Bunge Global SA

Previous wording

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

Current wording

This section is inclusive of the results of operations of Viterra from the date of Acquisition. Therefore, results attributable to Viterra are not included in the condensed consolidated statements of income for the three and six months ended June 30, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Previous wording

Net Income (Loss) Attributable to Bunge Shareholders - For the three months ended March 31, 2026, Net income attributable to Bunge shareholders was $68 million, a decrease of $133 million compared to $201 million, for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to lower Segment EBIT and Corporate and Other EBIT, as further discussed in the Segment Results section below. In addition, the decrease is due to higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition, partially offset by an income tax benefit recorded in the current period compared to an expense in the prior period, as further described in the Consolidated Results of Operations section below.

Current wording

Net income (loss) attributable to Bunge shareholders - For the three months ended June 30, 2026, Net income attributable to Bunge shareholders was $678 million, an increase of $324 million compared to $354 million, for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders was $746 million, an increase of $191 million, compared to $555 million for the six months ended June 30, 2025. The increase for the three and six months ended June 30, 2026, was primarily due to higher Segment EBIT partially offset by lower Corporate and Other EBIT, as further discussed in the Segment Results section below. Further, the increase was partially offset by higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition, as well as higher income tax expense, as further described in the Consolidated Results of Operations section below.

Previous wording

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

Current wording

Net income (loss) attributable to Bunge shareholders - Earnings per share - diluted - For the three months ended June 30, 2026, Net income attributable to Bunge shareholders - diluted, was $3.47 per share, an increase of $0.86 per share, compared to $2.61 per share for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders - diluted, was $3.81 per share, a decrease of $0.29 per share, compared to income of $4.10 per share for the six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily due to higher Net income attributable to Bunge shareholders discussed above, partially offset by dilution from the issuance of registered shares as part of the Viterra Acquisition. The decrease for the six months ended June 30, 2026 is primarily due to dilution from the issuance of registered shares as part of the Viterra Acquisition, partially offset by higher Net income attributable to Bunge shareholders discussed above.

Previous wording

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

Current wording

Total EBIT- For the three months ended June 30, 2026, Total EBIT was $1,060 million, an increase of $522 million compared to $538 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, Total EBIT was $1,244 million, an increase of $378 million compared to Total EBIT of $866 million for the six months ended June 30, 2025. The increase in Total EBIT for the three and six months ended June 30, 2026, was primarily due to higher Segment EBIT, resulting primarily from more favorable results in our Soybean Processing and Refining and Softseed Processing and Refining segments, partially offset by less favorable results in our Grain Merchandising and Milling segment and lower Corporate and Other EBIT, resulting from higher Selling, general and administrative expenses. The Segment Overview section below provides further details as well as a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Previous wording

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

Current wording

Liquidity and Capital Resources – At June 30, 2026, working capital, which equals Total current assets less Total current liabilities, was $9,481 million, a decrease of $1,580 million, compared to working capital of $11,061 million at June 30, 2025, and an increase of $217 million, compared to working capital of $9,264 million at December 31, 2025. The decrease in working capital at June 30, 2026, compared to June 30, 2025, was primarily due to elevated Cash and cash equivalents balances in the prior year in preparation for closing the Viterra Acquisition early in the third quarter of 2025, higher Trade accounts payable, and Other current liabilities, partially offset by higher Inventories. The increase in working capital at June 30, 2026, compared to December 31, 2025, was primarily due to higher Inventories, partially offset by higher Short-term debt, Other current liabilities, and lower Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.

Previous wording

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

Current wording

Net sales – Net sales increased 88%, to $24,041 million for the three months ended June 30, 2026. See Segment Results section below for further discussion.

Previous wording

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

Current wording

Selling, general, and administrative expenses - Selling, general, and administrative expenses increased 45%, to $606 million for the three months ended June 30, 2026. The increase is primarily due to increased labor costs as a result of the Viterra Acquisition.

