shares may be adversely affected.

It is possible that the integration process could result in the loss of our key staff or Viterra’s key staff, the disruption of either or both company’s ongoing businesses, higher than expected integration costs and an overall post-completion integration process that takes longer than originally anticipated. Specifically, issues that must be addressed to realize the anticipated benefits of the Acquisition so the combined business performs as expected include, among other things:

•challenges and difficulties associated with managing the large, more complex, combined company and coordinating geographically dispersed organizations;

•identifying and adopting the best practices of the two organizations to position the combined business for future growth;

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~~sign-on~~•harmonizing ~~bonuses~~the companies’ operating practices, reporting structure, staff development and ~~severance~~compensation programs, internal controls and ~~takeover~~other ~~incentive~~policies, orprocedures ~~similar~~and ~~payments~~processes, ~~for~~including ~~our~~compliance ~~executive~~by ~~management~~the ~~team~~acquired ~~(except~~operations ~~for~~with ~~pay~~generally ~~during~~accepted aaccounting ~~notice~~principles ~~period~~in ofthe upUnited toStates 12and ~~months),~~the ~~which~~documentation ~~may~~and ~~impair~~testing ~~our~~of ~~ability~~internal tocontrol ~~recruit~~procedures ~~for~~under ~~these~~Section ~~positions.~~404 of the Sarbanes-Oxley Act;

•rebranding operations and addressing possible differences in business backgrounds, corporate cultures and management philosophies;

•consolidating and integrating the companies’ corporate, administrative and information technology infrastructure, including technologies, systems, and services;

•attracting, motivating, and retaining talent, including due to issues relating to the uncertainty and difficulty of integration, financial security, or a desire not to become team members of the combined business;

•diversion of management's attention or resources away from our operations or growth initiatives to integration;

•maintaining existing business relationships, building new relationships, and avoiding delays in entering into new relationships with prospective business partners; and

•identifying and eliminating redundant assets and expenses and consolidating locations of us and Viterra that are currently in close proximity to each other.

We have incurred, and will continue to incur significant integration-related costs in connection with the Acquisition and we may not be able to obtain the anticipated synergies of the combined company.

We have incurred, and will continue to incur significant integration-related fees and costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and staff-related costs. We continue to assess the magnitude of these costs, and additional unanticipated costs may be incurred in the integration of Viterra into our business. Although we expect that the elimination of duplicative costs, as well as the realization of other synergies and efficiencies related to the integration of the businesses, may allow us to offset integration-related costs over time, this net benefit may not be achieved in the near term, or at all, and we may incur difficulties and delays in integrating Viterra’s business or fully realizing the anticipated cost synergies and other benefits expected from the Acquisition.

With the completion of the Acquisition, the market price for registered shares of the company may be affected by factors different from, or in addition to, those that historically have affected or currently affect the market prices of the registered shares.

The results of operations of the company may be affected by factors that are different from those currently affecting our results of operations. Additionally, our results of operations may also be affected by factors that are different from those historically affecting our or Viterra's results of operations prior to the closing of the Acquisition.

Certain Shareholders are able to exercise influence over the composition of the Board, matters subject to shareholder approval and/or our operations.

Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investments"), and British Columbia Investment Management Corporation, shareholders of Viterra at the time of the acquisition, represent approximately 17%, 14% and 3%, respectively, of our outstanding registered shares, or in the aggregate approximately 34% of Bunge's outstanding registered shares as of December 31, 2025. At the closing of the Acquisition, we entered into shareholder's agreements with each of Glencore and CPP Investments, pursuant to which, among other things, each of Glencore and CPP Investments will have the right to designate:

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

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

As a result, Glencore and CPP Investments are able to influence the composition of our Board and thus, potentially, the outcome of corporate actions requiring shareholder approval, such as statutory mergers or the issuance of new shares where preemptive rights of shareholders are to be withdrawn, which require the affirmative vote of a majority of two-thirds of the voting rights represented at the general meeting of shareholders. This concentration of investment and voting power, in addition to our existing concentration of investment and voting power among certain large shareholders, could discourage others from initiating a potential merger, takeover or other change of control transaction that may otherwise be beneficial to Bunge and its shareholders, which could adversely affect the market price of registered shares.

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Risks Relating to the Registered Shares

The rights of our shareholders are governed by Swiss law, and it may be difficult to enforce judgments against us and our directors and officers.

The rights of our shareholders are governed by Swiss law and our articles of association (the "Articles of Association"). The rights of shareholders under Swiss law differ from the rights of shareholders of companies incorporated in other jurisdictions, including the United States and Bermuda, our domicile prior to the Redomestication. Swiss law reserves for approval by shareholders certain corporate actions over which a board of directors would have authority in some other jurisdictions. Any such actions for which our shareholders must vote will require that we file a proxy statement with the SEC and convene a meeting of shareholders, which would delay the timing to execute such actions. See Exhibit 4.2 for an overview of certain material terms and provisions of the Company’s registered shares.

Several of our directors and officers are non-residents of the United States, and a substantial portion of our assets and the assets of those directors and officers are located outside the United States. As a result, it may be difficult to effect service of process on those persons in the United States or to enforce judgments obtained in U.S. courts against us or those persons based on civil liability provisions of the U.S. securities laws. It is uncertain whether Swiss courts would enforce judgments of U.S. courts obtained in actions against Bunge Global or other persons that are predicated upon the civil liability provisions of U.S. federal securities laws or original actions brought against Bunge Global or other persons predicated upon the U.S. Securities Act of 1933, as amended ("Securities Act"). The enforceability in Switzerland of a foreign judgment rendered against Bunge Global or such other persons is subject to the limitations set forth in such international treaties by which Switzerland is bound and the Swiss Federal Private International Law Act. In particular, and without limitation to the foregoing, a judgment rendered by a foreign court may only be enforced in Switzerland if:

•such foreign court had jurisdiction,

•such judgment has become final and non-appealable,

•the court procedures leading to such judgment followed the principles of due process of law, including proper service of process, and

•such judgment does not violate Swiss law principles of public policy.

In addition, enforceability of a judgment by a non-Swiss court in Switzerland may be limited if Bunge Global can demonstrate that it or such other persons were not effectively served with process. We have been advised that the U.S. and Switzerland currently do not have a treaty providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Some remedies available under the laws of U.S. jurisdictions, including some remedies available under the U.S. federal securities laws, would not be allowed in Swiss courts as they are contrary to Switzerland's public policy.

As a Swiss corporation, our flexibility will be limited with respect to certain aspects of capital management.

Swiss law regulates a corporation’s ability to hold or repurchase its own shares. We and our subsidiaries may only repurchase shares to the extent that sufficient freely available equity is available. The aggregate par value of our registered shares held by us and our subsidiaries may not exceed 10% of our stated share capital, unless our shareholders authorize (including through the capital band) the Board to repurchase registered shares in an amount in excess of 10% and the repurchased shares are dedicated for cancellation in order to effect a capital reduction.

Swiss law allows Bunge Global’s shareholders to authorize the Board to issue shares without additional shareholder approval,. ~~but~~Under Bunge Global's current Articles of Association, this authorization is limited to (i) 50approximately 16% of Bunge Global’s stated share capital, representing up to 33,632,445 new shares (among other things, ~~the~~for ~~issuance~~purposes of issuing shares in connection with an acquisition or tofor ~~raise~~raising new equity capital, subject to compliance with shareholders' preemptive rights, unless withdrawn for the reasons specified in the Articles of Association) (the "capital band") , and (ii) anapproximately ~~additional 20~~15% of Bunge Global’s stated share capital for the issuance of up to 19,371,537 new shares in connection with convertible or similar financial instruments and up to 12,914,357 new shares in connection with our equity incentive plans (the "conditional share capital"). The Board's authority to issue shares based on the capital band ~~must~~will beexpire ~~renewed~~on byOctober ~~the~~19, ~~shareholders~~2028 ~~every~~unless ~~five~~a ~~years~~renewal is approved by the shareholders. The Articles of Association, ~~provides~~as ~~for~~ a ~~capital~~part ~~band~~of ~~authorizing~~ the ~~Board~~capital toband ~~issue up to 86~~provision,~~861,666~~ ~~new~~further ~~shares~~authorizes orthe Board to cancel or reduce the par value of up to 2679,~~138~~368,~~964~~185 shares (including to cancel shares repurchased under Bunge Global's share repurchase program) up until October 19, 2028. ~~After October 19, 2028, the capital band will only be available to the Board for issuance or cancellation of registered shares if a renewed authorization is approved by shareholders.~~

Additionally, Swiss law grants existing shareholders preemptive rights to subscribe for newly issued shares and advance subscription rights to subscribe for convertible and similar financial instruments. Preemptive rights and advance subscription rights may be limited or withdrawn only for valid reasons. In connection with share issuances based on the capital band and the conditional share capital, the preemptive rights and the advance subscription rights may only be limited or withdrawn for the reasons specified in the Articles of Association.

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rights may be limited or withdrawn only for valid reasons. In connection with share issuances based on the capital band and the conditional share capital, the preemptive rights and the advance subscription rights may only be limited or withdrawn for the reasons specified in the Article of Association.

Swiss law also does not provide as much flexibility in the various terms that can attach to different classes of shares. Further, Swiss law also reserves for approval by shareholders many corporate actions, including the declaration and approval of dividends under certain circumstances. These Swiss law requirements relating to our capital management may limit our flexibility to swiftly implement certain initiatives or strategies, and situations may arise where greater flexibility would have provided substantial benefits to our shareholders.

Further, we are required, from time to time, to evaluate the carrying amount of our investments in affiliates, as presented on our Swiss standalone balance sheet. If we determine that the carrying amount of any such investment exceeds its fair value, we may conclude that such investment is impaired. Any recognized loss associated with such a non-cash impairment could result in our net assets no longer covering our statutory share capital and statutory capital reserves. Under Swiss law, if our net assets cover less than 50% of our statutory share capital and the non-distributable part of the statutory capital and profit reserves, the Board must take appropriate measures or, to the extent such measures fall within the competence of the general meeting of shareholders, convene a general meeting of shareholders for the approval of suitable measures for reorganization of the company, to remedy such a capital loss. Appropriate measures depend on the relevant circumstances and the magnitude of the recognized loss and may include seeking shareholder approval for offsetting the aggregate loss, or a portion thereof, with our statutory capital reserves, including qualifying capital contribution reserves otherwise available for distributions to shareholders, or raising new equity. Depending on the circumstances, we may also need to use qualifying capital contribution reserves available for distributions in order to reduce our accumulated net loss and such use might reduce our ability to make distributions without subjecting our shareholders to Swiss withholding tax.

We may not be able to make distributions or repurchase shares without subjecting you to Swiss withholding tax.

Under current Swiss law, distributions made out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration or made in the form of a par value reduction are not subject to Swiss withholding tax. However, there can be no assurances that the Swiss withholding rules will not be changed in the future or that shareholders will approve a distribution out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration or a reduction in par value for distributions. Further, over the long -term, the amount of par value and qualifying contribution reserves available for Bunge Global may be limited. If Bunge Global is unable to make a distribution out of qualifying capital contribution reserves or through a reduction in par value, then any dividend distributions paid by Bunge Global will generally be subject to a Swiss withholding tax at a rate of 35%. The withholding tax must be withheld from the gross distribution and paid to the Swiss Federal Tax Administration. A U.S. holder that qualifies for benefits under the Convention between the United States of America and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income, which we refer to as the "U.S.-Swiss Treaty," may apply for a refund of the tax withheld in excess of the 15% treaty rate (or for a full refund in case of qualified pension funds). Switzerland currently has concluded more than 70 tax treaties with the same treatment regarding the refund of Swiss withholding taxes.

Under current Swiss law, repurchases of shares for the purposes of capital reduction are treated as a partial liquidation subject to 35% Swiss withholding tax on the difference between the par value plus qualifying capital contributions reserves and the repurchase price. Over the long -term, the amount of par value and qualifying contribution reserves available for Bunge Global may be limited. Bunge Global may follow a share repurchase process for future share repurchases, if any, whereby Swiss institutional investors purchase Bunge Global shares from you and then sell the shares to Bunge Global and apply for a refund of the Swiss withholding tax. However, if Bunge Global is unable to use this process successfully, Bunge Global may not be able to repurchase shares for the purposes of capital reduction without subjecting you to Swiss withholding taxes.

We have anti-takeover provisions in our Articles of Association that may discourage a change of control.

Our Articles of Association have provisions that could have an anti-takeover effect. Our Articles of Association has a capital band provision, according to which the Board is authorized, at any time until October 19, 2028, to limit or withdraw the preemptive rights of the existing shareholders in various circumstances. Under our capital band, the Board has authority to issue up to 8633,~~861~~632,~~666~~445 new shares or to cancel or reduce the par value of up to 2679,~~138~~368,~~964~~185 shares until October 19, 2028.

This provision, as well as any additional anti-takeover measures our Board could adopt in the future, could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many shareholders. As a result, shareholders may be limited in their ability to obtain a premium for their shares.

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Risks Relating to the Pending Viterra Acquisition

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

Our shareholders currently have the right to vote in the election of the Board and on other matters affecting us. Upon consummation of the Acquisition, each of our shareholders will become a shareholder of the combined company with a percentage ownership of the combined company that is smaller than each such shareholder’s percentage ownership of Bunge immediately prior to the Acquisition. Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023. Accordingly, our current shareholders will have less influence on the management and policies of the combined company than they now have on the management and policies of Bunge.

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

Parties with which we or Viterra do business may experience uncertainty associated with the Acquisition, including with respect to current or future business relationships with us, Viterra or the combined business. Our and Viterra’s business relationships may be subject to disruption as clients, vendors and others may attempt to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us, Viterra or the combined business. It is possible that these disruptions will continue following the closing of the Acquisition. These disruptions could have a material and adverse effect on the businesses, financial condition, results of operations or prospects of the combined business, including a material and adverse effect on our ability to realize the anticipated benefits of the Acquisition. The risk and adverse effect of such disruptions could be exacerbated by a delay in the completion or termination of the Acquisition.

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

From and after the date of the Business Combination Agreement and prior to completion of the Acquisition, the Business Combination Agreement restricts us and Viterra from taking specified actions without the consent of the other party and requires that the business of each company and its respective subsidiaries be conducted independently in the ordinary course in all material respects. These restrictions may prevent us or Viterra from taking actions that would be beneficial. Adverse effects arising from these restrictions during the pendency of the Acquisition could be exacerbated by any delays in consummation or termination of the Acquisition.

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

We and Viterra each have contracts with customers, suppliers, vendors, distributors, landlords, licensors, joint venture partners, and other business partners which may require us or Viterra, as applicable, to obtain consent from these other parties in connection with the Acquisition. If these consents cannot be obtained, the counterparties to these contracts and other third parties with which we and/or Viterra currently have relationships may have the ability to terminate, reduce the scope of or otherwise materially adversely alter their relationships with either or both parties in anticipation of the Acquisition, or with the combined company following the Acquisition. The pursuit of such rights may result in Bunge or the combined company suffering a loss of potential future revenue or incurring liabilities in connection with a breach of such agreements and losing rights that are material to its business. Any such disruptions could limit the combined company’s ability to achieve the anticipated benefits of the Acquisition. The adverse effect of such disruptions could also be exacerbated by a delay in the completion or termination of the Acquisition.

Obtaining required approvals and satisfying closing conditions may prevent or delay completion of the Acquisition.

The Acquisition is subject to a number of conditions to closing as specified in the Business Combination Agreement, including, (i) all required consents, clearances, authorizations and approvals pursuant to antitrust laws, foreign investments laws, and other laws, as applicable, having been obtained, (ii) no law, order, injunction or decree will be in effect that prevents, makes illegal or prohibits the Acquisition, and (iii) the increase in our share capital to effect the issuance of registered shares to Viterra shareholders and the related amendments to our governing documents in connection therewith has been registered with the competent cantonal commercial register in Switzerland. Although we and Viterra have agreed in the Business Combination Agreement to use our reasonable best efforts, subject to certain limitations, to make certain governmental filings or obtain the required governmental authorizations, as the case may be, no assurance can be given that the required approvals will be obtained or that the required conditions to closing will be satisfied, and, if all required approvals are obtained and the conditions are satisfied, no assurance can be given as to the terms, conditions and timing of the approvals. Any delay in completing the Acquisition could cause the combined company not to realize, or to be delayed in realizing, some or all of the benefits that we expect to achieve if the Acquisition is successfully completed within its expected time frame.

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The Acquisition could be terminated.

Although we expect the Acquisition to close in the coming months, either we or Viterra may terminate the Business Combination Agreement under certain circumstances, including, among other reasons, if the Acquisition is not consummated by an agreed upon termination date set forth in the Business Combination Agreement. The termination date was extended twice pursuant to the terms of the Business Combination Agreement due to failure to obtain certain regulatory clearances. The members of the Viterra Shareholder Group, acting collectively, on the one hand, and Bunge, on the other hand, have further extended the termination date to March 13, 2025 and may extend the termination date again to June 13, 2025, due to failure to obtain these regulatory clearances. If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, we would be obligated to pay to Viterra a fee of $400 million in the aggregate.

Failure to complete the Acquisition could negatively impact our stock price and our future business and financial results.

If the Acquisition is not completed for any reason, our ongoing business may be adversely affected and, without realizing any of the benefits of having completed the Acquisition, we could be subject to a number of risks, including the following:

•We may experience negative reactions from the financial markets, including negative impacts on our stock price, and from our clients, staff and vendors;

•We may be required to pay Viterra or the Viterra Shareholder Group, as applicable, a fee of up to approximately $400 million if the Acquisition is not consummated;

•We will be required to pay certain transaction expenses and other costs relating to the Acquisition, whether or not the Acquisition is completed;

•The Business Combination Agreement places certain restrictions on the conduct of our business prior to completion of the Acquisition; and

•Matters relating to the Acquisition (including integration planning) will require substantial commitments of time and resources by our management, which would otherwise have been devoted to day-to-day operations and other opportunities that may have been beneficial to us as an independent company.

There can be no assurance that the risks described above will not materialize. If any of those risks materialize, they may materially and adversely affect our businesses, financial condition, financial results and stock price.

We and Viterra may have difficulty attracting, motivating and retaining executives and other key employees in light of the Acquisition.

Uncertainty about whether the Acquisition will close and, if it closes, the effect of the Acquisition will have on our employees and Viterra’s employees may have an adverse effect on each of us and Viterra separately and consequently the combined business, following the closing. This uncertainty may impair our and Viterra’s ability to attract, retain and motivate key personnel until the Acquisition is completed. Employee retention may be particularly challenging during the pendency of the Acquisition, as our employees and Viterra’s employees may experience uncertainty about their future roles with the combined business. Furthermore, if our key employees or Viterra’s key employees depart or are at risk of departing, including because of issues relating to the uncertainty and difficulty of integration, financial security or a desire not to become team members of the combined business, we may have to incur significant costs in retaining such individuals or in identifying, hiring and retaining replacements for departing employees, and our ability to realize the anticipated benefits of the Acquisition may be adversely affected.

Shareholder lawsuits relating to the Acquisition have been, and may in the future be filed against us, which could result in substantial costs and may delay or prevent the Acquisition from being completed.

Shareholder lawsuits are often brought against companies that have entered into transactions like the Acquisition. Such a shareholder lawsuit was filed against us in connection with the Acquisition, which subsequently has been dismissed, but there is no assurance that there will not be additional shareholder lawsuits brought against us in connection with the Acquisition. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on our liquidity and financial condition. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting consummation of the Acquisition, then that injunction may delay or prevent the Acquisition from being completed.

The incurrence of debt to fund the pending acquisition of Viterra may impact our financial position and subject us to additional financial and operating restrictions.

As of December 31, 2024, we had approximately $6.2 billion of total debt. Our total debt is expected to increase to $13 billion upon completion of the Acquisition and the related financing transactions. In connection with the execution of the

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Business Combination Agreement, we secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). On September 17, 2024, we issued an aggregate principal amount of $2.0 billion of unsecured senior notes (collectively, the "September 2024 Senior Notes") of Bunge Limited Finance Corp. ("BLFC"), an indirect, 100%-owned subsidiary of Bunge, which are guaranteed by Bunge, to, among other things, fund a portion of the cash consideration for the Acquisition and to repay a portion of certain Viterra debt that we expect to assume in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. The indenture governing the notes requires BLFC to redeem the notes if the consummation of the Acquisition does not occur on or before certain dates or if the Acquisition is terminated at 101% principal amount of the notes. As a result of the September 2024 Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $2.0 billion to $6.0 billion as of December 31, 2024.

In addition, certain notes of Viterra totaling approximately $3.3 billion will remain outstanding following the closing of the Acquisition and we will take the required actions in order to have such notes be pari passu with existing senior unsecured indebtedness of Bunge. In the third quarter of 2024, BLFC commenced offers (the "US Exchange Offers") to exchange all outstanding notes of certain series 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 addition, in the third quarter of 2024, Viterra commenced a consent solicitation (the "European Consent Solicitation") to amend the indenture governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. The US Exchange Offers and European Consent Solicitation are conditioned upon, among other things, the consummation of the Acquisition. This Annual Report is not intended to and does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of any vote of approval or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Interest rate fluctuations may increase our overall cost of capital. In addition, we anticipate that as a result of the debt we expect to incur and have already incurred to finance the Acquisition, credit rating agencies will review our credit ratings. As part of their ratings review and subsequent credit opinions related to the Acquisition, Standard & Poor's ("S&P"), Moody's and Fitch have taken the following actions:

•S&P upgraded our long-term debt credit rating to BBB+ on June 13, 2023 and further placed the outlook on CreditWatch Positive for an upgrade to A- on September 9, 2024.

•S&P also assigned a preliminary A- issue-level rating to the September 2024 Senior Notes on September 10, 2024;

• Moody’s upgraded our long-term debt credit rating to Baa1 on August 1, 2024 with stable outlook; and

• Fitch upgraded our long-term debt credit rating to BBB+ on September 5, 2024 with stable outlook.

However, there is no assurance that any positive outlook on our ratings will materialize. Any potential future negative change in our credit ratings may make it more expensive for us to raise long-term financing or additional capital, and may negatively impact the price of registered shares, increase our overall cost of capital, and have other negative implications on our business, many of which are beyond our control.

We have incurred and will continue to incur significant expenses in connection with the Acquisition, regardless of whether the Acquisition is completed.

We have incurred and will continue to incur significant expenses related to the Acquisition. These expenses include, but are not limited to, fees related to arranging debt financing, financial advisory and opinion fees and expenses, legal fees, accounting fees and expenses, certain employee expenses, consulting fees, filing fees, printing expenses and other related fees and expenses. Many of these expenses will be payable by us regardless of whether the Acquisition is completed.

If our due diligence investigation of Viterra was inadequate or if risks related to Viterra’s business materialize, it could have a material adverse effect on our shareholders’ investment.

Even though we conducted a customary due diligence investigation of Viterra, we cannot be sure that our diligence surfaced all material issues that may be present inside Viterra or its business, or that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of Viterra and its business and outside of its control will not arise later. If any such material issues arise or if known risks prove to be more significant than expected, the ongoing business of the combined company and our shareholders’ investment may be materially and adversely impacted.

The outstanding capital stock of Viterra is privately held and is not traded in any public market. The lack of a public market makes it difficult to determine the fair market value of Viterra. The aggregate consideration for the Viterra is set forth in

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the Business Combination Agreement as a result of negotiations and because these share amounts are fixed, they will not adjust to factor in any change in the value of Viterra before closing. As a result, there is no guarantee that the value of the aggregate consideration in the Acquisition will align with the actual value of the Viterra at closing.

Risks Relating to the Combined Company

Because we and Viterra operate similar businesses in similar industries, the risks relating to us and our business are generally the same as the risks relating to the combined company. This section should be read in conjunction with the other risk factors discussed under this Item 1A.

After completion of the Acquisition, we may fail to realize the anticipated benefits of the Acquisition, which could adversely affect the value of registered shares.

The success of the Acquisition will depend, in part, on our ability to realize the anticipated benefits from combining the businesses of Bunge and Viterra. Our ability to realize these anticipated benefits and cost savings is subject to certain risks including:

•Our ability to successfully combine the businesses of Bunge and Viterra;

•Whether the combined businesses will perform as expected;

•The incurrence of indebtedness to finance the Acquisition and the need to dedicate a greater amount of cash flow from operations to make payments on our indebtedness; and

•The assumption of known and unknown liabilities of Viterra.

If we are not able to successfully integrate and combine the business of Bunge and Viterra within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or at all or may take longer to realize than expected, the combined businesses may not perform as expected, and the value of Bunge shares may be adversely affected.

•challenges and difficulties associated with managing the large, more complex, combined company and coordinating geographically dispersed organizations;

•identifying and adopting the best practices of the two organizations to position the combined business for future growth;

•harmonizing the companies’ operating practices, reporting structure, staff development and compensation programs, internal controls and other policies, procedures and processes, including compliance by the acquired operations with generally accepted accounting principles in the United States and the documentation and testing of internal control procedures under Section 404 of the Sarbanes-Oxley Act, which includes remediating certain deficiencies in internal controls over financial reporting of Viterra identified in connection with the audit of its consolidated financial statements as of December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021, and 2020 that constituted a material weakness and resulted in financial statement restatements;

•rebranding operations and addressing possible differences in business backgrounds, corporate cultures and management philosophies;

•consolidating and integrating the companies’ corporate, administrative and information technology infrastructure, including technologies, systems, and services;

•diversion of management's attention or resources away from our operations or growth initiatives to integration;

•maintaining existing business relationships, building new relationships, and avoiding delays in entering into new relationships with prospective business partners; and

•identifying and eliminating redundant assets and expenses and consolidating locations of us and Viterra that are currently in close proximity to each other.

We have incurred, and will, following the completion of the Acquisition, continue to incur significant integration-related fees and costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and staff-related costs. We continue to assess the magnitude of these costs, and additional unanticipated costs may be incurred

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in the Acquisition and the integration of Viterra into our business. Although we expect that the elimination of duplicative costs, as well as the realization of other synergies and efficiencies related to the integration of the businesses, that may allow us to offset integration-related costs over time, this net benefit may not be achieved in the near term, or at all, and we may incur difficulties and delays in integrating Viterra’s business following completion of the Acquisition or fully realizing the anticipated cost synergies and other benefits expected from the Acquisition.

The market price for registered shares of the combined company following the completion of the Acquisition may be affected by factors different from, or in addition to, those that historically have affected or currently affect the market prices of the registered shares.

The results of operations of the combined company will be affected by some factors that are different from those currently or historically affecting our results of operations and those currently or historically affecting the results of operations of Viterra. The results of operations of the combined company may also be affected by factors different from those that currently affect or have historically affected either Bunge or Viterra.

