Bunge Global SA

Previous wording

Net Income (Loss) Attributable to Bunge Shareholders - For the three months ended March 31, 2025, Net income attributable to Bunge shareholders was $201 million, a decrease of $43 million compared to $244 million, for the three months ended March 31, 2024. The decrease for the three months ended March 31, 2025, was primarily due to lower 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 and higher Corporate and Other EBIT, as further discussed in the Segment Overview & Results of Operations section below.

Current wording

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

Previous wording

Earnings Per Share - Diluted - For the three months ended March 31, 2025, Net income attributable to Bunge shareholders - diluted, was $1.48 per share, a decrease of $0.20 per share, compared to $1.68 per share for the three months ended March 31, 2024.

Current wording

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

Previous wording

Total EBIT- For the three months ended March 31, 2025, Total EBIT was $328 million, a decrease of $105 million compared to $433 million for the three months ended March 31, 2024. The decrease in Total EBIT for the three months ended March 31, 2025, was primarily due to lower Segment EBIT, resulting primarily from lower gross profit in our Refined and Specialty Oils segment, as further discussed in the Segment Overview & Results of Operations section below, partially offset by higher Corporate and Other EBIT, resulting from lower SG&A expense, as further discussed in the Segment Overview & Results of Operations section below.

Current wording

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

Previous wording

Income Tax (Expense) Benefit -Income tax expense was $80 million for the three months ended March 31, 2025 compared to $117 million for the three months ended March 31, 2024. The decrease for the three months ended March 31, 2025 was primarily due to lower pre-tax income in 2025 and unfavorable adjustments related to foreign currency fluctuations in South America in 2024.

Current wording

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

Previous wording

Liquidity and Capital Resources – At March 31, 2025, working capital, which equals Total current assets less Total current liabilities, was $8,838 million, an increase of $527 million, compared to working capital of $8,311 million at March 31, 2024, and an increase of $315 million, compared to working capital of $8,523 million at December 31, 2024. The increase in working capital at March 31, 2025, compared to March 31, 2024, was primarily due to lower Trade accounts payable, and higher Inventories and Cash and cash equivalents, partially offset by higher Current portion of long-term debt. The increase in working capital at March 31, 2025, compared to December 31, 2024, was primarily due to higher

Current wording

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

Previous wording

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

Current wording

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

Previous wording

•In Processing, Net sales decreased 17%, primarily due to lower average sales prices experienced in all regions except for our Europe softseed businesses driven by relative price stabilization due to a more balanced supply and demand environment, in addition to lower volumes in North America due to a more balanced supply environment and Europe softseed businesses due less supply in the current year as a result of drought conditions in the region. The above decreases were partially offset by higher volumes primarily driven from our global soybean oilseed processing and South America businesses due to increased demand from China.

Current wording

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

Previous wording

Foreign exchange (losses) gains - net increased 147% to a gain of $29 million for the three months ended March 31, 2025. The net gain in the current year was the result of gains in our Processing business, primarily due to the impact of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.

Current wording

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

Previous wording

•In Processing, an increase of 29% was primarily due to favorable foreign exchange results, as described above, partially offset by lower Gross profit, particularly in our Europe softseed businesses as a result of drought conditions in the region coupled with unfavorable mark-to-market results.

Current wording

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

Previous wording

•In Merchandising, Net sales decreased 15%, primarily due to lower volumes and average sales prices in our global wheat business driven by decreased demand from China. Net sales were also down in our ocean freight business due to lower prices and continued stabilizing demand. This decrease was partially offset by an increase in volumes in our global oils business due to higher demand in Asia.

Current wording

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

Previous wording

•In Processing, Cost of goods sold decreased 17%, primarily due to lower Net sales and favorable mark-to-market results in the current period compared to significant unfavorable mark-to-market results in the prior period.

Current wording

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

Previous wording

•In Merchandising, Cost of goods sold decreased 13%, primarily due to lower Net sales. The decrease was partially offset by unfavorable mark-to-market results in the current period.

Current wording

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

Previous wording

Cost of goods sold decreased 1%, to $2,855 million for the three months ended March 31, 2025. The decrease was primarily due to lower prices and volumes primarily in North America, as described for Net sales above, partially offset by unfavorable mark-to-market results.

Current wording

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

Previous wording

Segment EBIT decreased 49% to $116 million for the three months ended March 31, 2025. The decrease was primarily due to lower Gross profit driven by overall lower margins, particularly in North America.