Previous wording

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

Current wording

Interest - Interest income decreased 7%, to $43 million for the three months ended June 30, 2026. Interest expense increased 86%, to $197 million for the three months ended June 30, 2026. Lower interest income is the result of lower average balances in Cash and cash equivalents. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition, partially offset by lower average interest rates.

Previous wording

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

Current wording

Foreign exchange gains (losses) – net -Foreign exchange gains (losses) – net decreased 159%, to a loss of $26 million for the three months ended June 30, 2026. The net loss in the current quarter primarily reflects losses on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations and the impact of hedging costs attributable to monetary assets in South America.

Previous wording

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

Current wording

Income tax (expense) benefit -Income tax (expense) benefit increased 90% to an income tax expense of $236 million for the three months ended June 30, 2026. The increase in income tax expense for the three months ended June 30, 2026 was primarily due to higher pre-tax income in 2026.

Previous wording

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

Current wording

Cost of goods sold - Cost of goods sold increased 88%, to $43,455 million for the six months ended June 30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales as well as slightly less favorable mark-to-market results in the current period.

Previous wording

•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.

Current wording

•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.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

Soybean Processing and Refining segment Net sales increased 56%, to $12,071 million for the three months ended June 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher volumes in our legacy businesses across most regions, especially due to better farmer selling in South America. The increase is also attributable to higher prices across all regions due to strong global demand due to the conflict with Iran, as well as biofuel mandates in North America.

Previous wording

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

Current wording

Softseed Processing and Refining segment Net sales increased 167%, to $4,095 million for the three months ended June 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher average sales prices across all regions driven by strong demand from global biofuel mandates, elevated global energy prices as a result of the conflict with Iran, as well as sustained export meal and seeds demand. Global sun oil prices were also higher driven by elevated demand amid tight global supply following limited crop availability in the Black Sea and Europe. Softseeds processed were also higher in Argentina and Europe, partially driven by activity in Ukraine as a result of the acquisition of an oilseed crush facility from Varthomio completed in the fourth quarter of 2025.

Previous wording

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

Current wording

Segment EBIT increased 246%, to $349 million for the six months ended June 30, 2026. The net increase was primarily due to improved results across most regions due to strong demand that drove higher prices as described above, partially offset by lower results in our North America business due to unfavorable mark-to-market results.

Previous wording

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

Current wording

Tropical Oils and Specialty Ingredients segment Net sales increased 11%, to $2,487 million for the six months ended June 30, 2026. The increase was primarily due to higher sales prices in our tropical oils business driven by higher commodity prices due to higher vegetable oil prices from the conflict with Iran, especially in the first quarter of 2026, as well as stronger demand resulting from global biofuel mandates. Volumes were also higher.

Previous wording

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

Current wording

Segment EBIT increased 1,820%, to $86 million for the six months ended June 30, 2026. The increase was primarily due to favorable mark-to-market results in our tropical oils business, as well as higher Net sales as described above.

Previous wording

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

Current wording

Grain Merchandising and Milling segment Net sales increased 183%, to $6,614 million for the three months ended June 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra. In addition, volumes in our global corn business increased driven by strong ethanol demand and increased farmer selling in North America. Volumes and prices in our global wheat and wheat milling businesses increased due to higher supply and demand across various regions. The above increases were partially offset by the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025, as well as sales price decreases in our global corn business.

Previous wording

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

Current wording

Segment EBIT decreased 7%, to $173 million for the three months ended June 30, 2026. The decrease was primarily due to the absence of a prior year $155 million gain on the sale of Bunge's North America corn milling business, as well as higher Selling, general and administrative expenses in the current period as a result of the Viterra Acquisition. The decrease was partially offset by more favorable results in our ocean freight business as a result of rising freight prices and optimal fleet utilization.

