[Executive Summary](index=1&type=section&id=Executive%20Summary) Bunge reported strong Q2 2025 results, driven by Agribusiness, despite adjusted EPS decline, while strategically completing the Viterra merger and divesting its U.S. corn milling business [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Bunge reported better-than-expected second-quarter 2025 results, with GAAP diluted EPS significantly increasing year-over-year, though adjusted EPS declined. Agribusiness results were strong, driven by Processing, while Refined and Specialty Oils faced challenges due to lower energy demand | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | GAAP diluted EPS | $2.61 | $0.48 | +443.75% | | Adjusted diluted EPS | $1.31 | $1.73 | -24.3% | - Agribusiness results were better than expected, primarily driven by Processing, despite being down from the prior year[2](index=2&type=chunk) - Refined and Specialty Oils results were negatively impacted by lower energy demand, attributed to policy uncertainty[2](index=2&type=chunk) [Strategic Developments](index=1&type=section&id=Strategic%20Developments) Bunge completed its transformative merger with Viterra, with integration progressing well, and finalized the sale of its U.S. corn milling business to simplify its portfolio and align with global value chains - Completed the transformative combination with Viterra, with integration proceeding well and aggressive work on commercial opportunities underway[1](index=1&type=chunk)[2](index=2&type=chunk) - Completed the sale of the U.S. corn milling business, simplifying the portfolio and furthering business alignment with global value chains[1](index=1&type=chunk)[2](index=2&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Bunge's Q2 and YTD 2025 GAAP net income and diluted EPS significantly increased, while adjusted metrics declined, with key non-GAAP measures defined for performance evaluation [Key Financial Metrics (Q2 & YTD)](index=2&type=section&id=Key%20Financial%20Metrics%20%28Q2%20%26%20YTD%29) Bunge's second quarter 2025 saw a significant increase in GAAP net income and diluted EPS compared to the prior year, while adjusted figures showed a decline. Year-to-date results also reflected growth in GAAP net income and diluted EPS, but a decrease in adjusted metrics | Metric (US$ in millions, except per share data) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Net income attributable to Bunge | $354 | $70 | +405.7% | $555 | $314 | +76.75% | | Net income per share-diluted | $2.61 | $0.48 | +443.75% | $4.10 | $2.17 | +88.94% | | Adjusted Net income per share-diluted | $1.31 | $1.73 | -24.3% | $3.12 | $4.77 | -34.59% | | Segment EBIT | $659 | $361 | +82.55% | $1,063 | $898 | +18.37% | | Adjusted Segment EBIT | $376 | $519 | -27.55% | $782 | $1,238 | -36.83% | [Non-GAAP Financial Measures Definitions](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) The report defines key non-GAAP financial measures such as Segment EBIT, Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted, explaining their components and purpose in evaluating operating performance - Segment EBIT, Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted are non-GAAP financial measures used to evaluate operating performance[5](index=5&type=chunk) - Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT exclude temporary mark-to-market timing differences and certain gains and charges[5](index=5&type=chunk) - Corporate and Other EBIT includes salaries, overhead for corporate functions, acquisition and integration costs related to the Viterra Acquisition, Bunge Ventures, captive insurance, and accounts receivable securitization activities, as well as historical results of the divested Sugar & Bioenergy segment[7](index=7&type=chunk) [Second Quarter Segment Results](index=3&type=section&id=Second%20Quarter%20Segment%20Results) Bunge's Agribusiness segment saw increased EBIT, driven by Processing, while Refined & Specialty Oils and Milling faced declines, with Corporate and Other improving due to lower expenses [Agribusiness](index=3&type=section&id=Agribusiness) Agribusiness reported a significant increase in Segment EBIT for Q2 2025 and YTD 2025, driven by Processing, despite a decrease in adjusted Segment EBIT. Net sales and volumes were down compared to the prior year | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Volumes (k metric tons) | 19,274 | 20,579 | -6.34% | 37,551 | 40,771 | -7.89% | | Net Sales | $9,167 | $9,657 | -5.07% | $17,328 | $19,397 | -10.77% | | Segment EBIT | $381 | $138 | +176.09% | $651 | $416 | +56.49% | | Adjusted Segment EBIT | $233 | $298 | -21.81% | $501 | $785 | -36.18% | [Processing](index=3&type=section&id=Processing) Processing EBIT saw a substantial increase in Q2 2025 and YTD 2025, but adjusted Processing EBIT declined. Higher results in South America and Asia were offset by lower performance in Europe and North America | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Processing EBIT | $361 | $122 | +195.9% | $594 | $302 | +96.69% | | Adjusted Processing EBIT | $206 | $265 | -22.26% | $413 | $676 | -38.89% | - Higher results in South America and Asia were more than offset by lower results in Europe and North America[10](index=10&type=chunk) [Merchandising](index=4&type=section&id=Merchandising) Merchandising EBIT and Adjusted Merchandising EBIT showed a slight increase in Q2 2025 but a decline for YTD 2025. Improved performance in global grains and oils was offset by lower results in financial services and ocean freight | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Merchandising EBIT | $20 | $16 | +25.0% | $57 | $114 | -50.0% | | Adjusted Merchandising EBIT | $27 | $33 | -18.18% | $88 | $109 | -19.36% | - Improved performance in global grains and oils was more than offset by lower results in financial services and ocean freight businesses[11](index=11&type=chunk) [Refined & Specialty Oils](index=4&type=section&id=Refined%20%26%20Specialty%20Oils) Refined & Specialty Oils experienced a decline in volumes, net sales, and both Segment EBIT and Adjusted Segment EBIT for Q2 and YTD 2025. The decrease was primarily driven by lower results in North America and Europe | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Volumes (k metric tons) | 2,175 | 2,300 | -5.43% | 4,305 | 4,495 | -4.23% | | Net Sales | $3,177 | $3,121 | +1.79% | $6,269 | $6,361 | -1.45% | | Segment EBIT | $101 | $185 | -45.41% | $217 | $411 | -47.19% | | Adjusted Segment EBIT | $116 | $193 | -39.90% | $239 | $397 | -39.79% | - Results were down in all regions, primarily driven by North America and Europe[13](index=13&type=chunk) [Milling](index=5&type=section&id=Milling) Milling volumes decreased, but net sales slightly increased for Q2 and YTD 2025. Segment EBIT saw a substantial increase due to a gain on sale of a business, while Adjusted Segment EBIT remained relatively stable for Q2 but declined for YTD. Higher results in North America were offset by lower results in South America | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Volumes (k metric tons) | 857 | 971 | -11.74% | 1,755 | 1,845 | -4.99% | | Net Sales | $409 | $401 | +1.99% | $784 | $782 | +0.26% | | Segment EBIT | $177 | $38 | +365.79% | $195 | $71 | +174.65% | | Adjusted Segment EBIT | $27 | $28 | -3.57% | $42 | $56 | -25.0% | - Higher results in North America were more than offset by lower results in South America[15](index=15&type=chunk) - Segment EBIT for Q2 and YTD 2025 included a **$155 million gain on sale** from the disposition of the corn milling business in North America[14](index=14&type=chunk)[38](index=38&type=chunk)[43](index=43&type=chunk) [Corporate and Other](index=6&type=section&id=Corporate%20and%20Other) Corporate and Other EBIT improved significantly for Q2 and YTD 2025, with Adjusted Corporate and Other EBIT also showing improvement. The decrease in corporate expenses was primarily due to lower performance-based compensation, and prior year results included a loss from a divested sugar & bioenergy joint venture | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Corporate and Other EBIT | $(121) | $(176) | +31.25% | $(197) | $(280) | +29.64% | | Adjusted Corporate and Other EBIT | $(83) | $(114) | +27.19% | $(127) | $(157) | +19.0% | - The decrease in Corporate expenses was primarily driven by performance-based compensation[20](index=20&type=chunk) - Prior year Other results included a **$21 million loss** from the sugar & bioenergy joint venture, which was divested in Q4 2024[20](index=20&type=chunk) [Cash Flow and Income Taxes](index=7&type=section&id=Cash%20Flow%20and%20Income%20Taxes) Cash used for operating activities significantly increased for YTD 2025 due to working capital changes, while income tax expense rose with higher pre-tax income [Cash Flow Performance](index=7&type=section&id=Cash%20Flow%20Performance) Cash used for operating activities significantly increased for the six months ended June 30, 2025, primarily due to net changes in working capital. Adjusted funds from operations (FFO) also decreased year-over-year | Metric (US$ in millions) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------- | :------- | :----------- | | Cash provided by (used for) operating activities | $(1,357) | $(480) | -182.71% | | Adjusted funds from operations (FFO) | $693 | $895 | -22.57% | - The reduction of cash from operations was primarily driven by net changes in working capital[21](index=21&type=chunk) [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) Income tax expense increased for the six months ended June 30, 2025, primarily due to higher pre-tax income | Metric (US$ in millions) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------- | :------- | :----------- | | Income tax expense | $204 | $147 | +38.78% | - The increase in income tax expense was primarily due to higher pre-tax income in 2025[22](index=22&type=chunk) [Outlook](index=8&type=section&id=Outlook) Bunge maintains its full-year 2025 adjusted EPS forecast of $7.75, excluding corn milling earnings and Viterra merger impact, with varied segment-specific expectations and other financial projections [Full-Year 2025 Adjusted EPS Forecast](index=8&type=section&id=Full-Year%202025%20Adjusted%20EPS%20Forecast) Bunge maintains its full-year 2025 adjusted EPS outlook of approximately $7.75, which now excludes second-half earnings from the recently sold corn milling business and does not yet include the impact of the Viterra merger - Maintaining adjusted full-year 2025 EPS outlook of approximately **$7.75**[2](index=2&type=chunk)[23](index=23&type=chunk) - The forecast no longer includes second-half earnings from the corn milling business due to its sale on June 30, 2025[23](index=23&type=chunk) - The forecast excludes the impact of the Viterra merger, which closed on July 2, 2025; a combined company forecast is anticipated prior to Q3 earnings[23](index=23&type=chunk)[26](index=26&type=chunk) [Segment-Specific Outlooks](index=8&type=section&id=Segment-Specific%20Outlooks) Agribusiness full-year results are expected to be higher than the previous outlook but still down from last year, driven by Processing. Refined and Specialty Oils and Milling are both expected to be down from previous outlooks, with Milling in line with last year due to the sale of corn milling. Corporate and Other results are anticipated to be in line with the previous outlook and more favorable than last year - Agribusiness full-year results are forecasted to be higher than the previous outlook, driven by Processing, but remain down from last year[24](index=24&type=chunk) - Refined and Specialty Oils full-year results are expected to be down from the previous outlook, reflecting softer Q2 performance, and down from last year[24](index=24&type=chunk) - Milling full-year results are expected to be down from the previous outlook due to the sale of corn milling, but in line with last year[24](index=24&type=chunk) - Corporate and Other full-year results are expected to be in line with the previous outlook and more favorable than last year[25](index=25&type=chunk) [Other Financial Expectations](index=8&type=section&id=Other%20Financial%20Expectations) For 2025, Bunge expects an adjusted annual effective tax rate between 21% and 25%, net interest expense at the lower end of $220-$250 million, capital expenditures between $1.5-$1.7 billion, and depreciation and amortization of approximately $490 million | Metric | 2025 Outlook (Approximate) | | :-------------------------- | :------------------------- | | Adjusted annual effective tax rate | 21% to 25% | | Net interest expense | $220 to $250 million (lower end) | | Capital expenditures | $1.5 to $1.7 billion | | Depreciation