Current wording

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

Previous wording

Refined and Specialty Oils segment Net sales decreased 5%, to $3,092 million for the three months ended March 31, 2025. The decrease was primarily due to lower sales prices and volumes in North America, driven by a more balanced supply and demand environment, partially offset by higher sales prices in certain products in Europe and Asia due to higher demand.

Current wording

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

Previous wording

Milling segment Net sales decreased 2%, to $375 million for the three months ended March 31, 2025. The decrease was primarily due to lower sales prices in both our South American wheat milling and North American corn milling businesses. These decreases were partially offset by an increase in volumes across both regions.

Current wording

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

Previous wording

Segment EBIT decreased 45%, to $18 million for the three months ended March 31, 2025. The decrease was primarily due to lower Gross profit in South America wheat milling, where milling margins were pressured by a more competitive pricing environment.

Current wording

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

Previous wording

Corporate and Other EBIT increased 27%, to a loss of $76 million for the three months ended March 31, 2025. The increase was primarily driven by a decrease in SG&A expense resulting from lower acquisition and integration costs associated with the announced acquisition of Viterra Limited as well as lower variable compensation expense. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $32 million, and $61 million for the three months ended March 31, 2025, and 2024, respectively. The above EBIT increase was partially offset by lower income from affiliates in the current period due to the 2024 sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Current wording

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

Previous wording

Interest income increased 40%, to $59 million for the three months ended March 31, 2025. Interest expense decreased 4%, to $104 million for the three months ended March 31, 2025. Higher Interest income is a result of higher balances in cash and cash equivalents in the current year. Interest expense is consistent with the prior period as a result of lower interest rates partially offset by higher debt levels.

Current wording

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

Previous wording

Working capital was $8,838 million at March 31, 2025, an increase of $315 million from working capital of $8,523 million at December 31, 2024, and an increase of $527 million from working capital of $8,311 million at March 31, 2024.

Current wording

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

Previous wording

Cash and Cash Equivalents - Cash and cash equivalents were $3,245 million at March 31, 2025, a decrease of $66 million from $3,311 million at December 31, 2024, and an increase of $306 million from $2,939 million at March 31, 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 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 three months ended March 31, 2025.

Current wording

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

Previous wording

Trade accounts receivable, net - Trade accounts receivable, net were $2,334 million at March 31, 2025, an increase of $186 million from $2,148 million at December 31, 2024, and an increase of $49 million from $2,285 million at March 31, 2024. The increase from December 31, 2024 was primarily due to fewer receivables sold into our securitization program as well as higher average sales prices. The increase from March 31, 2024, was primarily due to fewer receivables sold into our securitization program, partially offset by lower average sales prices.

Current wording

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

Previous wording

Inventories - Inventories were $7,817 million at March 31, 2025, an increase of $1,326 million from $6,491 million at December 31, 2024, and an increase of $312 million from $7,505 million at March 31, 2024. The increase from December 31, 2024 was primarily due to increased volumes in conjunction with the timing of the South American harvest, partially offset by certain lower average commodity prices, including soybeans. The increase from March 31, 2024 was primarily due to higher volumes in soybeans in South America driven by a significantly larger soybean crop in the current period, when compared to the prior period, in Brazil.

Current wording

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

Previous wording

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $6,499 million, $5,224 million, and $6,218 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively (see Note 5 - Inventoriesto our condensed consolidated financial statements).

Current wording

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

Previous wording

Other current assets - Other current assets were $3,977 million at March 31, 2025, a decrease of $31 million from $4,008 million at December 31, 2024, and a decrease of $34 million from $4,011 million at March 31, 2024. The slight decrease from December 31, 2024 was due to lower unrealized gains on derivative contracts as a result of volatile commodity prices, the collection of an insurance recovery receivable related to business interruption resulting from the Ukraine-Russia war (see Note 6 - Other Current Assetsto our condensed consolidated financial statements), and a decrease in disposition receivable reflecting collection of a deferred payment in connection with the sale of BP Bunge Bioenergia partially offset by the recognition of a disposition receivable in connection with the sale of 40% of our Spanish operating subsidiary. The decrease was partially offset by higher assets held for sale related to our European margarines and spreads business (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements) and an increase in marketable securities and other short term investments. The slight decrease from March 31, 2024 was due to a decrease in margin deposits, a decrease in secured advances to suppliers as market conditions in Brazil have lead to a reduction in new advances in the current period, and lower unrealized gains on derivative contracts as a result of volatile commodity prices, partially offset by an increase in marketable securities and other short term investments resulting from strategic investment opportunities, higher assets held for sale related to our European margarines and spreads business and a higher disposition receivable related to the 40% divestment of our Spanish operating subsidiary (see Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements).