Previous wording

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

Current wording

Corporate and Other EBIT decreased 55%, to a loss of $301 million for the six months ended June 30, 2026. The decrease was primarily driven by an increase in Selling, general and administrative expenses as a result of the Viterra Acquisition and the timing of performance-based compensation. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $70 million for both the six months ended June 30, 2026, and June 30, 2025. Other income (expense) - net also decreased driven by a $15 million cash benefit received in the six months ended June 30, 2025 related to a prior investment in affiliate.

Previous wording

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

Current wording

Working capital was $9,481 million at June 30, 2026, an increase of $217 million from working capital of $9,264 million at December 31, 2025, and a decrease of $1,580 million from working capital of $11,061 million at June 30, 2025.

Previous wording

Cash and Cash Equivalents - Cash and cash equivalents were $839 million at March 31, 2026, a decrease of $296 million from $1,135 million at December 31, 2025, and a decrease of $2,406 million from $3,245 million at March 31, 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, commercial paper programs with highly-rated institutions, and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the three months ended March 31, 2026.

Current wording

Cash and Cash Equivalents - Cash and cash equivalents were $593 million at June 30, 2026, a decrease of $542 million from $1,135 million at December 31, 2025, and a decrease of $6,197 million from $6,790 million at June 30, 2025. The significant decrease from June 30, 2025 is due to an accumulation of Cash and cash equivalents levels in the prior period in preparation for closing of the Viterra Acquisition that occurred early in the third quarter of 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, commercial paper programs with highly rated institutions, and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the six months ended June 30, 2026.

Previous wording

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

Current wording

Trade accounts receivable, net - Trade accounts receivable, net were $3,931 million at June 30, 2026, an increase of $61 million from $3,870 million at December 31, 2025, and an increase of $1,673 million from $2,258 million at June 30, 2025. The increase from December 31, 2025 was primarily due to higher average sales prices driven by factors described in the Segment Overview section above, which were partially offset by higher receivables sold into our securitization program. The increase from June 30, 2025 was primarily due to an increase in receivables outstanding as of June 30, 2026 from the Acquisition of Viterra as well as increased Net sales in the current period driven by factors described in the Segment Overview section above, which were partially offset by higher receivables sold into our securitization program.

Previous wording

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

Current wording

Inventories - Inventories were $15,461 million at June 30, 2026, an increase of $2,263 million from $13,198 million at December 31, 2025, and an increase of $7,447 million from $8,014 million at June 30, 2025. The increase from December 31, 2025 was primarily due to increased soybean volumes in conjunction with the timing of the South American harvest, as well as higher prices on most commodities. The increase from June 30, 2025 was primarily due to increased inventory balances from the Acquisition of Viterra and higher average prices on most commodities.

Previous wording

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $13,428 million, $11,361 million, and $6,499 million at March 31, 2026, December 31, 2025, and March 31, 2025, respectively (see Note 5- Inventoriesto our condensed consolidated financial statements).

Current wording

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $13,311 million, $11,361 million, and $6,657 million at June 30, 2026, December 31, 2025, and June 30, 2025, respectively (see Note 5 - Inventoriesto our condensed consolidated financial statements).

Previous wording

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

Current wording

Other current assets - Other current assets were $6,230 million at June 30, 2026, an increase of $42 million from $6,188 million at December 31, 2025, and an increase of $1,847 million from $4,383 million at June 30, 2025. The increase from December 31, 2025 was attributable to an increase in prepaid commodity purchase contracts in conjunction with the timing of the South American harvest, an increase in unrealized gains on derivative contracts at fair value as a result of volatile commodity prices and exchange rate fluctuations, and an increase in margin deposits. These increases were partially offset by a reduction in marketable securities and other short-term investments based on dynamic investment strategies in South America, a decrease in secured advances to suppliers, which were converted to prepaid commodity contracts in conjunction with the timing of the South American harvest, a reduction in time deposits under the trade structured finance program, and the collection of our $80 million disposition receivable which resulted from the sale of 40% of our Spanish operating subsidiary. The increase from June 30, 2025 was primarily due to the Acquisition of Viterra. This increase was partially offset by lower unrealized gains on derivative contracts as a result of volatile commodity prices, a reduction in marketable securities and other short-term investments based on dynamic investment strategies in South America and the collection of our $80 million disposition receivable as noted above.