and amortization | $490 million | [Additional Financial Information (Certain Gains & Charges)](index=11&type=section&id=Additional%20Financial%20Information%20%28Certain%20Gains%20%26%20Charges%29) Bunge reported net gains in Q2 and YTD 2025 from the corn milling business sale, partially offset by Viterra acquisition and integration costs [Three Months Ended June 30, 2025 and 2024](index=11&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) For Q2 2025, Bunge reported a net gain of $82 million from certain items, primarily driven by a $155 million gain on the sale of its corn milling business, partially offset by $38 million in acquisition and integration costs related to Viterra. In Q2 2024, the company incurred $62 million in acquisition and integration costs | Item (US$ in millions) | Q2 2025 Net Income Impact | Q2 2025 EBIT Impact | Q2 2024 Net Income Impact | Q2 2024 EBIT Impact | | :--------------------- | :------------------------ | :------------------ | :------------------------ | :------------------ | | Gain on sale of a business (Milling) | $118 | $155 | — | — | | Acquisition and integration costs (Corporate and Other) | $(36) | $(38) | $(62) | $(62) | | Total | $82 | $117 | $(62) | $(62) | - The **$155 million gain on sale** from the disposition of the corn milling business in North America was recorded in Other income (expense) - net[38](index=38&type=chunk) - Acquisition and integration costs related to the Viterra business combination impacted Cost of goods sold, Selling, general and administrative expenses, Interest expense, and Income tax (expense) benefit[39](index=39&type=chunk)[40](index=40&type=chunk) [Six Months Ended June 30, 2025 and 2024](index=12&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) For the six months ended June 30, 2025, Bunge reported a net gain of $49 million from certain items, including a $155 million gain on the sale of its corn milling business, partially offset by $70 million in acquisition and integration costs. In the prior year, the company incurred $123 million in acquisition and integration costs | Item (US$ in millions) | YTD 2025 Net Income Impact | YTD 2025 EBIT Impact | YTD 2024 Net Income Impact | YTD 2024 EBIT Impact | | :--------------------- | :------------------------- | :------------------- | :------------------------- | :------------------- | | Gain on sale of a business (Milling) | $118 | $155 | — | — | | Acquisition and integration costs (Corporate and Other) | $(69) | $(70) | $(123) | $(123) | | Total | $49 | $85 | $(123) | $(123) | - The **$155 million gain on sale** from the disposition of the corn milling business in North America was recorded in Other income (expense) - net[43](index=43&type=chunk) - Acquisition and integration costs related to the Viterra business combination impacted Cost of goods sold, Selling, general and administrative expenses, Interest expense, and Income tax (expense) benefit[44](index=44&type=chunk)[45](index=45&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=13&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Bunge's Q2 2025 earnings show increased gross profit and net income despite lower net sales, with significant increases in total assets and liabilities as of June 30, 2025 [Condensed Consolidated Earnings Data](index=13&type=section&id=Condensed%20Consolidated%20Earnings%20Data) Bunge's condensed consolidated earnings data for Q2 and YTD 2025 shows a decrease in net sales but an increase in gross profit for Q2, while YTD gross profit decreased. Net income attributable to Bunge significantly increased for both periods | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Net sales | $12,769 | $13,241 | -3.56% | $24,412 | $26,658 | -8.39% | | Gross profit | $738 | $664 | +11.14% | $1,335 | $1,540 | -13.31% | | Total EBIT | $538 | $185 | +190.81% | $866 | $618 | +40.13% | | Net income attributable to Bunge | $354 | $70 | +405.71% | $555 | $314 | +76.75% | [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Bunge's total assets increased significantly compared to December 31, 2024, primarily driven by higher cash and cash equivalents, inventories, and short-term debt. Total liabilities also increased substantially | Metric (US$ in millions) | June 30, 2025 | December 31, 2024 | Change | | :----------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $6,790 | $3,311 | +105.08% | | Inventories | $8,014 | $6,491 | +23.46% | | Total current assets | $21,445 | $15,958 | +34.39% | | Total assets | $31,154 | $24,899 | +25.12% | | Short-term debt | $3,535 | $875 | +303.99% | | Total current liabilities | $10,384 | $7,435 | +39.67% | | Long-term debt | $7,044 | $4,694 | +50.07% | | Total liabilities | $19,198 | $13,950 | +37.62% | | Total equity | $11,895 | $10,945 | +8.68% | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash used for operating activities increased significantly, while cash used for investing activities decreased. Cash provided by financing activities saw a substantial increase, primarily driven by net borrowings of short-term and long-term debt | Metric (US$ in millions) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------- | :------- | :----------- | | Cash provided by (used for) operating activities | $(1,357) | $(480) | -182.71% | | Cash provided by (used for) investing activities | $(102) | $(548) | +81.39% | | Cash provided by (used for) financing activities | $4,938 | $(388) | +1372.68% | | Net borrowings (repayments) of short-term debt | $2,664 | $177 | +1404.52% | | Net proceeds (repayments) of long-term debt | $2,246 | $14 | +15942.86% | [Definition and Reconciliation of Non-GAAP Measures](index=16&type=section&id=Definition%20and%20Reconciliation%20of%20Non-GAAP%20Measures) This section defines and reconciles non-GAAP measures like Total EBIT, Adjusted Net Income, and Adjusted FFO, providing clarity on Bunge's operating and cash-generating performance [Total EBIT and Adjusted Total EBIT](index=16&type=section&id=Total%20EBIT%20and%20Adjusted%20Total%20EBIT) Bunge uses Total EBIT and Adjusted Total EBIT as non-GAAP measures to evaluate operating performance, excluding financing methods or capital structure. Adjusted Total EBIT further excludes temporary mark-to-market timing differences and certain gains/charges - Total EBIT and Adjusted Total EBIT are non-GAAP financial measures used to evaluate