Certain Sellers will be able to exercise influence over the composition of the Board, matters subject to shareholder approval and/or our operations.

Upon the completion of the Acquisition, the number of registered shares expected to be issued to Glencore, CPP Investments and BCI will represent approximately 15%, 12% and 3% of our outstanding registered shares, or in the aggregate approximately 30% of the combined company on a fully diluted basis before giving effect to any share repurchases by Bunge occurring after June 13, 2023. As further discussed in “Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—(f) Purchases of Equity Securities by Registrant and Affiliated Purchasers,” Bunge has a share repurchase program with a total authorization since inception of $2.7 billion, with an aggregate purchase authorization of approximately $800 million remaining for repurchase as of December 31, 2024. Bunge has repurchased, and may continue to repurchase its registered shares from time to time under the share repurchase program, which may occur before the completion of the Acquisition. Repurchases under the program may increase the Viterra Shareholder Group’s aggregate ownership percentage in the combined company up to approximately 35% if all remaining registered shares authorized for repurchase under the share repurchase program are repurchased.

Subject to and effective upon the completion of the pending Acquisition, Bunge and each of Glencore and CPP Investments are expected to execute the Shareholder Agreements. Each Shareholder’s Agreement is expected to provide each of Glencore and CPP Investments the right to designate (a) two persons to be nominated for election to the Board, as long as each maintains beneficial ownership of at least 10% of the registered shares; and (b) one person to be nominated for election to the Board, as long as each maintains beneficial ownership of at least 5% of the registered shares. In contemplation of these Shareholder Agreements, each of Glencore and CCP Investments has nominated candidates to serve as directors on the Board subject to and contingent upon the Acquisition closing. These director nominees were included in the Company's 2024 definitive proxy statement, and the Company's shareholders approved these director nominees to serve on the Board following the Acquisition. As a result, following the completion of the Acquisition, Glencore and CPP Investments will be able to influence the composition of the Board and thus, potentially, the outcome of corporate actions requiring shareholder approval, such as statutory mergers or the issuance of new shares where preemptive rights of shareholders are to be withdrawn, which require the affirmative vote of a majority of two-thirds of the voting rights represented at the general meeting of shareholders. This concentration of investment and voting power, in addition to our current concentration of investment and voting power among certain large shareholders, could discourage others from initiating a potential merger, takeover or other change of control transaction that may otherwise be beneficial to Bunge and its shareholders, which could adversely affect the market price of registered shares.

Item 1B. Unresolved Staff Comments

Not applicable.

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Item 1C. Cybersecurity

Risk Management and Strategy

Securing Bunge’s business information, customer, supplier, and employee data and information technology systems is an important part of our overall risk management framework. We rely on certain key information technology systems, some of which are dependent on services provided by third parties, to provide critical data and services for internal and external users, including procurement and inventory management, transaction processing, financial, commercial and operational data, human resources management, legal and tax compliance, and other information and processes necessary to operate and manage our business.

Our cybersecurity risk management program monitors our systems and networks for threats, breaches, intrusions and other weaknesses; assesses the security of our company-wide software, applications and systems; conducts security audits and threat assessments; responds to cybersecurity incidents; and facilitates training for our employees. Within our cybersecurity team, subject matter experts regularly obtain cybersecurity certifications. Our program includes procedures to identify cybersecurity risks and threats of our third-party service providers. These procedures measure the maturity of third-party provider cybersecurity programs against industry best practices. The collection of this information is used to assess the use of third-party software or partnerships. We also review the cybersecurity scores of our business customers and suppliers, and we rely on consultants and other third-party advisors to conduct security assessments and independent audits of the security and resilience of our systems and networks. Our cybersecurity risk management program includes incident response plans that are aligned with our crisis response plans and outline the procedures and protocols to follow when a cybersecurity incident has or may have occurred, including to allow assessments related to disclosure and notice requirements to be timely made to regulators and affected parties. We have also performed and plan to continue to conduct cybersecurity incident simulation exercises involving members of senior management as part of our cybersecurity risk management program. The Board is provided with an update following aeach simulation exercise. Our response plans include protocols to notify our Chief ~~Technology~~Transformation Officer ("“CTO"”), our Chief Legal Officer, other members of senior management as appropriate, and, under certain circumstances, the Audit Committee of our Board, or our full Board as appropriate.

Our worldwide team of cyber and information security professionals undertakes a range of activities to protect ~~its~~our employees, assets, and reputation globally, leveraging internal and external resources to monitor cybersecurity threats to ~~its~~our systems and networks and to understand the broader threat environment. In support of these efforts, ~~Our~~our security experts use automated threat intelligence feeds and tools to increase vulnerability awareness, taking action to mitigate the highest risks.

Bunge’s dedicated cyber risk organization meets regularly with business units and corporate operations to raise cyber risk awareness and keep diverse cybersecurity skill sets connected across the global enterprise. We invest in broad cybersecurity awareness and training to educate those with access to Bunge’s networks, which includes a review of company policies and best practices. We conduct phishing tests to train our workforce, and assess its ability, to identify and report malicious emails and activity. Privacy and data protection awareness and training is provided annually to employees and the Board as part of Bunge’s required Code of Conduct training.

We have integrated cybersecurity risk assessments into Bunge’s overall enterprise risk management framework to promote a company-wide culture of cybersecurity risk management. Our CRO formulates periodic reports and provides them to our ~~Management Risk Committee ("~~MRC"). As noted in "“Item 1. Business - Risk Management"”, the MRC reviews key enterprise risks on an ongoing basis and is responsible for reviewing and monitoring key exposures, emerging risks, and drivers of risk. Bunge uses a risk-based information security process aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to identify, prioritize, and mitigate cybersecurity risks, which is periodically assessed by an independent third party.

Increased global cybersecurity vulnerabilities, threats, and more sophisticated and targeted cybersecurity attacks, including those tied to global conflicts, pose a potentially significant risk to the security of our information technology systems, networks and services, as well as the confidentiality, availability and integrity of our data and the confidential data of our employees, customers, suppliers, and other third parties that we may hold.

Although we have experienced and will continue to experience cybersecurity incidents of varying degrees, to date, we have not experienced a cybersecurity incident that has materially affected or is reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. Despite the measures the company takes to mitigate cybersecurity risks, there can be no assurance that such measures will be sufficient to protect the company’s systems, information, intellectual property , and other assets from significant harm and, therefore, the scope and impact of any future cybersecurity incident cannot be predicted with any meaningful accuracy. See “Item 1A. Risk Factors” for more information.

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Governance

Our CTO leads our Business Technology organization and our cybersecurity risk management program in coordination with our CRO. The Business Technology team is responsible for assessing, identifying, and managing risks from cybersecurity threats. Our CTO and CRO regularly receive briefings on cybersecurity matters, and in turn our CTO regularly reports to the Audit Committee on such matters. Our CRO regularly reports on enterprise risks facing the Company to the ERMC. Our CTO ~~has more than 20 years of experience in leading, managing,~~ and ~~transforming information technology systems for large, global organizations, and~~ our CRO ~~has~~have several years of experience in leading and managing risk oversight for global organizations.

Our Board oversees Bunge’s approach to risk management. Our Board has established a dedicated Board committee, the Enterprise Risk Management Committee, which enables greater focus at the Board level on risk oversight tailored to our business and industries. Additionally, each of our other Board committees is responsible for considering risks within its area of responsibility. The Board has delegated oversight and review of risks related to cybersecurity and information technology systems to the Audit Committee.

The Audit Committee is responsible for reviewing and assessing the overall cybersecurity risk management program and management’s processes and policies with respect to cybersecurity risk monitoring, identification, assessment, and response. Senior management and the Audit Committee receive an annual update and ongoing quarterly updates on Bunge's cybersecurity readiness and the current "“threat environment,"” which includes an update on the cybersecurity threat landscape, the strategic priorities of the cybersecurity risk management program and progress made in respect of those priorities, a review of cybersecurity incidents, as well as additional updates on an as-needed basis. Our internal audit team also reports to the Audit Committee on the effectiveness of management in identifying and appropriately controlling risks, including cybersecurity risks. The Audit Committee regularly reports on its activities to the full Board to promote effective coordination and to ensure that the entire Board remains apprised of the effectiveness of the cybersecurity risk management and the cybersecurity risk landscape, and also assesses how management is managing these risks.

Item 2. Properties

The following tables and related discussion provide information on our principal operating facilities as of December 31, ~~2024~~2025, which primarily includes both owned and leased assets as well as includes production and storage capacity of certain equity method investments. In the tables below, aggregate daily production capacity is based on metric tons per day, while aggregate storage capacity is based on the number of metric tons available at a given facility.

Facilities by Business Area

(metric tons)	Aggregate DailyProductionCapacity	AggregateStorageCapacity
Business Area
Agribusiness	156,156	15,223,054
Soybean Processing and Refining	193,165	11,226,953
Refined and Specialty Oils	57,705	692,573
Softseed Processing and Refining	69,320	2,447,065
Milling	14,831	903,745
Other Oilseeds Processing and Refining	19,188	431,773
Grain Merchandising and Milling	30,887	19,486,773

Facilities by Geographic Region

(metric tons)

Aggregate DailyProductionCapacity

AggregateStorageCapacity

Region

North America

7072,~~659~~391

210,~~832~~177,~~118~~820

South America

61131,~~617~~207

10,~~376~~836,~~595~~887

Europe

5866,~~298~~583

23,~~446~~135,~~017~~190

Asia-Pacific

3842,~~118~~379

19,~~164~~442,~~642~~667

34Soybean Processing and Refining

In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world. Additionally, there are 70 storage facilities globally that are located close

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~~Agribusiness~~to these soybean facilities. We also have four fertilizer processing and blending plants, and four fertilizer port terminals in South America.

InSoftseed ~~our~~Processing Agribusiness segment, we have 107 commodity storage facilities globally, which are located close to agricultural production areas or export locations. We also have 53 oilseed processing plants globally and ~~operate four fertilizer processing and blending plants in Argentina.~~ Refining

~~Refined~~In our Softseed Processing and ~~Specialty~~Refining ~~Oils~~segment, we have 29 oilseed processing plants and 22 refining and packaging facilities throughout the world. We also have 7 storage facilities globally that are located close to these softseed facilities, and one port terminal in Ukraine.

InOther ~~our~~Oilseeds ~~Refined~~Processing and ~~Specialty Oils business, we have 59 refining and packaging facilities throughout the world. We also have 73 storage facilities globally that are located close to food and ingredient locations.~~ Refining

~~Milling~~In our Other Oilseeds Processing and Refining segment, we have 18 refining and packaging facilities throughout the world. We also have 69 storage facilities, primarily in Asia, that are located close to the refining and packaging locations. Further, we have two protein processing facilities in North America.

InGrain ~~our~~Merchandising ~~Milling~~and ~~business, we have 13 milling facilities throughout the world. We also have 8 storage facilities globally that are located close to milling facility locations.~~ Milling

~~Other~~In our Grain Merchandising and Milling segment, we have we have 298 commodity storage facilities, which are located close to agricultural production areas or export locations. We also have 29 port terminals in key export locations throughout the world. In South America, we have 14 milling facilities, as well as four milling storage facilities and four milling port terminals located close to our milling facilities.

Corporate and Other

Our corporate headquarters, co-located with our North American operations in Chesterfield, Missouri, occupies approximately 150,000 square feet of space under a lease that expires in December 2027. We also own or lease other office space for our operations worldwide, including our principal executive office in Geneva, Switzerland.

We believe that our facilities are adequate to address our operational requirements.

Item 3. Legal Proceedings

We are subject to various legal proceedings and risks globally in the course of our business, including claims, suits, and government investigations or proceedings involving competition, tax, labor and employment, environmental, commercial disputes, and other matters. Although we cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, we make provisions for potential liabilities when we deem them probable and reasonably estimable. These provisions are based on current information and legal advice and are adjusted from time to time according to developments. We do not expect the outcome of these proceedings, net of established reserves, to have a material adverse effect on our financial condition or results of operations. However, due to their inherent uncertainty, there can be no assurance as to the ultimate outcome of current or future litigation, proceedings, investigations or claims and it is possible that a resolution of one or more such proceedings could result in judgments, awards, fines and penalties that could adversely affect our business, consolidated financial position, results of operations, or cash flows in a particular period.

For a discussion of certain legal and tax matters, including those relating to Brazil, see Note 14- Income Taxes and Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

(a)Market Information

Our registered shares trade on the NYSE under the ticker symbol "BG".

(b)Approximate Number of Holders of Common Stock

To our knowledge, based on information provided by Computershare Investor Services LLC, our transfer agent, as of December 31, ~~2024~~2025, we had ~~133~~193,~~964~~408,~~235~~656 registered shares issued and outstanding, which were held by approximately 6667 registered holders.

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(c)Dividends

We have historically paid and expect to continue to pay dividend distributions to holders of registered shares on a quarterly basis. Any future determination to pay dividend distributions will, subject to the provisions of applicable law, be at the discretion of the Board and the approval by shareholders at a general meeting in accordance with Swiss law and will depend upon then existing conditions, including our financial condition, results of operations, contractual and other relevant legal or regulatory restrictions, capital requirements, business prospects, and other factors the Board deems relevant.

On May 15, ~~2024~~2025, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.7280 per share, payable in four equal quarterly installments of $0.6870 per share beginning in the second quarter of fiscal year ~~2024~~2025 and ending in the first quarter of fiscal year ~~2025~~2026.

We paid quarterly dividend distributions on the Bunge Global registered shares of $0.~~6625~~68 per share in the first quarter of ~~2024~~2025, and $0.6870 per share in the remaining three quarters of ~~2024~~2025. We paid quarterly ~~dividends~~dividend distributions on Bunge ~~Limited~~Global ~~common~~registered shares of $0.~~625~~6625 per share in the first ~~and~~quarter ~~second quarters~~ of ~~2023~~2024, and $0.~~6625~~68 per share in ~~the third quarter~~ of ~~2023 and after~~ the ~~Redomestication~~remaining ~~paid~~three aquarters ~~quarterly dividend distribution on the Bunge Global registered shares~~ of $02024.~~6625 per share in the fourth quarter of 2023.~~

(d)Securities Authorized for Issuance Under Equity Compensation Plans

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

	(a)	(b)		(c)
Plan category	Number of Securitiesto be Issued UponVesting/Exercise of OutstandingOptions, Warrantsand Rights (2)	Weighted-AverageExercise Price PerShare of OutstandingOptions, Warrantsand Rights (3)		Number of SecuritiesRemaining Available forFuture Issuance UnderEquity Compensation Plans(Excluding SecuritiesReflected in Column (a)) (4)
Long-term equity compensation plans approved by shareholders(1)	3,362,346	$	53.71	5,090,409
Long-term equity compensation plans approved by shareholders (1)	3,923,030	$	52.40	3,746,034

(1)Includes our 2024 Long-Term Incentive Plan, 2016 Equity Incentive Plan, 2009 Equity Incentive Plan, and 2017 Non-Employee Directors Equity Incentive Plan (collectively, the "Plans").

(2)Includes non-statutory stock options outstanding as to 1,~~524~~393,~~007~~529 registered shares, performance-based restricted stock unit awards as to ~~643~~801,~~292~~838 registered shares, and 1,~~195~~727,~~047~~663 unvested and time-based restricted stock units outstanding (including dividend equivalents payable in shares) under our Plans noted in (1) above. ~~Dividend~~As ~~equivalent~~part ~~payments~~of ~~that~~the ~~are~~Acquisition of Viterra, 26,862 performance-based restricted stock unit awards and 227,489 time-based restricted stock unit awards were issued to legacy Viterra employees in place of their deferred cash long-term incentives. Further, dividend equivalent payments credited to each participant’s account are paid in our registered shares at the time the award is settled.

(3)Calculated based on non-statutory stock options outstanding under our 2016 Equity Incentive Plan and 2009 Equity Incentive Plan. This number excludes outstanding time-based restricted stock unit awards, performance-based restricted stock unit awards, and deferred restricted stock unit awards under our Plans noted in (1) above.

(4)Shares available under our 2024 Long-Term Incentive Plan may be used for any type of award authorized under the plan. Awards under the plan may be in the form of statutory or non-statutory stock options, restricted stock units (including performance-based), or other awards that are based on the value of our registered shares. Our 2024 Long-Term Incentive Plan provides that the maximum number of registered shares issuable under the plan is 5,000,000, subject to adjustment in accordance with the terms of the plan. Our 2017 Non-Employee Directors Equity Incentive Plan provides that the maximum number of registered shares issuable under the plan may not exceed 320,000, subject to adjustment in accordance with the terms of the plan. No additional awards may be granted under the 2016 Equity Incentive Plan or the 2009 Bunge Equity Incentive Plan.

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(e) Performance Graph

The performance graph shown below compares the quarterly change in cumulative total shareholder return on our shares with the S&P 500 Stock Index and the S&P Food Products Index from December 31, ~~2019~~2020 through the quarter ended December 31, ~~2024~~2025. The graph sets the beginning value of our shares and the indices at $100 and assumes that all dividends are reinvested. All index values are weighted by the capitalization of the companies included in the index.

(f) Purchases of Equity Securities by Registrant and Affiliated Purchasers

On November 13, 2024, the Board approved the expansion of Bunge's 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, ~~2024~~2025, a total of 1926,~~667~~417,~~739~~080 shares were repurchased under the program for $12.95 billion with an aggregate purchase authorization of approximately $~~800~~249 million remaining for repurchases under the program. During the twelve months ended December 31, ~~2024~~2025, Bunge repurchased 126,~~150~~749,~~763~~341 shares for $~~1.1~~551 ~~billion~~million.

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

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2024 - October 31, 2024	—	$	—	—	$	800,001,209
October 1, 2025 - October 31, 2025	76,564	$	79.77	76,564	$	249,393,453
November 1, 2024 - November 30, 2024 (1)	5,709,833	$	87.57	5,709,833	$	800,001,300
November 1, 2025 - November 30, 2025	—	$	—	—	$	249,393,453
December 1, 2024 - December 31, 2024	—	$	—	—	$	800,001,300
December 1, 2025 - December 31, 2025	—	$	—	—	$	249,393,453
Total	576,~~709,833~~564	$	8779.5777	576,~~709,833~~564

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

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Any repurchases may be made from time to time through a variety of means, including in the open market, in privately negotiated transactions or through other means as determined by us, and in compliance with applicable legal requirements. The timing and number of any shares repurchased will depend on a variety of factors, including share price and market conditions, and the program may be suspended or discontinued at any time at our discretion.

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(g) Swiss Tax Consequences to Our Shareholders

The tax consequences discussed below are not a complete analysis or description of all the possible tax consequences that may be relevant to you. You should consult your own tax advisor in respect of the tax consequences related to receipt, ownership, purchase or sale or other disposition of registered shares and the procedures for claiming a refund of withholding tax.

Swiss Income Tax on Dividends and Similar Distributions

A non-Swiss holder will not be subject to Swiss income taxes on dividend income and similar distributions in respect of registered shares, unless the shares are attributable to a permanent establishment or a fixed place of business maintained in Switzerland by such non-Swiss holder. However, dividends and similar distributions are subject to Swiss withholding tax. See "— Swiss Withholding Tax — Distributions to Shareholders" below.

Swiss Wealth Tax

A non-Swiss holder will not be subject to Swiss wealth taxes unless the holder’s registered shares are attributable to a permanent establishment or a fixed place of business maintained in Switzerland by such non-Swiss holder.

Swiss Capital Gains Tax upon Disposal of Registered Shares

A non-Swiss holder will not be subject to Swiss income taxes for capital gains unless the holder’s shares are attributable to a permanent establishment or a fixed place of business maintained in Switzerland by such non-Swiss holder. In such case, the non-Swiss holder is required to recognize capital gains or losses on the sale of such shares, which will be subject to cantonal, communal and federal income tax.

Swiss Withholding Tax — Distributions to Shareholders

A Swiss withholding tax of 35% is due on dividends and similar distributions to Bunge Global shareholders from Bunge Global out of available earnings or other non-qualifying reserves for withholding tax purposes, regardless of the place of residency of the shareholder (subject to the exceptions discussed under "— Exemption from Swiss Withholding Tax — Distributions to Shareholders" below). Bunge Global will be required to withhold at such rate and remit on a net basis any payments made to a holder of registered shares and pay such withheld amounts to the Swiss Federal Tax Administration. See "— Refund of Swiss Withholding Tax on Dividends and Other Distributions" below.

Exemption from Swiss Withholding Tax — Distributions to Shareholders

Distributions to shareholders in relation to a reduction of par value and distributions to shareholders out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration are exempt from the Swiss withholding tax. Bunge Global expects to pay distributions out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration for the foreseeable future, and as a result, any such distributions to shareholders will be exempt from the Swiss withholding tax.

Repurchases of Shares

Repurchases of shares for the purposes of capital reduction are treated as a partial liquidation subject to the 35% Swiss withholding tax. However, for shares repurchased for capital reduction, the portion of the repurchase price attributable to the par value and to the qualifying contribution reserves recognized by the Swiss Federal Tax Administration of the shares repurchased will not be subject to the Swiss withholding tax. Bunge Global would be required to withhold at such rate the tax from the difference between the repurchase price and the related amount of par value and qualifying contribution reserves. Bunge Global would be required to remit on a net basis the purchase price with the Swiss withholding tax deducted to a holder of registered shares and pay the withholding tax to the Swiss Federal Tax Administration.

With respect to the refund of Swiss withholding tax from the repurchase of shares, see "— Refund of Swiss Withholding Tax on Dividends and Other Distributions" below.

In many instances, Swiss companies listed on the SIX Swiss Exchange carry out share repurchase programs through a "second trading line" on the SIX Swiss Exchange. Swiss institutional investors typically purchase shares from shareholders on the open market and then sell the shares on the second trading line back to the company. The Swiss institutional investors are generally able to receive a full refund of the withholding tax. Due to, among other things, the time delay between the sale to the company and the institutional investors’ receipt of the refund, the price companies pay to repurchase their shares has historically been slightly higher (but less than 1.0%) than the price of such companies’ shares in ordinary trading on the SIX Swiss Exchange first trading line.

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company and the institutional investors’ receipt of the refund, the price companies pay to repurchase their shares has historically been slightly higher (but less than 1.0%) than the price of such companies’ shares in ordinary trading on the SIX Swiss Exchange first trading line.

We do not expect to use the SIX Swiss Exchange second trading line process to repurchase our shares because we do not intend to list our shares on the SIX Swiss Exchange. We may, however, follow an alternative process whereby we expect to be able to repurchase our shares in a manner that should allow Swiss institutional market participants selling the shares to us to receive a refund of the Swiss withholding tax and, therefore, accomplish the same purpose as share repurchases on the second trading line at substantially the same cost to us and such market participants as share repurchases on a second trading line.

The repurchase of shares for purposes other than capital reduction, such as to retain as treasury shares for use in connection with long-term incentive plans, convertible debt or other instruments within certain periods, will generally not be subject to Swiss withholding tax.

Refund of Swiss Withholding Tax on Dividends and Other Distributions

The Swiss-U.S. tax treaty provides that U.S. residents eligible for benefits under the treaty can seek a refund of the Swiss withholding tax on dividends for the portion exceeding 15% (leading to a refund of 20%) or a 100% refund in the case of qualified pension funds.

As a general rule, the refund will be granted under the treaty if the U.S. resident can show evidence of:

•beneficial ownership,

•U.S. residency, and

•meeting the U.S.-Swiss tax treaty’s limitation on benefits requirements.

The claim for refund must be filed with the Swiss Federal Tax Administration (Eigerstrasse 65, 3003 Berne, Switzerland), not later than December 31 of the third year following upon the calendar year in which the dividend payments became due. The relevant Swiss tax form is Form 82C for companies, 82E for other entities and 82I for individuals. These forms can be obtained from any Swiss Consulate General in the United States or from the Swiss Federal Tax Administration at the address mentioned above or online. Each form needs to be filled out in triplicate, with each copy duly completed and signed before a notary public in the United States. You must also include evidence that the withholding tax was withheld at the source.

Swiss Transfer Stamp Tax in Relation to the Transfer of Registered Shares

The purchase or sale of registered shares may be subject to Swiss Transfer Stamp Tax which is due on the transfer of taxable securities (as defined in the Swiss Federal Stamp Tax Act) irrespective of the place of residency of the purchaser or seller if a Swiss bank or other Swiss securities dealers (as defined in the Swiss Federal Stamp Tax Act of 1973 ) participate to the transaction as contracting parties or as intermediaries. The applicable stamp tax rate is 0.075% for each of the two parties to a transaction (i.e., 0.15% in total) and is calculated based on the purchase price or sale proceeds. If the transaction does not involve cash consideration, the transfer stamp duty is computed on the basis of the market value of the consideration. No Swiss Transfer Stamp Tax will be due if no Swiss bank or other Swiss securities dealers (as defined in the Swiss Federal Stamp Tax Act) is involved in a purchase or sale.

Item 6. [Reserved]

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following should be read in conjunction with "Cautionary Statement Regarding Forward Looking Statements" and our combined consolidated financial statements and notes thereto included in Item 15 of this Annual Report on Form 10-K.

For a comparison of results of operations for the fiscal years ended December 31, 2023 and 2022, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of Bunge Global SA's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024.

Operating Results

Factors Affecting Operating Results

Bunge Global SA, a Swiss company, together with its subsidiaries, is a ~~leading~~premier ~~global~~ agribusiness ~~and~~solutions ~~food~~ company, ~~with~~connecting ~~integrated~~farmers ~~operations~~to ~~that~~consumers ~~stretch~~and ~~from~~delivering ~~farmer~~essential food, feed and fuel to ~~consumer.~~the world. The commodity nature of the Company's principal products, as well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure. Accordingly, information is included in "Segment Overview and Results of Operations" that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons.