Previous wording

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

Current wording

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $5,788 million at June 30, 2026, an increase of $568 million from $5,220 million at December 31, 2025, and an increase of $1,563 million from $4,225 million at June 30, 2025. The higher short-term debt level at June 30, 2026, compared to December 31, 2025 was due to higher borrowings by Bunge from its commercial paper program and revolving credit facilities, as well as higher borrowings under bilateral short-term credit lines entered into through our financing subsidiaries to fund working capital requirements as a result of the Acquisition of Viterra. The increase was partially offset by a decrease in the Current portion of long-term debt due to the repayment of $575 million of senior notes in April 2026, partially offset by $442 million 4.90% senior notes due in 2027 which became current in the second quarter of 2026. The increase from June 30, 2025 was due to an increase of borrowings under bilateral short-term credit lines entered into through our financing subsidiaries to fund working capital requirements. In addition, increased short-term debt levels at June 30, 2026 compared to June 30, 2025, resulted from an increase in the Current portion of long-term debt primarily due two senior notes maturing within the next year to a total of $1,142 million, compared to only $600 million in the prior period. The increase was partially offset by lower borrowings under the commercial paper program and revolving credit facilities in the current period based on our funding strategies, including the utilization of proceeds from the issuance of two tranches of senior notes in March 2026.

Previous wording

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

Current wording

Trade accounts payable- Trade accounts payable were $5,370 million at June 30, 2026, an increase of $489 million from $4,881 million at December 31, 2025, and an increase of $2,476 million from $2,894 million at June 30, 2025. The increase from December 31, 2025 was primarily due to higher inventory volumes in conjunction with the South American harvest and higher average commodity prices, partially offset by the timing of payments in North America. The increase from June 30, 2025 was primarily due to the Acquisition of Viterra, as well as higher average commodity prices in the current period.

Previous wording

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

Current wording

Other current liabilities- Other current liabilities were $5,074 million at June 30, 2026, an increase of $547 million from $4,527 million at December 31, 2025, and an increase of $2,091 million from $2,983 million at June 30, 2025. The increase from December 31, 2025 was primarily due to an increase in unrealized losses on derivative contracts as a result of volatile commodity prices and higher accrued dividends (see Note 17 - Equityto our condensed consolidated financial statements), partially offset by lower accrued liabilities as a result of variable compensation plan payments, lower time deposits under the trade structured finance program, and lower advances on sales driven by timing of receipts in North America. The increase from June 30, 2025 was primarily due to the Acquisition of Viterra, as well as an increase in unrealized losses on derivative contracts as a result of volatile commodity prices and higher accrued dividends.

Previous wording

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

Current wording

Revolving Credit Facilities — At June 30, 2026, we had $8,835 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

Previous wording

Our total debt was $14,553 million at March 31, 2026, an increase of $502 million from $14,051 million at December 31, 2025, and an increase of $7,836 million from $6,717 million at March 31, 2025. The higher total debt level at March 31, 2026, compared to December 31, 2025 was primarily due to an increase in long-term debt, including the current portion, resulting from the issuance of two tranches of senior notes ("2026 Senior Notes") for an aggregate principal amount of $1.2 billion in March 2026, partially offset by a decrease in short-term borrowings as described above. The higher total debt levels compared to March 31, 2025 were primarily due an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of the 2026 Senior Notes, the issuance of two tranches of senior notes for an aggregate principle amount of $1.3 billion in August 2025, and borrowings outstanding of $1.3 billion on term loans due in 2028 drawn in June 2025 to finance the Viterra Acquisition. In addition, long-term debt, including current portion, includes senior notes outstanding as of March 31, 2026 assumed as part of the Acquisition of Viterra. See Note 13- Debtto our condensed consolidated financial statements for further information.