operating profitability without regard to financing methods or capital structure[52](index=52&type=chunk)[54](index=54&type=chunk) - Adjusted Total EBIT is calculated by excluding temporary mark-to-market timing differences and certain gains and (charges) from Total EBIT[53](index=53&type=chunk) | Metric (US$ in millions) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :----------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Total EBIT | $538 | $185 | +190.81% | $866 | $618 | +40.13% | | Adjusted Total EBIT | $293 | $405 | -27.55% | $655 | $1,081 | -39.41% | [Net Income (loss) attributable to Bunge to Adjusted Net Income (loss) attributable to Bunge](index=16&type=section&id=Net%20Income%20%28loss%29%20attributable%20to%20Bunge%20to%20Adjusted%20Net%20Income%20%28loss%29%20attributable%20to%20Bunge) Adjusted Net Income (loss) attributable to Bunge is a non-GAAP measure that excludes temporary mark-to-market timing differences and certain gains/charges to provide a clearer view of the company's profitability - Adjusted Net Income (loss) excludes temporary mark-to-market timing differences and certain gains and (charges) to measure the Company's profitability[55](index=55&type=chunk) | Metric (US$ in millions, except per share data) | Q2 2025 | Q2 2024 | Change (YoY) | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Net income (loss) attributable to Bunge | $354 | $70 | +405.71% | $555 | $314 | +76.75% | | Adjusted Net income (loss) attributable to Bunge | $178 | $248 | -28.23% | $422 | $689 | -38.75% | | Adjusted Net income (loss) per share - diluted | $1.31 | $1.73 | -24.3% | $3.12 | $4.77 | -34.59% | [Adjusted Funds From Operations](index=18&type=section&id=Adjusted%20Funds%20From%20Operations) Adjusted FFO is a non-GAAP measure that adjusts cash provided by (used for) operating activities by excluding foreign exchange gain/loss on net debt, working capital changes, noncontrolling interests, and after-tax mark-to-market timing differences, providing insight into cash-generating performance - Adjusted FFO is a non-GAAP financial measure that excludes foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests, and mark-to-market timing differences after tax from Cash provided by (used for) operating activities[58](index=58&type=chunk) - Management believes Adjusted FFO is useful for investors to view cash generating performance using the same measure management uses, without regard to certain volatile or non-operating items[58](index=58&type=chunk) [Notes to Financial Statements](index=19&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed reconciliations for net income and adjusted FFO, describes Agribusiness segments, defines mark-to-market timing differences, and includes a non-GAAP outlook disclaimer and Sugar & Bioenergy reclassification [Net Income (loss) Reconciliation](index=19&type=section&id=Net%20Income%20%28loss%29%20Reconciliation) The reconciliation shows the components that bridge Net income (loss) attributable to Bunge to Net income (loss), including EBIT attributable to noncontrolling interest and noncontrolling interest share of interest and tax | Metric (US$ in millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------- | :------ | :------ | :------- | :------- | | Net income (loss) attributable to Bunge | $354 | $70 | $555 | $314 | | EBIT attributable to noncontrolling interest | $16 | $4 | $17 | $6 | | Noncontrolling interest share of interest and tax | — | $(1) | $2 | $5 | | Net income (loss) | $370 | $73 | $574 | $325 | [Agribusiness Segment Descriptions](index=19&type=section&id=Agribusiness%20Segment%20Descriptions) The Agribusiness segment comprises Processing, which includes global oilseed processing, distribution, fertilizer production, and biodiesel, and Merchandising, which focuses on global grain origination, trading, distribution, and financial services - Processing business includes global oilseed processing (crushing oilseeds into protein meals and vegetable oils), distribution of oilseeds/products/fertilizer, fertilizer production, and biodiesel production[60](index=60&type=chunk) - Merchandising business primarily consists of global grain origination (purchasing, cleaning, drying, storing, handling corn, wheat, barley), global trading and distribution of grains and oils, logistical services, and financial services[60](index=60&type=chunk) [Mark-to-Market Timing Difference Definition](index=19&type=section&id=Mark-to-Market%20Timing%20Difference%20Definition) Mark-to-market timing difference represents the estimated net temporary impact from unrealized period-end gains/losses on fair valuation of certain forward contracts, readily marketable inventories (RMI), and related futures contracts, which are part of economically-hedged positions and are expected to reverse over time - Mark-to-market timing difference is the estimated net temporary impact from unrealized period-end gains/losses on fair valuation of certain forward contracts, RMI, and related futures contracts[62](index=62&type=chunk) - These differences are expected to reverse over time as the contracts are part of an economically-hedged position and are not representative of the business's operating performance[62](index=62&type=chunk) [Adjusted FFO Reconciliation](index=19&type=section&id=Adjusted%20FFO%20Reconciliation) The reconciliation details the adjustments made to Cash provided by (used for) operating activities to arrive at Adjusted FFO, including foreign exchange gain/loss on net debt, working capital changes, noncontrolling interests, and after-tax mark-to-market timing differences | Metric (US$ in millions) | YTD 2025 | YTD 2024 | | :----------------------- | :------- | :------- | | Cash provided by (used for) operating activities | $(1,357) | $(480) | | Foreign exchange gain (loss) on net debt | $208 | $(103) | | Working capital changes | $1,945 | $1,237 | | Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | $(19) | $(11) | | Mark-to-Market timing difference, after tax | $(84) | $252 | | Adjusted FFO | $693 | $895 | [Outlook Non-GAAP Disclaimer](index=19&type=section&id=Outlook%20Non-GAAP%20Disclaimer) Bunge has not provided a comparable U.S. GAAP financial measure for its full-year 2025 adjusted, non-GAAP outlook due to the unavailability of information necessary to quantify certain amounts for such a