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~~well~~Effective asin ~~regional~~the ~~and~~third ~~global~~quarter ~~supply~~of ~~and~~2025, ~~demand~~we ~~variations~~changed ~~that~~our ~~occur~~reportable assegments anto ~~inherent~~align ~~part~~with ofour ~~the~~new ~~business,~~value ~~make~~chain ~~volumes~~operational anstructure ~~important~~as ~~operating~~a ~~measure.~~result ~~Accordingly,~~of ~~information~~the iscompletion ~~included~~of inthe ~~"Segment~~Acquisition ~~Overview and Results~~ of ~~Operations"~~Viterra. ~~that~~See ~~summarizes~~Note ~~certain~~26- ~~items~~Segment inInformation to our consolidated financial statements. ofWe ~~income~~also ~~and~~enhanced ~~volumes~~our byvolume ~~reportable~~reporting ~~segment.~~to ~~The~~align ~~common~~with ~~unit~~our ofnew ~~measure~~segment ~~for~~reporting ~~all~~structure ~~reported~~and ~~volumes~~with isthe ~~metric~~Company's ~~tons~~primary income-generating activities. Volumes are now reported as follows:

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

In•Softseed ~~the~~Processing ~~Agribusiness segment, we purchase, store, transport, process,~~ and ~~sell~~Refining ~~agricultural~~volumes ~~commodities~~represent ~~and~~(1) ~~commodity~~oilseed ~~products.~~volumes ~~Profitability~~processed in(crushed) ~~this~~during ~~segment~~a isperiod, ~~affected~~which byapproximate ~~the~~sales ~~availability~~volumes ~~and~~to ~~market~~third ~~prices~~parties ofduring ~~agricultural commodities and processed commodity products and~~ the ~~availability~~same ~~and~~reporting ~~costs~~period of(2) ~~energy,~~merchandised ~~transportation~~volumes, ~~and~~which ~~logistics~~represent ~~services.~~sales ~~Profitability in our processing operations is also impacted by~~ volumes ~~procured, processed, and sold and by capacity utilization rates. Availability~~ of ~~agricultural~~softseeds ~~commodities~~to isthird-party ~~affected~~customers byduring ~~many~~a ~~factors,~~reporting ~~including~~period ~~weather,~~and ~~farmer~~(3) ~~planting~~a ~~and~~supplemental ~~selling~~refined ~~decisions,~~oil ~~plant~~production ~~diseases~~volume, ~~governmental~~which ~~policies,~~will ~~and~~also ~~agricultural~~be ~~sector~~provided ~~economic~~representing ~~conditions.~~the ~~Reported~~total ~~Processing~~refined ~~volumes~~volume ~~comprise oilseed volumes crushed (processed)~~ during a ~~period,~~reporting ~~which approximate sales volumes to third parties during the same~~ period. ~~Reported Merchandising volumes represent sales volumes to third-party customers.~~

~~Demand~~•Other ~~for~~Oilseeds ~~our~~Processing ~~purchased~~ and ~~processed~~Refining ~~Agribusiness~~volumes ~~products~~represent issales ~~affected~~volumes ~~by many factors, including global and regional economic conditions, changes in per capita income, the financial condition of our customers and their access~~ to ~~credit,~~third-party worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices of substitute agricultural products, outbreaks of disease associated with livestock and poultry, and demand for renewable fuels produced from agricultural commodities and commodity productscustomers.

We•Grain ~~expect~~Merchandising ~~that the factors described above will continue to affect global supply~~ and ~~demand~~Milling ~~for~~volumes ~~our~~represent ~~Agribusiness~~sales ~~products~~volumes ~~for the foreseeable future. We also expect that, from time~~ to ~~time,~~third-party imbalances will likely exist between oilseed processing capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, process or sell these commodities, including whether to change the location of or adjust our own oilseed processing capacitycustomers.

~~Additionally~~Further, ~~price~~effective ~~fluctuations~~January ~~and availability of commodities may cause fluctuations in our working capital~~1, ~~reflected in the level of inventories~~2025, ~~accounts~~Bunge ~~receivable,~~is ~~and~~no ~~outstanding~~longer ~~borrowings~~separately ~~over~~presenting ~~the course of~~ a ~~given~~Sugar ~~year.~~and ~~For~~Bioenergy ~~example~~segment, ~~increased~~as ~~availability~~discussed ~~of commodities at harvest times often causes fluctuations~~ in ~~our~~Note ~~inventories~~26- ~~and~~Segment ~~borrowings.~~Information ~~Increases in agricultural commodity prices will also generally cause our cash flow requirements~~ to ~~increase as~~ our ~~operations~~consolidated ~~require~~financial ~~increased~~statements, ~~use~~nor ofpresenting ~~cash~~Core and ~~associated borrowings to acquire inventories and fund daily settlement requirements on exchange~~Non-~~traded~~core ~~futures~~segment ~~that we use to hedge our physical inventories~~results.

~~Refined~~Corresponding ~~and~~prior ~~Specialty~~period ~~Oils~~amounts have been recast to conform to the current period presentations described above.

In the Refined and Specialty Oils segment, our operating results are affected by changes in the prices of raw materials such as crude vegetable oils, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions, and the general competitive environment in our markets. Raw material inputs to our production processes in the Refined and Specialty Oils segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.Overview

~~Milling~~Profitability in our reportable segments is affected by the availability and market prices of agricultural commodities, including oilseeds and grains, and the availability and costs of energy, transportation, and logistics services. Profitability in our processing and refining operations is also impacted by volumes procured, processed, refined, and sold and by capacity utilization rates. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions.

InDemand ~~the~~for ~~Milling segment,~~ our ~~operating~~purchased ~~results~~and ~~are~~processed ~~affected~~agricultural bycommodity ~~changes~~products inis ~~the~~affected ~~prices~~by ofmany ~~raw materials such as grains~~factors, ~~the~~including ~~mix~~global ofand ~~products~~regional ~~that~~economic weand ~~sell,~~political ~~changes in consumer eating habits~~conditions, changes in per capita income, ~~consumer~~the ~~purchasing~~financial ~~power~~condition ~~levels, availability~~ of ~~credit~~our to customers, ~~governmental~~and ~~dietary~~their ~~guidelines~~access ~~and~~to ~~policies~~credit, ~~changes~~worldwide inconsumption ~~regional~~of ~~economic~~food ~~conditions~~products, ~~and~~particularly ~~the~~pork ~~general~~and ~~competitive~~poultry, ~~environment~~population ingrowth ~~our~~rates, ~~markets.~~relative ~~Raw material inputs to our production processes in the Milling segment are largely sourced at market~~ prices ~~from~~of ~~our~~substitute ~~Agribusiness~~agricultural ~~segment.~~products, ~~Reported~~outbreaks ~~volumes~~of indisease ~~this~~associated ~~segment~~with ~~reflect~~livestock ~~feedstock~~and ~~ground (processed) during a period~~poultry, ~~again~~and ~~approximating~~demand ~~sales volumes during the same period. The unit of measure~~ for ~~these~~renewable ~~volumes~~fuels isproduced ~~metric~~from ~~tons~~agricultural ascommodities ~~these~~and ~~businesses are linked to the~~ commodity ~~raw materials, which are their primary inputs~~products.

~~Viterra~~We expect that the factors described above will continue to affect global supply and demand for our agricultural commodity products for the foreseeable future. We also expect that, from time to time, imbalances will likely exist between oilseed processing and refining capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, process, or sell these commodities, including whether to change the location of or adjust our own oilseed processing and refining capacity.

~~Following~~Additionally, ~~the~~price ~~completion~~fluctuations and availability of agricultural commodities may cause fluctuations in our ~~pending~~working ~~Viterra~~capital, ~~Acquisition~~reflected in the level of inventories, ~~our~~accounts ~~operations~~receivable, ~~will~~and beoutstanding ~~impacted~~borrowings byover the ~~integration~~course of ~~Viterra's~~a ~~network~~given ofyear. ~~agricultural~~For ~~storage~~example, ~~processing,~~increased ~~and~~availability ~~transport~~of ~~assets.~~commodities ~~Viterra~~at ~~businesses~~harvest ~~operate~~times often causes fluctuations in ~~similar~~our ~~industries~~inventories asand weborrowings. ~~do,~~Increases soin weagricultural ~~expect~~commodity ~~the~~prices ~~factors~~will ~~that~~also ~~impact~~generally ~~Viterra's~~cause our cash flow requirements to increase as our operations ~~will~~require beincreased ~~broadly~~use ~~consistent~~of ~~with~~cash ~~the~~and ~~factors~~associated ~~that~~borrowings weto ~~have~~acquire ~~described~~inventories ~~above~~and fund daily settlement requirements on exchange-traded futures that ~~impact~~we ~~each~~use ofto hedge our ~~segments.~~physical inventories.

40Soybean Processing and Refining

Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed, and biofuel industries, through a global network of facilities. As described above, Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

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~~Sugar~~Softseed Processing and ~~Bioenergy~~Refining

Our ~~Sugar~~Softseed Processing and ~~Bioenergy~~Refining segment ~~primarily~~is ~~comprised~~a ~~our~~globally ~~50%~~integrated ~~interest~~business principally involved in BPthe ~~Bunge~~purchase, ~~Bioenergia~~storage, atransportation, ~~joint~~processing, ~~venture~~distribution, ~~with~~refining, BPmarketing, and sale of softseeds and softseed related products, as well as biodiesel production and distribution. OnAs ~~October~~described 1above, ~~2024~~Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, wewhich ~~completed~~approximate sales volumes to third parties during the ~~sale~~same ofreporting ~~our~~period ~~50%~~(2) ~~interest~~merchandised involumes, BPwhich ~~Bunge~~represent ~~Bioenergia.~~sales ~~See~~volumes ~~Note~~of 2softseeds to third-party ~~Acquisitions~~customers during a reporting period and ~~Dispositions~~(3) toa ~~our~~supplemental ~~consolidated~~refined ~~financial~~oil ~~statements~~production volume, which will also be provided representing the total refined volume during a reporting period. The unit of measure for ~~further~~these ~~details~~volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

BPOther ~~Bunge~~Oilseeds ~~Bioenergia~~Processing ~~operated on a stand-alone basis with a total of 11 mills located across the Southeast, North,~~ and Midwest regions of Brazil. We accounted for our interest in the joint venture under the equity method of accounting. Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia. Refining

~~Prior~~Our toOther ~~the~~Oilseeds ~~sale~~Processing ofand ~~our~~Refining ~~interest~~segment inis ~~October~~a ~~2024,~~globally ~~profitability~~integrated ofbusiness ~~this~~principally ~~segment,~~involved ~~the~~in ~~value~~products of ~~our~~a ~~investment~~specialty nature, ~~and~~including the ~~timing~~purchase, ofstorage, ~~distributions~~transportation, weprocessing, ~~received~~distribution, ifrefining, ~~any~~marketing, ~~were~~and ~~affected~~sale ~~by the profitability~~ of ~~the~~these ~~joint~~related ~~venture~~products. InAs ~~turn,~~described ~~the profitability of the joint venture was affected by the availability and quality of sugarcane~~above, ~~which~~Other ~~impacted~~Oilseeds ~~capacity~~Processing ~~utilization rates~~ and ~~the~~Refining ~~amount~~volumes ofrepresent ~~sugar~~sales ~~that~~volumes ~~could~~to bethird-party ~~extracted from the sugarcane, and by market prices of sugar and ethanol~~customers. The ~~availability~~unit ~~and quality~~ of ~~sugarcane~~measure isfor ~~affected~~these byvolumes ~~many~~is ~~factors,~~metric ~~including~~tons ~~weather, geographical factors such~~ as ~~soil~~these ~~quality~~businesses ~~and~~are ~~topography,~~linked ~~and~~to ~~agricultural practices. Demand for~~ the ~~joint~~commodity ~~venture's~~raw ~~products was affected by many factors~~materials, ~~including~~which ~~changes~~are intheir ~~global~~primary or regional economic conditions, the financial condition of customers and customer access to credit, worldwide consumption of food products, population growth rates, changes in per capita income, and demand for and governmental support of renewable fuels produced from agricultural commodities, including sugarcaneinputs.

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

Our Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. As described above, Grain Merchandising and Milling volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Viterra Acquisition

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

This section is inclusive of the results of operations of Viterra from the date of Acquisition, July 2, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Foreign Currency Exchange Rates

Due to the global nature of our operations, our operating results can be materially impacted by foreign currency exchange rates. Both translation of our foreign subsidiaries' financial statements and foreign currency transactions can affect our results. On a monthly basis, for subsidiaries whose functional currency is a currency other than the U.S. dollar, subsidiary statements of income and cash flows must be translated into U.S. dollars for consolidation purposes based on weighted-average exchange rates in each monthly period. As a result, fluctuations of local currencies compared to the U.S. dollar during each monthly period impact our consolidated statements of income and cash flows for each reported period (per quarter and year-to-date) and also affect comparisons between those reported periods. Subsidiary balance sheets are translated using exchange rates as of the balance sheet date with the resulting translation adjustments reported in our consolidated balance sheets as a component of Accumulated other comprehensive loss.

Additionally, we record transaction gains or losses on monetary assets and liabilities that are not denominated in the functional currency of the entity. These amounts are remeasured into their respective functional currencies at exchange rates as of the balance sheet date, with the resulting gains or losses included in the entity's statement of income and, therefore, in our consolidated statements of income as Foreign exchange (losses) gains - net.

We primarily use a combination of equity and intercompany loans to finance our subsidiaries. Intercompany loans that are of a long-term investment nature with no intention of repayment in the foreseeable future are considered permanently invested and as such are treated as analogous to equity for accounting purposes. As a result, any foreign currency translation gains or losses on such permanently invested intercompany loans are reported in Accumulated other comprehensive loss in our consolidated balance sheets. In contrast, foreign currency translation gains or losses on intercompany loans that are not of a permanent nature are recorded in our consolidated statements of income as Foreign exchange (losses) gains - net.

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Income Taxes

As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income. Qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are effectively exempt from federal, cantonal, and communal corporate income tax. Consequently, we expect dividends from our subsidiaries and capital gains from sales of investments in our subsidiaries to be exempt from Swiss corporate income tax. In addition, our subsidiaries, which operate in multiple tax jurisdictions, are subject to income taxes at various statutory rates ranging from 0% to 35%. The jurisdictions that significantly impact our effective tax rate are Argentina, Brazil, ~~Canada~~the Netherlands, Switzerland, and the United States. Determination of taxable income requires the interpretation of related and often complex tax laws and regulations in each jurisdiction in which we operate, and the use of estimates and assumptions regarding future events.

Non-U.S. GAAP Financial Measures

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

412025 Overview

Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2025, Net income attributable to Bunge shareholders was $816 million, a decrease of $321 million compared to a Net income attributable to Bunge shareholders of $1,137 million for the year ended December 31, 2024. The decrease was primarily due to lower Corporate and Other EBIT as well as higher net interest expense due to increased debt levels to finance the Viterra Acquisition, partially offset by higher Segment EBIT, as further discussed in the Segment Overview and Results of Operations section below, and lower income tax expense as discussed further below.

Net Income Attributable to Bunge Shareholders - Earnings Per Share - Diluted - For the year ended December 31, 2025, Net income attributable to Bunge shareholders - diluted, was $4.91 per share, a decrease of $3.08 per share, compared to $7.99 per share for the year ended December 31, 2024. The decrease is primarily due to lower Net income attributable to Bunge shareholders discussed above, as well as dilution from the issuance of registered shares as part of the Viterra Acquisition.

Total EBIT - For the year ended December 31, 2025, Total EBIT was $1,533 million, a decrease of $259 million compared to Total EBIT of $1,792 million for the year ended December 31, 2024. The decrease in Total EBIT for the year ended December 31, 2025 was primarily due to lower Corporate and Other EBIT, resulting from higher SG&A expense and a reduction in Other income - net due to the settlement of one of the Company’s U.S. defined benefit pension plans, an impairment charge related to certain long-term investments, and the absence of a prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia. This decrease was partially offset by higher Segment EBIT, resulting primarily from higher results in our Soybean Processing and Refining segment and a gain on the sale of Bunge's North America corn milling business recognized in our Grain Merchandising and Milling segment. The Segment Overview and Results of Operations section below provides further details, as well as, a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Income Tax Expense - Income tax expense was $288 million for the year ended December 31, 2025 compared to income tax expense of $336 million for the year ended December 31, 2024. The decrease in income tax expense for the year ended December 31, 2025 was primarily due to lower pre-tax income and a net benefit on various outstanding tax matters. See Note 14- Income Taxes to our consolidated financial statements.

Table of Contents

~~Core~~Liquidity ~~reportable segments, Non-core reportable segments,~~ and ~~Total~~Capital ~~reportable~~Resources ~~segments~~– ~~together~~At ~~with~~December 31, ~~Corporate and Other. Core Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness~~2025, ~~Refined~~working ~~and Specialty Oils~~capital, ~~and~~which ~~Milling~~equals ~~reportable~~Total ~~segments.~~current ~~Non-core~~assets ~~Segment~~less ~~EBIT is the EBIT of Bunge’s Sugar & Bioenergy reportable segment.~~ Total ~~EBIT~~current ~~is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments~~liabilities, ~~together~~was ~~with Corporate and Other. Bunge’s management believes Core Segment EBIT~~$9,264 ~~Non-core Segment EBIT~~million, ~~Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for~~ an ~~evaluation~~increase of ~~the~~$741 ~~performance~~million, ofcompared ~~its segments without regard~~ to ~~financing~~working ~~methods or~~ capital ~~structure.~~of ~~In addition~~$8,523 ~~EBIT~~million isat aDecember 31, ~~financial~~2024. ~~measure~~The ~~that~~increase ~~is widely used by analysts and investors~~ in ~~Bunge’s~~working ~~industry.~~capital ~~Total~~was ~~EBIT~~primarily isdue ato ~~non-U.S.~~higher ~~GAAP~~Inventories, ~~financial~~Trade ~~measure~~accounts receivables, and isOther ~~not~~current ~~intended~~assets, topartially ~~replace~~offset ~~Net~~by ~~income~~higher ~~attributable~~Short-term ~~to Bunge~~debt, ~~the~~Trade ~~most~~accounts ~~directly~~payable, ~~comparable~~Other ~~U.S.~~current ~~GAAP financial measure. Further~~liabilities, ~~Total EBIT excludes EBIT attributable to noncontrolling interests~~ and islower ~~not~~Cash ~~a measure of consolidated operating results under U.S. GAAP~~ and ~~should~~cash ~~not~~equivalents, ~~be considered~~ as anfurther ~~alternative~~discussed toin ~~Net income or any other measure of consolidated operating results under U.S. GAAP. See~~ the ~~reconciliation~~Liquidity ofand ~~Net~~Capital ~~income~~Resources ~~attributable~~section ~~to Bunge to Total EBIT~~ below.

2024 Overview

Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2024, Net income attributable to Bunge shareholders was $1,137 million, a decrease of $1,106 million compared to a Net income attributable to Bunge shareholders of $2,243 million for the year ended December 31, 2023. The decrease was primarily due to lower Core Segment EBIT, as further discussed in the Segment Overview & Results of Operations section below, partially offset by lower income tax expense as discussed further below.

Earnings Per Share - Diluted - For the year ended December 31, 2024, Net income attributable to Bunge shareholders - diluted, was $7.99 per share, a decrease of $6.88 per share, compared to $14.87 per share for the year ended December 31, 2023.

EBIT - For the year ended December 31, 2024, Total EBIT was $1,792 million, a decrease of $1,541 million compared to EBIT of $3,333 million for the year ended December 31, 2023. The decrease in Total EBIT for the year ended December 31, 2024 was primarily due to lower Core Segment EBIT, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the Segment Overview and Results of Operations section below, and which also provides a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Income Tax Expense - Income tax expense was $336 million for the year ended December 31, 2024 compared to income tax expense of $714 million for the year ended December 31, 2023. The decrease in income tax expense for the year ended December 31, 2024 was primarily due to lower pre-tax income and earnings mix.

Liquidity and Capital Resources – At December 31, 2024, working capital, which equals Total current assets less Total current liabilities, was $8,523 million, a decrease of $140 million, compared to working capital of $8,663 million at December 31, 2023. The decrease in working capital was primarily due to a higher Current portion of long-term debt balance, lower Inventories and lower Trade accounts receivables, net, partially offset by lower Trade accounts payable balances and higher Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.

Segment Overview and Results of Operations

~~Our~~As described in "Factors Affecting Operating Results", our operations are organized, managed, and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. WeReportable ~~further organize these reportable segments into Core~~ operations ~~and Non-core operations. Core operations~~ comprise our ~~Agribusiness,~~Soybean ~~Refined~~Processing and ~~Specialty Oils~~Refining, ~~and~~Softseed ~~Milling~~Processing ~~reportable~~and ~~segments. Non-core operations comprise our Sugar & Bioenergy reportable segment~~Refining, ~~which~~Other ~~itself~~Oilseeds ~~primarily~~Processing ~~comprised~~and ~~the Company’s 50% interest in the net earnings of BP Bunge Bioenergia~~Refining, aand ~~joint~~Grain ~~venture~~Merchandising ~~with BP p.l.c. See Note 2- Acquisitions~~ and ~~Dispositions~~Milling ~~for~~reportable ~~details regarding Bunge's disposition of its 50% interest in BP Bunge Bioenergia~~segments.

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

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

	Year EndedDecember 31,
(US$ in millions)	~~2024~~2025		~~2023~~2024		2023
Net income attributable to Bunge shareholders	$	~~1,137~~816	$	21,~~243~~137	$	2,243
Interest income	(~~163~~202)		(~~148~~163)		(148)
Interest expense	~~471~~628		~~516~~471		516
Income tax expense	~~336~~288		~~714~~336		714
Noncontrolling interests' share of interest and tax	11		8
Loss from discontinued operations, net of tax	3		—		—
Total EBIT	$	1,792	$	3,333
Noncontrolling interests' share of interest and tax	—		11		8
Agribusiness Segment EBIT	1,301		2,786
Total EBIT	$	1,533	$	1,792	$	3,333
Refined and Specialty Oils Segment EBIT	759		865
Soybean Processing and Refining	$	1,225	$	872	$	2,222
Milling Segment EBIT	111		66
Softseed Processing and Refining	521		663		1,074
Core Segment EBIT	2,171		3,717
Other Oilseeds Processing and Refining	118		216		94
Corporate and Other EBIT	(594)		(548)
Grain Merchandising and Milling	465		408		301
Sugar and Bioenergy Segment EBIT	215		164
Segment EBIT	2,329		2,159		3,691
Non-core Segment EBIT	215		164
Corporate and Other EBIT	(796)		(367)		(358)
Total EBIT	$	1,~~792~~533	$	31,~~333~~792	$	3,333

~~Core Segments~~37

~~Agribusiness~~Table ~~Segment~~of Contents

	Year EndedDecember 31,
(US$ in millions)	2024		2023		% Change
Volumes (in thousand metric tons)	80,628		76,019		6	%
Net sales	$	38,598	$	42,764	(10)	%
Cost of goods sold	(36,684)		(39,443)		(7)	%
Gross profit	1,914		3,321		(42)	%
Selling, general and administrative expense	(603)		(592)		2	%
Foreign exchange losses — net	(171)		—		(100)	%
EBIT attributable to noncontrolling interests	(9)		(70)		(87)	%
Other income — net	226		126		79	%
(Loss) income from affiliates	(56)		1		(5,700)	%
Total Agribusiness Segment EBIT	$	1,301	$	2,786	(53)	%

Reportable Segments

Soybean Processing and Refining


	Year Ended December 31,
(US$ in millions)	2025		2024		2023		2025 Compared to 2024 % Change		2024 Compared to 2023 % Change
Volumes (in thousand metric tons)
Soybeans processed	41,013		36,824		35,950		11	%	2	%
Soybeans merchandised	20,489		15,399		11,851		33	%	30	%
Refined oil production	3,612		3,528		3,676		2	%	(4)	%
Net sales	$	36,313	$	31,930	$	36,147	14	%	(12)	%
Cost of goods sold	(34,548)		(30,516)		(33,414)		13	%	(9)	%

Selling, general and administrative expense	(552)		(465)		(452)		19	%	3	%
Foreign exchange losses – net	(35)		(128)		(31)		(73)	%	313	%
EBIT attributable to noncontrolling interests	(2)		(8)		(72)		(75)	%	(89)	%
Other income – net	27		110		53		(75)	%	108	%
Income (loss) from affiliates	22		(51)		(9)		143	%	(467)	%
Total Soybean Processing and Refining Segment EBIT	$	1,225	$	872	$	2,222	40	%	(61)	%

2025 Compared to 2024

Soybean Processing and Refining segment Net sales increased 14%, to $36,313 million for the year ended December 31, 2025. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to overall higher prices in Argentina, which encouraged farmer selling and higher volumes of oilseeds merchandised in our global soybean distribution business. The increases were partially offset by lower prices in almost all other regions driven by relative price stabilization from a more balanced supply environment as well as lower processed volumes in Argentina due to a reduction in third-party tolling activity.

Cost of goods sold increased 13%, to $34,548 million for the year ended December 31, 2025. The net increase was primarily due to higher Net sales, partially offset by a reduction in mark-to-market losses.

Foreign exchange losses - net decreased 73%, to a loss of $35 million for the year ended December 31, 2025. The lower net loss in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations, partially offset by losses resulting from unfavorable hedging and remeasurement results on monetary assets.

Other income - net decreased 75%, to $27 million for the year ended December 31, 2025. The decrease was primarily due to lower gains in Argentina related to foreign currency positioning compared to the prior year, as well as a $15 million reserve for expected credit losses related to certain loan guarantees for a minority investment in South America.

Income (loss) from affiliates increased 143%, to net income of $22 million for the year ended December 31, 2025. The increase was primarily due to improved results from our portfolio of equity method investments, particularly in South America, and a $19 million nonrecurring impairment charge in the prior period associated with a minority investment in North America.

Segment EBIT increased 40%, to $1,225 million for the year ended December 31, 2025. The net increase was primarily driven by improved results in our South American soybean processing and refining businesses and contributions from the Viterra Acquisition, partially offset by lower results in our North American processing and refining business. In addition, the increase is the result of a reduction in foreign currency losses and income from affiliates in the current period compared to losses from affiliates in the prior period as further described above. The increase was partially offset by the reduction in Other income - net further described above.

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2024 Compared to 2023

~~Agribusiness~~Soybean Processing and Refining segment Net sales decreased 1012%, to $3831,~~598~~930 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices experienced in almost all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing business. The above decreases were slightly offset by higher volumes in South America resulting from the ~~following:~~ non-recurrence of the prior year drought in Argentina and higher volumes of oilseeds merchandised in our global soybean origination business.

~~•In~~Cost ~~Processing,~~of ~~Net~~goods ~~sales~~sold decreased 119%, ~~primarily due~~ to ~~lower~~$30,516 ~~average~~million ~~sales prices experienced in all regions~~ for ~~our~~the ~~global~~year ~~soybean~~ended ~~oilseed processing businesses as well as our Europe softseed businesses~~December 31, ~~driven~~2024. byThe ~~relative~~net ~~price~~decrease ~~stabilization~~was primarily due to ~~a more balanced supply and demand environment, in addition to overall~~ lower ~~volumes~~Net insales ~~our~~as ~~global~~described ~~soybean oilseed processing businesses~~above. The ~~above~~decrease ~~decreases~~was ~~were~~partially ~~slightly~~ offset by ~~higher~~unfavorable ~~volumes~~mark-to-market inresults ~~South~~compared ~~America~~to ~~resulting from~~ the ~~non-recurrence of the~~ prior year ~~drought in Argentina along with higher volumes in our Europe softseed business primarily driven from increased activity at our Ukrainian facilities~~.

