Bunge BG · USD

SEGMENT INFORMATIONEffective in the third quarter of 2025, the Company changed its reportable segments to align with its new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment. Prior period amounts in the Sugar and Bioenergy segment have been reclassified to Corporate and Other. Prior to the January 1, 2025 change, the Sugar and Bioenergy segment was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies.Therefore, the Company's operations are now organized, managed, and classified into four reportable segments - Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. The Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. The Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution. The Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products.

COMMITMENTS AND CONTINGENCIESBunge is party to claims and lawsuits, primarily from indemnities provided to third parties and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the consolidated balance sheets. Included in Other non-current liabilities at December 31, 2025 and 2024 are the following amounts related to these matters:December 31,(US$ in millions)20252024Non-income tax claims$86 $19 Labor claims35 50 Civil and other claims276 194 Asset retirement obligations (1)110 18 Total$507 $281 (1)These obligations are primarily related to projected restoration and rehabilitation costs for certain land leases in Canada and Australia, and were acquired as part of the Viterra Acquisition. Brazil indirect taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS) plus applicable interest and penalties on the outstanding amount. As of December 31, 2025, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31,(US$ in millions)Years Examined20252024ICMS1990 to Present$155 $128 PIS/COFINS2002 to Present$490 $427 Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries.

DEBT The following table summarizes Bunge's short and long-term debt: December 31,(US$ in millions)20252024Short-term debt and Current portion of long-term debt: Revolving credit facilities$600 $— Commercial paper program (1)300 — Other short-term debt2,983 875 Total Short-term debt (2)3,883 875 Current portion of long-term debt1,337 669 Total Short-term debt and Current portion of long-term debt (3)5,220 1,544 Long-term debt: (4)Term loan due 2027 - SOFR plus 1.000%250 250 Term loan due 2028 - SOFR plus 1.200%250 250 Term loan due 2028 - SOFR plus 1.100% (5)300 — Term loan due 2028 - SOFR plus 1.100% (5)1,000 — 1.63% Senior Notes due 2025— 599 2.00% Senior Notes due 2026 (5)575 — 3.25% Senior Notes due 2026700 699 4.90% Senior Notes due 2027 (5)443 — 3.75% Senior Notes due 2027599 598 1.00% Senior Notes due 2028 - Euro (5)779 — 4.10% Senior Notes due 2028 (5)398 397 4.20% Senior Notes due 2029 (5)794 793 4.55% Senior Notes due 2030 (5)645 — 3.20% Senior Notes due 2031 (5)557 — 2.75% Senior Notes due 2031994 993 5.25% Senior Notes due 2032 (5)307 — 4.65% Senior Notes due 2034 (5)791 790 5.15% Senior Notes due 2035 (5)643 — Cumulative adjustment to long-term debt from application of hedge accounting(128)(269)Other long-term debt271 263 Subtotal (6)10,168 5,363 Less: Current portion of long-term debt(1,337)(669)Total Long-term debt (7)8,831 4,694 Total debt$14,051 $6,238 (1)On September 3, 2025, Bunge increased the aggregate size of its existing unsecured corporate commercial paper program by $1.0 billion, from $2.0 billion, to an aggregate of $3.0 billion. (2)In the fourth quarter of 2025, Bunge completed the acquisition of ViOil. In connection with the acquisition, Bunge recognized an obligation of $30 million at December 31, 2025 relating to deferred cash consideration to be settled within one year from the date of the close of the transaction. See Note 2- Acquisitions and Dispositions for further information. (3)Includes secured debt of $1,024 million and $187 million at December 31, 2025 and 2024, respectively. At December 31, 2025, the balance includes $535 million of secured debt collateralized by inventory. (4)Variable interest rates are as of December 31, 2025.(5)See Viterra Acquisition Financing section within Note 17- Debt below for further details.(6)The fair value (Level 2) of long-term debt, including current portion, is $10,220 million and $5,373 million at December 31, 2025, and 2024, respectively.

INCOME TAXESBunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities as well as tax agreements and treaties among these jurisdictions. Bunge's income tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge's profitability in each tax jurisdiction.Bunge prospectively adopted ASU 2023-09 in the fourth quarter of 2025. As a result, Bunge expanded disclosures for the components of Income tax expense, effective tax rate reconciliation, and information on income taxes paid for the year ended December 31, 2025. The components of Income from continuing operations before income tax are as follows: Year Ended December 31,(US$ in millions)202520242023United States$326 $442 $1,180 Non-United States808 1,082 1,871 Total$1,134 $1,524 $3,051 The components of the Income tax expense from continuing operations are as follows: Year Ended December 31,(US$ in millions)202520242023Current: Federal (1)$37 State and Local (1)2 United States39 $107 $218 Non-United States311 239 497 350 346 715 Deferred: Federal (1)34 State and Local (1)(17)United States17 18 46 Non-United States(79)(28)(47)(62)(10)(1)Total$288 $336 $714 (1)In the fourth quarter of 2025, Bunge prospectively adopted ASU 2023-09. In accordance with the standard, Bunge has provided incremental disaggregation of Income tax expense from continuing operations in the United States for the year ended December 31, 2025.Reconciliation of Income tax expense from continuing operations if computed at the U.S. federal income tax rate to Bunge’s reported Income tax expense for the year ended December 31, 2025 is as follows: Year Ended December 31, (US$ in millions)2025Income tax at U.S. federal tax rate$23821%U.S. state taxes, net of federal income tax effect (1)(15)(1.3)Non-U.S. tax effectsArgentina:Inflation tax benefit(40)(3.5)Non-deductible remeasurement80 7.1 Earnings taxed at a different statutory rate21 1.8 Incremental tax on future distributions14 1.2 Other(6)(0.5)Brazil:Earnings taxed at a different statutory rate36 3.2 Tax credits(13)(1.1)Other14 1.2 Canada19 1.7 Italy:Changes in valuation allowance(30)(2.7)Other2 0.2 The Netherlands:Changes in valuation allowance(40)(3.5)Other6 0.5 Romania13 1.1 Switzerland:Changes in valuation allowance(45)(4.0)Other3 0.3 Ukraine:Changes in valuation allowance23 2.0 Other2 0.2 Other non-U.S. jurisdictions18 1.