reconciliation, which could result in significant differences - A comparable U.S. GAAP financial measure for the full-year 2025 adjusted, non-GAAP outlook is not presented due to the unavailability of necessary information for reconciliation[63](index=63&type=chunk) - The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from the non-GAAP financial measures presented[63](index=63&type=chunk) [Sugar & Bioenergy Reclassification](index=19&type=section&id=Sugar%20%26%20Bioenergy%20Reclassification) Effective January 1, 2025, Bunge reclassified its Sugar & Bioenergy segment reporting activity to Corporate and Other, following the divestment of its 50% interest in the BP Bunge Bioenergia joint venture in Q4 2024. This change has no impact on previously reported consolidated financial statements - Effective January 1, 2025, the Sugar & Bioenergy segment reporting activity has been reclassified to Corporate and Other[63](index=63&type=chunk) - This reclassification follows the divestment of the 50% interest in the BP Bunge Bioenergia joint venture in Q4 2024, making the remaining activity insignificant[63](index=63&type=chunk) - The change has no impact on previously-reported condensed consolidated earnings data, balance sheets, or cash flows[63](index=63&type=chunk) [Company Information](index=9&type=section&id=Company%20Information) Bunge Global SA, a leading agribusiness solutions provider with over 200 years of experience, connects farmers to consumers globally, routinely posting investor information on its website [About Bunge](index=9&type=section&id=About%20Bunge) Bunge Global SA is a premier agribusiness solutions provider, connecting farmers to consumers globally to deliver essential food, feed, and fuel. With over 200 years of experience and operations in 50+ countries, Bunge is a leader in grain origination, storage, distribution, oilseed processing, and refining, committed to global food security and sustainability - Bunge's purpose is to connect farmers to consumers to deliver essential food, feed, and fuel to the world[31](index=31&type=chunk) - The company is a world leader in grain origination, storage, distribution, oilseed processing, and refining, offering a broad portfolio of plant-based oils, fats, and proteins[31](index=31&type=chunk) - Bunge has over 200 years of experience and a presence in over 50 countries, committed to strengthening global food security, advancing sustainability, and helping communities prosper[31](index=31&type=chunk) [Website Information](index=9&type=section&id=Website%20Information) Bunge routinely posts important investor information on its website, www.bunge.com, in the 'Investors' section, which may be used for disclosing material, non-public information in compliance with Regulation FD - Important information for investors is routinely posted on Bunge's website, www.bunge.com, in the 'Investors' section[32](index=32&type=chunk) - The website may be used for disclosing material, non-public information and for complying with disclosure obligations under Regulation FD[32](index=32&type=chunk) [Legal & Disclosure](index=10&type=section&id=Legal%20%26%20Disclosure) This section provides a cautionary statement regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ materially from projections [Cautionary Statement Concerning Forward Looking Statements](index=10&type=section&id=Cautionary%20Statement%20Concerning%20Forward%20Looking%20Statements) This section provides a safe harbor statement for forward-looking statements, outlining various risks, uncertainties, assumptions, and factors that could cause actual results to differ materially from projections, including impacts from geopolitical events, weather, economic conditions, government policies, and operational risks - The press release includes forward-looking statements subject to risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially[33](index=33&type=chunk) - Key risk factors include the impact of the war in Ukraine, weather conditions, global economic and market conditions, changes in government policies, seasonality, regulatory and legal proceedings, and the ability to integrate acquisitions like Viterra[33](index=33&type=chunk)[35](index=35&type=chunk) - Bunge does not have an obligation to publicly update or revise any forward-looking statements, except as required by federal securities law[34](index=34&type=chunk)

Core Insights - Bunge Global SA (BG) is set to report its second-quarter 2025 results on July 30, with expected sales of $11.4 billion, reflecting a 14.2% decline year-over-year [1] - The consensus estimate for earnings per share is $1.19, indicating a significant year-over-year drop of 31.2% [1] - Earnings estimates have remained unchanged over the past 30 days [1] Financial Performance Expectations - The Agribusiness segment is projected to generate revenues of $7.75 billion, down 19.7% from $9.66 billion in the prior year [6] - The adjusted EBIT for the Agribusiness segment is expected to be $202 million, a 32% decrease from the previous year [7] - The Refined and Specialty Oils segment is anticipated to report revenues of $3.18 billion, showing a slight growth of 1.8% year-over-year, but with a 28.2% drop in operating income [8] - The Milling segment's revenues are estimated at $419 million, reflecting a 4.5% increase from the year-ago period [9] Earnings Surprise History - Bunge's earnings have exceeded consensus estimates in two of the last four quarters, with an average surprise of 9.2% [2][3] Stock Performance - Bunge's stock has declined by 29.7% over the past year, compared to an 11.5% decline in the industry [11]