~~•In~~Foreign ~~Merchandising,~~exchange ~~Net~~losses ~~sales~~- ~~decreased~~net 7increased 313%, ~~primarily~~to ~~due~~a toloss ~~lower~~of ~~average~~$128 ~~sales~~million ~~prices~~for inthe ~~our~~year ~~global~~ended ~~corn~~December 31, ~~wheat,~~2024. ~~and~~The ~~oil~~net ~~businesses,~~loss in ~~addition~~2024 towas ~~lower~~primarily ~~volumes~~the result of the impact of a stronger U.S. dollar on U.S. dollar-denominated loans payable in ~~our~~non-U.S. ~~global~~dollar ~~wheat~~functional ~~business~~currency operations. The ~~decrease~~loss was partially offset by annet remeasurement gains on net monetary assets, excluding the impact of loans payable described above, as a result of U.S. dollar exposure in non-U.S. dollar functional currency operations.

43EBIT attributable to noncontrolling interests, an expense when subsidiaries with noncontrolling interests generate earnings before interest and tax, versus income when subsidiaries with noncontrolling interests generate loss before interest and tax, decreased 89%, to an expense of $8 million for the year ended December 31, 2024. The decrease was due to less favorable results recognized by our less than wholly-owned subsidiary, Bunge Chevron Ag Renewables LLC.

Other income - net increased 108%, to income of $110 million for the year ended December 31, 2024. The increase was primarily due to gains in Argentina related to foreign currency positioning.

Income (loss) from affiliates decreased 467%, to a net loss of $51 million for the year ended December 31, 2024. The decrease was primarily due to unfavorable results from equity method investments in South America, as well as a $19 million impairment charge associated with a minority investment in North America.

Segment EBIT decreased 61%, to $872 million for the year ended December 31, 2024. The net decrease was primarily due to lower results across all businesses and regions, foreign exchange losses, and impairment charges incurred in the current year, as described above. This decrease was partially offset by an increase in Other income - net as highlighted above.

Softseed Processing and Refining


	Year Ended December 31,
(US$ in millions)	2025		2024		2023		2025 Compared to 2024 % Change		2024 Compared to 2023 % Change
Volumes (in thousand metric tons)
Softseeds processed	10,751		9,308		8,777		16	%	6	%
Softseeds merchandised	2,763		755		771		266	%	(2)	%
Refined oil production	2,883		2,903		2,720		(1)	%	7	%
Net sales	$	11,252	$	6,951	$	7,736	62	%	(10)	%
Cost of goods sold	(10,575)		(6,097)		(6,526)		73	%	(7)	%

Selling, general and administrative expense	(212)		(146)		(146)		45	%	—	%
Foreign exchange gains (losses) – net	79		(27)		31		393	%	(187)	%
EBIT attributable to noncontrolling interests	(4)		—		—		100	%	—	%
Other expense – net	(14)		(18)		(23)		(22)	%	(22)	%
(Loss) income from affiliates	(5)		—		2		100	%	(100)	%
Total Softseed Processing and Refining Segment EBIT	$	521	$	663	$	1,074	(21)	%	(38)	%

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~~increase~~2025 inCompared ~~volumes in our global corn and oils businesses, primarily due~~ to ~~fewer supply constraints compared to the prior period.~~2024

~~Cost~~Softseed ofProcessing ~~goods~~and ~~sold~~Refining ~~decreased~~segment 7Net sales increased 62%, to $3611,~~684~~252 million for the year ended December 31, ~~2024~~2025. The ~~decrease~~increase was primarily due to Net Sales contributions from the ~~following:~~Viterra Acquisition, in addition to higher average sales prices in our European business resulting from a drought in the region impacting the sunflower seed crop in the current year and higher prices in our global softseed distribution business. The above increases were partially offset by lower volumes for both oilseeds processed and oilseeds merchandised across all our legacy business.

~~•In Processing,~~ Cost of goods sold ~~decreased~~increased 773%, ~~primarily due~~ to ~~lower~~$10,575 ~~Net~~million ~~sales~~for ~~and~~ the ~~non-recurrence of a prior~~ year ~~fixed~~ended ~~asset~~December 31, ~~impairment~~2025. ~~charge~~The increase in ~~North~~Cost ~~America.~~of ~~The~~goods ~~decrease~~sold was ~~also~~primarily ~~attributable~~due to ~~$5 million~~higher inNet ~~insurance~~sales ~~recoveries,~~as ~~related~~well toas ~~certain~~unfavorable ~~previously~~mark-to-market ~~damaged~~results. ~~property~~In addition, asthe ~~well~~prior asyear aincluded ~~business~~insurance ~~interruption~~recoveries ~~insurance~~for ~~recovery~~damaged ofproperty ~~$38 million~~and business interruption related to our Ukrainian operations as a result of the Ukraine-Russia war~~, both of which were recognized in the current year~~. The decrease was partially offset by unfavorable mark-to-market results in the current period as well as the absence of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period.

~~•In~~Foreign ~~Merchandising,~~exchange ~~Cost~~gains of(losses) ~~goods~~- ~~sold~~net ~~decreased~~increased ~~by 8~~393%, ~~primarily due~~ to ~~lower~~a ~~Net~~gain ~~sales,~~of as$79 ~~further~~million ~~described~~for ~~above,~~the ~~and~~year ~~favorable~~ended ~~mark-to-market~~December 31, ~~results in the current period~~2025. The ~~decrease~~net ~~was~~gain ~~also attributable to $1 million~~ in ~~insurance~~the ~~recoveries,~~current ~~related~~year tois ~~certain~~primarily ~~previously~~the ~~damaged~~result ~~property,~~of asa ~~well~~weaker asU.S. adollar ~~business~~on ~~interruption~~U.S. ~~insurance~~dollar-denominated ~~recovery~~loans ofpayable ~~$14 million~~in ~~related~~non-U.S. tofunctional ~~our~~currency ~~Ukrainian~~ operations asand anet ~~result~~remeasurement ofgains ~~the~~on ~~Ukraine-Russia~~net ~~war~~monetary liabilities, ~~both~~excluding ~~of which were recognized in~~ the ~~current~~impacts ~~year.~~of ~~The~~loan ~~decrease~~payables ~~was~~described ~~partially~~above, ~~offset~~as bya ~~the~~result ~~lack~~ of ~~mark-to-market~~U.S. ~~gains~~dollar ~~from~~exposure ~~the recovery of inventory~~ in ~~Ukraine~~non-U.S ~~recognized~~dollar infunctional ~~the~~currency ~~prior period~~operations.

~~Foreign~~Segment ~~exchange~~EBIT ~~losses~~decreased -21%, ~~net~~to ~~was a loss of~~ $~~171~~521 million for the year ended December 31, ~~2024~~ 2025. The net ~~loss~~decrease ~~in the current year~~ was ~~the result of losses in our processing business,~~ primarily due to ~~the~~lower ~~impact~~results ~~of a stronger U.S. dollar on U.S. dollar-denominated loans payable~~ in ~~non-U.S.~~our ~~dollar~~legacy ~~functional~~European ~~currency~~and ~~operations.~~North ~~The~~American ~~loss~~businesses, ~~was~~ partially offset by ~~net~~the ~~remeasurement~~contribution ~~gains~~from ~~on net monetary assets, excluding~~ the ~~impact~~Acquisition of ~~loans~~Viterra ~~payable~~as ~~described~~well ~~above,~~ as aforeign ~~result~~currency ofgains ~~U.S.~~as ~~dollar~~described ~~exposure in non-U~~above.S. ~~dollar functional currency operations.~~

~~Other income - net was income of $226 million for the year ended December 31,~~ 2024, ~~compared~~Compared to ~~income of $126 million for the year ended December 31,~~ 2023~~. The increase was primarily due to gains in Argentina related to foreign currency positioning.~~

~~(Loss)~~Softseed ~~income~~Processing ~~from~~and ~~affiliates~~Refining ~~was~~segment aNet ~~loss~~sales ofdecreased 10%, to $566,951 million for the year ended December 31, 2024,. ~~compared~~The todecrease ~~income~~was ofprimarily $1due ~~million~~to ~~for~~lower ~~the~~average ~~year~~sales ~~ended~~prices ~~December 31~~experienced in all regions, ~~2023.~~driven ~~The~~by ~~decrease~~relative ~~was~~price ~~primarily~~stabilization due to ~~unfavorable~~a ~~results~~more ~~from~~balanced ~~equity~~supply ~~method~~and ~~investments~~demand environment. The decrease was slightly offset by higher volumes in South America, asresulting ~~well~~from asthe anon-recurrence ~~$19~~of ~~million~~the ~~impairment~~prior ~~charge~~year drought in ~~the~~Argentina ~~current~~along ~~period~~with ~~associated~~higher ~~with~~volumes ain ~~minority~~our European ~~investment~~softseed inbusiness ~~North~~primarily ~~America~~driven from increased activity at our Ukrainian facilities.

~~Segment~~Cost ~~EBIT~~of goods sold decreased 537%, to $16,~~301~~097 million for the year ended December 31, 2024. The decrease in Cost of goods sold was primarily due to lower prices in all regions, as described in Net sales above and the ~~following:~~non-recurrence of a prior year fixed asset impairment charge in North America. The decrease was also attributable to $1 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $46 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024. The decrease was partially offset by less favorable mark-to-market results in 2024 as well as the absence of mark-to-market gains from the recovery of inventory in Ukraine recognized in 2023.

~~•In~~Foreign ~~Processing,~~exchange agains ~~decrease~~(losses) of- ~~62%~~net ~~was~~decreased ~~primarily~~187%, ~~due~~ to ~~lower~~a ~~Gross~~loss ~~profit~~of $27 ~~across~~million ~~all~~for ~~businesses~~the ~~and~~year ~~regions,~~ended ~~foreign exchange losses~~December 31, ~~and~~2024. ~~impairment~~The ~~charges~~net ~~incurred~~loss in the current year, aswas ~~described~~primarily ~~above.~~due ~~This~~to ~~decrease~~the ~~was~~impact ~~partially~~of ~~offset~~a bystronger anU.S. ~~increase~~dollar inon ~~Other~~U.S. ~~income~~dollar-denominated ~~(expense)~~loans payable in non-U.S. ~~net~~dollar asfunctional ~~highlighted~~currency ~~above~~operations.

~~•In~~Segment ~~Merchandising~~EBIT decreased 38%, anto ~~increase~~$663 ofmillion ~~20%~~for the year ended December 31, 2024. The decrease was primarily due to ~~higher~~lower ~~Gross~~results ~~profit,~~in ~~driven~~all bybusinesses ~~more~~and ~~favorable~~regions, ~~results~~as inwell ~~our~~as ~~ocean~~foreign ~~freight~~exchange ~~business~~losses.

4440

Table of Contents

~~Refined~~Other ~~and~~Oilseeds ~~Specialty~~Processing ~~Oils~~and ~~Segment~~ Refining

	Year EndedDecember 31,
	Year Ended December 31,
(US$ in millions)	~~2024~~2025		~~2023~~2024		~~% Change~~2023			2025 Compared to 2024 % Change		2024 Compared to 2023% Change
Volumes (in thousand metric tons)	92,~~134~~467		82,~~908~~561		32,414		%	(4)	%	6	%
Net sales	$	124,~~771~~633	$	144,~~603~~151	~~(13)~~$	4,237	%	12	%	(2)	%
Cost of goods sold	(114,~~484~~256)		(133,~~234~~613)		(133,829)		%	18	%	(6)	%
Gross profit	1,287		1,369		(6)		%
Selling, general and administrative expense	(231)		(254)		(278)			(9)	%	(9)	%
Selling, general and administrative expense	(416)		(425)		(2)		%
Foreign exchange (losses) gains – net	(8)		(21)		1			(62)	%	2200	%
Foreign exchange (losses) gains — net	(20)		7		(386)		%
EBIT attributable to noncontrolling interests	(13)		(33)		(19)			(61)	%	74	%
EBIT attributable to noncontrolling interests	(35)		(21)		67		%
Other expense – net	(7)		(15)		(1)			(53)	%	1400	%
Other (expense) — net	(57)		(65)		(12)		%
Income (loss) from affiliates	—		1		(17)			(100)	%	106	%
Total Refined and Specialty Oils Segment EBIT	$	759	$	865	(12)		%
Total Other Oilseeds Processing and Refining Segment EBIT	$	118	$	216	$	94		(45)	%	130	%

2025 Compared to 2024

Other Oilseeds Processing and Refining segment Net sales increased 12%, to $4,633 million for the year ended December 31, 2025. The increase was primarily due to higher sales prices in our tropical oils business due to stronger demand resulting from global biofuel mandates and import tariffs, partially offset by lower volumes.

Cost of goods sold increased 18%, to $4,256 million for the year ended December 31, 2025. The increase was primarily due to higher net sales in addition to unfavorable mark-to-market results.

EBIT attributable to noncontrolling interests, an expense when subsidiaries with noncontrolling interests generate earnings before interest and tax, versus income when subsidiaries with noncontrolling interests generate loss before interest and tax, decreased 61% to expense of $13 million resulting from less favorable results attributable to noncontrolling interests in our Loders joint venture primarily due to lower results in the Europe region from the competitive market environment.

Segment EBIT decreased 45%, to $118 million for the year ended December 31, 2025. The decrease was primarily due to lower results in our tropical oils business in addition to a decrease in EBIT attributable to noncontrolling interests, as described above.

2024 Compared to 2023

~~Refined~~Other ~~and~~Oilseeds ~~Specialty~~Processing ~~Oils~~and Refining segment Net sales decreased 132%, to $124,~~771~~151 million for the year ended December 31, 2024,. ~~primarily~~The decrease is due to lower ~~average~~ sales prices in ~~all~~our ~~regions~~tropical oils business, driven by a more balanced supply and demand environment and uncertainty related to U.S. biofuel policies,. The decrease was partially offset by increased volumes in Asia due to higher demand for certain products driven by better pricing, as well as increased volumes in North America, primarily due to ~~expanded~~full year impact and higher capacity utilization at our refinery in Avondale, ~~refinery~~Louisiana.

Cost of goods sold decreased 136%, to $113,~~484~~613 million for the year ended December 31, 2024. The decrease in Cost of goods sold was primarily due to lower prices ~~in all regions~~, as described in Net sales above, in addition to more favorable mark-to-market results.

SG&A expenses decreased 29%, to $~~416~~254 million for the year ended December 31, 2024. The decrease was primarily driven by the lack of recurring prior year accelerated amortization charges, related to the discontinuance of the Loders Croklaan trademark.

Segment EBIT ~~decreased~~increased 12130%, to $~~759~~216 million for the year ended December 31, 2024. The ~~decrease~~increase was primarily ~~driven~~due byto ~~lower~~higher ~~Gross~~results ~~profit~~in ~~driven~~our bytropical ~~overall~~oils ~~lower~~business ~~margins,~~as ~~particularly~~well inas ~~North~~lower ~~America,~~SG&A expenses as ~~well~~highlighted asabove. The increase was partially offset by unfavorable Foreign exchange (losses) gains - net, primarily driven by the devaluation of the Egyptian pound in the first quarter of 2024.

~~Milling Segment~~ 41

	Year EndedDecember 31,
(US$ in millions)	2024		2023		% Change
Volumes (in thousand metric tons)	3,703		3,391		9	%
Net sales	$	1,555	$	1,896	(18)	%
Cost of goods sold	(1,337)		(1,729)		(23)	%
Gross profit	218		167		31	%
Selling, general and administrative expense	(97)		(95)		2	%
Foreign exchange (losses) gains — net	(3)		1		(400)	%
EBIT attributable to noncontrolling interests	—		1		(100)	%
Other expense — net	(6)		(7)		(14)	%
Loss from affiliates	(1)		(1)		—	%
Total Milling Segment EBIT	$	111	$	66	68	%

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Grain Merchandising and Milling


	Year Ended December 31,
(US$ in millions)	2025		2024		2023		2025 Compared to 2024 % Change		2024 Compared to 2023 % Change
Volumes (in thousand metric tons)	67,166		36,660		34,072		83	%	8	%
Net sales	$	18,128	$	10,073	$	11,415	80	%	(12)	%
Cost of goods sold	(17,520)		(9,458)		(10,910)		85	%	(13)	%

Selling, general and administrative expense	(391)		(261)		(251)		50	%	4	%
Foreign exchange (losses) gains – net	(83)		(18)		6		361	%	(400)	%
EBIT attributable to noncontrolling interests	(11)		(2)		1		450	%	300	%
Other income – net	331		81		33		309	%	145	%
Income (loss) from affiliates	11		(7)		7		257	%	(200)	%
Total Grain Merchandising and Milling Segment EBIT	$	465	$	408	$	301	14	%	36	%

2025 Compared to 2024

Grain Merchandising and Milling segment Net sales increased 80%, to $18,128 million for the year ended December 31, 2025. The increase was primarily due to Net sales contributions from the Viterra Acquisition, in addition to higher sales prices and volumes in our global corn business, as well as higher volumes in our global wheat business as a result of higher demand across various regions for both businesses. The increase was partially offset by lower average sales prices in our global wheat business, in addition to the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025 (see Note 2- Acquisitions and Dispositions to our consolidated financial statements).

Cost of goods sold increased 85%, to $17,520 million for the year ended December 31, 2025. The increase in Cost of goods sold was primarily due to higher Net Sales in addition to unfavorable mark-to-market results. In addition, the prior year included insurance recoveries for damaged property and business interruption related to our Ukrainian operations as a result of the Ukraine-Russia war.

Selling, general and administrative expenses increased 50% to $391 million for the year ended December 31, 2025. The increase was primarily due to the Viterra Acquisition.

Other income - net increased 309% to a gain of $331 million for the year ended December 31, 2025. The increase was primarily due to a $155 million gain on the sale of Bunge's North America corn milling business in the second quarter of 2025, in addition to gains in Argentina related to foreign currency positioning.

Segment EBIT increased 14%, to $465 million for the year ended December 31, 2025. The increase was primarily due to higher Other income - net, as described above, partially offset by higher Selling, general and administrative expense and lower results from our ocean freight and financial services businesses.

2024 Compared to 2023

Grain Merchandising and Milling segment Net sales decreased 1812%, to $110,~~555~~073 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices in ~~both~~ our ~~South~~global ~~American~~corn and wheat ~~milling~~businesses ~~and~~as ~~North~~well ~~American~~as ~~corn~~all businesses in our milling ~~businesses~~operations, in addition to lower volumes in our global wheat business. ~~These~~The ~~decreases~~decrease ~~were~~was partially offset by an increase in volumes ~~across~~in ~~both~~our ~~regions~~global corn business, primarily due to fewer supply constraints compared to the prior period.

Cost of goods sold decreased 2313%, to $19,~~337~~458 million for the year ended December 31, 2024. The decrease was primarily due to lower Net sales ~~prices~~as described above, as ~~described~~well ~~for~~as ~~Net~~favorable ~~sales~~mark-to-market ~~above~~results in 2024. The decrease was also attributable to $5 million in insurance recoveries, related to certain previously damaged property, as well as ~~favorable~~a business interruption insurance recovery of $6 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024. The decrease was partially offset by the lack of mark-to-market ~~results~~gains from the recovery of inventory in Ukraine recognized in 2023.

~~Segment~~Other ~~EBIT~~income - net increased 68145%, to $~~111~~81 million for the year ended December 31, 2024. The increase was primarily due to ~~higher~~gains ~~Gross profit~~ in ~~both~~Argentina ~~regions,~~related asto ~~described~~foreign ~~above~~currency positioning.

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Segment EBIT increased 36%, to $408 million for the year ended December 31, 2024. The increase was primarily due to more favorable results in our ocean freight business.

Corporate and Other

	Year EndedDecember 31,
(US$ in millions)	~~2024~~2025		~~2023~~2024		~~% Change~~2023			2025 Compared to 2024 % Change		2024 Compared to 2023% Change
Net sales	$	543	$	423	29$	5	%	—	%	(40)	%
Cost of goods sold	(8321)		(6031)		38(16)		%	(32)	%	94	%
Gross profit	(29)		(18)		(61)		%
Selling, general and administrative expense	(727)		(650)		(588)			12	%	11	%
Selling, general and administrative expense	(658)		(602)		9		%
Foreign exchange (losses) gains — net	(4)		5		13			(180)	%	(62)	%
Foreign exchange gains — net	5		12		(58)		%
EBIT attributable to noncontrolling interests	3		3		4			—	%	(25)	%
EBIT attributable to noncontrolling interests	4		4		—		%
Other (expense) income — net	(48)		284		67			117	%	(324)	%
Other income — net	83		73		14		%
(Loss) income from affiliates	(2)		19		157			111	%	(88)	%
Income (loss) from affiliates	1		(17)		106		%
Total Corporate and Other EBIT	$	(796)	$	(367)	$	(358)		(117)	%	(3)	%
Total Corporate and Other EBIT	$	(594)	$	(548)	(8)		%

2025 Compared to 2024

Corporate and Other EBIT decreased 117%, to a loss of $796 million for the year ended December 31, 2025. The decrease was primarily attributable to a $118 million loss recorded in Other (expense) income - net, related to the settlement of one of the Company’s US defined benefit pension plans and a $30 million impairment charge recorded in Other (expense) income - net, related to certain long-term investments held in Other non-current assets. The decrease was further attributable to the absence of a $195 million prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other (expense) income - net. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia.

In addition, the decrease was attributable to an increase in SG&A expense resulting from the Acquisition of Viterra, partially offset by overall lower acquisition and integration costs associated with the Viterra Acquisition. The company recognized acquisition and integration costs within Corporate and Other EBIT of $223 million, and $244 million for the years ended December 31, 2025, and 2024, respectively.

2024 Compared to 2023

Corporate and Other EBIT decreased 83%, to a loss of $~~594~~367 million for the year ended December 31, 2024. The decrease was primarily driven by a decrease in Income from affiliates and an increase in SG&A expense. ~~resulting~~The ~~from~~decrease ~~increased~~in ~~acquisition~~Income ~~and~~from ~~integration~~affiliates ~~costs~~was ~~associated~~the ~~with~~result ~~the~~of ~~announced~~less ~~acquisition~~favorable ofresults ~~Viterra,~~from ~~partially~~Bunge's ~~offset~~50% byownership ~~lower~~share ~~variable~~in ~~compensation~~BP ~~expense.~~Bunge ~~The~~Bioenergia ~~company~~in ~~recognized~~2024 ~~acquisition~~compared ~~and~~to ~~integrations~~2023, ~~costs~~primarily ~~within~~resulting ~~Corporate~~from ~~and~~a ~~Other~~tax ~~EBIT~~valuation ofallowance ~~$244 million~~release in 2023, ~~and~~foreign ~~$114 million~~exchange ~~for~~losses ~~the~~on ~~years~~U.S. ~~ended~~dollar ~~December 31,~~denominated debt in 2024, and ~~2023,~~lower ~~respectively~~margins in 2024. The ~~decrease~~increase ~~described~~in ~~above~~SG&A expense was ~~partially offset by~~ the ~~absence~~result of ~~recurring~~increased ~~prior~~acquisition ~~year~~and ~~impairment~~integration ~~charges~~costs ofassociated ~~$20~~with ~~million,~~the ~~reported~~Acquisition inof inViterra. ~~Other~~The ~~income~~company -recognized ~~net,~~acquisition ~~related~~and tointegration acosts ~~long-term~~within ~~investment~~Corporate and ~~$16 million,~~Other ~~reported~~EBIT inof ~~Income~~$244 ~~(loss) from affiliates~~million, ~~related~~and to$114 million afor ~~minority~~the ~~investment~~years inended ~~Australian~~December 31, ~~Plant Proteins~~2024, aand ~~start-up~~2023, ~~manufacturer of novel protein ingredients~~respectively.

~~Non~~The EBIT decrease was partially offset by a $195 million gain, in 2024, on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other (expense) income – net, and 2023 impairment charges of $20 million, reported in Other (expense) income -~~core~~ ~~Segment~~net, related to a long-term investment and $16 million, reported in (Loss) income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia.

~~Sugar and Bioenergy Segment~~ 43

	Year EndedDecember 31,
(US$ in millions)	2024		2023		% Change
Net sales	$	130	$	235	(45)	%
Cost of goods sold	(127)		(229)		(45)	%
Gross profit	3		6		(50)	%
Selling, general and administrative expense	(2)		(1)		100	%
Other income — net	196		2		9,700	%
Income from affiliates	18		157		(89)	%
Total Sugar and Bioenergy Segment EBIT	$	215	$	164	31	%

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2024 Compared to 2023

Segment EBIT increased 31%, to $215 million for the year ended December 31, 2024. The increase was primarily due to a $195 million gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other income - net. The increase was partially offset by less favorable results from our investment in BP Bunge Bioenergia, primarily resulting from the absence of a tax valuation allowance release in the current period as compared to the prior period, current period foreign exchange losses on U.S. dollar denominated debt at BP Bunge Bioenergia, lower current period gross margins, and lower equity method earnings following the sale. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia.

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

	Year EndedDecember 31,
(US$ in millions)	~~2024~~2025		~~2023~~2024		~~% Change~~2023			2025 Compared to 2024 % Change		2024 Compared to 2023% Change
Interest income	$	~~163~~202	$	~~148~~163	10$	148	%	24	%	10	%
Interest expense	(~~471~~628)		(~~516~~471)		(9516)		%	33	%	(9)	%

2025 Compared to 2024

Interest income increased 24%, to $202 million for the year ended December 31, 2025. Interest expense increased 33%, to $628 million for the year ended December 31, 2025. Higher interest income is the result of higher average balances in cash and cash equivalents in the first half of the current year as well as higher balances in marketable securities and other short-term investments related to funding strategies in Argentina in the current year. Higher interest expense is the result of higher debt levels to finance the Viterra Acquisition.

2024 Compared to 2023

Interest income increased 10%, to $163 million for the year ended December 31, 2024. Interest expense decreased 9%, to $471 million for the year ended December 31, 2024. Higher interest income is the result of higher balances in cash and cash equivalents infor the ~~current~~ year ended December 31, 2024. Lower interest expense is the result of lower interest rates.