Current wording

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

Previous wording

Short-term debt - Short-term debt, including the Current portion of long-term debt, was $2,003 million at March 31, 2025, an increase of $459 million from $1,544 million at December 31, 2024, and an increase of $987 million from $1,016 million at March 31, 2024. The higher short-term debt level at March 31, 2025, compared to December 31, 2024 was due to higher borrowings by Bunge operating companies on local bank lines of credit to help fund working capital requirements. The higher short-term debt level at March 31, 2025, compared to March 31, 2024, is primarily due to an increase in the Current portion of long-term debt associated with our 1.63% Senior Notes, due 2025, as well as higher borrowings by Bunge operating companies on local bank lines of credit to help fund working capital requirements.

Current wording

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

Previous wording

Trade accounts payable- Trade accounts payable were $3,831 million at March 31, 2025, an increase of $1,054 million from $2,777 million at December 31, 2024, and a decrease of $672 million from $4,503 million at March 31, 2024. The increase from December 31, 2024 was primarily due to higher inventory volumes in conjunction with the South American harvest. The decrease from March 31, 2024 was primarily due to the timing of payments.

Current wording

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

Previous wording

Revolving Credit Facilities — At March 31, 2025, we had $5,665 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, 2025, we had $7,565 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

Previous wording

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

Current wording

(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.

Previous wording

Our total debt was $6,717 million at March 31, 2025, an increase of $479 million from $6,238 million at December 31, 2024, and an increase of $1,622 million from $5,095 million at March 31, 2024. The higher total debt levels at March 31, 2025, compared to December 31, 2024, were primarily due to an increase in short-term bank borrowings as described above. The higher debt levels compared to March 31, 2024 were primarily due to an increase in Long-term debt, including current portion, resulting from the issuance of three tranches of unsecured senior notes ("Senior Notes") for an aggregate principal amount of $2.0 billion in September 2024 and an increase in short-term bank borrowings, as described above, partially offset by the prepayment of the $750 million 3-year term loan agreement due in 2025. See Note 13 - Debtto our condensed consolidated financial statements for further information.

Current wording

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

Previous wording

In addition, Bunge's operating companies had $1,328 million and $875 million in short-term borrowings outstanding from local bank lines of credit at March 31, 2025, and December 31, 2024, respectively, to support working capital requirements.

Current wording

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

Previous wording

As described in Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements, we 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 13 - Debtto our condensed consolidated financial statements 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 to $6.0 billion. Additionally, as discussed further in Note 2 - Acquisitions and Dispositionsto our condensed consolidated financial statements, Bunge completed the divestment of 40% of our Spanish operating subsidiary, Bunge Iberica SA, in early March 2025. As a result, the $6.0 billion financing commitment was reduced by an additional $225 million with $5.8 billion available as of March 31, 2025. 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.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Following the announcement of the 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. As well as with the issuance of Bunge Senior Notes in September 2024, Standard & Poor's, Moody’s and Fitch have taken the following actions:

Current wording

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

Previous wording

•Standard & Poor's also assigned a preliminary A- issue-level rating to Bunge's newly issued $2 billion Senior Notes on September 10, 2024;

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

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

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

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

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Total Bunge shareholders’ equity was $10,578 million at March 31, 2025, compared to $9,913 million at December 31, 2024, an increase of $665 million. The increase was primarily due to a $240 million increase resulting from the sale of a redeemable noncontrolling interest in our Spanish operating subsidiary (see Note 2 - Acquisitions and

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

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Noncontrolling interests decreased to $966 million at March 31, 2025, compared to $1,032 million at December 31, 2024, primarily due to an $89 million reduction on the acquisition of noncontrolling interest in Terminal de Granéis de Santa Catarina ("TGSC") ( see Note 8 - Investment in Affiliates and Variable Interest Entitiesto our condensed consolidated financial statements).

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

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Share repurchase program- As noted in Note 17 - Equity, on November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million, bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of March 31, 2025, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining outstanding for repurchases under the program. During the three months ended March 31, 2025, Bunge did not repurchase any shares.

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Share repurchase program- As noted in Note 17 - Equity, on November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million, bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of June 30, 2025, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining outstanding for repurchases under the program. During the three and six months ended June 30, 2025, Bunge did not repurchase any shares.