Core Insights - Bunge Global has seen a 32% decline in stock price over the past year, contrasting with a 12% increase in the S&P 500, primarily due to a significant drop in global crop prices [2] - The company reported a 40% year-over-year decrease in adjusted earnings for Q1 2025, leading to a revised full-year EPS forecast of $7.75 [2] - Despite low valuation multiples, Bunge underperforms in growth, profitability, financial stability, and downturn resilience, indicating deeper operational issues [2] Revenue Performance - Bunge Global's revenues have declined at an average rate of 5.7% over the past three years, while the S&P 500 has increased by 5.5% [3] - Revenues decreased by 10.9% from $58 billion to $51 billion in the last 12 months, compared to a 5.5% growth for the S&P 500 [3] - Quarterly revenues fell by 13.2% to $12 billion from $13 billion a year prior, while the S&P 500 saw a 4.8% improvement [3] Profitability Metrics - Bunge Global's operating income over the last four quarters was $1.4 billion, resulting in an operating margin of 2.7% [4] - The operating cash flow (OCF) during this period was $621 million, reflecting an OCF margin of 1.2%, compared to 14.9% for the S&P 500 [4] - The net income for the last four quarters was $1.1 billion, indicating a net income margin of 2.1%, versus 11.6% for the S&P 500 [4] Financial Stability - Bunge Global's debt stood at $7.7 billion, with a market capitalization of $10 billion, resulting in a debt-to-equity ratio of 71.2% [6] - Cash and cash equivalents amount to $3.9 billion out of $27 billion in total assets, yielding a cash-to-assets ratio of 14.6% [6] Downturn Resilience - Bunge Global's stock has underperformed compared to the S&P 500 during recent downturns, including a 35.4% decline during the inflation shock of 2022 [7] - The stock has not regained its pre-crisis peak since the inflation shock, with a current trading price around $75 [7] - Historical performance shows a 47.8% drop during the COVID-19 pandemic and a 77.5% decline during the global financial crisis of 2008, both worse than the S&P 500 [8] Overall Assessment - Despite attractive valuation metrics, Bunge Global appears fundamentally fragile in growth, profitability, and resilience during downturns [9] - The stock remains a high-risk investment until there is evidence of improved commodity prices or operational performance [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The pig price has retreated from its high, with the latest price at 14.94 CNY/kg and the average weight at 128.64 kg. The complete cost for leading enterprises has decreased to around 12 CNY/kg, indicating a potential for profit maintenance and valuation recovery [6][17][18] - The report emphasizes a shift from cyclical thinking to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [18] - The report recommends focusing on companies with a "platform + ecosystem" model, highlighting DeKang Agriculture and Livestock as a representative, along with leading pig farming companies such as Muyuan Foods and Wens Foodstuff Group [18] Summary by Sections 1. Pig Industry - The latest pig price is 14.94 CNY/kg, with a slight increase in average weight to 128.64 kg. The price of 15 kg piglets remains stable at around 530 CNY/head. The industry is experiencing a short-term rebound in prices after a slight decline [6][17] - The official number of breeding sows in May was 40.42 million, a year-on-year increase of 1.15%, indicating a stable production capacity [7][17] - The report suggests that the government's commitment to stabilizing pig prices is strong, and capacity regulation may continue to increase [7][17] 2. Poultry Industry - The price of parent stock chicks remains high, with the latest price at 47.93 CNY, a week-on-week increase of 5.25%. The price of broilers is 2.95 CNY/kg, down 12% week-on-week and 18% year-on-year [19] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [19] - The report highlights two main lines of focus: quality imported breeding stock leaders and fully integrated industry leaders [19] 3. Feed Industry - The report recommends Hai Da Group, noting a cash flow turning point and high overseas growth potential. The demand for aquaculture feed is expected to recover in 2025 [20][22] - The report indicates that the domestic capital expansion phase has ended, and leading companies are entering a new phase of stable cash flow [21][22] 4. Pet Industry - The report discusses the impact of potential tariffs on the pet industry, suggesting that the actual impact will be limited due to high profit margins and overseas factory layouts [23] - Companies with strong performance in their own brands, such as Guibao and Zhongchong, are highlighted as key focuses [23] 5. Agricultural Products - The USDA report indicates a slight reduction in soybean planting area for 2025, with a forecast of 83.4 million acres, a year-on-year decrease of 4% [24] - The report emphasizes that agricultural products are less affected by tariffs, and a reduction in imports may help prices rise from low levels [24] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 3982 points, up 1.54% from the previous week. The Agricultural and Forestry Index closed at 2729 points, up 2.55% [25][28] - The report notes that the aquaculture sector performed the best with a 5.13% increase [25]

Core Insights - Bunge Global SA has successfully completed its merger with Viterra Limited, creating a global agribusiness company aimed at meeting market demands and enhancing value for farmers and customers worldwide [1][8] Merger Details - The merger was announced in June 2023 and received unanimous approval from both companies' boards. Bunge's shareholders approved the merger in October 2023, including the issuance of 65,611,831 common shares [2] - The merger faced regulatory challenges and competition concerns, leading to delays in the process [2] Operational Enhancements - The merged entity will have a diversified agriculture network covering all major crops, enhancing geographical balance and adaptability in global value chains [3] - The combination is expected to improve operational efficiency and innovation capabilities, addressing food security, market access for farmers, and sustainable production [4] Financial Synergies - The merger is projected to generate $250 million in annual gross pre-tax operational synergies within the first three years and is expected to be accretive to Bunge's adjusted earnings per share in the first full year post-closing [6][8] Stock Performance - Bunge's stock has declined by 23.1% over the past year, compared to a 9.6% decline in the industry [7]