Liquidity and Capital Resources

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

Working Capital

	As of December 31,
(US$ in millions, except current ratio)	~~2024~~2025		~~2023~~2024
Cash and cash equivalents	$	31,~~311~~135	$	23,~~602~~311
Trade accounts receivable, net	23,~~148~~870		2,~~592~~148
Inventories	613,~~491~~198		76,~~105~~491
Other current assets	4,008		4,051
Other current assets(1)	6,188		4,008
Total current assets	$	1524,~~958~~391	$	1615,~~350~~958
Short-term debt	$	~~875~~3,883	$	~~797~~875
Current portion of long-term debt	~~669~~1,337		5669
Trade accounts payable	24,~~777~~881		32,~~664~~777
Current operating lease obligations	~~286~~499		~~308~~286
Other current liabilities	2,828		2,913
Other current liabilities(2)	4,527		2,828
Total current liabilities	$	715,~~435~~127	$	7,~~687~~435
Working capital(1)	$	8,523	$	8,663
Working capital(3)	$	9,264	$	8,523
Current ratio(1)	2.15		2.13
Current ratio(3)	1.61		2.15

(1)~~Working~~Comprises ~~capital~~Time isdeposits ~~defined~~under astrade ~~Total~~structured ~~current~~finance ~~assets~~program, ~~less~~Assets ~~Total~~held ~~current~~for ~~liabilities;~~sale ~~Current~~and ~~ratio~~Other ~~represents Total~~ current assets ~~divided by Total current liabilities~~.

47(2)Comprises Letter of credit obligations under trade structured finance program, Liabilities held for sale and Other current liabilities.

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

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Working capital was $89,~~523~~264 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $~~140~~741 million from working capital of $8,~~663~~523 million at December 31, ~~2023~~2024.

Cash and Cash Equivalents - Cash and cash equivalents were $31,~~311~~135 million at December 31, ~~2024~~2025, ana ~~increase~~decrease of $~~709~~2,176 million from $23,~~602~~311 million at December 31, ~~2023~~2024. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated financial institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for details regarding the primary factors giving rise to the change in Cash and cash equivalents during the year ended December 31, ~~2024~~2025.

Trade accounts receivable, net - Trade accounts receivable, net were $23,~~148~~870 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $~~444~~1,722 million from $2,~~592~~148 million at December 31, ~~2023~~2024. The ~~decrease~~increase was primarily due to ~~decreased~~an increase of receivables outstanding as of December 31, 2025 from the Acquisition of Viterra and increased Net sales in the current period driven by factors described in the Segment Overview &and Results of Operations section above.

Inventories - Inventories were $613,~~491~~198 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $~~614~~6,707 million from $76,~~105~~491 million at December 31, ~~2023~~2024. The ~~decrease~~increase was primarily due to ~~certain~~increased ~~lower~~inventory ~~average~~balances ~~commodity~~from ~~prices,~~the ~~including~~Acquisition ~~soybeans~~of ~~and~~Viterra. ~~wheat~~In addition, the increase was due to higher volumes as well as ~~overall~~slightly ~~lower~~higher ~~volumes~~prices on certain commodities.

Readily marketable inventories ("RMI") comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, ~~palm~~corn, ~~oil~~softseeds, ~~corn~~softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value were $511,~~224~~361 million and $5,~~837~~224 million at December 31, ~~2024~~2025 and ~~2023~~2024, respectively (see Note 5- Inventories, to our consolidated financial statements).

Other current assets - Other current assets were $46,~~008~~188 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $432,180 million from $4,~~051~~008 million at December 31, ~~2023~~2024. The ~~decrease~~increase is primarily due to aan ~~decrease~~increase of Other current assets as of December 31, 2025 from the Acquisition of Viterra. In addition, the increase was also attributable to an increase in secured advances to ~~supplies~~suppliers, net as improved market conditions in Brazil have led to aan ~~reduction~~increase in new advances in the current period, an increase in marketable securities and other short term investments as a result of strategic investment opportunities in South America, higher assets held for sale related to our European margarines and spreads business (see Note 2- Acquisitions and Dispositions to our consolidated financial statements), and an increase in margin deposits. These increases were partially offset by lower unrealized gains on derivative contracts as a result of volatile commodity prices, ~~and~~the acollection ~~decrease~~of inan ~~prepaid~~insurance ~~expenses~~recovery ~~due~~receivable related to the ~~changing~~business ~~market~~interruption ~~environment.~~resulting ~~These~~from ~~decreases~~the ~~were~~Ukraine-Russia ~~partially~~war ~~offset~~(see byNote an6- ~~increase~~Other inCurrent ~~marketable~~Assets ~~securities~~to ~~and~~our ~~other~~consolidated ~~short-term~~financial ~~investments~~statements), and a ~~deferred~~decrease ~~payment~~in ~~recorded~~disposition inreceivable reflecting the ~~current~~collection ~~year~~of a deferred payment in connection with the sale of BP Bunge Bioenergia, ~~that~~partially ~~was~~offset ~~collected~~by ~~in early 2025, and~~ the recognition of ana ~~insurance~~disposition ~~recovery~~ receivable ~~related~~in toconnection ~~business~~with ~~interruption~~the ~~resulting~~sale ~~from~~of ~~the~~40% ~~Ukraine-Russia~~of ~~war~~our interest in ~~the~~BISA, ~~current~~our ~~year~~Spanish operating subsidiary (see Note 62- ~~Other~~Acquisitions ~~Current~~and ~~Assets~~Dispositions to our consolidated financial statements).

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $15,~~544~~220 million at December 31, ~~2024~~2025, an increase of $~~742~~3,676 million from $~~802~~1,544 million at December 31, ~~2023~~2024. The higher Short-term debt level at December 31, ~~2024~~2025 compared to December 31, ~~2023~~2024 is primarily due to increased borrowings under one of our revolving credit facilities, the commercial paper program, and increased borrowings by operating companies on local bank facilities to fund working capital requirements, which includes additional Short-term debt outstanding as of December 31, 2025 from the Acquisition of Viterra. In addition, increased short-term debt levels resulted from an increase in the Current portion of long-term debt associated with ~~our~~two ~~1.63%~~tranches ~~Senior~~of ~~Notes,~~senior ~~due~~notes ~~2025,~~maturing ~~and~~in ~~higher~~2026, ~~borrowings~~partially offset by ~~Bunge~~the ~~operating~~repayment ~~companies~~of on$600 ~~local~~million ~~bank~~senior ~~lines~~notes ofwhich ~~credit~~matured in the current period.

Trade accounts payable - Trade accounts payable were $24,~~777~~881 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $~~887~~2,104 million from $32,~~664~~777 million at December 31, ~~2023~~2024. The ~~decrease~~increase in Trade accounts payable was primarily due to ~~certain~~an ~~lower~~increase ~~average~~in ~~commodity~~payables ~~prices~~outstanding as of December 31, ~~including~~2025 ~~soybeans~~from ~~and~~the ~~wheat~~Acquisition of Viterra, ~~lower~~higher inventory volumes, and ~~timing~~slightly ofhigher ~~payments~~prices on certain commodities.

Other current liabilities - Other current liabilities were $24,~~828~~527 million at December 31, ~~2024~~2025, aan ~~decrease~~increase of $851,699 million from $2,~~913~~828 million at December 31, ~~2023~~2024. The ~~decrease~~increase was primarily due to ~~lower~~an ~~income~~increase ~~tax~~of ~~payable~~Other current liabilities outstanding as aof ~~result~~December 31, 2025 from the Acquisition of ~~lower~~Viterra. ~~earnings~~In addition, ~~partially~~the ~~offset~~increase byis due to higher ~~unrealized~~dividends ~~losses~~payable on(see ~~derivative~~Note ~~contracts~~22- asEquity ato ~~result~~our consolidated financial statements), higher liabilities held for sale related to our European margarines and spreads business (see Note 2- Acquisitions and Dispositions to our consolidated financial statements), and contingent consideration related to our acquisition of ~~volatile~~ViOil ~~commodity~~(see ~~prices~~Note 2- Acquisitions and Dispositions to our consolidated financial statements).

4845

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Debt

~~Revolving~~As ~~Credit~~highlighted ~~Facilities—At~~in ~~December 31,~~Note ~~2024,~~17- weDebt ~~had~~and ~~$5,665 million~~discussed ~~unused~~further ~~and~~below, ~~available~~we ~~committed~~utilize ~~borrowing~~a ~~capacity~~variety ~~comprising~~of ~~committed~~debt ~~revolving~~financing ~~credit~~structures ~~facilities.~~to ~~The~~maintain ~~following~~financial ~~table~~flexibility ~~summarizes~~to ~~these~~meet ~~facilities~~our ~~for~~various ~~the~~financial ~~years presented:~~objectives.

		CommittedCapacity		Incremental Commitments(2)		BorrowingsOutstanding
Revolving Credit Facilities (1)	Maturities	December 31, 2024				December 31, 2024		December 31, 2023
$1.1 Billion 364-day Revolving Credit Agreement	2025	$	1,100	$	—	$	—	$	—
$3.2 Billion 5-year Revolving Credit Agreement	2029	1,950		1,250		—		—
$3.5 Billion 3-year Revolving Facility Agreement	2026	1,750		1,750		—		—
$865 Million 5-year Revolving Credit Facility	2026	865		—		—		—
Total Revolving Credit Facilities		$	5,665	$	3,000	$	—	$	—

Revolving Credit Facilities—At December 31, 2025, we had $9,065 million unused and available committed borrowing capacity comprising committed revolving credit facilities. The following table summarizes these facilities for the years presented:

(1)See Note 17- Debt for further information on these programs. The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.


		Committed Capacity		Borrowings Outstanding
Revolving Credit Facilities (1)	Maturities	December 31, 2025		December 31, 2025		December 31, 2024

$1.1 Billion 364-day Revolving Credit Agreement	2026	$	1,100	$	—	$	—
$3.5 Billion Revolving Facility Agreement	2028	3,500		600		—
$4.2 Billion Revolving Credit Agreement	2030	4,200		—		—
$865 Million Revolving Credit Agreement	2030	865		—		—
Total Revolving Credit Facilities		$	9,665	$	600	$	—

(21)~~Incremental~~See ~~commitments~~Note ~~are~~17- ~~available~~Debt tofor befurther ~~drawn~~information ~~following~~on ~~the~~these ~~completion of the Viterra Acquisition subject to the satisfaction of certain conditions~~programs.

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


(US$ in millions)	Program Capacity		Borrowings Outstanding
Commercial Paper Program(1)	December 31, 2025		December 31, 2025		December 31, 2024






$3 Billion Commercial Paper Program	$	3,000	$	300	$	—

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

Short and long-term debt—

	As of December 31,
US$ in millions	~~2024~~2025		~~2023~~2024
Short-term debt	$	~~875~~3,883	$	~~797~~875
Long-term debt, including current portion	510,~~363~~168		45,~~085~~363
Total debt	$	614,~~238~~051	$	46,~~882~~238
	Year Ended December 31,
	2024		2023
	2025		2024
Average total debt outstanding	$	511,~~480~~153	$	5,~~293~~480

Our total debt increased by $17,~~356~~813 million to $614,~~238~~051 million at December 31, ~~2024~~2025, from $46,~~882~~238 million at December 31, ~~2023~~2024, primarily due to an increase in ~~Long~~short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of ~~three~~two tranches of ~~the~~senior ~~September~~notes ~~2024 Senior Notes~~ for an aggregate ~~principal~~principle amount of $21.03 billion in August 2025 and borrowings outstanding of $1.3 billion on term loans due in 2028 drawn in June 2025 to finance the Viterra Acquisition. In addition, ~~partially~~in ~~offset~~the third quarter of 2025, Bunge completed exchange offers which resulted in exchanging $1.92 billion of existing senior notes of Viterra for new notes issued by Bunge Limited Finance Corp ("BLFC"), a wholly owned finance subsidiary of Bunge, and completed the ~~prepayment~~European consent solicitation to become the issuer and guarantor of a ~~$750~~ 700 million ~~3-year~~Euro ~~term~~aggregate ~~loan~~principal ~~agreement~~amount of 1.000% senior unsecured note due 2028 originally issued by Viterra. These increases were partially offset by the repayment of $600 million senior notes which matured in ~~2025~~the current period. See Note 17- Debt to our consolidated financial statements for further information.

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At December 31, ~~2024~~2025, there were no$900 million of borrowings outstanding under these bilateral short-term credit lines., compared

In addition, Bunge's operating companies had $875 million and $797 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2024, and 2023, respectively, to support working capital requirements.46

As described in Note 2- Acquisitions and Dispositions, we have secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). On September 17, 2024, we completed the sale and issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion. See Note 17- Debt for further information. As a result of the Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $2.0 billion with $6.0 billion available as of December 31, 2024. Bunge intends to use a portion of the proceeds from the Acquisition Financing and Senior Notes issuance to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes.

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~~Also, in the third quarter of 2024, Bunge's wholly-owned subsidiary, Bunge Limited Finance Corp. ("BLFC"), commenced offers (the "US Exchange Offers")~~ to ~~exchange~~no ~~all~~borrowing outstanding ~~notes~~at ~~of certain series issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V.~~December 31, ~~for up to $1~~2024.~~95 billion~~ ~~aggregate~~The ~~principal~~increase ~~amount of new notes issued by BLFC and guaranteed by Bunge. In addition,~~ in the ~~third~~current ~~quarter~~period ofis ~~2024,~~primarily ~~Viterra commenced a consent solicitation (the "European Consent Solicitation")~~ to ~~amend~~support ~~the~~working ~~indenture~~capital ~~governing~~requirements ~~VFBV's~~as ~~outstanding~~a ~~500~~result ~~million Euro aggregate principal amount~~ of ~~0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 to, among other things, substitute~~ the ~~issuer~~Acquisition ~~and guarantors~~ of ~~such notes with Bunge Finance Europe B~~Viterra.~~V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. See Note 17- Debt for further information.~~

~~The~~In USaddition, ~~Exchange~~Bunge's ~~Offers~~operating ~~and~~companies ~~European~~had ~~Consent Solicitation are conditioned among other things~~$2,083 million ~~upon the consummation of the Acquisition. This Annual Report is not intended to~~ and ~~does~~$875 million ~~not~~in ~~constitute~~short-term anborrowings ~~offer~~outstanding tofrom ~~sell~~local orbank ~~purchase,~~lines ~~or the solicitation~~ of ancredit ~~offer~~at ~~to sell or purchase~~December 31, ~~or the solicitation of any vote of approval or the solicitation of tenders or consents with respect to any security. No offer~~2025, ~~solicitation,~~and ~~purchase or sale will be made in any jurisdiction in which such an offer~~2024, ~~solicitation~~respectively, ~~or sale would be unlawful prior~~ to ~~registration~~support orworking ~~qualification~~capital ~~under the securities laws of any such jurisdiction~~requirements.

Registered Senior Notes — BLFC, ~~a wholly owned finance subsidiary of Bunge,~~ had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at December 31, ~~2024~~2025.

(US$ in millions)	Aggregate Principal Amount Outstanding		Balance Outstanding
1.63% Senior Notes due 2025	$	600	599
2.00% Senior Notes due 2026	$	580	575
3.25% Senior Notes due 2026	700		~~699~~700
3.75% Senior Notes due 2027	600		598
4.90% Senior Notes due 2027	440		443
4.10% Senior Notes due 2028	400		397
3.75% Senior Notes due 2027	600		599
4.20% Senior Notes due 2029	800		793
4.10% Senior Notes due 2028	400		398
2.75% Senior Notes due 2031	1,000		993
4.20% Senior Notes due 2029	800		794
4.65% Senior Notes due 2034	800		790
4.55% Senior Notes due 2030	650		645
3.20% Senior Notes due 2031	599		557
2.75% Senior Notes due 2031	1,000		994
5.25% Senior Notes due 2032	300		307
4.65% Senior Notes due 2034	800		791
5.15% Senior Notes due 2035	650		643

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

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

Credit Ratings—Bunge's debt ratings and outlook by major credit rating agencies at December 31, ~~2024~~2025 were as follows:

Short-term Debt(1)

Long-term Debt

Outlook

Standard & Poor's

A-2

~~BBB+~~A-

~~CreditWatch Positive~~Stable

Moody's

P-2

Baa1

Stable

Fitch

F-2

BBB+

Stable

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

Following the announcement of the Viterra Acquisition ~~and the related financing activity described above~~, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a ~~current~~ standalone basis, and a pro-forma at closing basis. AsRecent ~~well~~rating asagency ~~with~~actions ~~the~~include ~~issuance of Bunge Senior Notes in September 2024, S&P, Moody’s, and Fitch have taken~~ the following ~~actions~~:

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

•Standard & Poor's also assigned a A- issue-level rating to Bunge's outstanding $1 billion unsecured term loan due 2028 and Bunge's previously issued $2 billion Senior Notes;

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

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•~~S&P~~Fitch upgraded Bunge’s long-term debt credit rating to BBB+ on ~~June~~September 135, ~~2023~~2024 ~~and~~with ~~further~~stable ~~placed the~~ outlook; onand ~~CreditWatch~~affirmed ~~Positive~~the ~~for~~rating ~~an upgrade to A-~~ on ~~September~~July 92, ~~2024;~~2025.

•S&P also assigned a preliminary A- issue-level rating to Bunge's newly issued 2024 Senior Notes on September 10, 2024;

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

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

We expect Standard and Poor's to resolve their CreditWatch Positive status at or before the closing date of the Acquisition, based on a variety of factors including but not limited to our operating performance, our financial position and high certainty that the Acquisition will close.

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

Our credit facilities and certain senior notes require us to comply with specified financial covenants, including minimum current ratio, maximum debt to capitalization ratio, and limitations on secured indebtedness. We were in compliance with these covenants as of December 31, ~~2024~~2025.

Trade Receivable 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"). The Program is designed to enhance our financial flexibility by providing an additional source of liquidity for our operations. As referenced in Note 4 - Trade Accounts Receivable and Trade ~~Receivables~~Receivable Securitization Program, the aggregate size of the program is $1.5 billion, with an accordion feature of $1 billion. The Program terminates on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on December 16 15, ~~2025~~2026, with a feature that permits us to request 364-day extensions.

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. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to ~~guaranty~~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 our consolidated statements of cash flows. Bunge’s risk of loss following the sale of the trade receivables is substantially the same and limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.

Interest Rate Swap Agreements

We may use interest rate swaps in hedge accounting relationships and record the swaps at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Additionally, the carrying amount of the associated debt is adjusted through earnings for changes in fair value due to changes in benchmark interest rates. See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements.

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Equity

Total equity is set forth in the following table:

December 31,

(US$ in millions)

~~2024~~2025

~~2023~~2024

Registered shares

Additional paid-in capital (1)

59,~~325~~841

5,~~900~~325

Retained earnings

1213,~~838~~152

12,~~077~~838

Accumulated other comprehensive loss

(6,~~702~~084)

(6,~~054~~702)

Treasury shares, at cost (2024—21,318,307 and 2023—16,109,804) (1)

(1,549)

(1,073)

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

(1,007)

(1,549)

Total Bunge shareholders' equity

915,~~913~~904

109,~~851~~913

Noncontrolling interests

1,~~032~~465

~~963~~1,032

Total equity

1017,~~945~~369

1110,~~814~~945

(1) In the fourth ~~quarter~~quarters of 2025 and 2024, Bunge Global SA cancelled 12,382,610 and 6,146,930 shares held in treasury totaling $1,045 million and $572 million, respectively. See Note 22- Equity to our consolidated financial statements.

Total Bunge shareholders' equity was $915,~~913~~904 million at December 31, ~~2024~~2025 compared to $109,~~851~~913 million at December 31, ~~2023~~2024. The ~~decrease~~increase was primarily due to ~~$1,100~~Bunge ~~million~~stock inissued ~~repurchases of registered shares,~~ as ~~described~~consideration in ~~Note~~the ~~22-~~Acquisition ~~Equity to~~of ~~our~~Viterra ~~consolidated~~of ~~financial~~$5,340 ~~statements~~million, $816 ~~and~~million inof ~~the~~Net ~~Share~~income ~~repurchase~~attributable ~~program~~to ~~paragraph~~Bunge ~~below~~shareholders, $~~648~~567 million of ~~loss~~income in ~~Other~~Accumulated other comprehensive loss ~~and~~resulting ~~$373~~from ~~million~~favorable offoreign ~~declared~~exchange ~~dividends~~translation ~~to shareholders~~adjustments, asand ~~described~~a ~~in Note 22- Equity, partially offset by~~ $~~1,137~~240 million ofincrease ~~Net~~resulting ~~income attributable to Bunge shareholders.~~

Noncontrolling interests increased to $1,032 million at December 31, 2024 from $963 million at December 31, 2023 primarily due to $52 million of Net income attributable to noncontrolling interests and $53 million of contributions from noncontrolling interests, partially offset by $32 million of loss in Other comprehensive loss.48

~~Share~~Table ~~repurchase program - As noted in Note 22- Equity, on November 13, 2024, Bunge Global SA's Board approved the expansion~~ of an existing 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, 2024, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining outstanding for repurchases under the program. During the twelve months ended December 31, 2024, Bunge repurchased 12,150,763 shares for $1.1 billion.Contents

from the sale of a redeemable noncontrolling interest in our Spanish operating subsidiary (see Note 2- Acquisitions and Dispositions to our consolidated financial statements) impacting both Additional paid-in capital and Accumulated other comprehensive loss. These increases were partially offset by share repurchases of $551 million and $502 million of declared dividends to shareholders, as described in Note 22- Equity to our consolidated financial statements.

Noncontrolling interests increased to $1,465 million at December 31, 2025 from $1,032 million at December 31, 2024 primarily due to acquired Noncontrolling interests of $441 million from the Acquisition of Viterra, $34 million of income from favorable foreign exchange translations adjustments in Accumulated other comprehensive loss, $24 million of Net income attributable to noncontrolling interests, and $32 million of contributions from noncontrolling interests. These increases were partially offset by an $89 million reduction on the acquisition of noncontrolling interest in Terminal de Granéis de Santa Catarina ("TGSC") (see Note 11- Investments in Affiliates and Variable Interest Entities to our consolidated financial statements).

Share repurchase program - As noted in Note 22- Equity, on November 13, 2024, Bunge Global SA's Board 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.

Cash Flows

	Year ended December 31,
(US$ in millions)	~~2024~~2025		~~2023~~2024
Cash provided by operating activities	$	~~1,900~~844	$	31,~~308~~900
Cash used for investing activities	(15,~~114~~227)		(1,~~009~~114)
Cash used for financing activities	(90)		(856)
Cash provided by (used for) financing activities	2,229		(90)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	9(8)		289
Net increase in cash and cash equivalents and restricted cash	$	705	$	1,471
Net (decrease) increase in cash and cash equivalents and restricted cash	$	(2,162)	$	705

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

~~2024~~2025 Compared to ~~2023~~2024

For the year ended December 31, ~~2024~~2025, our cash and cash equivalents, and restricted cash, ~~and~~decreased ~~cash held for sale increased~~ $~~705~~2,162 million, compared to an increase of $~~1,471~~705 million for the year ended December 31, ~~2023~~2024.

Operating: Cash provided by operating activities was $~~1,900~~844 million for the year ended December 31, ~~2024~~2025, compared to $31,~~308~~900 million for the year ended December 31, ~~2023~~2024, a decrease of $1,~~408~~056 million. The decrease was primarily due to lower reported net income during the year ended December 31, ~~2024~~2025 compared to the year ended December 31, ~~2023~~2024 as discussed in the Segment Overview and Results of Operations section above as well as an overall reduction to net changes in working capital driven by the drivers discussed in Working Capital section above.

52Certain of our non-U.S. operating subsidiaries are primarily funded with U.S. dollar-denominated debt, while currency risk is hedged with U.S. dollar-denominated assets. The functional currency of our operating subsidiaries is generally the local currency. The financial statements of our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency, translated into U.S. dollars. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Also, certain of our U.S. dollar functional operating subsidiaries outside the U.S. are partially funded with local currency borrowings, while the currency risk is hedged with local currency denominated assets. Local currency loans in U.S. dollar functional currency subsidiaries outside the U.S. are remeasured into U.S. dollars at the exchange rate on the applicable balance sheet date. The resulting gain or loss is included in our consolidated statements of income as Foreign exchange (losses) gains - net. For the year ended December 31, 2025, we recorded a foreign currency gain on net debt of $216 million largely due to the strengthening of the Brazilian real in the current year versus a foreign currency loss on net debt for the year ended December 31, 2024 of $174 million, which were included as adjustments to reconcile Net income to Cash provided by operating activities in the line item "Foreign exchange (gain) loss on net debt" in our consolidated statements of cash flows. This adjustment is required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations.

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Investing: Cash used for investing activities was $5,227 million for the ~~Segment~~year ~~Overview~~ended &December 31, ~~Results~~2025 compared to $1,114 million for the year ended December 31, 2024, an increase of ~~Operations~~$4,113 ~~section~~million. ~~above~~The increase was primarily due to cash payments for the Acquisition of Viterra, net of cash acquired, of $4,116 million in addition to payments for the acquisition of ViOil, as well as anhigher ~~overall~~payments ~~reduction~~for investments, as a result of certain cash deployment strategies in Argentina, lower proceeds in the current year compared to ~~net~~the ~~changes~~prior year from the sale of our investment in ~~working~~affiliate, BP Bunge Bioenergia, and higher spend on capital ~~driven~~projects. The increase was partially offset by the ~~drivers~~current ~~discussed~~period receipts of $470 million in ~~Working~~proceeds ~~Capital~~from ~~section~~the sale of Bunge's corn milling business in North America and $457 million, net of cash, related to the EU Oilseeds divestment, both as further described in Note 2- Acquisitions and Dispositions to our consolidated financial statements, as well as higher proceeds from investments, due to the cash deployment strategies described above.