SHARE-BASED COMPENSATIONIn connection with the Redomestication effective as of November 1, 2023, Bunge amended the Bunge Equity Incentive Plan (the "2016 EIP"), the Bunge 2009 Equity Incentive Plan, and the 2017 Non-Employee Directors Equity Incentive Plan (the "2017 NED Plan" or collectively, referred to as the "Plans") to provide for the issuance of registered shares instead of common shares in connection with the awards under the Plans. Additionally, the amendments to the Plans include changes to comply with Swiss law regarding minimum payment for shares, share sourcing, the form of shares, data protection, and forfeiture of restricted shares along with modifying the vesting provision on the 2017 NED Plan for separation. On May 15, 2024, Bunge established the Bunge 2024 Long-Term Incentive Plan ("2024 LTIP"), which allows for an additional issue of 5,000,000 shares and replaced the 2016 EIP, under which, beginning May 15, 2024, no further awards may be granted.For the years ended December 31, 2025, 2024, and 2023, Bunge recognized approximately $73 million, $65 million, and $69 million, respectively, of total compensation expense related to its stock option and restricted stock unit equity awards. During the years ended December 31, 2025, 2024, and 2023, Bunge granted equity awards under the 2024 LTIP and the 2016 EIP, both shareholder approved plans. Under the 2024 LTIP and the 2016 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity-based awards to officers, employees, consultants, and independent contractors in the form of stock options, restricted stock units (performance-based or time-based) or other equity-based awards. Shares issued under the 2024 LTIP and the 2016 EIP may result from, in whole or in part, the capital band referenced in Bunge's articles of association, treasury shares, or shares reacquired by the Company in any manner, or a combination thereof. Stock Option Awards—Options to purchase Bunge registered shares are granted with an exercise price equal to the grant date fair market value of Bunge registered shares, vest over service periods that generally range from one to three years and expire 10 years from the date of grant. Vesting may be accelerated in certain circumstances as provided in the plans or associated award agreements. Grant date fair value is recognized as compensation expense on a straight-line basis for option grants, and forfeitures are recognized as they occur.

LEASESThe Company routinely leases storage facilities, transportation equipment, land, and office facilities which are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. Leases with an initial term of more than 12 months are recognized on the consolidated balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with property, plant and equipment. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term.The Company’s operating leases range in length of term, with a weighted average remaining lease term of 7.6 years, and a maximum remaining term of 75 years for one land lease in Australia. Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is generally based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s incremental cost of debt, adjusted to arrive at the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable.

ACQUISITIONS AND DISPOSITIONSAcquisitionsViterra Limited Business Combination AgreementOn July 2, 2025, Bunge completed its previously announced Acquisition of Viterra in a stock and cash transaction pursuant to a definitive business combination agreement (the "Business Combination Agreement") with Viterra and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"). The Acquisition of Viterra creates a premier global agribusiness solutions company for food, feed and fuel, well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.Pursuant to the terms of the Business Combination Agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra. The cash consideration was financed through a combination of cash on hand and Bunge's existing debt instruments. See Note 17- Debt for further information.Upon the closing of the Acquisition, the Sellers owned approximately 33% of Bunge's registered shares.The following table summarizes the total purchase consideration transferred in exchange for 100% of the outstanding equity and repayment of certain debt of Viterra: (US$ in millions)Fair value of Bunge stock issued (1)$5,340 Cash consideration (2)1,880 Repayment of certain debt of Viterra3,554 Effective settlement of pre-existing relationships (157)Total purchase consideration$10,617 (1) Based on Bunge's closing share price on the New York Stock Exchange as of July 2, 2025 of $81.39 per share. (2) Represents the base amount of cash consideration transferred to the Sellers, adjusted for certain items per the terms of the Business Combination Agreement. Preliminary Fair Values of Assets Acquired and Liabilities AssumedThe Acquisition of Viterra is accounted for as a business combination using the acquisition method of accounting. Due to the timing of the Acquisition, the valuation of the assets acquired and liabilities assumed has not yet been finalized, and as a result, preliminary estimates have been recorded and are subject to change. Any necessary adjustments from Bunge's preliminary estimates will be finalized within one year from the date of the Acquisition completion.

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 each simulation exercise.