Industry Overview - The Zacks Agriculture - Products industry is facing challenges due to lower commodity prices, high input costs, and labor shortages, but increasing consumer awareness regarding food ingredients and healthier alternatives is expected to support growth [1][4] - The industry includes companies involved in storing agricultural commodities, distributing ingredients, and farming crops, livestock, and poultry products [3] Current Trends - Agricultural commodity prices are under pressure from ample supply, while rising labor, packaging, and distribution costs are impacting profitability [4] - Global food demand is projected to increase by 50% by 2050 due to population growth, with the global population expected to reach 9.6 billion [5] - Hydroponics and vertical farming are emerging as key agricultural technologies, with hydroponic equipment sales projected to reach $67 billion by 2033, growing at a CAGR of 16.2% [6] Company Insights - **Bunge Global S.A.** is focusing on strategic mergers, including a $34 billion merger with Viterra Ltd, to enhance its position in grain exports and oilseed processing [18][19] - **CalMaine Foods** is expanding its cage-free operations and product portfolio, with a projected earnings growth of 299.5% for fiscal 2025 [22][23] - **Hydrofarm** is streamlining operations and focusing on proprietary brands, with a significant increase in the sales mix of proprietary brands to 55% in Q1 2025 [26][27] Market Performance - The Zacks Agriculture - Products industry has underperformed compared to the Basic Materials sector and the S&P 500, with a 12.9% decline over the past 12 months [9] - The industry is currently trading at an EV/EBITDA ratio of 5.98X, significantly lower than the S&P 500's 17.51X [12][17]

Core Insights - Bunge Global S.A. is nearing the completion of its $34 billion merger with Viterra Ltd. after receiving necessary regulatory approvals from China, with the deal expected to close around July 2 [1][8] Group 1: Merger Details - The merger between Bunge and Viterra is anticipated to be the largest in the global agriculture sector by value, positioning the combined entity as a major player alongside competitors like Cargill [2] - Bunge shares have increased nearly 6% since the announcement of the merger [2] Group 2: Regulatory Challenges - The merger faced multiple regulatory hurdles, including concerns about reduced competition in the agricultural market, which could impact farmers' pricing power [3] - The approval from Chinese authorities was the final major obstacle, following efforts to secure approvals from Canada, the European Union, and other regions [3] Group 3: Strategic Implications - The merger is seen as a strategic move to enhance Bunge's position in grain exports and oilseed processing in the U.S., where it currently lags behind competitors [4] - The deal is expected to improve Bunge's export capabilities and storage capacity in key markets such as Australia and Canada, which are significant wheat suppliers [4] Group 4: Market Conditions - Bunge and its competitors have experienced declining profits due to weak demand and an oversupply of crops, which may affect the outlook for its agribusiness unit [5]

Core Viewpoint - The State Administration for Market Regulation has approved the acquisition of equity in Witte by Bunge Global Limited with additional restrictive conditions to ensure fair competition in the agricultural market [1] Group 1: Acquisition Details - The acquisition involves two major global grain traders, Bunge and Witte, highlighting the significance of this merger in the agricultural sector [1] - The approval process considered the potential impact on global grain markets and the domestic soybean and agricultural product trade in China [1] Group 2: Commitments and Conditions - Bunge and Witte have made five commitments to continue performance, stabilize prices, and ensure supply, which are aimed at maintaining stable supply and reasonable pricing for soybeans and other agricultural products [1] - These commitments are designed to protect the interests of downstream customers and consumers [1] Group 3: Regulatory Implications - The decision reflects the fair, just, and lawful administration of antitrust enforcement by China's regulatory body [1] - It underscores China's important role in maintaining fair competition in the grain trade market [1]

Core Insights - The article highlights a significant increase in the stock price of Bunge Limited (BG), one of the world's four major grain traders, which rose by over 7.8% [1] Company Summary - Bunge Limited is recognized as a leading player in the global agricultural and food sector, specifically in grain trading [1]

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited statements show decreased Q1 2025 net sales and income, with higher assets and a cash outflow from operations [Condensed Consolidated Statements of Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) Q1 2025 net sales decreased to $11.6 billion, with net income falling to $201 million from the prior year Q1 2025 vs Q1 2024 Income Statement Highlights | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net sales | $11,643 million | $13,417 million | | Gross profit | $597 million | $876 million | | Income before income tax | $284 million | $369 million | | Net income attributable to Bunge shareholders | $201 million | $244 million | | Diluted EPS | $1.48 | $1.68 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total comprehensive income rose to $416 million in Q1 2025, driven by positive foreign exchange adjustments Q1 2025 vs Q1 2024 Comprehensive Income | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $204 million | $252 million | | Foreign exchange translation adjustment | $266 million | $(184) million | | Total other comprehensive income (loss) | $228 million | $(149) million | | Total comprehensive income (loss) attributable to Bunge | $416 million | $104 million | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $26.7 billion by March 31, 2025, primarily due to a significant increase in inventories Balance Sheet Highlights (Mar 31, 2025 vs Dec 31, 2024) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $17,373 million | $15,958 million | | Total assets | $26,660 million | $24,899 million | | Total current liabilities | $8,535 million | $7,435 million | | Total liabilities | $15,116 million | $13,954 million | | Total Bunge shareholders' equity | $10,578 million | $9,913 million | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a $285 million net cash outflow from operations in Q1 2025, reversing a prior-year inflow Q1 2025 vs Q1 2024 Cash Flow Summary | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Cash provided by (used