~~Certain~~Financing: ofCash ~~our~~provided ~~non-U.S.~~by ~~operating~~financing ~~subsidiaries~~activities ~~are~~was ~~primarily~~$2,229 ~~funded~~million ~~with~~for ~~U.S.~~the ~~dollar-denominated~~year ~~debt~~ended December 31, ~~while~~2025 ~~currency~~compared ~~risk~~to iscash ~~hedged~~used ~~with~~for ~~U.S.~~financing ~~dollar-denominated~~activities ~~assets.~~of ~~The~~$90 ~~functional~~million ~~currency~~for ofthe ~~our~~year ~~operating~~ended ~~subsidiaries~~December 31, is2024, ~~generally~~an ~~the~~increase ~~local~~of ~~currency~~$2,319 million. The ~~financial~~increase ~~statements~~was ofprimarily ~~our~~due ~~subsidiaries~~to ~~are~~an ~~calculated~~increase in ~~the~~net ~~functional~~cash ~~currency,~~proceeds ~~and~~of ~~when~~short ~~the~~and ~~local~~long-term ~~currency~~debt isof ~~the functional currency~~$1,679 ~~translated~~million ~~into~~resulting ~~U.S.~~from ~~dollars.~~our ~~U.S.~~use ~~dollar-denominated~~of ~~loans~~our ~~are~~revolving ~~remeasured~~credit ~~into~~facilities, ~~their respective functional currencies at exchange rates at~~ the ~~applicable~~commercial ~~balance~~paper ~~sheet date. Also~~program, ~~certain~~and ofdraws ~~our~~on ~~U.S.~~long ~~dollar~~term ~~functional~~debt ~~operating~~facilities ~~subsidiaries~~to ~~outside~~both fund the ~~U.S.~~Acquisition ~~are~~of ~~partially funded with local currency borrowings~~Viterra, ~~while~~as ~~the~~well ~~currency~~as ~~risk~~for iscurrent ~~hedged~~and ~~with~~future ~~local~~working ~~currency~~capital ~~denominated assets~~requirements. ~~Local~~Additionally, ~~currency loans in U.S. dollar functional currency subsidiaries outside~~ the ~~U.S.~~increase ~~are~~was ~~remeasured~~due ~~into~~to ~~U.S.~~$206 ~~dollars~~million atin ~~the~~proceeds ~~exchange~~received ~~rate~~from on the ~~applicable~~sale ~~balance~~of ~~sheet~~redeemable ~~date.~~noncontrolling ~~The~~interest ~~resulting~~related ~~gain~~to ~~or loss is included in~~ our ~~consolidated~~Spanish ~~statements~~operating ofsubsidiary ~~income as Foreign exchange~~ (~~losses)~~see ~~gains~~Note 2- ~~net.~~Acquisitions ~~For~~and ~~the~~Dispositions ~~year~~to ~~ended~~our ~~December 31,~~consolidated ~~2024,~~financial westatements) ~~recorded~~in aaddition ~~foreign currency loss on net debt of $174 million largely due~~ to ~~the~~less ~~weakening~~cash ofused ~~the~~for ~~Brazilian~~share ~~real~~repurchases in the current ~~year~~period ~~versus~~compared ato ~~foreign currency gain on net debt for~~ the ~~year~~prior ~~ended~~period. ~~December 31,~~These ~~2023~~increases ~~of $281 million, which~~ were ~~included~~partially asoffset ~~adjustments~~by tohigher ~~reconcile~~cash ~~Net~~dividends ~~income~~and toan ~~Cash~~$18 ~~provided~~million bypayment ~~operating~~for ~~activities in~~ the ~~line~~acquisition ~~item~~of ~~"Foreign~~noncontrolling ~~exchange~~interest ~~loss (gain) on net debt"~~ in ~~our~~TGSC ~~consolidated~~(see ~~statements~~Note ~~of cash flows. This adjustment is required as the gains and losses are non~~11-~~cash~~ ~~items~~Investments ~~that~~in ~~arise~~Affiliates ~~from financing activities~~ and ~~therefore~~Variable ~~will~~Interest ~~have~~Entities noto ~~impact~~our onconsolidated ~~cash~~financial ~~flows from operations~~statements).

~~Investing:~~For ~~Cash~~a ~~used~~comparison ~~for~~of ~~investing~~cash ~~activities~~flows ~~was $1,114 million~~ for the ~~year~~fiscal years ended December 31, 2024 ~~compared~~and ~~to $1~~2023,~~009~~ ~~million~~see ~~for~~Part ~~the year ended December 31~~II, ~~2023,~~Item ~~an increase of $105 million~~7. ~~The~~Management’s ~~increase~~Discussion ~~was~~and ~~primarily~~Analysis ~~due~~of toFinancial ~~higher~~Condition ~~net~~and ~~payments~~Results ~~for~~of ~~investments~~Operations atof Bunge ~~Financial~~Global ~~Services,~~SA's ~~higher~~Annual ~~spend~~Report on ~~capital~~Form ~~expenditures~~10-K ~~related~~for ~~to certain growth and productivity projects in North America, and lower proceeds from~~ the ~~disposal~~fiscal ~~of businesses and property, plant and equipment during the~~ year ended December 31, 2024, asfiled ~~compared~~with tothe ~~proceeds~~SEC ~~received~~ on ~~the~~February ~~sale of our Russian operations during the year ended December 31~~20, ~~2023~~2025. ~~These uses of cash were partially offset by proceeds from the sale of our investment in affiliate, BP Bunge Bioenergia, to BP.~~

Financing: Cash used for financing activities was $90 million for the year ended December 31, 2024 compared to $856 million for the year ended December 31, 2023, a decrease of $766 million. For the year ended December 31, 2024, we received additional net cash proceeds from short-term and long-term debt of $1,186 million as a result of the issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion, partially offset by the prepayment of a $750 million term loan that occurred in 2024, as described above, and repurchased an additional $500 million registered shares compared to the previous period.

Capital Expenditures

Our cash payments made for capital expenditures were $1,~~376~~723 million and $1,~~122~~376 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The increase in capital expenditures compared to the prior year was primarily due to higher spend on capital projects in North America and additional spend as a result of the Acquisition of Viterra. We intend to make capital expenditures in the range of $1.5 billion to $1.7 billion in ~~2025~~2026. Our priorities for ~~2025~~2026 are to maintain the cash generating capacity of our assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on our strategy to strengthen our oilseeds platform, increase participation in biofuels and plant-based proteins, and grow our value-added oils business. These discretionary and non-discretionary capital investments will also help us achieve certain of our environmental and sustainability related objectives. We intend to fund these capital expenditures primarily with cash flows from operations and cash on hand.

Off-Balance Sheet Arrangements

Guarantees and Indemnifications

Please refer to Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K for details concerning our off-balance sheet arrangements related to guarantees and indemnifications.

5350

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Contractual Obligations

The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, ~~2024~~2025, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated.

Payments due by period

(US$ in millions)

Total

~~2025~~2026

~~2026~~2027 - ~~2027~~2028

~~2028~~2029 - ~~2029~~2030

~~2030~~2031 and thereafter

Short-term debt

~~875~~3,883

—

Long-term debt, including current portion(1)

510,~~663~~412

~~690~~1,378

14,~~627~~128

1,~~464~~517

13,~~882~~389

Variable interest rate obligations

~~149~~225

33106

71119

30—

15—

Interest obligations on fixed rate debt

~~898~~1,488

~~169~~299

~~297~~467

~~205~~359

~~227~~363

Non-cancelable lease obligations(2)

1,~~077~~992

~~315~~568

~~354~~642

~~143~~295

~~265~~487

Capital commitments

~~243~~288

~~243~~285

—3

—

Freight supply agreements(3)

~~138~~296

—

Inventory purchase commitments

~~188~~333

~~182~~329

1—

Power supply purchase commitments

7785

2851

2731

13—

Other commitments and obligations(4)

~~669~~800

~~310~~343

~~191~~259

90100

7898

Total contractual cash obligations(5)

919,~~977~~802

27,~~983~~538

25,~~570~~652

12,~~943~~275

24,~~481~~337

(1)Includes components of long-term debt attributable to unamortized premiums of $32116 million and excludes components of long-term debt attributable to fair value hedge accounting of $~~269~~128 million.

(2)Represents future minimum payments under non-cancelable leases with initial terms of one year or more. Minimum lease payments have not been reduced by minimum sublease income receipts of $5773 million due in future periods under non-cancelable subleases.

(3)Represents purchase commitments for voyage and time on ocean freight vessels and railroad freight lines for the purpose of transporting agricultural commodities. The ocean freight service agreements are short term contracts with a duration of less than a year. Ocean freight service agreements with terms in excess of one year are included in non-cancelable lease obligations. The railroad freight service agreements require a minimum monthly payment regardless of the actual level of freight services used. The costs of our freight supply agreements are typically passed through to our customers as a component of the prices we charge for our products. However, changes in the market value of such freight services compared to the rates at which we have contracted them may affect margins on the sales of agricultural commodities.

(4)Represents other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees.

(5)Does not include estimated payments of liabilities associated with uncertain income tax positions. As of December 31, ~~2024~~2025, Bunge had uncertain income tax liabilities of $7577 million, including interest and penalties. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the above contractual obligations table. See Note 14- Income Taxes to our consolidated financial statements.

Employee Benefit Plans

We expect to contribute $1419 million to our defined benefit pension plans and $46 million to our postretirement benefit plans in ~~2025~~2026. ~~Further~~In the fourth quarter of 2025, we ~~expect~~settled ~~approximately~~the ~~$508~~U.S. ~~million~~Pension inPlan ~~benefit~~through ~~payments~~a ~~related~~lump tosum ~~our~~buyout ~~defined~~and ~~benefit~~conversion ~~pension~~of ~~and~~a ~~postretirement~~previously ~~benefit~~acquired ~~plans~~third-party insurance buy-in ~~2025.~~contract ~~The~~to ~~expected~~a ~~benefit~~buy-out ~~payments~~arrangement. inIn ~~2025~~connection ~~include~~with ~~$487 million~~the ~~related~~settlement, to the ~~lump~~Company ~~sum~~realized ~~payments~~a ~~and~~pre-tax ~~transfer~~settlement loss of ~~all~~$118 million ~~remaining~~within ~~benefits~~Other ~~due~~income to- net on the ~~future~~consolidated ~~conversion~~statements of income, comprising a $6 million settlement of the ~~buy-in~~related ~~contract~~defined tobenefit aplan ~~buy-out~~obligations, ~~arrangement~~as ~~for~~well ~~one~~as the reclassification of ~~Bunge's~~$124 million ~~defined~~from ~~benefit~~Accumulated ~~U.S.~~other ~~pension~~comprehensive ~~plans~~loss. See Note 18- Employee Benefit Plans for further information.

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Critical Accounting Policies and Estimates

Our accounting policies are more fully described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies to our consolidated financial statements included as part of this Annual Report on Form 10-K. As disclosed in Note 1, the preparation of financial statements in conformity with U.S. GAAP requires management to make substantial ~~judgment~~judgments or ~~estimation~~estimates in their application that may significantly affect reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. We believe the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations and require management's most difficult, subjective and complex judgments.

Foreign Currency Transactions and Translation of Foreign Currency Financial Statements

Our reporting currency is the U.S. dollar. The functional currency of the majority of our foreign subsidiaries is their local currency. The determination of functional currency may require significant judgment to identify the currency of the primary economic environment in which a subsidiary operates. This may include an evaluation of a number of economic factors including, cash flow, sales price, sales market, expense, and financing indicators, as well, as the extent of the subsidiary’s intra-entity transactions. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then such foreign entity's financial statements are remeasured as if the functional currency were the reporting currency.

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 our 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 our consolidated balance sheets.

At period-end, 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.

Inventories and Commodity Derivatives

Our RMI, forward RMI purchase and sale contracts, and exchange-traded futures and options are primarily valued at fair value. RMI are freely-traded, have quoted market prices, may be sold without significant additional processing and have predictable and insignificant disposal costs (see Note 5- Inventories to our consolidated financial statements for RMI balances as of December 31, ~~2024~~2025). We estimate the fair values of commodity inventories and forward purchase and sale contracts on these inventories based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or over-the-counter ("OTC") markets with appropriate adjustments for differences in local markets where our inventories are located. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. The significant unobservable inputs for RMI and physically-settled forward purchase and sale contracts relate to certain management estimates regarding transportation costs 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, we use proprietary information such as purchase and sale contracts and contracted prices to value freight, premiums, and discounts in our contracts. Counterparty credit and performance risk on forward commodity purchase and sale contracts is included in the determination of fair value. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were executed and the contractual forward delivery period. However, based on historical experience with our suppliers and customers, our own credit risk, and knowledge of current market conditions, we do not view non-performance risk to be a significant input to fair value for the majority of our forward commodity purchase and sale contracts.

Changes in the fair values of these inventories and contracts are recognized in our consolidated statements of income as a component of Cost of goods sold. If we used different methods or factors to estimate fair values, amounts reported as Inventories and Unrealized gains and losses on derivative contracts in the consolidated balance sheets and Cost of goods sold in the consolidated statements of income could differ. Additionally, if market conditions change subsequent to year-end, amounts reported in future periods as Inventories, Unrealized gains and losses on derivative contracts, and Cost of goods sold could differ. See Note 15- Fair Value Measurements to our consolidated financial statements for further details of commodity inventories and forward purchase and sale contracts on these inventories carried at fair value.

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Derivatives - Designated Hedging Activities

We manage currency risk on certain forecasted purchases, sales and selling, general and administrative expenses with currency forwards designated as cash flow hedges and we utilize cross-currency swaps to manage currency risk on foreign currency-denominated debt. Assuming normal market conditions, the change in the market value of such derivative instruments has historically been, and is expected to continue to be, highly effective at offsetting changes in ~~price~~the ~~movements~~cash flows of the hedged item attributable to changes in currency exchange rates. Gains and losses arising from open and closed hedging transactions are deferred in Accumulated other comprehensive loss, net of applicable income taxes, and recognized as a component of earnings in the consolidated statement of income in the same caption as the hedged items when the hedged item is recognized in earnings. If it is determined that the derivative hedging instruments are no longer effective at offsetting changes in the ~~price~~cash flows of the hedged item attributable to changes in currency exchange rates, then the changes in the market value of the derivative instrument would be recorded immediately in the consolidated statements of income in the same caption as the hedged items. See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements for further details and impacts of cash flow hedges on the consolidated financial statements.

Business Combinations

We account for business combinations under the acquisition method of accounting, which requires consideration transferred to be allocated to the assets acquired and liabilities assumed at their respective fair value at the date of the acquisition. The excess of the consideration transferred over the fair value of the identifiable assets acquired and the liabilities assumed is recorded as goodwill.

We use various valuation methods to estimate the acquisition date fair value depending on the nature of the underlying asset or liability, including the income approach, market approach, and cost approach. For example, to determine the fair value of Property, plant, and equipment acquired as part of the Viterra Acquisition, we primarily utilized the cost approach, including replacement cost and trended cost methodologies.

Determining fair value requires significant estimates and assumptions based on an evaluation of a number of factors, including market participants, projected growth rates, replacement cost, the amounts and timing of future cash flows, the discount rates applied to the cash flows, and the determination of useful life of an asset. For significant acquisitions, including the Viterra Acquisition in the current year, we engage third-party valuation specialists to assist in estimating the fair value of certain assets acquired and liabilities assumed.

During the measurement period, which is up to one year from the acquisition date, adjustments may be made to the preliminary amounts recorded at the acquisition date, with the corresponding offset recorded to goodwill. Measurement period adjustments will be recorded in the period determined, as if it had been completed at the acquisition date. Upon conclusion of the measurement period, any subsequent adjustments are recorded to earnings. As of December 31, 2025, the measurement period is ongoing for the Viterra Acquisition. See Note 2- Acquisitions and Dispositions to our consolidated financial statements for further information on current year acquisitions.

Goodwill

~~When~~Goodwill werepresents ~~acquire~~the aexcess ~~business,~~consideration over the ~~consideration~~fair isvalue ~~first~~ assigned to identifiable assets and liabilities, including intangible assets, ~~based~~of ona ~~estimated~~business ~~fair~~acquired. ~~values~~Our goodwill balance is not amortized to expense. Instead, ~~with~~it ~~any~~is ~~excess~~tested ~~recorded~~for asimpairment ~~goodwill~~at least annually. ~~Determining~~ ~~fair~~We ~~value~~generally ~~requires~~perform ~~significant~~our ~~estimates~~annual ~~and~~impairment ~~assumptions~~analysis ~~based~~during onthe fourth quarter, from an ~~evaluation~~income ofapproach using a ~~number~~discounted cash flow ("DCF") method and/or a market approach using a guideline public companies ("GPC") method. If events or indicators of ~~factors~~impairment occur between annual impairment analyses, ~~including~~we ~~market~~perform ~~participants~~an impairment analysis at that date. These events or circumstances could include a significant change in the business climate, ~~projected~~legal ~~growth~~factors, ~~rates~~operating performance indicators, ~~the~~competition, ~~amounts~~or ~~and~~sale ~~timing~~or disposition of ~~future~~a ~~cash~~significant ~~flows~~asset. In testing for a potential impairment of goodwill, ~~the~~we: ~~discount~~(1) ~~rates~~determine ~~applied~~our reporting units; (2) allocate goodwill to our various reporting units to which the ~~cash~~acquired ~~flows~~goodwill relates; (3) determine the carrying value, or book value, of our reporting units; (4) estimate the fair value of each reporting unit using a discounted cash flow model and/or a market multiples model based on guideline public companies; (5) compare the ~~determination~~fair value of ~~useful~~each ~~life~~reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, we recognize an ~~asset~~impairment charge for such amount, but not exceeding the total amount of goodwill allocated to that reporting unit.

~~Our~~The ~~goodwill~~process ~~balance~~of isevaluating ~~not~~the ~~amortized~~potential toimpairment ~~expense.~~of ~~Instead,~~goodwill it is ~~tested~~subjective ~~for~~and ~~impairment~~requires atsignificant ~~least~~judgment ~~annually.~~at Wemany ~~generally~~points ~~perform our annual impairment analysis~~ during the ~~fourth quarter. If events or indicators of impairment occur between annual impairment analyses~~analysis, weincluding ~~perform an impairment analysis at that date. These events or circumstances could include a significant change in~~ the ~~business~~identification ~~climate,~~of ~~legal~~our ~~factors,~~reporting ~~operating performance indicators~~units, ~~competition,~~identification orand ~~sale~~allocation ~~or disposition~~ of athe ~~significant~~assets ~~asset.~~and Inliabilities ~~testing~~to ~~for~~each ~~a potential impairment~~ of ~~goodwill, we: (1) determine~~ our reporting units~~; (2) allocate goodwill to our various reporting units to which the acquired goodwill relates; (3) determine the carrying value~~, orand ~~book~~determination ~~value,~~ of ~~our~~fair ~~reporting~~value. ~~units;~~In ~~(4)~~estimating ~~estimate~~ the fair value of ~~each~~a reporting unit ~~using~~for athe ~~discounted~~purposes ~~cash~~of ~~flow~~our ~~model~~annual ~~and/~~or aperiodic ~~market~~impairment ~~multiples~~analysis, ~~model~~we ~~based~~make onestimates ~~guideline~~and ~~public~~significant ~~companies;~~judgments ~~(5)~~about ~~compare~~ the ~~fair~~future ~~value~~cash flows of ~~each~~that reporting unit toaligned ~~its~~with ~~carrying~~management’s ~~value;~~strategic ~~and~~business ~~(6)~~plans. ifWe believe the ~~estimated~~assumptions ~~fair~~and ~~value~~estimates ofused aare ~~reporting~~appropriate ~~unit~~based ison ~~less than~~ the ~~carrying~~information ~~value,~~currently weavailable ~~recognize~~to anmanagement. ~~impairment~~Critical ~~charge~~estimates ~~for~~in ~~such amount, but not exceeding~~ the ~~total~~determination ~~amount~~ of ~~goodwill~~fair ~~allocated~~value ~~to that reporting unit.~~

The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis, including the identification of our reporting units, identification and allocation of the assets and liabilities to each of our reporting units, and determination of fair value. In estimating the fair value of a reporting unit for the purposes of our annual or periodic impairment analysis, we make estimates and significant judgments about the future cash flows of that reporting unit aligned with management’s strategic business plans. Changes in judgment related to these assumptions and estimates could result in goodwill impairment charges. We believe the assumptions and estimates used are appropriate based on the information currently available to management. Estimates based on market earnings multiples of peer companies identified for the reporting unit may also be used, where available. 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, profitability, 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. 53

During the fourth quarter of 2024, we performed our annual impairment assessment using a discounted cash flow ("DCF") method from the income approach and a guideline public companies method ("GPC") from the market approach, giving equal emphasis to each. We determined equal emphasis was appropriate as the DCF method captured the growth and margin expectations specific to the reporting units; whereas the GPC method captured market-specific factors using a reasonably similar set of guideline public companies. The results of our annual impairment assessment determined that the estimated fair values of each of our goodwill reporting units exceeded each of their carrying values by a significant amount. See Note 8- Goodwill, to our consolidated financial statements.

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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 judgment related to these assumptions and estimates could result in goodwill impairment charges.

In connection with the Acquisition of Viterra, the Company updated its segment reporting to align with its new value chain operational structure, resulting in changes to our reporting units. The results of our annual impairment assessment, performed on October 1, 2025, indicated that the estimated fair values of each of our goodwill reporting units exceeded each of their carrying values by a substantial amount, with the exception of Grain Merchandising and Global Cotton, which exceeded their carrying values by approximately 9% and by approximately 15%, respectively. As of December 31, 2025, we had $593 million and $47 million of goodwill in our Grain Merchandising reporting unit and Global Cotton reporting unit, respectively. See Note 8- Goodwill, to our consolidated financial statements.

The Grain Merchandising and Global Cotton reporting units are both included within our Grain Merchandising and Milling reportable segment and include assets acquired and liabilities assumed as part of the Viterra Acquisition. The Viterra Acquisition was accounted for as a business combination using the acquisition method of accounting that requires assets acquired and liabilities assumed to be recognized at fair value as of the date of the transaction close. See Note 2- Acquisitions and Dispositions to our consolidated financial statements for further information. The close proximity of the Acquisition date to the 2025 goodwill impairment test contributed in part to the ratios of excess fair value over carrying value noted above.

Grain Merchandising: During the fourth quarter of 2025, we performed our annual impairment assessment of the Grain Merchandising reporting unit using both a DCF method and a GPC method, giving equal weight to each. We determined equal weight was appropriate as the DCF method captured the growth and gross profit expectations specific to the reporting unit; whereas the GPC method captured market-specific factors using a reasonably similar set of guideline public companies.

In addition to the impact of the Viterra Acquisition noted above, general market downturns and higher interest rates negatively impacted the fair value of the Grain Merchandising reporting unit. The fair value estimates for this reporting unit are sensitive to significant assumptions, including crop and related throughput volumes, gross profit, and discount rate.

Global Cotton: During the fourth quarter of 2025, we performed our annual impairment assessment of the Global Cotton reporting unit using a DCF method. We determined a full weighting of the DCF method was appropriate primarily driven by the lack of available guideline public companies from which to compare relevant market data. The fair value estimates for this reporting unit are sensitive to significant assumptions, including crop and related throughput volumes, gross profit, and discount rate.

While management believes its estimates of fair value for all reporting units are reasonable, actual financial results may vary due to the inherent uncertainty in such estimations. Changes in future estimates or performance could result in the carrying value of a reporting unit exceeding its fair value.

Property, Plant and Equipment and Other Finite-Lived Intangible Assets

Long-lived assets include property, plant and equipment and other finite-lived intangible assets. Property, plant and equipment and finite-lived intangible assets are depreciated or amortized over their estimated useful life on a straight line basis. When facts and circumstances indicate the carrying values of these assets may be impaired, an evaluation of recoverability is performed by comparing the carrying value of the assets to the undiscounted projected future cash flows to be generated by such assets from their use and ultimate disposal. If the carrying value of our assets is not recoverable, we recognize an impairment loss in the amount that carrying value exceeds fair value. Impairment is recognized as a charge against results of operations. Our judgments related to the expected useful lives of these assets and our ability to realize undiscounted cash flows in excess of the carrying amount of such assets are affected by factors such as the ongoing maintenance of the assets, changes in economic conditions and changes in operating performance. As we assess the ongoing expected cash flows and carrying amounts of these assets, changes in these factors could cause us to realize material impairment charges.

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Investments in Affiliates

We have investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. We review our investments annually or when anevents ~~event~~ or circumstances indicate that a potential decline in value may be other than temporary. We consider 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 our intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value. ~~During the third quarter of 2024, certain of the above factors indicated an other than temporary decline in value of one of our minority investments in North America.~~ Critical estimates in the determination of the fair value include, but are not limited to, future expected cash flows, revenue growth, and discount rates. If we used different methods or factors to estimate fair value, the amount of recorded impairment and the carrying value of our investments could differ. Please refer to Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities to our consolidated financial statements for further details.

Contingencies

We are a party to a large number of claims and lawsuits, primarily non-income tax and labor claims in Brazil and non-income tax claims in Argentina, and we make provisions for potential liabilities arising from such claims when we deem them probable and reasonably estimable. These estimates of probable loss have been developed in consultation with in-house and outside counsel and are based on an analysis of potential results, assuming a combination of litigation and settlement strategies. Future results of operations for any particular quarterly or annual period could be materially affected by changes in our assumptions or the effectiveness of our strategies relating to these proceedings. For more information on tax and labor claims in Brazil, see "Item 3. Legal Proceedings" and Note 20- Commitments and Contingencies to our consolidated financial statements.

Indemnifications

We have provided certain indemnifications in connection with our divestitures. In some instances, we have recorded indemnification liabilities upon inception measured at fair value in accordance with ASC 460, Guarantees and ASC 450, Contingencies. The estimates to determine the fair value prioritize observable inputs in accordance with ASC 820, Fair Value Measurement. Our estimation techniques often employ probability weighting, assigning probabilities to various outcomes and weighting the associated costs accordingly, based on consultations with internal experts. Changes in these assumptions and estimates could impact the recorded liability. ~~During~~For ~~the~~additional ~~fourth~~information ~~quarter~~on ~~of 2024~~indemnifications, insee connection with the sale of our 50% interest in BP Bunge Bioenergia, we agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement. As a consequence, we recognized a liability of $95 million. Refer to Note 20- Commitments and Contingencies to our consolidated financial statements ~~for further details~~.

Income Taxes

We record valuation allowances to reduce our deferred tax assets to the amount that we are likely to realize. We apply a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, we recognize the amount of tax benefit that has a greater than 50% likelihood of being ultimately realized upon settlement. We consider projections of future taxable income and prudent tax planning strategies to assess the need for and the amount of the valuation allowances. If we determine that we can realize a deferred tax asset in excess of our net recorded amount, we decrease the valuation allowance, thereby decreasing income tax expense. Conversely, if we determine that we are unable to realize all or part of our net deferred tax asset, we increase the valuation allowance, thereby increasing income tax expense. During ~~2024~~2025, we increased valuation allowances by $5 295 million, primarily attributable to purchase accounting recorded through goodwill, with a small portion related to current year operations offset by currency movement in certain jurisdictions.

The calculation of our uncertain tax positions involves complexities in the application of intricate tax regulations in a multitude of jurisdictions across our global operations. Future changes in judgment related to the ultimate resolution of unrecognized tax benefits will affect the earnings in the quarter of such change. At December 31, 2025, we had recorded uncertain tax positions of $77 million in our consolidated balance sheet. For additional information on income taxes, please refer to Note 14- Income Taxes to our consolidated financial statements.

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unrecognized tax benefits will affect the earnings in the quarter of such change. At December 31, 2024, we had recorded uncertain tax positions of $75 million in our consolidated balance sheet. For additional information on income taxes, please refer to Note 14- Income Taxes to our consolidated financial statements.

Recoverable Taxes

We evaluate the collectability of our recoverable taxes and record allowances if we determine that collection is doubtful. Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, as well as other transactional taxes, which can be recovered in cash or as compensation against income taxes, or other taxes we may owe, primarily in Brazil and Europe. Management's assumption about the collectability of recoverable taxes requires significant judgment because it involves an assessment of the ability and willingness of the applicable federal or local government to refund the taxes. The balance of these allowances fluctuates depending on the sales activity of existing inventories, purchases of new inventories, percentages of export sales, seasonality, changes in applicable tax rates, cash payments by the applicable government agencies and the offset of outstanding balances against income or certain other taxes owed to the applicable governments, where permissible. At December 31, ~~2024~~2025, the allowance for recoverable taxes was $2546 million. We continue to monitor the economic environment and events taking place in the applicable countries and in cases where we determine that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts.