Current wording

Our total debt was $15,214 million at June 30, 2026, an increase of $1,163 million from $14,051 million at December 31, 2025, and an increase of $3,945 million from $11,269 million at June 30, 2025. The higher total debt level at June 30, 2026, compared to December 31, 2025 was primarily due to an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, due to the issuance of two tranches of senior notes ("2026 Senior Notes") for an aggregate principal amount of $1.2 billion in March 2026, partially offset by the repayment of $575 million of senior notes in April 2026. The higher total debt levels compared to June 30, 2025 were due to an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of the 2026 Senior Notes, as well as the issuance of two tranches of senior notes for an aggregate principal amount of $1.3 billion in August 2025. In addition, long-term debt includes senior notes outstanding as of June 30, 2026 obtained from the Acquisition of Viterra. The increase is partially offset by repayments of $1 billion in term loans and $600 million of senior notes in September 2025. See Note 13 - Debtto our condensed consolidated financial statements for further information.

Previous wording

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. There were $1,080 million and $900 million borrowings outstanding under these bilateral short-term credit lines at March 31, 2026 and December 31, 2025, respectively. The increase in the current period is primarily to support working capital requirements.

Current wording

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. There were $1,080 million and $900 million borrowings outstanding under these bilateral short-term credit lines at June 30,

Previous wording

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

Current wording

In addition, Bunge's operating companies had $2,114 million, $2,083 million, and $1,288 million in short-term borrowings outstanding from local bank facilities at June 30, 2026, December 31, 2025, and June 30, 2025, respectively, to support working capital requirements. The outstanding borrowings as of June 30, 2026 and December 31, 2025 include short-term borrowings from local bank facilities as a result of the Acquisition of Viterra.

Previous wording

Our credit facilities and certain senior notes require us to comply with specified financial covenants including minimum current ratio, maximum debt to capitalization ratio and limitations on secured indebtedness. We were in compliance with these covenants as of March 31, 2026.

Current wording

Our credit facilities and certain senior notes require us to comply with specified financial and non-financial covenants including a maximum debt to capitalization ratio, as well as limitations related to incurring liens and secured indebtedness. We were in compliance with these covenants as of June 30, 2026.

Previous wording

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

Current wording

Total Bunge shareholders’ equity was $15,953 million at June 30, 2026, compared to $15,904 million at December 31, 2025, an increase of $49 million. The increase was primarily due to $746 million of Net income (loss) attributable to Bunge and $70 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments. These increases were partially offset by $555 million of declared dividends to shareholders and $249 million of share repurchases, as described in Note 17 - Equityto our condensed consolidated financial statements.

Previous wording

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

Current wording

Noncontrolling interests decreased to $1,389 million at June 30, 2026, from $1,465 million at December 31, 2025, primarily due to measurement period adjustments of $101 million in connection with noncontrolling interests recognized from the Acquisition of Viterra.

Previous wording

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

Current wording

Share repurchase program- As described in Note 17 - Equityto our condensed consolidated financial statements, there were aggregate remaining purchase authorizations of $3.0 billion as of June 30, 2026 under approved share repurchase programs. During the three and six months ended June 30, 2026, Bunge repurchased 1,966,107 registered shares for $249 million, completing share repurchases under a previously existing program.

Previous wording

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

Current wording

During the six months ended June 30, 2026, our cash and cash equivalents and restricted cash decreased by $570 million, compared to an increase of $3,484 million during the six months ended June 30, 2025, as further explained below.

Previous wording

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

Current wording

Operating: Cash used for operating activities was $1,126 million for the six months ended June 30, 2026, a decrease of $231 million, compared to cash used for operating activities of $1,357 million for the six months ended June 30, 2025. The reduction of cash used for operations was primarily driven by higher reported net income during the six months ended June 30, 2026 compared to the six months ended June 30, 2025, as discussed in the Segment Overviewand Consolidated Results of Operations sections above, as well as higher depreciation as a result of the Acquisition of Viterra, partially offset by net changes in working capital, as discussed in the Working Capital section above.