for) operating activities | $(285) million | $994 million | | Cash provided by (used for) investing activities | $(280) million | $(396) million | | Cash provided by (used for) financing activities | $490 million | $(259) million | | Net increase (decrease) in cash | $(79) million | $330 million | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the pending Viterra acquisition, asset dispositions, and derivative usage - Effective January 1, 2025, Bunge's **Sugar & Bioenergy reporting segment has been reclassified** to Corporate and Other, with prior periods restated[27](index=27&type=chunk) - The company is involved in a pending business combination with Viterra Limited, valued at approximately **$5.0 billion in stock and $2.0 billion in cash**[33](index=33&type=chunk)[34](index=34&type=chunk) - On April 8, 2025, Bunge agreed to sell its **North America corn milling business for $450 million** and its **European margarines business for approximately $239 million**[41](index=41&type=chunk)[42](index=42&type=chunk) - The company utilizes a trade receivables securitization program providing up to **$1.5 billion in funding** to enhance financial flexibility[54](index=54&type=chunk)[55](index=55&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses lower Q1 2025 net income, increased working capital, and rising debt to support operations - **Net income attributable to Bunge shareholders decreased by $43 million** YoY to $201 million, primarily due to lower Segment EBIT[179](index=179&type=chunk) - **Total EBIT decreased by $105 million** YoY to $328 million, driven by lower gross profit in the Refined and Specialty Oils segment[181](index=181&type=chunk) - **Working capital increased by $315 million** from year-end 2024 to $8.8 billion, mainly due to higher inventories for the South American harvest[183](index=183&type=chunk)[184](index=184&type=chunk) - **Cash used for operating activities was $285 million**, a $1.28 billion decrease from the prior year, driven by funds used for inventory purchases[237](index=237&type=chunk) [Segment Overview & Results of Operations](index=39&type=section&id=Segment%20Overview%20%26%20Results%20of%20Operations) Segment performance was led by Agribusiness, while Refined & Specialty Oils and Milling EBIT declined significantly Segment EBIT Performance (Q1 2025 vs Q1 2024) | Segment | Q1 2025 EBIT | Q1 2024 EBIT | % Change | | :--- | :--- | :--- | :--- | | Agribusiness | $270 million | $278 million | (3)% | | Refined and Specialty Oils | $116 million | $226 million | (49)% | | Milling | $18 million | $33 million | (45)% | | **Total Reportable Segment EBIT** | **$404 million** | **$537 million** | **(25)%** | | Corporate and Other | $(76) million | $(104) million | 27% | - Agribusiness performance was impacted by lower gross profit in Merchandising, partially offset by favorable foreign exchange gains in Processing[190](index=190&type=chunk)[191](index=191&type=chunk) - Refined and Specialty Oils EBIT decreased primarily due to **lower gross profit driven by lower margins**, particularly in North America[194](index=194&type=chunk) - Corporate and Other results improved due to a **decrease in SG&A expense**, reflecting lower acquisition and integration costs for the Viterra transaction[199](index=199&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital and total debt increased while the company maintained strong liquidity and paused share repurchases Working Capital Summary | (US$ in millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $17,373 | $15,958 | | Total current liabilities | $8,535 | $7,435 | | **Working capital** | **$8,838** | **$8,523** | - **Total debt increased by $479 million** from year-end 2024 to $6.7 billion, mainly to fund working capital[217](index=217&type=chunk) - The company has **$5.665 billion in unused and available committed borrowing capacity** under its revolving credit facilities[214](index=214&type=chunk)[215](index=215&type=chunk) - **No shares were repurchased in Q1 2025**, with approximately $800 million remaining authorized under the existing program[234](index=234&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company actively manages significant market risks from commodities, currencies, and interest rates via derivatives - The company's primary market risks are from **agricultural commodity prices, transportation costs, foreign currency exchange rates, and interest rates**[244](index=244&type=chunk)[245](index=245&type=chunk) Commodity Position Market Risk Analysis | (US$ in millions) | Value | Market Risk (10% adverse change) | | :--- | :--- | :--- | | **Highest daily aggregated position value (Q1 2025)** | $481 | $(48) | | **Lowest daily aggregated position value (Q1 2025)** | $(38) | $(4) | - A hypothetical **100 basis point change in interest rates** would result in an approximate **$48 million change in annual interest expense**[257](index=257&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[267](index=267&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the first quarter of 2025[268](index=268&type=chunk) [PART II — INFORMATION](index=54&type=section&id=PART%20II%20%E2%80%94%20INFORMATION) [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, primarily in Brazil, with specific amounts reserved for claims - The company is party to numerous labor, civil, and other claims, **primarily related to its Brazilian operations**[271](index=271&type=chunk) Reserved Amounts for Legal Claims (as of March 31, 2025) | Claim Type | Reserved Amount | | :--- | :--- | | Labor Claims | $43 million | | Civil Claims | $199 million | [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) The report references the 2024 Annual Report for a comprehensive discussion of business and operational risk factors - The report refers to the "Item 1A. Risk Factors" section in the **2024 Annual Report on Form 10-K** for a comprehensive discussion of material risks[272](index=272&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None[273](index=273&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) Filed exhibits include credit agreement amendments, Sarbanes-Oxley certifications, and XBRL data files - Exhibits filed include an amendment to the Receivables Transfer Agreement, an extension to a Revolving Credit Agreement, and **CEO/CFO certifications**[279](index=279&type=chunk)