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New Accounting Pronouncements

See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies to our consolidated financial statements included as part of this Annual Report on Form 10-K.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Risk Management

As a result of our global activities, we are exposed to changes in, among other things, agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflationary pressures, which may affect our results of operations and financial position. We actively monitor and manage these various market risks associated with our business activities. Our risk management decisions take place in various locations, but exposure limits are centrally set and monitored, operating under a global governance framework. Additionally, our Board's Enterprise Risk Management Committee and our internal Management Risk Committee oversee our global market risk governance framework, including risk management policies and limits.

We use derivative instruments for the purpose of managing the exposures associated with commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and for positioning our overall portfolio relative to expected market movements in accordance with established policies and procedures. We enter into derivative instruments primarily with commodity exchanges in the case of commodity futures and options and major financial institutions in the case of ocean freight. While these derivative instruments are subject to fluctuations in value, for hedged exposures those fluctuations are generally offset by the changes in the fair value of the underlying exposures. The derivative instruments that we use for hedging purposes are intended to reduce the volatility of our results of operations. However, they can occasionally result in earnings volatility, which may be material. See Note 15- Fair Value Measurements and Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements included as part of this Annual Report on Form 10-K for a more detailed discussion of our use of derivative instruments.

Credit and Counterparty Risk

Through our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases, including forward commitments to buy or sell, and through various OTC derivative instruments that we use to manage risks inherent in our business activities. We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The exposure is measured based upon several factors, including unpaid accounts receivable from counterparties, as well as unrealized gains from forward purchase or sale contracts and OTC derivative instruments. Credit and counterparty risk also includes sovereign credit risk. We actively monitor credit and counterparty risk through regular reviews of exposures and credit analysis by regional credit teams, as well as a review by global and corporate committees that monitor counterparty performance. We record provisions for counterparty losses from time to time as a result of our credit and counterparty analysis.

During periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened. This increased risk is monitored through, among other things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk. We have reduced exposures and associated position limits in certain cases.

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things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk. We have reduced exposures and associated position limits in certain cases.

Commodities Risk

We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a result, we purchase and produce various materials, many of which are agricultural commodities, including: soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, corn, sugar, and ~~corn~~cotton. Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk. As described above, we are also subject to the risk of counterparty non-performance under forward purchase and sale contracts. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were executed and the contractual forward delivery period.

We enter into various derivative contracts with the primary objective of managing our exposure to adverse price movements in the agricultural commodities used and produced in our business operations. We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity positions on a daily basis. We also employ stress-testing techniques in order to quantify our exposures to price and liquidity risks under non-normal or event driven market conditions.

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generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity positions on a daily basis. We also employ stress-testing techniques in order to quantify our exposures to price and liquidity risks under non-normal or event driven market conditions.

Our daily net agricultural commodity position consists of inventory, forward purchase and sale contracts, and OTC and exchange-traded derivative instruments, including those used to hedge portions of our production requirements. The fair value of that position is a summation of the fair values of each agricultural commodity, calculated by valuing all of our commodity positions for the period at quoted market prices, where available, or by utilizing a close proxy. VaR is calculated on the net position and monitored at the 95% confidence interval. In addition, scenario analysis and stress testing are performed. For example, one measure of market risk is estimated as the potential loss in fair value resulting from a hypothetical 10% adverse change in prices. The results of this analysis, which may differ from actual results, are as follows:

	Year EndedDecember 31, 2024				Year EndedDecember 31, 2023
	Year EndedDecember 31, 2025				Year EndedDecember 31, 2024
(US$ in millions)	Fair Value		Market Risk		Fair Value		Market Risk
Highest daily aggregated position value	$	~~762~~1,307	$	(76131)	$	~~459~~762	$	(4676)
Lowest daily aggregated position value	$	(~~407~~611)	$	(4161)	$	(~~502~~407)	$	(5041)

Ocean Freight Risk

Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressure, and other factors. We enter into time charter agreements for time on ocean freight vessels based on forecasted requirements for the purpose of transporting agricultural commodities. Our time charter agreements generally have terms ranging from two months to approximately ~~three~~five years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in Other current assets and Other current liabilities on the consolidated balance sheets at fair value.

Energy Risk

We purchase various energy commodities such as electricity, natural gas, and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures. We use financial derivatives, including exchange traded and OTC swaps and options for various purposes, including to manage our exposure to volatility in energy costs and market prices. These energy derivatives are included in Other current assets and Other current liabilities on the consolidated balance sheets at fair value.

Currency Risk

Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures are the Brazilian real, Canadian dollar, the Euro, and the Chinese yuan/renminbi. To reduce the risk arising from foreign exchange rate fluctuations, we enter into derivative instruments, such as foreign currency forward contracts, swaps, and options. The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of December 31, 2025, was not material.

59When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. Repayments of permanently invested intercompany loans are neither planned nor anticipated in the foreseeable future and are therefore treated as analogous to equity for accounting purposes. As a result, foreign exchange gains and losses on these borrowings are excluded from the determination of Net income and recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. Included in Other comprehensive income (loss) are foreign exchange gains of $42 million and foreign exchange losses of $101 million for the year ended December 31, 2025 and 2024, respectively, related to permanently invested intercompany loans.

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

When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. Repayments of permanently invested intercompany loans are neither planned nor anticipated in the foreseeable future and are therefore treated as analogous to equity for accounting purposes. As a result, foreign exchange gains and losses on these borrowings are excluded from the determination of Net income and recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. Included in Other comprehensive (loss) income are foreign exchange losses of $101 million and foreign exchange gains of $111 million for the year ended December 31, 2024 and 2023, respectively, related to permanently invested intercompany loans. Activity in the twelve months ended December 31, 2024 includes reclassification of $133 million in foreign exchange losses from Other comprehensive (loss) income to Other income (expense) - net, net of tax of zero, related to the disposition of BP Bunge Bioenergia. See Note 2 - Acquisitions and Dispositions to our consolidated financial statements included as part of this Annual Report on Form 10-K for more information.

Interest Rate Risk

We have debt in fixed and floating rate instruments. We are exposed to market risk due to changes in interest rates, including inflationary pressures. We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio.

The aggregate fair value of our short and long-term debt, based on market yields at December 31, ~~2024~~2025, was $614,~~249~~104 million with a carrying value of $614,~~238~~051 million.

A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at December 31, 2024, would result in a less than 1% change in the fair value of our debt and interest rate swaps.57

ATable ~~hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change~~ of approximately $44 million in our interest expense on our variable rate debt at December 31, 2024. Some of our variable rate debt is denominated in currencies other than U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TLP, and certain benchmark rates in local bank markets. As such, the hypothetical 100 basis point change in interest rate ignores the potential impact of any currency movements. See "Risk Factors - We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and grow our business" for a discussion of certain risks related to interest rates.Contents

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

A hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change of approximately $78 million in our interest expense on our variable rate debt at December 31, 2025. Some of our variable rate debt is denominated in currencies other than U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TLP, and certain benchmark rates in local bank markets. As such, the hypothetical 100 basis point change in interest rate ignores the potential impact of any currency movements. See "Risk Factors - We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and grow our business" for a discussion of certain risks related to interest rates.

Inflation Risk

Inflationary factors generally affect us by increasing our labor and overhead costs, as well as costs associated with certain risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial position.

Derivative Instruments

Foreign Exchange Derivatives—We use a combination of foreign exchange forward, swap, futures, and options contracts in certain of our operations to mitigate the risk of exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward, swap and option contracts may be designated as cash flow or fair value hedges. We may also use net investment hedges to partially offset the translation adjustments arising from the remeasurement of our investment in certain of our foreign subsidiaries.

We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge transactions are highly effective in offsetting changes in the hedged items.

Interest Rate Derivatives—We may enter into interest rate swap agreements for the purpose of managing certain of our interest rate exposures. Interest rate swaps used by us as hedging instruments are recorded at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Certain of these agreements may be designated as fair value hedges. In such instances, the carrying amount of the associated hedged debt is also adjusted through earnings for changes in fair value arising from changes in benchmark interest rates. We may also enter into interest rate basis swap agreements that do not qualify as hedges for accounting purposes. The impact of changes in fair value of interest rate swap agreements is primarily presented in Interest expense.

Commodity Derivatives—We primarily use derivative instruments to manage our exposure to movements associated with agricultural commodity prices. We generally use exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sale contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. 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.

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changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sale contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. 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.

Ocean Freight Derivatives—We use derivative instruments referred to as freight forward agreements, or FFAs, and FFA options to hedge portions of our current and anticipated ocean freight costs. Changes in the fair values of ocean freight derivatives are recorded in Cost of goods sold.

Energy Derivatives—We use derivative instruments for various purposes, including to manage our exposure to volatility in energy costs and our exposure to market prices related to the sale of biofuels. Our operations use substantial amounts of energy, including natural gas, coal, and fuel oil, including bunker fuel. Changes in the fair values of energy derivatives are recorded in Cost of goods sold.

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

For more information, see Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements included as part of this Annual Report on Form 10-K.

Item 8. Financial Statements and Supplementary Data

Our financial statements and related schedule required by this item are contained on pages F-1 through F-7176 and on page E-1 included as part of this Annual Report on Form 10-K. See Item 15(a) for a listing of financial statements provided.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

As of December 31, ~~2024~~2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our "disclosure controls and procedures," as ~~that term is~~ defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of the end of the fiscal year covered by this Annual Report on Form 10-K.

Management's Report on Internal Control over Financial Reporting

Bunge Global's management is responsible for establishing and maintaining adequate internal control over financial reporting, as ~~such term is~~ defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Bunge Global's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. Generally Accepted Accounting Principles.

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of the end of the fiscal year covered by this annual report based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We have excluded the operations of Viterra from our assessment of internal control over financial reporting as of December 31, 2025 because we completed the acquisition of Viterra during the third quarter of our 2025 fiscal year. Viterra is a 100% owned subsidiary, whose total assets, excluding goodwill, and total net sales excluded from our assessment of internal control over financial reporting represent 33% and 22%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025. This exclusion is in accordance with the guidelines established by the SEC.

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of the fiscal year covered by this annual report based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this assessment, management concluded that Bunge Global's internal control over financial reporting was effective as of the end of the fiscal year covered by this Annual Report.

Deloitte & Touche LLP, the independent registered public accounting firm that has audited and reported on Bunge Global's consolidated financial statements included in this Annual Report, has issued its written attestation report on Bunge Global's internal control over financial reporting, which is included in this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. However, wethe ~~continue~~Company tois ~~migrate certain processes from across our operations to shared business service models~~ in order to consolidate back-office functions while standardizing our processes and financial systems globally. These initiatives are not in response to any identified deficiency or weakness in our internal controls over financial reporting. We plan to continue these initiatives in phases over the ~~next~~process ~~several~~of ~~years~~integrating ~~and,~~Viterra ~~accordingly, we have~~ and ~~will~~as ~~continue~~a toresult ~~align and streamline the design and operation~~ of ~~our~~these ~~internal~~integration ~~controls over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures.~~

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activities, certain controls have changed, and further changes are anticipated. Management expects the integration process to continue in phases over the next several years.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and ~~our~~ Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls may also be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of control effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the ~~Shareholders~~shareholders and the Board of Directors of Bunge Global SA

Opinion on Internal Control over Financial Reporting

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

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and the related notes and the schedule listed in the Index at Item 15 as of and for the year ended December 31, ~~2024~~2025, of the Company and our report dated February 2019, ~~2025~~2026, expressed an unqualified opinion on those financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Viterra Limited, which was acquired on July 2, 2025. Viterra is a 100% owned subsidiary, whose total assets, excluding goodwill, and total net sales excluded from our assessment of internal control over financial reporting represent 33% and 22%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025. Accordingly, our audit did not include the internal control over financial reporting at Viterra Limited.

Basis for Opinion

The Company'’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management'’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company'’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company'’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company'’s assets that could have a material effect on the financial statements.

Because of ~~the~~its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of ~~the~~ effectiveness to future periods are subject to the risk that ~~the~~ controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

St. Louis, Missouri

February 2019, ~~2025~~2026

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Item 9B. Other Information

None.

PART III

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

Item 10. Directors, Executive Officers, and Corporate Governance

We will provide information that is responsive to this Item 10 in our definitive proxy statement for our ~~2025~~2026 Annual Meeting under the captions "Election of Directors," "Corporate Governance-Board Meetings and Committees-Audit Committee," "Corporate Governance-Board Structure and Size," "Corporate Governance-Board Independence," "Audit Committee Report," "Corporate Governance-Corporate Governance Principles and Code of Conduct," "Insider Trading Policy" and possibly elsewhere therein. That information is incorporated in this Item 10 by reference. The information required by this item with respect to our executive officers and key employees is found in Part I of this Annual Report on Form 10-K under the caption "Item 1. Business-Information About Our Executive Officers and Key Employees," which information is incorporated herein by reference.

Item 11. Executive Compensation

We will provide information that is responsive to this Item 11 in our definitive proxy statement for our ~~2025~~2026 Annual Meeting under the captions "Executive Compensation Highlights," "Director Compensation," "Human Resources and Compensation Committee Report," and possibly elsewhere therein. That information is incorporated in this Item 11 by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

We will provide information that is responsive to this Item 12 in our definitive proxy statement for our ~~2025~~2026 Annual Meeting under the caption "Share Ownership of Directors, Executive Officers and Principal Shareholders" and possibly elsewhere therein. That information is incorporated in this Item 12 by reference. The information required by this item with respect to our long-term incentive plan information is found in Part II of this Annual Report on Form 10-K under the caption "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities-Securities Authorized for Issuance Under Equity Compensation Plans," which information is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

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

Item 14. Principal Accounting Fees and Services

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

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PART IV

Item 15. Exhibits, Financial Statement Schedules

a.(1) (2) Financial Statements and Financial Statement Schedules

See "Index to Consolidated Financial Statements" on page F-1 and Financial Statement Schedule II—Valuation and Qualifying Accounts on page E-1 of this Annual Report on Form 10-K.

a.(3) Exhibits

The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Form 10-K.

Certain of the agreements filed as exhibits to this Form 10-K contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement, which may have been included in the agreement for the purpose of allocating risk between the parties rather than establishing matters as facts and may have been qualified by disclosures that were made to the parties in connection with the negotiation of these agreements and not necessarily reflected in the agreements. Accordingly, the representations and warranties contained in these agreements may not describe the actual state of affairs of Bunge Global SA or its subsidiaries as of the date that these representations and warranties were made or at any other time. Investors should not rely on these representations and warranties as statements of fact. Additional information about Bunge Global SA and its subsidiaries may be found elsewhere in this Annual Report on Form 10-K and Bunge Global SA's other public filings, which are available without charge through the SEC's website at www.sec.gov.

See "Index to Exhibits" set forth below.

ExhibitNumber		Description
2.1	+++	Business Combination Agreement, dated as of June 13, 2023, by and among Bunge Limited, Viterra Limited and the Sellers as defined and listed therein (incorporated by reference from Bunge Limited’s Form 8-K filed on June 15, 2023)
2.2		Agreement and Plan of Merger, dated as of October 31, 2023, by and among Bunge Limited, Horizon Merger Company Limited and Bunge Global S.A. (incorporated by reference from Bunge Limited’s Form 8-K filed November 1, 2023)
2.3	+++	Amendment, dated April 10, 2024, to the Business Combination Agreement ~~dates~~dated as of June 13, 2023, by and among Bunge Limited, Viterra Limited and the Sellers as defined and listed therein (incorporated by reference from the Registrant's Form 10-Q filed on April 24, 2024)
3.1		Articles of Association of Bunge Global SA, as amended, effective December 6, 2024 (incorporated by reference from the Registrant’s Form 8-K filed on December 9, 2024)
2.4		Amendment, dated June 13, 2025, to the Business Combination Agreement dated as of June 13, 2023, by and between Bunge Global SA and each of Glencore, CPPIB and BCI (incorporated by reference from the Registrant’s Form 8-K filed on June 13, 2025)
3.1		Articles of Association of Bunge Global SA, as amended, effective December 16, 2025 (incorporated by reference from the Registrant’s Form 8-K filed on December 19, 2025)
3.2		Organizational Regulations, dated as of October 31, 2023 (incorporated by reference from the Registrant’s Form 8-K12G3 filed on November 1, 2023)
4.1		The instruments defining the rights of holders of the long-term debt securities of Bunge and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Bunge hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request
4.2	*	Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
10.1		Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding Inc., Bunge Management Services Inc., as Servicer, and The Bank of New York, as Trustee (incorporated by reference from Bunge Limited's Form 10-K filed February 19, 2021)
4.3		Form of Glencore Shareholder’s Agreement by and between Bunge Global SA and Danelo Limited (incorporated by reference from Appendix E to Bunge Limited’s Definitive Proxy Statement filed on August 7, 2023)
4.4		Form of CPP Investments Shareholder’s Agreement by and between Bunge Global SA and CPPIB Monroe Canada, Inc. (incorporated by reference from Appendix F to Bunge Limited’s Definitive Proxy Statement filed on August 7, 2023)
4.5		Registration Rights Agreement, dated as of July 8, 2025, by and between Bunge Limited Finance Corp., as Issuer, and BofA Securities, Inc., J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc., as Dealer Managers (incorporated by reference from the Registrant’s Form 8-K filed on July 8, 2025)
10.1		Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding Inc., Bunge Management Services Inc., as Servicer, and The Bank of New York, as Trustee (incorporated by reference from Bunge Limited's Form 10-K filed on February 19, 2021)

10.2 Twenty-Fifth Amendment to Receivables Transfer Agreement, dated May 21, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on August 1, 2024)63

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Exhibit Number		Description

10.2		Twenty-Eighth Amendment to Receivables Transfer Agreement, dated March 31, 2025, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on May 7, 2025)
10.3	*	Twenty-Ninth Amendment to Receivables Transfer Agreement, dated December 5, 2025, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto
10 .4	+++	Eighth Amended and Restated Receivables Transfer Agreement, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Coöperatieve Rabobank U.A., as Administrative Agent and Purchaser Agent, Bunge Global SA, as Performance Undertaking Provider, and the persons from time to time party thereto as Conduit Purchasers, Committed Purchasers and Purchaser Agents (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023)
10.5		Unadjusted Applicable Margin Letter, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Bunge Global SA, as Performance Undertaking Provider, Coöperatieve Rabobank U.A., as Administrative Agent and a Purchaser Agent, and the Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023)
10.6		Amendment to and Restatement of the Servicing Agreement, dated May 26, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017)
10.7		Second Amendment to the Servicing Agreement, dated June 30, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.8		Third Amendment to the Servicing Agreement, dated February 19, 2019, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.9		Amended and Restated Performance and Indemnity Agreement, dated June 21, 2023, by and among Bunge Limited and Bunge Global SA, as Performance Undertaking Provider and Coöperatieve Rabobank U.A., as Administrative Agent to the Receivables Transfer Agreement dated June 1, 2011, as amended (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.1 0		Subordinated Loan Agreement, dated June 1, 2011, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.1 1		First Amendment to the Subordinated Loan Agreement, dated August 27, 2019, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.) as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)

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Exhibit Number		Description
10.1 2	++	U.S. Receivables Purchase Agreement, dated June 1, 2011, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.1 3		First Amendment to U.S. Receivables Purchase Agreement, dated June 15, 2012, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012)
10.1 4		Second Amendment to the U.S. Receivables Purchase Agreement, dated June 30, 2016, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Koninklijke Bunge B.V., as Seller Agent, Bunge North America Capital, Inc., as the Buyer, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017)
10.1 5	++	U.S. Intermediate Transfer Agreement, dated June 1, 2011, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as the Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.1 6		First Amendment to U.S. Intermediate Transfer Agreement, dated June 15, 2012, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012)
10.17		Fifth Amended and Restated Pre-Export Financing Agreement, dated November 6, 2020, among the Pre-Export Borrowers party thereto, the Pre-Export Lenders party thereto, Sumitomo Mitsui Banking Corporation, as Pre-Export Administrative Agent, and Banco Rabobank International Brasil S.A., as Pre-Export Collateral Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.18		Tenth Amended and Restated Guaranty, dated as of July 16, 2021, by Bunge Limited, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, in its capacity as Letter of Credit Agent, and the Letter of Credit Banks named therein, JPMorgan Chase Bank, N.A., as Administrative Agent under the Liquidity Agreement, and The Bank of New York Mellon, as Collateral Agent under the Security Agreement and Trustee under the Pooling Agreement (incorporated by reference from Bunge Limited’s Form 8-K filed on July 19, 2021)
10.19		Amended and Restated Credit Agreement, dated as of October 3, 2025, by and among Bunge Limited Finance Corp., as Borrower, CoBank, ACB, as Administrative Agent and Arranger, and the several lenders from time to time parties thereto (incorporated from the Registrant's Form 8-K filed on October 8, 2025)
10.2 0		Amended and Restated Guaranty, dated as of October 3, 2025, by Bunge Limited and Bunge Global SA, as Guarantor, to CoBank, ACB, as Administrative Agent under the Credit Agreement incorporated by reference to Exhibit 10.19 (incorporated by reference from the Registrant’s Form 8-K on October 8, 2025)
10.2 1	+++	Second Amendment Agreement to Facility Agreement, dated as of June 21, 2023, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, BNP Paribas, as Sustainability Co-ordinator, Natixis, as Lead Sustainability Co-ordinator, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.2 2		First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Administrative Agent to the Facility Agreement incorporated as Exhibit 10.21 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.2 3		Second Amendment to Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.2 4		Second Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent under the Term Loan Agreement incorporated as Exhibit 10.23 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)

Table of Contents

ExhibitNumber		Description
10.3		Twenty-Sixth Amendment to Receivables Transfer Agreement, dated September 30, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Bunge Agribusiness Iberica, S.L.U., as New Spanish Originator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on October 30, 2024)
10.25		First Amended and Restated Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, Bank of America, N.A., BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, ING Bank N.V., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, Truist Bank, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.4		Twenty-Seventh Amendment to Receivables Transfer Agreement, dated December 3, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed on December 5, 2024)
10.26		First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent to the First Amended and Restated Term Loan Agreement incorporated as Exhibit 10.25 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.5	+++	Eighth Amended and Restated Receivables Transfer Agreement, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Coöperatieve Rabobank U.A., as Administrative Agent and Purchaser Agent, Bunge Global SA, as Performance Undertaking Provider, and the persons from time to time party thereto as Conduit Purchasers, Committed Purchasers and Purchaser Agents (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023)
10.27		Term Loan Agreement, dated as of June 30, 2025, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on June 30, 2025)
10.6		Unadjusted Applicable Margin Letter, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Bunge Global SA, as Performance Undertaking Provider, Coöperatieve Rabobank U.A., as Administrative Agent and a Purchaser Agent, and the Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023)
10.28		Guaranty, dated as of June 30, 2025, by Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent to the Term Loan Agreement incorporated as Exhibit 10.29 hereto (incorporated by reference from the Registrant’s Form 8-K filed on June 30, 2025)
10.7		Amendment to and Restatement of the Servicing Agreement, dated May 26, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017)
10.29		Revolving Credit Agreement, dated as of October 3, 2025, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of America, N.A., Bank of Montreal, BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., ING Bank N.V., Mizuho Bank, Ltd., Natixis, New York Branch and Wells Fargo Bank, N.A., as Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.8		Second Amendment to the Servicing Agreement, dated June 30, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.30		Guaranty, dated as of October 3, 2025, by Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent under the Revolving Credit Agreement incorporated as Exhibit 10.29 hereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.9		Third Amendment to the Servicing Agreement, dated February 19, 2019, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.31		Facility Agreement, dated as of October 3, 2025, by and among Bunge Finance Europe B.V., as Borrower, Sumitomo Mitsui Banking Corporation, Crédit Agricole Corporate and Investment Bank, Coöperatieve Rabobank U.A. and J.P. Morgan Securities Plc as Arrangers, and Crédit Agricole Corporate and Investment Bank, as Agent, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.10		Amended and Restated Performance and Indemnity Agreement, dated June 21, 2023, by and among Bunge Limited and Bunge Global SA, as Performance Undertaking Provider and Coöperatieve Rabobank U.A., as Administrative Agent to the Receivables Transfer Agreement dated June 1, 2011, as amended (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.32		Guaranty, dated as of October 3, 2025, by Bunge Global SA, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Agent under the Facility Agreement incorporated as Exhibit 10.31 hereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.11		Subordinated Loan Agreement, dated June 1, 2011, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.33		Revolving Credit Agreement, dated as of October 3, 2025, by and among Bunge Limited Finance Corp., as Borrower, Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, Sumitomo Mitsui Banking Corporation and Crédit Agricole Corporate and Investment Bank, as Syndication Agents, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of Montreal, BNP Paribas, Citibank, N.A., Deutsche Bank Securities Inc., ING Bank N.V., Mizuho Bank, Ltd., Natixis, New York Branch and Wells Fargo Bank, N.A., as Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.34		Guaranty, dated as of October 3, 2025, by Bunge Global SA, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent under the Revolving Credit Agreement incorporated as Exhibit 10.33 hereto (incorporated by reference from the Registrant’s Form 8-K filed on October 8, 2025)
10.35		Form of Registration Rights Agreement by and among Bunge Global SA, Danelo Limited, CPPIB Monroe Canada, Inc. and British Columbia Investment Management Corporation (incorporated by reference from Appendix G to Bunge Limited’s Definitive Proxy Statement filed on August 7, 2023)
10.36		Form of BCI Lock-up Agreement by and between Bunge Global SA and British Columbia Investment Management Corporation (incorporated by reference from Appendix H to Bunge Limited’s Definitive Proxy Statement filed on August 7, 2023)
10.37	+	Bunge 2009 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant's Form 8-K12G3 filed on November 1, 2023)
10.38	+	Form of Nonqualified Stock Option Award Agreement under the Bunge 2009 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed on March 1, 2011)
10.39	+	Bunge 2016 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed on November 1, 2023)

Table of Contents

ExhibitNumber		Description
10.12		First Amendment to the Subordinated Loan Agreement, dated August 27, 2019, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.) as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.40	+	Form of Global Stock Option Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017)
10.13	++	U.S. Receivables Purchase Agreement, dated June 1, 2011, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.41	+	Form of Global Restricted Stock Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.14		First Amendment to U.S. Receivables Purchase Agreement, dated June 15, 2012, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012)
10.42	+	Form of Global Performance Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.15		Second Amendment to the U.S. Receivables Purchase Agreement, dated June 30, 2016, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Koninklijke Bunge B.V., as Seller Agent, Bunge North America Capital, Inc., as the Buyer, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017)
10.43	+	Bunge 2024 Long-Term Incentive Plan (incorporated by reference from the Registrant’s Form 8-K filed on May 16, 2024)
10.16	++	U.S. Intermediate Transfer Agreement, dated June 1, 2011, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as the Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011)
10.44	+	Form of Global Restricted Stock Unit Agreement under the Bunge 2024 Long-Term Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed on February 20, 2025)
10.17		First Amendment to U.S. Intermediate Transfer Agreement, dated June 15, 2012, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012)
10.45	+	Form of Global Performance Unit Agreement under the Bunge 2024 Long-Term Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed on February 20, 2025)
10.18		Fifth Amended and Restated Pre-Export Financing Agreement, dated November 6, 2020, among the Pre-Export Borrowers party thereto, the Pre-Export Lenders party thereto, Sumitomo Mitsui Banking Corporation, as Pre-Export Administrative Agent, and Banco Rabobank International Brasil S.A., as Pre-Export Collateral Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021)
10.46	+	Bunge 2017 Non-Employee Directors Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed on November 1, 2023)
10.19		Tenth Amended and Restated Guaranty, dated as of July 16, 2021, by Bunge Limited, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, in its capacity as Letter of Credit Agent, and the Letter of Credit Banks named therein, JPMorgan Chase Bank, N.A., as Administrative Agent under the Liquidity Agreement, and The Bank of New York Mellon, as Collateral Agent under the Security Agreement andTrustee under the Pooling Agreement (incorporated by reference from Bunge Limited’s Form 8-K filed on July 19, 2021)
10.47	+	Form of Restricted Stock Unit Award Agreement under the Bunge 2017 Non-Employee Directors Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.20		Credit Agreement, dated as of July 7, 2023, by and among Bunge Limited Finance Corp., as Borrower, CoBank, ACB, as Administrative Agent and Lead Arranger, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on July 11, 2023)
10.48	+	Bunge Excess Benefit Plan effective January 1, 2009, and amendments thereto through January 1, 2023 (frozen plan as of December 31, 2022) (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.21		Guaranty, dated as of July 7, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to CoBank, ACB, as Administrative Agent under the Credit Agreement incorporated as Exhibit 10.20 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed July 11, 2023)
10.49	+	Bunge Excess Contribution Plan (Amended and Restated as of January 1, 2023) (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.22		Revolving Credit Agreement, dated as of March 1, 2024, among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of America, N.A., Bank of Montreal, BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., ING Bank N.V., Mizuho Bank, Ltd. and Wells Fargo Bank, N.A., as Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024)
10.50	+	Bunge Supplemental Excess Contribution Plan effective January 1, 2018, and amendment thereto through January 1, 2020 (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.23		Guaranty, dated as of March 1, 2024, by Bunge Global SA to JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent under the Revolving Credit Agreement incorporated as Exhibit 10.22 hereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024)
10.51	+	Bunge Employee Deferred Compensation Plan effective January 1, 2008, and amendment thereto through November 1, 2023 (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.52	*+	Bunge Annual Incentive Plan effective January 1, 2023, as amended effective January 1, 2026
10.53	+	Bunge Executive Severance Plan (incorporated by reference from Bunge Limited’s Form 10-Q filed on July 27, 2022)
10.54	+	Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and Gregory A. Heckman (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
10.55	+	Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and John W. Neppl (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
19.1		Insider Trading Policy
21.1	*	Subsidiaries of the Registrant
22.1	*	Subsidiary Issuers of Guaranteed Securities
23.1	*	Consent of Deloitte & Touche LLP
31.1	*	Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act
31.2	*	Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act
32.1	**	Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act
32.2	**	Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act
97.1		Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference from the Registrant’s Form 10-K filed on February 22, 2024)
		(101) Interactive Data Files (submitted electronically herewith)
101 SCH	*	XBRL Taxonomy Extension Schema Document
101 CAL	*	XBRL Taxonomy Extension Calculation Linkbase Document
101 LAB	*	XBRL Taxonomy Extension Labels Linkbase Document
101 PRE	*	XBRL Taxonomy Extension Presentation Linkbase Document

Table of Contents

ExhibitNumber		Description
10.24	+++	Second Amendment Agreement to Facility Agreement, dated as of June 21, 2023, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, BNP Paribas, as Sustainability Co-ordinator, Natixis, as Lead Sustainability Co-ordinator, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
101 DEF	*	XBRL Taxonomy Extension Definition Linkbase Document
10.25		First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Administrative Agent to the Facility Agreement incorporated as Exhibit 10.24 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
101 INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
10.26		First Amended and Restated Revolving Credit Agreement, dated as of April 12, 2024, by and among Bunge Limited Finance Corp., as Borrower, Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, BNP Paribas, Citibank, N.A., Natixis, New York Branch and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on April 16, 2024)
104		Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)
10.27		First Amended and Restated Guaranty, dated as of April 12, 2024, by Bunge Global SA, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent under the First Amended and Restated Revolving Credit Agreement incorporated as Exhibit 10.26 hereto (incorporated by reference from the Registrant’s Form 8-K Form 8-K filed on April 16, 2024)
10.28		Second Amendment to Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.29		Second Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent under the Term Loan Agreement incorporated as Exhibit 10.28 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.30		First Amended and Restated Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, Bank of America, N.A., BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, ING Bank N.V., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, Truist Bank, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.31		First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent to the First Amended and Restated Term Loan Agreement incorporated as Exhibit 10.30 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023)
10.32	+++	First Amended and Restated Facility Agreement, dated as of March 1, 2024, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, Natixis and BNP Paribas, as Sustainability Co-ordinators, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024)
10.33		Accordion Increase Certificate, dated as of March 1, 2024, under the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024)
10.34		First Amendment and Waiver Agreement, dated as of March 1, 2024, under the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024)
10.35		First Amended and Restated Guaranty, dated as of March 1, 2024, by Bunge Global SA to Crédit Agricole Corporate and Investment Bank, as the facility agent to the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024)
10.36	+	Bunge 2009 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant's Form 8-K12G3 filed November 1, 2023)
10.37	+	Form of Nonqualified Stock Option Award Agreement under the Bunge 2009 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed March 1, 2011)

Table of Contents

ExhibitNumber		Description
10.38	+	Bunge 2016 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed November 1, 2023)
10.39	+	Form of Global Stock Option Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed February 28, 2017)
10.40	+	Form of Global Restricted Stock Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.41	+	Form of Global Performance Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.42	+	Bunge 2024 Long-Term Incentive Plan (incorporated by reference from the Registrant’s Form 8-K filed on May 16, 2024)
10.43	*+	Form of Global Restricted Stock Unit Agreement under the Bunge 2024 Long-Term Incentive Plan
10.44	*+	Form of Global Performance Unit Agreement under the Bunge 2024 Long-Term Incentive Plan
10.45	+	Bunge 2017 Non-Employee Directors Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed November 1, 2023)
10.46	+	Form of Restricted Stock Unit Award Agreement under the Bunge 2017 Non-Employee Directors Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.47	+	Bunge Excess Benefit Plan effective January 1, 2009, and amendments thereto through January 1, 2023 (frozen plan as of December 31, 2022) (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.48	+	Bunge Excess Contribution Plan (Amended and Restated as of January 1, 2023) (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.49	+	Bunge Supplemental Excess Contribution Plan effective January 1, 2018, and amendment thereto through January 1, 2020 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.50	+	Bunge Employee Deferred Compensation Plan effective January 1, 2008, and amendment thereto through November 1, 2023 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.51	+	Bunge Annual Incentive Plan effective January 1, 2023, and amendment thereto through November 1, 2023 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.52	+	Bunge Executive Severance Plan (incorporated by reference from Bunge Limited’s Form 10-Q filed on July 27, 2022)
10.53	+	Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and Gregory A. Heckman (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
10.54	+	Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and John W. Neppl (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)
19.1	*	Insider Trading Policy
21.1	*	Subsidiaries of the Registrant
22.1	*	Subsidiary Issuers of Guaranteed Securities
23.1	*	Consent of Deloitte & Touche LLP
31.1	*	Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act
31.2	*	Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act
32.1	**	Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act
32.2	**	Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act
97.1		Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024)

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ExhibitNumber		Description
		(101) Interactive Data Files (submitted electronically herewith)
101 SCH	*	XBRL Taxonomy Extension Schema Document
101 CAL	*	XBRL Taxonomy Extension Calculation Linkbase Document
101 LAB	*	XBRL Taxonomy Extension Labels Linkbase Document
101 PRE	*	XBRL Taxonomy Extension Presentation Linkbase Document
101 DEF	*	XBRL Taxonomy Extension Definition Linkbase Document
101 INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104		Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)

Subsidiary Issuers of Guaranteed Securities



*			Filed herewith.
**			Furnished herewith.
+			Denotes a management contract or compensatory plan or arrangement.
++			Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
+++			Certain information contained in this exhibit, marked by [***], has been omitted because it (i) is not material and (ii) is the type of information that the registrant treats as private or confidential.

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BUNGE GLOBAL SA

Schedule II—Valuation and Qualifying Accounts

(US$ in millions)

Description	Balance atbeginning ofperiod		Charged tocosts andexpenses	Charged tootheraccounts(b)		~~Deductionsfrom reserves~~	Deductionsfrom reserves		~~Balance atend of period~~		Balance atend of period
FOR THE YEAR ENDEDDECEMBER 31, 2022
FOR THE YEAR ENDEDDECEMBER 31, 2023
Allowances for doubtful accounts(a)	$	~~132~~136	6671	53		~~(67)~~	(c74)	(c)	$	~~136~~	$	136
Allowances for secured advances to suppliers(d)	$	39	13	3		(12)			$	43
Allowances for secured advances to suppliers(a)	$	43	9	3			(16)				$	39
Allowances for recoverable taxes	$	44	3	1		(12)			$	36
Allowances for recoverable taxes(a)	$	36	14	2			(17)				$	35
Income tax valuation allowances	$	~~297~~269	17391	~~(7)~~2		~~(38)~~	(72)		$	~~269~~	$	590
FOR THE YEAR ENDEDDECEMBER 31, 2023
FOR THE YEAR ENDEDDECEMBER 31, 2024
Allowances for doubtful accounts(a)	$	136	7151	3(11)		~~(74)~~	(c63)	(c)	$	~~136~~	$	113
Allowances for secured advances to suppliers(d)	$	43	9	3		(16)			$	39
Allowances for secured advances to suppliers(a)	$	39	5	(8)			(4)				$	32
Allowances for recoverable taxes	$	36	14	2		(17)			$	35
Allowances for recoverable taxes(a)	$	35	6	(7)			(9)				$	25
Income tax valuation allowances	$	~~269~~590	~~391~~41	2(16)		~~(72)~~	(20)		$	~~590~~	$	595
FOR THE YEAR ENDEDDECEMBER 31, 2024
FOR THE YEAR ENDEDDECEMBER 31, 2025
Allowances for doubtful accounts(a)	$	~~136~~113	5174	~~(11)~~96	(d)	~~(63)~~	(c86)	(c)	$	~~113~~	$	197
Allowances for secured advances to suppliers(d)	$	39	5	(8)		(4)			$	32
Allowances for secured advances to suppliers(a)	$	32	26	3			(10)				$	51
Allowances for recoverable taxes	$	35	6	(7)		(9)			$	25
Allowances for recoverable taxes(a)	$	25	18	6			(20)				$	29
Income tax valuation allowances	$	~~590~~595	4171	~~(16)~~367	(e)	~~(20)~~	(143)		$	~~595~~	$	890

(a)Includes ~~allowance~~allowances for ~~doubtful accounts for~~ current and non-current ~~trade accounts receivables~~portion.

(b)Consists primarily of foreign currency translation adjustments.

(c)Includes write-offs of uncollectible accounts and recoveries.

(d)Includes ~~allowances~~purchased ~~for~~credit ~~secured~~deteriorated ~~advances~~receivables tofrom ~~suppliers~~the ~~for~~Viterra ~~current~~Acquisition ~~and~~of ~~non-current secured advances~~$93 million.

(e)Includes allowances of $284 million recognized upon the Viterra Acquisition.

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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

						Page
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)						F-2
Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 2022						F-4
Consolidated Statements of Income for the Years Ended December 31, 2025, 2024 and 2023						F-5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022						F-5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023						F-6
Consolidated Balance Sheets at December 31, 2024 and 2023						F-6
Consolidated Balance Sheets at December 31, 2025 and 2024						F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022						F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023						F-8
Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Years Ended December 31, 2024, 2023 and 2022						F-8
Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Years Ended December 31, 2025, 2024 and 2023						F-9
Notes to the Consolidated Financial Statements						F-1112

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the ~~Shareholders~~shareholders and the Board of Directors of Bunge Global SA

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Bunge Global SA and subsidiaries (the "Company") as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of income, comprehensive income, cash flows, and changes in equity and redeemable noncontrolling interests, for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, ~~2024~~2025, based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 2019, ~~2025~~2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit ~~Matter~~Matters

The critical audit ~~matter~~matters communicated below isare amatters ~~matter~~ arising from the current-period audit of the financial statements that ~~was~~were communicated or required to be communicated to the audit committee and that (1) ~~relates~~relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit ~~matter~~matters below, providing a separate opinion on the critical audit ~~matter~~matters or on the accounts or disclosures to which itthey ~~relates~~relate.

Readily Marketable Inventories and Physically Settled Forward Purchase and Sale Contracts - Refer to Notes 1 and 15 to the financial statements

Critical Audit Matter Description

The Company records agricultural commodity inventories, referred to as readily marketable inventories (RMI), and physically settled forward purchase and sale contracts at fair value with changes in fair value recorded in earnings as a component of cost of goods sold. The Company values RMI and physically settled forward purchase and sale contracts primarily using Level 1 inputs, such as public exchange quotes of commodity futures, broker or dealer quotations. A portion of the value, however, is derived using significant unobservable inputs referred to as Level 3 inputs, such as management estimates regarding costs of transportation and other location-related adjustments in Brazil, that involve significant judgment by management.

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Auditing the significant unobservable inputs in Brazil used by management to estimate the fair value of RMI and physically settled forward purchase and sale contracts involved judgment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the significant unobservable inputs in Brazil used by management to estimate the fair value of RMI and physically settled forward purchase and sale contracts included the following, among others:

•We tested the effectiveness of controls over management’s review of the underlying assumptions used in the Company’s process of estimating the fair value of RMI and physically settled forward purchase and sale contracts, including those over Level 3 inputs.

•We evaluated the appropriateness and consistency of the Company’s methods and assumptions used to estimate the fair value of RMI and physically settled forward purchase and sale contracts.

•We evaluated management’s ability to accurately estimate fair value by comparing management’s historical estimates to subsequent transactions, considering changes in market conditions subsequent to year-end.

•We made selections of RMI and physically settled forward purchase and sale contracts to test Level 3 inputs and performed the following:

◦We evaluated the reasonableness of the Level 3 inputs by reference to third-party data, information produced by the entity, and inquires of management, as well as evaluated the qualifications of third party brokers.

◦We searched for contradictory evidence to Level 3 inputs based on third party data, and our knowledge of the commodities market and inquiries of management.

Goodwill – Grain Merchandising Reporting Unit – Refer to Notes 1 and 8 to the Financial Statements

Critical Audit Matter Description

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company’s determination of the estimated fair value of the Grain Merchandising Reporting Unit (“Grain Merchandising”) is based on both a discounted cash flow ("DCF") method from the income approach and a guideline public companies method ("GPC") from the market approach, giving equal weight to each. The determination of the estimated fair value of Grain Merchandising using income approach and the market approach requires management to make estimates and significant judgments about the future cash flows of that reporting unit aligned with management’s strategic business plans. Changes in these assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, or both. The total goodwill balance was $3,141 million as of December 31, 2025, of which $593 million was allocated to Grain Merchandising. The fair value of Grain Merchandising exceeded its carrying value by 9% as of the measurement date and, therefore, no impairment was recognized.

We identified goodwill for Grain Merchandising as a critical audit matter because of the significant judgments made by management during their annual impairment analysis to estimate the fair value of Grain Merchandising and the difference between its fair value and carrying value. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to Gross Profit and the discount rate.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to Gross Profit and the discount rate used by management to estimate the fair value of Grain Merchandising included the following, among others:

•We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over management’s estimates and assumptions related to Gross Profit and the discount rate.

•We evaluated the reasonableness of management’s Gross Profit forecasts by comparing the forecasts to:

–Historical Gross Profit.

–Internal communications.

–Forecasted information included in industry reports for the Company and certain of its peer companies.

•We evaluated the impact of changes in management’s forecasts from the October 1, 2025 annual measurement date to December 31, 2025.

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•With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology and (2) the discount rate by:

–Testing the source information underlying the determination of the discount rate and mathematical accuracy of the calculation.

–Developing a range of independent estimates and comparing those to the discount rate selected by management.

/s/ Deloitte & Touche LLP

St. Louis, Missouri

February 2019, ~~2025~~2026

We have served as the Company's auditor since 2002.

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

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

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
Net sales	$	5370,~~108~~329	$	5953,~~540~~108	$	6759,~~232~~540
Cost of goods sold	(4966,~~715~~920)		(5449,~~695~~715)		(6354,~~550~~695)
Gross profit	3,~~393~~409		43,~~845~~393		34,~~682~~845
Selling, general and administrative expenses	(12,~~776~~113)		(1,~~715~~776)		(1,~~369~~715)
Interest income	~~163~~202		~~148~~163		71148
Interest expense	(~~471~~628)		(~~516~~471)		(~~403~~516)
Foreign exchange (losses) gains — net	(~~189~~51)		20(189)		~~(11)~~20
Other income (expense) — net	442		129		(9)
Other income — net	289		442		129
(Loss) income from affiliates	(38)		140		105
Income (loss) from affiliates	26		(38)		140
Income before income tax	1,524		3,051		2,066
Income from continuing operations before income tax	1,134		1,524		3,051
Income tax expense	(~~336~~288)		(~~714~~336)		(~~388~~714)
Net income	1,188		2,337		1,678
Income from continuing operations	846		1,188		2,337
Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests	(51)		(94)		(68)
Loss from discontinued operations, net of tax	(3)		—		—
Net income attributable to Bunge shareholders (Note 23)	$	1,137	$	2,243	$	1,610
Net income	843		1,188		2,337
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	(27)		(51)		(94)
Net income attributable to Bunge shareholders (Note 23)	$	816	$	1,137	$	2,243
Earnings per share—basic (Note 23)
Net income attributable to Bunge shareholders - basic	$	8.09	$	15.07	$	10.83
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
Earnings per share—diluted (Note 23)
Net income attributable to Bunge shareholders - diluted	$	7.99	$	14.87	$	10.51
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

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

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BUNGE GLOBAL SA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(U.S. dollars in millions)

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
Net income	$	~~1,188~~843	$	21,~~337~~188	$	12,~~678~~337
Other comprehensive (loss) income:
Other comprehensive income (loss):
Foreign exchange translation adjustment	~~(929)~~619		~~341~~(929)		12341
Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of $5, $(3), and $(2)	127		(99)		(81)
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 (expense) of $4, $3, and $(5)	(24)		(18)		40
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 $(2), $3, and $12	146		99		122
Reclassification of realized net losses to net income, net of tax (benefit) expense of $(30), $(2), and $3	98		146		99
Total other comprehensive (loss) income	(680)		323		93
Total other comprehensive income (loss)	605		(680)		323
Total comprehensive income	~~508~~1,448		~~2,660~~508		12,~~771~~660
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests	(1965)		(~~100~~19)		(46100)
Comprehensive loss attributable to acquisition of redeemable noncontrolling interest	—		—		(15)
Total comprehensive income attributable to Bunge	$	1,383	$	489	$	2,560
Total comprehensive income attributable to Bunge	$	489	$	2,560	$	1,710

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 31,2024		December 31,2023
	December 31,2025		December 31,2024
ASSETS
Current assets:
Cash and cash equivalents	$	31,~~311~~135	$	23,~~602~~311
Trade accounts receivable (less allowances of $89 and $104) (Note 4)	2,148		2,592
Time deposits under trade structured finance program (Note 3)	208		—
Inventories (Note 5)	6,491		7,105
Trade accounts receivable (less allowances of $156 and $89) (Note 4)	3,870		2,148
Other current assets (Note 6)	4,008		4,051
Inventories (Note 5)	13,198		6,491
Total current assets	15,958		16,350
Assets held for sale (Note 2)	191		8
Property, plant and equipment, net (Note 7)	5,254		4,541
Other current assets (Note 6)	5,789		4,000
Operating lease assets (Note 25)	932		926
Total current assets	24,391		15,958
Goodwill (Note 8)	453		489
Property, plant and equipment, net (Note 7)	11,678		5,254
Other intangible assets, net (Note 9)	321		398
Operating lease assets (Note 25)	1,686		932
Investments in affiliates (Note 11)	779		1,280
Goodwill (Note 8)	3,141		453
Deferred income taxes (Note 14)	645		773
Other intangible assets, net (Note 9)	309		321
Other non-current assets (Note 12)	557		615
Investments in affiliates (Note 11)	1,495		779
Total assets	$	24,899	$	25,372
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)	$	~~875~~3,883	$	~~797~~875
Current portion of long-term debt (Note 17)	~~669~~1,337		5669
Trade accounts payable (includes $388 and $823 carried at fair value)	2,777		3,664
Letter of credit obligations under trade structured finance program (Note 3)	208		—
Current operating lease obligations (Note 25)	286		308
Trade accounts payable (includes $559 and $388 carried at fair value)	4,881		2,777
Other current liabilities (Note 13)	2,828		2,913
Current operating lease obligations (Note 25)	499		286
Total current liabilities	7,435		7,687
Liabilities held for sale (Note 2)	61		10
Long-term debt (Note 17)	4,694		4,080
Other current liabilities (Note 13)	4,258		2,818
Deferred income taxes (Note 14)	379		400
Total current liabilities	15,127		7,435
Non-current operating lease obligations (Note 25)	595		566
Long-term debt (Note 17)	8,831		4,694
Other non-current liabilities (Note 21)	847		824
Deferred income taxes (Note 14)	988		379
Redeemable noncontrolling interests	4		1
Non-current operating lease obligations (Note 25)	1,097		595
Other non-current liabilities (Note 21)	1,063		847
Redeemable noncontrolling interests	53		4
Equity (Note 22):
Registered shares, par value $0.01; authorized not issued—86,861,666 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2024 - 133,964,235 shares, 2023 - 145,319,668 shares	1		1
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 capital	59,~~325~~841		5,~~900~~325
Retained earnings	1213,~~838~~152		12,~~077~~838
Accumulated other comprehensive loss (Note 22)	(6,~~702~~084)		(6,~~054~~702)
Treasury shares, at cost; 2024—21,318,307 shares and 2023—16,109,804 shares	(1,549)		(1,073)
Treasury shares, at cost; 2025—15,103,107 shares and 2024—21,318,307 shares	(1,007)		(1,549)
Total Bunge shareholders' equity	915,~~913~~904		109,~~851~~913
Noncontrolling interests	1,~~032~~465		~~963~~1,032
Total equity	1017,~~945~~369		1110,~~814~~945
Total liabilities, redeemable noncontrolling interest and equity	$	2444,~~899~~528	$	2524,~~372~~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,
	2024		2023		2022
	2025		2024		2023
OPERATING ACTIVITIES
Net income	$	~~1,188~~843	$	21,~~337~~188	$	12,~~678~~337
Adjustments to reconcile net income to cash provided by (used for) operating activities:
Impairment charges	4153		~~104~~41		~~162~~104
Foreign exchange loss (gain) on net debt	174		(281)		(101)
Foreign exchange (gain) loss on debt	(216)		174		(281)
Depreciation, depletion and amortization	~~468~~703		~~451~~468		~~408~~451
Share-based compensation expense	6573		6965		6569
Deferred income tax (benefit) expense	(10)		(1)		(119)
Deferred income tax benefit	(62)		(10)		(1)
Gain on sale of investments and property, plant and equipment	(~~205~~160)		(4205)		(64)
Results from affiliates	19(26)		~~(157)~~19		(~~106~~157)
Other, net	65138		~~117~~65		97117
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Trade accounts receivable	~~169~~(469)		~~256~~169		~~(206)~~256
Inventories	96(700)		~~1,518~~96		~~(269)~~1,518
Secured advances to suppliers	~~207~~22		~~(121)~~207		(14121)
Trade accounts payable and accrued liabilities	~~(538)~~153		(~~939~~538)		67(939)
Advances on sales	51(58)		~~(140)~~51		~~175~~(140)
Net unrealized (gains) losses on derivative contracts	~~262~~395		~~(366)~~262		(31366)
Margin deposits	36(79)		~~173~~36		~~(242)~~173
Recoverable and income taxes, net	(~~242~~11)		~~202~~(242)		~~(94)~~202
Marketable securities	~~(36)~~15		23(36)		~~325~~23
Beneficial interest in securitized trade receivables	—		—		(6,940)
Other, net	230		90		67
Other, net	90		67		(398)
Cash provided by operating activities	844		1,900		3,308
Cash provided by (used for) operating activities	1,900		3,308		(5,549)
INVESTING ACTIVITIES
Payments made for capital expenditures	(1,~~376~~723)		(1,~~122~~376)		(~~555~~1,122)
Proceeds from investments	887		49		326
Acquisitions of businesses (net of cash acquired)	(4,201)		—		—
Payments for investments	(1,285)		(69)		(321)
Proceeds from investments	2,753		887		49
Settlements of net investment hedges	71		(64)		(135)
Payments for investments	(2,995)		(1,285)		(69)
Proceeds from beneficial interest in securitized trade receivables	—		87		6,824
Settlements of net investment hedges	(85)		71		(64)
Proceeds from disposal of business and property, plant and equipment	8		170		508
Proceeds from beneficial interest in securitized trade receivables	—		—		87
Payments for investments in affiliates	(61)		(136)		(55)
Proceeds from disposal of business and property, plant and equipment	953		8		170
Proceeds from sale of investments in affiliates	~~728~~100		—728		—
Other, net	(86)		76		(93)
Payments for investments in affiliates	(72)		(61)		(136)
Cash (used for) provided by investing activities	(1,114)		(1,009)		6,499
Other, net	43		(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 less	~~137~~1,094		~~138~~137		~~127~~138
Proceeds from short-term debt with maturities greater than three months	12,~~064~~096		1,~~247~~064		1,~~753~~247
Repayments of short-term debt with maturities greater than three months	(1,~~077~~327)		(~~987~~1,077)		(~~1,856~~987)
Proceeds from long-term debt	23,~~045~~602		12,~~008~~045

Filing Compare · Bunge Global SA